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<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td></tr><tr><td>(in millions, except per share amounts)</td><td>Common Stock</td><td>Additional Paid-in Capital</td><td>Retained Earnings</td><td>Accumulated Other Comprehensive Income (Loss)</td><td>Total Hubbell Total Hubbell Shareholders ’ Shareholders ’ Equity Equity</td><td>Non- controlling interest</td></tr><tr><td>BALANCE AT DECEMBER 31, 2021</td><td>$</td><td>0.6 </td><td></td><td>$</td><td>— </td><td></td><td>$</td><td>2,560.0 </td><td></td><td>$</td><td>( 330.8 )</td><td></td><td>$</td><td>2,229.8 </td><td></td><td>$</td><td>10.9 </td><td></td></tr><tr><td>Net income</td><td>—</td><td>—</td><td>545.9</td><td>—</td><td>545.9</td><td>5.5</td></tr><tr><td>Other comprehensive (loss) income</td><td>—</td><td>—</td><td>—</td><td>( 14.4 )</td><td>( 14.4 )</td><td>—</td></tr><tr><td>Stock-based compensation</td><td>—</td><td>24.5</td><td>—</td><td>—</td><td>24.5</td><td>—</td></tr><tr><td>Acquisition/surrender of common shares (1) Acquisition/surrender of common shares (1)</td><td>—</td><td>( 23.1 )</td><td>( 170.5 )</td><td>—</td><td>( 193.6 )</td><td>—</td></tr><tr><td>Cash dividends declared ($ 4.27 per share) Cash dividends declared ($ 4.27 per share)</td><td>—</td><td>—</td><td>( 229.9 )</td><td>—</td><td>( 229.9 )</td><td>—</td></tr><tr><td>Dividends to noncontrolling interest</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>( 6.7 )</td></tr><tr><td>Directors deferred compensation</td><td>—</td><td>( 1.4 )</td><td>—</td><td>—</td><td>( 1.4 )</td><td>—</td></tr><tr><td>BALANCE AT DECEMBER 31, 2022</td><td>$</td><td>0.6 </td><td></td><td>$</td><td>— </td><td></td><td>$</td><td>2,705.5 </td><td></td><td>$</td><td>( 345.2 )</td><td></td><td>$</td><td>2,360.9 </td><td></td><td>$</td><td>9.7 </td><td></td></tr><tr><td>Net income</td><td>—</td><td>—</td><td>759.8</td><td>—</td><td>759.8</td><td>6.2</td></tr><tr><td>Other comprehensive (loss) income</td><td>—</td><td>—</td><td>—</td><td>32.8</td><td>32.8</td><td>—</td></tr><tr><td>Stock-based compensation</td><td>—</td><td>26.9</td><td>—</td><td>—</td><td>26.9</td><td>—</td></tr><tr><td>Acquisition/surrender of common shares (1) Acquisition/surrender of common shares (1)</td><td>—</td><td>( 21.4 )</td><td>( 36.6 )</td><td>—</td><td>( 58.0 )</td><td>—</td></tr><tr><td>Cash dividends declared ($ 4.58 per share) Cash dividends declared ($ 4.58 per share)</td><td>—</td><td>—</td><td>( 246.0 )</td><td>—</td><td>( 246.0 )</td><td>—</td></tr><tr><td>Dividends to noncontrolling interest</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>( 3.6 )</td></tr><tr><td>Directors deferred compensation</td><td>—</td><td>0.6</td><td>—</td><td>—</td><td>0.6</td><td>—</td></tr><tr><td>BALANCE AT DECEMBER 31, 2023</td><td>$</td><td>0.6 </td><td></td><td>$</td><td>6.1 </td><td></td><td>$</td><td>3,182.7 </td><td></td><td>$</td><td>( 312.4 )</td><td></td><td>$</td><td>2,877.0 </td><td></td><td>$</td><td>12.3 </td><td></td></tr><tr><td>Net income</td><td>—</td><td>—</td><td>777.8</td><td>—</td><td>777.8</td><td>5.7</td></tr><tr><td>Other comprehensive (loss) income</td><td>—</td><td>—</td><td>—</td><td>( 74.1 )</td><td></td><td>( 74.1 )</td><td>—</td></tr><tr><td>Stock-based compensation</td><td>—</td><td>30.6</td><td>—</td><td>—</td><td>30.6</td><td>—</td></tr><tr><td>Acquisition/surrender of common shares (1) Acquisition/surrender of common shares (1)</td><td>—</td><td>( 34.8 )</td><td></td><td>( 41.1 )</td><td>—</td><td>( 75.9 )</td><td>—</td></tr><tr><td>Cash dividends declared ($ 4.98 per share) Cash dividends declared ($ 4.98 per share)</td><td>—</td><td>—</td><td>( 267.8 )</td><td>—</td><td>( 267.8 )</td><td>—</td></tr><tr><td>Dividends to noncontrolling interest</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>( 3.6 )</td></tr><tr><td>Directors deferred compensation</td><td>—</td><td>0.7</td><td>—</td><td>—</td><td>0.7</td><td>—</td></tr><tr><td>BALANCE AT DECEMBER 31, 2024</td><td>$</td><td>0.6 </td><td></td><td>$</td><td>2.6 </td><td></td><td>$</td><td>3,651.6 </td><td></td><td>$</td><td>( 386.5 )</td><td></td><td>$</td><td>3,268.3 </td><td></td><td>$</td><td>14.4 </td><td></td></tr></table>
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0
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Provision for Income Taxes Provision for Income Taxes</td><td>For the years ended December 31</td></tr><tr><td></td><td>2024</td><td>2023</td><td>2022</td></tr><tr><td>Current</td><td></td><td></td><td></td></tr><tr><td>U.S. Federal</td><td>$</td><td>62</td><td></td><td>$</td><td>171</td><td></td><td>$</td><td>396</td><td></td></tr><tr><td>Non-U.S. Non-U.S.</td><td>412</td><td></td><td>345</td><td></td><td>324</td><td></td></tr><tr><td>U.S. State U.S. State</td><td>8</td><td></td><td>42</td><td></td><td>97</td><td></td></tr><tr><td>Deferred</td><td></td><td></td><td></td></tr><tr><td>U.S. Federal</td><td>3</td><td></td><td>—</td><td></td><td>( 213 )</td><td></td></tr><tr><td>Non-U.S. Non-U.S.</td><td>( 12 )</td><td></td><td>103</td><td></td><td>7</td><td></td></tr><tr><td>U.S. State</td><td>58</td><td></td><td>82</td><td></td><td>( 48 )</td><td></td></tr><tr><td>Total</td><td>$</td><td>531 </td><td></td><td>$</td><td>743 </td><td></td><td>$</td><td>563 </td><td></td></tr></table>
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1
As of December 31, 2024, 2023 and 2022, the Company had a liability of $ 8,068 , $ 8,060 and $ 8,042 , respectively, representing the December 31, 2024, 2023 and 2022 fair values, respectively, of outstanding Progressive Waste restricted share units which are expected to be cash settled. All remaining unvested Progressive Waste restricted share units vested during the year ended December 31, 2019.
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2
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>Fair Value Measurements Using Significant Unobservable Inputs (Level 3)</td></tr><tr><td>(in millions)</td><td>Real estate and other</td><td></td><td>Equity</td></tr><tr><td>Balance, January 1, 2023</td><td>$</td><td>46</td><td></td><td></td><td>$</td><td>—</td><td></td></tr><tr><td>Purchases, sales and settlements</td><td>19</td><td></td><td></td><td>10</td><td></td></tr><tr><td></td><td></td><td></td><td></td></tr><tr><td>Unrealized gains on assets still held at the reporting date</td><td>( 4 )</td><td></td><td></td><td>—</td><td></td></tr><tr><td>Translation adjustment</td><td>3</td><td></td><td></td><td>1</td><td></td></tr><tr><td>Balance, December 31, 2023</td><td>$</td><td>64</td><td></td><td></td><td>$</td><td>11</td><td></td></tr><tr><td>Purchases, sales and settlements</td><td>3</td><td></td><td></td><td>5</td><td></td></tr><tr><td></td><td></td><td></td><td></td></tr><tr><td>Unrealized losses on assets still held at the reporting date</td><td>( 1 )</td><td></td><td></td><td>( 1 )</td><td></td></tr><tr><td>Translation adjustment</td><td>( 1 )</td><td></td><td></td><td>—</td><td></td></tr><tr><td>Balance, December 31, 2024</td><td>$</td><td>65</td><td></td><td></td><td>$</td><td>15</td><td></td></tr></table>
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3
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Exhibit Number</td><td></td><td>Description of Document</td></tr><tr><td>2.1(a) 2.1(a)</td><td></td><td>Second Amended and Restated Plan of Reorganization of NorthWestern Corporation (incorporated by reference to Exhibit 2.1 of NorthWestern Corporation's Current Report on Form 8-K, dated October 20, 2004, Commission File No. 1-10499).</td></tr><tr><td>2.1(b) 2.1(b)</td><td></td><td>Order Confirming the Second Amended and Restated Plan of Reorganization of NorthWestern Corporation (incorporated by reference to Exhibit 2.2 of NorthWestern Corporation's Current Report on Form 8-K, dated October 20, 2004, Commission File No. 1-10499).</td></tr><tr><td>2.1(c) 2.1(c)</td><td></td><td>Agreement and Plan of Merger, dated October 2, 2023 by and among NorthWestern Corporation, NorthWestern Energy Group, Inc. and NorthWestern Energy Merger Company, dated as of October 2, 2023 (incorporated by reference to Exhibit 2(a) of NorthWestern Energy Group Inc.'s Current Report on Form 8-K, dated October 2, 2023). Agreement and Plan of Merger, dated October 2, 2023 by and among NorthWestern Corporation, NorthWestern Energy Group, Inc. and NorthWestern Energy Merger Company, dated as of October 2, 2023 (incorporated by reference to Exhibit 2(a) of NorthWestern Energy Group Inc.'s Current Report on Form 8-K, dated October 2, 2023).</td></tr><tr><td>2.1(d) 2.1(d)</td><td></td><td>Colstrip Units 3&4 Interests Abandonment and Acquisition Agreement, dated as of January 16, 2023, by and between Avista Corporation and Northwestern Corporation (incorporated by reference to Exhibit 2.1 of NorthWestern Corporation's Current Report on Form 8-K, dated January 17, 2023, Commission File No. 1-10499).</td></tr><tr><td>2.1(e) 2.1(e)</td><td></td><td>Colstrip Units 3&4 Interests Abandonment and Acquisition Agreement, dated as of July 30, 2024 by and between Northwestern Corporation and Puget Sound Energy Inc. (incorporated by reference to Exhibit 2.1 of NorthWestern Energy Group, Inc.'s Current Report on Form 8-K, dated July 30, 2024 Commission File No. 000-56598). Colstrip Units 3&4 Interests Abandonment and Acquisition Agreement, dated as of July 30, 2024 by and between Northwestern Corporation and Puget Sound Energy Inc. (incorporated by reference to Exhibit 2.1 of NorthWestern Energy Group, Inc.'s Current Report on Form 8-K, dated July 30, 2024 Commission File No. 000-56598). </td></tr><tr><td>3.1(a) 3.1(a)</td><td></td><td>Amended and Restated Certificate of Incorporation of NorthWestern Energy Group, Inc., dated as of September 25, 2023 (incorporated by reference to Exhibit 3(a) of Northwestern Energy Group Inc.'s Current Report on Form 8-K, dated October 2, 2023).</td></tr><tr><td>3.2(b) 3.2(b)</td><td></td><td>Amended and Restated Bylaws of NorthWestern Energy Group, Inc., dated as of September 29, 2023 (incorporated by reference to Exhibit 3(b) of Northwestern Energy Group Inc.'s Current Report on Form 8-K, date October 2, 2023).</td></tr><tr><td>4.1(a)</td><td></td><td>First Mortgage and Deed of Trust, dated as of October 1, 1945, by The Montana Power Company in favor of Guaranty Trust Company of New York and Arthur E. Burke, as trustees (incorporated by reference to Exhibit 7(e) of The Montana Power Company's Registration Statement, Commission File No. 002-05927).</td></tr><tr><td>4.1(b) 4.1(b)</td><td></td><td>Eighteenth Supplemental Indenture to the Mortgage and Deed of Trust, dated as of August 5, 1994 (incorporated by reference to Exhibit 99(b) of The Montana Power Company's Registration Statement on Form S-3, dated December 5, 1994, Commission File No. 033-56739).</td></tr><tr><td>4.1(c) 4.1(c)</td><td></td><td>Twenty-Eighth Supplemental Indenture, dated as of October 1, 2009, by and between NorthWestern Corporation and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4.1 of NorthWestern Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2009, Commission File No. 1-10499).</td></tr><tr><td>4.1(d) 4.1(d)</td><td></td><td>Twenty-Ninth Supplemental Indenture, dated as of May 1, 2010, among NorthWestern Corporation and The Bank of New York Mellon and Ming Ryan, as trustees (incorporated by reference to Exhibit 4.1 of NorthWestern Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2010, Commission File No. 1-10499).</td></tr><tr><td>4.1(e) 4.1(e)</td><td></td><td>Thirtieth Supplemental Indenture, dated as of August 1, 2012, between NorthWestern Corporation and The Bank of New York Mellon and Philip L. Watson, as trustees under the Mortgage and Deed of Trust dated as of October 1, 1945 (incorporated by reference to Exhibit 4.1 of NorthWestern Corporation's Current Report on Form 8-K, dated August 10, 2012, Commission File No. 1-10499).</td></tr><tr><td>4.1(f) 4.1(f)</td><td></td><td>Thirty-First Supplemental Indenture, dated as of December 1, 2013, among NorthWestern Corporation and The Bank of New York Mellon and Phillip L. Watson, as trustees (incorporated by reference to Exhibit 4.1 of NorthWestern Corporation’s Current Report on Form 8-K, dated December 19, 2013, Commission File No. 1-10499).</td></tr><tr><td>4.1(g) 4.1(g)</td><td></td><td>Thirty-Second Supplemental Indenture, dated as of November 1, 2014, among NorthWestern Corporation and The Bank of New York Mellon and Phillip L. Watson, as trustees (incorporated by reference to Exhibit 4.4(n) of the Company's Report on Form 10-K for the year ended December 31, 2014, Commission File No. 1-10499).</td></tr></table>
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4
DTE Electric, an indirect wholly-owned subsidiary of DTE Energy, meets the conditions set forth in General Instructions I(1)(a) and (b) of Form 10-K and is therefore filing this form with the reduced disclosure format specified in General Instruction I(2) of Form 10-K.
