Item 6. SELECTED FINANCIAL DATA

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Item 6. SELECTED FINANCIAL DATA

PINNACLE WEST CAPITAL CORPORATION – CONSOLIDATED

The selected data presented below as of and for the years ended December 31, 2018, 2017, 2016, 2015 and 2014 are derived from the Consolidated Financial Statements. The data should be read in connection with the Consolidated Financial Statements including the related notes included in Item 8 of this Form 10-K.



	2018		2017		2016		2015		2014
	(dollars in thousands, except per share amounts)
OPERATING RESULTS
Operating revenues	$	3,691,247	$	3,565,296	$	3,498,682	$	3,495,443	$	3,491,632
Net income	530,540		507,949		461,527		456,190		423,696
Less: Net income attributable to noncontrolling interests	19,493		19,493		19,493		18,933		26,101
Net income attributable to common shareholders	$	511,047	$	488,456	$	442,034	$	437,257	$	397,595
COMMON STOCK DATA
Book value per share – year-end	$	46.59	$	44.80	$	43.14	$	41.30	$	39.50
Earnings per weighted-average common share outstanding:
Net income attributable to common shareholders – basic	$	4.56	$	4.37	$	3.97	$	3.94	$	3.59
Net income attributable to common shareholders – diluted	$	4.54	$	4.35	$	3.95	$	3.92	$	3.58
Dividends declared per share	$	2.87	$	2.70	$	2.56	$	2.44	$	2.33
Weighted-average common shares outstanding – basic	112,129,017		111,838,922		111,408,729		111,025,944		110,626,101
Weighted-average common shares outstanding – diluted	112,549,722		112,366,675		112,046,043		111,552,130		111,178,141
BALANCE SHEET DATA
Total assets	$	17,664,202	$	17,019,082	$	16,004,253	$	15,028,258	$	14,288,890
Liabilities and equity:
Current liabilities	$	1,648,964	$	1,197,852	$	1,292,946	$	1,442,317	$	1,559,143
Long-term debt less current maturities	4,638,232		4,789,713		4,021,785		3,462,391		3,006,573
Deferred credits and other	6,028,301		5,895,787		5,753,610		5,404,093		5,204,072
Total liabilities	12,315,497		11,883,352		11,068,341		10,308,801		9,769,788
Total equity	5,348,705		5,135,730		4,935,912		4,719,457		4,519,102
Total liabilities and equity	$	17,664,202	$	17,019,082	$	16,004,253	$	15,028,258	$	14,288,890

SELECTED FINANCIAL DATA

ARIZONA PUBLIC SERVICE COMPANY – CONSOLIDATED



	2018		2017		2016		2015		2014
	(dollars in thousands)
OPERATING RESULTS
Operating revenues	$	3,688,342	$	3,557,652	$	3,498,090	$	3,494,900	$	3,490,998
Fuel and purchased power costs	1,094,020		992,744		1,082,625		1,101,298		1,179,829
Other operating expenses	1,764,554		1,640,369		1,556,980		1,556,670		1,505,644
Operating income	829,768		924,539		858,485		836,932		805,525
Other income	111,015		60,482		52,081		54,225		60,985
Interest expense — net of allowance for borrowed funds	206,211		192,051		183,090		176,109		181,830
Net income before income taxes	734,572		792,970		727,476		715,048		684,680
Income taxes	144,814		269,168		245,842		245,841		237,360
Net income	589,758		523,802		481,634		469,207		447,320
Less: Net income attributable to noncontrolling interests	19,493		19,493		19,493		18,933		26,101
Net income attributable to common shareholder	$	570,265	$	504,309	$	462,141	$	450,274	$	421,219
BALANCE SHEET DATA
Total assets	$	17,565,323	$	16,893,751	$	15,931,175	$	14,982,182	$	14,190,362
Liabilities and equity:
Total equity	$	5,786,797	$	5,385,869	$	5,037,970	$	4,814,794	$	4,629,852
Long-term debt less current maturities	4,189,436		4,491,292		4,021,785		3,337,391		2,881,573
Total capitalization	9,976,233		9,877,161		9,059,755		8,152,185		7,511,425
Current liabilities	1,576,097		1,098,274		1,094,037		1,424,708		1,532,464
Deferred credits and other	6,012,993		5,918,316		5,777,383		5,405,289		5,146,473
Total liabilities and equity	$	17,565,323	$	16,893,751	$	15,931,175	$	14,982,182	$	14,190,362

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