Long-Term Debt and Liquidity Matters (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020 and 2019 (dollars in thousands):

	Maturity	Interest	December 31,
	Dates (a)	Rates	2020		2019
APS
Pollution control bonds:
Variable	2029	(b)	$	35,975	$	35,975
Fixed	2024	4.70%	—		115,150
Total pollution control bonds			35,975		151,125
Senior unsecured notes	2024-2050	2.55%-6.88%	5,830,000		4,875,000
Term loans		(c)	—		200,000
Unamortized discount			(15,900)		(12,434)
Unamortized premium			14,781		7,423
Unamortized debt issuance cost			(46,911)		(37,981)
Total APS long-term debt			5,817,945		5,183,133
Less current maturities			—		350,000
Total APS long-term debt less current maturities			5,817,945		4,833,133
Pinnacle West
Senior unsecured notes	2025	1.3%	500,000		300,000
Term loan		(d)	—		150,000
Unamortized discount			(44)		(57)
Unamortized debt issuance cost			(3,635)		(518)
Total Pinnacle West long-term debt			496,321		449,425
Less current maturities			—		450,000
Total Pinnacle West long-term debt less current maturities			496,321		(575)
TOTAL LONG-TERM DEBT LESS CURRENT MATURITIES			$	6,314,266	$	4,832,558

(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 0.18% at December 31, 2020 and 1.54% at December 31, 2019.

(c)    The weighted-average interest rate was 2.12% at December 31, 2019. This term loan was repaid on May 26, 2020. See additional details below.

(d)    The weighted-average interest rate was 2.20% at December 31, 2019. This term loan was repaid on June 19, 2020. See additional details below.

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
2021	$	—	$	—
2022	—		—
2023	—		—
2024	250,000		250,000
2025	800,000		300,000
Thereafter	5,315,975		5,315,975
Total	$	6,365,975	$	5,865,975

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, 2020				As of December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Pinnacle West	$	496,321	$	509,050	$	449,425	$	450,822
APS	5,817,945		7,103,791		5,183,133		5,743,570
Total	$	6,314,266	$	7,612,841	$	5,632,558	$	6,194,392