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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, 2021
 
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 28, 2021: 112,750,962
ARIZONA PUBLIC SERVICE COMPANYNumber of shares of common stock, $2.50 par value, outstanding as of April 28, 2021: 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
 Page
  
 
 
 
   
 
 
 
This combined 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 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, 2020 (“2020 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:
the potential effects of the continued Coronavirus (“COVID-19") pandemic, including, but not limited to, demand for energy, economic growth, our employees and contractors, supply chain, expenses, capital markets, capital projects, operations and maintenance activities, uncollectable accounts, liquidity, cash flows or other unpredictable events;
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, the general economy or social conditions, customer and sales growth (or decline), the effects of energy conservation measures and distributed generation, and technological advancements;
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, 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, including in real estate markets;
the direct or indirect effect on our facilities or business from cybersecurity threats or intrusions, data security breaches, terrorist attack, physical attack, severe storms, droughts, 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;
the cost of debt and equity capital and the ability to access capital markets when required;
environmental, economic and other concerns surrounding coal-fired generation, including regulation of greenhouse gas emissions;
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 facility and system conditions and operating costs;
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
2


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 2020 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,
 20212020
OPERATING REVENUES (NOTE 2)$696,475 $661,930 
OPERATING EXPENSES  
Fuel and purchased power198,227 188,521 
Operations and maintenance230,055 221,318 
Depreciation and amortization157,820 154,079 
Taxes other than income taxes59,483 56,768 
Other expenses3,356 822 
Total648,941 621,508 
OPERATING INCOME47,534 40,422 
OTHER INCOME (DEDUCTIONS)  
Allowance for equity funds used during construction9,207 7,697 
Pension and other postretirement non-service credits — net 27,791 13,911 
Other income (Note 9)
12,429 12,569 
Other expense (Note 9)
(3,853)(4,784)
Total45,574 29,393 
INTEREST EXPENSE  
Interest charges61,938 59,234 
Allowance for borrowed funds used during construction(4,994)(4,076)
Total56,944 55,158 
INCOME BEFORE INCOME TAXES36,164 14,657 
INCOME TAXES(4,350)(20,209)
NET INCOME40,514 34,866 
Less: Net income attributable to noncontrolling interests (Note 6)
4,873 4,873 
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS$35,641 $29,993 
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING — BASIC112,829 112,594 
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING — DILUTED113,093 112,862 
EARNINGS PER WEIGHTED-AVERAGE COMMON SHARE OUTSTANDING  
Net income attributable to common shareholders — basic$0.32 $0.27 
Net income attributable to common shareholders — diluted$0.32 $0.27 
 
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,
 20212020
NET INCOME$40,514 $34,866 
OTHER COMPREHENSIVE INCOME, NET OF TAX  
Derivative instruments:  
Net unrealized gain, net of tax (expense) benefit of $(86) and $292
262 292 
Reclassification of net realized gain, net of tax expense of $0 and $394
 20 
Pension and other postretirement benefit activity, net of tax expense of $336 and $245
1,022 1,205 
Total other comprehensive income1,284 1,517 
COMPREHENSIVE INCOME41,798 36,383 
Less: Comprehensive income attributable to noncontrolling interests4,873 4,873 
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS$36,925 $31,510 
 
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, 2021December 31, 2020
ASSETS  
CURRENT ASSETS  
Cash and cash equivalents$17,202 $59,968 
Customer and other receivables263,126 313,576 
Accrued unbilled revenues122,034 132,197 
Allowance for doubtful accounts(20,405)(19,782)
Materials and supplies (at average cost)314,702 314,745 
Fossil fuel (at average cost)24,396 19,552 
Income tax receivable 6,792 
Assets from risk management activities (Note 7)
22,611 2,931 
Deferred fuel and purchased power regulatory asset (Note 4)
228,609 175,835 
Other regulatory assets (Note 4)
111,271 115,878 
Other current assets86,238 76,627 
Total current assets1,169,784 1,198,319 
INVESTMENTS AND OTHER ASSETS  
Nuclear decommissioning trust (Notes 11 and 12)
1,159,699 1,138,435 
Other special use funds (Notes 11 and 12)
357,506 254,509 
Other assets88,487 92,922 
Total investments and other assets1,605,692 1,485,866 
PROPERTY, PLANT AND EQUIPMENT  
Plant in service and held for future use20,948,591 20,837,885 
Accumulated depreciation and amortization(7,189,708)(7,110,310)
Net13,758,883 13,727,575 
Construction work in progress1,056,991 937,384 
Palo Verde sale leaseback, net of accumulated depreciation (Note 6)
97,068 98,036 
Intangible assets, net of accumulated amortization278,226 282,570 
Nuclear fuel, net of accumulated amortization124,533 113,645 
Total property, plant and equipment15,315,701 15,159,210 
DEFERRED DEBITS  
Regulatory assets (Note 4)
1,135,857 1,133,987 
Operating lease right-of-use assets502,959 505,064 
Assets for pension and other postretirement benefits (Note 5)
418,427 502,992 
Other36,238 34,983 
Total deferred debits2,093,481 2,177,026 
TOTAL ASSETS$20,184,658 $20,020,421 
 
