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Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2023
Schedule of Effective Income Tax Rate Reconciliation
Three Months Ended June 30, 2023
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
2.1 %0.6 %2.6 %3.2 %0.7 %0.8 %2.0 %(1.6)%
Tax Reform Excess ADIT Reversal
(6.2)%(1.3)%0.1 %(4.5)%(6.1)%(8.5)%(17.2)%(4.2)%
Production and Investment Tax Credits
(9.9)%(0.2)%— %(0.1)%0.1 %— %(55.1)%(29.2)%
Flow Through
(1.0)%0.1 %0.2 %(5.1)%(4.4)%1.2 %0.3 %(0.8)%
AFUDC Equity
(1.2)%(0.9)%(2.1)%(1.5)%(0.1)%(0.7)%(1.4)%— %
Other
0.4 %0.3 %— %(0.4)%0.1 %0.1 %— %0.7 %
Effective Income Tax Rate5.2 %19.6 %21.8 %12.6 %11.3 %13.9 %(50.4)%(14.1)%
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 Adjustments0.3 %— %— %(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)%
Six Months Ended June 30, 2023
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
2.0 %0.5 %2.6 %2.6 %2.4 %0.9 %2.0 %(1.2)%
Tax Reform Excess ADIT Reversal
(6.2)%(1.4)%0.2 %(4.5)%(7.2)%(7.6)%(17.1)%(4.0)%
Production and Investment Tax Credits
(9.8)%(0.2)%— %(0.1)%(0.6)%— %(55.2)%(28.2)%
Flow Through
(0.5)%0.2 %0.2 %(0.8)%(2.9)%0.8 %0.3 %(0.3)%
AFUDC Equity
(1.3)%(1.1)%(1.8)%(0.9)%(0.3)%(0.8)%(1.4)%(0.3)%
Discrete Tax Adjustments
(1.4)%— %— %2.4 %1.0 %— %— %— %
Other
0.3 %0.2 %— %(0.1)%0.1 %0.1 %0.1 %0.1 %
Effective Income Tax Rate4.1 %19.2 %22.2 %19.6 %13.5 %14.4 %(50.3)%(12.9)%
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)%