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Consolidation and Nature of Operations
6 Months Ended
Jun. 30, 2014
Consolidation and Nature of Operations  
Consolidation and Nature of Operations

1.                                      Consolidation and Nature of Operations

 

The unaudited condensed consolidated financial statements include the accounts of Pinnacle West and our subsidiaries:  APS and El Dorado Investment Company (“El Dorado”).  Intercompany accounts and transactions between the consolidated companies have been eliminated.  The unaudited condensed consolidated financial statements for APS include the accounts of APS and the Palo Verde Nuclear Generating Station (“Palo Verde”) sale leaseback variable interest entities (“VIEs”) (see Note 6 for further discussion).  Our accounting records are maintained in accordance with accounting principles generally accepted in the United States of America (“GAAP”).  The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

 

Weather conditions cause significant seasonal fluctuations in our revenues; therefore, results for interim periods do not necessarily represent results expected for the year.

 

Our condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”).  Certain information and footnote disclosures normally included in financial statements prepared in conformity with GAAP have been condensed or omitted pursuant to such regulations, although we believe that the disclosures provided are adequate to make the interim information presented not misleading.

 

The following table shows more detail of previously reported amounts for the changes in accrued taxes and income tax receivable.  Previously reported amounts were netted in the Statement of Cash Flows (dollars in thousands):

 

Statement of Cash Flows for the
Six Months Ended June 30, 2013

 

As previously
reported

 

Changes to conform to
current year
presentation

 

Amount reported after
changes to conform to
current year
presentation

 

Cash Flows from Operating Activities

 

 

 

 

 

 

 

Accrued taxes and income tax receivable

 

$

5,032

 

$

(5,032

)

$

 

Income tax receivable - net

 

 

779

 

779

 

Accrued taxes

 

 

4,253

 

4,253

 

 

Supplemental Cash Flow Information

 

The following table summarizes supplemental Pinnacle West cash flow information (dollars in thousands):

 

 

 

Six Months Ended
June 30,

 

 

 

2014

 

2013

 

Cash paid (received) during the period for:

 

 

 

 

 

Income taxes, net of refunds

 

$

(131,154

)

$

(9

)

Interest, net of amounts capitalized

 

90,707

 

91,346

 

Significant non-cash investing and financing activities:

 

 

 

 

 

Accrued capital expenditures

 

$

19,668

 

$

8,904

 

Dividends accrued but not yet paid

 

62,656

 

59,946