Company Quick10K Filing
Quick10K
Pinnacle West Capital
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$92.57 112 $10,390
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
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 2019-03-20 Regulation FD, Exhibits
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 2018-04-09 Regulation FD, Exhibits
8-K 2018-03-20 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
LYG Lloyds Banking Group 55,920
VTR Ventas 22,110
AOBC American Outdoor Brands 514
ALBO Albireo Pharma 412
LCNB LCNB 225
MARK Remark Holdings 54
HJLI Hancock Jaffe Laboratories 31
TRXD Trxade Group 0
VABK Virginia National Bankshares 0
RGPT Rodin Global Property Trust 0
PNW 2019-03-31
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 exhibit101-033119.htm
EX-10.2 exhibit102-033119.htm
EX-10.3 exhibit103-033119.htm
EX-31.1 exhibit311-033119.htm
EX-31.2 exhibit312-033119.htm
EX-31.3 exhibit313-033119.htm
EX-31.4 exhibit314-033119.htm
EX-32.1 exhibit321-033119.htm
EX-32.2 exhibit322-033119.htm

Pinnacle West Capital Earnings 2019-03-31

PNW 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

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 March 31, 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
(an Arizona corporation)
400 North Fifth Street, P.O. Box 53999
Phoenix, Arizona  85072-3999
(602) 250-1000
 
86-0512431
1-4473
 
ARIZONA PUBLIC SERVICE COMPANY
(an Arizona corporation)
400 North Fifth Street, P.O. Box 53999
Phoenix, Arizona  85072-3999
(602) 250-1000
 
86-0011170
 
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 April 24, 2019: 112,277,359
ARIZONA PUBLIC SERVICE COMPANY
Number of shares of common stock, $2.50 par value, outstanding as of April 24, 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), and the effects of energy conservation measures and distributed generation;
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

2



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.

3



PART I — FINANCIAL INFORMATION
 
ITEM 1.  FINANCIAL STATEMENTS
 
 INDEX TO FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULES
 
 
Page
 
 
Pinnacle West Condensed Consolidated Balance Sheets as of March 31, 2019 and December 31, 2018
 
 
APS Condensed Consolidated Balance Sheets as of March 31, 2019 and December 31, 2018
APS Condensed Consolidated Statements of Cash Flows for Three Months Ended March 31, 2019 and 2018
APS Condensed Consolidated Statements of Changes in Equity for Three Months Ended March 31, 2019 and 2018
 
 



4




PINNACLE WEST CAPITAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(dollars and shares in thousands, except per share amounts)
 
 
 
Three Months Ended 
 March 31,
 
 
2019
 
2018
 
 
 
 
 
OPERATING REVENUES (NOTE 2)
 
$
740,530

 
$
692,714

 
 
 
 
 
OPERATING EXPENSES
 
 

 
 

Fuel and purchased power
 
230,588

 
197,110

Operations and maintenance
 
245,634

 
265,682

Depreciation and amortization
 
148,707

 
144,825

Taxes other than income taxes
 
55,090

 
53,600

Other expenses
 
427

 
163

Total
 
680,446

 
661,380

OPERATING INCOME
 
60,084

 
31,334

OTHER INCOME (DEDUCTIONS)
 
 

 
 

Allowance for equity funds used during construction
 
11,188

 
14,079

Pension and other postretirement non-service credits - net
 
5,114

 
12,859

Other income (Note 9)
 
7,169

 
3,985

Other expense (Note 9)
 
(4,358
)
 
(3,229
)
Total
 
19,113

 
27,694

INTEREST EXPENSE
 
 

 
 

Interest charges
 
60,653

 
58,954

Allowance for borrowed funds used during construction
 
(6,665
)
 
(6,755
)
Total
 
53,988

 
52,199

INCOME BEFORE INCOME TAXES
 
25,209

 
6,829

INCOME TAXES
 
2,418

 
(1,265
)
NET INCOME
 
22,791

 
8,094

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

 
4,873

NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS
 
$
17,918

 
$
3,221

 
 
