APS 2011 Annual Report Download - page 108

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PINNACLE WEST CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands)
Year Ended December 31,
2011 2010 2009
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income $ 366,940 $ 370,209 $ 72,764
Adjustments to reconcile net income to net cash provided by
operating activities:
Gain on sale of energy-related products and services business (10,404) -- --
Gain on sale of district cooling business -- (41,973) --
Depreciation and amortization including nuclear fuel 493,784 472,807 450,864
Deferred fuel and purchased power 69,166 93,631 (51,742)
Deferred fuel and purchased power amortization (155,157) (122,481) 147,018
Allowance for equity funds used during construction (23,707) (22,066) (14,999)
Real estate impairment charges -- 16,731 280,188
Gain on real estate debt restructuring -- (16,755) --
Deferred income taxes 176,192 260,411 105,492
Change in mark-to-market valuations 4,064 2,688 (6,939)
Changes in current assets and liabilities:
Customer and other receivables 40,626 (67,943) 12,292
Accrued unbilled revenues (21,947) 7,679 (10,882)
Materials, supplies and fossil fuel (23,398) 12,276 (12,261)
Other current assets (3,079) 9,375 38,406
Accounts payable 58,346 9,125 (27,328)
Accrued taxes and income tax receivable – net 12,068 24,222 (31,792)
Other current liabilities 20,358 2,921 57,280
Change in margin and collateral accounts – assets 33,349 (9,937) (12,806)
Change in margin and collateral accounts – liabilities 29,731 (88,315) 35,654
Change in long term income tax receivable (3,530) -- (131,984)
Change in unrecognized tax benefits 8,410 (73,621) 137,898
Change in other regulatory liabilities 37,009 56,801 82,650
Change in other long-term assets (41,722) (47,940) (64,629)
Change in other long-term liabilities 58,484 (97,388) 12,161
Net cash flow provided by operating activities 1,125,583 750,457 1,067,305
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (884,350) (748,374) (764,609)
Contributions in aid of construction 38,096 32,754 53,525
Allowance for borrowed funds used during construction (18,358) (16,778) (10,745)
Proceeds from sale of district cooling business -- 100,300 --
Proceeds from sale of energy-related products and services business 45,111 -- --
Proceeds from nuclear decommissioning trust sales 497,780 560,469 441,242
Investment in nuclear decommissioning trust (513,799) (584,885) (463,033)
Proceeds from sale of commercial real estate investments 1,375 72,038 43,370
Proceeds from sale of life insurance policies 55,444 -- --
Other (3,306) 8,576 (4,667)
Net cash flow used for investing activities (782,007) (575,900) (704,917)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of long-term debt 470,353 -- 867,469
Repayment of long-term debt (655,169) (106,572) (456,882)
Short-term borrowings and payments – net (16,600) (137,115) (516,754)
Dividends paid on common stock (221,728) (216,979) (205,076)
Common stock equity issuance 15,841 255,971 3,302
Distributions to noncontrolling interests (10,210) (11,403) (14,485)
Other (2,668) 6,351 171
Net cash flow used for financing activities (420,181) (209,747) (322,255)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (76,605) (35,190) 40,133
CASH AND CASH EQUIVALENTS AT
BEGINNING OF YEAR 110,188 145,378 105,245
CASH AND CASH EQUIVALENTS AT END OF YEAR $ 33,583 $ 110,188 $ 145,378
Supplemental disclosure of cash flow information
Cash paid during the period for:
Income taxes, net of (refunds) $ 10,324 $ (23,447) $ (52,776)
Interest, net of amounts capitalized $ 217,789 $ 221,728 $ 216,608
See Notes to Pinnacle West’s Consolidated Financial Statements.