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Financing Activities
 6 Months Ended
Jun. 30, 2011
Appalachian Power Co [Member]
  
Financing Activities [Abstract]  
Financing Activities

11. FINANCING ACTIVITIES

 

Long-term Debt

 

Long-term debt and other securities issued, retired and principal payments made during the first six months of 2011 are shown in the tables below

     Principal  Interest Due
 Company Type of Debt Amount Rate Date
 Issuances:   (in thousands) (%)  
 APCo Senior Unsecured Notes $ 350,000 4.60 2021
 APCo Pollution Control Bonds   65,350 2.00 2012
 APCo Pollution Control Bonds   75,000(a)Variable 2036
 APCo Pollution Control Bonds   54,375(a)Variable 2042
 APCo Pollution Control Bonds   50,275(a)Variable 2036
 APCo Pollution Control Bonds   50,000(a)Variable 2042
 I&M Pollution Control Bonds   52,000(a)Variable 2021
 I&M Pollution Control Bonds   25,000(a)Variable 2019
 OPCo Pollution Control Bonds   50,000(a)Variable 2014
 PSO Senior Unsecured Notes   250,000 4.40 2021
 PSO Notes Payable   1,187 3.00 2026

  • These pollution control bonds are subject to redemption earlier than the maturity date. Consequently, these bonds have been classified for maturity purposes as Long-term Debt Due Within One Year – Nonaffiliated on the balance sheets.

      Principal  Interest Due
 Company Type of Debt Amount Paid Rate Date
 Retirements and   (in thousands) (%)  
  Principal Payments:         
 APCo Pollution Control Bonds $ 75,000 Variable 2036
 APCo Pollution Control Bonds   54,375 Variable 2042
 APCo Pollution Control Bonds   50,000 Variable 2042
 APCo Pollution Control Bonds   50,275 Variable 2036
 APCo Senior Unsecured Notes   250,000 5.55 2011
 APCo Land Note   11 13.718 2026
 I&M Pollution Control Bonds   52,000 Variable 2021
 I&M Pollution Control Bonds   25,000 Variable 2019
 I&M    10,894 Variable 2015
 I&M    13,150 5.16 2014
 I&M    15,482 5.44 2013
 OPCo Pollution Control Bonds   65,000 Variable 2036
 OPCo Pollution Control Bonds   50,000 Variable 2014
 OPCo Pollution Control Bonds   50,000 Variable 2014
 PSO Senior Unsecured Notes   200,000 6.00 2032
 PSO Senior Unsecured Notes   75,000 4.70 2011

Dividend Restrictions

 

The Registrant Subsidiaries pay dividends to Parent provided funds are legally available. Various charter provisions and regulatory requirements may impose certain restrictions on the ability of the Registrant Subsidiaries to transfer funds to Parent in the form of dividends.

 

Federal Power Act

 

The Federal Power Act prohibits each of the Registrant Subsidiaries from participating “in the making or paying of any dividends of such public utility from any funds properly included in capital account.” The term “capital account” is not defined in the Federal Power Act or its regulations. As applicable, the Registrant Subsidiaries understand “capital account” to mean the par value of the common stock multiplied by the number of shares outstanding.

 

Additionally, the Federal Power Act creates a reserve on earnings attributable to hydroelectric generating plants. Because of their respective ownership of such plants, this reserve applies to APCo, I&M and OPCo.

 

None of these restrictions limit the ability of the Registrant Subsidiaries to pay dividends out of retained earnings.

 

Charter and Leverage Restrictions

 

Provisions within the articles or certificates of incorporation of the Registrant Subsidiaries relating to preferred stock or shares restrict the payment of cash dividends on common and preferred stock or shares.

 

Utility Money Pool – AEP System

 

The AEP System uses a corporate borrowing program to meet the short-term borrowing needs of its subsidiaries. The corporate borrowing program includes a Utility Money Pool, which funds the utility subsidiaries. The AEP System Utility Money Pool operates in accordance with the terms and conditions approved in a regulatory order. The amount of outstanding loans (borrowings) to/from the Utility Money Pool as of June 30, 2011 and December 31, 2010 is included in Advances to/from Affiliates on each of the Registrant Subsidiaries' balance sheets. The Utility Money Pool participants' money pool activity and their corresponding authorized borrowing limits for the six months ended June 30, 2011 are described in the following table:

               Loans    
   Maximum Maximum Average Average (Borrowings) Authorized
   Borrowings Loans  Borrowings Loans  to/from Utility Short-term
   from Utility to Utility from Utility to Utility Money Pool as of Borrowing
 Company Money Pool Money Pool Money Pool Money Pool June 30, 2011 Limit
   (in thousands)
 APCo $ 195,945 $ 393,811 $ 102,608 $ 154,349 $ 162,787 $ 600,000
 CSPCo   17,256   130,250   10,098   78,172   71,323   350,000
 I&M   52,098   89,276   22,098   32,773   (24,537)   500,000
 OPCo   51,169   237,196   17,873   116,937   136,965   600,000
 PSO   96,034   255,611   45,042   95,323   110   300,000
 SWEPCo   26,424   105,184   11,178   38,798   34,684   350,000

The maximum and minimum interest rates for funds either borrowed from or loaned to the Utility Money Pool were as follows:

   Six Months Ended June 30,
   2011 2010
 Maximum Interest Rate  0.56%  0.51%
 Minimum Interest Rate  0.06%  0.09%

The average interest rates for funds borrowed from and loaned to the Utility Money Pool for the six months ended June 30, 2011 and 2010 are summarized for all Registrant Subsidiaries in the following table:

   Average Interest Rate  Average Interest Rate
   for Funds Borrowed   for Funds Loaned
   from Utility Money Pool for   to Utility Money Pool for
   Six Months Ended June 30, Six Months Ended June 30,
 Company 2011 20102011 2010
              
 APCo  0.38%  0.23%  0.27%  -%
 CSPCo  0.52%  0.18%  0.27%  0.26%
 I&M  0.44%  -%  0.23%  0.21%
 OPCo  0.41%  -%  0.24%  0.18%
 PSO  0.41%  0.28%  0.19%  0.16%
 SWEPCo  0.25%  0.19%  0.33%  0.25%

Credit Facilities

 

In March 2011, the Registrant Subsidiaries and certain other companies in the AEP System terminated a $478 million credit agreement that was scheduled to mature in April 2011 and was used to support variable rate Pollution Control Bonds. In March 2011, certain variable rate Pollution Control Bonds were remarketed and supported by bilateral letters of credit for $361 million while others were reacquired and are being held in trust. As of June 30, 2011, $472 million of variable rate Pollution Control Bonds were remarketed or reacquired as follows

