Long-Term Debt and Liquidity Matters (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of 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 (dollars in thousands):

	Maturity	Interest	December 31,
	Dates (a)	Rates	2023		2022
APS
Pollution control bonds:
Variable	2029	(b)	$	163,975	$	163,975
Total pollution control bonds			163,975		163,975
Senior unsecured notes	2024-2050	2.20%-6.88%	7,180,000		6,680,000
Unamortized discount			(14,197)		(14,548)
Unamortized premium			11,162		12,368
Unamortized debt issuance cost			(49,049)		(48,266)
Total APS long-term debt			7,291,891		6,793,529
Less current maturities			250,000		—
Total APS long-term debt less current maturities			7,041,891		6,793,529
BCE
Los Alamitos equity bridge loan	(d)	(d)	—		27,575
Los Alamitos construction facility	(d)	(d)	—		23,110
Unamortized debt issuance cost			—		(135)
Total BCE long-term debt			—		50,550
Less current maturities			—		50,685
Total BCE long-term debt less current maturities			—		(135)
Pinnacle West
Senior unsecured notes	2025	1.30%	500,000		500,000
Term loans	2024	(c)	625,000		450,000
Unamortized discount			(15)		(25)
Unamortized debt issuance cost			(1,254)		(2,083)
Total Pinnacle West long-term debt			1,123,731		947,892
Less current maturities			625,000		—
Total Pinnacle West long-term debt less current maturities			498,731		947,892
TOTAL LONG-TERM DEBT LESS CURRENT MATURITIES			$	7,540,622	$	7,741,286

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

(b)    The weighted-average interest rate for the variable rate pollution control bonds was 4.11% at December 31, 2023, and 3.96% at December 31, 2022.

(c)    The weighted-average interest rate was 6.20% at December 31, 2023, and 5.10% at December 31, 2022. See additional details below.

(d)    On August 4, 2023, concurrent with the BCE Sale, the construction facility was transferred to Ameresco and the equity bridge loan was paid in full by Pinnacle West. See Note 20 and discussion below.

Schedule of 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	Pinnacle West Consolidated		APS Consolidated
2024	$	875,000	$	250,000
2025	800,000		300,000
2026	250,000		250,000
2027	300,000		300,000
2028	—		—
Thereafter	6,243,975		6,243,975
Total	$	8,468,975	$	7,343,975

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, 2023				As of December 31, 2022
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Pinnacle West	$	1,123,731	$	1,095,935	$	947,892	$	905,525
APS	7,291,891		6,459,718		6,793,529		5,629,491
BCE	—		—		50,550		50,685
Total	$	8,415,622	$	7,555,653	$	7,791,971	$	6,585,701