Amtrak 2014 Annual Report Download - page 43

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National Railroad Passenger Corporation and Subsidiaries (Amtrak)
Notes to Consolidated Financial Statements (continued)
1509-1694994 35
7. Leasing Arrangements (continued)
Amtrak has the right to terminate the lease and purchase any or all of the locomotives at any time
during the lease term by paying the termination value specified in the lease.
Lease Terminations
During FY2014, Amtrak terminated certain capital leases by paying an early termination price
which included the purchase of the leased equipment as part of the lease termination for all but
one of the terminated leases. The lease termination amount paid by Amtrak for all of the
terminated leases was $199.9 million. As part of the lease terminations, Amtrak acquired 83 P-42
locomotives, 29 Surfliner railcars, and seven Superliner railcars. All the equipment purchased by
Amtrak was for the normal operation of its train service and the Company expects to continue to
use the equipment for the foreseeable future.
Future Minimum Lease Payments
As of September 30, 2014, future minimum lease payments under capital leases are
(in thousands):
Year ending September 30,
2015 $ 75,348
2016 87,899
2017 89,370
2018 75,805
2019 76,484
Thereafter 357,863
Total minimum lease payments 762,769
Less: discounted to current period amount at interest rates ranging
from 4.5% to 9.1% 240,291
Present value of minimum lease payments at September 30, 2014 $ 522,478
The current portion of capital lease obligations as of September 30, 2014 and 2013, was
$39.3 million and $94.3 million, respectively, and is presented in “Current maturities of long-
term debt and capital lease obligations” in the Consolidated Balance Sheets.