Company Quick10K Filing
Pinnacle West Capital
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 113 $10,933
10-Q 2019-11-07 Quarter: 2019-09-30
10-Q 2019-08-08 Quarter: 2019-06-30
10-Q 2019-05-01 Quarter: 2019-03-31
10-K 2019-02-22 Annual: 2018-12-31
10-Q 2018-11-08 Quarter: 2018-09-30
10-Q 2018-08-03 Quarter: 2018-06-30
10-Q 2018-05-02 Quarter: 2018-03-31
10-K 2018-02-23 Annual: 2017-12-31
10-Q 2017-11-03 Quarter: 2017-09-30
10-Q 2017-08-03 Quarter: 2017-06-30
10-Q 2017-05-02 Quarter: 2017-03-31
10-K 2017-02-24 Annual: 2016-12-31
10-Q 2016-11-03 Quarter: 2016-09-30
10-Q 2016-08-02 Quarter: 2016-06-30
10-Q 2016-04-29 Quarter: 2016-03-31
10-K 2016-02-19 Annual: 2015-12-31
10-Q 2015-10-30 Quarter: 2015-09-30
10-Q 2015-07-30 Quarter: 2015-06-30
10-Q 2015-05-01 Quarter: 2015-03-31
10-K 2015-02-20 Annual: 2014-12-31
10-Q 2014-10-31 Quarter: 2014-09-30
10-Q 2014-07-31 Quarter: 2014-06-30
10-Q 2014-05-02 Quarter: 2014-03-31
10-K 2014-02-21 Annual: 2013-12-31
10-Q 2013-10-31 Quarter: 2013-09-30
10-Q 2013-08-02 Quarter: 2013-06-30
10-Q 2013-05-03 Quarter: 2013-03-31
10-K 2013-02-22 Annual: 2012-12-31
10-Q 2012-11-02 Quarter: 2012-09-30
10-Q 2012-08-02 Quarter: 2012-06-30
10-Q 2012-05-03 Quarter: 2012-03-31
10-K 2012-02-24 Annual: 2011-12-31
10-Q 2011-11-01 Quarter: 2011-09-30
10-Q 2011-08-02 Quarter: 2011-06-30
10-Q 2011-04-29 Quarter: 2011-03-31
10-K 2011-02-18 Annual: 2010-12-31
10-Q 2010-08-03 Quarter: 2010-06-30
10-Q 2010-05-06 Quarter: 2010-03-31
10-K 2010-02-19 Annual: 2009-12-31
8-K 2020-01-08 Regulation FD, Exhibits
8-K 2020-01-08 Officers
8-K 2019-12-17 Officers, Exhibits
8-K 2019-12-02 Regulation FD, Exhibits
8-K 2019-11-18 Exhibits
8-K 2019-11-07 Earnings, Regulation FD, Exhibits
8-K 2019-10-31 Regulation FD, Other Events, Exhibits
8-K 2019-10-01 Regulation FD, Exhibits
8-K 2019-09-09 Regulation FD, Exhibits
8-K 2019-08-20 Officers, Exhibits
8-K 2019-08-12 Exhibits
8-K 2019-08-12 Regulation FD, Exhibits
8-K 2019-08-08 Earnings, Regulation FD, Exhibits
8-K 2019-06-24 Regulation FD, Exhibits
8-K 2019-06-19 Officers
8-K 2019-05-28 Regulation FD, Exhibits
8-K 2019-05-17 Officers
8-K 2019-05-15 Shareholder Vote
8-K 2019-05-09 Enter Agreement, Leave Agreement, Off-BS Arrangement
8-K 2019-05-01 Earnings, Regulation FD, Exhibits
8-K 2019-04-01 Regulation FD, Exhibits
8-K 2019-03-20 Regulation FD, Exhibits
8-K 2019-03-04 Regulation FD, Exhibits
8-K 2019-02-26 Exhibits
8-K 2019-02-26 Enter Agreement, Off-BS Arrangement
8-K 2019-02-22 Earnings, Regulation FD, Exhibits
8-K 2019-01-15 Regulation FD, Exhibits
8-K 2019-01-09 Regulation FD, Exhibits
8-K 2018-12-19 Officers, Regulation FD, Exhibits
8-K 2018-12-18 Enter Agreement, Officers
8-K 2018-11-09 Regulation FD, Exhibits
8-K 2018-11-08 Earnings, Regulation FD, Exhibits
8-K 2018-11-06 Regulation FD, Exhibits
8-K 2018-10-02 Regulation FD, Exhibits
8-K 2018-09-24 Regulation FD, Exhibits
8-K 2018-09-10 Regulation FD, Exhibits
8-K 2018-08-07 Exhibits
8-K 2018-08-03 Earnings, Regulation FD, Exhibits
8-K 2018-07-12 Enter Agreement, Leave Agreement, Off-BS Arrangement
8-K 2018-07-09 Regulation FD, Exhibits
8-K 2018-06-29 Enter Agreement
8-K 2018-06-28 Enter Agreement, Leave Agreement, Off-BS Arrangement
8-K 2018-06-13 Regulation FD, Exhibits
8-K 2018-05-17 Regulation FD, Exhibits
8-K 2018-05-16 Shareholder Vote
8-K 2018-05-02 Earnings, Regulation FD, Exhibits
8-K 2018-04-09 Regulation FD, Exhibits
8-K 2018-03-20 Regulation FD, Exhibits
8-K 2018-02-23 Earnings, Regulation FD, Exhibits
8-K 2018-02-21 Officers
8-K 2018-02-15 Officers
8-K 2018-01-22 Regulation FD, Exhibits
8-K 2018-01-10 Regulation FD, Exhibits
8-K 2018-01-03 Other Events
PNW 2019-09-30
Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 5. Other Information
Item 6. Exhibits
EX-10.1 exhibit101-093019.htm
EX-31.1 exhibit311-093019.htm
EX-31.2 exhibit312-093019.htm
EX-31.3 exhibit313-093019.htm
EX-31.4 exhibit314-093019.htm
EX-32.1 exhibit321-093019.htm
EX-32.2 exhibit322-093019.htm

