APS 2011 Annual Report Download - page 175
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 |
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PINNACLE WEST CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
150
2011 2010 2009
Revenue:
SunCor $ 1 $ 30 $ 114
APSES 36 127 40
Total revenue $ 37 $ 157 $ 154
Income (loss) before taxes:
SunCor $ (2) $ (10) $ (276)
APSES 21 51 (3)
Total income (loss) before taxes $ 19 $ 41 $ (279)
Income (loss) after taxes:
SunCor (a) $ (1) $ (6) $ (167)
APSES 12 31 (2)
Total income (loss) after taxes $ 11 $ 25 $ (169)
(a) Includes a tax benefit recognized by the parent company in accordance with an
intercompany tax sharing agreement of $1 million for the year ended December 31,
2011, $4 million for the year ended December 31, 2010, and $113 million for the
year ended December 31, 2009.
22. Real Estate Impairment Charge
In 2009, SunCor undertook and completed a review of its assets and strategies within its
various markets as a result of the distressed conditions in real estate and credit markets. Based on the
results of the review, on March 27, 2009, SunCor’s Board of Directors authorized a series of strategic
transactions to dispose of SunCor’s homebuilding operations, master-planned communities, land
parcels, commercial assets and golf courses in order to reduce SunCor’s outstanding debt. As a
result, SunCor took impairment charges in 2009 and 2010. There have been no additional
impairments in 2011. All SunCor’s operations are reflected in discontinued operations (see Note 21).
The detail of the impairment charge is as follows (dollars in millions, and before income taxes):
2010 2009
Discontinued Operations:
Homebuilding and master-planned communities $ 1 $ 170
Land parcels and commercial assets 11 87
Golf courses 1 23
Other 4 --
Subtotal 17 280
Less noncontrolling interests -- (14)
Total $ 17 $ 266
23. Nuclear Decommissioning Trust
To fund the costs APS expects to incur to decommission Palo Verde, APS established
external decommissioning trusts in accordance with NRC regulations. Third-party investment
managers are authorized to buy and sell securities per their stated investment guidelines. The trust