Financing Activities (Tables)

3 Months Ended

Mar. 31, 2022

Long-term Debt

Type of Debt	March 31, 2022		December 31, 2021
	(in millions)
Senior Unsecured Notes	$	27,454.6	$	27,497.3
Pollution Control Bonds	1,804.8		1,804.5
Notes Payable	186.4		211.3
Securitization Bonds	579.6		603.5
Spent Nuclear Fuel Obligation (a)	281.4		281.3
Junior Subordinated Notes (b)	2,373.4		2,373.0
Other Long-term Debt	1,183.9		683.6
Total Long-term Debt Outstanding	33,864.1		33,454.5
Long-term Debt Due Within One Year (c)	3,008.4		2,153.8
Long-term Debt (d)	$	30,855.7	$	31,300.7

(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 $328 million and $329 million as of March 31, 2022 and December 31, 2021, respectively, and are included in Spent Nuclear Fuel and Decommissioning Trusts on the balance sheets.

(b)See “Equity Units” section below for additional information.

(c)Amount excludes $200 million and $200 million as of March 31, 2022 and December 31, 2021, respectively, of Long-term Debt Due Within One Year classified as Liabilities Held for Sale on the balance sheet. See “Disposition of KPCo and KTCo” section of Note 6 for additional information.

(d)Amount excludes $903 million and $903 million as of March 31, 2022 and December 31, 2021, respectively, of Long-term Debt classified as Liabilities Held for Sale on the balance sheet. See “Disposition of KPCo and KTCo” section of Note 6 for additional information.

Long-term Debt Issuances

		Principal		Interest
Company	Type of Debt	Amount (a)		Rate	Due Date
Issuances:		(in millions)		(%)
PSO	Other Long-term Debt	$	500.0	Variable	2022
Non-Registrant:
Transource Energy	Other Long-term Debt	1.0		Variable	2023
Total Issuances		$	501.0

(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.

Retirements and Principal Payments

		Principal		Interest
Company	Type of Debt	Amount Paid		Rate	Due Date
Retirements and Principal Payments:		(in millions)		(%)
AEP Texas	Securitization Bonds	$	11.4	2.06	2025
APCo	Securitization Bonds	12.7		2.01	2023
I&M	Notes Payable	1.3		Variable	2022
I&M	Notes Payable	1.1		Variable	2022
I&M	Notes Payable	4.6		Variable	2023
I&M	Notes Payable	3.5		Variable	2024
I&M	Notes Payable	6.5		Variable	2025
I&M	Notes Payable	6.2		0.93	2025
I&M	Other Long-term Debt	0.6		6.00	2025
PSO	Other Long-term Debt	0.1		3.00	2027
SWEPCo	Notes Payable	1.6		4.58	2032
Non-Registrant:
Transource Energy	Senior Unsecured Notes	1.4		2.75	2050
Total Retirements and Principal Payments		$	51.0

Utility Money Pool Participants' Money Pool Activity and Authorized Borrowing Limits

	Maximum				Average				Net
	Borrowings		Maximum		Borrowings		Average		Borrowings from			Authorized
	from the		Loans to the		from the		Loans to the		the Utility Money			Short-term
	Utility		Utility		Utility		Utility		Pool as of			Borrowing
Company	Money Pool		Money Pool		Money Pool		Money Pool		March 31, 2022			Limit
	(in millions)
AEP Texas	$	264.7	$	—	$	152.8	$	—	$	(262.2)		$	500.0
AEPTCo	388.4		14.5		253.1		3.2		(282.1)		(a)	820.0		(b)
APCo	227.9		20.8		114.6		20.0		(15.8)			500.0
I&M	159.1		21.5		102.2		21.5		(52.1)			500.0
OPCo	112.2		92.1		57.4		41.5		(55.7)			500.0
PSO	211.8		432.5		94.8		403.6		(211.8)			400.0
SWEPCo	215.6		156.6		201.9		109.7		(202.9)			400.0

(a)    Amount excludes $2 million of Advances to Affiliates classified as Assets Held for Sale on the AEPTCo balance sheet. See “Dispositions of KPCo and KTCo” section of Note 6 for additional information.

(b)    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
Company		Money Pool		Money Pool		March 31, 2022
	(in millions)
AEP Texas		$	6.9	$	6.8	$	6.8
SWEPCo		2.1		2.1		2.1

Direct Borrowing Activity

Maximum

Maximum

Average

Average

Borrowings from

Loans to

Authorized

Borrowings

Loans

Borrowings

Loans

AEP as of

AEP as of

Short-term

from AEP

to AEP

from AEP

to AEP

March 31, 2022

March 31, 2022

Borrowing Limit

(in millions)

$

37.0

$

141.8

$

4.3

$

72.7

$

37.0

$

—

$

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

	Three Months Ended March 31,
	2022		2021
Maximum Interest Rate	1.00	%	0.40	%
Minimum Interest Rate	0.10	%	0.25	%

