Contents

 

A Message from the Secretary of the Treasury 

Results in Brief................................................................................................... i

Executive Summary........................................................................................... 1

Management’s Discussion and Analysis .......................................................... 8

Statement of the Comptroller General of the United States.......................... 36

 

Financial Statements

Introduction ....................................................................................................... 46

Statement of Net Cost........................................................................................ 53

Statement of Operations and Changes in Net Position ...................................... 55

Reconciliations of Net Operating Cost and Budget Deficit ............................... 57

Statements of Changes in Cash Balance from Budget and Other

Activities............................................................................................................ 58

Balance Sheets................................................................................................... 59

Statements of Long-Term Fiscal Projections..................................................... 60

Statements of Social Insurance.......................................................................... 61

Statement of Changes in Social Insurance Amounts ......................................... 64

 

Notes to the Financial Statements

Note 1. Summary of Significant Accounting Policies ....................................... 66

Note 2. Cash and Other Monetary Assets.......................................................... 78

Note 3. Accounts and Taxes Receivable, Net.................................................... 80

Note 4. Loans Receivable and Loan Guarantee Liabilities, Net ........................ 82

Note 5. Inventories and Related Property, Net .................................................. 85

Note 6. Property, Plant, and Equipment, Net..................................................... 86

Note 7. Debt and Equity Securities.................................................................... 87

Note 8. Investments in Government-Sponsored Enterprises ............................. 90

Note 9. Other Assets.......................................................................................... 93

Note 10. Accounts Payable................................................................................ 94

Note 11. Federal Debt Securities Held by the Public and Accrued Interest ...... 95

Note 12. Federal Employee and Veteran Benefits Payable ............................... 99

Note 13. Environmental and Disposal Liabilities .............................................. 109

Note 14. Benefits Due and Payable ................................................................... 111

Note 15. Insurance and Guarantee Program Liabilities ..................................... 112

Note 16. Other Liabilities .................................................................................. 113

Note 17. Collections and Refunds of Federal Revenue ..................................... 115

Note 18. Contingencies...................................................................................... 118

Note 19. Commitments...................................................................................... 123

Note 20. Funds from Dedicated Collections...................................................... 126

Note 21. Fiduciary Activities............................................................................. 132

Note 22. Social Insurance .................................................................................. 134

Note 23. Long-Term Fiscal Projections............................................................ 151
Note 24. Stewardship Land and Heritage Assets............................................... 157

Note 25. Disclosure Entities and Related Parties............................................... 158

Note 26. Subsequent Events ............................................................................. 163

Required Supplementary Information (Unaudited)

The Sustainability of Fiscal Policy .................................................................... 164

Social Insurance................................................................................................. 175

Social Security and Medicare .......................................................................... 175

Railroad Retirement, Black Lung, and Unemployment Insurance .................. 198

Deferred Maintenance and Repairs.................................................................... 201

Other Claims for Refunds.................................................................................. 201

Tax Assessments................................................................................................ 202

Federal Oil and Gas Resources.......................................................................... 203

 Federal Natural Resources Other than Oil and Gas .......................................... 205

 

Other Information (Unaudited)

Tax Burden ....................................................................................................... 206

Tax Gap ............................................................................................................. 207

Tax Expenditures............................................................................................... 208

Unmatched Transactions and Balances ............................................................. 210

Required Supplementary Stewardship Information (Unaudited)

Stewardship Investments ................................................................................... 212

Non-Federal Physical Property........................................................................ 213

Human Capital................................................................................................. 213

Research and Development ............................................................................. 213

Appendices

Appendix A: Reporting Entity........................................................................... 216

Appendix B: Acronyms ..................................................................................... 220

U.S. Government Accountability Office Independent Auditor’s Report...... 226