Company Quick10K Filing
Quick10K
Pinnacle West Capital
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$92.57 112 $10,390
10-Q 2019-06-30 Quarter: 2019-06-30
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 2019-08-08 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 2019-03-20 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
PVH PVH 9,050
LPLA LPL Financial Holdings 6,840
PFS Provident Financial Services 1,730
VLRS Controladora Vuela Compania De Aviacion 957
NGS Natural Gas Services Group 215
AE Adams Resources & Energy 148
DDMXU DD3 Acquisition 74
NAKD Naked Brand Group Limited 14
THST Truett-Hurst 0
AHNR Athena Silver 0
PNW 2019-06-30
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 exhibit101063019.htm
EX-31.1 exhibit311-063019.htm
EX-31.2 exhibit312-063019.htm
EX-31.3 exhibit313-063019.htm
EX-31.4 exhibit314-063019.htm
EX-32.1 exhibit321-063019.htm
EX-32.2 exhibit322-063019.htm

Pinnacle West Capital Earnings 2019-06-30

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 June 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 August 1, 2019:
112,303,854
ARIZONA PUBLIC SERVICE COMPANY
Number of shares of common stock, $2.50 par value, outstanding as of August 1, 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 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
 
 
Pinnacle West Condensed Consolidated Statements of Income for Three and Six Months Ended June 30, 2019 and 2018
Pinnacle West Condensed Consolidated Statements of Changes in Equity for Three and Six Months Ended June 30, 2019 and 2018
 
 
APS Condensed Consolidated Statements of Income for Three and Six Months Ended June 30, 2019 and 2018
APS Condensed Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018
APS Condensed Consolidated Statements of Cash Flows for Six Months Ended June 30, 2019 and 2018
APS Condensed Consolidated Statements of Changes in Equity for Three and Six Months Ended June 30, 2019 and 2018
 
 



3




PINNACLE WEST CAPITAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(dollars and shares in thousands, except per share amounts)
 
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
OPERATING REVENUES (NOTE 2)
 
$
869,501

 
$
974,123

 
$
1,610,031

 
$
1,666,837

 
 
 
 
 
 
 
 
 
OPERATING EXPENSES
 
 

 
 

 
 
 
 
Fuel and purchased power
 
242,222

 
257,087

 
472,810

 
454,197

Operations and maintenance
 
227,543

 
268,397

 
473,177

 
534,079

Depreciation and amortization
 
147,374

 
145,436

 
296,081

 
290,261

Taxes other than income taxes
 
55,090

 
53,607

 
110,180

 
107,207

Other expenses
 
683

 
7,434

 
1,110

 
7,597

Total
 
672,912

 
731,961

 
1,353,358

 
1,393,341

OPERATING INCOME
 
196,589

 
242,162

 
256,673

 
273,496

OTHER INCOME (DEDUCTIONS)
 
 

 
 

 
 
 
 
Allowance for equity funds used during construction
 
7,572

 
13,073

 
18,760

 
27,152

Pension and other postretirement non-service credits - net
 
6,374

 
12,006

 
11,488

 
24,865

Other income (Note 9)
 
12,885

 
6,598

 
20,054

 
10,583

Other expense (Note 9)
 
(4,350
)
 
(3,771
)
 
(8,708
)
 
(7,000
)
Total
 
22,481

 
27,906

 
41,594

 
55,600

INTEREST EXPENSE
 
 

 
 

 
 
 
 
Interest charges
 
57,465

 
60,708

 
118,118

 
119,662

Allowance for borrowed funds used during construction
 
(4,494
)
 
(6,291
)
 
(11,159
)
 
(13,046
)
Total
 
52,971

 
54,417

 
106,959

 
106,616

INCOME BEFORE INCOME TAXES
 
166,099

 
215,651

 
191,308

 
222,480

INCOME TAXES
 
17,080

 
44,039

 
19,498

 
42,774

NET INCOME
 
149,019

 
171,612

 
171,810

 
179,706

Less: Net income attributable to noncontrolling interests (Note 6)
 
4,874

 
4,874

 
9,747

 
9,747

NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS
 
$
144,145

 
$
166,738

 
$
162,063

 
$
169,959

 
 
 
 
 
 
 
 
 
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING — BASIC
 
112,337

 
112,115

 
112,381

 
112,067

WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING — DILUTED
 
112,651

 
112,471

 
112,734

 
112,482

 
 
 
 
 
 
 
 
 
EARNINGS PER WEIGHTED-AVERAGE COMMON SHARE OUTSTANDING
 
 

 
 

 
 
 
 
Net income attributable to common shareholders — basic
 
$
1.28

 
$
1.49

 
$
1.44

 
$
1.52

Net income attributable to common shareholders — diluted
 
$
1.28

 
$
1.48

 
$
1.44

 
$
1.51

 
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
June 30,
 
Six Months Ended
June 30,
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
NET INCOME
$
149,019

