Vectren 2012 Annual Report Download - page 60

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58
obligations as of December 31, 2012. In addition, ESG has an $8 million stand-alone letter of credit facility and as of December
31, 2012, $3.4 million was outstanding.
Planned Capital Expenditures & Investments
During 2012 capital expenditures and other investments approximated $370 million, of which approximately $250 million related
to Utility Group expenditures. This compares to 2011 where consolidated investments were approximately $320 million with
$230 million attributed to the Utility Group and 2010 where consolidated investments were approximately $280 million with $230
million attributed to the Utility Group. Planned Utility Group capital expenditures, including contractual purchase commitments,
for the five-year period 2013 - 2017 are expected to total approximately (in millions): $290, $330, $320, $310, and $310,
respectively. This plan contains the best estimate of the resources required for known regulatory compliance; however, many
environmental and pipeline safety standards are subject to change in the near term. Such changes could materially impact
planned capital expenditures.
Planned Nonutility Group capital expenditures for mine development and recurring infrastructure investments, including
contractual purchase commitments, for the five-year period 2013 - 2017 are expected to total (in millions): $100, $90, $90, $90,
and $100, respectively.
Contractual Obligations
The following is a summary of contractual obligations at December 31, 2012:
(In millions) Total 2013 2014 2015 2016 2017 Thereafter
Long-term debt (1) $ 1,659.8 $ 106.4 $ 30.0 $ 279.8 $ 73.0 $ 75.0 $ 1,095.6
Short-term debt 278.8 278.8 — — — — —
Long-term debt interest
commitments 1,089.3 85.9 81.1 79.7 66.1 64.7 711.8
Nonutility commodity purchase
commitments 1.4 1.4 — — — — —
Plant and nonutility plant
purchase commitments 20.3 20.3 — — — — —
Operating leases 22.8 6.8 5.5 3.8 2.2 1.2 3.3
Total (2) $ 3,072.4 $ 499.6 $ 116.6 $ 363.3 $ 141.3 $ 140.9 $ 1,810.7
(1) The debt due in 2013 is comprised of debt issued by Vectren Utility Holdings totaling $100 million, $5 million issued by
Indiana Gas, and $1.4 million associated with the Company’s nonutility operations. The Company expects that the
majority of this debt maturing in 2013 will be refinanced using the long-term debt capital markets.
(2) The Company has other long-term liabilities that total approximately $214 million. This amount is comprised of the
following: pension obligations $81 million; postretirement obligations $50 million; deferred compensation and share-
based compensation obligations $32 million; asset retirement obligations $38 million; investment tax credits $4 million;
environmental remediation obligations $5 million; and other obligations including unrecognized tax benefits totaling $4
million. Based on the nature of these items, their expected settlement dates cannot be estimated.
The Company’s regulated utilities have both firm and non-firm commitments to purchase natural gas, electricity, and coal as well
as certain transportation and storage rights. Costs arising from these commitments, while significant, are pass-through costs,
generally collected dollar-for-dollar from retail customers through regulator-approved cost recovery mechanisms. Because of
the pass through nature of these costs, they have not been included in the listing of contractual obligations.