bruce sutter deferred contract bruce sutter deferred contract

His pact provided $4.8 million in deferred money that would pay 13 per cent interest over a 36-year period. He has two years left on that annuity, and in 2022 will receive a lump sum of $9.1 million the . Jacob deGroms five-year extension signed in 2019 deferred $52.5 million until 2035-39. Showing Editorial results for bruce sutter. Ken Griffey, Jr. really wanted to play in his hometown of Cincinnati, so much so that he took less money than the Seattle Mariners offered and deferred $12 million of his salary until after his nine-year deal ended. Subscribe to our Free Email Newsletter. The risks are really very minimal., Interest Rates How Much Projected Over Sutter Would Total Value 30 Years Make Per Year of Contract 12.3% $1,119,300 $47,179,000 13% $1,183,000 $49,090,000 14% $1,274,000 $51,820,000 15% $1,365,000 $54,550,000 16% $1,456,000 $57,280,000 17% $1,547,000 $60,010,000 18% $1,638,000 $62,740,000 19% $1,729,000 $65,470,000 20% $1,820,000 $68,200,000, Length Annual Player, position Team Contract Salary Dave Winfield, outfield N.Y. Yankees 10 Years $2 million Gary Carter, catcher N.Y. Mets 7 Years $1.8 million Mike Schmidt, third base Philadelphia 5 Years $2 million George Foster, outfield N.Y. Mets 5 Years $2.05 million Rick Sutcliffe, pitcher Chicago Cubs 5 Years $1.9 million Rickey Henderson, outfield N.Y. Yankees 5 Years $1.75 million Keith Hernandez, first base N.Y. Mets 5 Years $1.7 million Fred Lynn, outfield Baltimore 5 Years $1.36 million Steve Garvey, first base San Diego 5 Years $1.32 million George Brett, third base Kansas City 7 Years $900,000 Bruce Sutter, pitcher Atlanta 6 Years $750,000, Total Player, position Contract Dave Winfield, outfield $20 million Gary Carter, catcher $12.6 million Mike Schmidt, third base $10 million George Foster, outfield $10.25 million Rick Sutcliffe, pitcher $9.5 million Rickey Henderson, outfield $8.75 million Keith Hernandez, first base $8.5 million Fred Lynn, outfield $6.8 million Steve Garvey, first base $6.6 million George Brett, third base $6.3 million Bruce Sutter, pitcher $4.5 million. Moss, however, said that while theres always some risk (of the clubs not being able to pay out the big contracts) I dont think its a major risk. But Axelrod said the up-front payments serve his clients interests too--better than a deferred payment plan would. While Bonilla makes $1.143 million today to not play for the Amazins, Sutter has been paid by the Braves annually to not play baseball for them for over 30 years! July 1 is collectively known as Bobby Bonilla Day in major league baseball, the day when the New York Mets cut a check to Bobby Bonilla for $1.19 million, part of a 25-year deferred payment schedule. The $750,000 Sutter was paid each season were interest payments of about 8 percent on his contract. Hes prototype. If that wasnt enough belated compensation, he collected his $12 million salary for 2018-19 without playing in a single game. In 2013, the Dodgers closed out their account with Ramirez to the tune of $30,000,000 three years after hed finished playing for them. Bruce Sutter amassed 260 saves during his first nine big league seasons, becoming one of the most dominant pitchers in the game. . In addition, Sutter will be collecting on annuities of undisclosed size from an earlier contract with the Chicago Cubs and he felt that for him this kind of deal actually constituted less of a risk than taking a larger amount of money now. The last time Saberhagen pitched in the big leagues was 2001. All of his 661 appearances, starting with the Chicago Cubs in 1976, came in relief. The 32-year-old Sutter was coming off of a career high 45 saves and a 1.54 ERA in 1984. Wayne Gretzkys time as coach of the Phoenix Coyotes wasnt particularly successful, but the management of the clubs holding company was even worse. Look up: The 32 most spectacular ceilings in Los Angeles, This fabled orchid breeder loves to chat just not about Trader Joes orchids, UCLAs senior trio has persevered in restoring the Bruins to national prominence, Hes taken the next step: How Boogie Ellis found his game as USCs point guard, Even after Gavin Lux injury, Andrew Friedman hints at patient approach with roster, Elliott: After trading away Jonathan Quick, Kings make more deals ahead of trade deadline, After four decades, trainer Ed Moger gets his first Triple Crown starter. Lemieux also returned to the ice in 2000, helping the teams flagging attendance. . Sutter spent five years with the Cubs, four with the Cardinals, and three with the Braves but remained an Atlanta resident after retirement. Its better to take the money now, even with paying taxes, and make prudent investments, he said. Emailed daily. He said he is worried about contracts that deal in unfunded