Entergy Corporation and Subsidiaries Management's Financial Discussion and Analysis Capital Funds Agreement Pursuant to an agreement with certain creditors, Entergy Corporation has agreed to supply System Energy with sufficient capital to:  maintain System Energy's equity capital at a minimum of 35% of its total capitalization (excluding shortterm debt);  permit the continued commercial operation of Grand Gulf 1;  pay in full all System Energy indebtedness for borrowed money when due; and  enable System Energy to make payments on specific System Energy debt, under supplements to the agreement assigning System Energy's rights in the agreement as security for the specific debt.
Capital Expenditure Plans and Other Uses of Capital Following are the amounts of Entergy's planned construction and other capital investments by operating segment for 2003 through 2005 (in millions):
## Table 0 ##
The capital plan for the U. S.  Utility primarily consists of spending for maintenance capital, supporting continued reliability improvements, and customer growth.
Also included is the replacement of the ANO 1 steam generator and reactor vessel closure head.
Entergy estimates the cost of the fabrication and replacement to be approximately $235 million, of which approximately $135 million will be incurred through 2004.
Entergy expects the replacement to occur during a planned refueling outage in 2005.
Entergy Arkansas filed in January 2003 a request for a declaratory order by the APSC that the investment in the replacement is in the public interest analogous to the order received in 1998 prior to the replacement of the steam generator for ANO 2.
Receipt of an order relating to the replacement at ANO 1 would provide additional support for the inclusion of these costs in a future general rate case; however, management cannot predict the outcome of either the request for a declaratory order or a general rate proceeding.
The capital plan for Non-Utility Nuclear primarily consists of spending for maintenance capital.
Entergy also includes some spending for power uprate projects in the estimate.
The capital plan for Energy Commodity Services primarily consists of Entergy's obligation to make a $73 million cash contribution to Entergy-Koch in January 2004.
The completion of the Harrison County project is also included in the plan.
The plant has been under construction since 2001.
Entergy will own approximately 385 MW once construction is completed and operation has begun, which Entergy expects to occur in June 2003.
The planned construction and capital investments do not include potential investments in new businesses or assets.
The estimated capital expenditures are subject to periodic review and modification and may vary based on the ongoing effects of business restructuring, regulatory constraints, business opportunities, market volatility, economic trends, and the ability to access capital.
Dividends and Stock Repurchases Declarations of dividends on Entergy's common stock are made at the discretion of the Board.
Among other things, the Board evaluates the level of Entergy's common stock dividends based upon Entergy's earnings, financial strength, and future investment opportunities.
At its October 2002 meeting, the Board increased Entergy's quarterly dividend per share by 6%, to $0.35.
In 2002, Entergy paid $299 million in cash dividends on its common stock.
Entergy Corporation and Subsidiaries Management's Financial Discussion and Analysis 13 Utility and Non-Utility Nuclear businesses, and an increase in shareholders' equity, primarily due to increased retained earnings
## Table 1 ##
Net debt consists of debt less cash and cash equivalents.
Debt consists of notes payable, capital lease obligations, preferred stock with sinking fund, and long-term debt, including the currently maturing portion.
Capital consists of debt, common shareholders' equity, and preferred stock without sinking fund.
Net capital consists of capital less cash and cash equivalents.
The preferred stock with sinking fund is included in debt pursuant to SFAS 150, which Entergy implemented in the third quarter of 2003.
The 2002 ratio does not reflect that type of security as debt, but does include it in net capital, which is how Entergy presented those securities prior to implementation of SFAS 150.
Entergy uses the net debt to net capital ratio in analyzing its financial condition and believes it provides useful information to its investors and creditors in evaluating Entergy's financial condition.
Long-term debt, including the currently maturing portion, makes up over 90% of Entergy's total debt outstanding.
Following are Entergy's long-term debt principal maturities as of December 31, 2003 and 2004 by operating segment.
The figures below include principal payments on the Entergy Louisiana and System Energy sale-leaseback transactions, which are included in long-term debt on the balance sheet
## Table 2 ##
Note 5 to the consolidated financial statements provides more detail concerning long-term debt.