   June 30, 2011
      Reacquired and Bilateral Letters
 Company Remarketed Held in Trust of Credit Issued
   (in thousands)
 APCo $229,650 $ - $ 232,293
 I&M  77,000   -   77,886
 OPCo  50,000  115,000   50,575

Sale of Receivables – AEP Credit

 

Under a sale of receivables arrangement, the Registrant Subsidiaries sell, without recourse, certain of their customer accounts receivable and accrued unbilled revenue balances to AEP Credit and are charged a fee based on AEP Credit's financing costs, administrative costs and uncollectible accounts experience for each Registrant Subsidiary's receivables. APCo does not have regulatory authority to sell its West Virginia accounts receivable. The costs of customer accounts receivable sold are reported in Other Operation expense on the Registrant Subsidiaries' income statements. The Registrant Subsidiaries manage and service their customer accounts receivable sold.

 

In July 2011, AEP Credit renewed its receivables securitization agreement. The agreement provides commitments of $750 million from bank conduits to finance receivables from AEP Credit with an increase to $800 million for the months of July, August and September to accommodate seasonal demand. A commitment of $375 million, with the seasonal increase to $425 million for the months of July, August and September, expires in June 2012 and the remaining commitment of $375 million expires in June 2014.

 

The amount of accounts receivable and accrued unbilled revenues under the sale of receivables agreement for each Registrant Subsidiary as of June 30, 2011 and December 31, 2010 was as follows:

    June 30, December 31,
 Company 2011 2010
    (in thousands)
 APCo $ 123,959 $ 145,515
 CSPCo   179,639   175,997
 I&M   132,772   123,366
 OPCo   192,529   168,701
 PSO   150,689   121,679
 SWEPCo   174,496   135,092

The fees paid by the Registrant Subsidiaries to AEP Credit for customer accounts receivable sold were:

    Three Months Ended June 30, Six Months Ended June 30,
 Company 2011 2010 2011 2010
    (in thousands)
 APCo $ 2,239 $ 1,895 $ 4,814 $ 3,776
 CSPCo   2,594   2,782   4,926   5,690
 I&M   1,508   1,657   3,135   3,444
 OPCo   1,811   2,449   3,514   5,149
 PSO   1,483   1,367   2,717   2,750
 SWEPCo   1,303   1,462   2,403   3,133

The Registrant Subsidiaries' proceeds on the sale of receivables to AEP Credit were:

    Three Months Ended June 30, Six Months Ended June 30,
 Company 2011 2010 2011 2010
    (in thousands)
 APCo $ 284,715 $ 317,120 $ 650,924 $ 758,830
 CSPCo   374,925   422,628   781,571   847,313
 I&M   315,551   297,384   666,572   636,593
 OPCo   456,910   410,331   961,302   851,840
 PSO   317,060   311,883   585,629   526,530
 SWEPCo   375,903   338,286   690,027   657,245
Columbus Southern Power Co [Member]
  
Financing Activities [Abstract]  
Financing Activities

Dividend Restrictions

 

The Registrant Subsidiaries pay dividends to Parent provided funds are legally available. Various charter provisions and regulatory requirements may impose certain restrictions on the ability of the Registrant Subsidiaries to transfer funds to Parent in the form of dividends.

 

Federal Power Act

 

The Federal Power Act prohibits each of the Registrant Subsidiaries from participating “in the making or paying of any dividends of such public utility from any funds properly included in capital account.” The term “capital account” is not defined in the Federal Power Act or its regulations. As applicable, the Registrant Subsidiaries understand “capital account” to mean the par value of the common stock multiplied by the number of shares outstanding.

 

Additionally, the Federal Power Act creates a reserve on earnings attributable to hydroelectric generating plants. Because of their respective ownership of such plants, this reserve applies to APCo, I&M and OPCo.

 

None of these restrictions limit the ability of the Registrant Subsidiaries to pay dividends out of retained earnings.

 

Charter and Leverage Restrictions

 

Provisions within the articles or certificates of incorporation of the Registrant Subsidiaries relating to preferred stock or shares restrict the payment of cash dividends on common and preferred stock or shares.

 

Utility Money Pool – AEP System

 

The AEP System uses a corporate borrowing program to meet the short-term borrowing needs of its subsidiaries. The corporate borrowing program includes a Utility Money Pool, which funds the utility subsidiaries. The AEP System Utility Money Pool operates in accordance with the terms and conditions approved in a regulatory order. The amount of outstanding loans (borrowings) to/from the Utility Money Pool as of June 30, 2011 and December 31, 2010 is included in Advances to/from Affiliates on each of the Registrant Subsidiaries' balance sheets. The Utility Money Pool participants' money pool activity and their corresponding authorized borrowing limits for the six months ended June 30, 2011 are described in the following table:

               Loans    
   Maximum Maximum Average Average (Borrowings) Authorized
   Borrowings Loans  Borrowings Loans  to/from Utility Short-term
   from Utility to Utility from Utility to Utility Money Pool as of Borrowing
 Company Money Pool Money Pool Money Pool Money Pool June 30, 2011 Limit
   (in thousands)
 APCo $ 195,945 $ 393,811 $ 102,608 $ 154,349 $ 162,787 $ 600,000
 CSPCo   17,256   130,250   10,098   78,172   71,323   350,000
 I&M   52,098   89,276   22,098   32,773   (24,537)   500,000
 OPCo   51,169   237,196   17,873   116,937   136,965   600,000
 PSO   96,034   255,611   45,042   95,323   110   300,000
 SWEPCo   26,424   105,184   11,178   38,798   34,684   350,000

The maximum and minimum interest rates for funds either borrowed from or loaned to the Utility Money Pool were as follows:

   Six Months Ended June 30,
   2011 2010
 Maximum Interest Rate  0.56%  0.51%
 Minimum Interest Rate  0.06%  0.09%

The average interest rates for funds borrowed from and loaned to the Utility Money Pool for the six months ended June 30, 2011 and 2010 are summarized for all Registrant Subsidiaries in the following table:

   Average Interest Rate  Average Interest Rate
   for Funds Borrowed   for Funds Loaned
   from Utility Money Pool for   to Utility Money Pool for
   Six Months Ended June 30, Six Months Ended June 30,
 Company 2011 20102011 2010
              
