CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
OPERATING REVENUES	$ 1,166,922	$ 1,199,146	$ 2,759,483	$ 2,761,013
OPERATING EXPENSES
Fuel and purchased power	336,120	363,847	832,253	868,561
Operations and maintenance	217,568	220,449	703,042	646,358
Depreciation and amortization	120,428	125,625	362,977	369,313
Taxes other than income taxes	41,284	43,241	125,902	129,489
Other expenses	264	873	2,141	2,524
Total	715,664	754,035	2,026,315	2,016,245
OPERATING INCOME	451,258	445,111	733,168	744,768
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction	10,194	7,645	31,079	26,214
Other income (Note 8)	71	139	385	549
Other expense (Note 8)	(5,205)	(5,538)	(12,085)	(12,433)
Total	5,060	2,246	19,379	14,330
INTEREST EXPENSE
Interest charges	51,293	49,342	154,886	146,069
Allowance for borrowed funds used during construction	(4,321)	(3,518)	(14,849)	(12,056)
Total	46,972	45,824	140,037	134,013
INCOME BEFORE INCOME TAXES	409,346	401,533	612,510	625,085
INCOME TAXES	141,446	139,555	209,102	214,873
NET INCOME	267,900	261,978	403,408	410,212
Less: Net income attributable to noncontrolling interests (Note 5)	4,873	4,862	14,620	14,072
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 263,027	$ 257,116	$ 388,788	$ 396,140
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING - BASIC (in shares)	111,416	111,036	111,363	110,984
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING - DILUTED (in shares)	112,100	111,616	111,987	111,490
EARNINGS PER WEIGHTED-AVERAGE COMMON SHARE OUTSTANDING
Net income attributable to common shareholders - basic (in dollars per share)	$ 2.36	$ 2.32	$ 3.49	$ 3.57
Net income attributable to common shareholders - diluted (in dollars per share)	2.35	2.30	3.47	3.55
DIVIDENDS DECLARED PER SHARE (in dollars per share)	$ 0	$ 0	$ 1.25	$ 1.19
APS
ELECTRIC OPERATING REVENUES	$ 1,166,359	$ 1,198,380	$ 2,752,748	$ 2,758,771
OPERATING EXPENSES
Fuel and purchased power	339,510	363,847	835,643	868,561
Operations and maintenance	209,366	216,011	681,789	633,989
Depreciation and amortization	120,013	125,592	362,492	369,234
Income taxes	148,945	148,543	225,239	232,454
Taxes other than income taxes	40,924	43,149	125,370	129,258
Total	858,758	897,142	2,230,533	2,233,496
OPERATING INCOME	307,601	301,238	522,215	525,275
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction	10,194	7,645	31,079	26,214
Income taxes	5,753	5,678	9,289	10,809
Other income (Note 8)	567	650	6,924	1,999
Other expense (Note 8)	(3,776)	(3,965)	(12,956)	(11,768)
Total	12,738	10,008	34,336	27,254
INTEREST EXPENSE
Interest on long-term debt	46,970	44,011	142,692	134,265
Interest on short-term borrowings	2,401	3,460	6,408	6,339
Debt discount, premium and expense	1,195	1,218	3,529	3,455
Allowance for borrowed funds used during construction	(4,320)	(3,492)	(14,359)	(12,019)
Total	46,246	45,197	138,270	132,040
NET INCOME	274,093	266,049	418,281	420,489
Less: Net income attributable to noncontrolling interests (Note 5)	4,873	4,862	14,620	14,072
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 269,220	$ 261,187	$ 403,661	$ 406,417