Long-Term Debt and Liquidity Matters (Tables)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Components of long-term debt on the Consolidated Balance Sheets

The following table presents the components of long-term debt on the Consolidated Balance Sheets outstanding at December 31, 2014 and 2013 (dollars in thousands):

	Maturity	Interest	December 31,
	Dates (a)	Rates	2014			2013
APS
Pollution Control Bonds:
Variable	2029-2038	(b)	$	156,405		$	75,580
Fixed	2024-2034	0.45%-5.75%	249,300			426,125
Total Pollution Control Bonds			405,705			501,705
Senior unsecured notes	2015-2044	3.35%-8.75%	2,875,000			2,675,000
Palo Verde sale leaseback lessor notes	2015	8.00%	13,420			38,869
Unamortized discount			(9,206		)	(8,732		)
Unamortized premium			4,866			5,047
Total APS long-term debt			3,289,785			3,211,889
Less current maturities	(d)		383,570			540,424
Total APS long-term debt less current maturities			2,906,215			2,671,465
Pinnacle West
Term loan	2017	(c)	125,000			125,000
TOTAL LONG-TERM DEBTLESS CURRENT MATURITIES			$	3,031,215		$	2,796,465

(a) This schedule does not reflect the timing of redemptions that may occur prior to maturities.

(b) The weighted-average rate for the variable rate pollution control bonds was 0.03%-0.27% at December 31, 2014 and 0.03%-0.06% at December 31, 2013.

(c) The weighted-average interest rate was 1.019% at December 31, 2014 and 1.269% at December 31, 2013.

(d) Current maturities include $70 million of pollution control bonds expected to be remarketed in 2015 and $300 million in senior unsecured notes that mature in 2015.

Principal payments due on Pinnacle West's and APS's total long-term debt

The following table shows principal payments due on Pinnacle West’s and APS’s total long-term debt (dollars in millions):

Year	Consolidated Pinnacle West		Consolidated APS
2015	$	384	$	384
2016	357		357
2017	157		32
2018	32		32
2019	500		500
Thereafter	1,989		1,989
Total	$	3,419	$	3,294

Schedule of estimated fair value of long-term debt, including current maturities

The following table represents the estimated fair value of our long-term debt, including current maturities (dollars in millions):

	As of December 31, 2014				As of December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Pinnacle West	$	125	$	125	$	125	$	125
APS	3,290		3,714		3,212		3,454
Total	$	3,415	$	3,839	$	3,337	$	3,579