US Airways 2011 Annual Report Download - page 63
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Table of Contents
Nonoperating Income (Expense):
Percent
Increase
2010 2009 (Decrease)
(In millions)
Nonoperating income (expense):
Interest income $ 13 $ 24 (46.3)
Interest expense, net (a) (233) (241) (3.1)
Other, net (b) 39 (83) nm
Total nonoperating expense, net $ (181) $ (300) (39.5)
(a) Interest expense, net decreased $8 million due to a reduction in interest-bearing intercompany payable balances, offset in part by an increase in the
average debt balance outstanding in 2010 primarily as a result of liquidity raising initiatives completed throughout 2009.
(b) Other nonoperating income of $39 million in 2010 consisted primarily of $53 million of net realized gains related to the sale of certain investments in
auction rate securities as well as an $11 million settlement gain. These gains were offset in part by $17 million in net foreign currency losses as a result
of the overall strengthening of the U.S. dollar in 2010 and $5 million in non-cash charges related to the write off of debt issuance costs.
Other nonoperating expense of $83 million in 2009 consisted primarily of $49 million in non-cash charges associated with the sale of 10 Embraer 190
aircraft and write off of related debt discount and issuance costs, a $14 million loss on the sale of certain aircraft equipment, $10 million in other-than-
temporary non-cash impairment charges for investments in auction rate securities, $3 million in foreign currency losses and a $2 million non-cash asset
impairment charge.
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