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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 March 31, 2024
 
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 April 25, 2024: 113,558,885
ARIZONA PUBLIC SERVICE COMPANYNumber of shares of common stock, $2.50 par value, outstanding as of April 25, 2024:71,264,947
 
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 quarterly report on 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 of this report 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, 2023 (“2023 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:
uncertainties associated with the current and future economic environment, including economic growth rates, labor market conditions, inflation, supply chain delays, increased expenses, volatile capital markets, or other unpredictable effects;
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;
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, including as a result of delays in the development and application of new technologies;
the cost of debt, including increased cost as a result of rising interest rates, and equity capital and our ability to access capital markets when required;
environmental, economic, and other concerns surrounding coal-fired generation, including regulation of greenhouse gas emissions (“GHG”);
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 facilities and system conditions and operating costs;
2

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 2023 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
March 31,
 20242023
OPERATING REVENUES (Note 2)
$951,712 $944,955 
OPERATING EXPENSES  
Fuel and purchased power357,864 394,504 
Operations and maintenance257,578 250,080 
Depreciation and amortization210,294 191,906 
Taxes other than income taxes59,164 57,138 
Other expense20 610 
Total884,920 894,238 
OPERATING INCOME66,792 50,717 
OTHER INCOME (DEDUCTIONS)  
Allowance for equity funds used during construction10,292 15,061 
Pension and other postretirement non-service credits - net (Note 5)
11,568 9,865 
Other income (Note 9)
30,607 6,077 
Other expense (Note 9)
(7,567)(4,131)
Total44,900 26,872 
INTEREST EXPENSE  
Interest charges99,774 88,119 
Allowance for borrowed funds used during construction(13,141)(12,722)
Total86,633 75,397 
Income Before Income Taxes25,059 2,192 
Income Taxes3,891 1,183 
Net Income21,168 1,009 
Less: Net income attributable to noncontrolling interests (Note 6)
4,306 4,306 
Net Income (Loss) Attributable to Common Shareholders$16,862 $(3,297)
Weighted-average common shares outstanding - basic113,621 113,358 
Weighted-average common shares outstanding - diluted114,227 113,358 
Earnings Per Weighted-Average Common Share Outstanding  
Net income (loss) attributable to common shareholders - basic$0.15 $(0.03)
Net income (loss) attributable to common shareholders - diluted$0.15 $(0.03)
 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,
 20242023
NET INCOME$21,168 $1,009 
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX  
Derivative instruments net unrealized loss, net of tax benefit of $ and $202
 (616)
Pension and other postretirement benefit activity, net of tax expense of $185 and $169
562 515 
Total other comprehensive income (loss)562 (101)
COMPREHENSIVE INCOME21,730 908 
Less: Comprehensive income attributable to noncontrolling interests4,306 4,306 
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS$17,424 $(3,398)
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, 2024December 31, 2023
ASSETS  
CURRENT ASSETS  
Cash and cash equivalents$9,634 $4,955 
Customer and other receivables425,716 513,892 
Accrued unbilled revenues166,479 167,553 
Allowance for doubtful accounts (Note 2)
(19,224)(22,433)
Materials and supplies (at average cost)438,943 444,344 
Income tax receivable 332 
Fossil fuel (at average cost)50,230 49,203 
Assets from risk management activities (Note 7)
78 6,808 
Assets held for sale (Note 14)
 35,139 
Deferred fuel and purchased power regulatory asset (Note 4)
387,737 463,195 
Other regulatory assets (Note 4)
191,132 162,562 
Other current assets131,257 101,417 
Total current assets1,781,982 1,926,967 
INVESTMENTS AND OTHER ASSETS  
Nuclear decommissioning trusts (Notes 11 and 12)
1,239,024 1,201,246 
Other special use funds (Notes 11 and 12)
364,225 362,781 
Other assets106,830 102,845 
Total investments and other assets1,710,079 1,666,872 
PROPERTY, PLANT AND EQUIPMENT  
Plant in service and held for future use24,461,914 24,211,167 
Accumulated depreciation and amortization(8,594,795)(8,408,040)
Net15,867,119 15,803,127 
Construction work in progress1,685,365 1,724,004 
Palo Verde sale leaseback, net of accumulated depreciation (Note 6)
85,459 86,426 
Intangible assets, net of accumulated amortization512,874 267,110 
Nuclear fuel, net of accumulated amortization113,825 99,490 
Total property, plant and equipment18,264,642 17,980,157 
DEFERRED DEBITS  
Regulatory assets (Note 4)
1,371,260 1,390,279 
Operating lease right-of-use assets1,325,138 1,309,975 
Assets for pension and other postretirement benefits (Note 5)
334,765 323,438 