In May 2004, Entergy Corporation replaced its 364-day bank credit facility with two separate facilities, a new 364-day credit facility and a three-year credit facility.
The three-year credit facility, which expires in May 2007, has a borrowing capacity of $965 million, of which $50 million was outstanding at December 31, 2004.
In December 2004, Entergy Corporation refinanced the 364-day bank credit facility by entering into a five- year credit facility.
The five-year credit facility, which expires in December 2009, has a borrowing capacity of $500 million, none of which was outstanding at December 31, 2004.
Entergy also has the ability to issue letters of credit against the total borrowing capacity of both credit facilities, and $50 million of letters of credit had been issued against the three-year facility at December 31, 2004.
Entergy Corporation's credit facilities require it to maintain a consolidated debt ratio of 65% or less of its total capitalization, and maintain an interest coverage ratio of 2 to 1.
If Entergy fails to meet these limits, or if
Entergy Corporation and Subsidiaries Notes to Financial Statements The effect of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the years ended December 31, 2013, 2012, and 2011 are as follows:
## Table 3 ##
Electricity over-the-counter instruments that financially settle against day-ahead power pool prices are used to manage price exposure for Entergy Wholesale Commodities generation.
Unrealized gains or losses recorded in other comprehensive income result from hedging power output at the Entergy Wholesale Commodities power plants.
The related gains or losses from hedging power are included in operating revenues when realized.
Gains totaling approximately $47 million, $268 million, and $168 million were realized on the maturity of cash flow hedges, before taxes of $18 million, $94 million, and $59 million, for the years ended December 31, 2013, 2012, and 2011, respectively.
The change in fair value of Entergy’s cash flow hedges due to ineffectiveness was ($6) million, ($14) million, and ($6) million for the years ended December 31, 2013, 2012, and 2011, respectively.
The ineffective portion of cash flow hedges is recorded in competitive businesses operating revenues.
Based on market prices as of December 31, 2013, unrealized gains recorded in AOCI on cash flow hedges relating to power sales totaled $118 million of net unrealized gains.
Approximately $80 million is expected to be reclassified from AOCI to operating revenues in the next twelve months.
The actual amount reclassified from AOCI, however, could vary due to future changes in market prices.
Certain of the agreements to sell the power produced by Entergy Wholesale Commodities power plants contain provisions that require an Entergy subsidiary to provide collateral to secure its obligations when the current market prices exceed the contracted power prices.
The primary form of collateral to satisfy these requirements is an Entergy Corporation guarantee.
As of December 31, 2013, hedge contracts with 9 counterparties were in a liability position (approximately $187 million total) and, in addition to the corporate guarantee, $47 million in cash collateral was required to be posted.
As of December 31, 2012, hedge contracts with 2 counterparties were in a liability position (approximately $2 million total), but were significantly below the amount of the guarantee provided under the contract and no cash collateral was required.
If the Entergy Corporation credit rating falls below investment grade, the effect of the corporate guarantee is typically ignored and Entergy would have to post collateral equal to the estimated outstanding liability under the contract at the applicable date.
Entergy may effectively liquidate a cash flow hedge instrument by entering into a contract offsetting the original hedge, and then de-designating the original hedge in this situation.
Gains or losses accumulated in other comprehensive income prior to de-designation continue to be deferred in other comprehensive income until they are included in income as the original hedged transaction occurs.
From the point of de-designation, the gains or losses
VISA INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) September 30, 2012 acquired by the Company.
The EIP will continue to be in effect until all of the common stock available under the EIP is delivered and all restrictions on those shares have lapsed, unless the EIP is terminated earlier by the Company’s board of directors.
No awards may be granted under the plan on or after 10 years from its effective date.
Share-based compensation cost is recorded net of estimated forfeitures on a straight-line basis for awards with service conditions only, and on a graded-vesting basis for awards with service, performance and market conditions.
The Company’s estimated forfeiture rate is based on an evaluation of historical, actual and trended forfeiture data.
