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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
OPERATING REVENUES (NOTE 2) $ 1,308,254 $ 1,254,501 $ 3,004,978 $ 2,846,021
OPERATING EXPENSES        
Fuel and purchased power 427,452 353,171 895,514 780,074
Operations and maintenance 232,386 236,971 692,131 677,681
Depreciation and amortization 163,523 152,696 480,093 459,257
Taxes other than income taxes 57,608 54,978 176,586 168,514
Other expenses - net (2,088) 1,677 5,361 3,191
Total 878,881 799,493 2,249,685 2,088,717
OPERATING INCOME 429,373 455,008 755,293 757,304
OTHER INCOME (DEDUCTIONS)        
Allowance for equity funds used during construction 11,352 8,144 30,549 24,652
Pension and other postretirement non-service credits - net 28,135 14,118 84,101 42,171
Other income (Note 9) 12,083 13,881 36,719 42,888
Other expense (Note 9) (6,182) (5,838) (15,219) (14,426)
Total 45,388 30,305 136,150 95,285
INTEREST EXPENSE        
Interest charges 64,067 61,497 188,782 183,421
Allowance for borrowed funds used during construction (5,273) (4,663) (15,466) (13,488)
Total 58,794 56,834 173,316 169,933
INCOME BEFORE INCOME TAXES 415,967 428,479 718,127 682,656
INCOME TAXES 71,863 77,234 114,073 98,086
NET INCOME 344,104 351,245 604,054 584,570
Less: Net income attributable to noncontrolling interests (Note 6) 4,306 4,873 12,918 14,620
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 339,798 $ 346,372 $ 591,136 $ 569,950
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING        
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING - BASIC (in shares) 112,923 112,679 112,878 112,639
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING - DILUTED (in shares) 113,217 112,987 113,178 112,912
EARNINGS PER WEIGHTED-AVERAGE COMMON SHARE OUTSTANDING        
Net income attributable to common shareholders - basic (in dollars per share) $ 3.01 $ 3.07 $ 5.24 $ 5.06
Net income attributable to common shareholders - diluted (in dollars per share) $ 3.00 $ 3.07 $ 5.22 $ 5.05
APS        
OPERATING REVENUES (NOTE 2) $ 1,308,254 $ 1,254,501 $ 3,004,978 $ 2,846,021
OPERATING EXPENSES        
Fuel and purchased power 427,452 353,171 895,514 780,074
Operations and maintenance 229,432 233,452 682,531 667,938
Depreciation and amortization 163,484 152,676 480,012 459,194
Taxes other than income taxes 57,591 54,966 176,541 168,482
Other expenses - net (2,088) 1,677 5,361 3,191
Total 875,871 795,942 2,239,959 2,078,879
OPERATING INCOME 432,383 458,559 765,019 767,142
OTHER INCOME (DEDUCTIONS)        
Allowance for equity funds used during construction 11,352 8,144 30,549 24,652
Pension and other postretirement non-service credits - net 28,191 14,334 84,262 43,017
Other income (Note 9) 11,597 13,328 35,120 38,233
Other expense (Note 9) (2,196) (2,799) (9,807) (11,326)
Total 48,944 33,007 140,124 94,576
INTEREST EXPENSE        
Interest charges 61,362 59,132 180,680 171,670
Allowance for borrowed funds used during construction (5,273) (4,663) (15,466) (13,488)
Total 56,089 54,469 165,214 158,182
INCOME BEFORE INCOME TAXES 425,238 437,097 739,929 703,536
INCOME TAXES 77,269 81,861 128,313 106,090
NET INCOME 347,969 355,236 611,616 597,446
Less: Net income attributable to noncontrolling interests (Note 6) 4,306 4,873 12,918 14,620
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 343,663 $ 350,363 $ 598,698 $ 582,826