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90th Congress } JOINT COMMITTEE PRINT
ECONOMY IN GOVERNMENT PROCUREMENT
AND PROPERTY MANAGEMENT
REPORT
OF THE
SUBCOMMITTEE ON ECONOMY IN GOVERNMENT
OF THE
JOINT ECONOMIC COMMITTEE
CONGRESS OF THE UNITED STATES
*M4Y2 11968
~ GOVERN M~T~NT DEP~)S~TOR
P~O L~ ~ ~ T~ESIP : ~
~JJJ COLLEGE OF coucH JERSEY LR~ARY
CAMDEN, N. J. 08 02
APRIL 1968
Printed for the use of the Joint Economic Committee
U.S. GOVERNMENT PRINTING OFFICE
/ 91-407 0 WASHINGTON: 1968
i/13
For sale by the Superintendent of Documents, U.S. Government Printing Office
Washington, D.C. 20402 - Price 10 cents
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JOINT ECONOMIC COMMITTEE
SENATE
JOHN SPARKMAN, Alabama
J. W. FULB RIGHT, Arkansas
HERMAN E. TALMADGE, Georgia
STUART SYMINGTON, Missouri
ABRAHAM RIBICOFF, Connecticut
JACOB K. JAVITS, New York
JACK MILLER, Iowa
LEN B. JORDAN, Idaho
CHARLES H. PERCY, Illinois
WILLIAM H. MOORE
GEORGE R. IDEN
HOUSE OF REPRESENTATIVES
RICHARD BOLLING, Missouri
HALE BOGGS, Louisiana
HENRY S. REUSS, Wisconsin
MARTHA W. GRIFFITHS, Michigan
WILLIAM S. MOORHEAD, Pennsylvania
THOMAS B. CURTIS, Missouri
WILLIAM B. WIDNALL, New Jersey
DONALD RUMSFELD, Illinois
W. E. BROCK 3D, Tennessee
JOHN B. HENDERSON
RICHARD F. KAUFMAN
DONALD A. WEBSTER (Minority)
SUBCOMMITTEE ON ECONOMY IN GOVERNMENT
WILLIAM PROXMIRE, Wisconsin, Chairman
HOUSE OF REPRESENTATIVES
WRIGHT PATMAN, Texas
MARTHA W. GRIFFITHS, Michigan
WILLIAM S. MOORHEAD, Pennsylvania
THOMAS B. CURTIS, Missouri
DONALD RUMSFELD, Illinois
RAY WARD, Economic Consultant
(Created pursuant to sec. 5(a) of Public Law 304, 79th Cong.)
WILLIAM PROXMIRE, Wisconsin, Chairman
WRIGHT PATMAN, Texas, Vice Chairman
JOHN R. STARE, Executive Director
JAMES W. KNOWLES, Director of Research
ECONOMISTS
SENATE
JOHN SPARKMAN, Alabama~
STUART SYMINGTON, Missouri
LEN B. JORDAN, Idaho
CHARLES H. PERCY, Illinois
(n)
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LETTER OF TRANSMITTAL
APRIL 23, 1968.
To the Members of the Joint Economic Committee:
Transmitted herewith for your consideration and use and for the
use of other Members of Congress, the business and academic com-
munities, and other interested parties, is a report entitled "Economy
in Government Procurement and Property Management," prepared
by the Subcommittee on Economy in Government.
The report is based upon hearings which the subcommittee held in
November and December, continuing the work over many years of
its predecessor, the Subcommittee on Federal Procurement and
Regulation. The present series of hearings have concentrated on the
elimination of waste'in Government property activities, particularly
defense procurement.
The subcommittee has been deeply disturbed over the extensive
testimony and reports of the General Accounting Office reflecting loose
management, especially in the Department of Defense. The need for
corrective measures indicated in the earlier hearings prompted the
present followup hearings. These hearings confirm the need for
dispatch. in implementing changes to obtain economy of operation,
protect public property, and render the huge inventories effective for
their intended missions.
Again, .1 express appreciation to Comptroller General Staats and
his staff in the GAO for the outstanding work they have done for the
Congress and the public by their investigations related to this inquiry.
The special studies and reports made for the subcommittee have made
important contributions to economy in Government, and can reduce
Federal spending by bfflions of dollars.
WILLIAM PROXMIRE,
Chairman, Joint Economic Committee.
