Amtrak 2013 Annual Report Download - page 82

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National Railroad Passenger Corporation and Subsidiaries (Amtrak)
Notes to Consolidated Financial Statements (continued)
1411-1359280 43
9. Fair Value Measurements (continued)
The Company’ s derivative financial instruments are valued by a third-party consultant based on
prevailing market data derived from proprietary models and are carried at fair value on the
consolidated balance sheet per FASB ASC Topic 820. A financial instrument’ s categorization
within the valuation hierarchy is based upon the lowest level of input that is significant to the fair
value measurement. The following tables present the Company’ s assets measured at fair value on
a recurring basis as of September 30, 2013 and 2012, by the FASB ASC Topic 820 valuation
hierarchy (in thousands).
Level 1 Level 2 Level 3 Total
September 30, 2013
Fuel derivative contracts $ – $ 3,254 $ – $ 3,254
Interest rate swap – 1,025 – 1,025
Total $ – $ 4,279 $ – $ 4,279
September 30, 2012
Fuel derivative contracts $ – $ 10,449 $ – $ 10,449
Total $ – $ 10,449 $ – $ 10,449
The estimated fair value of Amtrak’ s non-derivative financial instruments is as follows
(in thousands):
September 30, 2013 September 30, 2012
Carrying
Amount
Fair
Value
Carrying
Amount
Fair
Value
Mortgage obligations $ 355,412 $ 404,393
$ 472,476 $ 449,892
Equipment loans 11,519 12,502 20,772 23,211
PEDFA Garage Bond 40,617 41,754 43,215 55,919
RRIF Loan 277,694 266,125 159,497 176,996
$ 685,242 $ 724,774
$ 695,960 $ 706,018