 APCo  0.38%  0.23%  0.27%  -%
 CSPCo  0.52%  0.18%  0.27%  0.26%
 I&M  0.44%  -%  0.23%  0.21%
 OPCo  0.41%  -%  0.24%  0.18%
 PSO  0.41%  0.28%  0.19%  0.16%
 SWEPCo  0.25%  0.19%  0.33%  0.25%

Sale of Receivables – AEP Credit

 

Under a sale of receivables arrangement, the Registrant Subsidiaries sell, without recourse, certain of their customer accounts receivable and accrued unbilled revenue balances to AEP Credit and are charged a fee based on AEP Credit's financing costs, administrative costs and uncollectible accounts experience for each Registrant Subsidiary's receivables. APCo does not have regulatory authority to sell its West Virginia accounts receivable. The costs of customer accounts receivable sold are reported in Other Operation expense on the Registrant Subsidiaries' income statements. The Registrant Subsidiaries manage and service their customer accounts receivable sold.

 

In July 2011, AEP Credit renewed its receivables securitization agreement. The agreement provides commitments of $750 million from bank conduits to finance receivables from AEP Credit with an increase to $800 million for the months of July, August and September to accommodate seasonal demand. A commitment of $375 million, with the seasonal increase to $425 million for the months of July, August and September, expires in June 2012 and the remaining commitment of $375 million expires in June 2014.

 

The amount of accounts receivable and accrued unbilled revenues under the sale of receivables agreement for each Registrant Subsidiary as of June 30, 2011 and December 31, 2010 was as follows:

    June 30, December 31,
 Company 2011 2010
    (in thousands)
 APCo $ 123,959 $ 145,515
 CSPCo   179,639   175,997
 I&M   132,772   123,366
 OPCo   192,529   168,701
 PSO   150,689   121,679
 SWEPCo   174,496   135,092

The fees paid by the Registrant Subsidiaries to AEP Credit for customer accounts receivable sold were:

    Three Months Ended June 30, Six Months Ended June 30,
 Company 2011 2010 2011 2010
    (in thousands)
 APCo $ 2,239 $ 1,895 $ 4,814 $ 3,776
 CSPCo   2,594   2,782   4,926   5,690
 I&M   1,508   1,657   3,135   3,444
 OPCo   1,811   2,449   3,514   5,149
 PSO   1,483   1,367   2,717   2,750
 SWEPCo   1,303   1,462   2,403   3,133

The Registrant Subsidiaries' proceeds on the sale of receivables to AEP Credit were:

    Three Months Ended June 30, Six Months Ended June 30,
 Company 2011 2010 2011 2010
    (in thousands)
 APCo $ 284,715 $ 317,120 $ 650,924 $ 758,830
 CSPCo   374,925   422,628   781,571   847,313
 I&M   315,551   297,384   666,572   636,593
 OPCo   456,910   410,331   961,302   851,840
 PSO   317,060   311,883   585,629   526,530
 SWEPCo   375,903   338,286   690,027   657,245
Indiana Michigan Power Co [Member]
  
Financing Activities [Abstract]  
Financing Activities

11. FINANCING ACTIVITIES

 

Long-term Debt

 

Long-term debt and other securities issued, retired and principal payments made during the first six months of 2011 are shown in the tables below

     Principal  Interest Due
 Company Type of Debt Amount Rate Date
 Issuances:   (in thousands) (%)  
 APCo Senior Unsecured Notes $ 350,000 4.60 2021
 APCo Pollution Control Bonds   65,350 2.00 2012
 APCo Pollution Control Bonds   75,000(a)Variable 2036
 APCo Pollution Control Bonds   54,375(a)Variable 2042
 APCo Pollution Control Bonds   50,275(a)Variable 2036
 APCo Pollution Control Bonds   50,000(a)Variable 2042
 I&M Pollution Control Bonds   52,000(a)Variable 2021
 I&M Pollution Control Bonds   25,000(a)Variable 2019
 OPCo Pollution Control Bonds   50,000(a)Variable 2014
 PSO Senior Unsecured Notes   250,000 4.40 2021
 PSO Notes Payable   1,187 3.00 2026

  • These pollution control bonds are subject to redemption earlier than the maturity date. Consequently, these bonds have been classified for maturity purposes as Long-term Debt Due Within One Year – Nonaffiliated on the balance sheets.

      Principal  Interest Due
 Company Type of Debt Amount Paid Rate Date
 Retirements and   (in thousands) (%)  
  Principal Payments:         
 APCo Pollution Control Bonds $ 75,000 Variable 2036
 APCo Pollution Control Bonds   54,375 Variable 2042
 APCo Pollution Control Bonds   50,000 Variable 2042
 APCo Pollution Control Bonds   50,275 Variable 2036
 APCo Senior Unsecured Notes   250,000 5.55 2011
 APCo Land Note   11 13.718 2026
 I&M Pollution Control Bonds   52,000 Variable 2021
 I&M Pollution Control Bonds   25,000 Variable 2019
 I&M    10,894 Variable 2015
 I&M    13,150 5.16 2014
 I&M    15,482 5.44 2013
 OPCo Pollution Control Bonds   65,000 Variable 2036
 OPCo Pollution Control Bonds   50,000 Variable 2014
 OPCo Pollution Control Bonds   50,000 Variable 2014
 PSO Senior Unsecured Notes   200,000 6.00 2032
 PSO Senior Unsecured Notes   75,000 4.70 2011

In July 2011, I&M retired $2 million of Notes Payable related to DCC Fuel.

 

Dividend Restrictions

 

The Registrant Subsidiaries pay dividends to Parent provided funds are legally available. Various charter provisions and regulatory requirements may impose certain restrictions on the ability of the Registrant Subsidiaries to transfer funds to Parent in the form of dividends.

 

Federal Power Act

 

The Federal Power Act prohibits each of the Registrant Subsidiaries from participating “in the making or paying of any dividends of such public utility from any funds properly included in capital account.” The term “capital account” is not defined in the Federal Power Act or its regulations. As applicable, the Registrant Subsidiaries understand “capital account” to mean the par value of the common stock multiplied by the number of shares outstanding.

 

Additionally, the Federal Power Act creates a reserve on earnings attributable to hydroelectric generating plants. Because of their respective ownership of such plants, this reserve applies to APCo, I&M and OPCo.

 

None of these restrictions limit the ability of the Registrant Subsidiaries to pay dividends out of retained earnings.

