CONSOLIDATED BALANCE SHEETS - I&M - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
CURRENT ASSETS
Cash and Cash Equivalents	$ 197	$ 203
Accounts Receivable:
Customers	1,166	1,100
Accrued Unbilled Revenues	421	367
Miscellaneous	60	64
Total Accounts Receivable	2,867	2,632
Fuel	576	749
Materials and Supplies	1,046	966
Risk Management Assets	352	210
Regulatory Asset for Under-Recovered Fuel Costs	426	446
Prepayments and Other Current Assets	212	287
TOTAL CURRENT ASSETS	6,052	5,789
PROPERTY, PLANT AND EQUIPMENT
Generation	28,388	24,830
Transmission	42,557	38,872
Distribution	33,364	31,062
Other Property, Plant and Equipment (Including Coal Mining and Nuclear Fuel)	8,635	7,491
Construction Work in Progress	7,635	6,347
Total Property, Plant and Equipment	120,579	108,602
Accumulated Depreciation and Amortization	28,205	26,186
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET	92,374	82,416
OTHER NONCURRENT ASSETS
Regulatory Assets	4,804	5,129
Spent Nuclear Fuel and Decommissioning Trusts	4,916	4,395
Operating Lease Assets	661	580
Deferred Charges and Other Noncurrent Assets	4,402	3,873
TOTAL OTHER NONCURRENT ASSETS	16,034	14,873
TOTAL ASSETS	114,460	103,078
CURRENT LIABILITIES
Accounts Payable	3,429	2,638
Long-term Debt Due Within One Year	3,194	3,335
Customer Deposits	507	455
Accrued Taxes	2,002	1,922
Accrued Interest	544	453
Obligations Under Operating Leases	100	92
Other Current Liabilities	1,898	1,490
TOTAL CURRENT LIABILITIES	13,314	13,009
NONCURRENT LIABILITIES
Long-term Debt	44,128	39,308
Deferred Income Taxes	10,951	9,972
Regulatory Liabilities and Deferred Investment Tax Credits	8,362	8,344
Asset Retirement Obligations	3,556	3,531
Obligations Under Operating Leases	578	504
Deferred Credits and Other Noncurrent Liabilities	905	801
TOTAL NONCURRENT LIABILITIES	68,890	63,045
TOTAL LIABILITIES	82,204	76,054
Rate Matters (Note 4)
Commitments and Contingencies (Note 6)
COMMON SHAREHOLDER’S EQUITY
Common Stock	3,523	3,472
Paid-in Capital	12,138	9,606
Retained Earnings	15,441	13,869
Accumulated Other Comprehensive Income (Loss)	36	(3)
TOTAL COMMON SHAREHOLDER’S EQUITY	31,138	26,944
TOTAL LIABILITIES AND EQUITY	114,460	103,078
INDIANA MICHIGAN POWER COMPANY
CURRENT ASSETS
Cash and Cash Equivalents	2	2
Accounts Receivable:
Customers	103	59
Affiliated Companies	90	79
Accrued Unbilled Revenues	17	21
Miscellaneous	2	6
Total Accounts Receivable	212	165
Fuel	61	83
Materials and Supplies	222	212
Risk Management Assets	10	18
Regulatory Asset for Under-Recovered Fuel Costs	0	11
Prepayments and Other Current Assets	85	53
TOTAL CURRENT ASSETS	784	544
PROPERTY, PLANT AND EQUIPMENT
Generation	5,483	5,503
Transmission	2,055	1,958
Distribution	3,823	3,535
Other Property, Plant and Equipment (Including Coal Mining and Nuclear Fuel)	1,058	992
Construction Work in Progress	403	335
Total Property, Plant and Equipment	12,822	12,323
Accumulated Depreciation and Amortization	4,878	4,644
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET	7,944	7,679
OTHER NONCURRENT ASSETS
Regulatory Assets	585	548
Spent Nuclear Fuel and Decommissioning Trusts	4,916	4,395
Operating Lease Assets	52	52
Deferred Charges and Other Noncurrent Assets	344	318
TOTAL OTHER NONCURRENT ASSETS	5,897	5,313
TOTAL ASSETS	14,625	13,536
CURRENT LIABILITIES
Advances from Affiliates	0	127
Long-term Debt Due Within One Year	117	269
Customer Deposits	55	59
Accrued Taxes	112	102
Accrued Interest	42	41
Obligations Under Operating Leases	17	12
Regulatory Liability for Over-Recovered Fuel Costs	19	10
Other Current Liabilities	230	150
TOTAL CURRENT LIABILITIES	949	1,071
NONCURRENT LIABILITIES
Long-term Debt	3,444	3,225
Deferred Income Taxes	1,219	1,176
Regulatory Liabilities and Deferred Investment Tax Credits	2,938	2,481
Asset Retirement Obligations	2,165	2,089
Obligations Under Operating Leases	37	40
Deferred Credits and Other Noncurrent Liabilities	89	57
TOTAL NONCURRENT LIABILITIES	9,892	9,068
TOTAL LIABILITIES	10,841	10,139
Rate Matters (Note 4)
Commitments and Contingencies (Note 6)
COMMON SHAREHOLDER’S EQUITY
Common Stock	57	57
Paid-in Capital	1,033	1,012
Retained Earnings	2,692	2,328
Accumulated Other Comprehensive Income (Loss)	2	0
TOTAL COMMON SHAREHOLDER’S EQUITY	3,784	3,397
TOTAL LIABILITIES AND EQUITY	14,625	13,536
INDIANA MICHIGAN POWER COMPANY | Nonrelated Party
CURRENT LIABILITIES
Accounts Payable	232	202
INDIANA MICHIGAN POWER COMPANY | Affiliated Entity
CURRENT LIABILITIES
Accounts Payable	125	99
INDIANA MICHIGAN POWER COMPANY | Related Party
CURRENT ASSETS
Advances to Affiliates	$ 192	$ 0