APS 2012 Annual Report Download - page 197
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172
PINNACLE WEST CAPITAL CORPORATION HOLDING COMPANY
SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF REGISTRANT
CONDENSED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended December 31,
2012
2011
2010
Cash flows from operating activities
Net income
$ 381,542
$ 339,473
$ 350,053
Adjustments to reconcile net income to net
cash provided by operating activities:
Equity in earnings of subsidiaries – net
(391,528)
(335,859)
(358,527)
Depreciation and amortization
94
97
143
Gain on sale of energy-related business
--
(10,404)
--
Deferred income taxes
(15,135)
7,387
40,342
Customer and other receivables
28,763
(24,201)
(18,175)
Accounts payable
879
(2,677)
7,468
Accrued taxes and income tax receivables – net
(3,103)
7,512
59,640
Dividends received from subsidiaries
222,200
228,900
207,000
Other
(4,589)
19,270
423
Net cash flow provided by operating activities
219,123
229,498
288,367
Cash flows from investing activities
Investments in subsidiaries
--
--
(183,544)
Repayments of loans from subsidiaries
996
61,143
98,406
Proceeds from sale of energy-related products
and services business
--
45,111
--
Advances of loans to subsidiaries
(1,200)
(64,970)
(119,293)
Proceeds from sale of life insurance policies
--
9,357
--
Net cash flow provided by (used for)
investing activities
(204) 50,641 (204,431)
Cash flows from financing activities
Issuance of long-term debt
125,000
175,000
--
Short-term borrowings and payments – net
--
(16,600)
(132,487)
Dividends paid on common stock
(225,075)
(221,728)
(216,979)
Repayment of long-term debt
(125,000)
(225,000)
--
Common stock equity issuance
15,955
15,841
255,971
Other
170
(2,667)
--
Net cash flow used for financing activities
(208,950)
(275,154)
(93,495)
Net increase (decrease) in cash and cash equivalents
9,969
4,985
(9,559)
Cash and cash equivalents at beginning of year
12,710
7,725
17,284
Cash and cash equivalents at end of year
$ 22,679
$ 12,710
$ 7,725
See Notes to Pinnacle West’s Consolidated Financial Statements.