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SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
 12 Months Ended
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
PINNACLE WEST CAPITAL CORPORATION HOLDING COMPANY
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
(dollars in thousands)
 
 
Year Ended December 31,
 
2019
 
2018
 
2017
Operating revenues
$
—

 
$
—

 
$
119

Operating expenses
12,451

 
53,844

 
24,591

Operating loss
(12,451
)
 
(53,844
)
 
(24,472
)
Other
 

 
 

 
 

Equity in earnings of subsidiaries
562,946

 
569,249

 
507,495

Other expense
(3,957
)
 
(3,202
)
 
(2,422
)
Total
558,989

 
566,047

 
505,073

Interest expense
15,069

 
12,074

 
5,633

Income before income taxes
531,469

 
500,129

 
474,968

Income tax benefit
(6,851
)
 
(10,918
)
 
(13,488
)
Net income attributable to common shareholders
538,320

 
511,047

 
488,456

Other comprehensive income (loss) — attributable to common shareholders
(9,388
)
 
5,846

 
(1,180
)
Total comprehensive income — attributable to common shareholders
$
528,932

 
$
516,893

 
$
487,276


 
See Combined Notes to Consolidated Financial Statements.
PINNACLE WEST CAPITAL CORPORATION HOLDING COMPANY
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT
CONDENSED BALANCE SHEETS
(dollars in thousands)
 
 
December 31,
 
2019
 
2018
ASSETS
 

 
 

Current assets
 

 
 

Cash and cash equivalents
$
19

 
$
41

Accounts receivable
104,640

 
99,989

Income tax receivable
15,905

 
32,737

Other current assets
401

 
1,502

Total current assets
120,965

 
134,269

Investments and other assets
 

 
 

Investments in subsidiaries
6,067,957

 
5,859,834

Deferred income taxes
40,757

 
5,243

Other assets
50,139

 
34,910

Total investments and other assets
6,158,853

 
5,899,987

Total Assets
$
6,279,818

 
$
6,034,256

LIABILITIES AND EQUITY
 

 
 

Current liabilities
 

 
 

Accounts payable
$
7,634

 
$
9,565

Accrued taxes
8,573

 
9,006

Common dividends payable
87,982

 
82,675

Short-term borrowings
114,675

 
76,400

Current maturities of long-term debt
450,000

 
—

Operating lease liabilities
81

 
—

Other current liabilities
15,126

 
19,215

Total current liabilities
684,071

 
196,861

 
 
 
 
Long-term debt less current maturities (Note 7)
(575
)
 
448,796

 
 
 
 
Pension liabilities
17,942

 
17,766

Operating lease liabilities
1,780

 
—

Other
23,412

 
22,128

Total deferred credits and other
43,134

 
39,894

COMMITMENTS AND CONTINGENCIES (SEE NOTES)


 


Common stock equity
 
 
 
Common stock
2,650,134

 
2,629,440

Accumulated other comprehensive loss
(57,096
)
 
(47,708
)
Retained earnings
2,837,610

 
2,641,183

Total Pinnacle West Shareholders’ equity
5,430,648

 
5,222,915

Noncontrolling interests
122,540

 
125,790

Total Equity
5,553,188

 
5,348,705

Total Liabilities and Equity
$
6,279,818

 
$
6,034,256


 
See Combined Notes to Consolidated Financial Statements.
PINNACLE WEST CAPITAL CORPORATION HOLDING COMPANY
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT
CONDENSED STATEMENTS OF CASH FLOWS
(dollars in thousands)
 
Year Ended December 31,
 
2019
 
2018
 
2017
Cash flows from operating activities
 

 
 

 
 

Net income
$
538,320

 
$
511,047

 
$
488,456

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

Equity in earnings of subsidiaries — net
(562,946
)
 
(569,249
)
 
(507,495
)
Depreciation and amortization
76

 
76

 
76

Deferred income taxes
(35,831
)
 
49,535

 
(264
)
Accounts receivable
182

 
(7,881
)
 
(2,106
)
Accounts payable
(2,129
)
 
1,967

 
(11,162
)
Accrued taxes and income tax receivables — net
16,400

 
(13,535
)
 
(22,247
)
Dividends received from subsidiaries
336,300

 
316,000

 
296,800

Other
(1,300
)
 
31,807

 
15,092

Net cash flow provided by operating activities
289,072

 
319,767

 
257,150

Cash flows from investing activities
 

 
 

 
 

Investments in subsidiaries
1,557

 
(142,796
)
 
(178,027
)
Repayments of loans from subsidiaries
4,190

 
6,477

 
2,987

Advances of loans to subsidiaries
(4,165
)
 
(500
)
 
(6,388
)
Net cash flow provided by (used for) investing activities
1,582

 
(136,819
)
 
(181,428
)
Cash flows from financing activities
 

 
 

 
 

Issuance of long-term debt
—

 
150,000

 
298,761

Short-term debt borrowings under revolving credit facility
49,000

 
20,000

 
58,000

Short-term debt repayments under revolving credit facility
(65,000
)
 
(32,000
)
 
(32,000
)
Commercial paper - net
54,275

 
(7,000
)
 
27,700

Dividends paid on common stock
(329,643
)
 
(308,892
)
 
(289,793
)
Repayment of long-term debt
—

 
—

 
(125,000
)
Common stock equity issuance - net of purchases
692

 
(5,055
)
 
(13,390
)
Other
—

 
(1
)
 
—

Net cash flow used for financing activities
(290,676
)
 
(182,948
)
 
(75,722
)
Net decrease in cash and cash equivalents
(22
)
 
—

 
—

Cash and cash equivalents at beginning of year
41

 
41

 
41

Cash and cash equivalents at end of year
$
19

 
$
41

 
$
41


     See Combined Notes to Consolidated Financial Statements.

PINNACLE WEST CAPITAL CORPORATION HOLDING COMPANY
NOTES TO FINANCIAL STATEMENTS OF HOLDING COMPANY

The Combined Notes to Consolidated Financial Statements in Part II, Item 8 should be read in conjunction with the Pinnacle West Capital Corporation Holding Company Financial Statements.

The Pinnacle West Capital Corporation Holding Company Financial Statements have been prepared to present the financial position, results of operations and cash flows of Pinnacle West Capital Corporation on a stand-alone basis as a holding company. Investments in subsidiaries are accounted for using the equity method.