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ARIZONA PUBLIC SERVICE COMPANY - CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
OPERATING REVENUES (Note 2) $ 5,124,915 $ 4,695,991 $ 4,324,385
OPERATING EXPENSES      
Fuel and purchased power 1,822,566 1,792,657 1,629,343
Operations and maintenance 1,165,156 1,058,725 987,072
Depreciation and amortization 895,346 794,043 753,195
Taxes other than income taxes 227,395 224,013 220,370
Other expense 2,389 1,913 2,494
Total 4,112,852 3,871,351 3,592,474
OPERATING INCOME 1,012,063 824,640 731,911
OTHER INCOME (DEDUCTIONS)      
Allowance for equity funds used during construction (Note 1) 38,620 53,118 45,263
Pension and other postretirement non-service credits, net (Note 7) 48,870 40,648 98,487
Other income (Note 16) 48,614 33,666 7,916
Other expense (Note 16) (34,136) (25,056) (52,385)
Total 101,968 102,376 99,281
INTEREST EXPENSE      
Interest charges 425,742 374,887 283,569
Allowance for borrowed funds used during construction (Note 1) (48,270) (43,564) (28,030)
Total 377,472 331,323 255,539
INCOME BEFORE INCOME TAXES 736,559 595,693 575,653
INCOME TAXES (Note 4) 110,529 76,912 74,827
NET INCOME 626,030 518,781 500,826
Less: Net income attributable to noncontrolling interests (Note 17) 17,224 17,224 17,224
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS 608,806 501,557 483,602
Arizona Public Service Company      
OPERATING REVENUES (Note 2) 5,124,915 4,695,991 4,324,385
OPERATING EXPENSES      
Fuel and purchased power 1,822,566 1,792,657 1,629,343
Operations and maintenance 1,158,634 1,043,570 974,220
Depreciation and amortization 895,171 793,958 753,110
Taxes other than income taxes 227,307 223,962 220,277
Other expense 2,389 1,913 2,494
Total 4,106,067 3,856,060 3,579,444
OPERATING INCOME 1,018,848 839,931 744,941
OTHER INCOME (DEDUCTIONS)      
Allowance for equity funds used during construction (Note 1) 38,620 53,118 45,263
Pension and other postretirement non-service credits, net (Note 7) 49,489 41,577 98,945
Other income (Note 16) 21,094 27,072 5,888
Other expense (Note 16) (29,698) (18,264) (26,108)
Total 79,505 103,503 123,988
INTEREST EXPENSE      
Interest charges 360,481 323,719 262,815
Allowance for borrowed funds used during construction (Note 1) (48,270) (39,030) (26,839)
Total 312,211 284,689 235,976
INCOME BEFORE INCOME TAXES 786,142 658,745 632,953
INCOME TAXES (Note 4) 126,993 94,184 90,800
NET INCOME 659,149 564,561 542,153
Less: Net income attributable to noncontrolling interests (Note 17) 17,224 17,224 17,224
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 641,925 $ 547,337 $ 524,929