American Electric Power Co Inc: Form 10-Q for the period ended Sep 30, 2023
Filed with the SEC on Nov 2, 2023 and accepted by EDGAR at Nov 2, 2023, 07:14 ET.
Controls and procedures
As filed, 902 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
The Federal Mine Safety and Health Act of 1977 (Mine Act) imposes stringent health and safety standards on various mining operations. The Mine Act and its related regulations affect numerous aspects of mining operations, including training of mine personnel, mining procedures, equipment used in mine emergency procedures, mine plans and other matters. SWEPCo, through its ownership of DHLC, a wholly-owned lignite mining subsidiary of SWEPCo, is subject to the provisions of the Mine Act.
The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) requires companies that operate mines to include in their periodic reports filed with the SEC, certain mine safety information covered by the Mine Act. Exhibit 95 “Mine Safety Disclosure Exhibit” contains the notices of violation and proposed assessments received by DHLC under the Mine Act for the quarter ended September 30, 2023.
Risk factors
As filed, 1,399 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
The Annual Report on Form 10-K for the year ended December 31, 2022 includes a detailed discussion of risk factors. As of September 30, 2023, the risk factors appearing in AEP’s 2022 Annual Report are supplemented and updated as follows:
Our financial position may be adversely impacted if announced dispositions do not occur as planned or if assets under strategic evaluation lose value. (Applies to AEP)
In October 2022, AEP initiated a strategic evaluation for its ownership in AEP Energy. In April 2023, management completed the strategic evaluation of AEP Energy and initiated a sale process. In April 2023, AEP also made a decision to include AEP Onsite Partners in the sale process. AEP Onsite Partners also owns a 50% interest in NM Renewable Development, LLC, (NMRD). Separate from the remainder of AEP Onsite Partners, AEP and the joint owner have agreed to initiate a joint sales process for their respective interests in NMRD.
In July 2023, AEP made a decision to initiate a sales process for its investment in Pioneer Transmission, LLC and Prairie Wind Transmission, LLC.
Any planned sale of assets and investments, including subsidiaries, may not occur for any number of reasons beyond our control, including regulatory approval on terms that are acceptable. Depending on the outcome of these potential sales, it could reduce future net income and impact financial condition.
Figures reported in this filing
Standardized line items from the XBRL in this filing, for the period ended 2023-09-30. Comparative periods it repeats are left out.
| Line item | Period | Value | XBRL concept |
|---|---|---|---|
| Revenue | 3 months2023-07-01 to 2023-09-30 | $5.34bn | us-gaap:Revenues |
| Revenue | 9 months2023-01-01 to 2023-09-30 | $14.41bn | us-gaap:Revenues |
| Operating income | 3 months2023-07-01 to 2023-09-30 | $1.35bn | us-gaap:OperatingIncomeLoss |
| Operating income | 9 months2023-01-01 to 2023-09-30 | $2.93bn | us-gaap:OperatingIncomeLoss |
| Interest expense | 3 months2023-07-01 to 2023-09-30 | $470.3m | us-gaap:InterestExpense |
| Interest expense | 9 months2023-01-01 to 2023-09-30 | $1.35bn | us-gaap:InterestExpense |
| Income tax | 3 months2023-07-01 to 2023-09-30 | $64.2m | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 9 months2023-01-01 to 2023-09-30 | $103.2m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months2023-07-01 to 2023-09-30 | $516.1m | us-gaap:NetIncomeLoss |
| Net income | 9 months2023-01-01 to 2023-09-30 | $916.5m | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months2023-07-01 to 2023-09-30 | $1.83 | us-gaap:EarningsPerShareDiluted |
| Diluted EPS | 9 months2023-01-01 to 2023-09-30 | $3.62 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months2023-07-01 to 2023-09-30 | $1.83 | us-gaap:EarningsPerShareBasic |
| Basic EPS | 9 months2023-01-01 to 2023-09-30 | $3.62 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months2023-07-01 to 2023-09-30 | 521,444,125 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Diluted shares (weighted) | 9 months2023-01-01 to 2023-09-30 | 517,784,726 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 9 months2023-01-01 to 2023-09-30 | $3.68bn | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Dividends paid | 9 months2023-01-01 to 2023-09-30 | $1.29bn | us-gaap:PaymentsOfDividendsCommonStock |
| Cash and equivalents | At period end2023-09-30 | $353.3m | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | At period end2023-09-30 | $6.74bn | us-gaap:AssetsCurrent |
| Total assets | At period end2023-09-30 | $95.13bn | us-gaap:Assets |
| Current liabilities | At period end2023-09-30 | $11.28bn | us-gaap:LiabilitiesCurrent |
| Total liabilities | At period end2023-09-30 | $69.70bn | us-gaap:Liabilities |
| Long-term debt | At period end2023-09-30 | $36.72bn | us-gaap:LongTermDebtNoncurrent |
| Current portion of debt | At period end2023-09-30 | $2.77bn | us-gaap:LongTermDebtCurrent |
| Short-term borrowings | At period end2023-09-30 | $2.73bn | us-gaap:ShortTermBorrowings |
| Shareholders' equity | At period end2023-09-30 | $25.31bn | us-gaap:StockholdersEquity |
Source: SEC EDGAR, the filing index for accession 0000004904-23-000121. Last ingested by Listed: Oct 31, 2026, 15:25 ET. Listed shows no prices and gives no investment advice.