AMERICAN ELECTRIC POWER CO INC
For the period ended Sep 30, 2024. Filed Nov 6, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 6, 2024
AEP$127.84-0.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 1. CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per-share and share amounts)
| Three Months Ended · Nine Months Ended | ||||
|---|---|---|---|---|
| September 30, | September 30, | |||
| 2024 | 2023 | 2024 | 2023 | |
| REVENUES | ||||
| Vertically Integrated Utilities | $3,248.8 | $3,158.1 | $8,722.0 | $8,603.4 |
| Transmission and Distribution Utilities | 1,568.5 | 1,535.2 | 4,480.5 | 4,321.3 |
| Generation & Marketing | 483.7 | 527.5 | 1,442.1 | 1,172.6 |
| Other Revenues | 119.1 | 120.9 | 380.4 | 307.8 |
| TOTAL REVENUES | 5,420.1 | 5,341.7 | 15,025.0 | 14,405.1 |
| EXPENSES | ||||
| Purchased Electricity, Fuel and Other Consumables Used for Electric Generation | 1,659.2 | 1,756.8 | 4,603.5 | 4,887.8 |
| Other Operation | 805.8 | 719.9 | 2,385.4 | 2,031.1 |
| Maintenance | 343.7 | 325.5 | 1,012.7 | 982.8 |
| Loss on the Sale of the Competitive Contracted Renewables Portfolio | — | — | — | 112.0 |
| Asset Impairments and Other Related Charges | — | — | 142.5 | — |
| Depreciation and Amortization | 852.7 | 792.3 | 2,461.7 | 2,309.4 |
| Taxes Other Than Income Taxes | 407.2 | 393.9 | 1,211.2 | 1,149.2 |
| TOTAL EXPENSES | 4,068.6 | 3,988.4 | 11,817.0 | 11,472.3 |
| OPERATING INCOME | 1,351.5 | 1,353.3 | 3,208.0 | 2,932.8 |
| Other Income (Expense): | ||||
| Other Income | 28.5 | 11.9 | 55.2 | 41.0 |
| Allowance for Equity Funds Used During Construction | 54.2 | 51.1 | 153.0 | 123.4 |
| Non-Service Cost Components of Net Periodic Benefit Cost | 46.5 | 55.2 | 129.0 | 165.9 |
| Interest Expense | (498.8) | (470.3) | (1,400.0) | (1,346.0) |
| INCOME BEFORE INCOME TAX EXPENSE (BENEFIT) AND EQUITY EARNINGS | 981.9 | 1,001.2 | 2,145.2 | 1,917.1 |
| Income Tax Expense (Benefit) | 37.5 | 64.2 | (97.7) | 103.2 |
| Equity Earnings of Unconsolidated Subsidiaries | 17.3 | 21.3 | 67.0 | 60.9 |
| NET INCOME | 961.7 | 958.3 | 2,309.9 | 1,874.8 |
| Net Income Attributable to Noncontrolling Interests | 2.1 | 4.6 | 6.9 | 2.9 |
| EARNINGS ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS | $959.6 | $953.7 | $2,303.0 | $1,871.9 |
| WEIGHTED AVERAGE NUMBER OF BASIC AEP COMMON SHARES OUTSTANDING | 532,208,876 | 520,459,880 | 529,230,818 | 516,528,239 |
| TOTAL BASIC EARNINGS PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS | $1.80 | $1.83 | $4.35 | $3.62 |
| WEIGHTED AVERAGE NUMBER OF DILUTED AEP COMMON SHARES OUTSTANDING | 533,600,842 | 521,444,125 | 530,456,985 | 517,784,726 |
| TOTAL DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS | $1.80 | $1.83 | $4.34 | $3.62 |
| See Condensed Notes to Condensed Financial Statements of Registrants beginning on page 108. | ||||
| Three Months Ended · Nine Months Ended | ||||
|---|---|---|---|---|
| September 30, | September 30, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Net Income | $961.7 | $958.3 | $2,309.9 | $1,874.8 |
| OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES | ||||
