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Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2020
Schedule of Effective Income Tax Rate Reconciliation
Three Months Ended June 30, 2020
AEPAEP TexasAEPTCoAPCoI&MOPCoPSOSWEPCo
U.S. Federal Statutory Rate21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %
Increase (decrease) due to:
State Income Tax, net of Federal benefit
2.7 %1.8 %2.9 %3.2 %3.6 %0.7 %4.6 %2.1 %
Tax Reform Excess ADIT Reversal
(16.4)%(57.9)%0.4 %(32.5)%(12.6)%(9.3)%(20.9)%(6.3)%
Production and Investment Tax Credits
(4.6)%(0.5)%— %— %(1.2)%— %(1.2)%(0.4)%
Flow Through
0.5 %0.2 %0.5 %1.9 %0.1 %0.9 %0.3 %(1.2)%
AFUDC Equity
(1.5)%(3.3)%(2.6)%(1.3)%(0.7)%(0.8)%(0.6)%(0.3)%
Parent Company Loss Benefit
— %0.2 %(0.8)%(2.9)%(3.3)%(0.4)%(1.8)%(1.7)%
Other
0.7 %— %(0.6)%(0.2)%— %0.1 %0.1 %(1.3)%
Effective Income Tax Rate2.4 %(38.5)%20.8 %(10.8)%6.9 %12.2 %1.5 %11.9 %
Three Months Ended June 30, 2019
AEPAEP TexasAEPTCoAPCoI&MOPCoPSOSWEPCo
U.S. Federal Statutory Rate21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %
Increase (decrease) due to:
State Income Tax, net of Federal benefit
2.0 %1.5 %2.9 %3.5 %2.0 %0.9 %4.6 %0.1 %
Tax Reform Excess ADIT Reversal
(30.7)%(243.4)%0.4 %(71.6)%(17.4)%(7.6)%(21.9)%(12.7)%
Production and Investment Tax Credits
(5.5)%(1.0)%— %— %(1.9)%— %(1.7)%(0.6)%
Flow Through
(0.2)%0.3 %0.2 %(1.0)%(2.4)%0.7 %0.6 %(0.7)%
AFUDC Equity
(1.4)%(1.6)%(2.5)%(1.1)%(1.9)%(0.7)%(0.4)%(0.8)%
Parent Company Loss Benefit
— %(2.3)%(0.9)%(2.8)%(1.8)%(1.1)%(1.8)%(0.4)%
Discrete Tax Adjustments
0.2 %(8.4)%(1.5)%— %2.7 %3.2 %— %(5.9)%
Other
1.1 %(0.5)%(0.1)%(0.1)%(0.5)%— %0.3 %— %
Effective Income Tax Rate(13.5)%(234.4)%19.5 %(52.1)%(0.2)%16.4 %0.7 %— %
Six Months Ended June 30, 2020
AEPAEP TexasAEPTCoAPCoI&MOPCoPSOSWEPCo
U.S. Federal Statutory Rate21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %
Increase (decrease) due to:
State Income Tax, net of Federal benefit
2.6 %1.7 %2.9 %3.1 %3.4 %0.7 %4.6 %2.2 %
Tax Reform Excess ADIT Reversal
(12.8)%(30.4)%0.4 %(20.2)%(16.7)%(9.7)%(20.3)%(17.0)%
Production and Investment Tax Credits
(4.4)%(0.4)%— %— %(1.6)%— %(1.1)%(0.4)%
Flow Through
0.5 %0.1 %0.5 %1.6 %0.2 %0.9 %0.2 %(1.1)%
AFUDC Equity
(1.5)%(2.9)%(2.6)%(1.1)%(0.9)%(0.9)%(0.6)%(0.3)%
Parent Company Loss Benefit
— %— %(0.9)%(3.1)%(3.7)%(0.3)%(1.7)%(1.8)%
Discrete Tax Adjustments
— %— %— %— %1.6 %— %— %— %
Other
0.1 %0.1 %(0.2)%— %(0.1)%0.1 %0.1 %(0.3)%
Effective Income Tax Rate5.5 %(10.8)%21.1 %1.3 %3.2 %11.8 %2.2 %2.3 %
Six Months Ended June 30, 2019
AEPAEP TexasAEPTCoAPCoI&MOPCoPSOSWEPCo
U.S. Federal Statutory Rate21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %
Increase (decrease) due to:
State Income Tax, net of Federal benefit
2.1 %1.5 %2.9 %3.5 %2.0 %0.9 %4.6 %0.2 %
Tax Reform Excess ADIT Reversal
(20.4)%(98.8)%0.4 %(49.5)%(17.4)%(7.6)%(21.9)%(16.2)%
Production and Investment Tax Credits
(3.5)%(1.0)%— %— %(1.9)%— %(1.7)%(0.8)%
Flow Through
(0.1)%0.3 %0.2 %(0.9)%(2.4)%0.7 %0.6 %(0.9)%
AFUDC Equity
(1.4)%(1.6)%(2.5)%(1.0)%(1.9)%(0.7)%(0.4)%(1.0)%
Parent Company Loss Benefit
— %(2.3)%(0.9)%(2.5)%(1.8)%(1.1)%(1.8)%(0.5)%
Discrete Tax Adjustments
1.1 %(3.2)%(0.8)%0.3 %1.0 %0.9 %— %(1.1)%
Other
0.2 %0.1 %(0.2)%(0.4)%(0.4)%0.2 %0.2 %1.3 %
Effective Income Tax Rate(1.0)%(84.0)%20.1 %(29.5)%(1.8)%14.3 %0.6 %2.0 %