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Significant Accounting Matters (Tables)
 9 Months Ended
Sep. 30, 2018
Basic and Diluted EPS Calculations
 
Three Months Ended September 30,
 
2018
 
2017
 
(in millions, except per share data)
 
 

 
$/share
 
 
 
$/share
Earnings Attributable to AEP Common Shareholders
$
577.6

 
 

 
$
544.7

 
 

 
 
 
 
 
 
 
 
Weighted Average Number of Basic Shares Outstanding
493.0

 
$
1.17

 
491.8

 
$
1.11

Weighted Average Dilutive Effect of Stock-Based Awards
0.9

 
—

 
1.2

 
(0.01
)
Weighted Average Number of Diluted Shares Outstanding
493.9

 
$
1.17

 
493.0

 
$
1.10

 
Nine Months Ended September 30,
 
2018
 
2017
 
(in millions, except per share data)
 
 

 
$/share
 
 
 
$/share
Earnings Attributable to AEP Common Shareholders
$
1,560.4

 
 
 
$
1,511.9

 
 
 
 
 
 
 
 
 
 
Weighted Average Number of Basic Shares Outstanding
492.6

 
$
3.17

 
491.8

 
$
3.07

Weighted Average Dilutive Effect of Stock-Based Awards
0.9

 
(0.01
)
 
0.6

 
—

Weighted Average Number of Diluted Shares Outstanding
493.5

 
$
3.16

 
492.4

 
$
3.07
Revision to Prior Year Income
 
 
Three Months Ended
September 30, 2017
 
Nine Months Ended
September 30, 2017
 
 
As Reported
 
Adjustments
 
As Adjusted
 
As Reported
 
Adjustments
 
As Adjusted
 
 
(in millions)
 
(in millions)
TOTAL REVENUES
 
$
167.3

 
$
(1.7
)
 
$
165.6

 
$
549.4

 
$
(14.6
)
 
$
534.8

 
 
 
 
 
 
 
 
 
 
 
 
 
EXPENSES
 
 

 
 
 
 

 
 

 
 
 
 

Depreciation and Amortization
 
24.8

 
(0.2
)
 
24.6

 
70.9

 
(1.2
)
 
69.7

TOTAL EXPENSES
 
72.2

 
(0.2
)
 
72.0

 
198.5

 
(1.2
)
 
197.3

 
 
 
 
 
 
 
 
 
 
 
 
 
OPERATING INCOME
 
95.1

 
(1.5
)
 
93.6

 
350.9

 
(13.4
)
 
337.5

 
 
 
 
 
 
 
 
 
 
 
 
 
Other Income (Expense):
 
 

 
 
 
 

 
 

 
 
 
 

Allowance for Equity Funds Used During Construction
 
11.7

 
(0.3
)
 
11.4

 
36.0

 
(3.0
)
 
33.0

Interest Expense
 
(16.9
)
 
(0.2
)
 
(17.1
)
 
(48.6
)
 
(1.8
)
 
(50.4
)
 
 
 
 
 
 
 
 
 
 
 
 
 
INCOME BEFORE INCOME TAX EXPENSE
 
90.1

 
(2.0
)
 
88.1

 
338.8

 
(18.2
)
 
320.6

 
 
 
 
 
 
 
 
 
 
 
 
 
Income Tax Expense
 
30.2

 
(0.7
)
 
29.5

 
114.5

 
(6.3
)
 
108.2

 
 
 
 
 
 
 
 
 
 
 
 
 
NET INCOME
 
$
59.9

 
$
(1.3
)
 
$
58.6

 
$
224.3

 
$
(11.9
)
 
$
212.4
Schedule of Error Corrections and Prior Period Adjustments
 
 
Nine Months Ended September 30, 2017
 
 
As Reported
 
Adjustments
 
As Adjusted
 
 
(in millions)
OPERATING ACTIVITIES
 
 
 
 
 
 
Net Income
 
$
224.3

 
$
(11.9
)
 
$
212.4

Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:
 
 
 
 
 
 
Depreciation and Amortization
 
70.9

 
(1.2
)
 
69.7

Deferred Income Taxes
 
193.0

 
(1.1
)
 
191.9

Allowance for Equity Funds Used During Construction
 
(36.0
)
 
3.0

 
(33.0
)
Change in Other Noncurrent Assets
 
7.6

 
1.0

 
8.6

Changes in Certain Components of Working Capital:
 
 
 


 
 
Accounts Receivable, Net
 
(44.4
)
 
3.6

 
(40.8
)
Accounts Payable
 
8.6

 
11.8

 
20.4

Accrued Taxes, Net
 
(66.0
)
 
(5.2
)
 
(71.2
)
Net Cash Flows from Operating Activities
 
444.9

 
—

 
444.9

 
 
 
 
 
 
 
INVESTING ACTIVITIES
 
 
 