| Cash Flow Hedges, Net of Tax of $(12.3) and $(0.3) for the Three Months Ended September 30, 2024 and 2023, Respectively, and $(8.0) and $(31.5) for the Nine Months Ended September 30, 2024 and 2023, Respectively | (46.3) | (0.9) | (30.1) | (118.5) |
| Amortization of Pension and OPEB Deferred Costs, Net of Tax of $(0.1) and $(0.8) for the Three Months Ended September 30, 2024 and 2023, Respectively, and $(0.3) and $(5.9) for the Nine Months Ended September 30, 2024 and 2023, Respectively | (0.6) | (3.2) | (1.3) | (22.4) |
| Reclassifications of KPCo Pension and OPEB Regulatory Assets, Net of Tax of $0 and $0 for the Three Months Ended September 30, 2024 and 2023, Respectively, and $0 and $4.4 for the Nine Months Ended September 30, 2024 and 2023, Respectively | — | — | — | 16.7 |
| TOTAL OTHER COMPREHENSIVE LOSS | (46.9) | (4.1) | (31.4) | (124.2) |
| TOTAL COMPREHENSIVE INCOME | 914.8 | 954.2 | 2,278.5 | 1,750.6 |
| Total Comprehensive Income Attributable To Noncontrolling Interests | 2.1 | 4.6 | 6.9 | 2.9 |
| TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS | $912.7 | $949.6 | $2,271.6 | $1,747.7 |
| See Condensed Notes to Condensed Financial Statements of Registrants beginning on page 108. | ||||
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
| AEP Common Shareholders | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Common Stock · Accumulated Other Comprehensive Income (Loss) | |||||||||||||
| Shares · Amount · Paid-in Capital · Retained Earnings · Noncontrolling Interests · Total | |||||||||||||
| TOTAL EQUITY – DECEMBER 31, 2022 | 525.1 | $3,413.1 | $8,051.0 | $12,345.6 | $83.7 | $229.0 | $24,122.4 | ||||||
| Issuance of Common Stock | 0.8 | 5.1 | 36.0 | 41.1 | |||||||||
| Common Stock Dividends | (428.8)(a) | (3.0) | (431.8) | ||||||||||
| Other Changes in Equity | (12.7) | 0.2 | (12.5) | ||||||||||
| Net Income | 397.0 | 3.4 | 400.4 | ||||||||||
| Other Comprehensive Loss | (151.8) | (151.8) | |||||||||||
| TOTAL EQUITY – MARCH 31, 2023 | 525.9 | 3,418.2 | 8,074.3 | 12,313.8 | (68.1) | 229.6 | 23,967.8 | ||||||
| Issuance of Common Stock | 0.5 | 3.3 | 33.2 | 36.5 | |||||||||
| Common Stock Dividends | (429.5)(a) | (2.3) | (431.8) | ||||||||||
| Other Changes in Equity | 3.3 | 3.3 | |||||||||||
| Net Income (Loss) | 521.2 | (5.1) | 516.1 | ||||||||||
| Other Comprehensive Income | 31.7 | 31.7 | |||||||||||
| TOTAL EQUITY – JUNE 30, 2023 | 526.4 | 3,421.5 | 8,110.8 | 12,405.5 | (36.4) | 222.2 | 24,123.6 | ||||||
| Issuance of Common Stock | 0.4 | 2.8 | 878.9 | 881.7 | |||||||||
| Common Stock Dividends | (429.7)(a) | (0.5) | (430.2) | ||||||||||
| Other Changes in Equity | 6.7 | 6.7 | |||||||||||
| Disposition of Competitive Contracted Renewables Portfolio | (186.4) | (186.4) | |||||||||||
| Net Income | 953.7 | 4.6 | 958.3 | ||||||||||
| Other Comprehensive Loss | (4.1) | (4.1) | |||||||||||
| TOTAL EQUITY – SEPTEMBER 30, 2023 | 526.8 | $3,424.3 | $8,996.4 | $12,929.5 | $(40.5) | $39.9 | $25,349.6 | ||||||
| TOTAL EQUITY – DECEMBER 31, 2023 | 527.4 | $3,427.9 | $9,073.9 | $12,800.4 | $(55.5) | $39.2 | $25,285.9 | ||||||
