BUSINESS SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2025

The tables below represent AEP’s reportable segment income statement information for the three months ended March 31, 2025 and 2024 and reportable segment balance sheet information as of March 31, 2025 and December 31, 2024. The significant expenses disclosed below align with the segment-level information that is regularly provided to the CODM.


	Three Months Ended March 31, 2025
	VIU		T&D		AEPTHCo		G&M		Total Reportable Segments		Corporate and Other (a)		Reconciling Adjustments			Consolidated
	(in millions)
Revenues from:
External Customers	$	3,085.5	$	1,515.5	$	115.9	$	730.6	$	5,447.5	$	15.9	$	—		$	5,463.4
Other Operating Segments	52.3		11.0		426.2		16.3		505.8		28.7		(534.5)		(b)	—
Total Revenues	3,137.8		1,526.5		542.1		746.9		5,953.3		44.6		(534.5)			5,463.4

Purchased Electricity, Fuel and Other Consumables Used for Electric Generation	1,075.4		262.8		—		582.5		1,920.7		—		(67.8)			1,852.9
Other Operation and Maintenance	883.4		577.1		37.4		30.4		1,528.3		15.8		(473.2)			1,070.9






Depreciation and Amortization	515.2		202.9		116.2		4.1		838.4		(5.1)		0.1			833.4
Taxes Other Than Income Taxes	133.6		205.2		75.6		0.7		415.1		0.5		6.4			422.0




Allowance for Equity Funds Used During Construction	16.4		18.5		22.4		—		57.3		—		—			57.3

Interest Expense	200.7		111.6		56.9		1.9		371.1		147.0		(23.2)			494.9


Income Tax Expense (Benefit)	44.8		33.8		66.9		36.3		181.8		(56.3)		—			125.5
Equity Earnings of Unconsolidated Subsidiaries	0.3		1.3		23.2		—		24.8		13.4		—			38.2


Other Segment Items (c)	(22.7)		(11.7)		0.1		(11.4)		(45.7)		(18.4)		23.2			(40.9)
Earnings (Loss) Attributable to AEP Common Shareholders	$	324.1	$	164.6	$	234.6	$	102.4	$	825.7	$	(25.5)	$	—		$	800.2

Gross Property Additions	$	920.6	$	704.0	$	430.3	$	3.9	$	2,058.8	$	30.0	$	11.4		$	2,100.2


	Three Months Ended March 31, 2024
	VIU		T&D		AEPTHCo		G&M		Total Reportable Segments		Corporate and Other (a)		Reconciling Adjustments			Consolidated
	(in millions)
Revenues from:
External Customers	$	2,901.2	$	1,483.2	$	110.5	$	515.9	$	5,010.8	$	14.9	$	—		$	5,025.7
Other Operating Segments	46.7		7.0		386.8		47.6		488.1		37.9		(526.0)		(b)	—
Total Revenues	2,947.9		1,490.2		497.3		563.5		5,498.9		52.8		(526.0)			5,025.7

Purchased Electricity, Fuel and Other Consumables Used for Electric Generation	999.1		305.3		—		372.6		1,677.0		—		(101.2)			1,575.8
Other Operation and Maintenance	885.3		519.2		37.1		31.5		1,473.1		36.1		(429.4)			1,079.8






Depreciation and Amortization	453.6		222.5		108.1		8.2		792.4		(5.3)		—			787.1
Taxes Other Than Income Taxes	139.7		190.8		75.0		0.2		405.7		0.1		4.6			410.4




Allowance for Equity Funds Used During Construction	11.7		14.1		17.8		—		43.6		—		—			43.6

Interest Expense	157.2		96.2		56.9		6.0		316.3		155.8		(36.5)			435.6


Income Tax Expense (Benefit)	(206.2)		31.5		54.3		25.1		(95.3)		(46.6)		—			(141.9)
Equity Earnings (Loss) of Unconsolidated Subsidiaries	0.4		(0.1)		22.7		0.9		23.9		0.6		—			24.5


Other Segment Items (c)	(29.5)		(11.6)		(2.3)		(16.8)		(60.2)		(32.4)		36.5			(56.1)
Earnings (Loss) Attributable to AEP Common Shareholders	$	560.8	$	150.3	$	208.7	$	137.6	$	1,057.4	$	(54.3)	$	—		$	1,003.1

Gross Property Additions	$	801.8	$	572.3	$	9.9	$	369.6	$	1,753.6	$	3.1	$	5.0		$	1,761.7