(III)
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CONTENTS
Page
Letter of transmittal iii
Introduction 1
Summary of recommendations 2
I. Procurement policies and practices 4
Competitive and negotiated procurement 4
Noncompliance with the Truth in Negotiations Act 4
The Buy American Act 5
Procurement of automatic data processing equipment 5
II. Government-owned property furnished to contractors 7
Amount of Government-owned property 7
Replacement of Government-owned equipment 8
Inventory of Government-owned property 9
Use of Government-owned property 9
Appendix: Largest holders of Government-owned industrial production
equipment (IPE)
(IV)
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ECONOMY IN GOVERNMENT PROCUREMENT AND
PROPERTY MANAGEMENT
Introduction
Defense procurement has reached the level of $45 billion. It is the
single largest item in the Federal budget. It. dwarfs all other programs
of the Government, including space, atomic energy, and all grant-in-
aid programs combined. And the Congress has shown no lack of
generosity toward the Department of Defense to enable it to carry
out its various missions, especially procurement. An examination of
the total Defense budget will quickly bear this out. There are approxi-
mātely 40,000 civilian DOD professional procurement officials plus
an additional 1,500 military personnel assigned to procurement
matters.
Considering the funds and facilities that the Congress has made
available to the DOD, there would seem to be no reason why defense
procurement cannot be managed efficiently and economically. Un-
fortunately, this is not the case. This subcommittee has expressed its
concern on numerous occasions over deficiencies in the management of
Federal procurement programs. The evidence we have received in the
most recent round of hearings documents a case of loose and flagrantly
negligent management practices in the Defense procurement program.
The DOD apparently refuses to reverse the long-term trend away
from competitive bidding and toward noncompetitive negotiated
contracts, while only timidly, at best, implementing the Truth in
Negotiations Act passed 5 years ago. Its practice of furnishing property
to contractors at Government expense without proper scrutiny
amounts to a multibillion - dollar-back-door subsidy program never
intended by the Congress.
These practices, and many others inimical to the public interest, are
documented in the hearings and highlighted in this report. The sub-
committee's recommendations are the minimum corrective steps that
urgently need to be taken.*
*NOTE.__Representative Martha W. Griffiths states: "While I concur heartily
in the recommendations contained in this Report, I am convinced that even
the maximum possible utilization of competitive bidding will not cure Defense
procurement shortcomings. The deficiencies in Defense procurement and in
Government purchasing, generally, will not be cured until the Government
recruits, trains, and keeps procurement officers of the superior caliber and in-
tegrity that are needed. As long as procurement officers can be overruled, fired,
or hired away from the Government we shall continue to have the difficulties
that this subcommittee has so often, and so rightly, attacked. The answer, ob-
viously, is better recruitment, better training, better support in terms of authority,
and rewards sufficient to induce procurement personnel to remain on the public
payroll on a permanent basis. Rules of procedure, such as competitive bidding,
are essential. But equally essential is the attainment of a procurement servic e
manned by first-class personnel."
(1)
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Summary of Recommendations
1. The subcommittee once again urges the greater utilization of
competitive bidding to satisfy the requirements of defense procure-
ment, and reversal of the tendency to award contracts by noncom-
petitive negotiation.'
2. Legislative action should be taken to insure postaudit rights of
the Government under the Truth in Negotiations Act.
3. When audits reveal that defective cost or pricing data have
been certified by a contractor, despite the fact that accurate, current,
and complete data were available to him, the case should be referred
to the Justice Department for appropriate action.
4. The GAO and GSA should take steps to insure that other Federal
agencies adopt the provisions of DOD Circular No. 57 as minimum
standards for the awarding of negotiated contracts.
5. The Bureau of the Budget should issue a uniform policy for the
guidance of Federal agencies and contractors regarding the use of
price differentials under the Buy American Act.
6. The inventorying of all Government-owned automatic data proc-
essing equipment (ADPE), including equipment furnished to con-
tractors, should be completed as soon as possible and kept current so
as to prevent unneeded future purchases.
7. GSA should make it possible for smaller manufacturers of ADPE
to furnish part of the Government's requirements. Specifications
should not be designed around the products of certain companies
which have the effects of eliminating competition and stifling the
incentive of smaller manufacturers.
8. The DOD must make a much greater effort to enforce its stated
policy that contractors provide their own facilities, equipment, tooling,
and materials incident to the performance of Government contracts.
9. The DOD must make a much greater effort to encourage con-
tractors to replace Government-owned equipment when it becomes
inefficient or outmoded, and to require economic justification from any
contractor requesting replacement of equipment at Government expense.