Pinnacle West Capital Earnings 2019-09-30

PNW 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
AGR 15,863 33,141 17,592 6,453 0 580 1,871 22,347 0% 11.9 2%
CNP 14,898 34,189 25,932 11,577 7,115 562 2,025 16,428 61% 8.1 2%
CPL 14,495 42,212 0 0 0 0 14,495 0%
CEPU 13,172 57,260 24,331 0 0 0 0 13,172 0%
VST 11,860 26,520 18,616 11,662 0 726 3,642 22,208 0% 6.1 3%
PNW 10,933 18,166 12,492 3,634 2,522 622 1,672 16,500 69% 9.9 3%
AES 10,885 33,238 26,874 10,592 2,405 672 3,100 8,932 23% 2.9 2%
NRG 9,628 9,171 10,800 10,073 2,892 624 1,417 15,334 29% 10.8 7%
KEP 9,392 185,249,061 114,156,299 0 0 0 0 9,254 0%
OGE 8,718 10,886 6,879 2,214 1,350 407 934 11,912 61% 12.8 4%

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
 

FORM 10-Q
 
(Mark One)
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended September 30, 2019
 
OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from              to          
 
Commission File
Number
 
Exact Name of Each Registrant as specified in its
charter; State of Incorporation; Address; and
Telephone Number
 
IRS Employer
Identification No.
1-8962
 
PINNACLE WEST CAPITAL CORPORATION
 
86-0512431
 
 
(an Arizona corporation)
 
 
 
 
400 North Fifth Street, P.O. Box 53999
 
 
 
 
Phoenix
Arizona
85072-3999
 
 
 
 
 
(602)
250-1000
 
 
 
 
1-4473
 
ARIZONA PUBLIC SERVICE COMPANY
 
86-0011170
 
 
(an Arizona corporation)
 
 
 
 
400 North Fifth Street, P.O. Box 53999
 
 
 
 
Phoenix
Arizona
85072-3999
 
 
 
 
 
(602)
250-1000
 
 
 
 
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock
PNW
The New York Stock Exchange

Indicate by check mark whether each registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 
PINNACLE WEST CAPITAL CORPORATION
Yes
 
 
No 
 
ARIZONA PUBLIC SERVICE COMPANY
Yes
 
 
No 
 
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
PINNACLE WEST CAPITAL CORPORATION
Yes
 
 
No 
 
ARIZONA PUBLIC SERVICE COMPANY
Yes
 
 
No 
 
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company.  See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 PINNACLE WEST CAPITAL CORPORATION
Large accelerated filer
 
Accelerated filer
Non-accelerated filer
Smaller reporting company
 
 
 
 
 
 
 
 
Emerging growth company
 
 
 
 
 
 
 
