Schedule of changes in accumulated other comprehensive loss including reclassification adjustments, net of tax, by component |
The following table shows the changes in Pinnacle West's consolidated accumulated other comprehensive loss, including reclassification adjustments, net of tax, by component for the three and six months ended June 30, 2019 and 2018 (dollars in thousands): | | | | | | | | | | | | | | | | | | Pension and Other Postretirement Benefits | | | | Derivative Instruments | | | | Total | Three Months Ended June 30 | | | | | | | | | | Balance March 31, 2019 | $ | (45,118 | ) | | | | $ | (1,383 | ) | | | | $ | (46,501 | ) | OCI (loss) before reclassifications | (2,422 | ) | | | | — |
| | | | (2,422 | ) | Amounts reclassified from accumulated other comprehensive loss | 883 |
| | (a) | | 404 |
| | (b) | | 1,287 |
| Balance June 30, 2019 | $ | (46,657 | ) | | | | $ | (979 | ) | | | | $ | (47,636 | ) |
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| Balance March 31, 2018 | $ | (49,494 | ) | | | | $ | (2,847 | ) | | | | $ | (52,341 | ) | OCI (loss) before reclassifications | (5,928 | ) | | | | — |
| | | | (5,928 | ) | Amounts reclassified from accumulated other comprehensive loss | 1,189 |
| | (a) | | 456 |
| | (b) | | 1,645 |
| Balance June 30, 2018 | $ | (54,233 | ) | | | | $ | (2,391 | ) | | | | $ | (56,624 | ) |
| | | | | | | | | | | | | | | | | | Pension and Other Postretirement Benefits | | | | Derivative Instruments | | | | Total | Six Months Ended June 30 | | | | | | | | | | Balance December 31, 2018 | $ | (45,997 | ) | | | | $ | (1,711 | ) | | | | $ | (47,708 | ) | OCI (loss) before reclassifications | (2,422 | ) | | | | — |
| | | | (2,422 | ) | Amounts reclassified from accumulated other comprehensive loss | 1,762 |
| | (a) | | 732 |
| | (b) | | 2,494 |
| Balance June 30, 2019 | $ | (46,657 | ) | | | | $ | (979 | ) | | | | $ | (47,636 | ) | | | | | | | | | | | Balance December 31, 2017 | $ | (42,440 | ) | | | | $ | (2,562 | ) | | | | $ | (45,002 | ) | OCI (loss) before reclassifications | (5,928 | ) | | | | (96 | ) | | | | (6,024 | ) | Amounts reclassified from accumulated other comprehensive loss | 2,089 |
| | (a) | | 865 |
| | (b) | | 2,954 |
| Reclassification of income tax effect related to tax reform | (7,954 | ) | | (c) | | (598 | ) | | (c) | | (8,552 | ) | Balance June 30, 2018 | $ | (54,233 | ) | | | | $ | (2,391 | ) | | | | $ | (56,624 | ) |
| | (a) | These amounts primarily represent amortization of actuarial loss and are included in the computation of net periodic pension cost. See Note 5. |
| | (b) | These amounts represent realized gains and losses and are included in the computation of fuel and purchased power costs and are subject to the PSA. See Note 7. |
(c) In 2018, the company adopted new accounting guidance and elected to reclassify income tax effects of the Tax Act on items within accumulated other comprehensive income to retained earnings. The following table shows the changes in APS's consolidated accumulated other comprehensive loss, including reclassification adjustments, net of tax, by component for the three and six months ended June 30, 2019 and 2018 (dollars in thousands): | | | | | | | | | | | | | | | | | | Pension and Other Postretirement Benefits | | | | Derivative Instruments | | | | Total | Three Months Ended June 30 | | | | | | | | | | Balance March 31, 2019 | $ | (24,644 | ) | | | | $ | (1,383 | ) | | | | $ | (26,027 | ) | OCI (loss) before reclassifications | (2,414 | ) | | | | — |
| | | | (2,414 | ) | Amounts reclassified from accumulated other comprehensive loss | 761 |
| | (a) | | 404 |
| | (b) | | 1,165 |
| Balance June 30, 2019 | $ | (26,297 | ) | | | | $ | (979 | ) | | | | $ | (27,276 | ) |
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| Balance March 31, 2018 | $ | (28,004 | ) | | | | $ | (2,847 | ) | | | | $ | (30,851 | ) | OCI (loss) before reclassifications | (5,790 | ) | | | | — |
| | | | (5,790 | ) | Amounts reclassified from accumulated other comprehensive loss | 1,026 |
| | (a) | | 456 |
| | (b) | | 1,482 |
| Balance June 30, 2018 | $ | (32,768 | ) | | | | $ | (2,391 | ) | | | | $ | (35,159 | ) |
| | | | | | | | | | | | | | | | | | Pension and Other Postretirement Benefits | | | | Derivative Instruments | | | | Total | Six Months Ended June 30 | | | | | | | | | | Balance December 31, 2018 | $ | (25,396 | ) | | | | $ | (1,711 | ) | | | | $ | (27,107 | ) | OCI (loss) before reclassifications | (2,414 | ) | | | | — |
| | | | (2,414 | ) | Amounts reclassified from accumulated other comprehensive loss | 1,513 |
| | (a) | | 732 |
| | (b) | | 2,245 |
| Balance June 30, 2019 | $ | (26,297 | ) | | | | $ | (979 | ) | | | | $ | (27,276 | ) | | | | | | | | | | | Balance December 31, 2017 | $ | (24,421 | ) | | | | $ | (2,562 | ) | | | | $ | (26,983 | ) | OCI (loss) before reclassifications | (5,790 | ) | | | | (96 | ) | | | | (5,886 | ) | Amounts reclassified from accumulated other comprehensive loss | 1,883 |
| | (a) | | 865 |
| | (b) | | 2,748 |
| Reclassification of income tax effect related to tax reform | (4,440 | ) | | (c) | | (598 | ) | | (c) | | (5,038 | ) | Balance June 30, 2018 | $ | (32,768 | ) | | | | $ | (2,391 | ) | | | | $ | (35,159 | ) |
| | (a) | These amounts primarily represent amortization of actuarial loss and are included in the computation of net periodic pension cost. See Note 5. |
| | (b) | These amounts represent realized gains and losses and are included in the computation of fuel and purchased power costs and are subject to the PSA. See Note 7. |
(c) In 2018, the company adopted new accounting guidance and elected to reclassify income tax effects of the Tax Act on items within accumulated other comprehensive income to retained earnings.
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