US Airways 2005 Annual Report Download - page 241

Table of Contents
US Airways, Inc.
Notes to the Financial Statements — (Continued)
The estimated fair values of US Airways' financial instruments, none of which are held for trading purposes, are summarized as follows (in millions;
brackets denote a liability):
December 31, 2005 December 31, 2004
Carrying Estimated Carrying Estimated
Amount Fair Value Amount Fair Value
Cash equivalents $ 432 $ 432 $ 700 $ 700
Short-term investments(a) 132 132 — —
Restricted cash 571 571 626 626
Notes receivable(b) — — 3 3
SHC Stock Options(c) 10 10 10 10
Long-term debt (excludes capital lease obligations) (1,926) (1,926) (3,198) (d)
(a) Classified as available for sale in accordance with SFAS 115. See also Note 2(c).
(b) Carrying amount included in receivables, net on the balance sheets.
(c) Carrying amount included in other assets, net on the balance sheets.
(d) As a result of the Chapter 11 filing, the fair value of the debt outstanding could not be reasonably determined as of December 31, 2004. In connection
with bankruptcy emergence in September 2005, the carrying amount of debt was adjusted to fair market value.
6. Debt, including capital lease obligations
Details of US Airways' debt are as follows (variable interest rates listed are the rates as of December 31, 2005 unless noted) (in millions):
December 31, December 31,
2005 2004
Secured
Equipment notes payable, variable interest rates of 6.20% to 9.22%, averaging 8.50% as of December 31, 2005 $ 1,240 $ 1,948
US Airways East Citibank Loan (formerly ATSB loan), variable interest rate of 10.10%, installments due 2006 through 2010(a) 551 718
Slot financing, interest rate of 8%, installments due through 2015(b) 50 —
Capital lease obligations, interest rate of 8%, installments due through 2021(c) 46 49
GE Credit Facility, variable interest rate of 8.30%, installments due 2006 to 2010(d) 28 354
GE Liquidity Facility(d) — 158
GE Bridge Facility(d) — 20
Airbus Loans, variable interest rate of 9.96%, installments due 2008 to 2010(e) 186 —
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