Attached files
| file | filename |
|---|---|
| 8-K - 8-K - ARIZONA PUBLIC SERVICE CO | a12-5522_18k.htm |
| EX-99.1 - EX-99.1 - ARIZONA PUBLIC SERVICE CO | a12-5522_1ex99d1.htm |
| EX-99.3 - EX-99.3 - ARIZONA PUBLIC SERVICE CO | a12-5522_1ex99d3.htm |
| EX-99.4 - EX-99.4 - ARIZONA PUBLIC SERVICE CO | a12-5522_1ex99d4.htm |
Exhibit 99.2
Last Updated 2/24/2012
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended December 31, 2011 and 2010
|
|
|
|
|
3 Months Ended December |
|
12 Months Ended December |
| ||||||||||||||
|
Line |
|
|
|
2011 |
|
2010 |
|
Incr (Decr) |
|
2011 |
|
2010 |
|
Incr (Decr) |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
EARNINGS CONTRIBUTION BY SUBSIDIARY ($ Millions) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
| ||||||
|
1 |
|
Arizona Public Service |
|
$ |
22 |
|
$ |
13 |
|
$ |
9 |
|
$ |
364 |
|
$ |
356 |
|
$ |
8 |
|
|
2 |
|
APS Energy Services |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
3 |
|
SunCor |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
4 |
|
El Dorado |
|
— |
|
— |
|
— |
|
— |
|
2 |
|
(2 |
) | ||||||
|
5 |
|
Parent Company |
|
(2 |
) |
(3 |
) |
1 |
|
(8 |
) |
(13 |
) |
5 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
6 |
|
Income From Continuing Operations |
|
20 |
|
10 |
|
10 |
|
356 |
|
345 |
|
11 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
Income (Loss) From Discontinued Operations - Net of Tax |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
7 |
|
SunCor |
|
— |
|
— |
|
— |
|
(2 |
) |
(9 |
) |
7 |
| ||||||
|
8 |
|
Other |
|
— |
|
2 |
|
(2 |
) |
13 |
|
34 |
|
(21 |
) | ||||||
|
9 |
|
Total |
|
— |
|
2 |
|
(2 |
) |
11 |
|
25 |
|
(14 |
) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
10 |
|
Net Income |
|
20 |
|
12 |
|
8 |
|
367 |
|
370 |
|
(3 |
) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
11 |
|
Less: Net Income (Loss) Attributable to Noncontrolling Interests |
|
7 |
|
5 |
|
2 |
|
28 |
|
20 |
|
8 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
12 |
|
Net Income Attributable to Common Shareholders |
|
$ |
13 |
|
$ |
7 |
|
$ |
6 |
|
$ |
339 |
|
$ |
350 |
|
$ |
(11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
EARNINGS PER SHARE BY SUBSIDIARY - DILUTED |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
13 |
|
Arizona Public Service |
|
$ |
0.20 |
|
$ |
0.12 |
|
$ |
0.08 |
|
$ |
3.31 |
|
$ |
3.32 |
|
$ |
(0.01 |
) |
|
14 |
|
APS Energy Services |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
15 |
|
SunCor |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
16 |
|
El Dorado |
|
— |
|
— |
|
— |
|
— |
|
0.01 |
|
(0.01 |
) | ||||||
|
17 |
|
Parent Company |
|
(0.02 |
) |
(0.02 |
) |
— |
|
(0.07 |
) |
(0.11 |
) |
0.04 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
18 |
|
Income From Continuing Operations |
|
0.18 |
|
0.10 |
|
0.08 |
|
3.24 |
|
3.22 |
|
0.02 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
Income (Loss) From Discontinued Operations - Net of Tax |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
19 |
|
SunCor |
|
— |
|
— |
|
— |
|
(0.02 |
) |
(0.08 |
) |
0.06 |
| ||||||
|
20 |
|
Other |
|
— |
|
0.02 |
|
(0.02 |
) |
0.12 |
|
0.32 |
|
(0.20 |
) | ||||||
|
21 |
|
Total |
|
— |
|
0.02 |
|
(0.02 |
) |
0.10 |
|
0.24 |
|
(0.14 |
) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
22 |
|
Net Income |
|
0.18 |
|
0.12 |
|
0.06 |
|
3.34 |
|
3.46 |
|
(0.12 |
) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
23 |
|
Less: Net Income (Loss) Attributable to Noncontrolling Interests |
|
0.07 |
|
0.05 |
|
0.02 |
|
0.25 |
|
0.19 |
|
0.06 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
24 |
|
Net Income Attributable to Common Shareholders |
|
$ |
0.11 |
|
$ |
0.07 |
|
$ |
0.04 |
|
$ |
3.09 |
|
$ |
3.27 |
|
$ |
(0.18 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
25 |
|
BOOK VALUE PER SHARE |
|
$ |
34.98 |
|
$ |
33.86 |
|
$ |
1.12 |
|
$ |
34.98 |
|
$ |
33.86 |
|
$ |
1.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
COMMON SHARES OUTSTANDING (Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
26 |
|
Average - Diluted |
|
110,077 |
|
109,224 |
|
853 |
|
109,864 |
|
107,138 |
|
2,726 |
| ||||||
|
27 |
|
End of Period |
|
109,246 |
|
108,770 |
|
476 |
|
109,246 |
|
108,770 |
|
476 |
| ||||||
See Glossary of Terms.