[]
5
Generally, the Company’s operating leases have renewal options that extend the lease terms, and some include options to terminate the agreement or purchase the leased asset. The amortizable life of these assets is the lesser of its useful life or the lease term, including renewal periods reasonably assured of being exercised at lease inception.
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6
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td>Years Ended December 31,</td></tr><tr><td></td><td></td><td>2024</td><td></td><td>2023</td><td></td><td>2022</td></tr><tr><td>EXPENSES</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Other Operation</td><td></td><td>$</td><td>1.7</td><td></td><td></td><td>$</td><td>0.2</td><td></td><td></td><td>$</td><td>0.7</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>TOTAL EXPENSES</td><td></td><td>1.7</td><td></td><td></td><td>0.2</td><td></td><td></td><td>0.7</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>OPERATING LOSS</td><td></td><td>( 1.7 )</td><td></td><td></td><td>( 0.2 )</td><td></td><td></td><td>( 0.7 )</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Other Income (Expense):</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest Income - Affiliated</td><td></td><td>241.1</td><td></td><td></td><td>218.0</td><td></td><td></td><td>177.8</td><td></td></tr><tr><td>Interest Expense</td><td></td><td>( 238.7 )</td><td></td><td></td><td>( 215.1 )</td><td></td><td></td><td>( 177.1 )</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>INCOME BEFORE INCOME TAX EXPENSE AND EQUITY EARNINGS OF UNCONSOLIDATED SUBSIDIARIES</td><td></td><td>0.7</td><td></td><td></td><td>2.7</td><td></td><td></td><td>—</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income Tax Expense</td><td></td><td>0.1</td><td></td><td></td><td>1.4</td><td></td><td></td><td>—</td><td></td></tr><tr><td>Equity Earnings of Unconsolidated Subsidiaries</td><td></td><td>687.8</td><td></td><td></td><td>612.9</td><td></td><td></td><td>594.2</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>NET INCOME</td><td></td><td>$</td><td>688.4</td><td></td><td></td><td>$</td><td>614.2</td><td></td><td></td><td>$</td><td>594.2</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>See Condensed Notes to Condensed Financial Information beginning on page S- 15 . See Condensed Notes to Condensed Financial Information beginning on page S- 15 .</td></tr></table>
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7
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>Pension Benefits</td><td></td><td>Other Postretirement Benefits</td></tr><tr><td></td><td>2024</td><td></td><td>2023</td><td></td><td>2024</td><td></td><td>2023</td></tr><tr><td>PPL</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Discount rate</td><td>5.93</td><td>%</td><td></td><td>5.52</td><td>%</td><td></td><td>5.91</td><td>%</td><td></td><td>5.54</td><td>%</td></tr><tr><td>Rate of compensation increase</td><td>3.43</td><td>%</td><td></td><td>3.43</td><td>%</td><td></td><td>3.44</td><td>%</td><td></td><td>3.43</td><td>%</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
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8
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td>December 31, 2022</td></tr><tr><td></td><td></td><td></td><td>Cost of products sold Cost of products sold</td><td></td><td>SG&A SG&A</td><td></td><td>Interest expense Interest expense</td><td></td><td>Other expense/ (income) Other expense/ (income)</td></tr><tr><td>Total amounts presented in the consolidated statements of income in which the following effects were recorded</td><td></td><td></td><td>$</td><td>18,363</td><td></td><td></td><td>$</td><td>4,488</td><td></td><td></td><td>$</td><td>921</td><td></td><td></td><td>$</td><td>( 253 )</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Gains/(losses) related to derivatives designated as hedging instruments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash flow hedges (a) : Cash flow hedges (a) :</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Foreign exchange contracts</td><td></td><td></td><td>$</td><td>( 2 )</td><td></td><td></td><td>$</td><td>2</td><td></td><td></td><td>$</td><td>—</td><td></td><td></td><td>$</td><td>—</td><td></td></tr><tr><td>Foreign exchange contracts (excluded component)</td><td></td><td></td><td>( 7 )</td><td></td><td></td><td>—</td><td></td><td></td><td>—</td><td></td><td></td><td>—</td><td></td></tr><tr><td>Interest rate contracts</td><td></td><td></td><td>—</td><td></td><td></td><td>—</td><td></td><td></td><td>( 1 )</td><td></td><td></td><td>—</td><td></td></tr><tr><td>Cross-currency contracts</td><td></td><td></td><td>—</td><td></td><td></td><td>—</td><td></td><td></td><td>( 28 )</td><td></td><td></td><td>( 54 )</td><td></td></tr><tr><td>Cross-currency contracts (excluded component)</td><td></td><td></td><td>—</td><td></td><td></td><td>—</td><td></td><td></td><td>—</td><td></td><td></td><td>30</td><td></td></tr><tr><td>Net investment hedges (a) : Net investment hedges (a) :</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Foreign exchange contracts (excluded component)</td><td></td><td></td><td>—</td><td></td><td></td><td>—</td><td></td><td></td><td>( 1 )</td><td></td><td></td><td>—</td><td></td></tr><tr><td>Cross-currency contracts (excluded component)</td><td></td><td></td><td>—</td><td></td><td></td><td>—</td><td></td><td></td><td>37</td><td></td><td></td><td>—</td><td></td></tr><tr><td>Gains/(losses) related to derivatives not designated as hedging instruments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity contracts</td><td></td><td></td><td>86</td><td></td><td></td><td>—</td><td></td><td></td><td>—</td><td></td><td></td><td>—</td><td></td></tr><tr><td>Foreign exchange contracts</td><td></td><td></td><td>—</td><td></td><td></td><td>—</td><td></td><td></td><td>—</td><td></td><td></td><td>( 26 )</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total gains/(losses) recognized in statements of income</td><td></td><td></td><td>$</td><td>77</td><td></td><td></td><td>$</td><td>2</td><td></td><td></td><td>$</td><td>7</td><td></td><td></td><td>$</td><td>( 50 )</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
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9
replacement of appliances in the event that an investigation leads to the conclusion that such action is warranted.
[]
10
2024 2023 2022 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit 2.3 2.2 2.4 Foreign income taxes ( 0.2 ) 0.4 ( 0.2 ) Federal R&D Credit ( 0.7 ) ( 0.7 ) ( 0.8 ) Other, net ( 0.3 ) ( 0.8 ) ( 1.1 ) CONSOLIDATED EFFECTIVE INCOME TAX RATE 22.1 % 22.1 % 21.3 %
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11
Acquisition of Avista and Puget's interests would result in our ownership of 55 percent of the facility with the ability to guide operating and maintenance investments. This would provide capacity to help us meet our obligation to provide reliable and cost effective power to our customers in Montana, while allowing opportunity for us to identify and plan for newer lower or no-carbon technologies in the future.