ARIZONA PUBLIC SERVICE COMPANY
Large accelerated filer
Accelerated filer
Non-accelerated filer
 
Smaller reporting company
 
 
 
 
 
 
 
 
Emerging growth company
 
 
 
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether each registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
PINNACLE WEST CAPITAL CORPORATION
Yes  
 
No 
 
ARIZONA PUBLIC SERVICE COMPANY
Yes    
 
No 
 
 
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
 
PINNACLE WEST CAPITAL CORPORATION
Number of shares of common stock, no par value, outstanding as of October 31, 2019:
112,410,824
ARIZONA PUBLIC SERVICE COMPANY
Number of shares of common stock, $2.50 par value, outstanding as of October 31, 2019:
71,264,947
 
Arizona Public Service Company meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this form with the reduced disclosure format allowed under that General Instruction.






TABLE OF CONTENTS
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
This combined Form 10-Q is separately provided by Pinnacle West Capital Corporation ("Pinnacle West") and Arizona Public Service Company ("APS").  Any use of the words "Company," "we," and "our" refer to Pinnacle West.  Each registrant is providing on its own behalf all of the information contained in this Form 10-Q that relates to such registrant and, where required, its subsidiaries.  Except as stated in the preceding sentence, neither registrant is providing any information that does not relate to such registrant, and therefore makes no representation as to any such information.  The information required with respect to each company is set forth within the applicable items.  Item 1 of this report includes Condensed Consolidated Financial Statements of Pinnacle West and Condensed Consolidated Financial Statements of APS.  Item 1 also includes Combined Notes to Condensed Consolidated Financial Statements.


1



FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements based on current expectations.  These forward-looking statements are often identified by words such as "estimate," "predict," "may," "believe," "plan," "expect," "require," "intend," "assume," "project" and similar words.  Because actual results may differ materially from expectations, we caution readers not to place undue reliance on these statements.  A number of factors could cause future results to differ materially from historical results, or from outcomes currently expected or sought by Pinnacle West or APS.  In addition to the Risk Factors described in Part I, Item 1A of the Pinnacle West/APS Annual Report on Form 10-K for the fiscal year ended December 31, 2018 ("2018 Form 10-K"), Part II, Item 1A of this report and in Part I, Item 2 — "Management’s Discussion and Analysis of Financial Condition and Results of Operations" of this report, these factors include, but are not limited to:
our ability to manage capital expenditures and operations and maintenance costs while maintaining reliability and customer service levels;
variations in demand for electricity, including those due to weather, seasonality, the general economy, customer and sales growth (or decline), the effects of energy conservation measures and distributed generation, and technological advancements;
power plant and transmission system performance and outages;
competition in retail and wholesale power markets;
regulatory and judicial decisions, developments and proceedings;
new legislation, ballot initiatives and regulation, including those relating to environmental requirements, regulatory policy, nuclear plant operations and potential deregulation of retail electric markets;
fuel and water supply availability;
our ability to achieve timely and adequate rate recovery of our costs, including returns on and of debt and equity capital investment;
our ability to meet renewable energy and energy efficiency mandates and recover related costs;
risks inherent in the operation of nuclear facilities, including spent fuel disposal uncertainty;
current and future economic conditions in Arizona, including in real estate markets;
the direct or indirect effect on our facilities or business from cybersecurity threats or intrusions, data security breaches, terrorist attack, physical attack, severe storms, droughts, or other catastrophic events, such as fires, explosions, pandemic health events or similar occurrences;
the development of new technologies which may affect electric sales or delivery;
the cost of debt and equity capital and the ability to access capital markets when required;
environmental, economic and other concerns surrounding coal-fired generation, including regulation of greenhouse gas emissions;
volatile fuel and purchased power costs;
the investment performance of the assets of our nuclear decommissioning trust, pension, and other postretirement benefit plans and the resulting impact on future funding requirements;
the liquidity of wholesale power markets and the use of derivative contracts in our business;
potential shortfalls in insurance coverage;
new accounting requirements or new interpretations of existing requirements;
generation, transmission and distribution facility and system conditions and operating costs;
the ability to meet the anticipated future need for additional generation and associated transmission facilities in our region;
the willingness or ability of our counterparties, power plant participants and power plant land owners to meet contractual or other obligations or extend the rights for continued power plant operations; and
restrictions on dividends or other provisions in our credit agreements and Arizona Corporation Commission ("ACC") orders. 
These and other factors are discussed in the Risk Factors described in Part I, Item 1A of our 2018 Form 10-K, in Part II, Item 1A of this report, and in Part I, Item 2 — "Management’s Discussion and Analysis of Financial Condition and Results of Operations" of this report, which readers should review carefully before placing any reliance on our financial statements or disclosures.  Neither Pinnacle West nor APS assumes any obligation to update these statements, even if our internal estimates change, except as required by law.

