Company Quick10K Filing
Pinnacle West Capital
Price97.39 EPS5
Shares113 P/E20
MCap10,980 P/FCF13
Net Debt6,038 EBIT788
TEV17,018 TEV/EBIT22
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-21
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-01
10-K 2018-12-31 Filed 2019-02-22
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-03
10-Q 2018-03-31 Filed 2018-05-02
10-K 2017-12-31 Filed 2018-02-23
10-Q 2017-09-30 Filed 2017-11-03
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-02
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-02
10-Q 2016-03-31 Filed 2016-04-29
10-K 2015-12-31 Filed 2016-02-19
10-Q 2015-09-30 Filed 2015-10-30
10-Q 2015-06-30 Filed 2015-07-30
10-Q 2015-03-31 Filed 2015-05-01
10-K 2014-12-31 Filed 2015-02-20
10-Q 2014-09-30 Filed 2014-10-31
10-Q 2014-06-30 Filed 2014-07-31
10-Q 2014-03-31 Filed 2014-05-02
10-K 2013-12-31 Filed 2014-02-21
10-Q 2013-09-30 Filed 2013-10-31
10-Q 2013-06-30 Filed 2013-08-02
10-Q 2013-03-31 Filed 2013-05-03
10-K 2012-12-31 Filed 2013-02-22
10-Q 2012-09-30 Filed 2012-11-02
10-Q 2012-06-30 Filed 2012-08-02
10-Q 2012-03-31 Filed 2012-05-03
10-K 2011-12-31 Filed 2012-02-24
10-Q 2011-09-30 Filed 2011-11-01
10-Q 2011-06-30 Filed 2011-08-02
10-Q 2011-03-31 Filed 2011-04-29
10-K 2010-12-31 Filed 2011-02-18
10-Q 2010-06-30 Filed 2010-08-03
10-Q 2010-03-31 Filed 2010-05-06
10-K 2009-12-31 Filed 2010-02-19
8-K 2020-06-22
8-K 2020-06-10
8-K 2020-06-02
8-K 2020-05-20
8-K 2020-05-19
8-K 2020-05-08
8-K 2020-04-07
8-K 2020-03-27
8-K 2020-02-28
8-K 2020-02-21
8-K 2020-02-19
8-K 2020-01-22
8-K 2020-01-08
8-K 2020-01-08
8-K 2019-12-17
8-K 2019-12-02
8-K 2019-11-18
8-K 2019-11-08
8-K 2019-11-07
8-K 2019-10-31
8-K 2019-10-01
8-K 2019-09-09
8-K 2019-08-20
8-K 2019-08-12
8-K 2019-08-12
8-K 2019-08-08
8-K 2019-06-24
8-K 2019-06-19
8-K 2019-05-28
8-K 2019-05-17
8-K 2019-05-15
8-K 2019-05-09
8-K 2019-05-01
8-K 2019-04-01
8-K 2019-03-20
8-K 2019-03-04
8-K 2019-02-26
8-K 2019-02-26
8-K 2019-02-22
8-K 2019-01-15
8-K 2019-01-09
8-K 2018-12-19
8-K 2018-12-18
8-K 2018-11-09
8-K 2018-11-08
8-K 2018-11-06
8-K 2018-10-02
8-K 2018-09-24
8-K 2018-09-10
8-K 2018-08-07
8-K 2018-08-03
8-K 2018-07-12
8-K 2018-07-09
8-K 2018-06-29
8-K 2018-06-28
8-K 2018-06-13
8-K 2018-05-17
8-K 2018-05-16
8-K 2018-05-02
8-K 2018-04-09
8-K 2018-03-20
8-K 2018-02-23
8-K 2018-02-21
8-K 2018-02-15
8-K 2018-01-22
8-K 2018-01-10
8-K 2018-01-03

PNW 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 5. Other Information
Item 6. Exhibits
EX-10.1 exhibit101-03312020.htm
EX-10.2 exhibit102-03312020.htm
EX-31.1 exhibit311-03312020.htm
EX-31.2 exhibit312-03312020.htm
EX-31.3 exhibit313-03312020.htm
EX-31.4 exhibit314-03312020.htm
EX-32.1 exhibit321-03312020.htm
EX-32.2 exhibit322-03312020.htm

Pinnacle West Capital Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
2016128402012201420172020
Assets, Equity
1.31.00.80.50.30.02012201420172020
Rev, G Profit, Net Income
0.60.40.2-0.1-0.3-0.52012201420172020
Ops, Inv, Fin