 
$
171,612

 
$
171,810

 
$
179,706

 
 
 
 
 
 
 
 
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 $134, $150, $242 and $232 for the respective periods
404

 
456

 
732

 
865

Pension and other postretirement benefits activity, net of tax benefit of $506, $1,558, $218 and $1,115 for the respective periods
(1,539
)
 
(4,739
)
 
(660
)
 
(3,839
)
Total other comprehensive income (loss)
(1,135
)
 
(4,283
)
 
72

 
(3,070
)
 
 
 
 
 
 
 
 
COMPREHENSIVE INCOME
147,884

 
167,329

 
171,882

 
176,636

Less: Comprehensive income attributable to noncontrolling interests
4,874

 
4,874

 
9,747

 
9,747

 
 
 
 
 
 
 
 
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS
$
143,010

 
$
162,455

 
$
162,135

 
$
166,889

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


5



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

 
 

 
 
 
 
CURRENT ASSETS
 

 
 

Cash and cash equivalents
$
1,648

 
$
5,766

Customer and other receivables
263,836

 
267,887

Accrued unbilled revenues
193,657

 
137,170

Allowance for doubtful accounts
(3,095
)
 
(4,069
)
Materials and supplies (at average cost)
289,928

 
269,065

Fossil fuel (at average cost)
25,453

 
25,029

Assets from risk management activities (Note 7)
459

 
1,113

Deferred fuel and purchased power regulatory asset (Note 4)
30,559

 
37,164

Other regulatory assets (Note 4)
153,900

 
129,738

Other current assets
72,222

 
56,128

Total current assets
1,028,567

 
924,991

INVESTMENTS AND OTHER ASSETS
 

 
 

Nuclear decommissioning trust (Notes 11 and 12)
950,448

 
851,134

Other special use funds (Notes 11 and 12)
241,558

 
236,101

Other assets
97,322

 
103,247

Total investments and other assets
1,289,328

 
1,190,482

PROPERTY, PLANT AND EQUIPMENT
 

 
 

Plant in service and held for future use
19,630,407

 
18,736,628

Accumulated depreciation and amortization
(6,470,935
)
 
(6,366,014
)
Net
13,159,472

 
12,370,614

Construction work in progress
568,890

 
1,170,062

Palo Verde sale leaseback, net of accumulated depreciation (Note 6)
103,841

 
105,775

Intangible assets, net of accumulated amortization
261,584

 
262,902

Nuclear fuel, net of accumulated amortization
159,633

 
120,217

Total property, plant and equipment
14,253,420

 
14,029,570

DEFERRED DEBITS
 

 
 

Regulatory assets (Note 4)
1,321,431

 
1,342,941

Operating lease right-of-use assets (Note 16)
176,219

 

Assets for other postretirement benefits (Note 5)
56,336

 
46,906

Other
40,365

 
129,312

Total deferred debits
1,594,351

 
1,519,159

 
 
 
 
TOTAL ASSETS
$
18,165,666

 
$
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)
 
June 30, 2019
 
December 31, 2018
LIABILITIES AND EQUITY
 

 
 

 
 
 
 
CURRENT LIABILITIES
 

 
 

Accounts payable
$
327,969

 
$
277,336

Accrued taxes
158,921

 
154,819

Accrued interest
50,581

 
61,107

Common dividends payable
82,824

 
82,675

Short-term borrowings (Note 3)
432,373

 
76,400

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

 
500,000

Customer deposits
84,177

 
91,174

Liabilities from risk management activities (Note 7)
58,834

 
35,506

Liabilities for asset retirements
21,950

 
19,842

Operating lease liabilities (Note 16)
60,596

 

Regulatory liabilities (Note 4)
231,857

 
165,876

Other current liabilities
140,879

 
184,229

Total current liabilities
1,900,961

 
1,648,964

LONG-TERM DEBT LESS CURRENT MATURITIES (Note 3)
4,886,879

 
4,638,232

DEFERRED CREDITS AND OTHER
 

 
 

Deferred income taxes
1,838,145

 
1,807,421

Regulatory liabilities (Note 4)
2,287,892

 
2,325,976

Liabilities for asset retirements
723,005

 
706,703

Liabilities for pension benefits (Note 5)
356,928

 
443,170

Liabilities from risk management activities (Note 7)
21,592

 
24,531

Customer advances
174,411

 
137,153

Coal mine reclamation
197,443

 
212,785

Deferred investment tax credit
197,749

 
200,405

Unrecognized tax benefits
26,271

 
22,517

Operating lease liabilities (Note 16)
53,005

 

Other
144,142

 
147,640

Total deferred credits and other
6,020,583

 
6,028,301

COMMITMENTS AND CONTINGENCIES (SEE NOTE 8)


 


EQUITY
 

 
 