liabilities and hinted that further action might be taken to restrict such deals. Im not trying to denigrate Ted Turner or anybody, but its extremely dangerous., But Bronner responded that putting off taxation to a later date may alone justify taking a certain risk. He also said that a deferred compensation package he put together several years ago for Parker with the Pittsburgh Pirates was secured through real estate, but that the league will no longer permit such deals. Its also a bargain because the salaries from 2019-21 were all deferred, splitting his $105 million into seven $15 million installments to be paid between 2022-28. Once Cox came back over to the Braves organization after a successful stint managing the Toronto Blue Jays and former general manager John Schuerholz came over from the Kansas City Royals in 1990, the Braves stopped doing dumb things and started winning division titles like their lives depended on it. The Sox will also be giving former MVP Dustin Pedroia $2.25 million each year from 2021-28. They started in 2004 and last until 2028 when Saberhagen will be 63. So, depending on the rate, the actual required payments may be more than $1.12 million a year. While Sutter is one of the 10 greatest closers in MLB history, he was essentially washed at that point, playing for a deplorably bad Braves team that all it had going for it was two-time NL MVP outfielder Dale Murphy. Even in baseball, its ultimately going to prove impossible to sell these teams with all the deferred liabilities they will have. Bronner, told of Reichs remarks, said that Sutter already has established various revenue pools through an earlier four-year contract with the St. Louis Cardinals, which he said had brought his client about $1 million a year. Back in 1985, according to Fansided.com, the HOF pitcher inked a deal for six years that was worth $4.8 million and another $4.8 million deferred at 13 percent interest. So good. That is going to create for Rick an annuity that pays $900,000 a year beginning in 12 years. Bruce Sutter, Atlanta Braves. The Orioles now owe him over $54 million until 2022, then $3.5 million from 2023-2032 and finally $1.4 million per year 2033-37. I like to establish several pools for payout to the player--perhaps $1 million in municipal bonds in addition to a pool of deferred compensation, some real estate investments, a money market account. The 2017 Astros title was built on spy cameras and garbage can banging, but the Nationals 2019 title was built on deferred money. Howard Bruce Sutter (January 8, 1953 - October 13, 2022) was a Major League Baseball (MLB) pitcher who played 12 seasons between 1976 and 1988. Its funny. All in all, its over $47 million for a pitcher who delivered just 40 saves for a team that averaged 96 losses per season. He also cited an article by sports columnist Dave Kindred in the Atlanta Constitution as an illustration of why Sutters contract is a good business investment by the Braves. It led Holliday and his agent, Scott Boras, to claim he was getting $17 million per year, and it gave the Cardinals extra salary flexibility. The Nationals love deferring salary, which they did with Scherzers seven-year, $210 million deal he signed in 2015. Not all the money would have to be committed at the outset, so not all would be gathering interest for the full six years. A specialist in content strategy, copywriting, and SEO, he has additionally worked as a digital consultant in the corporate services, retail, and tech industries. Bruce's best seasons were behind him when he signed with the Braves before the 1985 season, but nobody knew it at the time. Thats right: it was deferred until 2022. The New York Times reported that Sutter's six-year contract paid him $4.8 million and placed another $4.8 million into a deferred payment account at 13 percent interest. He is 28 years old. 7 Of The Craziest Deferred-Money Contracts In Sports . Everyone should assume there is a risk, said Randy Hendricks of Houston, who recently negotiated contracts for Andre Thornton and Steve Trout. But some agents think the percentage of the total deal that should be deferred should be held to a relatively low figure. Real-time updates and all local stories you want right in the palm of your hand. And yet, at some point during this same calendar year, the Atlanta Braves will pay Bruce Sutter about the same amount. Bronner spoke of an equivalent value of $13.6 million--the $4.5 million in salarie, plus the theoretical $9.1 million base upon which the annual payments will be made after the six years. The Cubs mourn the passing of Hall of Fame pitcher Bruce Sutter. Deferred Payments Because Sutter wants part of his salary deferred with interest with a long-term payout, the contract with the Braves apparently will call for half of the annual $1.6. 