Unaudited Quarterly Financial Information

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information

UNAUDITED QUARTERLY FINANCIAL INFORMATION

The disclosures in this note apply to all Registrants unless indicated otherwise.

In management’s opinion, the unaudited quarterly information reflects all normal and recurring accruals and adjustments necessary for a fair presentation of the results of operations for interim periods.  Quarterly results are not necessarily indicative of a full year’s operations because of various factors.  The unaudited quarterly financial information for each Registrant is as follows:

Quarterly Periods Ended:	AEP		AEP Texas			AEPTCo		APCo		I&M		OPCo		PSO			SWEPCo
	(in millions)
March 31, 2019
Total Revenues	$	4,056.8	$	390.7		$	243.5	$	792.8	$	614.3	$	836.8	$	332.8		$	421.1
Operating Income	788.4		70.8			141.6		152.1		115.0		162.5		20.9			54.1
Net Income	574.1		34.4			104.3		133.7		98.9		128.0		6.2			29.0
Earnings Attributable to Common Shareholders	572.8		NA			NA		NA		NA		NA		NA			27.8
June 30, 2019
Total Revenues	$	3,573.6	$	438.0		$	266.9	$	655.8	$	543.1	$	606.6	$	348.1		$	375.5
Operating Income	551.0		38.7			161.0		76.9		77.9		77.1		56.6			33.0
Net Income	459.1		80.6			136.0		55.5		60.3		50.6		41.9			7.3
Earnings Attributable to Common Shareholders	461.3		NA			NA		NA		NA		NA		NA			6.2
September 30, 2019
Total Revenues	$	4,315.0	$	489.3		$	259.7	$	755.5	$	611.1	$	710.6	$	493.0		$	545.5
Operating Income	958.2		118.2			142.3		142.6		107.3		98.6		120.0			134.7
Net Income	733.9		77.0			107.6		104.3		88.8		69.1		100.3			111.3
Earnings Attributable to Common Shareholders	733.5		NA			NA		NA		NA		NA		NA			110.5
December 31, 2019
Total Revenues	$	3,616.0	$	391.3		$	251.3	$	720.6	$	538.2	$	643.6	$	307.9		$	408.8
Operating Income	294.7		4.3			122.3		25.7		40.6		63.0		1.8			33.9
Net Income (Loss)	152.7		(13.7		)	91.8		12.8		21.4		49.4		(10.8		)	14.6
Earnings Attributable to Common Shareholders	153.5		NA			NA		NA		NA		NA		NA			14.1

Quarterly Periods Ended:	AEP		AEP Texas		AEPTCo		APCo		I&M		OPCo		PSO			SWEPCo
	(in millions)
March 31, 2018
Total Revenues	$	4,048.3	$	371.6	$	191.7	$	820.4	$	576.8	$	790.9	$	336.8		$	419.4
Operating Income	706.0		81.8		111.1		193.0		97.4		117.3		3.9			41.6
Net Income (Loss)	456.7		46.8		84.1		125.5		64.2		79.6		(7.2		)	13.4
Earnings Attributable to Common Shareholders	454.4		NA		NA		NA		NA		NA		NA			11.8
June 30, 2018
Total Revenues	$	4,013.2	$	388.3	$	200.1	$	667.0	$	589.7	$	748.8	$	398.3		$	457.1
Operating Income	757.0		86.2		110.5		132.6		117.4		104.4		57.2			70.5
Net Income	530.1		46.5		82.0		77.4		94.7		68.8		36.6			38.7
Earnings Attributable to Common Shareholders	528.4		NA		NA		NA		NA		NA		NA			37.6
September 30, 2018
Total Revenues	$	4,333.1	$	433.4	$	194.4	$	762.0	$	629.7	$	778.3	$	481.4		$	535.3
Operating Income	668.6		94.0		97.0		49.8		110.2		79.9		78.5			127.1
Net Income	579.7		57.8		78.1		87.1		72.7		88.7		60.4			89.6
Earnings Attributable to Common Shareholders	577.6		NA		NA		NA		NA		NA		NA			88.2
December 31, 2018
Total Revenues	$	3,801.1	$	402.0	$	189.9	$	718.1	$	574.5	$	745.4	$	330.8		$	410.1
Operating Income	551.1		84.3		91.5		108.1		52.2		118.2		2.9			38.5
Net Income (Loss)	364.8		60.2		71.7		77.8		29.7		88.4		(6.6		)	10.5
Earnings Attributable to Common Shareholders	363.4		NA		NA		NA		NA		NA		NA			9.6

NA    Not applicable.

AEP

The unaudited quarterly financial information relating to Common Shareholders is as follows:

	2019 Quarterly Periods Ended
	March 31		June 30		September 30		December 31
Earnings Attributable to AEP Common Shareholders (in millions)	$	572.8	$	461.3	$	733.5	$	153.5
Basic Earnings per Share Attributable to AEP Common Shareholders from Continuing Operations (a)	1.16		0.93		1.49		0.31
Diluted Earnings per Share Attributable to AEP Common Shareholders from Continuing Operations (a)	1.16		0.93		1.48		0.31

	2018 Quarterly Periods Ended
	March 31		June 30		September 30		December 31
Earnings Attributable to AEP Common Shareholders (in millions)	$	454.4	$	528.4	$	577.6	$	363.4
Basic Earnings per Share Attributable to AEP Common Shareholders from Continuing Operations (a)	0.92		1.07		1.17		0.74
Diluted Earnings per Share Attributable to AEP Common Shareholders from Continuing Operations (a)	0.92		1.07		1.17		0.74

(a)

Quarterly Earnings per Share amounts are intended to be stand-alone calculations and are not always additive to full-year amount due to rounding.