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12
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>As of December 31, 2024</td></tr><tr><td>(In millions)</td><td>Under 1 Year</td><td></td><td>1 to 5 Years</td><td></td><td>6 to 10 Years</td><td></td><td>Over 10 Years</td><td></td><td>Total</td></tr><tr><td></td><td>Amortized Cost Amortized Cost</td><td></td><td>Fair Value Fair Value</td><td></td><td>Amortized Cost Amortized Cost</td><td></td><td>Fair Value Fair Value</td><td></td><td>Amortized Cost Amortized Cost</td><td></td><td>Fair Value Fair Value</td><td></td><td>Amortized Cost Amortized Cost</td><td></td><td>Fair Value Fair Value</td><td></td><td>Amortized Cost Amortized Cost</td><td></td><td>Fair Value Fair Value</td></tr><tr><td>Available-for-sale:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. Treasury and federal agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct obligations</td><td>$</td><td>8,619 </td><td></td><td></td><td>$</td><td>8,625 </td><td></td><td></td><td>$</td><td>13,485 </td><td></td><td></td><td>$</td><td>13,474 </td><td></td><td></td><td>$</td><td>1,435 </td><td></td><td></td><td>$</td><td>1,426 </td><td></td><td></td><td>$</td><td>— </td><td></td><td></td><td>$</td><td>— </td><td></td><td></td><td>$</td><td>23,539 </td><td></td><td></td><td>$</td><td>23,525 </td><td></td></tr><tr><td>Mortgage-backed securities</td><td>49 </td><td></td><td></td><td>49 </td><td></td><td></td><td>1,824 </td><td></td><td></td><td>1,819 </td><td></td><td></td><td>2,517 </td><td></td><td></td><td>2,493 </td><td></td><td></td><td>6,309 </td><td></td><td></td><td>6,205 </td><td></td><td></td><td>10,699 </td><td></td><td></td><td>10,566 </td><td></td></tr><tr><td>Total U.S. Treasury and federal agencies</td><td>8,668 </td><td></td><td></td><td>8,674 </td><td></td><td></td><td>15,309 </td><td></td><td></td><td>15,293 </td><td></td><td></td><td>3,952 </td><td></td><td></td><td>3,919 </td><td></td><td></td><td>6,309 </td><td></td><td></td><td>6,205 </td><td></td><td></td><td>34,238 </td><td></td><td></td><td>34,091 </td><td></td></tr><tr><td>Non-U.S. debt securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mortgage-backed securities</td><td>58 </td><td></td><td></td><td>58 </td><td></td><td></td><td>427 </td><td></td><td></td><td>427 </td><td></td><td></td><td>38 </td><td></td><td></td><td>38 </td><td></td><td></td><td>1,903 </td><td></td><td></td><td>1,907 </td><td></td><td></td><td>2,426 </td><td></td><td></td><td>2,430 </td><td></td></tr><tr><td>Asset-backed securities</td><td>276 </td><td></td><td></td><td>276 </td><td></td><td></td><td>279 </td><td></td><td></td><td>279 </td><td></td><td></td><td>1,005 </td><td></td><td></td><td>1,007 </td><td></td><td></td><td>305 </td><td></td><td></td><td>306 </td><td></td><td></td><td>1,865 </td><td></td><td></td><td>1,868 </td><td></td></tr><tr><td>Non-U.S. sovereign, supranational and non-U.S. agency</td><td>2,706 </td><td></td><td></td><td>2,700 </td><td></td><td></td><td>10,138 </td><td></td><td></td><td>10,136 </td><td></td><td></td><td>1,110 </td><td></td><td></td><td>1,103 </td><td></td><td></td><td>— </td><td></td><td></td><td>— </td><td></td><td></td><td>13,954 </td><td></td><td></td><td>13,939 </td><td></td></tr><tr><td>Other</td><td>371 </td><td></td><td></td><td>371 </td><td></td><td></td><td>2,314 </td><td></td><td></td><td>2,346 </td><td></td><td></td><td>102 </td><td></td><td></td><td>104 </td><td></td><td></td><td>— </td><td></td><td></td><td>— </td><td></td><td></td><td>2,787 </td><td></td><td></td><td>2,821 </td><td></td></tr><tr><td>Total non-U.S. debt securities</td><td>3,411 </td><td></td><td></td><td>3,405 </td><td></td><td></td><td>13,158 </td><td></td><td></td><td>13,188 </td><td></td><td></td><td>2,255 </td><td></td><td></td><td>2,252 </td><td></td><td></td><td>2,208 </td><td></td><td></td><td>2,213 </td><td></td><td></td><td>21,032 </td><td></td><td></td><td>21,058 </td><td></td></tr><tr><td>Asset-backed securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Student loans</td><td>23 </td><td></td><td></td><td>24 </td><td></td><td></td><td>— </td><td></td><td></td><td>— </td><td></td><td></td><td>12 </td><td></td><td></td><td>12 </td><td></td><td></td><td>54 </td><td></td><td></td><td>54 </td><td></td><td></td><td>89 </td><td></td><td></td><td>90 </td><td></td></tr><tr><td>Collateralized loan obligations</td><td>37 </td><td></td><td></td><td>37 </td><td></td><td></td><td>78 </td><td></td><td></td><td>78 </td><td></td><td></td><td>1,874 </td><td></td><td></td><td>1,877 </td><td></td><td></td><td>1,458 </td><td></td><td></td><td>1,461 </td><td></td><td></td><td>3,447 </td><td></td><td></td><td>3,453 </td><td></td></tr><tr><td>Non-agency CMBS and RMBS</td><td>— </td><td></td><td></td><td>— </td><td></td><td></td><td>— </td><td></td><td></td><td>— </td><td></td><td></td><td>— </td><td></td><td></td><td>— </td><td></td><td></td><td>1 </td><td></td><td></td><td>4 </td><td></td><td></td><td>1 </td><td></td><td></td><td>4 </td><td></td></tr><tr><td>Other</td><td>— </td><td></td><td></td><td>— </td><td></td><td></td><td>90 </td><td></td><td></td><td>91 </td><td></td><td></td><td>— </td><td></td><td></td><td>— </td><td></td><td></td><td>— </td><td></td><td></td><td>— </td><td></td><td></td><td>90 </td><td></td><td></td><td>91 </td><td></td></tr><tr><td>Total asset-backed securities</td><td>60 </td><td></td><td></td><td>61 </td><td></td><td></td><td>168 </td><td></td><td></td><td>169 </td><td></td><td></td><td>1,886 </td><td></td><td></td><td>1,889 </td><td></td><td></td><td>1,513 </td><td></td><td></td><td>1,519 </td><td></td><td></td><td>3,627 </td><td></td><td></td><td>3,638 </td><td></td></tr><tr><td>State and political subdivisions</td><td>30 </td><td></td><td></td><td>30 </td><td></td><td></td><td>26 </td><td></td><td></td><td>26 </td><td></td><td></td><td>— </td><td></td><td></td><td>— </td><td></td><td></td><td>— </td><td></td><td></td><td>— </td><td></td><td></td><td>56 </td><td></td><td></td><td>56 </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Other U.S. debt securities</td><td>30 </td><td></td><td></td><td>29 </td><td></td><td></td><td>23 </td><td></td><td></td><td>23 </td><td></td><td></td><td>— </td><td></td><td></td><td>— </td><td></td><td></td><td>— </td><td></td><td></td><td>— </td><td></td><td></td><td>53 </td><td></td><td></td><td>52 </td><td></td></tr><tr><td>Total</td><td>$</td><td>12,199 </td><td></td><td></td><td>$</td><td>12,199 </td><td></td><td></td><td>$</td><td>28,684 </td><td></td><td></td><td>$</td><td>28,699 </td><td></td><td></td><td>$</td><td>8,093 </td><td></td><td></td><td>$</td><td>8,060 </td><td></td><td></td><td>$</td><td>10,030 </td><td></td><td></td><td>$</td><td>9,937 </td><td></td><td></td><td>$</td><td>59,006 </td><td></td><td></td><td>$</td><td>58,895 </td><td></td></tr><tr><td>Held-to-maturity:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. Treasury and federal agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct obligations</td><td>$</td><td>4,557 </td><td></td><td></td><td>$</td><td>4,521 </td><td></td><td></td><td>$</td><td>851 </td><td></td><td></td><td>$</td><td>832 </td><td></td><td></td><td>$</td><td>1 </td><td></td><td></td><td>$</td><td>1 </td><td></td><td></td><td>$</td><td>8 </td><td></td><td></td><td>$</td><td>8 </td><td></td><td></td><td>$</td><td>5,417 </td><td></td><td></td><td>$</td><td>5,362 </td><td></td></tr><tr><td>Mortgage-backed securities</td><td>134 </td><td></td><td></td><td>120 </td><td></td><td></td><td>1,711 </td><td></td><td></td><td>1,559 </td><td></td><td></td><td>3,308 </td><td></td><td></td><td>2,788 </td><td></td><td></td><td>30,948 </td><td></td><td></td><td>25,959 </td><td></td><td></td><td>36,101 </td><td></td><td></td><td>30,426 </td><td></td></tr><tr><td>Total U.S. Treasury and federal agencies</td><td>4,691 </td><td></td><td></td><td>4,641 </td><td></td><td></td><td>2,562 </td><td></td><td></td><td>2,391 </td><td></td><td></td><td>3,309 </td><td></td><td></td><td>2,789 </td><td></td><td></td><td>30,956 </td><td></td><td></td><td>25,967 </td><td></td><td></td><td>41,518 </td><td></td><td></td><td>35,788 </td><td></td></tr><tr><td>Non-U.S. debt securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Non-U.S. sovereign, supranational and non-U.S. agency</td><td>1,409 </td><td></td><td></td><td>1,397 </td><td></td><td></td><td>2,044 </td><td></td><td></td><td>1,998 </td><td></td><td></td><td>220 </td><td></td><td></td><td>212 </td><td></td><td></td><td>— </td><td></td><td></td><td>— </td><td></td><td></td><td>3,673 </td><td></td><td></td><td>3,607 </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total non-U.S. debt securities</td><td>1,409 </td><td></td><td></td><td>1,397 </td><td></td><td></td><td>2,044 </td><td></td><td></td><td>1,998 </td><td></td><td></td><td>220 </td><td></td><td></td><td>212 </td><td></td><td></td><td>— </td><td></td><td></td><td>— </td><td></td><td></td><td>3,673 </td><td></td><td></td><td>3,607 </td><td></td></tr><tr><td>Asset-backed securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Student loans</td><td>149 </td><td></td><td></td><td>147 </td><td></td><td></td><td>310 </td><td></td><td></td><td>309 </td><td></td><td></td><td>380 </td><td></td><td></td><td>379 </td><td></td><td></td><td>1,697 </td><td></td><td></td><td>1,676 </td><td></td><td></td><td>2,536 </td><td></td><td></td><td>2,511 </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total asset-backed securities</td><td>149 </td><td></td><td></td><td>147 </td><td></td><td></td><td>310 </td><td></td><td></td><td>309 </td><td></td><td></td><td>380 </td><td></td><td></td><td>379 </td><td></td><td></td><td>1,697 </td><td></td><td></td><td>1,676 </td><td></td><td></td><td>2,536 </td><td></td><td></td><td>2,511 </td><td></td></tr><tr><td>Total</td><td>$</td><td>6,249 </td><td></td><td></td><td>$</td><td>6,185 </td><td></td><td></td><td>$</td><td>4,916 </td><td></td><td></td><td>$</td><td>4,698 </td><td></td><td></td><td>$</td><td>3,909 </td><td></td><td></td><td>$</td><td>3,380 </td><td></td><td></td><td>$</td><td>32,653 </td><td></td><td></td><td>$</td><td>27,643 </td><td></td><td></td><td>$</td><td>47,727 </td><td></td><td></td><td>$</td><td>41,906 </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
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13
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td>December 31,</td></tr><tr><td></td><td></td><td>2024</td><td></td><td>2023</td></tr><tr><td>CURRENT LIABILITIES</td><td></td><td></td><td></td><td></td></tr><tr><td>Advances from Affiliates</td><td></td><td>$</td><td>—</td><td></td><td></td><td>$</td><td>110.5</td><td></td></tr><tr><td>Accounts Payable:</td><td></td><td></td><td></td><td></td></tr><tr><td>General</td><td></td><td>343.6</td><td></td><td></td><td>320.7</td><td></td></tr><tr><td>Affiliated Companies</td><td></td><td>204.9</td><td></td><td></td><td>154.2</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Risk Management Liabilities</td><td></td><td>7.3</td><td></td><td></td><td>6.8</td><td></td></tr><tr><td>Customer Deposits</td><td></td><td>108.1</td><td></td><td></td><td>62.0</td><td></td></tr><tr><td>Accrued Taxes</td><td></td><td>836.1</td><td></td><td></td><td>763.3</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Obligations Under Operating Leases</td><td></td><td>12.3</td><td></td><td></td><td>13.5</td><td></td></tr><tr><td>Other Current Liabilities</td><td></td><td>182.2</td><td></td><td></td><td>183.3</td><td></td></tr><tr><td>TOTAL CURRENT LIABILITIES</td><td></td><td>1,694.5</td><td></td><td></td><td>1,614.3</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td></tr><tr><td>NONCURRENT LIABILITIES</td><td></td><td></td><td></td><td></td></tr><tr><td>Long-term Debt – Nonaffiliated</td><td></td><td>3,715.7</td><td></td><td></td><td>3,366.8</td><td></td></tr><tr><td>Long-term Risk Management Liabilities</td><td></td><td>40.2</td><td></td><td></td><td>43.9</td><td></td></tr><tr><td>Deferred Income Taxes</td><td></td><td>1,201.1</td><td></td><td></td><td>1,152.7</td><td></td></tr><tr><td>Regulatory Liabilities and Deferred Investment Tax Credits</td><td></td><td>987.7</td><td></td><td></td><td>1,003.6</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Obligations Under Operating Leases</td><td></td><td>48.4</td><td></td><td></td><td>56.7</td><td></td></tr><tr><td>Deferred Credits and Other Noncurrent Liabilities</td><td></td><td>127.0</td><td></td><td></td><td>34.4</td><td></td></tr><tr><td>TOTAL NONCURRENT LIABILITIES</td><td></td><td>6,120.1</td><td></td><td></td><td>5,658.1</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td></tr><tr><td>TOTAL LIABILITIES</td><td></td><td>7,814.6</td><td></td><td></td><td>7,272.4</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Rate Matters (Note 4)</td><td></td><td></td><td></td><td></td></tr><tr><td>Commitments and Contingencies (Note 6)</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td></tr><tr><td>COMMON SHAREHOLDER'S EQUITY</td><td></td><td></td><td></td><td></td></tr><tr><td>Common Stock – No Par Value: Common Stock – No Par Value:</td><td></td><td></td><td></td><td></td></tr><tr><td>Authorized – 40,000,000 Shares Authorized – 40,000,000 Shares</td><td></td><td></td><td></td><td></td></tr><tr><td>Outstanding  – 27,952,473 Shares Outstanding  – 27,952,473 Shares</td><td></td><td>321.2</td><td></td><td></td><td>321.2</td><td></td></tr><tr><td>Paid-in Capital</td><td></td><td>1,020.0</td><td></td><td></td><td>1,012.8</td><td></td></tr><tr><td>Retained Earnings</td><td></td><td>2,542.9</td><td></td><td></td><td>2,237.3</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td></tr><tr><td>TOTAL COMMON SHAREHOLDER’S EQUITY</td><td></td><td>3,884.1</td><td></td><td></td><td>3,571.3</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td></tr><tr><td>TOTAL LIABILITIES AND COMMON SHAREHOLDER'S EQUITY</td><td></td><td>$</td><td>11,698.7</td><td></td><td></td><td>$</td><td>10,843.7</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td></tr><tr><td>See Notes to Financial Statements of Registrants beginning on page 177 . See Notes to Financial Statements of Registrants beginning on page 177 .</td></tr></table>
