XML 1063 R2.htm IDEA: XBRL DOCUMENT v3.6.0.2
Consolidated Statements of Income - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Revenues      
Vertically Integrated Utilities $ 9,012.4 $ 9,069.9 $ 9,396.8
Transmission and Distribution Utilities 4,328.3 4,392.0 4,552.6
Generation and Marketing 2,858.7 2,866.7 2,384.3
Other Revenues 180.7 124.6 44.9
TOTAL REVENUES 16,380.1 16,453.2 16,378.6
Expenses      
Fuel and Other Consumables Used for Electric Generation 2,908.9 3,348.1 4,271.8
Purchased Electricity for Resale 2,821.4 2,760.1 2,085.9
Other Operation 2,956.9 2,703.9 2,766.6
Maintenance 1,237.7 1,325.3 1,328.0
Asset Impairments and Other Related Charges 2,267.8 0.0 0.0
Depreciation and Amortization 1,962.3 2,009.7 1,897.6
Taxes Other Than Income Taxes 1,018.0 972.6 901.3
TOTAL EXPENSES 15,173.0 13,119.7 13,251.2
OPERATING INCOME (LOSS) 1,207.1 3,333.5 3,127.4
Other Income (Expense):      
Interest and Investment Income 16.3 7.9 7.4
Carrying Costs Income 16.2 23.5 33.2
Allowance for Equity Funds Used During Construction 113.2 131.9 102.9
Interest Expense (877.2) (873.9) (868.0)
INCOME BEFORE INCOME TAX EXPENSE (CREDIT) AND EQUITY EARNINGS (LOSS) 475.6 2,622.9 2,402.9
Income Tax Expense (Credit) (73.7) 919.6 902.6
Equity Earnings (Loss) of Unconsolidated Subsidiaries 71.2 65.3 90.2
Income from Continuing Operations 620.5 1,768.6 1,590.5
Income from Discontinued Operations, Net of Tax (2.5) 283.7 47.5
NET INCOME (LOSS) 618.0 2,052.3 1,638.0
Net Income Attributable to Noncontrolling Interests 7.1 5.2 4.2
EARNINGS ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 610.9 $ 2,047.1 $ 1,633.8
Earnings Per Share      
WEIGHTED AVERAGE NUMBER OF BASIC AEP COMMON SHARES OUTSTANDING 491,495,458 490,340,522 488,592,997
BASIC EARNINGS PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS FROM CONTINUING OPERATIONS $ 1.25 $ 3.59 $ 3.24
BASIC EARNINGS PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS FROM DISCONTINUED OPERATIONS (0.01) 0.58 0.10
TOTAL BASIC EARNINGS PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS $ 1.24 $ 4.17 $ 3.34
WEIGHTED AVERAGE NUMBER OF DILUTED AEP COMMON SHARES OUTSTANDING 491,662,007 490,574,568 488,899,840
DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS FROM CONTINUING OPERATIONS $ 1.25 $ 3.59 $ 3.24
DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS FROM DISCONTINUED OPERATIONS (0.01) 0.58 0.10
TOTAL DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS $ 1.24 $ 4.17 $ 3.34
Appalachian Power Co [Member]      
Revenues      
Vertically Integrated Utilities $ 2,847.4 $ 2,805.6 $ 2,899.4
Sales to AEP Affiliates 142.1 147.8 144.5
Other Revenues 11.7 10.1 9.2
TOTAL REVENUES 3,001.2 2,963.5 3,053.1
Expenses      
Fuel and Other Consumables Used for Electric Generation 654.9 675.9 813.4
Purchased Electricity for Resale 329.3 395.2 456.6
Purchased Electricity from AEP Affiliates 0.0 0.0 4.7
Other Operation 486.7 405.4 427.7
Maintenance 275.0 263.3 259.3
Depreciation and Amortization 388.5 388.8 400.9
Taxes Other Than Income Taxes 123.5 124.1 122.3
TOTAL EXPENSES 2,257.9 2,252.7 2,484.9
OPERATING INCOME (LOSS) 743.3 710.8 568.2
Other Income (Expense):      
Interest Income 1.3 1.4 1.6
Carrying Costs Income 0.4 1.2 3.0
Allowance for Equity Funds Used During Construction 11.7 13.8 7.1
Interest Expense (188.5) (192.3) (209.6)
INCOME BEFORE INCOME TAX EXPENSE (CREDIT) AND EQUITY EARNINGS (LOSS) 568.2 534.9 370.3
Income Tax Expense (Credit) 199.1 194.3 154.9
NET INCOME (LOSS) 369.1 340.6 215.4
Indiana Michigan Power Co [Member]      
Revenues      
Vertically Integrated Utilities 2,062.3 2,073.3 2,149.1
Sales to AEP Affiliates 26.2 27.4 4.2
Other Revenues - Affiliated 62.1 78.8 94.4
Other Revenues 17.0 6.7 2.0
TOTAL REVENUES 2,167.6 2,186.2 2,249.7
Expenses      
Fuel and Other Consumables Used for Electric Generation 284.1 336.3 476.6
Purchased Electricity for Resale 198.7 195.8 96.8
Purchased Electricity from AEP Affiliates 228.6 232.1 270.0
Other Operation 572.0 553.4 586.0
