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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
OPERATING REVENUES $ 3,498,682 $ 3,495,443 $ 3,491,632
OPERATING EXPENSES      
Fuel and purchased power 1,075,510 1,101,298 1,179,829
Operations and maintenance 911,319 868,377 908,025
Depreciation and amortization 485,829 494,422 417,358
Taxes other than income taxes 166,499 171,812 172,295
Other expenses 3,541 4,932 2,883
Total 2,642,698 2,640,841 2,680,390
OPERATING INCOME 855,984 854,602 811,242
OTHER INCOME (DEDUCTIONS)      
Allowance for equity funds used during construction (Note 1) 42,140 35,215 30,790
Other income (Note 17) 901 621 9,608
Other expense (Note 17) (15,337) (17,823) (21,746)
Total 27,704 18,013 18,652
INTEREST EXPENSE      
Interest charges 205,720 194,964 200,950
Allowance for borrowed funds used during construction (Note 1) (19,970) (16,259) (15,457)
Total 185,750 178,705 185,493
INCOME BEFORE INCOME TAXES 697,938 693,910 644,401
INCOME TAXES (Note 4) 236,411 237,720 220,705
NET INCOME 461,527 456,190 423,696
Less: Net income attributable to noncontrolling interests (Note 18) 19,493 18,933 26,101
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 442,034 $ 437,257 $ 397,595
Weighted Average common shares outstanding — basic (in shares) 111,409 111,026 110,626
Weighted Average common shares outstanding — diluted (in shares) 112,046 111,552 111,178
EARNINGS PER WEIGHTED-AVERAGE COMMON SHARE OUTSTANDING      
Net income attributable to common shareholders - basic (in dollars per share) $ 3.97 $ 3.94 $ 3.59
Net income attributable to common shareholders — diluted (in dollars per share) $ 3.95 $ 3.92 $ 3.58
ARIZONA PUBLIC SERVICE COMPANY      
ELECTRIC OPERATING REVENUES $ 3,489,754 $ 3,492,357 $ 3,488,946
OPERATING EXPENSES      
Fuel and purchased power 1,082,625 1,101,298 1,179,829
Operations and maintenance 879,108 853,135 882,442
Depreciation and amortization 484,909 494,298 417,264
Taxes other than income taxes 165,779 171,499 171,583
Income taxes (Note 4) 259,353 260,143 245,036
Total 2,871,774 2,880,373 2,896,154
OPERATING INCOME 617,980 611,984 592,792
OTHER INCOME (DEDUCTIONS)      
Income taxes (Note 4) 13,511 14,302 7,676
Allowance for equity funds used during construction (Note 1) 42,140 35,215 30,790
Other income (Note 17) 8,607 2,834 11,295
Other expense (Note 17) (17,514) (19,019) (13,403)
Total 46,744 33,332 36,358
INTEREST EXPENSE      
Interest on long-term debt 189,828 180,123 186,323
Interest on short-term borrowings 7,983 7,376 6,796
Debt discount, premium and expense 4,760 4,793 4,168
Allowance for borrowed funds used during construction (Note 1) (19,481) (16,183) (15,457)
Total 183,090 176,109 181,830
INCOME TAXES (Note 4) 245,842 245,841 237,360
NET INCOME 481,634 469,207 447,320
Less: Net income attributable to noncontrolling interests (Note 18) 19,493 18,933 26,101
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 462,141 $ 450,274 $ 421,219