XML 112 R43.htm IDEA: XBRL DOCUMENT v3.24.0.1
Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Health Care Trend Rates
Health Care Trend RatesDecember 31, 2023December 31, 2022
Initial7.00 % 7.50 %
Ultimate4.50 % 4.50 %
Year Ultimate Reached2030 2029
  
Reconciliation of Changes in Benefit Obligations and Fair Value of Assets
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)

2022AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
Change in Benefit Obligation(in millions)
Benefit Obligation as of January 1,$5,187.0 $419.8 $621.7 $612.1 $470.7 $252.6 $317.7 
Service Cost123.1 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 
Actuarial Gain(983.4)(67.8)(123.1)(138.0)(97.9)(52.9)(57.9)
Benefit Payments(402.2)(41.1)(41.8)(40.5)(33.7)(21.8)(28.8)
Benefit Obligation as of December 31,$4,072.7 $334.1 $485.7 $466.8 $363.6 $192.3 $250.7 
Change in Fair Value of Plan Assets
Fair Value of Plan Assets as of January 1,$5,352.9 $444.9 $683.3 $681.5 $524.8 $286.2 $308.3 
Actual (Loss) on Plan Assets(833.7)(69.2)(109.8)(107.4)(84.8)(46.0)(48.3)
Company Contributions (a)7.7 0.5 — 0.1 0.1 0.1 0.1 
Benefit Payments(402.2)(41.1)(41.8)(40.5)(33.7)(21.8)(28.8)
Fair Value of Plan Assets as of December 31,$4,124.7 $335.1 $531.7 $533.7 $406.4 $218.5 $231.3 
Funded (Underfunded) Status as of December 31,$52.0 $1.0 $46.0 $66.9 $42.8 $26.2 $(19.4)

(a)No contributions were made to the qualified pension plan for the years ended December 31, 2023 and 2022, respectively. Contributions to the non-qualified pension plans were $8 million and $8 million for the years ended December 31, 2023 and 2022, respectively.
OPEB

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 Contributions5.0 — 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 

2022AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
Change in Benefit Obligation(in millions)
Benefit Obligation as of January 1,$1,041.3 $80.5 $167.3 $118.6 $104.9 $54.4 $65.2 
Service Cost7.4 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 
Actuarial Gain(109.8)(7.1)(16.2)(8.7)(8.9)(5.2)(6.6)
Benefit Payments(140.1)(10.9)(23.0)(18.3)(15.5)(7.9)(8.8)
Participant Contributions44.1 3.4 7.0 6.0 4.8 2.5 2.9 
Medicare Subsidy0.5 — 0.1 — — — — 
Benefit Obligation as of December 31,$872.6 $68.6 $140.7 $101.9 $88.9 $45.7 $55.1 
Change in Fair Value of Plan Assets
Fair Value of Plan Assets as of January 1,$2,044.3 $168.8 $302.3 $248.7 $220.0 $114.0 $136.6 
Actual Loss on Plan Assets(403.6)(33.0)(59.3)(45.9)(43.1)(23.2)(27.7)
Company Contributions 4.6 — 1.6 — — — — 
Participant Contributions44.1 3.4 7.0 6.0 4.8 2.5 2.9 
Benefit Payments(140.1)(10.9)(23.0)(18.3)(15.5)(7.9)(8.8)
Fair Value of Plan Assets as of December 31,$1,549.3 $128.3 $228.6 $190.5 $166.2 $85.4 $103.0 
Funded Status as of December 31,$676.7 $59.7 $87.9 $88.6 $77.3 $39.7 $47.9 
  
Benefit Amounts Recognized on the Balance Sheets
Amounts Included on the Balance Sheets Related to Funded Status

Pension Plans
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)

