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Income Taxes (Tables)
 9 Months Ended
Sep. 30, 2022
Schedule of Effective Income Tax Rate Reconciliation
Three Months Ended September 30, 2022
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)%0.5 %2.6 %(6.2)%2.7 %0.7 %3.0 %(5.3)%
Tax Reform Excess ADIT Reversal
(9.7)%(2.0)%0.3 %(8.6)%(13.3)%(6.2)%(21.9)%(4.6)%
Production and Investment Tax Credits
(12.0)%(0.4)%— %— %— %— %(43.7)%(24.1)%
Flow Through
(0.3)%0.2 %0.3 %(0.7)%(1.5)%0.4 %0.4 %(1.3)%
AFUDC Equity
(1.4)%(1.2)%(1.9)%(0.4)%(0.6)%(0.8)%(0.4)%(0.2)%
Discrete Tax Adjustments
(0.2)%— %— %— %— %— %— %— %
Other
1.0 %0.2 %0.2 %— %(0.5)%0.2 %0.2 %(0.2)%
Effective Income Tax Rate(2.4)%18.3 %22.5 %5.1 %7.8 %15.3 %(41.4)%(14.7)%
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 Adjustments0.2 %— %— %— %— %— %— %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 %
Nine Months Ended September 30, 2022
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
0.7 %0.5 %2.7 %(0.8)%1.3 %0.8 %3.2 %(1.5)%
Tax Reform Excess ADIT Reversal
(7.8)%(2.0)%0.3 %(10.3)%(15.7)%(7.3)%(20.8)%(4.8)%
Production and Investment Tax Credits
(8.7)%(0.4)%— %— %(1.4)%— %(39.5)%(22.5)%
Flow Through
— %0.2 %0.3 %0.2 %(1.6)%0.5 %0.3 %(0.8)%
AFUDC Equity
(1.1)%(1.2)%(1.9)%(0.8)%(0.8)%(0.7)%(0.4)%(0.4)%
Discrete Tax Adjustments
(0.2)%— %— %(1.8)%— %— %— %0.3 %
Other
0.6 %0.1 %0.1 %— %0.2 %0.1 %0.2 %— %
Effective Income Tax Rate4.5 %18.2 %22.5 %7.5 %3.0 %14.4 %(36.0)%(8.7)%
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 Adjustments1.1 %— %— %— %— %(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 %