|
|
|
|
|
|
Amount | ||||||||||||||||
reported after | ||||||||||||||||
Reclassifications | adoption of | |||||||||||||||
as a result of the | amended VIE | |||||||||||||||
adoption of | accounting | |||||||||||||||
As | new VIE | Reclassifications | guidance and | |||||||||||||
Statement of Income for the | previously | accounting | for discontinued | discontinued | ||||||||||||
Three Months Ended September 30, 2009 | reported | guidance | operations | operations | ||||||||||||
Operating Revenues
|
||||||||||||||||
Real estate segment
|
$ | 47,602 | $ | — | $ | (47,602 | ) | $ | — | |||||||
Other revenues
|
10,853 | — | (5,567 | ) | 5,286 | |||||||||||
Operating Expenses
|
||||||||||||||||
Real estate segment operations
|
25,074 | — | (25,074 | ) | — | |||||||||||
Real estate impairment charge
|
37,051 | — | (37,051 | ) | — | |||||||||||
Operations and maintenance
|
208,769 | (9,916 | ) | (823 | ) | 198,030 | ||||||||||
Depreciation and amortization
|
102,246 | 1,927 | (1,165 | ) | 103,008 | |||||||||||
Taxes other than income taxes
|
34,111 | — | (96 | ) | 34,015 | |||||||||||
Other expenses
|
8,014 | — | (2,981 | ) | 5,033 | |||||||||||
Other
|
||||||||||||||||
Other income
|
4,650 | — | (264 | ) | 4,386 | |||||||||||
Interest Expense
|
||||||||||||||||
Interest charges
|
60,161 | 3,036 | (2,898 | ) | 60,299 | |||||||||||
Allowance for borrowed funds used during
construction
|
(1,423 | ) | — | 74 | (1,349 | ) | ||||||||||
Income Taxes
|
103,507 | — | 6,271 | 109,778 | ||||||||||||
Income From Continuing Operations
|
188,065 | 4,953 | 10,310 | 203,328 | ||||||||||||
Loss From Discontinued Operations
|
(1,995 | ) | — | (10,310 | ) | (12,305 | ) | |||||||||
Net Income
|
186,070 | 4,953 | — | 191,023 | ||||||||||||
Net Income (Loss) Attributable To Noncontrolling
Interests
|
(582 | ) | 4,953 | — | 4,371 | |||||||||||
|
||||||||||||||||
Statement of Income for the Nine Months Ended September 30, 2009 |
||||||||||||||||
Operating Revenues
|
||||||||||||||||
Real estate segment
|
$ | 75,122 | $ | — | $ | (75,122 | ) | $ | — | |||||||
Other revenues
|
30,084 | — | (13,920 | ) | 16,164 | |||||||||||
Operating Expenses
|
||||||||||||||||
Real estate segment operations
|
71,413 | — | (71,413 | ) | — | |||||||||||
Real estate impairment charge
|
241,469 | — | (241,469 | ) | — | |||||||||||
Operations and maintenance
|
642,545 | (29,745 | ) | (2,399 | ) | 610,401 | ||||||||||
Depreciation and amortization
|
302,166 | 5,778 | (3,878 | ) | 304,066 | |||||||||||
Taxes other than income taxes
|
101,126 | — | (338 | ) | 100,788 | |||||||||||
Other expenses
|
22,214 | — | (6,352 | ) | 15,862 | |||||||||||
Other
|
||||||||||||||||
Other income
|
4,820 | — | (718 | ) | 4,102 | |||||||||||
Interest Expense
|
||||||||||||||||
Interest charges
|
174,720 | 9,713 | (6,986 | ) | 177,447 | |||||||||||
Allowance for borrowed funds used during
construction
|
(8,568 | ) | — | 250 | (8,318 | ) | ||||||||||
Income Taxes
|
48,082 | — | 89,512 | 137,594 | ||||||||||||
Income From Continuing Operations
|
96,099 | 14,254 | 153,313 | 263,666 | ||||||||||||
Loss From Discontinued Operations
|
(12,554 | ) | — | (153,313 | ) | (165,867 | ) | |||||||||
Net Income
|
83,545 | 14,254 | — | 97,799 | ||||||||||||
Net Loss Attributable To Noncontrolling Interests
|
(14,944 | ) | 14,254 | — | (690 | ) |
Reclassifications as a | Amounts reported | |||||||||||
result of the adoption of | after adoption of | |||||||||||
As previously | the new VIE accounting | amended VIE | ||||||||||
Balance Sheets — December 31, 2009 | reported | guidance | accounting guidance | |||||||||
Property, Plant and Equipment — Palo Verde
sale leaseback, net of accumulated
depreciation
|
$ | — | $ | 146,722 | $ | 146,722 | ||||||
Deferred Debits — Regulatory assets
|
781,714 | 31,447 | 813,161 | |||||||||
Current Liabilities — Current maturities of
long-term debt
|
277,693 | 25,783 | 303,476 | |||||||||
Long-Term Debt Less Current Maturities — Palo
Verde sale leaseback lessor notes
|
— | 126,000 | 126,000 | |||||||||
Deferred Credits and Other — Other
|
200,015 | (55,938 | ) | 144,077 | ||||||||
Equity — Noncontrolling Interests
|
29,571 | 82,324 | 111,895 |
Amounts reported | ||||||||||||
Reclassifications as a | after adoption of | |||||||||||
result of the adoption of | amended VIE | |||||||||||
the new VIE accounting | accounting guidance | |||||||||||
guidance and to conform | and to conform to | |||||||||||
Statement of Cash Flows for the | As previously | to current year | current year | |||||||||
Nine Months Ended September 30, 2009 | reported | presentation | presentation | |||||||||
Cash Flows from Operating Activities
|
||||||||||||
Net income
|
$ | 83,545 | $ | 14,254 | $ | 97,799 | ||||||
Depreciation and amortization including nuclear
fuel
|
332,532 | 5,779 | 338,311 | |||||||||
Other current liabilities
|
25,808 | (17,019 | ) | 8,789 | ||||||||
Change in margin and collateral accounts-assets
|
— | 1,652 | 1,652 | |||||||||
Change in margin and collateral
accounts-liabilities
|
— | 3,564 | 3,564 | |||||||||
Other long-term assets
|
(47,925 | ) | (1,652 | ) | (49,577 | ) | ||||||
Other long-term liabilities
|
12,071 | 3,420 | 15,491 | |||||||||
Cash Flows from Financing Activities
|
||||||||||||
Repayment and acquisition of long-term debt
|
(414,474 | ) | (6,605 | ) | (421,079 | ) | ||||||
Noncontrolling interests
|
— | (3,393 | ) | (3,393 | ) | |||||||
Supplemental Disclosure of Cash Flow Information
|
||||||||||||
