Amtrak 2014 Annual Report Download - page 46

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National Railroad Passenger Corporation and Subsidiaries (Amtrak)
Notes to Consolidated Financial Statements (continued)
1509-1694994 38
8. Fair Value Measurements (continued)
The estimated fair value of Amtrak’ s non-derivative financial instruments is as follows
(in thousands):
September 30, 2014 September 30, 2013
Principal
Amount
Fair
Value
Principal
Amount
Fair
Value
Mortgage obligations $ 324,396 $ 357,252
$ 355,412 $ 404,393
Equipment loans 4,112 4,251
11,519 12,502
PEDFA Garage Bond 38,927 29,273 40,617 41,754
Term Loan A 125,774 118,962 – –
Term Loan B 68,501 67,899 – –
RRIF Loan (debt
component) 195,239 230,366 277,694 266,125
$ 756,949 $ 808,003
$ 685,242 $ 724,774
The estimated fair values of the non-derivative financial instruments listed above are based upon
discounted cash flow analyses using interest rates available to Amtrak at September 30, 2014 and
2013, for debt with the same remaining maturities.
For pension assets, all fair value measurement disclosures are included in Note 12. For cash and
cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable,
accrued expenses and other current liabilities, the carrying amounts approximate fair value given
the short-term nature of the financial instruments.