Financing Activities (Tables)

12 Months Ended

Dec. 31, 2021


Shares of AEP Common Stock	Issued	Held in Treasury
Balance, December 31, 2018	513,450,036	20,204,160
Issued	923,595	—

Balance, December 31, 2019	514,373,631	20,204,160
Issued	2,434,723	—

Balance, December 31, 2020	516,808,354	20,204,160
Issued	7,607,821	—

Balance, December 31, 2021	524,416,175	20,204,160

Long-term Debt


		Weighted-Average	Interest Rate Ranges as of		Outstanding as of
		Interest Rate as of	December 31,		December 31,
Company	Maturity	December 31, 2021	2021	2020	2021		2020
AEP					(in millions)
Senior Unsecured Notes	2021-2051	3.69%	0.61%-7.00%	0.70%-8.13%	$	27,497.3	$	25,116.1
Pollution Control Bonds (a)	2021-2036 (b)	2.40%	0.19%-4.55%	0.18%-4.63%	1,804.5		1,936.7
Notes Payable – Nonaffiliated (c)	2021-2032	2.41%	0.79%-6.37%	0.84%-6.37%	211.3		239.1
Securitization Bonds	2023-2029 (d)	2.84%	2.01%-3.77%	2.01%-3.77%	603.5		716.4
Spent Nuclear Fuel Obligation (e)					281.3		281.2
Junior Subordinated Notes (f)	2023-2027	2.81%	1.30%-3.88%	1.30%-3.40%	2,373.0		1,624.1
Other Long-term Debt	2021-2059	1.63%	0.91%-13.72%	0.81%-13.72%	683.6		1,158.9
Total Long-term Debt Outstanding (g)					$	33,454.5	$	31,072.5

AEP Texas
Senior Unsecured Notes	2022-2051	3.67%	2.10%-6.76%	2.10%-6.76%	$	4,135.5	$	3,687.6
Pollution Control Bonds	2023-2030 (b)	3.42%	0.90%-4.55%	0.90%-4.55%	439.9		439.7

Securitization Bonds	2024-2029 (d)	2.53%	2.06%-2.84%	2.06%-2.84%	404.7		492.6
Other Long-term Debt	2022-2059	1.37%	1.35%-4.50%	1.40%-4.50%	200.7		200.5
Total Long-term Debt Outstanding					$	5,180.8	$	4,820.4

AEPTCo
Senior Unsecured Notes	2021-2051	3.73%	2.75%-5.52%	3.10%-5.52%	$	4,343.9	$	3,948.5



Total Long-term Debt Outstanding					$	4,343.9	$	3,948.5

APCo
Senior Unsecured Notes	2021-2050	4.70%	2.70%-7.00%	3.30%-7.00%	$	4,083.7	$	3,937.2
Pollution Control Bonds (a)	2021-2036 (b)	1.67%	0.19%-2.75%	0.19%-4.63%	529.5		546.3

Securitization Bonds	2023-2028 (d)	3.46%	2.01%-3.77%	2.01%-3.77%	198.8		223.8
Other Long-term Debt	2022-2026	1.42%	1.24%-13.72%	1.32%-13.72%	126.9		126.8
Total Long-term Debt Outstanding					$	4,938.9	$	4,834.1

I&M
Senior Unsecured Notes	2023-2051	4.19%	3.20%-6.05%	3.20%-6.05%	$	2,595.5	$	2,152.2
Pollution Control Bonds (a)	2021-2025 (b)	2.49%	0.75%-3.05%	0.18%-3.05%	188.7		240.5
Notes Payable – Nonaffiliated (c)	2021-2025	0.99%	0.79%-1.24%	0.84%-1.29%	122.2		146.7

Spent Nuclear Fuel Obligation (e)					281.3		281.2
Other Long-term Debt	2021-2025	6.00%	6.00%	1.28%-6.00%	7.3		209.3
Total Long-term Debt Outstanding					$	3,195.0	$	3,029.9

OPCo
Senior Unsecured Notes	2021-2051	3.87%	1.63%-6.60%	2.60%-6.60%	$	2,967.8	$	2,429.4



Other Long-term Debt	2028	1.15%	1.15%	1.15%	0.7		0.8
Total Long-term Debt Outstanding					$	2,968.5	$	2,430.2

PSO
Senior Unsecured Notes	2021-2051	3.74%	2.20%-6.63%	3.05%-6.63%	$	1,785.5	$	1,246.3



Other Long-term Debt	2022-2027	1.50%	1.47%-3.00%	1.42%-3.00%	128.0		127.5
Total Long-term Debt Outstanding					$	1,913.5	$	1,373.8

