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Retirement Plans and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Schedule of net periodic benefit costs and the portion of these costs charged to expense (including administrative costs and excluding amounts capitalized as overhead construction, billed to electric plant participants or charged or amortized to the regulatory asset)
The following table provides details of the plans’ net periodic benefit costs and the portion of these costs charged to expense (including administrative costs and excluding amounts capitalized as overhead construction or billed to electric plant participants) (dollars in thousands):
 Pension PlansOther Benefits Plans
 202220212020202220212020
Service cost-benefits earned during the period$55,473 $61,236 $56,233 $16,470 $17,796 $22,236 
Non-service costs (credits):
Interest cost on benefit obligation107,492 98,566 118,567 17,491 16,513 25,857 
Expected return on plan assets(185,775)(202,628)(187,443)(46,042)(41,444)(40,077)
Amortization of:      
Prior service credit— — — (37,789)(37,705)(37,575)
Net actuarial (gain)/loss17,515 15,948 34,612 (12,835)(10,093)— 
Net periodic benefit cost/(benefit)$(5,295)$(26,878)$21,969 $(62,705)$(54,933)$(29,559)
Portion of cost/(benefit) charged to expense$(16,431)$(32,743)$3,386 $(45,042)$(38,657)$(20,966)
Schedule of changes in the benefit obligations and funded status
The following table shows the plans’ changes in the benefit obligations and funded status (dollars in thousands):
 Pension PlansOther Benefits Plans
 2022202120222021
Change in Benefit Obligation    
Benefit obligation at January 1$3,716,824 $3,902,867 $591,841 $624,034 
Service cost55,473 61,236 16,470 17,796 
Interest cost107,492 98,566 17,491 16,513 
Benefit payments(212,565)(207,928)(30,913)(31,280)
Actuarial (gain) loss(857,695)(137,917)(185,428)(35,222)
Benefit obligation at December 312,809,529 3,716,824 409,461 591,841 
Change in Plan Assets    
Fair value of plan assets at January 13,812,041 3,886,544 872,435 961,165 
Actual return on plan assets(787,874)18,169 (193,807)41,432 
Employer contributions— 100,000 — — 
Benefit payments(194,682)(192,672)(26,341)(24,310)
Transfer to active union medical account— — — (105,852)
Fair value of plan assets at December 312,829,485 3,812,041 652,287 872,435 
Funded Status at December 31$19,956 $95,217 $242,826 $280,594 
Schedule of projected benefit obligation and the accumulated benefit obligation for pension plans with an accumulated obligation in excess of plan assets
The following table shows information for pension plans with an accumulated obligation in excess of plan assets (dollars in thousands):
As of December 31,
 20222021
Accumulated benefit obligation126,759 161,086 
Fair value of plan assets— — 
The following table shows information for pension plans with a projected benefit obligation in excess of plan assets (dollars in thousands):
As of December 31,
 20222021
Projected benefit obligation133,818 169,912 
Fair value of plan assets— — 
Schedule of amounts recognized on the Consolidated Balance Sheets
The following table shows the amounts recognized on the Consolidated Balance Sheets (dollars in thousands):
 Pension PlansOther Benefits Plans
 2022202120222021
Noncurrent asset$153,773 $265,129 $242,826 $280,594 
Current liability(17,531)(17,047)— — 
Noncurrent liability(116,286)(152,865)— — 
Net amount recognized (funded status)$19,956 $95,217 $242,826 $280,594 
Schedule of accumulated other comprehensive loss
The following table shows the details related to accumulated other comprehensive loss (gain) as of December 31, 2022, and 2021 (dollars in thousands): 
 Pension PlansOther Benefits Plans
 2022202120222021
Net actuarial loss (gain)$681,335 $582,895 $(195,095)$(262,352)
Prior service credit— — (76,843)(114,632)
APS’s portion recorded as a regulatory (asset) liability(637,656)(509,751)270,604 374,816 
Income tax expense (benefit)(10,797)(18,081)784 990 
Accumulated other comprehensive loss (gain)$32,882 $55,063 $(550)$(1,178)
Schedule of weighted-average assumptions used for both the pension and other benefits to determine benefit obligations and net periodic benefit costs
The following table shows the weighted-average assumptions used for both the pension and other benefits to determine benefit obligations and net periodic benefit costs:
 Benefit Obligations
As of December 31,		Benefit Costs
For the Years Ended December 31,
 20222021202220212020
Discount rate – pension plans5.56 %2.92 %2.92 %2.53 %3.30 %
Discount rate – other benefits plans5.58 %2.98 %2.98 %2.63 %3.42 %
Rate of compensation increase4.57 %4.00 %4.00 %4.00 %4.00 %
Expected long-term return on plan assets - pension plansN/AN/A5.00 %5.30 %5.75 %
Expected long-term return on plan assets - other benefit plansN/AN/A5.35 %4.90 %4.85 %
Initial healthcare cost trend rate (pre-65 participants)6.50 %6.00 %6.00 %6.50 %7.00 %
Ultimate healthcare cost trend rate (pre-65 participants)4.75 %4.75 %4.75 %4.75 %4.75 %
Number of years to ultimate trend rate (pre-65 participants)64345
Initial and ultimate healthcare cost trend rate (post-65 participants) (a)2.00 %2.00 %2.00 %2.00 %4.75 %
Interest crediting rate – cash balance pension plans4.50 %4.50 %4.50 %4.50 %4.50 %
(a)See discussion above relating to this assumptions impact on benefit obligations and the January 2021 asset transfer to the Active Union Employee Medical Account.
Schedule of fair value of pension plan and other postretirement benefit plan assets, by asset category
Based on the IPS, and given the pension plan’s funded status at year-end 2022, the target and actual allocation for the pension plan at December 31, 2022, are as follows:
 Target AllocationActual Allocation
Long-term fixed income assets80 %78 %
Return-seeking assets20 %22 %
Total100 %100 %

