Long-Term Debt and Liquidity Matters (Tables)

12 Months Ended

Dec. 31, 2017

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, 2017 and 2016 (dollars in thousands):

	Maturity	Interest	December 31,
	Dates (a)	Rates	2017			2016
APS
Pollution control bonds:
Variable	2029	(b)	$	35,975		$	35,975
Fixed	2024-2029	1.75%-4.70%	147,150			147,150
Total pollution control bonds			183,125			183,125
Senior unsecured notes	2019-2046	2.20%-8.75%	4,275,000			3,725,000
Term loans	2018-2019	(c)	150,000			150,000
Unamortized discount			(11,288		)	(11,816		)
Unamortized premium			8,049			4,506
Unamortized debt issuance cost			(31,594		)	(29,030		)
Total APS long-term debt			4,573,292			4,021,785
Less current maturities			82,000			—
Total APS long-term debt less current maturities			4,491,292			4,021,785
Pinnacle West
Term loan	2017	(d)	—			125,000
Senior unsecured notes	2020	2.25%	300,000			—
Unamortized discount			(184		)	—
Unamortized debt issuance cost			(1,395		)	—
Total PNW long-term debt			298,421			125,000
Less current maturities			—			125,000
Total PNW long-term debt less current maturities			298,421			—
TOTAL LONG-TERM DEBTLESS CURRENT MATURITIES			$	4,789,713		$	4,021,785

(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 1.77% at December 31, 2017 and 0.81% at December 31, 2016.

(c) The weighted-average interest rate was 2.236% at December 31, 2017, and 1.427% at December 31, 2016.

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

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
2018	$	82,000	$	82,000
2019	600,000		600,000
2020	550,000		250,000
2021	—		—
2022	—		—
Thereafter	3,676,125		3,676,125
Total	$	4,908,125	$	4,608,125

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, 2017				As of December 31, 2016
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Pinnacle West	$	298,421	$	298,608	$	125,000	$	125,000
APS	4,573,292		5,006,348		4,021,785		4,300,789
Total	$	4,871,713	$	5,304,956	$	4,146,785	$	4,425,789