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Comprehensive Annual Financial Report, 2018

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Comprehensive Annual Financial Report, 2018 2018 COMPREHENSIVE ANNUAL FINANCIAL REPORT Metropolitan Washington Airports Authority INTENTIONALLY LEFT BLANK METROPOLITAN WASHINGTON AIRPORTS AUTHORITY COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEARS ENDED DECEMBER 31, 2018 and DECEMBER 31, 2017 BOARD OF DIRECTORS as of December 31, 2018 Warner H. Session, Chairman Earl Adams, Jr., Vice Chairman Judith N. Batty John A. Braun Albert J. Dwoskin The Honorable Katherine K. Hanley The Honorable Robert W. Lazaro, Jr. A. Bradley Mims Thorn Pozen The Honorable David G. Speck William E. Sudow The Honorable J. Walter Tejada Mark E. Uncapher Joslyn N. Williams EXECUTIVE STAFF John E. Potter, President and Chief Executive Officer Margaret E. McKeough, Executive Vice President and Chief Operating Officer Jerome L. Davis, Executive Vice President and Chief Revenue Officer Andrew T. Rountree, CPA, Senior Vice President for Finance and Chief Financial Officer Monica R. Hargrove, Vice President and Secretary Alan Davis, Vice President for Audit Prepared by the Office of Finance Geographically located in Virginia – serving the Metropolitan Washington, D.C. area 2018 COMPREHENSIVE ANNUAL FINANCIAL REPORT Metropolitan Washington Airports Authority INTENTIONALLY LEFT BLANK 2018 COMPREHENSIVE ANNUAL FINANCIAL REPORT Metropolitan Washington Airports Authority METROPOLITAN WASHINGTON AIRPORTS AUTHORITY Comprehensive Annual Financial Report For the Fiscal Years Ended December 31, 2018 and December 31, 2017 Table of Contents INTRODUCTORY SECTION (unaudited) Transmittal Letter .............................................................................................................................................................................................. 1 2017 Certificate Of Achievement For Excellence In Financial Reporting .................................................................................. 19 Organizational Chart ...................................................................................................................................................................................... 20 FINANCIAL SECTION Report Of Independent Auditor ................................................................................................................................................................ 21 Management’s Discussion And Analysis (unaudited) ....................................................................................................................... 23 Basic Financial Statements .......................................................................................................................................................................... 44 Statement Of Net Position .......................................................................................................................................................................... 44 Statement Of Revenues, Expenses And Changes In Net Position ............................................................................................... 48 Statement Of Cash Flows ............................................................................................................................................................................. 50 Notes to Financial Statements 1. Summary Of Significant Accounting Policies ........................................................................................................................ 55 2. Implementation Of GASB 75 And GASB 85 ........................................................................................................................... 67 3. Airport Use Agreement And Premises Lease......................................................................................................................... 69 4. The Dulles Toll Road And Construction Of The Dulles Metrorail Project .................................................................. 72 5. Deposits And Investments ............................................................................................................................................................ 74 6. Accounts Receivable........................................................................................................................................................................ 80 7. Pension Plans And Deferred Compensation Plan ................................................................................................................ 80 8. Other Post-Employment Benefits .............................................................................................................................................. 90 i 2018 COMPREHENSIVE ANNUAL FINANCIAL REPORT Metropolitan Washington Airports Authority 9. Changes In Capital Assets .......................................................................................................................................................... 100 10. Accounts Payable .......................................................................................................................................................................... 102 11. Lease Commitments ..................................................................................................................................................................... 102 12. Changes In Long-Term Non-Debt Liabilities ...................................................................................................................... 104 13. Accounting And Financial Reporting For Derivatives ..................................................................................................... 104 14. Capital Debt ..................................................................................................................................................................................... 107 15. Net Position ..................................................................................................................................................................................... 118 16. Aviation Enterprise Fund Revenues ........................................................................................................................................ 122 17. Government Grants ...................................................................................................................................................................... 123 18. Passenger Facility Charges......................................................................................................................................................... 127 19. Risk Management .......................................................................................................................................................................... 127 20. Other Commitments And Contingencies ............................................................................................................................. 128 21. Litigation ........................................................................................................................................................................................... 129 22. Subsequent Events ........................................................................................................................................................................ 130 REQUIRED SUPPLEMENTAL INFORMATION (unaudited) Schedule 1 – Changes In Net Pension Liability (Asset) And Related Ratios ......................................................................... 131 Schedule 2 – Schedule Of Contributions For Defined Benefit Pension Plans ...................................................................... 133 Schedule 3 – Schedule Of Employer Contributions - U.S. Government Pension Plans.................................................... 135 Schedule 4 – Changes In Net OPEB Liability (Asset) And Related Ratios .............................................................................. 136 Schedule 5 – Schedule Of Contributions For OPEB Plans ............................................................................................................ 138 STATISTICAL SECTION (unaudited) Exhibit S-1 – Components Of Net Position........................................................................................................................................ 144 Exhibit S-2 – Revenues, Expenses And Changes In Net Position .............................................................................................. 145 Exhibit S-3 – Operating Expenses By Business Unit ....................................................................................................................... 146 Exhibit S-4 – Operating Revenues By Business Unit ...................................................................................................................... 147 Exhibit S-5 – Operating Revenues – Reagan National .................................................................................................................. 148 ii 2018 COMPREHENSIVE ANNUAL FINANCIAL REPORT Metropolitan Washington Airports Authority Exhibit S-6 – Operating Revenues – Dulles International ............................................................................................................ 149 Exhibit S-7 – Rates And Charges ............................................................................................................................................................ 150 Exhibit S-8 – Concession Revenues And Enplanements – Reagan National .......................................................................
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