| |
| |
|
1996*
|
1995*
|
1994*
|
1993*
|
1992*
|
1991*
|
 |
| Statement
of Operations |
|
|
|
|
|
|
|
| |
(dollars
in billions) |
|
|
|
|
|
|
|
| |
Total
revenue |
|
$
56.6
|
$
54.5
|
$49.6
|
$
48.0
|
$
47.1
|
$
44.2
|
| |
Total
expense |
|
55.0
|
52.7
|
50.5
|
49.8
|
47.6
|
45.7
|
| |
|
|
|
|
|
|
|
|
| |
Net
(loss) income
|
|
$
1.6
|
$
1.8
|
$
(0.9)
|
$
(1.8)
|
$
(0.5)
|
$
(1.5)
|
| |
|
|
|
|
|
|
|
|
| |
(dollars
in millions) |
|
|
|
|
|
|
|
| |
Operating
revenue |
|
$ 56,309
|
$ 54,176
|
$ 49,252
|
$ 47,418
|
$ 46,151
|
$ 43,323
|
| |
Revenue
forgone appropriation |
|
93
|
117
|
131
|
164
|
545
|
562
|
| |
|
|
|
|
|
|
|
|
| |
Total
operating revenue |
|
56,402
|
54,293
|
49,383
|
47,582
|
46,696
|
43,885
|
| |
|
|
|
|
|
|
|
|
| |
Compensation
and benefits |
|
42,676
|
41,931
|
39,609
|
38,448
|
37,122
|
34,904
|
| |
Restructuring
costs |
|
—
|
—
|
—
|
129
|
1,010
|
—
|
| |
Other
expenses |
|
10,437
|
8,799
|
8,846
|
7,745
|
7,521
|
7,215
|
| |
|
|
|
|
|
|
|
|
| |
Total
operating expenses |
|
53,113
|
50,730
|
48,455
|
46,322
|
45,653
|
42,119
|
| |
|
|
|
|
|
|
|
|
| |
Income
from operations |
|
3,289
|
3,563
|
928
|
1,260
|
1,043
|
1,766
|
| |
Interest
and investment income |
|
142
|
216
|
193
|
404
|
409
|
318
|
| |
Interest
expense on deferred retirement liabilities |
|
(1,496)
|
(1,443)
|
(1,433)
|
(1,416)
|
(1,350)
|
(1,263)
|
| |
Interest
expense on borrowings |
|
(368)
|
(566)
|
(601)
|
(620)
|
(638)
|
(480)
|
| |
|
|
|
|
|
|
|
|
| |
Income
(loss) before retroactive assessments and extraordinary items |
|
1,567
|
1,770
|
(913)
|
(372)
|
(536)
|
341
|
| |
Retroactive
assessments for employee benefits ** |
|
—
|
—
|
—
|
(857)
|
—
|
(1,810)
|
| |
|
|
|
|
|
|
|
|
| |
Income
(loss) before extraordinary item |
|
1,567
|
1,770
|
(913)
|
(1,229)
|
(536)
|
(1,469)
|
| |
Extraordinary
item - debt refinancing premium |
|
—
|
—
|
—
|
(536)
|
—
|
—
|
| |
|
|
|
|
|
|
|
|
| |
Net
(loss) income |
|
$
1,567
|
$
1,770
|
$
(913)
|
$
(1,765)
|
$
(536)
|
$
(1,469)
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Balance
Sheets |
|
|
|
|
|
|
|
| |
Assets |
|
|
|
|
|
|
|
| |
Current
assets |
|
$
1,670
|
$
2,975
|
$
2,683
|
$
4,478
|
$
6,027
|
$
4,863
|
| |
Property
and equipment, deferred retirement costs and other assets |
|
50,157
|
46,146
|
43,733
|
42,803
|
41,638
|
38,403
|
| |
|
|
|
|
|
|
|
|
| |
Total
Assets |
|
$ 51,827
|
$ 49,121
|
$ 46,416
|
$ 47,281
|
$ 47,665
|
$ 43,266
|
| |
|
|
|
|
|
|
|
|
| |
Liabilities |
|
|
|
|
|
|
|
| |
Current
liabilities |
|
$ 12,796
|
$ 11,499
|
$ 11,665
|
$ 10,140
|
$ 9,484
|
$ 7,400
|
| |
Other
liabilities |
|
37,746
|
34,794
|
32,985
|
33,503
|
32,291
|
30,474
|
| |
Long-term
debt |
|
3,909
|
7,019
|
7,727
|
8,686
|
9,173
|
8,139
|
| |
(Net
capital deficiency)/equity |
|
(2,624)
|
(4,191)
|
(5,961)
|
(5,048)
|
(3,283)
|
(2,747)
|
| |
|
|
|
|
|
|
|
|
| |
Total
liabilities and (net capital
deficiency)/equity |
|
$ 51,827
|
$ 49,121
|
$ 46,416
|
$ 47,281
|
$ 47,665
|
$ 43,266
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Changes
in (Net Capital Deficiency)/Equity |
|
|
|
|
|
|
|
| |
Beginning
balances |
|
|
|
|
|
|
|
| |
Capital
contributions of the U.S. government |
|
$
3,034
|
$
3,034
|
$
3,034
|
$
3,034
|
$
3,035
|
$
3,034
|
| |
Deficit
since reorganization |
|
(7,225)
|
(8,995)
|
(8,082)
|
(6,318)
|
(5,781)
|
(4,312)
|
| |
|
|
|
|
|
|
|
|
| |
Total
beginning balance (net capital
deficiency)/equity |
|
(4,191)
|
(5,961)
|
(5,048)
|
(3,283)
|
(2,747)
|
(1,278)
|
| |
Net
(loss) income |
|
1,567
|
1,770
|
(913)
|
(1,765)
|
(536)
|
(1,469)
|
| |
|
|
|
|
|
|
|
|
| |
Ending
balance*** |
|
$
(2,624)
|
$
(4,191)
|
$
(5,961)
|
$
(5,048)
|
$
(3,283)
|
$
(2,747)
|
| |
|
|
|
|
|
|
|
|
* Certain reclassifications have
been made to previously reported amounts.
** Relates to OBRA 1990 and 1993.
*** Some totals may not add exactly due to rounding. |
|
continue...