10. Where costs of production have been reduced as a result of
replacement or modernization of equipment at Government expense,
appropriate contract adjustments and price reductions should be made.
11. Immediate steps should be taken to collect full payment for
past, present, and future use of Government-owned property, and to
establish an adequate system of use records.
12. The inventorying of all Government-owned property on loan to
contractors should be expedited by all defense agencies. Proper con-
trols should be established for each class of property.
1 See Rep. Martha W. Griffiths' note, p. 1.
(2)
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3
13. A system of uniform rent~i rates should be established for the use
by all contractors on an equitable basis who have been furnished
Government-owned property.
14. A thorough review should be made of any misuse or unauthor-
ized use of Government property in the possession of contractors.
Penalties should be assessed for unauthorized or improper use of such
property.
15. GAO is requested to advise the subcommittee as to collec-
tion action taken or planned by DOD resulting from GAO Report
B-140389. Action taken regarding these contractors should be ex-
tended equally to all similar contractors holding a Government
property.
16. GAO is requested to continue to investigate the adequacy of
controls over Government property furnished to contractors, includ-
ing property held under contracts with agencies other than DOD,
such as NASA and AEC.
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I. Procurement Policies and Practices
COMPETITIVE AND NEGOTIATED PROCUREMENT
The DOD is not doing an adequate job with respect to its major
procurement programs. Control over a substantial portion of procure-
ment has been virtually lost as a result of excessive resort to negotia-
tion of defense contracts and insufficient knowledge of cost and pricing
data. During the period 1951-67, DOD negotiated 86.1 percent of the
net value of its procurement despite the clear congressional intent
that procurements be made through formal, written bid procedures,
whenever practicable. Only through competitive bidding can we
extend to all persons an equal right to compete for Government
business, prevent unjust favoritism, collusion and fraud and secure
for the Government the benefits which flow from competition. Little
or no progress has been made toward the objective of greater use of
competitive bidding.
RECOMMENDATION
1. The subcommittee once again urges the greater utilization of
competitive bidding to satisfy the requirements of defense procure-
ment, and reversal of the tendency to award contracts by noncom-
petitive negotiation.2
NONCOMPLIANCE WITH THE TRUTH IN NEGOTIATIONS ACT
The most glaring fact about the Truth in Negotiations Act is that
it has still not been fully or even substantially implemented, although
5 years have elapsed since its passage. The Comptroller General
testified that there had been full compliance on only about 10 percent
of the transactions tested. He further testified, on the basis of minimal
spot checking of defense contracts, that over a 10-year period the
Government had been overcharged $130 mfflion as a result of the
failure of the DOD to obtain adequate cost and pricing data. Obvious-
ly, this figure represents only a fraction of the total overcharge.
The recent DOD regulations contained in Defense Procurement
Circular No. 57, concern the Government's right of access to per-
formance records of contractors holding noncompetitive firm-fixed-
price contracts. These regulations carry out, in part, an earlier recom-
mendation of this subcommittee that the DOD postaudit contracts
coming under the Truth in Negotiations Act. The single purpose of
any postaward cost performance audit, under the new regulations,
would be to determine whether or not defective cost or pricing data
were submitted. Profits may not be looked into. Price adjustments are
provided for where audits reveal that certified cost or pricing data were
inaccurate, incomplete, or noncurrent.
The new regulations represent important steps toward the full
implementation of the Truth in Negotiations Act. However, the post-
2 See Rep. Martha W. Griffiths' note, p. 1.
(4)
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5
audit rights provided are limited in scope and purpose, and are subject
to modification or rescission by future regulations. Since the Govern-
ment's postaudit rights are contractual in nature, they do not have
the binding force of law.
RECOMMENDATIONS
2. Legislative action should be taken to insure postaudit rights of
the Government under the Truth in Negotiations Act.
3. When audits reveal that defective cost or pricing data have been
certified by a contractor, despite the fact that accurate, current and
complete data were available to him, the case should be referred to
the Justice Departmthit for appropriate action.
4. The GAO and GSA should take steps to insure that other
Federal agencies adopt the provisions of DOD Circular No. 57 as
minimum standards for the awarding of negotiated contracts.
THE Bu~ AMERICAN ACT
The subcommittee has expressed its concern during the past several
years over the inconsistent application of the Buy American Act.
The act provides that materials for public use shall be purchased from
U.S. manufacturers, except where it is determined that their purchase
would be inconsistent with the public interest or their cost would be
unreasonable. Inconsistency in its application continues.
