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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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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$128.33+1.4%Stored close · as of Nov 9, 2026

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

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Contents

Item 8. Consolidated Financial Statements

Years Ended December 31,
202420232022
REVENUES
Electric Generation, Transmission and Distribution$2,148.6$2,154.7$2,234.9
Sales to AEP Affiliates71.481.659.5
Provision for Refund - Affiliated(9.3)(34.8)(5.6)
Provision for Refund(181.9)(21.1)(6.3)
Other Revenues7.52.41.9
TOTAL REVENUES2,036.32,182.82,284.4
EXPENSES
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation733.3807.1889.5
Other Operation422.4360.5424.7
Maintenance149.1159.4148.6
Asset Impairments and Other Related Charges—85.6—
Depreciation and Amortization389.3342.8324.8
Taxes Other Than Income Taxes124.9135.1126.8
TOTAL EXPENSES1,819.01,890.51,914.4
OPERATING INCOME217.3292.3370.0
Other Income (Expense):
Interest Income14.218.917.7
Allowance for Equity Funds Used During Construction13.511.54.9
Non-Service Cost Components of Net Periodic Benefit Cost0.813.612.5
Interest Expense(105.5)(147.2)(137.4)
INCOME BEFORE INCOME TAX EXPENSE (BENEFIT) AND EQUITY EARNINGS140.3189.1267.7
Income Tax Expense (Benefit)(184.0)(33.3)(25.2)
Equity Earnings of Unconsolidated Subsidiary1.41.41.4
NET INCOME325.7223.8294.3
Net Income Attributable to Noncontrolling Interest4.53.54.2
EARNINGS ATTRIBUTABLE TO SWEPCo COMMON SHAREHOLDER$321.2$220.3$290.1
The common stock of SWEPCo is wholly-owned by Parent.
See Notes to Financial Statements of Registrants beginning on page 177.
Years Ended December 31,
202420232022
Net Income$325.7$223.8$294.3
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES
Cash Flow Hedges, Net of Tax of $(0.1), $0 and $0 in 2024, 2023 and 2022, Respectively(0.3)0.2(0.1)
Amortization of Pension and OPEB Deferred Costs, Net of Tax of $(0.1), $(0.3) and $(0.4) in 2024, 2023 and 2022, Respectively(0.3)(1.3)(1.6)
Pension and OPEB Funded Status, Net of Tax of $1.7, $0.5 and $(2.5) in 2024, 2023 and 2022, Respectively6.31.9(9.2)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)5.70.8(10.9)
TOTAL COMPREHENSIVE INCOME331.4224.6283.4
Total Comprehensive Income Attributable to Noncontrolling Interest4.53.54.2
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO SWEPCo COMMON SHAREHOLDER$326.9$221.1$279.2
See Notes to Financial Statements of Registrants beginning on page 177.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

SWEPCo Common Shareholder
Common Stock · Paid-inCapital · RetainedEarnings · AccumulatedOtherComprehensiveIncome (Loss) · NoncontrollingInterest · Total
TOTAL EQUITY – DECEMBER 31, 2021$0.1$1,092.2$2,050.9$6.7$(0.1)$3,149.8
Capital Contribution from Parent350.0350.0
Common Stock Dividends(105.0)(105.0)
Common Stock Dividends – Nonaffiliated(3.4)(3.4)
Net Income290.14.2294.3
Other Comprehensive Loss(10.9)(10.9)
TOTAL EQUITY – DECEMBER 31, 20220.11,442.22,236.0(4.2)0.73,674.8
Capital Contribution from Parent50.050.0
Common Stock Dividends(175.0)(175.0)
Common Stock Dividends – Nonaffiliated(4.0)(4.0)
Net Income220.33.5223.8
Other Comprehensive Income0.80.8
TOTAL EQUITY – DECEMBER 31, 20230.11,492.22,281.3(3.4)0.23,770.4
Capital Contribution from Parent58.658.6
Return of Capital to Parent(1.1)(1.1)
Common Stock Dividends(250.0)(250.0)
Common Stock Dividends – Nonaffiliated(4.3)(4.3)
Net Income321.24.5325.7
Other Comprehensive Income5.75.7
TOTAL EQUITY – DECEMBER 31, 2024$0.1$1,549.7$2,352.5$2.3$0.4$3,905.0
See Notes to Financial Statements of Registrants beginning on page 177.

