| Reportable Segment Information |
The tables below represent AEP’s reportable segment income statement information for the three and six months ended June 30, 2025 and 2024 and reportable segment balance sheet information as of June 30, 2025 and December 31, 2024. The significant expenses disclosed below align with the segment-level information that is regularly provided to the CODM.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2025 | | | VIU | | T&D | | AEPTHCo | | G&M | | Total Reportable Segments | | Corporate and Other (a) | | Reconciling Adjustments | | Consolidated | | | (in millions) | | Revenues from: | | | | | | | | | | | | | | | | | | External Customers | | $ | 2,934.5 | | | $ | 1,442.6 | | | $ | 155.1 | | | $ | 551.0 | | | $ | 5,083.2 | | | $ | 3.7 | | | $ | — | | | $ | 5,086.9 | | | Other Operating Segments | | 80.7 | | | 7.6 | | | 601.5 | | | 15.2 | | | 705.0 | | | 25.9 | | | (730.9) | | (b) | — | | | Total Revenues | | 3,015.2 | | | 1,450.2 | | | 756.6 | | | 566.2 | | | 5,788.2 | | | 29.6 | | | (730.9) | | | 5,086.9 | | | | | | | | | | | | | | | | | | | | Purchased Electricity, Fuel and Other Consumables Used for Electric Generation | | 920.5 | | | 203.7 | | | — | | | 493.4 | | | 1,617.6 | | | — | | | (76.2) | | | 1,541.4 | | | Other Operation and Maintenance | | 981.8 | | | 541.1 | | | 45.0 | | | (0.3) | | | 1,567.6 | | | 20.5 | | | (659.8) | | | 928.3 | | | | | | | | | | | | | | | | | | | | Depreciation and Amortization | | 531.3 | | | 201.5 | | | 121.1 | | | 4.3 | | | 858.2 | | | (5.0) | | | (0.1) | | | 853.1 | | | Taxes Other Than Income Taxes | | 122.9 | | | 159.3 | | | 77.2 | | | 0.3 | | | 359.7 | | | 0.1 | | | 5.2 | | | 365.0 | | | Allowance for Equity Funds Used During Construction | | 16.0 | | | 19.6 | | | 21.5 | | | — | | | 57.1 | | | — | | | — | | | 57.1 | | | Interest Expense | | 201.0 | | | 100.0 | | | 58.7 | | | 2.0 | | | 361.7 | | | 151.1 | | | (23.3) | | | 489.5 | | | Income Tax Expense (Benefit) | | (136.4) | | | 50.9 | | | (139.3) | | | 18.2 | | | (206.6) | | | (44.3) | | | — | | | (250.9) | | | Equity Earnings (Loss) of Unconsolidated Subsidiaries | | 0.3 | | | 0.1 | | | 22.5 | | | — | | | 22.9 | | | (2.3) | | | — | | | 20.6 | | | Other Segment Items (c) | | (22.3) | | | (10.5) | | | 59.5 | | | (13.8) | | | 12.9 | | | (23.8) | | | 23.3 | | | 12.4 | | | Earnings (Loss) Attributable to AEP Common Shareholders | | $ | 432.7 | | | $ | 223.9 | | | $ | 578.4 | | | $ | 62.1 | | | $ | 1,297.1 | | | $ | (71.3) | | | $ | — | | | $ | 1,225.8 | | | | | | | | | | | | | | | | | | | | Gross Property Additions | | $ | 2,232.6 | | | $ | 663.7 | | | $ | 383.6 | | | $ | 2.8 | | | $ | 3,282.7 | | | $ | 5.8 | | | $ | (9.2) | | | $ | 3,279.3 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2024 | | | VIU | | T&D | | AEPTHCo | | G&M | | Total Reportable Segments | | Corporate and Other (a) | | Reconciling Adjustments | | Consolidated | | | (in millions) | | Revenues from: | | | | | | | | | | | | | | | | | | External Customers | | $ | 2,572.0 | | | $ | 1,428.8 | | | $ | 108.7 | | | $ | 442.5 | | | $ | 4,552.0 | | | $ | 27.2 | | | $ | — | | | $ | 4,579.2 | | | Other Operating Segments | | 47.0 | | | 7.1 | | | 381.2 | | | 25.0 | | | 460.3 | | | 30.5 | | | (490.8) | | (b) | — | | | Total Revenues | | 2,619.0 | | | 1,435.9 | | | 489.9 | | | 467.5 | | | 5,012.3 | | | 57.7 | | | (490.8) | | | 4,579.2 | | | | | | | | | | | | | | | | | | | | Purchased Electricity, Fuel and Other Consumables Used for Electric Generation | | 870.8 | | | 210.5 | | | — | | | 364.8 | | | 1,446.1 | | | — | | | (77.6) | | | 1,368.5 | | | Other Operation and Maintenance | | 953.2 | | | 520.7 | | | 45.7 | | | 42.4 | | | 1,562.0 | | | 24.9 | | | (418.1) | | | 1,168.8 | | | Asset Impairments and Other Related Charges | | 13.4 | | | 52.9 | | | — | | | 76.2 | | | 142.5 | | | — | | | — | | | 142.5 | | | Depreciation and Amortization | | 486.2 | | | 226.9 | | | 108.9 | | | 5.1 | | | 827.1 | | | (5.2) | | | — | | | 821.9 | | | Taxes Other Than Income Taxes | | 132.9 | | | 178.0 | | | 77.2 | | | 0.5 | | | 388.6 | | | 0.1 | | | 4.9 | | | 393.6 | | | Allowance for Equity Funds Used During Construction | | 12.8 | | | 19.8 | | | 22.6 | | | — | | | 55.2 | | | — | | | — | | | 55.2 | | | Interest Expense | | 190.2 | | | 95.8 | | | 53.3 | | | 4.9 | | | 344.2 | | | 155.3 | | | (33.9) | | | 465.6 | | | Income Tax Expense (Benefit) | | (53.7) | | | 35.4 | | | 57.0 | | | (6.3) | | | 32.4 | | | (25.7) | | | — | | | 6.7 | | | Equity Earnings (Loss) of Unconsolidated Subsidiaries | | 0.3 | | | (0.7) | | | 26.9 | | | — | | | 26.5 | | | (1.3) | | | — | | | 25.2 | | | Other Segment Items (c) | | (26.6) | | | (12.0) | | | (3.4) | | | (15.3) | | | (57.3) | | | (24.9) | | | 33.9 | | | (48.3) | | | Earnings (Loss) Attributable to AEP Common Shareholders | | $ | 65.7 | | | $ | 146.8 | | | $ | 200.7 | | | $ | (4.8) | | | $ | 408.4 | | | $ | (68.1) | | | $ | — | | | $ | 340.3 | | | | | | | | | | | | | | | | | | | | Gross Property Additions | | $ | 679.1 | | | $ | 548.8 | | | $ | 325.0 | | | $ | 10.1 | | | $ | 1,563.0 | | | $ | 6.4 | | | $ | (12.8) | | | $ | 1,556.6 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2025 | | | VIU | | T&D | | AEPTHCo | | G&M | | Total Reportable Segments | | Corporate and Other (a) | | Reconciling Adjustments | | Consolidated | | | (in millions) | | Revenues from: | | | | | | | | | | | | | | | | | | External Customers | | $ | 6,020.0 | | | $ | 2,958.1 | | | $ | 271.0 | | | $ | 1,281.6 | | | $ | 10,530.7 | | | $ | 19.6 | | | $ | — | | | $ | 10,550.3 | | | Other Operating Segments | | 133.0 | | | 18.6 | | | 1,027.7 | | | 31.5 | | | 1,210.8 | | | 54.6 | | | (1,265.4) | | (b) | — | | | Total Revenues | | 6,153.0 | | | 2,976.7 | | | 1,298.7 | | | 1,313.1 | | | 11,741.5 | | | 74.2 | | | (1,265.4) | | | 10,550.3 | | | | | | | | | | | | | | | | | | | | Purchased Electricity, Fuel and Other Consumables Used for Electric Generation | | 1,995.9 | | | 466.5 | | | — | | | 1,075.9 | | | 3,538.3 | | | — | | | (144.0) | | | 3,394.3 | | | Other Operation and Maintenance | | 1,865.2 | | | 1,118.2 | | | 82.4 | | | 30.1 | | | 3,095.9 | | | 36.3 | | | (1,133.0) | | | 1,999.2 | | | | | | | | | | | | | | | | | | | | Depreciation and Amortization | | 1,046.5 | | | 404.4 | | | 237.3 | | | 8.4 | | | 1,696.6 | | | (10.1) | | | — | | | 1,686.5 | | | Taxes Other Than Income Taxes | | 256.5 | | | 364.5 | | | 152.8 | | | 1.0 | | | 774.8 | | | 0.6 | | | 11.6 | | | 787.0 | | | Allowance for Equity Funds Used During Construction | | 32.4 | | | 38.1 | | | 43.9 | | | — | | | 114.4 | | | — | | | — | | | 114.4 | | | Interest Expense | | 401.7 | | | 211.6 | | | 115.6 | | | 3.9 | | | 732.8 | | | 298.1 | | | (46.5) | | | 984.4 | | | Income Tax Expense (Benefit) | | (91.6) | | | 84.7 | | | (72.4) | | | 54.5 | | | (24.8) | | | (100.6) | | | — | | | (125.4) | | | Equity Earnings of Unconsolidated Subsidiaries | | 0.6 | | | 1.4 | | | 45.7 | | | — | | | 47.7 | | | 11.1 | | | — | | | 58.8 | | | Other Segment Items (c) | | (45.0) | | | (22.2) | | | 59.6 | | | (25.2) | | | (32.8) | | | (42.2) | | | 46.5 | | | (28.5) | | | Earnings (Loss) Attributable to AEP Common Shareholders | | $ | 756.8 | | | $ | 388.5 | | | $ | 813.0 | | | $ | 164.5 | | | $ | 2,122.8 | | | $ | (96.8) | | | $ | — | | | $ | 2,026.0 | | | | | | | | | | | | | | | | | | | | Gross Property Additions | | $ | 3,153.2 | | | $ | 1,367.7 | | | $ | 813.9 | | | $ | 6.7 | | | $ | 5,341.5 | | | $ | 35.8 | | | $ | 2.2 | | | $ | 5,379.5 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2024 | | | VIU | | T&D | | AEPTHCo | | G&M | | Total Reportable Segments | | Corporate and Other (a) | | Reconciling Adjustments | | Consolidated | | | (in millions) | | Revenues from: | | | | | | | | | | | | | | | | | | External Customers | | $ | 5,473.2 | | | $ | 2,912.0 | | | $ | 219.2 | | | $ | 958.4 | | | $ | 9,562.8 | | | $ | 42.1 | | | $ | — | | | $ | 9,604.9 | | | Other Operating Segments | | 93.7 | | | 14.1 | | | 768.0 | | | 72.6 | | | 948.4 | | | 68.4 | | | (1,016.8) | | (b) | — | | | Total Revenues | | 5,566.9 | | | 2,926.1 | | | 987.2 | | | 1,031.0 | | | 10,511.2 | | | 110.5 | | | (1,016.8) | | | 9,604.9 | | | | | | | | | | | | | | | | | | | | Purchased Electricity, Fuel and Other Consumables Used for Electric Generation | | 1,869.9 | | | 515.8 | | | — | | | 737.4 | | | 3,123.1 | | | — | | | (178.8) | | | 2,944.3 | | | Other Operation and Maintenance | | 1,838.5 | | | 1,039.9 | | | 82.8 | | | 73.9 | | | 3,035.1 | | | 61.0 | | | (847.5) | | | 2,248.6 | | | Asset Impairments and Other Related Charges | | 13.4 | | | 52.9 | | | — | | | 76.2 | | | 142.5 | | | — | | | — | | | 142.5 | | | Depreciation and Amortization | | 939.8 | | | 449.4 | | | 217.0 | | | 13.3 | | | 1,619.5 | | | (10.5) | | | — | | | 1,609.0 | | | Taxes Other Than Income Taxes | | 272.6 | | | 368.8 | | | 152.2 | | | 0.7 | | | 794.3 | | | 0.2 | | | 9.5 | | | 804.0 | | | Allowance for Equity Funds Used During Construction | | 24.5 | | | 33.9 | | | 40.4 | | | — | | | 98.8 | | | — | | | — | | | 98.8 | | | Interest Expense | | 347.4 | | | 192.0 | | | 110.2 | | | 10.9 | | | 660.5 | | | 311.1 | | | (70.4) | | | 901.2 | | | Income Tax Expense (Benefit) | | (259.9) | | | 66.9 | | | 111.3 | | | 18.8 | | | (62.9) | | | (72.3) | | | — | | | (135.2) | | | Equity Earnings (Loss) of Unconsolidated Subsidiaries | | 0.7 | | | (0.8) | | | 49.6 | | | 0.9 | | | 50.4 | | | (0.7) | | | — | | | 49.7 | | | Other Segment Items (c) | | (56.1) | | | (23.6) | | | (5.7) | | | (32.1) | | | (117.5) | | | (57.3) | | | 70.4 | | | (104.4) | | | Earnings (Loss) Attributable to AEP Common Shareholders | | $ | 626.5 | | | $ | 297.1 | | | $ | 409.4 | | | $ | 132.8 | | | $ | 1,465.8 | | | $ | (122.4) | | | $ | — | | | $ | 1,343.4 | | | | | | | | | | | | | | | | | | | | Gross Property Additions | | $ | 1,480.9 | | | $ | 1,121.1 | | | $ | 694.6 | | | $ | 20.0 | | | $ | 3,316.6 | | | $ | 9.5 | | | $ | (7.8) | | | $ | 3,318.3 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | | VIU | | T&D | | AEPTHCo | | G&M | | Total Reportable Segments | | Corporate and Other (a) | | Reconciling Adjustments | | Consolidated | | | (in millions) | | Total Assets | | $ | 57,909.4 | | | $ | 27,526.9 | | | $ | 18,705.5 | | | $ | 1,896.9 | | | $ | 106,038.7 | | | $ | 5,316.2 | | (d) | $ | (3,576.4) | | (e) | $ | 107,778.5 | | | | | | | | | | | | | | | | | | | | Investments in Equity Method Investees | | $ | 9.0 | | | $ | 3.5 | | | $ | 1,036.8 | | | $ | — | | | $ | 1,049.3 | | | $ | 64.9 | | | $ | — | | | $ | 1,114.2 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | VIU | | T&D | | AEPTHCo | | G&M | | Total Reportable Segments | | Corporate and Other (a) | | Reconciling Adjustments | | Consolidated | | | (in millions) | | 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 | |
