XML 15 R13.htm IDEA: XBRL DOCUMENT

JFK Terminal 5	12 Months Ended
JFK Terminal 5	Dec. 31, 2019
JFK Terminal Five [Abstract]
JFK Terminal 5	JFK Terminal 5 We operate out of T5 at JFK and our occupancy is governed by various lease agreements with the PANYNJ. Under the terms of the facility lease agreement, we were responsible for the construction of the 635,000 square foot 26-gate terminal, a parking garage, roadways, and an AirTrain Connector, all of which are owned by the PANYNJ and collectively referred to as the T5 Project. In 2014, we completed construction of an international arrivals facility and additional gates, T5i. T5i includes six international arrival gates comprised of three new gates and three converted gates from T5, as well as an international arrivals hall with full U.S. Customs and Border Protection services. We executed an extension to the original T5 lease in 2013. The lease, as amended, now incorporates a total of approximately 19 acres of space for our T5 facilities and ends on the 28th anniversary of the date of beneficial occupancy of T5i. We have the option to terminate the agreement in 2033, five years prior to the end of the original scheduled lease term of October 2038. We are responsible for various payments under the leases, including ground and facility rents which are reflected in the future minimum lease payments table in Note 4 to our consolidated financial statements. The facility rents are based upon the number of passengers enplaned out of the terminal, subject to annual minimums. We were previously considered the owner of the T5 Project for financial reporting purposes and were required to reflect an asset for costs incurred on our consolidated balance sheets since construction commenced in 2005. The total costs incurred for elements of the T5 Project were $637 million, of which $561 million was classified as Assets Constructed for Others and the remaining $76 million was classified as leasehold improvements on our consolidated balance sheets as of December 31, 2018. The PANYNJ has reimbursed us for the amounts included in Assets Constructed for Others. These reimbursements and related interest were reflected as Construction Obligation on our consolidated balance sheets. When the facility rents were paid, they were treated as a debt service on the Construction Obligation, with the portion not relating to interest reducing the principal balance. The balance classified as Construction Obligation was $424 million as of December 31, 2018. The T5 Project was derecognized from our consolidated balance sheets upon the adoption of ASC 842, Leases, on January 1, 2019. Following the derecognition of these assets and liabilities, we recognized a ROU asset and lease liability representing the fixed component of the lease payments. Our construction of T5i is accounted for at cost with no financing obligation. Total expenditures relating to T5i were approximately $207 million, all of which were incurred prior to 2016 and are classified as leasehold improvements in our consolidated balance sheets.