Financial Analysis

Commitments and Contingencies Palo Verde Generating Station Spent Nuclear Fuel and Waste Disposal On December 19, 2012, APS, acting on behalf of itself and the participant owners of Palo Verde, filed a second breach of contract lawsuit against the DOE in the United States Court of Federal Claims (Court of Federal Claims). The lawsuit sought to recover damages incurred due to DOEs breach of the Contract for Disposal of Spent Nuclear Fuel and/or High Level Radioactive Waste (Standard Contract) for failing to accept Palo Verdes spent nuclear fuel and high level waste from January 1, 2007, through June 30, 2011, pursuant to the terms of the Standard Contract and the Nuclear Waste Policy Act. On August 18, 2014, APS and DOE entered into a settlement agreement, which required DOE to pay the Palo Verde owners for certain specified costs paid by Palo Verde during the period January 1, 2007, through June 30, 2011. In addition, the settlement agreement provided APS with a method for submitting claims and getting recovery for costs incurred through December 31, 2016, which was extended to December 31, 2025. APS is currently evaluating a proposed extension to the settlement to cover costs paid through December 31, 2028. APS has recovered costs for eleven claims pursuant to the terms of the August 15, 2014 settlement agreement, for eleven separate time periods during July 1, 2011, through October 31, 2024. The DOE has approved and paid approximately $174.3 million for these claims (APSs s …

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The following table provides detail of Pinnacle Wests consolidated revenues disaggregated by revenue sources (dollars in thousands): Year Ended December 31, 2025 2024 2023 Retail Electric Service Residential $ 2,541,320 $ 2,562,822 $ 2,289,196 Non-Residential 2,542,936 2,334,925 2,048,416 Wholesale Energy Sales 108,661 96,857 208,985 Transmission Services for Others 129,667 119,038 138,631 Other Sources 17,355 11,273 10,763 Total Operating Revenues $ 5,339,939 $ 5,124,915 $ 4,695,991 …

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Stock-Based Compensation Pinnacle West has incentive compensation plans under which stock-based compensation is granted to officers, key employees, and non-officer members of the Board of Directors. Awards granted under the 2021 Long-Term Incentive Plan, as amended (2021 Plan), may be in the form of stock grants, restricted stock units, stock units, performance shares, restricted stock, dividend equivalents, performance share units, performance cash, incentive and non-qualified stock options, and stock appreciation rights. The 2021 Plan authorizes up to 4.3 million common shares to be available for grant. As of December 31, 2025, 2.5 million common shares were available for issuance under the 2021 Plan. During 2025, 2024 and 2023, the Company granted awards in the form of restricted stock units, stock units, stock grants, and performance shares. Awards granted from 2012 to May 2021 were issued under the 2012 Long-Term Incentive Plan (2012 Plan), and awards granted from 2007 to 2011 were issued under the 2007 Long-Term Incentive Plan (2007 Plan). No new awards may be granted under the 2012 or 2007 Plans. Stock-Based Compensation Expense and Activity Compensation cost included in net income for stock-based compensation plans was $27 million in 2025, $24 million in 2024, and $17 million in 2023. The compensation cost capitalized is immaterial for all years. Income tax benefits related to stock-based compensation arrangements were $12 million in 2025, $6 million in 2024, and $3 m …

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Fair Value Measurements We classify our assets and liabilities that are carried at fair value within the fair value hierarchy. This hierarchy ranks the quality and reliability of the inputs used to determine fair values, which are then classified and disclosed in one of three categories. The three levels of the fair value hierarchy are: Level 1 Inputs are unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 Other significant observable inputs, including 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 (such as yield curves). Level 3 Valuation models with significant unobservable inputs that are supported by little or no market activity. Instruments in this category may include long-dated derivative transactions where valuations are unobservable due to the length of the transaction, options, and transactions in locations where observable market data does not exist. The valuation models we employ utilize spot prices, forward prices, historical market data and other factors to forecast future prices. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Thus, a valuation may be classified in Level 3 even though the valuation may include significant inputs that are readily observable. We maximize the use of observabl …

