Frontier Airlines 2010 Annual Report Download - page 108
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9. ACCRUED LIABILITIES
Accrued liabilities consist of the following as of December 31 (in thousands):
2010 2009
Accrued wages, benefits and related taxes $ 46,239 $ 57,593
Accrued maintenance 63,847 38,655
Accrued interest payable 19,881 21,866
Deferred revenue 27,758 20,242
Other 88,900 73,276
Total accrued liabilities $ 246,625 $ 211,632
10. DEBT
Debt consists of the following as of December 31 (in thousands):
Secured debt: 2010 2009
Promissory notes payable, collateralized by aircraft, bearing interest at fixed rates ranging from 2.38% to
8.49% at December 31, 2010 with semi-annual principal payments totaling $79.2 million through 2024. $ 2,046,452 $ 2,194,320
Promissory notes payable, collateralized by aircraft, bearing interest at variable rates based on LIBOR
plus a margin, ranging from 1.90% to 9.31% at December 31, 2010 with semi-annual principal payments
totaling $17.6 million through 2020.
421,619 506,773
Promissory notes payable, collateralized by aircraft that was held for sale, repaid during 2010.
—
15,000
Promissory notes payable, collateralized by eligible spare parts and equipment, bearing interest at fixed
rates ranging from 7.25% to 8.38% as of December 31, 2010, semi-annual principal payments totaling
$1.8 million through 2017.
30,124
—
Promissory note payables, collateralized by eligible spare parts and equipment, bearing interest at
variable rates of LIBOR plus a margin, ranging from 6.76% to 6.98% as of December 31, 2010, with
semi-annual principal payments totaling $8.3 million through 2012.
31,945 25,000
Discount on debt (7,875 ) (14,763 )
Total debt secured by aircraft and parts 2,522,265 2,726,330
Unsecured debt:
Convertible note payable, bearing interest at a fixed rate of 8%, due in full in 2014. 22,252 25,000
Debt from affinity credit card program, bearing interest of 2.26% as of December 31, 2010 (LIBOR plus
2%), principal due monthly for twelve months beginning in 2016. 29,166 35,000