10-Q 1 pnw-20210930.htm 10-Q pnw-20210930
0000764622false12/312021Q30000007286false12/312021Q30000764622pnw:ArizonaPublicServiceCompanyMember2021-01-012021-09-3000007646222021-01-012021-09-30xbrli:shares00007646222021-10-290000764622pnw:ArizonaPublicServiceCompanyMember2021-10-29iso4217:USD00007646222021-07-012021-09-3000007646222020-07-012020-09-3000007646222020-01-012020-09-30iso4217:USDxbrli:shares00007646222021-09-3000007646222020-12-3100007646222019-12-3100007646222020-09-300000764622us-gaap:CommonStockMember2021-06-300000764622us-gaap:TreasuryStockMember2021-06-300000764622us-gaap:RetainedEarningsMember2021-06-300000764622us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300000764622us-gaap:NoncontrollingInterestMember2021-06-3000007646222021-06-300000764622us-gaap:RetainedEarningsMember2021-07-012021-09-300000764622us-gaap:NoncontrollingInterestMember2021-07-012021-09-300000764622us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300000764622us-gaap:CommonStockMember2021-07-012021-09-300000764622us-gaap:CommonStockMember2021-09-300000764622us-gaap:TreasuryStockMember2021-09-300000764622us-gaap:RetainedEarningsMember2021-09-300000764622us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300000764622us-gaap:NoncontrollingInterestMember2021-09-300000764622us-gaap:CommonStockMember2020-06-300000764622us-gaap:TreasuryStockMember2020-06-300000764622us-gaap:RetainedEarningsMember2020-06-300000764622us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300000764622us-gaap:NoncontrollingInterestMember2020-06-3000007646222020-06-300000764622us-gaap:RetainedEarningsMember2020-07-012020-09-300000764622us-gaap:NoncontrollingInterestMember2020-07-012020-09-300000764622us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300000764622us-gaap:CommonStockMember2020-07-012020-09-300000764622us-gaap:TreasuryStockMember2020-07-012020-09-300000764622us-gaap:CommonStockMember2020-09-300000764622us-gaap:TreasuryStockMember2020-09-300000764622us-gaap:RetainedEarningsMember2020-09-300000764622us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-300000764622us-gaap:NoncontrollingInterestMember2020-09-300000764622us-gaap:CommonStockMember2020-12-310000764622us-gaap:TreasuryStockMember2020-12-310000764622us-gaap:RetainedEarningsMember2020-12-310000764622us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000764622us-gaap:NoncontrollingInterestMember2020-12-310000764622us-gaap:RetainedEarningsMember2021-01-012021-09-300000764622us-gaap:NoncontrollingInterestMember2021-01-012021-09-300000764622us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-09-300000764622us-gaap:CommonStockMember2021-01-012021-09-300000764622us-gaap:TreasuryStockMember2021-01-012021-09-300000764622us-gaap:CommonStockMember2019-12-310000764622us-gaap:TreasuryStockMember2019-12-310000764622us-gaap:RetainedEarningsMember2019-12-310000764622us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000764622us-gaap:NoncontrollingInterestMember2019-12-310000764622us-gaap:RetainedEarningsMember2020-01-012020-09-300000764622us-gaap:NoncontrollingInterestMember2020-01-012020-09-300000764622us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-09-300000764622us-gaap:CommonStockMember2020-01-012020-09-300000764622us-gaap:TreasuryStockMember2020-01-012020-09-300000764622pnw:ArizonaPublicServiceCompanyMember2021-07-012021-09-300000764622pnw:ArizonaPublicServiceCompanyMember2020-07-012020-09-300000764622pnw:ArizonaPublicServiceCompanyMember2020-01-012020-09-300000764622pnw:ArizonaPublicServiceCompanyMember2021-09-300000764622pnw:ArizonaPublicServiceCompanyMember2020-12-310000764622pnw:ArizonaPublicServiceCompanyMember2019-12-310000764622pnw:ArizonaPublicServiceCompanyMember2020-09-300000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:CommonStockMember2021-06-300000764622us-gaap:AdditionalPaidInCapitalMemberpnw:ArizonaPublicServiceCompanyMember2021-06-300000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:RetainedEarningsMember2021-06-300000764622us-gaap:AccumulatedOtherComprehensiveIncomeMemberpnw:ArizonaPublicServiceCompanyMember2021-06-300000764622us-gaap:NoncontrollingInterestMemberpnw:ArizonaPublicServiceCompanyMember2021-06-300000764622pnw:ArizonaPublicServiceCompanyMember2021-06-300000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:RetainedEarningsMember2021-07-012021-09-300000764622us-gaap:NoncontrollingInterestMemberpnw:ArizonaPublicServiceCompanyMember2021-07-012021-09-300000764622us-gaap:AccumulatedOtherComprehensiveIncomeMemberpnw:ArizonaPublicServiceCompanyMember2021-07-012021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:CommonStockMember2021-09-300000764622us-gaap:AdditionalPaidInCapitalMemberpnw:ArizonaPublicServiceCompanyMember2021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:RetainedEarningsMember2021-09-300000764622us-gaap:AccumulatedOtherComprehensiveIncomeMemberpnw:ArizonaPublicServiceCompanyMember2021-09-300000764622us-gaap:NoncontrollingInterestMemberpnw:ArizonaPublicServiceCompanyMember2021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:CommonStockMember2020-06-300000764622us-gaap:AdditionalPaidInCapitalMemberpnw:ArizonaPublicServiceCompanyMember2020-06-300000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:RetainedEarningsMember2020-06-300000764622us-gaap:AccumulatedOtherComprehensiveIncomeMemberpnw:ArizonaPublicServiceCompanyMember2020-06-300000764622us-gaap:NoncontrollingInterestMemberpnw:ArizonaPublicServiceCompanyMember2020-06-300000764622pnw:ArizonaPublicServiceCompanyMember2020-06-300000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:RetainedEarningsMember2020-07-012020-09-300000764622us-gaap:NoncontrollingInterestMemberpnw:ArizonaPublicServiceCompanyMember2020-07-012020-09-300000764622us-gaap:AccumulatedOtherComprehensiveIncomeMemberpnw:ArizonaPublicServiceCompanyMember2020-07-012020-09-300000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:CommonStockMember2020-09-300000764622us-gaap:AdditionalPaidInCapitalMemberpnw:ArizonaPublicServiceCompanyMember2020-09-300000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:RetainedEarningsMember2020-09-300000764622us-gaap:AccumulatedOtherComprehensiveIncomeMemberpnw:ArizonaPublicServiceCompanyMember2020-09-300000764622us-gaap:NoncontrollingInterestMemberpnw:ArizonaPublicServiceCompanyMember2020-09-300000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:CommonStockMember2020-12-310000764622us-gaap:AdditionalPaidInCapitalMemberpnw:ArizonaPublicServiceCompanyMember2020-12-310000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:RetainedEarningsMember2020-12-310000764622us-gaap:AccumulatedOtherComprehensiveIncomeMemberpnw:ArizonaPublicServiceCompanyMember2020-12-310000764622us-gaap:NoncontrollingInterestMemberpnw:ArizonaPublicServiceCompanyMember2020-12-310000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:RetainedEarningsMember2021-01-012021-09-300000764622us-gaap:NoncontrollingInterestMemberpnw:ArizonaPublicServiceCompanyMember2021-01-012021-09-300000764622us-gaap:AccumulatedOtherComprehensiveIncomeMemberpnw:ArizonaPublicServiceCompanyMember2021-01-012021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:CommonStockMember2019-12-310000764622us-gaap:AdditionalPaidInCapitalMemberpnw:ArizonaPublicServiceCompanyMember2019-12-310000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:RetainedEarningsMember2019-12-310000764622us-gaap:AccumulatedOtherComprehensiveIncomeMemberpnw:ArizonaPublicServiceCompanyMember2019-12-310000764622us-gaap:NoncontrollingInterestMemberpnw:ArizonaPublicServiceCompanyMember2019-12-310000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:RetainedEarningsMember2020-01-012020-09-300000764622us-gaap:NoncontrollingInterestMemberpnw:ArizonaPublicServiceCompanyMember2020-01-012020-09-300000764622us-gaap:AccumulatedOtherComprehensiveIncomeMemberpnw:ArizonaPublicServiceCompanyMember2020-01-012020-09-300000764622pnw:RetailResidentialMemberpnw:ElectricServiceMember2021-07-012021-09-300000764622pnw:RetailResidentialMemberpnw:ElectricServiceMember2020-07-012020-09-300000764622pnw:RetailResidentialMemberpnw:ElectricServiceMember2021-01-012021-09-300000764622pnw:RetailResidentialMemberpnw:ElectricServiceMember2020-01-012020-09-300000764622pnw:ElectricServiceMemberpnw:RetailNonResidentialMember2021-07-012021-09-300000764622pnw:ElectricServiceMemberpnw:RetailNonResidentialMember2020-07-012020-09-300000764622pnw:ElectricServiceMemberpnw:RetailNonResidentialMember2021-01-012021-09-300000764622pnw:ElectricServiceMemberpnw:RetailNonResidentialMember2020-01-012020-09-300000764622pnw:ElectricServiceMemberpnw:WholesaleMember2021-07-012021-09-300000764622pnw:ElectricServiceMemberpnw:WholesaleMember2020-07-012020-09-300000764622pnw:ElectricServiceMemberpnw:WholesaleMember2021-01-012021-09-300000764622pnw:ElectricServiceMemberpnw:WholesaleMember2020-01-012020-09-300000764622pnw:TransmissionServicesMember2021-07-012021-09-300000764622pnw:TransmissionServicesMember2020-07-012020-09-300000764622pnw:TransmissionServicesMember2021-01-012021-09-300000764622pnw:TransmissionServicesMember2020-01-012020-09-300000764622pnw:OtherServicesMember2021-07-012021-09-300000764622pnw:OtherServicesMember2020-07-012020-09-300000764622pnw:OtherServicesMember2021-01-012021-09-300000764622pnw:OtherServicesMember2020-01-012020-09-300000764622pnw:ElectricandTransmissionServiceMember2021-07-012021-09-300000764622pnw:ElectricandTransmissionServiceMember2021-01-012021-09-300000764622pnw:ElectricandTransmissionServiceMember2020-07-012020-09-300000764622pnw:ElectricandTransmissionServiceMember2020-01-012020-09-3000007646222020-01-012020-12-310000764622srt:ParentCompanyMemberpnw:TermLoanMember2020-05-040000764622srt:ParentCompanyMemberpnw:TermLoanMember2020-05-05xbrli:pure0000764622srt:ParentCompanyMemberpnw:TermLoanMember2021-01-012021-09-300000764622srt:ParentCompanyMemberpnw:TermLoanMember2020-12-230000764622pnw:RevolvingCreditFacilityMaturingJuly2023Membersrt:ParentCompanyMemberus-gaap:RevolvingCreditFacilityMember2021-05-270000764622srt:ParentCompanyMemberpnw:RevolvingCreditFacilityMaturingMay2026Memberus-gaap:RevolvingCreditFacilityMember2021-05-280000764622srt:ParentCompanyMemberpnw:RevolvingCreditFacilityMaturingMay2026Memberus-gaap:RevolvingCreditFacilityMember2021-09-300000764622us-gaap:LetterOfCreditMembersrt:ParentCompanyMemberpnw:RevolvingCreditFacilityMaturingMay2026Member2021-09-300000764622us-gaap:CommercialPaperMembersrt:ParentCompanyMemberpnw:RevolvingCreditFacilityMaturingMay2026Member2021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:UnsecuredDebtMember2021-08-16pnw:creditFacility0000764622pnw:ArizonaPublicServiceCompanyMemberpnw:RevolvingCreditFacilityMaturingin2022and2023Memberus-gaap:RevolvingCreditFacilityMember2021-05-270000764622pnw:ArizonaPublicServiceCompanyMemberpnw:RevolvingCreditFacilityMaturingJune2022Memberus-gaap:RevolvingCreditFacilityMember2021-05-270000764622pnw:ArizonaPublicServiceCompanyMemberpnw:RevolvingCreditFacilityMaturingJuly2023Memberus-gaap:RevolvingCreditFacilityMember2021-05-270000764622pnw:ArizonaPublicServiceCompanyMemberpnw:RevolvingCreditFacilityMaturingMay2026FacilityOneMemberus-gaap:RevolvingCreditFacilityMember2021-05-280000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:RevolvingCreditFacilityMemberpnw:RevolvingCreditFacilityMaturingMay2026FacilityTwoMember2021-05-280000764622pnw:ArizonaPublicServiceCompanyMemberpnw:RevolvingCreditFacilityMaturingMay2026Memberus-gaap:RevolvingCreditFacilityMember2021-05-280000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:CommercialPaperMember2021-05-280000764622pnw:ArizonaPublicServiceCompanyMemberpnw:RevolvingCreditFacilityMaturingin2022and2023Memberus-gaap:RevolvingCreditFacilityMember2021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:LetterOfCreditMemberpnw:RevolvingCreditFacilityMaturingMay2026Member2021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:CommercialPaperMemberpnw:RevolvingCreditFacilityMaturingMay2026Member2021-09-300000764622pnw:ArizonaPublicServiceCompanyMember2020-12-170000764622srt:ParentCompanyMember2021-09-300000764622srt:ParentCompanyMember2020-12-310000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:DamageFromFireExplosionOrOtherHazardMember2021-01-212021-01-210000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:DamageFromFireExplosionOrOtherHazardMember2021-01-210000764622pnw:ArizonaPublicServiceCompanyMember2021-02-012021-02-280000764622pnw:ArizonaPublicServiceCompanyMember2020-05-050000764622pnw:ArizonaPublicServiceCompanyMember2020-12-012020-12-310000764622pnw:ArizonaPublicServiceCompanyMembersrt:MinimumMemberpnw:ArizonaCorporationCommissionMember2019-10-312019-10-310000764622pnw:ArizonaPublicServiceCompanyMemberpnw:RetailRateCaseFilingwithArizonaCorporationCommissionMemberpnw:ArizonaCorporationCommissionMember2019-10-312019-10-310000764622pnw:ArizonaPublicServiceCompanyMemberpnw:ArizonaCorporationCommissionMember2019-10-312019-10-310000764622pnw:ArizonaPublicServiceCompanyMemberpnw:RetailRateCaseFilingwithArizonaCorporationCommissionMemberpnw:ArizonaCorporationCommissionMember2019-06-302019-06-300000764622pnw:ArizonaPublicServiceCompanyMember2019-10-312019-10-310000764622pnw:ArizonaPublicServiceCompanyMemberpnw:RetailRateCaseFilingwithArizonaCorporationCommissionMember2019-10-312019-10-31iso4217:USDutr:kWhutr:GW0000764622pnw:ArizonaCorporationCommissionMember2020-10-020000764622pnw:ResidentialUtilityConsumerOfficeMember2020-10-020000764622pnw:ArizonaCorporationCommissionMember2020-11-060000764622pnw:ArizonaCorporationCommissionMemberpnw:CoalCommunityTransitionPlanMember2020-11-060000764622pnw:ArizonaCorporationCommissionMemberpnw:CoalCommunityTransitionPlanMember2020-11-062020-11-060000764622pnw:NavajoNationEconomicDevelopmentOrganizationMemberpnw:ArizonaCorporationCommissionMemberpnw:CoalCommunityTransitionPlanMember2020-11-060000764622pnw:NavajoNationEconomicDevelopmentOrganizationMemberpnw:ArizonaCorporationCommissionMemberpnw:CoalCommunityTransitionPlanMember2020-11-062020-11-060000764622pnw:NavajoNationElectrificationProjectsMemberpnw:ArizonaCorporationCommissionMemberpnw:CoalCommunityTransitionPlanMember2020-11-060000764622pnw:ArizonaCorporationCommissionMemberpnw:NavajoNationTransmissionRevenueSharingMemberpnw:CoalCommunityTransitionPlanMember2020-11-060000764622pnw:NavajoCountyCommunitiesChollaPowerPlantClosureMemberpnw:ArizonaCorporationCommissionMemberpnw:CoalCommunityTransitionPlanMember2020-11-060000764622pnw:NavajoCountyCommunitiesChollaPowerPlantClosureMemberpnw:ArizonaCorporationCommissionMemberpnw:CoalCommunityTransitionPlanMember2020-11-062020-11-060000764622pnw:ArizonaCorporationCommissionMemberpnw:NavajoNationGenerationStationMemberpnw:CoalCommunityTransitionPlanMember2020-11-060000764622pnw:ArizonaCorporationCommissionMemberpnw:CoalCommunityTransitionPlanMember2020-12-310000764622pnw:ArizonaCorporationCommissionMember2020-12-040000764622pnw:ResidentialUtilityConsumerOfficeMember2020-12-040000764622pnw:ArizonaPublicServiceCompanyMemberpnw:RetailRateCaseFilingwithArizonaCorporationCommissionMemberpnw:ArizonaCorporationCommissionMember2021-08-020000764622pnw:NavajoNationEconomicDevelopmentOrganizationMemberpnw:ArizonaPublicServiceCompanyMemberpnw:RetailRateCaseFilingwithArizonaCorporationCommissionMemberpnw:ArizonaCorporationCommissionMemberpnw:CoalCommunityTransitionPlanMember2021-08-020000764622pnw:NavajoNationEconomicDevelopmentOrganizationMemberpnw:ArizonaPublicServiceCompanyMemberpnw:RetailRateCaseFilingwithArizonaCorporationCommissionMemberpnw:ArizonaCorporationCommissionMemberpnw:CoalCommunityTransitionPlanMember2021-08-022021-08-020000764622pnw:ArizonaPublicServiceCompanyMemberpnw:NavajoCountyCommunitiesChollaPowerPlantClosureMemberpnw:RetailRateCaseFilingwithArizonaCorporationCommissionMemberpnw:ArizonaCorporationCommissionMemberpnw:CoalCommunityTransitionPlanMember2021-08-020000764622pnw:ArizonaPublicServiceCompanyMemberpnw:NavajoCountyCommunitiesChollaPowerPlantClosureMemberpnw:RetailRateCaseFilingwithArizonaCorporationCommissionMemberpnw:ArizonaCorporationCommissionMemberpnw:CoalCommunityTransitionPlanMember2021-08-022021-08-020000764622pnw:NavajoNationHopiTribeMemberpnw:ArizonaPublicServiceCompanyMemberpnw:RetailRateCaseFilingwithArizonaCorporationCommissionMemberpnw:ArizonaCorporationCommissionMemberpnw:CoalCommunityTransitionPlanMember2021-08-020000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:SubsequentEventMemberpnw:RetailRateCaseFilingwithArizonaCorporationCommissionMemberpnw:ArizonaCorporationCommissionMember2021-10-270000764622pnw:NavajoNationHopiTribeMemberpnw:ArizonaPublicServiceCompanyMemberus-gaap:SubsequentEventMemberpnw:RetailRateCaseFilingwithArizonaCorporationCommissionMemberpnw:ArizonaCorporationCommissionMemberpnw:CoalCommunityTransitionPlanMember2021-10-272021-10-270000764622pnw:NavajoNationHopiTribeMemberpnw:ArizonaPublicServiceCompanyMemberus-gaap:SubsequentEventMemberpnw:RetailRateCaseFilingwithArizonaCorporationCommissionMemberpnw:ArizonaCorporationCommissionMemberpnw:CoalCommunityTransitionPlanMember2021-10-270000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:SubsequentEventMemberpnw:RetailRateCaseFilingwithArizonaCorporationCommissionMemberpnw:NavajoNationMemberpnw:ArizonaCorporationCommissionMemberpnw:CoalCommunityTransitionPlanMember2021-10-270000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:SubsequentEventMemberpnw:RetailRateCaseFilingwithArizonaCorporationCommissionMemberpnw:NavajoNationMemberpnw:ArizonaCorporationCommissionMemberpnw:CoalCommunityTransitionPlanMember2021-10-272021-10-270000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:SubsequentEventMemberpnw:NavajoCountyCommunitiesChollaPowerPlantClosureMemberpnw:RetailRateCaseFilingwithArizonaCorporationCommissionMemberpnw:ArizonaCorporationCommissionMemberpnw:CoalCommunityTransitionPlanMember2021-10-270000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:SubsequentEventMemberpnw:NavajoCountyCommunitiesChollaPowerPlantClosureMemberpnw:RetailRateCaseFilingwithArizonaCorporationCommissionMemberpnw:ArizonaCorporationCommissionMemberpnw:CoalCommunityTransitionPlanMember2021-10-272021-10-270000764622pnw:NavajoNationHopiReservationMemberpnw:ArizonaPublicServiceCompanyMemberus-gaap:SubsequentEventMemberpnw:RetailRateCaseFilingwithArizonaCorporationCommissionMemberpnw:ArizonaCorporationCommissionMemberpnw:CoalCommunityTransitionPlanMember2021-10-270000764622pnw:NavajoNationHopiReservationMemberpnw:ArizonaPublicServiceCompanyMemberus-gaap:SubsequentEventMemberpnw:RetailRateCaseFilingwithArizonaCorporationCommissionMemberpnw:ArizonaCorporationCommissionMemberpnw:CoalCommunityTransitionPlanMember2021-10-272021-10-270000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:SubsequentEventMemberpnw:RetailRateCaseFilingwithArizonaCorporationCommissionMemberpnw:ArizonaCorporationCommissionMemberpnw:CoalCommunityTransitionPlanMemberpnw:NavajoNationReservationMember2021-10-270000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:SubsequentEventMemberpnw:RetailRateCaseFilingwithArizonaCorporationCommissionMemberpnw:ArizonaCorporationCommissionMemberpnw:CoalCommunityTransitionPlanMemberpnw:NavajoNationReservationMember2021-10-272021-10-270000764622pnw:ArizonaPublicServiceCompanyMemberpnw:RetailRateCaseFilingwithArizonaCorporationCommissionMemberpnw:ArizonaCorporationCommissionMember2017-03-272017-03-270000764622pnw:ArizonaPublicServiceCompanyMemberpnw:AZSunProgramPhase2Memberpnw:RetailRateCaseFilingwithArizonaCorporationCommissionMemberpnw:ArizonaCorporationCommissionMember2017-03-272017-03-270000764622pnw:ArizonaPublicServiceCompanyMemberpnw:RetailRateCaseFilingwithArizonaCorporationCommissionMembersrt:MinimumMemberpnw:ArizonaCorporationCommissionMember2017-03-272017-03-270000764622pnw:ArizonaPublicServiceCompanyMemberpnw:RetailRateCaseFilingwithArizonaCorporationCommissionMembersrt:MaximumMemberpnw:ArizonaCorporationCommissionMember2017-03-272017-03-270000764622pnw:ArizonaPublicServiceCompanyMemberpnw:ArizonaRenewableEnergyStandardAndTariffMemberpnw:ArizonaCorporationCommissionMember2021-01-012021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:SolarCommunitiesMemberpnw:ArizonaCorporationCommissionMemberpnw:ArizonaRenewableEnergyStandardandTariff2018Member2017-11-202017-11-200000764622pnw:ArizonaPublicServiceCompanyMemberpnw:SolarCommunitiesMembersrt:MinimumMemberpnw:ArizonaCorporationCommissionMemberpnw:ArizonaRenewableEnergyStandardandTariff2018Member2017-11-202017-11-200000764622pnw:ArizonaPublicServiceCompanyMemberpnw:SolarCommunitiesMembersrt:MaximumMemberpnw:ArizonaCorporationCommissionMemberpnw:ArizonaRenewableEnergyStandardandTariff2018Member2017-11-202017-11-200000764622pnw:ArizonaPublicServiceCompanyMemberpnw:ArizonaCorporationCommissionMemberpnw:ArizonaRenewableEnergyStandardandTariff2018Member2019-07-010000764622pnw:ArizonaPublicServiceCompanyMemberpnw:ArizonaCorporationCommissionMemberpnw:ArizonaRenewableEnergyStandardandTariff2018Member2020-07-010000764622pnw:ArizonaPublicServiceCompanyMemberpnw:ArizonaCorporationCommissionMemberpnw:ArizonaRenewableEnergyStandardandTariff2018Member2021-06-072021-06-070000764622pnw:ArizonaPublicServiceCompanyMemberpnw:ArizonaCorporationCommissionMemberpnw:ArizonaRenewableEnergyStandardandTariff2018Member2021-07-010000764622pnw:DemandSideManagementAdjustorCharge2018Memberpnw:ArizonaPublicServiceCompanyMemberpnw:ArizonaCorporationCommissionMember2017-09-010000764622pnw:DemandSideManagementAdjustorCharge2018Memberpnw:ArizonaPublicServiceCompanyMemberpnw:ArizonaCorporationCommissionMember2017-11-140000764622pnw:ArizonaPublicServiceCompanyMemberpnw:DemandSideManagementAdjustorCharge2019Memberpnw:ArizonaCorporationCommissionMember2018-12-310000764622pnw:ArizonaPublicServiceCompanyMemberpnw:ArizonaCorporationCommissionMemberpnw:DemandSideManagementAdjustorCharge2020Member2019-12-310000764622pnw:ArizonaPublicServiceCompanyMemberpnw:ArizonaCorporationCommissionMemberpnw:DemandSideManagementAdjustorCharge2020Member2020-05-150000764622pnw:ArizonaPublicServiceCompanyMemberpnw:DemandSideManagementAdjustorCharge2021Memberpnw:ArizonaCorporationCommissionMember2020-12-310000764622pnw:ArizonaPublicServiceCompanyMemberpnw:PowerSupplyAdjustorMemberpnw:ArizonaCorporationCommissionMember2020-12-310000764622pnw:ArizonaPublicServiceCompanyMemberpnw:PowerSupplyAdjustorMemberpnw:ArizonaCorporationCommissionMember2019-12-310000764622pnw:ArizonaPublicServiceCompanyMemberpnw:PowerSupplyAdjustorMemberpnw:ArizonaCorporationCommissionMember2021-01-012021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:PowerSupplyAdjustorMemberpnw:ArizonaCorporationCommissionMember2020-01-012020-09-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:PowerSupplyAdjustorMemberpnw:ArizonaCorporationCommissionMember2021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:PowerSupplyAdjustorMemberpnw:ArizonaCorporationCommissionMember2020-09-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:PowerSupplyAdjustorMemberpnw:ArizonaCorporationCommissionMember2019-02-012019-02-010000764622pnw:ArizonaPublicServiceCompanyMemberpnw:PowerSupplyAdjustorMemberpnw:ArizonaCorporationCommissionMember2018-02-012018-02-010000764622pnw:ArizonaPublicServiceCompanyMemberpnw:CostRecoveryMechanismsMemberpnw:PowerSupplyAdjustorMemberpnw:ArizonaCorporationCommissionMember2019-02-012019-02-010000764622pnw:ArizonaPublicServiceCompanyMemberpnw:PowerSupplyAdjustorMemberpnw:ArizonaCorporationCommissionMember2020-02-012020-02-010000764622pnw:ArizonaPublicServiceCompanyMemberpnw:CostRecoveryMechanismsMemberpnw:PowerSupplyAdjustorMemberpnw:ArizonaCorporationCommissionMember2020-02-012020-02-010000764622pnw:ArizonaPublicServiceCompanyMemberpnw:PowerSupplyAdjustorMemberpnw:ArizonaCorporationCommissionMember2021-02-012021-02-010000764622pnw:ArizonaPublicServiceCompanyMemberpnw:CostRecoveryMechanismsMemberpnw:PowerSupplyAdjustorMemberpnw:ArizonaCorporationCommissionMember2021-02-012021-02-010000764622pnw:ArizonaPublicServiceCompanyMember2021-03-012021-03-310000764622pnw:ArizonaPublicServiceCompanyMemberpnw:PowerSupplyAdjustorMemberpnw:ArizonaCorporationCommissionMember2021-04-012021-04-010000764622pnw:ArizonaPublicServiceCompanyMemberpnw:PowerSupplyAdjustorMemberpnw:ArizonaCorporationCommissionMembersrt:ScenarioForecastMember2021-11-012021-11-01pnw:agreement0000764622pnw:ArizonaPublicServiceCompanyMemberpnw:CostRecoveryMechanismsMemberpnw:PowerSupplyAdjustorMemberpnw:ArizonaCorporationCommissionMember2019-03-150000764622pnw:ArizonaPublicServiceCompanyMemberpnw:UnitedStatesFederalEnergyRegulatoryCommissionMemberpnw:EnvironmentalImprovementSurchargeMember2021-02-012021-02-010000764622pnw:ArizonaPublicServiceCompanyMemberpnw:OpenAccessTransmissionTariffMemberpnw:UnitedStatesFederalEnergyRegulatoryCommissionMember2019-06-012019-06-010000764622pnw:ArizonaPublicServiceCompanyMemberpnw:OpenAccessTransmissionTariffMemberpnw:UnitedStatesFederalEnergyRegulatoryCommissionMember2020-06-012020-06-010000764622pnw:ArizonaPublicServiceCompanyMemberpnw:OpenAccessTransmissionTariffMemberpnw:UnitedStatesFederalEnergyRegulatoryCommissionMember2021-06-012021-06-010000764622pnw:ArizonaPublicServiceCompanyMemberpnw:LostFixedCostRecoveryMechanismsMember2017-01-012017-12-310000764622pnw:ArizonaPublicServiceCompanyMemberpnw:LostFixedCostRecoveryMechanismsMember2021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:LostFixedCostRecoveryMechanismsMember2018-02-152018-02-150000764622pnw:ArizonaPublicServiceCompanyMemberpnw:LostFixedCostRecoveryMechanismsMember2019-02-152019-02-150000764622pnw:ArizonaPublicServiceCompanyMemberpnw:LostFixedCostRecoveryMechanismsMember2020-02-142020-02-140000764622pnw:ArizonaPublicServiceCompanyMemberpnw:LostFixedCostRecoveryMechanismsMember2021-02-152021-02-150000764622pnw:ArizonaPublicServiceCompanyMemberpnw:ArizonaCorporationCommissionMember2018-01-082018-01-080000764622pnw:ArizonaPublicServiceCompanyMemberpnw:ArizonaCorporationCommissionMember2018-08-132018-08-130000764622pnw:ArizonaPublicServiceCompanyMemberpnw:ArizonaCorporationCommissionMember2019-04-102019-04-100000764622pnw:ArizonaPublicServiceCompanyMemberpnw:ArizonaCorporationCommissionMember2019-10-292019-10-290000764622pnw:ArizonaPublicServiceCompanyMemberpnw:NetMeteringMemberpnw:ArizonaCorporationCommissionMember2017-09-012017-09-010000764622pnw:ArizonaPublicServiceCompanyMemberpnw:NetMeteringMemberpnw:ArizonaCorporationCommissionMember2019-05-012019-05-010000764622pnw:ArizonaPublicServiceCompanyMemberpnw:NetMeteringMemberpnw:ArizonaCorporationCommissionMember2020-05-012020-05-010000764622pnw:ArizonaPublicServiceCompanyMemberpnw:NetMeteringMemberpnw:ArizonaCorporationCommissionMembersrt:ScenarioForecastMember2021-10-012021-10-01pnw:customer00007646222019-11-1400007646222019-11-142019-11-1400007646222020-08-202020-08-2000007646222020-08-200000764622pnw:ArizonaPublicServiceCompanyMemberpnw:A2017SettlementAgreementAndItsCustomerEducationAndOutreachPlanMember2021-02-222021-02-220000764622pnw:ArizonaPublicServiceCompanyMemberpnw:FourCornersUnits4And5Memberpnw:SouthernCaliforniaEdisonCompanyMember2018-04-012018-04-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:FourCornersUnits4And5Memberpnw:SouthernCaliforniaEdisonCompanyMember2018-09-012018-09-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:FourCornersUnits4And5Memberpnw:SouthernCaliforniaEdisonCompanyMember2021-08-022021-08-020000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:SubsequentEventMemberpnw:FourCornersUnits4And5Memberpnw:SouthernCaliforniaEdisonCompanyMember2021-10-272021-10-270000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:SubsequentEventMemberpnw:FourCornersUnits4And5Memberpnw:SouthernCaliforniaEdisonCompanyMember2021-11-022021-11-020000764622pnw:NavajoNationHopiTribeMemberpnw:ArizonaPublicServiceCompanyMemberus-gaap:SubsequentEventMemberpnw:RetailRateCaseFilingwithArizonaCorporationCommissionMemberpnw:ArizonaCorporationCommissionMemberpnw:CoalCommunityTransitionPlanMember2021-10-262021-10-260000764622pnw:ArizonaPublicServiceCompanyMemberpnw:FourCornersUnits4And5Memberpnw:SouthernCaliforniaEdisonCompanyMember2021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:FourCornersUnits4And5Memberpnw:SouthernCaliforniaEdisonCompanyMember2021-09-302021-09-300000764622pnw:RetiredPowerPlantCostsMemberpnw:ArizonaPublicServiceCompanyMember2021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:NavajoPlantMember2021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:NavajoPlantCoalReclamationRegulatoryAssetMember2021-09-300000764622pnw:PensionMember2021-09-300000764622pnw:PensionMember2020-12-310000764622pnw:DeferredFuelandPurchasedPowerMember2021-09-300000764622pnw:DeferredFuelandPurchasedPowerMember2020-12-310000764622us-gaap:DeferredIncomeTaxChargesMember2021-09-300000764622us-gaap:DeferredIncomeTaxChargesMember2020-12-310000764622pnw:RetiredPowerPlantCostsMember2021-09-300000764622pnw:RetiredPowerPlantCostsMember2020-12-310000764622pnw:OctotilloDeferralMember2021-09-300000764622pnw:OctotilloDeferralMember2020-12-310000764622pnw:SCRDeferralMember2021-09-300000764622pnw:SCRDeferralMember2020-12-310000764622pnw:LostFixedCostRecoveryMember2021-09-300000764622pnw:LostFixedCostRecoveryMember2020-12-310000764622pnw:DeferredPropertyTaxesMember2021-09-300000764622pnw:DeferredPropertyTaxesMember2020-12-310000764622pnw:DeferredCompensationMember2021-09-300000764622pnw:DeferredCompensationMember2020-12-310000764622pnw:FourCornersCostDeferralMember2021-09-300000764622pnw:FourCornersCostDeferralMember2020-12-310000764622us-gaap:InvestmentCreditMember2021-09-300000764622us-gaap:InvestmentCreditMember2020-12-310000764622us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-09-300000764622us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-12-310000764622pnw:CoalReclamationMember2021-09-300000764622pnw:CoalReclamationMember2020-12-310000764622us-gaap:LossOnReacquiredDebtMember2021-09-300000764622us-gaap:LossOnReacquiredDebtMember2020-12-310000764622pnw:MeadPhoenixtransmissionlineCIACMember2021-09-300000764622pnw:MeadPhoenixtransmissionlineCIACMember2020-12-310000764622pnw:TaxExpenseAdjustorMechanismMember2021-09-300000764622pnw:TaxExpenseAdjustorMechanismMember2020-12-310000764622pnw:PSAInterestMember2021-09-300000764622pnw:PSAInterestMember2020-12-310000764622pnw:DeferredFuelAndPurchasedPowerMTMCostsMember2021-09-300000764622pnw:DeferredFuelAndPurchasedPowerMTMCostsMember2020-12-310000764622pnw:DemandSideManagementMember2021-09-300000764622pnw:DemandSideManagementMember2020-12-310000764622us-gaap:OtherRegulatoryAssetsLiabilitiesMember2021-09-300000764622us-gaap:OtherRegulatoryAssetsLiabilitiesMember2020-12-310000764622pnw:TaxCutsandJobsActof2017ExcessDeferredIncomeTaxesMemberpnw:ArizonaCorporationCommissionMember2021-09-300000764622pnw:TaxCutsandJobsActof2017ExcessDeferredIncomeTaxesMemberpnw:ArizonaCorporationCommissionMember2020-12-310000764622pnw:UnitedStatesFederalEnergyRegulatoryCommissionMemberpnw:TaxCutsandJobsActof2017ExcessDeferredIncomeTaxesMember2021-09-300000764622pnw:UnitedStatesFederalEnergyRegulatoryCommissionMemberpnw:TaxCutsandJobsActof2017ExcessDeferredIncomeTaxesMember2020-12-310000764622us-gaap:AssetRetirementObligationCostsMember2021-09-300000764622us-gaap:AssetRetirementObligationCostsMember2020-12-310000764622us-gaap:PostretirementBenefitCostsMember2021-09-300000764622us-gaap:PostretirementBenefitCostsMember2020-12-310000764622pnw:DeferredFuelAndPurchasedPowerMTMCostsMember2021-09-300000764622pnw:DeferredFuelAndPurchasedPowerMTMCostsMember2020-12-310000764622us-gaap:RemovalCostsMember2021-09-300000764622us-gaap:RemovalCostsMember2020-12-310000764622us-gaap:DeferredIncomeTaxChargesMember2021-09-300000764622us-gaap:DeferredIncomeTaxChargesMember2020-12-310000764622pnw:FourCornersCoalReclamationMember2021-09-300000764622pnw:FourCornersCoalReclamationMember2020-12-310000764622us-gaap:InvestmentCreditMember2021-09-300000764622us-gaap:InvestmentCreditMember2020-12-310000764622pnw:SpentNuclearFuelMember2021-09-300000764622pnw:SpentNuclearFuelMember2020-12-310000764622us-gaap:RenewableEnergyProgramMember2021-09-300000764622us-gaap:RenewableEnergyProgramMember2020-12-310000764622pnw:FERCTransmissionTrueUpMember2021-09-300000764622pnw:FERCTransmissionTrueUpMember2020-12-310000764622pnw:DeferredPropertyTaxesMember2021-09-300000764622pnw:DeferredPropertyTaxesMember2020-12-310000764622pnw:SundanceMaintenanceMember2021-09-300000764622pnw:SundanceMaintenanceMember2020-12-310000764622pnw:DemandSideManagementMember2021-09-300000764622pnw:DemandSideManagementMember2020-12-310000764622pnw:TaxExpenseAdjustorMechanismMember2021-09-300000764622pnw:TaxExpenseAdjustorMechanismMember2020-12-310000764622pnw:DeferredGainsonUtilityPropertyMember2021-09-300000764622pnw:DeferredGainsonUtilityPropertyMember2020-12-310000764622pnw:ActiveUnionMedicalTrustMember2021-09-300000764622pnw:ActiveUnionMedicalTrustMember2020-12-310000764622pnw:OtherRegulatoryLiabilitiesMember2021-09-300000764622pnw:OtherRegulatoryLiabilitiesMember2020-12-310000764622srt:ScenarioForecastMemberpnw:TaxExpenseAdjustorMechanismMember2021-12-310000764622us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-01-042021-01-040000764622us-gaap:PensionPlansDefinedBenefitMember2021-01-042021-01-040000764622us-gaap:PensionPlansDefinedBenefitMember2021-07-012021-09-300000764622us-gaap:PensionPlansDefinedBenefitMember2020-07-012020-09-300000764622us-gaap:PensionPlansDefinedBenefitMember2021-01-012021-09-300000764622us-gaap:PensionPlansDefinedBenefitMember2020-01-012020-09-300000764622us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-07-012021-09-300000764622us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-07-012020-09-300000764622us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-01-012021-09-300000764622us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-01-012020-09-30pnw:trust0000764622pnw:ArizonaPublicServiceCompanyMember1986-12-31pnw:lease0000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberpnw:SaleLeasebackTransactionPeriodThrough2023Member2021-01-012021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberpnw:SaleLeasebackTransactionPeriodThrough2033Member2021-01-012021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberpnw:SaleLeasebackTransactionPeriod2021Through2033Member2021-01-012021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMembersrt:MaximumMemberpnw:SaleLeasebackTransactionPeriod2021Through2033Member2021-01-012021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-07-012021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-01-012021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-07-012020-09-300000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-01-012020-09-300000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-12-310000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMembersrt:MaximumMember2021-01-012021-09-30utr:GWh0000764622us-gaap:CommodityContractMember2021-09-302021-09-300000764622us-gaap:CommodityContractMember2020-12-312020-12-31utr:Bcf0000764622us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CostOfSalesMember2021-07-012021-09-300000764622us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CostOfSalesMember2020-07-012020-09-300000764622us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CostOfSalesMember2021-01-012021-09-300000764622us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CostOfSalesMember2020-01-012020-09-300000764622us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-07-012021-09-300000764622us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-09-300000764622us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-01-012020-09-300000764622us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-07-012020-09-300000764622us-gaap:CommodityContractMemberus-gaap:CostOfSalesMemberus-gaap:NondesignatedMember2021-07-012021-09-300000764622us-gaap:CommodityContractMemberus-gaap:CostOfSalesMemberus-gaap:NondesignatedMember2020-07-012020-09-300000764622us-gaap:CommodityContractMemberus-gaap:CostOfSalesMemberus-gaap:NondesignatedMember2021-01-012021-09-300000764622us-gaap:CommodityContractMemberus-gaap:CostOfSalesMemberus-gaap:NondesignatedMember2020-01-012020-09-300000764622us-gaap:CommodityContractMemberus-gaap:OtherAssetsMember2021-09-300000764622us-gaap:CommodityContractMemberus-gaap:OtherInvestmentsMember2021-09-300000764622us-gaap:CommodityContractMember2021-09-300000764622us-gaap:CommodityContractMemberus-gaap:OtherLiabilitiesMember2021-09-300000764622us-gaap:CommodityContractMemberpnw:DeferredCreditsMember2021-09-300000764622us-gaap:CommodityContractMemberus-gaap:OtherAssetsMember2020-12-310000764622us-gaap:CommodityContractMemberus-gaap:OtherInvestmentsMember2020-12-310000764622us-gaap:CommodityContractMember2020-12-310000764622us-gaap:CommodityContractMemberus-gaap:OtherLiabilitiesMember2020-12-310000764622us-gaap:CommodityContractMemberpnw:DeferredCreditsMember2020-12-310000764622pnw:TwoCounterpartiesMemberpnw:RiskManagementAssetsMemberus-gaap:CreditConcentrationRiskMember2021-06-302021-06-300000764622pnw:RiskManagementAssetsMemberus-gaap:CreditConcentrationRiskMember2021-09-30pnw:claim0000764622pnw:ArizonaPublicServiceCompanyMemberpnw:ArizonaPublicServiceCompanyandPaloVerdeOwnersvs.UnitedStatesDepartmentofEnergySpentNuclearFuelandWasteDisposalMember2011-07-012020-06-30pnw:timePeriod0000764622pnw:ArizonaPublicServiceCompanyandPaloVerdeOwnersvs.UnitedStatesDepartmentofEnergySpentNuclearFuelandWasteDisposalMember2011-07-012020-06-300000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:SubsequentEventMemberpnw:ArizonaPublicServiceCompanyandPaloVerdeOwnersvs.UnitedStatesDepartmentofEnergySpentNuclearFuelandWasteDisposalMember2021-11-012021-11-010000764622us-gaap:SubsequentEventMemberpnw:ArizonaPublicServiceCompanyandPaloVerdeOwnersvs.UnitedStatesDepartmentofEnergySpentNuclearFuelandWasteDisposalMember2021-11-012021-11-01pnw:powerPlant0000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:PublicUtilitiesInventoryFuelMember2021-01-012021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:ContaminatedGroundwaterWellsMember2021-01-012021-09-30pnw:defendant0000764622pnw:ArizonaPublicServiceCompanyMemberpnw:ContaminatedGroundwaterWellsMember2013-08-062013-08-06pnw:plaintiff0000764622pnw:ArizonaPublicServiceCompanyMemberpnw:ContaminatedGroundwaterWellsMember2016-12-162016-12-160000764622us-gaap:SettledLitigationMemberpnw:ArizonaPublicServiceCompanyMemberpnw:ContaminatedGroundwaterWellsMember2018-04-052018-04-050000764622pnw:ArizonaPublicServiceCompanyMemberpnw:ContaminatedGroundwaterWellsMember2018-04-052018-04-050000764622pnw:ArizonaPublicServiceCompanyMemberpnw:RegionalHazeRulesMemberpnw:FourCornersUnits4And5Member2021-01-012021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:RegionalHazeRulesMemberpnw:FourCornersUnits4And5Memberpnw:NaturalGasTollingLetterOfCreditMember2021-01-012021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:RegionalHazeRulesMemberpnw:FourCornersMemberpnw:FourCornersUnits4And5Member2021-01-012021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:CoalCombustionWasteMemberpnw:FourCornersMember2021-01-012021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:CoalCombustionWasteMemberpnw:ChollaMembersrt:MinimumMember2021-01-012021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:CoalCombustionWasteMemberpnw:NavajoGeneratingStationMember2021-01-012021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:CoalCombustionWasteMembersrt:MinimumMemberpnw:ChollaandFourCornersMember2021-01-012021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:CoalCombustionWasteMembersrt:MaximumMemberpnw:ChollaandFourCornersMember2021-01-012021-09-300000764622pnw:FourCornersMemberpnw:A4CAcquisitionLLCMember2016-07-062016-07-060000764622pnw:FourCornersMemberpnw:NavajoTransitionalEnergyCompanyLLCMember2016-07-062016-07-060000764622pnw:FourCornersMemberpnw:NavajoTransitionalEnergyCompanyLLCMember2018-07-032018-07-030000764622pnw:FourCornersMemberpnw:A4CAcquisitionLLCMember2021-09-300000764622pnw:FourCornersMemberpnw:CoalSupplyAgreementArbitrationMemberpnw:NavajoTransitionalEnergyCompanyLLCMember2016-07-062016-07-060000764622pnw:FourCornersMemberpnw:A4CAcquisitionLLCMemberpnw:CoalSupplyAgreementArbitrationMember2021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:LettersofCreditExpiringin2020Member2021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:SuretyBondsExpiringin2020Member2021-09-300000764622pnw:SCRDeferralMember2021-07-012021-09-300000764622pnw:SCRDeferralMember2020-07-012020-09-300000764622pnw:SCRDeferralMember2021-01-012021-09-300000764622pnw:SCRDeferralMember2020-01-012020-09-300000764622pnw:OctotilloDeferralMember2021-07-012021-09-300000764622pnw:OctotilloDeferralMember2020-07-012020-09-300000764622pnw:OctotilloDeferralMember2021-01-012021-09-300000764622pnw:OctotilloDeferralMember2020-01-012020-09-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:SCRDeferralMember2021-07-012021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:SCRDeferralMember2020-07-012020-09-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:SCRDeferralMember2021-01-012021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:SCRDeferralMember2020-01-012020-09-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:OctotilloDeferralMember2021-07-012021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:OctotilloDeferralMember2020-07-012020-09-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:OctotilloDeferralMember2021-01-012021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:OctotilloDeferralMember2020-01-012020-09-300000764622us-gaap:FairValueInputsLevel1Member2021-09-300000764622us-gaap:FairValueInputsLevel2Member2021-09-300000764622us-gaap:FairValueInputsLevel3Member2021-09-300000764622us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel1Member2021-09-300000764622us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-09-300000764622us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-09-300000764622us-gaap:EquitySecuritiesMember2021-09-300000764622us-gaap:FairValueInputsLevel1Memberpnw:USCommingledFundsMember2021-09-300000764622pnw:USCommingledFundsMemberus-gaap:FairValueInputsLevel2Member2021-09-300000764622us-gaap:FairValueInputsLevel3Memberpnw:USCommingledFundsMember2021-09-300000764622us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberpnw:USCommingledFundsMember2021-09-300000764622pnw:USCommingledFundsMember2021-09-300000764622us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasurySecuritiesMember2021-09-300000764622us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasurySecuritiesMember2021-09-300000764622us-gaap:FairValueInputsLevel3Memberus-gaap:USTreasurySecuritiesMember2021-09-300000764622us-gaap:USTreasurySecuritiesMember2021-09-300000764622us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2021-09-300000764622us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2021-09-300000764622us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2021-09-300000764622us-gaap:CorporateDebtSecuritiesMember2021-09-300000764622us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesMember2021-09-300000764622us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-09-300000764622us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-09-300000764622us-gaap:MortgageBackedSecuritiesMember2021-09-300000764622us-gaap:FairValueInputsLevel1Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-09-300000764622us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel2Member2021-09-300000764622us-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-09-300000764622us-gaap:USStatesAndPoliticalSubdivisionsMember2021-09-300000764622us-gaap:FairValueInputsLevel1Memberus-gaap:OtherDebtSecuritiesMember2021-09-300000764622us-gaap:OtherDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-09-300000764622us-gaap:FairValueInputsLevel3Memberus-gaap:OtherDebtSecuritiesMember2021-09-300000764622us-gaap:OtherDebtSecuritiesMember2021-09-300000764622us-gaap:FairValueInputsLevel1Member2020-12-310000764622us-gaap:FairValueInputsLevel2Member2020-12-310000764622us-gaap:FairValueInputsLevel3Member2020-12-310000764622us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel1Member2020-12-310000764622us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-12-310000764622us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2020-12-310000764622us-gaap:EquitySecuritiesMember2020-12-310000764622us-gaap:FairValueInputsLevel1Memberpnw:USCommingledFundsMember2020-12-310000764622pnw:USCommingledFundsMemberus-gaap:FairValueInputsLevel2Member2020-12-310000764622us-gaap:FairValueInputsLevel3Memberpnw:USCommingledFundsMember2020-12-310000764622us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberpnw:USCommingledFundsMember2020-12-310000764622pnw:USCommingledFundsMember2020-12-310000764622us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasurySecuritiesMember2020-12-310000764622us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasurySecuritiesMember2020-12-310000764622us-gaap:FairValueInputsLevel3Memberus-gaap:USTreasurySecuritiesMember2020-12-310000764622us-gaap:USTreasurySecuritiesMember2020-12-310000764622us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2020-12-310000764622us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2020-12-310000764622us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2020-12-310000764622us-gaap:CorporateDebtSecuritiesMember2020-12-310000764622us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesMember2020-12-310000764622us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-12-310000764622us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2020-12-310000764622us-gaap:MortgageBackedSecuritiesMember2020-12-310000764622us-gaap:FairValueInputsLevel1Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2020-12-310000764622