Professional Documents
Culture Documents
Expenses
Salaries, wages, and benefits $1,330 $1,241 $1,236
Train operations 358 321 321
Facility and office related 153 172 181
Maintenance-of-way goods and services 45 73 59
Advertising and sales 91 90 109
Interest 185 144 149
Depreciation and amortization 245 230 238
Other 83 34 25
One-time charges/(gains) (244) - -
Total expenses 2,246 2,305 2,318
Federal Grants:
Federal operating grant $352 $392 $285
Excess railroad retirement taxes 150 150 120
Federal capital - interest - - -
Federal capital - progressive overhaul and other - - 36
Total federal grants $502 $542 $441
$1,341 $1,392
242 260
91 91
- 542
$1,674 $2,285
$1,299 $1,448
365 356
187 190
46 52
98 102
160 181
242 294
39 15
- -
2,436 2,638
($762) ($353)
577
($762) ($930)
$223 $202
142 142
42 -
37 82
$444 $426
($318) ($504)
Exhibit 3
Amtrak: Acela Financing
Balance Sheet
(in millions of dollars)
FY Ending
ASSETS Sept. 30, 1998
Current assets
Cash and equivalents $274.7
Temporary cash investments 409.7
Accounts receivable, net 88.7
Materials and supplies 91.6
Other current assets 3.4
Total current assets 868.1
Property, plant, and equipment 9,456.4
Less accumulated depreciation (3,106.9)
Net property, plant, and equipment 6,349.5
Other assets and deferred charges 87.6
Total assets $7,305.3
LIABILITIES AND CAPITALIZATION
Current liabilities
Accounts payable $270.8
Accrued expenses and other current liabilities 186.7
Deferred ticket revenue 61.4
Current maturities of long-term debt and capital-lease obligations 102.2
Total current liabilities 621.1
Long-term debt and capital lease obligations
Capital-lease obligations 1,213.1
Equipment and other debt 322.5
1,535.6
Other liabilities and deferred credit
Deferred federal payments 457.0
Casualty reserves 136.2
Postretirement employee-benefits obligation 118.4
Environmental reserve 35.4
Advances from railroads and commuter agencies 20.6
Other 1.5
769.1
Total liabilities 2,925.8
Capitalization
Preferred stock 10,939.7
Common stock 93.9
Other paid-in capital 6,471.3
Accumulated comprehensive loss (13,125.4)
4,379.5
Total liabilities and capitalization $7,305.3
Lessee
Amtrak
Owner Trustee
Equity investors put up $53.6 million Wilmington Trust
(20% of equipment value) in exchange
for lease payments after debt service.
Equity Investor
BNY Capital Funding, LLC
see
trak
Lease Payments
Trustee
Lenders advance $214.3 million (80% of
ton Trust equipment value) in exchange for first claim on
lease payments on locomotives and trainsets.
Lender
Export Development
Corporation (EDC) of
Canada
Without Tax
Exhibit 5
Amtrak: Acela Financing
BNY Capital Funding LLCs Proposed Lease Payment Schedule
(In dollars)
Lease
Date Due Amount NPV
1999 June $ -
1 Dec. 200,102 $193,568.96
2 2000 June 3,761,228 $3,519,643.00
3 Dec. 7,965,652 $7,210,655.91
4 2001 June 10,022,594 $8,776,433.48
5 Dec. 10,316,948 $8,739,238.94
6 2002 June 8,617,634 $7,061,466.83
7 Dec. 10,360,645 $8,212,551.94
