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Maturities of debt securities at December 31, 2002, were as
follows:
As
of December 31, 2002 and 2001, $13 and $20 of unrealized loss
was recorded in accumulated other comprehensive income related
to debt securities that were reclassified from available-forsale
to held-to-maturity at their fair values. The unrealized loss
will be amortized to earnings over the remaining life of each
security.
During the year ended December 31, 2002, $40 ($25
net of tax) of unrealized loss was reclassified from accumulated
other comprehensive income to other income due to other than
temporary impairments of available-for-sale investments. Note
13 – Accounts Payable and Other Liabilities
Accounts payable
and other liabilities at December 31 consisted of the following:
Accounts payable included $301 and $351 as of December 31,
2002 and 2001, attributable to checks written but not yet cleared
by the bank. Other liabilities as of December 31, 2002 and
2001, included $146 and $542 attributable to the special charges
due to the events of September 11, 2001, described in Note
3.
Note 14 – Deferred Lease Income
In 2001, the Company delivered four C-17 transport
aircraft to the United Kingdom Royal Air Force (UKRAF), which were accounted
for as operating leases. The lease term is seven years, at the end of which
the UKRAF has the right to purchase the aircraft for a stipulated
value, continue
the lease for two additional years, or return the aircraft. Concurrent with
the negotiation of this lease, the Company and the UKRAF arranged
to assign the contractual
lease payments to an independent financial institution. The Company received
proceeds from the financial institution in consideration of the assignment
of the future lease receivables from the UKRAF. The assignment
of lease receivables
is non-recourse to the Company. The initial proceeds represented the present
value of the assigned total lease receivables discounted at a rate of 6.6%.
As of December 31, 2002 and 2001, the balance of $542 and $622
represented the present
value of the remaining deferred lease income.
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