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)
Annual | Quarterly

	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 investments	10	60	10	6	14	9	39
Cash and cash equivalents	10	60	10	6	14	9	39
Receivables	374	301	280	264	303	251	272
Inventory, net of allowances, customer advances and progress billings	18	20	15	25	25	29	46
Inventory	18	20	15	25	25	29	46
Contract with customer, asset	134	132	128	137	✕	✕	✕
Deferred costs	38	35	33	129	131	139	129
Derivative instruments and hedges, assets	63	3	1	1	2	20	16
Regulatory current assets	130	116	133	130	172	94	150
Costs in excess of billings	✕	✕	✕	✕	112	108	96
Other current assets	84	77	62	56	48	45	37
Other undisclosed current assets	699	456	368	177	209	127	105
Total current assets:	1,551	1,198	1,030	925	1,016	822	891
Noncurrent Assets
Operating lease, right-of-use asset	890	505	146	✕	✕	✕	✕
Property, plant and equipment	14,184	13,728	13,198	12,371	11,670	11,372	10,628
Intangible assets, net (including goodwill)	274	283	291	263	257	90	124
Intangible assets, net (excluding goodwill)	274	283	291	263	257	90	124
Derivative instruments and hedges					0	0	12
Regulated entity, other noncurrent assets	1,193	1,134	1,304	1,343	1,202	1,313	1,214
Other noncurrent assets	98	93	97	103	85	69	53
Defined benefit plan, assets for plan benefits	✕	✕	✕	✕	✕	166	186
Other undisclosed noncurrent assets	3,813	3,080	2,413	2,660	2,789	2,172	1,921
Total noncurrent assets:	20,452	18,822	17,449	16,739	16,003	15,182	14,138
TOTAL ASSETS:	22,003	20,020	18,479	17,664	17,019	16,004	15,028
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities	715	629	633	576	539	529	562
Accounts payable	393	319	346	277	256	265	297
Taxes payable	169	160	145	155	149	139	139
Interest and dividends payable	153	150	142	144	134	126	126
Deferred revenue	42	48	65	✕	✕	✕	✕
Debt	442	169	927	576	177	302	358
Derivative instruments and hedges, liabilities	4	8	39	36	59	26	78
Regulatory liability	296	229	235	166	100	100	136
Asset retirement obligation	4	16	11	20	5	9	29
Customer advances and deposits	✕	✕	✕	✕	70	83	73
Contract with customer, liability	✕	✕	✕	91	✕	✕	✕
Other liabilities	152	187	168	184	247	244	198
Other undisclosed current liabilities	100	75					10
Total current liabilities:	1,757	1,360	2,078	1,649	1,198	1,293	1,442
Noncurrent Liabilities
Long-term debt and lease obligation	7,642	6,676	4,884	4,638	4,790	4,022	3,462
Long-term debt, excluding current maturities	6,914	6,314	4,833	4,638	4,790	4,022	3,462
Operating lease, liability	728	361	52	✕	✕	✕	✕
Liabilities, other than long-term debt	6,408	6,061	5,798	4,008	3,973	5,532	5,202
Customer advances or deposits	✕	✕	✕	✕	114	89	116
Deferred revenue and credits	✕	✕	✕	✕	206	210	187
Deferred revenue	257	221	215	✕	✕	✕	✕
Contract with customer, liability	✕	✕	✕	137	✕	✕	✕
Accumulated deferred investment tax credit	187	191	196	200	✕	✕	✕
Asset retirement obligations	763	689	646	707	675	615	415
Deferred tax liabilities, net	✕	✕	✕			2,945	2,723
Deferred income tax liabilities	2,312	2,135	1,992	✕	✕	✕	✕
Liability for uncertainty in income taxes	5	6	6	23	13	10	10
Liability, pension and other postretirement and postemployment benefits	153	166	280	443	327	509	481
Regulatory liability	2,499	2,450	2,268	2,326	2,453	949	994
Other liabilities	233	191	160	148	149	157	186
Derivative instruments and hedges, liabilities		11	33	25	37	47	90
Other undisclosed noncurrent liabilities	175	170	166	2,020	1,922	222	202
Total noncurrent liabilities:	14,225	12,907	10,848	10,667	10,686	9,775	8,866
Total liabilities:	15,982	14,268	12,926	12,315	11,883	11,068	10,309
Stockholders' equity
Stockholders' equity attributable to parent	5,906	5,634	5,431	5,223	5,007	4,804	4,584
Common stock	2,703	2,677	2,660	2,634	2,615	2,596	2,542
Treasury stock, value	(6)	(6)	(9)	(5)	(6)	(4)	(6)
Accumulated other comprehensive loss	(55)	(63)	(57)	(48)	(45)	(44)	(45)
Retained earnings	3,265	3,025	2,838	2,641	2,443	2,256	2,093
Stockholders' equity attributable to noncontrolling interest	115	119	123	126	129	132	136
Total stockholders' equity:	6,021	5,753	5,553	5,349	5,136	4,936	4,719
TOTAL LIABILITIES AND EQUITY:	22,003	20,020	18,479	17,664	17,019	16,004	15,028

Income statement (P&L) ($ in millions)
Annual | Quarterly

	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Revenues	3,804	3,587	3,471	3,691	3,565	3,499	3,495
Revenue, net	✕	✕	✕	✕	3,565	3,499	3,495
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:	1,167	1,129	980	1,084	1,236	1,119	1,130
Operating expenses	(361)	(341)	(308)	(310)	(302)	(263)	(276)
Operating income:	805	788	672	774	934	856	855
Nonoperating income	174	89	87	109	29	28	18
Public utilities, allowance for funds used during construction, capitalized cost of equity	42	34	31	52	47	42	35
Other nonoperating income (expense)	20	(1)	32	7	(18)	(14)	(17)
Interest and debt expense	(233)	(229)	(217)	(218)	(198)	(186)	(179)
Income from continuing operations before income taxes:	746	648	542	664	766	698	694
Income tax expense (benefit)	(110)	(78)	16	(134)	(258)	(236)	(238)
Net income:	636	570	558	531	508	462	456
Net loss attributable to noncontrolling interest	(17)	(19)	(19)	(19)	(19)	(19)	(19)
Net income available to common stockholders, diluted:	619	551	538	511	488	442	437

Comprehensive Income ($ in millions)
Annual | Quarterly

	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net income:	636	570	558	531	508	462	456
Other comprehensive income (loss)	8	(6)	(9)	6	(1)	1	23
Comprehensive income:	644	564	548	536	507	462	480
Comprehensive loss, net of tax, attributable to noncontrolling interest	(17)	(19)	(19)	(19)	(19)	(19)	(19)
Comprehensive income, net of tax, attributable to parent:	627	545	529	517	487	443	461

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

Company profile

Balance sheet (Statement of financial position) ($ in millions)
Annual | Quarterly

Income statement (P&L) ($ in millions)
Annual | Quarterly

Comprehensive Income ($ in millions)
Annual | Quarterly

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IFRS financial reportingand analysis software

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

Company profile

Balance sheet (Statement of financial position) ($ in millions)Annual | Quarterly

Income statement (P&L) ($ in millions) Annual | Quarterly

Comprehensive Income ($ in millions)Annual | Quarterly

Statements sources

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IFRS financial reporting
and analysis software

Balance sheet (Statement of financial position) ($ in millions)
Annual | Quarterly

Income statement (P&L) ($ in millions)
Annual | Quarterly

Comprehensive Income ($ in millions)
Annual | Quarterly