SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY (Tables)

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

CONDENSED STATEMENTS OF INCOME

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

For the Years Ended December 31, 2024, 2023 and 2022

(in millions, except per-share and share amounts)

	Years Ended December 31,
	2024		2023		2022
REVENUES
Revenues	$	5.5	$	5.1	$	5.1
TOTAL REVENUES	5.5		5.1		5.1
EXPENSES
Other Operation	66.0		16.7		84.9
Loss on the Expected Sale of the Kentucky Operations	—		—		363.3
Depreciation and Amortization	0.6		0.5		0.4
Amortization of KPCo Basis Difference	(21.4)		(16.5)		—
TOTAL EXPENSES	45.2		0.7		448.6
OPERATING INCOME (LOSS)	(39.7)		4.4		(443.5)
Other Income (Expense):
Interest Income	107.9		181.0		80.3
Interest Expense	(531.8)		(526.3)		(275.5)
LOSS BEFORE INCOME TAX BENEFIT AND EQUITY EARNINGS	(463.6)		(340.9)		(638.7)
Income Tax Benefit	(150.5)		(80.8)		(136.3)
Equity Earnings of Unconsolidated Subsidiaries	3,280.2		2,468.2		2,809.6
NET INCOME	2,967.1		2,208.1		2,307.2
Other Comprehensive Income (Loss)	52.4		(139.2)		(101.1)
TOTAL COMPREHENSIVE INCOME	$	3,019.5	$	2,068.9	$	2,206.1
WEIGHTED AVERAGE NUMBER OF BASIC AEP COMMON SHARES OUTSTANDING	530,092,672		518,903,682		511,841,946
TOTAL BASIC EARNINGS PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS	$	5.60	$	4.26	$	4.51
WEIGHTED AVERAGE NUMBER OF DILUTED AEP COMMON SHARES OUTSTANDING	531,337,703		520,206,258		513,484,609
TOTAL DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS	$	5.58	$	4.24	$	4.49
See Condensed Notes to Condensed Financial Information beginning on page S-6.

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS

ASSETS

December 31, 2024 and 2023

(in millions)

	December 31,
	2024		2023
CURRENT ASSETS
Cash and Cash Equivalents	$	87.5	$	197.8
Other Temporary Investments	2.9		2.6
Advances to Affiliates	1,944.6		2,004.5
Accounts Receivable:
Affiliated Companies	32.5		47.7
General	—		2.7
Total Accounts Receivable	32.5		50.4
Accrued Tax Benefits	93.7		77.7
Prepayments and Other Current Assets	11.6		11.6
TOTAL CURRENT ASSETS	2,172.8		2,344.6
PROPERTY, PLANT AND EQUIPMENT
General	3.2		3.1
Total Property, Plant and Equipment	3.2		3.1
Accumulated Depreciation, Depletion and Amortization	1.7		1.4
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET	1.5		1.7
OTHER NONCURRENT ASSETS
Investments in Unconsolidated Subsidiaries	35,306.2		33,598.6
Affiliated Notes Receivable	105.0		295.0
Deferred Charges and Other Noncurrent Assets	184.6		137.0
TOTAL OTHER NONCURRENT ASSETS	35,595.8		34,030.6
TOTAL ASSETS	$	37,770.1	$	36,376.9
See Condensed Notes to Condensed Financial Information beginning on page S-6.

CONDENSED BALANCE SHEETS

LIABILITIES AND EQUITY

December 31, 2024 and 2023

(dollars in millions)