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14
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>(In millions)</td><td>December 31, 2024</td><td></td><td>December 31, 2023</td><td></td><td></td></tr><tr><td>Domestic (1) : Domestic (1) :</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commercial and financial:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fund finance (2) Fund finance (2)</td><td>$</td><td>16,347 </td><td></td><td></td><td>$</td><td>13,697</td><td></td><td></td><td></td></tr><tr><td>Leveraged loans</td><td>2,742 </td><td></td><td></td><td>2,412</td><td></td><td></td><td></td></tr><tr><td>Overdrafts</td><td>1,208 </td><td></td><td></td><td>1,225</td><td></td><td></td><td></td></tr><tr><td>Collateralized loan obligations in loan form</td><td>50 </td><td></td><td></td><td>150</td><td></td><td></td><td></td></tr><tr><td>Other (3) Other (3)</td><td>3,220 </td><td></td><td></td><td>2,512</td><td></td><td></td><td></td></tr><tr><td>Commercial real estate</td><td>2,842 </td><td></td><td></td><td>3,069</td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total domestic</td><td>26,409 </td><td></td><td></td><td>23,065</td><td></td><td></td><td></td></tr><tr><td>Foreign (1) : Foreign (1) :</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commercial and financial:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fund finance (2) Fund finance (2)</td><td>6,601 </td><td></td><td></td><td>4,956</td><td></td><td></td><td></td></tr><tr><td>Leveraged loans</td><td>1,082 </td><td></td><td></td><td>1,194</td><td></td><td></td><td></td></tr><tr><td>Overdrafts</td><td>772 </td><td></td><td></td><td>1,047</td><td></td><td></td><td></td></tr><tr><td>Collateralized loan obligations in loan form</td><td>8,336 </td><td></td><td></td><td>6,369</td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total foreign</td><td>16,791 </td><td></td><td></td><td>13,566</td><td></td><td></td><td></td></tr><tr><td>Total loans (4) Total loans (4)</td><td>43,200 </td><td></td><td></td><td>36,631</td><td></td><td></td><td></td></tr><tr><td>Allowance for credit losses</td><td>( 174 )</td><td></td><td></td><td>( 135 )</td><td></td><td></td><td></td></tr><tr><td>Loans, net of allowance</td><td>$</td><td>43,026 </td><td></td><td></td><td>$</td><td>36,496</td><td></td><td></td><td></td></tr></table>
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15
AEP Transmission Company, LLC By: /s/  Trevor I. Mihalik (Trevor I. Mihalik, Vice President and Chief Financial Officer)
[]
16
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>10.30</td><td></td><td>2021/2022 Form of The Kraft Heinz Company 2020 Omnibus Incentive Plan Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.5 of the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 26, 2021, filed on August 4, 2021).+ 2021/2022 Form of The Kraft Heinz Company 2020 Omnibus Incentive Plan Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.5 of the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 26, 2021, filed on August 4, 2021).+</td></tr><tr><td>10.31</td><td></td><td>2021/2022 Form of The Kraft Heinz Company 2020 Omnibus Incentive Plan Restricted Stock Unit Award Agreement for Bands B02-B09 (incorporated by reference to Exhibit 10.6 of the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 26, 2021, filed on August 4, 2021).+ 2021/2022 Form of The Kraft Heinz Company 2020 Omnibus Incentive Plan Restricted Stock Unit Award Agreement for Bands B02-B09 (incorporated by reference to Exhibit 10.6 of the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 26, 2021, filed on August 4, 2021).+</td></tr><tr><td>10.32</td><td></td><td>2021/2022 Form of The Kraft Heinz Company 2020 Omnibus Incentive Plan Matching Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.7 of the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 26, 2021, filed on August 4, 2021).+ 2021/2022 Form of The Kraft Heinz Company 2020 Omnibus Incentive Plan Matching Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.7 of the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 26, 2021, filed on August 4, 2021).+</td></tr><tr><td>10.33</td><td></td><td>2021 Form of The Kraft Heinz Company 2020 Omnibus Incentive Plan Deferred Stock Award Agreement (incorporated by reference to Exhibit 10.8 of the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 26, 2021, filed on August 4, 2021).+ 2021 Form of The Kraft Heinz Company 2020 Omnibus Incentive Plan Deferred Stock Award Agreement (incorporated by reference to Exhibit 10.8 of the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 26, 2021, filed on August 4, 2021).+</td></tr><tr><td>10.34</td><td></td><td>2022 Form of The Kraft Heinz Company 2020 Omnibus Incentive Plan Deferred Stock Award Agreement (incorporated by reference to Exhibit 10.1 of the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 26, 2022, filed on April 28, 2022).+ 2022 Form of The Kraft Heinz Company 2020 Omnibus Incentive Plan Deferred Stock Award Agreement (incorporated by reference to Exhibit 10.1 of the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 26, 2022, filed on April 28, 2022).+</td></tr><tr><td>10.35</td><td></td><td>2023 Form of The Kraft Heinz Company 2020 Omnibus Incentive Plan Non-Qualified Stock Option Award Agreement (incorporated by reference to Exhibit 10.35 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed on February 16, 2023).+ 2023 Form of The Kraft Heinz Company 2020 Omnibus Incentive Plan Non-Qualified Stock Option Award Agreement (incorporated by reference to Exhibit 10.35 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed on February 16, 2023).+</td></tr><tr><td>10.36</td><td></td><td>2023 Form of The Kraft Heinz Company 2020 Omnibus Incentive Plan Performance Share Award Notice (incorporated by reference to Exhibit 10.36 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed on February 16, 2023).+ 2023 Form of The Kraft Heinz Company 2020 Omnibus Incentive Plan Performance Share Award Notice (incorporated by reference to Exhibit 10.36 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed on February 16, 2023).+</td></tr><tr><td>10.37</td><td></td><td>2023 Form of The Kraft Heinz Company 2020 Omnibus Incentive Plan Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.37 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed on February 16, 2023.+ 2023 Form of The Kraft Heinz Company 2020 Omnibus Incentive Plan Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.37 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed on February 16, 2023.+</td></tr><tr><td>10.38</td><td></td><td>2023 Form of The Kraft Heinz Company 2020 Omnibus Incentive Plan Matching Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.38 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed on February 16, 2023).+ 2023 Form of The Kraft Heinz Company 2020 Omnibus Incentive Plan Matching Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.38 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed on February 16, 2023).+</td></tr><tr><td>10.39</td><td></td><td>2023 Form of The Kraft Heinz Company 2020 Omnibus Incentive Plan Deferred Stock Award Agreement (incorporated by reference to Exhibit 10.1 of the Company's Quarterly Report on Form 10-Q for the quarterly period ended April 1, 2023, filed on May 3, 2023).+ 2023 Form of The Kraft Heinz Company 2020 Omnibus Incentive Plan Deferred Stock Award Agreement (incorporated by reference to Exhibit 10.1 of the Company's Quarterly Report on Form 10-Q for the quarterly period ended April 1, 2023, filed on May 3, 2023).+</td></tr><tr><td>10.40</td><td></td><td>First Amendment, dated as of July 21, 2023, to the Credit Agreement dated as of July 8, 2022, among The Kraft Heinz Company, Kraft Heinz Foods Company, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K, filed on July 21, 2023). First Amendment, dated as of July 21, 2023, to the Credit Agreement dated as of July 8, 2022, among The Kraft Heinz Company, Kraft Heinz Foods Company, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K, filed on July 21, 2023).</td></tr><tr><td>10.41</td><td></td><td>2024 Form of The Kraft Heinz Company 2020 Omnibus Incentive Plan Non-Qualified Stock Option Award Agreement (incorporated by reference to Exhibit 10.4 1 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2023, filed on February 15, 2024).+ 2024 Form of The Kraft Heinz Company 2020 Omnibus Incentive Plan Non-Qualified Stock Option Award Agreement (incorporated by reference to Exhibit 10.4 1 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2023, filed on February 15, 2024).+</td></tr><tr><td>10.42</td><td></td><td>2024 Form of The Kraft Heinz Company 2020 Omnibus Incentive Plan Performance Share Award Notice (incorporated by reference to Exhibit 10.4 2 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2023, filed on February 15, 2024).+ 2024 Form of The Kraft Heinz Company 2020 Omnibus Incentive Plan Performance Share Award Notice (incorporated by reference to Exhibit 10.4 2 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2023, filed on February 15, 2024).+</td></tr><tr><td>10.43</td><td></td><td>2024 Form of The Kraft Heinz Company 2020 Omnibus Incentive Plan Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.4 3 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2023, filed on February 15, 2024).+ 2024 Form of The Kraft Heinz Company 2020 Omnibus Incentive Plan Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.4 3 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2023, filed on February 15, 2024).+</td></tr><tr><td>10.44</td><td></td><td>2024 Form of The Kraft Heinz Company 2020 Omnibus Incentive Plan Matching Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.4 4 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2023, filed on February 15, 2024).+ 2024 Form of The Kraft Heinz Company 2020 Omnibus Incentive Plan Matching Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.4 4 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2023, filed on February 15, 2024).+</td></tr><tr><td>10.45</td><td></td><td>2024 Form of The Kraft Heinz Company 2020 Omnibus Incentive Plan Deferred Stock Award Agreement (incorporated by reference to Exhibit 10.45 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 202 3 , filed on February 15, 2024).+ 2024 Form of The Kraft Heinz Company 2020 Omnibus Incentive Plan Deferred Stock Award Agreement (incorporated by reference to Exhibit 10.45 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 202 3 , filed on February 15, 2024).+</td></tr><tr><td>10.46 10.46</td><td></td><td>Separation Agreement and General Release, dated August 5, 2024, between The Kraft Heinz Company and Rashida La Lande (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 28, 2024, filed on October 30, 2024).+ Separation Agreement and General Release, dated August 5, 2024, between The Kraft Heinz Company and Rashida La Lande (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 28, 2024, filed on October 30, 2024).+</td></tr><tr><td>10.47 10.47</td><td></td><td>Second Amendment, dated June 21, 2024, to the Credit Agreement dated July 8, 2022, among The Kraft Heinz Company, Kraft Heinz Foods Company, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent (incorporated by reference to Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 28, 2024, filed on October 30, 2024). Second Amendment, dated June 21, 2024, to the Credit Agreement dated July 8, 2022, among The Kraft Heinz Company, Kraft Heinz Foods Company, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent (incorporated by reference to Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 28, 2024, filed on October 30, 2024).</td></tr><tr><td>10.48 10.48</td><td></td><td>Third Amendment, dated September 27, 2024, to the Credit Agreement dated July 8, 2022, among The Kraft Heinz Company, Kraft Heinz Foods Company, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K, filed on September 27, 2024). Third Amendment, dated September 27, 2024, to the Credit Agreement dated July 8, 2022, among The Kraft Heinz Company, Kraft Heinz Foods Company, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K, filed on September 27, 2024).</td></tr><tr><td>19.1 19.1</td><td></td><td>The Kraft Heinz Insider Trading Policy.* The Kraft Heinz Insider Trading Policy.*</td></tr><tr><td>21.1</td><td></td><td>List of subsidiaries of The Kraft Heinz Company.* List of subsidiaries of The Kraft Heinz Company.*</td></tr><tr><td>22.1</td><td></td><td>List of Guarantor Subsidiaries.* List of Guarantor Subsidiaries.*</td></tr></table>
[]
17
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>(at December 31, in millions)</td><td></td><td>2024</td><td></td><td>2023</td></tr><tr><td>Gross reinsurance recoverables on paid and unpaid claims and claim adjustment expenses</td><td></td><td>$</td><td>3,962 </td><td></td><td></td><td>$</td><td>3,895</td><td></td></tr><tr><td>Gross structured settlements</td><td></td><td>2,626 </td><td></td><td></td><td>2,707</td><td></td></tr><tr><td>Mandatory pools and associations</td><td></td><td>1,531 </td><td></td><td></td><td>1,659</td><td></td></tr><tr><td>Gross reinsurance recoverables</td><td></td><td>8,119 </td><td></td><td></td><td>8,261</td><td></td></tr><tr><td>Allowance for estimated uncollectible reinsurance</td><td></td><td>( 119 )</td><td></td><td></td><td>( 118 )</td><td></td></tr><tr><td>Net reinsurance recoverables</td><td></td><td>$</td><td>8,000 </td><td></td><td></td><td>$</td><td>8,143</td><td></td></tr></table>