us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel2Member2020-12-310000764622us-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2020-12-310000764622us-gaap:USStatesAndPoliticalSubdivisionsMember2020-12-310000764622us-gaap:FairValueInputsLevel1Memberus-gaap:OtherDebtSecuritiesMember2020-12-310000764622us-gaap:OtherDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-12-310000764622us-gaap:FairValueInputsLevel3Memberus-gaap:OtherDebtSecuritiesMember2020-12-310000764622us-gaap:OtherDebtSecuritiesMember2020-12-310000764622pnw:ArizonaPublicServiceCompanyMember2020-01-012020-12-3100007646222021-01-042021-01-040000764622us-gaap:EquitySecuritiesMemberpnw:NuclearDecommissioningTrustsMemberpnw:ArizonaPublicServiceCompanyMember2021-09-300000764622us-gaap:EquitySecuritiesMemberpnw:ArizonaPublicServiceCompanyMemberpnw:OtherSpecialUseFundsMember2021-09-300000764622us-gaap:EquitySecuritiesMemberpnw:ArizonaPublicServiceCompanyMember2021-09-300000764622us-gaap:EquitySecuritiesMemberpnw:ArizonaPublicServiceCompanyMember2021-01-012021-09-300000764622pnw:NuclearDecommissioningTrustsMemberpnw:ArizonaPublicServiceCompanyMemberus-gaap:FixedIncomeSecuritiesMember2021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:OtherSpecialUseFundsMemberus-gaap:FixedIncomeSecuritiesMember2021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:FixedIncomeSecuritiesMember2021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:FixedIncomeSecuritiesMember2021-01-012021-09-300000764622pnw:NuclearDecommissioningTrustsMemberpnw:ArizonaPublicServiceCompanyMemberpnw:OtherReceivablesfromBrokerDealersandClearingMember2021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:OtherReceivablesfromBrokerDealersandClearingMemberpnw:OtherSpecialUseFundsMember2021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:OtherReceivablesfromBrokerDealersandClearingMember2021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:OtherReceivablesfromBrokerDealersandClearingMember2021-01-012021-09-300000764622pnw:NuclearDecommissioningTrustsMemberpnw:ArizonaPublicServiceCompanyMember2021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:OtherSpecialUseFundsMember2021-09-300000764622us-gaap:EquitySecuritiesMemberpnw:NuclearDecommissioningTrustsMemberpnw:ArizonaPublicServiceCompanyMember2020-12-310000764622us-gaap:EquitySecuritiesMemberpnw:ArizonaPublicServiceCompanyMemberpnw:OtherSpecialUseFundsMember2020-12-310000764622us-gaap:EquitySecuritiesMemberpnw:ArizonaPublicServiceCompanyMember2020-12-310000764622us-gaap:EquitySecuritiesMemberpnw:ArizonaPublicServiceCompanyMember2020-01-012020-12-310000764622pnw:NuclearDecommissioningTrustsMemberpnw:ArizonaPublicServiceCompanyMemberus-gaap:FixedIncomeSecuritiesMember2020-12-310000764622pnw:ArizonaPublicServiceCompanyMemberpnw:OtherSpecialUseFundsMemberus-gaap:FixedIncomeSecuritiesMember2020-12-310000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:FixedIncomeSecuritiesMember2020-12-310000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:FixedIncomeSecuritiesMember2020-01-012020-12-310000764622pnw:NuclearDecommissioningTrustsMemberpnw:ArizonaPublicServiceCompanyMemberpnw:OtherReceivablesfromBrokerDealersandClearingMember2020-12-310000764622pnw:ArizonaPublicServiceCompanyMemberpnw:OtherReceivablesfromBrokerDealersandClearingMemberpnw:OtherSpecialUseFundsMember2020-12-310000764622pnw:ArizonaPublicServiceCompanyMemberpnw:OtherReceivablesfromBrokerDealersandClearingMember2020-12-310000764622pnw:ArizonaPublicServiceCompanyMemberpnw:OtherReceivablesfromBrokerDealersandClearingMember2020-01-012020-12-310000764622pnw:NuclearDecommissioningTrustsMemberpnw:ArizonaPublicServiceCompanyMember2020-12-310000764622pnw:ArizonaPublicServiceCompanyMemberpnw:OtherSpecialUseFundsMember2020-12-310000764622pnw:NuclearDecommissioningTrustsMemberpnw:ArizonaPublicServiceCompanyMember2021-07-012021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:OtherSpecialUseFundsMember2021-07-012021-09-300000764622pnw:NuclearDecommissioningTrustsMemberpnw:ArizonaPublicServiceCompanyMember2020-07-012020-09-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:OtherSpecialUseFundsMember2020-07-012020-09-300000764622pnw:NuclearDecommissioningTrustsMemberpnw:ArizonaPublicServiceCompanyMember2021-01-012021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:OtherSpecialUseFundsMember2021-01-012021-09-300000764622pnw:NuclearDecommissioningTrustsMemberpnw:ArizonaPublicServiceCompanyMember2020-01-012020-09-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:OtherSpecialUseFundsMember2020-01-012020-09-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:CoalReclamationEscrowAccountsMemberus-gaap:FixedIncomeSecuritiesMember2021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberpnw:ActiveUnionMedicalTrustMemberus-gaap:FixedIncomeSecuritiesMember2021-09-300000764622us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-06-300000764622us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-06-300000764622us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-07-012021-09-300000764622us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-07-012021-09-300000764622us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-09-300000764622us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-09-300000764622us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-06-300000764622us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-06-300000764622us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-07-012020-09-300000764622us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-07-012020-09-300000764622us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-09-300000764622us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-09-300000764622us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-310000764622us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-12-310000764622us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-09-300000764622us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-01-012021-09-300000764622us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-12-310000764622us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-12-310000764622us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-01-012020-09-300000764622us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-01-012020-09-300000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-06-300000764622us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberpnw:ArizonaPublicServiceCompanyMember2021-06-300000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-07-012021-09-300000764622us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberpnw:ArizonaPublicServiceCompanyMember2021-07-012021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-09-300000764622us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberpnw:ArizonaPublicServiceCompanyMember2021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-06-300000764622us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberpnw:ArizonaPublicServiceCompanyMember2020-06-300000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-07-012020-09-300000764622us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberpnw:ArizonaPublicServiceCompanyMember2020-07-012020-09-300000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-09-300000764622us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberpnw:ArizonaPublicServiceCompanyMember2020-09-300000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-310000764622us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberpnw:ArizonaPublicServiceCompanyMember2020-12-310000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-09-300000764622us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberpnw:ArizonaPublicServiceCompanyMember2021-01-012021-09-300000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-12-310000764622us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberpnw:ArizonaPublicServiceCompanyMember2019-12-310000764622pnw:ArizonaPublicServiceCompanyMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-01-012020-09-300000764622us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberpnw:ArizonaPublicServiceCompanyMember2020-01-012020-09-3000007646222017-01-012017-12-310000764622us-gaap:DomesticCountryMember2020-01-012020-03-310000764622us-gaap:DomesticCountryMember2021-01-012021-09-300000764622us-gaap:DomesticCountryMember2020-01-012020-09-300000764622pnw:PurchasedPowerLeaseContractsMember2021-07-012021-09-300000764622pnw:LandPropertyandEquipmentLeasesMember2021-07-012021-09-300000764622pnw:PurchasedPowerLeaseContractsMember2020-07-012020-09-300000764622pnw:LandPropertyandEquipmentLeasesMember2020-07-012020-09-300000764622pnw:PurchasedPowerLeaseContractsMember2021-01-012021-09-300000764622pnw:LandPropertyandEquipmentLeasesMember2021-01-012021-09-300000764622pnw:PurchasedPowerLeaseContractsMember2020-01-012020-09-300000764622pnw:LandPropertyandEquipmentLeasesMember2020-01-012020-09-300000764622pnw:PurchasedPowerLeaseContractsMember2021-09-300000764622pnw:LandPropertyandEquipmentLeasesMember2021-09-300000764622pnw:ChollaMember2021-01-012021-09-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 