December 31, 2022AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
(in millions)
Other Noncurrent Assets - Employee Benefits and Pension Assets$113.4 $3.7 $46.6 $68.5 $43.1 $27.6 $— 
Other Current Liabilities – Accrued Short-term Benefit Liability(6.3)(0.4)— (0.1)— (0.1)(0.1)
Other Noncurrent Liabilities – Accrued Long-term Benefit Liability(55.1)(2.3)(0.6)(1.5)(0.3)(1.3)(19.3)
Funded (Underfunded) Status$52.0 $1.0 $46.0 $66.9 $42.8 $26.2 $(19.4)
OPEB
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 
December 31, 2022AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
(in millions)
Other Noncurrent Assets - Employee Benefits and Pension Assets$699.5 $59.7 $106.3 $88.6 $77.3 $39.7 $47.9 
Other Current Liabilities – Accrued Short-term Benefit Liability(2.5)— (1.6)— — — — 
Other Noncurrent Liabilities – Accrued Long-term Benefit Liability(20.3)— (16.8)— — — — 
Funded Status$676.7 $59.7 $87.9 $88.6 $77.3 $39.7 $47.9 
  
Amounts Included in AOCI and Regulatory Assets
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, 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 
December 31, 2022AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
Components(in millions)
Net Actuarial (Gain) Loss$935.6 $161.9 $95.6 $(6.9)$124.3 $38.8 $77.6 
Prior Service Cost 0.2 — — — — — — 
Recorded as
Regulatory Assets$841.8 $151.2 $93.6 $4.8 $124.3 $38.8 $77.6 
Deferred Income Taxes19.9 2.4 0.4 (2.4)— — — 
Net of Tax AOCI74.1 8.3 1.6 (9.3)— — — 
December 31, 2022AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
Components(in millions)
Net Actuarial Loss$300.0 $29.7 $40.5 $40.2 $27.6 $22.0 $25.0 
Prior Service Credit(90.5)(7.6)(13.4)(12.4)(9.2)(5.6)(7.0)
Recorded as
Regulatory Assets$126.0 $22.0 $14.7 $22.1 $18.4 $16.4 $11.2 
Deferred Income Taxes17.5 0.1 2.5 1.2 — — 1.5 
Net of Tax AOCI66.0 — 9.9 4.5 — — 5.3 
Components of Change in Amounts Included in AOCI and Regulatory Assets
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 $12.0 
December 31, 2023AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
Components(in millions)
Actuarial Gain During the Year$(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)
December 31, 2022AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
Components(in millions)
Actuarial Loss During the Year$103.9 $22.4 $19.1 $1.8 $11.7 $6.7 $5.0 
Amortization of Actuarial Loss(63.0)(5.2)(7.4)(7.1)(5.5)(2.9)(3.8)
Change for the Year Ended December 31,$40.9 $17.2 $11.7 $(5.3)$6.2 $3.8 $1.2 
December 31, 2022AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
Components(in millions)
Actuarial Loss During the Year$403.6 $34.9 $59.4 $50.9 $46.1 $24.1 $28.5 
Amortization of Prior Service Credit71.4 6.1 10.4 9.7 7.1 4.4 5.3 
Change for the Year Ended December 31,$475.0 $41.0 $69.8 $60.6 $53.2 $28.5 $33.8 
Allocated Assets of Investments
Pension PlanOPEB
December 31,
Company2023202220232022
AEP Texas8.1 %8.1 %8.2 %8.3 %
APCo13.4 %12.9 %14.5 %14.8 %
I&M13.4 %12.9 %12.2 %12.3 %
OPCo10.2 %9.9 %10.6 %10.7 %
PSO5.4 %5.3 %5.4 %5.5 %
SWEPCo5.5 %5.6 %6.6 %6.6 %
  
Accumulated Benefit Obligation
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 

Accumulated Benefit ObligationAEPAEP TexasAPCoI&MOPCoPSOSWEPCo
(in millions)
Qualified Pension Plan$3,827.4 $315.4 $470.1 $443.8 $344.1 $179.1 $234.0 
Nonqualified Pension Plans55.6 2.5 0.3 1.2 0.1 1.2 1.1 
Total as of December 31, 2022$3,883.0 $317.9 $470.4 $445.0 $344.2 $180.3 $235.1 
  
Underfunded Projected Benefit Obligation
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)

AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
(in millions)
Projected Benefit Obligation$61.5 $2.7 $0.6 $1.6 $0.3 $1.5 $250.7 
Fair Value of Plan Assets— — — — — — 231.3 
Underfunded Projected Benefit Obligation as of December 31, 2022
$(61.5)$(2.7)$(0.6)$(1.6)$(0.3)$(1.5)$(19.4)
  
