Pinnacle West Capital Corporation (PNW) Financial Statements (2024 and earlier)
Company Profile
Business Address |
400 NORTH FIFTH STREET PHOENIX, AZ 85004 |
State of Incorp. | AZ |
Fiscal Year End | December 31 |
Industry (SIC) | 4911 - Electric Services (benchmarking) |
More info | Complete Financial Analysis Financial Benchmarking |
Balance Sheet (Statement of Financial Position) ($ in thousands)Annual | Quarterly
9/30/2023 Q3 | 6/30/2023 Q2 | 3/31/2023 Q1 | 12/31/2022 Q4 | 9/30/2022 Q3 | 6/30/2022 Q2 | 3/31/2022 Q1 | |||
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ASSETS | |||||||||
Current Assets | |||||||||
Cash, cash equivalents, and short-term investments | 7,658 | 6,951 | 4,832 | 7,032 | 29,189 | 13,968 | |||
Cash and cash equivalents | 7,658 | 6,951 | 4,832 | 7,032 | 29,189 | 13,968 | |||
Receivables | 458,982 | 438,683 | 443,517 | 579,198 | 397,141 | 306,965 | |||
Inventory, net of allowances, customer advances and progress billings | 50,057 | 39,571 | 40,155 | 53,087 | 29,827 | 20,772 | |||
Inventory | 50,057 | 39,571 | 40,155 | 53,087 | 29,827 | 20,772 | |||
Contract with customer, asset, after allowance for credit loss | 216,740 | 143,276 | 164,764 | 221,023 | 234,523 | 132,765 | |||
Deferred costs | 50,372 | 47,205 | 46,282 | 44,550 | 45,680 | 40,370 | |||
Derivative instruments and hedges, assets | 12,105 | 16,095 | 87,835 | 164,794 | 137,028 | 206,102 | |||
Regulatory asset | 561,879 | 600,802 | 538,879 | 94,676 | 119,163 | 131,444 | |||
Asset, held-for-sale, not part of disposal group | |||||||||
Other current assets | 101,581 | 77,551 | 60,091 | 65,019 | 89,609 | 69,474 | |||
Other undisclosed current assets | 392,363 | 378,252 | 364,199 | 787,178 | 715,988 | 672,733 | |||
Total current assets: | 1,851,737 | 1,748,386 | 1,750,554 | 2,016,557 | 1,798,148 | 1,594,593 | |||
Noncurrent Assets | |||||||||
Operating lease, right-of-use asset | 1,337,355 | 1,361,847 | 801,688 | 806,509 | 871,480 | 896,907 | |||
Property, plant and equipment | 15,468,725 | 14,551,509 | 14,522,268 | 14,476,877 | 14,499,501 | 14,247,581 | |||
Intangible assets, net (including goodwill) | 255,574 | 260,454 | 258,880 | 246,690 | 265,662 | 269,802 | |||
Intangible assets, net (excluding goodwill) | 255,574 | 260,454 | 258,880 | 246,690 | 265,662 | 269,802 | |||
Regulated entity, other noncurrent assets | 1,280,344 | 1,258,663 | 1,283,221 | 1,173,415 | 1,180,656 | 1,184,246 | |||
Other noncurrent assets | 127,318 | 147,430 | 125,672 | 121,346 | 117,573 | 105,605 | |||
Other undisclosed noncurrent assets | 3,658,289 | 4,252,084 | 3,981,122 | 4,003,204 | 3,768,460 | 3,902,220 | |||
Total noncurrent assets: | 22,127,605 | 21,831,987 | 20,972,851 | 20,828,041 | 20,703,332 | 20,606,361 | |||
TOTAL ASSETS: | 23,979,342 | 23,580,373 | 22,723,405 | 22,844,598 | 22,501,480 | 22,200,954 | |||
LIABILITIES AND EQUITY | |||||||||
Liabilities | |||||||||
Current Liabilities | |||||||||
Accounts payable and accrued liabilities | 757,178 | 648,040 | 753,977 | 1,170,524 | 1,107,022 | 627,395 | |||
Interest and dividends payable | ✕ | ✕ | ✕ | ✕ | 61,892 | 153,430 | 61,648 | ||