			December 31,
			2024		2023
CURRENT LIABILITIES
Advances from Affiliates			$	506.6	$	728.3
Accounts Payable:
General			4.7		11.1
Affiliated Companies			2.2		12.3
Short-term Debt			1,618.3		1,937.9
Long-term Debt Due Within One Year – Nonaffiliated			1,281.5		1,104.0
Other Current Liabilities			202.4		137.7
TOTAL CURRENT LIABILITIES			3,615.7		3,931.3
NONCURRENT LIABILITIES
Long-term Debt – Nonaffiliated			7,124.3		7,086.9
Deferred Credits and Other Noncurrent Liabilities			48.5		69.5
TOTAL NONCURRENT LIABILITIES			7,172.8		7,156.4
TOTAL LIABILITIES			10,788.5		11,087.7
MEZZANINE EQUITY
Contingently Redeemable Performance Share Awards			37.8		42.5
COMMON SHAREHOLDERS’ EQUITY
Common Stock – Par Value – $6.50 Per Share:
	2024	2023
Shares Authorized	600,000,000	600,000,000
Shares Issued	534,094,530	527,369,157
(1,186,815 and 1,184,572 Shares were Held in Treasury as of December 31, 2024 and 2023, Respectively)			3,471.6		3,427.9
Paid-in Capital			9,606.1		9,073.9
Retained Earnings			13,869.2		12,800.4
Accumulated Other Comprehensive Income (Loss)			(3.1)		(55.5)
TOTAL AEP COMMON SHAREHOLDERS’ EQUITY			26,943.8		25,246.7
TOTAL LIABILITIES, MEZZANINE EQUITY AND TOTAL EQUITY			$	37,770.1	$	36,376.9

See Condensed Notes to Condensed Financial Information beginning on page S-6.

CONDENSED STATEMENTS OF CASH FLOWS

CONDENSED STATEMENTS OF CASH FLOWS

For the Years Ended December 31, 2024, 2023 and 2022

(in millions)

	Years Ended December 31,
	2024		2023		2022
OPERATING ACTIVITIES
Net Income	$	2,967.1	$	2,208.1	$	2,307.2
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:
Depreciation and Amortization	0.6		0.5		0.4
Amortization of KPCo Basis Difference	(21.4)		(16.5)		—
Deferred Income Taxes	(53.3)		59.7		(63.3)
Loss on the Expected Sale of the Kentucky Operations	—		—		363.3
Equity Earnings of Unconsolidated Subsidiaries	(3,280.2)		(2,468.2)		(2,809.6)
Cash Dividends Received from Unconsolidated Subsidiaries	1,143.4		686.3		603.9
Change in Other Noncurrent Assets	4.9		(28.4)		(5.0)
Change in Other Noncurrent Liabilities	70.8		92.3		83.5
Changes in Certain Components of Working Capital:
Accounts Receivable, Net	17.9		28.7		(61.0)
Accounts Payable	(16.5)		(15.9)		1.1
Other Current Assets	—		(3.6)		(6.0)
Other Current Liabilities	55.3		(14.5)		(76.6)
Net Cash Flows from Operating Activities	888.6		528.5		337.9
INVESTING ACTIVITIES
Construction Expenditures	(0.6)		(0.8)		(0.7)
Change in Advances to Affiliates, Net	59.9		2,007.6		(1,411.3)
Capital Contributions to Unconsolidated Subsidiaries	(399.9)		(789.9)		(568.3)
Return of Capital Contributions from Unconsolidated Subsidiaries	898.9		56.6		24.5
Issuance of Notes Receivable to Unconsolidated Subsidiaries	—		(210.0)		(20.0)
Repayment of Notes Receivable from Unconsolidated Subsidiaries	190.0		—		—
Other Investing Activities	—		—		(0.2)
Net Cash Flows from (Used for) Investing Activities	748.3		1,063.5		(1,976.0)
FINANCING ACTIVITIES
Issuance of Common Stock, Net	552.1		999.6		826.5
Issuance of Long-term Debt	1,285.4		1,829.8		986.6
Issuance of Short-term Debt with Original Maturities Greater Than 90 Days	723.8		1,069.9		833.9
Change in Short-term Debt with Original Maturities Less Than 90 Day, Net	(172.3)		(1,365.4)		1,650.4
Retirement of Long-term Debt	(1,104.0)		(1,050.0)		(300.0)
Change in Advances from Affiliates, Net	(221.7)		(191.6)		336.9
Redemption of Short-term Debt with Original Maturities Greater Than 90 Days	(871.1)		(1,128.8)		(986.1)
Dividends Paid on Common Stock	(1,898.3)		(1,752.3)		(1,628.7)
Other Financing Activities	(41.1)		(59.6)		(74.5)
Net Cash Flows from (Used for) Financing Activities	(1,747.2)		(1,648.4)		1,645.0
Net Increase (Decrease) in Cash and Cash Equivalents	(110.3)		(56.4)		6.9
Cash and Cash Equivalents at Beginning of Period	197.8		254.2		247.3
Cash and Cash Equivalents at End of Period	$	87.5	$	197.8	$	254.2
See Condensed Notes to Condensed Financial Information beginning on page S-6.

