Entergy Louisiana, LLC and Subsidiaries Management’s Financial Discussion and Analysis Entergy Louisiana may refinance, redeem, or otherwise retire debt prior to maturity, to the extent market conditions and interest and distribution rates are favorable.
All debt and common and preferred membership interest issuances by Entergy Louisiana require prior regulatory approval.
Preferred membership interest and debt issuances are also subject to issuance tests set forth in its bond indentures and other agreements.
Entergy Louisiana has sufficient capacity under these tests to meet its foreseeable capital needs.
Entergy Louisiana’s receivables from the money pool were as follows as of December 31 for each of the following years.
## Table 0 ##
See Note 4 to the financial statements for a description of the money pool.
Entergy Louisiana has a credit facility in the amount of $350 million scheduled to expire in August 2021.
The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility.
As of December 31, 2016, there were no cash borrowings and a $6.4 million letter of credit outstanding under the credit facility.
In addition, Entergy Louisiana is party to an uncommitted letter of credit facility as a means to post collateral to support its obligations under MISO.
As of December 31, 2016, a $5.7 million letter of credit was outstanding under Entergy Louisiana’s uncommitted letter of credit facility.
See Note 4 to the financial statements for additional discussion of the credit facilities.
The Entergy Louisiana nuclear fuel company variable interest entities have two separate credit facilities, one in the amount of $105 million and one in the amount of $85 million, both scheduled to expire in May 2019.
As of December 31, 2016, $3.8 million of letters of credit were outstanding under the credit facility to support a like amount of commercial paper issued by the Entergy Louisiana Waterford 3 nuclear fuel company variable interest entity and there were no cash borrowings outstanding under the credit facility for the Entergy Louisiana River Bend nuclear fuel company variable interest entity.
See Note 4 to the financial statements for additional discussion of the nuclear fuel company variable interest entity credit facility.
Entergy Louisiana obtained authorizations from the FERC through October 2017 for the following: ?
short-term borrowings not to exceed an aggregate amount of $450 million at any time outstanding; ?
long-term borrowings and security issuances; and ?
long-term borrowings by its nuclear fuel company variable interest entities.
See Note 4 to the financial statements for further discussion of Entergy Louisiana’s short-term borrowing limits.
Hurricane Isaac In June 2014 the LPSC voted to approve a series of orders which (i) quantified $290.8 million of Hurricane Isaac system restoration costs as prudently incurred; (ii) determined $290 million as the level of storm reserves to be re-established; (iii) authorized Entergy Louisiana to utilize Louisiana Act 55 financing for Hurricane Isaac system restoration costs; and (iv) granted other requested relief associated with storm reserves and Act 55 financing of Hurricane Isaac system restoration costs.
Entergy Louisiana committed to pass on to customers a minimum of $30.8 million of customer benefits through annual customer credits of approximately $6.2 million for five years.
Approvals for the Act 55 financings were obtained from the Louisiana Utilities Restoration Corporation and the Louisiana State Bond Commission.
See Note 2 to the financial statements for a discussion of the August 2014 issuance of bonds under Act 55 of the Louisiana Legislature.
progress during 2003 and 2004 in improving liquidity and financial flexibility.
Reduction in international capital commitments due to completion of major capital-intensive projects has increased flexibility and liquidity in 2004.
With these projects completed or nearing completion, international capital commitments have declined while, at the same time, they have begun to contribute to the Company’s financial and operating results.
A new $400 million credit facility will also provide increased liquidity in 2005.
The Company achieved a reduction in its ratio of debt-to-book capital (defined as the Company’s total debt divided by the sum of total debt plus equity) to 38 percent at December 31, 2004, compared to 46 percent at December 31, 2003.
The Company reduced outstanding debt by $48.7 million during 2004.
The Company’s current ratio (current assets divided by current liabilities) was 1.10:1 at December 31, 2004, compared with .73:1 at December 31, 2003.
The improvement in the current ratio in 2004, as compared to 2003, resulted primarily from a $117.4 million increase in the year-end balance of cash and cash equivalents, and a $153.7 million decrease in current installments of long-term debt.
In addition, the year-end balance of accounts receivabletrade increased by $103.5 million due primarily to increases of $59.2 million for gas sales at NEMI, $17.6 million for joint operations receivables, $13.0 million for crude oil and natural gas accruals in the U. S.  and U. K.  and $8.3 million for electricity sales in Ecuador.
Cash Flows Operating Activities – The Company reported a $105.4 million year-over-year increase in cash flows from operating activities.
Net cash provided by operating activities totaled $708.2 million for the year ended December 31, 2004, compared to $602.8 million in 2003 and $507.0 million in 2002.
The increases for 2004 and 2003 were driven by overall production increases, higher realized commodity prices and higher distributions from the Company’s unconsolidated methanol subsidiary.
Investing Activities – Net cash used in investing activities totaled $588.1 million, $444.8 million and $577.5 million for the years ending December 31, 2004, 2003 and 2002, respectively.
The Company’s investing activities relate primarily to expenditures made for the exploration and development of oil and gas properties.
