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Long-Term Debt and Liquidity Matters (Tables) | 12 Months Ended
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Dec. 31, 2024
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 |  | 2024 |  | 2023
APS |  |  |  |  |  |  |
Pollution control bonds: |  |  |  |  |  |  |
Variable | 2029 |  | (b) |  | $ | 163,975 |  |  | $ | 163,975 |
Total pollution control bonds |  |  |  |  | 163,975 |  |  | 163,975 |
Senior unsecured notes | 2025-2050 |  | 2.20%-6.88% |  | 7,380,000 |  |  | 7,180,000 |
Unamortized discount |  |  |  |  | (14,252) |  |  | (14,197) |
Unamortized premium |  |  |  |  | 9,955 |  |  | 11,162 |
Unamortized debt issuance cost |  |  |  |  | (48,800) |  |  | (49,049) |
Total APS long-term debt |  |  |  |  | 7,490,878 |  |  | 7,291,891 |
Less current maturities |  |  |  |  | 300,000 |  |  | 250,000 |
Total APS long-term debt less current maturities |  |  |  |  | 7,190,878 |  |  | 7,041,891 |
Pinnacle West |  |  |  |  |  |  |
Senior unsecured notes | 2025-2027 |  | 1.30%-4.75% |  | 1,025,000 |  |  | 500,000 |
Floating rate note | 2026 |  | (c) |  | 350,000 |  |  | — |
Term loans | 2024 |  | (d) |  | — |  |  | 625,000 |
Unamortized discount |  |  |  |  | (5) |  |  | (15) |
Unamortized debt issuance cost |  |  |  |  | (7,225) |  |  | (1,254) |
Total Pinnacle West long-term debt |  |  |  |  | 1,367,770 |  |  | 1,123,731 |
Less current maturities |  |  |  |  | 500,000 |  |  | 625,000 |
Total Pinnacle West long-term debt less current maturities |  |  |  |  | 867,770 |  |  | 498,731 |
TOTAL LONG-TERM DEBT LESS CURRENT MATURITIES |  |  |  |  | $ | 8,058,648 |  |  | $ | 7,540,622 |
(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 4.01% at December 31, 2024, and 4.11% at December 31, 2023. (c) The weighted-average interest rate was 5.88% at December 31, 2024, and was not applicable at December 31, 2023. See additional details below. (d) The weighted-average interest rate was not applicable at December 31, 2024, and was 6.20% at December 31, 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 and APS’s total long-term debt (dollars in thousands):
Year |  | Pinnacle West Consolidated |  | APS Consolidated
2025 |  | $ | 800,000 |  |  | $ | 300,000 |
2026 |  | 600,000 |  |  | 250,000 |
2027 |  | 825,000 |  |  | 300,000 |
2028 |  | — |  |  | — |
2029 |  | 568,975 |  |  | 568,975 |
Thereafter |  | 6,125,000 |  |  | 6,125,000 |
Total |  | $ | 8,918,975 |  |  | $ | 7,543,975 |
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, 2024 |  | As of December 31, 2023
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Pinnacle West | $ | 1,367,770 |  |  | $ | 1,393,744 |  |  | $ | 1,123,731 |  |  | $ | 1,095,935 |
APS | 7,490,878 |  |  | 6,525,248 |  |  | 7,291,891 |  |  | 6,459,718 |
Total | $ | 8,858,648 |  |  | $ | 7,918,992 |  |  | $ | 8,415,622 |  |  | $ | 7,555,653 |

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