Document
falsefalse--12-31--12-31Q1Q1202020202020-03-3110-Q00007646220000007286 AZAZ0.200P5Y1500000001500000001125401261125636107000000000029200029200010800010800039400039400028800024700010800023700010354672302 0000764622 2020-01-01 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember 2020-01-01 2020-03-31 0000764622 2020-05-01 0000764622 pnw:ArizonaPublicServiceCompanyMember 2020-05-01 0000764622 2019-01-01 2019-03-31 0000764622 2020-03-31 0000764622 2019-12-31 0000764622 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2020-03-31 0000764622 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-12-31 0000764622 2018-12-31 0000764622 2019-03-31 0000764622 us-gaap:TreasuryStockMember 2019-01-01 2019-03-31 0000764622 us-gaap:TreasuryStockMember 2018-12-31 0000764622 us-gaap:CommonStockMember 2019-01-01 2019-03-31 0000764622 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0000764622 us-gaap:NoncontrollingInterestMember 2019-03-31 0000764622 us-gaap:NoncontrollingInterestMember 2018-12-31 0000764622 us-gaap:RetainedEarningsMember 2019-01-01 2019-03-31 0000764622 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0000764622 us-gaap:RetainedEarningsMember 2018-12-31 0000764622 us-gaap:TreasuryStockMember 2019-03-31 0000764622 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-03-31 0000764622 us-gaap:CommonStockMember 2019-03-31 0000764622 us-gaap:CommonStockMember 2018-12-31 0000764622 us-gaap:RetainedEarningsMember 2019-03-31 0000764622 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-03-31 0000764622 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-03-31 0000764622 us-gaap:RetainedEarningsMember 2020-01-01 2020-03-31 0000764622 us-gaap:TreasuryStockMember 2020-03-31 0000764622 us-gaap:NoncontrollingInterestMember 2020-01-01 2020-03-31 0000764622 us-gaap:TreasuryStockMember 2020-01-01 2020-03-31 0000764622 us-gaap:CommonStockMember 2020-03-31 0000764622 us-gaap:NoncontrollingInterestMember 2020-03-31 0000764622 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-03-31 0000764622 us-gaap:TreasuryStockMember 2019-12-31 0000764622 us-gaap:RetainedEarningsMember 2019-12-31 0000764622 us-gaap:CommonStockMember 2020-01-01 2020-03-31 0000764622 us-gaap:NoncontrollingInterestMember 2019-12-31 0000764622 us-gaap:CommonStockMember 2019-12-31 0000764622 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0000764622 us-gaap:RetainedEarningsMember 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember 2019-01-01 2019-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember 2019-12-31 0000764622 pnw:ArizonaPublicServiceCompanyMember 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-12-31 0000764622 pnw:ArizonaPublicServiceCompanyMember 2019-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember 2018-12-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:CommonStockMember 2019-12-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:NoncontrollingInterestMember 2020-01-01 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:NoncontrollingInterestMember 2019-12-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:RetainedEarningsMember 2020-01-01 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:CommonStockMember 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:RetainedEarningsMember 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:RetainedEarningsMember 2019-12-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:NoncontrollingInterestMember 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:CommonStockMember 2019-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:NoncontrollingInterestMember 2019-01-01 2019-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:RetainedEarningsMember 2018-12-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:CommonStockMember 2018-12-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:RetainedEarningsMember 2019-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:RetainedEarningsMember 2019-01-01 2019-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:NoncontrollingInterestMember 2018-12-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:NoncontrollingInterestMember 2019-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0000764622 2019-01-01 2019-12-31 0000764622 pnw:ElectricandTransmissionServiceMember 2019-01-01 2019-03-31 0000764622 pnw:ElectricandTransmissionServiceMember 2020-01-01 2020-03-31 0000764622 pnw:RetailResidentialMember pnw:ElectricServiceMember 2019-01-01 2019-03-31 0000764622 pnw:WholesaleMember pnw:ElectricServiceMember 2020-01-01 2020-03-31 0000764622 pnw:OtherServicesMember 2019-01-01 2019-03-31 0000764622 pnw:OtherServicesMember 2020-01-01 2020-03-31 0000764622 pnw:TransmissionServicesMember 2020-01-01 2020-03-31 0000764622 pnw:WholesaleMember pnw:ElectricServiceMember 2019-01-01 2019-03-31 0000764622 pnw:RetailNonResidentialMember pnw:ElectricServiceMember 2020-01-01 2020-03-31 0000764622 pnw:RetailNonResidentialMember pnw:ElectricServiceMember 2019-01-01 2019-03-31 0000764622 pnw:TransmissionServicesMember 2019-01-01 2019-03-31 0000764622 pnw:RetailResidentialMember pnw:ElectricServiceMember 2020-01-01 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:RevolvingCreditFacilityMember pnw:RevolvingCreditFacilityMaturingJune2022Member 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember 2020-03-26 0000764622 2018-11-27 0000764622 srt:ParentCompanyMember us-gaap:RevolvingCreditFacilityMember pnw:RevolvingCreditFacilityMaturingJuly2023Member 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:RevolvingCreditFacilityMember pnw:RevolvingCreditFacilityMaturingin2022and2023Member 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:SeniorUnsecuredNotesMember us-gaap:SeniorNotesMember 2020-01-15 2020-01-15 0000764622 srt:ParentCompanyMember pnw:TermLoanMember 2020-01-01 2020-03-31 0000764622 srt:ParentCompanyMember pnw:TermLoanMember 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:CommercialPaperMember pnw:RevolvingCreditFacilityMaturingin2022and2023Member 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:CommercialPaperMember 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:RevolvingCreditFacilityMember pnw:RevolvingCreditFacilityMaturingJuly2023Member 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember srt:MinimumMember pnw:SeniorUnsecuredNotesMember 2020-01-15 0000764622 srt:ParentCompanyMember us-gaap:CommercialPaperMember pnw:RevolvingCreditFacilityMaturingJuly2023Member 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:SeniorUnsecuredNotesMember us-gaap:SeniorNotesMember 2020-01-15 0000764622 srt:ParentCompanyMember pnw:TermLoanMember us-gaap:SubsequentEventMember 2020-05-05 0000764622 srt:ParentCompanyMember pnw:TermLoanMember us-gaap:SubsequentEventMember 2020-05-04 0000764622 srt:ParentCompanyMember us-gaap:LetterOfCreditMember pnw:RevolvingCreditFacilityMaturingJuly2023Member 2020-03-31 0000764622 srt:ParentCompanyMember 2019-12-31 0000764622 srt:ParentCompanyMember 2020-03-31 0000764622 pnw:DeferredPropertyTaxesMember 2019-12-31 0000764622 pnw:FERCTransmissionTrueUpMember 2020-03-31 0000764622 pnw:ActiveUnionMedicalTrustMember 2019-12-31 0000764622 pnw:SpentNuclearFuelMember 2020-03-31 0000764622 us-gaap:InvestmentCreditMember 2020-03-31 0000764622 pnw:DeferredGainsonUtilityPropertyMember 2020-03-31 0000764622 pnw:ActiveUnionMedicalTrustMember 2020-03-31 0000764622 us-gaap:InvestmentCreditMember 2019-12-31 0000764622 