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18
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td>December 31, 2023</td></tr><tr><td></td><td></td><td>GAAP Measurement Category (1) GAAP Measurement Category (1)</td><td>Carrying Amount (2) Carrying Amount (2)</td><td></td><td>Fair Value</td></tr><tr><td>(In millions)</td><td></td><td></td><td>Level 1</td><td></td><td>Level 2</td><td></td><td>Level 3</td><td></td><td>Netting Adjustments (3) Netting Adjustments (3)</td><td></td><td>Total</td></tr><tr><td>Financial assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash and cash equivalents</td><td></td><td>Amortized cost</td><td>$ 6,019</td><td></td><td></td><td>$ 6,019</td><td></td><td></td><td>$ —</td><td></td><td></td><td>$ —</td><td></td><td></td><td>$—</td><td></td><td></td><td>$ 6,019</td><td></td></tr><tr><td>Securities purchased under agreements to resell</td><td></td><td>Amortized cost</td><td>95,148</td><td></td><td></td><td>—</td><td></td><td></td><td>105,393</td><td></td><td></td><td>—</td><td></td><td></td><td>( 10,245 )</td><td></td><td></td><td>95,148</td><td></td></tr><tr><td>Investments securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Available-for-sale</td><td></td><td>FV - OCI</td><td>4,890</td><td></td><td></td><td>—</td><td></td><td></td><td>4,212</td><td></td><td></td><td>678</td><td></td><td></td><td>—</td><td></td><td></td><td>4,890</td><td></td></tr><tr><td>Trading</td><td></td><td>FV - NI</td><td>38,385</td><td></td><td></td><td>29,854</td><td></td><td></td><td>5,760</td><td></td><td></td><td>2,771</td><td></td><td></td><td>—</td><td></td><td></td><td>38,385</td><td></td></tr><tr><td>Total investments securities</td><td></td><td></td><td>43,275 </td><td></td><td></td><td>29,854 </td><td></td><td></td><td>9,972 </td><td></td><td></td><td>3,449 </td><td></td><td></td><td>— </td><td></td><td></td><td>43,275 </td><td></td></tr><tr><td>Mortgage loans:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mortgage loans held-for-sale</td><td></td><td></td><td>12,941</td><td></td><td></td><td>—</td><td></td><td></td><td>9,276</td><td></td><td></td><td>3,868</td><td></td><td></td><td>—</td><td></td><td></td><td>13,144</td><td></td></tr><tr><td>Mortgage loans held-for-investment, net of allowance for credit losses</td><td></td><td></td><td>3,083,665</td><td></td><td></td><td>—</td><td></td><td></td><td>2,466,127</td><td></td><td></td><td>254,877</td><td></td><td></td><td>—</td><td></td><td></td><td>2,721,004</td><td></td></tr><tr><td>Total mortgage loans</td><td></td><td>Various (4) Various (4)</td><td>3,096,606 </td><td></td><td></td><td>— </td><td></td><td></td><td>2,475,403 </td><td></td><td></td><td>258,745 </td><td></td><td></td><td>— </td><td></td><td></td><td>2,734,148 </td><td></td></tr><tr><td>Other assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guarantee assets</td><td></td><td>FV - NI</td><td>5,351</td><td></td><td></td><td>—</td><td></td><td></td><td>—</td><td></td><td></td><td>5,353</td><td></td><td></td><td>—</td><td></td><td></td><td>5,353</td><td></td></tr><tr><td>Derivative assets, net</td><td></td><td>FV - NI</td><td>486</td><td></td><td></td><td>—</td><td></td><td></td><td>6,209</td><td></td><td></td><td>2</td><td></td><td></td><td>( 5,725 )</td><td></td><td></td><td>486</td><td></td></tr><tr><td>Other assets (5) Other assets (5)</td><td></td><td>Various</td><td>2,107</td><td></td><td></td><td>—</td><td></td><td></td><td>946</td><td></td><td></td><td>1,165</td><td></td><td></td><td>—</td><td></td><td></td><td>2,111</td><td></td></tr><tr><td>Total other assets</td><td></td><td></td><td>7,944 </td><td></td><td></td><td>— </td><td></td><td></td><td>7,155 </td><td></td><td></td><td>6,520 </td><td></td><td></td><td>(5,725)</td><td></td><td></td><td>7,950 </td><td></td></tr><tr><td>Total financial assets</td><td></td><td></td><td>$ 3,248,992 </td><td></td><td></td><td>$ 35,873 </td><td></td><td></td><td>$ 2,597,923 </td><td></td><td></td><td>$ 268,714 </td><td></td><td></td><td>($ 15,970 )</td><td></td><td></td><td>$ 2,886,540 </td><td></td></tr><tr><td>Financial liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Debt of consolidated trusts</td><td></td><td></td><td>$ 3,041,927</td><td></td><td></td><td>$ —</td><td></td><td></td><td>$ 2,673,019</td><td></td><td></td><td>$ 727</td><td></td><td></td><td>$—</td><td></td><td></td><td>$ 2,673,746</td><td></td></tr><tr><td>Debt of Freddie Mac</td><td></td><td></td><td>166,419</td><td></td><td></td><td>—</td><td></td><td></td><td>173,877</td><td></td><td></td><td>3,391</td><td></td><td></td><td>( 10,245 )</td><td></td><td></td><td>167,023</td><td></td></tr><tr><td>Total debt</td><td></td><td>Various (6) Various (6)</td><td>3,208,346 </td><td></td><td></td><td>— </td><td></td><td></td><td>2,846,896 </td><td></td><td></td><td>4,118 </td><td></td><td></td><td>(10,245)</td><td></td><td></td><td>2,840,769 </td><td></td></tr><tr><td>Other liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guarantee obligations</td><td></td><td>Amortized cost</td><td>5,451</td><td></td><td></td><td>—</td><td></td><td></td><td>103</td><td></td><td></td><td>6,023</td><td></td><td></td><td>—</td><td></td><td></td><td>6,126</td><td></td></tr><tr><td>Derivative liabilities, net</td><td></td><td>FV - NI</td><td>873</td><td></td><td></td><td>—</td><td></td><td></td><td>8,608</td><td></td><td></td><td>63</td><td></td><td></td><td>( 7,798 )</td><td></td><td></td><td>873</td><td></td></tr><tr><td>Other liabilities (5) Other liabilities (5)</td><td></td><td>FV - NI</td><td>14</td><td></td><td></td><td>—</td><td></td><td></td><td>465</td><td></td><td></td><td>194</td><td></td><td></td><td>—</td><td></td><td></td><td>659</td><td></td></tr><tr><td>Total other liabilities</td><td></td><td></td><td>6,338 </td><td></td><td></td><td>— </td><td></td><td></td><td>9,176 </td><td></td><td></td><td>6,280 </td><td></td><td></td><td>(7,798)</td><td></td><td></td><td>7,658 </td><td></td></tr><tr><td>Total financial liabilities</td><td></td><td></td><td>$ 3,214,684 </td><td></td><td></td><td>$ — </td><td></td><td></td><td>$ 2,856,072 </td><td></td><td></td><td>$ 10,398 </td><td></td><td></td><td>($ 18,043 )</td><td></td><td></td><td>$ 2,848,427 </td><td></td></tr></table>
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19
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Plan Category</td><td>Number of securities to be issued upon exercise of outstanding options, warrants and rights, and vesting of restricted stock units</td><td></td><td>Weighted-average exercise price of outstanding options, restricted stock units, warrants, and rights</td><td></td><td>Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))</td><td></td></tr><tr><td></td><td>(a)</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Equity compensation plans approved by shareholders (3)</td><td>11,366,000</td><td></td><td>(1)</td><td>$</td><td>49.03</td><td></td><td></td><td>6,458,000</td><td></td><td>(2)</td></tr><tr><td>Equity compensation plans not approved by shareholders (3)</td><td>—</td><td></td><td></td><td>—</td><td></td><td></td><td>—</td><td></td><td></td></tr><tr><td></td><td>11,366,000 </td><td></td><td></td><td>$</td><td>51.22 </td><td></td><td></td><td>6,458,000 </td><td></td><td></td></tr></table>
[]
20
The “Other” columns presented in the previous table, represent amounts that are not allocated to our two lines of business. The following provides additional information about the items included in the line of business results “Other” column for the periods indicated.
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21
In February 2024, 2023, and 2022, the Company granted performance share awards with a target payout of 17,770 , 23,316 and 28,628 shares, respectively, that will vest subject to an internal Company-based performance condition and service requirement.
[]
22
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Components of Net Periodic Pension Cost</td></tr><tr><td>Year Ended December 31</td><td>2024</td><td>2023</td><td>2022</td></tr><tr><td>Millions</td><td></td><td></td><td></td></tr><tr><td>Service Cost</td><td>$ 6.6</td><td></td><td>$ 6.5</td><td></td><td>$ 9.3</td><td></td></tr><tr><td>Non-Service Cost Components (a) Non-Service Cost Components (a)</td><td></td><td></td><td></td></tr><tr><td>Interest Cost</td><td>38.6</td><td></td><td>40.5</td><td></td><td>27.2</td><td></td></tr><tr><td>Expected Return on Plan Assets</td><td>( 44.8 )</td><td></td><td>( 43.8 )</td><td></td><td>( 41.5 )</td><td></td></tr><tr><td>Amortization of Loss</td><td>6.5</td><td></td><td>5.8</td><td></td><td>11.4</td><td></td></tr><tr><td>Amortization of Prior Service Credit</td><td>( 0.1 )</td><td></td><td>( 0.1 )</td><td></td><td>( 0.1 )</td><td></td></tr><tr><td>Net Pension Cost</td><td>$ 6.8</td><td></td><td>$ 8.9</td><td></td><td>$ 6.3</td><td></td></tr></table>
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23
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>(in millions)</td><td>Amount</td></tr><tr><td>Balance at December 31, 2022</td><td>$</td><td>462</td><td></td></tr><tr><td>Additions</td><td>—</td><td></td></tr><tr><td>Balance at December 31, 2023</td><td>$</td><td>462</td><td></td></tr><tr><td>Impairment</td><td>( 1 )</td><td></td></tr><tr><td>Balance at December 31, 2024</td><td>$</td><td>461 </td><td></td></tr></table>
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24
Our optical fiber manufacturing facilities are in North Carolina, China, India and Poland. Cabling operations are in North Carolina, Poland and smaller regional locations. Our manufacturing operations for hardware and equipment products are in Texas, Mexico, Brazil, Germany, Poland and China.
[]
25
ETT designs, acquires, constructs, owns and operates certain transmission facilities in ERCOT. BHE, a nonaffiliated entity, holds a 50 % membership interest in ETT and AEP Transmission Holdco holds a 50 % membership interest in ETT. As a result, AEP, through its wholly-owned subsidiary, holds a 50 % membership interest in ETT. As of December 31, 2024 and 2023, AEP’s investment in ETT was
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26
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>2024</td><td></td><td>2023</td><td></td><td>2022</td></tr><tr><td>Reconciliation of real estate, at cost:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Balance at the beginning of year</td><td>$</td><td>3,774,239</td><td></td><td></td><td>$</td><td>3,691,066</td><td></td><td></td><td>$</td><td>3,583,978</td><td></td></tr><tr><td>Additions during year</td><td>564,602</td><td></td><td></td><td>164,489</td><td></td><td></td><td>229,962</td><td></td></tr><tr><td>Properties sold and impaired during the year</td><td>( 170,467 )</td><td></td><td></td><td>( 174,466 )</td><td></td><td></td><td>( 161,393 )</td><td></td></tr><tr><td>Other reclassifications</td><td>7,920</td><td></td><td></td><td>93,150</td><td></td><td></td><td>38,519</td><td></td></tr><tr><td>Balance at end of year</td><td>$</td><td>4,176,294</td><td></td><td></td><td>$</td><td>3,774,239</td><td></td><td></td><td>$</td><td>3,691,066</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reconciliation of accumulated depreciation and amortization:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Balance at the beginning of year</td><td>$</td><td>713,377</td><td></td><td></td><td>$</td><td>627,027</td><td></td><td></td><td>$</td><td>504,699</td><td></td></tr><tr><td>Depreciation and amortization expense</td><td>159,997</td><td></td><td></td><td>147,617</td><td></td><td></td><td>144,163</td><td></td></tr><tr><td>Accumulated depreciation and amortization of properties sold and impaired during year Accumulated depreciation and amortization of properties sold and impaired during year</td><td>( 34,807 )</td><td></td><td></td><td>( 100,474 )</td><td></td><td></td><td>( 43,521 )</td><td></td></tr><tr><td>Other reclassifications</td><td>( 573 )</td><td></td><td></td><td>39,207</td><td></td><td></td><td>21,686</td><td></td></tr><tr><td>Balance at end of year</td><td>$</td><td>837,994</td><td></td><td></td><td>$</td><td>713,377</td><td></td><td></td><td>$</td><td>627,027</td><td></td></tr></table>
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27
In 2020, PSO and SWEPCo received regulatory approvals to acquire the NCWF, comprised of three Oklahoma wind facilities totaling 1,484 MWs, on a fixed cost turn-key basis. PSO and SWEPCo own undivided interests of 45.5 % and 54.5 % of the NCWF, respectively. In total, the three wind facilities cost approximately $ 2 billion and consist of Traverse ( 998 MW), Maverick ( 287 MW) and Sundance ( 199 MW). Output from the NCWF serves retail load in PSO’s Oklahoma service territory and both retail and FERC wholesale load in SWEPCo’s service territories in Arkansas and Louisiana. The Oklahoma and Louisiana portions of the NCWF revenue requirement, net of PTC benefit, are recoverable through authorized riders until the amounts are reflected in base rates. Recovery of the Arkansas portion of the NCWF revenue requirement through base rates was approved by the APSC in May 2022. The NCWF are subject to various regulatory performance requirements. If these performance requirements are not met, PSO and SWEPCo would recognize a regulatory liability to refund retail customers.
