Pinnacle west capital corporation (PNW)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09Dec'08
CASH FLOWS FROM OPERATING ACTIVITIES
NET INCOME

557,813

530,540

507,949

461,527

456,190

423,696

439,966

413,164

366,940

370,209

72,764

259,620

Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of energy-related products and services business

-

-

-

-

-

-

-

-

10,404

-

-

-

Gain on sale of district cooling business

-

-

-

-

-

-

-

-

-

41,973

-

0

Depreciation and amortization including nuclear fuel

664,140

650,955

610,629

565,011

571,664

496,487

492,322

481,262

493,784

472,807

450,864

431,672

Deferred fuel and purchased power

-82,481

-78,277

-48,405

-60,303

14,997

-26,927

21,678

71,573

69,166

93,631

-51,742

-80,183

Deferred fuel and purchased power amortization

49,508

116,750

-14,767

38,152

1,617

40,757

31,190

-116,716

-155,157

-122,481

147,018

183,126

Allowance for equity funds used during construction

31,431

52,319

47,011

42,140

35,215

30,790

25,581

22,436

23,707

22,066

14,999

18,636

Real estate impairment charges

-

-

-

-

-

-

-

-

-

16,731

280,188

53,250

Gain on real estate debt restructuring

-

-

-

-

-

-

-

-

-

16,755

-

0

Deferred income taxes

-1,479

117,355

248,164

206,870

236,819

159,023

249,296

187,023

117,952

260,411

105,492

158,024

Deferred investment tax credit

-3,938

-5,170

-4,587

23,082

8,473

26,246

52,542

41,579

58,240

-

-

-

Change in derivative instruments fair value

0

0

373

403

381

-339

-534

749

-4,064

-2,688

6,939

-9,074

Stock compensation

18,376

19,547

20,502

18,883

18,756

33,059

-

-

-

-

-

-

Increase (Decrease) in Accounts and Notes Receivable

12,789

-37,530

93,797

2,489

22,219

52,672

44,991

-14,587

-40,626

67,943

-12,292

-73,446

Changes in current assets and liabilities:
Accrued unbilled revenues

-9,005

24,736

4,485

11,709

-4,293

3,737

1,951

-30,394

21,947

-7,679

10,882

-7,388

Materials, supplies and fossil fuel

51,826

6,103

6,683

1,491

23,945

-3,724

11,878

23,043

23,398

-12,276

12,261

25,453

Income tax receivable

21,727

0

-3,751

3,162

-2,509

-132,419

133,094

4,043

-3,983

-

131,984

0

Increase (Decrease) in Prepaid Expense

3,507

-33,844

10,580

23,324

-3,145

-4,384

17,913

27,352

3,079

-9,375

-38,406

-56,775

Accounts payable

50,641

-14,602

-23,769

-66,917

-34,266

-353

45,414

-96,600

58,346

9,125

-27,328

-69,439

Accrued taxes

-9,920

6,597

9,982

447

-2,013

9,615

6,059

12,736

8,085

24,222

-31,792

-13,149

Other current liabilities

-84,651

28,174

19,154

29,594

603

17,892

-7,513

23,869

20,358

2,921

57,280

-5,130

Expenditures for real estate investments

-

-

-

-

-

-

-

-

-

-

-

21,168

Gains and other changes in real estate assets

-

-

-

-

-

-

-

-

-

-

-

-18,211

Change in margin and collateral accounts — assets

247

-143

300

-673

324

343

-993

-2,216

-33,349

9,937

12,806

-17,450

Change in margin and collateral accounts — liabilities

-125

-2,211

-533

17,735

22,776

-24,975

12,355

137,785

29,731

-88,315

35,654

-132,416

Change in unrecognized tax benefits

2,704

-1,235

5,891

1,628

-10,328

2,778

-91,425

-2,583

8,410

-73,621

137,898

-94,551

Change in long-term income tax receivable

-

-

-

-

-

-

-137,270

1,756

3,530

-

-

-

Change in long-term regulatory liabilities

124,221

-109,284

45,764

14,682

-20,535

59,618

64,473

13,539

37,009

56,801

82,650

-12,129

Change in other long-term assets

82,895

-78,604

68,480

60,163

-2,426

56,561

42,389

-6,872

41,722

47,940

64,629

-6,104

Change in other long-term liabilities

-132,666

-48,958

-29,980

-82,793

-100,715

-114,052

-24,050

29,801

58,484

-97,388

12,161

