Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of property, plant and equipment

Pinnacle West’s property, plant and equipment included in the December 31, 2022, and 2021 Consolidated Balance Sheets is composed of the following (dollars in thousands):


Property, Plant and Equipment:	2022		2021
Generation	$	9,563,145	$	9,480,572
Transmission	3,589,456		3,402,016
Distribution	7,951,867		7,520,016
General plant	1,347,678		1,286,057
Plant in service and held for future use	22,452,146		21,688,661
Accumulated depreciation and amortization	(7,929,878)		(7,504,603)
Net	14,522,268		14,184,058
Construction work in progress	1,882,791		1,329,478
Palo Verde sale leaseback, net of accumulated depreciation	90,296		94,166
Intangible assets, net of accumulated amortization	258,880		273,693
Nuclear fuel, net of accumulated amortization	100,119		106,039
Total property, plant and equipment	$	16,854,354	$	15,987,434

Schedule of supplemental cash flow information

The following table summarizes supplemental Pinnacle West cash flow information for each of the last three years (dollars in thousands):


	Year ended December 31,
	2022		2021		2020
Cash paid (received) during the period for:
Income taxes, net of refunds	$	46,227	$	229	$	(3,019)
Interest, net of amounts capitalized	245,271		227,584		216,951
Significant non-cash investing and financing activities:
Accrued capital expenditures	$	114,999	$	167,733	$	113,502
Dividends declared but not paid	97,895		95,988		93,531

The following table summarizes supplemental APS cash flow information for each of the last three years (dollars in thousands):


	Year ended December 31,
	2022		2021		2020
Cash paid during the period for:
Income taxes, net of refunds	$	95,985	$	19,783	$	41,176
Interest, net of amounts capitalized	227,159		217,749		206,328
Significant non-cash investing and financing activities:
Accrued capital expenditures	$	116,533	$	167,657	$	113,502
Dividends declared but not paid	97,900		96,000		93,500