(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 intersegment revenues. (c)Other segment items included in segment earnings (loss) attributable to AEP common shareholders primarily includes Interest and Dividend Income, Non-Service Cost Components of Net Period Benefit Cost and Net Income (Loss) Attributable to Noncontrolling Interests. (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 three and six months ended June 30, 2025 and 2024 and reportable segment balance sheet information as of June 30, 2025 and December 31, 2024. The significant expenses disclosed below align with the segment-level information that is regularly provided to the CODM.
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2025 | | State Transcos | | AEPTCo Parent | | Reconciling Adjustments | | AEPTCo
Consolidated | | (in millions) | | Revenues from: | | | | | | | | External Customers | $ | 144.6 | | | $ | — | | | $ | — | | | $ | 144.6 | | Sales to AEP Affiliates | 597.1 | | | — | | | — | | | 597.1 | | Other Revenues | 0.1 | | | — | | | — | | | 0.1 | | | Total Revenues | 741.8 | | | — | | | — | | | 741.8 | | | | | | | | | | | Other Operation and Maintenance | 42.2 | | | — | | | — | | | 42.2 | | Depreciation and Amortization | 118.9 | | | — | | | — | | | 118.9 | | | Taxes Other Than Income Taxes | 75.8 | | | — | | | — | | | 75.8 | | Interest Income | 0.9 | | | 84.0 | | | (83.5) | | (a) | 1.4 | | | Allowance for Equity Funds Used During Construction | 21.5 | | | — | | | — | | | 21.5 | | | Interest Expense | 77.5 | | | 62.6 | | | (83.5) | | (a) | 56.6 | | | Income Tax Expense (Benefit) | (156.0) | | | 10.7 | | | — | | | (145.3) | | | Other Segment Items (b) | — | | | 60.7 | | | — | | | 60.7 | | | Earnings (Loss) Attributable to AEPTCo Common Shareholders | $ | 605.8 | | | $ | (50.0) | | (c) | $ | — | | | $ | 555.8 | | | | | | | | | | | Gross Property Additions | $ | 365.1 | | | $ | — | | | $ | — | | | $ | 365.1 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2024 | | State Transcos | | AEPTCo Parent | | Reconciling Adjustments | | AEPTCo
Consolidated | | (in millions) | | Revenues from: | | | | | | | | External Customers | $ | 97.0 | | | $ | — | | | $ | — | | | $ | 97.0 | | Sales to AEP Affiliates | 377.8 | | | — | | | — | | | 377.8 | | Other Revenues | 0.4 | | | — | | | — | | | 0.4 | | | Total Revenues | 475.2 | | | — | | | — | | | 475.2 | | | | | | | | | | | Other Operation and Maintenance | 44.9 | | | 0.1 | | | — | | | 45.0 | | Depreciation and Amortization | 106.7 | | | — | | | — | | | 106.7 | | | Taxes Other Than Income Taxes | 75.5 | | | — | | | — | | | 75.5 | | Interest Income | 3.5 | | | 61.7 | | | (60.9) | | (a) | 4.3 | | | Allowance for Equity Funds Used During Construction | 22.5 | | | — | | | — | | | 22.5 | | | Interest Expense | 51.4 | | | 60.9 | | | (60.9) | | (a) | 51.4 | | | Income Tax Expense | 47.5 | | | 0.2 | | | — | | | 47.7 | | | Earnings Attributable to AEPTCo Common Shareholders | $ | 175.2 | | | $ | 0.5 | | (c) | $ | — | | | $ | 175.7 | | | | | | | | | | | Gross Property Additions | $ | 321.3 | | | $ | — | | | $ | — | | | $ | 321.3 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2025 | | State Transcos | | AEPTCo Parent | | Reconciling Adjustments | | AEPTCo
