APS 2011 Annual Report Download - page 20

PINNACLE WEST CAPITAL CORPORATION
(DOLLARS IN MILLIONS) 2011 2010 2009
YEAR ENDED DECEMBER 31,
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Operating revenues $ 3,241 $ 3,189 $ 3,154
Fuel and purchased power (1,009) (1,047) (1,179)
Other operating expenses (1,485 ) (1,427 ) (1,359 )
Operating income 747 715 616
Net other income 16 19 6
Interest expense (224) (228) (227)
Income taxes (183 ) (161 ) (139 )
Income from continuing operations 356 345 256
Income (loss) from discontinued operations — net of tax 11 25 (183 )
Net income 367 370 73
Less: Net income attributable to noncontrolling interests 28 20 5
Net income attributable to common shareholders $339 $350 $ 68
DECEMBER 31,
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
Current assets $ 956 $ 1,024 $ 1,024
Investments and other assets 628 625 673
Property, plant and equipment — net 9,962 9,579 9,405
Deferred debits 1,565 1,165 933
Total assets $ 13,111 $ 12,393 $ 12,035
LIABILITIES AND EQUITY
Current liabilities, excluding current maturities of long-term debt `$865 $818 $976
Long-term debt 3,496 3,678 3,800
Deferred credits and other 4,819 4,122 3,831
Total equity 3,931 3,775 3,428
Total liabilities and equity $ 13,111 $ 12,393 $ 12,035
YEAR ENDED DECEMBER 31,
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Cash and cash equivalents at beginning of year $ 110 $ 145 $ 105
Net cash ow provided by operating activities 1,126 751 1,067
Net cash ow used for investing activities (782 ) (576 ) (705 )
Net cash ow used for nancing activities (420)(210) (322)
Cash and cash equivalents at end of year $ 34 $ 110 $ 145
Complete audited consolidated financial statements are included in our Annual Report on Form 10-K.
18 / CONDENSED CONSOLIDATED FINANCIAL STATEMENTS