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Revenue from Contracts with Customers
 3 Months Ended
Mar. 31, 2020
Revenue from Contracts with Customers REVENUE FROM CONTRACTS WITH CUSTOMERS

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

Disaggregated Revenues from Contracts with Customers

The tables below represent AEP’s reportable segment revenues from contracts with customers, net of respective provisions for refund, by type of revenue:
 
 
Three Months Ended March 31, 2020
 
 
Vertically Integrated Utilities
 
Transmission and Distribution Utilities
 
AEP Transmission Holdco
 
Generation & Marketing
 
Corporate and Other
 
Reconciling Adjustments
 
AEP Consolidated
 
 
(in millions)
Retail Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential Revenues
 
$
915.1

 
$
521.3

 
$
—

 
$
—

 
$
—

 
$
—

 
$
1,436.4

Commercial Revenues
 
489.4

 
276.9

 
—

 
—

 
—

 
—

 
766.3

Industrial Revenues
 
518.2

 
97.8

 
—

 
—

 
—

 
(0.2
)
 
615.8

Other Retail Revenues
 
39.9

 
11.8

 
—

 
—

 
—

 
—

 
51.7

Total Retail Revenues
 
1,962.6

 
907.8

 
—

 
—

 
—

 
(0.2
)
 
2,870.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Wholesale and Competitive Retail Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Generation Revenues
 
140.4

 
—

 
—

 
44.1

 
—

 
—

 
184.5

Transmission Revenues (a)
 
79.9

 
114.1

 
309.8

 
—

 
—

 
(263.0
)
 
240.8

Renewable Generation Revenues (c)
 
—

 
—

 
—

 
17.2

 
—

 
(0.6
)
 
16.6

Retail, Trading and Marketing Revenues (b)
 
—

 
—

 
—

 
358.7

 
(6.0
)
 
(29.4
)
 
323.3

Total Wholesale and Competitive Retail Revenues
 
220.3

 
114.1

 
309.8

 
420.0

 
(6.0
)
 
(293.0
)
 
765.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Revenues from Contracts with Customers (c)
 
43.6

 
36.4

 
3.7

 
0.3

 
28.1

 
(40.6
)
 
71.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Revenues from Contracts with Customers
 
2,226.5

 
1,058.3

 
313.5

 
420.3

 
22.1

 
(333.8
)
 
3,706.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Alternative Revenues (c)
 
0.2

 
19.3

 
(3.3
)
 
—

 
—

 
4.5

 
20.7

Other Revenues (c)
 
—

 
29.3

 
—

 
18.3

 
(2.2
)
 
(25.5
)
 
19.9

Total Other Revenues
 
0.2

 
48.6

 
(3.3
)
 
18.3

 
(2.2
)
 
(21.0
)
 
40.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Revenues
 
$
2,226.7

 
$
1,106.9

 
$
310.2

 
$
438.6

 
$
19.9

 
$
(354.8
)
 
$
3,747.5



(a)
Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for AEP Transmission Holdco was $239 million. The remaining affiliated amounts were immaterial.
(b)
Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for Generation & Marketing was $35 million. The remaining affiliated amounts were immaterial.
(c)
Amounts include affiliated and nonaffiliated revenues.


 
 
Three Months Ended March 31, 2019
 
 
Vertically Integrated Utilities
 
Transmission and Distribution Utilities
 
AEP Transmission Holdco
 
Generation & Marketing
 
Corporate and Other
 
Reconciling Adjustments
 
AEP Consolidated
 
 
(in millions)
Retail Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential Revenues
 
$
982.4

 
$
586.1

 
$
—

 
$
—

 
$
—

 
$
—

 
$
1,568.5

Commercial Revenues
 
511.2

 
310.9

 
—

 
—

 
—

 
—

 
822.1

Industrial Revenues
 
532.1

 
123.9

 
—

 
—

 
—

 
1.8

 
657.8

Other Retail Revenues
 
43.3

 
11.1

 
—

 
—

 
—

 
—

 
54.4

Total Retail Revenues
 
2,069.0

 
1,032.0

 
—

 
—

 
—

 
1.8

 
3,102.8

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Wholesale and Competitive Retail Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Generation Revenues
 
224.7

 
—

 
—

 
108.8

 
—

 
(38.8
)
 
294.7

Transmission Revenues (a)
 
73.5

 
99.6

 
255.1

 
—

 
—

 
(219.4
)
 
208.8

Renewable Generation Revenues (c)
 
—

 
—

 
—

 
7.8

 
—

 
—

 
7.8

Retail, Trading and Marketing Revenues (b)
 
