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Income Taxes (Tables)
 9 Months Ended
Sep. 30, 2021
Schedule of Effective Income Tax Rate Reconciliation
Three Months Ended September 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
0.6 %0.3 %3.0 %(0.3)%1.9 %1.2 %5.0 %(6.9)%
Tax Reform Excess ADIT Reversal
(8.5)%(6.3)%0.3 %(14.2)%(16.1)%(8.9)%(19.8)%(4.2)%
Production and Investment Tax Credits
(4.7)%(0.3)%— %(0.2)%(2.0)%— %(8.9)%(5.4)%
Flow Through
— %0.3 %0.3 %0.4 %(2.8)%0.6 %0.7 %(0.2)%
AFUDC Equity
(1.2)%(1.0)%(2.2)%(1.8)%(1.0)%(0.3)%(0.2)%(0.5)%
Parent Company Loss Benefit
— %(1.1)%(2.3)%(1.2)%(3.6)%— %— %0.7 %
Discrete Tax Adjustments
0.2 %— %— %— %— %— %— %1.2 %
Other
0.7 %(0.1)%0.1 %0.3 %0.8 %— %(0.1)%(0.2)%
Effective Income Tax Rate8.1 %12.8 %20.2 %4.0 %(1.8)%13.6 %(2.3)%5.5 %
Three Months Ended September 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 %2.0 %2.9 %3.1 %3.4 %0.8 %4.6 %2.4 %
Tax Reform Excess ADIT Reversal
(11.0)%(14.6)%0.4 %(22.0)%(16.7)%(6.7)%(20.3)%(7.3)%
Production and Investment Tax Credits
(4.6)%(0.5)%— %— %(1.6)%— %(1.1)%(0.5)%
Flow Through
0.5 %0.2 %0.5 %1.6 %0.2 %0.9 %0.2 %(1.2)%
AFUDC Equity
(1.5)%(3.5)%(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)%(2.0)%
Discrete Tax Adjustments (a)(7.4)%(3.6)%(0.2)%(6.6)%2.3 %8.4 %(0.6)%(0.6)%
Other
0.1 %0.3 %0.1 %— %— %0.3 %0.1 %(0.6)%
Effective Income Tax Rate(0.2)%1.3 %21.2 %(7.1)%4.0 %23.5 %1.6 %10.9 %
Nine Months Ended September 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
1.2 %0.3 %2.8 %1.5 %1.6 %0.8 %4.8 %(3.4)%
Tax Reform Excess ADIT Reversal
(8.9)%(7.2)%0.3 %(15.2)%(17.7)%(9.1)%(19.8)%(4.3)%
Production and Investment Tax Credits
(4.9)%(0.3)%— %— %(2.2)%— %(8.1)%(4.6)%
Flow Through
0.2 %0.3 %0.3 %1.7 %(3.0)%0.9 %0.7 %(0.2)%
AFUDC Equity
(1.1)%(1.1)%(1.9)%(1.2)%(1.0)%(0.8)%(0.3)%(0.6)%
Parent Company Loss Benefit
— %(0.7)%(1.9)%(1.3)%(2.8)%— %— %— %
Discrete Tax Adjustments
1.1 %— %— %— %— %(1.3)%(0.9)%0.6 %
Other
0.1 %— %— %0.1 %0.4 %0.2 %(0.2)%(0.1)%
Effective Income Tax Rate8.7 %12.3 %20.6 %6.6 %(3.7)%11.7 %(2.8)%8.4 %
Nine Months Ended September 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 %1.8 %2.9 %3.1 %3.4 %0.7 %4.6 %2.3 %
Tax Reform Excess ADIT Reversal
(12.1)%(23.4)%0.4 %(20.8)%(16.7)%(8.8)%(20.3)%(11.5)%
Production and Investment Tax Credits
(4.5)%(0.5)%— %— %(1.6)%— %(1.1)%(0.5)%
Flow Through
0.5 %0.1 %0.5 %1.6 %0.2 %0.9 %0.2 %(1.2)%
AFUDC Equity
(1.5)%(3.2)%(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)%(1.9)%
Discrete Tax Adjustments (a)(3.0)%(1.6)%(0.1)%(2.3)%1.8 %2.6 %(0.4)%(0.3)%
Other
0.2 %0.4 %(0.1)%(0.1)%(0.1)%0.2 %0.1 %(0.4)%
Effective Income Tax Rate3.2 %(5.4)%21.1 %(1.7)%3.4 %15.4 %1.8 %7.2 %