SWEPCo
Senior Unsecured Notes	2022-2051	3.57%	1.65%-6.20%	2.75%-6.20%	$	3,295.1	$	2,430.8

Notes Payable – Nonaffiliated (c)	2024-2032	5.34%	4.58%-6.37%	4.58%-6.37%	59.1		62.4

Other Long-term Debt	2021-2035	4.68%	4.68%	2.25%-4.68%	41.0		143.2
Total Long-term Debt Outstanding					$	3,395.2	$	2,636.4

(a)For certain series of Pollution Control Bonds, interest rates are subject to periodic adjustment. Certain series may be purchased on demand at periodic interest adjustment dates. Letters of credit from banks and insurance policies support certain series. Consequently, these bonds have been classified for maturity purposes as Long-term Debt Due Within One Year - Nonaffiliated on the balance sheets.

(b)Certain Pollution Control Bonds are subject to redemption earlier than the maturity date.

(c)Notes payable represent outstanding promissory notes issued under term loan agreements and credit agreements with a number of banks and other financial institutions. At expiration, all notes then issued and outstanding are due and payable. Interest rates are both fixed and variable. Variable rates generally relate to specified short-term interest rates.

(d)Dates represent the scheduled final payment dates for the securitization bonds. The legal maturity date is one to two years later. These bonds have been classified for maturity and repayment purposes based on the scheduled final payment date.

(e)Spent Nuclear Fuel Obligation consists of a liability along with accrued interest for disposal of SNF. See “Spent Nuclear Fuel Disposal” section of Note 6 for additional information.

(f)See “Equity Units” section below for additional information.

(g)2021 amount excludes $1.1 billion of Total Long-term Debt Outstanding classified as Liabilities Held for Sale on the balance sheet. See “Disposition of KPCo and KTCo” section of Note 7 for additional information.

Long-term Debt 5-Year Maturity


	AEP			AEP Texas		AEPTCo		APCo		I&M		OPCo		PSO		SWEPCo
	(in millions)
2022	$	2,153.8		$	716.0	$	104.0	$	480.7	$	67.0	$	0.1	$	125.5	$	6.2
2023	2,629.9		(a)	278.5		60.0		26.6		289.8		0.1		0.5		6.2
2024	1,462.2		(b)	96.0		95.0		113.5		16.8		0.1		0.6		31.2
2025	1,762.4			324.5		90.0		443.9		195.9		0.1		125.6		6.2
2026	1,497.9			75.0		425.0		30.9		—		0.1		50.6		906.2
After 2026	24,246.7			3,732.0		3,616.0		3,887.4		2,656.3		3,000.2		1,625.3		2,469.3
Principal Amount	33,752.9			5,222.0		4,390.0		4,983.0		3,225.8		3,000.7		1,928.1		3,425.3
Unamortized Discount, Net and Debt Issuance Costs	(298.4)			(41.2)		(46.1)		(44.1)		(30.8)		(32.2)		(14.6)		(30.1)
Total Long-term Debt Outstanding	$	33,454.5	(c)	$	5,180.8	$	4,343.9	$	4,938.9	$	3,195.0	$	2,968.5	$	1,913.5	$	3,395.2

(a) Amount includes $850 million of Junior Subordinated Notes. See “Equity Units” section below for additional information.

(b) Amount includes $805 million of Junior Subordinated Notes. See “Equity Units” section below for additional information.

(c) Amount excludes $1.1 billion of Total Long-term Debt Outstanding classified as Liabilities Held for Sale on the balance sheet. See “Disposition of KPCo and KTCo” section of Note 7 for additional information.

Dividend Payment Restrictions


	AEP			AEP Texas		AEPTCo		APCo		I&M		OPCo		PSO		SWEPCo
	(in millions)
Restricted Retained Earnings	$	2,655.2	(a)	$	791.8	$	—	$	313.4	$	648.5	$	—	$	—	$	577.9

(a) Includes the restrictions of consolidated and non-consolidated subsidiaries.

Lines of Credit and Short-term Debt


		December 31,
		2021				2020
Company	Type of Debt	Outstanding Amount		Interest Rate (a)		Outstanding Amount		Interest Rate (a)
		(in millions)				(in millions)
AEP	Securitized Debt for Receivables (b)	$	750.0	0.19	%	$	592.0	0.85	%
AEP	Commercial Paper	1,364.0		0.34	%	1,852.3		0.29	%
AEP	364-Day Term Loan	500.0		0.81	%	—		—	%

SWEPCo	Notes Payable	—		—	%	35.0		2.55	%
	Total Short-term Debt	$	2,614.0			$	2,479.3

(a) Weighted-average rate.