| Issuance of Common Stock | 0.8 | 5.4 | 35.2 | 40.6 | |||||||||
| Common Stock Dividends | (465.5)(b) | (1.4) | (466.9) | ||||||||||
| Other Changes in Equity | (14.8) | (14.8) | |||||||||||
| Net Income | 1,003.1 | 2.6 | 1,005.7 | ||||||||||
| Other Comprehensive Loss | (6.8) | (6.8) | |||||||||||
| TOTAL EQUITY – MARCH 31, 2024 | 528.2 | 3,433.3 | 9,094.3 | 13,338.0 | (62.3) | 40.4 | 25,843.7 | ||||||
| Issuance of Common Stock | 4.9 | 32.1 | 403.1 | 435.2 | |||||||||
| Common Stock Dividends | (467.0)(b) | (2.1) | (469.1) | ||||||||||
| Other Changes in Equity | 1.1 | 1.1 | |||||||||||
| Net Income | 340.3 | 2.2 | 342.5 | ||||||||||
| Other Comprehensive Income | 22.3 | 22.3 | |||||||||||
| TOTAL EQUITY – JUNE 30, 2024 | 533.1 | 3,465.4 | 9,498.5 | 13,211.3 | (40.0) | 40.5 | 26,175.7 | ||||||
| Issuance of Common Stock | 0.6 | 3.3 | 33.9 | 37.2 | |||||||||
| Common Stock Dividends | (470.2)(b) | (1.2) | (471.4) | ||||||||||
| Other Changes in Equity | 2.5 | 2.5 | |||||||||||
| Net Income | 959.6 | 2.1 | 961.7 | ||||||||||
| Other Comprehensive Loss | (46.9) | (46.9) | |||||||||||
| TOTAL EQUITY – SEPTEMBER 30, 2024 | 533.7 | $3,468.7 | $9,534.9 | $13,700.7 | $(86.9) | $41.4 | $26,658.8 | ||||||
(a)Cash dividends declared per AEP common share were $0.83.
(b)Cash dividends declared per AEP common share were $0.88.
See Condensed Notes to Condensed Financial Statements of Registrants beginning on page 108.
ASSETS
| September 30, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| CURRENT ASSETS | ||
| Cash and Cash Equivalents | $245.8 | $330.1 |
| Restricted Cash(September 30, 2024 and December 31, 2023 Amounts Include $53.4 and $48.9, Respectively, Related to Transition Funding, Restoration Funding and Appalachian Consumer Rate Relief Funding) | 53.4 | 48.9 |
| Other Temporary Investments(September 30, 2024 and December 31, 2023 Amounts Include $216.3 and $205, Respectively, Related to EIS and Transource Energy) | 228.6 | 214.3 |
| Accounts Receivable: | ||
| Customers | 963.6 | 1,029.9 |
| Accrued Unbilled Revenues | 303.2 | 179.5 |
| Pledged Accounts Receivable – AEP Credit | 1,330.3 | 1,249.4 |
| Miscellaneous | 65.4 | 48.7 |
| Allowance for Uncollectible Accounts | (65.4) | (60.1) |
| Total Accounts Receivable | 2,597.1 | 2,447.4 |
| Fuel | 704.0 | 853.7 |
| Materials and Supplies | 981.7 | 1,025.8 |
| Risk Management Assets | 236.7 | 217.5 |
| Accrued Tax Benefits | 125.4 | 156.2 |
| Regulatory Asset for Under-Recovered Fuel Costs | 399.7 | 514.0 |
| Prepayments and Other Current Assets | 448.4 | 274.2 |
| TOTAL CURRENT ASSETS | 6,020.8 | 6,082.1 |
| PROPERTY, PLANT AND EQUIPMENT | ||
| Electric: | ||
| Generation | 24,504.5 | 24,329.5 |
| Transmission | 37,309.8 | 35,934.1 |
| Distribution | 30,486.1 | 28,989.9 |
| Other Property, Plant and Equipment (Including Coal Mining and Nuclear Fuel) | 6,829.2 | 6,484.9 |
| Construction Work in Progress | 6,797.0 | 5,508.0 |
| Total Property, Plant and Equipment | 105,926.6 | 101,246.4 |
| Accumulated Depreciation and Amortization | 25,852.8 | 24,553.0 |
| TOTAL PROPERTY, PLANT AND EQUIPMENT – NET | 80,073.8 | 76,693.4 |
