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Midas Edge

AMERICAN ELECTRIC POWER CO INC

For the period ended Dec 31, 2024. Filed Feb 13, 2025.

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About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 13, 2025

AEP$126.53-0.2%Stored close · as of Nov 6, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits
Contents

Financial Statements

STATEMENTS OF INCOME

Years Ended December 31,
202420232022
REVENUES
Electric Generation, Transmission and Distribution$1,820.0$1,968.4$1,865.6
Sales to AEP Affiliates6.91.22.9
Other Revenues19.57.46.2
TOTAL REVENUES1,846.41,977.01,874.7
EXPENSES
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation742.5955.3891.5
Other Operation416.8355.8400.4
Maintenance113.0112.0114.4
Depreciation and Amortization272.2255.5230.1
Taxes Other Than Income Taxes77.364.157.5
TOTAL EXPENSES1,621.81,742.71,693.9
OPERATING INCOME224.6234.3180.8
Other Income (Expense):
Interest Income1.81.87.4
Allowance for Equity Funds Used During Construction7.48.41.5
Non-Service Cost Components of Net Periodic Benefit Cost11.214.312.5
Interest Expense(95.3)(103.6)(83.8)
INCOME BEFORE INCOME TAX EXPENSE (BENEFIT)149.7155.2118.4
Income Tax Expense (Benefit)(99.6)(53.6)(49.2)
NET INCOME$249.3$208.8$167.6
The common stock of PSO is wholly-owned by Parent.
See Notes to Financial Statements of Registrants beginning on page 177.

STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Years Ended December 31,
202420232022
Net Income$249.3$208.8$167.6
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES
Cash Flow Hedges, Net of Tax of $1.0, $(0.4) and $0.3 in 2024, 2023 and 2022, Respectively3.8(1.5)1.3
TOTAL COMPREHENSIVE INCOME$253.1$207.3$168.9
See Notes to Financial Statements of Registrants beginning on page 177.

STATEMENTS OF CHANGES IN COMMON SHAREHOLDER’S EQUITY

CommonStock · Paid-inCapital · Retained Earnings · AccumulatedOtherComprehensiveIncome (Loss) · Total
TOTAL COMMON SHAREHOLDER’S EQUITY – DECEMBER 31, 2021$157.2$1,039.0$1,095.4$—$2,291.6
Capital Contribution from Parent3.63.6
Common Stock Dividends(45.0)(45.0)
Net Income167.6167.6
Other Comprehensive Income1.31.3
TOTAL COMMON SHAREHOLDER’S EQUITY – DECEMBER 31, 2022157.21,042.61,218.01.32,419.1
Capital Contribution from Parent0.60.6
Return of Capital to Parent(3.9)(3.9)
Common Stock Dividends(52.5)(52.5)
Net Income208.8208.8
Other Comprehensive Loss(1.5)(1.5)
TOTAL COMMON SHAREHOLDER’S EQUITY – DECEMBER 31, 2023157.21,039.31,374.3(0.2)2,570.6
Capital Contribution from Parent1.91.9
Common Stock Dividends(140.0)(140.0)
Net Income249.3249.3
Other Comprehensive Income3.83.8
TOTAL COMMON SHAREHOLDER’S EQUITY – DECEMBER 31, 2024$157.2$1,041.2$1,483.6$3.6$2,685.6
See Notes to Financial Statements of Registrants beginning on page 177.

BALANCE SHEETS

ASSETS

December 31,
20242023
CURRENT ASSETS
Cash and Cash Equivalents$1.8$2.5
Advances to Affiliates232.0—
Accounts Receivable:
Customers74.8107.6
Affiliated Companies32.631.0
Miscellaneous0.30.8
Total Accounts Receivable107.7139.4
Fuel17.133.7
Materials and Supplies108.8106.9
Risk Management Assets20.619.0
Accrued Tax Benefits35.531.0
Regulatory Asset for Under-Recovered Fuel Costs64.7118.3
Prepayments and Other Current Assets20.218.7
TOTAL CURRENT ASSETS608.4469.5
PROPERTY, PLANT AND EQUIPMENT
Electric:
Generation2,772.42,695.5
Transmission1,345.31,228.3
Distribution3,698.83,450.8
Other Property, Plant and Equipment550.0505.9
Construction Work in Progress378.8313.7
Total Property, Plant and Equipment8,745.38,194.2
Accumulated Depreciation and Amortization2,213.02,081.9
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET6,532.36,112.3
OTHER NONCURRENT ASSETS
Regulatory Assets527.8522.7
Employee Benefits and Pension Assets73.668.4
Operating Lease Assets106.2112.8
Deferred Charges and Other Noncurrent Assets62.049.2
TOTAL OTHER NONCURRENT ASSETS769.6753.1
TOTAL ASSETS$7,910.3$7,334.9
See Notes to Financial Statements of Registrants beginning on page 177.

