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Leases (Tables)

9 Months Ended

Sep. 30, 2019



Three Months Ended September 30, 2019	AEP		AEP Texas		AEPTCo		APCo		I&M		OPCo		PSO		SWEPCo
	(in millions)
Operating Lease Cost	$	64.4	$	4.0	$	0.6	$	4.9	$	23.7	$	4.9	$	1.5	$	1.8
Finance Lease Cost:
Amortization of Right-of-Use Assets	16.5		1.5		0.1		2.0		1.6		1.1		0.8		2.8
Interest on Lease Liabilities	4.1		0.3		—		0.8		0.8		0.2		0.1		0.7
Total Lease Rental Costs (a)	$	85.0	$	5.8	$	0.7	$	7.7	$	26.1	$	6.2	$	2.4	$	5.3



Nine Months Ended September 30, 2019	AEP		AEP Texas		AEPTCo		APCo		I&M		OPCo		PSO		SWEPCo
	(in millions)
Operating Lease Cost	$	200.3	$	12.2	$	1.7	$	14.5	$	70.0	$	13.8	$	5.0	$	5.7
Finance Lease Cost:
Amortization of Right-of-Use Assets	45.0		3.8		0.1		5.0		4.2		2.6		2.2		8.2
Interest on Lease Liabilities	12.2		1.0		—		2.2		2.3		0.5		0.4		2.2
Total Lease Rental Costs (a)	$	257.5	$	17.0	$	1.8	$	21.7	$	76.5	$	16.9	$	7.6	$	16.1

(a)

Excludes variable and short-term lease costs, which were immaterial for the three and nine months ended September 30, 2019.



September 30, 2019	AEP		AEP Texas		AEPTCo		APCo		I&M		OPCo		PSO		SWEPCo
Weighted-Average Remaining Lease Term (years):
Operating Leases	5.31		7.05		2.43		6.25		4.05		8.10		7.06		6.63
Finance Leases	5.87		6.86		0.58		6.33		6.72		6.58		6.24		5.34
Weighted-Average Discount Rate:
Operating Leases	3.61	%	3.79	%	3.13	%	3.67	%	3.45	%	3.79	%	3.68	%	3.80	%
Finance Leases	6.02	%	4.71	%	9.33	%	8.19	%	8.61	%	4.66	%	4.73	%	5.03	%



Nine Months Ended September 30, 2019	AEP		AEP Texas		AEPTCo		APCo		I&M		OPCo		PSO		SWEPCo
	(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating Cash Flows Used for Operating Leases	$	163.6	$	11.4	$	1.7	$	14.1	$	52.5	$	13.8	$	4.9	$	5.3
Operating Cash Flows Used for Finance Leases	11.0		1.0		—		2.2		2.2		0.5		0.4		1.1
Financing Cash Flows Used for Finance Leases	44.5		3.8		—		5.0		4.0		2.6		2.2		8.1

Non-cash Acquisitions Under Operating Leases	$	108.9	$	12.7	$	—	$	8.6	$	16.6	$	34.6	$	7.3	$	10.6



September 30, 2019	AEP		AEP Texas		AEPTCo		APCo		I&M		OPCo		PSO		SWEPCo
	(in millions)
Property, Plant and Equipment Under Finance Leases:
Generation	$	134.9	$	—	$	—	$	41.3	$	28.5	$	—	$	2.6	$	34.2
Other Property, Plant and Equipment	335.9		41.9		0.2		18.4		37.1		24.7		20.7		50.0
Total Property, Plant and Equipment	470.8		41.9		0.2		59.7		65.6		24.7		23.3		84.2
Accumulated Amortization	162.7		10.9		0.2		17.8		22.8		6.6		9.1		26.2
Net Property, Plant and Equipment Under Finance Leases	$	308.1	$	31.0	$	—	$	41.9	$	42.8	$	18.1	$	14.2	$	58.0

Obligations Under Finance Leases:
Noncurrent Liability	$	254.0	$	25.8	$	—	$	35.2	$	37.1	$	14.5	$	11.0	$	50.5
Liability Due Within One Year	61.4		5.2		—		6.7		6.0		3.6		3.2		11.2
Total Obligations Under Finance Leases	$	315.4	$	31.0	$	—	$	41.9	$	43.1	$	18.1	$	14.2	$	61.7



September 30, 2019	AEP		AEP Texas		AEPTCo		APCo		I&M		OPCo		PSO		SWEPCo
	(in millions)
Operating Lease Assets	$	990.0	$	82.0	$	4.6	$	79.4	$	295.3	$	88.2	$	37.1	$	40.8

