Schedule I - Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2024

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,
	2024		2023		2022
Operating expenses	$	9,931	$	11,249	$	8,850
Other
Equity in earnings of subsidiaries	643,703		539,962		500,042
Other income (expense)	23,835		2,823		(4,725)
Total	667,538		542,785		495,317
Interest expense	65,261		47,251		18,861
Income before income taxes	592,346		484,285		467,606
Income tax benefit	(16,460)		(17,272)		(15,996)
Net income attributable to common shareholders	608,806		501,557		483,602
Other comprehensive income (loss) — attributable to common shareholders	2,202		(1,709)		23,426
Total comprehensive income — attributable to common shareholders	$	611,008	$	499,848	$	507,028

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,
	2024		2023
ASSETS
Current assets
Cash and cash equivalents	$	23	$	9
Accounts receivable	163,203		163,829
Income tax receivable	6,673		1,832
Assets held for sale- investment in subsidiaries	—		35,139
Other current assets	434		28,379
Total current assets	170,333		229,188
Investments and other assets
Investments in subsidiaries	8,435,150		7,369,159
Deferred income taxes	—		15,746
Other assets	21,966		22,839
Total investments and other assets	8,457,116		7,407,744
TOTAL ASSETS	$	8,627,449	$	7,636,932
LIABILITIES AND EQUITY
Current liabilities
Accounts payable	$	3,471	$	8,176
Accrued taxes	4,799		4,543
Common dividends payable	106,592		99,813
Short-term borrowings	228,550		76,650
Current maturities of long-term debt	500,000		625,000
Operating lease liabilities	138		127
Other current liabilities	11,389		11,400
Total current liabilities	854,939		825,709
Long-term debt less current maturities	867,770		498,731
Deferred income taxes	24,536		—
Pension liabilities	4,462		6,487
Operating lease liabilities	1,194		1,332
Other	17,070		19,811
Total deferred credits and other	47,262		27,630
COMMITMENTS AND CONTINGENCIES
Common stock equity
Common stock	3,118,294		2,744,491
Accumulated other comprehensive loss	(30,942)		(33,144)
Retained earnings	3,666,959		3,466,317
Total Pinnacle West Shareholders’ equity	6,754,311		6,177,664
Noncontrolling interests	103,167		107,198
Total Equity	6,857,478		6,284,862
TOTAL LIABILITIES AND EQUITY	$	8,627,449	$	7,636,932

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,
	2024		2023		2022
Cash flows from operating activities
Net income	$	608,806	$	501,557	$	483,602
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings of subsidiaries — net	(643,703)		(539,962)		(500,042)
Gain on sale relating to BCE	(22,988)		(6,423)		—
Depreciation and amortization	75		76		76
Deferred income taxes	40,231		(13,955)		17,256
Accounts receivable	15,268		(28,273)		(8,535)
Accounts payable	(4,869)		1,839		3,431
Accrued taxes and income tax receivables — net	(4,584)		9,505		(25,157)
Dividends received from subsidiaries	401,400		393,600		385,800
Other	22,959		(14,201)		47,719
Net cash flow provided by operating activities	412,595		303,763		404,150
Cash flows from investing activities
Proceeds from sale relating to BCE	84,322		23,400		—
Investments in subsidiaries	(827,752)		(119,682)		(186,630)
Repayments of loans from subsidiaries and other	1,132		6,526		14,308
Advances of loans to subsidiaries	(11,336)		(59,349)		(3,308)
Net cash flow used for investing activities	(753,634)		(149,105)		(175,630)
Cash flows from financing activities
Issuance of long-term debt	867,387		175,000		300,000
Short-term debt borrowings under revolving credit facility	200,000		—		—
Short-term borrowings and (repayments) — net	(48,100)		60,930		2,420
Dividends paid on common stock	(394,663)		(386,486)		(378,881)
Repayment of long-term debt	(625,000)		—		(150,000)
Common stock equity issuance and purchases — net	341,429		(4,093)		(2,653)
Net cash flow used for financing activities	341,053		(154,649)		(229,114)
Net increase (decrease) in cash and cash equivalents	14		9		(594)
Cash and cash equivalents at beginning of year	9		—		594
Cash and cash equivalents at end of year	$	23	$	9	$	—

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.