Financial history summary

	2012	2011	2010	2009	2008
(dollars in millions)
Operating Results
Operating Revenue	$ 65,223	$ 65,711	$ 67,052	$ 68,090	$ 74,932
Operating Expenses
Compensation and benefits	47,689	48,310	48,909	50,883	52,358
Retiree health benefits*	13,729	2,441	7,747	3,390	7,407
All other operating expenses	19,546	19,883	18,770	17,557	17,973
Total Operating Expenses*	$ 80,964	$ 70,634	$ 75,426	$ 71,830	$ 77,738

Operating Loss	$ (15,741)	$ (4,923)	$ (8,374)	$ (3,740)	$ (2,806)
Net Loss	$ (15,906)	$ (5,067)	$ (8,505)	$ (3,794)	$ (2,806)

P.L. 109-435 PSRHBF Expenses*	$ 11,100	$ —	$ 5,500	$ 1,400	$ 5,600
Workers' Compensation Expenses	$ 3,729	$ 3,672	$ 3,566	$ 2,223	$ 1,227

Financial Position
Cash and cash equivalents	$ 2,319	$ 1,488	$ 1,161	$ 4,089	$ 1,432
Property and equipment, net	18,863	20,337	21,595	22,680	23,193
All other assets	1,429	1,588	1,570	1,349	1,361
Total Assets	$ 22,611	$ 23,413	$ 24,326	$ 28,118	$ 25,986

Accrued Contributions to PSRHBF	$ 11,100	$ —	$ —	$ —	$ —
Workers' compensation liability	17,567	15,142	12,589	10,133	7,968
Debt	15,000	13,000	12,000	10,200	7,200
All other liabilities	13,790	14,211	13,610	13,198	12,490
Total Liabilities	$ 57,457	$ 42,353	$ 38,199	$ 33,531	$ 27,658

Net Capital
Capital contributions of the U.S. government	$ 3,132	$ 3,132	$ 3,132	$ 3,087	$ 3,034
Deficit since 1971 reorganization	(37,978)	(22,072)	(17,005)	(8,500)	(4,706)
Total Net (Deficiency) Capital	$ (34,846)	$ (18,940)	$ (13,873)	$ (5,413)	$ (1,672)

* Due to the passage of P.L. 112-33 which changed the due date of the scheduled PSRHBF prefunding payment of $5.5 billion originally due by September 30, 2011 into 2012, PSRHBF expenses were zero in 2011. As a result, total PSRHBF expenses in 2012, including the previously scheduled prefunding payment of $5.6 billion due by September 30, 2012, were $11.1 billion. In 2009, P.L. 111-68 changed the PSRHBF payment from $5.4 billion to $1.4 billion.

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