11. Fans are getting a comic line for the films to celebrate the new installment coming in 2024. The Mets managed to get the worst imaginable result on this deal, based on a colossal blunde. Right now, major-league baseball has no equivalent of the National Football League requirement that money to cover deferred payments be put into a general league fund by the individual clubs. Bruce Sutter was to receive payments totaling $44 million over the next 36 years from his new club, the Atlanta Braves . Team spokesman Wayne Minshew explained, Its definite club policy not to comment on any contracts with players. Yes, the Braves have their own version of the Bobby Bonilla annuity. --Similarly, the club may purchase an insurance policy to guarantee the eventual annual payments. Prior to Bobby Cox replacing Russ Nixon as the teams skipper, the Atlanta Braves were a terrible National League franchise for much of their tenure after relocating from Milwaukee in the mid-1960s. That ends in 2021, and its only 2018, so Bruce Sutter, at some point this year, received or will receive a check for $1.12 million.. . Next: He might be making the most of all the retired athletes still getting paid. I was listening to a commentary about the Bonilla contract by Steve Philips, at the time the Mets General Manager, now a commentator on MLB Network on Sirius Radio. In exchange for not having to pay taxes on the money now, players such as Sutter are willing to accept a relatively high percentage in deferred payments. Baseball is better. Thats the case even when money is deferred; until the money is earned, theres nothing to defer. Two other issues between Bronner and some of the other agents involved his willingness to accept such a high percentage of the total compensation in deferred payments and his relative optimism that the Braves in particular and baseball in general will maintain the financial viability over the next 36 years necessary to pay off the contract. Flowers in memory of Bruce Sutter were placed above his plaque in the St. Louis Cardinals Hall of Fame in Ballpark Village in St. Louis on Friday, Oct. 14, 2022. . Meanwhile, the Red Sox agreed to 12 years worth of payments of approximately $2,000,000 each, the last of which comes when the iconic slugger will be 54. Though he played his last game in 2019, the Laser Show didnt officially retire from baseball until 2021 but that didnt stop him from making base salaries of $4,637,737 in 2020 and $12,000,000 in 2021. All were negotiated in the last few years, so no one has yet seen the long-term effects of the big-money, deferred-payment contracts. Considered one . He said he particularly takes exception to suggestions made in the press that the recent Rick Sutcliffe contract, which was reported at about $9.5 million, is worth more than Sutters contract and that Sutcliffe has thus become the highest paid pitcher in baseball. Bruce Sutter-Atlanta Braves-If you don't remember Bruce Sutter, that is ok. In the end, the Braves were the ones who offered more money about $9 million over 6 to the Cardinals $7 million over 5, per The New York Times and an absolutely whackadoo structure that could only be attributed to irrational exuberance. He posted 300 saves in a 12-year career with the Chicago Cubs, St. Louis Cardinals and . Planet of the Apes is getting a new comic launched and will be dedicated to the movie Sign up for Boardrooms newsletters to get the biggest stories in the business of sports, entertainment, and culture directly in your inbox daily. Many of the questions being asked cannot be reliably answered at this time. Opinions expressed by Forbes Contributors are their own. With the short season and Alonsos pro-rated salary, its more like 14 times as much. I dont like to be dependent on one pool. I see what Sutter did as some degree riskier than what we did in Ricks case but whether its 0.2% riskier or 50% riskier, I dont know, he said. Ryan Brauns chance at long-term success seemed in grave doubt when in 2013, he admitted to taking PEDs during his MVP season of 2011. They used some of the money to add Mike Hampton, and made it to the World Series, but the real motivation was to use the savings to invest more money with Bernie Madoff. Before joining the team, he was an editor and multimedia talent for several sports and culture verticals at Minute Media and an editor, reporter, and site manager at SB Nation. The other five seasons were all ones with 90 or more losses one of 92, two of 96, one of 97, and a laughably bad 54-106 in 1988. Get the latest news and rumors, customized to your favorite sports and teams. The length of the contract was absurd at the time, but so was the amount, given the context. Both the Braves and the Cardinals agreed to the demands of the former Cy Young winner