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| Notes
to Consolidated Financial Statements | | |
|
| |
| | | | | | | | | | | |
| Aircraft financing and commercial equipment financing operating lease
equipment is recorded at cost and depreciated over its useful life to an estimated
salvage value, primarily on a straight-line basis. | | Financing
for aircraft is collateralized by security in the related asset, and historically
the Company has not experienced a problem in accessing such collateral. The operating
lease aircraft category includes new and used jet and commuter aircraft, spare
engines and spare parts. | | As of December 31, 2001 and 2000,
the net book value of aircraft financing operating lease equipment held for lease
totaled $513 and $278. | | As of December 31, 2001, sales-type/financing
leases and operating leases attributable to aircraft financing included $1,499
attributable to 717 model aircraft ($692 accounted for as operating leases) and
$1,030 attributable to MD-11 model aircraft ($810 accounted for as operating leases). |
| See Note 25 for a discussion regarding
the creditworthiness of counterparties in customer and commercial financing arrangements. |
| Scheduled payments on customer and commercial financing are as follows: |
| |
| Year | Principal
Payments
on Notes Receivable | Sales–Type/Financing
Lease Payments
Receivable | Operating
Lease
Payments Receivable | |
 | |
| 2002 | | 2003 | | 2004 | | 2005 |
| 2006 | | Beyond 2006 | |
| 332 |
| 251 | | 240 |
| 298 | | 283 | | 1,002 |
|
| 1,112 | | 392 |
| 373 | | 357 | | 319 |
| 2,668 | | | |
 | |
The components of investment in sales-type/financing
leases at December 31 were as follows:
| |
| | | 2001 | | 2000 | |
| |
| Minimum lease payments receivable | | Estimated residual
value of leased assets | | Unearned income | | |
| |
| |
| |
| | | $3,572
| | $1,816 | |
| |
| Interest rates on fixed-rate notes ranged from 6.70% to 14.68%, and effective
interest rates on variable-rate notes ranged from 3.37% to 9.68%. |
| Note 13 – Property, Plant and Equipment |
| Property,
plant and equipment at December 31 consisted of the following: | | |
| | | 2001 | | 2000 | |
| |
| Land | | Buildings | | Machinery and equipment
| | Construction in progress | | |
| |
| |
| |
| | | Less accumulated depreciation | | |
| |
| |
| |
| | | $ 8,459 | | $ 8,814 | |
| |
| Balances are net of impairment asset valuation reserve adjustments for real
property available for sale of $113 and $41 for December 31, 2001 and 2000. |
Depreciation expense was $1,140, $1,159 and $1,330 for 2001, 2000
and 1999, respectively. Interest capitalized as construction-period property,
plant and equipment costs amounted to $72, $70 and $64 in 2001, 2000 and 1999,
respectively. |
Rental expense for leased properties was
$318, $280 and $320 for 2001, 2000 and 1999, respectively. These expenses, substantially
all minimum rentals, are net of sublease income. Minimum rental payments under
operating leases with initial or remaining terms of one year or more aggregated
$1,504 at December 31, 2001. Payments, net of sublease amounts, due during the
next five years are as follows: | | |
2002
| 2003 | 2004 | 2005 | 2006 | |
| |
| $290 | $220 | $188
| $151 | $138 | |
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