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BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Actuarial Assumptions
The weighted-average assumptions used in the measurement of the Registrants’ benefit obligations are shown in the following tables:
Pension PlansOPEB
December 31,
Assumption2024202320242023
Discount Rate5.65 %5.15 %5.60 %5.15 %
Interest Crediting Rate4.55 %4.00 %NANA
NA    Not applicable.

Assumption – Rate of Compensation Increase (a) - Pension Plans
AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
December 31, 20245.55 %5.70 %5.55 %5.50 %6.00 %5.70 %5.55 %
December 31, 20235.05 %5.20 %4.95 %5.05 %5.45 %5.20 %5.00 %

(a)Rates are for base pay only.  In addition, an amount is added to reflect target incentive compensation for exempt employees and overtime and incentive pay for nonexempt employees.
The weighted-average assumptions used in the measurement of each Registrants’ benefit costs are shown in the following tables:
Pension PlansOPEB
Year Ended December 31,
Assumption202420232022202420232022
Discount Rate5.20 %5.50 %2.90 %5.15 %5.50 %2.90 %
Interest Crediting Rate4.05 %4.25 %4.00 %NANANA
Expected Return on Plan Assets7.30 %7.50 %5.25 %6.75 %7.25 %5.50 %
NA    Not applicable.

Assumption – Rate of Compensation Increase (a) - Pension Plans
AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
December 31, 20245.10 %5.25 %5.10 %5.10 %5.50 %5.20 %5.10 %
December 31, 20235.05 %5.20 %4.95 %5.05 %5.45 %5.20 %5.00 %
December 31, 20225.05 %5.15 %4.90 %5.00 %5.35 %5.15 %5.00 %

(a)Rates are for base pay only.  In addition, an amount is added to reflect target incentive compensation for exempt employees and overtime and incentive pay for nonexempt employees.
Health Care Trend Rates
The health care trend rate assumptions used for OPEB plans measurement purposes are shown below:
Health Care Trend RatesDecember 31, 2024December 31, 2023
Initial6.50 % 7.00 %
Ultimate4.50 % 4.50 %
Year Ultimate Reached2029 2030
Reconciliation of Changes in Benefit Obligations and Fair Value of Assets
2024AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
Change in Benefit Obligation(in millions)
Benefit Obligation as of January 1,$4,161.6 $343.1 $504.1 $477.0 $378.4 $202.2 $261.2 
Service Cost100.6 8.9 9.5 13.0 9.2 5.9 7.8 
Interest Cost207.4 17.3 24.7 23.9 18.8 10.1 12.5 
Actuarial (Gain) Loss(44.6)5.5 (12.9)(8.4)(8.3)0.1 (11.2)
Settlements(329.4)(34.8)(42.0)(33.1)(23.2)(18.5)(33.1)
Benefit Payments(223.8)(17.3)(30.4)(22.6)(24.2)(9.6)(9.4)
Benefit Obligation as of December 31,$3,871.8 $322.7 $453.0 $449.8 $350.7 $190.2 $227.8 
Change in Fair Value of Plan Assets
Fair Value of Plan Assets as of January 1,$4,118.2 $332.7 $549.8 $550.6 $419.5 $222.7 $227.5 
Actual Gain on Plan Assets87.2 7.1 10.4 11.6 8.6 5.0 3.6 
Company Contributions (a)14.0 0.4 — — — 0.1 0.2 
Settlements(329.4)(34.8)(42.0)(33.1)(23.2)(18.5)(33.1)
Benefit Payments(223.8)(17.3)(30.4)(22.6)(24.2)(9.6)(9.4)
Fair Value of Plan Assets as of December 31,$3,666.2 $288.1 $487.8 $506.5 $380.7 $199.7 $188.8 
Funded (Underfunded) Status as of December 31,$(205.6)$(34.6)$34.8 $56.7 $30.0 $9.5 $(39.0)

2023AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
Change in Benefit Obligation(in millions)
Benefit Obligation as of January 1,$4,072.7 $334.1 $485.7 $466.8 $363.6 $192.3 $250.7 
Service Cost94.3 8.2 9.1 11.9 8.4 5.5 7.7 
Interest Cost219.2 18.3 26.4 24.9 19.8 10.7 13.9 
Actuarial Loss144.0 20.1 23.2 8.5 17.5 13.6 16.8 
Benefit Payments(368.6)(37.6)(40.3)(35.1)(30.9)(19.9)(27.9)
Benefit Obligation as of December 31,$4,161.6 $343.1 $504.1 $477.0 $378.4 $202.2 $261.2 
Change in Fair Value of Plan Assets
Fair Value of Plan Assets as of January 1,$4,124.7 $335.1 $531.7 $533.7 $406.4 $218.5 $231.3 
Actual Gain on Plan Assets353.8 34.8 58.4 51.5 44.0 24.0 23.9 
Company Contributions (a)8.3 0.4 — 0.5 — 0.1 0.2 
Benefit Payments(368.6)(37.6)(40.3)(35.1)(30.9)(19.9)(27.9)
Fair Value of Plan Assets as of December 31,$4,118.2 $332.7 $549.8 $550.6 $419.5 $222.7 $227.5 
Funded (Underfunded) Status as of December 31,$(43.4)$(10.4)$45.7 $73.6 $41.1 $20.5 $(33.7)

(a)No contributions were made to the qualified pension plan for the years ended December 31, 2024 and 2023, respectively. Contributions to the non-qualified pension plans were $14 million and $8 million for the years ended December 31, 2024 and 2023, respectively.
OPEB

2024AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
Change in Benefit Obligation(in millions)
Benefit Obligation as of January 1,$849.5 $66.4 $134.6 $98.8 $85.9 $43.7 $53.7 
Service Cost4.5 0.3 0.5 0.6 0.4 0.3 0.4 
Interest Cost42.0 3.3 6.6 4.8 4.2 2.1 2.7 
Actuarial (Gain) Loss(192.3)(15.4)(30.4)(24.7)(20.7)(10.4)(11.5)
Special/Contractual Termination Benefits3.5 0.4 0.6 0.4 0.3 0.1 0.3 
Benefit Payments(105.8)(8.3)(16.7)(13.4)(11.3)(5.8)(7.4)
Participant Contributions44.9 3.5 6.8 6.0 4.6 2.6 3.3 
Medicare Subsidy0.3 — 0.1 — — — — 
Benefit Obligation as of December 31,$646.6 $50.2 $102.1 $72.5 $63.4 $32.6 $41.5 
Change in Fair Value of Plan Assets
Fair Value of Plan Assets as of January 1,$1,673.3 $137.5 $243.0 $204.6 $177.8 $90.2 $111.1 
Actual Gain on Plan Assets159.2 14.0 22.5 14.7 14.1 8.3 14.2 
Company Contributions4.3 — 0.8 — — — — 
Participant Contributions44.9 3.5 6.8 6.0 4.6 2.6 3.3 
Benefit Payments(105.8)(8.3)(16.7)(13.4)(11.3)(5.8)(7.4)
Fair Value of Plan Assets as of December 31,$1,775.9 $146.7 $256.4 $211.9 $185.2 $95.3 $121.2 
Funded Status as of December 31,$1,129.3 $96.5 $154.3 $139.4 $121.8 $62.7 $79.7 

2023AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
Change in Benefit Obligation(in millions)
Benefit Obligation as of January 1,$872.6 $68.6 $140.7 $101.9 $88.9 $45.7 $55.1 
Service Cost4.6 0.3 0.5 0.6 0.4 0.3 0.4 
Interest Cost46.2 3.6 7.4 5.4 4.7 2.4 2.9 
Actuarial Loss19.8 1.2 0.9 3.2 2.2 0.4 1.2 
Benefit Payments(137.8)(10.7)(21.6)(18.3)(15.0)(7.6)(8.8)
Participant Contributions43.6 3.4 6.6 6.0 4.7 2.5 2.9 
Medicare Subsidy0.5 — 0.1 — — — — 
Benefit Obligation as of December 31,$849.5 $66.4 $134.6 $98.8 $85.9 $43.7 $53.7 
Change in Fair Value of Plan Assets
Fair Value of Plan Assets as of January 1,$1,549.3 $128.3 $228.6 $190.5 $166.2 $85.4 $103.0 
Actual Gain on Plan Assets213.2 16.5 28.1 26.4 21.9 9.9 14.0 
Company Contributions 5.0 — 1.3 — — — — 
Participant Contributions43.6 3.4 6.6 6.0 4.7 2.5 2.9 
Benefit Payments(137.8)(10.7)(21.6)(18.3)(15.0)(7.6)(8.8)
Fair Value of Plan Assets as of December 31,$1,673.3 $137.5 $243.0 $204.6 $177.8 $90.2 $111.1 
Funded Status as of December 31,$823.8 $71.1 $108.4 $105.8 $91.9 $46.5 $57.4 
Benefit Amounts Recognized on the Balance Sheets
Amounts Included on the Balance Sheets Related to Funded Status

