Benefit Plans

3 Months Ended

Mar. 31, 2024

Benefit Plans

BENEFIT PLANS

The disclosures in this note apply to all Registrants except AEPTCo.

AEPSC sponsors a qualified pension plan and two unfunded non-qualified pension plans.  Substantially all AEP subsidiary employees are covered by the qualified plan or both the qualified and a non-qualified pension plan.  AEPSC also sponsors OPEB plans to provide health and life insurance benefits for retired employees.

Components of Net Periodic Benefit Cost (Credit)

Pension Plans

Three Months Ended March 31, 2024	AEP		AEP Texas		APCo		I&M		OPCo		PSO		SWEPCo
	(in millions)
Service Cost	$	25.6	$	2.2	$	2.4	$	3.3	$	2.4	$	1.5	$	1.9
Interest Cost	51.9		4.3		6.2		6.0		4.7		2.5		3.1
Expected Return on Plan Assets	(80.2)		(6.4)		(10.7)		(10.8)		(8.2)		(4.3)		(4.4)
Amortization of Net Actuarial Loss	1.1		0.1		0.1		0.1		0.1		—		0.1
Net Periodic Benefit Cost (Credit)	$	(1.6)	$	0.2	$	(2.0)	$	(1.4)	$	(1.0)	$	(0.3)	$	0.7

Three Months Ended March 31, 2023	AEP		AEP Texas		APCo		I&M		OPCo		PSO		SWEPCo
	(in millions)
Service Cost	$	23.6	$	2.0	$	2.3	$	3.0	$	2.1	$	1.4	$	1.9
Interest Cost	54.8		4.6		6.6		6.2		4.9		2.7		3.5
Expected Return on Plan Assets	(84.8)		(7.0)		(11.2)		(11.0)		(8.5)		(4.6)		(4.8)
Amortization of Net Actuarial Loss	0.3		—		—		—		—		—		—
Net Periodic Benefit Cost (Credit)	$	(6.1)	$	(0.4)	$	(2.3)	$	(1.8)	$	(1.5)	$	(0.5)	$	0.6

OPEB

Three Months Ended March 31, 2024	AEP		AEP Texas		APCo		I&M		OPCo		PSO		SWEPCo
	(in millions)
Service Cost	$	1.1	$	0.1	$	0.1	$	0.1	$	0.1	$	0.1	$	0.1
Interest Cost	10.5		0.8		1.7		1.2		1.1		0.5		0.7
Expected Return on Plan Assets	(27.8)		(2.3)		(4.0)		(3.4)		(3.0)		(1.4)		(1.9)
Amortization of Prior Service Credit	(3.2)		(0.3)		(0.5)		(0.4)		(0.3)		(0.2)		(0.3)
Amortization of Net Actuarial Loss	0.8		0.1		0.1		0.1		0.1		—		0.1
Net Periodic Benefit Credit	$	(18.6)	$	(1.6)	$	(2.6)	$	(2.4)	$	(2.0)	$	(1.0)	$	(1.3)

Three Months Ended March 31, 2023	AEP		AEP Texas		APCo		I&M		OPCo		PSO		SWEPCo
	(in millions)
Service Cost	$	1.1	$	0.1	$	0.1	$	0.2	$	0.1	$	0.1	$	0.1
Interest Cost	11.6		0.9		1.8		1.3		1.2		0.6		0.7
Expected Return on Plan Assets	(27.4)		(2.3)		(4.0)		(3.4)		(2.9)		(1.5)		(1.8)
Amortization of Prior Service Credit	(15.8)		(1.3)		(2.3)		(2.2)		(1.6)		(1.0)		(1.2)
Amortization of Net Actuarial Loss	3.7		0.3		0.6		0.5		0.4		0.2		0.2
Net Periodic Benefit Credit	$	(26.8)	$	(2.3)	$	(3.8)	$	(3.6)	$	(2.8)	$	(1.6)	$	(2.0)