Underfunded Accumulated Benefit Obligation
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)

AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
(in millions)
Accumulated Benefit Obligation$55.6 $2.5 $0.3 $1.2 $0.1 $1.2 $235.1 
Fair Value of Plan Assets— — — — — — 231.3 
Underfunded Accumulated Benefit Obligation as of December 31, 2022
$(55.6)$(2.5)$(0.3)$(1.2)$(0.1)$(1.2)$(3.8)
  
Estimated Contributions and Payments to the Pension and OPEB Plans
AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
(in millions)
Pension Plans$6.7 $0.3 $— $— $— $0.1 $0.1 
OPEB3.0 — 1.6 — — — — 
  
Estimated Payments Expected to be Made by the Pension and OPEB Plans
Pension PlansAEPAEP TexasAPCoI&MOPCoPSOSWEPCo
(in millions)
2024$369.5 $36.7 $43.9 $39.0 $32.6 $19.7 $24.4 
2025361.8 34.3 43.3 39.7 32.7 19.2 25.8 
2026365.7 34.5 44.1 39.7 32.5 19.4 26.1 
2027361.9 32.2 42.6 39.8 32.4 19.3 25.3 
2028357.8 32.2 43.5 39.4 31.3 19.0 23.7 
Years 2029 to 2033, in Total1,657.6 133.5 200.0 189.4 144.5 81.0 105.6 
 
OPEB Benefit PaymentsAEPAEP TexasAPCoI&MOPCoPSOSWEPCo
(in millions)
2024$117.2 $9.4 $18.8 $15.2 $12.6 $6.7 $7.8 
2025122.6 10.0 19.4 15.7 13.0 7.1 8.3 
2026122.4 10.2 19.3 15.7 12.8 7.0 8.3 
2027121.5 10.2 19.1 15.4 12.7 6.8 8.1 
2028120.2 9.9 19.0 15.0 12.5 6.5 8.2 
Years 2029 to 2033, in Total566.1 45.2 88.3 69.7 57.6 30.2 38.8 

OPEB Medicare
Subsidy Receipts		AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
(in millions)
2024$0.3 $— $0.1 $— $— $— $— 
20250.3 — 0.1 — — — — 
20260.3 — 0.1 — — — — 
20270.3 — 0.1 — — — — 
20280.3 — 0.1 — — — — 
Years 2029 to 2033, in Total1.5 — 0.5 — — — — 
  
Components of Net Periodic Benefit Cost
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 

2021AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
(in millions)
Service Cost$129.2 $11.8 $11.9 $17.5 $11.4 $8.0 $11.2 
Interest Cost137.2 11.2 16.4 16.2 12.5 6.7 8.5 
Expected Return on Plan Assets(229.7)(19.5)(29.1)(28.9)(22.3)(12.3)(13.5)
Amortization of Net Actuarial Loss101.5 8.3 12.0 11.7 9.1 4.9 6.2 
Net Periodic Benefit Cost 138.2 11.8 11.2 16.5 10.7 7.3 12.4 
Capitalized Portion(55.7)(6.6)(5.2)(4.9)(6.2)(3.4)(4.1)
Net Periodic Benefit Cost Recognized in Expense$82.5 $5.2 $6.0 $11.6 $4.5 $3.9 $8.3 

OPEB

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)
2021AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
(in millions)
Service Cost$9.5 $0.7 $1.0 $1.3 $0.8 $0.6 $0.8 
Interest Cost30.5 2.4 4.9 3.5 3.0 1.6 1.9 
Expected Return on Plan Assets(91.1)(7.5)(13.5)(11.1)(9.7)(5.0)(6.1)
Amortization of Prior Service Credit(70.9)(6.0)(10.3)(9.6)(7.2)(4.4)(5.3)
Net Periodic Benefit Credit(122.0)(10.4)(17.9)(15.9)(13.1)(7.2)(8.7)
Capitalized Portion(4.1)(0.4)(0.4)(0.4)(0.4)(0.3)(0.3)
Net Periodic Benefit Credit Recognized in Expense$(126.1)$(10.8)$(18.3)$(16.3)$(13.5)$(7.5)$(9.0)
  
Cost for Matching Contributions to the Retirement Savings Plans
Year Ended December 31,AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
(in millions)
2023$87.9 $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 
202179.9 6.4 7.6 10.9 7.2 4.6 6.4 
  
Benefit Obligations [Member]    
Actuarial Assumptions
Pension PlansOPEB
December 31,
Assumption2023202220232022
Discount Rate5.15 %5.50 %5.15 %5.50 %
Interest Crediting Rate4.00 %4.25 %NANA
NA    Not applicable.