2



PART I — FINANCIAL INFORMATION
 
ITEM 1.  FINANCIAL STATEMENTS
 
 INDEX TO FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULES
 
 
Page
 
 
 
 
 
 



3




PINNACLE WEST CAPITAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(dollars and shares in thousands, except per share amounts)
 
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
OPERATING REVENUES (NOTE 2)
 
$
1,190,787

 
$
1,268,034

 
$
2,800,818

 
$
2,934,871

 
 
 
 
 
 
 
 
 
OPERATING EXPENSES
 
 

 
 

 
 
 
 
Fuel and purchased power
 
344,862

 
389,936

 
817,672

 
844,133

Operations and maintenance
 
238,582

 
246,545

 
711,759

 
780,624

Depreciation and amortization
 
149,450

 
145,971

 
445,531

 
436,232

Taxes other than income taxes
 
53,809

 
51,375

 
163,989

 
158,582

Other expenses
 
794

 
900

 
1,904

 
8,497

Total
 
787,497

 
834,727

 
2,140,855

 
2,228,068

OPERATING INCOME
 
403,290

 
433,307

 
659,963

 
706,803

OTHER INCOME (DEDUCTIONS)
 
 

 
 

 
 
 
 
Allowance for equity funds used during construction
 
5,917

 
12,259

 
24,677

 
39,411

Pension and other postretirement non-service credits - net
 
5,752

 
12,449

 
17,240

 
37,314

Other income (Note 9)
 
15,191

 
6,958

 
35,245

 
17,541

Other expense (Note 9)
 
(5,740
)
 
(5,063
)
 
(14,448
)
 
(12,063
)
Total
 
21,120

 
26,603

 
62,714

 
82,203

INTEREST EXPENSE
 
 

 
 

 
 
 
 
Interest charges
 
57,481

 
61,605

 
175,599

 
181,267

Allowance for borrowed funds used during construction
 
(3,486
)
 
(5,913
)
 
(14,645
)
 
(18,959
)
Total
 
53,995

 
55,692

 
160,954

 
162,308

INCOME BEFORE INCOME TAXES
 
370,415

 
404,218

 
561,723

 
626,698

INCOME TAXES
 
53,266

 
84,333

 
72,764

 
127,107

NET INCOME
 
317,149

 
319,885

 
488,959

 
499,591

Less: Net income attributable to noncontrolling interests (Note 6)
 
4,873

 
4,873

 
14,620

 
14,620

NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS
 
$
312,276

 
$
315,012

 
$
474,339

 
$
484,971

 
 
 
 
 
 
 
 
 
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING — BASIC
 
112,463

 
112,148

 
112,408

 
112,094

WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING — DILUTED
 
112,746

 
112,533

 
112,739

 
112,499

 
 
 
 
 
 
 
 
 
EARNINGS PER WEIGHTED-AVERAGE COMMON SHARE OUTSTANDING
 
 

 
 

 
 
 
 
Net income attributable to common shareholders — basic
 
$
2.78

 
$
2.81

 
$
4.22

 
$
4.33

Net income attributable to common shareholders — diluted
 
$
2.77

 
$
2.80

 
$
4.21

 
$
4.31

 
The accompanying notes are an integral part of the financial statements.

4



PINNACLE WEST CAPITAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)
(dollars in thousands)
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
NET INCOME
$
317,149

 
$
319,885

 
$
488,959

 
$
499,591

 
 
 
 
 
 
 
 
OTHER COMPREHENSIVE INCOME, NET OF TAX
 

 
 

 
 
 
 
Derivative instruments:
 

 
 

 
 
 
 
Net unrealized loss, net of tax expense of $0, $0, $0 and $96 for the respective periods

 

 

 
(96
)
Reclassification of net realized loss, net of tax benefit of $71, $149, $313 and $381 for the respective periods
218

 
451

 
950

 
1,316

Pension and other postretirement benefits activity, net of tax expense (benefit) of $290, $361, $72 and ($754) for the respective periods
880

 
1,099

 
220

 
(2,740
)
Total other comprehensive income (loss)
1,098

 
1,550

 
1,170

 
(1,520
)
 
 
 
 
 
 
 
 
COMPREHENSIVE INCOME
318,247

 
321,435

 
490,129

 
498,071

Less: Comprehensive income attributable to noncontrolling interests
4,873

 
4,873

 
14,620

 
14,620

 
 
 
 
 
 
 
 
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS
$
313,374

 
$
316,562

 
$
475,509

 
$
483,451

 
The accompanying notes are an integral part of the financial statements.


