Maybe somebody who knows more about accounting than I do can expound on this.
Does that net operating loss include investments that have been going on, such as refurbishment of rolling stock.
Also, how does Amtrak write-off its rolling stock?
I guess there must be some linear depreciation over 25 or 30 years or so?
So once the equipment hits that 30 year limit that depreciation stops and suddenly on the balance sheet it becomes more economical. But that isn't a real saving but a quirk of the accounting system, isn't it?
Similarly, if such equipment is refurbished or replaced, the depreciation starts ticking again and appears as costs even if no actual money is being spent.