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Income Taxes Certain assets and liabilities are reported differently for income tax purposes than they are for financial statement purposes. The tax effect of these differences is recorded as deferred taxes. We calculate deferred taxes using currently enacted income tax rates. APS has recorded regulatory assets and regulatory liabilities related to income taxes on its Consolidated Balance Sheets in accordance with accounting guidance for regulated operations. The regulatory assets are for certain temporary differences, primarily the allowance for equity funds used during construction, ITC basis adjustment and tax expense of Medicare subsidy. The regulatory liabilities primarily relate to the change in income tax rates and deferred taxes resulting from ITCs. In accordance with regulatory requirements, APS ITCs are deferred and are amortized over the life of the related property with such amortization applied as a credit to reduce current income tax expense in the Statements of Income. On January 30, 2024, Pinnacle West entered into a tax credit transfer agreement to purchase from Ameresco $23 million of investment tax credits from the BCE Los Alamitos project for $21 million. While the $23 million reduced tax payments, the $21 million paid to Ameresco is not included in the income taxes paid table below. See Note 22 for more information about the BCE Sale. The Company claimed a $33.4 million benefit for the Nuclear PTC on its 2024 tax return using a revenue requirement methodo …

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Leases We lease certain land, buildings, vehicles, equipment, and other property through operating rental agreements with varying terms, provisions, and expiration dates. APS also has certain power purchase or PPAs and energy storage agreements that qualify as lease arrangements. Our leases have remaining terms that expire in 2026 through 2073. Substantially all of our leasing activities relate to APS. In 1986, APS entered into agreements with three separate lessor trust entities in order to sell and lease back interests in Palo Verde Unit 2 and related common facilities. The lessor trust entities have been deemed VIEs for which APS is the primary beneficiary. As the primary beneficiary, APS consolidated these lessor trust entities. The impacts from these sale leaseback transactions are excluded from our lease disclosures as lease accounting is eliminated upon consolidation. In September 2025, two of the three leased interests were purchased by APS. As of December 31, 2025, one VIE lease arrangement remains in effect. See Note 12 for discussion of VIEs and the 2025 acquisition of the VIEs noncontrolling interest. APS is a party to PPAs that allow it the right to the generation capacity from certain natural-gas fueled generators during certain months of each year throughout the term of the arrangements. As APS only has rights to use the assets during certain periods of each year, the leases have non-consecutive periods of use. APS does not operate or maintain the leased assets …

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Long-Term Debt and Liquidity Matters All of Pinnacle Wests and APSs debt is unsecured. The following table presents the components of long-term debt on the Consolidated Balance Sheets outstanding (dollars in thousands): Maturity Interest December 31, Dates (a) Rates 2025 2024 APS Pollution control bonds: Variable 2029 (b) $ 163,975 $ 163,975 Total pollution control bonds 163,975 163,975 Senior unsecured notes 2026-2055 2.20%-6.88% 8,030,000 7,380,000 Unamortized discount (16,796) (14,252) Unamortized premium 17,144 9,955 Unamortized debt issuance cost (54,383) (48,800) Total APS long-term debt 8,139,940 7,490,878 Less current maturities 250,000 300,000 Total APS long-term debt less current maturities 7,889,940 7,190,878 Pinnacle West Senior unsecured notes 2027-2030 4.75%-5.15% 1,325,000 1,025,000 Floating rate note 2026 (c) 350,000 350,000 Unamortized discount (681) (5) Unamortized debt issuance cost (8,583) (7,225) Total Pinnacle West long-term debt 1,665,736 1,367,770 Less current maturities 350,000 500,000 Total Pinnacle West long-term debt less current maturities 1,315,736 867,770 TOTAL LONG-TERM DEBT LESS CURRENT MATURITIES $ 9,205,676 $ 8,058,648 (a) This schedule does not reflect the timing of redemptions that may occur prior to scheduled maturity. (b) The weighted-average interest rate for the variable rate pollution control bonds was 3.52% at December 31, 2025, and 4.01% at December 31, 2024. (c) The weighted-average interest rate was 5.10% at December 31, 2025, and …

