AMERICAN ELECTRIC POWER CO INC

For the period ended Mar 31, 2024. Filed Apr 30, 2024.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed Apr 30, 2024

AEP$127.84-0.4%Stored close · as of Nov 10, 2026

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Contents

Item 1. CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in millions, except per-share and share amounts)

	Three Months Ended March 31,
	2024	2023
REVENUES
Vertically Integrated Utilities	$2,901.2	$2,816.3
Transmission and Distribution Utilities	1,483.2	1,455.3
Generation & Marketing	515.9	326.9
Other Revenues	125.4	92.4
TOTAL REVENUES	5,025.7	4,690.9
EXPENSES
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation	1,575.8	1,706.4
Other Operation	762.3	680.0
Maintenance	317.5	317.3
Loss on the Sale of the Competitive Contracted Renewables Portfolio	—	112.0
Depreciation and Amortization	787.1	775.5
Taxes Other Than Income Taxes	410.4	394.9
TOTAL EXPENSES	3,853.1	3,986.1
OPERATING INCOME	1,172.6	704.8
Other Income (Expense):
Other Income	13.6	14.7
Allowance for Equity Funds Used During Construction	43.6	31.3
Non-Service Cost Components of Net Periodic Benefit Cost	45.1	55.5
Interest Expense	(435.6)	(415.7)
INCOME BEFORE INCOME TAX EXPENSE (BENEFIT) AND EQUITY EARNINGS	839.3	390.6
Income Tax Expense (Benefit)	(141.9)	10.4
Equity Earnings of Unconsolidated Subsidiaries	24.5	20.2
NET INCOME	1,005.7	400.4
Net Income Attributable to Noncontrolling Interests	2.6	3.4
EARNINGS ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS	$1,003.1	$397.0
WEIGHTED AVERAGE NUMBER OF BASIC AEP COMMON SHARES OUTSTANDING	526,552,036	514,176,648
TOTAL BASIC EARNINGS PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS	$1.91	$0.77
WEIGHTED AVERAGE NUMBER OF DILUTED AEP COMMON SHARES OUTSTANDING	527,596,395	515,598,090
TOTAL DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS	$1.90	$0.77
See Condensed Notes to Condensed Financial Statements of Registrants beginning on page 99.

	Three Months Ended March 31,
	2024	2023
Net Income	$1,005.7	$400.4
OTHER COMPREHENSIVE LOSS, NET OF TAXES
Cash Flow Hedges, Net of Tax of $(1.6) and $(40.5) in 2024 and 2023, Respectively	(6.2)	(152.4)
Amortization of Pension and OPEB Deferred Costs, Net of Tax of $(0.2) and $(4.3) in 2024 and 2023, Respectively	(0.6)	(16.1)
Reclassifications of KPCo Pension and OPEB Regulatory Assets, Net of Tax of $0 and $4.4 in 2024 and 2023, Respectively	—	16.7
TOTAL OTHER COMPREHENSIVE LOSS	(6.8)	(151.8)
TOTAL COMPREHENSIVE INCOME	998.9	248.6
Total Comprehensive Income Attributable To Noncontrolling Interests	2.6	3.4
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS	$996.3	$245.2
See Condensed Notes to Condensed Financial Statements of Registrants beginning on page 99.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

	AEP Common Shareholders
Common Stock · Accumulated Other Comprehensive Income (Loss)
Shares · Amount · Paid-in Capital · Retained Earnings · Noncontrolling Interests · Total
TOTAL EQUITY – DECEMBER 31, 2022	525.1	$3,413.1		$8,051.0		$12,345.6		$83.7			$229.0	$24,122.4
Issuance of Common Stock	0.8	5.1		36.0							41.1
Common Stock Dividends				(428.8)(a)			(3.0)			(431.8)
Other Changes in Equity			(12.7)				0.2			(12.5)
Net Income				397.0			3.4			400.4
Other Comprehensive Loss					(151.8)				(151.8)
TOTAL EQUITY – MARCH 31, 2023	525.9	$3,418.2		$8,074.3		$12,313.8		$(68.1)			$229.6	$23,967.8
TOTAL EQUITY – DECEMBER 31, 2023	527.4	$3,427.9		$9,073.9		$12,800.4		$(55.5)			$39.2	$25,285.9
Issuance of Common Stock	0.8	5.4		35.2							40.6
Common Stock Dividends				(465.5)(b)			(1.4)			(466.9)
Other Changes in Equity			(14.8)						(14.8)
Net Income				1,003.1			2.6			1,005.7
Other Comprehensive Loss					(6.8)				(6.8)
TOTAL EQUITY – MARCH 31, 2024	528.2	$3,433.3		$9,094.3		$13,338.0		$(62.3)			$40.4	$25,843.7

(a)Cash dividends declared per AEP common share were $0.83.

