v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
CURRENT ASSETS    
Cash and cash equivalents $ 10,047 $ 3,838
Customer and other receivables 430,726 525,608
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
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 90,995 74,915
Total current assets 1,589,330 1,689,404
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) 415,401 408,357
Assets from risk management activities (Note 9) 31,375 5,980
Other assets 133,136 115,095
Total investments and other assets 1,866,013 1,812,277
PROPERTY, PLANT AND EQUIPMENT    
Plant in service and held for future use 26,326,246 25,860,950
Accumulated depreciation and amortization (9,327,761) (9,027,426)
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 555,462 591,310
Nuclear fuel, net of accumulated amortization 112,207 97,850
Total property, plant and equipment 19,606,637 19,197,899
DEFERRED DEBITS    
Regulatory assets (Note 6) 1,372,760 1,389,489
Operating lease right-of-use assets (Note 16) 2,373,880 1,605,463
Assets for pension and other postretirement benefits (Note 7) 353,910 342,102
Other 73,948 66,126
Total deferred debits 4,174,498 3,403,180
TOTAL ASSETS 27,236,478 26,102,760
CURRENT LIABILITIES    
Accounts payable 599,239 485,426
Accrued taxes 232,383 175,863
Accrued interest 82,819 81,799
Common dividends payable 0 106,592
Short-term borrowings (Note 5) 870,197 568,450
Current maturities of long-term debt (Note 5) 800,000 800,000
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) 122,929 100,367
Regulatory liabilities (Note 6) 225,332 206,955
Other current liabilities 123,955 171,651
Total current liabilities 3,168,006 2,843,797
LONG-TERM DEBT LESS CURRENT MATURITIES (Note 5) 8,060,736 8,058,648
DEFERRED CREDITS AND OTHER    
Deferred income taxes 2,445,213 2,444,473
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) 140,437 139,317
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 45,013 44,233
Operating lease liabilities (Note 16) 2,278,493 1,520,877
Other 247,611 242,320
Total deferred credits and other 9,161,754 8,342,837
COMMITMENTS AND CONTINGENCIES (Note 10)
EQUITY    
Common stock, no par value; authorized 150,000,000 shares, 119,445,299 and 119,143,782 issued at respective dates 3,109,612 3,121,617
Treasury stock at cost; 46,968 and 46,968 shares at respective dates (3,323) (3,323)
Total common stock 3,106,289 3,118,294
Retained earnings 3,662,313 3,666,959
Accumulated other comprehensive loss (Note 15) (30,094) (30,942)
Total shareholder equity 6,738,508 6,754,311
Noncontrolling interests (Note 8) 107,474 103,167
Total equity 6,845,982 6,857,478
TOTAL LIABILITIES AND EQUITY $ 27,236,478 $ 26,102,760