APS 2011 Annual Report Download - page 146
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PINNACLE WEST CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
121
Year Pension Other Benefits (a)
2012 $ 113,075 $ 27,610
2013 122,750 30,562
2014 132,302 33,451
2015 141,516 36,489
2016 154,379 39,525
Years 2017-2021 941,377 246,091
(a) The estimated future other benefit payments take into account the Medicare Part D
subsidy.
Electric plant participants contribute to the above amounts in accordance with their respective
participation agreements.
Employee Savings Plan Benefits
Pinnacle West sponsors a defined contribution savings plan for eligible employees of Pinnacle
West and its subsidiaries. In 2011, costs related to APS’s employees represented 99% of the total cost
of this plan. In a defined contribution savings plan, the benefits a participant receives result from
regular contributions participants make to their own individual account, the Company’s matching
contributions and earnings or losses on their investments. Under this plan, the Company matches a
percentage of the participants’ contributions in cash which is then invested in the same investment mix
as participants elect to invest their own future contributions. Pinnacle West recorded expenses for this
plan of approximately $8 million for 2011, $9 million for 2010 and $9 million for 2009.
9. Leases
We lease certain vehicles, land, buildings, equipment and miscellaneous other items through
operating rental agreements with varying terms, provisions and expiration dates.
Total lease expense recognized in the Consolidated Statements of Income was $21 million in
2011, $23 million in 2010 and $28 million in 2009. APS’s lease expense was $18 million in 2011, $19
million in 2010 and $19 million in 2009.
Estimated future minimum lease payments for Pinnacle West’s and APS’s operating leases,
excluding purchased power agreements, are approximately as follows (dollars in millions):
Year
Pinnacle West
Consolidated APS
2012 $ 21 $ 18
2013 18 15
2014 15 12
2015 13 10
2016 2 2
Thereafter 23 22
Total future lease
commitments $ 92 $ 79