| OTHER NONCURRENT ASSETS | ||
| Regulatory Assets | 5,318.9 | 5,092.4 |
| Securitized Assets | 253.4 | 336.3 |
| Spent Nuclear Fuel and Decommissioning Trusts | 4,425.8 | 3,860.2 |
| Goodwill | 52.5 | 52.5 |
| Long-term Risk Management Assets | 258.3 | 321.2 |
| Operating Lease Assets | 572.9 | 620.2 |
| Deferred Charges and Other Noncurrent Assets | 3,142.7 | 3,625.7 |
| TOTAL OTHER NONCURRENT ASSETS | 14,024.5 | 13,908.5 |
| TOTAL ASSETS | $100,119.1 | $96,684.0 |
| See Condensed Notes to Condensed Financial Statements of Registrants beginning on page 108. | ||
LIABILITIES AND EQUITY
(in millions, except per-share and share amounts)
| September 30, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| CURRENT LIABILITIES | ||
| Accounts Payable | $2,265.6 | $2,032.5 |
| Short-term Debt: | ||
| Securitized Debt for Receivables – AEP Credit | 900.0 | 888.0 |
| Other Short-term Debt | 759.6 | 1,942.2 |
| Total Short-term Debt | 1,659.6 | 2,830.2 |
| Long-term Debt Due Within One Year (September 30, 2024 and December 31, 2023 Amounts Include $190.7 and $207.2, Respectively, Related to Sabine, DCC Fuel, Transition Funding, Restoration Funding, Appalachian Consumer Rate Relief Funding and Transource Energy) | 2,826.7 | 2,490.5 |
| Risk Management Liabilities | 152.0 | 229.6 |
| Customer Deposits | 410.6 | 423.7 |
| Accrued Taxes | 1,236.6 | 1,800.1 |
| Accrued Interest | 584.4 | 410.2 |
| Obligations Under Operating Leases | 96.7 | 115.7 |
| Other Current Liabilities | 1,415.4 | 1,251.1 |
| TOTAL CURRENT LIABILITIES | 10,647.6 | 11,583.6 |
| NONCURRENT LIABILITIES | ||
| Long-term Debt(September 30, 2024 and December 31, 2023 Amounts Include $545.9 and $556.3, Respectively, Related to Sabine, DCC Fuel, Transition Funding, Restoration Funding, Appalachian Consumer Rate Relief Funding and Transource Energy) | 39,147.7 | 37,652.7 |
| Long-term Risk Management Liabilities | 201.6 | 241.8 |
| Deferred Income Taxes | 9,958.8 | 9,415.7 |
| Regulatory Liabilities and Deferred Investment Tax Credits | 8,366.2 | 8,182.4 |
| Asset Retirement Obligations | 3,687.7 | 2,972.5 |
| Employee Benefits and Pension Obligations | 216.5 | 241.7 |
| Obligations Under Operating Leases | 490.5 | 519.4 |
| Deferred Credits and Other Noncurrent Liabilities | 677.9 | 545.8 |
| TOTAL NONCURRENT LIABILITIES | 62,746.9 | 59,772.0 |
| TOTAL LIABILITIES | 73,394.5 | 71,355.6 |
| Rate Matters (Note 4) | ||
| Commitments and Contingencies (Note 5) | ||
| MEZZANINE EQUITY | ||
| Contingently Redeemable Performance Share Awards | 65.8 | 42.5 |
| TOTAL MEZZANINE EQUITY | 65.8 | 42.5 |
| EQUITY | ||
| Common Stock – Par Value – $6.50 Per Share: | ||
| 2024 | 2023 | |
| Shares Authorized | 600,000,000 | 600,000,000 |
| Shares Issued | 533,652,728 | 527,369,157 |
| (1,184,572 Shares were Held in Treasury as of September 30, 2024 and December 31, 2023, Respectively) | 3,468.7 | 3,427.9 |
| Paid-in Capital | 9,534.9 | 9,073.9 |
| Retained Earnings | 13,700.7 | 12,800.4 |
| Accumulated Other Comprehensive Income (Loss) | (86.9) | (55.5) |
| TOTAL AEP COMMON SHAREHOLDERS’ EQUITY | 26,617.4 | 25,246.7 |