—

 
—

 
—

 
353.7

 
—

 
—

 
353.7

Total Wholesale and Competitive Retail Revenues
 
298.2

 
99.6

 
255.1

 
470.3

 
—

 
(258.2
)
 
865.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Revenues from Contracts with Customers (c)
 
39.5

 
46.0

 
3.1


2.3

 
23.3

 
(36.1
)
 
78.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Revenues from Contracts with Customers
 
2,406.7

 
1,177.6

 
258.2

 
472.6

 
23.3

 
(292.5
)
 
4,045.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Alternative Revenues (c)
 
(3.4
)
 
5.0

 
(1.8
)
 
—

 
—

 
—

 
(0.2
)
Other Revenues (c)
 
—

 
39.4

 
—

 
9.2

 
2.2

 
(39.7
)
 
11.1

Total Other Revenues
 
(3.4
)
 
44.4

 
(1.8
)
 
9.2

 
2.2

 
(39.7
)
 
10.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Revenues
 
$
2,403.3

 
$
1,222.0

 
$
256.4

 
$
481.8

 
$
25.5

 
$
(332.2
)
 
$
4,056.8



(a)
Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for AEP Transmission Holdco was $198 million. The remaining affiliated amounts were immaterial.
(b)
Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for Generation & Marketing was $37 million. The remaining affiliated amounts were immaterial.
(c)
Amounts include affiliated and nonaffiliated revenues.

 
 
Three Months Ended March 31, 2020
 
 
AEP Texas
 
AEPTCo
 
APCo
 
I&M
 
OPCo
 
PSO
 
SWEPCo
 
 
(in millions)
Retail Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential Revenues
 
$
132.9

 
$
—

 
$
357.5

 
$
201.3

 
$
388.4

 
$
128.5

 
$
131.6

Commercial Revenues
 
112.8

 
—

 
132.3

 
122.2

 
164.0

 
76.1

 
105.6

Industrial Revenues
 
35.2

 
—

 
141.1

 
137.8

 
62.7

 
61.3

 
79.8

Other Retail Revenues
 
8.4

 
—

 
17.9

 
1.8

 
3.4

 
16.6

 
2.0

Total Retail Revenues
 
289.3

 
—

 
648.8

 
463.1

 
618.5

 
282.5

 
319.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Wholesale Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Generation Revenues (a)
 
—

 
—

 
54.1

 
78.4

 
—

 
1.9

 
34.1

Transmission Revenues (b)
 
96.9

 
298.2

 
30.4

 
7.4

 
17.1

 
7.8

 
25.4

Total Wholesale Revenues
 
96.9

 
298.2

 
84.5

 
85.8

 
17.1

 
9.7

 
59.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Revenues from Contracts with Customers (c)
 
7.9

 
3.4

 
17.2

 
21.0

 
28.6

 
4.7

 
5.8

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Revenues from Contracts with Customers
 
394.1

 
301.6

 
750.5

 
569.9

 
664.2

 
296.9

 
384.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Alternative Revenues (d)
 
(0.7
)
 
(6.0
)
 
(1.1
)
 
0.4

 
20.0

 
0.4

 
1.6

Other Revenues (d)
 
30.2

 
—

 
—

 
—

 
6.1

 
—

 
—

Total Other Revenues
 
29.5

 
(6.0
)
 
(1.1
)
 
0.4

 
26.1

 
0.4

 
1.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Revenues
 
$
423.6

 
$
295.6

 
$
749.4

 
$
570.3

 
$
690.3

 
$
297.3

 
$
385.9


(a)
Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for APCo was $33 million primarily relating to the PPA with KGPCo. The remaining affiliated amounts were immaterial.
(b)
Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for AEPTCo was $235 million. The remaining affiliated amounts were immaterial.
(c)
Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for I&M was $16 million primarily relating to the barging, urea transloading and other transportation services. The remaining affiliated amounts were immaterial.
(d)
Amounts include affiliated and nonaffiliated revenues.


 
 
Three Months Ended March 31, 2019
 
 
AEP Texas
 
AEPTCo
 
APCo
 
I&M
 
OPCo
 
PSO
 
SWEPCo
 
 
(in millions)
Retail Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential Revenues
 
$
120.9

 
$
—

 
$
372.5

 
$
218.4

 
$
471.6

 
$
140.0

 
$
140.1

Commercial Revenues
 
97.9

 
—

 
142.2

 
121.3

 
210.5

 
80.8

 
113.7

Industrial Revenues
 
33.0

 
—

 
147.5

 
138.4

 
89.7

 
71.0

 
81.2

Other Retail Revenues
 
7.3

 
—

 
19.6

 
1.8

 
3.4

 
18.0

 
2.2

Total Retail Revenues
 
259.1

 
—

 
681.8

 
479.9

 
775.2

 
309.8

 
337.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Wholesale Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Generation Revenues (a)
 