(b) Amount of securitized debt for receivables as accounted for under the “Transfers and Servicing” accounting guidance.

Utility Money Pool Participants' Money Pool Activity and Authorized Borrowing Limits

Year Ended December 31, 2021:


	Maximum				Average				Net Loans to
	Borrowings		Maximum		Borrowings		Average		(Borrowings from)			Authorized
	from the		Loans to the		from the		Loans to the		the Utility Money			Short-term
	Utility		Utility		Utility		Utility		Pool as of			Borrowing
Company	Money Pool		Money Pool		Money Pool		Money Pool		December 31, 2021			Limit
	(in millions)
AEP Texas	$	355.5	$	104.7	$	172.5	$	40.0	$	(26.9)		$	500.0
AEPTCo	444.9		117.3		189.1		29.7		(108.0)		(b)	820.0		(a)
APCo	199.3		616.9		87.5		118.3		(178.5)			500.0
I&M	166.5		368.2		110.4		67.7		(71.8)			500.0
OPCo	259.2		622.9		61.6		127.2		42.0			500.0
PSO	267.7		747.3		134.0		113.1		(72.3)			400.0
SWEPCo	280.3		561.9		142.4		287.4		153.8			400.0

Year Ended December 31, 2020:


	Maximum				Average				Net Loans to
	Borrowings		Maximum		Borrowings		Average		(Borrowings from)		Authorized
	from the		Loans to the		from the		Loans to the		the Utility Money		Short-term
	Utility		Utility		Utility		Utility		Pool as of		Borrowing
Company	Money Pool		Money Pool		Money Pool		Money Pool		December 31, 2020		Limit
	(in millions)
AEP Texas	$	320.4	$	313.4	$	132.0	$	139.0	$	(67.1)	$	500.0
AEPTCo	358.4		259.7		116.3		55.0		(155.4)		820.0		(a)
APCo	434.3		189.0		242.8		76.3		2.8		500.0
I&M	218.6		13.4		114.5		13.3		(89.7)		500.0
OPCo	353.9		32.8		182.4		25.2		(259.2)		500.0
PSO	155.4		57.1		72.3		28.4		(155.4)		300.0
SWEPCo	178.9		—		113.0		—		(124.6)		350.0

(a) Amount represents the combined authorized short-term borrowing limit the State Transcos have from FERC or state regulatory commissions.

(b) Amount excludes $1 million of Advances from Affiliates classified as Liabilities Held for Sale on the AEP Transco balance sheet. See “Dispositions of KPCo and KTCo” section of Note 7 for additional information.

Nonutility Money Pool Activity

Year Ended December 31, 2021:


	Maximum Loans		Average Loans		Loans to the Nonutility
	to the Nonutility		to the Nonutility		Money Pool as of
Company	Money Pool		Money Pool		December 31, 2021
	(in millions)
AEP Texas	$	7.1	$	6.9	$	6.9
SWEPCo	2.1		2.1		2.1

Year Ended December 31, 2020:


	Maximum Loans		Average Loans		Loans to the Nonutility
	to the Nonutility		to the Nonutility		Money Pool as of
Company	Money Pool		Money Pool		December 31, 2020
	(in millions)
AEP Texas	$	7.5	$	7.1	$	7.1
SWEPCo	2.1		2.1		2.1

Direct Borrowing Activity

Year Ended December 31, 2021:

Maximum

Average

Borrowings from

Loans to

Authorized

Borrowings

Loans

Borrowings

Loans

AEP as of

Short-term

from AEP

to AEP

from AEP

to AEP

December 31, 2021

Borrowing Limit

(in millions)

14.6

224.2

1.8

118.0

1.5

12.7

50.0

(a)

Year Ended December 31, 2020:

Maximum

Average

Borrowings from

Loans to

Authorized

Borrowings

Loans

Borrowings

Loans

AEP as of

Short-term

from AEP

to AEP

from AEP

to AEP

December 31, 2020

Borrowing Limit

(in millions)

1.4

215.3

1.3

132.6

1.2

109.0

50.0

(a)

(a) Amount represents the combined authorized short-term borrowing limit the State Transcos have from FERC or state regulatory commissions.