 


Net Cash Flows Used for Investing Activities
 
(1,277.4
)
 
—

 
(1,277.4
)
 
 
 
 
 
 
 
FINANCING ACTIVITIES
 
 

 
 
 
 

Net Cash Flows from Financing Activities
 
832.5

 
—

 
832.5

 
 
 
 
 
 
 
Net Change in Cash and Cash Equivalents
 
—

 
—

 
—

Cash and Cash Equivalents at Beginning of Period
 
—

 
—

 
—

Cash and Cash Equivalents at End of Period
 
$
—

 
$
—

 
$
—

 
 
 
 


 


SUPPLEMENTARY INFORMATION
 
 
 
 
 
 
Cash Paid for Interest, Net of Capitalized Amounts
 
$
28.6

 
$
1.8

 
$
30.4

Construction Expenditures Included in Current Liabilities as of September 30,
 
239.0

 
9.9

 
248.9

 
 
December 31, 2017
 
 
As Reported
 
Adjustment
 
As Adjusted
CURRENT ASSETS
 
(in millions)
Accounts Receivable:
 
 
 
 
 
 
Customers
 
$
19.1

 
$
(4.1
)
 
$
15.0

Total Accounts Receivable
 
113.6

 
(4.1
)
 
109.5

Accrued Tax Benefits
 
46.6

 
2.8

 
49.4

TOTAL CURRENT ASSETS
 
327.7

 
(1.3
)
 
326.4

 
 
 
 
 
 
 
TRANSMISSION PROPERTY
 
 
 
 
 
 
Transmission Property
 
5,336.1

 
(16.4
)
 
5,319.7

Other Property, Plant and Equipment
 
131.4

 
(4.6
)
 
126.8

Construction Work in Progress
 
1,312.7

 
11.3

 
1,324.0

Total Transmission Property
 
6,780.2

 
(9.7
)
 
6,770.5

Accumulated Depreciation and Amortization
 
170.4

 
(17.8
)
 
152.6

TOTAL TRANSMISSION PROPERTY – NET
 
6,609.8

 
8.1

 
6,617.9

 
 
 
 
 
 
 
OTHER NONCURRENT ASSETS
 
 
 
 
 
 
Deferred Property Taxes
 
117.8

 
7.2

 
125.0

TOTAL OTHER NONCURRENT ASSETS
 
130.6

 
7.2

 
137.8

 
 
 
 
 
 
 
TOTAL ASSETS
 
$
7,068.1

 
$
14.0

 
$
7,082.1


CURRENT LIABILITIES
 
 
 
 
 
 
Accounts Payable:
 
 
 
 
 
 
General
 
$
473.2

 
$
11.3

 
$
484.5

Affiliated Companies
 
52.9

 
13.2

 
66.1

Accrued Taxes
 
225.4

 
6.1

 
231.5

TOTAL CURRENT LIABILITIES
 
836.3

 
30.6

 
866.9

 
 
 
 
 
 
 
NONCURRENT LIABILITIES
 
 
 
 
 
 
Deferred Income Taxes
 
601.7

 
(1.3
)
 
600.4

Regulatory Liabilities
 
493.7

 
0.1

 
493.8

TOTAL NONCURRENT LIABILITIES
 
3,626.5

 
(1.2
)
 
3,625.3

 
 
 
 
 
 
 
TOTAL LIABILITIES
 
4,462.8

 
29.4

 
4,492.2

 
 
 
 
 
 
 
MEMBER’S EQUITY
 
 
 
 
 
 
Retained Earnings
 
788.7

 
(15.4
)
 
773.3

TOTAL MEMBER’S EQUITY
 
2,605.3

 
(15.4
)
 
2,589.9

 
 
 
 
 
 
 
TOTAL LIABILITIES AND MEMBER’S EQUITY
 
$
7,068.1

 
$
14.0

 
$
7,082.1
Supplementary Information
 
 
September 30, 2018
 
 
AEP
 
AEP Texas
 
APCo
 
OPCo
 
 
(in millions)
Cash and Cash Equivalents
 
$
788.3

 
$
0.1

 
$
2.2

 
$
3.5

Restricted Cash
 
149.2

 
124.2

 
9.9

 
15.2

Total Cash, Cash Equivalents and Restricted Cash
 
$
937.5

 
$
124.3

 
$
12.1

 
$
18.7

 
 
December 31, 2017
 
 
AEP
 
AEP Texas
 
APCo
 
OPCo
 
 
(in millions)
Cash and Cash Equivalents
 
$
214.6

 
$
2.0

 
$
2.9

 
$
3.1

Restricted Cash
 
198.0

 
155.2

 
16.3

 
26.6

Total Cash, Cash Equivalents and Restricted Cash
 
$
412.6

 
$
157.2

 
$
19.2

 
$
29.7