XML 29 R16.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Consolidation and Nature of Operations | 6 Months Ended
--- | ---
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Consolidation and Nature of Operations | Consolidation and Nature of Operations The unaudited condensed consolidated financial statements include the accounts of Pinnacle West and our subsidiaries: APS, El Dorado Investment Company (“El Dorado”), and Pinnacle West Power, LLC (“PNW Power”). Intercompany accounts and transactions between the consolidated companies have been eliminated. The unaudited condensed consolidated financial statements for APS include the accounts of APS and the Palo Verde Generating Station (“Palo Verde”) sale leaseback variable interest entities (“VIEs”). See Note 6 for further discussion. PNW Power is a wholly-owned subsidiary that was created in September 2023 to hold certain investments in wind and transmission joint projects that were previously held in Bright Canyon Energy Corporation (“BCE”). See Note 16 for additional information. Our accounting records are maintained in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. BCE was a Pinnacle West subsidiary that was formed in 2014. On August 4, 2023, Pinnacle West entered into a purchase and sale agreement pursuant to which all of our equity interest in BCE was sold. The sale was completed on January 12, 2024. See Note 16 for more information relating to the sale of BCE. Amounts reported in our interim Condensed Consolidated Statements of Income are not necessarily indicative of amounts expected for the respective annual periods, due to the effects of seasonal temperature variations on energy consumption, timing of maintenance on electric generating units, and other factors. Our condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments except as otherwise disclosed in the notes) that we believe are necessary for the fair presentation of our financial position, results of operations, and cash flows for the periods presented. Certain information and footnote disclosures normally included in financial statements prepared in conformity with GAAP have been condensed or omitted pursuant to such regulations, although we believe that the disclosures provided are adequate to make the interim information presented not misleading. The accompanying condensed consolidated financial statements and these notes should be read in conjunction with the audited consolidated financial statements and notes included in our 2023 Form 10-K. Supplemental Cash Flow Information The following table summarizes supplemental Pinnacle West cash flow information (dollars in thousands):
| Six Months Ended June 30, |
| 2024 |  |  | 2023 |
Cash paid during the period for: |  |  |  |  |
Income taxes, net of refunds | $ | 25,019 |  |  |  | $ | 17 |  |
Interest, net of amounts capitalized | 177,323 |  |  |  | 154,477 |  |
Significant non-cash investing and financing activities: |  |  |  |  |
Accrued capital expenditures | 214,182 |  |  |  | 148,433 |  |
Dividends accrued but not yet paid | 99,936 |  |  |  | 98,014 |  |
BCE Sale non-cash consideration (Note 16) | 36,510 |  |  |  | — |  |
The following table summarizes supplemental APS cash flow information (dollars in thousands):
| Six Months Ended June 30,
| 2024 |  | 2023
Cash paid during the period for: |  |  |
Income taxes, net of refunds | $ | 9,729 |  |  | $ | 94 |
Interest, net of amounts capitalized | 152,535 |  |  | 134,107 |
Significant non-cash investing and financing activities: |  |  |
Accrued capital expenditures | 214,182 |  |  | 151,453 |
Dividends accrued but not yet paid | 100,000 |  |  | 98,000 |

X
- References No definition available. + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480424/946-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480424/946-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/810/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205/tableOfContent + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration