NASHUA AIRPORT AUTHORITY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
For the Year Ended June 30, 2021
Estimated useful lives are as follows:
Years
Land improvements 5-25
Buildings and improvements 10-39
Equipment 3-30
Compensated Absences - Employees earn vacation and sick leave as they provide services. Employees earn
1.25 sick days per month. Employees hired before July 1, 2014 may accumulate an unlimited number of
sick days and upon retirement will be paid out 20% of unused sick time at current rates of pay. Employees
hired after July 1, 2014 may accumulate up to 24 sick days and upon retirement will be paid out 50% of
unused stick time at the current rate. Vacation amounts accrue according to length of employment.
Employees may carry forward vacation days into the next year up to two times their annual accrual rate.
Other Postemployment Benefits - For purposes of measuring the net OPEB liability, deferred outflows of
resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the
fiduciary net position of the New Hampshire Retirement System (NHRS) OPEB Plan and additions
to/deductions from NHRS's fiduciary net position have been determined on the same basis as they are
reported by NHRS. For this purpose, NHRS recognizes benefit payments when due and payable in
accordance with the benefit terms. Investments are reported at fair value, except for non-registered
commingled funds valued at net asset value (NAV) as a practical expedient to estimate fair value.
Pensions - For purposes of measuring the net pension liability, deferred outflows of resources and deferred
inflows of resources related to pensions, and pension expense, information about the fiduciary net position
of the New Hampshire Retirement System (NHRS) and additions to/deductions from NHRS's fiduciary net
position have been determined on the same basis as they are reported by NHRS. For this purpose, benefit
payments (including refunds of employee contributions) are recognized when due and payable in
accordance with the benefit terms.
Net Position - Net position represents the difference between assets, deferred outflows of resources,
liabilities and deferred inflows of resources. The net investment in capital assets consists of capital assets,
net of accumulated depreciation, reduced by any outstanding balances of bonds, notes or other borrowings
used for the acquisition, construction or improvement of those assets. Net position is reported as restricted
when there are limitations imposed on their use either through enabling legislation adopted by the Authority
or through external restrictions imposed by creditors, grantors or laws or regulations of other governments.
Unrestricted net position is the net amount of the assets, deferred outflows of resources, liabilities and
deferred inflows of resources that are not included in the determination of net investment in capital assets
or the restricted components of net position.
The Authority’s policy is to first apply restricted resources when an expense is incurred for purposes for
which both restricted and unrestricted net position is available.
Revenues and Expenses
Operating Revenues and Expenses - Operating revenues for the Authority are those that result from
providing services and producing and delivering goods in connection with its principal ongoing operations.
Operating expenses, which include depreciation on capital assets, are necessary costs incurred to provide
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