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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
OPERATING REVENUES $ 3,691,247 $ 3,565,296 $ 3,498,682
OPERATING EXPENSES      
Fuel and purchased power 1,076,116 981,301 1,075,510
Operations and maintenance 1,036,744 949,107 931,692
Depreciation and amortization 582,354 534,118 485,829
Taxes other than income taxes 212,849 184,347 166,499
Other expenses 9,497 6,660 3,541
Total 2,917,560 2,655,533 2,663,071
OPERATING INCOME 773,687 909,763 835,611
OTHER INCOME (DEDUCTIONS)      
Allowance for equity funds used during construction (Note 1) 52,319 47,011 42,140
Pension and other postretirement non-service credits - net (Note 7) 49,791 24,664 20,373
Other income (Note 17) 24,896 4,006 901
Other expense (Note 17) (17,966) (21,539) (15,337)
Total 109,040 54,142 48,077
INTEREST EXPENSE      
Interest charges 243,465 219,796 205,720
Allowance for borrowed funds used during construction (Note 1) (25,180) (22,112) (19,970)
Total 218,285 197,684 185,750
INCOME BEFORE INCOME TAXES 664,442 766,221 697,938
INCOME TAXES (Note 4) 133,902 258,272 236,411
NET INCOME 530,540 507,949 461,527
Less: Net income attributable to noncontrolling interests (Note 18) 19,493 19,493 19,493
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 511,047 $ 488,456 $ 442,034
Weighted Average common shares outstanding — basic (in shares) 112,129 111,839 111,409
Weighted Average common shares outstanding — diluted (in shares) 112,550 112,367 112,046
EARNINGS PER WEIGHTED-AVERAGE COMMON SHARE OUTSTANDING      
Net income attributable to common shareholders - basic (in dollars per share) $ 4.56 $ 4.37 $ 3.97
Net income attributable to common shareholders — diluted (in dollars per share) $ 4.54 $ 4.35 $ 3.95
ARIZONA PUBLIC SERVICE COMPANY      
OPERATING REVENUES $ 3,688,342 $ 3,557,652 $ 3,498,090
OPERATING EXPENSES      
Fuel and purchased power 1,094,020 992,744 1,082,625
Operations and maintenance 969,227 917,983 902,467
Depreciation and amortization 580,694 532,423 484,909
Taxes other than income taxes 212,136 183,254 166,064
Other expenses 2,497 6,709 3,540
Total 2,858,574 2,633,113 2,639,605
OPERATING INCOME 829,768 924,539 858,485
OTHER INCOME (DEDUCTIONS)      
Allowance for equity funds used during construction (Note 1) 52,319 47,011 42,140
Pension and other postretirement non-service credits - net (Note 7) 51,242 24,371 20,224
Other income (Note 17) 22,746 3,013 271
Other expense (Note 17) (15,292) (13,913) (10,554)
Total 111,015 60,482 52,081
INTEREST EXPENSE      
Interest charges 231,391 214,163 202,571
Allowance for borrowed funds used during construction (Note 1) (25,180) (22,112) (19,481)
Total 206,211 192,051 183,090
INCOME BEFORE INCOME TAXES 734,572 792,970 727,476
INCOME TAXES (Note 4) 144,814 269,168 245,842
NET INCOME 589,758 523,802 481,634
Less: Net income attributable to noncontrolling interests (Note 18) 19,493 19,493 19,493
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 570,265 $ 504,309 $ 462,141