ANNUAL COMPREHENSIVE FINANCIAL REPORT

FINANCIAL SECTION
December 31, 2021 and 2020

(c) Loan Receivable

Included in long-term receivable, approximately $4.8 million notes receivable related to solar panel
installation and approximately $27.0 million loans due from two districts, representing the principal amount
due. The Districts are reimbursing the Airport for funding the construction and infrastructure of the rail
station at 61st Boulevard and Pena Boulevard for infrastructure work around the Airport property. Each
loan bears interest at 5.0% with interest compounded and due semiannually on June 1st and December 1st
with principal due annually on December 1st. The outstanding loan balance plus any accrued and unpaid
interest, included in the table below, will be repaid from ad valorem taxes. The loans are capped at $41.6
million. The projected future collections are as follows ($ in thousands):

Amount
Year:
2022 $ 149
2023 202
2024 248
2025 424
2026 705
2027-2031 6,366
2032-2036 9,316
2037-2041 11,021
2042-2046 12,168
2047 577
Total $ 41,176

The installments due for 2023-2047 are included in Long-term accounts and loans receivable, net of
current portion on the Statement of Net Position.

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 ANNUAL COMPREHENSIVE FINANCIAL REPORT
FINANCIAL SECTION
December 31, 2021 and 2020

(6) Capital Assets

Changes in capital assets for the years ended December 31, 2021 and 2020 were as follows ($ in thousands):

2021
Transfers
January 1, and December 31,
2021 Additions reclassifications Reductions 2021
Non depreciable capital assets
Art $ 7,376 $ - $ - $ - $ 7,376
Capacity rights 12,400 - - - 12,400
Construction in progress 1,393,010 992,141 (606,712) (31,199) 1,747,240
Land, land rights, and air rights 295,766 - - - 295,766
Total non depreciable capital assets 1,708,552 992,141 (606,712) (31,199) 2,062,782
Depreciable capital assets
Buildings and improvements 4,459,137 - 412,459 (6,128) 4,865,468
Machinery and equipment 1,048,021 459 111,532 (5,694) 1,154,318
Infrastructure and land improvements 1,345,181 - 82,488 (15,404) 1,412,265
Intangibles 32,515 - 233 (510) 32,238
Total depreciable capital assets 6,884,854 459 606,712 (27,736) 7,464,289

Less accumulated depreciation

Buildings and improvements (2,242,908) (133,180) - 5,656 (2,370,432)
Machinery and equipment (795,100) (45,192) - 5,614 (834,678)
Infrastructure and land improvements (686,906) (46,811) - 10,262 (723,455)
Intangibles (30,132) (1,669) - 510 (31,291)
Total accumulated depreciation (3,755,046) (226,852) - 22,042 (3,959,856)
Total depreciable capital assets, net 3,129,808 (226,393) 606,712 (5,694) 3,504,433

Total capital assets $ 4,838,360 $ 765,748 $ - $ (36,893) $ 5,567,215

In December 2021, water damage occurred to the Concourse B-East expansion project, which caused and
asset impairment of approximately $24.1 million. Approximately $21.4 million of the loss is recoverable
through insurance proceeds.

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 ANNUAL COMPREHENSIVE FINANCIAL REPORT
FINANCIAL SECTION
December 31, 2021 and 2020

2020
Transfers
January 1, and December 31,
2020 Additions reclassifications Reductions 2020
Non depreciable capital assets
Art $ 7,344 $ - $ 32 $ - $ 7,376
Capacity rights 12,400 - - - 12,400
Construction in progress 869,515 865,571 (311,113) (30,963) 1,393,010
Land, land rights, and air rights 295,766 - - - 295,766
Total non depreciable capital assets 1,185,025 865,571 (311,081) (30,963) 1,708,552
Depreciable capital assets
Buildings and improvements 4,299,531 34 176,826 (17,254) 4,459,137
Machinery and equipment 974,696 189 79,032 (5,896) 1,048,021
Infrastructure and land improvements 1,306,005 - 55,140 (15,964) 1,345,181
Intangibles 32,432 - 83 - 32,515
Total depreciable capital assets 6,612,664 223 311,081 (39,114) 6,884,854
Less accumulated depreciation
Buildings and improvements (2,138,950) (125,061) 10,062 11,041 (2,242,908)
Machinery and equipment (758,890) (36,524) (5,476) 5,790 (795,100)
Infrastructure and land improvements (648,511) (45,436) (4,586) 11,627 (686,906)
Intangibles (26,640) (3,492) - - (30,132)
Total accumulated depreciation (3,572,991) (210,513) - 28,458 (3,755,046)
Total depreciable capital assets, net 3,039,673 (210,290) 311,081 (10,656) 3,129,808
Total capital assets $ 4,224,698 $ 655,281 $ - $ (41,619) $ 4,838,360

