US Airways 2003 Annual Report Download - page 88

Table of Contents
The following amounts related to capital leases are included in property and equipment (in millions):
Successor
Company
Predecessor
Company
December 31,
2003
December 31,
2002
Ground property $ 34 $ 51
Less accumulated amortization (2) (4)
Total Net Book Value of Capital Leases $ 32 $ 47
As of December 31, 2003, obligations under capital and noncancelable operating leases for future minimum lease payments were as follows (in
millions):
Capital
Leases
Operating
Leases
2004 $ 5 $ 797
2005 5 779
2006 5 691
2007 5 603
2008 5 530
Thereafter 109 3,966
Total minimum lease payments 134 7,366
Less sublease rental receipts — (148)
Total minimum operating lease payments $ 7,218
Less amount representing interest (84)
Present value of future minimum capital lease payments 50
Less current obligations under capital leases (1)
Long-term obligations under capital leases $ 49
For the nine months ended December 31, 2003, three months ended March 31, 2003, and years ended December 31, 2002 and 2001, rental expense
under operating leases was $565 million, $185 million, $792 million and $850 million, respectively.
US Airways also leases certain owned flight equipment to both third and related parties (see Note 13(b)) under noncancelable operating leases that
expire in the years 2004 through 2018. The future minimum rental receipts associated with these leases are: $11 million–2004; $10 million–2005; $4 million–
2006; $3 million–2007; $3 million–2008; and $28 million thereafter.
The following amounts relate to aircraft leased under such agreements as reflected in flight equipment (in millions):
Successor
Company
Predecessor
Company
December 31,
2003
December 31,
2002
Flight equipment $ 60 $ 212
Less accumulated amortization (6) (142)
$ 54 $ 70
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