Allegheny Power 2013 Annual Report Download - page 57
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42
CONTRACTUAL OBLIGATIONS
As of December 31, 2013, our estimated cash payments under existing contractual obligations that we consider firm obligations
are as follows:
Contractual Obligations Total 2014 2015-2016 2017-2018 Thereafter
(In millions)
Long-term debt(1) $ 17,005 $ 1,376 $ 2,305 $ 3,094 $ 10,230
Short-term borrowings 3,404 3,404 — — —
Interest on long-term debt(2) 10,965 881 1,658 1,424 7,002
Operating leases(3) 2,422 202 405 251 1,564
Fuel and purchased power(4) 22,292 2,485 4,111 2,971 12,725
Capital expenditures 2,516 1,099 775 453 189
Pension funding 1,087 — 717 229 141
Other(5) 279 75 82 65 57
Total $ 59,970 $ 9,522 $ 10,053 $ 8,487 $ 31,908
(1) Excludes unamortized discounts and premiums, fair value accounting adjustments and capital leases.
(2) Interest on variable-rate debt based on rates as of December 31, 2013.
(3) See Note 6, Leases, of the Combined Notes to Consolidated Financial Statements.
(4) Amounts under contract with fixed or minimum quantities based on estimated annual requirements.
(5) Includes amounts for capital leases (see Note 6, Leases, of the Combined Notes to Consolidated Financial Statements) and contingent tax
liabilities (see Note 5, Taxes, of the Combined Notes to Consolidated Financial Statements).
Excluded from the data shown above are estimates for the cash outlays from power purchase contracts entered into by most of
the Utilities and under which they procure the power supply necessary to provide generation service to their customers who do not
choose an alternative supplier. Although actual amounts will be determined by future customer behavior and consumption levels,
management currently estimates these cash outlays will be approximately $2.9 billion in 2014, $0.7 billion of which are expected
to relate to the Utilities' contracts with FES.
GUARANTEES AND OTHER ASSURANCES
FirstEnergy has various financial and performance guarantees and indemnifications which are issued in the normal course of
business. These contracts include performance guarantees, stand-by letters of credit, debt guarantees, surety bonds and
indemnifications. FirstEnergy enters into these arrangements to facilitate commercial transactions with third parties by enhancing
the value of the transaction to the third party. The maximum potential amount of future payments FirstEnergy could be required to
make under these guarantees as of December 31, 2013, was approximately $4.3 billion, as summarized below: