Frontier Airlines 2004 Annual Report Download - page 57

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3. AIRCRAFT AND OTHER EQUIPMENT
At December 31, 2004, Chautauqua has a fleet of 112 aircraft, including sixty
-
eight 50
-
seat Embraer 145 jet aircraft, fifteen 44
-
seat Embraer 140 jet aircraft, seventeen 37
-
seat
Embraer 135 jet aircraft
’
s, eleven 70 seat Embraer 170 jet aircraft and one 30
-
seat Saab 340 aircraft that is currently held for sale and recorded in prepaid and other current assets (see
Note 15). Chautauqua owns one Saab 340 aircraft, twenty
-
five Embraer 145 jet aircraft, eleven Embraer 140 jet aircraft, fifteen Embraer 135 jet aircraft, and eleven Embraer 170 jet aircraft,
and leases the other aircraft under operating lease agreements (see Note 8).
Aircraft and other equipment, excluding aircraft and other equipment held for sale, consist of the following as of December 31:
Aircraft and other equipment depreciation and amortization expense for the years ended December 31, 2004, 2003 and 2002 was $33,940, $23,439, and $11,768 respectively.
4. OTHER ASSETS
Other assets consist of the following as of December 31:
In 2002, Chautauqua received a note for the sale of Saab 340 spare engines and related parts and for advances made to Shuttle America, an affiliated company. The note from Shuttle
America was due on demand, was collateralized by substantially all of the assets of Shuttle America, excluding receivables, and earned interest of LIBOR plus 2.75%. In October 2003,
Chautauqua stopped accruing interest on the demand note receivable. During 2003 and 2002, Chautauqua recorded an allowance for uncollectible amounts of $2,113 and $4,900, respectively,
on the demand note receivable after considering the fair value of the collateral. In 2004, Chautauqua sold the demand note receivable from Shuttle America to Imprimis Investors, LLC, one of
the members of our majority stockholder, for the net book value of $2,400.
5. ACCRUED LIABILITIES
Accrued liabilities consist of the following as of December 31:
2004
2003
Aircraft
$
993,338
$
544,198
Flight equipment
50,720
36,462
Furniture and equipment
3,491
2,152
Leasehold improvements
7,792
4,855
Total aircraft and other equipment
1,055,341
587,667
Less accumulated depreciation and amortization
72,160
39,950
Aircraft and other equipment
—Net
$
983,181
$
547,717
2004
2003
Prepaid aircraft rent
$
20,744
$
18,847
Aircraft deposits
47,428
6,838
Demand note receivable from Shuttle America, net
2,408
Deferred warrant charge, net (see Note 11)
7,406
4,699
Debt issue costs, net
8,048
4,957
Restricted cash
—
lease agreement
1,500
Other
5,142
2,856
$
88,768
$
42,105
2004
2003
Accrued wages, benefits and related taxes
$
9,055
$
7,565
Accrued maintenance
10,426
5,401
Accrued aircraft return costs (see Note 15)
5,994
10,592
Accrued property taxes
1,955
2,115
Accrued interest payable to non
-
affiliates
6,726
4,091
Accrued interest payable to affiliates
963
Accrued liabilities to code
-
share partners
8,808
4,553
Other
8,069
8,008
Total accrued liabilities
$
51,033
$
43,288
47