APS 2009 Annual Report Download - page 23

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cONdENSEd cONSOLIdATEd FINANcIAL STATEmENTS
(dOLLars in miLLiOns)
2009 2008 2007
Year ended deCemBer 31,
COndensed COnsOLidated statements Of inCOme
Operating revenues $ 3,297 $ 3,311 $ 3,294
Fuel and purchased power (1,179 ) (1,330 ) (1,241 )
Other operating expenses (1,538 ) (1,458 ) (1,436 )
Real estate impairment charge (258 ) (18 ) —
Operating income 322 505 617
Net other income (expense) 6 — 20
Interest expense (223 ) (197 ) (185 )
Income taxes (38 ) (77 ) (152 )
Income from continuing operations 67 231 300
Income (loss) from discontinued operations - net of tax (14 ) 11 7
Net income 53 242 307
Less: Net loss attributable to noncontrolling interests (15 ) — —
Net income attributable to common shareholders $ 68 $ 242 $ 307
deCemBer 31,
COndensed COnsOLidated BaLanCe sheets
Assets
Current assets $ 929 $ 882 $ 907
Investments and other assets 673 910 1,079
Property, plant and equipment - net 9,258 8,917 8,436
Deferred debits 948 911 740
Total assets $ 11,808 $ 11,620 $ 11,162
Liabilities and Equity
Current liabilities, excluding current maturities of long-term debt $ 805 $ 1,328 $ 1,180
Long-term debt 3,648 3,209 3,291
Deferred credits and other 4,009 3,589 3,159
Total equity 3,346 3,494 3,532
Total liabilities and equity $ 11,808 $ 11,620 $ 11,162
Year ended deCemBer 31,
COndensed COnsOLidated statements Of Cash fLOWs
Cash and cash equivalents at beginning of year $ 105 $ 56 $ 87
Net cash ow provided by operating activities 1,031 814 658
Net cash ow used for investing activities (705 ) (815 ) (873 )
Net cash ow provided by (used for) nancing activities (286 ) 50 184
Cash and cash equivalents at end of year $ 145 $ 105 $ 56
Complete audited consolidatednancial statements can be found
in our Annual Report on Form 10-K online at pinnaclewest.com.
P.21