2022 Q4 Form 10-K Financial Statement

#000000490423000011 Filed on February 23, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022
Revenue $4.881B $19.64B
YoY Change 20.18% 16.96%
Cost Of Revenue $1.921B $7.098B
YoY Change 43.33% 29.85%
Gross Profit $2.960B $12.54B
YoY Change 8.78% 10.74%
Gross Profit Margin 60.65% 63.86%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $868.9M $3.073B
YoY Change 16.6% 13.09%
% of Gross Profit 29.35% 24.5%
Operating Expenses $2.276B $16.16B
YoY Change 12.36% 20.75%
Operating Profit $684.0M $3.483B
YoY Change -1.63% 2.09%
Interest Expense -$355.9M $1.396B
YoY Change 32.9% 16.43%
% of Operating Profit -52.03% 40.09%
Other Income/Expense, Net $64.20M $11.60M
YoY Change 73.98% -71.98%
Pretax Income $268.4M $2.310B
YoY Change -40.72% -11.18%
Income Tax -$85.30M $5.400M
% Of Pretax Income -31.78% 0.23%
Net Earnings $384.3M $2.306B
YoY Change -28.69% -7.33%
Net Earnings / Revenue 7.87% 11.74%
Basic Earnings Per Share $4.51
Diluted Earnings Per Share $0.75 $4.49
COMMON SHARES
Basic Shares Outstanding 513.9M shares 511.8M shares
Diluted Shares Outstanding 513.5M shares

Balance Sheet

Concept 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $696.9M $696.9M
YoY Change 11.72% 11.72%
Cash & Equivalents $509.4M $509.4M
Short-Term Investments $187.5M $187.5M
Other Short-Term Assets $5.038B $5.038B
YoY Change 16.15% 16.15%
Inventory $1.302B $1.302B
Prepaid Expenses
Receivables $2.570B $2.233B
Other Receivables $149.0M $149.0M
Total Short-Term Assets $9.419B $9.419B
YoY Change 20.61% 20.61%
LONG-TERM ASSETS
Property, Plant & Equipment $71.28B $71.93B
YoY Change 8.0% 8.03%
Goodwill $52.50M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $1.277B
YoY Change -11.8%
Other Assets $3.718B $12.07B
YoY Change -15.47% -8.75%
Total Long-Term Assets $12.77B $84.05B
YoY Change -7.87% 5.25%
TOTAL ASSETS
Total Short-Term Assets $9.419B $9.419B
Total Long-Term Assets $12.77B $84.05B
Total Assets $93.47B $93.47B
YoY Change 6.62% 6.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.613B $2.613B
YoY Change 27.18% 27.18%
Accrued Expenses $441.0M $441.0M
YoY Change 18.93% 18.93%
Deferred Revenue
YoY Change
Short-Term Debt $4.112B $4.112B
YoY Change 57.31% 57.31%
Long-Term Debt Due $1.996B $2.054B
YoY Change -7.31% -16.47%
Total Short-Term Liabilities $14.57B $14.57B
YoY Change 17.23% 17.23%
LONG-TERM LIABILITIES
Long-Term Debt $33.63B $33.79B
YoY Change 7.43% 7.29%
Other Long-Term Liabilities $599.1M $12.45B
YoY Change -0.37% -2.91%
Total Long-Term Liabilities $54.73B $46.24B
YoY Change 4.22% 4.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.57B $14.57B
Total Long-Term Liabilities $54.73B $46.24B
Total Liabilities $69.30B $69.53B
YoY Change 6.71% 6.65%
SHAREHOLDERS EQUITY
Retained Earnings $12.35B
YoY Change 5.82%
Common Stock $3.413B
YoY Change 0.13%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 11.23M shares
Shareholders Equity $23.89B $23.94B
YoY Change
Total Liabilities & Shareholders Equity $93.47B $93.47B
YoY Change 6.62% 6.62%