 

Charter and Leverage Restrictions

 

Provisions within the articles or certificates of incorporation of the Registrant Subsidiaries relating to preferred stock or shares restrict the payment of cash dividends on common and preferred stock or shares.

 

Utility Money Pool – AEP System

 

The AEP System uses a corporate borrowing program to meet the short-term borrowing needs of its subsidiaries. The corporate borrowing program includes a Utility Money Pool, which funds the utility subsidiaries. The AEP System Utility Money Pool operates in accordance with the terms and conditions approved in a regulatory order. The amount of outstanding loans (borrowings) to/from the Utility Money Pool as of June 30, 2011 and December 31, 2010 is included in Advances to/from Affiliates on each of the Registrant Subsidiaries' balance sheets. The Utility Money Pool participants' money pool activity and their corresponding authorized borrowing limits for the six months ended June 30, 2011 are described in the following table:

               Loans    
   Maximum Maximum Average Average (Borrowings) Authorized
   Borrowings Loans  Borrowings Loans  to/from Utility Short-term
   from Utility to Utility from Utility to Utility Money Pool as of Borrowing
 Company Money Pool Money Pool Money Pool Money Pool June 30, 2011 Limit
   (in thousands)
 APCo $ 195,945 $ 393,811 $ 102,608 $ 154,349 $ 162,787 $ 600,000
 CSPCo   17,256   130,250   10,098   78,172   71,323   350,000
 I&M   52,098   89,276   22,098   32,773   (24,537)   500,000
 OPCo   51,169   237,196   17,873   116,937   136,965   600,000
 PSO   96,034   255,611   45,042   95,323   110   300,000
 SWEPCo   26,424   105,184   11,178   38,798   34,684   350,000

The maximum and minimum interest rates for funds either borrowed from or loaned to the Utility Money Pool were as follows:

   Six Months Ended June 30,
   2011 2010
 Maximum Interest Rate  0.56%  0.51%
 Minimum Interest Rate  0.06%  0.09%

The average interest rates for funds borrowed from and loaned to the Utility Money Pool for the six months ended June 30, 2011 and 2010 are summarized for all Registrant Subsidiaries in the following table:

   Average Interest Rate  Average Interest Rate
   for Funds Borrowed   for Funds Loaned
   from Utility Money Pool for   to Utility Money Pool for
   Six Months Ended June 30, Six Months Ended June 30,
 Company 2011 20102011 2010
              
 APCo  0.38%  0.23%  0.27%  -%
 CSPCo  0.52%  0.18%  0.27%  0.26%
 I&M  0.44%  -%  0.23%  0.21%
 OPCo  0.41%  -%  0.24%  0.18%
 PSO  0.41%  0.28%  0.19%  0.16%
 SWEPCo  0.25%  0.19%  0.33%  0.25%

Credit Facilities

 

AEP has two $1.5 billion credit facilities, under which up to $1.35 billion may be issued as letters of credit. In July 2011, AEP replaced the $1.5 billion facility due in 2012 with a new $1.75 billion facility maturing in July 2016 and extended the $1.5 billion facility due in 2013 to expire in June 2015. As of June 30, 2011, the maximum future payments for letters of credit issued under the two $1.5 billion credit facilities were $150 thousand for I&M and $4 million for SWEPCo.

 

In March 2011, the Registrant Subsidiaries and certain other companies in the AEP System terminated a $478 million credit agreement that was scheduled to mature in April 2011 and was used to support variable rate Pollution Control Bonds. In March 2011, certain variable rate Pollution Control Bonds were remarketed and supported by bilateral letters of credit for $361 million while others were reacquired and are being held in trust. As of June 30, 2011, $472 million of variable rate Pollution Control Bonds were remarketed or reacquired as follows:

   June 30, 2011
      Reacquired and Bilateral Letters
 Company Remarketed Held in Trust of Credit Issued
   (in thousands)
 APCo $229,650 $ - $ 232,293
 I&M  77,000   -   77,886
 OPCo  50,000  115,000   50,575

Sale of Receivables – AEP Credit

 

Under a sale of receivables arrangement, the Registrant Subsidiaries sell, without recourse, certain of their customer accounts receivable and accrued unbilled revenue balances to AEP Credit and are charged a fee based on AEP Credit's financing costs, administrative costs and uncollectible accounts experience for each Registrant Subsidiary's receivables. APCo does not have regulatory authority to sell its West Virginia accounts receivable. The costs of customer accounts receivable sold are reported in Other Operation expense on the Registrant Subsidiaries' income statements. The Registrant Subsidiaries manage and service their customer accounts receivable sold.

 

In July 2011, AEP Credit renewed its receivables securitization agreement. The agreement provides commitments of $750 million from bank conduits to finance receivables from AEP Credit with an increase to $800 million for the months of July, August and September to accommodate seasonal demand. A commitment of $375 million, with the seasonal increase to $425 million for the months of July, August and September, expires in June 2012 and the remaining commitment of $375 million expires in June 2014.

 

The amount of accounts receivable and accrued unbilled revenues under the sale of receivables agreement for each Registrant Subsidiary as of June 30, 2011 and December 31, 2010 was as follows:

    June 30, December 31,
 Company 2011 2010
    (in thousands)
 APCo $ 123,959 $ 145,515
 CSPCo   179,639   175,997
 I&M   132,772   123,366
 OPCo   192,529   168,701
 PSO   150,689   121,679
 SWEPCo   174,496   135,092

The fees paid by the Registrant Subsidiaries to AEP Credit for customer accounts receivable sold were:

    Three Months Ended June 30, Six Months Ended June 30,
 Company 2011 2010 2011 2010
    (in thousands)
 APCo $ 2,239 $ 1,895 $ 4,814 $ 3,776
 CSPCo   2,594   2,782   4,926   5,690
 I&M   1,508   1,657   3,135   3,444
 OPCo   1,811   2,449   3,514   5,149
 PSO   1,483   1,367   2,717   2,750
 SWEPCo   1,303   1,462   2,403   3,133

The Registrant Subsidiaries' proceeds on the sale of receivables to AEP Credit were:

    Three Months Ended June 30, Six Months Ended June 30,
 Company 2011 2010 2011 2010
    (in thousands)
 APCo $ 284,715 $ 317,120 $ 650,924 $ 758,830
 CSPCo   374,925   422,628   781,571   847,313
 I&M   315,551   297,384   666,572   636,593
 OPCo   456,910   410,331   961,302   851,840
 PSO   317,060   311,883   585,629   526,530
 SWEPCo   375,903   338,286   690,027   657,245
Ohio Power Co [Member]
  