Pension Plans
December 31, 2024AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
(in millions)
Other Noncurrent Assets - Employee Benefits and Pension Assets$— $— $35.2 $58.2 $30.3 $10.9 $— 
Other Current Liabilities – Accrued Short-term Benefit Liability(5.2)(0.3)— — — (0.1)(0.1)
Other Noncurrent Liabilities – Accrued Long-term Benefit Liability(200.4)(34.3)(0.4)(1.5)(0.3)(1.3)(38.9)
Funded (Underfunded) Status$(205.6)$(34.6)$34.8 $56.7 $30.0 $9.5 $(39.0)

December 31, 2023AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
(in millions)
Other Noncurrent Assets - Employee Benefits and Pension Assets$17.3 $0.1 $46.0 $74.8 $41.4 $21.8 $— 
Other Current Liabilities – Accrued Short-term Benefit Liability(6.7)(0.3)— — — (0.1)(0.1)
Other Noncurrent Liabilities – Accrued Long-term Benefit Liability(54.0)(10.2)(0.3)(1.2)(0.3)(1.2)(33.6)
Funded (Underfunded) Status$(43.4)$(10.4)$45.7 $73.6 $41.1 $20.5 $(33.7)
OPEB
December 31, 2024AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
(in millions)
Other Noncurrent Assets - Employee Benefits and Pension Assets$1,130.8 $96.5 $168.7 $139.4 $121.8 $62.7 $79.7 
Other Current Liabilities – Accrued Short-term Benefit Liability(2.2)— (1.4)— — — — 
Other Noncurrent Liabilities – Accrued Long-term Benefit Liability0.7 — (13.0)— — — — 
Funded Status$1,129.3 $96.5 $154.3 $139.4 $121.8 $62.7 $79.7 
December 31, 2023AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
(in millions)
Other Noncurrent Assets - Employee Benefits and Pension Assets$838.0 $71.1 $125.6 $105.8 $91.9 $46.5 $57.4 
Other Current Liabilities – Accrued Short-term Benefit Liability(2.4)— (1.6)— — — — 
Other Noncurrent Liabilities – Accrued Long-term Benefit Liability(11.8)— (15.6)— — — — 
Funded Status$823.8 $71.1 $108.4 $105.8 $91.9 $46.5 $57.4 
Amounts Included in AOCI and Regulatory Assets
The following tables show the components of the plans included in Regulatory Assets, Deferred Income Taxes and AOCI and the items attributable to the change in these components:

Pension Plans
December 31, 2024AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
Components(in millions)
Net Actuarial Loss$1,153.5 $189.3 $112.1 $7.5 $140.9 $53.8 $82.9 
Prior Service Cost 0.2 — — — — — — 
Recorded as
Regulatory Assets$1,019.8 $176.7 $109.9 $17.5 $140.9 $53.8 $83.0 
Deferred Income Taxes28.2 2.8 0.4 (2.2)— — — 
Net of Tax AOCI105.7 9.8 1.8 (7.8)— — (0.1)
December 31, 2023AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
Components(in millions)
Net Actuarial (Gain) Loss$1,063.4 $175.2 $104.9 $(5.8)$131.9 $46.7 $89.6 
Prior Service Cost 0.2 — — — — — — 
Recorded as
Regulatory Assets$938.6 $163.4 $102.6 $6.4 $131.9 $46.7 $89.7 
Deferred Income Taxes26.4 2.7 0.4 (2.6)— — — 
Net of Tax AOCI98.6 9.1 1.9 (9.6)— — (0.1)
December 31, 2024AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
Components(in millions)
Net Actuarial (Gain) Loss$(41.6)$1.6 $(9.9)$2.3 $(5.3)$4.7 $— 
Prior Service Credit(14.7)(1.3)(2.3)(2.0)(1.6)(0.9)(1.0)
Recorded as
Regulatory Assets$(55.4)$0.8 $(2.0)$(2.9)$(6.9)$3.8 $0.5 
Deferred Income Taxes(0.1)— (2.2)0.7 — — (0.3)
Net of Tax AOCI(0.8)(0.5)(8.0)2.5 — — (1.2)
December 31, 2023AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
Components(in millions)
Net Actuarial Loss$201.5 $22.1 $27.1 $28.7 $18.1 $17.5 $18.4 
Prior Service Credit(27.4)(2.3)(4.2)(3.7)(2.9)(1.6)(2.1)
Recorded as
Regulatory Assets$106.1 $19.8 $13.2 $19.0 $15.2 $15.9 $10.2 
Deferred Income Taxes14.3 — 2.0 1.3 — — 1.3 
Net of Tax AOCI53.7 — 7.7 4.7 — — 4.8 
Components of Change in Amounts Included in AOCI and Regulatory Assets
December 31, 2024AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
Components(in millions)
Actuarial Loss During the Year$188.0 $24.2 $19.4 $23.0 $15.8 $12.5 $2.7 
Amortization of Actuarial Loss(4.5)(0.3)(0.4)(0.4)(0.3)(0.2)(0.1)
Amounts Recognized Due to Settlement(93.4)(9.8)(11.8)(9.3)(6.5)(5.2)(9.3)
Change for the Year Ended December 31,$90.1 $14.1 $7.2 $13.3 $9.0 $7.1 $(6.7)
December 31, 2023AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
Components(in millions)
Actuarial Loss During the Year$129.2 $13.4 $9.3 $1.2 $7.6 $7.9 $12.1 
Amortization of Actuarial Loss(1.4)(0.1)— (0.1)— — (0.1)
Change for the Year Ended December 31,$127.8 $13.3 $9.3 $1.1 $7.6 $7.9 $12.0 
December 31, 2024AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
Components(in millions)
Actuarial Gain During the Year$(240.1)$(20.3)$(36.6)$(25.9)$(23.0)$(12.6)$(18.1)
Amortization of Actuarial Loss(3.0)(0.2)(0.4)(0.5)(0.4)(0.2)(0.3)
Amortization of Prior Service Credit12.7 1.0 1.9 1.7 1.3 0.7 1.1 
Change for the Year Ended December 31,$(230.4)$(19.5)$(35.1)$(24.7)$(22.1)$(12.1)$(17.3)
December 31, 2023AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
Components(in millions)
Actuarial Gain During the Year$(83.7)$(6.4)$(11.1)$(9.6)$(7.9)$(3.7)$(5.6)
Amortization of Actuarial Loss(14.8)(1.2)(2.3)(1.9)(1.6)(0.8)(1.0)
Amortization of Prior Service Credit63.1 5.3 9.2 8.7 6.3 4.0 4.9 
Change for the Year Ended December 31,$(35.4)$(2.3)$(4.2)$(2.8)$(3.2)$(0.5)$(1.7)
Allocated Assets of Investments All Level 1, 2, 3 and Other amounts can be allocated to the Registrant Subsidiaries using the percentages in the table below:
Pension PlanOPEB
December 31,
Company2024202320242023
AEP Texas7.9 %8.1 %8.3 %8.2 %
APCo13.3 %13.4 %14.4 %14.5 %
I&M13.8 %13.4 %11.9 %12.2 %
OPCo10.4 %10.2 %10.4 %10.6 %
PSO5.5 %5.4 %5.4 %5.4 %
SWEPCo5.2 %5.5 %6.8 %6.6 %
Assets within Fair Value Hierarchy
The following table presents the classification of pension plan assets for AEP within the fair value hierarchy as of December 31, 2024:
Asset ClassLevel 1Level 2Level 3OtherTotalYear End
Allocation
(in millions)
Equities (a):
Domestic$327.0 $— $— $— $327.0 8.9 %
International290.2 — — — 290.2 7.9 %
Common Collective Trusts (b)176.1 — — 472.6 648.7 17.7 %
Subtotal – Equities793.3 — — 472.6 1,265.9 34.5 %
Fixed Income (a):
United States Government and Agency Securities(2.3)865.6 — — 863.3 23.6 %
Corporate Debt— 719.2 — — 719.2 19.6 %
Foreign Debt— 136.1 — — 136.1 3.7 %
State and Local Government— 25.8 — — 25.8 0.7 %
Other – Asset Backed— 0.9 — — 0.9 — %
Subtotal – Fixed Income(2.3)1,747.6 — — 1,745.3 47.6 %
Infrastructure (b)— — — 112.9 112.9 3.1 %
Real Estate (b)— — — 227.9 227.9 6.2 %
Alternative Investments (b)— — — 223.8 223.8 6.1 %
Cash and Cash Equivalents (b)— 41.3 — 27.2 68.5 1.9 %
Other – Pending Transactions and Accrued Income (c)— — — 21.9 21.9 0.6 %
Total$791.0 $1,788.9 $— $1,086.3 $3,666.2 100.0 %