and future Hall of Famer. They racked up over $300 million before the NBA finally bought them out in 2014, for something like $500 million more. Keep in mind he only made roughly $750,000 in annual salary during his four years playing badly for the Braves. Four teams. But if Sutter were to insure himself against possible default, he would open himself to taxation. As The Athletic's Dan Lewis reported, the Braves are still paying former reliever Bruce Sutter, who played with the Braves from 1985 to 1988. But that wasnt even the worst part. The Great One could have held out for more, but you miss 100 percent of the settlements you dont take. --Sutter will have no control over any accounts the Braves may establish to fund the annuity, and he will not be a secured creditor against the club, but a general creditor, thereby having a secondary claim in case of bankruptcy. Oh, and he also collected $8 million for the 2016-17 season when he played zero games for Minnesota. The interest rates still can fluctuate upward, so a wide range of different total payments is possible. And three, Sutter has been inducted into the National Baseball Hall of Fame and Bonilla never will. One, New York is a bigger media market than Atlanta. (Remember when the Mets spent money?) Both the Braves and the Cardinals agreed to the demands of the former Cy Young winner and future Hall of Famer. Junior Griffey will forever be known as the transcendent face of the Seattle Mariners, but hes a Reds legend, too. Even if the Mets dont exercise his $32,500,000 club option for 2024 hed receive the final $15,000,000 of that sum in 2039 he can still boast no less than $52,500,000 in deferred cash to his name. A full 14 years after his final MLB appearance, hell get the last deferred payment on his nine-year, $116,500,000 deal that began all the way back in 2000. But Bronner--who negotiated the deal with his partner, Robert Gilhooley--agreed to several interviews, as did several other prominent agents who had seen the Sutter proposal during the negotiating stages. Bruce Sutter, the Hall of Fame closer and pioneer of the split-fingered fastball, passed away Thursday night at the age of 69.Sutter was recently diagnosed with cancer and passed away in hospice care in Cartersville, Georgia. . As The Athletics Dan Lewis reported, the Braves are still paying former reliever Bruce Sutter, who played with the Braves from 1985 to 1988. And the Braves were willing to meet his demands. Cash is king. Jun 25, 2018. Hes Bobby Bo. A total of $4.8 million would be paid in salary over the six years and the other $4.8 million would be invested into a deferred payment account at 13 percent interest that would pay Sutter $1.3. . After a lawsuit, the courts threw out the NBAs four year rule (you couldnt be drafted until your college class graduated), so Haywood changed the whole league as the first one-and-done player. Atlanta won the NL West twice from 1969 to 1990. Bruce Sutter may be the closest to Bobby Bonilla in terms of the number of deferred payments that he's received. The New York Mets are annually laughed at around July 1, when the team pays former player Bobby Bonilla $1.19 million as part of a deferred contract that runs until 2035. Rather than get all of that $9.1 million paid out in relatively even amounts per year, Sutter insisted that his money be deferred. Though hes less famous than Pujols, Ryan Zimmerman has an even sweeter deal with Washington, a $10 million post-retirement personal services contract that pays out over five years. Haywood also reportedly turned down an offered 10 percent stake in Nike in favor of an endorsement contract of 100K, which would have been the ultimate deferred payment. As a pretty funny, and obviously unintended side effect, Sutter ended up getting his negotiated salary in both 1989 and 1990, even though he was retired. In the overall sense, the sport is still very viable. There are many other questions about such a contract. Note: All salary figures do not include bonuses or deferred payments. "Bruce Sutter Dollars and years: $42.7 million million over 30 years Years of deferred payments: 1993 - 2022 Who owes him ATLANTA -- The Atlanta Braves signed free agent Bruce Sutter to a contract worth nearly $50 million Friday and the fastball relief pitcher said he was delighted because now he can see Dale. Sutters contract, Bronner insisted, is just plain the biggest.. Since the dumb 1980s Atlanta Braves agreed to pay the $9.1 million deal in full, they agreed to pay Sutter deferred payments of no less than $1.12 million through 2021. In fact, the Braves wanted Sutter so bad, they added another $4.8 million. By this calculation, Sutcliffe would certainly be getting more per year than Sutter, since his contract is for five years and Sutters is for six. Not