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v3.23.2

Derivative Accounting (Tables) | 6 Months Ended
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Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Outstanding Gross Notional Amount of Derivatives, Which Represents Both Purchases and Sales (Does Not Reflect Net Position) | The following table shows the outstanding gross notional volume of energy derivatives, which represent both purchases and sales (does not reflect net position):
|  |  | Quantity
Commodity |  | Unit of Measure | June 30, 2023 |  | December 31, 2022
Power |  | GWh | 1,236 |  |  | 1,197 |
Gas |  | Billion cubic feet | 202 |  |  | 149 |
Schedule of Gains and Losses From Derivative Instruments Not Designated as Accounting Hedges Instruments | The following table provides information about gains and losses from energy derivative instruments not designated as accounting hedging instruments (dollars in thousands):
|  | Financial Statement Location |  | Three Months Ended June 30, |  | Six Months Ended June 30,
Commodity Contracts |  |  | 2023 |  | 2022 |  | 2023 |  | 2022
Net Gain (Loss) Recognized in Income |  | Fuel and purchased power (a) |  | $ | (50,145) |  |  | $ | 62,525 |  |  | $ | (239,075) |  |  | $ | 286,267 |
(a)Amounts are before the effect of PSA deferrals.
Schedule of Offsetting Assets | The following tables provide information about the fair value of our risk management activities reported on a gross basis, and the impacts of offsetting. These amounts relate to commodity contracts and are located in the assets and liabilities from risk management activities lines of APS’s Condensed Consolidated Balance Sheets.
As of June 30, 2023: (dollars in thousands) |  | Gross Recognized Derivatives (a) |  | Amounts Offset (b) |  | Net Recognized Derivatives |  | Other (c) |  | Amount Reported on Balance Sheets
Current assets |  | $ | 22,876 |  |  | $ | (11,180) |  |  | $ | 11,696 |  |  | $ | — |  |  | $ | 11,696 |
Investments and other assets |  | 20,857 |  |  | (7,824) |  |  | 13,033 |  |  | — |  |  | 13,033 |
Total assets |  | 43,733 |  |  | (19,004) |  |  | 24,729 |  |  | — |  |  | 24,729 |
Current liabilities |  | (78,742) |  |  | 11,180 |  |  | (67,562) |  |  | (6,271) |  |  | (73,833) |
Deferred credits and other |  | (32,179) |  |  | 7,824 |  |  | (24,355) |  |  | — |  |  | (24,355) |
Total liabilities |  | (110,921) |  |  | 19,004 |  |  | (91,917) |  |  | (6,271) |  |  | (98,188) |
Total |  | $ | (67,188) |  |  | $ | — |  |  | $ | (67,188) |  |  | $ | (6,271) |  |  | $ | (73,459) |
(a)All of our gross recognized derivative instruments were subject to master netting arrangements. (b)No cash collateral has been provided to counterparties, or received from counterparties, that is subject to offsetting. (c)Represents cash collateral that is not subject to offsetting. Amounts relate to non-derivative instruments, derivatives qualifying for scope exceptions, or collateral posted or received in excess of the recognized derivative instrument. Includes cash collateral received from counterparties of $6,271 thousand.
As of December 31, 2022: (dollars in thousands) |  | Gross Recognized Derivatives (a) |  | Amounts Offset (b) |  | Net Recognized Derivatives |  | Other (c) |  | Amount Reported on Balance Sheets
Current assets |  | $ | 103,484 |  |  | $ | (15,808) |  |  | $ | 87,676 |  |  | $ | 28 |  |  | $ | 87,704 |
Investments and other assets |  | 49,777 |  |  | (5,383) |  |  | 44,394 |  |  | — |  |  | 44,394 |
Total assets |  | 153,261 |  |  | (21,191) |  |  | 132,070 |  |  | 28 |  |  | 132,098 |
Current liabilities |  | (47,670) |  |  | 15,808 |  |  | (31,862) |  |  | (5,835) |  |  | (37,697) |
Deferred credits and other |  | (9,223) |  |  | 5,383 |  |  | (3,840) |  |  | — |  |  | (3,840) |
Total liabilities |  | (56,893) |  |  | 21,191 |  |  | (35,702) |  |  | (5,835) |  |  | (41,537) |
Total |  | $ | 96,368 |  |  | $ | — |  |  | $ | 96,368 |  |  | $ | (5,807) |  |  | $ | 90,561 |
(a)All of our gross recognized derivative instruments were subject to master netting arrangements. (b)No cash collateral has been provided to counterparties, or received from counterparties, that is subject to offsetting. (c)Represents cash collateral and cash margin that is not subject to offsetting. Amounts relate to non-derivative instruments, derivatives qualifying for scope exceptions, or collateral and margin posted in excess of the recognized derivative instrument. Includes cash collateral received from counterparties of $5,835 thousand and cash margin provided to counterparties of $28 thousand.
