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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
OPERATING REVENUES (Note 2) $ 3,803,835 $ 3,586,982 $ 3,471,209
OPERATING EXPENSES      
Fuel and purchased power 1,152,551 993,419 1,042,237
Operations and maintenance 954,067 958,910 941,616
Depreciation and amortization 650,875 614,378 590,929
Taxes other than income taxes 234,639 224,835 218,579
Other expenses 6,393 7,288 5,888
Total 2,998,525 2,798,830 2,799,249
OPERATING INCOME 805,310 788,152 671,960
OTHER INCOME (DEDUCTIONS)      
Allowance for equity funds used during construction (Note 1) 41,737 33,776 31,431
Pension and other postretirement non-service credits — net (Note 8) 112,541 56,341 22,989
Other income (Note 17) 45,100 56,703 50,263
Other expense (Note 17) (25,396) (57,776) (17,880)
Total 173,982 89,044 86,803
INTEREST EXPENSE      
Interest charges 254,314 247,501 235,251
Allowance for borrowed funds used during construction (Note 1) (21,052) (18,530) (18,528)
Total 233,262 228,971 216,723
INCOME BEFORE INCOME TAXES 746,030 648,225 542,040
INCOME TAXES (Note 5) 110,086 78,173 (15,773)
NET INCOME 635,944 570,052 557,813
Less: Net income attributable to noncontrolling interests (Note 18) 17,224 19,493 19,493
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS 618,720 550,559 538,320
Arizona Public Service Company      
OPERATING REVENUES (Note 2) 3,803,835 3,586,982 3,471,209
OPERATING EXPENSES      
Fuel and purchased power 1,152,551 993,419 1,042,237
Operations and maintenance 940,588 945,181 926,716
Depreciation and amortization 650,773 614,293 590,844
Taxes other than income taxes 234,569 224,790 218,540
Other expenses 6,393 7,288 5,888
Total 2,984,874 2,784,971 2,784,225
OPERATING INCOME 818,961 802,011 686,984
OTHER INCOME (DEDUCTIONS)      
Allowance for equity funds used during construction (Note 1) 41,737 33,776 31,431
Pension and other postretirement non-service credits — net (Note 8) 112,742 57,359 24,529
Other income (Note 17) 43,053 51,755 46,884
Other expense (Note 17) (18,897) (53,694) (12,990)
Total 178,635 89,196 89,854
INTEREST EXPENSE      
Interest charges 243,592 233,452 220,174
Allowance for borrowed funds used during construction (Note 1) (21,052) (18,530) (18,528)
Total 222,540 214,922 201,646
INCOME BEFORE INCOME TAXES 775,056 676,285 575,192
INCOME TAXES (Note 5) 125,553 88,764 (9,572)
NET INCOME 649,503 587,521 584,764
Less: Net income attributable to noncontrolling interests (Note 18) 17,224 19,493 19,493
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 632,279 $ 568,028 $ 565,271