only is he a wizard with the bat, but Ichiro Suzuki also is a wizard with finances. When Matt Holliday re-signed with the St. Louis Cardinals in 2010, his deal was for seven years and $120 million - with $2 million of that money deferred each season without interest. They released him after that season but paid him $3.2 million every year through 2014. His Braves tenure was highlighted by injuries. The New York Times reported that Sutter's six-year contract paid him $4.8 million and placed another $4.8 million into a deferred payment account at 13 percent interest. Sutter plays a chippy game, but he's hardly a crash-and-bang forward; he ranked 10th among Penguins forwards in hits last season so those hoping for a physically dominant forward are likely out . Josh Smith signed with the Detroit Pistons in 2013, and lets just say it really didnt work out. Just in the last month, the 13% rate was negotiated downward to 12.3% in post-contract refinements. His tweet from March has certainly aged well. Axelrod pointed out that in addition to the annuity, Sutcliffe plans to put some of his up-front money from his contract into real estate, stock investments and bonds. And Sutcliffes agent, Barry Axelrod of San Diego, said Sutters contract should not be valued at more than $10 million--the cash the Braves may put into it in the next six years. For more information, please see our Bruce Sutter salary, contract, career earnings. Sales contract led to luxury tax concerns that encourage Bostons trade of David Price and Mookie Betts, but some of that money will be haunting them financially until Sale is 50 years old. . 61 votes, 18 comments. and exactly 17 years after he signed his first pro contract. the Braves agreed to pay him no less than $1.12 million per year, and potentially more if interest rates spiked above a negotiated floor of 12.3 percent. The Dodgers also paid Manny long after he was released on waivers in 2010. . When the Atlanta Braves signed Bruce in 1984 to a six-year contract, in a $9.1 million deal, they also admitted to deferred payments with interest following the conclusion. Suppose in 1940 someone had told you that Studebaker, the railroads and many other businesses would go belly up, and others, such as American Motors, fade? The club filed for bankruptcy in 2009, the NHL took over operations and Gretzky was forced to wait for the remainder of his coaching contract. He was the second-highest paid pitcher in the game, only behind Jos DeLen (really). It involves the Atlanta Braves and Bruce Sutter. Advertisement . For the thirty years after he retired . The "what can you do for an encore" pressure that Sutter faced going into the 1980 season was intensified by the fact that he won a then-record $700,000 contract in arbitration. As the story goes, a key reason Mets owner Fred Wilpon agreed to Bonilla agent Dennis Gilberts proposal for deferring his clients 2000 salary at 8% annual interest was because the Wilpons were profoundly invested with Bernie Madoff, who had guaranteed at least 10% return. I happen to believe that. But the Braves could choose to put nothing aside and fund the payments out of operating expenses. For the thirty years after he retired 30!!! . Of course, like the Mets, they lost a big chunk of that money investing with Bernie Madoff. Four years from now, Bruce Sutter will be a 69-year-old Hall of Fame pitcher who last pitched in 1988 who, unlike Bobby Bonilla, will be on the receiving end of a $9.1 million check from the Atlanta Braves, Lewis wrote. So at least 2020 is the last year for one of the Mets long deals. But we determined we wanted to own that annuity. This Month in Sports Reference Find out when we add a feature or make a change The Sox will also be paying Manny Ramirez until hes 54, thanks to $32 million in deferred money theyre paying out over 16 years. Would I bet on the United States Football League? Search instead in Creative? the Braves agreed to pay him no less than $1.12 million per year, and potentially more if interest rates spiked above a negotiated floor of 12.3 percent. The original $700,00 turned into $1.64 million, spread out from 2004 to 2033. six-year contract with Atlanta . Sutter also had a career earned run average of 2.83. This year caps the end of a process that saw Sutter turn $9,100,000 into $42,700,000 thanks to 30 years worth of additional interest payments at 12.3% each. Agent Tom Reich of Los Angeles (no relation to this writer), who represented Dave Parker among others, also questioned accepting as much as Sutter did in deferred compensation. We all know about Bobby Bonilla's infamous deal with the New York Mets but did you know that Bruce Sutter actually has the most expensive deferred contract in MLB . By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. Moss joined