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, 2019, 2018, 2017, 2016 and 2015 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.



	2019		2018		2017		2016		2015
	(dollars in thousands, except per share amounts)
OPERATING RESULTS
Operating revenues	$	3,471,209	$	3,691,247	$	3,565,296	$	3,498,682	$	3,495,443
Net income	557,813		530,540		507,949		461,527		456,190
Less: Net income attributable to noncontrolling interests	19,493		19,493		19,493		19,493		18,933
Net income attributable to common shareholders	$	538,320	$	511,047	$	488,456	$	442,034	$	437,257
COMMON STOCK DATA
Book value per share – year-end	$	48.30	$	46.59	$	44.80	$	43.14	$	41.30
Earnings per weighted-average common share outstanding:
Net income attributable to common shareholders – basic	$	4.79	$	4.56	$	4.37	$	3.97	$	3.94
Net income attributable to common shareholders – diluted	$	4.77	$	4.54	$	4.35	$	3.95	$	3.92
Dividends declared per share	$	3.04	$	2.87	$	2.70	$	2.56	$	2.44
Weighted-average common shares outstanding – basic	112,442,818		112,129,017		111,838,922		111,408,729		111,025,944
Weighted-average common shares outstanding – diluted	112,758,059		112,549,722		112,366,675		112,046,043		111,552,130
BALANCE SHEET DATA
Total assets	$	18,479,247	$	17,664,202	$	17,019,082	$	16,004,253	$	15,028,258
Liabilities and equity:
Current liabilities	$	2,078,365	$	1,648,964	$	1,197,852	$	1,292,946	$	1,442,317
Long-term debt less current maturities	4,832,558		4,638,232		4,789,713		4,021,785		3,462,391
Deferred credits and other	6,015,136		6,028,301		5,895,787		5,753,610		5,404,093
Total liabilities	12,926,059		12,315,497		11,883,352		11,068,341		10,308,801
Total equity	5,553,188		5,348,705		5,135,730		4,935,912		4,719,457
Total liabilities and equity	$	18,479,247	$	17,664,202	$	17,019,082	$	16,004,253	$	15,028,258

SELECTED FINANCIAL DATA

ARIZONA PUBLIC SERVICE COMPANY – CONSOLIDATED



	2019			2018		2017		2016		2015
	(dollars in thousands)
OPERATING RESULTS
Operating revenues	$	3,471,209		$	3,688,342	$	3,557,652	$	3,498,090	$	3,494,900
Fuel and purchased power costs	1,042,237			1,094,020		992,744		1,082,625		1,101,298
Other operating expenses	1,741,988			1,764,554		1,640,369		1,556,980		1,556,670
Operating income	686,984			829,768		924,539		858,485		836,932
Other income	89,854			111,015		60,482		52,081		54,225
Interest expense — net of allowance for borrowed funds	201,646			206,211		192,051		183,090		176,109
Net income before income taxes	575,192			734,572		792,970		727,476		715,048
Income taxes	(9,572		)	144,814		269,168		245,842		245,841
Net income	584,764			589,758		523,802		481,634		469,207
Less: Net income attributable to noncontrolling interests	19,493			19,493		19,493		19,493		18,933
Net income attributable to common shareholder	$	565,271		$	570,265	$	504,309	$	462,141	$	450,274
BALANCE SHEET DATA
Total assets	$	18,370,723		$	17,565,323	$	16,893,751	$	15,931,175	$	14,982,182
Liabilities and equity:
Total equity	$	5,998,803		$	5,786,797	$	5,385,869	$	5,037,970	$	4,814,794
Long-term debt less current maturities	4,833,133			4,189,436		4,491,292		4,021,785		3,337,391
Total capitalization	10,831,936			9,976,233		9,877,161		9,059,755		8,152,185
Current liabilities	1,492,029			1,576,097		1,098,274		1,094,037		1,424,708
Deferred credits and other	6,046,758			6,012,993		5,918,316		5,777,383		5,405,289
Total liabilities and equity	$	18,370,723		$	17,565,323	$	16,893,751	$	15,931,175	$	14,982,182

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