Cash paid for Interest, Net of Amounts Capitalized
|
153,725 | 9,713 | 163,438 |
|
Consolidated | Consolidated | |||||||
Year | Pinnacle West | APS | ||||||
2010
|
$ | 23 | $ | 17 | ||||
2011
|
632 | 457 | ||||||
2012
|
478 | 478 | ||||||
2013
|
140 | 140 | ||||||
2014
|
503 | 503 | ||||||
Thereafter
|
1,932 | 1,932 | ||||||
|
||||||||
Total
|
$ | 3,708 | $ | 3,527 | ||||
|
|
• | Revenue accounting treatment for line extension payments received for new or upgraded service from January 1, 2010 through year end 2012 (or until new rates are established in APS’ next general rate case, if that is before the end of 2012), which resulted in projected estimates of increased revenues of $23 million, $25 million and $49 million, respectively (as of September 30, 2010, estimates for the 2010 year are expected to be $17 — $21 million); |
• | An authorized return on common equity of 11%; |
• | A capital structure comprised of 46.2% debt and 53.8% common equity; |
• | A commitment from APS to reduce average annual operational expenses by at least $30 million from 2010 through 2014; |
• | Authorization and requirements of equity infusions into APS of at least $700 million during the period beginning June 1, 2009 through December 31, 2014 ($253 million of which was infused into APS from proceeds of a Pinnacle West equity issuance in the second quarter of 2010 (see Note 2)); and |
• | Various modifications to the existing energy efficiency, demand-side management and renewable energy programs that require APS to, among other things, expand its conservation and demand-side management programs and its use of renewable energy, as well as allow for concurrent recovery of renewable energy expenses and provide for more concurrent recovery of demand-side management costs and incentives. |
Nine Months Ended | ||||||||
September 30, | ||||||||
2010 | 2009 | |||||||
Beginning balance
|
$ | (87 | ) | $ | 8 | |||
Deferred fuel and purchased power costs-current period
|
(50 | ) | 47 | |||||
Amounts refunded (recovered)
|
96 | (115 | ) | |||||
|
||||||||
Ending balance
|
$ | (41 | ) | $ | (60 | ) | ||
|
|
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||
Three Months | Nine Months | Three Months | Nine Months | |||||||||||||||||||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||
2010 | 2009 | 2010 | 2009 | 2010 | 2009 | 2010 | 2009 | |||||||||||||||||||||||||
Service cost — benefits earned
during the period
|
$ | 14 | $ | 13 | $ | 42 | $ | 40 | $ | 4 | $ | 4 | $ | 14 | $ | 14 | ||||||||||||||||
Interest cost on benefit obligation
|
31 | 29 | 92 | 88 | 11 | 10 | 32 | 29 | ||||||||||||||||||||||||
Expected return on plan assets
|
(31 | ) | (29 | ) | (93 | ) | (87 | ) | (9 | ) | (9 | ) | (29 | ) | (26 | ) | ||||||||||||||||
Amortization of:
|
||||||||||||||||||||||||||||||||
Transition obligation
|
— | — | — | — | — | 1 | — | 2 | ||||||||||||||||||||||||
Prior service cost
|
— | 1 | 1 | 2 | — | — | — | — | ||||||||||||||||||||||||
Net actuarial loss
|
5 | 4 | 15 | 11 | 2 | 3 | 7 | 8 | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Net periodic benefit cost
|
$ | 19 | $ | 18 | $ | 57 | $ | 54 | $ | 8 | $ | 9 | $ | 24 | $ | 27 | ||||||||||||||||
|
||||||||||||||||||||||||||||||||
Portion of cost charged to expense
|
$ | 10 | $ | 9 | $ | 29 | $ | 26 | $ | 4 | $ | 4 | $ | 12 | $ | 13 | ||||||||||||||||
|
||||||||||||||||||||||||||||||||
APS’ share of cost charged to expense
|
$ | 9 | $ | 8 | $ | 28 | $ | 25 | $ | 4 | $ | 4 | $ | 12 | $ | 12 | ||||||||||||||||
|
|
• | our regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses (primarily retail and wholesale sales supplied to traditional cost-based rate regulation (“Native Load”) customers) and related activities and includes electricity generation, transmission and distribution; and |
• | our real estate segment, which consists of SunCor’s real estate development and investment activities. |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Operating revenues:
|
||||||||||||||||
Regulated electricity segment
|
$ | 1,116 | $ | 1,084 | $ | 2,527 | $ | 2,499 | ||||||||
All other (a)
|
23 | 5 | 53 | 16 | ||||||||||||
|
||||||||||||||||
Total
|
$ | 1,139 | $ | 1,089 | $ | 2,580 | $ | 2,515 | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Net income (loss) attributable to
common shareholders:
|
||||||||||||||||
Regulated electricity segment
|
$ | 225 | $ | 200 | $ | 320 | $ | 257 | ||||||||
Real estate segment
|
8 | (12 | ) | (6 | ) | (153 | ) | |||||||||
All other (a)
|
1 | (1 | ) | 29 | (6 | ) | ||||||||||
|
||||||||||||||||
Total
|
$ | 234 | $ | 187 | $ | 343 | $ | 98 | ||||||||
|
As of | As of | |||||||
September 30, 2010 | December 31, 2009 | |||||||
Assets:
|
||||||||
Regulated electricity segment
|
$ | 12,324 | $ | 11,691 | ||||
Real estate segment
|
41 | 161 | ||||||
All other (a)
|
70 | 134 | ||||||
|
||||||||
Total
|
$ | 12,435 | $ | 11,986 | ||||
|
(a) | Includes activities related to APSES and El Dorado. None of the activities of either of these companies constitutes a reportable segment. All other also includes the sale of APSES’ district cooling business, which resulted in an after-tax gain of $25 million for the nine months ended September 30, 2010. See Note 14 — Discontinued Operations. |
|
|
September 30, | ||||
2010 | ||||
Property plant and equipment, net of accumulated depreciation
|
$ | 140 | ||
Long-term debt including current maturities
|
143 | |||
Equity- Noncontrolling interests
|
94 |
|