Other59,847 63,465 
Total deferred debits3,091,010 3,087,157 
TOTAL ASSETS$24,847,713 $24,661,153 
 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, 2024December 31, 2023
LIABILITIES AND EQUITY  
CURRENT LIABILITIES  
Accounts payable$476,629 $442,455 
Accrued taxes224,851 166,833 
Accrued interest74,001 72,916 
Common dividends payable 99,813 
Short-term borrowings (Note 3)
793,500 609,500 
Current maturities of long-term debt (Note 3)
875,000 875,000 
Customer deposits42,059 42,037 
Liabilities from risk management activities (Note 7)
113,530 80,913 
Liabilities for asset retirements 33,048 28,550 
Operating lease liabilities69,102 67,883 
Regulatory liabilities (Note 4)
221,552 209,923 
Other current liabilities132,597 193,524 
Total current liabilities3,055,869 2,889,347 
LONG-TERM DEBT LESS CURRENT MATURITIES (Note 3)
7,541,871 7,540,622 
DEFERRED CREDITS AND OTHER  
Deferred income taxes2,396,743 2,416,480 
Regulatory liabilities (Note 4)
1,966,120 1,965,865 
Liabilities for asset retirements946,457 937,451 
Liabilities for pension benefits (Note 5)
110,597 112,702 
Liabilities from risk management activities (Note 7)
34,872 42,975 
Customer advances533,180 533,580 
Coal mine reclamation185,229 184,007 
Deferred investment tax credit257,448 257,743 
Unrecognized tax benefits34,511 33,861 
Operating lease liabilities1,225,468 1,210,189 
Other248,815 251,469 
Total deferred credits and other7,939,440 7,946,322 
COMMITMENTS AND CONTINGENCIES (Note 8)
EQUITY  
Common stock, no par value; authorized 150,000,000 shares, 113,686,849 and 113,537,689 issued at respective dates
2,757,506 2,752,676 
Treasury stock at cost; 128,234 and 113,272 shares at respective dates
(9,073)(8,185)
Total common stock2,748,433 2,744,491 
Retained earnings3,483,178 3,466,317 
Accumulated other comprehensive loss (Note 13)
(32,582)(33,144)
Total shareholders’ equity6,199,029 6,177,664 
Noncontrolling interests (Note 6)
111,504 107,198 
Total equity6,310,533 6,284,862 
TOTAL LIABILITIES AND EQUITY$24,847,713 $24,661,153 
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,
 20242023
CASH FLOWS FROM OPERATING ACTIVITIES  
Net income$21,168 $1,009 
Adjustments to reconcile net income to net cash provided by operating activities:  
Gain on sale relating to BCE(22,988) 
Depreciation and amortization including nuclear fuel226,413 208,772 
Deferred fuel and purchased power(33,094)(90,305)
Deferred fuel and purchased power amortization108,552 80,904 
Allowance for equity funds used during construction(10,292)(15,061)
Deferred income taxes(23,297)(5,150)
Deferred investment tax credit(294)3,749 
Change in derivative instruments fair value 786 
Stock compensation5,935 3,635 
Changes in current assets and liabilities:  
Customer and other receivables84,888 2,831 
Accrued unbilled revenues1,074 21,488 
Materials, supplies and fossil fuel4,374 (14,392)
Income tax receivable332 2,387 
Other current assets(32,306)(8,099)
Accounts payable23,799 (69,576)
Accrued taxes58,018 50,044 
Other current liabilities(55,343)(84,003)
Change in long-term regulatory assets9,850 14,557 
Change in long-term regulatory liabilities16,493 33,555 
Change in other long-term assets(19,571)(72,593)
Change in operating lease assets(8,416)(8,920)
Change in other long-term liabilities(17,489)104,858 
Change in operating lease liabilities9,547 51,129 
Net cash provided by operating activities347,353 211,605 
CASH FLOWS FROM INVESTING ACTIVITIES 
Capital expenditures(517,756)(445,171)
Contributions in aid of construction69,047 25,165 
Proceeds from sale relating to BCE38,681  
Allowance for borrowed funds used during construction(13,141)(12,722)
Proceeds from nuclear decommissioning trust sales and other special use funds443,870 226,626 
Investment in nuclear decommissioning trust and other special use funds(443,854)(227,196)
Other(939)(19,941)
Net cash used for investing activities(424,092)(453,239)
CASH FLOWS FROM FINANCING ACTIVITIES  
Issuance of long-term debt 185,136 
Short-term borrowing and (repayments) - net184,000 156,830 
Dividends paid on common stock(98,082)(96,078)
Common stock equity issuance and (purchases) - net(4,500)(2,135)
Net cash provided by financing activities81,418 243,753 
NET INCREASE IN CASH AND CASH EQUIVALENTS4,679 2,119 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD4,955 4,832 
CASH AND CASH EQUIVALENTS AT END OF PERIOD$9,634 $6,951 
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, 2024
Common StockTreasury StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Noncontrolling InterestsTotal
SharesAmountSharesAmount
Balance, December 31, 2023
113,537,689 $2,752,676 (113,272)$(8,185)$3,466,317 $(33,144)$107,198 $6,284,862 
Net income— — 16,862 — 4,306 21,168 
Other comprehensive income
— — — 562 — 562 
Issuance of common stock (a)149,160 4,830 — — — — 4,830 
Purchase of treasury stock (b)— (71,008)(4,907)— — — (4,907)
Reissuance of treasury stock for stock-based compensation and other— 56,046 4,018 — — — 4,018 
Other— 1 (1)— —  
Balance, March 31, 2024
113,686,849 $2,757,506 (128,234)$(9,073)$3,483,178 $(32,582)$111,504 $6,310,533 

Three Months Ended March 31, 2023
Common StockTreasury StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Noncontrolling InterestsTotal
SharesAmountSharesAmount
Balance, December 31, 2022
113,247,189 $2,724,740 (73,613)$(5,005)$3,360,347 $(31,435)$111,229 $6,159,876 
Net income— — (3,297)— 4,306 1,009 
Other comprehensive loss
— — — (101)— (101)
Issuance of common stock112,278 6,111 — — — — 6,111 
Purchase of treasury stock (b)— (33,154)(2,490)— — — (2,490)
Reissuance of treasury stock for stock-based compensation and other— 626 44 — — — 44 
Other— — 2 — — 2 
Balance, March 31, 2023
113,359,467 $2,730,851 (106,141)$(7,451)$3,357,052 $(31,536)$115,535 $6,164,451 
(a)See Note 10 for information related to our equity forward sale agreements that were executed in February 2024. As of March 31, 2024, no common shares have been issued as part of this agreement.
(b)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


ARIZONA PUBLIC SERVICE COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(dollars in thousands)

 Three Months Ended
March 31,
 20242023
OPERATING REVENUES (Note 2)
$951,712 $944,955 
OPERATING EXPENSES  
Fuel and purchased power357,864 394,504 
Operations and maintenance253,593 246,179 
Depreciation and amortization210,273 191,884 
Taxes other than income taxes59,078 57,125 
Other expense20 610 
Total880,828 890,302 
OPERATING INCOME70,884 54,653 
OTHER INCOME (DEDUCTIONS)  
Allowance for equity funds used during construction10,292 15,061 
Pension and other postretirement non-service credits - net (Note 5)
11,773 10,106 
Other income (Note 9)
6,855 5,075 
Other expense (Note 9)
(2,894)(2,617)
Total26,026 27,625 
INTEREST EXPENSE  
Interest charges86,979 75,222 
Allowance for borrowed funds used during construction(13,141)(11,157)
Total73,838 64,065 
INCOME BEFORE INCOME TAXES23,072 18,213 
INCOME TAXES3,649 3,247 
NET INCOME19,423 14,966 
Less: Net income attributable to noncontrolling interests (Note 6)
4,306 4,306 
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDER$15,117 $10,660 
 The accompanying notes are an integral part of the financial statements.
11

