BUSINESS SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2024

The tables below present AEP’s reportable segment income statement information for the years ended December 31, 2024, 2023 and 2022 and reportable segment balance sheet information as of December 31, 2024 and 2023. The significant expenses disclosed below align with the segment-level information that is regularly provided to the CODM.


	VIU		T&D		AEPTHCo		G&M		Total Reportable Segments		Corporate and Other (a)			Reconciling Adjustments			Consolidated
2024	(in millions)
Revenues from:
External Customers	$	11,414.0	$	5,879.6	$	425.0	$	1,944.7	$	19,663.3	$	58.0		$	—		$	19,721.3
Other Operating Segments	182.6		28.1		1,525.8		100.7		1,837.2		125.1			(1,962.3)		(b)	—
Total Revenues	11,596.6		5,907.7		1,950.8		2,045.4		21,500.5		183.1			(1,962.3)			19,721.3

Purchased Electricity, Fuel and Other Consumables Used for Electric Generation	3,796.2		909.1		—		1,542.4		6,247.7		—			(311.4)			5,936.3
Other Operation and Maintenance	3,528.0		2,166.1		162.8		129.9		5,986.8		136.3			(1,670.4)			4,452.7



Asset Impairments and Other Related Charges	13.4		52.9		—		76.2		142.5		—			—			142.5


Depreciation and Amortization	1,970.6		879.5		439.7		20.9		3,310.7		(20.8)			—			3,289.9
Taxes Other Than Income Taxes	535.3		724.2		314.9		2.0		1,576.4		0.4			19.5			1,596.3




Allowance for Equity Funds Used During Construction	52.4		69.2		89.4		—		211.0		—			—			211.0

Interest Expense	724.3		405.5		222.3		16.6		1,368.7		612.5			(118.4)			1,862.8


Income Tax Expense (Benefit)	(282.2)		154.5		214.7		25.9		112.9		(152.1)			—			(39.2)
Equity Earnings (Loss) of Unconsolidated Subsidiaries	1.4		(1.1)		98.9		0.9		100.1		(6.4)			—			93.7


Other Segment Items (c)	(88.4)		(41.7)		(5.5)		(56.8)		(192.4)		(108.4)			118.4			(182.4)
Earnings (Loss) Attributable to AEP Common Shareholders	$	1,453.2	$	725.7	$	790.2	$	289.2	$	3,258.3	$	(291.2)		$	—		$	2,967.1

Gross Property Additions	$	3,643.5	$	2,343.6	$	1,572.5	$	35.1	$	7,594.7	$	466.6		$	(31.1)		$	8,030.2







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


	VIU		T&D		AEPTHCo		G&M		Total Reportable Segments		Corporate and Other (a)			Reconciling Adjustments			Consolidated
2023	(in millions)
Revenues from:
External Customers	$	11,303.7	$	5,677.2	$	397.4	$	1,543.3	$	18,921.6	$	60.7		$	—		$	18,982.3
Other Operating Segments	145.8		36.1		1,331.1		88.9		1,601.9		107.3			(1,709.2)		(b)	—
Total Revenues	11,449.5		5,713.3		1,728.5		1,632.2		20,523.5		168.0			(1,709.2)			18,982.3

Purchased Electricity, Fuel and Other Consumables Used for Electric Generation	4,150.3		1,214.8		—		1,487.8		6,852.9		—			(274.6)			6,578.3
Other Operation and Maintenance	3,211.1		1,947.8		141.6		132.9		5,433.4		103.1			(1,449.7)			4,086.8



Asset Impairments and Other Related Charges	85.6		—		—		—		85.6		—			—			85.6
Loss on the Sale of the Competitive Contracted Renewables Portfolio	—		—		—		92.7		92.7		—			—			92.7

Depreciation and Amortization	1,876.4		784.7		402.6		42.7		3,106.4		(16.0)			—			3,090.4
Taxes Other Than Income Taxes	512.5		668.0		290.1		6.6		1,477.2		0.2			14.9			1,492.3




