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Long-Term Debt and Liquidity Matters (Tables) | 12 Months Ended
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Dec. 31, 2018
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 at December 31, 2018 and 2017 (dollars in thousands):
| Maturity |  | Interest |  | December 31,
| Dates (a) |  | Rates |  | 2018 |  | 2017
APS |  |  |  |  |  |  |  |  |
Pollution control bonds: |  |  |  |  |  |  |  |  |
Variable | 2029 |  | (b) |  | $ | 35,975 |  |  | $ | 35,975 |
Fixed | 2024 |  | 4.70% |  | 115,150 |  |  | 147,150 |
Total pollution control bonds |  |  |  |  | 151,125 |  |  | 183,125 |
Senior unsecured notes | 2019-2048 |  | 2.20%-8.75% |  | 4,575,000 |  |  | 4,275,000 |
Term loans |  |  | (c) |  | — |  |  | 150,000 |
Unamortized discount |  |  |  |  | (12,638 | ) |  | (11,288 | )
Unamortized premium |  |  |  |  | 7,736 |  |  | 8,049 |
Unamortized debt issuance cost |  |  |  |  | (31,787 | ) |  | (31,594 | )
Total APS long-term debt |  |  |  |  | 4,689,436 |  |  | 4,573,292 |
Less current maturities |  |  |  |  | 500,000 |  |  | 82,000 |
Total APS long-term debt less current maturities |  |  |  |  | 4,189,436 |  |  | 4,491,292 |
Pinnacle West |  |  |  |  |  |  |  |  |
Senior unsecured notes | 2020 |  | 2.25% |  | 300,000 |  |  | 300,000 |
Term loan | 2020 |  | (d) |  | 150,000 |  |  | — |
Unamortized discount |  |  |  |  | (121 | ) |  | (184 | )
Unamortized debt issuance cost |  |  |  |  | (1,083 | ) |  | (1,395 | )
Total Pinnacle West long-term debt |  |  |  |  | 448,796 |  |  | 298,421 |
Less current maturities |  |  |  |  | — |  |  | — |
Total Pinnacle West long-term debt less current maturities |  |  |  |  | 448,796 |  |  | 298,421 |
TOTAL LONG-TERM DEBT LESS CURRENT MATURITIES |  |  |  |  | $ | 4,638,232 |  |  | $ | 4,789,713 |
(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 1.76% at December 31, 2018 and 1.77% at December 31, 2017.
(c) | The weighted-average interest rate was 2.24% at December 31, 2017.
(d) | The weighted-average interest rate was 3.02% at December 31, 2018.
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
2019 |  | $ | 500,000 |  |  | $ | 500,000 |
2020 |  | 700,000 |  |  | 250,000 |
2021 |  | — |  |  | — |
2022 |  | — |  |  | — |
2023 |  | — |  |  | — |
Thereafter |  | 3,976,125 |  |  | 3,976,125 |
Total |  | $ | 5,176,125 |  |  | $ | 4,726,125 |
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, 2018 |  | As of December 31, 2017
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Pinnacle West | $ | 448,796 |  |  | $ | 443,955 |  |  | $ | 298,421 |  |  | $ | 298,608 |
APS | 4,689,436 |  |  | 4,789,608 |  |  | 4,573,292 |  |  | 5,006,348 |
Total | $ | 5,138,232 |  |  | $ | 5,233,563 |  |  | $ | 4,871,713 |  |  | $ | 5,304,956 |

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