ARIZONA PUBLIC SERVICE COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)
(dollars in thousands)
 
 Three Months Ended
March 31,
 20242023
NET INCOME$19,423 $14,966 
OTHER COMPREHENSIVE INCOME, NET OF TAX  
Pension and other postretirement benefits activity, net of tax expense of $161 and $150
490 457 
Total other comprehensive income490 457 
COMPREHENSIVE INCOME19,913 15,423 
Less: Comprehensive income attributable to noncontrolling interests4,306 4,306 
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDER$15,607 $11,117 
 The accompanying notes are an integral part of the financial statements.

12

ARIZONA PUBLIC SERVICE COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(dollars in thousands)
 
March 31,
2024
December 31,
2023
ASSETS  
PROPERTY, PLANT AND EQUIPMENT  
Plant in service and held for future use$24,458,518 $24,207,706 
Accumulated depreciation and amortization(8,591,536)(8,404,721)
Net15,866,982 15,802,985 
Construction work in progress1,685,365 1,724,004 
Palo Verde sale leaseback, net of accumulated depreciation (Note 6)
85,459 86,426 
Intangible assets, net of accumulated amortization512,719 266,955 
Nuclear fuel, net of accumulated amortization113,825 99,490 
Total property, plant and equipment18,264,350 17,979,860 
INVESTMENTS AND OTHER ASSETS  
Nuclear decommissioning trusts (Notes 11 and 12)
1,239,024 1,201,246 
Other special use funds (Notes 11 and 12)
364,225 362,781 
Other assets43,676 43,625 
Total investments and other assets1,646,925 1,607,652 
CURRENT ASSETS  
Cash and cash equivalents9,494 4,549 
Customer and other receivables422,651 510,296 
Accrued unbilled revenues166,479 167,553 
Allowance for doubtful accounts (Note 2)
(19,224)(22,433)
Materials and supplies (at average cost)438,943 444,344 
Fossil fuel (at average cost)50,230 49,203 
Assets from risk management activities (Note 7)
78 6,808 
Deferred fuel and purchased power regulatory asset (Note 4)
387,737 463,195 
Other regulatory assets (Note 4)
191,132 162,562 
Other current assets76,154 64,311 
Total current assets1,723,674 1,850,388 
DEFERRED DEBITS  
Regulatory assets (Note 4)
1,371,260 1,390,279 
Operating lease right-of-use assets1,323,837 1,308,611 
Assets for pension and other postretirement benefits (Note 5)
327,836 316,606 
Other59,447 63,059 
Total deferred debits3,082,380 3,078,555 
TOTAL ASSETS$24,717,329 $24,516,455 
 The accompanying notes are an integral part of the financial statements.
13

ARIZONA PUBLIC SERVICE COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(dollars in thousands) 
March 31,
2024
December 31,
2023
LIABILITIES AND EQUITY  
CAPITALIZATION  
Common stock$178,162 $178,162 
Additional paid-in capital3,321,696 3,321,696 
Retained earnings3,774,414 3,759,299 
Accumulated other comprehensive loss (Note 13)
(16,729)(17,219)
Total shareholder equity7,257,543 7,241,938 
Noncontrolling interests (Note 6)
111,504 107,198 
Total equity7,369,047 7,349,136 
Long-term debt less current maturities (Note 3)
7,042,930 7,041,891 
Total capitalization14,411,977 14,391,027 
CURRENT LIABILITIES  
Short-term borrowings (Note 3)
733,500 532,850 
Current maturities of long-term debt (Note 3)
250,000 250,000 
Accounts payable470,973 433,229 
Accrued taxes222,033 162,288 
Accrued interest71,988 72,548 
Common dividends payable 99,800 
Customer deposits42,059 42,037 
Liabilities from risk management activities (Note 7)
113,530 80,913 
Liabilities for asset retirements33,048 28,550 
Operating lease liabilities68,878 67,608 
Regulatory liabilities (Note 4)
221,552 209,923 
Other current liabilities125,305 211,773 
Total current liabilities2,352,866 2,191,519 
DEFERRED CREDITS AND OTHER  
Deferred income taxes2,434,844 2,431,697 
Regulatory liabilities (Note 4)
1,966,120 1,965,865 
Liabilities for asset retirements 946,457 937,451 
Liabilities for pension benefits (Note 5)
104,669 106,215 
Liabilities from risk management activities (Note 7)
34,872 42,975 
Customer advances533,180 533,580 
Coal mine reclamation185,229 184,007 
Deferred investment tax credit257,448 257,743 
Unrecognized tax benefits37,007 33,861 
Operating lease liabilities 1,224,170 1,208,857 
Other228,490 231,658 
Total deferred credits and other7,952,486 7,933,909 
COMMITMENTS AND CONTINGENCIES (Note 8)
TOTAL LIABILITIES AND EQUITY$24,717,329 $24,516,455 
The accompanying notes are an integral part of the financial statements.
14