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New Accounting Standards ASU 2023-09, Income Taxes: Improvements to Income Tax Disclosures In December 2023, a new accounting standard was issued that expands disclosures relating to income taxes. The expanded disclosures include a tabular income tax rate reconciliation, disclosure of specific reconciliation categories and reconciling items, the amount of income taxes paid by jurisdiction, and other disclosures. We adopted this standard on December 31, 2025, using a retrospective approach. The adoption of the new standard results in changes to our income tax disclosures, but did not impact our accounting for income taxes or our financial statement results. See Note 5. ASU 2024-03, Income Statement Reporting: Expense Disaggregation Disclosures In November 2024, a new accounting standard was issued that requires specific disclosures related to certain costs and expenses. Companies will be required to disclose the amounts of certain cost and expense categories, such as purchases of inventory, employee compensation, depreciation, and amortization, among other disclosures. The new disclosures may be provided in the notes to the financial statements and will not require changes to the face of the Consolidated Statements of Income. The standard becomes effective on December 31, 2027, using either a prospective or retrospective approach, with early adoption permitted. The adoption of the new standard will result in disclosure changes, but will not impact our accounting for such costs …

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Retirement Plans and Other Postretirement Benefits Pinnacle West sponsors a qualified defined benefit and account balance pension plan (The Pinnacle West Capital Corporation Retirement Plan) and a non-qualified supplemental excess benefit retirement plan for the employees of Pinnacle West and its subsidiaries. All new employees participate in the account balance plan. Defined benefit plans specify the amount of benefits a plan participant is to receive using information about the participant. The pension plan covers nearly all employees. The supplemental excess benefit retirement plan covers officers of the Company and highly compensated employees designated for participation by the Board of Directors. Our employees do not contribute directly to the plans. We calculate the benefits based on age, years of service and pay. Pinnacle West also sponsors other postretirement benefit plans (Pinnacle West Capital Corporation Group Life and Medical Plan and Pinnacle West Capital Corporation Post-65 Retiree Health Reimbursement Arrangement HRA) for the employees of Pinnacle West and its subsidiaries. These plans provide medical and life insurance benefits to retired employees. Employees must retire to become eligible for these retirement benefits, which are based on years of service and age. For the medical insurance plan, retirees make contributions to cover a portion of the plan costs. For the life insurance plan, retirees do not make contributions. We retain the right to change or e …

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Revenue Sources of Revenue The following table provides detail of Pinnacle Wests consolidated revenues disaggregated by revenue sources (dollars in thousands): Year Ended December 31, 2025 2024 2023 Retail Electric Service Residential $ 2,541,320 $ 2,562,822 $ 2,289,196 Non-Residential 2,542,936 2,334,925 2,048,416 Wholesale Energy Sales 108,661 96,857 208,985 Transmission Services for Others 129,667 119,038 138,631 Other Sources 17,355 11,273 10,763 Total Operating Revenues $ 5,339,939 $ 5,124,915 $ 4,695,991 Retail Electric Revenues All of Pinnacle Wests retail electric revenues are generated by APS. Retail electric revenue is generated by the sale of electricity to our regulated customers within the authorized service territory at tariff rates approved by the ACC and based on customer usage. Revenues related to the sale of electricity are generally recognized when service is rendered, or electricity is delivered to customers. The billing of electricity sales to individual customers is based on the reading of their meters. We obtain customers meter data on a systematic basis throughout the month, and generally bill customers within a month from when service was provided. Customers are generally required to pay for services within 21 days of when the services are billed. See Allowance for Doubtful Accounts discussion below for additional details regarding payment terms. In addition, see the section titled 2025 Rate Case in Note 8 for details related to proposed adjustments t …

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Business Segments Pinnacle Wests reportable business segment is our regulated electricity segment, which consists of retail and wholesale sales supplied under traditional cost-based regulation and related activities and includes electricity generation, transmission, and distribution. Our reportable segment activities are conducted through our wholly-owned subsidiary, APS. All other operating segment activities are insignificant to Pinnacle West. For segment reporting purposes, Pinnacle Wests Chief Executive Officer performs the function of chief operating decision maker (CODM). Our CODM uses net income to measure an operating segments profitability. When assessing the performance of an operating segment, and making decisions about allocating resources, our CODM evaluates net income actual results compared to budget. Net income is also used when implementing strategic initiatives and selecting projects to meet business objectives. Our reportable segments revenue streams are dependent upon regulated rate recovery, which is a primary factor in how we identify operating segments. For information on our reportable business segments revenues, significant expenses, net income (loss), assets, and other reportable segment items, see the APS Consolidated Statements of Income, APS Consolidated Balance Sheets, and APS Consolidated Statements of Cash Flows. The following table reconciles our reportable segments revenues, significant expenses, and net income (loss) to the Pinnacle West con …

