FINANCING ACTIVITIES

The disclosures in this note apply to all Registrants unless indicated otherwise.

Long-term Debt Outstanding (Applies to AEP)

The following table details long-term debt outstanding as of March 31, 2016 and December 31, 2015:



Type of Debt	March 31, 2016		December 31, 2015
	(in millions)
Senior Unsecured Notes	$	14,026.2	$	13,629.1
Pollution Control Bonds	1,784.1		1,784.8
Notes Payable	233.6		264.7
Securitization Bonds	1,863.1		2,024.0
Spent Nuclear Fuel Obligation (a)	265.7		265.6
Other Long-term Debt	1,609.9		1,604.5
Total Long-term Debt Outstanding	19,782.6		19,572.7
Long-term Debt Due Within One Year	2,033.3		1,831.8
Long-term Debt	$	17,749.3	$	17,740.9

(a)

Pursuant to the Nuclear Waste Policy Act of 1982, I&M, a nuclear licensee, has an obligation to the United States Department of Energy for spent nuclear fuel disposal. The obligation includes a one-time fee for nuclear fuel consumed prior to April 7, 1983. Trust fund assets related to this obligation were $309 million and $309 million as of March 31, 2016 and December 31, 2015, respectively, and are included in Spent Nuclear Fuel and Decommissioning Trusts on the condensed balance sheets.

Long-term Debt Activity

Long-term debt and other securities issued, retired and principal payments made during the first three months of 2016 are shown in the tables below:



Company	Type of Debt	Principal Amount (a)		Interest Rate	Due Date
Issuances:		(in millions)		(%)
APCo	Pollution Control Bonds	$	125.3	Variable	2016
I&M	Senior Unsecured Notes	400.0		4.55	2046

Non-Registrant:
Transource Missouri	Other Long-term Debt	5.5		Variable	2018
Total Issuances		$	530.8


(a)	Amounts indicated on the statements of cash flows are net of issuance costs and premium or discount and will not tie to the issuance amounts.



Company	Type of Debt	Principal Amount Paid		Interest Rate	Due Date
Retirements and Principal Payments:		(in millions)		(%)
APCo	Pollution Control Bonds	$	125.3	Variable	2016
APCo	Securitization Bonds	11.2		2.008	2024
I&M	Notes Payable	0.4		Variable	2016
I&M	Notes Payable	0.3		2.12	2016
I&M	Notes Payable	6.9		Variable	2017
I&M	Notes Payable	10.2		Variable	2019
I&M	Notes Payable	10.7		Variable	2019
I&M	Other Long-term Debt	0.3		6.00	2025
OPCo	Securitization Bonds	22.8		0.958	2018
PSO	Other Long-term Debt	0.1		3.00	2027
SWEPCo	Notes Payable	1.6		4.58	2032

Non-Registrant:
AEGCo	Senior Unsecured Notes	3.7		6.33	2037
AEP Subsidiaries	Notes Payable	1.0		Variable	2017
TCC	Securitization Bonds	44.2		6.25	2016
TCC	Securitization Bonds	83.7		5.17	2018
Total Retirements and Principal Payments		$	322.4

In April 2016, I&M retired $13 million of Notes Payable related to DCC Fuel.

In April 2016, Transource Missouri drew $6 million on an existing variable rate credit facility due in 2018.

As of March 31, 2016, trustees held, on behalf of AEP, $554 million of their reacquired Pollution Control Bonds. Of this total, $40 million and $345 million related to I&M and OPCo, respectively.

Dividend Restrictions

Parent Restrictions (Applies to AEP)

The holders of AEP’s common stock are entitled to receive the dividends declared by the Board of Directors provided funds are legally available for such dividends. Parent’s income primarily derives from common stock equity in the earnings of its utility subsidiaries.

Pursuant to the leverage restrictions in credit agreements, AEP must maintain a percentage of debt to total capitalization at a level that does not exceed 67.5%. The payment of cash dividends indirectly results in an increase in the percentage of debt to total capitalization of the company distributing the dividend. The method for calculating outstanding debt and capitalization is contractually defined in the credit agreements. As of March 31, 2016, none of AEP’s retained earnings were restricted for the purpose of the payment of dividends.

Utility Subsidiaries’ Restrictions

AEP utility subsidiaries pay dividends to Parent provided funds are legally available. Various financing arrangements and regulatory requirements may impose certain restrictions on the ability of the subsidiaries to transfer funds to Parent in the form of dividends.

Certain AEP subsidiaries have credit agreements that contain a covenant that limits their debt to capitalization ratio to 67.5%.

The Federal Power Act prohibits the utility subsidiaries from participating “in the making or paying of any dividends of such public utility from any funds properly included in capital account.” As of March 31, 2016, this restriction did not limit the ability of the utility subsidiaries to pay dividends out of retained earnings.

Additionally, the Federal Power Act creates a reserve on earnings attributable to hydroelectric generation plants. Because of their ownership of such plants, this reserve applies to AGR, APCo and I&M.

Corporate Borrowing Program - AEP System (Applies to Registrant Subsidiaries)

The AEP System uses a corporate borrowing program to meet the short-term borrowing needs of AEP’s subsidiaries. The corporate borrowing program includes a Utility Money Pool, which funds AEP’s utility subsidiaries, and a Nonutility Money Pool, which funds certain AEP nonutility subsidiaries. The AEP System Utility Money Pool operates in accordance with the terms and conditions of the AEP System Utility Money Pool agreement filed with the FERC. The amounts of outstanding loans to (borrowings from) the Utility Money Pool as of March 31, 2016 and December 31, 2015 are included in Advances to Affiliates and Advances from Affiliates, respectively, on each of the Registrant Subsidiaries’ condensed balance sheets. The Utility Money Pool participants’ money pool activity and their corresponding authorized borrowing limits for the three months ended March 31, 2016 are described in the following table:



Company	Maximum Borrowings from the Utility Money Pool		Maximum Loans to the Utility Money Pool		Average Borrowings from the Utility Money Pool		Average Loans to the Utility Money Pool		Net Loans to (Borrowings from) the Utility Money Pool as of March 31, 2016			Authorized Short-term Borrowing Limit
	(in millions)
APCo	$	286.9	$	25.7	$	183.2	$	25.5	$	(146.4	)	$	600.0
I&M	369.1		62.5		267.3		17.0		2.8			500.0
OPCo	—		379.2		—		304.7		221.9			400.0
PSO	—		91.0		—		48.7		8.4			300.0
SWEPCo	221.8		—		148.0		—		(217.8		)	350.0

The activity in the above table does not include short-term lending activity of SWEPCo’s wholly-owned subsidiary, Mutual Energy SWEPCo, LLC, which is a participant in the Nonutility Money Pool. The amounts of outstanding loans to the Nonutility Money Pool as of March 31, 2016 and December 31, 2015 are included in Advances to Affiliates on SWEPCo’s condensed balance sheets. For the three months ended March 31, 2016, Mutual Energy SWEPCo, LLC had the following activity in the Nonutility Money Pool:



Maximum		Average		Loans
Loans		Loans		to the
to the		to the		Nonutility
Nonutility		Nonutility		Money Pool as of
Money Pool		Money Pool		March 31, 2016
(in millions)
$	2.0	$	2.0	$	2.0

The maximum and minimum interest rates for funds either borrowed from or loaned to the Utility Money Pool were as follows:



	Three Months Ended March 31,
	2016		2015
Maximum Interest Rate	0.83	%	0.59	%
Minimum Interest Rate	0.69	%	0.39	%

The average interest rates for funds borrowed from and loaned to the Utility Money Pool for the three months ended March 31, 2016 and 2015 are summarized for all Registrant Subsidiaries in the following table:



	Average Interest Rate for Funds Borrowed from the Utility Money Pool for				Average Interest Rate for Funds Loaned to the Utility Money Pool for
	Three Months Ended March 31,				Three Months Ended March 31,
Company	2016		2015		2016		2015
APCo	0.73	%	—	%	0.73	%	0.45	%
I&M	0.72	%	0.46	%	0.74	%	0.46	%
OPCo	—	%	—	%	0.73	%	0.46	%
PSO	—	%	0.49	%	0.72	%	0.44	%
SWEPCo	0.73	%	0.46	%	—	%	0.52	%

Maximum, minimum and average interest rates for funds loaned to the Nonutility Money Pool for the three months ended March 31, 2016 are summarized for Mutual Energy SWEPCo, LLC in the following table:



	Maximum		Minimum		Average
	Interest Rate		Interest Rate		Interest Rate
	for Funds		for Funds		for Funds
Three	Loaned to		Loaned to		Loaned to
Months Ended	the Nonutility		the Nonutility		the Nonutility
March 31,	Money Pool		Money Pool		Money Pool
2016	0.83	%	0.69	%	0.73	%

Short-term Debt (Applies to AEP)

Outstanding short-term debt was as follows:



	March 31, 2016				December 31, 2015
Type of Debt	Outstanding Amount		Interest Rate (a)		Outstanding Amount		Interest Rate (a)
	(in millions)				(in millions)
Securitized Debt for Receivables (b)	$	719.0	0.58	%	$	675.0	0.30	%
Commercial Paper	502.0		0.77	%	125.0		0.81	%
Total Short-term Debt	$	1,221.0			$	800.0


(a)	Weighted average rate.


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

Credit Facilities

For a discussion of credit facilities, see “Letters of Credit” section of Note 5.