Commodity | Quantity | |||||
Power
|
14,149,591 | megawatt hours | ||||
Gas
|
149,026,687 | MMBTU (a) |
(a) | “MMBTU” is one million British thermal units. |
Three Months Ended | Nine Months Ended | |||||||||||||||||
Financial Statement | September 30, | September 30, | ||||||||||||||||
Commodity Contracts | Location | 2010 | 2009 | 2010 | 2009 | |||||||||||||
Amount of Gain
(Loss) Recognized
in AOCI on Derivative Instruments (Effective Portion)
|
Accumulated other comprehensive loss-derivative instruments
|
$ | (67,856 | ) | $ | 4,959 | $ | (168,110 | ) | $ | (128,035 | ) | ||||||
Amount of Loss
Reclassified from AOCI into Income (Effective Portion Realized)
|
Regulated electricity segment fuel and purchased power
|
(59,801 | ) | (81,660 | ) | (102,130 | ) | (154,990 | ) | |||||||||
Amount of Gain
(Loss) Recognized
in Income from
Derivative
Instruments
(Ineffective
Portion and Amount Excluded from Effectiveness Testing) (a)
|
Regulated electricity segment fuel and purchased power
|
(68 | ) | (9,085 | ) | 1,364 | (12,993 | ) |
(a) | During the three and nine months ended September 30, 2010 and 2009, we had no amounts reclassified from AOCI to earnings related to discontinued cash flow hedges. |
Three Months Ended | Nine Months Ended | |||||||||||||||||
Financial Statement | September 30, | September 30, | ||||||||||||||||
Commodity Contracts | Location | 2010 | 2009 | 2010 | 2009 | |||||||||||||
|
||||||||||||||||||
Amount of Net
Gain Recognized
in Income from
Derivative
Instruments
|
Regulated electricity segment revenue
|
$ | 1,721 | $ | 126 | $ | 2,316 | $ | 464 | |||||||||
|
||||||||||||||||||
Amount of Net
Gain (Loss)
Recognized in
Income from
Derivative Instruments
|
Regulated electricity segment fuel and purchased power expense
|
(41,044 | ) | 23,463 | (105,272 | ) | (18,259 | ) | ||||||||||
|
||||||||||||||||||
Total
|
$ | (39,323 | ) | $ | 23,589 | $ | (102,956 | ) | $ | (17,795 | ) | |||||||
|
Investments | Current | Deferred Credits | Total Assets | |||||||||||||||||
Commodity Contracts | Current Assets | and Other Assets | Liabilities | and Other | (Liabilities) | |||||||||||||||
Derivatives designated as accounting hedging instruments:
|
||||||||||||||||||||
Assets
|
$ | 2 | $ | — | $ | — | $ | — | $ | 2 | ||||||||||
Liabilities
|
(1,311 | ) | (2,159 | ) | (123,351 | ) | (86,043 | ) | (212,864 | ) | ||||||||||
|
||||||||||||||||||||
Total hedging instruments
|
(1,309 | ) | (2,159 | ) | (123,351 | ) | (86,043 | ) | (212,862 | ) | ||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Derivatives not designated as accounting hedging
instruments:
|
||||||||||||||||||||
Assets
|
40,078 | 57,154 | 45,700 | 30,659 | 173,591 | |||||||||||||||
Liabilities
|
(1,257 | ) | (27 | ) | (124,165 | ) | (126,066 | ) | (251,515 | ) | ||||||||||
|
||||||||||||||||||||
Total non-hedging instruments
|
38,821 | 57,127 | (78,465 | ) | (95,407 | ) | (77,924 | ) | ||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Total derivatives
|
37,512 | 54,968 | (201,816 | ) | (181,450 | ) | (290,786 | ) | ||||||||||||
|
||||||||||||||||||||
Margin account
|
23,822 | — | 2,068 | — | 25,890 | |||||||||||||||
Collateral provided to counterparties
|
12,701 | — | 145,230 | 100,794 | 258,725 | |||||||||||||||
Collateral provided from counterparties
|
(6,750 | ) | — | (1,250 | ) | — | (8,000 | ) | ||||||||||||
Prepaid option premiums and other
|
1,191 | — | (79 | ) | — | 1,112 | ||||||||||||||
|
||||||||||||||||||||
Balance Sheet Total
|
$ | 68,476 | $ | 54,968 | $ | (55,847 | ) | $ | (80,656 | ) | $ | (13,059 | ) | |||||||
|
Investments | Current | Deferred Credits | Total Assets | |||||||||||||||||
Commodity Contracts | Current Assets | and Other Assets | Liabilities | and Other | (Liabilities) | |||||||||||||||
Derivatives designated as accounting hedging instruments:
|
||||||||||||||||||||
Assets
|
$ | 329 | $ | — | $ | 3,242 | $ | 75 | $ | 3,646 | ||||||||||
Liabilities
|
(3,436 | ) | (256 | ) | (72,899 | ) | (77,953 | ) | (154,544 | ) | ||||||||||
|
||||||||||||||||||||
Total hedging instruments
|
(3,107 | ) | (256 | ) | (69,657 | ) | (77,878 | ) | (150,898 | ) | ||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Derivatives not designated as accounting hedging
instruments:
|
||||||||||||||||||||
Assets
|
31,220 | 29,807 | 34,645 | 44,631 | 140,303 | |||||||||||||||
Liabilities
|
(4,123 | ) | (696 | ) | (81,722 | ) | (71,408 | ) | (157,949 | ) | ||||||||||
|
||||||||||||||||||||
Total non-hedging instruments
|
27,097 | 29,111 | (47,077 | ) | (26,777 | ) | (17,646 | ) | ||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Total derivatives
|
23,990 | 28,855 | (116,734 | ) | (104,655 | ) | (168,544 | ) | ||||||||||||
|
||||||||||||||||||||
Margin account
|
8,643 | — | 12,464 | 104 | 21,211 | |||||||||||||||
Collateral provided to counterparties
|
17,986 | — | 49,412 | 42,108 | 109,506 | |||||||||||||||
Collateral provided from counterparties
|
— | — | (1,050 | ) | — | (1,050 | ) | |||||||||||||
|
||||||||||||||||||||
Balance Sheet Total
|
$ | 50,619 | $ | 28,855 | $ | (55,908 | ) | $ | (62,443 | ) | $ | (38,877 | ) | |||||||
|
|
Three Months Ended September 30, 2010 | Three Months Ended September 30, 2009 | |||||||||||||||||||||||
Common | Noncontrolling | Common | Noncontrolling | |||||||||||||||||||||
Shareholders | Interests | Total | Shareholders | Interests | Total | |||||||||||||||||||
|
||||||||||||||||||||||||
Beginning balance, July 1
|
