APS 2012 Annual Report Download - page 145
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PINNACLE WEST CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
120
The following table shows the changes in fair value for assets that are measured at fair value on
a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2012
(dollars in thousands):
Short-Term Investments and Other
Pension
Beginning balance at January 1, 2012
$ --
Actual return on assets still held at
December 31, 2012
(668)
Purchases, sales, and settlements
3,087
Transfers in and/or out of Level 3
--
Ending balance at December 31, 2012
$ 2,419
Contributions
We made contributions to our pension plan totaling $65 million in 2012, zero in 2011 and $200
million in 2010. The minimum contributions for the pension plan due in 2013, 2014 and 2015 under the
recently enacted Moving Ahead for Progress in the 21st Century Act (MAP-21) are estimated to be zero,
$89 million and $112 million, respectively. We expect to make voluntary contributions totaling $140
million to the pension plan in 2013, and contributions up to approximately $175 million in each of 2014
and 2015. With regard to contributions to our other postretirement benefit plans, we made a
contribution of approximately $23 million in 2012, $19 million in 2011, and $17 million in 2010. The
contributions to our other postretirement benefit plans for 2013, 2014 and 2015 are expected to be
approximately $20 million each year. APS and other subsidiaries fund their share of the contributions.
APS’s share of the pension plan contribution was $64 million in 2012, zero in 2011, and $195 million in
2010. APS’s share of the contributions to the other postretirement benefit plan was $22 million in 2012,
$19 million in 2011, and $16 million in 2010.
Estimated Future Benefit Payments
Benefit payments, which reflect estimated future employee service, for the next five years and
the succeeding five years thereafter are estimated to be as follows (dollars in thousands):
Year
Pension
Other Benefits
2013
$ 126,091
$ 26,934
2014
135,602
29,870
2015
145,438
32,929
2016
155,774
35,893
2017
165,535
38,765
Years 2018-2022
971,362
235,170
Electric plant participants contribute to the above amounts in accordance with their respective
participation agreements.