FORM 10-Q
 
(Mark One)
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended September 30, 2021
 
OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from              to          
 
Commission File
Number
 Exact Name of Each Registrant as specified in its
charter; State of Incorporation; Address; and
Telephone Number
IRS Employer
Identification No.
1-8962 PINNACLE WEST CAPITAL CORPORATION86-0512431
(an Arizona corporation)
400 North Fifth Street, P.O. Box 53999
PhoenixArizona85072-3999
(602)250-1000
1-4473 ARIZONA PUBLIC SERVICE COMPANY86-0011170
(an Arizona corporation)
400 North Fifth Street, P.O. Box 53999
PhoenixArizona85072-3999
(602)250-1000
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock
PNW
The New York Stock Exchange

Indicate by check mark whether each registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 
PINNACLE WEST CAPITAL CORPORATIONYes
 
No 
 
ARIZONA PUBLIC SERVICE COMPANYYes
 
No 
 
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
PINNACLE WEST CAPITAL CORPORATIONYes
 
No 
 
ARIZONA PUBLIC SERVICE COMPANYYes
 
No 
 
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 PINNACLE WEST CAPITAL CORPORATION
Large accelerated filer
 
Accelerated filer Non-accelerated filer Smaller reporting company
Emerging growth company
 
ARIZONA PUBLIC SERVICE COMPANY
Large accelerated filerAccelerated filer Non-accelerated filer
 
Smaller reporting company
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether each registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
PINNACLE WEST CAPITAL CORPORATIONYes   No 
 
ARIZONA PUBLIC SERVICE COMPANYYes    No 
 
 
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
 
PINNACLE WEST CAPITAL CORPORATIONNumber of shares of common stock, no par value, outstanding as of October 29, 2021: 112,818,823
ARIZONA PUBLIC SERVICE COMPANYNumber of shares of common stock, $2.50 par value, outstanding as of October 29, 2021: 71,264,947
 
Arizona Public Service Company meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this form with the reduced disclosure format allowed under that General Instruction.





TABLE OF CONTENTS
 
This combined Form 10-Q is separately provided by Pinnacle West Capital Corporation (“Pinnacle West”) and Arizona Public Service Company (“APS”).  Any use of the words “Company,” “we,” and “our” refer to Pinnacle West.  Each registrant is providing on its own behalf all of the information contained in this Form 10-Q that relates to such registrant and, where required, its subsidiaries.  Except as stated in the preceding sentence, neither registrant is providing any information that does not relate to such registrant, and therefore makes no representation as to any such information.  The information required with respect to each company is set forth within the applicable items.  Item 1 of this report includes Condensed Consolidated Financial Statements of Pinnacle West and Condensed Consolidated Financial Statements of APS.  Item 1 also includes Combined Notes to Condensed Consolidated Financial Statements.

1


FORWARD-LOOKING STATEMENTS
    This document contains forward-looking statements based on current expectations.  These forward-looking statements are often identified by words such as “estimate,” “predict,” “may,” “believe,” “plan,” “expect,” “require,” “intend,” “assume,” “project,” “anticipate,” “goal,” “seek,” “strategy,” “likely,” “should,” “will,” “could,” and similar words.  Because actual results may differ materially from expectations, we caution readers not to place undue reliance on these statements.  A number of factors could cause future results to differ materially from historical results, or from outcomes currently expected or sought by Pinnacle West or APS.  In addition to the Risk Factors described in Part I, Item 1A of the Pinnacle West/APS Annual Report on Form 10-K for the fiscal year ended December 31, 2020 (“2020 Form 10-K”), Part II, Item 1A of this report and in Part I, Item 2 — “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this report, these factors include, but are not limited to:
the potential effects of the continued Coronavirus (“COVID-19”) pandemic, including, but not limited to, demand for energy, economic growth, our employees and contractors, supply chain, expenses, capital markets, capital projects, operations and maintenance activities, uncollectable accounts, liquidity, cash flows or other unpredictable events;
our ability to manage capital expenditures and operations and maintenance costs while maintaining reliability and customer service levels;
variations in demand for electricity, including those due to weather, seasonality (including large increases in ambient temperatures), the general economy or social conditions, customer and sales growth (or decline), the effects of energy conservation measures and distributed generation, and technological advancements;
the potential effects of climate change on our electric system, including as a result of weather extremes such as prolonged drought and high temperature variations in the area where APS conducts its business;
power plant and transmission system performance and outages;
competition in retail and wholesale power markets;
regulatory and judicial decisions, developments and proceedings;
new legislation, ballot initiatives and regulation, including those relating to environmental requirements, regulatory and energy policy, nuclear plant operations and potential deregulation of retail electric markets;
fuel and water supply availability;
our ability to achieve timely and adequate rate recovery of our costs through our rates and adjustor recovery mechanisms, including returns on and of debt and equity capital investment;
our ability to meet renewable energy and energy efficiency mandates and recover related costs;
the ability of APS to achieve its clean energy goals (including a goal by 2050 of 100% clean, carbon-free electricity) and, if these goals are achieved, the impact of such achievement on APS, its customers, and its business, financial condition and results of operations;
risks inherent in the operation of nuclear facilities, including spent fuel disposal uncertainty;
current and future economic conditions in Arizona, including in real estate markets;
the direct or indirect effect on our facilities or business from cybersecurity threats or intrusions, data security breaches, terrorist attack, physical attack, severe storms, or other catastrophic events, such as fires, explosions, pandemic health events, or similar occurrences;
the development of new technologies which may affect electric sales or delivery;
the cost of debt and equity capital and the ability to access capital markets when required;
environmental, economic and other concerns surrounding coal-fired generation, including regulation of greenhouse gas emissions;
volatile fuel and purchased power costs;
the investment performance of the assets of our nuclear decommissioning trust, pension, and other postretirement benefit plans and the resulting impact on future funding requirements;
the liquidity of wholesale power markets and the use of derivative contracts in our business;
potential shortfalls in insurance coverage;
new accounting requirements or new interpretations of existing requirements;
generation, transmission and distribution facility and system conditions and operating costs;
the ability to meet the anticipated future need for additional generation and associated transmission facilities in our region;
2


the willingness or ability of our counterparties, power plant participants and power plant landowners to meet contractual or other obligations or extend the rights for continued power plant operations; and
restrictions on dividends or other provisions in our credit agreements and Arizona Corporation Commission (“ACC”) orders. 
These and other factors are discussed in the Risk Factors described in Part I, Item 1A of our 2020 Form 10-K, Part II, Item 1A of this report, and in Part I, Item 2 — “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this report, which readers should review carefully before placing any reliance on our financial statements or disclosures.  Neither Pinnacle West nor APS assumes any obligation to update these statements, even if our internal estimates change, except as required by law.
3


PART I — FINANCIAL INFORMATION
 
ITEM 1.  FINANCIAL STATEMENTS
 
 INDEX TO FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULES
 
 Page
  
 


4



PINNACLE WEST CAPITAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(dollars and shares in thousands, except per share amounts)
 
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2021202020212020
OPERATING REVENUES (NOTE 2)$1,308,254 $1,254,501 $3,004,978 $2,846,021 
OPERATING EXPENSES  
Fuel and purchased power427,452 353,171 895,514 780,074 
Operations and maintenance232,386 236,971 692,131 677,681 
Depreciation and amortization163,523 152,696 480,093 459,257 
Taxes other than income taxes57,608 54,978 176,586 168,514 
Other expenses - net(2,088)1,677 5,361 3,191 
Total878,881 799,493 2,249,685 2,088,717 
OPERATING INCOME429,373 455,008 755,293 757,304 
OTHER INCOME (DEDUCTIONS)  
Allowance for equity funds used during construction11,352 8,144 30,549 24,652 
Pension and other postretirement non-service credits - net 28,135 14,118 84,101 42,171 
Other income (Note 9)
12,083 13,881 36,719 42,888 
Other expense (Note 9)
(6,182)(5,838)(15,219)(14,426)
Total45,388 30,305 136,150 95,285 
INTEREST EXPENSE  
Interest charges64,067 61,497 188,782 183,421 
Allowance for borrowed funds used during construction(5,273)(4,663)(15,466)(13,488)
Total58,794 56,834 173,316 169,933 
INCOME BEFORE INCOME TAXES415,967 428,479 718,127 682,656 
INCOME TAXES71,863 77,234 114,073 98,086 
NET INCOME344,104 351,245 604,054 584,570 
Less: Net income attributable to noncontrolling interests (Note 6)
4,306 4,873 12,918 14,620 
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS$339,798 $346,372 $591,136 $569,950 
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING - BASIC112,923 112,679 112,878 112,639 
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING -DILUTED113,217 112,987 113,178 112,912 
EARNINGS PER WEIGHTED-AVERAGE COMMON SHARE OUTSTANDING  
Net income attributable to common shareholders - basic$3.01 $3.07 $5.24 $5.06 
Net income attributable to common shareholders - diluted$3.00 $3.07 $5.22 $5.05 
 The accompanying notes are an integral part of the financial statements.
5


PINNACLE WEST CAPITAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)
(dollars in thousands)
 
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2021202020212020
NET INCOME$344,104 $351,245 $604,054 $584,570 
OTHER COMPREHENSIVE INCOME, NET OF TAX  
Derivative instruments:  
Net unrealized gain (loss), net of tax benefit (expense) of $64, $219, $(308) and $1,024
(194)(659)938 (1,916)
Reclassification of net realized gain, net of tax expense of $0, $0, $0 and $481
   282 
 Pension and other postretirement benefit activity, net of tax expense $363, $345, $720 and $256
1,106 1,043 2,192 1,239 
Total other comprehensive income912 384 3,130 (395)
COMPREHENSIVE INCOME345,016 351,629 607,184 584,175 
Less: Comprehensive income attributable to noncontrolling interests4,306 4,873 12,918 14,620 
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS$340,710 $346,756 $594,266 $569,555 
The accompanying notes are an integral part of the financial statements.