	March 31, 2025
	VIU		T&D		AEPTHCo		G&M		Total Reportable Segments		Corporate and Other (a)			Reconciling Adjustments			Consolidated
	(in millions)
Total Assets	$	55,210.5	$	27,073.7	$	18,391.2	$	1,803.4	$	102,478.8	$	5,720.6	(d)	$	(3,804.8)	(e)	$	104,394.6

Investments in Equity Method Investees	$	9.0	$	3.4	$	1,018.5	$	—	$	1,030.9	$	66.3		$	—		$	1,097.3


	December 31, 2024
	VIU		T&D		AEPTHCo		G&M		Total Reportable Segments		Corporate and Other (a)			Reconciling Adjustments			Consolidated
	(in millions)
Total Assets	$	54,996.5	$	26,864.3	$	18,011.9	$	1,633.9	$	101,506.6	$	5,550.8	(d)	$	(3,979.4)	(e)	$	103,078.0

Investments in Equity Method Investees	$	9.1	$	2.0	$	996.1	$	—	$	1,007.2	$	48.7		$	—		$	1,055.9

(a)Corporate and Other primarily includes the purchasing of receivables from certain AEP utility subsidiaries. This segment also includes Parent’s guarantee revenue received from affiliates, investment income, interest income and interest expense, income tax expense and other nonallocated costs.

(b)Represents intersegment revenues.

(c)Other segment items included in segment earnings (loss) attributable to AEP common shareholders primarily includes Interest and Dividend Income, Non-Service Cost Components of Net Period Benefit Cost and Net Income (Loss) Attributable to Noncontrolling Interests.

(d)Includes elimination of AEP Parent’s investments in wholly-owned subsidiary companies.

(e)Reconciling Adjustments for Total Assets primarily include elimination of intercompany advances to affiliates and intercompany accounts receivable.

The tables below present AEPTCo’s reportable segment income statement information for the three months ended March 31, 2025 and 2024 and reportable segment balance sheet information as of March 31, 2025 and December 31, 2024. The significant expenses disclosed below align with the segment-level information that is regularly provided to the CODM.


	Three Months Ended March 31, 2025
	State Transcos		AEPTCo Parent			Reconciling Adjustments			AEPTCo Consolidated
	(in millions)
Revenues from:
External Customers	$	104.3	$	—		$	—		$	104.3
Sales to AEP Affiliates	422.8		—			—			422.8

Total Revenues	527.1		—			—			527.1

Other Operation and Maintenance	34.2		0.2			—			34.4

Depreciation and Amortization	114.1		—			—			114.1
Taxes Other Than Income Taxes	74.1		—			—			74.1



Interest Income	0.1		89.3			(89.0)		(a)	0.4
Allowance for Equity Funds Used During Construction	22.4		—			—			22.4
Interest Expense	84.0		60.0			(89.0)		(a)	55.0

Income Tax Expense	60.8		—			—			60.8


Net Income	$	182.4	$	29.1	(b)	$	—		$	211.5

Gross Property Additions	$	421.8	$	—		$	—		$	421.8


	Three Months Ended March 31, 2024
	State Transcos		AEPTCo Parent			Reconciling Adjustments			AEPTCo Consolidated
	(in millions)
Revenues from:
External Customers	$	97.0	$	—		$	—		$	97.0
Sales to AEP Affiliates	383.4		—			—			383.4
Other Revenues	2.4		—			—			2.4
Total Revenues	482.8		—			—			482.8

Other Operation and Maintenance	33.7		1.5			—			35.2

Depreciation and Amortization	105.9		—			—			105.9
Taxes Other Than Income Taxes	73.4		—			—			73.4



Interest Income	1.0		57.1			(56.2)		(a)	1.9
Allowance for Equity Funds Used During Construction	17.9		—			—			17.9
Interest Expense	54.7		56.3			(56.2)		(a)	54.8

Income Tax Expense	52.3		(0.2)			—			52.1


Net Income	$	181.7	$	(0.5)	(b)	$	—		$	181.2

Gross Property Additions	$	336.5	$	—		$	—		$	336.5


	March 31, 2025
	State Transcos		AEPTCo Parent			Reconciling Adjustments			AEPTCo Consolidated
	(in millions)








Total Assets	$	16,708.8	$	8,678.6	(c)	$	(8,684.6)	(d)	$	16,702.8


	December 31, 2024
	State Transcos		AEPTCo Parent			Reconciling Adjustments			AEPTCo Consolidated
	(in millions)








Total Assets	$	16,887.7	$	8,670.4	(c)	$	(9,187.8)	(d)	$	16,370.3

(a) Elimination of intercompany interest income/interest expense on affiliated debt arrangement.

(b) Includes elimination of AEPTCo Parent’s equity earnings in the State Transcos.

(d) Primarily relates to elimination of Notes Receivable from the State Transcos.