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Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2021
Schedule of Effective Income Tax Rate Reconciliation
Three Months Ended June 30, 2021
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
0.8 %(0.4)%2.6 %0.9 %1.6 %0.7 %4.4 %1.9 %
Tax Reform Excess ADIT Reversal
(9.1)%(7.9)%0.3 %(11.8)%(20.4)%(8.6)%(20.1)%(1.9)%
Production and Investment Tax Credits
(4.7)%(0.3)%— %— %(3.3)%— %(6.8)%(1.4)%
Flow Through
0.4 %0.4 %0.4 %3.3 %(5.8)%1.0 %0.8 %0.5 %
AFUDC Equity
(1.2)%(0.9)%(1.7)%(0.5)%(2.2)%(0.9)%(0.7)%(0.8)%
Parent Company Loss Benefit
— %(0.7)%(1.7)%1.0 %(1.7)%— %— %(1.9)%
Discrete Tax Adjustments
2.9 %— %— %— %— %— %(2.6)%— %
Other
(0.5)%(0.2)%(0.1)%— %(0.5)%(0.1)%(0.1)%(1.2)%
Effective Income Tax Rate9.6 %11.0 %20.8 %13.9 %(11.3)%13.1 %(4.1)%16.2 %
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 %
Six Months Ended June 30, 2021
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
1.6 %0.3 %2.7 %2.4 %1.4 %0.7 %4.4 %0.3 %
Tax Reform Excess ADIT Reversal
(9.1)%(7.9)%0.3 %(15.7)%(19.0)%(9.1)%(19.9)%(4.3)%
Production and Investment Tax Credits
(5.1)%(0.3)%— %— %(2.3)%— %(6.6)%(3.7)%
Flow Through
0.3 %0.3 %0.3 %2.2 %(3.0)%1.1 %0.8 %(0.2)%
AFUDC Equity
(1.1)%(1.1)%(1.7)%(0.9)%(1.0)%(1.0)%(0.7)%(0.6)%
Parent Company Loss Benefit
— %(0.4)%(1.8)%(1.4)%(2.1)%— %— %(0.8)%
Discrete Tax Adjustments
1.7 %— %— %— %— %(1.8)%(2.8)%— %
Other
(0.2)%— %— %0.1 %(0.3)%(0.1)%— %(0.4)%
Effective Income Tax Rate9.1 %11.9 %20.8 %7.7 %(5.3)%10.8 %(3.8)%11.3 %
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 %