ARIZONA PUBLIC SERVICE COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(dollars in thousands)

 Three Months Ended
March 31,
 20242023
CASH FLOWS FROM OPERATING ACTIVITIES  
Net income$19,423 $14,966 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization including nuclear fuel226,392 208,750 
Deferred fuel and purchased power(33,094)(90,305)
Deferred fuel and purchased power amortization108,552 80,904 
Allowance for equity funds used during construction(10,292)(15,061)
Deferred income taxes2,071 (1,693)
Deferred investment tax credit(294)3,749 
Changes in current assets and liabilities:  
Customer and other receivables84,357 9,347 
Accrued unbilled revenues1,074 21,488 
Materials, supplies and fossil fuel4,374 (14,392)
Other current assets3,516 (11,039)
Accounts payable26,328 (64,008)
Accrued taxes59,745 55,194 
Other current liabilities(82,478)(82,422)
Change in long-term regulatory assets9,850 14,557 
Change in long-term regulatory liabilities16,493 33,555 
Change in other long-term assets(51,555)(70,466)
Change in operating lease assets(8,479)(8,998)
Change in other long-term liabilities(19,584)104,303 
Change in operating lease liabilities9,581 51,212 
Net cash provided by operating activities365,980 239,641 
CASH FLOWS FROM INVESTING ACTIVITIES  
Capital expenditures(517,756)(439,647)
Contributions in aid of construction69,047 25,165 
Allowance for borrowed funds used during construction(13,141)(11,157)
Proceeds from nuclear decommissioning trust sales and other special use funds443,870 226,626 
Investment in nuclear decommissioning trust and other special use funds(443,854)(227,196)
Other(51)(926)
Net cash used for investing activities(461,885)(427,135)
CASH FLOWS FROM FINANCING ACTIVITIES  
Short-term borrowings and (repayments) - net200,650 138,000 
Equity infusion 150,000 
Dividends paid on common stock(99,800)(97,900)
Net cash provided by financing activities100,850 190,100 
NET INCREASE IN CASH AND CASH EQUIVALENTS4,945 2,606 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD4,549 4,042 
CASH AND CASH EQUIVALENTS AT END OF PERIOD$9,494 $6,648 
The accompanying notes are an integral part of the financial statements.
15

ARIZONA PUBLIC SERVICE COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(unaudited)
(dollars in thousands)

Three Months Ended March 31, 2024
Common StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Noncontrolling InterestsTotal
SharesAmount
Balance, December 31, 2023
71,264,947 $178,162 $3,321,696 $3,759,299 $(17,219)$107,198 $7,349,136 
Net income— — 15,117 — 4,306 19,423 
Other comprehensive income
— — — 490 — 490 
Other— — (2)— — (2)
Balance, March 31, 2024
71,264,947 $178,162 $3,321,696 $3,774,414 $(16,729)$111,504 $7,369,047 


Three Months Ended March 31, 2023
Common StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Noncontrolling InterestsTotal
SharesAmount
Balance, December 31, 2022
71,264,947 $178,162 $3,171,696 $3,607,464 $(15,596)$111,229 $7,052,955 
Equity infusion from Pinnacle West— 150,000 — — — 150,000 
Net income— — 10,660 — 4,306 14,966 
Other comprehensive income
— — — 457 — 457 
Other— — 1 — — 1 
Balance, March 31, 2023
71,264,947