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Long-Term Debt and Liquidity Matters (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Schedule of 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 |  | 2022 |  | 2021
APS |  |  |  |  |  |  |
Pollution control bonds: |  |  |  |  |  |  |
Variable | 2029 |  | (b) |  | $ | 163,975 |  |  | $ | 35,975 |
Total pollution control bonds |  |  |  |  | 163,975 |  |  | 35,975 |
Senior unsecured notes | 2024-2050 |  | 2.20%-6.88% |  | 6,680,000 |  |  | 6,280,000 |
Unamortized discount |  |  |  |  | (14,548) |  |  | (14,995) |
Unamortized premium |  |  |  |  | 12,368 |  |  | 13,575 |
Unamortized debt issuance cost |  |  |  |  | (48,266) |  |  | (47,862) |
Total APS long-term debt |  |  |  |  | 6,793,529 |  |  | 6,266,693 |
Less current maturities |  |  |  |  | — |  |  | — |
Total APS long-term debt less current maturities |  |  |  |  | 6,793,529 |  |  | 6,266,693 |
BCE |  |  |  |  |  |  |
Los Alamitos equity bridge loan | (d) |  | (d) |  | 27,575 |  |  | — |
Los Alamitos construction facility | (e) |  | (e) |  | 23,110 |  |  | — |
Unamortized debt issuance cost |  |  |  |  | (135) |  |  | — |
Total BCE long-term debt |  |  |  |  | 50,550 |  |  | — |
Less current maturities |  |  |  |  | 50,685 |  |  | — |
Total BCE long-term debt less current maturities |  |  |  |  | (135) |  |  | — |
Pinnacle West |  |  |  |  |  |  |
Senior unsecured notes | 2025 |  | 1.3% |  | 500,000 |  |  | 500,000 |
Term loans | 2024 |  | (c) |  | 450,000 |  |  | 300,000 |
Unamortized discount |  |  |  |  | (25) |  |  | (34) |
Unamortized debt issuance cost |  |  |  |  | (2,083) |  |  | (2,924) |
Total Pinnacle West long-term debt |  |  |  |  | 947,892 |  |  | 797,042 |
Less current maturities |  |  |  |  | — |  |  | 150,000 |
Total Pinnacle West long-term debt less current maturities |  |  |  |  | 947,892 |  |  | 647,042 |
TOTAL LONG-TERM DEBT LESS CURRENT MATURITIES |  |  |  |  | $ | 7,741,286 |  |  | $ | 6,913,735 |
(a) This schedule does not reflect the timing of redemptions that may occur prior to maturities. (b) The weighted-average interest rate for the variable rate pollution control bonds was 3.96% at December 31, 2022, and 0.22% at December 31, 2021. See additional details below. (c) The weighted-average interest rate was 5.1% at December 31, 2022, and 0.81% at December 31, 2021. See additional details below. (d) The weighted-average interest rate for the variable rate equity bridge loan is 5.18% at December 31, 2022 and will mature on the project’s commercial operation date, expected on or before August 15, 2023. See additional details below. (e) The weighted-average interest rate for the variable rate construction facility is 5.71% at December 31, 2022 and will mature on the project’s commercial operation date, expected on or before August 15, 2023. See additional details below.
Schedule of 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, APS’s and BCE’s total long-term debt (dollars in thousands):
Year |  | Consolidated Pinnacle West |  | Consolidated APS |  | BCE
2023 |  | $ | 50,685 |  |  | $ | — |  |  | $ | 50,685 |
2024 |  | 700,000 |  |  | 250,000 |  |  | — |
2025 |  | 800,000 |  |  | 300,000 |  |  | — |
2026 |  | 250,000 |  |  | 250,000 |  |  | — |
2027 |  | 300,000 |  |  | 300,000 |  |  | — |
Thereafter |  | 5,743,975 |  |  | 5,743,975 |  |  | — |
Total |  | $ | 7,844,660 |  |  | $ | 6,843,975 |  |  | $ | 50,685 |
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, 2022 |  | As of December 31, 2021
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Pinnacle West | $ | 947,892 |  |  | $ | 905,525 |  |  | $ | 797,042 |  |  | $ | 792,735 |
APS | 6,793,529 |  |  | 5,629,491 |  |  | 6,266,693 |  |  | 6,933,619 |
BCE | 50,550 |  |  | 50,685 |  |  | — |  |  | — |
Total | $ | 7,791,971 |  |  | $ | 6,585,701 |  |  | $ | 7,063,735 |  |  | $ | 7,726,354 |

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