Long-Term Debt and Liquidity Matters (Tables)

12 Months Ended

Dec. 31, 2024

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	2024		2023
APS
Pollution control bonds:
Variable	2029	(b)	$	163,975	$	163,975
Total pollution control bonds			163,975		163,975
Senior unsecured notes	2025-2050	2.20%-6.88%	7,380,000		7,180,000
Unamortized discount			(14,252)		(14,197)
Unamortized premium			9,955		11,162
Unamortized debt issuance cost			(48,800)		(49,049)
Total APS long-term debt			7,490,878		7,291,891
Less current maturities			300,000		250,000
Total APS long-term debt less current maturities			7,190,878		7,041,891
Pinnacle West
Senior unsecured notes	2025-2027	1.30%-4.75%	1,025,000		500,000
Floating rate note	2026	(c)	350,000		—
Term loans	2024	(d)	—		625,000
Unamortized discount			(5)		(15)
Unamortized debt issuance cost			(7,225)		(1,254)
Total Pinnacle West long-term debt			1,367,770		1,123,731
Less current maturities			500,000		625,000
Total Pinnacle West long-term debt less current maturities			867,770		498,731
TOTAL LONG-TERM DEBT LESS CURRENT MATURITIES			$	8,058,648	$	7,540,622

(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 4.01% at December 31, 2024, and 4.11% at December 31, 2023.

(c)    The weighted-average interest rate was 5.88% at December 31, 2024, and was not applicable at December 31, 2023. See additional details below.

(d)    The weighted-average interest rate was not applicable at December 31, 2024, and was 6.20% at December 31, 2023. See additional details 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
2025	$	800,000	$	300,000
2026	600,000		250,000
2027	825,000		300,000
2028	—		—
2029	568,975		568,975
Thereafter	6,125,000		6,125,000
Total	$	8,918,975	$	7,543,975

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, 2024				As of December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Pinnacle West	$	1,367,770	$	1,393,744	$	1,123,731	$	1,095,935
APS	7,490,878		6,525,248		7,291,891		6,459,718
Total	$	8,858,648	$	7,918,992	$	8,415,622	$	7,555,653