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SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
 12 Months Ended
Dec. 31, 2021
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,
 202120202019
Operating expenses$10,245 $7,901 $12,451 
Other   
Equity in earnings of subsidiaries628,916 566,147 562,946 
Other expense(4,919)(4,586)(3,957)
Total623,997 561,561 558,989 
Interest expense10,672 14,021 15,069 
Income before income taxes603,080 539,639 531,469 
Income tax benefit(15,640)(10,920)(6,851)
Net income attributable to common shareholders618,720 550,559 538,320 
Other comprehensive income (loss) — attributable to common shareholders7,935 (5,700)(9,388)
Total comprehensive income — attributable to common shareholders$626,655 $544,859 $528,932 
 
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,
 20212020
ASSETS  
Current assets  
Cash and cash equivalents$594 $19 
Accounts receivable125,457 123,980 
Income tax receivable1,498 14,719 
Other current assets13 298 
Total current assets127,562 139,016 
Investments and other assets  
Investments in subsidiaries6,797,528 6,400,339 
Deferred income taxes19,520 7,589 
Other assets57,608 52,595 
Total investments and other assets6,874,656 6,460,523 
Total Assets$7,002,218 $6,599,539 
LIABILITIES AND EQUITY  
Current liabilities  
Accounts payable$3,071 $5,669 
Accrued taxes19,855 16,998 
Common dividends payable95,988 93,531 
Short-term borrowings13,300 169,000 
Current maturities of long-term debt150,000 — 
Operating lease liabilities 107 90 
Other current liabilities14,684 15,306 
Total current liabilities297,005 300,594 
Long-term debt less current maturities (Note 7)647,139 496,321 
Pension liabilities14,537 17,541 
Operating lease liabilities1,576 1,683 
Other20,501 30,607 
Total deferred credits and other36,614 49,831 
COMMITMENTS AND CONTINGENCIES (SEE NOTES)
Common stock equity
Common stock2,696,342 2,671,193 
Accumulated other comprehensive loss(54,861)(62,796)
Retained earnings3,264,719 3,025,106 
Total Pinnacle West Shareholders’ equity5,906,200 5,633,503 
Noncontrolling interests115,260 119,290 
Total Equity6,021,460 5,752,793 
Total Liabilities and Equity$7,002,218 $6,599,539 
 
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,
 202120202019
Cash flows from operating activities   
Net income$618,720 $550,559 $538,320 
Adjustments to reconcile net income to net cash provided by operating activities: 
Equity in earnings of subsidiaries — net(628,916)(566,147)(562,946)
Depreciation and amortization93 76 76 
Deferred income taxes(11,381)33,007 (35,831)
Accounts receivable8,897 (7,903)182 
Accounts payable(2,598)(1,964)(2,129)
Accrued taxes and income tax receivables — net16,079 9,610 16,400 
Dividends received from subsidiaries376,500 357,500 336,300 
Other4,214 20,163 (1,300)
Net cash flow provided by operating activities381,608 394,901 289,072 
Cash flows from investing activities   
Investments in subsidiaries(145,266)(137,881)1,557 
Repayments of loans from subsidiaries4,017 932 4,190 
Advances of loans to subsidiaries(12,256)(7,261)(4,165)
Net cash flow provided by (used for) investing activities(153,505)(144,210)1,582 
Cash flows from financing activities   
Issuance of long-term debt300,000 496,950 — 
Short-term debt borrowings under revolving credit facility— 211,690 49,000 
Short-term debt repayments under revolving credit facility(19,000)(230,690)(65,000)
Short-term borrowings and (repayments) — net(136,700)73,325 54,275 
Dividends paid on common stock(369,478)(350,577)(329,643)
Repayment of long-term debt— (450,000)— 
Common stock equity issuance and purchases — net(2,350)(1,389)692 
Net cash flow used for financing activities(227,528)(250,691)(290,676)
Net decrease in cash and cash equivalents575 — (22)
Cash and cash equivalents at beginning of year19 19 41 
Cash and cash equivalents at end of year$594 $19 $19 
     
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.