v3.26.1
ARIZONA PUBLIC SERVICE COMPANY - CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
CURRENT ASSETS    
Cash and cash equivalents $ 9,124 $ 6,604
Customer and other receivables 775,549 579,831
Accrued unbilled revenues (Note 4) 283,012 173,692
Allowance for doubtful accounts (Note 4) (22,405) (25,495)
Materials and supplies (at average cost) 603,676 546,329
Fossil fuel (at average cost) 21,564 18,824
Assets from risk management activities (Note 10) 5 3,250
Deferred fuel and purchased power regulatory asset (Note 7) 0 149,068
Other regulatory assets (Note 7) 150,106 136,941
Other current assets 178,791 108,686
Total current assets 2,002,916 1,703,709
INVESTMENTS AND OTHER ASSETS    
Nuclear decommissioning trusts (Notes 14 and 15) 1,467,958 1,414,166
Other special use funds (Notes 14 and 15) 431,869 434,827
Assets from risk management activities (Note 10) 0 5,137
Other assets 168,703 144,997
Total investments and other assets 2,068,530 1,999,127
PROPERTY, PLANT AND EQUIPMENT    
Plant in service and held for future use 27,914,887 27,370,296
Accumulated depreciation and amortization (9,303,903) (9,012,021)
Net 18,610,984 18,358,275
Construction work in progress 2,196,736 1,649,542
Palo Verde sale leaseback, net of accumulated depreciation (Note 9) 31,248 32,035
Intangible assets, net of accumulated amortization 535,799 575,978
Nuclear fuel, net of accumulated amortization 133,649 104,274
Total property, plant and equipment 21,508,416 20,720,104
DEFERRED DEBITS    
Regulatory assets (Note 7) 1,451,328 1,463,357
Operating lease right-of-use assets (Note 17) 5,010,817 3,649,669
Assets for other postretirement benefits (Note 8) 399,461 399,334
Other 135,406 96,299
Total deferred debits 6,997,012 5,608,659
TOTAL ASSETS 32,576,874 30,031,599
CURRENT LIABILITIES    
Accounts payable 641,564 680,203
Accrued taxes 188,912 186,605
Accrued interest 115,015 105,637
Common dividends payable 110,284 110,022
Short-term borrowings (Note 6) 818,600 757,005
Current maturities of long-term debt (Note 6) 775,000 600,000
Customer deposits 79,063 63,776
Liabilities from risk management activities (Note 10) 70,984 35,141
Deferred fuel and purchased power regulatory liability (Note 7) 61,437 0
Liabilities for asset retirements 57,776 71,698
Operating lease liabilities (Note 17) 193,207 188,586
Regulatory liabilities (Note 7) 133,206 210,909
Other current liabilities 126,477 151,444
Total current liabilities 3,371,525 3,161,026
DEFERRED CREDITS AND OTHER    
Liabilities from risk management activities (Note 10) 10,143 1,495
Deferred income taxes 2,520,548 2,470,932
Regulatory liabilities (Note 7) 1,783,225 1,736,121
Liabilities for pension benefits (Note 8) 181,187 167,636
Liabilities for asset retirements 1,242,259 1,198,601
Customer advances 852,524 632,169
Coal mine reclamation 163,784 159,587
Deferred investment tax credit 303,008 308,261
Unrecognized tax benefits 108,673 105,484
Operating lease liabilities (Note 17) 4,942,680 3,548,365
Other 246,423 249,171
Total deferred credits and other 12,354,454 10,577,822
COMMITMENTS AND CONTINGENCIES (Note 11)
CAPITALIZATION    
Retained earnings 3,841,749 3,850,817
Accumulated other comprehensive loss (Note 16) (31,034) (32,408)
Total shareholders’ equity 7,034,754 7,046,458
Noncontrolling interests (Note 9) 40,333 40,617
Total equity 7,075,087 7,087,075
Long-term debt less current maturities (Note 6) 9,775,808 9,205,676
TOTAL LIABILITIES AND EQUITY 32,576,874 30,031,599
APS    
