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Schedule I - Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Schedule I - 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,
 202320222021
Operating expenses$11,249 $8,850 $10,245 
Other   
Equity in earnings of subsidiaries539,962 500,042 628,916 
Other income (expense)2,823 (4,725)(4,919)
Total542,785 495,317 623,997 
Interest expense47,251 18,861 10,672 
Income before income taxes484,285 467,606 603,080 
Income tax benefit(17,272)(15,996)(15,640)
Net income attributable to common shareholders501,557 483,602 618,720 
Other comprehensive income (loss) — attributable to common shareholders(1,709)23,426 7,935 
Total comprehensive income — attributable to common shareholders$499,848 $507,028 $626,655 
 
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,
 20232022
ASSETS  
Current assets  
Cash and cash equivalents$9 $— 
Accounts receivable163,829 132,061 
Income tax receivable1,832 14,494 
Assets held for sale- investment in subsidiaries35,139 — 
Other current assets28,379 288 
Total current assets229,188 146,843 
Investments and other assets  
Investments in subsidiaries7,369,159 7,105,789 
Deferred income taxes15,746 1,521 
Other assets22,839 23,153 
Total investments and other assets7,407,744 7,130,463 
TOTAL ASSETS$7,636,932 $7,277,306 
  
LIABILITIES AND EQUITY
Current liabilities  
Accounts payable$8,176 $6,499 
Accrued taxes4,543 7,694 
Common dividends payable99,813 97,895 
Short-term borrowings76,650 15,720 
Current maturities of long-term debt625,000 — 
Operating lease liabilities 127 117 
Other current liabilities11,400 14,637 
Total current liabilities825,709 142,562 
Long-term debt less current maturities498,731 947,892 
Pension liabilities6,487 8,218 
Operating lease liabilities1,332 1,459 
Other19,811 17,299 
Total deferred credits and other27,630 26,976 
COMMITMENTS AND CONTINGENCIES
Common stock equity
Common stock2,744,491 2,719,735 
Accumulated other comprehensive loss(33,144)(31,435)
Retained earnings3,466,317 3,360,347 
Total Pinnacle West Shareholders’ equity6,177,664 6,048,647 
Noncontrolling interests107,198 111,229 
Total Equity6,284,862 6,159,876 
TOTAL LIABILITIES AND EQUITY$7,636,932 $7,277,306 
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,
 202320222021
Cash flows from operating activities   
Net income$501,557 $483,602 $618,720 
Adjustments to reconcile net income to net cash provided by operating activities: 
Equity in earnings of subsidiaries — net(539,962)(500,042)(628,916)
Gain on sale relating to BCE(6,423)— — 
Depreciation and amortization76 76 93 
Deferred income taxes(13,955)17,256 (11,381)
Accounts receivable(28,273)(8,535)8,897 
Accounts payable1,839 3,431 (2,598)
Accrued taxes and income tax receivables — net9,505 (25,157)16,079 
Dividends received from subsidiaries393,600 385,800 376,500 
Other(14,201)47,719 4,214 
Net cash flow provided by operating activities303,763 404,150 381,608 
Cash flows from investing activities   
Proceeds from sale relating to BCE23,400 — — 
Investments in subsidiaries(119,682)(186,630)(145,266)
Repayments of loans from subsidiaries and other6,526 14,308 4,017 
Advances of loans to subsidiaries(59,349)(3,308)(12,256)
Net cash flow used for investing activities(149,105)(175,630)(153,505)
Cash flows from financing activities   
Issuance of long-term debt175,000 300,000 300,000 
Short-term debt repayments under revolving credit facility— — (19,000)
Short-term borrowings and (repayments) — net60,930 2,420 (136,700)
Dividends paid on common stock(386,486)(378,881)(369,478)
Repayment of long-term debt— (150,000)— 
Common stock equity issuance and purchases — net(4,093)(2,653)(2,350)
Net cash flow used for financing activities(154,649)(229,114)(227,528)
Net increase (decrease) in cash and cash equivalents9 (594)575 
Cash and cash equivalents at beginning of year— 594 19 
Cash and cash equivalents at end of year$9 $— $594 
     
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 on a stand-alone basis as a holding company. Investments in subsidiaries are accounted for using the equity method.