pnw:SundanceMaintenanceMember 2020-03-31 0000764622 pnw:UnitedStatesFederalEnergyRegulatoryCommissionMember pnw:TaxCutsandJobsActof2017ExcessDeferredIncomeTaxesMember 2019-12-31 0000764622 us-gaap:DeferredIncomeTaxChargesMember 2019-12-31 0000764622 pnw:FourCornersCoalReclamationMember 2019-12-31 0000764622 pnw:OtherRegulatoryLiabilitiesMember 2019-12-31 0000764622 pnw:DeferredGainsonUtilityPropertyMember 2019-12-31 0000764622 us-gaap:AssetRetirementObligationCostsMember 2020-03-31 0000764622 pnw:DemandSideManagementMember 2019-12-31 0000764622 us-gaap:PostretirementBenefitCostsMember 2020-03-31 0000764622 pnw:TaxExpenseAdjustorMechanismMember 2020-03-31 0000764622 pnw:SpentNuclearFuelMember 2019-12-31 0000764622 us-gaap:RemovalCostsMember 2019-12-31 0000764622 us-gaap:RenewableEnergyProgramMember 2019-12-31 0000764622 us-gaap:PostretirementBenefitCostsMember 2019-12-31 0000764622 pnw:SundanceMaintenanceMember 2019-12-31 0000764622 pnw:TaxExpenseAdjustorMechanismMember 2019-12-31 0000764622 pnw:ArizonaCorporationCommissionMember pnw:TaxCutsandJobsActof2017ExcessDeferredIncomeTaxesMember 2020-03-31 0000764622 pnw:FourCornersCoalReclamationMember 2020-03-31 0000764622 pnw:DemandSideManagementMember 2020-03-31 0000764622 pnw:FERCTransmissionTrueUpMember 2019-12-31 0000764622 pnw:DeferredPropertyTaxesMember 2020-03-31 0000764622 us-gaap:RemovalCostsMember 2020-03-31 0000764622 pnw:OtherRegulatoryLiabilitiesMember 2020-03-31 0000764622 pnw:ArizonaCorporationCommissionMember pnw:TaxCutsandJobsActof2017ExcessDeferredIncomeTaxesMember 2019-12-31 0000764622 us-gaap:AssetRetirementObligationCostsMember 2019-12-31 0000764622 pnw:UnitedStatesFederalEnergyRegulatoryCommissionMember pnw:TaxCutsandJobsActof2017ExcessDeferredIncomeTaxesMember 2020-03-31 0000764622 us-gaap:RenewableEnergyProgramMember 2020-03-31 0000764622 us-gaap:DeferredIncomeTaxChargesMember 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:PowerSupplyAdjustorMember pnw:ArizonaCorporationCommissionMember 2019-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:PowerSupplyAdjustorMember pnw:ArizonaCorporationCommissionMember 2020-01-01 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:PowerSupplyAdjustorMember pnw:ArizonaCorporationCommissionMember 2018-12-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:PowerSupplyAdjustorMember pnw:ArizonaCorporationCommissionMember 2019-01-01 2019-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:PowerSupplyAdjustorMember pnw:ArizonaCorporationCommissionMember 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:PowerSupplyAdjustorMember pnw:ArizonaCorporationCommissionMember 2019-12-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:RetailRateCaseFilingwithArizonaCorporationCommissionMember pnw:ArizonaCorporationCommissionMember 2019-10-31 2019-10-31 0000764622 2019-10-31 2019-10-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:RetailRateCaseFilingwithArizonaCorporationCommissionMember 2019-10-31 2019-10-31 0000764622 pnw:TransmissionCostAdjustorMember 2019-12-31 0000764622 pnw:PensionMember 2020-03-31 0000764622 pnw:MeadPhoenixtransmissionlineCIACMember 2019-12-31 0000764622 pnw:CoalReclamationMember 2020-03-31 0000764622 pnw:CoalReclamationMember 2019-12-31 0000764622 pnw:DeferredFuelandPurchasedPowerMember 2020-03-31 0000764622 pnw:TaxExpenseOfMedicareSubsidyMember 2020-03-31 0000764622 pnw:RetiredPowerPlantCostsMember 2020-03-31 0000764622 pnw:RetiredPowerPlantCostsMember 2019-12-31 0000764622 us-gaap:InvestmentCreditMember 2019-12-31 0000764622 pnw:DeferredFuelandPurchasedPowerMember 2019-12-31 0000764622 pnw:TaxExpenseOfMedicareSubsidyMember 2019-12-31 0000764622 pnw:DeferredPropertyTaxesMember 2019-12-31 0000764622 us-gaap:OtherRegulatoryAssetsLiabilitiesMember 2020-03-31 0000764622 pnw:OctotilloDeferralMember 2020-03-31 0000764622 pnw:SCRDeferralMember 2020-03-31 0000764622 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-12-31 0000764622 pnw:TaxExpenseAdjustorMechanismMember 2019-12-31 0000764622 pnw:LostFixedCostRecoveryMember 2020-03-31 0000764622 pnw:DeferredCompensationMember 2020-03-31 0000764622 us-gaap:OtherRegulatoryAssetsLiabilitiesMember 2019-12-31 0000764622 us-gaap:LossOnReacquiredDebtMember 2020-03-31 0000764622 pnw:FourCornersCostDeferralMember 2020-03-31 0000764622 pnw:DeferredCompensationMember 2019-12-31 0000764622 pnw:AG1DeferralMember 2019-12-31 0000764622 pnw:DeferredPropertyTaxesMember 2020-03-31 0000764622 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2020-03-31 0000764622 us-gaap:DeferredIncomeTaxChargesMember 2020-03-31 0000764622 pnw:TaxExpenseAdjustorMechanismMember 2020-03-31 0000764622 pnw:LostFixedCostRecoveryMember 2019-12-31 0000764622 pnw:PensionMember 2019-12-31 0000764622 us-gaap:DeferredIncomeTaxChargesMember 2019-12-31 0000764622 us-gaap:InvestmentCreditMember 2020-03-31 0000764622 pnw:AG1DeferralMember 2020-03-31 0000764622 pnw:SCRDeferralMember 2019-12-31 0000764622 pnw:DeferredFuelAndPurchasedPowerMTMCostsMember 2020-03-31 0000764622 pnw:DeferredFuelAndPurchasedPowerMTMCostsMember 2019-12-31 0000764622 us-gaap:LossOnReacquiredDebtMember 2019-12-31 0000764622 pnw:OctotilloDeferralMember 2019-12-31 0000764622 pnw:MeadPhoenixtransmissionlineCIACMember 2020-03-31 0000764622 pnw:TransmissionCostAdjustorMember 2020-03-31 0000764622 pnw:FourCornersCostDeferralMember 2019-12-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:ArizonaRenewableEnergyStandardandTariff2018Member pnw:ArizonaCorporationCommissionMember 2019-07-01 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:CostRecoveryMechanismsMember pnw:PowerSupplyAdjustorMember pnw:ArizonaCorporationCommissionMember 2019-02-01 2019-02-01 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:CostRecoveryMechanismsMember pnw:PowerSupplyAdjustorMember pnw:ArizonaCorporationCommissionMember 2019-03-15 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:LostFixedCostRecoveryMechanismsMember 2018-02-15 2018-02-15 0000764622 pnw:ArizonaPublicServiceCompanyMember srt:MinimumMember pnw:ArizonaCorporationCommissionMember 2019-10-31 2019-10-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:SolarCommunitiesMember pnw:ArizonaRenewableEnergyStandardandTariff2018Member pnw:ArizonaCorporationCommissionMember 2017-11-20 2017-11-20 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:NetMeteringMember pnw:ArizonaCorporationCommissionMember 2016-12-20 2016-12-20 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:CostRecoveryMechanismsMember pnw:PowerSupplyAdjustorMember pnw:ArizonaCorporationCommissionMember 2020-02-01 2020-02-01 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:SolarCommunitiesMember srt:MinimumMember pnw:ArizonaRenewableEnergyStandardandTariff2018Member pnw:ArizonaCorporationCommissionMember 2017-11-20 2017-11-20 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:ArizonaCorporationCommissionMember 2016-08-01 2016-08-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:ArizonaCorporationCommissionMember 2019-10-31 2019-10-31 0000764622 2019-11-14 2019-11-14 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:RetailRateCaseFilingwithArizonaCorporationCommissionMember pnw:ArizonaCorporationCommissionMember 2017-03-27 2017-03-27 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:LostFixedCostRecoveryMechanismsMember 2020-02-14 2020-02-14 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:OpenAccessTransmissionTariffMember