(b)Cash dividends declared per AEP common share were $0.88.

See Condensed Notes to Condensed Financial Statements of Registrants beginning on page 99.

ASSETS

	March 31,	December 31,
	2024	2023
CURRENT ASSETS
Cash and Cash Equivalents	$230.7	$330.1
Restricted Cash(March 31, 2024 and December 31, 2023 Amounts Include $51.1 and $48.9, Respectively, Related to Transition Funding, Restoration Funding and Appalachian Consumer Rate Relief Funding)	51.1	48.9
Other Temporary Investments(March 31, 2024 and December 31, 2023 Amounts Include $206.1 and $205, Respectively, Related to EIS and Transource Energy)	217.0	214.3
Accounts Receivable:
Customers	1,000.0	1,029.9
Accrued Unbilled Revenues	220.9	179.5
Pledged Accounts Receivable – AEP Credit	1,206.8	1,249.4
Miscellaneous	47.2	48.7
Allowance for Uncollectible Accounts	(59.6)	(60.1)
Total Accounts Receivable	2,415.3	2,447.4
Fuel	749.9	853.7
Materials and Supplies	1,020.4	1,025.8
Risk Management Assets	152.7	217.5
Accrued Tax Benefits	89.4	156.2
Regulatory Asset for Under-Recovered Fuel Costs	550.3	514.0
Prepayments and Other Current Assets	372.8	274.2
TOTAL CURRENT ASSETS	5,849.6	6,082.1
PROPERTY, PLANT AND EQUIPMENT
Electric:
Generation	24,404.1	24,329.5
Transmission	36,253.1	35,934.1
Distribution	29,476.3	28,989.9
Other Property, Plant and Equipment (Including Coal Mining and Nuclear Fuel)	6,557.2	6,484.9
Construction Work in Progress	6,142.1	5,508.0
Total Property, Plant and Equipment	102,832.8	101,246.4
Accumulated Depreciation and Amortization	25,036.8	24,553.0
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET	77,796.0	76,693.4
OTHER NONCURRENT ASSETS
Regulatory Assets	5,034.1	5,092.4
Securitized Assets	309.7	336.3
Spent Nuclear Fuel and Decommissioning Trusts	4,112.6	3,860.2
Goodwill	52.5	52.5
Long-term Risk Management Assets	314.4	321.2
Operating Lease Assets	603.0	620.2
Deferred Charges and Other Noncurrent Assets	3,672.7	3,625.7
TOTAL OTHER NONCURRENT ASSETS	14,099.0	13,908.5
TOTAL ASSETS	$97,744.6	$96,684.0
See Condensed Notes to Condensed Financial Statements of Registrants beginning on page 99.

LIABILITIES AND EQUITY

(in millions, except per-share and share amounts)

	March 31,	December 31,
	2024	2023
CURRENT LIABILITIES
Accounts Payable	$1,990.9	$2,032.5
Short-term Debt:
Securitized Debt for Receivables – AEP Credit	900.0	888.0
Other Short-term Debt	2,837.6	1,942.2
Total Short-term Debt	3,737.6	2,830.2
Long-term Debt Due Within One Year (March 31, 2024 and December 31, 2023 Amounts Include $201.5 and $207.2, Respectively, Related to Sabine, DCC Fuel, Transition Funding, Restoration Funding, Appalachian Consumer Rate Relief Funding and Transource Energy)	1,198.6	2,490.5
Risk Management Liabilities	184.4	229.6
Customer Deposits	436.2	423.7
Accrued Taxes	1,675.6	1,800.1
Accrued Interest	507.3	410.2
Obligations Under Operating Leases	107.1	115.7
Other Current Liabilities	1,068.9	1,251.1
TOTAL CURRENT LIABILITIES	10,906.6	11,583.6
NONCURRENT LIABILITIES
Long-term Debt(March 31, 2024 and December 31, 2023 Amounts Include $528.9 and $556.3, Respectively, Related to Sabine, DCC Fuel, Transition Funding, Restoration Funding, Appalachian Consumer Rate Relief Funding and Transource Energy)	38,637.3	37,652.7
Long-term Risk Management Liabilities	279.5	241.8
Deferred Income Taxes	9,662.1	9,415.7
Regulatory Liabilities and Deferred Investment Tax Credits	8,089.4	8,182.4
Asset Retirement Obligations	2,972.9	2,972.5
Employee Benefits and Pension Obligations	230.8	241.7
Obligations Under Operating Leases	509.3	519.4
Deferred Credits and Other Noncurrent Liabilities	561.4	545.8
TOTAL NONCURRENT LIABILITIES	60,942.7	59,772.0
TOTAL LIABILITIES	71,849.3	71,355.6
Rate Matters (Note 4)
Commitments and Contingencies (Note 5)
MEZZANINE EQUITY
Contingently Redeemable Performance Share Awards	51.6	42.5
TOTAL MEZZANINE EQUITY	51.6	42.5
EQUITY
Common Stock – Par Value – $6.50 Per Share:
	2024	2023
Shares Authorized	600,000,000	600,000,000
Shares Issued	528,199,306	527,369,157
(1,184,572 Shares were Held in Treasury as of March 31, 2024 and December 31, 2023, Respectively)	3,433.3	3,427.9
Paid-in Capital	9,094.3	9,073.9
Retained Earnings	13,338.0	12,800.4
Accumulated Other Comprehensive Income (Loss)	(62.3)	(55.5)
TOTAL AEP COMMON SHAREHOLDERS’ EQUITY	25,803.3	25,246.7
Noncontrolling Interests	40.4	39.2
TOTAL EQUITY	25,843.7	25,285.9
TOTAL LIABILITIES, MEZZANINE EQUITY AND TOTAL EQUITY	$97,744.6	$96,684.0
See Condensed Notes to Condensed Financial Statements of Registrants beginning on page 99.