Last Updated 2/24/2012
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended December 31, 2011 and 2010
|
|
|
|
|
3 Months Ended December |
|
12 Months Ended December |
| ||||||||||||||
|
Line |
|
|
|
2011 |
|
2010 |
|
Incr (Decr) |
|
2011 |
|
2010 |
|
Incr (Decr) |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
ELECTRIC OPERATING REVENUES (Dollars in Millions) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
REGULATED ELECTRICITY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
Retail |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
28 |
|
Residential |
|
$ |
285 |
|
$ |
281 |
|
$ |
4 |
|
$ |
1,539 |
|
$ |
1,504 |
|
$ |
35 |
|
|
29 |
|
Business |
|
335 |
|
325 |
|
10 |
|
1,454 |
|
1,441 |
|
13 |
| ||||||
|
30 |
|
Total retail |
|
619 |
|
606 |
|
13 |
|
2,993 |
|
2,945 |
|
48 |
| ||||||
|
|
|
Wholesale revenue on delivered electricity |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
31 |
|
Traditional contracts |
|
13 |
|
11 |
|
2 |
|
68 |
|
65 |
|
3 |
| ||||||
|
32 |
|
Off-system sales |
|
11 |
|
20 |
|
(9 |
) |
59 |
|
86 |
|
(27 |
) | ||||||
|
33 |
|
Transmission for others |
|
6 |
|
8 |
|
(2 |
) |
30 |
|
34 |
|
(4 |
) | ||||||
|
34 |
|
Other miscellaneous services |
|
16 |
|
10 |
|
6 |
|
87 |
|
50 |
|
37 |
| ||||||
|
35 |
|
Total regulated operating electricity revenues |
|
667 |
|
655 |
|
12 |
|
3,237 |
|
3,180 |
|
57 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
MARKETING AND TRADING |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
36 |
|
Electricity and other commodity sales |
|
— |
|
— |
|
— |
|
— |
|
1 |
|
(1 |
) | ||||||
|
37 |
|
Total operating electric revenues |
|
$ |
667 |
|
$ |
655 |
|
$ |
12 |
|
$ |
3,237 |
|
$ |
3,181 |
|
$ |
56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
ELECTRIC SALES (GWH) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
REGULATED ELECTRICITY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
Retail sales |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
38 |
|
Residential |
|
2,598 |
|
2,613 |
|
(15 |
) |
13,290 |
|
13,035 |
|
255 |
| ||||||
|
39 |
|
Business |
|
3,540 |
|
3,463 |
|
77 |
|
14,920 |
|
14,674 |
|
246 |
| ||||||
|
40 |
|
Total retail |
|
6,139 |
|
6,076 |
|
63 |
|
28,210 |
|
27,709 |
|
501 |
| ||||||
|
|
|
Wholesale electricity delivered |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
41 |
|
Traditional contracts |
|
185 |
|
127 |
|
58 |
|
959 |
|
750 |
|
209 |
| ||||||
|
42 |
|
Off-system sales |
|
447 |
|
674 |
|
(227 |
) |
2,333 |
|
2,742 |
|
(409 |
) | ||||||
|
43 |
|
Retail load hedge management |
|
31 |
|
96 |
|
(65 |
) |
153 |
|
659 |
|
(507 |
) | ||||||
|
44 |
|
Total regulated electricity |
|
6,802 |
|
6,973 |
|
(172 |
) |
31,655 |
|
31,860 |
|
(205 |
) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
MARKETING AND TRADING |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
45 |
|
Wholesale sales of electricity |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
46 |
|
Total electric sales |
|
6,802 |
|
6,973 |
|
(172 |
) |
31,655 |
|
31,860 |
|
(205 |
) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
POWER SUPPLY ADJUSTOR (“PSA”) - REGULATED ELECTRICITY SEGMENT (Dollars in Millions) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
47 |
|
Deferred fuel and purchased power regulatory asset - beginning balance |
|
$ |
32 |
|
$ |
(41 |
) |
$ |
73 |
|
$ |
(58 |
) |
$ |
(87 |
) |
$ |
29 |
|
|
48 |
|
Deferred fuel and purchased power costs - current period |
|
(38 |