pnw:UnitedStatesFederalEnergyRegulatoryCommissionMember 2019-06-01 2019-06-01 0000764622 pnw:ArizonaPublicServiceCompanyMember 2020-03-13 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:AZSunProgramPhase2Member pnw:RetailRateCaseFilingwithArizonaCorporationCommissionMember pnw:ArizonaCorporationCommissionMember 2017-03-27 2017-03-27 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:OpenAccessTransmissionTariffMember pnw:UnitedStatesFederalEnergyRegulatoryCommissionMember 2018-06-01 2018-06-01 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:SouthernCaliforniaEdisonCompanyMember pnw:FourCornersUnits4And5Member 2018-09-01 2018-09-30 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:NavajoPlantMember 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:ArizonaCorporationCommissionMember 2019-04-10 2019-04-10 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:ArizonaCorporationCommissionMember 2019-10-29 2019-10-29 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:SubsequentEventMember 2020-05-05 0000764622 pnw:ArizonaPublicServiceCompanyMember srt:ScenarioForecastMember pnw:EnvironmentalImprovementSurchargeMember pnw:UnitedStatesFederalEnergyRegulatoryCommissionMember 2020-01-01 2020-12-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:PowerSupplyAdjustorMember pnw:ArizonaCorporationCommissionMember 2018-02-01 2018-02-01 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:LostFixedCostRecoveryMechanismsMember 2012-01-01 2012-12-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:DemandSideManagementAdjustorCharge2018Member pnw:ArizonaCorporationCommissionMember 2017-11-14 0000764622 pnw:ArizonaPublicServiceCompanyMember srt:MaximumMember srt:ScenarioForecastMember us-gaap:DamageFromFireExplosionOrOtherHazardMember 2020-01-01 2020-12-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:ArizonaRenewableEnergyStandardandTariff2018Member pnw:ArizonaCorporationCommissionMember 2018-06-29 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:EnvironmentalImprovementSurchargeMember pnw:UnitedStatesFederalEnergyRegulatoryCommissionMember 2020-02-01 2020-02-01 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:LostFixedCostRecoveryMechanismsMember 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:PowerSupplyAdjustorMember pnw:ArizonaCorporationCommissionMember 2020-02-01 2020-02-01 0000764622 pnw:ArizonaPublicServiceCompanyMember srt:MinimumMember srt:ScenarioForecastMember us-gaap:DamageFromFireExplosionOrOtherHazardMember 2020-01-01 2020-12-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:LostFixedCostRecoveryMechanismsMember 2019-02-15 2019-02-15 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:LostFixedCostRecoveryMechanismsMember 2017-01-01 2017-12-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:RetiredPowerPlantCostsMember 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:ArizonaCorporationCommissionMember 2018-01-08 2018-01-08 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:PowerSupplyAdjustorMember pnw:ArizonaCorporationCommissionMember 2019-02-01 2019-02-01 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:DemandSideManagementAdjustorCharge2020Member pnw:ArizonaCorporationCommissionMember 2019-12-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:NetMeteringMember pnw:ArizonaCorporationCommissionMember 2018-05-01 2018-05-01 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:ArizonaCorporationCommissionMember 2018-08-13 2018-08-13 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:SouthernCaliforniaEdisonCompanyMember pnw:FourCornersUnits4And5Member 2018-04-01 2018-04-30 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:DemandSideManagementAdjustorCharge2018Member pnw:ArizonaCorporationCommissionMember 2017-09-01 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:DemandSideManagementAdjustorCharge2019Member pnw:ArizonaCorporationCommissionMember 2018-12-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:RetailRateCaseFilingwithArizonaCorporationCommissionMember pnw:ArizonaCorporationCommissionMember 2019-06-30 2019-06-30 0000764622 2019-11-14 0000764622 pnw:ArizonaPublicServiceCompanyMember srt:MaximumMember pnw:RetailRateCaseFilingwithArizonaCorporationCommissionMember pnw:ArizonaCorporationCommissionMember 2017-03-27 2017-03-27 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:SolarCommunitiesMember srt:MaximumMember pnw:ArizonaRenewableEnergyStandardandTariff2018Member pnw:ArizonaCorporationCommissionMember 2017-11-20 2017-11-20 0000764622 pnw:ArizonaPublicServiceCompanyMember srt:MinimumMember pnw:RetailRateCaseFilingwithArizonaCorporationCommissionMember pnw:ArizonaCorporationCommissionMember 2017-03-27 2017-03-27 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:ArizonaRenewableEnergyStandardAndTariffMember pnw:ArizonaCorporationCommissionMember 2020-01-01 2020-03-31 0000764622 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2019-01-01 2019-03-31 0000764622 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2020-01-01 2020-03-31 0000764622 us-gaap:PensionPlansDefinedBenefitMember 2019-01-01 2019-03-31 0000764622 us-gaap:PensionPlansDefinedBenefitMember 2020-01-01 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:SaleLeasebackTransactionPeriodThrough2033Member us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2020-01-01 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember 1986-12-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:SaleLeasebackTransactionPeriod2024Through2033Member us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2020-01-01 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:SaleLeasebackTransactionPeriod2016Through2023Member us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2020-01-01 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:SaleLeasebackTransactionPeriod2024Through2033Member us-gaap:VariableInterestEntityPrimaryBeneficiaryMember srt:MaximumMember 2020-01-01 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2020-01-01 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:SaleLeasebackTransactionPeriodThrough2023Member us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2020-01-01 2020-03-31 0000764622 us-gaap:CommodityContractMember 2019-12-31 0000764622 us-gaap:CommodityContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-01-01 2020-03-31 0000764622 us-gaap:CommodityContractMember 2020-03-31 0000764622 pnw:RiskManagementAssetsMember us-gaap:CreditConcentrationRiskMember 2020-03-31 2020-03-31 0000764622 us-gaap:CommodityContractMember us-gaap:NondesignatedMember us-gaap:CostOfSalesMember 2019-01-01 2019-03-31 0000764622 us-gaap:CommodityContractMember us-gaap:NondesignatedMember us-gaap:CostOfSalesMember 2020-01-01 2020-03-31 0000764622 us-gaap:OtherInvestmentsMember us-gaap:CommodityContractMember 2020-03-31 0000764622 pnw:DeferredCreditsMember us-gaap:CommodityContractMember 2020-03-31 0000764622 us-gaap:OtherAssetsMember us-gaap:CommodityContractMember 2020-03-31 0000764622 us-gaap:OtherLiabilitiesMember us-gaap:CommodityContractMember 2020-03-31 0000764622 us-gaap:CommodityContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CostOfSalesMember 2020-01-01 2020-03-31 0000764622 us-gaap:CommodityContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CostOfSalesMember 2019-01-01 2019-03-31 0000764622 us-gaap:OtherAssetsMember us-gaap:CommodityContractMember 2019-12-31 0000764622 us-gaap:OtherLiabilitiesMember us-gaap:CommodityContractMember 