Sale of Receivables – AEP Credit (Applies to AEP)

AEP Credit has a receivables securitization agreement with bank conduits. Under the securitization agreement, AEP Credit receives financing from the bank conduits for the interest in the receivables AEP Credit acquires from affiliated utility subsidiaries. These securitized transactions allow AEP Credit to repay its outstanding debt obligations, continue to purchase the operating companies’ receivables and accelerate AEP Credit’s cash collections.

AEP Credit’s receivables securitization agreement provides a commitment of $750 million from bank conduits to purchase receivables and expires in June 2017.

Accounts receivable information for AEP Credit is as follows:



	Three Months Ended March 31,
	2016			2015
	(dollars in millions)
Effective Interest Rates on Securitization of Accounts Receivable	0.58		%	0.26		%
Net Uncollectible Accounts Receivable Written Off	$	5.7		$	6.6



	March 31, 2016		December 31, 2015
	(in millions)
Accounts Receivable Retained Interest and Pledged as Collateral Less Uncollectible Accounts	$	849.8	$	924.8
Total Principal Outstanding	719.0		675.0
Delinquent Securitized Accounts Receivable	52.1		48.3
Bad Debt Reserves Related to Securitization of Accounts Receivable	20.9		17.5
Unbilled Receivables Related to Securitization of Accounts Receivable	264.0		357.8

AEP Credit’s delinquent customer accounts receivable represent accounts greater than 30 days past due.

Sale of Receivables – AEP Credit (Applies to Registrant Subsidiaries)

Under this sale of receivables arrangement, the Registrant Subsidiaries sell, without recourse, certain of their customer accounts receivable and accrued unbilled revenue balances to AEP Credit and are charged a fee based on AEP Credit’s financing costs, administrative costs and uncollectible accounts experience for each Registrant Subsidiary’s receivables. APCo does not have regulatory authority to sell its West Virginia accounts receivable. The costs of customer accounts receivable sold are reported in Other Operation expense on the Registrant Subsidiaries’ condensed statements of income. The Registrant Subsidiaries manage and service their customer accounts receivable, which are sold to AEP Credit. AEP Credit securitizes the eligible receivables for the operating companies and retains the remainder.

The amount of accounts receivable and accrued unbilled revenues under the sale of receivables agreement for each Registrant Subsidiary as of March 31, 2016 and December 31, 2015 was as follows:



Company	March 31, 2016		December 31, 2015
	(in millions)
APCo	$	136.6	$	135.4
I&M	125.3		134.8
OPCo	339.0		351.4
PSO	94.5		116.1
SWEPCo	121.2		151.8

The fees paid by the Registrant Subsidiaries to AEP Credit for customer accounts receivable sold were:



	Three Months Ended March 31,
Company	2016		2015
	(in millions)
APCo	$	1.8	$	2.5
I&M	1.9		2.4
OPCo	7.9		8.0
PSO	1.4		1.4
SWEPCo	1.5		1.7

The Registrant Subsidiaries’ proceeds on the sale of receivables to AEP Credit were:



	Three Months Ended March 31,
Company	2016		2015
	(in millions)
APCo	$	384.4	$	429.6
I&M	388.1		419.6
OPCo	646.6		715.0
PSO	272.1		302.5
SWEPCo	336.1		373.2

Financing Activities

FINANCING ACTIVITIES

The disclosures in this note apply to all Registrants unless indicated otherwise.

Long-term Debt Outstanding (Applies to AEP)

The following table details long-term debt outstanding as of March 31, 2016 and December 31, 2015:



Type of Debt	March 31, 2016		December 31, 2015
	(in millions)
Senior Unsecured Notes	$	14,026.2	$	13,629.1
Pollution Control Bonds	1,784.1		1,784.8
Notes Payable	233.6		264.7
Securitization Bonds	1,863.1		2,024.0
Spent Nuclear Fuel Obligation (a)	265.7		265.6
Other Long-term Debt	1,609.9		1,604.5
Total Long-term Debt Outstanding	19,782.6		19,572.7
Long-term Debt Due Within One Year	2,033.3		1,831.8
Long-term Debt	$	17,749.3	$	17,740.9

(a)

Pursuant to the Nuclear Waste Policy Act of 1982, I&M, a nuclear licensee, has an obligation to the United States Department of Energy for spent nuclear fuel disposal. The obligation includes a one-time fee for nuclear fuel consumed prior to April 7, 1983. Trust fund assets related to this obligation were $309 million and $309 million as of March 31, 2016 and December 31, 2015, respectively, and are included in Spent Nuclear Fuel and Decommissioning Trusts on the condensed balance sheets.

Long-term Debt Activity

Long-term debt and other securities issued, retired and principal payments made during the first three months of 2016 are shown in the tables below:



Company	Type of Debt	Principal Amount (a)		Interest Rate	Due Date
Issuances:		(in millions)		(%)
APCo	Pollution Control Bonds	$	125.3	Variable	2016
I&M	Senior Unsecured Notes	400.0		4.55	2046

Non-Registrant:
Transource Missouri	Other Long-term Debt	5.5		Variable	2018
Total Issuances		$	530.8


(a)	Amounts indicated on the statements of cash flows are net of issuance costs and premium or discount and will not tie to the issuance amounts.



Company	Type of Debt	Principal Amount Paid		Interest Rate	Due Date
Retirements and Principal Payments:		(in millions)		(%)
APCo	Pollution Control Bonds	$	125.3	Variable	2016
APCo	Securitization Bonds	11.2		2.008	2024
I&M	Notes Payable	0.4		Variable	2016
I&M	Notes Payable	0.3		2.12	2016
I&M	Notes Payable	6.9		Variable	2017
I&M	Notes Payable	10.2		Variable	2019
I&M	Notes Payable	10.7		Variable	2019
I&M	Other Long-term Debt	0.3		6.00	2025
OPCo	Securitization Bonds	22.8		0.958	2018
PSO	Other Long-term Debt	0.1		3.00	2027
SWEPCo	Notes Payable	1.6		4.58	2032

Non-Registrant:
AEGCo	Senior Unsecured Notes	3.7		6.33	2037
AEP Subsidiaries	Notes Payable	1.0		Variable	2017
TCC	Securitization Bonds	44.2		6.25	2016
TCC	Securitization Bonds	83.7		5.17	2018
Total Retirements and Principal Payments		$	322.4

In April 2016, I&M retired $13 million of Notes Payable related to DCC Fuel.

In April 2016, Transource Missouri drew $6 million on an existing variable rate credit facility due in 2018.

As of March 31, 2016, trustees held, on behalf of AEP, $554 million of their reacquired Pollution Control Bonds. Of this total, $40 million and $345 million related to I&M and OPCo, respectively.

Dividend Restrictions

Parent Restrictions (Applies to AEP)

The holders of AEP’s common stock are entitled to receive the dividends declared by the Board of Directors provided funds are legally available for such dividends. Parent’s income primarily derives from common stock equity in the earnings of its utility subsidiaries.

Pursuant to the leverage restrictions in credit agreements, AEP must maintain a percentage of debt to total capitalization at a level that does not exceed 67.5%. The payment of cash dividends indirectly results in an increase in the percentage of debt to total capitalization of the company distributing the dividend. The method for calculating outstanding debt and capitalization is contractually defined in the credit agreements. As of March 31, 2016, none of AEP’s retained earnings were restricted for the purpose of the payment of dividends.

Utility Subsidiaries’ Restrictions

AEP utility subsidiaries pay dividends to Parent provided funds are legally available. Various financing arrangements and regulatory requirements may impose certain restrictions on the ability of the subsidiaries to transfer funds to Parent in the form of dividends.

Certain AEP subsidiaries have credit agreements that contain a covenant that limits their debt to capitalization ratio to 67.5%.

The Federal Power Act prohibits the utility subsidiaries from participating “in the making or paying of any dividends of such public utility from any funds properly included in capital account.” As of March 31, 2016, this restriction did not limit the ability of the utility subsidiaries to pay dividends out of retained earnings.

Additionally, the Federal Power Act creates a reserve on earnings attributable to hydroelectric generation plants. Because of their ownership of such plants, this reserve applies to AGR, APCo and I&M.