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Summary of Significant Accounting Policies Description of Business and Basis of Presentation Pinnacle West is an investor-owned electric utility holding company that conducts business through its subsidiaries, APS, El Dorado and PNW Power. APS, our wholly-owned subsidiary, is a vertically-integrated electric utility that provides either retail or wholesale electric service to substantially all of the state of Arizona, with the major exceptions of about one-half of the Phoenix metropolitan area, the Tucson metropolitan area and Mohave County in northwestern Arizona. APS accounts for essentially all of our revenues and earnings and is expected to continue to do so. El Dorado is a wholly-owned subsidiary that invests in energy-related and Arizona community-based ventures. PNW Power, formed in September 2023, is a wholly-owned subsidiary that holds certain wind and transmission joint-venture investments previously held by BCE. BCE was sold on January 12, 2024 and is no longer included in the Companys consolidated financial statements. See Note 22 for additional information. Pinnacle Wests Consolidated Financial Statements include the accounts of Pinnacle West and our subsidiaries, including APS, El Dorado, and PNW Power, as well as BCE through the date of its sale. Pinnacle Wests Consolidated Financial Statements also include the accounts of a VIE relating to the Captive. APSs Consolidated Financial Statements include the accounts of APS and certain VIEs relating to the Palo Verd …

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Commitments and Contingencies Palo Verde Generating Station Spent Nuclear Fuel and Waste Disposal On December 19, 2012, APS, acting on behalf of itself and the participant owners of Palo Verde, filed a second breach of contract lawsuit against the U.S. Department of Energy (DOE) in the U.S. Court of Federal Claims (Court of Federal Claims). The lawsuit sought to recover damages incurred due to DOEs breach of the Contract for Disposal of Spent Nuclear Fuel and/or High Level Radioactive Waste (Standard Contract) for failing to accept Palo Verdes spent nuclear fuel and high level waste from January 1, 2007, through June 30, 2011, pursuant to the terms of the Standard Contract and the Nuclear Waste Policy Act. On August 18, 2014, APS and DOE entered into a settlement agreement, which required DOE to pay the Palo Verde owners for certain specified costs incurred by Palo Verde during the period January 1, 2007, through June 30, 2011. In addition, the settlement agreement provided APS with a method for submitting claims and getting recovery for costs incurred through December 31, 2016, which was extended to December 31, 2025. APS has recovered costs for eleven claims pursuant to the terms of the August 15, 2014 settlement agreement, for eleven separate time periods during July 1, 2011, through October 31, 2024. The DOE has approved and paid approximately $174.3 million for these claims (APSs share is approximately $50.7 million). The amounts recovered were primarily recorded as adju …

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The following table provides detail of Pinnacle Wests consolidated revenues disaggregated by revenue sources (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Retail Electric Service Residential $ 963,186 $ 966,557 $ 2,063,775 $ 2,057,407 Non-Residential 765,247 721,644 1,944,142 1,792,998 Wholesale Energy Sales 46,333 39,303 89,050 76,428 Transmission Services for Others 44,284 38,705 101,827 93,958 Other Sources 1,691 2,592 12,978 8,716 Total Operating Revenues $ 1,820,741 $ 1,768,801 $ 4,211,772 $ 4,029,507 …

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Fair Value Measurements We classify our assets and liabilities that are carried at fair value within the fair value hierarchy. This hierarchy ranks the quality and reliability of the inputs used to determine fair values, which are then classified and disclosed in one of three categories. The three levels of the fair value hierarchy are: Level 1 Inputs are unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 Other significant observable inputs, including 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 (such as yield curves). Level 3 Valuation models with significant unobservable inputs that are supported by little or no market activity. Instruments in this category may include long-dated derivative transactions where valuations are unobservable due to the length of the transaction, options, and transactions in locations where observable market data does not exist. The valuation models we employ utilize spot prices, forward prices, historical market data and other factors to forecast future prices. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Thus, a valuation may be classified in Level 3 even though the valuation may include significant inputs that are readily observable. We maximize the use of observabl …

