Amtrak 2014 Annual Report Download - page 31

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National Railroad Passenger Corporation and Subsidiaries (Amtrak)
Notes to Consolidated Financial Statements (continued)
1509-1694994 23
3. Basis of Presentation and Summary of Significant Accounting Policies (continued)
In May 2015, the FASB issued ASU No. 2015-07, Fair Value Measurement (Topic 820). This
ASU removes the requirement to categorize within the fair value hierarchy all investments for
which fair value is measured using the net asset value per share practical expedient. This ASU is
effective for the Company beginning with the fiscal year ending September 30, 2017. Reporting
entities must apply the new guidance retrospectively to all periods presented. This ASU is
expected to impact the Company’ s fair value disclosures on pension assets, but it will not have
an impact on the Company’ s consolidated statements of financial condition or results of
operations.
4. Accounting and Reporting for Federal Payments
Certain funds are provided to Amtrak during the year through federal payments for capital and
operating expenditures. These federal payments, which are recorded when received in “Other
paid-in capital” in the Consolidated Balance Sheets and Consolidated Statements of Changes in
Capitalization, totaled $1.5 billion for both FY2014 and FY2013.
In accordance with the 2014 CR, Amtrak was provided with net assistance appropriations of
$391.4 million. Of the 2014 CR appropriation, $129.5 million was appropriated as an operating
subsidy and $261.9 million was appropriated as a capital subsidy. Both appropriations were fully
received during FY2014. The FY2014 Full Year CR provided Amtrak with additional
appropriations of $988.4 million. Of the additional 2014 appropriations, $210.5 million was
appropriated and received as an operating subsidy in FY2014 and $777.9 million was
appropriated as a capital subsidy of which $624.2 million was received during FY2014. Amtrak
received the remaining FY2014 capital subsidy of $153.7 million in FY2015.
In accordance with the Disaster Relief Appropriations Act, 2013 (Public Law No. 113-2,
January 29, 2013), Amtrak was provided with a net appropriation of $30.2 million for damages
incurred following Sandy on October 29, 2012, of which $3.5 million and $19.8 million was
received in FY2014 and FY2013, respectively, and with a net appropriation of $185.0 million for
the Hudson Yards Concrete Encasement Project, of which $130.6 million and $0.5 million was
received in FY2014 and FY2013, respectively.
In accordance with the FY2013 Full Year CR, Amtrak was provided with a total appropriation of
$1.3 billion. Of the 2013 appropriation, $441.7 million was appropriated and received as an
operating subsidy in FY2013 and $893.1 million was appropriated as a capital subsidy, all of
which was received during FY2013.