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, 2021December 31, 2020
LIABILITIES AND EQUITY  
CURRENT LIABILITIES  
Accounts payable$309,145 $318,585 
Accrued taxes213,536 159,551 
Accrued interest58,709 56,962 
Common dividends payable 93,531 
Short-term borrowings (Note 3)
214,750 169,000 
Customer deposits45,170 48,340 
Liabilities from risk management activities (Note 7)
3,067 7,557 
Liabilities for asset retirements16,021 15,586 
Operating lease liabilities74,328 74,785 
Regulatory liabilities (Note 4)
250,228 229,088 
Other current liabilities145,589 187,448 
Total current liabilities1,330,543 1,360,433 
LONG-TERM DEBT LESS CURRENT MATURITIES (Note 3)
6,465,045 6,314,266 
DEFERRED CREDITS AND OTHER  
Deferred income taxes2,134,471 2,135,403 
Regulatory liabilities (Note 4)
2,427,769 2,450,169 
Liabilities for asset retirements693,383 689,497 
Liabilities for pension benefits (Note 5)
164,230 166,484 
Liabilities from risk management activities (Note 7)
6,928 11,062 
Customer advances220,999 221,032 
Coal mine reclamation171,227 170,097 
Deferred investment tax credit190,842 191,372 
Unrecognized tax benefits5,870 5,834 
Operating lease liabilities360,497 361,336 
Other206,174 190,643 
Total deferred credits and other6,582,390 6,592,929 
COMMITMENTS AND CONTINGENCIES (NOTE 8)
EQUITY  
Common stock, no par value; authorized 150,000,000 shares, 112,791,565 and 112,760,051 issued at respective dates
2,687,052 2,677,482 
Treasury stock at cost; 44,338 and 72,006 shares at respective dates
(3,776)(6,289)
Total common stock2,683,276 2,671,193 
Retained earnings3,060,752 3,025,106 
Accumulated other comprehensive loss(61,512)(62,796)
Total shareholders’ equity5,682,516 5,633,503 
Noncontrolling interests (Note 6)
124,164 119,290 
Total equity5,806,680 5,752,793 
TOTAL LIABILITIES AND EQUITY$20,184,658 $20,020,421 
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,
 20212020
CASH FLOWS FROM OPERATING ACTIVITIES  
Net income$40,514 $34,866 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization including nuclear fuel176,409 173,168 
Deferred fuel and purchased power(52,210)(5,785)
Deferred fuel and purchased power amortization(564)(1,808)
Allowance for equity funds used during construction(9,207)(7,697)
Deferred income taxes(11,077)(18,086)
Deferred investment tax credit(529)(465)
Stock compensation11,337 6,282 
Changes in current assets and liabilities:  
Customer and other receivables50,545 25,575 
Accrued unbilled revenues10,163 34,731 
Materials, supplies and fossil fuel(4,801)5,445 
Income tax receivable6,792 1,128 
Other current assets(9,042)(20,202)
Accounts payable24,465 (5,192)
Accrued taxes53,985 49,833 
Other current liabilities(46,028)(63,096)
Change in other long-term assets(36,777)81,143 
Change in other long-term liabilities(1,963)(106,212)
Net cash flow provided by operating activities202,012 183,628 
CASH FLOWS FROM INVESTING ACTIVITIES 
Capital expenditures(363,775)(340,014)
Contributions in aid of construction15,296 3,152 
Allowance for borrowed funds used during construction(4,994)(4,076)
Proceeds from nuclear decommissioning trust sales and other special use funds379,978 195,087 
Investment in nuclear decommissioning trust and other special use funds(380,548)(195,658)
Other5,974 349 
Net cash flow used for investing activities(348,069)(341,160)
CASH FLOWS FROM FINANCING ACTIVITIES  
Issuance of long-term debt150,000  
Short-term borrowing and (repayments) — net49,750 (76,675)
Short-term debt borrowings under revolving credit facility 751,690 
Short-term debt repayments under revolving credit facility(4,000)(226,690)
Dividends paid on common stock(91,721)(86,257)
Repayment of long-term debt (150,000)
Common stock equity issuance — net of purchases(738)(1,680)
Net cash flow provided by financing activities103,291 210,388 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS(42,766)52,856 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD59,968 10,283 
CASH AND CASH EQUIVALENTS AT END OF PERIOD$17,202 $63,139 
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, 2021
Common StockTreasury StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Noncontrolling InterestsTotal
SharesAmountSharesAmount
Balance, January 1, 2021112,760,051 $2,677,482 (72,006)$(6,289)$3,025,106 $(62,796)$119,290 $5,752,793 
Net income— — 35,641 — 4,873 40,514 
Other comprehensive income— — — 1,284 — 1,284 
Dividends on common stock — — 5 — — 5 
Issuance of common stock31,514 9,570 — — — 9,570 
Purchase of treasury stock (a)— (17,437)(1,333)— — — (1,333)
Reissuance of treasury stock for stock-based compensation and other— 45,105 3,846 — — — 3,846 
Other— — — — 1 1 
Balance, March 31, 2021112,791,565 $2,687,052 (44,338)$(3,776)$3,060,752 $(61,512)$124,164 $5,806,680 
Three Months Ended March 31, 2020
Common StockTreasury StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Noncontrolling InterestsTotal
SharesAmountSharesAmount
Balance, January 1, 2020112,540,126 $2,659,561 (103,546)$(9,427)$2,837,610 $(57,096)$122,540 $5,553,188 
Net income— — 29,993 — 4,873 34,866 
Other comprehensive income— — — 1,517 — 1,517 
Dividends on common stock— — 8 — — 8 
Issuance of common stock23,484 4,826 — — — — 4,826 
Purchase of treasury stock (a)(20,724)(2,086)(2,086)
Reissuance of treasury stock for stock-based compensation and other— 51,968 4,513 — — — 4,513 
Other— — (1)— 1  
Balance, March 31, 2020112,563,610 $2,664,387 (72,302)$(7,000)$2,867,610 (55,579)$127,414 $5,596,832 

