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Retirement Plans and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2021
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
 202120202019202120202019
Service cost-benefits earned during the period$61,236 $56,233 $49,902 $17,796 $22,236 $18,369 
Non-service costs (credits):
Interest cost on benefit obligation98,566 118,567 136,843 16,513 25,857 29,894 
Expected return on plan assets(202,628)(187,443)(171,884)(41,444)(40,077)(38,412)
Amortization of:      
Prior service credit— — — (37,705)(37,575)(37,821)
Net actuarial (gain)/loss15,948 34,612 42,584 (10,093)— — 
Net periodic benefit cost/(benefit)$(26,878)$21,969 $57,445 $(54,933)$(29,559)$(27,970)
Portion of cost/(benefit) charged to expense$(32,743)$3,386 $30,312 $(38,657)$(20,966)$(19,859)
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
 2021202020212020
Change in Benefit Obligation    
Benefit obligation at January 1$3,902,867 $3,613,114 $624,034 $746,924 
Service cost61,236 56,233 17,796 22,236 
Interest cost98,566 118,567 16,513 25,857 
Benefit payments(207,928)(191,704)(31,280)(31,511)
Actuarial (gain) loss(137,917)306,657 (35,222)(139,472)
Benefit obligation at December 313,716,824 3,902,867 591,841 624,034 
Change in Plan Assets    
Fair value of plan assets at January 13,886,544 3,318,351 961,165 837,494 
Actual return on plan assets18,169 642,373 41,432 150,076 
Employer contributions100,000 100,000 — — 
Benefit payments(192,672)(174,180)(24,310)(26,405)
Transfer to active union medical account— — (105,852)— 
Fair value of plan assets at December 313,812,041 3,886,544 872,435 961,165 
Funded Status at December 31$95,217 $(16,323)$280,594 $337,131 
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,
 20212020
Accumulated benefit obligation161,086 171,672 
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,
 20212020
Projected benefit obligation169,912 182,184 
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
 2021202020212020
Noncurrent asset$265,129 $165,861 $280,594 $337,131 
Current liability(17,047)(15,700)— — 
Noncurrent liability(152,865)(166,484)— — 
Net amount recognized (funded status)$95,217 $(16,323)$280,594 $337,131 
Schedule of accumulated other comprehensive loss
The following table shows the details related to accumulated other comprehensive loss (gain) as of December 31, 2021, and 2020 (dollars in thousands): 
 Pension PlansOther Benefits Plans
 2021202020212020
Net actuarial loss (gain)$582,895 $552,301 $(262,352)$(237,233)
Prior service credit— — (114,632)(152,337)
APS’s portion recorded as a regulatory (asset) liability(509,751)(469,953)374,816 387,293 
Income tax expense (benefit)(18,081)(20,364)990 1,018 
Accumulated other comprehensive loss (gain)$55,063 $61,984 $(1,178)$(1,259)
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,
 20212020202120202019
Discount rate – pension plans2.92 %2.53 %2.53 %3.30 %4.34 %
Discount rate – other benefits plans2.98 %2.63 %2.63 %3.42 %4.39 %
Rate of compensation increase4.00 %4.00 %4.00 %4.00 %4.00 %
Expected long-term return on plan assets - pension plansN/AN/A5.30 %5.75 %6.25 %
Expected long-term return on plan assets - other benefit plansN/AN/A4.90 %4.85 %5.40 %
Initial healthcare cost trend rate (pre-65 participants)6.00 %6.50 %6.50 %7.00 %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)45457
Initial and ultimate healthcare cost trend rate (post-65 participants) (a)2.00 %2.00 %2.00 %4.75 %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 2021, the target and actual allocation for the pension plan at December 31, 2021, are as follows:
 Target AllocationActual Allocation
Long-term fixed income assets80 %79 %
Return-generating assets20 %21 %
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-generating 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, 2021:
Actual Allocation
Long-term fixed income assets63 %
Return-generating assets37 %
Total100 %
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 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, 2020, by asset category, are as follows (dollars in thousands):
 Level 1Level 2Other (a)Total
Pension Plan:   
Cash and cash equivalents$9,911 $— $— $9,911 
Fixed income securities:   
Corporate— 1,684,782 — 1,684,782 
U.S. Treasury794,571 — — 794,571 
Other (b)— 112,224 — 112,224 
Common stock equities (c)331,058 — — 331,058 
Mutual funds (d)262,765 — — 262,765 
Common and collective trusts:
   Equities— — 407,522 407,522 
   Real estate— — 191,595 191,595 
Partnerships— — 22,420 22,420 
Short-term investments and other (e)— — 69,696 69,696 
Total $1,398,305 $1,797,006 $691,233 $3,886,544 
Other Benefits:    
Cash and cash equivalents$1,909 $— $— $1,909 
Fixed income securities:   
Corporate— 221,488 — 221,488 
U.S. Treasury258,102 — — 258,102 
Other (b)— 8,316 — 8,316 
Common stock equities (c)175,605 — — 175,605 
Mutual funds (d)34,310 — — 34,310 
Common and collective trusts:
   Equities— — 94,674 94,674 
   Real estate— — 19,778 19,778 
Short-term investments and other (e)142,995 — 3,988 146,983 
Total $612,921 $229,804 $118,440 $961,165 
(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
2022$220,549 $31,244 
2023219,132 31,658 
2024221,724 31,486 
2025222,356 30,988 
2026221,709 30,780 
Years 2027-20311,121,557 151,194