APS 2012 Annual Report Download - page 93

69
2013
2014-
2015
2016-
2017
Thereafter
Total
Long-term debt payments,
including interest: (a)
APS
$ 307
$ 1,191
$ 604
$ 3,283
$ 5,385
Pinnacle West
2
4
125
-
131
Total long-term debt payments,
including interest
309 1,195 729 3,283 5,516
Fuel and purchased power
commitments (b)
489
1,116
955
6,329
8,889
Renewable energy credits (c)
51
81
80
491
703
Purchase obligations (d)
96
29
14
221
360
Coal reclamation
1
74
27
17
119
Nuclear decommissioning
funding requirements
17
36
4
67
124
Noncontrolling interests (e)
17
56
-
-
73
Operating lease payments
21
32
7
41
101
Total contractual commitments
$ 1,001
$ 2,619
$ 1,816
$ 10,449
$15,885
(a) The long-term debt matures at various dates through 2042 and bears interest principally
at fixed rates. Interest on variable-rate long-term debt is determined by using average
rates at December 31, 2012 (see Note 6).
(b) Our fuel and purchased power commitments include purchases of coal, electricity,
natural gas, renewable energy, nuclear fuel, and natural gas transportation (see Notes 3
and 11).
(c) Contracts to purchase renewable energy credits in compliance with the RES (see Note
3).
(d) These contractual obligations include commitments for capital expenditures and other
obligations. These amounts do not include the purchase of SCE’s interest in Four
Corners Units 4 and 5 due to additional approvals required. See discussion in
“Overview.”
(e) Payments to the noncontrolling interests relate to the Palo Verde Sale Leaseback (see
Note 20). We have committed to retain the assets relating to the noncontrolling interest
beyond 2015 either through lease extensions or by purchasing the assets. If we elect to
purchase the assets, the purchase price will be based on the fair value of the assets at the
end of 2015, and such value is unknown at this time. If we elect to extend the leases, we
will be required to make annual payments beginning in 2016 of approximately $23
million; however, the length of the lease extensions is unknown at this time as it must be
determined through an appraisal process. Due to these uncertainties, amounts relating to
the noncontrolling interests beyond 2015 have not been included in the table above.
This table excludes $135 million in unrecognized tax benefits because the timing of the future
cash outflows is uncertain. This table also excludes approximately zero, $89 million and $112 million
in estimated minimum pension contributions for 2013, 2014 and 2015, respectively (see Note 8).