Obligations Under Operating Leases:
Noncurrent Liability	$	801.1	$	71.1	$	2.2	$	64.8	$	234.0	$	75.9	$	31.2	$	32.5
Liability Due Within One Year	228.8		11.7		2.3		15.3		82.0		12.8		6.0		5.9
Total Obligations Under Operating Leases	$	1,029.9	$	82.8	$	4.5	$	80.1	$	316.0	$	88.7	$	37.2	$	38.4



Finance Leases	AEP		AEP Texas		AEPTCo		APCo		I&M		OPCo		PSO		SWEPCo
	(in millions)
Year 1	$	76.8	$	6.6	$	—	$	9.6	$	9.0	$	4.3	$	3.8	$	13.0
Year 2	67.0		6.1		—		8.8		8.2		3.9		3.1		11.6
Year 3	58.0		5.3		—		8.1		7.6		3.2		2.3		10.6
Year 4	49.0		4.9		—		7.5		7.1		2.5		2.1		9.5
Year 5	50.0		4.1		—		7.0		6.7		2.1		1.7		14.8
Later Years	76.1		9.8		—		11.3		20.9		5.3		3.7		7.5
Total Future Minimum Lease Payments	376.9		36.8		—		52.3		59.5		21.3		16.7		67.0
Less Imputed Interest	61.5		5.8		—		10.4		16.4		3.2		2.5		5.3
Estimated Present Value of Future Minimum Lease Payments	$	315.4	$	31.0	$	—	$	41.9	$	43.1	$	18.1	$	14.2	$	61.7



Operating Leases	AEP		AEP Texas		AEPTCo		APCo		I&M		OPCo		PSO		SWEPCo
	(in millions)
Year 1	$	267.5	$	15.7	$	2.4	$	18.4	$	92.2	$	16.6	$	7.4	$	8.4
Year 2	252.4		15.2		1.5		16.4		88.4		13.9		6.6		8.2
Year 3	239.9		14.1		0.7		14.7		86.3		13.3		6.0		7.5
Year 4	154.2		13.0		0.3		12.5		48.0		12.4		5.5		7.2
Year 5	63.6		11.4		—		9.8		7.3		10.8		5.0		5.0
Later Years	184.1		27.8		—		20.1		22.0		38.3		12.7		12.4
Total Future Minimum Lease Payments	1,161.7		97.2		4.9		91.9		344.2		105.3		43.2		48.7
Less Imputed Interest	131.8		14.4		0.4		11.8		28.2		16.6		6.0		10.3
Estimated Present Value of Future Minimum Lease Payments	$	1,029.9	$	82.8	$	4.5	$	80.1	$	316.0	$	88.7	$	37.2	$	38.4



Finance Leases	AEP		AEP Texas		AEPTCo		APCo		I&M		OPCo		PSO		SWEPCo
	(in millions)
2019	$	70.8	$	5.8	$	0.1	$	9.0	$	8.2	$	3.3	$	3.4	$	13.1
2020	60.2		5.3		—		8.0		7.2		2.7		2.6		11.5
2021	51.7		4.7		—		7.3		6.6		2.3		2.0		10.5
2022	43.8		4.2		—		6.8		6.1		1.7		1.6		9.4
2023	35.5		3.7		—		6.3		5.7		1.2		1.4		8.6
Later Years	90.2		10.1		—		13.3		21.7		2.8		3.3		18.7
Total Future Minimum Lease Payments	352.2		33.8		0.1		50.7		55.5		14.0		14.3		71.8
Less Imputed Interest	63.2		5.3		—		10.9		16.8		1.9		2.0		11.0
Estimated Present Value of Future Minimum Lease Payments	$	289.0	$	28.5	$	0.1	$	39.8	$	38.7	$	12.1	$	12.3	$	60.8



Operating Leases	AEP		AEP Texas		AEPTCo		APCo		I&M		OPCo		PSO		SWEPCo
	(in millions)
2019	$	259.6	$	15.1	$	2.3	$	17.6	$	92.6	$	14.5	$	6.5	$	7.4
2020	250.1		14.1		1.8		16.5		89.3		13.2		6.0		7.2
2021	232.7		13.2		1.0		13.9		84.8		10.9		5.0		6.7
2022	222.5		12.2		0.5		12.8		83.8		10.0		4.6		6.1
2023	58.3		10.8		0.1		9.9		6.5		8.8		4.1		5.0
Later Years	165.2		28.4		—		20.5		19.5		31.7		10.7		11.7
Total Future Minimum Lease Payments	$	1,188.4	$	93.8	$	5.7	$	91.2	$	376.5	$	89.1	$	36.9	$	44.1



Future Minimum Lease Payments	AEP (a)		I&M
	(in millions)
2019	$	74.2	$	37.1
2020	147.8		73.9
2021	147.8		73.9
2022	147.2		73.6
Total Future Minimum Lease Payments	$	517.0	$	258.5

(a)

AEP’s future minimum lease payments include equal shares from AEGCo and I&M.