2019-12-31 0000764622 pnw:DeferredCreditsMember us-gaap:CommodityContractMember 2019-12-31 0000764622 us-gaap:CommodityContractMember 2020-03-31 2020-03-31 0000764622 us-gaap:CommodityContractMember 2019-12-31 2019-12-31 0000764622 us-gaap:CommodityContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-01-01 2019-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:ArizonaPublicServiceCompanyandPaloVerdeOwnersvs.UnitedStatesDepartmentofEnergySpentNuclearFuelandWasteDisposalMember 2011-07-01 2018-06-30 0000764622 pnw:ArizonaPublicServiceCompanyMember srt:MinimumMember pnw:CoalCombustionWasteMember pnw:ChollaandFourCornersMember 2019-01-01 2019-12-31 0000764622 pnw:NavajoTransitionalEnergyCompanyLLCMember pnw:FourCornersMember 2018-07-03 2018-07-03 0000764622 pnw:ArizonaPublicServiceCompanyandPaloVerdeOwnersvs.UnitedStatesDepartmentofEnergySpentNuclearFuelandWasteDisposalMember 2019-10-31 2019-10-31 0000764622 pnw:ArizonaPublicServiceCompanyandPaloVerdeOwnersvs.UnitedStatesDepartmentofEnergySpentNuclearFuelandWasteDisposalMember 2020-02-11 2020-02-11 0000764622 pnw:NavajoTransitionalEnergyCompanyLLCMember pnw:CoalSupplyAgreementArbitrationMember pnw:FourCornersMember 2016-07-06 2016-07-06 0000764622 pnw:ArizonaPublicServiceCompanyandPaloVerdeOwnersvs.UnitedStatesDepartmentofEnergySpentNuclearFuelandWasteDisposalMember 2011-07-01 2018-06-30 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:ContaminatedGroundwaterWellsMember 2013-08-06 2013-08-06 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:SuretyBondsExpiringin2020Member 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:SettledLitigationMember pnw:ContaminatedGroundwaterWellsMember 2018-04-05 2018-04-05 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:NaturalGasTollingLetterOfCreditMember pnw:RegionalHazeRulesMember pnw:FourCornersUnits4And5Member 2020-01-01 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:ContaminatedGroundwaterWellsMember 2020-01-01 2020-03-31 0000764622 pnw:A4CAcquisitionLLCMember pnw:CoalSupplyAgreementArbitrationMember pnw:FourCornersMember 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:RegionalHazeRulesMember pnw:FourCornersUnits4And5Member 2020-01-01 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:ArizonaPublicServiceCompanyandPaloVerdeOwnersvs.UnitedStatesDepartmentofEnergySpentNuclearFuelandWasteDisposalMember 2020-02-11 2020-02-11 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:CoalCombustionWasteMember pnw:NavajoGeneratingStationMember 2020-01-01 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:CoalCombustionWasteMember pnw:FourCornersMember 2020-01-01 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember srt:MaximumMember pnw:CoalCombustionWasteMember pnw:ChollaandFourCornersMember 2019-01-01 2019-12-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:LettersofCreditExpiringin2020Member 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:ContaminatedGroundwaterWellsMember 2016-12-16 2016-12-16 0000764622 pnw:A4CAcquisitionLLCMember pnw:FourCornersMember 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:RegionalHazeRulesMember pnw:FourCornersMember pnw:FourCornersUnits4And5Member 2020-01-01 2020-03-31 0000764622 pnw:NavajoTransitionalEnergyCompanyLLCMember pnw:FourCornersMember 2016-07-06 2016-07-06 0000764622 pnw:ArizonaPublicServiceCompanyMember srt:MinimumMember pnw:CoalCombustionWasteMember pnw:ChollaMember 2020-01-01 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:ArizonaPublicServiceCompanyandPaloVerdeOwnersvs.UnitedStatesDepartmentofEnergySpentNuclearFuelandWasteDisposalMember 2019-10-31 2019-10-31 0000764622 pnw:A4CAcquisitionLLCMember pnw:FourCornersMember 2016-07-06 2016-07-06 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:ContaminatedGroundwaterWellsMember 2018-04-05 2018-04-05 0000764622 pnw:OctotilloDeferralMember 2020-01-01 2020-03-31 0000764622 pnw:SCRDeferralMember 2019-01-01 2019-03-31 0000764622 pnw:SCRDeferralMember 2020-01-01 2020-03-31 0000764622 pnw:OctotilloDeferralMember 2019-01-01 2019-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:OctotilloDeferralMember 2019-01-01 2019-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:SCRDeferralMember 2020-01-01 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:SCRDeferralMember 2019-01-01 2019-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:OctotilloDeferralMember 2020-01-01 2020-03-31 0000764622 us-gaap:FairValueInputsLevel3Member us-gaap:OtherDebtSecuritiesMember 2019-12-31 0000764622 us-gaap:EquitySecuritiesMember 2019-12-31 0000764622 us-gaap:FairValueInputsLevel1Member 2019-12-31 0000764622 us-gaap:FairValueInputsLevel2Member us-gaap:CorporateDebtSecuritiesMember 2019-12-31 0000764622 us-gaap:FairValueInputsLevel3Member pnw:USCommingledFundsMember 2019-12-31 0000764622 us-gaap:FairValueInputsLevel3Member us-gaap:USStatesAndPoliticalSubdivisionsMember 2019-12-31 0000764622 us-gaap:FairValueInputsLevel1Member us-gaap:USTreasurySecuritiesMember 2019-12-31 0000764622 us-gaap:FairValueInputsLevel3Member us-gaap:MortgageBackedSecuritiesMember 2019-12-31 0000764622 us-gaap:USTreasurySecuritiesMember 2019-12-31 0000764622 us-gaap:FairValueInputsLevel2Member 2019-12-31 0000764622 us-gaap:FairValueInputsLevel3Member 2019-12-31 0000764622 us-gaap:FairValueInputsLevel3Member us-gaap:EquitySecuritiesMember 2019-12-31 0000764622 us-gaap:FairValueInputsLevel2Member pnw:USCommingledFundsMember 2019-12-31 0000764622 us-gaap:OtherDebtSecuritiesMember 2019-12-31 0000764622 pnw:USCommingledFundsMember 2019-12-31 0000764622 us-gaap:FairValueInputsLevel2Member us-gaap:EquitySecuritiesMember 2019-12-31 0000764622 us-gaap:FairValueInputsLevel1Member us-gaap:USStatesAndPoliticalSubdivisionsMember 2019-12-31 0000764622 us-gaap:FairValueInputsLevel3Member us-gaap:USTreasurySecuritiesMember 2019-12-31 0000764622 us-gaap:FairValueInputsLevel1Member us-gaap:OtherDebtSecuritiesMember 2019-12-31 0000764622 us-gaap:FairValueInputsLevel1Member us-gaap:CorporateDebtSecuritiesMember 2019-12-31 0000764622 us-gaap:FairValueInputsLevel2Member us-gaap:MortgageBackedSecuritiesMember 2019-12-31 0000764622 us-gaap:FairValueInputsLevel2Member us-gaap:USStatesAndPoliticalSubdivisionsMember 2019-12-31 0000764622 us-gaap:FairValueInputsLevel2Member us-gaap:USTreasurySecuritiesMember 2019-12-31 0000764622 us-gaap:FairValueInputsLevel1Member us-gaap:MortgageBackedSecuritiesMember 2019-12-31 0000764622 us-gaap:FairValueInputsLevel3Member us-gaap:CorporateDebtSecuritiesMember 2019-12-31 0000764622 us-gaap:USStatesAndPoliticalSubdivisionsMember 2019-12-31 0000764622 us-gaap:FairValueInputsLevel1Member pnw:USCommingledFundsMember 2019-12-31 0000764622 us-gaap:FairValueInputsLevel1Member us-gaap:EquitySecuritiesMember 2019-12-31 0000764622 us-gaap:FairValueInputsLevel2Member us-gaap:OtherDebtSecuritiesMember 2019-12-31 0000764622 us-gaap:MortgageBackedSecuritiesMember 2019-12-31 0000764622 us-gaap:CorporateDebtSecuritiesMember 2019-12-31 0000764622 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember pnw:USCommingledFundsMember 2019-12-31 0000764622 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember pnw:USCommingledFundsMember 2020-03-31 0000764622 us-gaap:OtherDebtSecuritiesMember 2020-03-31 0000764622 us-gaap:FairValueInputsLevel3Member 2020-03-31 0000764622 us-gaap:FairValueInputsLevel3Member us-gaap:EquitySecuritiesMember 2020-03-31 0000764622 us-gaap:FairValueInputsLevel2Member 