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Revenue from Contracts with Customers
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer REVENUE FROM CONTRACTS WITH CUSTOMERS
The disclosures in this note apply to all Registrants, unless indicated otherwise.

Disaggregated Revenues from Contracts with Customers

The tables below represent AEP’s reportable segment revenues from contracts with customers, net of respective provisions for refund, by type of revenue:
Three Months Ended March 31, 2024
Vertically Integrated UtilitiesTransmission and Distribution UtilitiesAEP Transmission HoldcoGeneration & MarketingCorporate and OtherReconciling AdjustmentsAEP Consolidated
(in millions)
Retail Revenues:
Residential Revenues$1,212.3 $703.8 $— $— $— $— $1,916.1 
Commercial Revenues645.1 397.0 — — — — 1,042.1 
Industrial Revenues (a)647.1 136.1 — — — (0.2)783.0 
Other Retail Revenues55.3 13.9 — — — — 69.2 
Total Retail Revenues2,559.8 1,250.8 — — — (0.2)3,810.4 
Wholesale and Competitive Retail Revenues:
Generation Revenues 235.9 — — 27.4 — 0.1 263.4 
Transmission Revenues (b)118.9 179.8 488.7 — — (418.6)368.8 
Renewable Generation Revenues (a)— — — 6.3 — (1.4)4.9 
Retail, Trading and Marketing Revenues (c)— — — 571.4 0.5 (46.2)525.7 
Total Wholesale and Competitive Retail Revenues
354.8 179.8 488.7 605.1 0.5 (466.1)1,162.8 
Other Revenues from Contracts with Customers (d)59.7 51.0 8.1 1.3 60.4 (68.7)111.8 
Total Revenues from Contracts with Customers
2,974.3 1,481.6 496.8 606.4 60.9 (535.0)5,085.0 
Other Revenues:
Alternative Revenue Programs (e)(0.7)0.7 0.5 — — 1.0 1.5 
Other Revenues (a) (f)(25.7)7.9 — (42.9)(8.1)8.0 (60.8)
Total Other Revenues(26.4)8.6 0.5 (42.9)(8.1)9.0 (59.3)
Total Revenues$2,947.9 $1,490.2 $497.3 $563.5 $52.8 $(526.0)$5,025.7 

(a)Amounts include affiliated and nonaffiliated revenues.
(b)Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for AEP Transmission Holdco was $387 million. The remaining affiliated amounts were immaterial.
(c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for Generation & Marketing was $46 million. The remaining affiliated amounts were immaterial.
(d)Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for Corporate and Other was $48 million. The remaining affiliated amounts were immaterial.
(e)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues.
(f)Generation & Marketing includes economic hedge activity.
Three Months Ended March 31, 2023
Vertically Integrated UtilitiesTransmission and Distribution UtilitiesAEP Transmission HoldcoGeneration & MarketingCorporate and OtherReconciling AdjustmentsAEP Consolidated
(in millions)
Retail Revenues:
Residential Revenues$1,170.4 $656.8 $— $— $— $— $1,827.2 
Commercial Revenues633.4 375.9 — — — — 1,009.3 
Industrial Revenues670.3 212.9 — — — (0.2)883.0 
Other Retail Revenues56.8 12.1 — — — — 68.9 
Total Retail Revenues2,530.9 1,257.7 — — — (0.2)3,788.4 
Wholesale and Competitive Retail Revenues:
Generation Revenues 182.8 — — 32.4 — — 215.2 
Transmission Revenues (a)114.7 164.2 450.1 — — (401.8)327.2 
Renewable Generation Revenues (b)— — — 21.3 — (0.1)21.2 
Retail, Trading and Marketing Revenues (b)— — — 413.7 (0.3)0.1 413.5 
Total Wholesale and Competitive Retail Revenues
297.5 164.2 450.1 467.4 (0.3)(401.8)977.1 
Other Revenues from Contracts with Customers (c)32.6 42.8 3.6 0.6 29.4 (43.7)65.3 
Total Revenues from Contracts with Customers
2,861.0 1,464.7 453.7 468.0 29.1 (445.7)4,830.8 
Other Revenues:
Alternative Revenue Programs (d)(3.1)(11.6)1.8 — — 2.9 (10.0)
Other Revenues (b) (e)(0.1)11.1 — (141.0)1.0 (0.9)(129.9)
Total Other Revenues(3.2)(0.5)1.8 (141.0)1.0 2.0 (139.9)
Total Revenues$2,857.8 $1,464.2 $455.5 $327.0 $30.1 $(443.7)$4,690.9 

(a)Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for AEP Transmission Holdco was $357 million. The remaining affiliated amounts were immaterial.
(b)Amounts include affiliated and nonaffiliated revenues.
(c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for Corporate and Other was $29 million. The remaining affiliated amounts were immaterial.
(d)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues.
(e)Generation & Marketing includes economic hedge activity.
Three Months Ended March 31, 2024
AEP TexasAEPTCoAPCoI&MOPCoPSOSWEPCo
(in millions)
Retail Revenues:
Residential Revenues$147.3 $— $526.3 $224.8 $556.5 $158.2 $182.4 
Commercial Revenues110.9 — 188.3 144.8 286.1 103.0 140.0 
Industrial Revenues (a)35.6 — 196.4 147.9 100.5 80.3 95.0 
Other Retail Revenues9.7 — 28.1 1.3 4.2 21.5 2.6 
Total Retail Revenues303.5 — 939.1 518.8 947.3 363.0 420.0 
Wholesale Revenues:
Generation Revenues (b)— — 85.1 137.3 — 2.2 47.1 
Transmission Revenues (c)155.9 475.4 47.1 10.1 23.8 10.8 39.6 
Total Wholesale Revenues155.9 475.4 132.2 147.4 23.8 13.0 86.7 
Other Revenues from Contracts with Customers (d)8.8 8.1 21.7 27.6 42.2 12.0 9.6 
Total Revenues from Contracts with Customers
468.2 483.5 1,093.0 693.8 1,013.3 388.0 516.3 
Other Revenues:
Alternative Revenue Programs (e)(1.8)(0.7)(0.1)(0.5)2.6 (0.2)(0.1)
Other Revenues (a)— — 0.1 (25.9)7.9 — — 
Total Other Revenues(1.8)(0.7)— (26.4)10.5 (0.2)(0.1)
Total Revenues$466.4 $482.8 $1,093.0 $667.4 $1,023.8 $387.8 $516.2 

