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Long-Term Debt and Liquidity Matters (Tables) | 12 Months Ended
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Dec. 31, 2021
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 (dollars in thousands):
| Maturity |  | Interest |  | December 31,
| Dates (a) |  | Rates |  | 2021 |  | 2020
APS |  |  |  |  |  |  |
Pollution control bonds: |  |  |  |  |  |  |
Variable | 2029 |  | (b) |  | $ | 35,975 |  |  | $ | 35,975 |
Total pollution control bonds |  |  |  |  | 35,975 |  |  | 35,975 |
Senior unsecured notes | 2024-2050 |  | 2.20%-6.88% |  | 6,280,000 |  |  | 5,830,000 |
Unamortized discount |  |  |  |  | (14,995) |  |  | (15,900) |
Unamortized premium |  |  |  |  | 13,575 |  |  | 14,781 |
Unamortized debt issuance cost |  |  |  |  | (47,862) |  |  | (46,911) |
Total APS long-term debt |  |  |  |  | 6,266,693 |  |  | 5,817,945 |
Less current maturities |  |  |  |  | — |  |  | — |
Total APS long-term debt less current maturities |  |  |  |  | 6,266,693 |  |  | 5,817,945 |
Pinnacle West |  |  |  |  |  |  |
Senior unsecured notes | 2025 |  | 1.3% |  | 500,000 |  |  | 500,000 |
Term loans | 2022-2024 |  | (c) |  | 300,000 |  |  | — |
Unamortized discount |  |  |  |  | (34) |  |  | (44) |
Unamortized debt issuance cost |  |  |  |  | (2,924) |  |  | (3,635) |
Total Pinnacle West long-term debt |  |  |  |  | 797,042 |  |  | 496,321 |
Less current maturities |  |  |  |  | 150,000 |  |  | — |
Total Pinnacle West long-term debt less current maturities |  |  |  |  | 647,042 |  |  | 496,321 |
TOTAL LONG-TERM DEBT LESS CURRENT MATURITIES |  |  |  |  | $ | 6,913,735 |  |  | $ | 6,314,266 |
(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 0.22% at December 31, 2021, and 0.18% at December 31, 2020. (c) The weighted-average interest rate was 0.81% at December 31, 2021. See additional details below.
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
2022 |  | $ | 150,000 |  |  | $ | — |
2023 |  | — |  |  | — |
2024 |  | 400,000 |  |  | 250,000 |
2025 |  | 800,000 |  |  | 300,000 |
2026 |  | 250,000 |  |  | 250,000 |
Thereafter |  | 5,515,975 |  |  | 5,515,975 |
Total |  | $ | 7,115,975 |  |  | $ | 6,315,975 |
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, 2021 |  | As of December 31, 2020
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Pinnacle West | $ | 797,042 |  |  | $ | 792,735 |  |  | $ | 496,321 |  |  | $ | 509,050 |
APS | 6,266,693 |  |  | 6,933,619 |  |  | 5,817,945 |  |  | 7,103,791 |
Total | $ | 7,063,735 |  |  | $ | 7,726,354 |  |  | $ | 6,314,266 |  |  | $ | 7,612,841 |

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