(7) Disposal of Stapleton

The City ceased aviation operations at Stapleton upon the opening of the Airport on February 28, 1995 and
all property has been disposed. Certain portions of Stapleton were acquired with proceeds from federal
grants, which provide for the return of certain federal funds. In addition, certain portions of the property
are also subject to deed restrictions, under which the property would revert to the United States
government. The City is able to seek releases from the grant assurances and deed restrictions from the
Secretary of Transportation as dispositions occur, provided that: 1) the property is sold at fair market value,
and 2) the proceeds are used to develop, improve, and construct the Airport. The City intends to continue
to seek such releases and, in accordance with certain Use and Lease Agreements, use any net proceeds
from sales of Stapleton to retire or defease subordinate debt.

The current and anticipated costs accrued in restricted other liabilities for the environmental liability for
Stapleton as of December 31, 2021 and 2020 were $2.7 million and $2.7 million, respectively. The Airport
has accrued $5.2 million and $5.2 million of insurance recoveries in accounts receivable at December 31,
2021 and 2020. The Airport received no insurance recovery payments for 2021 and de minimis recovery
payments during 2020.

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 ANNUAL COMPREHENSIVE FINANCIAL REPORT
FINANCIAL SECTION
December 31, 2021 and 2020

(8) Due to Other City Agencies

The City provides various services to the Airport, including data processing, investing, financial services,
budgeting, engineering, and personnel (including airport police and fire salaries). Billings from the City,
both direct and indirect, during 2021 and 2020 totaled $65.0 million and $68.1 million, respectively, and
have been included in operating expenses. The outstanding liability to the City and its related agencies in
connection with these services totaled $35.9 million and $7.0 million at December 31, 2021 and 2020,
respectively.

(9) Bonds Payable

Changes in long-term debt for the years ended December 31, 2021 and 2020 were as follows ($ in
thousands):

2021
January 1, Refunded December 31, Amounts due
2021 Additions debt Retirements 2021 within one year
Senior lien bonds $ 1,824,230 $ - $ (30,415) $ (98,450) $ 1,695,365 $ 104,170
Subordinate lien bonds 3,176,130 - - (20,150) 3,155,980 36,220
Direct Placement
Senior lien bonds 262,155 28,900 (28,900) (35,000) 227,155 30,800
Subordinate lien bonds 250,925 726,220 - (46,995) 930,150 754,280
Total Airport System revenue bonds 5,513,440 755,120 (59,315) (200,595) 6,008,650 925,470
Economic defeasance 40,080 - - (40,080) - -
Plus unamortized net premiums 376,825 - - (41,277) 335,548 -
Total bond debt $ 5,930,345 $ 755,120 $ (59,315) $ (281,952) $ 6,344,198 $ 925,470
Less current portion (925,470)
Noncurrent portion $ 5,418,728

2020
January 1, Refunded December 31, Amounts due
2020 Additions debt Retirements 2020 within one year
Senior lien bonds $ 1,850,030 $ 628,905 $ (545,615) $ (109,090) $ 1,824,230 $ 98,450
Subordinate lien bonds 3,196,475 - - (20,345) 3,176,130 20,150
Direct Placement
Senior lien bonds 376,555 - (79,100) (35,300) 262,155 35,000
Subordinate lien bonds 294,280 - - (43,355) 250,925 46,995
Total Airport System revenue bonds 5,717,340 628,905 (624,715) (208,090) 5,513,440 200,595
Economic defeasance 40,080 - - - 40,080 -
Plus unamortized net premiums 413,874 31,703 (30,109) (38,643) 376,825 -
Total bond debt $ 6,171,294 $ 660,608 $ (654,824) $ (246,733) $ 5,930,345 $ 200,595
Less current portion (200,595)
Noncurrent portion $ 5,729,750

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 ANNUAL COMPREHENSIVE FINANCIAL REPORT
FINANCIAL SECTION
December 31, 2021 and 2020

