Long-Term Debt and Liquidity Matters (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019 and 2018 (dollars in thousands):

	Maturity	Interest	December 31,
	Dates (a)	Rates	2019			2018
APS
Pollution control bonds:
Variable	2029	(b)	$	35,975		$	35,975
Fixed	2024	4.70%	115,150			115,150
Total pollution control bonds			151,125			151,125
Senior unsecured notes	2020-2049	2.20%-6.88%	4,875,000			4,575,000
Term loans		(c)	200,000			—
Unamortized discount			(12,434		)	(12,638		)
Unamortized premium			7,423			7,736
Unamortized debt issuance cost			(37,981		)	(31,787		)
Total APS long-term debt			5,183,133			4,689,436
Less current maturities			350,000			500,000
Total APS long-term debt less current maturities			4,833,133			4,189,436
Pinnacle West
Senior unsecured notes	2020	2.25%	300,000			300,000
Term loan	2020	(d)	150,000			150,000
Unamortized discount			(57		)	(121		)
Unamortized debt issuance cost			(518		)	(1,083		)
Total Pinnacle West long-term debt			449,425			448,796
Less current maturities			450,000			—
Total Pinnacle West long-term debt less current maturities			(575		)	448,796
TOTAL LONG-TERM DEBT LESS CURRENT MATURITIES			$	4,832,558		$	4,638,232

(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 1.54% at December 31, 2019 and 1.76% at December 31, 2018.

(c) The weighted-average interest rate was 2.12% at December 31, 2019.

(d) The weighted-average interest rate was 2.20% at December 31, 2019 and 3.02% at December 31, 2018.

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 thousands):

Year	Consolidated Pinnacle West		Consolidated APS
2020	$	800,000	$	350,000
2021	—		—
2022	—		—
2023	—		—
2024	365,150		365,150
Thereafter	4,510,975		4,510,975
Total	$	5,676,125	$	5,226,125

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 thousands):

	As of December 31, 2019				As of December 31, 2018
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Pinnacle West	$	449,425	$	450,822	$	448,796	$	443,955
APS	5,183,133		5,743,570		4,689,436		4,789,608
Total	$	5,632,558	$	6,194,392	$	5,138,232	$	5,233,563