| Noncontrolling Interests | 41.4 | 39.2 |
| TOTAL EQUITY | 26,658.8 | 25,285.9 |
| TOTAL LIABILITIES, MEZZANINE EQUITY AND TOTAL EQUITY | $100,119.1 | $96,684.0 |
| See Condensed Notes to Condensed Financial Statements of Registrants beginning on page 108. | ||
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| OPERATING ACTIVITIES | ||
| Net Income | $2,309.9 | $1,874.8 |
| Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||
| Depreciation and Amortization | 2,461.7 | 2,309.4 |
| Deferred Income Taxes | 89.5 | 171.5 |
| Loss on the Sale of the Competitive Contracted Renewables Portfolio | — | 112.0 |
| Asset Impairments and Other Related Charges | 142.5 | — |
| Allowance for Equity Funds Used During Construction | (153.0) | (123.4) |
| Mark-to-Market of Risk Management Contracts | (97.6) | (82.8) |
| Property Taxes | 508.3 | 486.1 |
| Deferred Fuel Over/Under-Recovery, Net | 304.6 | 542.8 |
| Change in Other Noncurrent Assets | (244.0) | (396.8) |
| Change in Other Noncurrent Liabilities | 193.8 | (21.5) |
| Changes in Certain Components of Working Capital: | ||
| Accounts Receivable, Net | (131.8) | 114.0 |
| Fuel, Materials and Supplies | 188.5 | (344.4) |
| Accounts Payable | 14.2 | (163.0) |
| Accrued Taxes, Net | (532.3) | (566.7) |
| Other Current Assets | (139.2) | (91.5) |
| Other Current Liabilities | 161.8 | (144.8) |
| Net Cash Flows from Operating Activities | 5,076.9 | 3,675.7 |
| INVESTING ACTIVITIES | ||
| Construction Expenditures | (5,168.6) | (5,767.1) |
| Purchases of Investment Securities | (2,398.0) | (2,199.7) |
| Sales of Investment Securities | 2,343.5 | 2,140.1 |
| Acquisitions of Nuclear Fuel | (98.4) | (60.9) |
| Acquisitions of Renewable Energy Facilities | — | (154.0) |
| Proceeds from Sales of Assets | 365.0 | 1,335.6 |
| Proceeds from Sale of Equity Method Investment | 114.0 | — |
| Other Investing Activities | 73.0 | 62.5 |
| Net Cash Flows Used for Investing Activities | (4,769.5) | (4,643.5) |
| FINANCING ACTIVITIES | ||
| Issuance of Common Stock | 513.0 | 959.3 |
| Issuance of Long-term Debt | 3,748.5 | 4,017.8 |
| Issuance of Short-term Debt with Original Maturities greater than 90 Days | 376.6 | 791.7 |
| Change in Short-term Debt with Original Maturities less than 90 Days, Net | (676.1) | (1,044.7) |
| Retirement of Long-term Debt | (1,969.1) | (1,353.3) |
| Redemption of Short-term Debt with Original Maturities Greater than 90 Days | (871.1) | (1,128.8) |
| Principal Payments for Finance Lease Obligations | (51.2) | (53.9) |
| Dividends Paid on Common Stock | (1,407.4) | (1,293.8) |
| Other Financing Activities | (50.4) | (75.9) |
| Net Cash Flows from (Used for) Financing Activities | (387.2) | 818.4 |
| Net Decrease in Cash, Cash Equivalents and Restricted Cash | (79.8) | (149.4) |
| Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 379.0 | 556.5 |
| Cash, Cash Equivalents and Restricted Cash at End of Period | $299.2 | $407.1 |
| See Condensed Notes to Condensed Financial Statements of Registrants beginning on page 108. | ||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.