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Financing Activities (Tables)
3 Months Ended
Mar. 31, 2024
Long-term Debt
Type of DebtMarch 31, 2024December 31, 2023
 (in millions)
Senior Unsecured Notes$34,606.1 $33,779.4 
Pollution Control Bonds1,771.0 1,771.6 
Notes Payable163.5 193.3 
Securitization Bonds343.8 368.9 
Spent Nuclear Fuel Obligation (a)304.4 300.4 
Junior Subordinated Notes1,588.2 2,388.1 
Other Long-term Debt1,058.9 1,341.5 
Total Long-term Debt Outstanding39,835.9 40,143.2 
Long-term Debt Due Within One Year1,198.6 2,490.5 
Long-term Debt$38,637.3 $37,652.7 

(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 $355 million and $348 million as of March 31, 2024 and December 31, 2023, respectively, and are included in Spent Nuclear Fuel and Decommissioning Trusts on the balance sheets.
Long-term Debt Issuances
PrincipalInterest
CompanyType of DebtAmount (a)RateDue Date
Issuances: (in millions)(%)
AEPTCoSenior Unsecured Notes$450.0 5.152034
APCoSenior Unsecured Notes400.0 5.652034
Non-Registrant:
Transource EnergyOther Long-term Debt18.0 Variable2025
Total Issuances$868.0 

(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
PrincipalInterest
CompanyType of DebtAmount PaidRateDue Date
Retirements and Principal Payments:
(in millions)(%)
AEPJunior Subordinated Notes$805.0 2.032024
AEP TexasSecuritization Bonds11.9 2.062025
APCoOther Long-term Debt300.0Variable2024
APCoSecuritization Bonds13.4 3.772028
I&MNotes Payable1.2Variable2024
I&MNotes Payable0.9Variable2025
I&MNotes Payable4.00.932025
I&MNotes Payable5.03.442026
I&MNotes Payable6.85.932027
I&MNotes Payable6.86.012028
I&MOther Long-term Debt0.76.002025
PSOOther Long-term Debt0.13.002027
Non-Registrant:
AEGCoNotes Payable5.0 2.432028
Transource EnergySenior Unsecured Notes1.4 2.752050
Total Retirements and Principal Payments
$1,162.2 
Utility Money Pool Participants' Money Pool Activity and Authorized Borrowing Limits
MaximumAverageNet Loans to
BorrowingsMaximumBorrowingsAverage(Borrowings from)Authorized
from theLoans to thefrom theLoans to thethe Utility MoneyShort-term
UtilityUtilityUtilityUtilityPool as ofBorrowing
CompanyMoney PoolMoney PoolMoney PoolMoney PoolMarch 31, 2024Limit
 (in millions)
AEP Texas$267.9 $— $191.2 $— $(267.9)$600.0 
AEPTCo313.3 298.0 178.5 75.3 272.9 820.0 (a)
APCo399.5 51.1 205.5 20.3 37.4 750.0 
I&M125.5 — 60.2 — (73.2)500.0 
OPCo295.2 — 143.4 — (295.2)500.0 
PSO264.6 — 128.8 — (264.6)750.0 
SWEPCo254.5 — 161.1 — (254.5)750.0 

(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 PoolMarch 31, 2024
(in millions)
AEP Texas$7.1 $7.0 $7.0 
SWEPCo2.3 2.2 2.3 
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 March 31, 2024March 31, 2024Borrowing Limit
(in millions)
$44.4 $148.5 $4.4 $72.9 $3.7 $— $50.0 (a)