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28
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>2024</td><td></td><td>2023</td><td></td><td>2022</td></tr><tr><td>PPL</td><td>3.20</td><td>%</td><td></td><td>3.26</td><td>%</td><td></td><td>3.21</td><td>%</td></tr><tr><td>PPL Electric</td><td>2.52</td><td>%</td><td></td><td>2.62</td><td>%</td><td></td><td>2.75</td><td>%</td></tr><tr><td>LG&E</td><td>4.02</td><td>%</td><td></td><td>4.00</td><td>%</td><td></td><td>4.16</td><td>%</td></tr><tr><td>KU</td><td>3.86</td><td>%</td><td></td><td>3.95</td><td>%</td><td></td><td>4.01</td><td>%</td></tr></table>
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29
<table><tr><td>​ ​ ​ ​</td><td>​ ​ ​ ​</td><td>​ ​ ​ ​</td><td>​ ​ ​ ​</td><td>​ ​ ​ ​</td><td>​ ​ ​ ​</td><td>​ ​ ​ ​</td><td>​ ​ ​ ​</td><td>​ ​ ​ ​</td><td>​ ​ ​ ​</td><td>​ ​ ​ ​</td><td>​ ​ ​ ​</td><td>​ ​ ​ ​</td></tr><tr><td>​ ​</td><td>​ ​</td><td>Fair Value Measurement at December 31, 2023 Using</td></tr><tr><td>​ ​</td><td></td><td>​ ​</td><td>​ ​</td><td></td><td>Quoted Prices in</td><td></td><td>Significant</td><td></td><td>​ ​</td><td>​ ​</td></tr><tr><td>​ ​</td><td>​ ​</td><td>​ ​</td><td>​ ​</td><td>​ ​</td><td>Active Markets</td><td>​ ​</td><td>Other</td><td>​ ​</td><td>Significant</td></tr><tr><td>​ ​</td><td>​ ​</td><td>​ ​</td><td>​ ​</td><td>​ ​</td><td>for Identical</td><td>​ ​</td><td>Observable</td><td>​ ​</td><td>Unobservable</td></tr><tr><td>​ ​</td><td>​ ​</td><td>​ ​</td><td>​ ​</td><td>​ ​</td><td>Assets</td><td>​ ​</td><td>Inputs</td><td>​ ​</td><td>Inputs</td></tr><tr><td>​ ​</td><td>​ ​</td><td>Total</td><td>​ ​</td><td>(Level 1)</td><td>​ ​</td><td>(Level 2)</td><td>​ ​</td><td>(Level 3)</td></tr><tr><td>Interest rate swap derivative instruments – net asset position</td><td>​ ​</td><td>$</td><td>22,787</td><td>​ ​</td><td>$</td><td>—</td><td>​ ​</td><td>$</td><td>22,787</td><td>​ ​</td><td>$</td><td>—</td></tr><tr><td>Restricted cash</td><td>​ ​</td><td>$</td><td>105,639</td><td>​ ​</td><td>$</td><td>105,639</td><td>​ ​</td><td>$</td><td>—</td><td>​ ​</td><td>$</td><td>—</td></tr><tr><td>Restricted investments</td><td>​ ​</td><td>$</td><td>70,658</td><td>​ ​</td><td>$</td><td>—</td><td>​ ​</td><td>$</td><td>70,658</td><td>​ ​</td><td>$</td><td>—</td></tr><tr><td>Contingent consideration</td><td>​ ​</td><td>$</td><td>( 115,030 )</td><td>​ ​</td><td>$</td><td>—</td><td>​ ​</td><td>$</td><td>—</td><td>​ ​</td><td>$</td><td>( 115,030 )</td></tr></table>
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30
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td>Years Ended December 31,</td></tr><tr><td></td><td></td><td>2024</td><td></td><td>2023</td><td></td><td>2022</td></tr><tr><td>OPERATING ACTIVITIES</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net Income</td><td></td><td>$</td><td>249.3</td><td></td><td></td><td>$</td><td>208.8</td><td></td><td></td><td>$</td><td>167.6</td><td></td></tr><tr><td>Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Depreciation and Amortization</td><td></td><td>272.2</td><td></td><td></td><td>255.5</td><td></td><td></td><td>230.1</td><td></td></tr><tr><td>Deferred Income Taxes</td><td></td><td>20.6</td><td></td><td></td><td>7.9</td><td></td><td></td><td>( 59.4 )</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Allowance for Equity Funds Used During Construction</td><td></td><td>( 7.4 )</td><td></td><td></td><td>( 8.4 )</td><td></td><td></td><td>( 1.5 )</td><td></td></tr><tr><td>Mark-to-Market of Risk Management Contracts</td><td></td><td>( 27.1 )</td><td></td><td></td><td>33.0</td><td></td><td></td><td>( 13.7 )</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Deferred Fuel Over/Under-Recovery, Net</td><td></td><td>53.6</td><td></td><td></td><td>313.2</td><td></td><td></td><td>442.4</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Change in Other Regulatory Assets</td><td></td><td>( 0.3 )</td><td></td><td></td><td>( 108.3 )</td><td></td><td></td><td>4.7</td><td></td></tr><tr><td>Change in Other Noncurrent Assets</td><td></td><td>( 44.6 )</td><td></td><td></td><td>( 71.3 )</td><td></td><td></td><td>( 40.1 )</td><td></td></tr><tr><td>Change in Other Noncurrent Liabilities</td><td></td><td>7.6</td><td></td><td></td><td>8.2</td><td></td><td></td><td>29.9</td><td></td></tr><tr><td>Changes in Certain Components of Working Capital:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts Receivable, Net</td><td></td><td>31.7</td><td></td><td></td><td>( 16.3 )</td><td></td><td></td><td>( 46.0 )</td><td></td></tr><tr><td>Fuel, Materials and Supplies</td><td></td><td>14.7</td><td></td><td></td><td>( 16.8 )</td><td></td><td></td><td>( 51.1 )</td><td></td></tr><tr><td>Accounts Payable</td><td></td><td>17.7</td><td></td><td></td><td>( 58.2 )</td><td></td><td></td><td>57.5</td><td></td></tr><tr><td>Accrued Taxes, Net</td><td></td><td>( 1.8 )</td><td></td><td></td><td>( 12.9 )</td><td></td><td></td><td>3.2</td><td></td></tr><tr><td>Other Current Assets</td><td></td><td>( 4.3 )</td><td></td><td></td><td>10.7</td><td></td><td></td><td>( 6.3 )</td><td></td></tr><tr><td>Other Current Liabilities</td><td></td><td>( 33.3 )</td><td></td><td></td><td>45.4</td><td></td><td></td><td>30.4</td><td></td></tr><tr><td>Net Cash Flows from Operating Activities</td><td></td><td>548.6</td><td></td><td></td><td>590.5</td><td></td><td></td><td>747.7</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>INVESTING ACTIVITIES</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Construction Expenditures</td><td></td><td>( 597.6 )</td><td></td><td></td><td>( 562.3 )</td><td></td><td></td><td>( 447.0 )</td><td></td></tr><tr><td>Change in Advances to Affiliates, Net</td><td></td><td>( 232.0 )</td><td></td><td></td><td>—</td><td></td><td></td><td>—</td><td></td></tr><tr><td>Acquisitions of Renewable Energy Facilities</td><td></td><td>—</td><td></td><td></td><td>( 145.7 )</td><td></td><td></td><td>( 549.3 )</td><td></td></tr><tr><td>Other Investing Activities</td><td></td><td>5.3</td><td></td><td></td><td>15.2</td><td></td><td></td><td>4.3</td><td></td></tr><tr><td>Net Cash Flows Used for Investing Activities</td><td></td><td>( 824.3 )</td><td></td><td></td><td>( 692.8 )</td><td></td><td></td><td>( 992.0 )</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>FINANCING ACTIVITIES</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital Contribution from Parent</td><td></td><td>1.9</td><td></td><td></td><td>0.6</td><td></td><td></td><td>3.6</td><td></td></tr><tr><td>Return of Capital to Parent</td><td></td><td>—</td><td></td><td></td><td>( 3.9 )</td><td></td><td></td><td>—</td><td></td></tr><tr><td>Issuance of Long-term Debt – Nonaffiliated</td><td></td><td>595.5</td><td></td><td></td><td>469.8</td><td></td><td></td><td>499.7</td><td></td></tr><tr><td>Change in Advances from Affiliates, Net</td><td></td><td>( 54.4 )</td><td></td><td></td><td>( 309.8 )</td><td></td><td></td><td>291.9</td><td></td></tr><tr><td>Retirement of Long-term Debt – Nonaffiliated</td><td></td><td>( 125.6 )</td><td></td><td></td><td>( 0.5 )</td><td></td><td></td><td>( 500.5 )</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Principal Payments for Finance Lease Obligations</td><td></td><td>( 3.3 )</td><td></td><td></td><td>( 3.3 )</td><td></td><td></td><td>( 3.2 )</td><td></td></tr><tr><td>Dividends Paid on Common Stock</td><td></td><td>( 140.0 )</td><td></td><td></td><td>( 52.5 )</td><td></td><td></td><td>( 45.0 )</td><td></td></tr><tr><td>Other Financing Activities</td><td></td><td>0.9</td><td></td><td></td><td>0.4</td><td></td><td></td><td>0.5</td><td></td></tr><tr><td>Net Cash Flows from Financing Activities</td><td></td><td>275.0</td><td></td><td></td><td>100.8</td><td></td><td></td><td>247.0</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net Increase (Decrease) in Cash and Cash Equivalents</td><td></td><td>( 0.7 )</td><td></td><td></td><td>( 1.5 )</td><td></td><td></td><td>2.7</td><td></td></tr><tr><td>Cash and Cash Equivalents at Beginning of Period</td><td></td><td>2.5</td><td></td><td></td><td>4.0</td><td></td><td></td><td>1.3</td><td></td></tr><tr><td>Cash and Cash Equivalents at End of Period</td><td></td><td>$</td><td>1.8</td><td></td><td></td><td>$</td><td>2.5</td><td></td><td></td><td>$</td><td>4.0</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>SUPPLEMENTARY INFORMATION</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash Paid for Interest, Net of Capitalized Amounts</td><td></td><td>$</td><td>101.8</td><td></td><td></td><td>$</td><td>87.3</td><td></td><td></td><td>$</td><td>79.7</td><td></td></tr><tr><td>Net Cash Paid (Received) for Income Taxes</td><td></td><td>( 15.1 )</td><td></td><td></td><td>( 10.6 )</td><td></td><td></td><td>( 12.5 )</td><td></td></tr><tr><td>Cash Paid (Received) for Transferable Tax Credits</td><td></td><td>( 96.0 )</td><td></td><td></td><td>( 34.6 )</td><td></td><td></td><td>—</td><td></td></tr><tr><td>Noncash Acquisitions Under Finance Leases</td><td></td><td>1.5</td><td></td><td></td><td>2.1</td><td></td><td></td><td>2.8</td><td></td></tr><tr><td>Construction Expenditures Included in Current Liabilities as of December 31,</td><td></td><td>88.4</td><td></td><td></td><td>72.9</td><td></td><td></td><td>69.8</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>See Notes to Financial Statements of Registrants beginning on page 177 . See Notes to Financial Statements of Registrants beginning on page 177 .</td></tr></table>
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31
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
[]
32
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td>United States Pension Benefits</td><td></td><td>Foreign Pension Benefits</td><td></td><td>Other Postretirement Benefits</td></tr><tr><td>Millions of dollars</td><td></td><td>2024</td><td></td><td>2023</td><td></td><td>2024</td><td></td><td>2023</td><td></td><td>2024</td><td></td><td>2023</td></tr><tr><td>Fair value of plan assets, beginning of year</td><td></td><td>$</td><td>1,980 </td><td></td><td></td><td>$</td><td>2,072</td><td></td><td></td><td>$</td><td>29 </td><td></td><td></td><td>$</td><td>30</td><td></td><td></td><td>$</td><td>— </td><td></td><td></td><td>$</td><td>—</td><td></td></tr><tr><td>Actual return on plan assets</td><td></td><td>26 </td><td></td><td></td><td>175</td><td></td><td></td><td>2 </td><td></td><td></td><td>1</td><td></td><td></td><td>— </td><td></td><td></td><td>—</td><td></td></tr><tr><td>Employer contribution</td><td></td><td>6 </td><td></td><td></td><td>7</td><td></td><td></td><td>6 </td><td></td><td></td><td>3</td><td></td><td></td><td>9 </td><td></td><td></td><td>19</td><td></td></tr><tr><td>Plan participants' contributions</td><td></td><td>— </td><td></td><td></td><td>—</td><td></td><td></td><td>— </td><td></td><td></td><td>—</td><td></td><td></td><td>— </td><td></td><td></td><td>—</td><td></td></tr><tr><td>Benefits paid</td><td></td><td>( 196 )</td><td></td><td></td><td>( 274 )</td><td></td><td></td><td>( 3 )</td><td></td><td></td><td>( 4 )</td><td></td><td></td><td>( 9 )</td><td></td><td></td><td>( 19 )</td><td></td></tr><tr><td>Transfer of plan assets</td><td></td><td>( 71 )</td><td></td><td></td><td>—</td><td></td><td></td><td>— </td><td></td><td></td><td>—</td><td></td><td></td><td>— </td><td></td><td></td><td>—</td><td></td></tr><tr><td>Other adjustments</td><td></td><td>— </td><td></td><td></td><td>—</td><td></td><td></td><td>— </td><td></td><td></td><td>( 1 )</td><td></td><td></td><td>— </td><td></td><td></td><td>—</td><td></td></tr><tr><td>Settlements</td><td></td><td>— </td><td></td><td></td><td>—</td><td></td><td></td><td>( 3 )</td><td></td><td></td><td>—</td><td></td><td></td><td>— </td><td></td><td></td><td>—</td><td></td></tr><tr><td>Foreign currency exchange rates</td><td></td><td>— </td><td></td><td></td><td>—</td><td></td><td></td><td>( 2 )</td><td></td><td></td><td>—</td><td></td><td></td><td>— </td><td></td><td></td><td>—</td><td></td></tr><tr><td>Reclassification of plan assets to held for sale (1) Reclassification of plan assets to held for sale (1)</td><td></td><td>— </td><td></td><td></td><td>—</td><td></td><td></td><td>— </td><td></td><td></td><td>—</td><td></td><td></td><td>— </td><td></td><td></td><td>—</td><td></td></tr><tr><td>Fair value of plan assets, end of year</td><td></td><td>$</td><td>1,745 </td><td></td><td></td><td>$</td><td>1,980</td><td></td><td></td><td>$</td><td>29 </td><td></td><td></td><td>$</td><td>29</td><td></td><td></td><td>$</td><td>— </td><td></td><td></td><td>$</td><td>—</td><td></td></tr></table>