 
 
 
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING — BASIC
 
112,337

 
112,017

WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING — DILUTED
 
112,735

 
112,493

 
 
 
 
 
EARNINGS PER WEIGHTED-AVERAGE COMMON SHARE OUTSTANDING
 
 

 
 

Net income attributable to common shareholders — basic
 
$
0.16

 
$
0.03

Net income attributable to common shareholders — diluted
 
$
0.16

 
$
0.03

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

5



PINNACLE WEST CAPITAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)
(dollars in thousands)
 
 
Three Months Ended 
 March 31,
 
2019
 
2018
 
 
 
 
NET INCOME
$
22,791

 
$
8,094

 
 
 
 
OTHER COMPREHENSIVE INCOME, NET OF TAX
 

 
 

Derivative instruments:
 

 
 

Net unrealized loss, net of tax expense of $0 and $96

 
(96
)
Reclassification of net realized loss, net of tax benefit of $108 and $82
328

 
409

Pension and other postretirement benefits activity, net of tax expense of $288 and $443
879

 
900

Total other comprehensive income
1,207

 
1,213

 
 
 
 
COMPREHENSIVE INCOME
23,998

 
9,307

Less: Comprehensive income attributable to noncontrolling interests
4,873

 
4,873

 
 
 
 
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS
$
19,125

 
$
4,434

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


6



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

 
 

 
 
 
 
CURRENT ASSETS
 

 
 

Cash and cash equivalents
$
6,109

 
$
5,766

Customer and other receivables
249,568

 
267,887

Accrued unbilled revenues
114,077

 
137,170

Allowance for doubtful accounts
(2,455
)
 
(4,069
)
Materials and supplies (at average cost)
280,857

 
269,065

Fossil fuel (at average cost)
26,294

 
25,029

Assets from risk management activities (Note 7)
763

 
1,113

Deferred fuel and purchased power regulatory asset (Note 4)
7,583

 
37,164

Other regulatory assets (Note 4)
127,642

 
129,738

Other current assets
65,951

 
56,128

Total current assets
876,389

 
924,991

INVESTMENTS AND OTHER ASSETS
 

 
 

Nuclear decommissioning trust (Notes 11 and 12)
919,309

 
851,134

Other special use funds (Notes 11 and 12)
238,207

 
236,101

Other assets
99,446

 
103,247

Total investments and other assets
1,256,962

 
1,190,482

PROPERTY, PLANT AND EQUIPMENT
 

 
 

Plant in service and held for future use
18,763,499

 
18,736,628

Accumulated depreciation and amortization
(6,398,512
)
 
(6,366,014
)
Net
12,364,987

 
12,370,614

Construction work in progress
1,233,018

 
1,170,062

Palo Verde sale leaseback, net of accumulated depreciation (Note 6)
104,808

 
105,775

Intangible assets, net of accumulated amortization
267,998

 
262,902

Nuclear fuel, net of accumulated amortization
142,610

 
120,217

Total property, plant and equipment
14,113,421

 
14,029,570

DEFERRED DEBITS
 

 
 

Regulatory assets (Note 4)
1,321,507

 
1,342,941

Operating lease right-of-use assets (Note 16)
193,897

 

Assets for other postretirement benefits (Note 5)
52,674

 
46,906

Other
39,257

 
129,312

Total deferred debits
1,607,335

 
1,519,159

 
 
 
 
TOTAL ASSETS
$
17,854,107

 
$
17,664,202

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


7



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

 
 

 
 
 
 
CURRENT LIABILITIES
 

 
 

Accounts payable
$
263,656

 
$
277,336

Accrued taxes
199,949

 
154,819

Accrued interest
50,074

 
61,107

Common dividends payable

 
82,675

Short-term borrowings (Note 3)
244,050

 
76,400

Current maturities of long-term debt (Note 3)
250,000

 
500,000

Customer deposits
87,263

 
91,174

Liabilities from risk management activities (Note 7)
33,289

 
35,506

Liabilities for asset retirements
22,823

 
19,842

Operating lease liabilities (Note 16)
65,435

 