(a)    Amount represents the authorized short-term borrowing limit from FERC or state regulatory agencies not otherwise included in the utility money pool above.
Maximum and Minimum Interest Rates for Funds Either Borrowed from or Loaned to Utility Money Pool
 Three Months Ended March 31,
20242023
Maximum Interest Rate5.79 %5.42 %
Minimum Interest Rate5.66 %4.66 %
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 Three Months Ended March 31,for Three Months Ended March 31,
Company2024202320242023
AEP Texas5.71 %5.18 %— %— %
AEPTCo5.72 %5.09 %5.70 %5.29 %
APCo5.74 %5.14 %5.72 %5.12 %
I&M5.73 %5.12 %— %5.16 %
OPCo5.71 %5.17 %— %— %
PSO5.71 %4.84 %— %5.11 %
SWEPCo5.71 %5.12 %— %— %
Maximum Minimum Average Interest Rates for Funds Borrowed from Loaned to Nonutility Money Pool
Three Months Ended March 31, 2024Three Months Ended March 31, 2023
  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 5.79 %5.66 %5.72 %5.42 %4.66 %5.12 %
SWEPCo 5.79 %5.66 %5.72 %5.42 %4.66 %5.13 %
Maximum Minimum and Average Interest Rates for Funds Borrowed from and Loaned to AEP
 MaximumMinimumMaximumMinimumAverageAverage
 Interest RateInterest RateInterest RateInterest RateInterest RateInterest Rate
Three Months for Fundsfor Fundsfor Fundsfor Fundsfor Fundsfor Funds
Ended BorrowedBorrowedLoanedLoanedBorrowedLoaned
March 31, from AEP from AEPto AEP to AEP from AEP to AEP
2024 5.79 %5.66 %5.79 %5.66 %5.74 %5.71 %
2023 5.38 %4.53 %5.38 %4.53 %5.03 %5.15 %
Short Term Debt
 March 31, 2024December 31, 2023
OutstandingInterestOutstandingInterest
CompanyType of DebtAmountRate (a)AmountRate (a)
 (dollars in millions)
AEPSecuritized Debt for Receivables (b)$900.0 5.54 %$888.0 5.65 %
AEPCommercial Paper2,832.2 5.61 %1,937.9 5.69 %
SWEPCoNotes Payable5.4 7.68 %4.3 7.71 %
Total Short-term Debt$3,737.6  $2,830.2  

(a)Weighted-average rate as of March 31, 2024 and December 31, 2023, respectively.
(b)Amount of securitized debt for receivables as accounted for under the “Transfers and Servicing” accounting guidance.
Comparative Accounts Receivable Information
Three Months Ended March 31,
20242023
(dollars in millions)
Effective Interest Rates on Securitization of Accounts Receivable
5.61 %4.86 %
Net Uncollectible Accounts Receivable Written-Off$8.1 $6.9 
Customer Accounts Receivable Managed Portfolio
March 31, 2024December 31, 2023
(in millions)
Accounts Receivable Retained Interest and Pledged as Collateral Less Uncollectible Accounts
$1,164.2 $1,207.4 
Short-term – Securitized Debt of Receivables900.0 888.0 
Delinquent Securitized Accounts Receivable 58.2 52.2 
Bad Debt Reserves Related to Securitization42.6 42.0 
Unbilled Receivables Related to Securitization336.9 409.8 
Accounts Receivable and Accrued Unbilled Revenues
CompanyMarch 31, 2024December 31, 2023
 (in millions)
APCo$196.5 $184.6 
I&M167.0 156.4 
OPCo536.0 541.7 
PSO96.3 134.6 
SWEPCo144.2 168.3 
Fees Paid to AEP Credit for Customer Accounts Receivable Sold
 Three Months Ended March 31,
Company20242023
 (in millions)
APCo$4.2 $4.9 
I&M4.1 3.9 
OPCo7.4 7.3 
PSO3.4 3.2 
SWEPCo4.8 4.3 
Proceeds on Sale of Receivables to AEP Credit
 Three Months Ended March 31,
Company20242023
(in millions)
APCo$536.0 $506.2 
I&M529.7 525.4 
OPCo845.7 884.4 
PSO361.6 416.3 
SWEPCo425.4 437.6