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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
OPERATING REVENUES (NOTE 2) $ 3,586,982 $ 3,471,209 $ 3,691,247
OPERATING EXPENSES      
Fuel and purchased power 993,419 1,042,237 1,076,116
Operations and maintenance 958,910 941,616 1,036,744
Depreciation and amortization 614,378 590,929 582,354
Taxes other than income taxes 224,835 218,579 212,849
Other expenses 7,288 5,888 9,497
Total 2,798,830 2,799,249 2,917,560
Operating loss 788,152 671,960 773,687
OTHER INCOME (DEDUCTIONS)      
Allowance for equity funds used during construction (Note 1) 33,776 31,431 52,319
Pension and other postretirement non-service credits - net (Note 8) 56,341 22,989 49,791
Other income (Note 17) 56,703 50,263 24,896
Other expense (Note 17) (57,776) (17,880) (17,966)
Total 89,044 86,803 109,040
INTEREST EXPENSE      
Interest charges 247,501 235,251 243,465
Allowance for borrowed funds used during construction (Note 1) (18,530) (18,528) (25,180)
Total 228,971 216,723 218,285
INCOME BEFORE INCOME TAXES 648,225 542,040 664,442
Income tax benefit 78,173 (15,773) 133,902
NET INCOME 570,052 557,813 530,540
Less: Net income attributable to noncontrolling interests (Note 18) 19,493 19,493 19,493
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 550,559 $ 538,320 $ 511,047
Net effect of dilutive securities:      
Weighted Average common shares outstanding — basic (in shares) 112,666 112,443 112,129
Weighted Average common shares outstanding — diluted (in shares) 112,942 112,758 112,550
EARNINGS PER WEIGHTED-AVERAGE COMMON SHARE OUTSTANDING      
Net income attributable to common shareholders - basic (in dollars per share) $ 4.89 $ 4.79 $ 4.56
Net income attributable to common shareholders — diluted (in dollars per share) $ 4.87 $ 4.77 $ 4.54
ARIZONA PUBLIC SERVICE COMPANY      
OPERATING REVENUES (NOTE 2) $ 3,586,982 $ 3,471,209 $ 3,688,342
OPERATING EXPENSES      
Fuel and purchased power 993,419 1,042,237 1,094,020
Operations and maintenance 945,181 926,716 969,227
Depreciation and amortization 614,293 590,844 580,694
Taxes other than income taxes 224,790 218,540 212,136
Other expenses 7,288 5,888 2,497
Total 2,784,971 2,784,225 2,858,574
Operating loss 802,011 686,984 829,768
OTHER INCOME (DEDUCTIONS)      
Allowance for equity funds used during construction (Note 1) 33,776 31,431 52,319
Pension and other postretirement non-service credits - net (Note 8) 57,359 24,529 51,242
Other income (Note 17) 51,755 46,884 22,746
Other expense (Note 17) (53,694) (12,990) (15,292)
Total 89,196 89,854 111,015
INTEREST EXPENSE      
Interest charges 233,452 220,174 231,391
Allowance for borrowed funds used during construction (Note 1) (18,530) (18,528) (25,180)
Total 214,922 201,646 206,211
INCOME BEFORE INCOME TAXES 676,285 575,192 734,572
Income tax benefit 88,764 (9,572) 144,814
NET INCOME 587,521 584,764 589,758
Less: Net income attributable to noncontrolling interests (Note 18) 19,493 19,493 19,493
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 568,028 $ 565,271 $ 570,265