8 2003 June 9,828,570 $7,536,438.74
9 Dec. 10,367,985 $7,690,501.70
10 2004 June 8,607,823 $6,176,438.38
11 Dec. 10,418,573 $7,231,651.81
12 2005 June 9,683,063 $6,501,693.75
13 Dec. 10,435,186 $6,777,950.46
14 2006 June 8,580,151 $5,391,102.75
15 Dec. 11,599,993 $7,050,581.01
16 2007 June 7,338,339 $4,314,688.04
17 Dec. 11,468,211 $6,522,766.17
18 2008 June 9,475,208 $5,213,259.62
19 Dec. 15,792,709 $8,405,464.12
20 2009 June 7,765,741 $3,998,273.24
21 Dec. 20,224,322 $10,072,748.66
22 2010 June 5,067,035 $2,441,250.88
23 Dec. 15,872,556 $7,397,582.87
24 2011 June 4,121,823 $1,858,304.00
25 Dec. 22,807,129 $9,946,780.85
26 2012 June 3,336,587 $1,407,663.48
27 Dec. 23,645,133 $9,649,896.60
28 2013 June 2,662,913 $1,051,289.67
29 Dec. 24,055,367 $9,186,748.50
30 2014 June 1,957,919 $723,317.59
31 Dec. 20,017,608 $7,153,704.34
32 2015 June 6,067,613 $2,097,592.74
33 Dec. 6,287,652 $2,102,694.73
34 2016 June 12,292,315 $3,976,545.04
35 Dec. 21,394,788 $6,695,217.50
36 2017 June 6,551,924 $1,983,398.78
37 Dec. 18,107,167 $5,302,444.85
38 2018 June 8,612,133 $2,439,612.69
39 Dec. 13,469,295 $3,690,961.15
40 2019 June 8,864,543 $2,349,824.69
41 Dec. 6,654,238 $1,706,325.65
42 2020 June 2,035,748 $504,977.60
43 Dec. 1 $0.24
Total NPV $220,263,251.94
6.75% 0.03375
Debt
Amount NPV
$1,230,000.00 $1,189,842.81
$1,230,000.00 $1,150,996.67
$1,230,000.00 $1,113,418.78
$1,230,000.00 $1,077,067.75
$1,230,000.00 $1,041,903.50
$1,230,000.00 $1,007,887.31
$1,230,000.00 $974,981.68
$1,230,000.00 $943,150.35
$1,230,000.00 $912,358.26
$1,230,000.00 $882,571.47
$1,230,000.00 $853,757.17
$1,230,000.00 $825,883.60
$1,230,000.00 $798,920.05
$1,230,000.00 $772,836.80
$1,230,000.00 $747,605.13
$1,230,000.00 $723,197.22
$1,230,000.00 $699,586.19
$1,230,000.00 $676,746.01
$1,230,000.00 $654,651.52
$1,230,000.00 $633,278.38
$1,230,000.00 $612,603.03
$1,230,000.00 $592,602.69
$1,230,000.00 $573,255.32
$1,230,000.00 $554,539.61
$1,230,000.00 $536,434.93
$1,230,000.00 $518,921.33
$1,230,000.00 $501,979.52
$1,230,000.00 $485,590.83
$1,230,000.00 $469,737.20
$1,230,000.00 $454,401.16
$1,230,000.00 $439,565.82
$1,230,000.00 $425,214.82
$1,230,000.00 $411,332.35
$1,230,000.00 $397,903.12
$1,230,000.00 $384,912.33
$1,230,000.00 $372,345.66
$1,230,000.00 $360,189.27
$1,230,000.00 $348,429.77
$1,230,000.00 $337,054.19
$1,230,000.00 $326,050.00
$26,783,703.60
6.75% 4.19%
Interest Tax
Period Date Due Amount Interest Principal Shield
1999 June $ -
1 Dec. $1,230,000.00 $9,041,625.00 $3,261,266.52 $3,435,817.50
2 2000 June $1,230,000.00 $8,931,557.25 $3,371,334.27 $3,393,991.76
3 Dec. $1,230,000.00 $8,817,774.72 $3,485,116.80 $3,350,754.39
4 2001 June $1,230,000.00 $8,700,152.03 $3,602,739.49 $3,306,057.77
5 Dec. $1,230,000.00 $8,578,559.57 $3,724,331.95 $3,259,852.64
6 2002 June $1,230,000.00 $8,452,863.37 $3,850,028.15 $3,212,088.08
7 Dec. $1,230,000.00 $8,322,924.92 $3,979,966.60 $3,162,711.47
8 2003 June $1,230,000.00 $8,188,601.05 $4,114,290.47 $3,111,668.40