Financing Activities [Abstract]  
Financing Activities

11. FINANCING ACTIVITIES

 

Long-term Debt

 

Long-term debt and other securities issued, retired and principal payments made during the first six months of 2011 are shown in the tables below

     Principal  Interest Due
 Company Type of Debt Amount Rate Date
 Issuances:   (in thousands) (%)  
 APCo Senior Unsecured Notes $ 350,000 4.60 2021
 APCo Pollution Control Bonds   65,350 2.00 2012
 APCo Pollution Control Bonds   75,000(a)Variable 2036
 APCo Pollution Control Bonds   54,375(a)Variable 2042
 APCo Pollution Control Bonds   50,275(a)Variable 2036
 APCo Pollution Control Bonds   50,000(a)Variable 2042
 I&M Pollution Control Bonds   52,000(a)Variable 2021
 I&M Pollution Control Bonds   25,000(a)Variable 2019
 OPCo Pollution Control Bonds   50,000(a)Variable 2014
 PSO Senior Unsecured Notes   250,000 4.40 2021
 PSO Notes Payable   1,187 3.00 2026

  • These pollution control bonds are subject to redemption earlier than the maturity date. Consequently, these bonds have been classified for maturity purposes as Long-term Debt Due Within One Year – Nonaffiliated on the balance sheets.

      Principal  Interest Due
 Company Type of Debt Amount Paid Rate Date
 Retirements and   (in thousands) (%)  
  Principal Payments:         
 APCo Pollution Control Bonds $ 75,000 Variable 2036
 APCo Pollution Control Bonds   54,375 Variable 2042
 APCo Pollution Control Bonds   50,000 Variable 2042
 APCo Pollution Control Bonds   50,275 Variable 2036
 APCo Senior Unsecured Notes   250,000 5.55 2011
 APCo Land Note   11 13.718 2026
 I&M Pollution Control Bonds   52,000 Variable 2021
 I&M Pollution Control Bonds   25,000 Variable 2019
 I&M    10,894 Variable 2015
 I&M    13,150 5.16 2014
 I&M    15,482 5.44 2013
 OPCo Pollution Control Bonds   65,000 Variable 2036
 OPCo Pollution Control Bonds   50,000 Variable 2014
 OPCo Pollution Control Bonds   50,000 Variable 2014
 PSO Senior Unsecured Notes   200,000 6.00 2032
 PSO Senior Unsecured Notes   75,000 4.70 2011

As of June 30, 2011, trustees held, on behalf of OPCo, $418 million of its reacquired Pollution Control Bonds.

Dividend Restrictions

 

The Registrant Subsidiaries pay dividends to Parent provided funds are legally available. Various charter provisions and regulatory requirements may impose certain restrictions on the ability of the Registrant Subsidiaries to transfer funds to Parent in the form of dividends.

 

Federal Power Act

 

The Federal Power Act prohibits each of the Registrant Subsidiaries from participating “in the making or paying of any dividends of such public utility from any funds properly included in capital account.” The term “capital account” is not defined in the Federal Power Act or its regulations. As applicable, the Registrant Subsidiaries understand “capital account” to mean the par value of the common stock multiplied by the number of shares outstanding.

 

Additionally, the Federal Power Act creates a reserve on earnings attributable to hydroelectric generating plants. Because of their respective ownership of such plants, this reserve applies to APCo, I&M and OPCo.

 

None of these restrictions limit the ability of the Registrant Subsidiaries to pay dividends out of retained earnings.

 

Charter and Leverage Restrictions

 

Provisions within the articles or certificates of incorporation of the Registrant Subsidiaries relating to preferred stock or shares restrict the payment of cash dividends on common and preferred stock or shares.

 

Utility Money Pool – AEP System

 

The AEP System uses a corporate borrowing program to meet the short-term borrowing needs of its subsidiaries. The corporate borrowing program includes a Utility Money Pool, which funds the utility subsidiaries. The AEP System Utility Money Pool operates in accordance with the terms and conditions approved in a regulatory order. The amount of outstanding loans (borrowings) to/from the Utility Money Pool as of June 30, 2011 and December 31, 2010 is included in Advances to/from Affiliates on each of the Registrant Subsidiaries' balance sheets. The Utility Money Pool participants' money pool activity and their corresponding authorized borrowing limits for the six months ended June 30, 2011 are described in the following table:

               Loans    
   Maximum Maximum Average Average (Borrowings) Authorized
   Borrowings Loans  Borrowings Loans  to/from Utility Short-term
   from Utility to Utility from Utility to Utility Money Pool as of Borrowing
 Company Money Pool Money Pool Money Pool Money Pool June 30, 2011 Limit
   (in thousands)
 APCo $ 195,945 $ 393,811 $ 102,608 $ 154,349 $ 162,787 $ 600,000
 CSPCo   17,256   130,250   10,098   78,172   71,323   350,000
 I&M   52,098   89,276   22,098   32,773   (24,537)   500,000
 OPCo   51,169   237,196   17,873   116,937   136,965   600,000
 PSO   96,034   255,611   45,042   95,323   110   300,000
 SWEPCo   26,424   105,184   11,178   38,798   34,684   350,000

The maximum and minimum interest rates for funds either borrowed from or loaned to the Utility Money Pool were as follows:

   Six Months Ended June 30,
   2011 2010
 Maximum Interest Rate  0.56%  0.51%
 Minimum Interest Rate  0.06%  0.09%

The average interest rates for funds borrowed from and loaned to the Utility Money Pool for the six months ended June 30, 2011 and 2010 are summarized for all Registrant Subsidiaries in the following table:

   Average Interest Rate  Average Interest Rate
   for Funds Borrowed   for Funds Loaned
   from Utility Money Pool for   to Utility Money Pool for
   Six Months Ended June 30, Six Months Ended June 30,
 Company 2011 20102011 2010
              
 APCo  0.38%  0.23%  0.27%  -%
 CSPCo  0.52%  0.18%  0.27%  0.26%
 I&M  0.44%  -%  0.23%  0.21%
 OPCo  0.41%  -%  0.24%  0.18%
 PSO  0.41%  0.28%  0.19%  0.16%
 SWEPCo  0.25%  0.19%  0.33%  0.25%

Credit Facilities

 

