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financial history summary

  2004 2003* 2002* 2001* 2000* 1999*
Statements of Operations
(Dollars in billions)
   Total revenue $69.0 $68.8 $66.7 $65.9 $64.6 $62.7
   Total expense     65.9     64.9      67.4      67.6      64.8      62.4
   Net income (loss)    $3.1    $3.9    $(0.7)    $(1.7)    $(0.2)     $0.4
(Dollars in millions)
   Operating revenue $68,960 $68,498 $66,415 $65,767 $64,476 $62,655
   Revenue forgone appropriation     36     31     48     67     64     71
   Total operating revenue 68,996 68,529 66,463 65,834 64,540 62,726
   Compensation and benefits 52,134 50,428 51,557 51,351 49,532 47,333
   Other expenses 13,717 13,474 13,677 14,289 13,460 13,309
   Total operating expenses 65,851 63,902 65,234 65,640 62,992 60,642
   Income from operations 3,145 4,627 1,229 194 1,548 2,084
   Interest and investment income 33 58 46 35 41 29
   Interest expense on deferred retirement obligations (103) (116) (1,601) (1,603) (1,568) (1,592)
   Other interest expense (10) (694)** (340) (306) (220) (158)
   Emergency preparedness, net     —     (7)     (10)       —       —       —
   Net income (loss) $3,065
 $3,868
 $(676)
 $(1,680)
 $(199)
 $363




Balance Sheets
   Assets
   Current assets $2,121 $3,823 $2,280 $1,933 $1,655 $1,296
   Property and equipment, deferred retirement costs and other assets 22,858 23,419 56,735 57,158 56,628 54,713
   Total assets $24,979
 
 $27,242
 
 $59,015
 
 $59,091
 
 $58,283
 
 $56,009
 
   Liabilities and net capital (deficiency)
   Current liabilities $11,070 $16,969 $15,586 $17,457 $18,277 $15,436
   Other liabilities 9,978 9,407 39,131 38,209 38,150 37,466
   Long-term debt — — 7,300 5,751 2,502 3,554
   Net capital (deficiency)     3,931     866     (3,002)     (2,326)     (646)     (447)
   Total liabilities and net capital (deficiency) $24,979
 
 $27,242
 
 $59,015
 
 $59,091
 
 $58,283
 
 $56,009
 




Changes in Net Capital (Deficiency)
   Beginning balances
   Capital contributions of the U.S. government $3,034 $3,034 $3,034 $3,034 $3,034 $3,034
   Deficit since reorganization (2,168) (6,036) (5,360)     (3,680)     (3,481)     (3,844)
   Total beginning balance net capital (deficiency) 866 (3,002) (2,326) (646) (447) (810)
   Net income (loss)     3,065     3,868     (676)     (1,680)     (199)     363
   Ending balance $3,931
 
 $866
 
 $(3,002)
 
 $(2,326)
 
 $(646)
 
 $(447)
 


* Certain reclassifications have been made to previously reported amounts.
** Includes $360 million in debt repurchase expense.

* Certain reclassifications have been made to previously reported amounts.
* Certain reclassifications have been made to previously reported amounts.
* Certain reclassifications have been made to previously reported amounts.
* Certain reclassifications have been made to previously reported amounts.