Maintenance 205.6 212.0 228.5
Asset Impairments and Other Related Charges 10.5 0.0 0.0
Depreciation and Amortization 191.7 198.4 200.2
Taxes Other Than Income Taxes 94.8 88.3 86.4
TOTAL EXPENSES 1,786.0 1,816.3 1,944.5
OPERATING INCOME (LOSS) 381.6 369.9 305.2
Other Income (Expense):      
Interest Income 11.3 9.6 4.6
Allowance for Equity Funds Used During Construction 15.3 11.6 18.9
Interest Expense (100.8) (90.2) (93.5)
INCOME BEFORE INCOME TAX EXPENSE (CREDIT) AND EQUITY EARNINGS (LOSS) 307.4 300.9 235.2
Income Tax Expense (Credit) 67.5 96.1 79.6
NET INCOME (LOSS) 239.9 204.8 155.6
Ohio Power Co [Member]      
Revenues      
Transmission and Distribution Utilities 2,930.1 3,056.1 3,204.9
Sales to AEP Affiliates 17.3 84.1 165.2
Other Revenues 6.5 8.5 6.8
TOTAL REVENUES 2,953.9 3,148.7 3,376.9
Expenses      
Purchased Electricity for Resale 663.1 635.0 282.0
Purchased Electricity from AEP Affiliates 141.9 527.1 1,349.7
Generation Deferrals (82.7) (30.7) [1] (157.0) [1]
Amortization of Generation Deferrals 242.9 169.1 110.9
Other Operation 706.8 630.3 594.8
Maintenance 148.0 166.8 196.0
Depreciation and Amortization 238.6 217.5 213.7
Taxes Other Than Income Taxes 386.8 372.8 353.3
TOTAL EXPENSES 2,445.4 2,687.9 2,943.4
OPERATING INCOME (LOSS) 508.5 460.8 433.5
Other Income (Expense):      
Interest Income 3.8 5.6 10.0
Carrying Costs Income 19.9 11.8 26.5
Allowance for Equity Funds Used During Construction 6.0 8.8 6.9
Interest Expense (112.2) (127.8) (128.3)
INCOME BEFORE INCOME TAX EXPENSE (CREDIT) AND EQUITY EARNINGS (LOSS) 426.0 359.2 348.6
Income Tax Expense (Credit) 143.8 126.5 132.2
NET INCOME (LOSS) 282.2 232.7 216.4
Public Service Co Of Oklahoma [Member]      
Revenues      
Vertically Integrated Utilities 1,242.8 1,331.4 1,340.3
Sales to AEP Affiliates 2.6 4.6 7.1
Other Revenues 4.4 3.2 4.2
TOTAL REVENUES 1,249.8 1,339.2 1,351.6
Expenses      
Fuel and Other Consumables Used for Electric Generation 44.8 301.4 258.0
Purchased Electricity for Resale 441.2 316.9 385.0
Purchased Electricity from AEP Affiliates 3.7 0.0 11.0
Other Operation 288.5 268.4 262.8
Maintenance 106.9 104.6 108.0
Depreciation and Amortization 130.2 117.5 101.0
Taxes Other Than Income Taxes 35.8 37.2 37.0
TOTAL EXPENSES 1,051.1 1,146.0 1,162.8
OPERATING INCOME (LOSS) 198.7 193.2 188.8
Other Income (Expense):      
Interest Income 0.7 0.4 0.2
Allowance for Equity Funds Used During Construction 6.2 8.8 3.1
Interest Expense (51.2) (58.6) (54.6)
INCOME BEFORE INCOME TAX EXPENSE (CREDIT) AND EQUITY EARNINGS (LOSS) 154.4 143.8 137.5
Income Tax Expense (Credit) 54.4 51.3 50.6
NET INCOME (LOSS) 100.0 92.5 86.9
Southwestern Electric Power Co [Member]      
Revenues      
Vertically Integrated Utilities 1,721.5 1,762.3 1,817.9
Sales to AEP Affiliates 24.5 16.6 26.3
Other Revenues 2.0 2.0 2.2
TOTAL REVENUES 1,748.0 1,780.9 1,846.4
Expenses      
Fuel and Other Consumables Used for Electric Generation 517.8 570.6 650.4
Purchased Electricity for Resale 142.4 110.6 178.1
Purchased Electricity from AEP Affiliates 0.0 0.0 3.8
Other Operation 331.7 294.5 272.8
Maintenance 149.7 155.9 149.2
Depreciation and Amortization 196.5 192.0 185.1
Taxes Other Than Income Taxes 88.8 88.1 84.3
TOTAL EXPENSES 1,426.9 1,411.7 1,523.7
OPERATING INCOME (LOSS) 321.1 369.2 322.7
Other Income (Expense):      
Interest Income 1.5 1.2 0.3
Allowance for Equity Funds Used During Construction 11.0 26.4 11.9
Interest Expense (119.7) (119.9) (126.1)
INCOME BEFORE INCOME TAX EXPENSE (CREDIT) AND EQUITY EARNINGS (LOSS) 213.9 276.9 208.8
Income Tax Expense (Credit) 52.1 84.8 66.4
Equity Earnings (Loss) of Unconsolidated Subsidiaries 7.9 3.9 2.2
NET INCOME (LOSS) 169.7 196.0 144.6
Net Income Attributable to Noncontrolling Interests 4.1 3.7 4.2
EARNINGS ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 165.6 $ 192.3 $ 140.4
[1] Amounts exclude $31 million and $157 million in 2015 and 2014, respectively, which are now presented as Generation Deferrals on the Statement of Income.