In March 2011, the Registrant Subsidiaries and certain other companies in the AEP System terminated a $478 million credit agreement that was scheduled to mature in April 2011 and was used to support variable rate Pollution Control Bonds. In March 2011, certain variable rate Pollution Control Bonds were remarketed and supported by bilateral letters of credit for $361 million while others were reacquired and are being held in trust. As of June 30, 2011, $472 million of variable rate Pollution Control Bonds were remarketed or reacquired as follows

   June 30, 2011
      Reacquired and Bilateral Letters
 Company Remarketed Held in Trust of Credit Issued
   (in thousands)
 APCo $229,650 $ - $ 232,293
 I&M  77,000   -   77,886
 OPCo  50,000  115,000   50,575

Sale of Receivables – AEP Credit

 

Under a sale of receivables arrangement, the Registrant Subsidiaries sell, without recourse, certain of their customer accounts receivable and accrued unbilled revenue balances to AEP Credit and are charged a fee based on AEP Credit's financing costs, administrative costs and uncollectible accounts experience for each Registrant Subsidiary's receivables. APCo does not have regulatory authority to sell its West Virginia accounts receivable. The costs of customer accounts receivable sold are reported in Other Operation expense on the Registrant Subsidiaries' income statements. The Registrant Subsidiaries manage and service their customer accounts receivable sold.

 

In July 2011, AEP Credit renewed its receivables securitization agreement. The agreement provides commitments of $750 million from bank conduits to finance receivables from AEP Credit with an increase to $800 million for the months of July, August and September to accommodate seasonal demand. A commitment of $375 million, with the seasonal increase to $425 million for the months of July, August and September, expires in June 2012 and the remaining commitment of $375 million expires in June 2014.

 

The amount of accounts receivable and accrued unbilled revenues under the sale of receivables agreement for each Registrant Subsidiary as of June 30, 2011 and December 31, 2010 was as follows:

    June 30, December 31,
 Company 2011 2010
    (in thousands)
 APCo $ 123,959 $ 145,515
 CSPCo   179,639   175,997
 I&M   132,772   123,366
 OPCo   192,529   168,701
 PSO   150,689   121,679
 SWEPCo   174,496   135,092

The fees paid by the Registrant Subsidiaries to AEP Credit for customer accounts receivable sold were:

    Three Months Ended June 30, Six Months Ended June 30,
 Company 2011 2010 2011 2010
    (in thousands)
 APCo $ 2,239 $ 1,895 $ 4,814 $ 3,776
 CSPCo   2,594   2,782   4,926   5,690
 I&M   1,508   1,657   3,135   3,444
 OPCo   1,811   2,449   3,514   5,149
 PSO   1,483   1,367   2,717   2,750
 SWEPCo   1,303   1,462   2,403   3,133

The Registrant Subsidiaries' proceeds on the sale of receivables to AEP Credit were:

    Three Months Ended June 30, Six Months Ended June 30,
 Company 2011 2010 2011 2010
    (in thousands)
 APCo $ 284,715 $ 317,120 $ 650,924 $ 758,830
 CSPCo   374,925   422,628   781,571   847,313
 I&M   315,551   297,384   666,572   636,593
 OPCo   456,910   410,331   961,302   851,840
 PSO   317,060   311,883   585,629   526,530
 SWEPCo   375,903   338,286   690,027   657,245
Public Service Co Of Oklahoma [Member]
  
Financing Activities [Abstract]  
Financing Activities

11. FINANCING ACTIVITIES

 

Long-term Debt

 

Long-term debt and other securities issued, retired and principal payments made during the first six months of 2011 are shown in the tables below

     Principal  Interest Due
 Company Type of Debt Amount Rate Date
 Issuances:   (in thousands) (%)  
 APCo Senior Unsecured Notes $ 350,000 4.60 2021
 APCo Pollution Control Bonds   65,350 2.00 2012
 APCo Pollution Control Bonds   75,000(a)Variable 2036
 APCo Pollution Control Bonds   54,375(a)Variable 2042
 APCo Pollution Control Bonds   50,275(a)Variable 2036
 APCo Pollution Control Bonds   50,000(a)Variable 2042
 I&M Pollution Control Bonds   52,000(a)Variable 2021
 I&M Pollution Control Bonds   25,000(a)Variable 2019
 OPCo Pollution Control Bonds   50,000(a)Variable 2014
 PSO Senior Unsecured Notes   250,000 4.40 2021
 PSO Notes Payable   1,187 3.00 2026

  • These pollution control bonds are subject to redemption earlier than the maturity date. Consequently, these bonds have been classified for maturity purposes as Long-term Debt Due Within One Year – Nonaffiliated on the balance sheets.

      Principal  Interest Due
 Company Type of Debt Amount Paid Rate Date
 Retirements and   (in thousands) (%)  
  Principal Payments:         
 APCo Pollution Control Bonds $ 75,000 Variable 2036
 APCo Pollution Control Bonds   54,375 Variable 2042
 APCo Pollution Control Bonds   50,000 Variable 2042
 APCo Pollution Control Bonds   50,275 Variable 2036
 APCo Senior Unsecured Notes   250,000 5.55 2011
 APCo Land Note   11 13.718 2026
 I&M Pollution Control Bonds   52,000 Variable 2021
 I&M Pollution Control Bonds   25,000 Variable 2019
 I&M    10,894 Variable 2015
 I&M    13,150 5.16 2014
 I&M    15,482 5.44 2013
 OPCo Pollution Control Bonds   65,000 Variable 2036
 OPCo Pollution Control Bonds   50,000 Variable 2014
 OPCo Pollution Control Bonds   50,000 Variable 2014
 PSO Senior Unsecured Notes   200,000 6.00 2032
 PSO Senior Unsecured Notes   75,000 4.70 2011

Dividend Restrictions

 

The Registrant Subsidiaries pay dividends to Parent provided funds are legally available. Various charter provisions and regulatory requirements may impose certain restrictions on the ability of the Registrant Subsidiaries to transfer funds to Parent in the form of dividends.

 

Federal Power Act

 

The Federal Power Act prohibits each of the Registrant Subsidiaries from participating “in the making or paying of any dividends of such public utility from any funds properly included in capital account.” The term “capital account” is not defined in the Federal Power Act or its regulations. As applicable, the Registrant Subsidiaries understand “capital account” to mean the par value of the common stock multiplied by the number of shares outstanding.

 

Additionally, the Federal Power Act creates a reserve on earnings attributable to hydroelectric generating plants. Because of their respective ownership of such plants, this reserve applies to APCo, I&M and OPCo.

