XML 77 R37.htm IDEA: XBRL DOCUMENT v3.19.1
Financing Activities (Tables)
3 Months Ended
Mar. 31, 2019
Long-term Debt
Type of Debt
 
March 31, 2019
 
December 31, 2018
 
 
(in millions)
Senior Unsecured Notes
 
$
19,411.6

 
$
18,903.3

Pollution Control Bonds
 
1,590.0

 
1,643.8

Notes Payable
 
177.0

 
204.7

Securitization Bonds
 
973.0

 
1,111.4

Spent Nuclear Fuel Obligation (a)
 
275.3

 
273.6

Junior Subordinated Notes (b)
 
785.0

 

Other Long-term Debt
 
1,214.8

 
1,209.9

Total Long-term Debt Outstanding
 
24,426.7

 
23,346.7

Long-term Debt Due Within One Year
 
1,528.5

 
1,698.5

Long-term Debt
 
$
22,898.2

 
$
21,648.2


(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 $318 million and $317 million as of March 31, 2019 and December 31, 2018, 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
Company
 
Type of Debt
 
Principal Amount (a)
 
Interest Rate
 
Due Date
Issuances:
 
 
 
(in millions)
 
(%)
 
 
AEP
 
Junior Subordinated Notes (b)
 
$
805.0

 
3.40
 
2024
APCo
 
Senior Unsecured Notes
 
400.0

 
4.50
 
2049
PSO
 
Senior Unsecured Notes
 
100.0

 
3.91
 
2029
 
 
 
 
 
 
 
 
 
Non-Registrant:
 
 
 
 
 
 
 
 
Transource Energy
 
Other Long-term Debt
 
6.3

 
Variable
 
2020
Total Issuances
 
 
 
$
1,311.3

 
 
 
 

(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
Company
 
Type of Debt
 
 Principal Amount Paid
 
Interest Rate
 
Due Date
Retirements and Principal Payments:
 
 
 
(in millions)
 
(%)
 
 
AEP Texas
 
Securitization Bonds
 
$
103.5

 
5.31
 
2020
APCo
 
Securitization Bonds
 
12.0

 
2.01
 
2023
I&M
 
Notes Payable
 
1.4

 
Variable
 
2019
I&M
 
Notes Payable
 
1.4

 
Variable
 
2019
I&M
 
Notes Payable
 
7.1

 
Variable
 
2020
I&M
 
Notes Payable
 
5.9

 
Variable
 
2021
I&M
 
Notes Payable
 
5.0

 
Variable
 
2022
I&M
 
Notes Payable
 
5.3

 
Variable
 
2022
I&M
 
Other Long-term Debt
 
0.4

 
6.00
 
2025
OPCo
 
Securitization Bonds
 
23.4

 
2.05
 
2019
PSO
 
Other Long-term Debt
 
0.1

 
3.00
 
2027
SWEPCo
 
Pollution Control Bonds
 
53.5

 
1.60
 
2019
SWEPCo
 
Notes Payable
 
1.6

 
4.58
 
2032
Total Retirements and Principal Payments
 
 
 
$
220.6

 
 
 
 
Utility Money Pool Participants' Money Pool Activity and Authorized Borrowing Limits
Company
 
Maximum
Borrowings
from the
Utility
Money Pool
 
Maximum
Loans to the
Utility
Money Pool
 
Average
Borrowings
from the
Utility
Money Pool
 
Average
Loans to the
Utility
Money Pool
 
Net Loans to
(Borrowings from)
the Utility Money
Pool as of
March 31, 2019
 
Authorized
Short-term
Borrowing
Limit
 
 
 
(in millions)
AEP Texas
 
$
379.9

 
$

 
$
301.9

 
$

 
$
(271.2
)
 
$
500.0

 
AEPTCo
 
279.0

 
80.0

 
165.3

 
32.2

 
(191.1
)
 
795.0

(a)
APCo
 
225.4

 
232.2

 
189.3

 
75.9

 
216.6

 
600.0

 
I&M
 
46.3

 
66.0

 
19.0

 
23.2

 
(21.9
)
 
500.0

 
OPCo
 
238.1

 

 
156.9

 

 
(227.6
)
 
500.0

 
PSO
 
140.5

 

 
89.1

 

 
(55.2
)
 
300.0

 
SWEPCo
 
100.6

 
81.4

 
41.9

 
24.0

 
(74.0
)
 
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 [Table Text Block]
 
 
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, 2019
 
 
(in millions)
AEP Texas
 
$
8.0

 
$
7.7

 
$
7.7

SWEPCo
 
2.0

 
2.0

 
2.0

Direct Borrowing Activity [Table Text Block]
 
 
 
 
 
 
 
 
 
 
 
 
Authorized
 
Maximum
 
Maximum
 
Average
 
Average
 
Borrowings from
 
Loans to
 
Short-term
 
Borrowings
 
Loans
 
Borrowings
 
Loans
 
AEP as of
 
AEP as of
 
Borrowing
 
from AEP
 
to AEP
 
from AEP
 
to AEP
 
March 31, 2019
 
March 31, 2019
 
Limit
 
(in millions)
$
1.3

 
$
117.6

 
$
1.2

 
$
61.8

 
$
1.2

 
$
42.7

 
$
75.0

(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,
 
 
2019
 
2018
Maximum Interest Rate
 
3.02
%
 
2.42
%
Minimum Interest Rate
 
2.73
%
 
1.83
%
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
 
2019
 
2018
 
2019
 
2018
AEP Texas
 
2.86
%
 
2.07
%
 
%
 
1.90
%
AEPTCo
 
2.83
%
 
2.06
%
 
2.90
%
 
1.92
%
APCo
 
2.92
%
 
2.00
%
 
2.79
%
 
2.00
%
I&M
 
2.80
%
 
2.02
%
 
2.87
%
 
2.00
%
OPCo
 
2.85
%
 
2.00
%
 
%
 
2.40
%
PSO
 
2.89
%
 
2.01
%
 
%
 
%
SWEPCo
 
2.81
%
 
2.10
%
 
2.97
%
 
1.88
%
Maximum Minimum Average Interest Rates for Funds Borrowed from Loaned to Nonutility Money Pool [Text Block]
 
 
Three Months Ended March 31, 2019
 
Three Months Ended March 31, 2018
 
 
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
 
3.02
%
 
2.73
%
 
2.87
%
 
2.42
%
 
1.83
%
 
2.00
%
SWEPCo
 
3.02
%
 
2.73
%
 
2.87
%
 
2.42
%
 
1.83
%
 
2.00
%
Maximum Minimum and Average Interest Rates for Funds Borrowed from and Loaned to AEP [Table Text Block]
 
 
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
2019
 
3.02
%
 
2.73
%
 
3.02
%
 
2.73
%
 
2.87
%
 
2.86
%
2018
 
2.42
%
 
1.83
%
 
2.42
%
 
1.83
%
 
2.00
%
 
2.02
%
Short Term Debt
 
 
March 31, 2019
 
December 31, 2018
Type of Debt
 
Outstanding
Amount
 
Interest
Rate (a)
 
Outstanding
Amount
 
Interest
Rate (a)
 
 
(dollars in millions)
Securitized Debt for Receivables (b)
 
$
750.0

 
2.71
%
 
$
750.0

 
2.16
%
Commercial Paper
 
1,108.0

 
2.75
%
 
1,160.0

 
2.96
%
Total Short-term Debt
 
$
1,858.0

 
 

 
$
1,910.0

 
 


(a)
Weighted-average rate.
(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,
 
2019
 
2018
 
(dollars in millions)
Effective Interest Rates on Securitization of Accounts Receivable
2.71
%
 
1.74
%
Net Uncollectible Accounts Receivable Written-Off
$
6.4

 
$
4.2

Customer Accounts Receivable Managed Portfolio
 
 
March 31, 2019
 
December 31, 2018
 
 
(in millions)
Accounts Receivable Retained Interest and Pledged as Collateral Less Uncollectible Accounts
 
$
941.4

 
$
972.5

Short-term – Securitized Debt of Receivables
 
750.0

 
750.0

Delinquent Securitized Accounts Receivable
 
52.7

 
50.3

Bad Debt Reserves Related to Securitization
 
29.1

 
27.5

Unbilled Receivables Related to Securitization
 
230.3

 
281.4

Accounts Receivable and Accrued Unbilled Revenues
Company
 
March 31, 2019
 
December 31, 2018
 
 
(in millions)
APCo
 
$
132.4

 
$
133.3

I&M
 
165.4

 
152.9

OPCo
 
383.8

 
395.2

PSO
 
103.2

 
109.7

SWEPCo
 
129.1

 
150.3

Fees Paid to AEP Credit for Customer Accounts Receivable Sold
 
 
Three Months Ended March 31,
Company
 
2019
 
2018
 
 
(in millions)
APCo
 
$
2.2

 
$
1.7

I&M
 
2.8

 
2.1

OPCo
 
7.8

 
5.6

PSO
 
2.1

 
1.8

SWEPCo
 
2.6

 
1.9

Proceeds on Sale of Receivables to AEP Credit
 
 
Three Months Ended March 31,
Company
 
2019
 
2018
 
 
(in millions)
APCo
 
$
374.4

 
$
400.2

I&M
 
478.6

 
459.1

OPCo
 
636.8

 
680.0

PSO
 
324.5

 
332.6

SWEPCo
 
371.9

 
397.6