department of defense agency financial report fiscal year 2012

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Department of Defense Agency Financial Report for FY 2012 NOTE 15. OTHER LIABILITIES Other Liabilities 2012 Dollars in Thousands As of September 30 Intragovernmental Current Liability Noncurrent Liability Total FECA Reimbursement to the Department of Labor $ 45 $ 72 $ 117 Custodial Liabilities 0 657,251 657,251 Total Intragovernmental Other Liabilities Non-Federal $ 45 $ 657,323 $ 657,368 Accrued Funded Payroll and Benefits $ 118 $ 0 $ 118 Advances from Others 58,796,076 2,985,170 61,781,246 Contract Holdbacks 44,857 0 44,857 Total Non-Federal Other Liabilities $ 58,841,051 $ 2,985,170 $ 61,826,221 Total Other Liabilities $ 58,841,096 $ 3,642,493 $ 62,483,589 Other Liabilities 2011 Dollars in Thousands As of September 30 Intragovernmental Current Liability Noncurrent Liability Total FECA Reimbursement to the Department of Labor $ 52 $ 59 $ 111 Custodial Liabilities 0 661,153 661,153 Total Intragovernmental Other Liabilities Non-Federal $ 52 $ 661,212 $ 661,264 Accrued Funded Payroll and Benefits $ 157 $ 0 $ 157 Advances from Others 55,899,255 2,657,874 58,557,129 Contract Holdbacks 50,517 0 50,517 Contingent Liabilities 0 0 0 Total Non-Federal Other Liabilities $ 55,949,929 $ 2,657,874 $ 58,607,803 Total Other Liabilities $ 55,949,981 $ 3,319,086 $ 59,269,067 Other Liabilities Contingent Liabilities includes $3.0 billion related to contracts authorizing progress payments based on cost as defined in the FAR. In accordance with contract terms, specific rights to the contractors’ work vest with the Federal Government when a specific type of contract financing payment is made. This action protects taxpayer funds in the event of contract nonperformance. These rights should not be misconstrued as rights of ownership. The Department is under no obligation to pay contractors for amounts greater than the ADDENDUM B Unaudited Financial Statements – DSCA B-22
Department of Defense Agency Financial Report for FY 2012 amounts authorized in contracts until delivery and government acceptance. Due to the probability the contractors will complete their efforts and deliver satisfactory products, and because the amount of potential future payments are estimable, the Department has recognized a contingent liability for estimated future payments which are conditional pending delivery and government acceptance. Total Contingent Liabilities for progress payments based on cost represent the difference between the estimated costs incurred to date by contractors and amounts authorized to be paid under progress payments based on cost provisions within the FAR. Estimated contractor-incurred costs are calculated by dividing the cumulative unliquidated progress payments based on cost by the contract-authorized progress payment rate. The balance of unliquidated progress payments based on cost is deducted from the estimated total contractor-incurred costs to determine the contingency amount. NOTE 16. COMMITMENTS AND CONTINGENCIES Claims may be presented and/or the U.S. Government may be a party in various administrative proceedings or court litigations, but it is highly unlikely that any can implicate the FMS Trust Fund. The U.S. funds appropriated for security assistance generally are not legally available for paying claims. NOTE 17. MILITARY RETIREMENT AND OTHER FEDERAL EMPLOYMENT BENEFITS Military Retirement and Other Federal Employment Benefits Dollars in Thousands As of September 30 Liabilities ADDENDUM B Unaudited Financial Statements – DSCA B-23 Assured Interest Rate (%) 2012 (Less: Assets Available to Pay Benefits) Unfunded Liabilities Pension and Health Actuarial Benefits FECA $ 523 0.0 $ 0 $ 523 Total Military Retirement and Other Federal Employment Benefits $ 523 0.0 $ 0 $ 523 Military Retirement and Other Federal Employment Benefits Dollars in Thousands As of September 30 Liabilities Assured Interest Rate (%) 2011 (Less: Assets Available to Pay Benefits) Unfunded Liabilities Pension and Health Actuarial Benefits FECA $ 487 0.0 $ 0 $ 487 Total Military Retirement and Other Federal Employment Benefits $ 487 0.0 $ 0 $ 487
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