	Three Months Ended March 31,
	2024	2023
OPERATING ACTIVITIES
Net Income	$1,005.7	$400.4
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:
Depreciation and Amortization	787.1	775.5
Deferred Income Taxes	(113.3)	68.0
Loss on the Sale of the Competitive Contracted Renewables Portfolio	—	112.0
Allowance for Equity Funds Used During Construction	(43.6)	(31.3)
Mark-to-Market of Risk Management Contracts	40.9	(82.0)
Property Taxes	(89.2)	(101.6)
Deferred Fuel Over/Under-Recovery, Net	43.4	128.0
Change in Other Noncurrent Assets	(74.5)	(96.0)
Change in Other Noncurrent Liabilities	61.8	(58.7)
Changes in Certain Components of Working Capital:
Accounts Receivable, Net	34.9	348.4
Fuel, Materials and Supplies	104.3	(115.9)
Accounts Payable	(99.5)	(255.9)
Accrued Taxes, Net	(57.7)	(150.9)
Other Current Assets	(91.3)	(94.6)
Other Current Liabilities	(66.8)	(127.6)
Net Cash Flows from Operating Activities	1,442.2	717.8
INVESTING ACTIVITIES
Construction Expenditures	(1,761.7)	(2,090.1)
Purchases of Investment Securities	(590.0)	(537.3)
Sales of Investment Securities	572.5	517.6
Acquisitions of Nuclear Fuel	(33.7)	(1.7)
Acquisitions of Renewable Energy Facilities	—	(145.7)
Proceeds from Sale of Equity Method Investment	114.0	—
Other Investing Activities	29.6	12.0
Net Cash Flows Used for Investing Activities	(1,669.3)	(2,245.2)
FINANCING ACTIVITIES
Issuance of Common Stock	40.6	41.1
Issuance of Long-term Debt	859.9	2,847.3
Issuance of Short-term Debt with Original Maturities greater than 90 Days	376.6	97.4
Change in Short-term Debt with Original Maturities less than 90 Days, Net	840.9	(433.7)
Retirement of Long-term Debt	(1,162.2)	(519.5)
Redemption of Short-term Debt with Original Maturities Greater than 90 Days	(310.1)	(153.8)
Principal Payments for Finance Lease Obligations	(17.0)	(26.8)
Dividends Paid on Common Stock	(466.9)	(431.8)
Other Financing Activities	(31.9)	(55.8)
Net Cash Flows from Financing Activities	129.9	1,364.4
Net Decrease in Cash and Cash Equivalents	(97.2)	(163.0)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	379.0	556.5
Cash, Cash Equivalents and Restricted Cash at End of Period	$281.8	$393.5
SUPPLEMENTARY INFORMATION
Cash Paid for Interest, Net of Capitalized Amounts	$368.3	$311.9
Net Cash Paid for Income Taxes	16.1	15.8
Cash Received from Sale of Transferable Tax Credits	(62.0)	—
Noncash Acquisitions Under Finance Leases	7.0	12.5
Construction Expenditures Included in Current Liabilities as of March 31,	837.0	1,076.1
See Condensed Notes to Condensed Financial Statements of Registrants beginning on page 99.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.