(a)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,
 20212020
OPERATING REVENUES (NOTE 2)
$696,475 $661,930 
OPERATING EXPENSES  
Fuel and purchased power198,227 188,521 
Operations and maintenance226,401 218,265 
Depreciation and amortization157,800 154,058 
Taxes other than income taxes59,472 56,758 
Other expenses3,356 822 
Total645,256 618,424 
OPERATING INCOME51,219 43,506 
OTHER INCOME (DEDUCTIONS)  
Allowance for equity funds used during construction9,207 7,697 
Pension and other postretirement non-service credits — net27,837 14,262 
Other income (Note 9)
11,960 11,633 
Other expense (Note 9)
(3,350)(4,668)
Total45,654 28,924 
INTEREST EXPENSE  
Interest charges59,388 55,736 
Allowance for borrowed funds used during construction(4,994)(4,076)
Total54,394 51,660 
INCOME BEFORE INCOME TAXES42,479 20,770 
INCOME TAXES2,319 (19,448)
NET INCOME40,160 40,218 
Less: Net income attributable to noncontrolling interests (Note 6)
4,873 4,873 
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDER$35,287 $35,345 
 
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,
 20212020
NET INCOME$40,160 $40,218 
OTHER COMPREHENSIVE INCOME, NET OF TAX  
Derivative instruments:  
Net unrealized gain, net of tax benefit of $0 and $292
 292 
Reclassification of net realized loss, net of tax expense of $0 and $394
 20 
Pension and other postretirement benefits activity, net of tax expense of $305 and $237
927 1,013 
Total other comprehensive income927 1,325 
COMPREHENSIVE INCOME41,087 41,543 
Less: Comprehensive income attributable to noncontrolling interests4,873 4,873 
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDER$36,214 $36,670 
 
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,
2021
December 31,
2020
ASSETS  
PROPERTY, PLANT AND EQUIPMENT  
Plant in service and held for future use$20,945,129 $20,834,424 
Accumulated depreciation and amortization(7,186,452)(7,107,058)
Net13,758,677 13,727,366 
Construction work in progress1,056,991 937,384 
Palo Verde sale leaseback, net of accumulated depreciation (Note 6)
97,068 98,036 
Intangible assets, net of accumulated amortization278,071 282,415 
Nuclear fuel, net of accumulated amortization124,533 113,645 
Total property, plant and equipment15,315,340 15,158,846 
INVESTMENTS AND OTHER ASSETS  
Nuclear decommissioning trust (Notes 11 and 12)
1,159,699 1,138,435 
Other special use funds (Notes 11 and 12)
357,506 254,509 
Other assets44,829 46,010 
Total investments and other assets1,562,034 1,438,954 
CURRENT ASSETS  
Cash and cash equivalents14,536 57,310 
Customer and other receivables262,636 312,644 
Accrued unbilled revenues122,034 132,197 
Allowance for doubtful accounts(20,405)(19,782)
Materials and supplies (at average cost)314,702 314,745 
Fossil fuel (at average cost)24,396 19,552 
Assets from risk management activities (Note 7)
22,611 2,931 
Deferred fuel and purchased power regulatory asset (Note 4)
228,609 175,835 
Other regulatory assets (Note 4)
111,271 115,878 
Other current assets56,987 47,593 
Total current assets1,137,377 1,158,903 
DEFERRED DEBITS  
Regulatory assets (Note 4)
1,135,857 1,133,987 
Operating lease right-of-use assets501,395 503,475 
Assets for pension and other postretirement benefits (Note 5)
410,933 495,673 
Other35,751 34,413 
Total deferred debits2,083,936 2,167,548 
TOTAL ASSETS$20,098,687 $19,924,251 

 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,
2021
December 31,
2020
LIABILITIES AND EQUITY  
CAPITALIZATION  
Common stock$178,162 $178,162 
Additional paid-in capital2,871,696 2,871,696 
Retained earnings3,252,244 3,216,955 
Accumulated other comprehensive loss(39,991)(40,918)