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Financing Activities (Tables)
9 Months Ended
Sep. 30, 2020
Long-term Debt
Type of DebtSeptember 30, 2020December 31, 2019
 (in millions)
Senior Unsecured Notes$24,125.4 $21,180.7 
Pollution Control Bonds1,936.1 1,998.8 
Notes Payable161.3 234.3 
Securitization Bonds751.6 1,025.1 
Spent Nuclear Fuel Obligation (a)281.1 279.8 
Junior Subordinated Notes (b)1,622.1 787.8 
Other Long-term Debt1,189.5 1,219.0 
Total Long-term Debt Outstanding30,067.1 26,725.5 
Long-term Debt Due Within One Year1,911.6 1,598.7 
Long-term Debt$28,155.5 $25,126.8 

(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 SNF 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 $326 million and $323 million as of September 30, 2020 and December 31, 2019, respectively, and are included in Spent Nuclear Fuel and Decommissioning Trusts on the balance sheets.
(b)See “Equity Units” section below for additional information.
Long-term Debt Issuances
PrincipalInterest
CompanyType of DebtAmount (a)RateDue Date
Issuances: (in millions)(%)
AEPJunior Subordinated Notes (b)$850.0 1.302025
AEPSenior Unsecured Notes400.0 2.302030
AEPSenior Unsecured Notes400.0 3.252050
AEP TexasPollution Control Bonds60.0 0.902023
AEP TexasSenior Unsecured Notes600.0 2.102030
AEPTCoSenior Unsecured Notes525.0 3.652050
APCoPollution Control Bonds65.4 1.002025
APCoSenior Unsecured Notes500.0 3.702050
OPCoSenior Unsecured Notes350.0 2.602030
Non-Registrant:
KPCoOther Long-term Debt125.0 Variable2022
Transource EnergyOther Long-term Debt4.4 Variable2020
Transource EnergyOther Long-term Debt7.1 Variable2023
Transource EnergySenior Unsecured Notes150.0 2.752050
Total Issuances$4,036.9 

(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.
(b)See “Equity Units” section below for additional information.
Retirements and Principal Payments
PrincipalInterest
CompanyType of DebtAmount PaidRateDue Date
Retirements and Principal Payments:
(in millions)(%)
AEP TexasPollution Control Bonds$50.6 4.452020
AEP TexasSecuritization Bonds28.7 1.982020
AEP TexasSecuritization Bonds202.6 5.312020
AEP TexasPollution Control Bonds60.0 1.752020
AEP TexasSecuritization Bonds0.2 2.852024
AEP TexasSecuritization Bonds14.4 2.062025
APCoPollution Control Bonds65.4 1.702020
APCoSecuritization Bonds24.9 2.012023
I&MNotes Payable2.0 Variable2020
I&MNotes Payable4.6 Variable2021
I&MNotes Payable14.9 Variable2022
I&MNotes Payable11.4 Variable2022
I&MNotes Payable18.7 Variable2023
I&MNotes Payable18.2 Variable2024
I&MOther Long-term Debt1.3 6.002025
OPCoOther Long-term Debt0.1 1.152028
PSOPollution Control Bonds12.7 4.452020
PSOOther Long-term Debt0.3 3.002027
SWEPCoOther Long-term Debt15.0 Variable2020
SWEPCoOther Long-term Debt1.5 4.682028
SWEPCoNotes Payable3.2 4.582032
Non-Registrant:
Transource EnergyOther Long-term Debt148.6 Variable2023
Transource EnergySenior Unsecured Notes1.2 2.752050
Total Retirements and Principal Payments
$700.5 
Utility Money Pool Participants' Money Pool Activity and Authorized Borrowing Limits
MaximumAverageNet Loans to
BorrowingsMaximumBorrowingsAverage(Borrowings) fromAuthorized
from theLoans to thefrom theLoans to thethe Utility MoneyShort-term
UtilityUtilityUtilityUtilityPool as ofBorrowing
CompanyMoney PoolMoney PoolMoney PoolMoney PoolSeptember 30, 2020Limit
 (in millions)
AEP Texas$320.4 $313.4 $154.7 $167.4 $141.3 $500.0 
AEPTCo358.4 259.7 112.7 59.1 (84.3)820.0 (a)
APCo434.3 189.0 274.8 74.6 155.2 500.0 
I&M218.6 13.4 115.3 13.3 (145.8)500.0 
OPCo353.9 32.8 158.3 25.2 (215.9)500.0 
PSO125.4 57.1 64.6 28.4 (77.8)300.0 
SWEPCo178.9 — 113.6 — (71.8)350.0 

(a)    Amount represents the combined authorized short-term borrowing limit the State Transcos have from FERC or state regulatory commissions.
Nonutility Money Pool Activity
Maximum Loans Average Loans Loans to the Nonutility
to the Nonutility to the Nonutility Money Pool as of
CompanyMoney PoolMoney PoolSeptember 30, 2020
(in millions)
AEP Texas$7.5 $7.1 $7.1 
SWEPCo2.1 2.1 2.1 
Direct Borrowing Activity
Maximum Maximum Average Average Borrowings from Loans toAuthorized
Borrowings Loans Borrowings Loans AEP as of AEP as ofShort-term
from AEP to AEP from AEP to AEP September 30, 2020September 30, 2020Borrowing Limit
(in millions)
$1.4 $195.8 $1.3 $128.7 $1.2 $105.4 $50.0 (a)

