PHILADELPHIA ENERGY SOLUTIONS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(in thousands, except unit and volume data)
make installment payments over seven years and pay a monthly development fee of 12%. The agreement is a financing arrangement and accordingly, the Company recorded $50,675 in property, plant and
equipment and the corresponding financing obligation in the consolidated balance sheet as of December 31, 2014. During the year ended December 31, 2015, additional components of the rail terminal were completed and an additional $17,336 of property,
plant and equipment and financing obligation was recorded. As of December 31, 2015 and 2014, the amounts outstanding were $61,509 and $50,035 respectively.
The following table summarizes scheduled maturities of debt and capital lease and other obligations at December 31, 2015:
|
|
|
|
|
|
|
|
|
| |
|
Term Loans |
|
|
Capital lease
and other
obligations |
|
| Year ending December 31: |
|
|
|
|
|
|
|
|
| 2016 |
|
$ |
36,750 |
|
|
$ |
9,122 |
|
| 2017 |
|
|
36,750 |
|
|
|
9,658 |
|
| 2018 |
|
|
555,125 |
|
|
|
10,889 |
|
| 2019 |
|
|
23,438 |
|
|
|
12,277 |
|
| 2020 |
|
|
— |
|
|
|
13,842 |
|
| Thereafter |
|
|
— |
|
|
|
6,277 |
|
| Less: unamortized discount |
|
|
(3,712 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
648,351 |
|
|
$ |
62,065 |
|
|
|
|
|
|
|
|
|
|
9. OTHER LONG-TERM LIABILITIES
Other long-term liabilities consist of the following as of December 31, 2015 and 2014:
|
|
|
|
|
|
|
|
|
| |
|
December 31, |
|
| |
|
2015 |
|
|
2014 |
|
| Asset retirement obligations |
|
$ |
15,007 |
|
|
$ |
15,504 |
|
| Out of market contracts, net of $9,435 and $6,419 of accumulated amortization |
|
|
3,565 |
|
|
|
6,581 |
|
| Other |
|
|
761 |
|
|
|
694 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
19,333 |
|
|
$ |
22,779 |
|
|
|
|
|
|
|
|
|
|
The following table presents the activity for asset retirement obligations for the years ended December 31,
2015 and 2014:
|
|
|
|
|
|
|
|
|
| |
|
2015 |
|
|
2014 |
|
| Balance—beginning of year |
|
$ |
15,504 |
|
|
$ |
17,587 |
|
| Obligations settled |
|
|
(1,713 |
) |
|
|
(2,238 |
) |
| Changes in estimates |
|
|
— |
|
|
|
(1,228 |
) |
| Accretion |
|
|
1,216 |
|
|
|
1,383 |
|
|
|
|
|
|
|
|
|
|
| Balance—end of year |
|
$ |
15,007 |
|
|
$ |
15,504 |
|
|
|
|
|
|
|
|
|
|
There are no assets legally restricted for purposes of settling asset retirement obligations.
F-43
|
