Frontier Airlines 2006 Annual Report Download - page 71
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discounting future lease payments. These estimates are utilized by management in making computations as required by
existing accounting standards that determine whether the lease is classified as an operating lease or a capital lease. All of the
Company’s aircraft leases have been classified as operating leases, which results in rental payments being charged to expense
over the term of the related leases. Additionally, operating leases are not reflected in the Company’s consolidated balance
sheet and accordingly, neither a lease asset nor an obligation for future lease payments is reflected in the Company’s
consolidated balance sheet. The Company is responsible for all other maintenance costs of its aircraft and must meet specified
return conditions upon lease expiration for both the airframes and engines. The Company is unable to estimate the liability for
these return conditions as of December 31, 2006, because the leases expire beginning in 2009. The Company will record a
liability for these return conditions once the liability is estimable.
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Source: REPUBLIC AIRWAYS HOLDINGS INC, 10-K, March 15, 2007 Powered by Morningstar® Document Research℠