Amtrak 2013 Annual Report Download - page 10

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for FY 2012 on an “as restated” basis, and have recorded the cumulative impact for prior periods as an
adjustment to our accumulated deficit as of September 30, 2011. Additional information regarding this
revision of prior period results can be found in Note 2 to our financial statements, located elsewhere in this
annual report.
For FY 2013, we also evaluated the effects of Super Storm Sandy on our recorded fixed assets. The hurri-
cane made landfall in the Northeast in October 2012; the storm surge impacted four of six rail tunnels
connecting Manhattan with the mainland, and all Northeast Corridor services were halted. In the storm’s
aftermath, we examined tunnels, bridges and ventilation facilities and determined that certain assets
would have to be replaced sooner than anticipated. Therefore, accelerated depreciation is being recorded
beginning in FY 2013 to recognize depreciation expense over the remaining life of these assets.
Financial excellence is one of Amtrak’s corporate goals established in the most recent Amtrak Strategic
Plan. Although we generally take that to mean reducing our operating ratio and lowering our adjusted net
loss, it also indicates a desire to be transparent and accurate in our financial reporting. The time-intensive
effort undertaken to properly identify and correct past accounting deficiencies demonstrates our
commitment to achieving this goal today and moving forward.
Sincerely,
Gerald Sokol, Jr.
Executive Vice President and
Chief Financial Officer
Amtrak Annual Report 2013 | 11