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)

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
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments7,6586,9514,8327,03229,18913,968
Cash and cash equivalents7,6586,9514,8327,03229,18913,968
Receivables458,982438,683443,517579,198397,141306,965
Inventory, net of allowances, customer advances and progress billings50,05739,57140,15553,08729,82720,772
Inventory50,05739,57140,15553,08729,82720,772
Contract with customer, asset, after allowance for credit loss216,740143,276164,764221,023234,523132,765
Deferred costs50,37247,20546,28244,55045,68040,370
Derivative instruments and hedges, assets12,10516,09587,835164,794137,028206,102
Regulatory asset561,879600,802538,87994,676119,163131,444
Asset, held-for-sale, not part of disposal group      
Other current assets101,58177,55160,09165,01989,60969,474
Other undisclosed current assets392,363378,252364,199787,178715,988672,733
Total current assets:1,851,7371,748,3861,750,5542,016,5571,798,1481,594,593
Noncurrent Assets
Operating lease, right-of-use asset1,337,3551,361,847801,688806,509871,480896,907
Property, plant and equipment15,468,72514,551,50914,522,26814,476,87714,499,50114,247,581
Intangible assets, net (including goodwill)255,574260,454258,880246,690265,662269,802
Intangible assets, net (excluding goodwill)255,574260,454258,880246,690265,662269,802
Regulated entity, other noncurrent assets1,280,3441,258,6631,283,2211,173,4151,180,6561,184,246
Other noncurrent assets127,318147,430125,672121,346117,573105,605
Other undisclosed noncurrent assets3,658,2894,252,0843,981,1224,003,2043,768,4603,902,220
Total noncurrent assets:22,127,60521,831,98720,972,85120,828,04120,703,33220,606,361
TOTAL ASSETS:23,979,34223,580,37322,723,40522,844,59822,501,48022,200,954
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities757,178648,040753,9771,170,5241,107,022627,395
Interest and dividends payable61,892153,43061,648
Taxes payable285,689181,927222,492
Accounts payable436,808361,410430,425475,362436,308343,255
Accrued liabilities320,370286,630323,552347,581335,357 
Deferred revenue41,58541,18641,76941,73141,45941,628
Debt624,257558,371391,405494,448541,000262,950
Derivative instruments and hedges, liabilities73,83383,87437,6977,2405,5961,706
Regulatory liability219,075202,266271,575420,357404,107448,778
Asset retirement obligation15,61720,32112,2326,3075,1114,069
Other liabilities110,378105,141148,276139,260128,190109,255
Other undisclosed current liabilities90,65865,130105,210(218,963)(210,037)100,949
Total current liabilities:1,932,5811,724,3291,762,1412,060,9042,022,4481,596,730
Noncurrent Liabilities
Long-term debt and lease obligation8,164,3157,916,5547,741,2867,986,7787,951,8067,962,342
Long-term debt, excluding current maturities8,164,3157,916,5547,741,2867,344,2057,241,2957,226,624
Liabilities, other than long-term debt7,624,6737,594,5936,880,8476,256,7086,328,7676,415,970
Deferred revenue536,579532,596422,103362,140336,198314,664
Accumulated deferred investment tax credit223,278184,427180,677179,418184,032186,251
Asset retirement obligations823,502787,220785,530785,540779,360771,720
Deferred income tax liabilities2,357,5172,379,7202,384,4212,418,9142,357,4692,318,959
Liability for uncertainty in income taxes39,07338,86338,6584,7174,8964,758
Liability, pension and other postretirement and postemployment benefits112,537114,290116,286148,403150,837149,856
Regulatory liability2,032,5252,060,2732,061,7762,108,2892,268,1482,438,672
Other liabilities278,124256,620252,149249,287247,827231,090
Operating lease, liability1,221,5381,240,584639,247642,573710,511735,718
Derivative instruments and hedges, liabilities      
Other undisclosed noncurrent liabilities181,636180,446179,255178,095176,936175,776
Total noncurrent liabilities:15,970,62415,691,59314,801,38814,421,58114,457,50914,554,088
Total liabilities:17,903,20517,415,92216,563,52916,482,48516,479,95716,150,818
Equity
Equity, attributable to parent5,966,9246,048,9166,048,6476,244,5635,908,2795,930,570
Common stock2,736,1122,730,8512,724,7402,720,3642,712,2972,706,325
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 earnings3,267,7313,357,0523,360,3473,580,1023,253,7723,281,601
Equity, attributable to noncontrolling interest109,213115,535111,229117,550113,244119,566
Total equity:6,076,1376,164,4516,159,8766,362,1136,021,5236,050,136
TOTAL LIABILITIES AND EQUITY:23,979,34223,580,37322,723,40522,844,59822,501,48022,200,954

Income Statement (P&L) ($ in thousands)

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
Revenues1,121,703944,9551,009,3141,469,8711,061,669783,531
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:241,610111,987196,198471,248277,598116,476
Operating expenses(58,330)(61,270)(159,447)(53,675)(54,503)(61,984)
Operating income:183,28050,71736,751417,573223,09554,492
Nonoperating income25,10126,8723,72229,28034,44131,838
Public utilities, allowance for funds used during construction, capitalized cost of equity13,03415,06114,2979,13312,0869,747
Other nonoperating income (expense)1,5931,946(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:126,8662,192(28,436)383,360195,30625,423
Income tax expense (benefit)(15,897)(1,183)8,750(52,728)(26,688)(4,161)
Income (loss) from continuing operations:110,9691,009(19,686)330,632168,61821,262
Income before gain (loss) on sale of properties:330,632168,61821,262
Net income (loss):110,9691,009(19,686)330,632168,61821,262
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)326,326164,31216,956

Comprehensive Income ($ in thousands)

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
Net income (loss):110,9691,009(19,686)330,632168,61821,262
Other comprehensive income (loss)(55)(101)21,8651,514(1,106)1,153
Comprehensive income:110,9149082,179332,146167,51222,415
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)327,840163,20618,109

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.

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