46,207

Net cash flow provided by operating activities

956,726

1,277,144

1,118,036

1,023,390

1,094,327

1,099,627

1,153,307

1,171,122

1,125,583

750,457

1,067,305

848,093

CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures

1,191,447

1,178,169

1,408,774

1,275,472

1,076,087

910,634

1,016,322

889,551

884,350

748,374

764,609

935,577

Contributions in aid of construction

70,693

27,716

23,708

64,296

46,546

20,325

41,090

49,876

38,096

32,754

53,525

60,292

Allowance for borrowed funds used during construction

-18,528

-25,180

-22,112

-19,970

-16,259

-15,457

-14,861

-14,971

-18,358

-16,778

-10,745

-18,820

Proceeds from nuclear decommissioning trust sales and other special use funds

719,034

653,033

542,246

633,410

478,813

356,195

446,025

417,603

497,780

560,469

441,242

317,619

Investment in nuclear decommissioning trust and other special use funds

722,181

672,165

544,527

635,691

496,062

373,444

463,274

434,852

513,799

584,885

463,033

338,361

Proceeds from sale of district cooling business

-

-

-

-

-

-

-

-

-

100,300

-

0

Proceeds from sale of energy-related products and services business

-

-

-

-

-

-

-

-

45,111

-

-

-

Proceeds from sale of commercial real estate investments

-

-

-

-

-

-

-

-

-

72,038

43,370

94,171

Proceeds from sale of life insurance policies

-

-

-

-

-

-

-

-

55,444

-

-

-

Other

-11,452

-1,941

19,078

18,651

3,184

-347

2,059

1,099

1,931

-8,576

4,667

-5,517

Net cash flow used for investing activities

-1,130,977

-1,192,824

-1,428,537

-1,252,078

-1,066,233

-922,668

-1,009,401

-872,994

-782,007

-575,900

-704,917

-815,159

CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of long-term debt

1,092,188

445,245

848,239

693,151

842,415

731,126

136,307

476,081

470,353

-

867,469

96,934

Short-term borrowing and payments — net

54,275

-7,000

-107,800

137,200

-147,400

-5,725

60,950

92,175

-16,600

-137,115

-516,754

331,741

Short-term debt borrowings

49,000

45,000

58,000

40,000

0

0

-

-

-

-

-

-

Short-term debt repayments

65,000

57,000

32,000

0

0

-

-

-

-

-

-

-

Repayment of long-term debt

600,000

182,000

125,000

370,430

415,570

652,578

122,828

654,286

655,169

106,572

456,882

202,234

Dividends paid on common stock

329,643

308,892

289,793

274,229

260,027

246,671

235,244

225,075

221,728

216,979

205,076

204,247

Common stock equity issuance - net of purchases

692

-5,055

-13,390

-4,867

19,373

15,288

17,319

15,955

15,841

255,971

3,302

3,687

Distributions to noncontrolling interests

22,744

22,744

22,744

22,744

35,002

20,482

17,385

10,529

10,210

11,403

14,485

13,782

Other

-

-

-

-

1

161

299

170

-2,668

6,351

171

3,891

Net cash flow provided by financing activities

178,768

-92,446

315,512

198,081

3,790

-178,881

-160,582

-305,509

-420,181

-209,747

-322,255

15,990

NET INCREASE IN CASH AND CASH EQUIVALENTS

4,517

-8,126

5,011

-30,607

31,884

-1,922

-16,676

-7,381

-76,605

-35,190

40,133

48,924

Supplemental disclosure of cash flow information
Income Taxes Paid, Net

-

-

-

9,956

6,550

-102,154

18,537

2,543

-

-

-52,776

24,233

Interest, net of amounts capitalized

-

-

-

184,462

170,209

177,074

184,010

200,923

-

-

216,608

205,546

Accrued capital expenditures

-

-

-

114,855

83,798

44,712

33,184

26,208

-

-

-

-

Liabilities assumed related to acquisition of SCEs Four Corners interest

-

-

-

-

-

-

145,609

0

-

-

-

-

APS
NET INCOME

584,764

589,758

523,802

481,634

-

-

-

-

-

-

-

-

Depreciation and amortization including nuclear fuel

664,055

649,295

608,935

564,091

-

-

-

-

-

-

-

-

Deferred fuel and purchased power

-82,481

-78,277