Schedule of Long-term Debt

The following table details long-term debt outstanding:

		Weighted-Average	Interest Rate Ranges as of		Outstanding as of
		Interest Rate as of	December 31,		December 31,
Company	Maturity	December 31, 2024	2024	2023	2024		2023
AEP					(in millions)
Senior Unsecured Notes	2025-2054	4.32%	1.00%-8.13%	1.00%-8.13%	$	36,410.9	$	33,779.4
Pollution Control Bonds (a)	2025-2036 (b)	3.26%	0.63%-4.70%	0.63%-4.90%	1,771.3		1,771.6
Notes Payable – Nonaffiliated (c)	2025-2034	6.49%	0.93%-6.89%	0.93%-6.59%	609.9		193.3
Securitization Bonds	2025-2039 (d)	4.08%	2.06%-4.88%	2.06%-3.77%	578.0		368.9
Spent Nuclear Fuel Obligation (e)					316.3		300.4
Junior Subordinated Notes	2025-2054	5.67%	3.88%-7.05%	2.03%-5.70%	2,579.1		2,388.1
Other Long-term Debt	2025-2059	5.60%	3.00%-13.72%	3.00%-13.72%	377.3		1,341.5
Total Long-term Debt Outstanding					$	42,642.8	$	40,143.2
AEP Texas
Senior Unsecured Notes	2025-2052	4.39%	2.10%-6.76%	2.10%-6.76%	$	5,873.8	$	5,027.2
Pollution Control Bonds (a)	2029-2030 (b)	3.88%	2.60%-4.55%	2.60%-4.55%	440.3		440.3
Securitization Bonds	2025-2029 (d)	2.27%	2.06%-2.29%	2.06%-2.84%	126.8		221.8
Other Long-term Debt	2059	4.50%	4.50%	4.50%-6.71%	0.7		200.5
Total Long-term Debt Outstanding					$	6,441.6	$	5,889.8
AEPTCo
Senior Unsecured Notes	2025-2053	4.12%	2.75%-5.52%	2.75%-5.52%	$	5,768.1	$	5,414.4
Total Long-term Debt Outstanding					$	5,768.1	$	5,414.4
APCo
Senior Unsecured Notes	2025-2050	4.75%	2.70%-7.00%	2.70%-7.00%	$	4,984.1	$	4,584.9
Pollution Control Bonds (a)	2025-2036 (b)	2.95%	0.63%-4.22%	0.63%-4.90%	429.9		430.0
Securitization Bonds	2028 (d)	3.77%	3.77%	3.77%	119.8		147.0
Other Long-term Debt	2025-2026	5.84%	5.75%-13.72%	6.46%-13.72%	126.5		426.4
Total Long-term Debt Outstanding					$	5,660.3	$	5,588.3
I&M
Senior Unsecured Notes	2028-2053	4.52%	3.25%-6.05%	3.25%-6.05%	$	2,845.2	$	2,843.6
Pollution Control Bonds (a)	2025 (b)	2.49%	0.75%-3.05%	0.75%-3.05%	189.9		189.4
Notes Payable – Nonaffiliated (c)	2025-2028	5.78%	0.93%-6.41%	0.93%-6.59%	142.7		163.3
Spent Nuclear Fuel Obligation (e)					316.3		300.4
Other Long-term Debt	2025	6.00%	6.00%	6.00%	0.2		2.7
Total Long-term Debt Outstanding					$	3,494.3	$	3,499.4
OPCo
Senior Unsecured Notes	2030-2051	4.16%	1.63%-6.60%	1.63%-6.60%	$	3,715.7	$	3,366.8
Total Long-term Debt Outstanding					$	3,715.7	$	3,366.8
PSO
Senior Unsecured Notes	2025-2051	4.29%	2.20%-6.63%	2.20%-6.63%	$	2,854.2	$	2,257.8
Other Long-term Debt	2027	3.00%	3.00%	3.00%-6.71%	1.4		126.8
Total Long-term Debt Outstanding					$	2,855.6	$	2,384.6
SWEPCo
Senior Unsecured Notes	2026-2051	3.73%	1.65%-6.20%	1.65%-6.20%	$	3,649.4	$	3,646.9
Securitization Bonds	2039 (d)	4.88%	4.88%	—%	331.4		—
Total Long-term Debt Outstanding					$	3,980.8	$	3,646.9

