US Airways 2009 Annual Report Download - page 73
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Table of Contents
US Airways Group and US Airways have total future aircraft and spare engine purchase commitments of approximately $6.09 billion.
We expect to finance such commitments either by entering into leases or debt agreements. Changes in interest rates will impact the cost
of such financings.
At December 31, 2009, included within our investment portfolio are $347 million par value of investments in auction rate securities.
With the liquidity issues experienced in the global credit and capital markets, all of our auction rate securities have experienced failed
auctions since August 2007. The estimated fair value of these auction rate securities no longer approximates par value. As of
December 31, 2009, the fair value of our auction rate securities was $203 million. We continue to monitor the market for auction rate
securities and consider its impact (if any) on the fair value of our investments. If the current market conditions deteriorate, we may be
required to record additional impairment charges in other nonoperating expense, net in future periods.
We believe that, based on our current unrestricted cash and cash equivalents balance at December 31, 2009, the current lack of
liquidity in our investments in auction rate securities will not have a material impact on our liquidity, our cash flow or our ability to fund
our operations. See Notes 6(b) and 5(b) in Items 8A and 8B, respectively, of this report for additional information.
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