 

None of these restrictions limit the ability of the Registrant Subsidiaries to pay dividends out of retained earnings.

 

Charter and Leverage Restrictions

 

Provisions within the articles or certificates of incorporation of the Registrant Subsidiaries relating to preferred stock or shares restrict the payment of cash dividends on common and preferred stock or shares.

 

Utility Money Pool – AEP System

 

The AEP System uses a corporate borrowing program to meet the short-term borrowing needs of its subsidiaries. The corporate borrowing program includes a Utility Money Pool, which funds the utility subsidiaries. The AEP System Utility Money Pool operates in accordance with the terms and conditions approved in a regulatory order. The amount of outstanding loans (borrowings) to/from the Utility Money Pool as of June 30, 2011 and December 31, 2010 is included in Advances to/from Affiliates on each of the Registrant Subsidiaries' balance sheets. The Utility Money Pool participants' money pool activity and their corresponding authorized borrowing limits for the six months ended June 30, 2011 are described in the following table:

               Loans    
   Maximum Maximum Average Average (Borrowings) Authorized
   Borrowings Loans  Borrowings Loans  to/from Utility Short-term
   from Utility to Utility from Utility to Utility Money Pool as of Borrowing
 Company Money Pool Money Pool Money Pool Money Pool June 30, 2011 Limit
   (in thousands)
 APCo $ 195,945 $ 393,811 $ 102,608 $ 154,349 $ 162,787 $ 600,000
 CSPCo   17,256   130,250   10,098   78,172   71,323   350,000
 I&M   52,098   89,276   22,098   32,773   (24,537)   500,000
 OPCo   51,169   237,196   17,873   116,937   136,965   600,000
 PSO   96,034   255,611   45,042   95,323   110   300,000
 SWEPCo   26,424   105,184   11,178   38,798   34,684   350,000

The maximum and minimum interest rates for funds either borrowed from or loaned to the Utility Money Pool were as follows:

   Six Months Ended June 30,
   2011 2010
 Maximum Interest Rate  0.56%  0.51%
 Minimum Interest Rate  0.06%  0.09%

The average interest rates for funds borrowed from and loaned to the Utility Money Pool for the six months ended June 30, 2011 and 2010 are summarized for all Registrant Subsidiaries in the following table:

   Average Interest Rate  Average Interest Rate
   for Funds Borrowed   for Funds Loaned
   from Utility Money Pool for   to Utility Money Pool for
   Six Months Ended June 30, Six Months Ended June 30,
 Company 2011 20102011 2010
              
 APCo  0.38%  0.23%  0.27%  -%
 CSPCo  0.52%  0.18%  0.27%  0.26%
 I&M  0.44%  -%  0.23%  0.21%
 OPCo  0.41%  -%  0.24%  0.18%
 PSO  0.41%  0.28%  0.19%  0.16%
 SWEPCo  0.25%  0.19%  0.33%  0.25%

Sale of Receivables – AEP Credit

 

Under a sale of receivables arrangement, the Registrant Subsidiaries sell, without recourse, certain of their customer accounts receivable and accrued unbilled revenue balances to AEP Credit and are charged a fee based on AEP Credit's financing costs, administrative costs and uncollectible accounts experience for each Registrant Subsidiary's receivables. APCo does not have regulatory authority to sell its West Virginia accounts receivable. The costs of customer accounts receivable sold are reported in Other Operation expense on the Registrant Subsidiaries' income statements. The Registrant Subsidiaries manage and service their customer accounts receivable sold.

 

In July 2011, AEP Credit renewed its receivables securitization agreement. The agreement provides commitments of $750 million from bank conduits to finance receivables from AEP Credit with an increase to $800 million for the months of July, August and September to accommodate seasonal demand. A commitment of $375 million, with the seasonal increase to $425 million for the months of July, August and September, expires in June 2012 and the remaining commitment of $375 million expires in June 2014.

 

The amount of accounts receivable and accrued unbilled revenues under the sale of receivables agreement for each Registrant Subsidiary as of June 30, 2011 and December 31, 2010 was as follows:

    June 30, December 31,
 Company 2011 2010
    (in thousands)
 APCo $ 123,959 $ 145,515
 CSPCo   179,639   175,997
 I&M   132,772   123,366
 OPCo   192,529   168,701
 PSO   150,689   121,679
 SWEPCo   174,496   135,092

The fees paid by the Registrant Subsidiaries to AEP Credit for customer accounts receivable sold were:

    Three Months Ended June 30, Six Months Ended June 30,
 Company 2011 2010 2011 2010
    (in thousands)
 APCo $ 2,239 $ 1,895 $ 4,814 $ 3,776
 CSPCo   2,594   2,782   4,926   5,690
 I&M   1,508   1,657   3,135   3,444
 OPCo   1,811   2,449   3,514   5,149
 PSO   1,483   1,367   2,717   2,750
 SWEPCo   1,303   1,462   2,403   3,133

The Registrant Subsidiaries' proceeds on the sale of receivables to AEP Credit were:

    Three Months Ended June 30, Six Months Ended June 30,
 Company 2011 2010 2011 2010
    (in thousands)
 APCo $ 284,715 $ 317,120 $ 650,924 $ 758,830
 CSPCo   374,925   422,628   781,571   847,313
 I&M   315,551   297,384   666,572   636,593
 OPCo   456,910   410,331   961,302   851,840
 PSO   317,060   311,883   585,629   526,530
 SWEPCo   375,903   338,286   690,027   657,245
Southwestern Electric Power Co [Member]
  
Financing Activities [Abstract]  
Financing Activities

In July 2011, SWEPCo retired $41 million of 4.5% Pollution Control Bonds due in 2011.

 

Dividend Restrictions

 

The Registrant Subsidiaries pay dividends to Parent provided funds are legally available. Various charter provisions and regulatory requirements may impose certain restrictions on the ability of the Registrant Subsidiaries to transfer funds to Parent in the form of dividends.

 

Federal Power Act

 

The Federal Power Act prohibits each of the Registrant Subsidiaries from participating “in the making or paying of any dividends of such public utility from any funds properly included in capital account.” The term “capital account” is not defined in the Federal Power Act or its regulations. As applicable, the Registrant Subsidiaries understand “capital account” to mean the par value of the common stock multiplied by the number of shares outstanding.

 

Additionally, the Federal Power Act creates a reserve on earnings attributable to hydroelectric generating plants. Because of their respective ownership of such plants, this reserve applies to APCo, I&M and OPCo.