$ | 3,479,548 | $ | 113,455 | $ | 3,593,003 | $ | 3,206,805 | $ | 112,677 | $ | 3,319,482 | ||||||||||||
|
||||||||||||||||||||||||
Net income
|
233,920 | 5,119 | 239,039 | 186,652 | 4,371 | 191,023 | ||||||||||||||||||
|
||||||||||||||||||||||||
Other comprehensive income (loss):
|
||||||||||||||||||||||||
Net unrealized gains (losses) on derivative instruments (a)
|
(67,856 | ) | — | (67,856 | ) | 4,959 | — | 4,959 | ||||||||||||||||
Net reclassification of realized losses to income (b)
|
59,801 | — | 59,801 | 81,660 | — | 81,660 | ||||||||||||||||||
Reclassification of pension and other postretirement benefits to income
|
1,314 | — | 1,314 | 1,240 | — | 1,240 | ||||||||||||||||||
Net income tax benefit (expense) related to items of other
comprehensive income (loss)
|
2,660 | — | 2,660 | (34,495 | ) | — | (34,495 | ) | ||||||||||||||||
|
||||||||||||||||||||||||
Total other comprehensive income (loss)
|
(4,081 | ) | — | (4,081 | ) | 53,364 | — | 53,364 | ||||||||||||||||
|
||||||||||||||||||||||||
Total comprehensive income
|
229,839 | 5,119 | 234,958 | 240,016 | 4,371 | 244,387 | ||||||||||||||||||
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Issuance of capital stock
|
2,506 | — | 2,506 | 2,756 | — | 2,756 | ||||||||||||||||||
Purchase of treasury stock, net of reissuances
|
577 | — | 577 | 589 | — | 589 | ||||||||||||||||||
Other (primarily stock compensation)
|
4,456 | — | 4,456 | (372 | ) | — | (372 | ) | ||||||||||||||||
Dividends on common stock
|
— | — | — | (53,132 | ) | — | (53,132 | ) | ||||||||||||||||
Net capital activities by noncontrolling interests
|
— | (7,271 | ) | (7,271 | ) | — | (93 | ) | (93 | ) | ||||||||||||||
|
||||||||||||||||||||||||
Ending balance, September 30
|
$ | 3,716,926 | $ | 111,303 | $ | 3,828,229 | $ | 3,396,662 | $ | 116,955 | $ | 3,513,617 | ||||||||||||
|
Nine Months Ended September 30, 2010 | Nine Months Ended September 30, 2009 | |||||||||||||||||||||||
Common | Noncontrolling | Common | Noncontrolling | |||||||||||||||||||||
Shareholders | Interests | Total | Shareholders | Interests | Total | |||||||||||||||||||
|
||||||||||||||||||||||||
Beginning balance, January 1
|
$ | 3,316,109 | $ | 111,895 | $ | 3,428,004 | $ | 3,445,979 | $ | 124,990 | $ | 3,570,969 | ||||||||||||
|
||||||||||||||||||||||||
Net income (loss)
|
342,703 | 15,005 | 357,708 | 98,489 | (690 | ) | 97,799 | |||||||||||||||||
|
||||||||||||||||||||||||
Other comprehensive income (loss):
|
||||||||||||||||||||||||
Net unrealized losses on derivative instruments (a)
|
(168,110 | ) | — | (168,110 | ) | (128,035 | ) | — | (128,035 | ) | ||||||||||||||
Net reclassification of realized losses to income (b)
|
102,130 | — | 102,130 | 154,990 | — | 154,990 | ||||||||||||||||||
Reclassification of pension and other postretirement
benefits to income
|
4,069 | — | 4,069 | 3,745 | — | 3,745 | ||||||||||||||||||
Net unrealized losses related to pension and other
postretirement benefits
|
(6,933 | ) | — | (6,933 | ) | (4,204 | ) | — | (4,204 | ) | ||||||||||||||
Net income tax benefit (expense) related to items of
other comprehensive income (loss)
|
27,171 | — | 27,171 | (10,337 | ) | — | (10,337 | ) | ||||||||||||||||
|
||||||||||||||||||||||||
Total other comprehensive income (loss)
|
(41,673 | ) | — | (41,673 | ) | 16,159 | — | 16,159 | ||||||||||||||||
|
||||||||||||||||||||||||
Total comprehensive income (loss)
|
301,030 | 15,005 | 316,035 | 114,648 | (690 | ) | 113,958 | |||||||||||||||||
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Issuance of capital stock
|
260,665 | — | 260,665 | 8,102 | — | 8,102 | ||||||||||||||||||
Purchase of treasury stock, net of reissuances
|
1,655 | — | 1,655 | (957 | ) | — | (957 | ) | ||||||||||||||||
Other (primarily stock compensation)
|
4,598 | — | 4,598 | (11,899 | ) | — | (11,899 | ) | ||||||||||||||||
Dividends on common stock
|
(167,131 | ) | — | (167,131 | ) | (159,211 | ) | — | (159,211 | ) | ||||||||||||||
Net capital activities by noncontrolling interests
|
— | (15,597 | ) | (15,597 | ) | — | (7,345 | ) | (7,345 | ) | ||||||||||||||
|
||||||||||||||||||||||||
Ending balance, September 30
|
$ | 3,716,926 | $ | 111,303 | $ | 3,828,229 | $ | 3,396,662 | $ | 116,955 | $ | 3,513,617 | ||||||||||||
|
(a) | These amounts primarily include unrealized gains and losses on contracts used to hedge our forecasted electricity and natural gas requirements to serve Native Load. These changes are primarily due to changes in forward natural gas prices and wholesale electricity prices. | |
(b) | These amounts primarily include the reclassification of unrealized gains and losses to realized gains and losses for contracted commodities delivered during the period. |
|
|
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Other income:
|
||||||||||||||||
Interest income
|
$ | 943 | $ | 543 | $ | 2,597 | $ | 1,185 | ||||||||
Investment gains — net
|
3,390 | 3,696 | 1,051 | 120 | ||||||||||||
Miscellaneous
|
15 | 147 | 180 | 2,797 | ||||||||||||
|
||||||||||||||||
Total other income
|
$ | 4,348 | $ | 4,386 | $ | 3,828 | $ | 4,102 | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Other expense:
|
||||||||||||||||
Non-operating costs
|
$ | (2,894 | ) | $ | (1,643 | ) | $ | (5,917 | ) | $ | (6,498 | ) | ||||
Miscellaneous
|
(961 | ) | (291 | ) | (2,733 | ) | (2,389 | ) | ||||||||
|
||||||||||||||||
Total other expense
|
$ | (3,855 | ) | $ | (1,934 | ) | $ | (8,650 | ) | $ | (8,887 | ) | ||||
|
|
Guarantees | Surety Bonds | |||||||||||||||
Term | Term | |||||||||||||||