Allowance for Equity Funds Used During Construction	46.3		45.5		83.1		—		174.9		—			—			174.9


Interest Expense	764.5		363.6		202.6		76.0		1,406.7		594.7			(194.5)			1,806.9


Income Tax Expense (Benefit)	(45.2)		140.2		166.0		(122.9)		138.1		(83.5)			—			54.6
Equity Earnings (Loss) of Unconsolidated Subsidiaries	1.4		—		82.9		(16.5)		67.8		(9.3)			—			58.5


Other Segment Items (c)	(148.4)		(59.0)		(11.3)		(73.8)		(292.5)		(182.2)			194.7			(280.0)
Earnings (Loss) Attributable to AEP Common Shareholders	$	1,090.4	$	698.7	$	702.9	$	(26.3)	$	2,465.7	$	(257.6)		$	—		$	2,208.1

Gross Property Additions	$	3,486.8	$	2,467.4	$	1,528.7	$	12.6	$	7,495.5	$	36.6		$	1.4		$	7,533.5







Total Assets	$	51,802.1	$	24,838.4	$	16,575.6	$	2,598.5	$	95,814.6	$	5,194.0	(d)	$	(4,324.6)	(e)	$	96,684.0

Investments in Equity Method Investees	$	10.0	$	3.0	$	905.8	$	100.6	$	1,019.4	$	54.2		$	—		$	1,073.6


	VIU		T&D		AEPTHCo		G&M		Total Reportable Segments		Corporate and Other (a)		Reconciling Adjustments			Consolidated
2022	(in millions)
Revenues from:
External Customers	$	11,292.8	$	5,489.6	$	357.5	$	2,448.9	$	19,588.8	$	50.7	$	—		$	19,639.5
Other Operating Segments	184.7		22.4		1,319.5		18.0		1,544.6		59.2		(1,603.8)		(b)	—
Total Revenues	11,477.5		5,512.0		1,677.0		2,466.9		21,133.4		109.9		(1,603.8)			19,639.5

Purchased Electricity, Fuel and Other Consumables Used for Electric Generation	4,007.9		1,287.3		—		1,984.3		7,279.5		—		(181.6)			7,097.9
Other Operation and Maintenance	3,287.2		1,864.2		165.7		118.7		5,435.8		130.0		(1,438.3)			4,127.5

Loss on the Expected Sale of the Kentucky Operations	—		—		—		—		—		363.3		—			363.3

Asset Impairments and Other Related Charges	24.9		—		—		—		24.9		23.9		—			48.8

Gain on Sale of Mineral Rights	—		—		—		(116.3)		(116.3)		—		—			(116.3)
Depreciation and Amortization	2,007.2		746.7		355.0		93.0		3,201.9		0.9		—			3,202.8
Taxes Other Than Income Taxes	504.9		659.9		277.6		11.1		1,453.5		0.2		16.1			1,469.8




Allowance for Equity Funds Used During Construction	29.5		33.6		70.6		—		133.7		—		—			133.7

Interest Expense	650.9		328.0		169.3		51.8		1,200.0		308.9		(112.8)			1,396.1


Income Tax Expense (Benefit)	(93.8)		116.9		193.6		(83.1)		133.6		(128.2)		—			5.4
Equity Earnings (Loss) of Unconsolidated Subsidiaries	1.4		0.6		83.4		(192.4)		(107.0)		(2.4)		—			(109.4)


Other Segment Items (c)	(172.8)		(52.5)		(3.7)		(68.6)		(297.6)		(53.9)		112.8			(238.7)
Earnings (Loss) Attributable to AEP Common Shareholders	$	1,292.0	$	595.7	$	673.5	$	283.6	$	2,844.8	$	(537.6)	$	—		$	2,307.2

Gross Property Additions	$	4,164.6	$	2,177.3	$	1,470.8	$	69.2	$	7,881.9	$	25.9	$	(28.8)		$	7,879.0








Investments in Equity Method Investees	$	10.1	$	3.0	$	858.3	$	337.6	$	1,209.0	$	67.7	$	—		$	1,276.7

(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 inter-segment revenues.

