APS 2011 Annual Report Download - page 181
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156
ARIZONA PUBLIC SERVICE COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands)
Year Ended December 31,
2011 2010 2009
ELECTRIC OPERATING REVENUES $ 3,237,241 $ 3,180,807 $ 3,149,500
OPERATING EXPENSES
Fuel and purchased power 1,009,464 1,046,815 1,178,620
Operations and maintenance 895,917 860,712 812,903
Depreciation and amortization 426,958 414,336 407,159
Income taxes (Notes 4 and S-1) 204,066 175,440 158,661
Taxes other than income taxes 146,453 134,467 122,358
Total 2,682,858 2,631,770 2,679,701
OPERATING INCOME 554,383 549,037 469,799
OTHER INCOME (DEDUCTIONS)
Income taxes (Notes 4 and S-1) 11,524 4,975 6,087
Allowance for equity funds used
during construction (Note 1) 23,707 22,066 14,999
Other income (Note S-3) 5,071 8,956 10,808
Other expense (Note S-3) (15,328) (15,859) (18,001)
Total 24,974 20,138 13,893
INTEREST EXPENSE
Interest on long-term debt 218,981 217,002 212,654
Interest on short-term borrowings 10,345 8,267 6,315
Debt discount, premium and expense 4,616 4,559 4,675
Allowance for borrowed funds used
during construction (Note 1) (18,358) (16,479) (10,386)
Total 215,584 213,349 213,258
NET INCOME 363,773 355,826 270,434
Less: Net income attributable to
noncontrolling interests (Note 20) 27,524 20,163 19,209
NET INCOME ATTRIBUTABLE TO
COMMON SHAREHOLDER $ 336,249 $ 335,663 $ 251,225
See Notes to Pinnacle West’s Consolidated Financial Statements and Supplemental Notes to Arizona Public
Service Company’s Consolidated Financial Statements.