 

None of these restrictions limit the ability of the Registrant Subsidiaries to pay dividends out of retained earnings.

 

Charter and Leverage Restrictions

 

Provisions within the articles or certificates of incorporation of the Registrant Subsidiaries relating to preferred stock or shares restrict the payment of cash dividends on common and preferred stock or shares.

 

Utility Money Pool – AEP System

 

The AEP System uses a corporate borrowing program to meet the short-term borrowing needs of its subsidiaries. The corporate borrowing program includes a Utility Money Pool, which funds the utility subsidiaries. The AEP System Utility Money Pool operates in accordance with the terms and conditions approved in a regulatory order. The amount of outstanding loans (borrowings) to/from the Utility Money Pool as of June 30, 2011 and December 31, 2010 is included in Advances to/from Affiliates on each of the Registrant Subsidiaries' balance sheets. The Utility Money Pool participants' money pool activity and their corresponding authorized borrowing limits for the six months ended June 30, 2011 are described in the following table:

               Loans    
   Maximum Maximum Average Average (Borrowings) Authorized
   Borrowings Loans  Borrowings Loans  to/from Utility Short-term
   from Utility to Utility from Utility to Utility Money Pool as of Borrowing
 Company Money Pool Money Pool Money Pool Money Pool June 30, 2011 Limit
   (in thousands)
 APCo $ 195,945 $ 393,811 $ 102,608 $ 154,349 $ 162,787 $ 600,000
 CSPCo   17,256   130,250   10,098   78,172   71,323   350,000
 I&M   52,098   89,276   22,098   32,773   (24,537)   500,000
 OPCo   51,169   237,196   17,873   116,937   136,965   600,000
 PSO   96,034   255,611   45,042   95,323   110   300,000
 SWEPCo   26,424   105,184   11,178   38,798   34,684   350,000

The maximum and minimum interest rates for funds either borrowed from or loaned to the Utility Money Pool were as follows:

   Six Months Ended June 30,
   2011 2010
 Maximum Interest Rate  0.56%  0.51%
 Minimum Interest Rate  0.06%  0.09%

The average interest rates for funds borrowed from and loaned to the Utility Money Pool for the six months ended June 30, 2011 and 2010 are summarized for all Registrant Subsidiaries in the following table:

   Average Interest Rate  Average Interest Rate
   for Funds Borrowed   for Funds Loaned
   from Utility Money Pool for   to Utility Money Pool for
   Six Months Ended June 30, Six Months Ended June 30,
 Company 2011 20102011 2010
              
 APCo  0.38%  0.23%  0.27%  -%
 CSPCo  0.52%  0.18%  0.27%  0.26%
 I&M  0.44%  -%  0.23%  0.21%
 OPCo  0.41%  -%  0.24%  0.18%
 PSO  0.41%  0.28%  0.19%  0.16%
 SWEPCo  0.25%  0.19%  0.33%  0.25%

Short-term Debt            
                 
The Registrant Subsidiaries’ outstanding short-term debt was as follows:
                 
      June 30, 2011 December 31, 2010
      Outstanding Interest Outstanding Interest
 Company Type of DebtAmountRate (b) AmountRate (b)
      (in thousands)    (in thousands)   
 SWEPCo Line of Credit – Sabine (a) $ -  -% $ 6,217  2.15%
                 
 (a)Sabine Mining Company is a consolidated variable interest entity.
 (b)Weighted average rate.

Credit Facilities

 

AEP has two $1.5 billion credit facilities, under which up to $1.35 billion may be issued as letters of credit. In July 2011, AEP replaced the $1.5 billion facility due in 2012 with a new $1.75 billion facility maturing in July 2016 and extended the $1.5 billion facility due in 2013 to expire in June 2015. As of June 30, 2011, the maximum future payments for letters of credit issued under the two $1.5 billion credit facilities were $150 thousand for I&M and $4 million for SWEPCo.

 

Sale of Receivables – AEP Credit

 

Under a sale of receivables arrangement, the Registrant Subsidiaries sell, without recourse, certain of their customer accounts receivable and accrued unbilled revenue balances to AEP Credit and are charged a fee based on AEP Credit's financing costs, administrative costs and uncollectible accounts experience for each Registrant Subsidiary's receivables. APCo does not have regulatory authority to sell its West Virginia accounts receivable. The costs of customer accounts receivable sold are reported in Other Operation expense on the Registrant Subsidiaries' income statements. The Registrant Subsidiaries manage and service their customer accounts receivable sold.

 

In July 2011, AEP Credit renewed its receivables securitization agreement. The agreement provides commitments of $750 million from bank conduits to finance receivables from AEP Credit with an increase to $800 million for the months of July, August and September to accommodate seasonal demand. A commitment of $375 million, with the seasonal increase to $425 million for the months of July, August and September, expires in June 2012 and the remaining commitment of $375 million expires in June 2014.

 

The amount of accounts receivable and accrued unbilled revenues under the sale of receivables agreement for each Registrant Subsidiary as of June 30, 2011 and December 31, 2010 was as follows:

    June 30, December 31,
 Company 2011 2010
    (in thousands)
 APCo $ 123,959 $ 145,515
 CSPCo   179,639   175,997
 I&M   132,772   123,366
 OPCo   192,529   168,701
 PSO   150,689   121,679
 SWEPCo   174,496   135,092

The fees paid by the Registrant Subsidiaries to AEP Credit for customer accounts receivable sold were:

    Three Months Ended June 30, Six Months Ended June 30,
 Company 2011 2010 2011 2010
    (in thousands)
 APCo $ 2,239 $ 1,895 $ 4,814 $ 3,776
 CSPCo   2,594   2,782   4,926   5,690
 I&M   1,508   1,657   3,135   3,444
 OPCo   1,811   2,449   3,514   5,149
 PSO   1,483   1,367   2,717   2,750
 SWEPCo   1,303   1,462   2,403   3,133

The Registrant Subsidiaries' proceeds on the sale of receivables to AEP Credit were:

    Three Months Ended June 30, Six Months Ended June 30,
 Company 2011 2010 2011 2010
    (in thousands)
 APCo $ 284,715 $ 317,120 $ 650,924 $ 758,830
 CSPCo   374,925   422,628   781,571   847,313
 I&M   315,551   297,384   666,572   636,593
 OPCo   456,910   410,331   961,302   851,840
 PSO   317,060   311,883   585,629   526,530
 SWEPCo   375,903   338,286   690,027   657,245