2020-03-31 0000764622 us-gaap:FairValueInputsLevel2Member us-gaap:EquitySecuritiesMember 2020-03-31 0000764622 us-gaap:FairValueInputsLevel1Member us-gaap:EquitySecuritiesMember 2020-03-31 0000764622 us-gaap:FairValueInputsLevel3Member us-gaap:USStatesAndPoliticalSubdivisionsMember 2020-03-31 0000764622 us-gaap:FairValueInputsLevel2Member us-gaap:USTreasurySecuritiesMember 2020-03-31 0000764622 us-gaap:FairValueInputsLevel1Member us-gaap:OtherDebtSecuritiesMember 2020-03-31 0000764622 us-gaap:USTreasurySecuritiesMember 2020-03-31 0000764622 us-gaap:FairValueInputsLevel1Member us-gaap:USStatesAndPoliticalSubdivisionsMember 2020-03-31 0000764622 us-gaap:FairValueInputsLevel1Member 2020-03-31 0000764622 us-gaap:FairValueInputsLevel2Member us-gaap:USStatesAndPoliticalSubdivisionsMember 2020-03-31 0000764622 us-gaap:FairValueInputsLevel1Member us-gaap:MortgageBackedSecuritiesMember 2020-03-31 0000764622 us-gaap:FairValueInputsLevel3Member pnw:USCommingledFundsMember 2020-03-31 0000764622 us-gaap:FairValueInputsLevel1Member us-gaap:USTreasurySecuritiesMember 2020-03-31 0000764622 us-gaap:FairValueInputsLevel2Member us-gaap:MortgageBackedSecuritiesMember 2020-03-31 0000764622 us-gaap:EquitySecuritiesMember 2020-03-31 0000764622 us-gaap:FairValueInputsLevel3Member us-gaap:MortgageBackedSecuritiesMember 2020-03-31 0000764622 us-gaap:FairValueInputsLevel1Member us-gaap:CorporateDebtSecuritiesMember 2020-03-31 0000764622 us-gaap:FairValueInputsLevel3Member us-gaap:CorporateDebtSecuritiesMember 2020-03-31 0000764622 us-gaap:FairValueInputsLevel2Member pnw:USCommingledFundsMember 2020-03-31 0000764622 us-gaap:USStatesAndPoliticalSubdivisionsMember 2020-03-31 0000764622 us-gaap:CorporateDebtSecuritiesMember 2020-03-31 0000764622 us-gaap:MortgageBackedSecuritiesMember 2020-03-31 0000764622 us-gaap:FairValueInputsLevel1Member pnw:USCommingledFundsMember 2020-03-31 0000764622 us-gaap:FairValueInputsLevel3Member us-gaap:USTreasurySecuritiesMember 2020-03-31 0000764622 us-gaap:FairValueInputsLevel2Member us-gaap:OtherDebtSecuritiesMember 2020-03-31 0000764622 pnw:USCommingledFundsMember 2020-03-31 0000764622 us-gaap:FairValueInputsLevel2Member us-gaap:CorporateDebtSecuritiesMember 2020-03-31 0000764622 us-gaap:FairValueInputsLevel3Member us-gaap:OtherDebtSecuritiesMember 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:OtherSpecialUseFundsMember 2019-12-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:OtherReceivablesfromBrokerDealersandClearingMember pnw:OtherSpecialUseFundsMember 2019-12-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:FixedIncomeSecuritiesMember 2019-12-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:OtherReceivablesfromBrokerDealersandClearingMember 2019-12-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:EquitySecuritiesMember pnw:OtherSpecialUseFundsMember 2019-12-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:EquitySecuritiesMember pnw:NuclearDecommissioningTrustsMember 2019-12-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:EquitySecuritiesMember 2019-12-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:NuclearDecommissioningTrustsMember 2019-12-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:FixedIncomeSecuritiesMember pnw:NuclearDecommissioningTrustsMember 2019-12-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:OtherReceivablesfromBrokerDealersandClearingMember pnw:NuclearDecommissioningTrustsMember 2019-12-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:FixedIncomeSecuritiesMember pnw:OtherSpecialUseFundsMember 2019-12-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:OtherSpecialUseFundsMember 2019-01-01 2019-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:NuclearDecommissioningTrustsMember 2020-01-01 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:OtherSpecialUseFundsMember 2020-01-01 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:NuclearDecommissioningTrustsMember 2019-01-01 2019-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:OtherReceivablesfromBrokerDealersandClearingMember 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:FixedIncomeSecuritiesMember 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:NuclearDecommissioningTrustsMember 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:EquitySecuritiesMember 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:OtherSpecialUseFundsMember 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:EquitySecuritiesMember pnw:NuclearDecommissioningTrustsMember 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:FixedIncomeSecuritiesMember pnw:NuclearDecommissioningTrustsMember 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:OtherReceivablesfromBrokerDealersandClearingMember pnw:NuclearDecommissioningTrustsMember 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:FixedIncomeSecuritiesMember pnw:OtherSpecialUseFundsMember 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:OtherReceivablesfromBrokerDealersandClearingMember pnw:OtherSpecialUseFundsMember 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:EquitySecuritiesMember pnw:OtherSpecialUseFundsMember 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:FixedIncomeSecuritiesMember pnw:CoalReclamationEscrowAccountsMember 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:FixedIncomeSecuritiesMember pnw:ActiveUnionMedicalTrustMember 2020-03-31 0000764622 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2019-01-01 2019-03-31 0000764622 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-01-01 2019-03-31 0000764622 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-01-01 2020-03-31 0000764622 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2018-12-31 0000764622 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-03-31 0000764622 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2020-01-01 2020-03-31 0000764622 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-03-31 0000764622 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2019-12-31 0000764622 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2020-03-31 0000764622 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2019-03-31 0000764622 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-12-31 0000764622 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-12-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-01-01 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2020-01-01 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2018-12-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2019-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2019-01-01 2019-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-12-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-01-01 2019-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2019-12-31 0000764622 pnw:ArizonaPublicServiceCompanyMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-12-31 0000764622 2017-01-01 2017-12-31 0000764622 us-gaap:DomesticCountryMember 2020-01-01 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:NavajoGeneratingStationMember 2020-01-01 2020-03-31 0000764622 pnw:ArizonaPublicServiceCompanyMember pnw:FourCornersMember 2020-01-01 2020-03-31 xbrli:shares xbrli:pure pnw:Facility iso4217:USD xbrli:shares iso4217:USD pnw:plaintiff pnw:agreement pnw:Customer utreg:Bcf pnw:Defendant pnw:Trust pnw:time_period pnw:power_plant utreg:GWh utreg:GW pnw:claim pnw:Lease iso4217:USD utreg:kWh