(a)For certain series of Pollution Control Bonds, interest rates are subject to periodic adjustment.  Certain series may be purchased on demand at periodic interest adjustment dates.  Letters of credit from banks and insurance policies support certain series. Consequently, these bonds have been classified for maturity purposes as Long-term Debt Due Within One Year - Nonaffiliated on the balance sheets.

(b)Certain Pollution Control Bonds are subject to redemption earlier than the maturity date.

(c)Notes payable represent outstanding promissory notes issued under term loan agreements and credit agreements with a number of banks and other financial institutions. At expiration, all notes then issued and outstanding are due and payable. Interest rates are both fixed and variable. Variable rates generally relate to specified short-term interest rates.

(d)Dates represent the scheduled final payment dates for the securitization bonds. The legal maturity date is one to two years later. These bonds have been classified for maturity and repayment purposes based on the scheduled final payment date.

(e)Spent Nuclear Fuel Obligation consists of a liability along with accrued interest for disposal of SNF. See “Spent Nuclear Fuel Disposal” section of Note 6 for additional information.

The following details long-term debt outstanding as of December 31, 2024 and 2023:

Long-term Debt

		Weighted-Average	Interest Rate Ranges as of		Outstanding as of
		Interest Rate as of	December 31,		December 31,
Type of Debt	Maturity	December 31, 2024	2024	2023	2024		2023
					(in millions)
Senior Unsecured Notes	2025-2050	4.29%	1.00%-5.95%	1.00%-5.95%	$	5,290.0	$	5,265.0
Pollution Control Bonds	2026-2029 (a)	3.12%	2.40%-3.75%	1.90%-2.60%	536.8		537.8
Junior Subordinated Notes	2025-2027	5.67%	3.88%-7.05%	2.03%-5.70%	2,579.0		2,388.1
Total Long-term Debt Outstanding					8,405.8		8,190.9
Long-term Debt Due Within One Year					1,281.5		1,104.0
Long-term Debt					$	7,124.3	$	7,086.9

(a)Certain Pollution Control Bonds are subject to redemption earlier than the maturity date.

Long-term debt outstanding as of December 31, 2024 is payable as follows:

	2025		2026		2027		2028		2029		After 2029		Total
	(in millions)
Principal Amount (a)	$	1,281.5	$	50.0	$	1,758.3	$	930.4	$	1,694.5	$	2,750.0	$	8,464.7
Unamortized Discount, Net and Debt Issuance Costs													(58.9)
Total Long-term Debt Outstanding													$	8,405.8

(a)Amounts reflect the impact of fair value hedge accounting. See “Accounting for Fair Value Hedging Strategies” section of Note 10 included in the 2024 Annual Report for additional information.

Schedule of Short-term Debt

AEP’s outstanding short-term debt was as follows:

		December 31,
		2024				2023
Company	Type of Debt	Outstanding Amount		Interest Rate (a)		Outstanding Amount		Interest Rate (a)
		(in millions)				(in millions)
AEP	Securitized Debt for Receivables (b)	$	900.0	4.73	%	$	888.0	5.65	%
AEP	Commercial Paper	1,618.3		4.70	%	1,937.9		5.69	%
SWEPCo	Notes Payable	5.5		6.69	%	4.3		7.71	%
	Total Short-term Debt	$	2,523.8			$	2,830.2

(a)    Weighted-average rate of all borrowings outstanding as of December 31, 2024 and 2023, respectively.

(b)    Amount of securitized debt for receivables as accounted for under the “Transfers and Servicing” accounting guidance.

Parent’s outstanding short-term debt was as follows:

	December 31, 2024				December 31, 2023
Type of Debt	Outstanding Amount		Weighted-Average Interest Rate		Outstanding Amount		Weighted-Average Interest Rate
	(in millions)				(in millions)
Commercial Paper	$	1,618.3	4.70	%	$	1,937.9	5.69	%
Total Short-term Debt	$	1,618.3			$	1,937.9