Amount | (in years) | Amount | (in years) | |||||||||||||
APSES
|
$ | 5 | 1 | $ | 42 | 1 | ||||||||||
APS
|
3 | 1 | 9 | 1 | ||||||||||||
|
||||||||||||||||
Total
|
$ | 8 | $ | 51 | ||||||||||||
|
|
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Revenue:
|
||||||||||||||||
SunCor
|
$ | 4 | $ | 49 | $ | 25 | $ | 85 | ||||||||
APSES
|
— | 5 | 7 | 14 | ||||||||||||
|
||||||||||||||||
Total revenue
|
$ | 4 | $ | 54 | $ | 32 | $ | 99 | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Income (loss) before taxes:
|
||||||||||||||||
SunCor
|
$ | 14 | $ | (20 | ) | $ | (10 | ) | $ | (252 | ) | |||||
APSES
|
(2 | ) | 1 | 42 | 3 | |||||||||||
|
||||||||||||||||
Total income (loss) before taxes
|
$ | 12 | $ | (19 | ) | 32 | $ | (249 | ) | |||||||
|
||||||||||||||||
|
||||||||||||||||
Income (loss) after taxes:
|
||||||||||||||||
SunCor (a)
|
$ | 8 | $ | (12 | ) | $ | (6 | ) | $ | (153 | ) | |||||
APSES
|
(1 | ) | 1 | 26 | 2 | |||||||||||
|
||||||||||||||||
Total income (loss) after taxes
|
$ | 7 | $ | (11 | ) | $ | 20 | $ | (151 | ) | ||||||
|
(a) | Includes a tax (expense) benefit recognized by the parent company in accordance with an intercompany tax sharing agreement of ($6) million and $8 million for the three months ended September 30, 2010, and 2009, respectively; and $4 million and $99 million for the nine months ended September 30, 2010 and 2009, respectively. |
|
Level 1 — Quoted prices in active markets for identical assets or liabilities. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide information on an ongoing basis. This category includes derivative instruments that are exchange-traded such as futures, cash equivalents invested in exchange-traded money market funds, exchange-traded equities, and investments in Treasury securities. |
Level 2 — Quoted prices in active markets for similar assets or liabilities; quoted prices in markets that are not active; and model-derived valuations whose inputs are observable. This category includes nonexchange-traded derivative instruments such as forwards, options, and swaps. This category also includes investments in common and commingled funds that are redeemable and valued based on the funds’ net asset values. |
Level 3 — Model-derived valuations with significant unobservable inputs that are supported by little or no market activity. Instruments in this category include long-dated derivative transactions where models are required due to the length of the transaction, certain options, transactions in locations where observable market data does not exist, and common and collective trusts with significant restrictions on our ability to transact in the fund. The valuation models we employ utilize spot prices, forward prices, historical market data and other factors to forecast future prices. The primary valuation technique we use to calculate the fair value of contracts where price quotes are not available is based on the extrapolation of forward pricing curves using observable market data for more liquid delivery points in the same region and actual transactions at the more illiquid delivery points. |
Quoted Prices | Significant | |||||||||||||||||||
in Active | Other | Significant | ||||||||||||||||||
Markets for | Observable | Unobservable | Counterparty | Balance at | ||||||||||||||||
Identical Assets | Inputs | Inputs (a) | Netting & | September 30, | ||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Other (b) | 2010 | ||||||||||||||||
Assets
|
||||||||||||||||||||
Cash equivalents
|
$ | 122 | $ | — | $ | — | $ | — | $ | 122 | ||||||||||
Risk management activities:
|
||||||||||||||||||||
Commodity contracts
|
— | 98 | 76 | (51 | ) | 123 | ||||||||||||||
Nuclear decommissioning
trust:
|
||||||||||||||||||||
Equity securities:
|
||||||||||||||||||||
U.S. commingled funds
|
— | 151 | — | — | 151 | |||||||||||||||
Fixed income securities:
|
||||||||||||||||||||
U.S. Treasury
|
67 | — | — | — | 67 | |||||||||||||||
Corporate
|
— | 63 | — | — | 63 | |||||||||||||||
Mortgage-backed
|
— | 61 | — | — | 61 | |||||||||||||||
Municipality
|
— | 71 | — | — | 71 | |||||||||||||||
Other
|
— | 54 | — | (13 | ) | 41 | ||||||||||||||
|
||||||||||||||||||||
Total
|
$ | 189 | $ | 498 | $ | 76 | $ | (64 | ) | $ | 699 | |||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Liabilities
|
||||||||||||||||||||
Risk management activities:
|
||||||||||||||||||||
Commodity contracts
|
$ | (2 | ) | $ | (338 | ) | $ | (125 | ) | $ | 328 | $ | (137 | ) | ||||||
|
(a) | Primarily consists of long-dated electricity contracts. | |
(b) | Primarily represents netting under master netting arrangements, including margin and collateral. See Note 8. |
Quoted Prices | Significant | |||||||||||||||||||
in Active | Other | Significant | ||||||||||||||||||
Markets for | Observable | Unobservable | Counterparty | Balance at | ||||||||||||||||
Identical Assets | Inputs | Inputs (a) | Netting & | December 31, | ||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Other (b) | 2009 | ||||||||||||||||
Assets
|
||||||||||||||||||||
Cash equivalents
|
$ | 97 | $ | — | $ | — | $ | — | $ | 97 | ||||||||||
Risk management activities:
|
||||||||||||||||||||
Commodity contracts
|
1 | 100 | 42 | (64 | ) | 79 | ||||||||||||||
Nuclear decommissioning
trust:
|
||||||||||||||||||||
Equity securities:
|
||||||||||||||||||||
U.S. commingled funds
|
— | 167 | — | — | 167 | |||||||||||||||
Fixed income securities:
|
||||||||||||||||||||
U.S. Treasury