 
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 March 31, 2020
 
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 CORPORATION
 
86-0512431
 
 
(an Arizona corporation)
 
 
 
 
400 North Fifth Street, P.O. Box 53999
 
 
 
 
Phoenix
Arizona
85072-3999
 
 
 
 
 
(602)
250-1000
 
 
 
 
1-4473
 
ARIZONA PUBLIC SERVICE COMPANY
 
86-0011170
 
 
(an Arizona corporation)
 
 
 
 
400 North Fifth Street, P.O. Box 53999
 
 
 
 
Phoenix
Arizona
85072-3999
 
 
 
 
 
(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 CORPORATION
Yes
 
 
No 
 
ARIZONA PUBLIC SERVICE COMPANY
Yes
 
 
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 CORPORATION
Yes
 
 
No 
 
ARIZONA PUBLIC SERVICE COMPANY
Yes
 
 
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 filer
Accelerated 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 CORPORATION
Yes  
 
No 
 
ARIZONA PUBLIC SERVICE COMPANY
Yes    
 
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 CORPORATION
Number of shares of common stock, no par value, outstanding as of May 1, 2020:
112,493,458
ARIZONA PUBLIC SERVICE COMPANY
Number of shares of common stock, $2.50 par value, outstanding as of May 1, 2020:
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, 2019 ("2019 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, those described in Part II, Item 1A "Risk Factors" herein;
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, the general economy or social conditions, customer and sales growth (or decline), the effects of energy conservation measures and distributed generation, and technological advancements;
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 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, including returns on and of debt and equity capital investment;
our ability to meet renewable energy and energy efficiency mandates and recover related costs;
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, droughts, 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;
the willingness or ability of our counterparties, power plant participants and power plant land owners 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. 

2



These and other factors are discussed in the Risk Factors described in Part I, Item 1A of our 2019 Form 10-K, in 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
March 31,
 
 
2020
 
2019
 
 
 
 
 
OPERATING REVENUES (NOTE 2)
 
$
661,930

 
$
740,530

 
 
 
 
 
OPERATING EXPENSES
 
 

 
 

Fuel and purchased power
 
188,521

 
230,588

Operations and maintenance
 
221,318

 
245,634

Depreciation and amortization
 
154,079

 
148,707

Taxes other than income taxes
 
56,768

 
55,090

Other expenses
 
822

 
427

Total
 
621,508

 
680,446

OPERATING INCOME
 
40,422

 
60,084

OTHER INCOME (DEDUCTIONS)
 
 

 
 

Allowance for equity funds used during construction
 
7,697

 
11,188

Pension and other postretirement non-service credits - net
 
13,911

 
5,114

Other income (Note 9)
 
12,569

 
7,169

Other expense (Note 9)
 
(4,784
)
 
(4,358
)
Total
 
29,393

 
19,113

INTEREST EXPENSE
 
 

 
 

Interest charges
 
59,234

 
60,653

Allowance for borrowed funds used during construction
 
(4,076
)
 
(6,665
)
Total
 
55,158

 
53,988

INCOME BEFORE INCOME TAXES
 
14,657

 
25,209

INCOME TAXES
 
(20,209
)
 
2,418

NET INCOME
 
34,866

 
22,791

Less: Net income attributable to noncontrolling interests (Note 6)
 
4,873

 
4,873

NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS
 
$
29,993

 
$
17,918

 
 
 
 
 
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING — BASIC
 
112,594

 
112,337

WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING — DILUTED
 
112,862

 
112,735

 
 
 
 
 
EARNINGS PER WEIGHTED-AVERAGE COMMON SHARE OUTSTANDING
 
 

 
 

Net income attributable to common shareholders — basic
 
$
0.27

 
$
0.16

Net income attributable to common shareholders — diluted
 
$
0.27

 
$
0.16

 
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
March 31,
 
2020
 
2019
 
 
 
 
NET INCOME
$
34,866

 
$
22,791

 
 
 
 
OTHER COMPREHENSIVE INCOME, NET OF TAX
 

 
 

Derivative instruments:
 

 
 

Net unrealized gain, net of tax expense of $292 and $0
292

 

Reclassification of net realized loss, net of tax benefit of $394 and $108
20

 
328

Pension and other postretirement benefits activity, net of tax expense of $245 and $288
1,205

 
879

Total other comprehensive income
1,517

 
1,207

 
 
 
 
COMPREHENSIVE INCOME
36,383

 
23,998

Less: Comprehensive income attributable to noncontrolling interests
4,873

 
4,873

 
 
 
 
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS
$
31,510

 
$
19,125

 
The accompanying notes are an integral part of the financial statements.


6



PINNACLE WEST CAPITAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(dollars in thousands)
 
 
March 31, 2020
 
December 31, 2019
ASSETS
 

 
 

 
 
 
 
CURRENT ASSETS
 

 
 

Cash and cash equivalents
$
63,139

 
$
10,283

Customer and other receivables
258,874

 
266,426

Accrued unbilled revenues
93,434

 
128,165

Allowance for doubtful accounts
(8,366
)
 
(8,171
)
Materials and supplies (at average cost)
323,545

 
331,091

Fossil fuel (at average cost)
16,930

 
14,829

Income tax receivable
20,599

 
21,727

Assets from risk management activities (Note 7)
2,108

 
515

Deferred fuel and purchased power regulatory asset (Note 4)
77,730

 
70,137

Other regulatory assets (Note 4)
147,741

 
133,070

Other current assets
82,573

 
61,958

Total current assets
1,078,307

 
1,030,030

INVESTMENTS AND OTHER ASSETS
 

 
 

Nuclear decommissioning trust (Notes 11 and 12)
920,426

 
1,010,775

Other special use funds (Notes 11 and 12)
252,723

 
245,095

Other assets
97,822

 
96,953

Total investments and other assets
1,270,971

 
1,352,823

PROPERTY, PLANT AND EQUIPMENT
 

 
 

Plant in service and held for future use
19,930,983

 
19,836,292

Accumulated depreciation and amortization
(6,784,467
)
 
(6,637,857
)
Net
13,146,516

 
13,198,435

Construction work in progress
942,258

 
808,133

Palo Verde sale leaseback, net of accumulated depreciation (Note 6)
100,938

 
101,906

Intangible assets, net of accumulated amortization
279,238

 
290,564

Nuclear fuel, net of accumulated amortization
168,457

 
123,500

Total property, plant and equipment
14,637,407

 
14,522,538

DEFERRED DEBITS
 

 
 

Regulatory assets (Note 4)
1,302,448

 
1,304,073

Operating lease right-of-use assets
144,380

 
145,813

Assets for other postretirement benefits (Note 5)
96,243

 
90,570

Other
32,004

 
33,400

Total deferred debits
1,575,075

 
1,573,856

 
 
 
 
TOTAL ASSETS
$
18,561,760

 
$
18,479,247

 
The accompanying notes are an integral part of the financial statements.


7



PINNACLE WEST CAPITAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(dollars in thousands)
 
March 31, 2020
 
December 31, 2019
LIABILITIES AND EQUITY
 

 
 

 
 
 
 
CURRENT LIABILITIES
 

 
 

Accounts payable
$
301,325

 
$
346,448

Accrued taxes
194,732

 
144,899

Accrued interest
53,608

 
53,534

Common dividends payable

 
87,982

Short-term borrowings (Note 3)
563,000

 
114,675

Current maturities of long-term debt (Note 3)
650,000

 
800,000

Customer deposits
54,965

 
64,908

Liabilities from risk management activities (Note 7)
54,784

 
38,946

Liabilities for asset retirements
10,095

 
11,025

Operating lease liabilities
12,360

 
12,713

Regulatory liabilities (Note 4)
279,105

 
234,912

Other current liabilities
121,514

 
168,323

Total current liabilities
2,295,488

 
2,078,365

LONG-TERM DEBT LESS CURRENT MATURITIES (Note 3)
4,833,324

 
4,832,558

DEFERRED CREDITS AND OTHER
 

 
 

Deferred income taxes
2,016,770

 
1,992,339

Regulatory liabilities (Note 4)
2,067,801

 
2,267,835

Liabilities for asset retirements
649,226

 
646,193

Liabilities for pension benefits (Note 5)
273,284

 
280,185

Liabilities from risk management activities (Note 7)
32,577

 
33,186

Customer advances
212,545

 
215,330

Coal mine reclamation
166,796

 
165,695

Deferred investment tax credit
196,002

 
196,468

Unrecognized tax benefits
6,400

 
6,189

Operating lease liabilities
51,198

 
51,872

Other
163,517

 
159,844

Total deferred credits and other
5,836,116

 
6,015,136

COMMITMENTS AND CONTINGENCIES (SEE NOTE 8)


 


EQUITY
 

 
 

Common stock, no par value; authorized 150,000,000 shares, 112,563,610 and 112,540,126 issued at respective dates
2,664,387

 
2,659,561

Treasury stock at cost; 72,302 and 103,546 shares at respective dates
(7,000
)
 
(9,427
)
Total common stock
2,657,387

 
2,650,134

Retained earnings
2,867,610

 
2,837,610

Accumulated other comprehensive loss
(55,579
)
 
(57,096
)
Total shareholders’ equity
5,469,418

 
5,430,648

Noncontrolling interests (Note 6)
127,414

 
122,540

Total equity
5,596,832

 
5,553,188

 
 
 
 
TOTAL LIABILITIES AND EQUITY
$
18,561,760

 
$
18,479,247

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)
 
Three Months Ended
March 31,
 
2020
 
2019
CASH FLOWS FROM OPERATING ACTIVITIES
 

 
 

Net income
$
34,866

 
$
22,791

Adjustments to reconcile net income to net cash provided by operating activities:
 

 
 

Depreciation and amortization including nuclear fuel
173,168

 
167,801

Deferred fuel and purchased power
(5,785
)
 
16,709

Deferred fuel and purchased power amortization
(1,808
)
 
12,872

Allowance for equity funds used during construction
(7,697
)
 
(11,188
)
Deferred income taxes
(18,086
)
 
3,620

Deferred investment tax credit
(465
)
 
(353
)
Stock compensation
6,282

 
12,074

Changes in current assets and liabilities:
 

 
 

Customer and other receivables
25,575

 
15,476

Accrued unbilled revenues
34,731

 
23,093

Materials, supplies and fossil fuel
5,445

 
(13,057
)
Income tax receivable
1,128

 

Other current assets
(20,202
)
 
(10,115
)
Accounts payable
(5,192
)
 
26,593

Accrued taxes
49,833

 
45,130

Other current liabilities
(63,096
)
 
(86,250
)
Change in other long-term assets
81,143

 
(65,470
)
Change in other long-term liabilities
(106,212
)
 
13,706

Net cash flow provided by operating activities
183,628

 
173,432

CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 

Capital expenditures
(340,014
)
 
(259,792
)
Contributions in aid of construction
3,152

 
7,938

Allowance for borrowed funds used during construction
(4,076
)
 
(6,665
)
Proceeds from nuclear decommissioning trust sales and other special use funds
195,087

 
179,048

Investment in nuclear decommissioning trust and other special use funds
(195,658
)
 
(179,618
)
Other
349

 
4,576

Net cash flow used for investing activities
(341,160
)
 
(254,513
)
CASH FLOWS FROM FINANCING ACTIVITIES
 

 
 

Issuance of long-term debt

 
497,324

Short-term borrowing and payments — net
(76,675
)
 
172,650

Short-term debt borrowings
751,690

 

Short-term debt repayments
(226,690
)
 
(5,000
)
Dividends paid on common stock
(86,257
)
 
(80,897
)
Repayment of long-term debt
(150,000
)
 
(500,000
)
Common stock equity issuance - net of purchases
(1,680
)
 
(2,653
)
Net cash flow provided by financing activities
210,388

 
81,424

NET INCREASE IN CASH AND CASH EQUIVALENTS
52,856

 
343

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
10,283

 
5,766

CASH AND CASH EQUIVALENTS AT END OF PERIOD
$
63,139

 
$
6,109

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 March 31, 2020
 
Common Stock
 
Treasury Stock
 
Retained Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Noncontrolling Interests
 
Total
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
 
 
 
Balance, January 1, 2020
112,540,126

 
$
2,659,561

 
(103,546
)
 
$
(9,427
)
 
$
2,837,610

 
$
(57,096
)
 
$
122,540

 
$
5,553,188

Net income
 
 

 
 
 

 
29,993

 

 
4,873

 
34,866

Other comprehensive income
 
 

 
 
 

 

 
1,517

 

 
1,517

Dividends on common stock
 
 

 
 
 

 
8

 

 

 
8

Issuance of common stock
23,484

 
4,826

 
 
 


 

 

 

 
4,826

Purchase of treasury stock (a)
 
 

 
(20,724
)
 
(2,086
)
 

 

 

 
(2,086
)
Reissuance of treasury stock for stock-based compensation and other
 
 

 
51,968

 
4,513

 

 

 

 
4,513

Other
 
 

 

 

 
(1
)
 

 
1

 

Balance, March 31, 2020
112,563,610

 
$
2,664,387

 
(72,302
)
 
$
(7,000
)
 
$
2,867,610

 
$
(55,579
)
 
$
127,414

 
$
5,596,832


 
Three Months Ended March 31, 2019
 
Common Stock
 
Treasury Stock
 
Retained Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Noncontrolling Interests
 
Total
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
 
 
 
Balance, January 1, 2019
112,159,896

 
$
2,634,265

 
(58,135
)
 
$
(4,825
)
 
$
2,641,183

 
$
(47,708
)
 
$
125,790

 
$
5,348,705

Net income
 
 

 
 
 

 
17,918

 

 
4,873

 
22,791

Other comprehensive income
 
 

 
 
 

 

 
1,207

 

 
1,207

Dividends on common stock
 
 

 
 
 

 
(15
)
 

 

 
(15
)
Issuance of common stock
180,426

 
9,798

 
 
 

 

 

 

 
9,798

Purchase of treasury stock (a)
 
 

 
(75,791
)
 
(6,882
)
 

 

 

 
(6,882
)
Reissuance of treasury stock for stock-based compensation and other
 
 

 
70,655

 
6,121

 

 

 

 
6,121

Balance, March 31, 2019