5



PINNACLE WEST CAPITAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(dollars in thousands)
 
 
September 30, 2019
 
December 31, 2018
ASSETS
 

 
 

 
 
 
 
CURRENT ASSETS
 

 
 

Cash and cash equivalents
$
29,852

 
$
5,766

Customer and other receivables
361,951

 
267,887

Accrued unbilled revenues
155,836

 
137,170

Allowance for doubtful accounts
(7,282
)
 
(4,069
)
Materials and supplies (at average cost)
293,899

 
269,065

Fossil fuel (at average cost)
18,527

 
25,029

Income tax receivable
14,063

 

Assets from risk management activities (Note 7)
817

 
1,113

Deferred fuel and purchased power regulatory asset (Note 4)
59,474

 
37,164

Other regulatory assets (Note 4)
138,033

 
129,738

Other current assets
67,985

 
56,128

Total current assets
1,133,155

 
924,991

INVESTMENTS AND OTHER ASSETS
 

 
 

Nuclear decommissioning trust (Notes 11 and 12)
967,673

 
851,134

Other special use funds (Notes 11 and 12)
243,982

 
236,101

Other assets
102,116

 
103,247

Total investments and other assets
1,313,771

 
1,190,482

PROPERTY, PLANT AND EQUIPMENT
 

 
 

Plant in service and held for future use
19,677,773

 
18,736,628

Accumulated depreciation and amortization
(6,552,177
)
 
(6,366,014
)
Net
13,125,596

 
12,370,614

Construction work in progress
738,492

 
1,170,062

Palo Verde sale leaseback, net of accumulated depreciation (Note 6)
102,873

 
105,775

Intangible assets, net of accumulated amortization
266,587

 
262,902

Nuclear fuel, net of accumulated amortization
141,903

 
120,217

Total property, plant and equipment
14,375,451

 
14,029,570

DEFERRED DEBITS
 

 
 

Regulatory assets (Note 4)
1,329,446

 
1,342,941

Operating lease right-of-use assets (Note 16)
156,050

 

Assets for other postretirement benefits (Note 5)
31,717

 
46,906

Other
37,976

 
129,312

Total deferred debits
1,555,189

 
1,519,159

 
 
 
 
TOTAL ASSETS
$
18,377,566

 
$
17,664,202

 
The accompanying notes are an integral part of the financial statements.


6



PINNACLE WEST CAPITAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(dollars in thousands)
 
September 30, 2019
 
December 31, 2018
LIABILITIES AND EQUITY
 

 
 

 
 
 
 
CURRENT LIABILITIES
 

 
 

Accounts payable
$
276,117

 
$
277,336

Accrued taxes
220,930

 
154,819

Accrued interest
50,993

 
61,107

Common dividends payable

 
82,675

Short-term borrowings (Note 3)
57,375

 
76,400

Current maturities of long-term debt (Note 3)
450,000

 
500,000

Customer deposits
78,173

 
91,174

Liabilities from risk management activities (Note 7)
44,349

 
35,506

Liabilities for asset retirements
12,850

 
19,842

Operating lease liabilities (Note 16)
26,221

 

Regulatory liabilities (Note 4)
208,022

 
165,876

Other current liabilities
161,716

 
184,229

Total current liabilities
1,586,746

 
1,648,964

LONG-TERM DEBT LESS CURRENT MATURITIES (Note 3)
4,984,996

 
4,638,232

DEFERRED CREDITS AND OTHER
 

 
 

Deferred income taxes
1,975,989

 
1,807,421

Regulatory liabilities (Note 4)
2,310,131

 
2,325,976

Liabilities for asset retirements
736,079

 
706,703

Liabilities for pension benefits (Note 5)
297,843

 
443,170

Liabilities from risk management activities (Note 7)
27,305

 
24,531

Customer advances
192,374

 
137,153

Coal mine reclamation
165,695

 
212,785

Deferred investment tax credit
193,118

 
200,405

Unrecognized tax benefits
6,341

 
22,517

Operating lease liabilities (Note 16)
52,472

 