) |
(44 |
) |
6 |
|
(69 |
) |
(93 |
) |
24 |
| ||||||
|
49 |
|
Interest on deferred fuel |
|
|
|
— |
|
— |
|
|
|
— |
|
— |
| ||||||
|
50 |
|
Amounts recovered through revenues |
|
34 |
|
27 |
|
7 |
|
155 |
|
122 |
|
33 |
| ||||||
|
51 |
|
Deferred fuel and purchased power regulatory asset - ending balance |
|
$ |
28 |
|
$ |
(58 |
) |
$ |
86 |
|
$ |
28 |
|
$ |
(58 |
) |
$ |
86 |
|
See Glossary of Terms.
Last Updated 2/24/2012
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended December 31, 2011 and 2010
|
|
|
|
|
3 Months Ended December |
|
12 Months Ended December |
| ||||||||
|
Line |
|
|
|
2011 |
|
2010 |
|
Incr (Decr) |
|
2011 |
|
2010 |
|
Incr (Decr) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE ELECTRIC CUSTOMERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail customers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52 |
|
Residential |
|
995,645 |
|
990,319 |
|
5,326 |
|
994,244 |
|
989,989 |
|
4,255 |
|
|
53 |
|
Business |
|
126,497 |
|
125,232 |
|
1,265 |
|
125,992 |
|
125,320 |
|
672 |
|
|
54 |
|
Total |
|
1,122,142 |
|
1,115,551 |
|
6,591 |
|
1,120,236 |
|
1,115,309 |
|
4,927 |
|
|
55 |
|
Wholesale customers |
|
46 |
|
51 |
|
(5 |
) |
46 |
|
51 |
|
(5 |
) |
|
56 |
|
Total customers |
|
1,122,188 |
|
1,115,602 |
|
6,586 |
|
1,120,282 |
|
1,115,360 |
|
4,922 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
57 |
|
Customer growth (% over prior year) |
|
0.6 |
% |
0.5 |
% |
0.1 |
% |
0.4 |
% |
0.6 |
% |
(0.2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RETAIL SALES (GWH) - WEATHER NORMALIZED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
58 |
|
Residential |
|
2,540 |
|
2,579 |
|
(39 |
) |
13,252 |
|
13,215 |
|
36 |
|
|
59 |
|
Business |
|
3,531 |
|
3,437 |
|
94 |
|
14,931 |
|
14,809 |
|
122 |
|
|
60 |
|
Total |
|
6,071 |
|
6,016 |
|
55 |
|
28,183 |
|
28,025 |
|
158 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RETAIL USAGE (KWh/Average Customer) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
61 |
|
Residential |
|
2,610 |
|
2,639 |
|
(29 |
) |
13,367 |
|
13,167 |
|
200 |
|
|
62 |
|
Business |
|
27,988 |
|
27,654 |
|
334 |
|
118,421 |
|
117,092 |
|
1,329 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RETAIL USAGE - WEATHER NORMALIZED (KWh/Average Customer) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
63 |
|
Residential |
|
2,552 |
|
2,604 |
|
(53 |
) |
13,328 |
|
13,349 |
|
(21 |
) |
|
64 |
|
Business |
|
27,911 |
|
27,443 |
|
468 |
|
118,509 |
|
118,171 |
|
338 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ELECTRICITY DEMAND (MW) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
65 |
|
Native load peak demand |
|
5,221 |
|
5,761 |
|
(541 |
) |
7,087 |
|
6,936 |
|
151 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEATHER INDICATORS - RESIDENTIAL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
66 |
|
Cooling degree-days |
|
62 |
|
60 |
|
2 |
|
1,820 |
|
1,740 |
|
80 |
|
|
67 |
|
Heating degree-days |
|
442 |
|
309 |
|
133 |
|
1,056 |
|
829 |
|
227 |
|
|
68 |
|
Average humidity |
|
25 |
% |
38 |
% |
(13 |
)% |
22 |
% |
26 |
% |
(4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10-Year Averages |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
69 |
|
Cooling degree-days |
|
46 |
|
46 |
|
0 |
% |
1,783 |
|
1,783 |
|
0 |
% |
|
70 |
|
Heating degree-days |
|
382 |
|
382 |
|
0 |
% |
895 |
|
895 |
|
0 |
% |
|
71 |
|
Average humidity |
|
36 |
% |
36 |
% |
0 |
% |
26 |
% |
26 |
% |
0 |
% |
See Glossary of Terms.
