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Table of Contents
ARIZONA PUBLIC SERVICE COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands)
Year Ended December 31,
2015
2014
2013
ELECTRIC OPERATING REVENUES $ 3,492,357
$ 3,488,946
$ 3,451,251
OPERATING EXPENSES
Fuel and purchased power 1,101,298
1,179,829
1,095,709
Operations and maintenance 853,135
882,442
897,824
Depreciation and amortization 494,298
417,264
415,612
Income taxes (Note 4) 260,143
245,036
256,864
Taxes other than income taxes 171,499
171,583
163,377
Total 2,880,373
2,896,154
2,829,386
OPERATING INCOME 611,984
592,792
621,865
OTHER INCOME (DEDUCTIONS)
Income taxes (Note 4) 14,302
7,676
11,769
Allowance for equity funds used during construction (Note 1) 35,215
30,790
25,581
Other income (Note 17) 2,834
11,295
3,896
Other expense (Note 17) (19,019)
(13,403)
(20,449)
Total 33,332
36,358
20,797
INTEREST EXPENSE
Interest on long-term debt 180,123
186,323
188,011
Interest on short-term borrowings 7,376
6,796
6,605
Debt discount, premium and expense 4,793
4,168
4,046
Allowance for borrowed funds used during construction (Note 1) (16,183)
(15,457)
(14,861)
Total 176,109
181,830
183,801
NET INCOME 469,207
447,320
458,861
Less: Net income attributable to noncontrolling interests (Note 18) 18,933
26,101
33,892
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDER $ 450,274
$ 421,219
$ 424,969
The accompanying notes are an integral part of the financial statements.
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