-48,405

-60,303

-

-

-

-

-

-

-

-

Deferred fuel and purchased power amortization

49,508

116,750

-14,767

38,152

-

-

-

-

-

-

-

-

Allowance for equity funds used during construction

31,431

52,319

47,011

42,140

-

-

-

-

-

-

-

-

Deferred income taxes

48,367

59,927

249,465

221,167

-

-

-

-

-

-

-

-

Increase (Decrease) in Accounts and Notes Receivable

12,075

-35,406

68,040

1,601

-

-

-

-

-

-

-

-

Accrued unbilled revenues

-9,005

24,736

4,485

11,709

-

-

-

-

-

-

-

-

Materials, supplies and fossil fuel

51,826

6,206

6,503

1,454

-

-

-

-

-

-

-

-

Income tax receivable

7,313

0

-11,174

14,567

-

-

-

-

-

-

-

-

Increase (Decrease) in Prepaid Expense

1,461

-31,707

6,775

21,640

-

-

-

-

-

-

-

-

Accounts payable

53,258

-15,608

-26,561

-67,543

-

-

-

-

-

-

-

-

Accrued taxes

-40,029

19,008

26,773

-13,912

-

-

-

-

-

-

-

-

Other current liabilities

-82,138

25,070

27,912

5,097

-

-

-

-

-

-

-

-

Change in other long-term assets

85,725

-77,952

78,540

45,866

-

-

-

-

-

-

-

-

Change in other long-term liabilities

-129,682

-55,169

-31,106

-76,855

-

-

-

-

-

-

-

-

Net cash flow provided by operating activities

1,007,411

1,254,801

1,161,730

1,009,948

-

-

-

-

-

-

-

-

Capital expenditures

1,191,447

1,169,061

1,381,930

1,248,010

-

-

-

-

-

-

-

-

Contributions in aid of construction

70,693

27,716

23,708

64,296

-

-

-

-

-

-

-

-

Allowance for borrowed funds used during construction

-18,528

-25,180

-22,112

-19,481

-

-

-

-

-

-

-

-

Proceeds from nuclear decommissioning trust sales and other special use funds

719,034

653,033

542,246

633,410

-

-

-

-

-

-

-

-

Investment in nuclear decommissioning trust and other special use funds

722,181

672,165

544,527

635,691

-

-

-

-

-

-

-

-

Other

-6,336

1,789

18,538

13,865

-

-

-

-

-

-

-

-

Net cash flow used for investing activities

-1,136,093

-1,187,446

-1,401,153

-1,219,341

-

-

-

-

-

-

-

-

Issuance of long-term debt

1,092,188

295,245

549,478

693,151

-

-

-

-

-

-

-

-

Short-term borrowing and payments — net

0

0

-135,500

135,500

-

-

-

-

-

-

-

-

Short-term debt borrowings

0

25,000

0

0

-

-

-

-

-

-

-

-

Short-term debt repayments

0

25,000

0

0

-

-

-

-

-

-

-

-

Repayment of long-term debt

600,000

182,000

0

370,430

-

-

-

-

-

-

-

-

Dividends paid on common stock

336,300

316,000

296,800

281,300

-

-

-

-

-

-

-

-

Net cash flow provided by financing activities

133,144

-75,499

244,434

196,177

-

-

-

-

-

-

-

-

NET INCREASE IN CASH AND CASH EQUIVALENTS

4,462

-8,144

5,011

-13,216

-

-

-

-

-

-

-

-

ARIZONA PUBLIC SERVICE COMPANY
Deferred investment tax credit

-3,938

-5,170

-4,587

23,082

-

-

-

-

-

-

-

-

Change in derivative instruments fair value

0

0

373

403

-

-

-

-

-

-

-

-

Change in margin and collateral accounts — assets

247

-143

300

-673

-

-

-

-

-

-

-

-

Change in margin and collateral accounts — liabilities

-125

-2,211

-533

17,735

-

-

-

-

-

-

-

-

Change in unrecognized tax benefits

2,704

-1,235

5,891

1,628

-

-

-

-

-

-

-

-

Change in long-term regulatory liabilities

124,221

-109,284

45,764

14,682

-

-

-

-

-

-

-

-

Equity infusion from Pinnacle West

0

150,000

150,000

42,000

-

-

-

-

-

-

-

-

Distributions to noncontrolling interests

22,744

22,744

22,744

22,744

-

-

-

-

-

-

-

-

Arizona Public Service Company [Member]
Income Taxes Paid, Net

-

-

-

26,864

-

-

-

-

-

-

-

-

Interest, net of amounts capitalized

-

-

-

181,809

-

-

-

-

-

-

-

-

Accrued capital expenditures

-

-

-

114,874

-

-

-

-

-

-

-

-