department of defense agency financial report fiscal year 2012

Department of Defense Agency Financial Report for FY 2012
Schedule of Fiduciary Net Assets Dollars in Millions
As of September 30 2012 2011
Fiduciary Assets
Cash and cash equivalents $ 158.7 $ 199.5
Total Fiduciary Net Assets $ 158.7 $ 199.5
Fiduciary activities exist when the Department has collected, received, held, or made
disposition of assets on behalf of an individual or non-Federal entity. Fiduciary assets are
not recognized on the Balance Sheet.
Public Law 89-538 authorized the Department, through the Savings Deposit Program, to
collect voluntary contributions from members of the Armed Forces serving in designated
areas. These contributions and earned interest are deposited in the U.S. Treasury on behalf
of the members.
NOTE 25. OTHER DISCLOSURES
Other Disclosures Dollars in Millions
2012 – Asset Category
As of September 30
Entity as Lessee – Operating Leases
Future Payments Due
Land and
Buildings
Equipment Other Total
Fiscal Year 2013 $ 551.3 $ 67.0 $ 16.3 $ 634.6
Fiscal Year 2014 551.6 67.9 16.3 635.8
Fiscal Year 2015 567.7 68.2 16.3 652.2
Fiscal Year 2016 570.2 68.3 16.5 655.0
Fiscal Year 2017 537.0 67.9 16.6 621.5
After 5 Years 956.1 2.4 16.9 975.4
Total Future Lease Payments Due $ 3,733.9 $ 341.7 $ 98.9 $ 4,174.5
Operating leases are leases that do not transfer all the benefits and risks of ownership of
capital leases. Payments are charged as expenses over the lease term. Office space is the
largest component of land and building leases. Other leases are primarily made up of
commercial leases. Commercial leases are leases made by the Department with the general
public. These would include leases with dealerships, car rental companies, or any other such
entity that provides care leasing services. Future year cost projections use the Consumer
Price Index.
NOTE 26. RESTATEMENTS
The Department restated its financial statements as of September 30, 2011, to correct
errors in assets, gross costs, and net position identified during ongoing audit readiness
efforts.
The Department corrected a $1.0 billion understatement of General Property, Plant and
Equipment to align the accounting records to the property accountability system and a
$955.1 million overstatement of Other Assets (With the Public). This correction increased
General Property, Plant and Equipment, Net and Cumulative Results of Operations on the
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Financial Information