|
55 | — | — | — | 55 | |||||||||||||||
Corporate
|
— | 62 | — | — | 62 | |||||||||||||||
Mortgage-backed
|
— | 60 | — | — | 60 | |||||||||||||||
Municipality
|
— | 49 | — | — | 49 | |||||||||||||||
Other
|
— | 21 | — | 1 | 22 | |||||||||||||||
|
||||||||||||||||||||
Total
|
$ | 153 | $ | 459 | $ | 42 | $ | (63 | ) | $ | 591 | |||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Liabilities
|
||||||||||||||||||||
Risk management activities:
|
||||||||||||||||||||
Commodity contracts
|
$ | (14 | ) | $ | (246 | ) | $ | (52 | ) | $ | 194 | $ | (118 | ) | ||||||
|
(a) | Primarily consists of long-dated electricity contracts. | |
(b) | Primarily represents netting under master netting arrangements, including margin and collateral. See Note 8. |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
Commodity Contracts | 2010 | 2009 | 2010 | 2009 | ||||||||||||
Net derivative balance at beginning of period
|
$ | (42 | ) | $ | (16 | ) | $ | (10 | ) | $ | (7 | ) | ||||
Total net gains (losses) realized/unrealized:
|
||||||||||||||||
Included in earnings
|
1 | 1 | (1 | ) | 3 | |||||||||||
Included in OCI
|
(11 | ) | (2 | ) | (20 | ) | (3 | ) | ||||||||
Deferred as a regulatory asset
or liability
|
(15 | ) | 6 | (39 | ) | 12 | ||||||||||
Settlements
|
12 | (4 | ) | 15 | (1 | ) | ||||||||||
Transfers into Level 3 from Level 2
|
(2 | ) | (2 | ) | 6 | (23 | ) | |||||||||
Transfers from Level 3 into Level 2
|
8 | 4 | — | 6 | ||||||||||||
|
||||||||||||||||
Net derivative balance at end of period
|
$ | (49 | ) | $ | (13 | ) | $ | (49 | ) | $ | (13 | ) | ||||
|
||||||||||||||||
|
||||||||||||||||
Net unrealized gains (losses) included in
earnings related to instruments still held
at end of period
|
$ | 1 | $ | 1 | $ | — | $ | 3 |
As of | As of | |||||||||||||||
September 30, 2010 | December 31, 2009 | |||||||||||||||
Carrying | Carrying | |||||||||||||||
Amount | Fair Value | Amount | Fair Value | |||||||||||||
|
||||||||||||||||
Pinnacle West
|
$ | 175 | $ | 178 | $ | 175 | $ | 180 | ||||||||
APS
|
3,521 | 3,919 | 3,530 | 3,667 | ||||||||||||
SunCor (a)
|
6 | 6 | 95 | 95 | ||||||||||||
|
||||||||||||||||
Total
|
$ | 3,702 | $ | 4,103 | $ | 3,800 | $ | 3,942 | ||||||||
|
(a) | See Note 2 for further discussion related to SunCor’s debt and liquidity matters. |
Total | Total | |||||||||||
Unrealized | Unrealized | |||||||||||
Fair Value | Gains | Losses | ||||||||||
September 30, 2010
|
||||||||||||
Equity securities
|
$ | 151 | $ | 31 | $ | (4 | ) | |||||
Fixed income securities
|
316 | 20 | — | |||||||||
Net payables (a)
|
(13 | ) | — | — | ||||||||
|
||||||||||||
Total
|
$ | 454 | $ | 51 | $ | (4 | ) | |||||
|
(a) | Net payables relate to pending securities sales and purchases. |
Total | Total | |||||||||||
Unrealized | Unrealized | |||||||||||
Fair Value | Gains | Losses | ||||||||||
December 31, 2009
|
||||||||||||
Equity securities
|
$ | 167 | $ | 37 | $ | (6 | ) | |||||
Fixed income securities
|
247 | 11 | (1 | ) | ||||||||
Net receivables (a)
|
1 | — | — | |||||||||
|
||||||||||||
Total
|
$ | 415 | $ | 48 | $ | (7 | ) | |||||
|
(a) | Net receivables relate to pending securities sales and purchases. |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Realized gains
|
$ | 1 | $ | 3 | $ | 15 | $ | 8 | ||||||||
Realized losses
|
— | (1 | ) | (3 | ) | (6 | ) | |||||||||
Proceeds from the
sale of securities
(a)
|
94 | 126 | 424 | 370 |
(a) | Proceeds are reinvested in the trust. |
Fair Value | ||||
Less than one year
|
$ | 26 | ||
1 year - 5 years
|
74 | |||
5 years - 10 years
|
93 | |||
Greater than 10 years
|
123 | |||
|
||||
Total
|
$ | 316 | ||
|
|
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Discontinued Operations:
|
||||||||||||||||
Homebuilding and master-planned communities
|
$ | — | $ | 10 | $ | 1 | $ | 160 | ||||||||
Land parcels and commercial assets
|
— | 27 | 11 | 81 | ||||||||||||
Golf courses
|
— | 1 | 1 | 19 | ||||||||||||
Other
|
— | — | 4 | — | ||||||||||||
|
||||||||||||||||
Subtotal
|
— | 38 | 17 | 260 | ||||||||||||
Less noncontrolling interests
|
— | — | — | (14 | ) | |||||||||||
|
||||||||||||||||
Total
|
$ | — | $ | 38 | $ | 17 | $ | 246 | ||||||||
|
|
|
|
|
Three Months Ended September 30, 2010 | Three Months Ended September 30, 2009 | |||||||||||||||||||||||
Common | Noncontrolling | Common | Noncontrolling | |||||||||||||||||||||
Shareholders | Interests | Total | Shareholders | Interests | Total | |||||||||||||||||||
|
||||||||||||||||||||||||
Beginning balance, July 1
|
$ | 3,479,548 | $ | 113,455 | $ | 3,593,003 | $ | 3,206,805 | $ | 112,677 | $ | 3,319,482 | ||||||||||||
|
||||||||||||||||||||||||
Net income
|
233,920 | 5,119 | 239,039 | 186,652 | 4,371 | 191,023 | ||||||||||||||||||
|
||||||||||||||||||||||||
Other comprehensive income (loss):
|
||||||||||||||||||||||||
Net unrealized gains (losses) on derivative instruments (a)
|
(67,856 | ) | — | (67,856 | ) | 4,959 | — | 4,959 | ||||||||||||||||
Net reclassification of realized losses to income (b)
|
59,801 | — | 59,801 | 81,660 | — | 81,660 | ||||||||||||||||||
Reclassification of pension and other postretirement benefits to income
|
1,314 | — | 1,314 | 1,240 | — | 1,240 | ||||||||||||||||||
Net income tax benefit (expense) related to items of other
comprehensive income (loss)
|
2,660 | — | 2,660 | (34,495 | ) | — | (34,495 | ) | ||||||||||||||||
|
||||||||||||||||||||||||
Total other comprehensive income (loss)
|
(4,081 | ) | — | (4,081 | ) | 53,364 | — | 53,364 | ||||||||||||||||
