Amtrak 2013 Annual Report Download - page 58

Download and view the complete annual report

Please find page 58 of the 2013 Amtrak annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 107

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107

National Railroad Passenger Corporation and Subsidiaries (Amtrak)
Notes to Consolidated Financial Statements (continued)
1411-1359280 19
4. Basis of Presentation and Summary of Significant Accounting Policies (continued)
WTC was formed on December 6, 1901 and is comprised of buildings and the rail yard adjacent
to Washington Union Station. WTC provides switching services for passenger trains using the
station or passing through the area.
30th Street Limited, L.P. (“TSL”) was formed on December 9, 1987 as a limited partnership. On
April 22, 1992, each initial limited partner transferred to Amtrak all of their rights, title and
interest in the partnership, and after the transfer Amtrak became the sole 99% limited partner.
TSL was formed to own, rehabilitate and manage the real property owned by Amtrak at 30th
Street Station in Philadelphia, Pennsylvania. As of September 30, 2011, Amtrak held a 99%
limited partnership interest in TSL. On January 23, 2012, Amtrak entered into an agreement to
purchase the 1% general partnership interest owned by the sole general partner of TSL. The
agreement was executed following the payment of $0.4 million to the general partner on
January 26, 2012. After the purchase, the partnership was dissolved by operation of law.
Cash and Cash Equivalents
All short-term investments with original maturities of 90 days or less are considered cash and
cash equivalents. These consist of bank deposits, money market fund investments, and treasury
bills. Cash and cash equivalents are maintained at various financial institutions and, at times,
balances may exceed federally insured limits.
Restricted Cash and Cash Equivalents
Restricted cash and cash equivalents consist primarily of funds received that are restricted for
specific purposes or cash set aside and restricted for specific payments. The balance in restricted
cash and cash equivalents consists of the following: (i) restricted funds for certain operations of
the Amtrak Police Department; (ii) restricted cash from a contractor performing work for the
Illinois Department of Transportation; (iii), restricted cash held for Amtrak’ s Office of Inspector
General (“OIG”) and used to reimburse the cost of program management and oversight under the
American Recovery and Reinvestment Act of 2009; and (iv) restricted cash set aside and used to
fund union employee healthcare claims paid by the insurance provider as Amtrak is self-insured
for such claims.