(a)Includes investment securities loaned to borrowers under the securities lending program. See the “Investments Held in Trust for Future Liabilities” section of Note 1 for additional information.
(b)Amounts in “Other” column represent investments for which fair value is measured using net asset value per-share.
(c)Amounts in “Other” column primarily represent accrued interest, dividend receivables and transactions pending settlement.
The following table presents the classification of OPEB plan assets for AEP within the fair value hierarchy as of December 31, 2024:
Asset ClassLevel 1Level 2Level 3OtherTotalYear End
Allocation
(in millions)
Equities:
Domestic$616.8 $— $— $— $616.8 34.7 %
International267.2 — — — 267.2 15.0 %
Common Collective Trusts (a)64.2 — — 129.4 193.6 10.9 %
Subtotal – Equities948.2 — — 129.4 1,077.6 60.6 %
Fixed Income:
Common Collective Trust – Debt (a)— — — 132.9 132.9 7.5 %
United States Government and Agency Securities(0.5)157.6 — — 157.1 8.9 %
Corporate Debt— 132.3 — — 132.3 7.5 %
Foreign Debt— 27.1 — — 27.1 1.5 %
State and Local Government57.8 5.0 — — 62.8 3.5 %
Other – Asset Backed— 0.2 — — 0.2 — %
Subtotal – Fixed Income57.3 322.2 — 132.9 512.4 28.9 %
Trust Owned Life Insurance:
International Equities— 23.1 — — 23.1 1.3 %
United States Bonds— 118.2 — — 118.2 6.7 %
Subtotal – Trust Owned Life Insurance— 141.3 — — 141.3 8.0 %
Cash and Cash Equivalents (a)27.6 — — 3.1 30.7 1.7 %
Other – Pending Transactions and Accrued Income (b)— — — 13.9 13.9 0.8 %
Total$1,033.1 $463.5 $— $279.3 $1,775.9 100.0 %
 
(a)Amounts in “Other” column represent investments for which fair value is measured using net asset value per-share.
(b)Amounts in “Other” column primarily represent accrued interest, dividend receivables and transactions pending settlement.
The following table presents the classification of pension plan assets for AEP within the fair value hierarchy as of December 31, 2023:
Asset ClassLevel 1Level 2Level 3OtherTotalYear End
Allocation
(in millions)
Equities (a):
Domestic$411.3 $— $— $— $411.3 10.0 %
International389.8 — — — 389.8 9.5 %
Common Collective Trusts (b)— — — 420.9 420.9 10.2 %
Subtotal – Equities801.1 — — 420.9 1,222.0 29.7 %
Fixed Income (a):
United States Government and Agency Securities8.3 1,099.2 — — 1,107.5 26.9 %
Corporate Debt— 894.8 — — 894.8 21.7 %
Foreign Debt— 167.1 — — 167.1 4.1 %
State and Local Government— 38.7 — — 38.7 0.9 %
Other – Asset Backed— 1.3 — — 1.3 — %
Subtotal – Fixed Income8.3 2,201.1 — — 2,209.4 53.6 %
Infrastructure (b)— — — 101.4 101.4 2.5 %
Real Estate (b)— — — 239.3 239.3 5.8 %
Alternative Investments (b)— — — 241.8 241.8 5.8 %
Cash and Cash Equivalents (b)— 51.0 — 33.8 84.8 2.1 %
Other – Pending Transactions and Accrued Income (c)— — 0.1 19.4 19.5 0.5 %
Total$809.4 $2,252.1 $0.1 $1,056.6 $4,118.2 100.0 %

