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Long-Term Debt and Liquidity Matters (Tables) | 12 Months Ended
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Dec. 31, 2023
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 |  | 2023 |  | 2022
APS |  |  |  |  |  |  |
Pollution control bonds: |  |  |  |  |  |  |
Variable | 2029 |  | (b) |  | $ | 163,975 |  |  | $ | 163,975 |
Total pollution control bonds |  |  |  |  | 163,975 |  |  | 163,975 |
Senior unsecured notes | 2024-2050 |  | 2.20%-6.88% |  | 7,180,000 |  |  | 6,680,000 |
Unamortized discount |  |  |  |  | (14,197) |  |  | (14,548) |
Unamortized premium |  |  |  |  | 11,162 |  |  | 12,368 |
Unamortized debt issuance cost |  |  |  |  | (49,049) |  |  | (48,266) |
Total APS long-term debt |  |  |  |  | 7,291,891 |  |  | 6,793,529 |
Less current maturities |  |  |  |  | 250,000 |  |  | — |
Total APS long-term debt less current maturities |  |  |  |  | 7,041,891 |  |  | 6,793,529 |
BCE |  |  |  |  |  |  |
Los Alamitos equity bridge loan | (d) |  | (d) |  | — |  |  | 27,575 |
Los Alamitos construction facility | (d) |  | (d) |  | — |  |  | 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 |  | 1.30% |  | 500,000 |  |  | 500,000 |
Term loans | 2024 |  | (c) |  | 625,000 |  |  | 450,000 |
Unamortized discount |  |  |  |  | (15) |  |  | (25) |
Unamortized debt issuance cost |  |  |  |  | (1,254) |  |  | (2,083) |
Total Pinnacle West long-term debt |  |  |  |  | 1,123,731 |  |  | 947,892 |
Less current maturities |  |  |  |  | 625,000 |  |  | — |
Total Pinnacle West long-term debt less current maturities |  |  |  |  | 498,731 |  |  | 947,892 |
TOTAL LONG-TERM DEBT LESS CURRENT MATURITIES |  |  |  |  | $ | 7,540,622 |  |  | $ | 7,741,286 |
(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 4.11% at December 31, 2023, and 3.96% at December 31, 2022. (c) The weighted-average interest rate was 6.20% at December 31, 2023, and 5.10% at December 31, 2022. See additional details below. (d) On August 4, 2023, concurrent with the BCE Sale, the construction facility was transferred to Ameresco and the equity bridge loan was paid in full by Pinnacle West. See Note 20 and discussion 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 and APS’s total long-term debt (dollars in thousands):
Year |  | Pinnacle West Consolidated |  | APS Consolidated
2024 |  | $ | 875,000 |  |  | $ | 250,000 |
2025 |  | 800,000 |  |  | 300,000 |
2026 |  | 250,000 |  |  | 250,000 |
2027 |  | 300,000 |  |  | 300,000 |
2028 |  | — |  |  | — |
Thereafter |  | 6,243,975 |  |  | 6,243,975 |
Total |  | $ | 8,468,975 |  |  | $ | 7,343,975 |
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, 2023 |  | As of December 31, 2022
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Pinnacle West | $ | 1,123,731 |  |  | $ | 1,095,935 |  |  | $ | 947,892 |  |  | $ | 905,525 |
APS | 7,291,891 |  |  | 6,459,718 |  |  | 6,793,529 |  |  | 5,629,491 |
BCE | — |  |  | — |  |  | 50,550 |  |  | 50,685 |
Total | $ | 8,415,622 |  |  | $ | 7,555,653 |  |  | $ | 7,791,971 |  |  | $ | 6,585,701 |

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