Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66 Page 67 Page 68 Page 69 Page 70 Page 71 Page 72 Page 73 Page 74 Page 75 Page 76 Page 77 Page 78 Page 79 Page 80 Page 81 Page 82 Page 83 Page 84 Page 85 Page 86 Page 87 Page 88 Page 89 Page 90Seattle City Light 2015 Annual Report 39 THE CITY OF SEATTLE—CITY LIGHT DEPARTMENT NOTES TO FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014 - 39 - amortized to pension expense over a period equal to the expected remaining service life of employees receiving pension benefits. See Note 11 Seattle City Employees’ Retirement System. The excess of costs incurred over the carrying value of bonds refunded on early extinguishment of debt are reported as Deferred outflows of resources and amortized as a component of interest expense using the effective interest method over the terms of the issues to which they pertain. See Note 8 Long-term Debt. Deferred outflows of resources at December 31, 2015 and 2014 consisted of the following: ($ in millions) 2015 2014 Deferred outflows of resources: Unrealized contributions and losses related to pension 33.4 $ - $ Charges on advance refunding 16.4 19.3 Total 49.8 $ 19.3 $ 8. LONG-TERM DEBT At December 31, 2015 and 2014, the Department’s long-term debt consisted of the following prior lien or parity bonds: LONG-TERM ($ in millions) Maturity Original Fixed Rate Year Issuance 2015 2014 Prior Lien Bonds: 2015A ML&P Revenue Bonds 4.000%–5.000% 2045 171.9 $ 171.9 $ - $ 2015B1 ML&P Adjustable Rate Revenue Bonds variable rates 2045 50.0 50.0 - 2015B2 ML&P Adjustable Rate Revenue Bonds variable rates 2045 50.0 50.0 - 2014 ML&P Improvement and Refunding Revenue Bonds 4.000%–5.000% 2044 265.2 250.0 265.2 2013 ML&P Improvement and Refunding Revenue Bonds 2.000%–5.000% 2043 190.8 184.8 187.7 2012A ML&P Improvement and Refunding Revenue Bonds 2.000%–5.000% 2041 293.3 272.5 284.8 2012C ML&P Clean Renewable Energy Bonds 3.400%–3.750% 2033 43.0 43.0 43.0 2011A ML&P Improvement and Refunding Revenue Bonds 1.000%–5.500% 2036 296.3 253.0 266.0 2011B ML&P Clean Renewable Energy Bonds 5.750%–5.750% 2027 10.0 10.0 10.0 2010A ML&P Build America Bonds 4.447%–5.570% 2040 181.6 181.6 181.6 2010B ML&P Improvement and Refunding Revenue Bonds 2.000%–5.000% 2026 596.9 421.2 466.4 2010C ML&P Recovery Zone Economic Development Bonds 5.590%–5.590% 2040 13.3 13.3 13.3 2008 ML&P Revenue and Refunding Revenue Bonds 4.000%–6.000% 2029 257.4 169.5 185.8 Total prior lien bonds 2,419.7 $ 2,070.8 $ 1,903.8 $