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Long-Term Debt and Liquidity Matters | 3 Months Ended
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Mar. 31, 2018
Debt Disclosure [Abstract] |
Long-Term Debt and Liquidity Matters | Long-Term Debt and Liquidity Matters Pinnacle West and APS maintain committed revolving credit facilities in order to enhance liquidity and provide credit support for their commercial paper programs, to refinance indebtedness, and for other general corporate purposes. Pinnacle West At March 31, 2018, Pinnacle West had a $200 million facility that matures in May 2021. Pinnacle West has the option to increase the amount of the facility up to a maximum of $300 million upon the satisfaction of certain conditions and with the consent of the lenders. At March 31, 2018, Pinnacle West had no outstanding borrowings under its credit facility, no letters of credit outstanding and $37.4 million of commercial paper borrowings. At March 31, 2018, Pinnacle West had a $125 million 364-day unsecured revolving credit facility that matures on July 30, 2018. Borrowings under the facility bear interest at LIBOR plus 0.80% per annum. At March 31, 2018, Pinnacle West had $77 million outstanding under the facility. APS At March 31, 2018, APS had two revolving credit facilities totaling $1 billion, including a $500 million facility that matures in May 2021 and a $500 million credit facility that matures in June 2022. APS may increase the amount of each facility up to a maximum of $700 million, for a total of $1.4 billion, upon the satisfaction of certain conditions and with the consent of the lenders. Interest rates are based on APS’s senior unsecured debt credit ratings. These facilities are available to support APS’s $500 million commercial paper program, for bank borrowings or for issuances of letters of credit. At March 31, 2018, APS had $255.5 million of commercial paper outstanding and no outstanding borrowings or letters of credit under its revolving credit facilities. See "Financial Assurances" in Note 8 for a discussion of APS’s other outstanding letters of credit. Debt Fair Value Our long-term debt fair value estimates are classified within Level 2 of the fair value hierarchy. The following table presents the estimated fair value of our long-term debt, including current maturities (dollars in thousands):
| As of March 31, 2018 |  | As of December 31, 2017
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Pinnacle West | $ | 298,326 |  |  | $ | 293,061 |  |  | $ | 298,421 |  |  | $ | 298,608 |
APS | 4,574,207 |  |  | 4,845,665 |  |  | 4,573,292 |  |  | 5,006,348 |
Total | $ | 4,872,533 |  |  | $ | 5,138,726 |  |  | $ | 4,871,713 |  |  | $ | 5,304,956 |
Debt Provisions An existing ACC order requires APS to maintain a common equity ratio of at least 40%. As defined in the ACC order, the common equity ratio is total shareholder equity divided by the sum of total shareholder equity and long-term debt, including current maturities of long-term debt. At March 31, 2018, APS was in compliance with this common equity ratio requirement. Its total shareholder equity was approximately $5.3 billion, and total capitalization was approximately $10.0 billion. APS would be prohibited from paying dividends if the payment would reduce its total shareholder equity below approximately $4.0 billion, assuming APS’s total capitalization remains the same.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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