Cashflow Statement

Concept 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $384.3M $2.306B
YoY Change -28.69% -7.33%
Depreciation, Depletion And Amortization $868.9M $3.073B
YoY Change 16.6% 13.09%
Cash From Operating Activities $554.8M $5.288B
YoY Change -36.0% 37.71%
INVESTING ACTIVITIES
Capital Expenditures $1.932B $6.772B
YoY Change -219.71% -217.49%
Acquisitions
YoY Change
Other Investing Activities $2.700M -$50.30M
YoY Change -96.87% -66.71%
Cash From Investing Activities -$1.929B -$7.752B
YoY Change 26.29% 20.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $826.5M
YoY Change 37.64%
Debt Paid & Issued, Net $2.345B
YoY Change -21.54%
Cash From Financing Activities 1.354B $2.569B
YoY Change -530.43% -1.47%
NET CHANGE
Cash From Operating Activities 554.8M $5.288B
Cash From Investing Activities -1.929B -$7.752B
Cash From Financing Activities 1.354B $2.569B
Net Change In Cash -20.80M $105.1M
YoY Change -97.87% 702.29%
FREE CASH FLOW
Cash From Operating Activities $554.8M $5.288B
Capital Expenditures $1.932B $6.772B
Free Cash Flow -$1.377B -$1.484B
YoY Change -155.51% -115.46%

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CY2020 us-gaap Proceeds From Issuance Of Common Stock
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CY2020 us-gaap Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less
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CY2021 us-gaap Minority Interest Decrease From Redemptions
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CY2020 us-gaap Proceeds From Payments For Other Financing Activities
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2020 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022 us-gaap Basis Of Accounting
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<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">ORGANIZATION</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Registrants engage in the generation, transmission and distribution of electric power.  The Registrant Subsidiaries that conduct most of these activities are regulated by the FERC under the Federal Power Act and the Energy Policy Act of 2005 and maintain accounts in accordance with the FERC and other regulatory guidelines.  Most of these companies are subject to further regulation with regard to rates and other matters by state regulatory commissions.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">AEP provides competitive electric and gas supply for residential, commercial and industrial customers in deregulated electricity markets and also provides energy management solutions throughout the United States, including energy efficiency services through its independent retail electric supplier.</span></div>The Registrants also engage in wholesale electricity, natural gas and other commodity marketing and risk management activities in the United States and provide various energy-related services.  In addition, AEP operates competitive wind and solar farms. I&amp;M provides barging services to both affiliated and nonaffiliated companies.  SWEPCo, through Sabine, conducts lignite mining operations to fuel the Pirkey Plant.
CY2022 us-gaap Use Of Estimates
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<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The preparation of these financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.  These estimates include, but are not limited to, inventory valuation, allowance for doubtful accounts, goodwill, intangible and long-lived asset impairment, unbilled electricity revenue, valuation of long-term energy contracts, the effects of regulation, long-lived asset recovery, storm costs, the effects of contingencies and certain assumptions made in accounting for pension and postretirement benefits.  The estimates and assumptions used are based upon management’s evaluation of the relevant facts and circumstances as of the date of the financial statements.  Actual results could ultimately differ from those estimates.</span></div>
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CY2022 us-gaap Concentration Risk Credit Risk
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The Registrant Subsidiaries monitor credit levels and the financial condition of their customers on a continuous basis to minimize credit risk.  The regulatory commissions allow recovery in rates for a reasonable level of bad debt costs.  Management believes adequate provisions for credit loss have been made in the accompanying Registrant Subsidiary financial statements.
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Files In Submission

Name View Source Status
FilingSummary.xml Edgar Link unprocessable
aep-20221231_pre.xml Edgar Link unprocessable
aep-20221231_cal.xml Edgar Link unprocessable
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0000004904-23-000011.txt Edgar Link pending
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aep-20221231.htm Edgar Link pending
aep-20221231.xsd Edgar Link pending
aep-20221231_g1.jpg Edgar Link pending
aep-20221231_g10.jpg Edgar Link pending
aep-20221231_g11.jpg Edgar Link pending
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