Regulatory liabilities (Note 4)
260,404

 
165,876

Other current liabilities
114,361

 
184,229

Total current liabilities
1,591,304

 
1,648,964

LONG-TERM DEBT LESS CURRENT MATURITIES (Note 3)
4,886,108

 
4,638,232

DEFERRED CREDITS AND OTHER
 

 
 

Deferred income taxes
1,811,689

 
1,807,421

Regulatory liabilities (Note 4)
2,272,082

 
2,325,976

Liabilities for asset retirements
712,885

 
706,703

Liabilities for pension benefits (Note 5)
384,492

 
443,170

Liabilities from risk management activities (Note 7)
14,844

 
24,531

Customer advances
155,894

 
137,153

Coal mine reclamation
214,037

 
212,785

Deferred investment tax credit
200,052

 
200,405

Unrecognized tax benefits
26,042

 
22,517

Operating lease liabilities (Note 16)
53,704

 

Other
149,249

 
147,640

Total deferred credits and other
5,994,970

 
6,028,301

COMMITMENTS AND CONTINGENCIES (SEE NOTE 8)


 


EQUITY
 

 
 

Common stock, no par value; authorized 150,000,000 shares, 112,340,322 and 112,159,896 issued at respective dates
2,644,063

 
2,634,265

Treasury stock at cost; 63,271 and 58,135 shares at respective dates
(5,586
)
 
(4,825
)
Total common stock
2,638,477

 
2,629,440

Retained earnings
2,659,086

 
2,641,183

Accumulated other comprehensive loss
(46,501
)
 
(47,708
)
Total shareholders’ equity
5,251,062

 
5,222,915

Noncontrolling interests (Note 6)
130,663

 
125,790

Total equity
5,381,725

 
5,348,705

 
 
 
 
TOTAL LIABILITIES AND EQUITY
$
17,854,107

 
$
17,664,202

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

8



PINNACLE WEST CAPITAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(dollars in thousands)
 
Three Months Ended 
 March 31,
 
2019
 
2018
CASH FLOWS FROM OPERATING ACTIVITIES
 

 
 

Net income
$
22,791

 
$
8,094

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

 
 

Depreciation and amortization including nuclear fuel
167,801

 
163,566

Deferred fuel and purchased power
16,709

 
(18,950
)
Deferred fuel and purchased power amortization
12,872

 
20,002

Allowance for equity funds used during construction
(11,188
)
 
(14,079
)
Deferred income taxes
3,620

 
(229
)
Deferred investment tax credit
(353
)
 
(147
)
Stock compensation
12,074

 
10,537

Changes in current assets and liabilities:
 

 
 

Customer and other receivables
15,476

 
89,518

Accrued unbilled revenues
23,093

 
(6,555
)
Materials, supplies and fossil fuel
(13,057
)
 
(16,607
)
Other current assets
(10,115
)
 
(664
)
Accounts payable
26,593

 
(25,738
)
Accrued taxes
45,130

 
45,984

Other current liabilities
(86,250
)
 
(12,030
)
Change in other long-term assets
(65,470
)
 
(3,765
)
Change in other long-term liabilities
13,706

 
(72,065
)
Net cash flow provided by operating activities
173,432

 
166,872

CASH FLOWS FROM INVESTING ACTIVITIES
 

 
 

Capital expenditures
(259,792
)
 
(361,037
)
Contributions in aid of construction
7,938

 
8,569

Allowance for borrowed funds used during construction
(6,665
)
 
(6,755
)
Proceeds from nuclear decommissioning trust sales and other special use funds
179,048

 
130,456

Investment in nuclear decommissioning trust and other special use funds
(179,618
)
 
