US Postal Service 2007 Annual Report Download - page 57

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2007 Annual Report United States Postal Service | 57
Financial History Summary
2007 2006 2005 2004 2003
(Dollars in millions)
Statements of Operations
Total revenue $ 74,973 $ 72,817 $ 69,993 $ 69,029 $ 68,764
Total expense *** 80,115 71,917 68,548 65,964 64,896
Net (Loss) Income $ (5,142) $ 900 $ 1,445 $ 3,065 $ 3,868
Operating revenue $ 74,715 $ 72,551 $ 69,798 $ 68,960 $ 68,498
Revenue foregone 63 99 109 36 31
Total operating revenue 74,778 72,650 69,907 68,996 68,529
Compensation and benefits*** 54,186 54,665 52,449 50,821 49,295
Retiree health benefits *** 10,084 1,637 1,495 1,313 1,133
Other expenses 15,835 15,379 14,337 13,717 13,474
Total operating expenses *** 80,105 71,681 68,281 65,851 63,902
Income from operations (5,327) 969 1,626 3,145 4,627
Interest and investment income 195 167 86 33 58
Interest expense deferred retirement - (231) (263) (103) (116)
Other interest expense ** (10) (5) (4) (10) (694)
Emergency preparedness, net - - - - (7)
Net (Loss) Income $ (5,142) $ 900 $ 1,445 $ 3,065 $ 3,868
Balance Sheets
Current assets * $ 1,859 $ 2,041 $ 1,933 $ 1,851 $ 3,607
Property, equipment, and other assets 23,988 26,447 23,065 22,858 23,419
Total assets $ 25,847 $ 28,488 $ 24,998 $ 24,709 $ 27,026
Current liabilities * $ 13,778 $ 11,613 $ 9,160 $ 10,800 $ 16,753
Other Liabilities * 10,935 10,599 10,462 9,978 9,407
Equity 1,134 6,276 5,376 3,931 866
Total liabilities and net capital $ 25,847 $ 28,488 $ 24,998 $ 24,709 $ 27,026
Changes in Net Capital (deficiency)
Beginning balances:
Capital contributions of the U.S. government $ 3,034 $ 3,034 $ 3,034 $ 3,034 $ 3,034
Retained earnings (deficit) since reorganization 3,242 2,342 897 (2,168) (6,036)
Total beginning balance net capital (deficiency) 6,276 5,376 3,931 866 (3,002)
Net (loss) income (5,142) 900 1,445 3,065 3,868
Total Ending Balance Net Capital $ 1,134 $ 6,276 $ 5,376 $ 3,931 $ 866
* Certain reclassifications have been made to previously reported amounts.
** 2003 Includes $360 million in debt repurchase expense.
*** The net impact of P.L.109-435 legislation was $6.8 billion of additional expense in 2007 ($8.4 billion in additional retiree health benefits less $1.6 billion in CSRS savings).