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33
The Company reinsures a portion of the risks it underwrites in order to control its exposure to losses.  For additional discussion regarding the Company’s reinsurance coverage, see “Part I—Item 1—Business—Reinsurance.”
[]
34
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>Year Ended December 31,</td></tr><tr><td></td><td>2024</td><td></td><td>2023</td><td></td><td>2022</td></tr><tr><td>Income Before Income Taxes</td><td>$</td><td>214,672</td><td></td><td></td><td>$</td><td>201,670</td><td></td><td></td><td>$</td><td>182,403</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income tax calculated at federal statutory rate</td><td>45,081</td><td></td><td></td><td>42,350</td><td></td><td></td><td>38,304</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Permanent or flow through adjustments:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>State income, net of federal provisions</td><td>374</td><td></td><td></td><td>606</td><td></td><td></td><td>562</td><td></td></tr><tr><td>Flow-through repairs deductions</td><td>( 23,132 )</td><td></td><td></td><td>( 25,922 )</td><td></td><td></td><td>( 22,665 )</td><td></td></tr><tr><td>Release of unrecognized tax benefits (2024 is inclusive of $4.1 million of related interest previously accrued) Release of unrecognized tax benefits (2024 is inclusive of $4.1 million of related interest previously accrued)</td><td>( 20,993 )</td><td></td><td></td><td>( 3,241 )</td><td></td><td></td><td>—</td><td></td></tr><tr><td>Production tax credits</td><td>( 11,069 )</td><td></td><td></td><td>( 10,274 )</td><td></td><td></td><td>( 13,166 )</td><td></td></tr><tr><td>Gas repairs safe harbor method change</td><td>( 6,994 )</td><td></td><td></td><td>—</td><td></td><td></td><td>—</td><td></td></tr><tr><td>Amortization of excess deferred income taxes</td><td>( 2,930 )</td><td></td><td></td><td>( 2,184 )</td><td></td><td></td><td>( 1,657 )</td><td></td></tr><tr><td>Prior year permanent return to accrual adjustments</td><td>( 433 )</td><td></td><td></td><td>45</td><td></td><td></td><td>( 1,397 )</td><td></td></tr><tr><td>Plant and depreciation of flow through items</td><td>9,360</td><td></td><td></td><td>6,595</td><td></td><td></td><td>( 222 )</td><td></td></tr><tr><td>Unregulated Tax Cuts and Jobs Act excess deferred income taxes</td><td>—</td><td></td><td></td><td>( 3,385 )</td><td></td><td></td><td>—</td><td></td></tr><tr><td>Reduction to previously claimed alternative minimum tax credit</td><td>—</td><td></td><td></td><td>3,186</td><td></td><td></td><td>—</td><td></td></tr><tr><td>Other, net</td><td>1,297</td><td></td><td></td><td>( 237 )</td><td></td><td></td><td>( 364 )</td><td></td></tr><tr><td></td><td>( 54,520 )</td><td></td><td></td><td>( 34,811 )</td><td></td><td></td><td>( 38,909 )</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income Tax (Benefit) Expense</td><td>$</td><td>( 9,439 )</td><td></td><td></td><td>$</td><td>7,539</td><td></td><td></td><td>$</td><td>( 605 )</td><td></td></tr></table>
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35
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>(In millions)</td><td></td><td>Par Value</td></tr><tr><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td></tr><tr><td>2025</td><td></td><td>$ 48,235</td><td></td></tr><tr><td>2026</td><td></td><td>45,007</td><td></td></tr><tr><td>2027</td><td></td><td>20,068</td><td></td></tr><tr><td>2028</td><td></td><td>8,307</td><td></td></tr><tr><td>2029</td><td></td><td>28,579</td><td></td></tr><tr><td>Thereafter</td><td></td><td>21,423</td><td></td></tr><tr><td>Total</td><td></td><td>$ 171,619</td></tr></table>
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36
Immediately prior to the completion of our IPO, all of our then-outstanding shares of convertible preferred stock were automatically converted into 5,104,017 and 67,917,432 shares of our Class A and Class B common stock, respectively.
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37
On April 4, 2024, the Company issued $ 525 million aggregate principal amount of 6.75 % Senior Secured Notes due 2029 (the 2029 Notes) pursuant to an indenture among the Company, as issuer, certain subsidiaries of the Company named as guarantors, and U.S. Bank Trust Company, National Association, as trustee and collateral agent. The 2029 Notes were sold to investors at 100 % plus accrued interest, if any, from April 4, 2024 in a private transaction exempt from the registration requirements of the Securities Act. The net proceeds of the offering of the 2029 Notes were used to repay all of the Company’s outstanding borrowings and accrued interest under the Term Loan B Facility and the Revolving Facility and to pay fees and expenses in connection with the offering. During the second quarter of 2024, the Company recorded a non-cash pre-tax loss on extinguishment of $ 20 million related to the difference between the repayment amount and net carrying amount of the Term Loan B Facility, which is included in the Interest expense line item on the Consolidated Statements of Operations.
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38
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Exhibit Designation</td><td></td><td>Nature of Exhibit</td><td></td><td>Previously Filed as Exhibit to:</td></tr><tr><td></td><td></td><td></td></tr><tr><td>*31(a) *31(a)</td><td></td><td>Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td></tr><tr><td>*31(b) *31(b)</td><td></td><td>Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td></tr><tr><td>*32(a) *32(a)</td><td></td><td>Certification of Chief Executive Officer Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code.</td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td></tr><tr><td>*32(b) *32(b)</td><td></td><td>Certification of Chief Financial Officer Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code.</td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td></tr><tr><td>97</td><td></td><td>AEP Policy on Recouping Incentive Compensation</td><td></td><td>2023 Form-10-K, Ex 97 2023 Form-10-K, Ex 97 </td></tr><tr><td></td><td></td><td></td><td></td><td></td></tr><tr><td>101.INS</td><td></td><td>XBRL Instance Document. The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.</td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td></tr><tr><td>101.SCH</td><td></td><td>XBRL Taxonomy Extension Schema.</td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td></tr><tr><td>101.CAL</td><td></td><td>XBRL Taxonomy Extension Calculation Linkbase.</td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td></tr><tr><td>101.DEF</td><td></td><td>XBRL Taxonomy Extension Definition Linkbase.</td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td></tr><tr><td>101.LAB</td><td></td><td>XBRL Taxonomy Extension Label Linkbase.</td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td></tr><tr><td>101.PRE</td><td></td><td>XBRL Taxonomy Extension Presentation Linkbase.</td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td></tr><tr><td>104</td><td></td><td>Cover Page Interactive Data File. Formatted as inline XBRL and contained in Exhibit 101.</td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td></tr><tr><td>AEP TEXAS‡   File No. 333-221643</td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3(a)</td><td></td><td>Composite of the Restated Certificate of Incorporation, as amended.</td><td></td><td>Registration Statement No. 333-221643, Ex 3(a) Registration Statement No. 333-221643, Ex 3(a)</td></tr><tr><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3(b)</td><td></td><td>Bylaws.</td><td></td><td>Registration Statement No. 333-221643, Ex 3(b) Registration Statement No. 333-221643, Ex 3(b)</td></tr><tr><td></td><td></td><td></td><td></td><td></td></tr><tr><td>4(a)</td><td></td><td>Indenture, dated as of September 1, 2017, between AEP Texas and The Bank of New York Mellon Trust Company, N.A., as Trustee.</td><td></td><td>Registration Statement No. 333-221643, Ex 4(a)-1 , 4(a)-2 Registration Statement No. 333-221643, Ex 4(a)-1 , 4(a)-2 Registration Statement No. 333-228657, Ex 4(a)-4 , 4(a)-5 Registration Statement No. 333-228657, Ex 4(a)-4 , 4(a)-5 Registration Statement No. 333-230613, Ex 4(a) (b) Registration Statement No. 333-230613, Ex 4(a) (b) Registration Statement No. 333-253585, Ex 4(b) (c) (d) Registration Statement No. 333-253585, Ex 4(b) (c) (d) Registration Statement No. 333-279418 Ex 4(b) (c) (d) Registration Statement No. 333-279418 Ex 4(b) (c) (d) </td></tr><tr><td></td><td></td><td></td><td></td><td></td></tr><tr><td>4(b)</td><td></td><td>Company Order and Officer’s Certificate between AEP Texas and The Bank of New York Mellon Trust Company, N.A. as Trustee dated May 22, 2024 establishing terms of the 5.45% Senior Notes, Series N due 2029 and 5.70% Senior Notes Series O due 2034.</td><td></td><td>Form 8-K, Ex 4(a) fil ed May 2 2 , 2024 Form 8-K, Ex 4(a) fil ed May 2 2 , 2024</td></tr><tr><td></td><td></td><td></td><td></td><td></td></tr><tr><td>*23 *23</td><td></td><td>Consent of PricewaterhouseCoopers LLP.</td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td></tr><tr><td>*24 *24</td><td></td><td>Power of Attorney.</td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td></tr></table>
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39
The carrying values of cash, cash equivalents, accounts receivable and accounts payable approximated their fair values as of December 31, 2024 and 2023 due to their short-term nature. As of December 31, 2024 and 2023, the fair value of total debt was $ 13,966 million and $ 13,597 million, respectively, as determined under Level 2 measurements for these financial instruments.
