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Leases (Tables)

3 Months Ended

Mar. 31, 2019



Three Months Ended March 31, 2019	AEP		AEP Texas		AEPTCo		APCo		I&M		OPCo		PSO		SWEPCo
	(in millions)
Operating Lease Cost	$	64.6	$	3.8	$	0.6	$	4.6	$	23.0	$	3.6	$	1.5	$	1.8
Finance Lease Cost:
Amortization of Right-of-Use Assets	14.2		1.1		—		1.5		1.3		0.7		0.7		2.7
Interest on Lease Liabilities	4.1		0.3		—		0.7		0.8		0.2		0.1		0.8
Total Lease Rental Costs (a)	$	82.9	$	5.2	$	0.6	$	6.8	$	25.1	$	4.5	$	2.3	$	5.3

(a)

Excludes variable and short-term lease costs, which were immaterial for the three months ended March 31, 2019.



Lease Term and Discount Rate	AEP		AEP Texas		AEPTCo		APCo		I&M		OPCo		PSO		SWEPCo

Weighted-Average Remaining Lease Term (years):
Operating Leases	5.43		7.30		2.71		6.34		4.32		8.21		7.11		6.67
Finance Leases	5.94		7.07		1.08		6.44		6.91		6.16		6.06		5.60
Weighted-Average Discount Rate:
Operating Leases	3.61	%	3.82	%	3.14	%	3.66	%	3.45	%	3.86	%	3.67	%	3.89	%
Finance Leases	6.19	%	4.79	%	9.33	%	8.61	%	9.03	%	4.81	%	4.78	%	5.04	%



	AEP		AEP Texas		AEPTCo		APCo		I&M		OPCo		PSO		SWEPCo
	(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating Cash Flows from Operating Leases	$	28.9	$	3.8	$	0.7	$	4.2	$	5.0	$	3.6	$	1.5	$	1.4
Operating Cash Flows from Finance Leases	3.8		0.3		—		0.7		0.7		0.2		0.1		0.7
Financing Cash Flows from Finance Leases	14.3		1.2		—		1.6		1.2		0.7		0.7		2.7

Non-cash Acquisitions Under Operating Leases	$	38.5	$	4.6	$	—	$	3.5	$	2.6	$	15.8	$	2.3	$	2.6



March 31, 2019	AEP		AEP Texas		AEPTCo		APCo		I&M		OPCo		PSO		SWEPCo
	(in millions)
Property, Plant and Equipment Under Finance Leases:
Generation	$	166.3	$	—	$	—	$	38.6	$	27.0	$	—	$	2.6	$	69.4
Other Property, Plant and Equipment	277.3		39.9		0.2		17.4		33.4		21.3		18.3		11.7
Total Property, Plant and Equipment	443.6		39.9		0.2		56.0		60.4		21.3		20.9		81.1
Accumulated Amortization	149.4		10.1		0.1		15.7		21.2		6.7		8.1		22.1
Net Property, Plant and Equipment Under Finance Leases	$	294.2	$	29.8	$	0.1	$	40.3	$	39.2	$	14.6	$	12.8	$	59.0

Obligations Under Finance Leases:
Noncurrent Liability	$	237.4	$	24.9	$	—	$	34.0	$	33.7	$	11.4	$	9.8	$	49.3
Liability Due Within One Year	61.5		4.9		0.1		6.3		5.5		3.2		3.0		10.6
Total Obligations Under Finance Leases	$	298.9	$	29.8	$	0.1	$	40.3	$	39.2	$	14.6	$	12.8	$	59.9



March 31, 2019	AEP		AEP Texas		AEPTCo		APCo		I&M		OPCo		PSO		SWEPCo
	(in millions)
Operating Lease Assets	$	1,045.4	$	82.4	$	5.8	$	79.1	$	326.3	$	86.6	$	34.8	$	38.0

Obligations Under Operating Leases:
Noncurrent Liability	$	860.2	$	70.2	$	3.2	$	64.8	$	266.0	$	74.0	$	29.1	$	32.3
Liability Due Within One Year	228.2		12.2		2.6		15.0		81.8		13.0		5.7		6.1
Total Obligations Under Operating Leases	$	1,088.4	$	82.4	$	5.8	$	79.8	$	347.8	$	87.0	$	34.8	$	38.4



