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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
OPERATING REVENUES (NOTE 2) $ 1,000,249 $ 929,590 $ 1,696,724 $ 1,591,520
OPERATING EXPENSES        
Fuel and purchased power 269,835 238,382 468,062 426,903
Operations and maintenance 229,690 219,392 459,745 440,710
Depreciation and amortization 158,750 152,482 316,570 306,561
Taxes other than income taxes 59,495 56,768 118,978 113,536
Other expenses 4,093 692 7,449 1,514
Total 721,863 667,716 1,370,804 1,289,224
OPERATING INCOME 278,386 261,874 325,920 302,296
OTHER INCOME (DEDUCTIONS)        
Allowance for equity funds used during construction 9,990 8,811 19,197 16,508
Pension and other postretirement non-service credits — net 28,175 14,142 55,966 28,053
Other income (Note 9) 12,207 16,670 24,636 29,239
Other expense (Note 9) (5,184) (4,036) (9,037) (8,820)
Total 45,188 35,587 90,762 64,980
INTEREST EXPENSE        
Interest charges 62,777 62,690 124,715 121,924
Allowance for borrowed funds used during construction (5,199) (4,749) (10,193) (8,825)
Total 57,578 57,941 114,522 113,099
INCOME BEFORE INCOME TAXES 265,996 239,520 302,160 254,177
INCOME TAXES 46,560 41,061 42,210 20,852
NET INCOME 219,436 198,459 259,950 233,325
Less: Net income attributable to noncontrolling interests (Note 6) 3,739 4,874 8,612 9,747
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 215,697 $ 193,585 $ 251,338 $ 223,578
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING        
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING - BASIC (in shares) 112,882 112,638 112,855 112,616
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING - DILUTED (in shares) 113,223 112,879 113,158 112,871
EARNINGS PER WEIGHTED-AVERAGE COMMON SHARE OUTSTANDING        
Net income attributable to common shareholders - basic (in dollars per share) $ 1.91 $ 1.72 $ 2.23 $ 1.99
Net income attributable to common shareholders - diluted (in dollars per share) $ 1.91 $ 1.71 $ 2.22 $ 1.98
APS        
OPERATING REVENUES (NOTE 2) $ 1,000,249 $ 929,590 $ 1,696,724 $ 1,591,520
OPERATING EXPENSES        
Fuel and purchased power 269,835 238,382 468,062 426,903
Operations and maintenance 226,698 216,221 453,099 434,486
Depreciation and amortization 158,728 152,460 316,528 306,518
Taxes other than income taxes 59,478 56,758 118,950 113,516
Other expenses 4,093 692 7,449 1,514
Total 718,832 664,513 1,364,088 1,282,937
OPERATING INCOME 281,417 265,077 332,636 308,583
OTHER INCOME (DEDUCTIONS)        
Allowance for equity funds used during construction 9,990 8,811 19,197 16,508
Pension and other postretirement non-service credits — net 28,234 14,421 56,071 28,683
Other income (Note 9) 11,563 13,272 23,523 24,905
Other expense (Note 9) (4,261) (3,859) (7,611) (8,527)
Total 45,526 32,645 91,180 61,569
INTEREST EXPENSE        
Interest charges 59,930 56,802 119,318 112,538
Allowance for borrowed funds used during construction (5,199) (4,749) (10,193) (8,825)
Total 54,731 52,053 109,125 103,713
INCOME BEFORE INCOME TAXES 272,212 245,669 314,691 266,439
INCOME TAXES 48,725 43,677 51,044 24,229
NET INCOME 223,487 201,992 263,647 242,210
Less: Net income attributable to noncontrolling interests (Note 6) 3,739 4,874 8,612 9,747
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 219,748 $ 197,118 $ 255,035 $ 232,463