Assumption – Rate of Compensation Increase (a) - Pension Plans
AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
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.
  
Benefit Costs [Member]    
Actuarial Assumptions
Pension PlansOPEB
Year Ended December 31,
Assumption202320222021202320222021
Discount Rate5.50 %2.90 %2.50 %5.50 %2.90 %2.55 %
Interest Crediting Rate4.25 %4.00 %4.00 %NANANA
Expected Return on Plan Assets7.50 %5.25 %4.75 %7.25 %5.50 %4.75 %
NA    Not applicable.

Assumption – Rate of Compensation Increase (a) - Pension Plans
AEPAEP TexasAPCoI&MOPCoPSOSWEPCo
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 %
December 31, 20215.10 %5.10 %4.85 %5.00 %5.30 %5.10 %4.95 %

(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.
  
Pension Plans [Member]    
Assets within Fair Value Hierarchy
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.
Asset ClassLevel 1Level 2Level 3OtherTotalYear End
Allocation
(in millions)
Equities (a):
Domestic$347.6 $— $— $— $347.6 8.4 %
International398.4 — — — 398.4 9.7 %
Common Collective Trusts (b)— — — 379.9 379.9 9.2 %
Subtotal – Equities746.0 — — 379.9 1,125.9 27.3 %
Fixed Income (a):
United States Government and Agency Securities(0.6)1,071.4 — — 1,070.8 26.0 %
Corporate Debt— 891.7 — — 891.7 21.6 %
Foreign Debt— 140.2 — — 140.2 3.4 %
State and Local Government— 37.0 — — 37.0 0.9 %
Other – Asset Backed— 0.8 — — 0.8 — %
Subtotal – Fixed Income(0.6)2,141.1 — — 2,140.5 51.9 %
Infrastructure (b)— — — 109.2 109.2 2.6 %
Real Estate (b)— — — 276.9 276.9 6.7 %
Alternative Investments (b)— — — 319.7 319.7 7.8 %
Cash and Cash Equivalents (b)— 64.9 — 58.3 123.2 3.0 %
Other – Pending Transactions and Accrued Income (c)— — — 29.3 29.3 0.7 %
Total$745.4 $2,206.0 $— $1,173.3 $4,124.7 100.0 %

(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.
  
Other Postretirement Benefit Plans [Member]    
Assets within Fair Value Hierarchy
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.
Asset ClassLevel 1Level 2Level 3OtherTotalYear End
Allocation
(in millions)
Equities:
Domestic$414.1 $— $— $— $414.1 26.7 %
International265.0 — — — 265.0 17.1 %
Common Collective Trusts (a)— — — 169.1 169.1 10.9 %
Subtotal – Equities679.1 — — 169.1 848.2 54.7 %
Fixed Income:
Common Collective Trust – Debt (a)— — — 120.3 120.3 7.8 %
United States Government and Agency Securities0.1 155.8 — — 155.9 10.1 %
Corporate Debt— 141.5 — — 141.5 9.1 %
Foreign Debt— 21.0 — — 21.0 1.4 %
State and Local Government62.9 7.8 — — 70.7 4.6 %
Subtotal – Fixed Income63.0 326.1 — 120.3 509.4 33.0 %
Trust Owned Life Insurance:
International Equities— 46.7 — — 46.7 3.0 %
United States Bonds— 110.3 — — 110.3 7.1 %
Subtotal – Trust Owned Life Insurance— 157.0 — — 157.0 10.1 %
Cash and Cash Equivalents (a)23.2 — — 6.7 29.9 1.9 %
Other – Pending Transactions and Accrued Income (b)— — — 4.8 4.8 0.3 %
Total$765.3 $483.1 $— $300.9 $1,549.3 100.0 %

(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.