LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2015

LONG-TERM DEBT

Schedule of long-term debt

Long-term debt consists of the following (thousands):

	2015		2014
Mortgage notes payable
3.66% to 8.08% CFC, 5.96% average for 2015, due through 2028	$	86,979	$	92,977
2.63% to 6.17% CoBank, ACB, 4.35% average for 2015, due through 2042		278,086		287,798
First Mortgage Bonds, Series 2014E-1, 3.70% due 2024		250,000		250,000
First Mortgage Bonds, Series 2014E-2, 4.70% due 2044		250,000		250,000
First Mortgage Bonds, Series 2010A, 6.00% due 2040		500,000		500,000
First Mortgage Obligation, Series 2014B, Tranche 1, 3.90%, due through 2033		180,000		180,000
First Mortgage Obligation Series 2014B, Tranche 2, 4.30%, due through 2039		20,000		20,000
First Mortgage Obligation Series 2014B, Tranche 3, 4.45%, due through 2045		550,000		550,000
First Mortgage Obligation, Series 2009C, Tranche 1, 6.00%, due through 2019		108,571		135,714
First Mortgage Obligation, Series 2009C, Tranche 2, 6.31%, due through 2021		110,000		110,000
Variable rate CFC, as determined by CFC, 2.90% average for 2015, due through 2026		644		687
Variable rate CFC, LIBOR-based term loan, 1.48% average for 2015, due through 2049		102,220		102,220
Variable rate CoBank, ACB, LIBOR-based term loan, 1.74% average for 2015, due through 2044		102,220		102,220
Variable rate, Revolving Credit Agreement, LIBOR-based revolving credit, 1.25% average for 2015, due through 2019		271,000		50,000
Pollution control revenue bonds
City of Gallup, NM, 5.00%, Series 2005, due through 2017		10,815		15,840
Moffat County, CO Variable Rate Demand Series 2009, 0.06% average for 2015, due 2036		46,800		46,800
Springerville certificates
Series A, 6.04%, due through 2018		89,968		124,779
Series B, 7.14%, due through 2033		405,000		405,000
Colowyo Coal
Colowyo Bonds, 10.19%, due through 2016		7,693		15,899
Other		1,683		2,536
Total debt	$	3,371,679	$	3,242,470
Less debt issuance costs		(21,201)		(22,254)
Less debt discounts		(8,739)		(8,894)
Plus debt premiums		23,218		26,726
Total debt adjusted for discounts, premiums and debt issuance costs	$	3,364,957	$	3,238,048
Less current maturities		(91,419)		(92,802)
Long-term debt	$	3,273,538	$	3,145,246

Schedule of annual maturities of long-term debt

2016	$	91,419
2017		108,037
2018		78,322
2019 (1)		368,776
2020		84,834
Thereafter		2,633,569
	$	3,364,957

(1) Annual maturities in 2019 include $271 million of outstanding borrowings under the Revolving Credit Agreement.