Corporate Borrowing Program - AEP System (Applies to Registrant Subsidiaries)

The AEP System uses a corporate borrowing program to meet the short-term borrowing needs of AEP’s subsidiaries. The corporate borrowing program includes a Utility Money Pool, which funds AEP’s utility subsidiaries, and a Nonutility Money Pool, which funds certain AEP nonutility subsidiaries. The AEP System Utility Money Pool operates in accordance with the terms and conditions of the AEP System Utility Money Pool agreement filed with the FERC. The amounts of outstanding loans to (borrowings from) the Utility Money Pool as of March 31, 2016 and December 31, 2015 are included in Advances to Affiliates and Advances from Affiliates, respectively, on each of the Registrant Subsidiaries’ condensed balance sheets. The Utility Money Pool participants’ money pool activity and their corresponding authorized borrowing limits for the three months ended March 31, 2016 are described in the following table:



Company	Maximum Borrowings from the Utility Money Pool		Maximum Loans to the Utility Money Pool		Average Borrowings from the Utility Money Pool		Average Loans to the Utility Money Pool		Net Loans to (Borrowings from) the Utility Money Pool as of March 31, 2016			Authorized Short-term Borrowing Limit
	(in millions)
APCo	$	286.9	$	25.7	$	183.2	$	25.5	$	(146.4	)	$	600.0
I&M	369.1		62.5		267.3		17.0		2.8			500.0
OPCo	—		379.2		—		304.7		221.9			400.0
PSO	—		91.0		—		48.7		8.4			300.0
SWEPCo	221.8		—		148.0		—		(217.8		)	350.0

The activity in the above table does not include short-term lending activity of SWEPCo’s wholly-owned subsidiary, Mutual Energy SWEPCo, LLC, which is a participant in the Nonutility Money Pool. The amounts of outstanding loans to the Nonutility Money Pool as of March 31, 2016 and December 31, 2015 are included in Advances to Affiliates on SWEPCo’s condensed balance sheets. For the three months ended March 31, 2016, Mutual Energy SWEPCo, LLC had the following activity in the Nonutility Money Pool:



Maximum		Average		Loans
Loans		Loans		to the
to the		to the		Nonutility
Nonutility		Nonutility		Money Pool as of
Money Pool		Money Pool		March 31, 2016
(in millions)
$	2.0	$	2.0	$	2.0

The maximum and minimum interest rates for funds either borrowed from or loaned to the Utility Money Pool were as follows:



	Three Months Ended March 31,
	2016		2015
Maximum Interest Rate	0.83	%	0.59	%
Minimum Interest Rate	0.69	%	0.39	%

The average interest rates for funds borrowed from and loaned to the Utility Money Pool for the three months ended March 31, 2016 and 2015 are summarized for all Registrant Subsidiaries in the following table:



	Average Interest Rate for Funds Borrowed from the Utility Money Pool for				Average Interest Rate for Funds Loaned to the Utility Money Pool for
	Three Months Ended March 31,				Three Months Ended March 31,
Company	2016		2015		2016		2015
APCo	0.73	%	—	%	0.73	%	0.45	%
I&M	0.72	%	0.46	%	0.74	%	0.46	%
OPCo	—	%	—	%	0.73	%	0.46	%
PSO	—	%	0.49	%	0.72	%	0.44	%
SWEPCo	0.73	%	0.46	%	—	%	0.52	%

Maximum, minimum and average interest rates for funds loaned to the Nonutility Money Pool for the three months ended March 31, 2016 are summarized for Mutual Energy SWEPCo, LLC in the following table:



	Maximum		Minimum		Average
	Interest Rate		Interest Rate		Interest Rate
	for Funds		for Funds		for Funds
Three	Loaned to		Loaned to		Loaned to
Months Ended	the Nonutility		the Nonutility		the Nonutility
March 31,	Money Pool		Money Pool		Money Pool
2016	0.83	%	0.69	%	0.73	%

Short-term Debt (Applies to AEP)

Outstanding short-term debt was as follows:



	March 31, 2016				December 31, 2015
Type of Debt	Outstanding Amount		Interest Rate (a)		Outstanding Amount		Interest Rate (a)
	(in millions)				(in millions)
Securitized Debt for Receivables (b)	$	719.0	0.58	%	$	675.0	0.30	%
Commercial Paper	502.0		0.77	%	125.0		0.81	%
Total Short-term Debt	$	1,221.0			$	800.0


(a)	Weighted average rate.


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

Credit Facilities

For a discussion of credit facilities, see “Letters of Credit” section of Note 5.

Sale of Receivables – AEP Credit (Applies to AEP)

AEP Credit has a receivables securitization agreement with bank conduits. Under the securitization agreement, AEP Credit receives financing from the bank conduits for the interest in the receivables AEP Credit acquires from affiliated utility subsidiaries. These securitized transactions allow AEP Credit to repay its outstanding debt obligations, continue to purchase the operating companies’ receivables and accelerate AEP Credit’s cash collections.

AEP Credit’s receivables securitization agreement provides a commitment of $750 million from bank conduits to purchase receivables and expires in June 2017.

Accounts receivable information for AEP Credit is as follows:



	Three Months Ended March 31,
	2016			2015
	(dollars in millions)
Effective Interest Rates on Securitization of Accounts Receivable	0.58		%	0.26		%
Net Uncollectible Accounts Receivable Written Off	$	5.7		$	6.6



	March 31, 2016		December 31, 2015
	(in millions)
Accounts Receivable Retained Interest and Pledged as Collateral Less Uncollectible Accounts	$	849.8	$	924.8
Total Principal Outstanding	719.0		675.0
Delinquent Securitized Accounts Receivable	52.1		48.3
Bad Debt Reserves Related to Securitization of Accounts Receivable	20.9		17.5
Unbilled Receivables Related to Securitization of Accounts Receivable	264.0		357.8

AEP Credit’s delinquent customer accounts receivable represent accounts greater than 30 days past due.

Sale of Receivables – AEP Credit (Applies to Registrant Subsidiaries)

Under this sale of receivables arrangement, the Registrant Subsidiaries sell, without recourse, certain of their customer accounts receivable and accrued unbilled revenue balances to AEP Credit and are charged a fee based on AEP Credit’s financing costs, administrative costs and uncollectible accounts experience for each Registrant Subsidiary’s receivables. APCo does not have regulatory authority to sell its West Virginia accounts receivable. The costs of customer accounts receivable sold are reported in Other Operation expense on the Registrant Subsidiaries’ condensed statements of income. The Registrant Subsidiaries manage and service their customer accounts receivable, which are sold to AEP Credit. AEP Credit securitizes the eligible receivables for the operating companies and retains the remainder.

The amount of accounts receivable and accrued unbilled revenues under the sale of receivables agreement for each Registrant Subsidiary as of March 31, 2016 and December 31, 2015 was as follows:



Company	March 31, 2016		December 31, 2015
	(in millions)
APCo	$	136.6	$	135.4
I&M	125.3		134.8
OPCo	339.0		351.4
PSO	94.5		116.1
SWEPCo	121.2		151.8

The fees paid by the Registrant Subsidiaries to AEP Credit for customer accounts receivable sold were:



	Three Months Ended March 31,
Company	2016		2015
	(in millions)
APCo	$	1.8	$	2.5
I&M	1.9		2.4
OPCo	7.9		8.0
PSO	1.4		1.4
SWEPCo	1.5		1.7

The Registrant Subsidiaries’ proceeds on the sale of receivables to AEP Credit were:



	Three Months Ended March 31,
Company	2016		2015
	(in millions)
APCo	$	384.4	$	429.6
I&M	388.1		419.6
OPCo	646.6		715.0
PSO	272.1		302.5
SWEPCo	336.1		373.2

Financing Activities

FINANCING ACTIVITIES

The disclosures in this note apply to all Registrants unless indicated otherwise.

Long-term Debt Outstanding (Applies to AEP)

The following table details long-term debt outstanding as of March 31, 2016 and December 31, 2015:



Type of Debt	March 31, 2016		December 31, 2015
	(in millions)
Senior Unsecured Notes	$	14,026.2	$	13,629.1
Pollution Control Bonds	1,784.1		1,784.8
Notes Payable	233.6		264.7
Securitization Bonds	1,863.1		2,024.0
Spent Nuclear Fuel Obligation (a)	265.7		265.6
Other Long-term Debt	1,609.9		1,604.5
Total Long-term Debt Outstanding	19,782.6		19,572.7
Long-term Debt Due Within One Year	2,033.3		1,831.8
Long-term Debt	$	17,749.3	$	17,740.9

(a)

Pursuant to the Nuclear Waste Policy Act of 1982, I&M, a nuclear licensee, has an obligation to the United States Department of Energy for spent nuclear fuel disposal. The obligation includes a one-time fee for nuclear fuel consumed prior to April 7, 1983. Trust fund assets related to this obligation were $309 million and $309 million as of March 31, 2016 and December 31, 2015, respectively, and are included in Spent Nuclear Fuel and Decommissioning Trusts on the condensed balance sheets.

Long-term Debt Activity

Long-term debt and other securities issued, retired and principal payments made during the first three months of 2016 are shown in the tables below:



Company	Type of Debt	Principal Amount (a)		Interest Rate	Due Date
Issuances:		(in millions)		(%)
APCo	Pollution Control Bonds	$	125.3	Variable	2016
I&M	Senior Unsecured Notes	400.0		4.55	2046

Non-Registrant:
Transource Missouri	Other Long-term Debt	5.5		Variable	2018
Total Issuances		$	530.8


(a)	Amounts indicated on the statements of cash flows are net of issuance costs and premium or discount and will not tie to the issuance amounts.



Company	Type of Debt	Principal Amount Paid		Interest Rate	Due Date
Retirements and Principal Payments:		(in millions)		(%)
APCo	Pollution Control Bonds	$	125.3	Variable	2016
APCo	Securitization Bonds	11.2		2.008	2024
I&M	Notes Payable	0.4		Variable	2016
I&M	Notes Payable	0.3		2.12	2016
I&M	Notes Payable	6.9		Variable	2017
I&M	Notes Payable	10.2		Variable	2019
I&M	Notes Payable	10.7		Variable	2019
I&M	Other Long-term Debt	0.3		6.00	2025
OPCo	Securitization Bonds	22.8		0.958	2018
PSO	Other Long-term Debt	0.1		3.00	2027
SWEPCo	Notes Payable	1.6		4.58	2032

Non-Registrant:
AEGCo	Senior Unsecured Notes	3.7		6.33	2037
AEP Subsidiaries	Notes Payable	1.0		Variable	2017
TCC	Securitization Bonds	44.2		6.25	2016
TCC	Securitization Bonds	83.7		5.17	2018
Total Retirements and Principal Payments		$	322.4

In April 2016, I&M retired $13 million of Notes Payable related to DCC Fuel.

