Amtrak 2015 Annual Report Download - page 30

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National Railroad Passenger Corporation and Subsidiaries (Amtrak)
Notes to Consolidated Financial Statements (continued)
7. Leasing Arrangements (continued)
28
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 remaining obligation specified in the lease.
Lease Terminations
During FY2015, Amtrak terminated one capital lease by paying an early termination price which included
the purchase of the leased equipment as part of the lease termination. The lease termination amount paid by
Amtrak for the terminated lease was $8.8 million. In connection with the lease termination, Amtrak acquired
five Superliner II passenger cars.
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, 2015, future minimum lease payments under capital leases are (in thousands):
Year ending September 30,
2016 $ 99,206
2017 101,301
2018 87,569
2019 89,042
2020 84,239
Thereafter 544,412
Total minimum lease payments 1,005,769
Less: discounted to current period amount at interest rates ranging from 4.5% to 9.1% (332,435)
Present value of minimum lease payments at September 30, 2015 $ 673,334
The current portion of capital lease obligations as of September 30, 2015 and 2014, was $56.2 million and
$39.3 million, respectively, and is presented in “Current maturities of long-term debt and capital lease
obligations” in the Consolidated Balance Sheets.