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Long-Term Debt and Liquidity Matters (Tables) | 12 Months Ended
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Dec. 31, 2019
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, 2019 and 2018 (dollars in thousands):
| Maturity |  | Interest |  | December 31,
| Dates (a) |  | Rates |  | 2019 |  | 2018
APS |  |  |  |  |  |  |  |  |
Pollution control bonds: |  |  |  |  |  |  |  |  |
Variable | 2029 |  | (b) |  | $ | 35,975 |  |  | $ | 35,975 |
Fixed | 2024 |  | 4.70% |  | 115,150 |  |  | 115,150 |
Total pollution control bonds |  |  |  |  | 151,125 |  |  | 151,125 |
Senior unsecured notes | 2020-2049 |  | 2.20%-6.88% |  | 4,875,000 |  |  | 4,575,000 |
Term loans |  |  | (c) |  | 200,000 |  |  | — |
Unamortized discount |  |  |  |  | (12,434 | ) |  | (12,638 | )
Unamortized premium |  |  |  |  | 7,423 |  |  | 7,736 |
Unamortized debt issuance cost |  |  |  |  | (37,981 | ) |  | (31,787 | )
Total APS long-term debt |  |  |  |  | 5,183,133 |  |  | 4,689,436 |
Less current maturities |  |  |  |  | 350,000 |  |  | 500,000 |
Total APS long-term debt less current maturities |  |  |  |  | 4,833,133 |  |  | 4,189,436 |
Pinnacle West |  |  |  |  |  |  |  |  |
Senior unsecured notes | 2020 |  | 2.25% |  | 300,000 |  |  | 300,000 |
Term loan | 2020 |  | (d) |  | 150,000 |  |  | 150,000 |
Unamortized discount |  |  |  |  | (57 | ) |  | (121 | )
Unamortized debt issuance cost |  |  |  |  | (518 | ) |  | (1,083 | )
Total Pinnacle West long-term debt |  |  |  |  | 449,425 |  |  | 448,796 |
Less current maturities |  |  |  |  | 450,000 |  |  | — |
Total Pinnacle West long-term debt less current maturities |  |  |  |  | (575 | ) |  | 448,796 |
TOTAL LONG-TERM DEBT LESS CURRENT MATURITIES |  |  |  |  | $ | 4,832,558 |  |  | $ | 4,638,232 |
(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 1.54% at December 31, 2019 and 1.76% at December 31, 2018.
(c) | The weighted-average interest rate was 2.12% at December 31, 2019.
(d) | The weighted-average interest rate was 2.20% at December 31, 2019 and 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
2020 |  | $ | 800,000 |  |  | $ | 350,000 |
2021 |  | — |  |  | — |
2022 |  | — |  |  | — |
2023 |  | — |  |  | — |
2024 |  | 365,150 |  |  | 365,150 |
Thereafter |  | 4,510,975 |  |  | 4,510,975 |
Total |  | $ | 5,676,125 |  |  | $ | 5,226,125 |
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, 2019 |  | As of December 31, 2018
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Pinnacle West | $ | 449,425 |  |  | $ | 450,822 |  |  | $ | 448,796 |  |  | $ | 443,955 |
APS | 5,183,133 |  |  | 5,743,570 |  |  | 4,689,436 |  |  | 4,789,608 |
Total | $ | 5,632,558 |  |  | $ | 6,194,392 |  |  | $ | 5,138,232 |  |  | $ | 5,233,563 |

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