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CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Thousands
Total
APS
Common Stock
Common Stock
APS
Treasury Stock
Retained Earnings
Retained Earnings
APS
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
APS
Noncontrolling Interests
Noncontrolling Interests
APS
Beginning balance (in shares) at Dec. 31, 2023     113,537,689 71,264,947              
Beginning balance at Dec. 31, 2023 $ 6,284,862 $ 7,349,136 $ 2,752,676 $ 178,162 $ (8,185) $ 3,466,317 $ 3,759,299 $ (33,144) $ (17,219) $ 107,198 $ 107,198
Beginning balance (in shares) at Dec. 31, 2023         (113,272)            
Increase (Decrease) in Shareholders' Equity                      
Net income 229,279 235,530       220,667 226,918     8,612 8,612
Other comprehensive income (loss) (150) 183           (150) 183    
Dividends on common stock (199,868) (199,900)       (199,868) (199,900)        
Issuance of common stock (in shares) [1]     174,074                
Issuance of common stock [1] 11,835   $ 11,835                
Purchase of treasury stock (in shares) [2]         (71,008)            
Purchase of treasury stock [2] (4,907)       $ (4,907)            
Reissuance of treasury stock for stock-based compensation and other (in shares)         82,639            
Reissuance of treasury stock for stock-based compensation and other 5,900       $ 5,900            
Capital activities by noncontrolling interests (10,628) (10,628)               (10,628) (10,628)
Other (1) (1)     1 (3) (2)     1 1
Ending balance (in shares) at Jun. 30, 2024     113,711,763 71,264,947              
Ending balance at Jun. 30, 2024 6,316,322 7,824,320 $ 2,764,511 $ 178,162 $ (7,191) 3,487,113 3,786,315 (33,294) (17,036) 105,183 105,183
Ending balance (in shares) at Jun. 30, 2024         (101,641)            
Beginning balance (in shares) at Mar. 31, 2024     113,686,849 71,264,947              
Beginning balance at Mar. 31, 2024 6,310,533 7,369,047 $ 2,757,506 $ 178,162 $ (9,073) 3,483,178 3,774,414 (32,582) (16,729) 111,504 111,504
Beginning balance (in shares) at Mar. 31, 2024         (128,234)            
Increase (Decrease) in Shareholders' Equity                      
Net income 208,111 216,107       203,805 211,801     4,306 4,306
Other comprehensive income (loss) (712) (307)           (712) (307)    
Dividends on common stock (199,868) (199,900)       (199,868) (199,900)        
Issuance of common stock (in shares) [3]     24,914                
Issuance of common stock [3] 7,005   $ 7,005                
Reissuance of treasury stock for stock-based compensation and other (in shares)         26,593            
Reissuance of treasury stock for stock-based compensation and other 1,882       $ 1,882            
Capital activities by noncontrolling interests (10,628) (10,628)               (10,628) (10,628)
Other (1) 1       (2)       1 1
Ending balance (in shares) at Jun. 30, 2024     113,711,763 71,264,947              
Ending balance at Jun. 30, 2024 $ 6,316,322 7,824,320 $ 2,764,511 $ 178,162 $ (7,191) 3,487,113 3,786,315 (33,294) (17,036) 105,183 105,183
Ending balance (in shares) at Jun. 30, 2024         (101,641)            
Beginning balance (in shares) at Dec. 31, 2024 119,143,782   119,143,782 71,264,947              
Beginning balance at Dec. 31, 2024 $ 6,857,478 8,376,332 $ 3,121,617 $ 178,162 $ (3,323) 3,666,959 3,992,423 (30,942) (14,116) 103,167 103,167
Beginning balance (in shares) at Dec. 31, 2024 (46,968)       (46,968)            
Increase (Decrease) in Shareholders' Equity                      
Net income $ 196,532 212,989       187,920 204,377     8,612 8,612
Other comprehensive income (loss) 501 270           501 270    
Dividends on common stock (213,731) (213,600)       (213,731) (213,600)        
Issuance of common stock (in shares) [1]     329,157                
Issuance of common stock [1] (2,213)   $ (2,213)                
Capital activities by noncontrolling interests (10,628) (10,628)               (10,628) (10,628)
Other $ 1 3         2     1 1
Ending balance (in shares) at Jun. 30, 2025 119,472,939   119,472,939 71,264,947              
Ending balance at Jun. 30, 2025 $ 6,827,940 8,665,366 $ 3,119,404 $ 178,162 $ (3,323) 3,641,148 3,983,202 (30,441) (13,846) 101,152 101,152
Ending balance (in shares) at Jun. 30, 2025 (46,968)       (46,968)            
Beginning balance (in shares) at Mar. 31, 2025     119,445,299 71,264,947              
Beginning balance at Mar. 31, 2025 $ 6,845,982 8,381,322 $ 3,109,612 $ 178,162 $ (3,323) 3,662,313 3,992,700 (30,094) (13,710) 107,474 107,474
Beginning balance (in shares) at Mar. 31, 2025         (46,968)            
Increase (Decrease) in Shareholders' Equity                      
Net income 196,870 208,404       192,564 204,098     4,306 4,306
Other comprehensive income (loss) (347) (136)           (347) (136)    
Dividends on common stock (213,731) (213,600)       (213,731) (213,600)        
Issuance of common stock (in shares) [3]     27,640                
Issuance of common stock [3] 9,792   $ 9,792                
Capital activities by noncontrolling interests (10,628) (10,628)               (10,628) (10,628)
Other $ 2 4       2 4        
Ending balance (in shares) at Jun. 30, 2025 119,472,939   119,472,939 71,264,947              
Ending balance at Jun. 30, 2025 $ 6,827,940 $ 8,665,366 $ 3,119,404 $ 178,162 $ (3,323) $ 3,641,148 $ 3,983,202 $ (30,441) $ (13,846) $ 101,152 $ 101,152
Ending balance (in shares) at Jun. 30, 2025 (46,968)       (46,968)            
[1] See Note 12 for information related to our equity forward sale agreements.
[2] Primarily represents shares of common stock withheld from certain stock awards for tax purposes.
[3] See Note 12 for information related to our equity forward sale agreements.