APS 2015 Annual Report Download - page 84

Table of Contents
PINNACLE WEST CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands)
Year Ended December 31,
2015
2014
2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income $ 456,190
$ 423,696
$ 439,966
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization including nuclear fuel 571,664
496,487
492,322
Deferred fuel and purchased power 14,997
(26,927)
21,678
Deferred fuel and purchased power amortization 1,617
40,757
31,190
Allowance for equity funds used during construction (35,215)
(30,790)
(25,581)
Deferred income taxes 236,819
159,023
249,296
Deferred investment tax credit 8,473
26,246
52,542
Change in derivative instruments fair value (381)
339
534
Changes in current assets and liabilities:
Customer and other receivables (22,219)
(52,672)
(44,991)
Accrued unbilled revenues 4,293
(3,737)
(1,951)
Materials, supplies and fossil fuel (23,945)
3,724
(11,878)
Income tax receivable 2,509
132,419
(133,094)
Other current assets 3,145
4,384
(17,913)
Accounts payable (34,266)
(353)
45,414
Accrued taxes (2,013)
9,615
6,059
Other current liabilities 603
17,892
(7,513)
Change in margin and collateral accounts — assets (324)
(343)
993
Change in margin and collateral accounts — liabilities 22,776
(24,975)
12,355
Change in long-term income tax receivable —
—
137,270
Change in unrecognized tax benefits (10,328)
2,778
(91,425)
Change in long-term regulatory liabilities (20,535)
59,618
64,473
Change in other long-term assets 2,426
(56,561)
(42,389)
Change in other long-term liabilities (81,959)
(80,993)
(24,050)
Net cash flow provided by operating activities 1,094,327
1,099,627
1,153,307
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (1,076,087)
(910,634)
(1,016,322)
Contributions in aid of construction 46,546
20,325
41,090
Allowance for borrowed funds used during construction (16,259)
(15,457)
(14,861)
Proceeds from nuclear decommissioning trust sales 478,813
356,195
446,025
Investment in nuclear decommissioning trust (496,062)
(373,444)
(463,274)
Other (3,184)
347
(2,059)
Net cash flow used for investing activities (1,066,233)
(922,668)
(1,009,401)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of long-term debt 842,415
731,126
136,307
Repayment of long-term debt (415,570)
(652,578)
(122,828)
Short-term borrowings and payments — net (147,400)
(5,725)
60,950
Dividends paid on common stock (260,027)
(246,671)
(235,244)
Common stock equity issuance - net of purchases 19,373
15,288
17,319
Distributions to noncontrolling interests (35,002)
(20,482)
(17,385)
Other 1
161
299
Net cash flow provided by (used for) financing activities 3,790
(178,881)
(160,582)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 31,884
(1,922)
(16,676)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 7,604
9,526
26,202
CASH AND CASH EQUIVALENTS AT END OF YEAR $ 39,488
$ 7,604
$ 9,526
The accompanying notes are an integral part of the financial statements.