Common stock, no par value; authorized 150,000,000 shares, 112,361,595 and 112,159,896 issued at respective dates
2,648,234

 
2,634,265

Treasury stock at cost; 58,219 and 58,135 shares at respective dates
(5,140
)
 
(4,825
)
Total common stock
2,643,094

 
2,629,440

Retained earnings
2,637,620

 
2,641,183

Accumulated other comprehensive loss
(47,636
)
 
(47,708
)
Total shareholders’ equity
5,233,078

 
5,222,915

Noncontrolling interests (Note 6)
124,165

 
125,790

Total equity
5,357,243

 
5,348,705

 
 
 
 
TOTAL LIABILITIES AND EQUITY
$
18,165,666

 
$
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)
 
Six Months Ended
June 30,
 
2019
 
2018
CASH FLOWS FROM OPERATING ACTIVITIES
 

 
 

Net income
$
171,810

 
$
179,706

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

 
 

Depreciation and amortization including nuclear fuel
332,185

 
325,550

Deferred fuel and purchased power
(16,702
)
 
(50,112
)
Deferred fuel and purchased power amortization
23,307

 
50,851

Allowance for equity funds used during construction
(18,760
)
 
(27,152
)
Deferred income taxes
4,326

 
33,711

Deferred investment tax credit
(2,656
)
 
(2,778
)
Stock compensation
13,725

 
13,189

Changes in current assets and liabilities:
 

 
 

Customer and other receivables
3,543

 
(18,672
)
Accrued unbilled revenues
(56,487
)
 
(95,453
)
Materials, supplies and fossil fuel
(21,287
)
 
(22,970
)
Other current assets
(16,121
)
 
11,069

Accounts payable
65,874

 
36,614

Accrued taxes
4,102

 
8,140

Other current liabilities
(61,270
)
 
9,410

Change in other long-term assets
(82,850
)
 
23,927

Change in other long-term liabilities
3,195

 
(79,228
)
Net cash flow provided by operating activities
345,934

 
395,802

CASH FLOWS FROM INVESTING ACTIVITIES
 

 
 

Capital expenditures
(541,401
)
 
(679,949
)
Contributions in aid of construction
18,909

 
19,339

Allowance for borrowed funds used during construction
(11,159
)
 
(13,046
)
Proceeds from nuclear decommissioning trust sales and other special use funds
309,354

 
258,401

Investment in nuclear decommissioning trust and other special use funds
(310,494
)
 
(259,542
)
Other
7,153

 
(4,299
)
Net cash flow used for investing activities
(527,638
)
 
(679,096
)
CASH FLOWS FROM FINANCING ACTIVITIES
 

 
 

Issuance of long-term debt
497,324

 

Short-term borrowing and payments — net
363,973

 
500,849

Short-term debt borrowings
49,000

 
45,000

Short-term debt repayments
(57,000
)
 
(25,000
)
Dividends paid on common stock
(161,979
)
 
(151,942
)
Repayment of long-term debt
(500,000
)
 
(82,000
)
Common stock equity issuance - net of purchases
(2,360
)
 
(2,294
)
Distributions to noncontrolling interests
(11,372
)
 
(11,372
)
Net cash flow provided by financing activities
177,586

 
273,241

NET DECREASE IN CASH AND CASH EQUIVALENTS
(4,118
)
 
(10,053
)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
5,766

 
13,892

CASH AND CASH EQUIVALENTS AT END OF PERIOD
$
1,648

 
$
3,839

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 June 30, 2019
 
Common Stock
 
Treasury Stock
 
Retained Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Noncontrolling Interests
 
Total
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
 
 
 
Balance, April 1, 2019
112,340,322

 
$
2,644,063

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

 
$
(46,501
)
 
$
130,663

 
$
5,381,725

Net income
 
 

 
 
 

 
144,145

 

 
4,874

 
149,019

Other comprehensive loss
 
 

 
 
 

 

 
(1,135
)
 

 
(1,135
)
Dividends on common stock ($1.48 per share)
 
 

 
 
 

 
(165,611
)
 

 

 
(165,611
)
Issuance of common stock
21,273

 
4,171

 
 
 

 

 

 

 
4,171

Reissuance of treasury stock for stock-based compensation and other
 
 

 
5,052

 
446

 

 

 

 
446

Capital activities by noncontrolling interests
 
 

 
 
 

 

 

 
(11,372
)
 
(11,372
)
Balance, June 30, 2019
112,361,595

 
$
2,648,234

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

 
$
(47,636
)
 
$
124,165

 
$
5,357,243


 
Three Months Ended June 30, 2018
 
Common Stock
 
Treasury Stock
 
Retained Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Noncontrolling Interests
 
Total
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
 
 
 
Balance, April 1, 2018
111,961,963

 
$
2,620,261

 
(29,097
)
 
$
(2,431
)