BALANCE SHEETS

December 31,
20242023
(in millions)
CURRENT LIABILITIES
Advances from Affiliates$—$54.4
Accounts Payable:
General200.5159.3
Affiliated Companies59.156.7
Long-term Debt Due Within One Year – Nonaffiliated125.60.6
Risk Management Liabilities5.828.9
Customer Deposits72.981.4
Accrued Taxes33.430.7
Accrued Interest33.130.7
Obligations Under Operating Leases10.410.1
Other Current Liabilities78.6106.2
TOTAL CURRENT LIABILITIES619.4559.0
NONCURRENT LIABILITIES
Long-term Debt – Nonaffiliated2,730.02,384.0
Deferred Income Taxes930.6831.2
Regulatory Liabilities and Deferred Investment Tax Credits689.7765.6
Asset Retirement Obligations118.883.9
Obligations Under Operating Leases101.9106.8
Deferred Credits and Other Noncurrent Liabilities34.333.8
TOTAL NONCURRENT LIABILITIES4,605.34,205.3
TOTAL LIABILITIES5,224.74,764.3
Rate Matters (Note 4)
Commitments and Contingencies (Note 6)
COMMON SHAREHOLDER’S EQUITY
Common Stock – Par Value – $15 Per Share:
Authorized – 11,000,000 Shares
Issued – 10,482,000 Shares
Outstanding – 9,013,000 Shares157.2157.2
Paid-in Capital1,041.21,039.3
Retained Earnings1,483.61,374.3
Accumulated Other Comprehensive Income (Loss)3.6(0.2)
TOTAL COMMON SHAREHOLDER’S EQUITY2,685.62,570.6
TOTAL LIABILITIES AND COMMON SHAREHOLDER’S EQUITY$7,910.3$7,334.9
See Notes to Financial Statements of Registrants beginning on page 177.

STATEMENTS OF CASH FLOWS

Years Ended December 31,
202420232022
OPERATING ACTIVITIES
Net Income$249.3$208.8$167.6
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:
Depreciation and Amortization272.2255.5230.1
Deferred Income Taxes20.67.9(59.4)
Allowance for Equity Funds Used During Construction(7.4)(8.4)(1.5)
Mark-to-Market of Risk Management Contracts(27.1)33.0(13.7)
Deferred Fuel Over/Under-Recovery, Net53.6313.2442.4
Change in Other Regulatory Assets(0.3)(108.3)4.7
Change in Other Noncurrent Assets(44.6)(71.3)(40.1)
Change in Other Noncurrent Liabilities7.68.229.9
Changes in Certain Components of Working Capital:
Accounts Receivable, Net31.7(16.3)(46.0)
Fuel, Materials and Supplies14.7(16.8)(51.1)
Accounts Payable17.7(58.2)57.5
Accrued Taxes, Net(1.8)(12.9)3.2
Other Current Assets(4.3)10.7(6.3)
Other Current Liabilities(33.3)45.430.4
Net Cash Flows from Operating Activities548.6590.5747.7
INVESTING ACTIVITIES
Construction Expenditures(597.6)(562.3)(447.0)
Change in Advances to Affiliates, Net(232.0)——
Acquisitions of Renewable Energy Facilities—(145.7)(549.3)
Other Investing Activities5.315.24.3
Net Cash Flows Used for Investing Activities(824.3)(692.8)(992.0)
FINANCING ACTIVITIES
Capital Contribution from Parent1.90.63.6
Return of Capital to Parent—(3.9)—
Issuance of Long-term Debt – Nonaffiliated595.5469.8499.7
Change in Advances from Affiliates, Net(54.4)(309.8)291.9
Retirement of Long-term Debt – Nonaffiliated(125.6)(0.5)(500.5)
Principal Payments for Finance Lease Obligations(3.3)(3.3)(3.2)
Dividends Paid on Common Stock(140.0)(52.5)(45.0)
Other Financing Activities0.90.40.5
Net Cash Flows from Financing Activities275.0100.8247.0
Net Increase (Decrease) in Cash and Cash Equivalents(0.7)(1.5)2.7
Cash and Cash Equivalents at Beginning of Period2.54.01.3
Cash and Cash Equivalents at End of Period$1.8$2.5$4.0
SUPPLEMENTARY INFORMATION
Cash Paid for Interest, Net of Capitalized Amounts$101.8$87.3$79.7
Net Cash Paid (Received) for Income Taxes(15.1)(10.6)(12.5)
Cash Paid (Received) for Transferable Tax Credits(96.0)(34.6)—
Noncash Acquisitions Under Finance Leases1.52.12.8
Construction Expenditures Included in Current Liabilities as of December 31,88.472.969.8
See Notes to Financial Statements of Registrants beginning on page 177.
ContentsView on SEC.gov

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