Long-Term Debt and Liquidity Matters (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of 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	2022		2021
APS
Pollution control bonds:
Variable	2029	(b)	$	163,975	$	35,975
Total pollution control bonds			163,975		35,975
Senior unsecured notes	2024-2050	2.20%-6.88%	6,680,000		6,280,000
Unamortized discount			(14,548)		(14,995)
Unamortized premium			12,368		13,575
Unamortized debt issuance cost			(48,266)		(47,862)
Total APS long-term debt			6,793,529		6,266,693
Less current maturities			—		—
Total APS long-term debt less current maturities			6,793,529		6,266,693
BCE
Los Alamitos equity bridge loan	(d)	(d)	27,575		—
Los Alamitos construction facility	(e)	(e)	23,110		—
Unamortized debt issuance cost			(135)		—
Total BCE long-term debt			50,550		—
Less current maturities			50,685		—
Total BCE long-term debt less current maturities			(135)		—
Pinnacle West
Senior unsecured notes	2025	1.3%	500,000		500,000
Term loans	2024	(c)	450,000		300,000
Unamortized discount			(25)		(34)
Unamortized debt issuance cost			(2,083)		(2,924)
Total Pinnacle West long-term debt			947,892		797,042
Less current maturities			—		150,000
Total Pinnacle West long-term debt less current maturities			947,892		647,042
TOTAL LONG-TERM DEBT LESS CURRENT MATURITIES			$	7,741,286	$	6,913,735

(a)    This schedule does not reflect the timing of redemptions that may occur prior to maturities.

(b)    The weighted-average interest rate for the variable rate pollution control bonds was 3.96% at December 31, 2022, and 0.22% at December 31, 2021. See additional details below.

(c)    The weighted-average interest rate was 5.1% at December 31, 2022, and 0.81% at December 31, 2021. See additional details below.

(d)    The weighted-average interest rate for the variable rate equity bridge loan is 5.18% at December 31, 2022 and will mature on the project’s commercial operation date, expected on or before August 15, 2023. See additional details below.

(e)    The weighted-average interest rate for the variable rate construction facility is 5.71% at December 31, 2022 and will mature on the project’s commercial operation date, expected on or before August 15, 2023. See additional details below.

Schedule of 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, APS’s and BCE’s total long-term debt (dollars in thousands):

Year	Consolidated Pinnacle West		Consolidated APS		BCE
2023	$	50,685	$	—	$	50,685
2024	700,000		250,000		—
2025	800,000		300,000		—
2026	250,000		250,000		—
2027	300,000		300,000		—
Thereafter	5,743,975		5,743,975		—
Total	$	7,844,660	$	6,843,975	$	50,685

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, 2022				As of December 31, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Pinnacle West	$	947,892	$	905,525	$	797,042	$	792,735
APS	6,793,529		5,629,491		6,266,693		6,933,619
BCE	50,550		50,685		—		—
Total	$	7,791,971	$	6,585,701	$	7,063,735	$	7,726,354