| |
2003 |
2002* |
2001* |
|
| Statement of Operations |
| (dollars in billions) |
 Total revenue |
$ 68.8 |
$ 66.7 |
$ 65.9 |
| Total expense |
64.9
  |
67.4
|
67.6
|
| Net income (loss) |
3.9
|
$ (0.7)
|
$ (1.7)
|
| (dollars in millions) |
| Operating revenue |
$68,498 |
$66,415 |
$65,767 |
| Revenue forgone appropriation |
31
|
48
|
67
|
| Total operating revenue |
68,529
|
66,463
|
65,834
|
| Compensation and benefits |
50,428 |
51,557 |
51,351 |
| Restructuring costs |
— |
— |
— |
| Other expenses |
13,474
|
13,677
|
14,289
|
| Total operating expenses |
63,902
|
65,234
|
65,640
|
| Income from operations |
4,627 |
1,229 |
194 |
| Interest and investment income |
58 |
46 |
35 |
| Interest expense on deferred retirement liabilities |
(116) |
(1,601) |
(1,603) |
| Interest expense on borrowings |
(694)** |
(340) |
(306) |
| Emergency preparedness, net |
(7)
|
(10)
|
—
|
| Income (loss) before retroactive assessments and extraordinary items |
3,868 |
(676) |
(1,680) |
| Retroactive assessments for employee benefits*** |
—
|
—
|
—
|
| Income (loss) before extraordinary item |
3,868 |
(676) |
(1,680) |
| Extraordinary item — debt restructuring premium |
—
|
—
|
—
|
| Net income (loss) |
$ 3,868
 |
$ (676)
|
$(1,680)
|
| |
| Balance Sheets |
| Assets |
| Current assets |
$ 3,823 |
$ 2,280 |
$ 1,993 |
| Property and equipment, deferred retirement costs and other assets |
23,419
|
56,735
|
57,158
|
| Total Assets |
$27,242
|
$59,015
|
$59,091
|
| Liabilities and net capital (deficiency) |
| Current liabilities |
17,093 |
$15,586 |
$17,457 |
| Other liabilities |
9,282 |
39,131 |
38,209 |
| Long-term debt |
1 |
7,300 |
5,751 |
| Net capital (deficiency) |
866
|
(3,002)
|
(2,326)
|
| Total liabilities and net capital (deficiency) |
$27,242
|
$59,015
|
$59,091
|
| |
| Changes is Net Capital (Deficiency) |
| Beginning balances |
| Capital contributions of the U.S. government |
3,034 |
$ 3,034 |
$ 3,034 |
| Deficit since reorganization |
(6,036)
|
(5,360)
|
(3,680)
|
| Total beginning balance net capital (deficiency) |
(3,002) |
(2,326) |
(646) |
| Net income (loss) |
3,868
|
(676)
|
(1,680)
|
| Ending balance**** |
$ 866
|
$ (3,002)
|
$ (2,326)
|
| |
| * Certain reclassifications have been made to previously reported amounts. |
| ** Includes $360 million in debt repurchase expense. |
| *** Relates to OBRA 1993. |
| **** Some totals may not add exactly due to rounding. |
|