Consolidated | | (in millions) | | Revenues from: | | | | | | | | External Customers | $ | 248.9 | | | $ | — | | | $ | — | | | $ | 248.9 | | Sales to AEP Affiliates | 1,019.9 | | | — | | | — | | | 1,019.9 | | Other Revenues | 0.1 | | | — | | | — | | | 0.1 | | | Total Revenues | 1,268.9 | | | — | | | — | | | 1,268.9 | | | | | | | | | | | Other Operation and Maintenance | 76.4 | | | 0.2 | | | — | | | 76.6 | | Depreciation and Amortization | 233.0 | | | — | | | — | | | 233.0 | | | Taxes Other Than Income Taxes | 149.9 | | | — | | | — | | | 149.9 | | Interest Income | 1.0 | | | 173.3 | | | (172.5) | | (a) | 1.8 | | | Allowance for Equity Funds Used During Construction | 43.9 | | | — | | | — | | | 43.9 | | | Interest Expense | 161.5 | | | 122.6 | | | (172.5) | | (a) | 111.6 | | | Income Tax Expense (Benefit) | (95.2) | | | 10.7 | | | — | | | (84.5) | | | Other Segment Items (b) | — | | | 60.7 | | | — | | | 60.7 | | | Earnings (Loss) Attributable to AEPTCo Common Shareholders | $ | 788.2 | | | $ | (20.9) | | (c) | $ | — | | | $ | 767.3 | | | | | | | | | | | Gross Property Additions | $ | 786.9 | | | $ | — | | | $ | — | | | $ | 786.9 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2024 | | State Transcos | | AEPTCo Parent | | Reconciling Adjustments | | AEPTCo
Consolidated | | (in millions) | | Revenues from: | | | | | | | | External Customers | $ | 194.0 | | | $ | — | | | $ | — | | | $ | 194.0 | | Sales to AEP Affiliates | 761.2 | | | — | | | — | | | 761.2 | | Other Revenues | 2.8 | | | — | | | — | | | 2.8 | | | Total Revenues | 958.0 | | | — | | | — | | | 958.0 | | | | | | | | | | | Other Operation and Maintenance | 78.6 | | | 1.6 | | | — | | | 80.2 | | Depreciation and Amortization | 212.6 | | | — | | | — | | | 212.6 | | | Taxes Other Than Income Taxes | 148.9 | | | — | | | — | | | 148.9 | | Interest Income | 4.5 | | | 118.8 | | | (117.1) | | (a) | 6.2 | | | Allowance for Equity Funds Used During Construction | 40.4 | | | — | | | — | | | 40.4 | | | Interest Expense | 106.1 | | | 117.2 | | | (117.1) | | (a) | 106.2 | | | Income Tax Expense | 99.8 | | | — | | | — | | | 99.8 | | | Earnings Attributable to AEPTCo Common Shareholders | $ | 356.9 | | | $ | — | | (c) | $ | — | | | $ | 356.9 | | | | | | | | | | | Gross Property Additions | $ | 657.8 | | | $ | — | | | $ | — | | | $ | 657.8 | |
| | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | State Transcos | | AEPTCo Parent | | Reconciling Adjustments | | AEPTCo
Consolidated | | (in millions) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total Assets | $ | 17,080.1 | | | $ | 6,241.3 | | (d) | $ | (6,288.6) | | (e) | $ | 17,032.8 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | State Transcos | | AEPTCo Parent | | Reconciling Adjustments | | AEPTCo
Consolidated | | (in millions) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total Assets | $ | 16,887.7 | | | $ | 8,670.4 | | (d) | $ | (9,187.8) | | (e) | $ | 16,370.3 | |
(a)Elimination of intercompany interest income/interest expense on affiliated debt arrangement. (b)Other segment items included in segment earnings (loss) attributable to AEPTCo common shareholders primarily includes Net Income (Loss) Attributable to Noncontrolling Interests. (c)Includes elimination of AEPTCo Parent’s equity earnings in the State Transcos. (d)Primarily relates to Notes Receivable from the State Transcos. (e)Primarily relates to elimination of Notes Receivable from the State Transcos.
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