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SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
 12 Months Ended
Dec. 31, 2018
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,
 
2018
 
2017
 
2016
Operating revenues
$
—

 
$
119

 
$
370

Operating expenses
53,844

 
24,591

 
26,573

Operating loss
(53,844
)
 
(24,472
)
 
(26,203
)
Other
 

 
 

 
 

Equity in earnings of subsidiaries
569,249

 
507,495

 
462,027

Other expense
(3,202
)
 
(2,422
)
 
(1,622
)
Total
566,047

 
505,073

 
460,405

Interest expense
12,074

 
5,633

 
3,151

Income before income taxes
500,129

 
474,968

 
431,051

Income tax benefit
(10,918
)
 
(13,488
)
 
(10,983
)
Net income attributable to common shareholders
511,047

 
488,456

 
442,034

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

 
(1,180
)
 
926

Total comprehensive income — attributable to common shareholders
$
516,893

 
$
487,276

 
$
442,960


 
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,
 
2018
 
2017
ASSETS
 

 
 

Current assets
 

 
 

Cash and cash equivalents
$
41

 
$
41

Accounts receivable
99,989

 
93,554

Income tax receivable
32,737

 
19,124

Other current assets
1,502

 
267

Total current assets
134,269

 
112,986

Investments and other assets
 

 
 

Investments in subsidiaries
5,859,834

 
5,465,137

Deferred income taxes
5,243

 
54,352

Other assets
34,910

 
44,613

Total investments and other assets
5,899,987

 
5,564,102

Total Assets
$
6,034,256

 
$
5,677,088

LIABILITIES AND EQUITY
 

 
 

Current liabilities
 

 
 

Accounts payable
9,565

 
7,638

Accrued taxes
9,006

 
8,927

Common dividends payable
82,675

 
77,667

Short-term borrowings
76,400

 
95,400

Other current liabilities
19,215

 
17,417

Total current liabilities
196,861

 
207,049

 
 
 
 
Long-term debt less current maturities (Note 6)
448,796

 
298,421

 
 
 
 
Pension liabilities
17,766

 
20,758

Other
22,128

 
15,130

Total deferred credits and other
39,894

 
35,888

COMMITMENTS AND CONTINGENCIES (SEE NOTES)


 


Common stock equity
 
 
 
Common stock
2,629,440

 
2,609,181

Accumulated other comprehensive loss
(47,708
)
 
(45,002
)
Retained earnings
2,641,183

 
2,442,511

Total Pinnacle West Shareholders’ equity
5,222,915

 
5,006,690

Noncontrolling interests
125,790

 
129,040

Total Equity
5,348,705

 
5,135,730

Total Liabilities and Equity
$
6,034,256

 
$
5,677,088


 
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,
 
2018
 
2017
 
2016
Cash flows from operating activities
 

 
 

 
 

Net income
$
511,047

 
$
488,456

 
$
442,034

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

Equity in earnings of subsidiaries — net
(569,249
)
 
(507,495
)
 
(462,027
)
Depreciation and amortization
76

 
76

 
85

Deferred income taxes
49,535

 
(264
)
 
(12,402
)
Accounts receivable
(7,881
)
 
(2,106
)
 
15,823

Accounts payable
1,967

 
(11,162
)
 
10,402

Accrued taxes and income tax receivables — net
(13,535
)
 
(22,247
)
 
20,041

Dividends received from subsidiaries
316,000

 
296,800

 
239,300

Other
31,807

 
15,092

 
5,514

Net cash flow provided by operating activities
319,767

 
257,150

 
258,770

Cash flows from investing activities
 

 
 

 
 

Construction work in progress
—

 
—

 
(18,457
)
Investments in subsidiaries
(142,796
)
 
(178,027
)
 
(19,242
)
Repayments of loans from subsidiaries
6,477

 
2,987

 
1,026

Advances of loans to subsidiaries
(500
)
 
(6,388
)
 
(2,092
)
Net cash flow used for investing activities
(136,819
)
 
(181,428
)
 
(38,765
)
Cash flows from financing activities
 

 
 

 
 

Issuance of long-term debt
150,000

 
298,761

 
—

Short-term debt borrowings under revolving credit facility
20,000

 
58,000

 
40,000

Short-term debt repayments under revolving credit facility
(32,000
)
 
(32,000
)
 
—

Commercial paper - net
(7,000
)
 
27,700

 
1,700

Dividends paid on common stock
(308,892
)
 
(289,793
)
 
(274,229
)
Repayment of long-term debt
—

 
(125,000
)
 
—

Common stock equity issuance - net of purchases
(5,055
)
 
(13,390
)
 
(4,867
)
Other
(1
)
 
—

 
—

Net cash flow used for financing activities
(182,948
)
 
(75,722
)
 
(237,396
)
Net decrease in cash and cash equivalents
—

 
—

 
(17,391
)
Cash and cash equivalents at beginning of year
41

 
41

 
17,432

Cash and cash equivalents at end of year
$
41

 
$
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.