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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, 2022
 
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 28, 2022: 113,140,203
ARIZONA PUBLIC SERVICE COMPANYNumber of shares of common stock, $2.50 par value, outstanding as of October 28, 2022: 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, 2021 (“2021 Form 10-K”), Part II, Item 1A of the Pinnacle West/APS Quarterly Report on Form 10‑Q for the quarter ended March 31, 2022 (“2022 1st Quarter 10-Q”), 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, vaccine mandates, supply chain, expenses, inflation, 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 or interpretations of existing legislation or regulations, 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, war, acts of war, international sanctions, 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;
general economic conditions, including inflation rates, monetary fluctuations, and supply chain constraints;
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;
2

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 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 2021 Form 10-K, Part II, Item 1A of our 2022 1st Quarter 10-Q, 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,
 2022202120222021
OPERATING REVENUES (Note 2)$1,469,871 $1,308,254 $3,315,071 $3,004,978 
OPERATING EXPENSES  
Fuel and purchased power556,571 427,452 1,174,027 895,514 
Operations and maintenance251,663 232,386 715,392 692,131 
Depreciation and amortization190,389 163,523 563,491 480,093 
Taxes other than income taxes53,475 57,608 165,591 176,586 
Other expenses - net200 (2,088)1,410 5,361 
Total1,052,298 878,881 2,619,911 2,249,685 
OPERATING INCOME417,573 429,373 695,160 755,293 
OTHER INCOME (DEDUCTIONS)  
Allowance for equity funds used during construction9,133 11,352 30,966 30,549 
Pension and other postretirement non-service credits - net (Note 5)
24,673 28,135 73,739 84,101 
Other income (Note 9)
2,219 12,083 5,605 36,719 
Other expense (Note 9)
(6,745)(6,182)(14,751)(15,219)
Total29,280 45,388 95,559 136,150 
INTEREST EXPENSE  
Interest charges72,185 64,067 205,677 188,782 
Allowance for borrowed funds used during construction(8,692)(5,273)(19,047)(15,466)
Total63,493 58,794 186,630 173,316 
INCOME BEFORE INCOME TAXES383,360 415,967 604,089 718,127 
INCOME TAXES52,728 71,863 83,577 114,073 
NET INCOME330,632 344,104 520,512 604,054 
Less: Net income attributable to noncontrolling interests (Note 6)
4,306 4,306 12,918 12,918 
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS$326,326 $339,798 $507,594 $591,136 
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING - BASIC113,211 112,923 113,162 112,878 
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING -DILUTED113,463 113,217 113,376 113,178 
EARNINGS PER WEIGHTED-AVERAGE COMMON SHARE OUTSTANDING  
Net income attributable to common shareholders - basic$2.88 $3.01 $4.49 $5.24 
Net income attributable to common shareholders - diluted$2.88 $3.00 $4.48 $5.22 
 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,
 2022202120222021
NET INCOME$330,632 $344,104 $520,512 $604,054 
OTHER COMPREHENSIVE INCOME, NET OF TAX  
Derivative instruments net unrealized gain (loss), net of tax benefit (expense) of $(169), $64, $(582), and $(308)
513 (194)1,772 938 
Pension and other postretirement benefit activity, net of tax benefit (expense) of $(329), $(363), $69 and $(720)
1,001 1,106 (211)2,192 
Total other comprehensive income1,514 912 1,561 3,130 
COMPREHENSIVE INCOME332,146 345,016 522,073 607,184 
Less: Comprehensive income attributable to noncontrolling interests4,306 4,306 12,918 12,918 
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS$327,840 $340,710 $509,155 $594,266 
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, 2022December 31, 2021
ASSETS  
CURRENT ASSETS  
Cash and cash equivalents$7,032 $9,969 
Customer and other receivables603,197 391,923 
Accrued unbilled revenues221,023 133,980 
Allowance for doubtful accounts (Note 2)
(23,999)(25,354)
Materials and supplies (at average cost)386,703 349,135 
Income tax receivable 7,514 
Fossil fuel (at average cost)53,087 18,032 
Assets from risk management activities (Note 7)
164,794 63,481 
Deferred fuel and purchased power regulatory asset (Note 4)
445,025 388,148 
Other regulatory assets (Note 4)
94,676 130,376 
Other current assets65,019 83,896 
Total current assets2,016,557 1,551,100 
INVESTMENTS AND OTHER ASSETS  
Nuclear decommissioning trusts (Notes 11 and 12)
1,025,913 1,294,757 
Other special use funds (Notes 11 and 12)
359,394 358,410 
Assets from risk management activities (Note 7)
86,864 46,908 
Other assets121,346 97,884 
Total investments and other assets1,593,517 1,797,959 
PROPERTY, PLANT AND EQUIPMENT  
Plant in service and held for future use22,275,468 21,688,661 
Accumulated depreciation and amortization(7,798,591)(7,504,603)
Net14,476,877 14,184,058 
Construction work in progress1,684,481 1,329,478 
Palo Verde sale leaseback, net of accumulated depreciation (Note 6)
91,264 94,166 
Intangible assets, net of accumulated amortization246,690 273,693 
Nuclear fuel, net of accumulated amortization115,227 106,039 
Total property, plant and equipment16,614,539 15,987,434 
DEFERRED DEBITS  
Regulatory assets (Note 4)
1,173,415 1,192,987 
Operating lease right-of-use assets806,509 890,057 