9 Dec. $1,230,000.00 $8,049,743.74 $4,253,147.78 $3,058,902.62
10 2004 June $1,230,000.00 $7,906,200.01 $4,396,691.51 $3,004,356.00
11 Dec. $1,230,000.00 $7,757,811.67 $4,545,079.85 $2,947,968.43
12 2005 June $1,230,000.00 $7,604,415.22 $4,698,476.30 $2,889,677.78
13 Dec. $1,230,000.00 $7,445,841.65 $4,857,049.87 $2,829,419.83
14 2006 June $1,230,000.00 $7,281,916.21 $5,020,975.31 $2,767,128.16
15 Dec. $1,230,000.00 $7,112,458.30 $5,190,433.22 $2,702,734.15
16 2007 June $1,230,000.00 $6,937,281.18 $5,365,610.34 $2,636,166.85
17 Dec. $1,230,000.00 $6,756,191.83 $5,546,699.69 $2,567,352.90
18 2008 June $1,230,000.00 $6,568,990.71 $5,733,900.81 $2,496,216.47
19 Dec. $1,230,000.00 $6,375,471.56 $5,927,419.96 $2,422,679.19
20 2009 June $1,230,000.00 $6,175,421.14 $6,127,470.38 $2,346,660.03
21 Dec. $1,230,000.00 $5,968,619.01 $6,334,272.51 $2,268,075.22
22 2010 June $1,230,000.00 $5,754,837.31 $6,548,054.21 $2,186,838.18
23 Dec. $1,230,000.00 $5,533,840.48 $6,769,051.04 $2,102,859.38
24 2011 June $1,230,000.00 $5,305,385.01 $6,997,506.51 $2,016,046.30
25 Dec. $1,230,000.00 $5,069,219.17 $7,233,672.35 $1,926,303.28
26 2012 June $1,230,000.00 $4,825,082.72 $7,477,808.80 $1,833,531.43
27 Dec. $1,230,000.00 $4,572,706.68 $7,730,184.84 $1,737,628.54
28 2013 June $1,230,000.00 $4,311,812.94 $7,991,078.58 $1,638,488.92
29 Dec. $1,230,000.00 $4,042,114.04 $8,260,777.48 $1,536,003.34
30 2014 June $1,230,000.00 $3,763,312.80 $8,539,578.72 $1,430,058.86
31 Dec. $1,230,000.00 $3,475,102.02 $8,827,789.50 $1,320,538.77
32 2015 June $1,230,000.00 $3,177,164.12 $9,125,727.40 $1,207,322.37
33 Dec. $1,230,000.00 $2,869,170.82 $9,433,720.70 $1,090,284.91
34 2016 June $1,230,000.00 $2,550,782.75 $9,752,108.77 $969,297.45
35 Dec. $1,230,000.00 $2,221,649.07 $10,081,242.45 $844,226.65
36 2017 June $1,230,000.00 $1,881,407.14 $10,421,484.38 $714,934.71
37 Dec. $1,230,000.00 $1,529,682.04 $10,773,209.48 $581,279.18
38 2018 June $1,230,000.00 $1,166,086.22 $11,136,805.30 $443,112.76
39 Dec. $1,230,000.00 $790,219.05 $11,512,672.47 $300,283.24
40 2019 June $1,230,000.00 $401,666.35 $11,901,225.17 $152,633.21
41
42
43
44
45
46
47
48
49
50 Salvage Value
0.020925
NPV
121,520.37
2,237,348.68
4,641,213.14
5,720,006.08
5,767,315.66
4,718,638.60
5,556,759.56
5,163,347.24
5,335,087.12
4,338,570.31
5,143,606.29
4,682,506.66
4,942,787.83
3,980,823.04
5,271,592.77
3,266,540.38
5,000,254.66
4,046,610.00
6,606,407.83
3,181,982.86
8,116,990.66
1,991,962.44
6,111,956.51
1,554,636.51
8,425,900.65
1,207,408.73
8,381,076.63
924,530.48
8,180,547.05
652,185.64
6,531,228.43
1,939,129.18
1,968,264.59
3,769,075.56
6,425,624.05
1,927,446.57
5,217,592.41
2,430,729.08
3,723,718.40
2,400,460.17
1,764,991.61
528,901.16
0.25
173,897,275.83
Exhibit 6
Amtrak: Acela Financing
7-Year MACRS Schedule
(figures in percent of depreciable investment)
Year % Depreciated
1 14.29
2 24.49
3 17.49
4 12.49
5 8.93
6 8.93
7 8.93
8 4.45