US Postal Service 2008 Annual Report Download - page 66

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66 | 2008 Annual Report United States Postal Service
Financial History Summary
2008 2007 2006 2005 2004
(Dollars in millions)
Statements of Operations
Total revenue $ 74,968 $ 74,973 $ 72,817 $ 69,993 $ 69,029
Total expense ** 77,774 80,115 71,917 68,548 65,964
Net (Loss) Income $ (2,806) $ (5,142) $ 900 $ 1,445 $ 3,065
Operating revenue $ 74,829 $ 74,715 $ 72,551 $ 69,798 $ 68,960
Revenue foregone 103 63 99 109 36
Total operating revenue 74,932 74,778 72,650 69,907 68,996
Compensation and benefits** 53,585 54,186 54,665 52,449 50,821
Retiree health benefits ** 7,407 10,084 1,637 1,495 1,313
Other expenses 16,746 15,835 15,379 14,337 13,717
Total operating expenses ** 77,738 80,105 71,681 68,281 65,851
Income from operations (2,806) (5,327) 969 1,626 3,145
Interest and investment income 36 195 167 86 33
Interest expense deferred retirement — — (231) (263) (103)
Other interest expense (36) (10) (5) (4) (10)
Net (Loss) Income $ (2,806) $ (5,142) $ 900 $ 1,445 $ 3,065
Balance Sheets
Current assets $ 2,354 $ 1,859 $ 2,041 $ 1,933 $ 1,851
Property, equipment, and other assets 23,632 23,988 26,447 23,065 22,858
Total Assets $ 25,986 $ 25,847 $ 28,488 $ 24,998 $ 24,709
Current liabilities * $ 16,729 $ 13,804 $ 11,613 $ 9,160 $ 10,800
Other liabilities * 10,929 10,909 10,599 10,462 9,978
(Deficit) equity (1,672) 1,134 6,276 5,376 3,931
Total Liabilities and Net Capital $ 25,986 $ 25,847 $ 28,488 $ 24,998 $ 24,709
Changes in Net Capital
Capital contributions of the U.S. government $ 3,034 $ 3,034 $ 3,034 $ 3,034 $ 3,034
(Deficit) equity since 1971 reorganization (1,900) 3,242 2,342 897 (2,168)
Total beginning balance 1,134 6,276 5,376 3,931 866
Net (loss) income (2,806) (5,142) 900 1,445 3,065
Ending Balance $ (1,672) $ 1,134 $ 6,276 $ 5,376 $ 3,931
* Certain reclassifications have been made to previously reported amounts.
** 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).