Contents 

 

A Message from the Secretary of the Treasury

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

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

Management’s Discussion and Analysis .......................................................... 12 

Statement of the Comptroller General of the United States .......................... 42 

 

Financial Statements 

 Introduction ....................................................................................................... 52 

 Statement of Net Cost ........................................................................................ 59 

 Statement of Operations and Changes in Net Position ...................................... 61 

 Reconciliations of Net Operating Cost and Budget Deficit ............................... 63 

 Statements of Changes in Cash Balance from Budget and Other 

 Activities ........................................................................................................... 64 

 Balance Sheets ................................................................................................... 65 

 Statements of Long-Term Fiscal Projections..................................................... 66 

 Statements of Social Insurance .......................................................................... 67 

 Statement of Changes in Social Insurance Amounts ......................................... 70 

 

Notes to the Financial Statements 

 Note 1. Summary of Significant Accounting Policies ....................................... 72 

 Note 2. Cash and Other Monetary Assets .......................................................... 84 

 Note 3. Accounts Receivable, Net ..................................................................... 85 

 Note 4. Direct Loans and Loan Guarantees Receivable, Net 

and Loan Guarantees Liability .......................................................................... 86 

 Note 5. Inventory and Related Property, Net ..................................................... 89 

 Note 6. General Property, Plant, and Equipment, Net ....................................... 91 

 Note 7. Securities and Investments .................................................................... 92 

 Note 8. Investments in Special Purpose Vehicles .............................................. 95 

 Note 9. Investments in Government-Sponsored Enterprises ............................. 98 

 Note 10. Other Assets ........................................................................................ 101 

 Note 11. Accounts Payable ................................................................................ 102 

 Note 12. Federal Debt and Interest Payable ...................................................... 103 

 Note 13. Federal Employee and Veteran Benefits Payable ............................... 107 

 Note 14. Environmental and Disposal Liabilities .............................................. 117 

 Note 15. Benefits Due and Payable ................................................................... 119 

 Note 16. Insurance and Guarantee Program Liabilities ..................................... 120 

 Note 17. Other Liabilities .................................................................................. 122 

 Note 18. Collections and Refunds of Federal Revenue ..................................... 124 

 Note 19. Commitments ...................................................................................... 127 

 Note 20. Contingencies ..................................................................................... 130 

 Note 21. Funds from Dedicated Collections ...................................................... 137 

 Note 22. Fiduciary Activities ............................................................................. 144 

 Note 23. Social Insurance .................................................................................. 146 

 Note 24. Long-Term Fiscal Projections ............................................................. 155 
 Note 25. Stewardship Property, Plant, and Equipment ...................................... 161 

 Note 26. Disclosure Entities and Related Parties .............................................. 162 

 Note 27. Public-Private Partnerships ................................................................. 168 

 Note 28. COVID-19 Activity ............................................................................ 169 

 Note 29. Subsequent Events ............................................................................. 172 

Required Supplementary Information (Unaudited) 

 The Sustainability of Fiscal Policy .................................................................... 174 

 Social Insurance................................................................................................. 185 

 Social Security and Medicare .......................................................................... 185 

 Railroad Retirement, Black Lung, and Unemployment Insurance .................. 203 

 Deferred Maintenance and Repairs ................................................................... 205 

 Other Claims for Refunds .................................................................................. 205 

 Tax Assessments ............................................................................................... 206 

 Federal Oil and Gas Resources .......................................................................... 207 

 Federal Natural Resources Other than Oil and Gas ........................................... 209 

 

Other Information (Unaudited) 

 Tax Burden ........................................................................................................ 210 

 Tax Gap ............................................................................................................. 211 

 Tax Expenditures ............................................................................................... 212 

 Unmatched Transactions and Balances ............................................................. 214 

Appendices 

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

 Appendix B: Glossary of Acronyms .................................................................. 220 

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

For a complete listing of frequently used acronyms found 

throughout the Financial Report, please refer to the Glossary 

of Acronyms located in Appendix B.