Average Interest Rates for Funds Borrowed from and Loaned to Utility Money Pool

	Average Interest Rate for Funds				Average Interest Rate for Funds
	Borrowed from the Utility Money Pool				Loaned to the Utility Money Pool
	for Three Months Ended March 31,				for Three Months Ended March 31,
Company	2022		2021		2022		2021
AEP Texas	0.70	%	0.31	%	—	%	—	%
AEPTCo	0.66	%	0.31	%	0.60	%	0.28	%
APCo	0.55	%	0.28	%	0.62	%	0.36	%
I&M	0.63	%	0.31	%	0.62	%	0.30	%
OPCo	0.77	%	0.29	%	0.48	%	0.29	%
PSO	0.69	%	0.33	%	0.65	%	0.28	%
SWEPCo	0.98	%	0.28	%	0.55	%	0.38	%

Maximum Minimum Average Interest Rates for Funds Borrowed from Loaned to Nonutility Money Pool

Three Months Ended March 31, 2022

Three Months Ended March 31, 2021

Maximum

Minimum

Average

Maximum

Minimum

Average

Interest Rate

Interest Rate

Interest Rate

Interest Rate

Interest Rate

Interest Rate

for Funds

for Funds

for Funds

for Funds

for Funds

for Funds

Loaned to

Loaned to

Loaned to

Loaned to

Loaned to

Loaned to

the Nonutility

the Nonutility

the Nonutility

the Nonutility

the Nonutility

the Nonutility

Company

Money Pool

Money Pool

Money Pool

Money Pool

Money Pool

Money Pool

AEP Texas

1.00

%

0.46

%

0.62

%

0.40

%

0.25

%

0.30

%

SWEPCo

1.00

%

0.46

%

0.62

%

0.40

%

0.25

%

0.30

%

Maximum Minimum and Average Interest Rates for Funds Borrowed from and Loaned to AEP

	Maximum		Minimum		Maximum		Minimum		Average		Average
	Interest Rate		Interest Rate		Interest Rate		Interest Rate		Interest Rate		Interest Rate
Three Months	for Funds		for Funds		for Funds		for Funds		for Funds		for Funds
Ended	Borrowed		Borrowed		Loaned		Loaned		Borrowed		Loaned
March 31,	from AEP		from AEP		to AEP		to AEP		from AEP		to AEP
2022	1.00	%	0.46	%	1.00	%	0.46	%	0.66	%	0.60	%
2021	0.86	%	0.25	%	0.86	%	0.25	%	0.31	%	0.31	%

Short Term Debt

		March 31, 2022				December 31, 2021
		Outstanding		Interest		Outstanding		Interest
Company	Type of Debt	Amount		Rate (a)		Amount		Rate (a)
		(dollars in millions)
AEP	Securitized Debt for Receivables (b)	$	750.0	0.31	%	$	750.0	0.19	%
AEP	Commercial Paper	1,880.3		0.97	%	1,364.0		0.34	%
AEP	Term Loan (c)	500.0		1.11	%	500.0		0.81	%
AEP	Term Loan	250.0		0.97	%	—		—	%
	Total Short-term Debt	$	3,380.3			$	2,614.0

(a)Weighted-average rate.

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

(c)In March 2022, AEP extended the maturity date of the original 364-Day Term Loan to August 2022.

Comparative Accounts Receivable Information

	Three Months Ended March 31,
	2022			2021
	(dollars in millions)
Effective Interest Rates on Securitization of Accounts Receivable	0.31		%	0.20		%
Net Uncollectible Accounts Receivable Written-Off	$	7.4		$	9.3

Customer Accounts Receivable Managed Portfolio

	March 31, 2022		December 31, 2021
	(in millions)
Accounts Receivable Retained Interest and Pledged as Collateral Less Uncollectible Accounts	$	948.4	$	995.2
Short-term – Securitized Debt of Receivables	750.0		750.0
Delinquent Securitized Accounts Receivable	50.1		57.9
Bad Debt Reserves Related to Securitization	41.8		42.8
Unbilled Receivables Related to Securitization	237.1		307.1

Accounts Receivable and Accrued Unbilled Revenues

Company	March 31, 2022		December 31, 2021
	(in millions)
APCo	$	148.6	$	153.1
I&M	178.0		156.9
OPCo	402.0		392.7
PSO	109.0		114.5
SWEPCo	139.9		153.0

Fees Paid to AEP Credit for Customer Accounts Receivable Sold

		Three Months Ended March 31,
Company		2022		2021
	(in millions)
APCo		$	1.3	$	1.2
I&M		1.7		1.6
OPCo		7.4		1.3
PSO		0.9		0.7
SWEPCo		1.3		1.5

Proceeds on Sale of Receivables to AEP Credit

		Three Months Ended March 31,
Company		2022		2021
	(in millions)
APCo		$	415.5	$	362.4
I&M		513.4		478.8
OPCo		716.6		601.3
PSO		363.4		284.9
SWEPCo		394.5		384.4