US Airways 2005 Annual Report Download - page 258

Table of Contents
US Airways, Inc.
Notes to the Financial Statements — (Continued)
The following amounts related to capital leases are included in property and equipment as of December 31, 2005 and 2004 (in millions):
2005 2004
Ground property $ 32 $ 34
Less accumulated amortization (1) (3)
Total Net Book Value of Capital Leases $ 31 $ 31
As of December 31, 2005, obligations under capital and noncancelable operating leases for future minimum lease payments were as follows (in millions):
Capital Leases Operating Leases
2006 $ 5 $ 761
2007 5 691
2008 5 664
2009 5 602
2010 5 551
Thereafter 55 3,936
Total minimum lease payments 80 7,205
Less sublease rental receipts — (708)
Total minimum lease payments 80 $ 6,497
Less amount representing interest (34)
Present value of future minimum capital lease payments 46
Less current obligations under capital leases (5)
Long-term obligations under capital leases $ 41
For the three months ended December 31, 2005, the nine months ended September 30, 2005, the year ended December 31, 2004, the nine months ended
December 31, 2003 and the three months ended March 31, 2003, rental expense under operating leases was $180 million, $532 million, $758 million,
$565 million and $185 million, respectively.
US Airways also leases certain owned flight equipment to related parties (see Note 11(b)) under noncancelable operating leases expiring in various years
through the year 2019. The future minimum rental receipts associated with these leases are: $76 million in 2006, $24 million in 2007, $25 million 2008,
$26 million in 2009, $28 million in 2010 and $246 million thereafter.
The following amounts relate to aircraft leased under such agreements as reflected in flight equipment as of December 31, 2005 and 2004 (in millions):
2005 2004
Flight equipment $ 283 $ 491
Less accumulated amortization (3) (14)
$ 280 $ 477
US Airways has set up pass through trusts, also known as "Enhanced Equipment Trust Certificates" or "EETC", covering the financing of 19 owned
aircraft and 62 leased aircraft, These trusts are off-balance sheet entities, the primary purpose of which is to finance the acquisition of aircraft. Rather than
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