Long-Term Debt and Liquidity Matters (Tables)

12 Months Ended

Dec. 31, 2018

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, 2018 and 2017 (dollars in thousands):

	Maturity	Interest	December 31,
	Dates (a)	Rates	2018			2017
APS
Pollution control bonds:
Variable	2029	(b)	$	35,975		$	35,975
Fixed	2024	4.70%	115,150			147,150
Total pollution control bonds			151,125			183,125
Senior unsecured notes	2019-2048	2.20%-8.75%	4,575,000			4,275,000
Term loans		(c)	—			150,000
Unamortized discount			(12,638		)	(11,288		)
Unamortized premium			7,736			8,049
Unamortized debt issuance cost			(31,787		)	(31,594		)
Total APS long-term debt			4,689,436			4,573,292
Less current maturities			500,000			82,000
Total APS long-term debt less current maturities			4,189,436			4,491,292
Pinnacle West
Senior unsecured notes	2020	2.25%	300,000			300,000
Term loan	2020	(d)	150,000			—
Unamortized discount			(121		)	(184		)
Unamortized debt issuance cost			(1,083		)	(1,395		)
Total Pinnacle West long-term debt			448,796			298,421
Less current maturities			—			—
Total Pinnacle West long-term debt less current maturities			448,796			298,421
TOTAL LONG-TERM DEBT LESS CURRENT MATURITIES			$	4,638,232		$	4,789,713

(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 1.76% at December 31, 2018 and 1.77% at December 31, 2017.

(c) The weighted-average interest rate was 2.24% at December 31, 2017.

(d) The weighted-average interest rate was 3.02% at December 31, 2018.

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
2019	$	500,000	$	500,000
2020	700,000		250,000
2021	—		—
2022	—		—
2023	—		—
Thereafter	3,976,125		3,976,125
Total	$	5,176,125	$	4,726,125

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, 2018				As of December 31, 2017
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Pinnacle West	$	448,796	$	443,955	$	298,421	$	298,608
APS	4,689,436		4,789,608		4,573,292		5,006,348
Total	$	5,138,232	$	5,233,563	$	4,871,713	$	5,304,956