|
||||||||||||||||||||||||
Total comprehensive income
|
229,839 | 5,119 | 234,958 | 240,016 | 4,371 | 244,387 | ||||||||||||||||||
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Issuance of capital stock
|
2,506 | — | 2,506 | 2,756 | — | 2,756 | ||||||||||||||||||
Purchase of treasury stock, net of reissuances
|
577 | — | 577 | 589 | — | 589 | ||||||||||||||||||
Other (primarily stock compensation)
|
4,456 | — | 4,456 | (372 | ) | — | (372 | ) | ||||||||||||||||
Dividends on common stock
|
— | — | — | (53,132 | ) | — | (53,132 | ) | ||||||||||||||||
Net capital activities by noncontrolling interests
|
— | (7,271 | ) | (7,271 | ) | — | (93 | ) | (93 | ) | ||||||||||||||
|
||||||||||||||||||||||||
Ending balance, September 30
|
$ | 3,716,926 | $ | 111,303 | $ | 3,828,229 | $ | 3,396,662 | $ | 116,955 | $ | 3,513,617 | ||||||||||||
|
Nine Months Ended September 30, 2010 | Nine Months Ended September 30, 2009 | |||||||||||||||||||||||
Common | Noncontrolling | Common | Noncontrolling | |||||||||||||||||||||
Shareholders | Interests | Total | Shareholders | Interests | Total | |||||||||||||||||||
|
||||||||||||||||||||||||
Beginning balance, January 1
|
$ | 3,316,109 | $ | 111,895 | $ | 3,428,004 | $ | 3,445,979 | $ | 124,990 | $ | 3,570,969 | ||||||||||||
|
||||||||||||||||||||||||
Net income (loss)
|
342,703 | 15,005 | 357,708 | 98,489 | (690 | ) | 97,799 | |||||||||||||||||
|
||||||||||||||||||||||||
Other comprehensive income (loss):
|
||||||||||||||||||||||||
Net unrealized losses on derivative instruments (a)
|
(168,110 | ) | — | (168,110 | ) | (128,035 | ) | — | (128,035 | ) | ||||||||||||||
Net reclassification of realized losses to income (b)
|
102,130 | — | 102,130 | 154,990 | — | 154,990 | ||||||||||||||||||
Reclassification of pension and other postretirement
benefits to income
|
4,069 | — | 4,069 | 3,745 | — | 3,745 | ||||||||||||||||||
Net unrealized losses related to pension and other
postretirement benefits
|
(6,933 | ) | — | (6,933 | ) | (4,204 | ) | — | (4,204 | ) | ||||||||||||||
Net income tax benefit (expense) related to items of
other comprehensive income (loss)
|
27,171 | — | 27,171 | (10,337 | ) | — | (10,337 | ) | ||||||||||||||||
|
||||||||||||||||||||||||
Total other comprehensive income (loss)
|
(41,673 | ) | — | (41,673 | ) | 16,159 | — | 16,159 | ||||||||||||||||
|
||||||||||||||||||||||||
Total comprehensive income (loss)
|
301,030 | 15,005 | 316,035 | 114,648 | (690 | ) | 113,958 | |||||||||||||||||
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Issuance of capital stock
|
260,665 | — | 260,665 | 8,102 | — | 8,102 | ||||||||||||||||||
Purchase of treasury stock, net of reissuances
|
1,655 | — | 1,655 | (957 | ) | — | (957 | ) | ||||||||||||||||
Other (primarily stock compensation)
|
4,598 | — | 4,598 | (11,899 | ) | — | (11,899 | ) | ||||||||||||||||
Dividends on common stock
|
(167,131 | ) | — | (167,131 | ) | (159,211 | ) | — | (159,211 | ) | ||||||||||||||
Net capital activities by noncontrolling interests
|
— | (15,597 | ) | (15,597 | ) | — | (7,345 | ) | (7,345 | ) | ||||||||||||||
|
||||||||||||||||||||||||
Ending balance, September 30
|
$ | 3,716,926 | $ | 111,303 | $ | 3,828,229 | $ | 3,396,662 | $ | 116,955 | $ | 3,513,617 | ||||||||||||
|
(a) | These amounts primarily include unrealized gains and losses on contracts used to hedge our forecasted electricity and natural gas requirements to serve Native Load. These changes are primarily due to changes in forward natural gas prices and wholesale electricity prices. | |
(b) | These amounts primarily include the reclassification of unrealized gains and losses to realized gains and losses for contracted commodities delivered during the period. |
Three Months Ended September 30, 2010 | Three Months Ended September 30, 2009 | |||||||||||||||||||||||
Shareholder | Noncontrolling | Shareholder | Noncontrolling | |||||||||||||||||||||
Equity | Interests | Total | Equity | Interests | Total | |||||||||||||||||||
|
||||||||||||||||||||||||
Beginning balance,
July 1
|
$ | 3,605,292 | $ | 88,944 | $ | 3,694,236 | $ | 3,284,568 | $ | 83,509 | $ | 3,368,077 | ||||||||||||
|
||||||||||||||||||||||||
Net income
|
226,648 | 5,128 | 231,776 | 197,065 | 4,953 | 202,018 | ||||||||||||||||||
|
||||||||||||||||||||||||
Other comprehensive income (loss):
|
||||||||||||||||||||||||
Net unrealized gains (losses) on derivative instruments (a)
|
(67,856 | ) | — | (67,856 | ) | 4,959 | — | 4,959 | ||||||||||||||||
Net reclassification of realized losses to income (b)
|
59,801 | — | 59,801 | 81,660 | — | 81,660 | ||||||||||||||||||
Reclassification of pension and other postretirement benefits to income
|
1,172 | — | 1,172 | 999 | — | 999 | ||||||||||||||||||
Net income tax benefit (expense) related to items of other comprehensive income (loss)
|
2,717 | — | 2,717 | (34,644 | ) | — | (34,644 | ) | ||||||||||||||||
|
||||||||||||||||||||||||
Total other comprehensive income (loss)
|
(4,166 | ) | — | (4,166 | ) | 52,974 | — | 52,974 | ||||||||||||||||
|
||||||||||||||||||||||||
Total comprehensive income
|
222,482 | 5,128 | 227,610 | 250,039 | 4,953 | 254,992 | ||||||||||||||||||
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Dividends on common
stock
|
— | — | — | (42,500 | ) | — | (42,500 | ) | ||||||||||||||||
Equity infusion
|
— | — | — | 4,571 | — | 4,571 | ||||||||||||||||||
Other
|
— | 1 | 1 | — | (8 | ) | (8 | ) | ||||||||||||||||
|
||||||||||||||||||||||||
Ending balance,
September 30
|
$ | 3,827,774 | $ | 94,073 | $ | 3,921,847 | $ | 3,496,678 | $ | 88,454 | $ | 3,585,132 | ||||||||||||
|
(a) | These amounts primarily include unrealized gains and losses on contracts used to hedge our forecasted electricity and natural gas requirements to serve Native Load. These changes are primarily due to changes in forward natural gas prices and wholesale electricity prices. | |
(b) | These amounts primarily include the reclassification of unrealized gains and losses to realized gains and losses for contracted commodities delivered during the period. |
Nine Months Ended September 30, 2010 | Nine Months Ended September 30, 2009 | |||||||||||||||||||||||
Shareholder | Noncontrolling | Shareholder | Noncontrolling | |||||||||||||||||||||
Equity | Interests | Total | Equity | Interests | Total | |||||||||||||||||||
|
||||||||||||||||||||||||
Beginning balance,
January 1
|
$ | 3,445,355 | $ | 82,324 | $ | 3,527,679 | $ | 3,339,150 | $ | 77,601 | $ | 3,416,751 | ||||||||||||
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Net income
|
327,852 | 15,034 | 342,886 | 260,130 | 14,254 | 274,384 | ||||||||||||||||||
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Other comprehensive income (loss):
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Net unrealized losses on derivative instruments (a)
|
(168,110 | ) | — | (168,110 | ) | (128,035 | ) | — | (128,035 | ) | ||||||||||||||
Net reclassification of realized losses to income (b)
|
102,130 | — | 102,130 | 154,990 | — | 154,990 | ||||||||||||||||||
Reclassification of pension and other postretirement benefits to income
|
3,499 | — | 3,499 | 2,991 | — | 2,991 | ||||||||||||||||||
Net unrealized losses related to pension benefits
|
(6,863 | ) | — | (6,863 | ) | (3,774 | ) | — | (3,774 | ) | ||||||||||||||
Net income tax benefit (expense) related to items of other comprehensive income (loss)
|
27,377 | — | 27,377 | (10,348 | ) | — | (10,348 | ) | ||||||||||||||||
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Total other comprehensive income (loss)
|
(41,967 | ) | — | (41,967 | ) | 15,824 | — | 15,824 | ||||||||||||||||
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Total comprehensive income
|
285,885 | 15,034 | 300,919 | 275,954 | 14,254 | 290,208 | ||||||||||||||||||
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Dividends on common
stock
|
(156,300 | ) | — | (156,300 | ) | (127,500 | ) | — | (127,500 | ) | ||||||||||||||
Equity infusion
|
252,833 | — | 252,833 | 9,074 | — | 9,074 | ||||||||||||||||||
Other
|
1 | (3,285 | ) | (3,284 | ) | — | (3,401 | ) | (3,401 | ) | ||||||||||||||
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Ending balance,
September 30
|
$ | 3,827,774 | $ | 94,073 | $ | 3,921,847 | $ | 3,496,678 | $ | 88,454 | $ | 3,585,132 | ||||||||||||
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(a) | These amounts primarily include unrealized gains and losses on contracts used to hedge our forecasted electricity and natural gas requirements to serve Native Load. These changes are primarily due to changes in forward natural gas prices and wholesale electricity prices. | |
(b) | These amounts primarily include the reclassification of unrealized gains and losses to realized gains and losses for contracted commodities delivered during the period. |
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Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Other income:
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Interest income
|
$ | 943 | $ | 543 | $ | 2,597 | $ | 1,185 | ||||||||
Investment gains — net
|
3,390 | 3,696 | 1,051 | 120 | ||||||||||||
Miscellaneous
|
15 | 147 | 180 | 2,797 | ||||||||||||
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Total other income
|
$ | 4,348 | $ | 4,386 | $ | 3,828 | $ | 4,102 | ||||||||
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Other expense:
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Non-operating costs
|
$ | (2,894 | ) | $ | (1,643 | ) | $ | (5,917 | ) | $ | (6,498 | ) | ||||
Miscellaneous
|
(961 | ) | (291 | ) | (2,733 | ) | (2,389 | ) | ||||||||
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Total other expense
|
$ | (3,855 | ) | $ | (1,934 | ) | $ | (8,650 | ) | $ | (8,887 | ) | ||||
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Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Other income:
|
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Interest income
|
$ | 373 | $ | 63 | $ | 2,653 | $ | 402 | ||||||||
Investment gains — net
|
2,574 | 3,320 | 1,038 | 5,189 | ||||||||||||
Miscellaneous
|
15 | 147 | 181 | 1,989 | ||||||||||||
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Total other income
|
$ | 2,962 | $ | 3,530 | $ | 3,872 | $ | 7,580 | ||||||||
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Other expense:
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Non-operating costs (a)
|
$ | (2,969 | ) | $ | (1,714 | ) | $ | (6,453 | ) | $ | (6,225 | ) | ||||
Asset dispositions
|
(186 | ) | (182 | ) | (395 | ) | (540 | ) | ||||||||
Miscellaneous
|
(919 | ) | (894 | ) | (4,243 | ) | (4,033 | ) | ||||||||
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Total other expense
|
$ | (4,074 | ) | $ | (2,790 | ) | $ | (11,091 | ) | $ | (10,798 | ) | ||||
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(a) | As defined by the FERC, includes below-the-line non-operating utility income and expense (items excluded from utility rate recovery). |