Assets for pension and other postretirement benefits (Note 5)
595,511 545,723 
Other44,550 37,962 
Total deferred debits2,619,985 2,666,729 
TOTAL ASSETS$22,844,598 $22,003,222 
 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, 2022December 31, 2021
LIABILITIES AND EQUITY  
CURRENT LIABILITIES  
Accounts payable$475,362 $393,083 
Accrued taxes285,689 168,645 
Accrued interest61,892 57,332 
Common dividends payable 95,988 
Short-term borrowings (Note 3)
466,820 292,000 
Current maturities of long-term debt (Note 3)
27,628 150,000 
Customer deposits41,731 42,293 
Liabilities from risk management activities (Note 7)
7,240 4,373 
Liabilities for asset retirements6,307 4,473 
Operating lease liabilities128,618 100,443 
Regulatory liabilities (Note 4)
420,357 296,271 
Other current liabilities139,260 151,968 
Total current liabilities2,060,904 1,756,869 
LONG-TERM DEBT LESS CURRENT MATURITIES (Note 3)
7,344,205 6,913,735 
DEFERRED CREDITS AND OTHER  
Deferred income taxes2,418,914 2,311,862 
Regulatory liabilities (Note 4)
2,108,289 2,499,213 
Liabilities for asset retirements785,540 762,909 
Liabilities for pension benefits (Note 5)
148,403 152,865 
Customer advances362,140 257,151 
Coal mine reclamation178,095 174,616 
Deferred investment tax credit179,418 186,570 
Unrecognized tax benefits4,717 4,657 
Operating lease liabilities642,573 728,401 
Other249,287 232,914 
Total deferred credits and other7,077,376 7,311,158 
COMMITMENTS AND CONTINGENCIES (Note 8)
EQUITY  
Common stock, no par value; authorized 150,000,000 shares, 113,108,728 and 113,014,528 issued at respective dates
2,720,364 2,702,743 
Treasury stock at cost; 36,204 and 87,608 shares at respective dates
(2,603)(6,401)
Total common stock2,717,761 2,696,342 
Retained earnings3,580,102 3,264,719 
Accumulated other comprehensive loss (Note 13)(53,300)(54,861)
Total shareholders’ equity6,244,563 5,906,200 
Noncontrolling interests (Note 6)
117,550 115,260 
Total equity6,362,113 6,021,460 
TOTAL LIABILITIES AND EQUITY$22,844,598 $22,003,222 
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,
 20222021
CASH FLOWS FROM OPERATING ACTIVITIES  
Net income$520,512 $604,054 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization including nuclear fuel612,958 532,341 
Deferred fuel and purchased power(228,483)(224,541)
Deferred fuel and purchased power amortization171,607 25,195 
Allowance for equity funds used during construction(30,966)(30,549)
Deferred income taxes43,440 104,128 
Deferred investment tax credit(7,152)(8,333)
Stock compensation12,824 16,708 
Changes in current assets and liabilities:  
Customer and other receivables(213,181)(110,584)
Accrued unbilled revenues(87,043)(58,334)
Materials, supplies and fossil fuel(72,623)(46,744)
Income tax receivable7,514 6,792 
Other current assets54,272 (19,129)
Accounts payable137,433 19,005 
Accrued taxes117,044 93,953 
Other current liabilities12,575 (26,491)
Change in margin and collateral accounts - assets8,832 (77)
Change in other long-term assets208,599 (284,291)
Change in operating lease assets98,081 106,802 
Change in other long-term liabilities(235,986)62,012 
Change in operating lease liabilities(98,343)(101,404)
Net cash provided by operating activities1,031,914 660,513 
CASH FLOWS FROM INVESTING ACTIVITIES 
Capital expenditures(1,276,861)(1,006,431)
Contributions in aid of construction103,366 67,278 
Allowance for borrowed funds used during construction(18,381)(15,466)
Proceeds from nuclear decommissioning trusts sales and other special use funds911,003 797,179 
Investment in nuclear decommissioning trusts and other special use funds(929,965)(815,193)
Other(11,057)10,321 
Net cash used for investing activities(1,221,895)(962,312)
CASH FLOWS FROM FINANCING ACTIVITIES  
Issuance of long-term debt455,628 596,999 
Short-term borrowing and (repayments) - net174,820 (25,000)
Short-term debt repayments under revolving credit facility (19,000)
Dividends paid on common stock(282,838)(275,329)
Repayment of long-term debt(150,000) 
Common stock equity issuances and (purchases) -net62 477 
Distributions to noncontrolling interests(10,628)(10,628)
Net cash provided by financing activities187,044 267,519 
NET DECREASE IN CASH AND CASH EQUIVALENTS(2,937)(34,280)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD9,969 59,968 
CASH AND CASH EQUIVALENTS AT END OF PERIOD$7,032 $25,688 
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, 2022
Common StockTreasury StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Noncontrolling InterestsTotal
SharesAmountSharesAmount
Balance, July 1, 2022113,078,049 $2,712,297 (41,531)$(2,976)$3,253,772 $(54,814)$113,244 $6,021,523 
Net income— — 326,326 4,306 330,632 
Other comprehensive income
— — — 1,514 — 1,514 
Issuance of common stock30,679 8,067 — — — — 8,067 
Purchase of treasury stock (a)— (3,735)(279)— — — (279)
Reissuance of treasury stock for stock-based compensation and other— 9,062 652 — — — 652 
Other— — 4 — — 4 
Balance, September 30, 2022113,108,728 $2,720,364 (36,204)$(2,603)$3,580,102 $(53,300)$117,550 $6,362,113 

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 
(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, 2022
Common StockTreasury StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Noncontrolling InterestsTotal
SharesAmountSharesAmount
Balance, January 1, 2022113,014,528 $2,702,743 (87,608)$(6,401)$3,264,719 $(54,861)$115,260 $6,021,460 
Net income— — 507,594 —