In April 2016, Transource Missouri drew $6 million on an existing variable rate credit facility due in 2018.

As of March 31, 2016, trustees held, on behalf of AEP, $554 million of their reacquired Pollution Control Bonds. Of this total, $40 million and $345 million related to I&M and OPCo, respectively.

Dividend Restrictions

Parent Restrictions (Applies to AEP)

The holders of AEP’s common stock are entitled to receive the dividends declared by the Board of Directors provided funds are legally available for such dividends. Parent’s income primarily derives from common stock equity in the earnings of its utility subsidiaries.

Pursuant to the leverage restrictions in credit agreements, AEP must maintain a percentage of debt to total capitalization at a level that does not exceed 67.5%. The payment of cash dividends indirectly results in an increase in the percentage of debt to total capitalization of the company distributing the dividend. The method for calculating outstanding debt and capitalization is contractually defined in the credit agreements. As of March 31, 2016, none of AEP’s retained earnings were restricted for the purpose of the payment of dividends.

Utility Subsidiaries’ Restrictions

AEP utility subsidiaries pay dividends to Parent provided funds are legally available. Various financing arrangements and regulatory requirements may impose certain restrictions on the ability of the subsidiaries to transfer funds to Parent in the form of dividends.

Certain AEP subsidiaries have credit agreements that contain a covenant that limits their debt to capitalization ratio to 67.5%.

The Federal Power Act prohibits the utility subsidiaries from participating “in the making or paying of any dividends of such public utility from any funds properly included in capital account.” As of March 31, 2016, this restriction did not limit the ability of the utility subsidiaries to pay dividends out of retained earnings.

Additionally, the Federal Power Act creates a reserve on earnings attributable to hydroelectric generation plants. Because of their ownership of such plants, this reserve applies to AGR, APCo and I&M.

Corporate Borrowing Program - AEP System (Applies to Registrant Subsidiaries)

The AEP System uses a corporate borrowing program to meet the short-term borrowing needs of AEP’s subsidiaries. The corporate borrowing program includes a Utility Money Pool, which funds AEP’s utility subsidiaries, and a Nonutility Money Pool, which funds certain AEP nonutility subsidiaries. The AEP System Utility Money Pool operates in accordance with the terms and conditions of the AEP System Utility Money Pool agreement filed with the FERC. The amounts of outstanding loans to (borrowings from) the Utility Money Pool as of March 31, 2016 and December 31, 2015 are included in Advances to Affiliates and Advances from Affiliates, respectively, on each of the Registrant Subsidiaries’ condensed balance sheets. The Utility Money Pool participants’ money pool activity and their corresponding authorized borrowing limits for the three months ended March 31, 2016 are described in the following table:



Company	Maximum Borrowings from the Utility Money Pool		Maximum Loans to the Utility Money Pool		Average Borrowings from the Utility Money Pool		Average Loans to the Utility Money Pool		Net Loans to (Borrowings from) the Utility Money Pool as of March 31, 2016			Authorized Short-term Borrowing Limit
	(in millions)
APCo	$	286.9	$	25.7	$	183.2	$	25.5	$	(146.4	)	$	600.0
I&M	369.1		62.5		267.3		17.0		2.8			500.0
OPCo	—		379.2		—		304.7		221.9			400.0
PSO	—		91.0		—		48.7		8.4			300.0
SWEPCo	221.8		—		148.0		—		(217.8		)	350.0

The activity in the above table does not include short-term lending activity of SWEPCo’s wholly-owned subsidiary, Mutual Energy SWEPCo, LLC, which is a participant in the Nonutility Money Pool. The amounts of outstanding loans to the Nonutility Money Pool as of March 31, 2016 and December 31, 2015 are included in Advances to Affiliates on SWEPCo’s condensed balance sheets. For the three months ended March 31, 2016, Mutual Energy SWEPCo, LLC had the following activity in the Nonutility Money Pool:



Maximum		Average		Loans
Loans		Loans		to the
to the		to the		Nonutility
Nonutility		Nonutility		Money Pool as of
Money Pool		Money Pool		March 31, 2016
(in millions)
$	2.0	$	2.0	$	2.0

The maximum and minimum interest rates for funds either borrowed from or loaned to the Utility Money Pool were as follows:



	Three Months Ended March 31,
	2016		2015
Maximum Interest Rate	0.83	%	0.59	%
Minimum Interest Rate	0.69	%	0.39	%

The average interest rates for funds borrowed from and loaned to the Utility Money Pool for the three months ended March 31, 2016 and 2015 are summarized for all Registrant Subsidiaries in the following table:



	Average Interest Rate for Funds Borrowed from the Utility Money Pool for				Average Interest Rate for Funds Loaned to the Utility Money Pool for
	Three Months Ended March 31,				Three Months Ended March 31,
Company	2016		2015		2016		2015
APCo	0.73	%	—	%	0.73	%	0.45	%
I&M	0.72	%	0.46	%	0.74	%	0.46	%
OPCo	—	%	—	%	0.73	%	0.46	%
PSO	—	%	0.49	%	0.72	%	0.44	%
SWEPCo	0.73	%	0.46	%	—	%	0.52	%

Maximum, minimum and average interest rates for funds loaned to the Nonutility Money Pool for the three months ended March 31, 2016 are summarized for Mutual Energy SWEPCo, LLC in the following table:



	Maximum		Minimum		Average
	Interest Rate		Interest Rate		Interest Rate
	for Funds		for Funds		for Funds
Three	Loaned to		Loaned to		Loaned to
Months Ended	the Nonutility		the Nonutility		the Nonutility
March 31,	Money Pool		Money Pool		Money Pool
2016	0.83	%	0.69	%	0.73	%

Short-term Debt (Applies to AEP)

Outstanding short-term debt was as follows:



	March 31, 2016				December 31, 2015
Type of Debt	Outstanding Amount		Interest Rate (a)		Outstanding Amount		Interest Rate (a)
	(in millions)				(in millions)
Securitized Debt for Receivables (b)	$	719.0	0.58	%	$	675.0	0.30	%
Commercial Paper	502.0		0.77	%	125.0		0.81	%
Total Short-term Debt	$	1,221.0			$	800.0


(a)	Weighted average rate.


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

Credit Facilities

For a discussion of credit facilities, see “Letters of Credit” section of Note 5.

Sale of Receivables – AEP Credit (Applies to AEP)

AEP Credit has a receivables securitization agreement with bank conduits. Under the securitization agreement, AEP Credit receives financing from the bank conduits for the interest in the receivables AEP Credit acquires from affiliated utility subsidiaries. These securitized transactions allow AEP Credit to repay its outstanding debt obligations, continue to purchase the operating companies’ receivables and accelerate AEP Credit’s cash collections.

AEP Credit’s receivables securitization agreement provides a commitment of $750 million from bank conduits to purchase receivables and expires in June 2017.

Accounts receivable information for AEP Credit is as follows:



	Three Months Ended March 31,
	2016			2015
	(dollars in millions)
Effective Interest Rates on Securitization of Accounts Receivable	0.58		%	0.26		%
Net Uncollectible Accounts Receivable Written Off	$	5.7		$	6.6



	March 31, 2016		December 31, 2015
	(in millions)
Accounts Receivable Retained Interest and Pledged as Collateral Less Uncollectible Accounts	$	849.8	$	924.8
Total Principal Outstanding	719.0		675.0
Delinquent Securitized Accounts Receivable	52.1		48.3
Bad Debt Reserves Related to Securitization of Accounts Receivable	20.9		17.5
Unbilled Receivables Related to Securitization of Accounts Receivable	264.0		357.8

AEP Credit’s delinquent customer accounts receivable represent accounts greater than 30 days past due.

Sale of Receivables – AEP Credit (Applies to Registrant Subsidiaries)

Under this sale of receivables arrangement, the Registrant Subsidiaries sell, without recourse, certain of their customer accounts receivable and accrued unbilled revenue balances to AEP Credit and are charged a fee based on AEP Credit’s financing costs, administrative costs and uncollectible accounts experience for each Registrant Subsidiary’s receivables. APCo does not have regulatory authority to sell its West Virginia accounts receivable. The costs of customer accounts receivable sold are reported in Other Operation expense on the Registrant Subsidiaries’ condensed statements of income. The Registrant Subsidiaries manage and service their customer accounts receivable, which are sold to AEP Credit. AEP Credit securitizes the eligible receivables for the operating companies and retains the remainder.

The amount of accounts receivable and accrued unbilled revenues under the sale of receivables agreement for each Registrant Subsidiary as of March 31, 2016 and December 31, 2015 was as follows:



Company	March 31, 2016		December 31, 2015
	(in millions)
APCo	$	136.6	$	135.4
I&M	125.3		134.8
OPCo	339.0		351.4
PSO	94.5		116.1
SWEPCo	121.2		151.8

The fees paid by the Registrant Subsidiaries to AEP Credit for customer accounts receivable sold were:



	Three Months Ended March 31,
Company	2016		2015
	(in millions)
APCo	$	1.8	$	2.5
I&M	1.9		2.4
OPCo	7.9		8.0
PSO	1.4		1.4
SWEPCo	1.5		1.7

The Registrant Subsidiaries’ proceeds on the sale of receivables to AEP Credit were:



	Three Months Ended March 31,
Company	2016		2015
	(in millions)
APCo	$	384.4	$	429.6
I&M	388.1		419.6
OPCo	646.6		715.0
PSO	272.1		302.5
SWEPCo	336.1		373.2

Financing Activities

FINANCING ACTIVITIES

The disclosures in this note apply to all Registrants unless indicated otherwise.