—

 
—

 
67.5

 
111.9

 
—

 
8.6

 
57.2

Transmission Revenues (b)
 
85.8

 
242.1

 
25.7

 
6.3

 
13.9

 
9.8

 
24.2

Total Wholesale Revenues
 
85.8

 
242.1

 
93.2

 
118.2

 
13.9

 
18.4

 
81.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Revenues from Contracts with Customers (c)
 
6.9

 
3.1

 
13.4

 
21.0

 
39.0

 
5.8

 
7.8

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Revenues from Contracts with Customers
 
351.8

 
245.2

 
788.4

 
619.1

 
828.1

 
334.0

 
426.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Alternative Revenues (d)
 
(0.9
)
 
(1.7
)
 
4.4

 
(4.8
)
 
3.6

 
(1.2
)
 
(5.3
)
Other Revenues (d)
 
39.8

 
—

 
—

 
—

 
5.1

 
—

 
—

Total Other Revenues
 
38.9

 
(1.7
)
 
4.4

 
(4.8
)
 
8.7

 
(1.2
)
 
(5.3
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Revenues
 
$
390.7

 
$
243.5

 
$
792.8

 
$
614.3

 
$
836.8

 
$
332.8

 
$
421.1


(a)
Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for APCo was $35 million primarily relating to the PPA with KGPCo. The remaining affiliated amounts were immaterial.
(b)
Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for AEPTCo was $195 million. The remaining affiliated amounts were immaterial.
(c)
Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for I&M was $15 million primarily relating to the barging, urea transloading and other transportation services. The remaining affiliated amounts were immaterial.
(d)
Amounts include affiliated and nonaffiliated revenues.



Fixed Performance Obligations

The following table represents the Registrants’ remaining fixed performance obligations satisfied over time as of March 31, 2020. Fixed performance obligations primarily include wholesale transmission services, electricity sales for fixed amounts of energy and stand ready services into PJM’s RPM market. The Registrant Subsidiaries amounts shown in the table below include affiliated and nonaffiliated revenues.
Company
 
2020
 
2021-2022
 
2023-2024
 
After 2024
 
Total
 
 
(in millions)
AEP
 
$
732.4

 
$
171.1

 
$
160.6

 
$
223.4

 
$
1,287.5

AEP Texas
 
290.3

 
—

 
—

 
—

 
290.3

AEPTCo
 
821.5

 
—

 
—

 
—

 
821.5

APCo
 
118.6

 
32.3

 
24.4

 
11.6

 
186.9

I&M
 
22.2

 
8.8

 
8.8

 
4.4

 
44.2

OPCo
 
43.2

 
—

 
—

 
—

 
43.2

PSO
 
10.8

 
—

 
—

 
—

 
10.8

SWEPCo
 
29.6

 
—

 
—

 
—

 
29.6



Contract Assets and Liabilities

Contract assets are recognized when the Registrants have a right to consideration that is conditional upon the occurrence of an event other than the passage of time, such as future performance under a contract. The Registrants did not have material contract assets as of March 31, 2020 and December 31, 2019.

When the Registrants receive consideration, or such consideration is unconditionally due from a customer prior to transferring goods or services to the customer under the terms of a sales contract, they recognize a contract liability on the balance sheet in the amount of that consideration. Revenue for such consideration is subsequently recognized in the period or periods in which the remaining performance obligations in the contract are satisfied. The Registrants’ contract liabilities typically arise from services provided under joint use agreements for utility poles. The Registrants did not have material contract liabilities as of March 31, 2020 and December 31, 2019.

Accounts Receivable from Contracts with Customers

Accounts receivable from contracts with customers are presented on the Registrants’ balance sheets within the Accounts Receivable - Customers line item. The Registrants’ balances for receivables from contracts that are not recognized in accordance with the accounting guidance for “Revenue from Contracts with Customers” included in Accounts Receivable - Customers were not material as of March 31, 2020 and December 31, 2019. See “Securitized Accounts Receivable - AEP Credit” section of Note 12 for additional information related to AEP Credit’s securitized accounts receivable.

The following table represents the amount of affiliated accounts receivable from contracts with customers included in Accounts Receivable - Affiliated Companies on the Registrant Subsidiaries’ balance sheets:
Company
 
March 31, 2020
 
December 31, 2019
 
 
(in millions)
AEPTCo
 
$
80.6

 
$
65.9

APCo
 
56.3

 
47.3

I&M
 
37.4

 
37.1

OPCo
 
39.3

 
33.9

PSO
 
6.2

 
9.7

SWEPCo
 
11.0

 
17.6