US Postal Service 2003 Annual Report Download - page 62

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financial history summary
60 | 2003 annual report united states postal service
2003 2002* 2001*
Statements of Operations
(dollars in billions)
Total revenue $0,,68.8 $ 66.7 $00,65.9
Total expense 64.9 67.4 67.6
Net income (loss) 3.9 $(0.7) $ (1.7)
(dollars in millions)
Operating revenue $66,498 $66,415 $65,767
Revenue forgone appropriation 31 48 67
Total operating revenue 66,529 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) $03,868 $(676) $ (1,680)
Balance Sheets
Assets
Current assets $03,823 $02,280 $ 1,933
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 17,300 5,751
Net capital (deficiency) 866 (3,002) (2,326)
Total liabilities and net capital (deficiency) $27,242 $59,015 $59,091
Changes in 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**** $00,866 $ (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.