Long-term Debt Outstanding (Applies to AEP)

The following table details long-term debt outstanding as of March 31, 2016 and December 31, 2015:



Type of Debt	March 31, 2016		December 31, 2015
	(in millions)
Senior Unsecured Notes	$	14,026.2	$	13,629.1
Pollution Control Bonds	1,784.1		1,784.8
Notes Payable	233.6		264.7
Securitization Bonds	1,863.1		2,024.0
Spent Nuclear Fuel Obligation (a)	265.7		265.6
Other Long-term Debt	1,609.9		1,604.5
Total Long-term Debt Outstanding	19,782.6		19,572.7
Long-term Debt Due Within One Year	2,033.3		1,831.8
Long-term Debt	$	17,749.3	$	17,740.9

(a)

Pursuant to the Nuclear Waste Policy Act of 1982, I&M, a nuclear licensee, has an obligation to the United States Department of Energy for spent nuclear fuel disposal. The obligation includes a one-time fee for nuclear fuel consumed prior to April 7, 1983. Trust fund assets related to this obligation were $309 million and $309 million as of March 31, 2016 and December 31, 2015, respectively, and are included in Spent Nuclear Fuel and Decommissioning Trusts on the condensed balance sheets.

Long-term Debt Activity

Long-term debt and other securities issued, retired and principal payments made during the first three months of 2016 are shown in the tables below:



Company	Type of Debt	Principal Amount (a)		Interest Rate	Due Date
Issuances:		(in millions)		(%)
APCo	Pollution Control Bonds	$	125.3	Variable	2016
I&M	Senior Unsecured Notes	400.0		4.55	2046

Non-Registrant:
Transource Missouri	Other Long-term Debt	5.5		Variable	2018
Total Issuances		$	530.8


(a)	Amounts indicated on the statements of cash flows are net of issuance costs and premium or discount and will not tie to the issuance amounts.



Company	Type of Debt	Principal Amount Paid		Interest Rate	Due Date
Retirements and Principal Payments:		(in millions)		(%)
APCo	Pollution Control Bonds	$	125.3	Variable	2016
APCo	Securitization Bonds	11.2		2.008	2024
I&M	Notes Payable	0.4		Variable	2016
I&M	Notes Payable	0.3		2.12	2016
I&M	Notes Payable	6.9		Variable	2017
I&M	Notes Payable	10.2		Variable	2019
I&M	Notes Payable	10.7		Variable	2019
I&M	Other Long-term Debt	0.3		6.00	2025
OPCo	Securitization Bonds	22.8		0.958	2018
PSO	Other Long-term Debt	0.1		3.00	2027
SWEPCo	Notes Payable	1.6		4.58	2032

Non-Registrant:
AEGCo	Senior Unsecured Notes	3.7		6.33	2037
AEP Subsidiaries	Notes Payable	1.0		Variable	2017
TCC	Securitization Bonds	44.2		6.25	2016
TCC	Securitization Bonds	83.7		5.17	2018
Total Retirements and Principal Payments		$	322.4

In April 2016, I&M retired $13 million of Notes Payable related to DCC Fuel.

In April 2016, Transource Missouri drew $6 million on an existing variable rate credit facility due in 2018.

As of March 31, 2016, trustees held, on behalf of AEP, $554 million of their reacquired Pollution Control Bonds. Of this total, $40 million and $345 million related to I&M and OPCo, respectively.

Dividend Restrictions

Parent Restrictions (Applies to AEP)

The holders of AEP’s common stock are entitled to receive the dividends declared by the Board of Directors provided funds are legally available for such dividends. Parent’s income primarily derives from common stock equity in the earnings of its utility subsidiaries.

Pursuant to the leverage restrictions in credit agreements, AEP must maintain a percentage of debt to total capitalization at a level that does not exceed 67.5%. The payment of cash dividends indirectly results in an increase in the percentage of debt to total capitalization of the company distributing the dividend. The method for calculating outstanding debt and capitalization is contractually defined in the credit agreements. As of March 31, 2016, none of AEP’s retained earnings were restricted for the purpose of the payment of dividends.

Utility Subsidiaries’ Restrictions

AEP utility subsidiaries pay dividends to Parent provided funds are legally available. Various financing arrangements and regulatory requirements may impose certain restrictions on the ability of the subsidiaries to transfer funds to Parent in the form of dividends.

Certain AEP subsidiaries have credit agreements that contain a covenant that limits their debt to capitalization ratio to 67.5%.

The Federal Power Act prohibits the utility subsidiaries from participating “in the making or paying of any dividends of such public utility from any funds properly included in capital account.” As of March 31, 2016, this restriction did not limit the ability of the utility subsidiaries to pay dividends out of retained earnings.

Additionally, the Federal Power Act creates a reserve on earnings attributable to hydroelectric generation plants. Because of their ownership of such plants, this reserve applies to AGR, APCo and I&M.

Corporate Borrowing Program - AEP System (Applies to Registrant Subsidiaries)

The AEP System uses a corporate borrowing program to meet the short-term borrowing needs of AEP’s subsidiaries. The corporate borrowing program includes a Utility Money Pool, which funds AEP’s utility subsidiaries, and a Nonutility Money Pool, which funds certain AEP nonutility subsidiaries. The AEP System Utility Money Pool operates in accordance with the terms and conditions of the AEP System Utility Money Pool agreement filed with the FERC. The amounts of outstanding loans to (borrowings from) the Utility Money Pool as of March 31, 2016 and December 31, 2015 are included in Advances to Affiliates and Advances from Affiliates, respectively, on each of the Registrant Subsidiaries’ condensed balance sheets. The Utility Money Pool participants’ money pool activity and their corresponding authorized borrowing limits for the three months ended March 31, 2016 are described in the following table:



Company	Maximum Borrowings from the Utility Money Pool		Maximum Loans to the Utility Money Pool		Average Borrowings from the Utility Money Pool		Average Loans to the Utility Money Pool		Net Loans to (Borrowings from) the Utility Money Pool as of March 31, 2016			Authorized Short-term Borrowing Limit
	(in millions)
APCo	$	286.9	$	25.7	$	183.2	$	25.5	$	(146.4	)	$	600.0
I&M	369.1		62.5		267.3		17.0		2.8			500.0
OPCo	—		379.2		—		304.7		221.9			400.0
PSO	—		91.0		—		48.7		8.4			300.0
SWEPCo	221.8		—		148.0		—		(217.8		)	350.0

The activity in the above table does not include short-term lending activity of SWEPCo’s wholly-owned subsidiary, Mutual Energy SWEPCo, LLC, which is a participant in the Nonutility Money Pool. The amounts of outstanding loans to the Nonutility Money Pool as of March 31, 2016 and December 31, 2015 are included in Advances to Affiliates on SWEPCo’s condensed balance sheets. For the three months ended March 31, 2016, Mutual Energy SWEPCo, LLC had the following activity in the Nonutility Money Pool:



Maximum		Average		Loans
Loans		Loans		to the
to the		to the		Nonutility
Nonutility		Nonutility		Money Pool as of
Money Pool		Money Pool		March 31, 2016
(in millions)
$	2.0	$	2.0	$	2.0

The maximum and minimum interest rates for funds either borrowed from or loaned to the Utility Money Pool were as follows:



	Three Months Ended March 31,
	2016		2015
Maximum Interest Rate	0.83	%	0.59	%
Minimum Interest Rate	0.69	%	0.39	%

The average interest rates for funds borrowed from and loaned to the Utility Money Pool for the three months ended March 31, 2016 and 2015 are summarized for all Registrant Subsidiaries in the following table:



	Average Interest Rate for Funds Borrowed from the Utility Money Pool for				Average Interest Rate for Funds Loaned to the Utility Money Pool for
	Three Months Ended March 31,				Three Months Ended March 31,
Company	2016		2015		2016		2015
APCo	0.73	%	—	%	0.73	%	0.45	%
I&M	0.72	%	0.46	%	0.74	%	0.46	%
OPCo	—	%	—	%	0.73	%	0.46	%
PSO	—	%	0.49	%	0.72	%	0.44	%
SWEPCo	0.73	%	0.46	%	—	%	0.52	%

Maximum, minimum and average interest rates for funds loaned to the Nonutility Money Pool for the three months ended March 31, 2016 are summarized for Mutual Energy SWEPCo, LLC in the following table:



	Maximum		Minimum		Average
	Interest Rate		Interest Rate		Interest Rate
	for Funds		for Funds		for Funds
Three	Loaned to		Loaned to		Loaned to
Months Ended	the Nonutility		the Nonutility		the Nonutility
March 31,	Money Pool		Money Pool		Money Pool
2016	0.83	%	0.69	%	0.73	%

Short-term Debt (Applies to AEP)

Outstanding short-term debt was as follows:



	March 31, 2016				December 31, 2015
Type of Debt	Outstanding Amount		Interest Rate (a)		Outstanding Amount		Interest Rate (a)
	(in millions)				(in millions)
Securitized Debt for Receivables (b)	$	719.0	0.58	%	$	675.0	0.30	%
Commercial Paper	502.0		0.77	%	125.0		0.81	%
Total Short-term Debt	$	1,221.0			$	800.0


(a)	Weighted average rate.


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

Credit Facilities

For a discussion of credit facilities, see “Letters of Credit” section of Note 5.