For fiscal 2012, 2011, and 2010, the Company recorded share-based compensation cost of $147 million, $154 million and $135 million, respectively, in personnel on its consolidated statements of operations.
The amount of capitalized share-based compensation cost was immaterial during fiscal 2012, 2011, and 2010.
Options Options issued under the EIP expire 10 years from the date of grant and vest ratably over three years from the date of grant, subject to earlier vesting in full under certain conditions.
During fiscal 2012, 2011 and 2010, the fair value of each stock option was estimated on the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions:

<table><tr><td> Planned construction and capital investment</td><td> 2003</td><td> 2004</td><td> 2005</td></tr><tr><td>U.S. Utility</td><td>$924</td><td>$915</td><td>$965</td></tr><tr><td>Non-Utility Nuclear</td><td>$201</td><td>$142</td><td>$109</td></tr><tr><td>Energy Commodity Services</td><td>$24</td><td>$76</td><td>$3</td></tr><tr><td>Other</td><td>$7</td><td>$7</td><td>$9</td></tr></table>
<table><tr><td> </td><td> 2004</td><td> 2003</td><td> 2002</td></tr><tr><td>Net debt to net capital at the end of the year</td><td>44.7%</td><td>45.3%</td><td>47.7%</td></tr><tr><td>Effect of subtracting cash from debt</td><td>2.7%</td><td>2.2%</td><td>4.1%</td></tr><tr><td>Debt to capital at the end of the year</td><td>47.4%</td><td>47.5%</td><td>51.8%</td></tr></table>
<table><tr><td> Long-term debt maturities</td><td> 2004</td><td> 2005</td><td> 2006</td><td> 2007</td><td> 2008-2009</td><td> after 2009</td></tr><tr><td> </td><td colspan="6">(In Millions)</td></tr><tr><td>As of December 31, 2003</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td>U.S. Utility</td><td>$450</td><td>$355</td><td>$28</td><td>$573</td><td>$721</td><td>$4,305</td></tr><tr><td>Non-Utility Nuclear</td><td>74</td><td>72</td><td>76</td><td>80</td><td>40</td><td>173</td></tr><tr><td>Energy Commodity Services</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Parent and Other</td><td>-</td><td>60</td><td>-</td><td>-</td><td>539</td><td>301</td></tr><tr><td>Total</td><td>$524</td><td>$487</td><td>$104</td><td>$653</td><td>$1,300</td><td>$4,779</td></tr><tr><td>As of December 31, 2004</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td>U.S. Utility</td><td>-</td><td>$359</td><td>$27</td><td>$98</td><td>$749</td><td>$4,880</td></tr><tr><td>Non-Utility Nuclear</td><td>-</td><td>77</td><td>76</td><td>80</td><td>40</td><td>173</td></tr><tr><td>Energy Commodity Services</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Parent and Other</td><td>-</td><td>60</td><td>-</td><td>50</td><td>539</td><td>301</td></tr><tr><td>Total</td><td>-</td><td>$496</td><td>$103</td><td>$228</td><td>$1,328</td><td>$5,354</td></tr></table>
<table><tr><td>Instrument</td><td>Amount of gain (loss)recognized in othercomprehensive income</td><td>Income Statement location</td><td>Amount of gain reclassified fromAOCI into income</td></tr><tr><td>2013</td><td></td><td></td><td></td></tr><tr><td>Electricity swaps and options</td><td>($190 million)</td><td>Competitive businesses operating revenues</td><td>$47 million</td></tr><tr><td>2012</td><td></td><td></td><td></td></tr><tr><td>Electricity swaps and options</td><td>$111 million</td><td>Competitive businesses operating revenues</td><td>$268 million</td></tr><tr><td>2011</td><td></td><td></td><td></td></tr><tr><td>Electricity swaps and options</td><td>$296 million</td><td>Competitive businesses operating revenues</td><td>$168 million</td></tr></table>

Question: Which year is Non-Utility Nuclear in As of December 31, 2003 the least?