Axelrod in prefering to get as much money as possible up front. --The contract calls for six years of pitching. Former Atlanta Braves pitcher Bruce Sutter has passed away at the age of 69. Manny Ramirez contract details, salary breakdowns, payroll salaries, bonuses, career earnings, market value, transactions and statistics. . He was 69. Some of the others said that over the long term no one can be sure what will happen. The famous one came when the Mets bought out Bonillas $5.9 million salary for 2000. Sutter was recently diagnosed with cancer and in hospice surrounded by his family, one of Sutter's three sons, Chad, told The Associated Press. Awards. Howard Bruce Sutter was born on January 8, 1953, in Lancaster, Pennsylvania. Privacy Policy. Bruce Sutter, RP (December 7, 1984) . Virtually everyone interviewed emphasized that such contracts involve at best a balancing of risks and advantages. If the team breaches the contract after Sutter has retired, I dont think that much is at risk for them. Pretty good deal for Saberhagen, who got 25 years of payments from a contract where he won 21 games. But we chose not to want to let them (the Cubs) have control. NFT Sales Roundup: Top Sewer Pass Sold for $1.6M, Planet of the Apes Gets Marvel Comic Imprint with 20th Century, Mariah Carey Enjoys Billboard Chart Resurgence Thanks to TikTok, Everything You Need to Know About Yuga Labs TwelveFold Project, Benny the Bull Just Got a Signature Shoe Courtesy of Don C. He was worth, collectively, -0.3 bWAR, and at no point during his Braves career did he turn in an above-replacement-level season as a pitcher. but LOL Bonilla day pic.twitter.com/SoMmKLE4mZ. Sutter, perhaps, retired out of embarrassment. Axelrod also said that each team we dealt with would have chosen to have an annuity policy, not give it to Sutcliffe. (They havent.) In total, Sutter will earn north of $45 million for his three years being terrible as a member of the Atlanta Braves.. He cannot be expected to be impartial on any matter regarding the Florida Gators or Atlanta Braves. When the ink dried on the contract, the basic terms gave Sutter $9.1 million over six years, entering his age-32 season for, again, a team which failed to win half its games the year prior. obviously dangerous . The son of Howard and Thelma Sutter, he is the fifth of the six children in his family. View More Videos. But for some reason, the Braves wanted more. At 69 years old, the Hall of Famer is still getting rich off the World Series champs. He also signed a four-year deal for $66 million in 2011 and deferred almost $10 million, roughly 25 percent. Sutter signed a six-year, $10.4 million contract with the Braves in December 1984 and was with the team until he was. Heres when they play, Mysterious ball seen beside road was 14-foot invasive snake, New York officials say, Authorities identify Phenix City man, 66, who died in Thursday morning house fire, Atlanta Braves August 2020 game schedule, with TV channels, As baseball fans mourn a delayed season, lets remember theres an opportunity for the sport. We wanted to own our annuity policies. He deferred $7 million from his original deal with the Mariners and $5 million per year from his 2008-12 contract, at 5.5 percent interest, until 2020. He would get $4.8 million in straight salary over the next six years, $800,000 a year. Bruce received $1.12 million for 30 years and he will get the final payment, full payment of $9.1 million in 2022. The Red Sox gave Chris Sale a big-money extension in 2019, keeping him out of the free agent market with a five-year, $145 million deal. When he receives the last of 10 $1.4 million chunks in 2037, hell be over the age of 50. The 1979 NL Cy Young Winner signed a six-year, $9.1 million deal with the Braves before the 1985 season, but Sutter opted to have the money deferred. Things didnt go as planned. Its not discussed as often enough as the one the former All-Star has with the New York Mets, but its just as bad. 1. The Nationals are also paying Daniel Murphy $3 million this year and will give former catcher Matt Wieters $5 million in 2021. When Johan Santana pitched the first no-hitter in Mets history, in 2012, it also may have ended his career. It breaks new ground (in baseball), and it does so with a company that has more stability than the U.S. Football League. Thanks to deferred money, he collected $3,333,333 in 2011 and 2012, plus $8,333,333 in 2013, with those payments surviving the bankruptcy of parking lot king Frank McCourt. Bonilla is the most famous of many high-profile athletes who signed strange and elaborate contracts with payments shoved far into the future the Orioles and Nationals are currently dominating this field but the practice goes back decades, which is appropriate, since these payments extend for decades.