Expenditures were offset by the receipt of $62.5 million, $81.1 million and $20.4 million from sales of assets during 2004, 2003 and 2002, respectively.
Financing Activities – Net cash provided by/(used in) financing activities totaled ($2.7) million, ($111.0) million and $12.8 million for the years ending December 31, 2004, 2003 and 2002, respectively.
Financing activities consist primarily of proceeds from and repayments of bank or other long-term debt, repayment of notes payable, the payment of cash dividends and proceeds from the exercise of stock options.
During 2004, the Company had a net $48.7 million reduction in outstanding debt.
In addition, the Company received $62.6 million from the exercise of stock options.
Capital Expenditures Selected capital expenditures incurred in oil and gas activities, acquisitions and downstream projects consisted of the following:
## Table 1 ##
Total capital expenditures during 2004 increased $133.5 million, or 25 percent, as compared with 2003.
The increase included costs related to the acquisition of deepwater Gulf of Mexico interests and costs expended in further development of the Amistad gas field in Ecuador.
Capital expenditures during 2003 declined $68.4 million or 11
The Company sponsors other plans for the benefit of its employees and retirees.
These plans include health care and life insurance benefits.
The Company uses a December 31 measurement date for its plans.
The following table reflects the change in benefit obligation and change in plan assets of the Company’s pension and other postretirement benefit plans at December 31:
## Table 2 ##
The following table reflects the costs recognized for the Company’s pension and other postretirement benefits plans:

<table><tr><td>2016</td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td>(In Thousands)</td></tr><tr><td>$22,503</td><td>$6,154</td><td>$2,815</td><td>$19,573</td></tr></table>
<table><tr><td> </td><td colspan="3"> Year Ended December 31,</td></tr><tr><td> (in thousands)</td><td> 2004</td><td> 2003</td><td> 2002</td></tr><tr><td>Oil and gas mineral interests, equipment and facilities</td><td>$501,119</td><td>$481,236</td><td>$505,464</td></tr><tr><td>Proved property acquisition costs</td><td>85,785</td><td>1,294</td><td>7,988</td></tr><tr><td>Unproved property acquisition costs</td><td>44,681</td><td>10,234</td><td>30,515</td></tr><tr><td>Downstream projects</td><td>970</td><td>45,134</td><td>57,646</td></tr></table>
<table><tr><td> </td><td colspan="2">Pension Benefits</td><td colspan="2">Other Benefits</td></tr><tr><td> (in thousands)</td><td>2004</td><td>2003</td><td>2004</td><td>2003</td></tr><tr><td> Change in benefit obligation</td><td></td><td></td><td></td><td></td></tr><tr><td>Benefit obligation at beginning of year</td><td>$118,270</td><td>$106,224</td><td>$9,156</td><td>$6,141</td></tr><tr><td>Service cost</td><td>6,248</td><td>5,271</td><td>610</td><td>534</td></tr><tr><td>Interest cost</td><td>7,303</td><td>6,772</td><td>577</td><td>524</td></tr><tr><td>Amendments</td><td>470</td><td>196</td><td>-1,036</td><td></td></tr><tr><td>Plan participants’ contributions</td><td></td><td></td><td>177</td><td>114</td></tr><tr><td>Actuarial loss</td><td>5,536</td><td>4,366</td><td>2,809</td><td>2,053</td></tr><tr><td>Benefits paid</td><td>-5,081</td><td>-4,559</td><td>-578</td><td>-210</td></tr><tr><td>Benefit obligation at year-end</td><td>$132,746</td><td>$118,270</td><td>$11,715</td><td>$9,156</td></tr><tr><td> Change in plan assets</td><td></td><td></td><td></td><td></td></tr><tr><td>Fair value of plan assets at beginning of year</td><td>$74,025</td><td>$56,660</td><td></td><td>$$</td></tr><tr><td>Actual return on plan assets</td><td>7,919</td><td>7,583</td><td></td><td></td></tr><tr><td>Employer contribution</td><td>4,252</td><td>14,341</td><td>578</td><td>210</td></tr><tr><td>Benefits paid</td><td>-5,081</td><td>-4,559</td><td>-578</td><td>-210</td></tr><tr><td>Fair value of plan assets at end of year</td><td>$81,115</td><td>$74,025</td><td></td><td>$$</td></tr><tr><td>Funded status</td><td>$-51,631</td><td>$-44,245</td><td>$-11,715</td><td>$-9,156</td></tr><tr><td>Unrecognized net actuarial loss</td><td>29,650</td><td>25,849</td><td>7,401</td><td>4,955</td></tr><tr><td>Unrecognized prior service cost (benefit)</td><td>2,518</td><td>2,402</td><td>-1,636</td><td>-836</td></tr><tr><td>Unrecognized net transition obligation</td><td>1,118</td><td>1,142</td><td></td><td></td></tr><tr><td>Accrued benefit costs</td><td>$-18,345</td><td>$-14,852</td><td>$-5,950</td><td>$-5,037</td></tr></table>

Question: When is Fair value of plan assets at beginning of year for Pension Benefits the largest?
Answer: 2004