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Income Taxes As a part of the Inflation Reduction Act of 2022 (IRA), a new PTC for nuclear energy produced by existing nuclear energy plants (Nuclear PTC) was enacted, available from 2024 through 2032. The Nuclear PTC can be increased by five times if certain IRS prevailing wages rules are met. The Company continues to await guidance from the U.S. Treasury Department related to the definition of gross receipts from nuclear sales for purposes of the credit phase-out applicable to the Nuclear PTC. The Company has claimed a $33.4 million benefit for the Nuclear PTC on its 2024 tax return using a revenue requirement methodology to determine its gross receipts from nuclear sales. This benefit includes the five times multiplier for complying with IRS prevailing wage rules. However, due to the continued lack of guidance concerning the definition of gross receipts from nuclear sales, management believes that there remains uncertainty as to whether the IRS will ultimately agree with the Companys gross receipts methodology. As a result, the entire amount of the 2024 benefit has been recorded as an uncertain tax position, and the Company continues to not recognize any current income tax benefits related to the Nuclear PTC. …

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Leases We lease certain land, buildings, vehicles, equipment, and other property through operating rental agreements with varying terms, provisions, and expiration dates. APS also has certain power purchase or purchased power agreements (PPAs) and energy storage agreements that qualify as lease arrangements. Our leases have remaining terms that expire in 2025 through 2073. Substantially all of our leasing activities relate to APS. In 1986, APS entered into agreements with three separate lessor trust entities in order to sell and lease back interests in Palo Verde Unit 2 and related common facilities. The lessor trust entities have been deemed VIEs for which APS is the primary beneficiary. As the primary beneficiary, APS consolidated these lessor trust entities. The impacts from these sale leaseback transactions are excluded from our lease disclosures as lease accounting is eliminated upon consolidation. In September 2025, two of the three leased interests were purchased by APS. See Note 8 for discussion of VIEs and the 2025 acquisition of the VIEs noncontrolling interest. As of September 30, 2025, one VIE lease arrangement remains in effect. APS is a party to PPAs that allow it the right to the generation capacity from certain natural-gas fueled generators during certain months of each year throughout the term of the arrangements. As APS only has rights to use the assets during certain periods of each year, the leases have non-consecutive periods of use. APS does not operate …

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Debt and Liquidity Matters Pinnacle West and APS maintain committed revolving credit facilities in order to enhance liquidity and provide credit support for their commercial paper programs, to refinance indebtedness, and for other general corporate purposes. Pinnacle West As of September 30, 2025, Pinnacle West had a $200 million revolving credit facility that matures on April 10, 2029. Pinnacle West has the option to increase the amount of the facility up to a total of $300 million upon the satisfaction of certain conditions and with the consent of the lenders. Interest rates are based on Pinnacle Wests senior unsecured debt credit ratings and the agreement includes a sustainability-linked pricing metric which provides for an interest rate reduction or increase, by meeting or missing, respectively, targets related to specific environmental and employee health and safety sustainability objectives. Under certain circumstances, the sustainability-linked pricing metric can be terminated for the final year of the credit facility. The facility is available to support Pinnacle Wests general corporate purposes, including support for Pinnacle Wests $200 million commercial paper program, for bank borrowings or for issuances of letters of credit. As of September 30, 2025, Pinnacle West had no outstanding borrowings under its revolving credit facility, no letters of credit outstanding under its credit facility, and $55 million of outstanding commercial paper borrowings. The weighted-ave …

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New Accounting Standards Accounting Standards Update (ASU) 2023-09, Income Taxes: Improvements to Income Tax Disclosures In December 2023, a new accounting standard was issued that expands disclosures relating to income taxes. The expanded disclosures include a tabular income tax rate reconciliation, disclosure of specific reconciliation categories and reconciling items, the amount of income taxes paid by jurisdiction, and other disclosures. We will adopt this standard on December 31, 2025, using a prospective approach. The adoption of the new standard will result in changes to our income tax disclosures, but will not impact our accounting for income taxes or our financial statement results. ASU 2024-03, Income Statement: Expense Disaggregation Disclosures In November 2024, a new accounting standard was issued that requires specific disclosures related to certain costs and expenses. Companies will be required to disclose the amounts of certain cost and expense categories, such as: purchases of inventory, employee compensation, depreciation, and amortization, among other disclosures. The new disclosures may be provided in the notes to the financial statements, and will not require changes to the face of the Statements of Income. The standard becomes effective on December 31, 2027, using either a prospective or retrospective approach, with early adoption permitted. The adoption of the new standard will result in disclosure changes, but will not impact our accounting for such co …