6


PINNACLE WEST CAPITAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(dollars in thousands)
 
 September 30, 2021December 31, 2020
ASSETS  
CURRENT ASSETS  
Cash and cash equivalents$25,688 $59,968 
Customer and other receivables430,150 313,576 
Accrued unbilled revenues190,531 132,197 
Allowance for doubtful accounts (Note 2)
(25,303)(19,782)
Materials and supplies (at average cost)351,148 314,745 
Income tax receivable 6,792 
Fossil fuel (at average cost)29,893 19,552 
Assets from risk management activities (Note 7)
126,595 2,931 
Deferred fuel and purchased power regulatory asset (Note 4)
375,181 175,835 
Other regulatory assets (Note 4)
122,719 115,878 
Other current assets82,546 76,627 
Total current assets1,709,148 1,198,319 
INVESTMENTS AND OTHER ASSETS  
Nuclear decommissioning trusts (Notes 11 and 12)
1,225,485 1,138,435 
Other special use funds (Notes 11 and 12)
374,843 254,509 
Other assets160,185 92,922 
Total investments and other assets1,760,513 1,485,866 
PROPERTY, PLANT AND EQUIPMENT  
Plant in service and held for future use21,391,019 20,837,885 
Accumulated depreciation and amortization(7,368,125)(7,110,310)
Net14,022,894 13,727,575 
Construction work in progress1,162,844 937,384 
Palo Verde sale leaseback, net of accumulated depreciation (Note 6)
95,133 98,036 
Intangible assets, net of accumulated amortization273,243 282,570 
Nuclear fuel, net of accumulated amortization119,487 113,645 
Total property, plant and equipment15,673,601 15,159,210 
DEFERRED DEBITS  
Regulatory assets (Note 4)
1,177,698 1,133,987 
Operating lease right-of-use assets (Note 15)
649,381 505,064 
Assets for pension and other postretirement benefits (Note 5)
529,715 502,992 
Other36,368 34,983 
Total deferred debits2,393,162 2,177,026 
TOTAL ASSETS$21,536,424 $20,020,421 
 The accompanying notes are an integral part of the financial statements.

7


PINNACLE WEST CAPITAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(dollars in thousands)
 September 30, 2021December 31, 2020
LIABILITIES AND EQUITY  
CURRENT LIABILITIES  
Accounts payable$353,591 $318,585 
Accrued taxes253,504 159,551 
Accrued interest60,046 56,962 
Common dividends payable 93,531 
Short-term borrowings (Note 3)
125,000 169,000 
Current maturities of long-term debt (Note 3)
150,000  
Customer deposits44,089 48,340 
Liabilities from risk management activities (Note 7)
1,652 7,557 
Liabilities for asset retirements (Note 16)
6,066 15,586 
Operating lease liabilities (Note 15)
130,078 74,785 
Regulatory liabilities (Note 4)
379,193 229,088 
Other current liabilities146,038 187,448 
Total current liabilities1,649,257 1,360,433 
LONG-TERM DEBT LESS CURRENT MATURITIES (Note 3)
6,763,146 6,314,266 
DEFERRED CREDITS AND OTHER  
Deferred income taxes2,289,366 2,135,403 
Regulatory liabilities (Note 4)
2,431,212 2,450,169 
Liabilities for asset retirements (Note 16)
752,011 689,497 
Liabilities for pension benefits (Note 5)
160,972 166,484 
Liabilities from risk management activities (Note 7)
 11,062 
Customer advances247,334 221,032 
Coal mine reclamation173,486 170,097 
Deferred investment tax credit183,038 191,372 
Unrecognized tax benefits5,683 5,834 
Operating lease liabilities (Note 15)
478,847 361,336 
Other215,608 190,643 
Total deferred credits and other6,937,557 6,592,929 
COMMITMENTS AND CONTINGENCIES (NOTE 8)
EQUITY  
Common stock, no par value; authorized 150,000,000 shares, 112,852,121 and 112,760,051 issued at respective dates
2,698,552 2,677,482 
Treasury stock at cost; 36,153 and 72,006 shares at respective dates
(3,079)(6,289)
Total common stock2,695,473 2,671,193 
Retained earnings3,429,076 3,025,106 
Accumulated other comprehensive loss(59,666)(62,796)
Total shareholders’ equity6,064,883 5,633,503 
Noncontrolling interests (Note 6)
121,581 119,290 
Total equity6,186,464 5,752,793 
TOTAL LIABILITIES AND EQUITY$21,536,424 $20,020,421 
The accompanying notes are an integral part of the financial statements.
8


PINNACLE WEST CAPITAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(dollars in thousands)
 Nine Months Ended
September 30,
 20212020
CASH FLOWS FROM OPERATING ACTIVITIES  
Net income$604,054 $584,570 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization including nuclear fuel532,341 515,742 
Deferred fuel and purchased power(224,541)(82,679)
Deferred fuel and purchased power amortization25,195 (9,295)
Allowance for equity funds used during construction(30,549)(24,652)
Deferred income taxes104,128 91,077 
Deferred investment tax credit(8,333)(8,541)
Stock compensation16,708 12,119 
Changes in current assets and liabilities:  
Customer and other receivables(110,584)(118,998)
Accrued unbilled revenues(58,334)(47,176)
Materials, supplies and fossil fuel(46,744)6,843 
Income tax receivable6,792 17,402 
Other current assets(19,129)(20,527)
Accounts payable19,005 (6,400)
Accrued taxes93,953 76,459 
Other current liabilities(26,491)6,946 
Change in other long-term assets(177,566)(10,152)
Change in other long-term liabilities(39,392)(210,719)
Net cash provided by operating activities660,513 772,019 
CASH FLOWS FROM INVESTING ACTIVITIES 
Capital expenditures(1,006,431)(971,052)
Contributions in aid of construction67,278 41,457 
Allowance for borrowed funds used during construction(15,466)(13,488)
Proceeds from nuclear decommissioning trusts sales and other special use funds797,179 607,885 
Investment in nuclear decommissioning trusts and other special use funds(815,193)(624,249)
Other10,321 3,944 
Net cash used for investing activities(962,312)(955,503)
CASH FLOWS FROM FINANCING ACTIVITIES  
Issuance of long-term debt596,999 1,483,822 
Short-term borrowing and (repayments) - net(25,000)(42,750)
Short-term debt borrowings under revolving credit facility 751,690 
Short-term debt repayments under revolving credit facility(19,000)(765,690)
Dividends paid on common stock(275,329)(258,924)
Repayment of long-term debt (800,000)
Common stock equity issuances and (purchases) - net477 (1,649)
Distributions to noncontrolling interests(10,628)(11,372)
Net cash provided by financing activities267,519 355,127 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS(34,280)171,643 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD59,968 10,283 
CASH AND CASH EQUIVALENTS AT END OF PERIOD$25,688 $181,926 
The accompanying notes are an integral part of the financial statements.
9


PINNACLE WEST CAPITAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(unaudited)
(dollars in thousands)
Three Months Ended September 30, 2021
Common StockTreasury StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Noncontrolling InterestsTotal
SharesAmountSharesAmount
Balance, July 1, 2021112,819,703 $2,692,015 (36,153)$(3,079)$3,089,266 $(60,578)$117,275 $5,834,899 
Net income— — 339,798 — 4,306 344,104 
Other comprehensive income— — — 912 — 912 
Dividends on common stock — — 11 — — 11 
Issuance of common stock32,418 6,537 — — — — 6,537 
Other— — 1 — — 1 
Balance, September 30, 2021112,852,121 $2,698,552 (36,153)$(3,079)$3,429,076 $(59,666)$121,581 $6,186,464 
Three Months Ended September 30, 2020
Common StockTreasury StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Noncontrolling InterestsTotal
SharesAmountSharesAmount
Balance, July 1, 2020112,591,124 $2,665,518 (35,983)$(3,190)$2,885,109 $(57,875)$120,915 $5,610,477 
Net income— — 346,372 — 4,873 351,245 
Other comprehensive loss— — — 384 — 384 
Dividends on common stock — — 1 — — 1 
Issuance of common stock32,499 4,840 — — — — 4,840 
Purchase of treasury stock (a)— (1,499)(109)— — — (109)
Reissuance of treasury stock for stock-based compensation and other— 3,765 333 — — — 333 
Other— — 3 — 1 4 
Balance, September 30, 2020112,623,623 $2,670,358 (33,717)$(2,966)$3,231,485 $(57,491)$125,789 $5,967,175 
(a)Primarily represents shares of common stock withheld from certain stock awards for tax purposes.
    
The accompanying notes are an integral part of the financial statements.








10



PINNACLE WEST CAPITAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(unaudited)
(dollars in thousands)

Nine Months Ended September 30, 2021
Common StockTreasury StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Noncontrolling InterestsTotal
SharesAmountSharesAmount
Balance, Jan 1, 2021