(131,027
)
Other
4,576

 
(1,299
)
Net cash flow used for investing activities
(254,513
)
 
(361,093
)
CASH FLOWS FROM FINANCING ACTIVITIES
 

 
 

Issuance of long-term debt
497,324

 

Short-term borrowing and payments — net
172,650

 
263,500

Short-term debt borrowings under revolving credit facility

 
36,000

Short-term debt repayments under revolving credit facility
(5,000
)
 
(25,000
)
Dividends paid on common stock
(80,897
)
 
(75,903
)
Repayment of long-term debt
(500,000
)
 

Common stock equity issuance - net of purchases
(2,653
)
 
(2,828
)
Net cash flow provided by financing activities
81,424

 
195,769

NET INCREASE IN CASH AND CASH EQUIVALENTS
343

 
1,548

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
5,766

 
13,892

CASH AND CASH EQUIVALENTS AT END OF PERIOD
$
6,109

 
$
15,440

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

9



PINNACLE WEST CAPITAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(unaudited)
(dollars in thousands)
 
Common Stock
 
Treasury Stock
 
Retained Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Noncontrolling Interests
 
Total
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
 
 
 
Balance, January 1, 2018
111,816,170

 
$
2,614,805

 
(64,463
)
 
$
(5,624
)
 
$
2,442,511

 
$
(45,002
)
 
$
129,040

 
$
5,135,730

Net income
 
 

 
 
 

 
3,221

 

 
4,873

 
8,094

Other comprehensive income
 
 

 
 
 

 

 
1,213

 

 
1,213

Dividends on common stock
 
 

 
 
 

 
(16
)
 

 

 
(16
)
Issuance of common stock
145,793

 
5,456

 
 
 

 

 

 

 
5,456

Purchase of treasury stock (a)
 
 

 
(81,177
)
 
(6,277
)
 

 

 

 
(6,277
)
Reissuance of treasury stock for stock-based compensation and other
 
 

 
116,543

 
9,470

 

 

 
1

 
9,471

Reclassification of income tax effects related to new tax reform (b)
 
 

 
 
 

 
8,552

 
(8,552
)
 

 

Balance, March 31, 2018
111,961,963

 
$
2,620,261

 
(29,097
)
 
$
(2,431
)
 
$
2,454,268

 
$
(52,341
)
 
$
133,914

 
$
5,153,671

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, January 1, 2019
112,159,896

 
$
2,634,265

 
(58,135
)
 
$
(4,825
)
 
$
2,641,183

 
$
(47,708
)
 
$
125,790

 
$
5,348,705

Net income
 
 

 
 
 

 
17,918

 

 
4,873

 
22,791

Other comprehensive income
 
 

 
 
 

 

 
1,207

 

 
1,207

Dividends on common stock
 
 

 
 
 

 
(15
)
 

 

 
(15
)
Issuance of common stock
180,426

 
9,798

 
 
 

 

 

 

 
9,798

Purchase of treasury stock (a)
 
 

 
(75,791
)
 
(6,882
)
 

 

 

 
(6,882
)
Reissuance of treasury stock for stock-based compensation and other
 
 

 
70,655

 
6,121

 

 

 

 
6,121

Balance, March 31, 2019
112,340,322

 
$
2,644,063

 
(63,271
)
 
$
(5,586
)
 
$
2,659,086

 
$
(46,501
)
 
$
130,663

 
$
5,381,725

(a)
Primarily represents shares of common stock withheld from certain stock awards for tax purposes.
(b)
In 2018, the Company adopted new accounting guidance and elected to reclassify income tax effects of the Tax Cuts and Jobs Act of 2017 (the “Tax Act”) on items within accumulated other comprehensive income to retained earnings.
The accompanying notes are an integral part of the financial statements.



