Long-Term Debt and Liquidity Matters (Tables)

12 Months Ended

Dec. 31, 2011

Long-Term Debt and Liquidity Matters

Components of long-term debt on the Consolidated Balance Sheets

	Maturity	Interest	December 31,
	Dates (a)	Rates	2011			2010
APS
Pollution Control Bonds:
Variable	2024-2038	(b)	$	43,580		$	43,580
Fixed	2029-2034	2.875%-6.000%	522,275			522,275
Pollution control bonds with seniornotes	2029	5.050%	90,000			90,000
Total Pollution Control Bonds			655,855			655,855
Senior unsecured notes	2012-2041	4.650%-8.750%	2,625,000			2,725,000
Palo Verde sale leaseback lessor notes	2015	8.00%	96,803			126,000
Capitalized lease obligations	2012	(c)	1,029			2,001
Unamortized discount			(7,198		)	(6,183		)
Total APS Long-term debt			3,371,489			3,502,673
Less current maturities			477,435			456,879
Total APS Long-term debt less current maturities			2,894,054			3,045,794
Pinnacle West
Senior notes	2011	5.91%	—			175,000
Term loan	2015	(d)	125,000			—
Total Pinnacle West Long-term debt			125,000			175,000
Less current maturities			—			175,000
Total Pinnacle West long-term debt less current maturities			125,000			—
TOTAL LONG-TERM DEBTLESS CURRENT MATURITIES			$	3,019,054		$	3,045,794

(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 0.09% at December 31, 2011 and 0.32% at December 31, 2010.

(c)The weighted-average interest rate was 5.27% at December 31, 2011 and 5.29% at December 31, 2010.

(d)The weighted-average interest rate was 1.794% at December 31, 2011.

Principal payments due on Pinnacle West's and APS's total long-term debt and capitalized lease requirements

Year	ConsolidatedPinnacle West		ConsolidatedAPS
2012	$	477	$	477
2013	123		123
2014	502		502
2015	438		313
2016	358		358
Thereafter	1,606		1,606
Total	$	3,504	$	3,379

Schedule of estimated fair value of long-term debt, including current maturities

	As ofDecember 31, 2011				As ofDecember 31, 2010
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Pinnacle West	$	125	$	123	$	175	$	176
APS	3,371		3,803		3,503		3,737
Total	$	3,496	$	3,926	$	3,678	$	3,913