Taxes payable | ✕ | ✕ | ✕ | ✕ | 285,689 | 181,927 | 222,492 | ||
Accounts payable | 436,808 | 361,410 | 430,425 | 475,362 | 436,308 | 343,255 | |||
Accrued liabilities | 320,370 | 286,630 | 323,552 | 347,581 | 335,357 | ||||
Deferred revenue | 41,585 | 41,186 | 41,769 | 41,731 | 41,459 | 41,628 | |||
Debt | 624,257 | 558,371 | 391,405 | 494,448 | 541,000 | 262,950 | |||
Derivative instruments and hedges, liabilities | 73,833 | 83,874 | 37,697 | 7,240 | 5,596 | 1,706 | |||
Regulatory liability | 219,075 | 202,266 | 271,575 | 420,357 | 404,107 | 448,778 | |||
Asset retirement obligation | 15,617 | 20,321 | 12,232 | 6,307 | 5,111 | 4,069 | |||
Other liabilities | 110,378 | 105,141 | 148,276 | 139,260 | 128,190 | 109,255 | |||
Other undisclosed current liabilities | 90,658 | 65,130 | 105,210 | (218,963) | (210,037) | 100,949 | |||
Total current liabilities: | 1,932,581 | 1,724,329 | 1,762,141 | 2,060,904 | 2,022,448 | 1,596,730 | |||
Noncurrent Liabilities | |||||||||
Long-term debt and lease obligation | 8,164,315 | 7,916,554 | 7,741,286 | 7,986,778 | 7,951,806 | 7,962,342 | |||
Long-term debt, excluding current maturities | 8,164,315 | 7,916,554 | 7,741,286 | 7,344,205 | 7,241,295 | 7,226,624 | |||
Liabilities, other than long-term debt | 7,624,673 | 7,594,593 | 6,880,847 | 6,256,708 | 6,328,767 | 6,415,970 | |||
Deferred revenue | 536,579 | 532,596 | 422,103 | 362,140 | 336,198 | 314,664 | |||
Accumulated deferred investment tax credit | 223,278 | 184,427 | 180,677 | 179,418 | 184,032 | 186,251 | |||
Asset retirement obligations | 823,502 | 787,220 | 785,530 | 785,540 | 779,360 | 771,720 | |||
Deferred income tax liabilities | 2,357,517 | 2,379,720 | 2,384,421 | 2,418,914 | 2,357,469 | 2,318,959 | |||
Liability for uncertainty in income taxes | 39,073 | 38,863 | 38,658 | 4,717 | 4,896 | 4,758 | |||
Liability, pension and other postretirement and postemployment benefits | 112,537 | 114,290 | 116,286 | 148,403 | 150,837 | 149,856 | |||
Regulatory liability | 2,032,525 | 2,060,273 | 2,061,776 | 2,108,289 | 2,268,148 | 2,438,672 | |||
Other liabilities | 278,124 | 256,620 | 252,149 | 249,287 | 247,827 | 231,090 | |||
Operating lease, liability | 1,221,538 | 1,240,584 | 639,247 | 642,573 | 710,511 | 735,718 | |||
Derivative instruments and hedges, liabilities | |||||||||
Other undisclosed noncurrent liabilities | 181,636 | 180,446 | 179,255 | 178,095 | 176,936 | 175,776 | |||
Total noncurrent liabilities: | 15,970,624 | 15,691,593 | 14,801,388 | 14,421,581 | 14,457,509 | 14,554,088 | |||
Total liabilities: | 17,903,205 | 17,415,922 | 16,563,529 | 16,482,485 | 16,479,957 | 16,150,818 | |||
Equity | |||||||||
Equity, attributable to parent | 5,966,924 | 6,048,916 | 6,048,647 | 6,244,563 | 5,908,279 | 5,930,570 | |||
Common stock | 2,736,112 | 2,730,851 | 2,724,740 | 2,720,364 | 2,712,297 | 2,706,325 | |||
Treasury stock, value | (5,328) | (7,451) | (5,005) | (2,603) | (2,976) | (3,648) | |||
Accumulated other comprehensive loss | (31,591) | (31,536) | (31,435) | (53,300) | (54,814) | (53,708) | |||
