Department Of Defense Agency Financial Report 2007 - Section 2: Financial Information Page 40
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82Department of Defense Agency Financial Report 2007
Section 2: Financial Information
52
The Intragovernmental Other consists of pending customer returns.
The Nonfederal Other reflects reconciling differences between the general and subsidiary ledgers.
The Department generates debt letters and pursues all debts over 30 days delinquent. For debts over 180 days delinquent,
the Department utilizes various offset programs and collection agencies to pursue collections. In certain instances, the status
of litigation affects the Department’s ability to pursue collection actions.
Note 6. Other Assets
As of September 30
2007
2006
(amounts in millions)
Intragovernmental Other Assets
Advances and Prepayments
$
1,087.6
$
1,064.7
Other Assets
124.9
124.9
Total Intragovernmental Other Assets
1,212.5
1,189.6
Nonfederal Other Assets
Outstanding Contract Financing Payments
25,030.3
25,630.4
Advances and Prepayments From Foreign Governments
8,015.3
0.0
Advances and Prepayments From the Public
1,549.6
1,176.2
Other Assets (With the Public)
1,650.9
1,122.1
Total Nonfederal Other Assets
36,246.1
27,928.7
Total Other Assets
$
37,458.6
$
29,118.3
Intragovernmental Other Assets consists of the Department’s right to approximately six million barrels of crude oil held by the
Department of Energy.
Advances and Prepayments From Foreign Governments is comprised of advances paid to contractors for undelivered defense
articles and services owed to foreign governments under the Foreign Military Sales Program.
Contract terms and conditions for certain types of contract financing payments convey rights to the Department that protect
the contract work from state or local taxation, liens or attachment by the contractor's creditors, transfer of property, or
disposition in bankruptcy; however, these rights should not be misconstrued to mean that ownership of the contractor’s work
has transferred to the Government. The Government is obligated to make financing payments in accordance with contract
terms, but does not have the right to take the work except as provided for in contract clauses related to termination or
acceptance.
Outstanding Contract Financing Payments balance of $25.0 billion is comprised of $23.4 billion in contract financing
payments and an additional $1.7 billion in estimated future payments to the contractor upon delivery and Government
acceptance of a satisfactory product. (See additional discussion in Note 15, Other Liabilities.)
Nonfederal Other Assets consists primarily of undelivered assets.
The balance in Other Assets includes $9.4 billion that the Department is executing on behalf of the Executive Office of the
President. The Department holds these amounts as stewards on the behalf of others and the assets are therefore, not available
for use by the Department.
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