The permissible range is within +/-3% of the target allocation shown in the above table, and also considers the plan’s funded status.

The following table presents the additional target allocations, as a percent of total pension plan assets, for the return-seeking assets:
Target Allocation
Equities in US and other developed markets12 %
Equities in emerging markets4 %
Alternative investments4 %
Total20 %
The following table presents the actual allocations of the investment for the other postretirement benefit plan at December 31, 2022:
Actual Allocation
Long-term fixed income assets62 %
Return-seeking assets38 %
Total100 %
The fair value of Pinnacle West’s pension plan and other postretirement benefit plan assets at December 31, 2022, by asset category, are as follows (dollars in thousands):
 
 Level 1Level 2Other (a)Total
Pension Plan:   
Cash and cash equivalents$1,252 $— $— $1,252 
Fixed income securities:   
Corporate— 1,374,810 — 1,374,810 
U.S. Treasury635,245 — — 635,245 
Other (b)— 131,999 — 131,999 
Common stock equities (c)155,231 — — 155,231 
Mutual funds (d)101,557 — — 101,557 
Common and collective trusts:
Equities— — 181,912 181,912 
Real estate— — 174,228 174,228 
Partnerships— — 13,359 13,359 
Short-term investments and other (e)— — 59,892 59,892 
Total$893,285 $1,506,809 $429,391 $2,829,485 
Other Benefits:    
Cash and cash equivalents$204 $— $— $204 
Fixed income securities:   
Corporate— 166,879 — 166,879 
U.S. Treasury221,936 — — 221,936 
Other (b)— 7,321 — 7,321 
Common stock equities (c)127,493 — — 127,493 
Mutual funds (d)18,824 — — 18,824 
Common and collective trusts:   
Equities— — 73,956 73,956 
Real estate— — 23,541 23,541 
Short-term investments and other (e)3,274 — 8,859 12,133 
Total$371,731 $174,200 $106,356 $652,287 
(a)These investments primarily represent assets valued using NAV as a practical expedient and have not been classified in the fair value hierarchy.
(b)This category consists primarily of debt securities issued by municipalities and asset backed securities.
(c)This category primarily consists of U.S. common stock equities.
(d)These funds invest in international common stock equities.
(e)This category includes plan receivables and payables.
The fair value of Pinnacle West’s pension plan and other postretirement benefit plan assets at December 31, 2021, by asset category, are as follows (dollars in thousands):
 Level 1Level 2Other (a)Total
Pension Plan:   
Cash and cash equivalents$821 $— $— $821 
Fixed income securities:   
Corporate— 1,765,623 — 1,765,623 
U.S. Treasury1,008,211 — — 1,008,211 
Other (b)— 165,496 — 165,496 
Common stock equities (c)209,063 — — 209,063 
Mutual funds (d)132,656 — — 132,656 
Common and collective trusts:
   Equities— — 255,141 255,141 
   Real estate— — 173,197 173,197 
Partnerships— — 15,730 15,730 
Short-term investments and other (e)— — 86,103 86,103 
Total $1,350,751 $1,931,119 $530,171 $3,812,041 
Other Benefits:    
Cash and cash equivalents$121 $— $— $121 
Fixed income securities:   
Corporate— 244,572 — 244,572 
U.S. Treasury287,057 — — 287,057 
Other (b)— 9,330 — 9,330 
Common stock equities (c)176,024 — — 176,024 
Mutual funds (d)26,262 — — 26,262 
Common and collective trusts:
   Equities— — 96,547 96,547 
   Real estate— — 23,851 23,851 
Short-term investments and other (e)2,517 — 6,154 8,671 
Total $491,981 $253,902 $126,552 $872,435 
(a)These investments primarily represent assets valued using NAV as a practical expedient and have not been classified in the fair value hierarchy.
(b)This category consists primarily of debt securities issued by municipalities.
(c)This category primarily consists of U.S. common stock equities.
(d)These funds invest in U.S. and international common stock equities.
(e)This category includes plan receivables and payables.
Schedule of estimated future benefit payments, which reflect estimated future employee service, for the next five years and the succeeding five years thereafter
Benefit payments, which reflect estimated future employee service, for the next five years and the succeeding five years thereafter, are estimated to be as follows (dollars in thousands):
YearPension PlansOther Benefits Plans
2023$240,034 $31,235 
2024227,234 30,865 
2025223,813 30,251 
2026224,881 30,135 
2027221,976 29,790 
Years 2028-20321,117,192 146,725