(a)    Amount represents the combined authorized short-term borrowing limit the State Transcos have from FERC or state regulatory commissions.
Maximum and Minimum Interest Rates for Funds Either Borrowed from or Loaned to Utility Money Pool
 Nine Months Ended September 30,
20202019
Maximum Interest Rate2.70 %3.43 %
Minimum Interest Rate0.33 %1.83 %
Average Interest Rates for Funds Borrowed from and Loaned to Utility Money Pool
Average Interest Rate for FundsAverage Interest Rate for Funds
Borrowed from the Utility Money PoolLoaned to the Utility Money Pool
for Nine Months Ended September 30,for Nine Months Ended September 30,
Company2020201920202019
AEP Texas1.55 %2.71 %0.87 %— %
AEPTCo1.63 %2.72 %2.00 %2.57 %
APCo2.14 %2.82 %0.99 %2.73 %
I&M1.30 %2.56 %1.44 %2.73 %
OPCo1.32 %2.80 %2.06 %2.68 %
PSO1.24 %2.85 %1.95 %2.48 %
SWEPCo1.55 %2.74 %— %2.47 %
Maximum Minimum Average Interest Rates for Funds Borrowed from Loaned to Nonutility Money Pool
Nine Months Ended September 30, 2020Nine Months Ended September 30, 2019
  Maximum Minimum AverageMaximum Minimum Average
  Interest Rate Interest Rate Interest RateInterest Rate Interest Rate Interest Rate
  for Funds for Funds for Fundsfor Funds for Funds for Funds
 Loaned to Loaned to Loaned toLoaned to Loaned to Loaned to
 the Nonutility the Nonutility the Nonutilitythe Nonutility the Nonutility the Nonutility
Company Money Pool Money Pool Money PoolMoney Pool Money Pool Money Pool
AEP Texas 2.70 %0.33 %1.44 %3.02 %2.36 %2.70 %
SWEPCo 2.70 %0.33 %1.44 %3.02 %2.36 %2.70 %
Maximum Minimum and Average Interest Rates for Funds Borrowed from and Loaned to AEP
 MaximumMinimumMaximumMinimumAverageAverage
 Interest RateInterest RateInterest RateInterest RateInterest RateInterest Rate
Nine Months for Fundsfor Fundsfor Fundsfor Fundsfor Fundsfor Funds
Ended BorrowedBorrowedLoanedLoanedBorrowedLoaned
September 30, from AEP from AEPto AEP to AEP from AEP to AEP
2020 2.70 %0.50 %2.70 %0.50 %1.45 %1.40 %
2019 3.02 %2.36 %3.02 %2.36 %2.70 %2.70 %
Short Term Debt
 September 30, 2020December 31, 2019
OutstandingInterestOutstandingInterest
CompanyType of DebtAmountRate (a)AmountRate (a)
 (dollars in millions)
AEPSecuritized Debt for Receivables (b)$703.0 1.05 %$710.0 2.42 %
AEPCommercial Paper650.0 0.21 %2,110.0 2.10 %
AEP364-Day Term Loan1,000.0 0.75 %— — %
AEP Texas
COVID-19 Electricity Relief Program Loan (c)
2.0 — %— — %
SWEPCoNotes Payable42.0 2.46 %18.3 3.29 %
Total Short-term Debt$2,397.0  $2,838.3  

(a)Weighted-average rate.
(b)Amount of securitized debt for receivables as accounted for under the “Transfers and Servicing” accounting guidance.
(c)Principal amount of loan shall not bear interest if paid in full by the maturity date. Unpaid principal after the maturity date will accrue interest of 2% per annum beginning the first day after the maturity date until all outstanding principal is paid.
Comparative Accounts Receivable Information
Three Months Ended 
September 30,
Nine Months Ended 
September 30,
2020201920202019
(dollars in millions)
Effective Interest Rates on Securitization of Accounts Receivable
0.36 %2.37 %1.05 %2.56 %
Net Uncollectible Accounts Receivable Written-Off$2.9 $8.8 $10.5 $19.8 
Customer Accounts Receivable Managed Portfolio
September 30, 2020December 31, 2019
(in millions)
Accounts Receivable Retained Interest and Pledged as Collateral Less Uncollectible Accounts
$1,002.4 $841.8 
Short-term – Securitized Debt of Receivables703.0 710.0 
Delinquent Securitized Accounts Receivable103.8 39.6 
Bad Debt Reserves Related to Securitization52.7 32.1 
Unbilled Receivables Related to Securitization227.4 266.8 
Accounts Receivable and Accrued Unbilled Revenues
CompanySeptember 30, 2020December 31, 2019
 (in millions)
APCo$117.3 $120.9 
I&M184.3 141.8 
OPCo394.3 330.3 
PSO122.0 101.1 
SWEPCo177.6 125.2 
Fees Paid to AEP Credit for Customer Accounts Receivable Sold
 Three Months Ended September 30,Nine Months Ended September 30,
Company2020201920202019
 (in millions)
APCo$2.0 $1.2 $5.0 $5.8 
I&M3.9 2.4 9.3 8.4 
OPCo9.8 6.4 19.6 22.1 
PSO1.5 2.0 3.8 6.2 
SWEPCo2.8 1.9 6.8 7.9 
Proceeds on Sale of Receivables to AEP Credit
 Three Months Ended September 30,Nine Months Ended September 30,
Company2020201920202019
(in millions)
APCo$323.5 $303.3 $961.8 $978.5 
I&M532.3 485.3 1,443.6 1,378.9 
OPCo666.0 602.6 1,793.0 1,746.1 
PSO369.2 451.5 961.4 1,118.7 
SWEPCo478.3 480.7 1,225.3 1,247.0