Sale of Receivables – AEP Credit (Applies to AEP)

AEP Credit has a receivables securitization agreement with bank conduits. Under the securitization agreement, AEP Credit receives financing from the bank conduits for the interest in the receivables AEP Credit acquires from affiliated utility subsidiaries. These securitized transactions allow AEP Credit to repay its outstanding debt obligations, continue to purchase the operating companies’ receivables and accelerate AEP Credit’s cash collections.

AEP Credit’s receivables securitization agreement provides a commitment of $750 million from bank conduits to purchase receivables and expires in June 2017.

Accounts receivable information for AEP Credit is as follows:



	Three Months Ended March 31,
	2016			2015
	(dollars in millions)
Effective Interest Rates on Securitization of Accounts Receivable	0.58		%	0.26		%
Net Uncollectible Accounts Receivable Written Off	$	5.7		$	6.6



	March 31, 2016		December 31, 2015
	(in millions)
Accounts Receivable Retained Interest and Pledged as Collateral Less Uncollectible Accounts	$	849.8	$	924.8
Total Principal Outstanding	719.0		675.0
Delinquent Securitized Accounts Receivable	52.1		48.3
Bad Debt Reserves Related to Securitization of Accounts Receivable	20.9		17.5
Unbilled Receivables Related to Securitization of Accounts Receivable	264.0		357.8

AEP Credit’s delinquent customer accounts receivable represent accounts greater than 30 days past due.

Sale of Receivables – AEP Credit (Applies to Registrant Subsidiaries)

Under this sale of receivables arrangement, the Registrant Subsidiaries sell, without recourse, certain of their customer accounts receivable and accrued unbilled revenue balances to AEP Credit and are charged a fee based on AEP Credit’s financing costs, administrative costs and uncollectible accounts experience for each Registrant Subsidiary’s receivables. APCo does not have regulatory authority to sell its West Virginia accounts receivable. The costs of customer accounts receivable sold are reported in Other Operation expense on the Registrant Subsidiaries’ condensed statements of income. The Registrant Subsidiaries manage and service their customer accounts receivable, which are sold to AEP Credit. AEP Credit securitizes the eligible receivables for the operating companies and retains the remainder.

The amount of accounts receivable and accrued unbilled revenues under the sale of receivables agreement for each Registrant Subsidiary as of March 31, 2016 and December 31, 2015 was as follows:



Company	March 31, 2016		December 31, 2015
	(in millions)
APCo	$	136.6	$	135.4
I&M	125.3		134.8
OPCo	339.0		351.4
PSO	94.5		116.1
SWEPCo	121.2		151.8

The fees paid by the Registrant Subsidiaries to AEP Credit for customer accounts receivable sold were:



	Three Months Ended March 31,
Company	2016		2015
	(in millions)
APCo	$	1.8	$	2.5
I&M	1.9		2.4
OPCo	7.9		8.0
PSO	1.4		1.4
SWEPCo	1.5		1.7

The Registrant Subsidiaries’ proceeds on the sale of receivables to AEP Credit were:



	Three Months Ended March 31,
Company	2016		2015
	(in millions)
APCo	$	384.4	$	429.6
I&M	388.1		419.6
OPCo	646.6		715.0
PSO	272.1		302.5
SWEPCo	336.1		373.2

Financing Activities

FINANCING ACTIVITIES

The disclosures in this note apply to all Registrants unless indicated otherwise.

Long-term Debt Outstanding (Applies to AEP)

The following table details long-term debt outstanding as of March 31, 2016 and December 31, 2015:



Type of Debt	March 31, 2016		December 31, 2015
	(in millions)
Senior Unsecured Notes	$	14,026.2	$	13,629.1
Pollution Control Bonds	1,784.1		1,784.8
Notes Payable	233.6		264.7
Securitization Bonds	1,863.1		2,024.0
Spent Nuclear Fuel Obligation (a)	265.7		265.6
Other Long-term Debt	1,609.9		1,604.5
Total Long-term Debt Outstanding	19,782.6		19,572.7
Long-term Debt Due Within One Year	2,033.3		1,831.8
Long-term Debt	$	17,749.3	$	17,740.9

(a)

Pursuant to the Nuclear Waste Policy Act of 1982, I&M, a nuclear licensee, has an obligation to the United States Department of Energy for spent nuclear fuel disposal. The obligation includes a one-time fee for nuclear fuel consumed prior to April 7, 1983. Trust fund assets related to this obligation were $309 million and $309 million as of March 31, 2016 and December 31, 2015, respectively, and are included in Spent Nuclear Fuel and Decommissioning Trusts on the condensed balance sheets.

Long-term Debt Activity

Long-term debt and other securities issued, retired and principal payments made during the first three months of 2016 are shown in the tables below:



Company	Type of Debt	Principal Amount (a)		Interest Rate	Due Date
Issuances:		(in millions)		(%)
APCo	Pollution Control Bonds	$	125.3	Variable	2016
I&M	Senior Unsecured Notes	400.0		4.55	2046

Non-Registrant:
Transource Missouri	Other Long-term Debt	5.5		Variable	2018
Total Issuances		$	530.8


(a)	Amounts indicated on the statements of cash flows are net of issuance costs and premium or discount and will not tie to the issuance amounts.



Company	Type of Debt	Principal Amount Paid		Interest Rate	Due Date
Retirements and Principal Payments:		(in millions)		(%)
APCo	Pollution Control Bonds	$	125.3	Variable	2016
APCo	Securitization Bonds	11.2		2.008	2024
I&M	Notes Payable	0.4		Variable	2016
I&M	Notes Payable	0.3		2.12	2016
I&M	Notes Payable	6.9		Variable	2017
I&M	Notes Payable	10.2		Variable	2019
I&M	Notes Payable	10.7		Variable	2019
I&M	Other Long-term Debt	0.3		6.00	2025
OPCo	Securitization Bonds	22.8		0.958	2018
PSO	Other Long-term Debt	0.1		3.00	2027
SWEPCo	Notes Payable	1.6		4.58	2032

Non-Registrant:
AEGCo	Senior Unsecured Notes	3.7		6.33	2037
AEP Subsidiaries	Notes Payable	1.0		Variable	2017
TCC	Securitization Bonds	44.2		6.25	2016
TCC	Securitization Bonds	83.7		5.17	2018
Total Retirements and Principal Payments		$	322.4

In April 2016, I&M retired $13 million of Notes Payable related to DCC Fuel.

In April 2016, Transource Missouri drew $6 million on an existing variable rate credit facility due in 2018.

As of March 31, 2016, trustees held, on behalf of AEP, $554 million of their reacquired Pollution Control Bonds. Of this total, $40 million and $345 million related to I&M and OPCo, respectively.

Dividend Restrictions

Parent Restrictions (Applies to AEP)

The holders of AEP’s common stock are entitled to receive the dividends declared by the Board of Directors provided funds are legally available for such dividends. Parent’s income primarily derives from common stock equity in the earnings of its utility subsidiaries.

Pursuant to the leverage restrictions in credit agreements, AEP must maintain a percentage of debt to total capitalization at a level that does not exceed 67.5%. The payment of cash dividends indirectly results in an increase in the percentage of debt to total capitalization of the company distributing the dividend. The method for calculating outstanding debt and capitalization is contractually defined in the credit agreements. As of March 31, 2016, none of AEP’s retained earnings were restricted for the purpose of the payment of dividends.

Utility Subsidiaries’ Restrictions

AEP utility subsidiaries pay dividends to Parent provided funds are legally available. Various financing arrangements and regulatory requirements may impose certain restrictions on the ability of the subsidiaries to transfer funds to Parent in the form of dividends.

Certain AEP subsidiaries have credit agreements that contain a covenant that limits their debt to capitalization ratio to 67.5%.

The Federal Power Act prohibits the utility subsidiaries from participating “in the making or paying of any dividends of such public utility from any funds properly included in capital account.” As of March 31, 2016, this restriction did not limit the ability of the utility subsidiaries to pay dividends out of retained earnings.

Additionally, the Federal Power Act creates a reserve on earnings attributable to hydroelectric generation plants. Because of their ownership of such plants, this reserve applies to AGR, APCo and I&M.