(c)Other segment items included in segment earnings (loss) attributable to AEP common shareholders primarily includes Non-Service Cost Components of Net Period Benefit Cost, Net Income (Loss) Attributable to Noncontrolling Interests and Establishment of the VA Triennial Review Regulatory Asset (2022).

(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 years ended December 31, 2024, 2023 and 2022 and reportable segment balance sheet information as of December 31, 2024 and 2023. The significant expenses disclosed below align with the segment-level information that is regularly provided to the CODM.


	State Transcos		AEPTCo Parent			Reconciling Adjustments			AEPTCo Consolidated
2024	(in millions)
Revenues from:
External Customers	$	378.6	$	—		$	—		$	378.6
Sales to AEP Affiliates	1,512.3		—			—			1,512.3

Total Revenues	1,890.9		—			—			1,890.9

Other Operation and Maintenance	156.6		1.7			—			158.3

Depreciation and Amortization	430.9		—			—			430.9
Taxes Other Than Income Taxes	308.7		—			—			308.7



Interest Income	7.9		241.1			(238.5)		(a)	10.5
Allowance for Equity Funds Used During Construction	89.4		—			—			89.4
Interest Expense	214.0		238.7			(238.5)		(a)	214.2

Income Tax Expense	190.2		0.1			—			190.3


Net Income	$	687.8	$	0.6	(b)	$	—		$	688.4

Gross Property Additions	$	1,481.8	$	—		$	—		$	1,481.8









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


	State Transcos		AEPTCo Parent			Reconciling Adjustments			AEPTCo Consolidated
2023	(in millions)
Revenues from:
External Customers	$	354.2	$	—		$	—		$	354.2
Sales to AEP Affiliates	1,317.8		—			—			1,317.8

Total Revenues	1,672.0		—			—			1,672.0

Other Operation and Maintenance	129.2		0.2			—			129.4

Depreciation and Amortization	393.8		—			—			393.8
Taxes Other Than Income Taxes	283.2		—			—			283.2



Interest Income	3.8		218.0			(214.8)		(a)	7.0
Allowance for Equity Funds Used During Construction	83.2		—			—			83.2
Interest Expense	194.2		215.1			(214.8)		(a)	194.5

Income Tax Expense	145.7		1.4			—			147.1


Net Income	$	612.9	$	1.3	(b)	$	—		$	614.2

Gross Property Additions	$	1,503.1	$	—		$	—		$	1,503.1









Total Assets	$	15,120.6	$	5,486.6	(c)	$	(5,534.7)	(d)	$	15,072.5


	State Transcos		AEPTCo Parent			Reconciling Adjustments			AEPTCo Consolidated
2022	(in millions)
Revenues from:
External Customers	$	340.9	$	—		$	—		$	340.9
Sales to AEP Affiliates	1,283.8		—			—			1,283.8
Other Revenues	(0.2)		—			—			(0.2)
Total Revenues	1,624.5		—			—			1,624.5

Other Operation and Maintenance	152.8		0.7			—			153.5

Depreciation and Amortization	346.2		—			—			346.2
Taxes Other Than Income Taxes	271.1		—			—			271.1



Interest Income	0.7		177.8			(176.9)		(a)	1.6
Allowance for Equity Funds Used During Construction	70.7		—			—			70.7
Interest Expense	162.5		177.1			(176.9)		(a)	162.7

Income Tax Expense	169.1		—			—			169.1


Net Income	$	594.2	$	—	(b)	$	—		$	594.2

Gross Property Additions	$	1,468.3	$	—		$	—		$	1,468.3

(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.