CURRENT ASSETS    
Cash and cash equivalents 6,764 4,143
Customer and other receivables 774,217 592,146
Accrued unbilled revenues (Note 4) 283,012 173,692
Allowance for doubtful accounts (Note 4) (22,405) (25,495)
Materials and supplies (at average cost) 603,676 546,329
Fossil fuel (at average cost) 21,564 18,824
Assets from risk management activities (Note 10) 5 3,250
Deferred fuel and purchased power regulatory asset (Note 7) 0 149,068
Other regulatory assets (Note 7) 150,106 136,941
Other current assets 178,046 102,820
Total current assets 1,994,985 1,701,718
INVESTMENTS AND OTHER ASSETS    
Nuclear decommissioning trusts (Notes 14 and 15) 1,467,958 1,414,166
Other special use funds (Notes 14 and 15) 385,736 394,514
Assets from risk management activities (Note 10) 0 5,137
Other assets 55,477 50,912
Total investments and other assets 1,909,171 1,864,729
PROPERTY, PLANT AND EQUIPMENT    
Plant in service and held for future use 27,914,005 27,369,414
Accumulated depreciation and amortization (9,303,021) (9,011,139)
Net 18,610,984 18,358,275
Construction work in progress 2,196,736 1,649,542
Palo Verde sale leaseback, net of accumulated depreciation (Note 9) 31,248 32,035
Intangible assets, net of accumulated amortization 535,644 575,823
Nuclear fuel, net of accumulated amortization 133,649 104,274
Total property, plant and equipment 21,508,261 20,719,949
DEFERRED DEBITS    
Regulatory assets (Note 7) 1,451,328 1,463,357
Operating lease right-of-use assets (Note 17) 5,009,873 3,648,658
Assets for other postretirement benefits (Note 8) 392,477 392,348
Other 134,598 95,600
Total deferred debits 6,988,276 5,599,963
TOTAL ASSETS 32,400,693 29,886,359
CURRENT LIABILITIES    
Accounts payable 635,832 672,518
Accrued taxes 196,786 176,968
Accrued interest 107,233 98,434
Common dividends payable 110,600 110,000
Short-term borrowings (Note 6) 540,000 507,305
Current maturities of long-term debt (Note 6) 250,000 250,000
Customer deposits 79,063 63,776
Liabilities from risk management activities (Note 10) 70,984 35,141
Deferred fuel and purchased power regulatory liability (Note 7) 61,437 0
Liabilities for asset retirements 57,776 71,698
Operating lease liabilities (Note 17) 193,051 188,437
Regulatory liabilities (Note 7) 133,206 210,909
Other current liabilities 125,739 159,039
Total current liabilities 2,561,707 2,544,225
DEFERRED CREDITS AND OTHER    
Liabilities from risk management activities (Note 10) 10,143 1,495
Deferred income taxes 2,476,683 2,427,765
Regulatory liabilities (Note 7) 1,783,225 1,736,121
Liabilities for pension benefits (Note 8) 179,563 164,892
Liabilities for asset retirements 1,242,259 1,198,601
Customer advances 852,524 632,169
Coal mine reclamation 163,784 159,587
Deferred investment tax credit 303,008 308,261
Unrecognized tax benefits 124,255 121,066
Operating lease liabilities (Note 17) 4,941,715 3,547,321
Other 231,164 232,661
Total deferred credits and other 12,308,323 10,529,939
COMMITMENTS AND CONTINGENCIES (Note 11)
CAPITALIZATION    
Common stock 178,162 178,162
Additional paid-in capital 4,591,696 4,491,696
Retained earnings 4,249,317 4,227,237
Accumulated other comprehensive loss (Note 16) (14,187) (15,457)
Total shareholders’ equity 9,004,988 8,881,638
Noncontrolling interests (Note 9) 40,333 40,617
Total equity 9,045,321 8,922,255
Long-term debt less current maturities (Note 6) 8,485,342 7,889,940
Total capitalization 17,530,663 16,812,195
TOTAL LIABILITIES AND EQUITY $ 32,400,693 $ 29,886,359