BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2019	Dec. 31, 2018
Utility plant:
Electric plant in service		$ 4,404,150	$ 4,181,409
Less accumulated depreciation and amortization		(1,461,385)	(1,391,266)
Net plant in service		2,942,765	2,790,143
Construction work in progress		157,851	169,327
Nuclear fuel; includes fuel in process of $61,709 and $62,833, respectively		198,075	198,280
Net nuclear fuel		126,487	125,577
Net utility plant		3,227,103	3,085,047
Current assets:
Cash and cash equivalents		10,818	12,900
Accounts receivable, principally trade, net of allowance for doubtful accounts of $1,900 and $2,070, respectively		79,814	77,855
Inventories, at cost		60,872	55,432
Regulatory assets		9,939	6,972
Prepayments and other		11,203	20,375
Total current assets		172,646	173,534
Deferred charges and other assets:
Decommissioning trust funds		325,998	276,905
Regulatory assets		70,805	74,848
Other		16,648	18,168
Total deferred charges and other assets		413,451	369,921
Total assets		3,813,200	3,628,502
Capitalization:
Common stock, stated value $1 per share, 100,000,000 shares authorized, 64,332,884 and 65,707,156 shares issued, and 95,804 and 121,532 restricted shares, respectively		64,429	65,829
Capital in excess of stated value		323,367	328,480
Retained earnings		1,272,418	1,227,471
Accumulated other comprehensive loss, net of tax		(48,952)	(38,784)
Total stockholders' equity subtotal before treasury stock		1,611,262	1,582,996
Treasury stock, 23,696,262 and 25,147,567 shares, respectively, at cost		(394,715)	(418,893)
Common stock equity		1,216,547	1,164,103
Long-term debt, net of current portion		1,340,981	1,285,980
Total capitalization		2,557,528	2,450,083
Current liabilities:
Current maturities of long-term debt	[1],[2]	44,969	99,239
Short-term borrowings under the revolving credit facility		113,801	49,207
Accounts payable, principally trade		65,745	58,150
Taxes accrued		39,315	37,139
Interest accrued		14,196	16,478
Regulatory liabilities		19,961	14,686
Other		38,408	38,356
Total current liabilities		336,395	313,255
Deferred credits and other liabilities:
Accumulated deferred income taxes		348,398	325,133
Accrued pension liability		96,745	87,259
Accrued post-retirement benefit liability		23,081	24,575
Asset retirement obligation		110,105	101,108
Regulatory liabilities		298,466	298,570
Other		42,482	28,519
Total deferred credits and other liabilities		919,277	865,164
Commitments and contingencies
Total capitalization and liabilities		3,813,200	3,628,502
Nuclear Fuel
Utility plant:
Less accumulated depreciation and amortization		$ (71,588)	$ (72,703)

[1] RGRT Senior Notes
In 2010, the Company and RGRT, a Texas grantor trust through which the Company finances its portion of fuel for Palo Verde, entered into a note purchase agreement with various institutional purchasers. Under the terms of the agreement, RGRT issued and sold to the purchasers $110.0 million aggregate principal amount of Senior Notes ("RGRT Notes"). In August 2015 and 2017, $15.0 million and $50.0 million of the RGRT Notes, respectively, matured and were paid with borrowings from the RCF. The Company guarantees the payment of principal and interest on the RGRT Notes. In the Company’s financial statements, the assets and liabilities of RGRT are reported as assets and liabilities of the Company. In August 2020, the remaining $45.0 million of these RGRT Notes mature.
The sale of the RGRT Notes was made by RGRT in reliance on a private placement exemption from registration under the Securities Act. The proceeds of $109.4 million, net of issuance costs, from the sale of the RGRT Notes was used by RGRT to repay amounts borrowed under the RCF and enabled future nuclear fuel financing requirements of RGRT to be met with a combination of the RGRT Notes and amounts borrowed from the RCF.
On June 28, 2018, the RGRT and the Company entered into a note purchase agreement with several institutional purchasers under which the RGRT issued and sold $65.0 million aggregate principal amount of 4.07% Senior Guaranteed Notes due August 15, 2025 ("RGRT Senior Notes"). The net proceeds from the RGRT Senior Notes were used to repay outstanding short-term borrowings under the RCF to finance nuclear fuel purchases. The Company guaranteed the payment of principal and interest on the RGRT Senior Notes. RGRT’s assets, liabilities and operations are consolidated in the Company’s financial statements and the RGRT Senior Notes are included as long-term debt on the balance sheet. The issuance and sale of the RGRT Senior Notes was made in reliance on a private placement exemption from the registration provisions of the Securities Act.
RGRT pays interest on the senior notes above on February 15 and August 15 of each year until maturity, beginning on February 15, 2019. RGRT may redeem the senior notes, in whole or in part, at any time at a redemption price equal to 100% of the principal amount to be redeemed together with the interest on such principal amount accrued to the date of redemption, plus a make-whole amount based on the prevailing market interest rates.

[2] Pollution Control Bonds
The Company has three series of tax exempt unsecured PCBs in aggregate principal amount of $159.8 million as of December 31, 2019. The 2009 Series A 7.25% and the 2009 Series B 7.25% PCBs with an aggregate principal amount, together, of $100.6 million had optional redemptions beginning in February 2019 and April 2019, respectively. The principal and related unamortized issuance cost on these PCBs were classified as current maturities of long-term debt as of December 31, 2018.
The Company purchased in lieu of redemption all of the 2009 Series A 7.25% PCBs with an aggregate principal amount of $63.5 million, and all of the 2009 Series B 7.25% PCBs with an aggregate principal amount of $37.1 million, on February 1, 2019 and April 1, 2019, respectively, utilizing funds borrowed under the RCF.
On May 22, 2019, the Company reoffered and sold $63.5 million aggregate principal amount of 2009 Series A 7.25% PCBs and $37.1 million aggregate principal amount of 2009 Series B 7.25% PCBs with a fixed interest rate of 3.60% per annum until the PCBs mature on February 1, 2040 and April 1, 2040, respectively. The PCBs are subject to optional redemption at a redemption price of par on or after June 1, 2029. Proceeds from the remarketing of the PCBs were primarily used to repay outstanding short-term borrowings under the RCF.