(a)Includes investment securities loaned to borrowers under the securities lending program. See the “Investments Held in Trust for Future Liabilities” section of Note 1 for additional information.
(b)Amounts in “Other” column represent investments for which fair value is measured using net asset value per-share.
(c)Amounts in “Other” column primarily represent accrued interest, dividend receivables and transactions pending settlement.
The following table presents the classification of OPEB plan assets for AEP within the fair value hierarchy as of December 31, 2023:
Asset ClassLevel 1Level 2Level 3OtherTotalYear End
Allocation
(in millions)
Equities:
Domestic$540.6 $— $— $— $540.6 32.3 %
International288.4 — — — 288.4 17.2 %
Common Collective Trusts (a)— — — 131.6 131.6 7.9 %
Subtotal – Equities829.0 — — 131.6 960.6 57.4 %
Fixed Income:
Common Collective Trust – Debt (a)— — — 146.7 146.7 8.8 %
United States Government and Agency Securities1.4 163.3 — — 164.7 9.8 %
Corporate Debt— 149.0 — — 149.0 8.9 %
Foreign Debt— 28.6 — — 28.6 1.7 %
State and Local Government41.5 7.8 — — 49.3 3.0 %
Other – Asset Backed— 0.2 — — 0.2 — %
Subtotal – Fixed Income42.9 348.9 — 146.7 538.5 32.2 %
Trust Owned Life Insurance:
International Equities— 22.3 — — 22.3 1.3 %
United States Bonds— 130.0 — — 130.0 7.8 %
Subtotal – Trust Owned Life Insurance— 152.3 — — 152.3 9.1 %
Cash and Cash Equivalents (a)25.9 — — 2.9 28.8 1.7 %
Other – Pending Transactions and Accrued Income (b)— — — (6.9)(6.9)(0.4)%
Total$897.8 $501.2 $— $274.3 $1,673.3 100.0 %

(a)Amounts in “Other” column represent investments for which fair value is measured using net asset value per-share.
(b)Amounts in “Other” column primarily represent accrued interest, dividend receivables and transactions pending settlement.
Accumulated Benefit Obligation
The accumulated benefit obligation for the pension plans is as follows:
Accumulated Benefit ObligationAEPAEP TexasAPCoI&MOPCoPSOSWEPCo
(in millions)
Qualified Pension Plan$3,602.4 $300.6 $434.3 $422.3 $326.4 $174.6 $209.5 
Nonqualified Pension Plans46.9 2.1 0.2 0.9 0.1 1.1 1.0 
Total as of December 31, 2024$3,649.3 $302.7 $434.5 $423.2 $326.5 $175.7 $210.5 

Accumulated Benefit ObligationAEPAEP TexasAPCoI&MOPCoPSOSWEPCo
(in millions)
Qualified Pension Plan$3,878.7 $321.1 $485.6 $450.3 $354.0 $186.6 $241.9 
Nonqualified Pension Plans54.8 2.1 0.1 0.7 0.1 1.2 1.0 
Total as of December 31, 2023$3,933.5 $323.2 $485.7 $451.0 $354.1 $187.8 $242.9 
Underfunded Projected Benefit Obligation
The tables below show the underfunded pension plans that had obligations in excess of plan assets.

Projected Benefit Obligation
AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
(in millions)
Projected Benefit Obligation$3,871.8 $322.7 $0.5 $1.5 $0.4 $1.4 $227.8 
Fair Value of Plan Assets3,666.2 288.1 — — — — 188.8 
Underfunded Projected Benefit Obligation as of December 31, 2024
$(205.6)$(34.6)$(0.5)$(1.5)$(0.4)$(1.4)$(39.0)

AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
(in millions)
Projected Benefit Obligation$60.7 $343.1 $0.4 $1.2 $0.3 $1.4 $261.2 
Fair Value of Plan Assets— 332.7 — — — — 227.5 
Underfunded Projected Benefit Obligation as of December 31, 2023
$(60.7)$(10.4)$(0.4)$(1.2)$(0.3)$(1.4)$(33.7)
Underfunded Accumulated Benefit Obligation
AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
(in millions)
Accumulated Benefit Obligation$46.9 $302.7 $0.2 $0.9 $0.1 $1.1 $210.5 
Fair Value of Plan Assets— 288.0 — — — — 188.9 
Underfunded Accumulated Benefit Obligation as of December 31, 2024
$(46.9)$(14.7)$(0.2)$(0.9)$(0.1)$(1.1)$(21.6)

AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
(in millions)
Accumulated Benefit Obligation$54.8 $2.1 $0.1 $0.7 $0.1 $1.2 $242.9 
Fair Value of Plan Assets— — — — — — 227.5 
Underfunded Accumulated Benefit Obligation as of December 31, 2023
$(54.8)$(2.1)$(0.1)$(0.7)$(0.1)$(1.2)$(15.4)
Estimated Contributions and Payments to the Pension and OPEB Plans The following table provides the estimated contributions and payments by Registrant for 2025:
AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
(in millions)
Pension Plans$101.2 $11.8 $0.5 $2.6 $— $2.0 $8.8 
OPEB2.7 — 1.4 — — — — 
Estimated Payments Expected to be Made by the Pension and OPEB Plans The estimated payments for the pension benefits and OPEB are as follows:
Pension PlansAEPAEP TexasAPCoI&MOPCoPSOSWEPCo
(in millions)
2025$341.5 $32.2 $42.3 $40.1 $31.6 $17.3 $20.7 
2026340.4 31.0 42.1 40.1 31.0 17.1 19.2 
2027334.8 28.8 40.0 39.0 30.8 17.1 20.4 
2028335.7 29.5 40.2 38.8 30.0 16.9 19.4 
2029322.7 27.8 38.6 37.1 29.5 15.1 19.0 
Years 2030 to 2034, in Total1,530.3 120.9 181.6 179.0 137.8 73.3 88.4 
 
OPEB Benefit PaymentsAEPAEP TexasAPCoI&MOPCoPSOSWEPCo
(in millions)
2025$117.6 $9.5 $18.8 $14.5 $12.0 $6.6 $8.6 
2026116.4 9.7 18.4 14.5 11.7 6.6 8.3 
2027114.6 9.7 18.1 14.2 11.5 6.3 8.0 
2028112.4 9.3 17.9 13.9 11.4 6.0 8.0 
2029109.7 8.9 17.4 13.6 11.0 5.9 7.8 
Years 2030 to 2034, in Total504.7 39.7 78.1 61.0 50.6 27.2 35.7 

OPEB Medicare
Subsidy Receipts		AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
(in millions)
2025$0.2 $— $0.1 $— $— $— $— 
20260.3 — 0.1 — — — — 
20270.3 — 0.1 — — — — 
20280.3 — 0.1 — — — — 
20290.3 — 0.1 — — — — 
Years 2030 to 2034, in Total1.4 — 0.4 — — — — 
Components of Net Periodic Benefit Cost
The following tables provide the components of net periodic benefit cost (credit) by Registrant for the plans:

Pension Plans

2024AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
(in millions)
Service Cost$100.6 $8.9 $9.5 $13.0 $9.2 $5.9 $7.8 
Interest Cost207.4 17.3 24.7 23.9 18.8 10.1 12.5 
Expected Return on Plan Assets(319.8)(25.7)(42.6)(42.9)(32.6)(17.3)(17.4)
Amortization of Net Actuarial Loss4.5 0.3 0.4 0.4 0.3 0.2 0.1 
Settlements (a)93.4 9.8 11.8 9.3 6.5 5.2 9.3 
Net Periodic Benefit Cost86.1 10.6 3.8 3.7 2.2 4.1 12.3 
Capitalized Portion(46.6)(5.3)(4.4)(3.9)(5.5)(2.8)(3.1)
Net Periodic Benefit Cost (Credit) Recognized in Expense$39.5 $5.3 $(0.6)$(0.2)$(3.3)$1.3 $9.2 

(a)AEP will seek recovery for the portion of pension settlement costs related to regulated operations. These costs were deferred as a regulatory asset for AEP, AEP Texas, APCo and PSO in the fourth quarter of 2024.
2023AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
(in millions)
Service Cost$94.3 $8.2 $9.1 $11.9 $8.4 $5.5 $7.7 
Interest Cost219.2 18.3 26.4 24.9 19.8 10.7 13.9 
Expected Return on Plan Assets(339.2)(28.1)(44.6)(44.2)(34.0)(18.3)(19.4)
Amortization of Net Actuarial Loss1.4 0.1 — 0.1 — — 0.1 
Net Periodic Benefit Cost (Credit)(24.3)(1.5)(9.1)(7.3)(5.8)(2.1)2.3 
Capitalized Portion(43.6)(4.7)(4.2)(3.6)(4.7)(2.5)(3.0)
Net Periodic Benefit Credit Recognized in Expense$(67.9)$(6.2)$(13.3)$(10.9)$(10.5)$(4.6)$(0.7)