10




ARIZONA PUBLIC SERVICE COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(dollars in thousands)
 
 
 
Three Months Ended 
 March 31,
 
 
2019
 
2018
 
 
 
 
 
OPERATING REVENUES
 
$
740,530

 
$
692,006

 
 
 
 
 
OPERATING EXPENSES
 
 

 
 

Fuel and purchased power
 
230,588

 
202,010

Operations and maintenance
 
240,375

 
254,601

Depreciation and amortization
 
148,685

 
144,112

Taxes other than income taxes
 
55,078

 
53,242

Other expenses
 
427

 
163

Total
 
675,153

 
654,128

OPERATING INCOME
 
65,377

 
37,878

OTHER INCOME (DEDUCTIONS)
 
 

 
 

Allowance for equity funds used during construction
 
11,188

 
14,079

Pension and other postretirement non-service credits - net
 
5,499

 
13,197

Other income (Note 9)
 
6,416

 
3,772

Other expense (Note 9)
 
(3,878
)
 
(2,945
)
Total
 
19,225

 
28,103

INTEREST EXPENSE
 
 

 
 

Interest charges
 
56,665

 
56,158

Allowance for borrowed funds used during construction
 
(6,665
)
 
(6,755
)
Total
 
50,000

 
49,403

INCOME BEFORE INCOME TAXES
 
34,602

 
16,578

INCOME TAXES
 
1,453

 
2,106

NET INCOME
 
33,149

 
14,472

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

 
4,873

NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDER
 
$
28,276

 
$
9,599

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

11



ARIZONA PUBLIC SERVICE COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)
(dollars in thousands)
 
 
Three Months Ended 
 March 31,
 
2019
 
2018
 
 
 
 
NET INCOME
$
33,149

 
$
14,472

 
 
 
 
OTHER COMPREHENSIVE INCOME, NET OF TAX
 

 
 

Derivative instruments:
 

 
 

Net unrealized loss, net of tax expense of $0 and $96

 
(96
)
Reclassification of net realized loss, net of tax benefit of $108 and $82
328

 
409

Pension and other postretirement benefits activity, net of tax expense of $247 and $306
752

 
857

Total other comprehensive income
1,080

 
1,170

 
 
 
 
COMPREHENSIVE INCOME
34,229

 
15,642

Less: Comprehensive income attributable to noncontrolling interests
4,873

 
4,873

 
 
 
 
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDER
$
29,356

 
$
10,769

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


12



ARIZONA PUBLIC SERVICE COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(dollars in thousands)
 
 
March 31,
2019
 
December 31,
2018
ASSETS
 

 
 

 
 
 
 
PROPERTY, PLANT AND EQUIPMENT
 

 
 

Plant in service and held for future use
$
18,760,012

 
$
18,733,142

Accumulated depreciation and amortization
(6,395,265
)
 
(6,362,771
)
Net
12,364,747

 
12,370,371

 
 
 
 
Construction work in progress
1,233,018

 
1,170,062

Palo Verde sale leaseback, net of accumulated depreciation (Note 6)
104,808

 
105,775

Intangible assets, net of accumulated amortization
267,842

 
262,746

Nuclear fuel, net of accumulated amortization
142,610

 
120,217

Total property, plant and equipment
14,113,025

 
14,029,171

 
 
 
 
INVESTMENTS AND OTHER ASSETS
 

 
 

Nuclear decommissioning trust (Notes 11 and 12)
919,309

 
851,134

Other special use funds (Notes 11 and 12)
238,207

 
236,101

Other assets
42,090

 
40,817

Total investments and other assets
1,199,606

 
1,128,052

 
 
 
 
CURRENT ASSETS
 

 
 

Cash and cash equivalents
6,080

 
5,707

Customer and other receivables
238,270

 
257,654

Accrued unbilled revenues
114,077

 
137,170

Allowance for doubtful accounts
(2,455
)
 
(4,069
)
Materials and supplies (at average cost)
280,857

 
269,065

Fossil fuel (at average cost)
26,294

 
25,029

Assets from risk management activities (Note 7)
763

 
1,113

Deferred fuel and purchased power regulatory asset (Note 4)
7,583