PINNACLE WEST CAPITAL CORP
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
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FY2023 · Filed Feb 27, 2024
PNW$105.96+0.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
APS Consolidated Statements of Cash Flows for 2023, and
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net income | $564,561 | $542,153 | $649,503 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization including nuclear fuel | 854,051 | 817,729 | 719,039 |
| Deferred fuel and purchased power | (549,877) | (291,992) | (256,871) |
| Deferred fuel and purchased power amortization | 547,243 | 219,579 | 44,557 |
| Allowance for equity funds used during construction | (53,118) | (45,263) | (41,737) |
| Deferred income taxes | (10,314) | (6,817) | 128,852 |
| Deferred investment tax credit | 77,065 | (5,893) | (4,802) |
| Changes in current assets and liabilities: | |||
| Customer and other receivables | (62,716) | (60,930) | (72,101) |
| Accrued unbilled revenues | (2,789) | (30,784) | (1,783) |
| Materials, supplies and fossil fuel | (42,911) | (83,469) | (32,870) |
| Income tax receivable | 1,102 | 9,654 | (10,756) |
| Other current assets | (20,243) | 59,970 | (25,637) |
| Accounts payable | (70,622) | 79,492 | 23,510 |
| Accrued taxes | 5,542 | 4,734 | 3,042 |
| Other current liabilities | 62,212 | 1,190 | (61,297) |
| Change in long-term regulatory assets | 53,112 | 12,432 | (17,012) |
| Change in long-term regulatory liabilities | 28,495 | (332,470) | 57,549 |
| Change in other long-term assets | (188,483) | 170,587 | (330,642) |
| Change in operating lease assets | 90,234 | 105,058 | 115,850 |
| Change in other long-term liabilities | 58,574 | 168,503 | 87,376 |
| Change in operating lease liabilities | (65,482) | (103,361) | (108,216) |
| Net cash provided by operating activities | 1,275,636 | 1,230,102 | 865,554 |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Capital expenditures | (1,825,585) | (1,655,051) | (1,471,795) |
| Contributions in aid of construction | 180,866 | 137,436 | 105,654 |
| Allowance for borrowed funds used during construction | (39,030) | (26,839) | (21,052) |
| Proceeds from nuclear decommissioning trust sales and other special use funds | 1,679,722 | 1,207,713 | 1,720,966 |
| Investment in nuclear decommissioning trust and other special use funds | (1,681,845) | (1,212,063) | (1,725,480) |
| Other | (1,397) | (727) | 273 |
| Net cash used for investing activities | (1,687,269) | (1,549,531) | (1,391,434) |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Issuance of long-term debt | 496,025 | 524,852 | 446,999 |
| Short-term borrowings and (repayments) — net | 180,970 | 46,300 | 278,700 |
| Dividends paid on common stock | (393,600) | (385,800) | (376,500) |
| Equity infusion from Pinnacle West | 150,000 | 150,000 | 150,000 |
| Noncontrolling interests | (21,255) | (21,255) | (21,255) |
| Net cash provided by financing activities | 412,140 | 314,097 | 477,944 |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 507 | (5,332) | (47,936) |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 4,042 | 9,374 | 57,310 |
| CASH AND CASH EQUIVALENTS AT END OF YEAR | $4,549 | $4,042 | $9,374 |
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