Pinnacle West Capital Corporation (PNW) financial statements (2023 and earlier)

Company profile

Business Address 400 NORTH FIFTH STREET
PHOENIX, AZ 85004
State of Incorp. AZ
Fiscal Year End December 31
SIC 4911 - Electric Services (benchmarking)
More info Complete financial analysis Financial benchmarking

Balance sheet (Statement of financial position) ($ in millions)

12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments106010614939
Cash and cash equivalents106010614939
Receivables374301280264303251272
Inventory, net of allowances, customer advances and progress billings18201525252946
Inventory18201525252946
Contract with customer, asset134132128137
Deferred costs383533129131139129
Derivative instruments and hedges, assets6331122016
Regulatory current assets13011613313017294150
Costs in excess of billings11210896
Other current assets84776256484537
Other undisclosed current assets699456368177209127105
Total current assets:1,5511,1981,0309251,016822891
Noncurrent Assets
Operating lease, right-of-use asset890505146
Property, plant and equipment14,18413,72813,19812,37111,67011,37210,628
Intangible assets, net (including goodwill)27428329126325790124
Intangible assets, net (excluding goodwill)27428329126325790124
Derivative instruments and hedges    0012
Regulated entity, other noncurrent assets1,1931,1341,3041,3431,2021,3131,214
Other noncurrent assets989397103856953
Defined benefit plan, assets for plan benefits166186
Other undisclosed noncurrent assets3,8133,0802,4132,6602,7892,1721,921
Total noncurrent assets:20,45218,82217,44916,73916,00315,18214,138
TOTAL ASSETS:22,00320,02018,47917,66417,01916,00415,028
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities715629633576539529562
Accounts payable393319346277256265297
Taxes payable169160145155149139139
Interest and dividends payable153150142144134126126
Deferred revenue424865
Debt442169927576177302358
Derivative instruments and hedges, liabilities483936592678
Regulatory liability296229235166100100136
Asset retirement obligation41611205929
Customer advances and deposits708373
Contract with customer, liability91
Other liabilities152187168184247244198
Other undisclosed current liabilities10075    10
Total current liabilities:1,7571,3602,0781,6491,1981,2931,442
Noncurrent Liabilities
Long-term debt and lease obligation7,6426,6764,8844,6384,7904,0223,462
Long-term debt, excluding current maturities6,9146,3144,8334,6384,7904,0223,462
Operating lease, liability72836152
Liabilities, other than long-term debt6,4086,0615,7984,0083,9735,5325,202
Customer advances or deposits11489116
Deferred revenue and credits206210187
Deferred revenue257221215
Contract with customer, liability137
Accumulated deferred investment tax credit187191196200
Asset retirement obligations763689646707675615415
Deferred tax liabilities, net  2,9452,723
Deferred income tax liabilities2,3122,1351,992
Liability for uncertainty in income taxes56623131010
Liability, pension and other postretirement and postemployment benefits153166280443327509481
Regulatory liability2,4992,4502,2682,3262,453949994
Other liabilities233191160148149157186
Derivative instruments and hedges, liabilities 113325374790
Other undisclosed noncurrent liabilities1751701662,0201,922222202
Total noncurrent liabilities:14,22512,90710,84810,66710,6869,7758,866
Total liabilities:15,98214,26812,92612,31511,88311,06810,309
Stockholders' equity
Stockholders' equity attributable to parent5,9065,6345,4315,2235,0074,8044,584
Common stock2,7032,6772,6602,6342,6152,5962,542
Treasury stock, value(6)(6)(9)(5)(6)(4)(6)
Accumulated other comprehensive loss(55)(63)(57)(48)(45)(44)(45)
Retained earnings3,2653,0252,8382,6412,4432,2562,093
Stockholders' equity attributable to noncontrolling interest115119123126129132136
Total stockholders' equity:6,0215,7535,5535,3495,1364,9364,719
TOTAL LIABILITIES AND EQUITY:22,00320,02018,47917,66417,01916,00415,028

Income statement (P&L) ($ in millions)

12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
Revenues3,8043,5873,4713,6913,5653,4993,495
Revenue, net3,5653,4993,495
Cost of revenue(2,637)(2,458)(2,491)(2,607)(2,329)(2,380)(2,365)
Cost of goods and services sold(1,803)(1,608)(1,633)(1,076)(1,515)(1,561)(1,596)
Gross profit:1,1671,1299801,0841,2361,1191,130
Operating expenses(361)(341)(308)(310)(302)(263)(276)
Operating income:805788672774934856855
Nonoperating income1748987109292818
Public utilities, allowance for funds used during construction, capitalized cost of equity42343152474235
Other nonoperating income (expense)20(1)327(18)(14)(17)
Interest and debt expense(233)(229)(217)(218)(198)(186)(179)
Income from continuing operations before income taxes:746648542664766698694
Income tax expense (benefit)(110)(78)16(134)(258)(236)(238)
Net income:636570558531508462456
Net loss attributable to noncontrolling interest(17)(19)(19)(19)(19)(19)(19)
Net income available to common stockholders, diluted:619551538511488442437

Comprehensive Income ($ in millions)

12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
Net income:636570558531508462456
Other comprehensive income (loss)8(6)(9)6(1)123
Comprehensive income:644564548536507462480
Comprehensive loss, net of tax, attributable to noncontrolling interest(17)(19)(19)(19)(19)(19)(19)
Comprehensive income, net of tax, attributable to parent:627545529517487443461

Statements sources

The financial statements are based on the company's filings with the 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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