Last Updated 2/24/2012
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended December 31, 2011 and 2010
|
|
|
|
|
3 Months Ended December |
|
12 Months Ended December |
| ||||||||
|
Line |
|
|
|
2011 |
|
2010 |
|
Incr (Decr) |
|
2011 |
|
2010 |
|
Incr (Decr) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENERGY SOURCES (GWH) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Generation production |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
72 |
|
Nuclear |
|
2,041 |
|
2,169 |
|
(128 |
) |
9,102 |
|
9,079 |
|
23 |
|
|
73 |
|
Coal |
|
2,929 |
|
3,160 |
|
(231 |
) |
12,248 |
|
12,383 |
|
(135 |
) |
|
74 |
|
Gas, oil and other |
|
1,675 |
|
1,314 |
|
361 |
|
5,705 |
|
5,366 |
|
339 |
|
|
75 |
|
Total generation production |
|
6,644 |
|
6,643 |
|
1 |
|
27,055 |
|
26,828 |
|
227 |
|
|
|
|
Purchased power |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
76 |
|
Firm load |
|
576 |
|
611 |
|
(35 |
) |
5,419 |
|
5,429 |
|
(10 |
) |
|
77 |
|
Marketing and trading |
|
79 |
|
206 |
|
(127 |
) |
933 |
|
1,531 |
|
(598 |
) |
|
78 |
|
Total purchased power |
|
655 |
|
817 |
|
(162 |
) |
6,352 |
|
6,960 |
|
(608 |
) |
|
79 |
|
Total energy sources |
|
7,299 |
|
7,460 |
|
(161 |
) |
33,407 |
|
33,788 |
|
(381 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
POWER PLANT PERFORMANCE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capacity Factors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
80 |
|
Nuclear |
|
81 |
% |
86 |
% |
(5 |
)% |
91 |
% |
91 |
% |
(0 |
)% |
|
81 |
|
Coal |
|
76 |
% |
82 |
% |
(6 |
)% |
80 |
% |
81 |
% |
(1 |
)% |
|
82 |
|
Gas, oil and other |
|
22 |
% |
18 |
% |
4 |
% |
19 |
% |
18 |
% |
1 |
% |
|
83 |
|
System average |
|
48 |
% |
48 |
% |
(0 |
)% |
49 |
% |
49 |
% |
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ECONOMIC INDICATORS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Building Permits - Metro Phoenix (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
84 |
|
Single-family |
|
1,348 |
|
904 |
|
444 |
|
6,273 |
|
5,613 |
|
660 |
|
|
85 |
|
Multi-family |
|
818 |
|
164 |
|
654 |
|
2,462 |
|
755 |
|
1,707 |
|
|
86 |
|
Total |
|
2,166 |
|
1,068 |
|
1,098 |
|
8,735 |
|
6,368 |
|
2,367 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arizona Job Growth (b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
87 |
|
Payroll job growth (% over prior year) |
|
1.9 |
% |
(0.4 |
)% |
2.2 |
% |
0.9 |
% |
(2.1 |
)% |
3.0 |
% |
|
88 |
|
Unemployment rate (%, seasonally adjusted) |
|
8.8 |
% |
9.7 |
% |
(0.9 |
)% |
9.2 |
% |
9.9 |
% |
(0.7 |
)% |
Sources:
(a) Arizona Real Estate Center, Arizona State University W.P. Carey College of Business
(b) Arizona Department of Economic Security
See Glossary of Terms.