Finance Leases	AEP		AEP Texas		AEPTCo		APCo		I&M		OPCo		PSO		SWEPCo
	(in millions)
Year 1	$	74.1	$	6.2	$	0.1	$	9.2	$	8.4	$	3.8	$	3.6	$	13.2
Year 2	63.6		5.8		—		8.4		7.5		3.3		2.9		11.3
Year 3	54.9		5.1		—		7.6		6.9		2.7		2.1		10.5
Year 4	46.2		4.5		—		7.1		6.3		2.0		1.7		9.3
Year 5	38.8		3.9		—		6.6		5.9		1.5		1.4		9.3
Later Years	87.4		10.2		—		12.3		20.9		4.0		3.3		15.7
Total Future Minimum Lease Payments	365.0		35.7		0.1		51.2		55.9		17.3		15.0		69.3
Less Imputed Interest	66.1		5.9		—		10.9		16.7		2.7		2.2		9.4
Estimated Present Value of Future Minimum Lease Payments	$	298.9	$	29.8	$	0.1	$	40.3	$	39.2	$	14.6	$	12.8	$	59.9



Noncancelable Operating Leases	AEP		AEP Texas		AEPTCo		APCo		I&M		OPCo		PSO		SWEPCo
	(in millions)
Year 1	$	263.3	$	15.2	$	2.7	$	18.0	$	92.5	$	16.0	$	6.8	$	7.6
Year 2	253.3		14.4		2.0		16.5		89.5		14.4		6.4		7.4
Year 3	235.9		13.5		0.9		14.0		84.9		12.4		5.4		6.9
Year 4	226.8		12.5		0.6		12.8		85.2		11.6		5.1		6.4
Year 5	61.5		11.1		—		9.7		7.0		10.2		4.6		5.2
Later Years	180.7		29.4		—		20.5		20.4		38.6		12.1		11.1
Total Future Minimum Lease Payments	1,221.5		96.1		6.2		91.5		379.5		103.2		40.4		44.6
Less Imputed Interest	133.1		13.7		0.4		11.7		31.7		16.2		5.6		6.2
Estimated Present Value of Future Minimum Lease Payments	$	1,088.4	$	82.4	$	5.8	$	79.8	$	347.8	$	87.0	$	34.8	$	38.4



Finance Leases	AEP		AEP Texas		AEPTCo		APCo		I&M		OPCo		PSO		SWEPCo
	(in millions)
2019	$	70.8	$	5.8	$	0.1	$	9.0	$	8.2	$	3.3	$	3.4	$	13.1
2020	60.2		5.3		—		8.0		7.2		2.7		2.6		11.5
2021	51.7		4.7		—		7.3		6.6		2.3		2.0		10.5
2022	43.8		4.2		—		6.8		6.1		1.7		1.6		9.4
2023	35.5		3.7		—		6.3		5.7		1.2		1.4		8.6
Later Years	90.2		10.1		—		13.3		21.7		2.8		3.3		18.7
Total Future Minimum Lease Payments	352.2		33.8		0.1		50.7		55.5		14.0		14.3		71.8
Less Imputed Interest	63.2		5.3		—		10.9		16.8		1.9		2.0		11.0
Estimated Present Value of Future Minimum Lease Payments	$	289.0	$	28.5	$	0.1	$	39.8	$	38.7	$	12.1	$	12.3	$	60.8



Noncancelable Operating Leases	AEP		AEP Texas		AEPTCo		APCo		I&M		OPCo		PSO		SWEPCo
	(in millions)
2019	$	259.6	$	15.1	$	2.3	$	17.6	$	92.6	$	14.5	$	6.5	$	7.4
2020	250.1		14.1		1.8		16.5		89.3		13.2		6.0		7.2
2021	232.7		13.2		1.0		13.9		84.8		10.9		5.0		6.7
2022	222.5		12.2		0.5		12.8		83.8		10.0		4.6		6.1
2023	58.3		10.8		0.1		9.9		6.5		8.8		4.1		5.0
Later Years	165.2		28.4		—		20.5		19.5		31.7		10.7		11.7
Total Future Minimum Lease Payments	$	1,188.4	$	93.8	$	5.7	$	91.2	$	376.5	$	89.1	$	36.9	$	44.1



Future Minimum Lease Payments	AEP (a)		I&M
	(in millions)
2019	$	147.8	$	73.9
2020	147.8		73.9
2021	147.8		73.9
2022	147.2		73.6
Total Future Minimum Lease Payments	$	590.6	$	295.3

(a)

AEP’s future minimum lease payments include equal shares from AEGCo and I&M.