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Our capital expenditures are expected to be used for investment in infrastructure for our electric transmission and distribution operations and
our natural gas distribution operations. These capital expenditures are anticipated to maintain reliability and safety as well as expand our systems
through value-added projects.
The following table sets forth estimates of our contractual obligations, including payments due by period (in millions):
___________________
57
Contractual Obligations
Total
2015
2016-2017
2018-2019
2020 and
thereafter
Transition and system restoration bond debt
$
3,046
$
372
$
802
$
893
$
979
Other long-term debt (1)
6,352
269
825
1,181
4,077
Interest payments —
transition and system restoration bond debt
(2)
475
108
176
111
80
Interest payments — other long-term debt (2)
3,947
303
549
425
2,670
Short-term borrowings
53
53
—
—
—
Capital leases
5
2
2
1
—
Operating leases (3)
23
5
7
4
7
Benefit obligations (4)
—
—
—
—
—
Non-trading derivative liabilities
20
19
1
—
—
Other commodity commitments (5)
2,728
696
1,156
762
114
Total contractual cash obligations (6)
$
16,649
$
1,827
$
3,518
$
3,377
$
7,927
(1) 2.0% Zero-
Premium Exchangeable Subordinated Notes due 2029 (ZENS) obligations are included in the 2020 and thereafter column at
their contingent principal amount as of December 31, 2014 of $751 million. These obligations are exchangeable for cash at any time at
the option of the holders for 95% of the current value of the reference shares attributable to each ZENS ( $930 million at
December 31,
2014 ), as discussed in Note 10 to our consolidated financial statements.
(2) We calculated estimated interest payments for long-term debt as follows: for fixed-
rate debt and term debt, we calculated interest based
on the applicable rates and payment dates; for variable-rate debt and/or non-
term debt, we used interest rates in place as of
December 31, 2014 . We typically expect to settle such interest payments with cash flows from operations and short-term borrowings.
(3)
For a discussion of operating leases, please read Note 14(c) to our consolidated financial statements.
(4) In 2015, we expect to make contributions to our qualified pension plan aggregating approximately $35 million
. We expect to contribute
approximately $31 million and $17 million , respectively, to our non-qualified pension and postretirement benefits plans in 2015.
(5)
For a discussion of other commodity commitments, please read Note 14(a) to our consolidated financial statements.
(6)
This table does not include estimated future payments for expected future asset retirement obligations. These payments are primarily
estimated to be incurred after 2020. We record a separate liability for the fair value of these asset retirement obligations which totaled
$176 million as of December 31, 2014. See Note 3(c), Asset Retirement Obligation in our consolidated financial statements.