CONDENSED CONSOLIDATED BALANCE SHEETS - I&M - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
CURRENT ASSETS
Cash and Cash Equivalents	$ 306	$ 197
Accounts Receivable:
Customers	1,338	1,166
Accrued Unbilled Revenues	349	421
Miscellaneous	53	60
Total Accounts Receivable	2,970	2,867
Fuel	567	576
Materials and Supplies	1,098	1,046
Risk Management Assets	246	352
Accrued Tax Benefits	214	85
Prepayments and Other Current Assets	385	212
TOTAL CURRENT ASSETS	6,623	6,052
PROPERTY, PLANT AND EQUIPMENT
Generation	28,879	28,388
Transmission	43,093	42,557
Distribution	33,902	33,364
Other Property, Plant and Equipment (Including Coal Mining and Nuclear Fuel)	9,119	8,635
Construction Work in Progress	8,314	7,635
Total Property, Plant and Equipment	123,307	120,579
Accumulated Depreciation and Amortization	28,453	28,205
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET	94,854	92,374
OTHER NONCURRENT ASSETS
Regulatory Assets	5,070	4,804
Spent Nuclear Fuel and Decommissioning Trusts	4,803	4,916
Prepayments & Other Current Assets	650	661
Deferred Charges and Other Noncurrent Assets	4,578	4,402
TOTAL OTHER NONCURRENT ASSETS	16,299	16,034
TOTAL ASSETS	117,776	114,460
CURRENT LIABILITIES
Accounts Payable	3,148	3,429
Long-term Debt Due Within One Year	2,704	3,194
Customer Deposits	521	507
Accrued Taxes	1,888	2,002
Accrued Interest	629	544
Obligations Under Operating Leases	95	100
Other Current Liabilities	1,924	1,898
TOTAL CURRENT LIABILITIES	12,594	13,314
NONCURRENT LIABILITIES
Long-term Debt	46,850	44,128
Deferred Income Taxes	11,249	10,951
Regulatory Liabilities and Deferred Investment Tax Credits	8,230	8,362
Accounts Payables	3,607	3,556
Obligations Under Operating Leases	572	578
Deferred Credits and Other Noncurrent Liabilities	1,235	905
TOTAL NONCURRENT LIABILITIES	72,153	68,890
TOTAL LIABILITIES	84,747	82,204
Rate Matters (Note 4)
Commitments, Guarantees and Contingencies (Note 5)
COMMON SHAREHOLDER’S EQUITY
Common Stock	3,544	3,523
Paid-in Capital	12,447	12,138
Retained Earnings	15,795	15,441
Accumulated Other Comprehensive Income (Loss)	22	36
TOTAL COMMON SHAREHOLDER’S EQUITY	31,808	31,138
TOTAL LIABILITIES AND EQUITY	117,776	114,460
INDIANA MICHIGAN POWER COMPANY
CURRENT ASSETS
Cash and Cash Equivalents	2	2
Advances to Affiliates	0	192
Accounts Receivable:
Customers	127	103
Affiliated Companies	141	90
Accrued Unbilled Revenues	0	17
Miscellaneous	13	2
Total Accounts Receivable	281	212
Fuel	56	61
Materials and Supplies	229	222
Risk Management Assets	3	10
Accrued Tax Benefits	67	32
Prepayments and Other Current Assets	92	53
TOTAL CURRENT ASSETS	730	784
PROPERTY, PLANT AND EQUIPMENT
Generation	6,277	5,483
Transmission	2,070	2,055
Distribution	3,874	3,823
Other Property, Plant and Equipment (Including Coal Mining and Nuclear Fuel)	1,353	1,058
Construction Work in Progress	464	403
Total Property, Plant and Equipment	14,038	12,822
Accumulated Depreciation and Amortization	5,123	4,878
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET	8,915	7,944
OTHER NONCURRENT ASSETS
Regulatory Assets	553	585
Spent Nuclear Fuel and Decommissioning Trusts	4,803	4,916
Prepayments & Other Current Assets	48	52
Deferred Charges and Other Noncurrent Assets	356	344
TOTAL OTHER NONCURRENT ASSETS	5,760	5,897
TOTAL ASSETS	15,405	14,625
CURRENT LIABILITIES
Advances from Affiliates	9	0
Long-term Debt Due Within One Year	108	117
Customer Deposits	55	55
Accrued Taxes	159	112
Accrued Interest	43	42
Obligations Under Operating Leases	16	17
Regulatory Liability for Over-Recovered Fuel Costs	49	19
Other Current Liabilities	216	230
TOTAL CURRENT LIABILITIES	1,012	949
NONCURRENT LIABILITIES
Long-term Debt	4,066	3,444
Deferred Income Taxes	1,222	1,219
Regulatory Liabilities and Deferred Investment Tax Credits	2,869	2,938
Accounts Payables	2,186	2,165
Obligations Under Operating Leases	34	37
Deferred Credits and Other Noncurrent Liabilities	84	89
TOTAL NONCURRENT LIABILITIES	10,461	9,892
TOTAL LIABILITIES	11,473	10,841
Rate Matters (Note 4)
Commitments, Guarantees and Contingencies (Note 5)
COMMON SHAREHOLDER’S EQUITY
Common Stock	57	57
Paid-in Capital	1,033	1,033
Retained Earnings	2,840	2,692
Accumulated Other Comprehensive Income (Loss)	2	2
TOTAL COMMON SHAREHOLDER’S EQUITY	3,932	3,784
TOTAL LIABILITIES AND EQUITY	15,405	14,625
INDIANA MICHIGAN POWER COMPANY | Nonrelated Party
CURRENT LIABILITIES
Accounts Payable	237	232
INDIANA MICHIGAN POWER COMPANY | Affiliated Entity
CURRENT LIABILITIES
Accounts Payable	$ 120	$ 125