APS 2011 Annual Report Download - page 81
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57
A decrease of $16 million related to employee benefit costs; and
A decrease of $5 million due to other miscellaneous factors.
Depreciation and amortization Depreciation and amortization expenses were $12 million
higher for the year ended December 31, 2011 compared with the prior year primarily because of
increased plant in service.
Taxes other than income taxes Taxes other than income taxes increased $13 million for the
year ended December 31, 2011 compared with the prior year primarily because of higher property tax
rates in the current period.
Income taxes Income taxes were $23 million higher for the year ended December 31, 2011
compared with the prior year. This increase was primarily due to the effects of higher pretax income in
the current year and income tax benefits recognized in the prior year related to a reduction in the
Company’s 2010 effective income tax rate.
Discontinued Operations
Income from discontinued operations for year ended December 31, 2011 included a gain of $10
million related to the sale of our investment in APSES. Income from discontinued operations for the
year ended December 31, 2010 included an after tax gain of $25 million related to the sale of APSES’s
district cooling business.
Operating Results – 2010 compared with 2009
Our consolidated net income attributable to common shareholders for 2010 was $350 million,
compared with $68 million for the comparable prior-year period. The improved results were primarily
due to lower real estate impairment charges recorded in 2010 compared with the prior-year period by
SunCor.
In addition, regulated electricity segment net income increased approximately $82 million from
the prior-year period due to increased revenues related to APS’s retail rate increases and other factors.
Our consolidated results for 2010 also include a gain of $25 million after income taxes related to the sale
of APSES’s district cooling business.