department of defense agency financial report fiscal year 2012

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Department of Defense Agency Financial Report for FY 2012 • Held for sale, or held for repair and eventual sale; • In the process of production for sale; or • To be consumed in the production of goods for sale or in the provision of service for a fee. The Department assigns inventory items to a category based upon the type and condition of the asset. As a result of audit readiness efforts, adjustments had to be made to mission critical asset balances that resulted from events that could not be identified to specific accounting periods, and those adjustments were made against current year gain/loss accounts. Significant accounting adjustments have been made to the Department’s mission critical assets as a result of the Department’s ongoing audit readiness efforts. These accounting adjustments were recognized in current year gain/loss accounts when auditable data was not available to support restatement of prior period financial statements. Operating Materiel and Supplies, Net Dollars in Millions As of September 30 Inventory Categories OM&S, Gross Value 2012 Revaluation Allowance OM&S, Net Valuation Method Held for Use $ 134,535.9 $ (28.0) $ 134,507.9 SP, LAC, MAC Held for Repair 18,882.2 (798.6) 18,083.6 SP, LAC, MAC Excess, Obsolete, and Unserviceable 1,925.0 (1,925.0) 0.0 NRV Total OM&S Legend for Valuation Methods: $ 155,343.1 $ (2,751.6) $ 152,591.5 Adjusted LAC = Latest Acquisition Cost, adjusted for holding gains and losses NRV = Net Realizable Value SP = Standard Price MAC = Moving Average Cost Operating Materiel and Supplies, Net Dollars in Millions As of September 30 Inventory Categories OM&S, Gross Value 2011 Revaluation Allowance OM&S, Net Valuation Method Held for Use $ 131,405.5 $ 0.0 $ 131,405.5 SP, LAC, MAC Held for Repair 17,561.7 (1,235.7) 16,326.0 SP, LAC, MAC Excess, Obsolete, and Unserviceable 2,225.1 (2,225.1) 0.0 NRV Total OM&S Legend for Valuation Methods: $ 151,192.3 $ (3,460.8) $ 147,731.5 Adjusted LAC = Latest Acquisition Cost, adjusted for holding gains and losses NRV = Net Realizable Value SP = Standard Price MAC = Moving Average Cost Restrictions Some munitions included in Operating Materiel and Supplies (OM&S) are restricted due to condition. Restricted munitions are considered obsolete or unserviceable when they cannot meet performance requirements. However, obsolete and unserviceable OM&S may be used in emergency combat situations in which no other suitable munitions are immediately available. 98 Financial Information
Department of Defense Agency Financial Report for FY 2012 General Composition of OM&S OM&S include spare and repair parts, ammunition, tactical missiles, aircraft configuration pods, and centrally-managed aircraft engines held for consumption. The Department assigns OM&S items into a category based upon the type and condition of the asset. Stockpile Materiel, Net Dollars in Millions Stockpile, 2012 Allowance for Stockpile, Valuation Materiel Gains Materiel, Method As of September 30 Stockpile Materiel Categories Amount (Losses) Net Held for Sale $ 522.1 $ 0.0 $ 522.1 AC, LCM Held for Reserve for Future Sale 29.3 0.0 29.3 AC, LCM Total Stockpile Materiel Legend for Valuation Methods: $ 551.4 $ 0.0 $ 551.4 AC = Actual Cost LCM = Lower of Cost or Market Stockpile Materiel, Net Dollars in Millions Stockpile, 2011 Allowance for Stockpile, Valuation Materiel Gains Materiel, Method As of September 30 Stockpile Materiel Categories Amount (Losses) Net Held for Sale $ 541.0 $ 0.0 $ 541.0 AC, LCM Held for Reserve for Future Sale 29.3 0.0 29.3 AC, LCM Total Stockpile Materiel Legend for Valuation Methods: $ 570.3 $ 0.0 $ 570.3 AC = Actual Cost LCM = Lower of Cost or Market Restrictions Materiel held by the National Defense Stockpile (NDS) is restricted unless released by congressional action and made available for sale on the open market. Stockpile materiel may not be disposed except for: (1) necessary upgrading, refining, or processing; (2) necessary rotation to prevent deterioration; (3) determination as excess with potential financial loss if retained; or (4) authorization by law. Before selling any materiel, Congress must enact specific enabling legislation (e.g., the National Defense Authorization Act). When authorized to offer materiel for sale, NDS removes the materiel from Materiel Held in Reserve and reclassifies these items as Materiel Held for Sale. The estimated market price of the stockpile materiel held for sale as of 3rd Quarter, FY 2012, is $1.4 billion. General Composition of Stockpile Materiel Due to statutory requirements, the Department holds strategic and critical stockpile materiel for use in national defense, conservation, or national emergencies. 99 Financial Information
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