SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

	Year Ended December 31,
	2014			2013			2012
Operating revenues	$	642		$	799		$	6,133
Operating expenses	23,507			24,930			12,125
Operating loss	(22,865		)	(24,131		)	(5,992		)
Other
Equity in earnings of subsidiaries	411,528			420,926			391,528
Other expense	(3,276		)	(1,999		)	(2,001		)
Total	408,252			418,927			389,527
Interest expense	3,663			3,226			4,868
Income from continuing operations	381,724			391,570			378,667
Income tax benefit	(15,871		)	(14,504		)	(7,079		)
Income from continuing operations — net of income taxes	397,595			406,074			385,746
Loss from discontinued operations — net of income taxes	—			—			(4,204		)
Net income attributable to common shareholders	397,595			406,074			381,542
Other comprehensive income — attributable to common shareholders	9,912			35,955			38,155
Total comprehensive income — attributable to common shareholders	$	407,507		$	442,029		$	419,697

	December 31,
	2014			2013
ASSETS
Current assets
Cash and cash equivalents	$	3,088		$	5,798
Accounts receivable	99,958			80,108
Current deferred income taxes	66,979			93,185
Income tax receivable	7,329			1,853
Other current assets	124			242
Total current assets	177,478			181,186
Investments and other assets
Investments in subsidiaries	4,630,570			4,455,049
Other assets	43,051			13,789
Total investments and other assets	4,673,621			4,468,838
Total Assets	$	4,851,099		$	4,650,024
LIABILITIES AND EQUITY
Current liabilities
Accounts payable	$	5,250		$	3,279
Accrued taxes	12,220			8,538
Common dividends payable	65,790			62,528
Other current liabilities	38,992			31,295
Total current liabilities	122,252			105,640
Long-term debt less current maturities	125,000			125,000
Deferred credits and other
Deferred income taxes	12,055			4,158
Pension and other postretirement liabilities	29,228			37,611
Other	43,462			37,155
Total deferred credits and other	84,745			78,924
Common stock equity
Common stock	2,509,569			2,487,250
Accumulated other comprehensive loss	(68,141		)	(78,053		)
Retained earnings	1,926,065			1,785,273
Total Pinnacle West Shareholders’ equity	4,367,493			4,194,470
Noncontrolling interests	151,609			145,990
Total Equity	4,519,102			4,340,460
Total Liabilities and Equity	$	4,851,099		$	4,650,024

	Year Ended December 31,
	2014			2013			2012
Cash flows from operating activities
Net income	$	397,595		$	406,074		$	381,542
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings of subsidiaries — net	(411,528		)	(420,926		)	(391,528		)
Depreciation and amortization	94			95			94
Deferred income taxes	4,406			(28,806		)	(15,135		)
Accounts receivable	(22,945		)	21,671			28,763
Accounts payable	2,017			(2,449		)	879
Accrued taxes and income tax receivables — net	(1,795		)	1,402			(3,103		)
Dividends received from subsidiaries	253,600			242,100			222,200
Other	18,432			(15,065		)	(4,589		)
Net cash flow provided by operating activities	239,876			204,096			219,123
Cash flows from investing activities
Investments in subsidiaries	(10,236		)	(3,400		)	—
Repayments of loans from subsidiaries	322			2,149			996
Advances of loans to subsidiaries	(1,450		)	(2,099		)	(1,200		)
Net cash flow used for investing activities	(11,364		)	(3,350		)	(204		)
Cash flows from financing activities
Issuance of long-term debt	125,000			—			125,000
Dividends paid on common stock	(246,671		)	(235,244		)	(225,075		)
Repayment of long-term debt	(125,000		)	—			(125,000		)
Common stock equity issuance	15,288			17,319			15,955
Other	161			298			170
Net cash flow used for financing activities	(231,222		)	(217,627		)	(208,950		)
Net increase (decrease) in cash and cash equivalents	(2,710		)	(16,881		)	9,969
Cash and cash equivalents at beginning of year	5,798			22,679			12,710
Cash and cash equivalents at end of year	$	3,088		$	5,798		$	22,679