Long-Term Debt and Liquidity Matters (Tables)

12 Months Ended

Dec. 31, 2016

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, 2016 and 2015 (dollars in thousands):

	Maturity	Interest	December 31,
	Dates (a)	Rates	2016			2015
APS
Pollution control bonds:
Variable	2029	(b)	$	35,975		$	92,405
Fixed	2024-2029	1.75%-4.70%	147,150			211,150
Total pollution control bonds			183,125			303,555
Senior unsecured notes	2019-2046	2.20%-8.75%	3,725,000			3,375,000
Term loans	2018-2019	(c)	150,000			50,000
Unamortized discount			(11,816		)	(10,374		)
Unamortized premium			4,506			4,686
Unamortized debt issuance cost			(29,030		)	(27,896		)
Total APS long-term debt			4,021,785			3,694,971
Less current maturities			—			357,580
Total APS long-term debt less current maturities			4,021,785			3,337,391
Pinnacle West
Term loan	2017	(d)	125,000			125,000
Less current maturities			125,000			—
Total PNW long-term debt less current maturities			—			125,000
TOTAL LONG-TERM DEBTLESS CURRENT MATURITIES			$	4,021,785		$	3,462,391

(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 0.81% at December 31, 2016 and 0.01%-0.24% at December 31, 2015.

(c) The weighted-average interest rate was 1.427% at December 31, 2016, and 1.024% at December 31, 2015.

(d) The interest rate was 1.520% at December 31, 2016 and 1.174% at December 31, 2015.

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
2017	$	125,000	$	—
2018	82,000		82,000
2019	600,000		600,000
2020	250,000		250,000
2021	—		—
Thereafter	3,126,125		3,126,125
Total	$	4,183,125	$	4,058,125

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, 2016				As of December 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Pinnacle West	$	125,000	$	125,000	$	125,000	$	125,000
APS	4,021,785		4,300,789		3,694,971		3,981,367
Total	$	4,146,785	$	4,425,789	$	3,819,971	$	4,106,367