JetBlue Airlines 2007 Annual Report Download - page 49

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$810 million in cash and short-term investments. We believe the working capital available to us,
including the proceeds from our recent equity financing with Lufthansa will be sufficient to meet our
cash requirements for at least the next 12 months.
Our noncancelable contractual obligations at December 31, 2007 include (in millions):
Payments due in
Total 2008 2009 2010 2011 2012 Thereafter
Long-term debt and capital lease
obligations (1) ................ $ 4,327 $ 591 $ 308 $ 302 $ 297 $ 320 $2,509
Lease commitments.............. 2,212 243 217 194 179 160 1,219
Flight equipment obligations ...... 5,270 660 750 700 730 885 1,545
Short-term borrowings ........... 43 43 — — — — —
Financing obligations and
other (2) ..................... 4,071 139 140 145 166 233 3,248
Total........................... $15,923 $1,676 $1,415 $1,341 $1,372 $1,598 $8,521
(1) Includes actual interest and estimated interest for floating-rate debt based on December 31, 2007
rates.
(2) Amounts include noncancelable commitments for the purchase of goods and services.
The interest rates are fixed for $1.36 billion of our debt and capital lease obligations, with the
remaining $1.65 billion having floating interest rates. The floating interest rates adjust quarterly or
semi-annually based on the London Interbank Offered Rate, or LIBOR. The weighted average
maturity of all of our debt was 11 years at December 31, 2007. None of our debt instruments contain
financial covenants. Our spare parts pass-through certificates issued in November 2006 require us to
maintain certain non-financial collateral coverage ratios, which could require us to provide additional
spare parts collateral or redeem some or all of the related equipment notes. At December 31, 2007,
we were in compliance with all covenants of our debt and lease agreements and 93%of our owned
property and equipment was collateralized.
We have operating lease obligations for 53 aircraft with lease terms that expire from 2009 to 2025.
Five of these leases have variable-rate rent payments that adjust semi-annually based on LIBOR. We
also lease airport terminal space and other airport facilities in each of our markets, as well as office
space and other equipment. We have $26 million of restricted assets pledged under standby letters of
credit related to certain of our leases which will expire at the end of the related lease terms.
Including the effects of a January 2008 amendment to our Airbus purchase agreement, our firm
aircraft orders at December 31, 2007 consisted of 70 Airbus A320 aircraft and 74 EMBRAER 190
aircraft scheduled for delivery as follows: 18 in 2008, 21 in 2009, 18 in each of 2010 and 2011, 23 in
2012, 25 in 2013, 12 in 2014, and 9 in 2015. We meet our predelivery deposit requirements for our
aircraft by paying cash or by using short-term borrowing facilities for deposits required six to
24 months prior to delivery. Any predelivery deposits paid by the issuance of notes are fully repaid at
the time of delivery of the related aircraft.
We also have options to acquire 32 additional Airbus A320 aircraft for delivery from 2009
through 2015 and 91 additional EMBRAER 190 aircraft for delivery from 2009 through 2015. We can
elect to substitute Airbus A321 aircraft or A319 aircraft for the A320 aircraft until 21 months prior to
the scheduled delivery date for those aircraft not on firm order.
In November 2005, we executed a 30-year lease agreement with the Port Authority of New York
and New Jersey, or PANYNJ, for the construction and operation of a new terminal at JFK. The
aggregate cost of this project is estimated at $740 million and it is expected to be completed in late
2008. We are committed to making various payments under the lease, including ground rents for the
new terminal site which began on lease execution and facility rents that are anticipated to commence
upon the date of beneficial occupancy. The facility rents are based on the number of passengers
enplaned out of the new terminal, subject to annual minimums. The PANYNJ reimburses us for costs
of this project in accordance with the terms of the lease, except for approximately $80 million in
leasehold improvements that will be provided by us, $39 million of which was spent through
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