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Financial history summary

(Dollars in billions)

  2005 2004 2003 2002 2001 2000
Statements of Operations
Total revenue $ 70.0 $ 69.0 $ 68.8 $ 66.7 $ 65.9 $ 64.6
Total expense 68.6 65.9 64.9 67.4 67.6 64.8
Net income (loss) $1.4 $3.1 $3.9 $(0.7) $(1.7) $(0.2)
(Dollars in millions)
Operating revenue $69,798 $68,960 $68,498 $66,415 $65,767 $64,476
Revenue forgone 109 36 31 48 67 64
Total operating revenue 69,907 68,996 68,529 66,463 65,834 64,540
Compensation and benefits 53,932 52,134 50,428 51,557 51,351 49,532
Other expenses 14,351 13,717 13,474 13,677 14,289 13,460
Total operating expenses 68,283 65,851 63,902 65,234 65,640 62,992
Income from operations 1,624 3,145 4,627 1,229 194 1,548
Interest and investment income 86 33 58 46 35 41
Interest expense on deferred retirement liabilities (263) (103) (116) (1,601) (1,603) (1,568)
Other Interest expense (2) (10) (694)** (340) (306) (220)
Emergency Preparedness, net - - (7) (10) - -
Net income (loss) $1,445 $3,065 $3,868 $(676) $(1,680) $(199)
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Balance Sheets
Assets
Current Assets $2,138 $2,121 $3,823 $2,280 $1,933 $1,655
Property and equipment, deferred retirement costs and other assets 23,065 22,858 23,419 56,735 57,158 56,628
Total Assets $25,203 $24,979 $27,242 $59,015 $59,091 $58,283
Liabilities
Current liabilities $9,411 $11,070 $16,969 $15,586 $17,457 $18,277
Other liabilities 10,416 9,978 9,407 39,131 38,209 38,150
Long-term debt - - - 7,300 5,751 2,502
Equity 5,376 3,931 866 (3,002) (2,326) (646)
Total liabilities and net capital (deficiency) $25,203 $24,979 $27,242 $59,015 $59,091 $58,283
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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
Equity (Deficit) since reorganization 897 (2,168) (6,036) (5,360) (3,680) (3,481)
Total beginning balance net capital (deficiency) 3,391 866 (3,002) (2,326) (646) (447)
Net income (loss) 1,445 3,065 3,868 (676) (1,680) (199)
Ending balance $5,376 $3,931 $866 $(3,002) $(2,326) $(646)

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