(a)Amounts include affiliated and nonaffiliated revenues.
(b)Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for APCo was $41 million primarily related to the PPA with KGPCo.
(c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for AEPTCo was $384 million, APCo was $21 million and SWEPCo was $14 million. The remaining affiliated amounts were immaterial.
(d)Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for I&M was $18 million primarily related to barging, urea transloading and other transportation services. The remaining affiliated amounts were immaterial.
(e)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues.
Three Months Ended March 31, 2023
AEP TexasAEPTCoAPCoI&MOPCoPSOSWEPCo
(in millions)
Retail Revenues:
Residential Revenues$130.7 $— $470.5 $239.6 $526.0 $170.9 $175.9 
Commercial Revenues97.3 — 171.3 138.9 278.5 109.1 143.5 
Industrial Revenues39.3 — 185.8 152.6 173.6 98.3 104.2 
Other Retail Revenues8.3 — 26.2 1.3 3.8 24.2 2.6 
Total Retail Revenues275.6 — 853.8 532.4 981.9 402.5 426.2 
Wholesale Revenues:
Generation Revenues (a)— — 80.2 104.0 — 0.9 39.6 
Transmission Revenues (b)146.3 438.7 41.4 8.1 17.9 11.3 42.9 
Total Wholesale Revenues146.3 438.7 121.6 112.1 17.9 12.2 82.5 
Other Revenues from Contracts with Customers (c)9.7 3.7 13.0 21.4 33.2 2.3 7.9 
Total Revenues from Contracts with Customers
431.6 442.4 988.4 665.9 1,033.0 417.0 516.6 
Other Revenues:
Alternative Revenue Programs (d)(2.1)(0.8)(0.7)(2.9)(9.5)— (0.7)
Other Revenues (e)— — — — 11.1 — — 
Total Other Revenues(2.1)(0.8)(0.7)(2.9)1.6 — (0.7)
Total Revenues$429.5 $441.6 $987.7 $663.0 $1,034.6 $417.0 $515.9 

(a)Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for APCo was $47 million primarily related to the PPA with KGPCo.
(b)Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for AEPTCo was $349 million. The remaining affiliated amounts were immaterial.
(c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for I&M was $18 million primarily related to barging, urea transloading and other transportation services. The remaining affiliated amounts were immaterial.
(d)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues.
(e)Amounts include affiliated and nonaffiliated revenues.

Fixed Performance Obligations (Applies to AEP, APCo and I&M)

The following table represents the Registrants’ remaining fixed performance obligations satisfied over time as of March 31, 2024. Fixed performance obligations primarily include electricity sales for fixed amounts of energy and stand ready services into PJM’s RPM market. The Registrants elected to apply the exemption to not disclose the value of unsatisfied performance obligations for contracts with an original expected term of one year or less. Due to the annual establishment of revenue requirements, transmission revenues are excluded from the table below. The Registrant Subsidiaries amounts shown in the table below include affiliated and nonaffiliated revenues.
Company20242025-20262027-2028After 2028Total
(in millions)
AEP$62.3 $166.8 $84.1 $24.7 $337.9 
APCo12.1 32.2 24.3 11.7 80.3 
I&M3.3 8.8 8.8 4.5 25.4 
Contract Assets and Liabilities

Contract assets are recognized when the Registrants have a right to consideration that is conditional upon the occurrence of an event other than the passage of time, such as future performance under a contract. The Registrants did not have material contract assets as of March 31, 2024 and December 31, 2023.

When the Registrants receive consideration, or such consideration is unconditionally due from a customer prior to transferring goods or services to the customer under the terms of a sales contract, they recognize a contract liability on the balance sheets in the amount of that consideration. Revenue for such consideration is subsequently recognized in the period or periods in which the remaining performance obligations in the contract are satisfied. The Registrants’ contract liabilities typically arise from services provided under joint use agreements for utility poles. The Registrants did not have material contract liabilities as of March 31, 2024 and December 31, 2023.

Accounts Receivable from Contracts with Customers

Accounts receivable from contracts with customers are presented on the Registrant Subsidiaries’ balance sheets within the Accounts Receivable - Customers line item. The Registrant Subsidiaries’ balances for receivables from contracts that are not recognized in accordance with the accounting guidance for “Revenue from Contracts with Customers” included in Accounts Receivable - Customers were not material as of March 31, 2024 and December 31, 2023. See “Securitized Accounts Receivable - AEP Credit” section of Note 12 for additional information.

The following table represents the amount of affiliated accounts receivable from contracts with customers included in Accounts Receivable - Affiliated Companies on the Registrant Subsidiaries’ balance sheets:

AEP TexasAEPTCoAPCoI&MOPCoPSOSWEPCo
(in millions)
March 31, 2024$— $129.2 $77.8 $55.8 $72.3 $10.8 $16.1 
December 31, 2023— 123.2 71.7 44.0 70.1 12.4 27.4