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APS - CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
OPERATING REVENUES (Note 2) $ 4,695,991 $ 4,324,385 $ 3,803,835
OPERATING EXPENSES      
Fuel and purchased power 1,792,657 1,629,343 1,152,551
Operations and maintenance 1,058,725 987,072 954,067
Depreciation and amortization 794,043 753,195 650,875
Taxes other than income taxes 224,013 220,370 234,639
Other expenses 1,913 2,494 6,393
Total 3,871,351 3,592,474 2,998,525
OPERATING INCOME 824,640 731,911 805,310
OTHER INCOME (DEDUCTIONS)      
Allowance for equity funds used during construction (Note 1) 53,118 45,263 41,737
Pension and other postretirement non-service credits, net (Note 7) 40,648 98,487 112,541
Other income (Note 16) 33,666 7,916 45,100
Other expense (Note 16) (25,056) (52,385) (25,396)
Total 102,376 99,281 173,982
INTEREST EXPENSE      
Interest charges 374,887 283,569 254,314
Allowance for borrowed funds used during construction (Note 1) (43,564) (28,030) (21,052)
Total 331,323 255,539 233,262
INCOME BEFORE INCOME TAXES 595,693 575,653 746,030
INCOME TAXES (Note 4) 76,912 74,827 110,086
NET INCOME 518,781 500,826 635,944
Less: Net income attributable to noncontrolling interests (Note 17) 17,224 17,224 17,224
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS 501,557 483,602 618,720
Arizona Public Service Company      
OPERATING REVENUES (Note 2) 4,695,991 4,324,385 3,803,835
OPERATING EXPENSES      
Fuel and purchased power 1,792,657 1,629,343 1,152,551
Operations and maintenance 1,043,570 974,220 940,588
Depreciation and amortization 793,958 753,110 650,773
Taxes other than income taxes 223,962 220,277 234,569
Other expenses 1,913 2,494 6,393
Total 3,856,060 3,579,444 2,984,874
OPERATING INCOME 839,931 744,941 818,961
OTHER INCOME (DEDUCTIONS)      
Allowance for equity funds used during construction (Note 1) 53,118 45,263 41,737
Pension and other postretirement non-service credits, net (Note 7) 41,577 98,945 112,742
Other income (Note 16) 27,072 5,888 43,053
Other expense (Note 16) (18,264) (26,108) (18,897)
Total 103,503 123,988 178,635
INTEREST EXPENSE      
Interest charges 323,719 262,815 243,592
Allowance for borrowed funds used during construction (Note 1) (39,030) (26,839) (21,052)
Total 284,689 235,976 222,540
INCOME BEFORE INCOME TAXES 658,745 632,953 775,056
INCOME TAXES (Note 4) 94,184 90,800 125,553
NET INCOME 564,561 542,153 649,503
Less: Net income attributable to noncontrolling interests (Note 17) 17,224 17,224 17,224
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 547,337 $ 524,929 $ 632,279