Performance And Accountability Report - Fiscal Year 2013 - Federal Aviation Administration - U.s. Department Of Transportation Page 103
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150 NOTE 9. Leases
Capital Leases
Operating Leases
Following is a summary of the FAA’s assets under capital lease as
The FAA has operating leases for real property, aircraft, and
of September 30, 2013 and 2012:
telecommunications equipment. Future operating lease payments
due as of September 30, 2013, are as follows:
2013
2012
Fiscal year
Land, Buildings, and Machinery
$ 114,063
$ 126,629
Year 1 (FY 2014)
$
196,616
Accumulated Depreciation
(42,817)
(49,669)
Assets Under Capital Lease, net
$
71,246
$
76,960
Year 2 (FY 2015)
179,156
Year 3 (FY 2016)
147,930
Year 4 (FY 2017)
118,447
As of September 30, 2013, the FAA’s future payments due on
Year 5 (FY 2018)
68,537
assets under capital lease were:
After 5 Years
144,543
Total future operating lease payments
$
855,229
Future payments due by fiscal year
(Liabilities not covered by budgetary or other resources)
Operating lease expense incurred during the years ended
Year 1 (FY 2014)
$
8,681
September 30, 2013 and 2012 was $224.4 million and $231.9
Year 2 (FY 2015)
8,648
million, respectively, including General Services Administration
Year 3 (FY 2016)
8,639
(GSA) leases that have a short termination privilege. However,
Year 4 (FY 2017)
8,639
the FAA intends to remain in the lease. The operating lease
Year 5 (FY 2018)
8,640
amounts due after five years do not include estimated payments
After 5 Years
62,013
for leases with annual renewal options. Estimates of the lease
Less: Imputed interest
(27,255)
termination dates are subjective, and any projection of future
Total capital lease liability
$
78,005
lease payments would be arbitrary.
The FAA’s capital lease payments are authorized to be funded
annually as codified in the United States Code–Title 49–Section
40110(c)(1) which addresses general procurement authority. The
remaining principal payments are recorded as unfunded lease
liabilities. The imputed interest is funded and expensed annually.
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Federal Aviation Administration
Fiscal Year 2013
Performance and Accountability Report
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