Maximum and Minimum Interest Rates for Funds Either Borrowed from or Loaned to Utility Money Pool


	Years Ended December 31,
	2021		2020		2019
Maximum Interest Rate	0.48	%	2.70	%	3.43	%
Minimum Interest Rate	0.02	%	0.27	%	1.77	%

Average Interest Rates for Funds Borrowed from and Loaned to Utility Money Pool


	Average Interest Rate for Funds Borrowed from the Utility Money Pool for the Years Ended December 31,						Average Interest Rate for Funds Loaned to the Utility Money Pool for the Years Ended December 31,
Company	2021		2020		2019		2021		2020		2019
AEP Texas	0.33	%	1.51	%	2.63	%	0.26	%	0.81	%	2.03	%
AEPTCo	0.32	%	1.29	%	2.64	%	0.10	%	1.99	%	2.41	%
APCo	0.41	%	2.12	%	2.45	%	0.25	%	0.85	%	2.66	%
I&M	0.33	%	1.07	%	2.34	%	0.23	%	1.18	%	2.60	%
OPCo	0.27	%	0.99	%	2.67	%	0.14	%	2.06	%	2.68	%
PSO	0.34	%	0.92	%	2.85	%	0.07	%	1.95	%	2.27	%
SWEPCo	0.26	%	1.27	%	2.72	%	0.18	%	—	%	2.22	%

Maximum, Minimum and Average Interest Rates for Funds Borrowed from and Loaned to the Nonutility Money Pool


		Maximum Interest Rate		Minimum Interest Rate		Average Interest Rate
Year Ended		for Funds Loaned to		for Funds Loaned to		for Funds Loaned to
December 31,	Company	the Nonutility Money Pool		the Nonutility Money Pool		the Nonutility Money Pool
2021	AEP Texas	0.58	%	0.21	%	0.37	%
2021	SWEPCo	0.58	%	0.21	%	0.37	%

2020	AEP Texas	2.70	%	0.27	%	1.18	%
2020	SWEPCo	2.70	%	0.27	%	1.18	%

2019	AEP Texas	3.02	%	1.91	%	2.56	%
2019	SWEPCo	3.02	%	1.91	%	2.55	%

Maximum Minimum and Average Interest Rates for Funds Borrowed from and Loaned to AEP


	Maximum		Minimum		Maximum		Minimum		Average		Average
	Interest Rate		Interest Rate		Interest Rate		Interest Rate		Interest Rate		Interest Rate
	for Funds		for Funds		for Funds		for Funds		for Funds		for Funds
Year Ended	Borrowed from		Borrowed from		Loaned to		Loaned to		Borrowed from		Loaned to
December 31,	AEP		AEP		AEP		AEP		AEP		AEP
2021	0.86	%	0.25	%	0.86	%	0.25	%	0.38	%	0.35	%
2020	2.70	%	0.27	%	2.70	%	0.27	%	1.20	%	1.13	%
2019	3.02	%	1.91	%	3.02	%	1.91	%	2.55	%	2.51	%

Comparative Accounts Receivable Information


	Years Ended December 31,
	2021			2020			2019
	(dollars in millions)
Effective Interest Rates on Securitization of Accounts Receivable	0.19		%	0.85		%	2.42		%
Net Uncollectible Accounts Receivable Written Off	$	26.5		$	15.3		$	26.6

Customer Accounts Receivable Managed Portfolio


	December 31,
	2021		2020
	(in millions)
Accounts Receivable Retained Interest and Pledged as Collateral Less Uncollectible Accounts	$	995.2	$	958.4
Short-term – Securitized Debt of Receivables	750.0		592.0
Delinquent Securitized Accounts Receivable	57.9		62.3
Bad Debt Reserves Related to Securitization	42.8		60.0
Unbilled Receivables Related to Securitization	307.1		296.8

Accounts Receivable and Accrued Unbilled Revenues


	December 31,
Company	2021		2020
	(in millions)
APCo	$	153.1	$	136.0
I&M	156.9		170.5
OPCo	392.7		398.8
PSO	114.5		85.0
SWEPCo	153.0		158.6

Fees Paid to AEP Credit for Customer Accounts Receivable Sold


	Years Ended December 31,
Company	2021 (a)		2020		2019
	(in millions)
APCo	$	4.9	$	5.2	$	7.4
I&M	7.0		7.9		11.1
OPCo	8.3		24.1		27.1
PSO	3.4		4.8		7.8
SWEPCo	5.4		6.7		10.2

Proceeds on Sale of Receivables to AEP Credit


	Years Ended December 31,
Company	2021		2020		2019
	(in millions)
APCo	$	1,324.1	$	1,272.9	$	1,310.3
I&M	1,927.0		1,891.8		1,824.2
OPCo	2,458.5		2,366.2		2,293.6
PSO	1,406.4		1,221.0		1,442.5
SWEPCo	1,636.1		1,593.8		1,618.5