Schedule of Offsetting Liabilities | The following tables provide information about the fair value of our risk management activities reported on a gross basis, and the impacts of offsetting. These amounts relate to commodity contracts and are located in the assets and liabilities from risk management activities lines of APS’s Condensed Consolidated Balance Sheets.
As of June 30, 2023: (dollars in thousands) |  | Gross Recognized Derivatives (a) |  | Amounts Offset (b) |  | Net Recognized Derivatives |  | Other (c) |  | Amount Reported on Balance Sheets
Current assets |  | $ | 22,876 |  |  | $ | (11,180) |  |  | $ | 11,696 |  |  | $ | — |  |  | $ | 11,696 |
Investments and other assets |  | 20,857 |  |  | (7,824) |  |  | 13,033 |  |  | — |  |  | 13,033 |
Total assets |  | 43,733 |  |  | (19,004) |  |  | 24,729 |  |  | — |  |  | 24,729 |
Current liabilities |  | (78,742) |  |  | 11,180 |  |  | (67,562) |  |  | (6,271) |  |  | (73,833) |
Deferred credits and other |  | (32,179) |  |  | 7,824 |  |  | (24,355) |  |  | — |  |  | (24,355) |
Total liabilities |  | (110,921) |  |  | 19,004 |  |  | (91,917) |  |  | (6,271) |  |  | (98,188) |
Total |  | $ | (67,188) |  |  | $ | — |  |  | $ | (67,188) |  |  | $ | (6,271) |  |  | $ | (73,459) |
(a)All of our gross recognized derivative instruments were subject to master netting arrangements. (b)No cash collateral has been provided to counterparties, or received from counterparties, that is subject to offsetting. (c)Represents cash collateral that is not subject to offsetting. Amounts relate to non-derivative instruments, derivatives qualifying for scope exceptions, or collateral posted or received in excess of the recognized derivative instrument. Includes cash collateral received from counterparties of $6,271 thousand.
As of December 31, 2022: (dollars in thousands) |  | Gross Recognized Derivatives (a) |  | Amounts Offset (b) |  | Net Recognized Derivatives |  | Other (c) |  | Amount Reported on Balance Sheets
Current assets |  | $ | 103,484 |  |  | $ | (15,808) |  |  | $ | 87,676 |  |  | $ | 28 |  |  | $ | 87,704 |
Investments and other assets |  | 49,777 |  |  | (5,383) |  |  | 44,394 |  |  | — |  |  | 44,394 |
Total assets |  | 153,261 |  |  | (21,191) |  |  | 132,070 |  |  | 28 |  |  | 132,098 |
Current liabilities |  | (47,670) |  |  | 15,808 |  |  | (31,862) |  |  | (5,835) |  |  | (37,697) |
Deferred credits and other |  | (9,223) |  |  | 5,383 |  |  | (3,840) |  |  | — |  |  | (3,840) |
Total liabilities |  | (56,893) |  |  | 21,191 |  |  | (35,702) |  |  | (5,835) |  |  | (41,537) |
Total |  | $ | 96,368 |  |  | $ | — |  |  | $ | 96,368 |  |  | $ | (5,807) |  |  | $ | 90,561 |
(a)All of our gross recognized derivative instruments were subject to master netting arrangements. (b)No cash collateral has been provided to counterparties, or received from counterparties, that is subject to offsetting. (c)Represents cash collateral and cash margin that is not subject to offsetting. Amounts relate to non-derivative instruments, derivatives qualifying for scope exceptions, or collateral and margin posted in excess of the recognized derivative instrument. Includes cash collateral received from counterparties of $5,835 thousand and cash margin provided to counterparties of $28 thousand.
Schedule of Information about Derivative Instruments that have Credit-Risk-Related Contingent Features | The following table provides information about our energy derivative instruments that have credit-risk-related contingent features (dollars in thousands):
| June 30, 2023
Aggregate fair value of derivative instruments in a net liability position | $ | 109,632 |
Additional cash collateral in the event credit-risk-related contingent features were fully triggered (a) | 58,298 |
(a)This amount is after counterparty netting and includes those contracts which qualify for scope exceptions, which are excluded from the derivative details above.

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