v3.26.1
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
Income tax receivable 3,494 5,979
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
LONG-TERM DEBT LESS CURRENT MATURITIES (Note 6) 9,775,808 9,205,676
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)
EQUITY    
Common stock, no par value; 300,000,000 shares authorized, 121,238,487 and 120,950,839 shares issued at respective dates 3,227,362 3,231,372
Treasury stock at cost; 46,968 and 46,968 shares at respective dates (3,323) (3,323)
Total common stock 3,224,039 3,228,049
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
TOTAL LIABILITIES AND EQUITY $ 32,576,874 $ 30,031,599