PINNACLE WEST CAPITAL CORP
For the period ended Mar 31, 2025. Filed May 1, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 1, 2025
PNW$105.96+0.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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APS Condensed Consolidated Balance Sheets as of
| March 31,2025 | December 31,2024 | |
|---|---|---|
| ASSETS | ||
| PROPERTY, PLANT AND EQUIPMENT | ||
| Plant in service and held for future use | $26,325,364 | $25,860,068 |
| Accumulated depreciation and amortization | (9,326,879) | (9,026,544) |
| Net | 16,998,485 | 16,833,524 |
| Construction work in progress | 1,858,894 | 1,592,659 |
| Palo Verde sale leaseback, net of accumulated depreciation (Note 8) | 81,589 | 82,556 |
| Intangible assets, net of accumulated amortization | 555,306 | 591,154 |
| Nuclear fuel, net of accumulated amortization | 112,207 | 97,850 |
| Total property, plant and equipment | 19,606,481 | 19,197,743 |
| INVESTMENTS AND OTHER ASSETS | ||
| Nuclear decommissioning trusts (Notes 13 and 14) | 1,286,101 | 1,282,845 |
| Other special use funds (Notes 13 and 14) | 380,257 | 374,156 |
| Assets from risk management activities (Note 9) | 31,375 | 5,980 |
| Other assets | 50,921 | 49,673 |
| Total investments and other assets | 1,748,654 | 1,712,654 |
| CURRENT ASSETS | ||
| Cash and cash equivalents | 8,541 | 3,815 |
| Customer and other receivables | 427,753 | 522,886 |
| Accrued unbilled revenues (Note 4) | 176,769 | 176,903 |
| Allowance for doubtful accounts (Note 4) | (23,039) | (24,849) |
| Materials and supplies (at average cost) | 488,009 | 469,022 |
| Fossil fuel (at average cost) | 16,203 | 32,420 |
| Income tax receivable | 42 | 5,463 |
| Assets from risk management activities (Note 9) | 77,550 | 10,578 |
| Deferred fuel and purchased power regulatory asset (Note 6) | 228,036 | 287,597 |
| Other regulatory assets (Note 6) | 94,034 | 133,372 |
| Other current assets | 81,854 | 65,754 |
| Total current assets | 1,575,752 | 1,682,961 |
| DEFERRED DEBITS | ||
| Regulatory assets (Note 6) | 1,372,760 | 1,389,489 |
| Operating lease right-of-use assets (Note 16) | 2,372,772 | 1,604,324 |
| Assets for pension and other postretirement benefits (Note 7) | 347,185 | 335,458 |
| Other | 73,415 | 65,606 |
| Total deferred debits | 4,166,132 | 3,394,877 |
| TOTAL ASSETS | $27,097,019 | $25,988,235 |
| March 31,2025 | December 31,2024 | |
|---|---|---|
| LIABILITIES AND EQUITY | ||
| CAPITALIZATION | ||
| Common stock | $178,162 | $178,162 |
| Additional paid-in capital | 4,116,696 | 4,116,696 |
| Retained earnings | 3,992,700 | 3,992,423 |
| Accumulated other comprehensive loss (Note 15) | (13,710) | (14,116) |
| Total shareholder equity | 8,273,848 | 8,273,165 |
| Noncontrolling interests (Note 8) | 107,474 | 103,167 |
| Total equity | 8,381,322 | 8,376,332 |
| Long-term debt less current maturities (Note 5) | 7,191,990 | 7,190,878 |
| Total capitalization | 15,573,312 | 15,567,210 |
| CURRENT LIABILITIES | ||
| Short-term borrowings (Note 5) | 626,600 | 339,900 |
| Current maturities of long-term debt (Note 5) | 300,000 | 300,000 |
| Accounts payable | 592,109 | 481,955 |
| Accrued taxes | 237,738 | 181,698 |
| Accrued interest | 72,498 | 79,308 |
| Common dividends payable | — | 107,200 |
| Customer deposits | 45,600 | 44,345 |
| Liabilities from risk management activities (Note 9) | 18,208 | 52,340 |
| Liabilities for asset retirements | 47,344 | 50,009 |
| Operating lease liabilities (Note 16) | 122,788 | 100,229 |
| Regulatory liabilities (Note 6) | 225,332 | 206,955 |
| Other current liabilities | 116,655 | 177,019 |
| Total current liabilities | 2,404,872 | 2,120,958 |
| DEFERRED CREDITS AND OTHER | ||
| Deferred income taxes | 2,419,729 | 2,419,937 |
| Regulatory liabilities (Note 6) | 1,910,764 | 1,855,278 |
| Liabilities for asset retirements | 1,112,434 | 1,096,577 |
| Liabilities for pension benefits (Note 7) | 136,534 | 134,855 |
| Liabilities from risk management activities (Note 9) | 9,368 | 9,446 |
| Customer advances | 569,290 | 569,343 |
| Coal mine reclamation | 153,606 | 171,483 |
| Deferred investment tax credit | 249,525 | 249,490 |
| Unrecognized tax benefits | 49,505 | 48,725 |
| Operating lease liabilities (Note 16) | 2,277,336 | 1,519,683 |
| Other | 230,744 | 225,250 |
| Total deferred credits and other | 9,118,835 | 8,300,067 |
| COMMITMENTS AND CONTINGENCIES (Note 10) | ||
| TOTAL LIABILITIES AND EQUITY | $27,097,019 | $25,988,235 |
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