Corporate Borrowing Program - AEP System (Applies to Registrant Subsidiaries)

The AEP System uses a corporate borrowing program to meet the short-term borrowing needs of AEP’s subsidiaries. The corporate borrowing program includes a Utility Money Pool, which funds AEP’s utility subsidiaries, and a Nonutility Money Pool, which funds certain AEP nonutility subsidiaries. The AEP System Utility Money Pool operates in accordance with the terms and conditions of the AEP System Utility Money Pool agreement filed with the FERC. The amounts of outstanding loans to (borrowings from) the Utility Money Pool as of March 31, 2016 and December 31, 2015 are included in Advances to Affiliates and Advances from Affiliates, respectively, on each of the Registrant Subsidiaries’ condensed balance sheets. The Utility Money Pool participants’ money pool activity and their corresponding authorized borrowing limits for the three months ended March 31, 2016 are described in the following table:



Company	Maximum Borrowings from the Utility Money Pool		Maximum Loans to the Utility Money Pool		Average Borrowings from the Utility Money Pool		Average Loans to the Utility Money Pool		Net Loans to (Borrowings from) the Utility Money Pool as of March 31, 2016			Authorized Short-term Borrowing Limit
	(in millions)
APCo	$	286.9	$	25.7	$	183.2	$	25.5	$	(146.4	)	$	600.0
I&M	369.1		62.5		267.3		17.0		2.8			500.0
OPCo	—		379.2		—		304.7		221.9			400.0
PSO	—		91.0		—		48.7		8.4			300.0
SWEPCo	221.8		—		148.0		—		(217.8		)	350.0

The activity in the above table does not include short-term lending activity of SWEPCo’s wholly-owned subsidiary, Mutual Energy SWEPCo, LLC, which is a participant in the Nonutility Money Pool. The amounts of outstanding loans to the Nonutility Money Pool as of March 31, 2016 and December 31, 2015 are included in Advances to Affiliates on SWEPCo’s condensed balance sheets. For the three months ended March 31, 2016, Mutual Energy SWEPCo, LLC had the following activity in the Nonutility Money Pool:



Maximum		Average		Loans
Loans		Loans		to the
to the		to the		Nonutility
Nonutility		Nonutility		Money Pool as of
Money Pool		Money Pool		March 31, 2016
(in millions)
$	2.0	$	2.0	$	2.0

The maximum and minimum interest rates for funds either borrowed from or loaned to the Utility Money Pool were as follows:



	Three Months Ended March 31,
	2016		2015
Maximum Interest Rate	0.83	%	0.59	%
Minimum Interest Rate	0.69	%	0.39	%

The average interest rates for funds borrowed from and loaned to the Utility Money Pool for the three months ended March 31, 2016 and 2015 are summarized for all Registrant Subsidiaries in the following table:



	Average Interest Rate for Funds Borrowed from the Utility Money Pool for				Average Interest Rate for Funds Loaned to the Utility Money Pool for
	Three Months Ended March 31,				Three Months Ended March 31,
Company	2016		2015		2016		2015
APCo	0.73	%	—	%	0.73	%	0.45	%
I&M	0.72	%	0.46	%	0.74	%	0.46	%
OPCo	—	%	—	%	0.73	%	0.46	%
PSO	—	%	0.49	%	0.72	%	0.44	%
SWEPCo	0.73	%	0.46	%	—	%	0.52	%

Maximum, minimum and average interest rates for funds loaned to the Nonutility Money Pool for the three months ended March 31, 2016 are summarized for Mutual Energy SWEPCo, LLC in the following table:



	Maximum		Minimum		Average
	Interest Rate		Interest Rate		Interest Rate
	for Funds		for Funds		for Funds
Three	Loaned to		Loaned to		Loaned to
Months Ended	the Nonutility		the Nonutility		the Nonutility
March 31,	Money Pool		Money Pool		Money Pool
2016	0.83	%	0.69	%	0.73	%

Short-term Debt (Applies to AEP)

Outstanding short-term debt was as follows:



	March 31, 2016				December 31, 2015
Type of Debt	Outstanding Amount		Interest Rate (a)		Outstanding Amount		Interest Rate (a)
	(in millions)				(in millions)
Securitized Debt for Receivables (b)	$	719.0	0.58	%	$	675.0	0.30	%
Commercial Paper	502.0		0.77	%	125.0		0.81	%
Total Short-term Debt	$	1,221.0			$	800.0


(a)	Weighted average rate.


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

Credit Facilities

For a discussion of credit facilities, see “Letters of Credit” section of Note 5.

Sale of Receivables – AEP Credit (Applies to AEP)

AEP Credit has a receivables securitization agreement with bank conduits. Under the securitization agreement, AEP Credit receives financing from the bank conduits for the interest in the receivables AEP Credit acquires from affiliated utility subsidiaries. These securitized transactions allow AEP Credit to repay its outstanding debt obligations, continue to purchase the operating companies’ receivables and accelerate AEP Credit’s cash collections.

AEP Credit’s receivables securitization agreement provides a commitment of $750 million from bank conduits to purchase receivables and expires in June 2017.

Accounts receivable information for AEP Credit is as follows:



	Three Months Ended March 31,
	2016			2015
	(dollars in millions)
Effective Interest Rates on Securitization of Accounts Receivable	0.58		%	0.26		%
Net Uncollectible Accounts Receivable Written Off	$	5.7		$	6.6



	March 31, 2016		December 31, 2015
	(in millions)
Accounts Receivable Retained Interest and Pledged as Collateral Less Uncollectible Accounts	$	849.8	$	924.8
Total Principal Outstanding	719.0		675.0
Delinquent Securitized Accounts Receivable	52.1		48.3
Bad Debt Reserves Related to Securitization of Accounts Receivable	20.9		17.5
Unbilled Receivables Related to Securitization of Accounts Receivable	264.0		357.8

AEP Credit’s delinquent customer accounts receivable represent accounts greater than 30 days past due.

Sale of Receivables – AEP Credit (Applies to Registrant Subsidiaries)

Under this sale of receivables arrangement, the Registrant Subsidiaries sell, without recourse, certain of their customer accounts receivable and accrued unbilled revenue balances to AEP Credit and are charged a fee based on AEP Credit’s financing costs, administrative costs and uncollectible accounts experience for each Registrant Subsidiary’s receivables. APCo does not have regulatory authority to sell its West Virginia accounts receivable. The costs of customer accounts receivable sold are reported in Other Operation expense on the Registrant Subsidiaries’ condensed statements of income. The Registrant Subsidiaries manage and service their customer accounts receivable, which are sold to AEP Credit. AEP Credit securitizes the eligible receivables for the operating companies and retains the remainder.

The amount of accounts receivable and accrued unbilled revenues under the sale of receivables agreement for each Registrant Subsidiary as of March 31, 2016 and December 31, 2015 was as follows:



Company	March 31, 2016		December 31, 2015
	(in millions)
APCo	$	136.6	$	135.4
I&M	125.3		134.8
OPCo	339.0		351.4
PSO	94.5		116.1
SWEPCo	121.2		151.8

The fees paid by the Registrant Subsidiaries to AEP Credit for customer accounts receivable sold were:



	Three Months Ended March 31,
Company	2016		2015
	(in millions)
APCo	$	1.8	$	2.5
I&M	1.9		2.4
OPCo	7.9		8.0
PSO	1.4		1.4
SWEPCo	1.5		1.7

The Registrant Subsidiaries’ proceeds on the sale of receivables to AEP Credit were:



	Three Months Ended March 31,
Company	2016		2015
	(in millions)
APCo	$	384.4	$	429.6
I&M	388.1		419.6
OPCo	646.6		715.0
PSO	272.1		302.5
SWEPCo	336.1		373.2

Financing Activities

FINANCING ACTIVITIES

The disclosures in this note apply to all Registrants unless indicated otherwise.

Long-term Debt Outstanding (Applies to AEP)

The following table details long-term debt outstanding as of March 31, 2016 and December 31, 2015:



Type of Debt	March 31, 2016		December 31, 2015
	(in millions)
Senior Unsecured Notes	$	14,026.2	$	13,629.1
Pollution Control Bonds	1,784.1		1,784.8
Notes Payable	233.6		264.7
Securitization Bonds	1,863.1		2,024.0
Spent Nuclear Fuel Obligation (a)	265.7		265.6
Other Long-term Debt	1,609.9		1,604.5
Total Long-term Debt Outstanding	19,782.6		19,572.7
Long-term Debt Due Within One Year	2,033.3		1,831.8
Long-term Debt	$	17,749.3	$	17,740.9

(a)

Pursuant to the Nuclear Waste Policy Act of 1982, I&M, a nuclear licensee, has an obligation to the United States Department of Energy for spent nuclear fuel disposal. The obligation includes a one-time fee for nuclear fuel consumed prior to April 7, 1983. Trust fund assets related to this obligation were $309 million and $309 million as of March 31, 2016 and December 31, 2015, respectively, and are included in Spent Nuclear Fuel and Decommissioning Trusts on the condensed balance sheets.

Long-term Debt Activity

Long-term debt and other securities issued, retired and principal payments made during the first three months of 2016 are shown in the tables below:



Company	Type of Debt	Principal Amount (a)		Interest Rate	Due Date
Issuances:		(in millions)		(%)
APCo	Pollution Control Bonds	$	125.3	Variable	2016
I&M	Senior Unsecured Notes	400.0		4.55	2046

Non-Registrant:
Transource Missouri	Other Long-term Debt	5.5		Variable	2018
Total Issuances		$	530.8


(a)	Amounts indicated on the statements of cash flows are net of issuance costs and premium or discount and will not tie to the issuance amounts.



Company	Type of Debt	Principal Amount Paid		Interest Rate	Due Date
Retirements and Principal Payments:		(in millions)		(%)
APCo	Pollution Control Bonds	$	125.3	Variable	2016
APCo	Securitization Bonds	11.2		2.008	2024
I&M	Notes Payable	0.4		Variable	2016
I&M	Notes Payable	0.3		2.12	2016
I&M	Notes Payable	6.9		Variable	2017
I&M	Notes Payable	10.2		Variable	2019
I&M	Notes Payable	10.7		Variable	2019
I&M	Other Long-term Debt	0.3		6.00	2025
OPCo	Securitization Bonds	22.8		0.958	2018
PSO	Other Long-term Debt	0.1		3.00	2027
SWEPCo	Notes Payable	1.6		4.58	2032

Non-Registrant:
AEGCo	Senior Unsecured Notes	3.7		6.33	2037
AEP Subsidiaries	Notes Payable	1.0		Variable	2017
TCC	Securitization Bonds	44.2		6.25	2016
TCC	Securitization Bonds	83.7		5.17	2018
Total Retirements and Principal Payments		$	322.4

In April 2016, I&M retired $13 million of Notes Payable related to DCC Fuel.