The Airport has issued bonds, bearing fixed and variable interest rates, collateralized by and payable from
Airport Net Revenues, as defined in the 1984 Airport System General Bond Ordinance as supplemented and
amended (Bond Ordinance) and the 1990 Airport System General Subordinate Bond Ordinance as
supplemented and amended (Subordinate Bond Ordinance). Interest on fixed rate bonds is payable semi-
annually. The variable rate bonds are issued in weekly mode (except for the Series 2007G1-G2 Bonds which
were reset in a daily mode). Auction rate bonds carried interest rates that are periodically reset for 7-day
periods. On October 28, 2020, the auction rate bonds were refunded with the Series 2020A-2 and bear
interest at a fixed rate. As such, the actual interest rate on the bonds will vary based on market conditions
in the short-term tax-exempt bond market.

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 ANNUAL COMPREHENSIVE FINANCIAL REPORT
FINANCIAL SECTION
December 31, 2021 and 2020

The maturity dates, interest rates, and principal amounts outstanding as of December 31, 2021 and
December 31, 2020 are as follows ($ in thousands):

Amount outstanding
Interest December 31, December 31,
Bond Maturity rate 2021 2020

Senior lien bonds

Series 2009B November 15, 2036 to 2039 6.41% $ 65,290 $ 65,290
Series 2011A November 15, 2022 0.00% - 71,330
Series 2012A November 15, 2022 to 2025, and 2031 to 2043 4.00-5.00% 116,885 124,160
Series 2012B November 15, 2022 to 2025, 2031, 4.00-5.00% 276,355 282,725
and 2038 to 2043
Series 2012C November 15, 2026 3.59% 30,285 30,285
Series 2016A November 15, 2023 to 2025, 5.00% 207,020 210,430
and 2031 to 2032
Series 2017A November 15, 2022 to 2024, and 2026 to 2030 5.00% 172,785 186,095
Series 2017B November 15, 2033 5.00% 21,280 21,280
Series 2019C November 15, 2026 to 2036 5.00% 120,005 120,005
Series 2019D November 15, 2026 to 2031 5.00% 83,725 83,725
Series 2020A-1 November 15, 2022 to 2024, 2026, 2029, and 2032 5.00% 90,790 95,330
Series 2020A-2 November 15, 2022 to 2025 5.00% 46,930 60,515
Series 2020B-1 November 15, 2022 to 2025 5.00% 28,420 37,465
Series 2020B-2 November 15, 2025 5.00% 24,060 24,060
Series 2020C November 15, 2022 to 2037 0.821 - 2.867% 411,535 411,535
Subordinate lien bonds
Series 2013A November 15, 2022 to 2043 4.00-5.50% 295,220 299,830
Series 2013B November 15, 2022 to 2043 5.00-5.25% 357,025 363,620
Series 2018A December 1, 2022 to 2048 3.75-5.25% 2,320,110 2,328,795
Series 2018B December 1, 2022 to 2048 3.50-5.00% 183,625 183,885
Direct Placement
Senior lien bonds
Series 1992F, G* November 15, 2022, and 2024 to 2031 0.00% - 28,900
Series 2002C* November 15, 2022 to 2023, and 2026 to 2031 0.48% 17,200 20,400
Series 2007G1-G2* November 15, 2022 to 2031 0.97% 92,800 100,000
Series 2008B* November 15, 2022 to 2031 0.48% 35,100 40,400
Series 2009C* November 15, 2022, and 2026 to 2031 0.48% 56,455 72,455
Series 2021A-B* November 15, 2022, and 2024 to 2031 0.48% 25,600 -
Subordinate lien bonds
Series 2015A November 15, 2023 to 2025 2.20% 99,540 117,655
Series 2019A November 15, 2022, 2024 and 2030 1.37% 104,390 133,270
Series 2021 Interim Note* June 30, 2022 0.21% 700,000 -
Series 2021C November 15, 2022 0.51% 26,220 -
LOI of Airport System
LOI 1998/1999 November 15, 2024 and 2025 0.00% - 40,080
Total revenue bonds 6,008,650 5,553,520
Less current portion (925,470) (200,595)
Net unamortized premiums 335,548 376,825
Total bonds payable noncurrent $ 5,418,728 $ 5,729,750

* Variable rates are as of December 31, 2021

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