CONSOLIDATED STATEMENTS OF INCOME (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
OPERATING REVENUES	$ 3,491,632	$ 3,454,628	$ 3,301,804
OPERATING EXPENSES
Fuel and purchased power	1,179,829	1,095,709	994,790
Operations and maintenance	908,025	924,727	884,769
Depreciation and amortization	417,358	415,708	404,336
Taxes other than income taxes	172,295	164,167	159,323
Other expenses	2,883	7,994	6,831
Total	2,680,390	2,608,305	2,450,049
OPERATING INCOME	811,242	846,323	851,755
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction (Note 1)	30,790	25,581	22,436
Other income (Note S-3)	9,608	1,704	1,606
Other expense (Note S-3)	(21,746)	(16,024)	(19,842)
Total	18,652	11,261	4,200
INTEREST EXPENSE
Interest charges	200,950	201,888	214,616
Allowance for borrowed funds used during construction (Note 1)	(15,457)	(14,861)	(14,971)
Total	185,493	187,027	199,645
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	644,401	670,557	656,310
INCOME TAXES (Note 4)	220,705	230,591	237,317
INCOME FROM CONTINUING OPERATIONS	423,696	439,966	418,993
Net of income tax benefit of $(3,813) (Note 1)	0	0	(5,829)
NET INCOME	423,696	439,966	413,164
Less: Net income attributable to noncontrolling interests (Note 18)	26,101	33,892	31,622
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	397,595	406,074	381,542
Average common shares outstanding — basic (in shares)	110,626	109,984	109,510
Average common shares outstanding — diluted (in shares)	111,178	110,806	110,527
EARNINGS PER WEIGHTED-AVERAGE COMMON SHARE OUTSTANDING
Income from continuing operations attributable to common shareholders — basic (in dollars per share)	$ 3.59	$ 3.69	$ 3.54
Net income attributable to common shareholders - basic (in dollars per share)	$ 3.59	$ 3.69	$ 3.48
Income from continuing operations attributable to common shareholders — diluted (in dollars per share)	$ 3.58	$ 3.66	$ 3.50
Net income attributable to common shareholders — diluted (in dollars per share)	$ 3.58	$ 3.66	$ 3.45
AMOUNTS ATTRIBUTABLE TO COMMON SHAREHOLDERS:
Income from continuing operations, net of tax	397,595	406,074	387,380
Discontinued operations, net of tax	0	0	(5,838)
ARIZONA PUBLIC SERVICE COMPANY
ELECTRIC OPERATING REVENUES	3,488,946	3,451,251	3,293,489
OPERATING EXPENSES
Fuel and purchased power	1,179,829	1,095,709	994,790
Operations and maintenance	882,442	897,824	873,916
Depreciation and amortization	417,264	415,612	404,242
Taxes other than income taxes	171,583	163,377	158,412
Income taxes (Notes 4 and S-1)	245,036	256,864	256,600
Total	2,896,154	2,829,386	2,687,960
OPERATING INCOME	592,792	621,865	605,529
OTHER INCOME (DEDUCTIONS)
Income taxes (Notes 4 and S-1)	7,676	11,769	12,204
Allowance for equity funds used during construction (Note 1)	30,790	25,581	22,436
Other income (Note S-3)	11,295	3,896	2,868
Other expense (Note S-3)	(13,403)	(20,449)	(21,150)
Total	36,358	20,797	16,358
INTEREST EXPENSE
Interest on long-term debt	186,323	188,011	198,398
Interest on short-term borrowings	6,796	6,605	7,135
Debt discount, premium and expense	4,168	4,046	4,215
Allowance for borrowed funds used during construction (Note 1)	(15,457)	(14,861)	(14,971)
Total	181,830	183,801	194,777
INCOME TAXES (Note 4)	237,360	245,095	244,396
NET INCOME	447,320	458,861	427,110
Less: Net income attributable to noncontrolling interests (Note 18)	26,101	33,892	31,613
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 421,219	$ 424,969	$ 395,497