In April 2016, Transource Missouri drew $6 million on an existing variable rate credit facility due in 2018.

As of March 31, 2016, trustees held, on behalf of AEP, $554 million of their reacquired Pollution Control Bonds. Of this total, $40 million and $345 million related to I&M and OPCo, respectively.

Dividend Restrictions

Parent Restrictions (Applies to AEP)

The holders of AEP’s common stock are entitled to receive the dividends declared by the Board of Directors provided funds are legally available for such dividends. Parent’s income primarily derives from common stock equity in the earnings of its utility subsidiaries.

Pursuant to the leverage restrictions in credit agreements, AEP must maintain a percentage of debt to total capitalization at a level that does not exceed 67.5%. The payment of cash dividends indirectly results in an increase in the percentage of debt to total capitalization of the company distributing the dividend. The method for calculating outstanding debt and capitalization is contractually defined in the credit agreements. As of March 31, 2016, none of AEP’s retained earnings were restricted for the purpose of the payment of dividends.

Utility Subsidiaries’ Restrictions

AEP utility subsidiaries pay dividends to Parent provided funds are legally available. Various financing arrangements and regulatory requirements may impose certain restrictions on the ability of the subsidiaries to transfer funds to Parent in the form of dividends.

Certain AEP subsidiaries have credit agreements that contain a covenant that limits their debt to capitalization ratio to 67.5%.

The Federal Power Act prohibits the utility subsidiaries from participating “in the making or paying of any dividends of such public utility from any funds properly included in capital account.” As of March 31, 2016, this restriction did not limit the ability of the utility subsidiaries to pay dividends out of retained earnings.

Additionally, the Federal Power Act creates a reserve on earnings attributable to hydroelectric generation plants. Because of their ownership of such plants, this reserve applies to AGR, APCo and I&M.

Corporate Borrowing Program - AEP System (Applies to Registrant Subsidiaries)

The AEP System uses a corporate borrowing program to meet the short-term borrowing needs of AEP’s subsidiaries. The corporate borrowing program includes a Utility Money Pool, which funds AEP’s utility subsidiaries, and a Nonutility Money Pool, which funds certain AEP nonutility subsidiaries. The AEP System Utility Money Pool operates in accordance with the terms and conditions of the AEP System Utility Money Pool agreement filed with the FERC. The amounts of outstanding loans to (borrowings from) the Utility Money Pool as of March 31, 2016 and December 31, 2015 are included in Advances to Affiliates and Advances from Affiliates, respectively, on each of the Registrant Subsidiaries’ condensed balance sheets. The Utility Money Pool participants’ money pool activity and their corresponding authorized borrowing limits for the three months ended March 31, 2016 are described in the following table:



Company	Maximum Borrowings from the Utility Money Pool		Maximum Loans to the Utility Money Pool		Average Borrowings from the Utility Money Pool		Average Loans to the Utility Money Pool		Net Loans to (Borrowings from) the Utility Money Pool as of March 31, 2016			Authorized Short-term Borrowing Limit
	(in millions)
APCo	$	286.9	$	25.7	$	183.2	$	25.5	$	(146.4	)	$	600.0
I&M	369.1		62.5		267.3		17.0		2.8			500.0
OPCo	—		379.2		—		304.7		221.9			400.0
PSO	—		91.0		—		48.7		8.4			300.0
SWEPCo	221.8		—		148.0		—		(217.8		)	350.0

The activity in the above table does not include short-term lending activity of SWEPCo’s wholly-owned subsidiary, Mutual Energy SWEPCo, LLC, which is a participant in the Nonutility Money Pool. The amounts of outstanding loans to the Nonutility Money Pool as of March 31, 2016 and December 31, 2015 are included in Advances to Affiliates on SWEPCo’s condensed balance sheets. For the three months ended March 31, 2016, Mutual Energy SWEPCo, LLC had the following activity in the Nonutility Money Pool:



Maximum		Average		Loans
Loans		Loans		to the
to the		to the		Nonutility
Nonutility		Nonutility		Money Pool as of
Money Pool		Money Pool		March 31, 2016
(in millions)
$	2.0	$	2.0	$	2.0

The maximum and minimum interest rates for funds either borrowed from or loaned to the Utility Money Pool were as follows:



	Three Months Ended March 31,
	2016		2015
Maximum Interest Rate	0.83	%	0.59	%
Minimum Interest Rate	0.69	%	0.39	%

The average interest rates for funds borrowed from and loaned to the Utility Money Pool for the three months ended March 31, 2016 and 2015 are summarized for all Registrant Subsidiaries in the following table:



	Average Interest Rate for Funds Borrowed from the Utility Money Pool for				Average Interest Rate for Funds Loaned to the Utility Money Pool for
	Three Months Ended March 31,				Three Months Ended March 31,
Company	2016		2015		2016		2015
APCo	0.73	%	—	%	0.73	%	0.45	%
I&M	0.72	%	0.46	%	0.74	%	0.46	%
OPCo	—	%	—	%	0.73	%	0.46	%
PSO	—	%	0.49	%	0.72	%	0.44	%
SWEPCo	0.73	%	0.46	%	—	%	0.52	%

Maximum, minimum and average interest rates for funds loaned to the Nonutility Money Pool for the three months ended March 31, 2016 are summarized for Mutual Energy SWEPCo, LLC in the following table:



	Maximum		Minimum		Average
	Interest Rate		Interest Rate		Interest Rate
	for Funds		for Funds		for Funds
Three	Loaned to		Loaned to		Loaned to
Months Ended	the Nonutility		the Nonutility		the Nonutility
March 31,	Money Pool		Money Pool		Money Pool
2016	0.83	%	0.69	%	0.73	%

Short-term Debt (Applies to AEP)

Outstanding short-term debt was as follows:



	March 31, 2016				December 31, 2015
Type of Debt	Outstanding Amount		Interest Rate (a)		Outstanding Amount		Interest Rate (a)
	(in millions)				(in millions)
Securitized Debt for Receivables (b)	$	719.0	0.58	%	$	675.0	0.30	%
Commercial Paper	502.0		0.77	%	125.0		0.81	%
Total Short-term Debt	$	1,221.0			$	800.0


(a)	Weighted average rate.


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

Credit Facilities

For a discussion of credit facilities, see “Letters of Credit” section of Note 5.

Sale of Receivables – AEP Credit (Applies to AEP)

AEP Credit has a receivables securitization agreement with bank conduits. Under the securitization agreement, AEP Credit receives financing from the bank conduits for the interest in the receivables AEP Credit acquires from affiliated utility subsidiaries. These securitized transactions allow AEP Credit to repay its outstanding debt obligations, continue to purchase the operating companies’ receivables and accelerate AEP Credit’s cash collections.

AEP Credit’s receivables securitization agreement provides a commitment of $750 million from bank conduits to purchase receivables and expires in June 2017.

Accounts receivable information for AEP Credit is as follows:



	Three Months Ended March 31,
	2016			2015
	(dollars in millions)
Effective Interest Rates on Securitization of Accounts Receivable	0.58		%	0.26		%
Net Uncollectible Accounts Receivable Written Off	$	5.7		$	6.6



	March 31, 2016		December 31, 2015
	(in millions)
Accounts Receivable Retained Interest and Pledged as Collateral Less Uncollectible Accounts	$	849.8	$	924.8
Total Principal Outstanding	719.0		675.0
Delinquent Securitized Accounts Receivable	52.1		48.3
Bad Debt Reserves Related to Securitization of Accounts Receivable	20.9		17.5
Unbilled Receivables Related to Securitization of Accounts Receivable	264.0		357.8

AEP Credit’s delinquent customer accounts receivable represent accounts greater than 30 days past due.

Sale of Receivables – AEP Credit (Applies to Registrant Subsidiaries)

Under this sale of receivables arrangement, the Registrant Subsidiaries sell, without recourse, certain of their customer accounts receivable and accrued unbilled revenue balances to AEP Credit and are charged a fee based on AEP Credit’s financing costs, administrative costs and uncollectible accounts experience for each Registrant Subsidiary’s receivables. APCo does not have regulatory authority to sell its West Virginia accounts receivable. The costs of customer accounts receivable sold are reported in Other Operation expense on the Registrant Subsidiaries’ condensed statements of income. The Registrant Subsidiaries manage and service their customer accounts receivable, which are sold to AEP Credit. AEP Credit securitizes the eligible receivables for the operating companies and retains the remainder.

The amount of accounts receivable and accrued unbilled revenues under the sale of receivables agreement for each Registrant Subsidiary as of March 31, 2016 and December 31, 2015 was as follows:



Company	March 31, 2016		December 31, 2015
	(in millions)
APCo	$	136.6	$	135.4
I&M	125.3		134.8
OPCo	339.0		351.4
PSO	94.5		116.1
SWEPCo	121.2		151.8

The fees paid by the Registrant Subsidiaries to AEP Credit for customer accounts receivable sold were:



	Three Months Ended March 31,
Company	2016		2015
	(in millions)
APCo	$	1.8	$	2.5
I&M	1.9		2.4
OPCo	7.9		8.0
PSO	1.4		1.4
SWEPCo	1.5		1.7

The Registrant Subsidiaries’ proceeds on the sale of receivables to AEP Credit were:



	Three Months Ended March 31,
Company	2016		2015
	(in millions)
APCo	$	384.4	$	429.6
I&M	388.1		419.6
OPCo	646.6		715.0
PSO	272.1		302.5
SWEPCo	336.1		373.2