Long-Term Debt and Liquidity Matters (Tables)

3 Months Ended

Mar. 31, 2014

Long-Term Debt and Liquidity Matters

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 March 31, 2014				As of December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Pinnacle West	$	125	$	125	$	125	$	125
APS	3,461		3,794		3,212		3,454
Total	$	3,586	$	3,919	$	3,337	$	3,579