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58 | 2005 Annual Report United States Postal Service
Financial history summary
(Dollars in billions)
2005 2004 2003
Statements of Operations
Total revenue $ 70.0 $ 69.0 $ 68.8
Total expense 68.6 65.9 64.9
Net income (loss) $ 1.4 $ 3.1 $ 3.9
(Dollars in millions)
Operating revenue $ 69,798 $ 68,960 $ 68,498
Revenue forgone 109 36 31
Total operating revenue 69,907 68,996 68,529
Compensation and benefits 53,932 52,134 50,428
Other expenses 14,351 13,717 13,474
Total operating expenses 68,283 65,851 63,902
Income from operations 1,624 3,145 4,627
Interest and investment income 86 33 58
Interest expense on deferred retirement liabilities (263) (103) (116)
Other Interest expense (2) (10) (694)**
Emergency Preparedness, net – – (7)
Net income (loss) $ 1,445 $ 3,065 $ 3,868
Balance Sheets
Assets
Current Assets $ 2,138 $ 2,121 $ 3,823
Property and equipment, deferred retirement costs and other assets 23,065 22,858 23,419
Total Assets $ 25,203 $ 24,979 $ 27,242
Liabilities
Current liabilities $ 9,411 $ 11,070 $ 16,969
Other liabilities 10,416 9,978 9,407
Long-term debt – – –
Equity 5,376 3,931 866
Total liabilities and net capital (deficiency) $ 25,203 $ 24,979 $ 27,242
Changes in Net Capital (Deficiency)
Beginning balances
Capital contributions of the U.S. government $ 3,034 $ 3,034 $ 3,034
Equity (Deficit) since reorganization 897 (2,168) (6,036)
Total beginning balance net capital (deficiency) 3,931 866 (3,002)
Net income (loss) 1,445 3,065 3,868
Ending balance $ 5,376 $ 3,931 $ 866
* Certain reclassifications have been made to previously reported amounts.
** Includes $360 million in debt repurchase expense