Affiliate Capital Leases | Non-Affiliate Capital Leases (4) | Affiliate Operating Leases | Non-Affiliate Operating Leases (4) | Vogtle Units 1 and 2 Capacity Payments | Total ($) | |||||||||||||
(in millions) | ||||||||||||||||||
2014 | $ | — | $ | — | $ | 55 | $ | 112 | $ | 21 | $ | 188 | ||||||
2015 | 22 | 20 | 89 | 127 | 13 | 271 | ||||||||||||
2016 | 22 | 26 | 99 | 142 | 11 | 300 | ||||||||||||
2017 | 23 | 27 | 71 | 144 | 8 | 273 | ||||||||||||
2018 | 23 | 27 | 62 | 145 | 7 | 264 | ||||||||||||
2019 and thereafter | 278 | 541 | 669 | 1,573 | 58 | 3,119 | ||||||||||||
Total | $ | 368 | $ | 641 | $ | 1,045 | $ | 2,243 | $ | 118 | $ | 4,415 | ||||||
Less: amounts representing executory costs(1) | 55 | 142 | ||||||||||||||||
Net minimum lease payments | 313 | 499 | ||||||||||||||||
Less: amounts representing interest(2) | 85 | 166 | ||||||||||||||||
Present value of net minimum lease payments(3) | $ | 228 | $ | 333 | ||||||||||||||
(1) | Executory costs such as taxes, maintenance, and insurance (including the estimated profit thereon) are estimated and included in total minimum lease payments. |
(2) | Calculated at the Company's incremental borrowing rate at the inception of the leases. |
(3) | When the PPAs begin in 2015, the Company will recognize capital lease assets and capital lease obligations totaling $482 million, equal to the lesser of the present value of the net minimum lease payments or the estimated fair value of the leased property. |
(4) | A total of $1.3 billion of biomass PPAs included under the non-affiliate capital and operating leases is contingent upon the counterparty meeting specified contract dates for posting collateral and commercial operation. |