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Retirement Plans and Other Postretirement Benefits Pinnacle West sponsors a qualified defined benefit and account balance pension plan, a non-qualified supplemental excess benefit retirement plan, and other postretirement benefit plans for the employees of Pinnacle West and our subsidiaries. The other postretirement benefit plans include a group life and medical plan and a post-65 retiree health reimbursement arrangement (HRA). Pinnacle West uses a December 31 measurement date each year for its pension and other postretirement benefit plans. The market-related value of our plan assets is their fair value at the measurement date. The following table provides detail of the plans net periodic benefit costs and the portion of these costs charged to expense (including administrative costs and excluding amounts capitalized as overhead construction or billed to electric plant participants) (dollars in thousands): Pension Plans Other Benefits Plans Three Months Ended September 30, Nine Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 2025 2024 2025 2024 Service cost-benefits earned during the period $ 11,038 $ 10,910 $ 33,114 $ 32,731 $ 2,020 $ 2,489 $ 6,061 $ 7,466 Non-service costs (credits): Interest cost on benefit obligation 38,780 37,161 116,340 111,482 5,086 5,542 15,258 16,627 Expected return on plan assets (44,698) (47,163) (134,094) (141,488) (12,142) (11,709) (36,426) (35,126) Amortization of: Prior service cre …

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Revenue Sources of Revenue The following table provides detail of Pinnacle Wests consolidated revenues disaggregated by revenue sources (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Retail Electric Service Residential $ 963,186 $ 966,557 $ 2,063,775 $ 2,057,407 Non-Residential 765,247 721,644 1,944,142 1,792,998 Wholesale Energy Sales 46,333 39,303 89,050 76,428 Transmission Services for Others 44,284 38,705 101,827 93,958 Other Sources 1,691 2,592 12,978 8,716 Total Operating Revenues $ 1,820,741 $ 1,768,801 $ 4,211,772 $ 4,029,507 Retail Electric Revenues All of Pinnacle Wests retail electric revenues are generated by APS. Retail electric revenue is generated by the sale of electricity to our regulated customers within the authorized service territory at tariff rates approved by the ACC and based on customer usage. Revenues related to the sale of electricity are generally recognized when service is rendered, or electricity is delivered to customers. The billing of electricity sales to individual customers is based on the reading of their meters. We obtain customers meter data on a systematic basis throughout the month, and generally bill customers within a month from when service was provided. Customers are generally required to pay for services within 21 days of when the services are billed. See Allowance for Doubtful Accounts discussion below for additional details regarding payment terms. In addition, see the …

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Business Segments Pinnacle Wests reportable business segment is our regulated electricity segment, which consists of retail and wholesale sales supplied under traditional cost-based regulation and related activities and includes electricity generation, transmission, and distribution. Our reportable segment activities are conducted through our wholly-owned subsidiary, APS. All other operating segment activities are insignificant to Pinnacle West. For segment reporting purposes, Pinnacle Wests Chief Executive Officer performs the function of chief operating decision maker (CODM). Our CODM uses net income to measure an operating segments profitability. When assessing the performance of an operating segment, and making decisions about allocating resources, our CODM evaluates net income actual results compared to budget. Net income is also used when implementing strategic initiatives and selecting projects to meet business objectives. Our reportable segments revenue streams are dependent upon regulated rate recovery, which is a primary factor in how we identify operating segments. For information on our reportable business segments revenues, significant expenses, net income (loss), assets, and other reportable segment items, see the APS Condensed Consolidated Statements of Income, APS Condensed Consolidated Balance Sheets, and APS Condensed Consolidated Statements of Cash Flows. The following table reconciles our reportable segments revenues, significant expenses, and net income ( …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing