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Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2022
Schedule of Effective Income Tax Rate Reconciliation
Three Months Ended June 30, 2022
AEPAEP TexasAEPTCoAPCoI&MOPCoPSOSWEPCo
U.S. Federal Statutory Rate21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %
Increase (decrease) due to:
State Income Tax, net of Federal Benefit
1.3 %0.7 %2.9 %(1.0)%(1.3)%1.0 %3.9 %2.5 %
Tax Reform Excess ADIT Reversal
(7.1)%(2.1)%0.3 %(20.4)%(17.2)%(7.8)%(19.2)%(5.2)%
Production and Investment Tax Credits
(6.1)%(0.6)%— %— %(3.4)%— %(32.2)%(19.8)%
Flow Through
(0.1)%0.2 %0.4 %(1.4)%(1.2)%0.2 %0.3 %— %
AFUDC Equity
(1.1)%(1.4)%(2.3)%(1.5)%(1.3)%(0.7)%(0.4)%(0.5)%
Discrete Tax Adjustments
0.3 %— %— %(6.0)%— %— %— %0.8 %
Other
1.1 %0.1 %0.1 %(0.2)%1.3 %0.1 %0.5 %(0.1)%
Effective Income Tax Rate9.3 %17.9 %22.4 %(9.5)%(2.1)%13.8 %(26.1)%(1.3)%
Three Months Ended June 30, 2021
AEPAEP TexasAEPTCoAPCoI&MOPCoPSOSWEPCo
U.S. Federal Statutory Rate21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %
Increase (decrease) due to:
State Income Tax, net of Federal Benefit
0.8 %(0.4)%2.6 %0.9 %1.6 %0.7 %4.4 %1.9 %
Tax Reform Excess ADIT Reversal
(9.1)%(7.9)%0.3 %(11.8)%(20.4)%(8.6)%(20.1)%(1.9)%
Production and Investment Tax Credits
(4.7)%(0.3)%— %— %(3.3)%— %(6.8)%(1.4)%
Flow Through
0.4 %0.4 %0.4 %3.3 %(5.8)%1.0 %0.8 %0.5 %
AFUDC Equity
(1.2)%(0.9)%(1.7)%(0.5)%(2.2)%(0.9)%(0.7)%(0.8)%
Parent Company Loss Benefit
— %(0.7)%(1.7)%1.0 %(1.7)%— %— %(1.9)%
Discrete Tax Adjustments2.9 %— %— %— %— %— %(2.6)%— %
Other
(0.5)%(0.2)%(0.1)%— %(0.5)%(0.1)%(0.1)%(1.2)%
Effective Income Tax Rate9.6 %11.0 %20.8 %13.9 %(11.3)%13.1 %(4.1)%16.2 %
Six Months Ended June 30, 2022
AEPAEP TexasAEPTCoAPCoI&MOPCoPSOSWEPCo
U.S. Federal Statutory Rate21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %
Increase (decrease) due to:
State Income Tax, net of Federal Benefit
1.4 %0.5 %2.7 %1.5 %0.4 %0.9 %3.5 %2.4 %
Tax Reform Excess ADIT Reversal
(6.8)%(2.0)%0.3 %(11.0)%(17.2)%(7.8)%(18.6)%(5.1)%
Production and Investment Tax Credits
(7.1)%(0.4)%— %— %(2.3)%— %(31.4)%(20.8)%
Flow Through
0.1 %0.2 %0.3 %0.6 %(1.6)%0.6 %0.3 %(0.2)%
AFUDC Equity
(1.0)%(1.1)%(1.9)%(1.0)%(0.9)%(0.6)%(0.5)%(0.5)%
Discrete Tax Adjustments
(0.2)%— %— %(2.6)%— %— %— %0.5 %
Other
0.5 %(0.1)%0.2 %— %0.4 %(0.1)%0.3 %— %
Effective Income Tax Rate7.9 %18.1 %22.6 %8.5 %(0.2)%14.0 %(25.4)%(2.7)%
Six Months Ended June 30, 2021
AEPAEP TexasAEPTCoAPCoI&MOPCoPSOSWEPCo
U.S. Federal Statutory Rate21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %
Increase (decrease) due to:
State Income Tax, net of Federal Benefit
1.6 %0.3 %2.7 %2.4 %1.4 %0.7 %4.4 %0.3 %
Tax Reform Excess ADIT Reversal
(9.1)%(7.9)%0.3 %(15.7)%(19.0)%(9.1)%(19.9)%(4.3)%
Production and Investment Tax Credits
(5.1)%(0.3)%— %— %(2.3)%— %(6.6)%(3.7)%
Flow Through
0.3 %0.3 %0.3 %2.2 %(3.0)%1.1 %0.8 %(0.2)%
AFUDC Equity
(1.1)%(1.1)%(1.7)%(0.9)%(1.0)%(1.0)%(0.7)%(0.6)%
Parent Company Loss Benefit
— %(0.4)%(1.8)%(1.4)%(2.1)%— %— %(0.8)%
Discrete Tax Adjustments1.7 %— %— %— %— %(1.8)%(2.8)%— %
Other
(0.2)%— %— %0.1 %(0.3)%(0.1)%— %(0.4)%
Effective Income Tax Rate9.1 %11.9 %20.8 %7.7 %(5.3)%10.8 %(3.8)%11.3 %