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Under GAAP costs, as reflected on the books and through depreciation, are stated in historical dollars, as opposed to replacement costs, whilst revenues are in current dollars. If the profit and loss statements were recast to reflect replacement dollars, which Amtrak acknowledges in the notes to its financial statements, the results for the long distance trains would be even more dismal.   The results would be more dismal for all of the product lines, but the greatest impact probably would be on the long distance trains, because they are running some of Amtrak's oldest equipment. Accountants attempted to develop a methodology for constant dollar and replacement dollar accounting in the 1970s and 1980s, but gave it up for a variety of reasons.  If capital intensive industries, i.e. heavy manufacturing, electric and gas utilities, railroads, etc., had to recast their income statements using replacement costs, many of them would have gone from showing a profit to showing a loss.
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