Other
166,772

 
147,640

Total deferred credits and other
6,124,119

 
6,028,301

COMMITMENTS AND CONTINGENCIES (SEE NOTE 8)


 


EQUITY
 

 
 

Common stock, no par value; authorized 150,000,000 shares, 112,403,751 and 112,159,896 issued at respective dates
2,654,430

 
2,634,265

Treasury stock at cost; 57,947 and 58,135 shares at respective dates
(5,117
)
 
(4,825
)
Total common stock
2,649,313

 
2,629,440

Retained earnings
2,949,891

 
2,641,183

Accumulated other comprehensive loss
(46,538
)
 
(47,708
)
Total shareholders’ equity
5,552,666

 
5,222,915

Noncontrolling interests (Note 6)
129,039

 
125,790

Total equity
5,681,705

 
5,348,705

 
 
 
 
TOTAL LIABILITIES AND EQUITY
$
18,377,566

 
$
17,664,202

The accompanying notes are an integral part of the financial statements.

7



PINNACLE WEST CAPITAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(dollars in thousands)
 
Nine Months Ended
September 30,
 
2019
 
2018
CASH FLOWS FROM OPERATING ACTIVITIES
 

 
 

Net income
$
488,959

 
$
499,591

Adjustments to reconcile net income to net cash provided by operating activities:
 

 
 

Depreciation and amortization including nuclear fuel
500,801

 
489,861

Deferred fuel and purchased power
(60,911
)
 
(82,486
)
Deferred fuel and purchased power amortization
38,601

 
92,397

Allowance for equity funds used during construction
(24,677
)
 
(39,411
)
Deferred income taxes
83,703

 
117,571

Deferred investment tax credit
(7,288
)
 
(7,397
)
Stock compensation
16,486

 
16,140

Changes in current assets and liabilities:
 

 
 

Customer and other receivables
(91,506
)
 
(65,203
)
Accrued unbilled revenues
(18,666
)
 
(83,939
)
Materials, supplies and fossil fuel
(18,332
)
 
(20,591
)
Income tax receivable
(14,063
)
 

Other current assets
(10,104
)
 
23,661

Accounts payable
33,899

 
(11,399
)
Accrued taxes
66,111

 
78,624

Other current liabilities
(68,927
)
 
12,852

Change in other long-term assets
(52,276
)
 
14,120

Change in other long-term liabilities
(27,049
)
 
(74,628
)
Net cash flow provided by operating activities
834,761

 
959,763

CASH FLOWS FROM INVESTING ACTIVITIES
 

 
 

Capital expenditures
(857,883
)
 
(898,455
)
Contributions in aid of construction
34,121

 
22,611

Allowance for borrowed funds used during construction
(14,645
)
 
(18,959
)
Proceeds from nuclear decommissioning trust sales and other special use funds
520,996

 
443,215

Investment in nuclear decommissioning trust and other special use funds
(523,573
)
 
(461,777
)
Other
8,971

 
49

Net cash flow used for investing activities
(832,013
)
 
(913,316
)
CASH FLOWS FROM FINANCING ACTIVITIES
 

 
 

Issuance of long-term debt
794,981

 
295,245

Short-term borrowing and payments — net
(6,025
)
 
19,800

Short-term debt borrowings
49,000

 
45,000

Short-term debt repayments
(62,000
)
 
(32,000
)
Dividends paid on common stock
(243,116
)
 
(228,037
)
Repayment of long-term debt
(500,000
)
 
(82,000
)
Common stock equity issuance - net of purchases
(130
)
 
(1,984
)
Distributions to noncontrolling interests
(11,372
)
 
(11,372
)
Net cash flow provided by financing activities
21,338

 
4,652

NET INCREASE IN CASH AND CASH EQUIVALENTS
24,086

 
51,099

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
5,766

 
13,892

CASH AND CASH EQUIVALENTS AT END OF PERIOD
$
29,852

 
$
64,991

The accompanying notes are an integral part of the financial statements.

8



PINNACLE WEST CAPITAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(unaudited)
(dollars in thousands)
 
Three Months Ended September 30, 2019
 
Common Stock
 
Treasury Stock
 
Retained Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Noncontrolling Interests
 
Total
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
 
 
 
Balance, July 1, 2019
112,361,595

 
$
2,648,234

 
(58,219
)
 
$
(5,140
)
 
$
2,637,620

 
$
(47,636
)
 
$
124,165

 
$
5,357,243