Retained earnings | 3,267,731 | 3,357,052 | 3,360,347 | 3,580,102 | 3,253,772 | 3,281,601 | |||
Equity, attributable to noncontrolling interest | 109,213 | 115,535 | 111,229 | 117,550 | 113,244 | 119,566 | |||
Total equity: | 6,076,137 | 6,164,451 | 6,159,876 | 6,362,113 | 6,021,523 | 6,050,136 | |||
TOTAL LIABILITIES AND EQUITY: | 23,979,342 | 23,580,373 | 22,723,405 | 22,844,598 | 22,501,480 | 22,200,954 |
Income Statement (P&L) ($ in thousands)Annual | Quarterly
9/30/2023 Q3 | 6/30/2023 Q2 | 3/31/2023 Q1 | 12/31/2022 Q4 | 9/30/2022 Q3 | 6/30/2022 Q2 | 3/31/2022 Q1 | ||
---|---|---|---|---|---|---|---|---|
Revenues | 1,121,703 | 944,955 | 1,009,314 | 1,469,871 | 1,061,669 | 783,531 | ||
Cost of revenue | (880,093) | (832,968) | (813,116) | (998,623) | (784,071) | (667,055) | ||
Cost of goods and services sold | (602,855) | (586,410) | (645,020) | (746,960) | (538,684) | (451,874) | ||
Gross profit: | 241,610 | 111,987 | 196,198 | 471,248 | 277,598 | 116,476 | ||
Operating expenses | (58,330) | (61,270) | (159,447) | (53,675) | (54,503) | (61,984) | ||
Operating income: | 183,280 | 50,717 | 36,751 | 417,573 | 223,095 | 54,492 | ||
Nonoperating income | 25,101 | 26,872 | 3,722 | 29,280 | 34,441 | 31,838 | ||
Public utilities, allowance for funds used during construction, capitalized cost of equity | 13,034 | 15,061 | 14,297 | 9,133 | 12,086 | 9,747 | ||
Other nonoperating income (expense) | 1,593 | 1,946 | (35,323) | (4,526) | (2,902) | (1,718) | ||
Interest and debt expense | (81,515) | (75,397) | (68,909) | (63,493) | (62,230) | (60,907) | ||
Income (loss) from continuing operations before income taxes: | 126,866 | 2,192 | (28,436) | 383,360 | 195,306 | 25,423 | ||
Income tax expense (benefit) | (15,897) | (1,183) | 8,750 | (52,728) | (26,688) | (4,161) | ||
Income (loss) from continuing operations: | 110,969 | 1,009 | (19,686) | 330,632 | 168,618 | 21,262 | ||
Income before gain (loss) on sale of properties: | ✕ | ✕ | ✕ | ✕ | 330,632 | 168,618 | 21,262 | |
Net income (loss): | 110,969 | 1,009 | (19,686) | 330,632 | 168,618 | 21,262 | ||
Net loss attributable to noncontrolling interest | (4,306) | (4,306) | (4,306) | (4,306) | (4,306) | (4,306) | ||
Net income (loss) available to common stockholders, diluted: | 106,663 | (3,297) | (23,992) | 326,326 | 164,312 | 16,956 |
Comprehensive Income ($ in thousands)Annual | Quarterly
9/30/2023 Q3 | 6/30/2023 Q2 | 3/31/2023 Q1 | 12/31/2022 Q4 | 9/30/2022 Q3 | 6/30/2022 Q2 | 3/31/2022 Q1 | ||
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Net income (loss): | 110,969 | 1,009 | (19,686) | 330,632 | 168,618 | 21,262 | ||
Other comprehensive income (loss) | (55) | (101) | 21,865 | 1,514 | (1,106) | 1,153 | ||
Comprehensive income: | 110,914 | 908 | 2,179 | 332,146 | 167,512 | 22,415 | ||
Comprehensive loss, net of tax, attributable to noncontrolling interest | (4,306) | (4,306) | (4,306) | (4,306) | (4,306) | (4,306) | ||
Comprehensive income (loss), net of tax, attributable to parent: | 106,608 | (3,398) | (2,127) | 327,840 | 163,206 | 18,109 |
Statements Sources
The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.