2022AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
(in millions)
Service Cost$123.1 $11.1 $11.4 $16.2 $11.2 $7.4 $10.6 
Interest Cost148.2 12.1 17.5 17.0 13.3 7.0 9.1 
Expected Return on Plan Assets(253.4)(21.0)(32.3)(32.4)(24.8)(13.4)(14.6)
Amortization of Net Actuarial Loss63.0 5.2 7.4 7.1 5.5 2.9 3.8 
Net Periodic Benefit Cost 80.9 7.4 4.0 7.9 5.2 3.9 8.9 
Capitalized Portion(53.8)(6.2)(5.0)(4.6)(6.1)(3.2)(4.0)
Net Periodic Benefit Cost (Credit) Recognized in Expense$27.1 $1.2 $(1.0)$3.3 $(0.9)$0.7 $4.9 

OPEB

2024AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
(in millions)
Service Cost$4.5 $0.3 $0.5 $0.6 $0.4 $0.3 $0.4 
Interest Cost42.0 3.3 6.6 4.8 4.2 2.1 2.7 
Expected Return on Plan Assets(111.3)(9.1)(16.3)(13.5)(11.8)(6.0)(7.5)
Amortization of Prior Service Credit(12.7)(1.0)(1.9)(1.7)(1.3)(0.7)(1.1)
Amortization of Net Actuarial Loss3.0 0.2 0.4 0.5 0.4 0.2 0.3 
Special/Contractual Termination Benefits3.5 0.3 0.6 0.3 0.2 0.2 0.3 
Net Periodic Benefit Credit(71.0)(6.0)(10.1)(9.0)(7.9)(3.9)(4.9)
Capitalized Portion(2.1)(0.2)(0.2)(0.2)(0.2)(0.1)(0.2)
Net Periodic Benefit Credit Recognized in Expense$(73.1)$(6.2)$(10.3)$(9.2)$(8.1)$(4.0)$(5.1)
2023AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
(in millions)
Service Cost$4.6 $0.3 $0.5 $0.6 $0.4 $0.3 $0.4 
Interest Cost46.2 3.6 7.4 5.4 4.7 2.4 2.9 
Expected Return on Plan Assets(109.6)(9.0)(16.1)(13.5)(11.8)(5.9)(7.2)
Amortization of Prior Service Credit(63.1)(5.3)(9.2)(8.7)(6.3)(4.0)(4.9)
Amortization of Net Actuarial Loss14.8 1.2 2.3 1.9 1.6 0.8 1.0 
Net Periodic Benefit Credit(107.1)(9.2)(15.1)(14.3)(11.4)(6.4)(7.8)
Capitalized Portion(2.1)(0.2)(0.2)(0.2)(0.2)(0.1)(0.2)
Net Periodic Benefit Credit Recognized in Expense$(109.2)$(9.4)$(15.3)$(14.5)$(11.6)$(6.5)$(8.0)
2022AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
(in millions)
Service Cost$7.4 $0.5 $0.8 $0.9 $0.6 $0.4 $0.6 
Interest Cost29.2 2.2 4.7 3.4 3.0 1.5 1.8 
Expected Return on Plan Assets(110.0)(9.1)(16.3)(13.7)(12.0)(6.1)(7.3)
Amortization of Prior Service Credit(71.4)(6.1)(10.4)(9.7)(7.1)(4.4)(5.3)
Net Periodic Benefit Credit(144.8)(12.5)(21.2)(19.1)(15.5)(8.6)(10.2)
Capitalized Portion(3.2)(0.3)(0.4)(0.3)(0.3)(0.2)(0.2)
Net Periodic Benefit Credit Recognized in Expense$(148.0)$(12.8)$(21.6)$(19.4)$(15.8)$(8.8)$(10.4)
Cost for Matching Contributions to the Retirement Savings Plans
The following table provides the cost for matching contributions to the retirement savings plans by Registrant:

Year Ended December 31,AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
(in millions)
2024$81.5 $6.8 $8.0 $10.7 $7.9 $5.3 $6.5 
202387.9 7.1 8.4 11.0 8.2 5.3 6.7 
202281.9 6.5 7.8 11.1 7.7 4.7 6.4