Long-Term Debt and Liquidity Matters (Tables)

12 Months Ended

Dec. 31, 2021

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 (dollars in thousands):

	Maturity	Interest	December 31,
	Dates (a)	Rates	2021		2020
APS
Pollution control bonds:
Variable	2029	(b)	$	35,975	$	35,975
Total pollution control bonds			35,975		35,975
Senior unsecured notes	2024-2050	2.20%-6.88%	6,280,000		5,830,000
Unamortized discount			(14,995)		(15,900)
Unamortized premium			13,575		14,781
Unamortized debt issuance cost			(47,862)		(46,911)
Total APS long-term debt			6,266,693		5,817,945
Less current maturities			—		—
Total APS long-term debt less current maturities			6,266,693		5,817,945
Pinnacle West
Senior unsecured notes	2025	1.3%	500,000		500,000
Term loans	2022-2024	(c)	300,000		—
Unamortized discount			(34)		(44)
Unamortized debt issuance cost			(2,924)		(3,635)
Total Pinnacle West long-term debt			797,042		496,321
Less current maturities			150,000		—
Total Pinnacle West long-term debt less current maturities			647,042		496,321
TOTAL LONG-TERM DEBT LESS CURRENT MATURITIES			$	6,913,735	$	6,314,266

(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 0.22% at December 31, 2021, and 0.18% at December 31, 2020.

(c)    The weighted-average interest rate was 0.81% at December 31, 2021. See additional details below.

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
2022	$	150,000	$	—
2023	—		—
2024	400,000		250,000
2025	800,000		300,000
2026	250,000		250,000
Thereafter	5,515,975		5,515,975
Total	$	7,115,975	$	6,315,975

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, 2021				As of December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Pinnacle West	$	797,042	$	792,735	$	496,321	$	509,050
APS	6,266,693		6,933,619		5,817,945		7,103,791
Total	$	7,063,735	$	7,726,354	$	6,314,266	$	7,612,841