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40
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Exhibit No.</td><td></td><td>Document</td><td></td></tr><tr><td>10.27*</td><td></td><td>Iridium Communications Inc. 202 4 Performance Bonus Plan, incorporated herein by reference to Exhibit 10.3 of the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on April 18 , 202 4 . Iridium Communications Inc. 202 4 Performance Bonus Plan, incorporated herein by reference to Exhibit 10.3 of the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on April 18 , 202 4 .</td><td></td></tr><tr><td>10.28*</td><td></td><td>Iridium Communications Inc. Amended and Restated 2015 Equity Incentive Plan, incorporated herein by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K, filed with the SEC on May 5, 2023. Iridium Communications Inc. Amended and Restated 2015 Equity Incentive Plan, incorporated herein by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K, filed with the SEC on May 5, 2023.</td><td></td></tr><tr><td>10.29*</td><td></td><td>Forms of Option Grant Notice and Option Agreement for use in connection with the Iridium Communications Inc. Amended and Restated 2015 Equity Incentive Plan, incorporated by reference to Exhibit 10.2 of the Registrant’s Current Report on Form 8-K filed with the SEC on May 15, 2015. Forms of Option Grant Notice and Option Agreement for use in connection with the Iridium Communications Inc. Amended and Restated 2015 Equity Incentive Plan, incorporated by reference to Exhibit 10.2 of the Registrant’s Current Report on Form 8-K filed with the SEC on May 15, 2015.</td><td></td></tr><tr><td>10.30*</td><td></td><td>Forms of Restricted Stock Unit Award Grant Notice and Restricted Stock Unit Award Agreement for use in connection with the Iridium Communications Inc. Amended and Restated 2015 Equity Incentive Plan, incorporated by reference to Exhibit 10.27 of the Registrant’s Annual Report on Form 10-K filed with the SEC on February 15, 2024. Forms of Restricted Stock Unit Award Grant Notice and Restricted Stock Unit Award Agreement for use in connection with the Iridium Communications Inc. Amended and Restated 2015 Equity Incentive Plan, incorporated by reference to Exhibit 10.27 of the Registrant’s Annual Report on Form 10-K filed with the SEC on February 15, 2024.</td><td></td></tr><tr><td>10.31*</td><td></td><td>Forms of Non-Employee Director Option Grant Notice and Non-Employee Director Option Agreement for use in connection with the Iridium Communications Inc. Amended and Restated 2015 Equity Incentive Plan, incorporated by reference to Exhibit 10.4 of the Registrant’s Current Report on Form 8-K filed with the SEC on May 15, 2015. Forms of Non-Employee Director Option Grant Notice and Non-Employee Director Option Agreement for use in connection with the Iridium Communications Inc. Amended and Restated 2015 Equity Incentive Plan, incorporated by reference to Exhibit 10.4 of the Registrant’s Current Report on Form 8-K filed with the SEC on May 15, 2015.</td><td></td></tr><tr><td>10.32*</td><td></td><td>Forms of Non-Employee Director Restricted Stock Unit Award Grant Notice and Non-Employee Director Restricted Stock Unit Award Agreement for use in connection with the Iridium Communications Inc. 2015 Equity Incentive Plan, incorporated by reference to Exhibit 10.5 of the Registrant’s Current Report on Form 8-K filed with the SEC on May 15, 2015. Forms of Non-Employee Director Restricted Stock Unit Award Grant Notice and Non-Employee Director Restricted Stock Unit Award Agreement for use in connection with the Iridium Communications Inc. 2015 Equity Incentive Plan, incorporated by reference to Exhibit 10.5 of the Registrant’s Current Report on Form 8-K filed with the SEC on May 15, 2015.</td><td></td></tr><tr><td>19.1</td><td></td><td>Iridium Communications Inc. Insider Trading Policy. Iridium Communications Inc. Insider Trading Policy.</td><td></td></tr><tr><td>21.1</td><td></td><td>List of Subsidiaries. List of Subsidiaries.</td><td></td></tr><tr><td>23.1</td><td></td><td>Consent of KPMG LLP, independent registered public accounting firm. Consent of KPMG LLP, independent registered public accounting firm.</td><td></td></tr><tr><td>31.1</td><td></td><td>Certification of Chief Executive Officer pursuant to Section 302 of The Sarbanes-Oxley Act of 2002. Certification of Chief Executive Officer pursuant to Section 302 of The Sarbanes-Oxley Act of 2002.</td><td></td></tr><tr><td>31.2</td><td></td><td>Certification of Chief Financial Officer pursuant to Section 302 of The Sarbanes-Oxley Act of 2002. Certification of Chief Financial Officer pursuant to Section 302 of The Sarbanes-Oxley Act of 2002.</td><td></td></tr><tr><td>32.1**</td><td></td><td>Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002. Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002.</td><td></td></tr><tr><td>97.1 97.1</td><td></td><td>Iridium Communications Inc. Incentive Compensation Recoupment Policy, incorporated by reference to Exhibit 97.1 of the Registrant’s Current Report on Form 10-K filed with the SEC on February 15, 2024. Iridium Communications Inc. Incentive Compensation Recoupment Policy, incorporated by reference to Exhibit 97.1 of the Registrant’s Current Report on Form 10-K filed with the SEC on February 15, 2024. </td><td></td></tr><tr><td>101.INS</td><td></td><td>Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document)</td><td></td></tr><tr><td>101.SCH</td><td></td><td>Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents</td><td></td></tr><tr><td>104</td><td></td><td>Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).</td><td></td></tr></table>
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41
Guardian did not pay contractual rent and interest due under its lease and mortgage loan agreements during the first quarter of 2022. In February 2022, Guardian completed the sale of three facilities subject to the Guardian mortgage loan with Omega. Concurrent with the sale, Omega agreed to release the mortgage liens on these facilities in exchange for a partial paydown of $ 21.7 million. In connection with the partial paydown, we recorded a $ 5.1 million recovery for credit losses in the first quarter of 2022 related to the Guardian mortgage loan. In the second quarter of 2022, we agreed to a formal restructuring agreement and amendments to the master lease and mortgage loan with Guardian, which among other adjustments, allowed for the deferral of certain contractual interest as discussed in Note 5 – Contractual Receivables and Other Receivables and Lease Inducements. These amendments were treated as a loan modification provided to a borrower experiencing financial difficulty. Following the execution of the restructuring agreement, Guardian resumed paying contractual rent and interest during the second quarter of 2022 and continued such payments throughout the remainder of 2022, in accordance with the restructuring terms.
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42
The following table presents the components of net periodic benefit expense (income) for employee retirement plans, which other than the service cost component is recorded in other (expense) income, net in the consolidated statements of income (in millions):
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43
<table><tr><td>​ ​ ​ ​</td><td>​ ​ ​ ​</td><td>​ ​ ​ ​</td><td>​ ​ ​ ​</td><td>​ ​ ​ ​</td><td>​ ​ ​ ​</td></tr><tr><td>​ ​</td><td>​ ​</td><td>​ ​</td><td>​ ​</td><td>Weighted-Average</td></tr><tr><td>​ ​</td><td>​ ​</td><td>​ ​</td><td>​ ​</td><td>Grant Date Fair</td></tr><tr><td>​ ​</td><td></td><td>Unvested Shares</td><td>​ ​</td><td>Value Per Share</td></tr><tr><td>Outstanding at December 31, 2023</td><td></td><td>259,532</td><td>​ ​</td><td>$</td><td>113.68</td></tr><tr><td>Granted</td><td></td><td>113,166</td><td>​ ​</td><td>$</td><td>138.29</td></tr><tr><td>Vested and issued</td><td></td><td>( 153,555 )</td><td>​ ​</td><td>$</td><td>97.35</td></tr><tr><td>Outstanding at December 31, 2024</td><td></td><td>219,143</td><td>​ ​</td><td>$</td><td>137.83</td></tr></table>
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44
The Company had 2,300 outstanding shares of Fixed Rate Cumulative Convertible Preferred Stock, Series A (the “Preferred Stock”) as of December 31, 2020. On January 16, 2021, the Preferred Stock became convertible into 115 million common shares. On April 5, 2021 Corning and Samsung Display Co., Ltd. (“SDC”) executed the Share Repurchase Agreement (“SRA”), and the Preferred Stock was fully converted as of April 8, 2021. Immediately following the conversion, Corning repurchased and retired 35 million of the common shares held by SDC for an aggregate purchase price of approximately $ 1.5 billion, of which approximately $ 507 million was paid in April in each of 2023, 2022 and 2021.
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45
The following table presents the activity under our common share repurchase program for each of the months in the quarter ended December 31, 2024.
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46
Assuming a countercyclical buffer of 0%, the minimum capital ratios as of January 1, 2025, including a capital conservation buffer and an SCB of 2.5% for advanced and standardized approaches, respectively, and a G-SIB surcharge of 1.0%, are 8.0% for CET1 capital, 9.5% for Tier 1 risk-based capital and 11.5% for total risk-based capital, in order for us to make capital distributions and discretionary bonus payments without limitation.
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47
– governs all matters relating to the provision of shared services between the Company and GE on a transitional basis. The services the Company receives include support for information technology, human resources, supply chain, finance, and facilities services, among others. Some of these costs were included in the allocations from GE prior to Spin-Off. The services generally commenced on the date of the Spin-Off and terminated in the 24 months following the Distribution Date depending upon the related transitional service. We incurred $ 172 million, n
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48
Table of Contents WASTE CONNECTIONS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE, PER TON AND PER GALLON AMOUNTS OR AS OTHERWISE NOTED) ​
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49
Pursuant to the Credit Agreement, on July 1, 2023, an interest rate based on the London Interbank Offered Rate was automatically replaced with an interest rate based on the SOFR as the interest rate benchmark for loans denominated in U.S. Dollars under the Revolving Credit Facility available under the Credit Agreement. On the same date, we entered into the Twelfth Amendment to the Credit Agreement to reflect this transition and make other related conforming changes to the Credit Agreement.
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<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>(in millions)</td><td></td><td>Severance and Related Costs</td></tr><tr><td>Balance as of December 31, 2022</td><td></td><td>$</td><td>26</td><td></td></tr><tr><td>Expense, net of reversals</td><td></td><td>84</td><td></td></tr><tr><td>Payments</td><td></td><td>( 74 )</td><td></td></tr><tr><td></td><td></td><td></td></tr><tr><td>Balance as of December 31, 2023</td><td></td><td>$</td><td>36</td><td></td></tr><tr><td>Expense, net of reversals</td><td></td><td>67 </td><td></td></tr><tr><td>Payments</td><td></td><td>( 81 )</td><td></td></tr><tr><td>Foreign currency translation and other</td><td></td><td>( 1 )</td><td></td></tr><tr><td>Balance as of December 31, 2024</td><td></td><td>$</td><td>21 </td><td></td></tr></table>
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51
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td>Year Ended December 31,</td></tr><tr><td>(dollars in millions)</td><td></td><td>2024</td><td></td><td>2023</td><td></td><td>2022</td></tr><tr><td>Depreciation and amortization</td><td></td><td>$</td><td>1,114</td><td></td><td></td><td>$</td><td>1,125</td><td></td><td></td><td>$</td><td>1,130</td><td></td></tr><tr><td>% of revenues</td><td></td><td>7.2</td><td>%</td><td></td><td>7.5</td><td>%</td><td></td><td>7.8</td><td>%</td></tr></table>
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We have committed to fund the construction of new leased and mortgaged facilities, capital improvements and other commitments. We expect the funding of these commitments to be completed over the next several years. Our remaining commitments at December 31, 2024, are outlined in the table below (in thousands):
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