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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
OPERATING REVENUES $ 3,565,296 $ 3,498,682 $ 3,495,443
OPERATING EXPENSES      
Fuel and purchased power 981,301 1,075,510 1,101,298
Operations and maintenance 924,443 911,319 868,377
Depreciation and amortization 534,118 485,829 494,422
Taxes other than income taxes 184,347 166,499 171,812
Other expenses 6,660 3,541 4,932
Total 2,630,869 2,642,698 2,640,841
OPERATING INCOME 934,427 855,984 854,602
OTHER INCOME (DEDUCTIONS)      
Allowance for equity funds used during construction (Note 1) 47,011 42,140 35,215
Other income (Note 17) 4,006 901 621
Other expense (Note 17) (21,539) (15,337) (17,823)
Total 29,478 27,704 18,013
INTEREST EXPENSE      
Interest charges 219,796 205,720 194,964
Allowance for borrowed funds used during construction (Note 1) (22,112) (19,970) (16,259)
Total 197,684 185,750 178,705
INCOME BEFORE INCOME TAXES 766,221 697,938 693,910
INCOME TAXES (Note 4) 258,272 236,411 237,720
NET INCOME 507,949 461,527 456,190
Less: Net income attributable to noncontrolling interests (Note 18) 19,493 19,493 18,933
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 488,456 $ 442,034 $ 437,257
Weighted Average common shares outstanding — basic (in shares) 111,839 111,409 111,026
Weighted Average common shares outstanding — diluted (in shares) 112,367 112,046 111,552
EARNINGS PER WEIGHTED-AVERAGE COMMON SHARE OUTSTANDING      
Net income attributable to common shareholders - basic (in dollars per share) $ 4.37 $ 3.97 $ 3.94
Net income attributable to common shareholders — diluted (in dollars per share) $ 4.35 $ 3.95 $ 3.92
ARIZONA PUBLIC SERVICE COMPANY      
ELECTRIC OPERATING REVENUES $ 3,554,139 $ 3,489,754 $ 3,492,357
OPERATING EXPENSES      
Fuel and purchased power 992,744 1,082,625 1,101,298
Operations and maintenance 891,129 879,108 853,135
Depreciation and amortization 532,423 484,909 494,298
Taxes other than income taxes 182,979 165,779 171,499
Income taxes (Note 4) 275,295 259,353 260,143
Total 2,874,570 2,871,774 2,880,373
OPERATING INCOME 679,569 617,980 611,984
OTHER INCOME (DEDUCTIONS)      
Income taxes (Note 4) 6,127 13,511 14,302
Allowance for equity funds used during construction (Note 1) 47,011 42,140 35,215
Other income (Note 17) 6,526 8,607 2,834
Other expense (Note 17) (23,380) (17,514) (19,019)
Total 36,284 46,744 33,332
INTEREST EXPENSE      
Interest on long-term debt 200,211 189,828 180,123
Interest on short-term borrowings 9,119 7,983 7,376
Debt discount, premium and expense 4,833 4,760 4,793
Allowance for borrowed funds used during construction (Note 1) (22,112) (19,481) (16,183)
Total 192,051 183,090 176,109
INCOME TAXES (Note 4) 269,168 245,842 245,841
NET INCOME 523,802 481,634 469,207
Less: Net income attributable to noncontrolling interests (Note 18) 19,493 19,493 18,933
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 504,309 $ 462,141 $ 450,274