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.......................................................... 79

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

 Note 4. Loans Receivable and Loan Guarantee Liabilities, Net........................ 81

 Note 5. Inventories and Related Property, Net .................................................. 84

 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 .................................................................................. 114

 Note 17. Collections and Refunds of Federal Revenue ..................................... 116

 Note 18. Contingencies ..................................................................................... 119

 Note 19. Commitments...................................................................................... 126

 Note 20. Funds from Dedicated Collections...................................................... 129

 Note 21. Fiduciary Activities............................................................................. 135

 Note 22. Social Insurance.................................................................................. 137

 Note 23. Long-Term Fiscal Projections............................................................. 155

 Note 24. Stewardship Land and Heritage Assets............................................... 161
 Note 25. Disclosure Entities and Related Parties .............................................. 162

 Note 26. Public-Private Partnerships................................................................. 167

 Note 27. Subsequent Events ............................................................................. 168

Required Supplementary Information (Unaudited)

 The Sustainability of Fiscal Policy.................................................................... 170

 Social Insurance................................................................................................. 181

 Social Security and Medicare .......................................................................... 181

 Railroad Retirement, Black Lung, and Unemployment Insurance .................. 204

 Deferred Maintenance and Repairs ................................................................... 207

 Other Claims for Refunds.................................................................................. 207

 Tax Assessments ............................................................................................... 208

 Federal Oil and Gas Resources.......................................................................... 209

 Federal Natural Resources Other than Oil and Gas........................................... 211

 

Other Information (Unaudited)

 Tax Burden........................................................................................................ 212

 Tax Gap ............................................................................................................. 213

 Tax Expenditures............................................................................................... 214

 Unmatched Transactions and Balances ............................................................. 216

Required Supplementary Stewardship Information (Unaudited)

 Stewardship Investments ................................................................................... 218

 Non-Federal Physical Property........................................................................ 219

 Human Capital................................................................................................. 219

 Research and Development ............................................................................. 219

Appendices

 Appendix A: Reporting Entity........................................................................... 222

 Appendix B: Glossary of Acronyms.................................................................. 226

U.S. Government Accountability Office Independent Auditor’s Report...... 232

 

For a complete listing of frequently used acronyms found 

throughout the Financial Report, please refer to the 

Glossary of Acronyms located in Appendix B.