ASSETS

December 31,
20242023
CURRENT ASSETS
Cash and Cash Equivalents$1.2$2.4
Restricted Cash(December 31, 2024 and 2023 Amounts Include $3.4 and $0, Respectively, Related to Storm Recovery Funding)3.4—
Advances to Affiliates2.32.2
Accounts Receivable:
Customers34.539.0
Affiliated Companies54.147.2
Miscellaneous9.28.3
Total Accounts Receivable97.894.5
Fuel86.5113.8
Materials and Supplies(December 31, 2024 and 2023 Amounts Include $1.5 and $3.9, Respectively, Related to Sabine)81.488.4
Risk Management Assets18.111.6
Accrued Tax Benefits26.028.4
Regulatory Asset for Under-Recovered Fuel Costs106.6170.8
Prepayments and Other Current Assets14.729.2
TOTAL CURRENT ASSETS438.0541.3
PROPERTY, PLANT AND EQUIPMENT
Electric:
Generation5,287.54,790.7
Transmission2,863.82,660.6
Distribution3,007.12,824.1
Other Property, Plant and Equipment (December 31, 2024 and 2023 Amounts Include $166.8 and $182.7, Respectively, Related to Sabine)940.4814.4
Construction Work in Progress627.3555.8
Total Property, Plant and Equipment12,726.111,645.6
Accumulated Depreciation and Amortization (December 31, 2024 and 2023 Amounts Include $166.8 and $182.7, Respectively, Related to Sabine)3,280.03,087.2
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET9,446.18,558.4
OTHER NONCURRENT ASSETS
Regulatory Assets921.31,131.8
Securitized Assets(December 31, 2024 and 2023 Amounts Include $331.4 and $0, Respectively, Related to Storm Recovery Funding)331.4—
Deferred Charges and Other Noncurrent Assets358.2326.1
TOTAL OTHER NONCURRENT ASSETS1,610.91,457.9
TOTAL ASSETS$11,495.0$10,557.6
See Notes to Financial Statements of Registrants beginning on page 177.
December 31,
20242023
(in millions)
CURRENT LIABILITIES
Advances from Affiliates$275.0$88.7
Accounts Payable:
General265.5198.9
Affiliated Companies57.145.9
Short-term Debt – Nonaffiliated5.54.3
Long-term Debt Due Within One Year – Nonaffiliated(December 31, 2024 and 2023 Amounts Include $22.7 and $0, Respectively, Related to Storm Recovery Funding)22.7—
Risk Management Liabilities2.314.4
Customer Deposits75.472.5
Accrued Taxes48.658.7
Accrued Interest40.639.9
Obligations Under Operating Leases8.29.0
Provision for Refund70.80.7
Other Current Liabilities159.9153.9
TOTAL CURRENT LIABILITIES1,031.6686.9
NONCURRENT LIABILITIES
Long-term Debt – Nonaffiliated(December 31, 2024 and 2023 Amounts Include $308.7 and $0, Respectively, Related to Storm Recovery Funding)3,958.13,646.9
Deferred Income Taxes1,271.31,179.3
Regulatory Liabilities and Deferred Investment Tax Credits610.8756.1
Asset Retirement Obligations257.5258.6
Employee Benefits and Pension Obligations46.543.1
Obligations Under Operating Leases137.5122.5
Provision for Refund107.824.9
Storm Reserve106.2—
Deferred Credits and Other Noncurrent Liabilities62.768.9
TOTAL NONCURRENT LIABILITIES6,558.46,100.3
TOTAL LIABILITIES7,590.06,787.2
Rate Matters (Notes 4)
Commitments and Contingencies (Note 6)
EQUITY
Common Stock – Par Value – $18 Per Share:
Authorized – 3,680 Shares
Outstanding – 3,680 Shares0.10.1
Paid-in Capital1,549.71,492.2
Retained Earnings2,352.52,281.3
Accumulated Other Comprehensive Income (Loss)2.3(3.4)
TOTAL COMMON SHAREHOLDER’S EQUITY3,904.63,770.2
Noncontrolling Interest0.40.2
TOTAL EQUITY3,905.03,770.4
TOTAL LIABILITIES AND EQUITY$11,495.0$10,557.6
See Notes to Financial Statements of Registrants beginning on page 177.
Years Ended December 31,
202420232022
OPERATING ACTIVITIES
Net Income$325.7$223.8$294.3
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:
Depreciation and Amortization389.3342.8324.8
Deferred Income Taxes(74.3)54.09.4
Asset Impairments and Other Related Charges—85.6—
Allowance for Equity Funds Used During Construction(13.5)(11.5)(4.9)
Mark-to-Market of Risk Management Contracts(19.8)19.1(6.2)
Deferred Fuel Over/Under-Recovery, Net156.1184.3(86.4)
Change in Regulatory Assets(50.8)(60.8)7.6
Provision for Refund – Turk Plant79.2——
Change in Other Noncurrent Assets(18.9)(40.5)42.9
Change in Other Noncurrent Liabilities(41.4)11.018.3
Changes in Certain Components of Working Capital:
Accounts Receivable, Net(3.3)20.1(28.2)
Fuel, Materials and Supplies29.4(31.4)(9.3)
Accounts Payable2.5(8.4)34.1
Accrued Taxes, Net(7.7)(4.5)9.8
Provision for Refund – Turk Plant68.3——
Other Current Assets9.920.2(9.8)
Other Current Liabilities(13.9)(0.8)(9.8)
Net Cash Flows from Operating Activities816.8803.0586.6
INVESTING ACTIVITIES
Construction Expenditures(740.5)(780.5)(586.4)
Change in Advances to Affiliates, Net(0.1)(0.1)153.8
Acquisition of Renewable Energy Facilities(399.5)—(658.0)
Other Investing Activities11.43.95.5
Net Cash Flows Used for Investing Activities(1,128.7)(776.7)(1,085.1)
FINANCING ACTIVITIES
Capital Contribution from Parent58.650.0350.0
Return of Capital to Parent(1.1)——
Issuance of Long-term Debt – Nonaffiliated336.3346.8—
Change in Short-term Debt – Nonaffiliated1.24.3—
Change in Advances from Affiliates, Net186.3(222.0)310.7
Retirement of Long-term Debt – Nonaffiliated—(94.1)(6.2)
Principal Payments for Finance Lease Obligations(14.0)(19.1)(10.8)
Dividends Paid on Common Stock(250.0)(175.0)(105.0)
Dividends Paid on Common Stock – Nonaffiliated(4.3)(4.0)(3.4)
Other Financing Activities1.10.80.4
Net Cash Flows from (Used for) Financing Activities314.1(112.3)535.7
Net Increase (Decrease) in Cash and Cash Equivalents2.2(86.0)37.2
Cash and Cash Equivalents at Beginning of Period2.488.451.2
Cash and Cash Equivalents at End of Period$4.6$2.4$88.4
SUPPLEMENTARY INFORMATION
Cash Paid for Interest, Net of Capitalized Amounts$139.0$128.9$131.2
Net Cash Paid (Received) for Income Taxes(15.1)(41.0)(29.1)
Cash Paid (Received) for Transferable Tax Credits(88.6)(41.4)—
Noncash Acquisitions Under Finance Leases2.37.13.6
Construction Expenditures Included in Current Liabilities as of December 31,137.363.7105.6
See Notes to Financial Statements of Registrants beginning on page 177.
ContentsView on SEC.gov

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