The problem is that while most agencies utilize a 6-percent differ-
ential, and an additional 6 percent to "small business" or suppliers in
an area of substantial unemployment, the DOD since 1962 has
utilized a 50-percent differential. Thus in the purchase of the same
item two agencies of the Federal Government may utilize widely
separated differentials. The Bureau of the Budget has conceded that
the situation is "a mess," but it has not acted to rectify it. The
economic implications of these policies are antagonistic. The 6-percent
differential permits greater purchases of foreign goods and thus
operates against a favorable balance of payments. The 50-percent
differential protects domestic manufacturers but increases costs of
procurements and therefore militates against a balanced budget.
From the evidence it appears that the DOD's 50-percent differential
raises a protective wall so high that American bidders may be encour-
aged to take advantage of it. It may also be self-defeating in the long
run by pricing the protected items out of foreign markets and thus
injuring our balance of payments. Further, the DOD's practice is
~lacing a significant burden on the already extremely high level of
defense procurement.
RECOMMENDATION
5. The Bureau of the Budget should issue a uniform policy for the
guidance of Federal agencies and contractors regarding the use of
price differentials under the Buy American Act.
PROCUREMENT OF AUTOMATIC DATA PROCESSING EQUIPMENT
In the past several years there has been phenomenal growth in
the use by the Federal Government of automatic data processing
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6
equipment (ADPE) and systems. The Federal Government now
spends about $3 bfflion annually for the purchase or lease of ADPE.
In 1967 Government-owned ADPE having an acquisition cost of $80
million was declared excess to the needs of the owning agencies. Despite
the enormous costs of ADPE procurement, an adequate inventory of
Government holdings, including Government-owned equipment
furnished to contractors, has not been developed. Satisfactory levels
of centralized control over new acquisitions, and of interagency
cooperation, so as to avoid unnecessary duplication and further
economy in use of ADPE, have not been achieved.
There is also evidence that Government procurement practices have
tended to favor the larger manufacturers of ADPE, thus stifling compe-
tition from the smaller companies. Testimony received by the sub-
committee indicates that the numerous smaller producers of so-called
peripheral equipment might well participate to a larger extent in
furnishing the Government's requirements directly.
RECOMMENDATIONS
6. The inventorying of all Government-owned ADPE, including
equipment furnished to contractors, should be completed as soon as
possible and kept current so as to prevent unneeded future purchases.
7. GSA should make it possible for smaller manufacturers of ADPE
to furnish part of the Government's requirements. Specifications
should not be designed around the products of certain companies
which have the effects of eliminating competition and stifling the
incentive of smaller manufacturers.
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II. Government-Owned Property Furnished to Contractors
AMOUNT OF GOVERNMENT-OWNED PROPERTY
The executive branch is responsible for the protection and manage-
ment of public property entrusted to it. Congress defined this responsi-
bility in the Federal Property and Administrative Services Act of
1949, which provides that each executive agency shall maintain ade-
quate inventory control and accountability systems for the property
under its control to determine which is excess property. The executive
branch, and especially the DOD, is not satisfactorily carrying out this
responsibility. There is an extensive lack of inventory and manage-
ment controls over literally bfflions of dollars of public property.
The extent of the responsibility of the DOD for inventory controls
and accountability systems for property in its possession is indicated
by the following breakdown (as of June 30, 1967):
Real property $38, 495, 000, 000
Personal property 157, 057, 000, 000
Total 195, 552, 000, 000
The total of approximately $196 billion was up $12 billion from fiscal
year 1966.
Perhaps the most serious problem uncovered in recent years by this
subcommittee concerns DOD's policy of furnishing Government-
owned property to defense contractors, and practices surrounding the
use and replacement of such property. The stated policy of DOD is to
require contractors to provide their own facilities, equipment, and
materials incident to their contracts. It is also the stated policy of
DOD to encourage contractors to replace old, inefficient, Government-
owned equipment with modern, more efficient, privately owned equip-
ment.
Yet the amount of Government-owned equipment furnished to
contractors has more than doubled since fiscal year 1965. In that year
the amount of such property in contractors' hands was valued at $7.2
billion. One year later, fiscal year 1966, the amount was $10.9 billion.
As of fiscal year 1967, it was estimated at $14.7 billion. The following
table breaks down the types of property held by contractors:
Government Property Held by Contractors (as of June 30, 1967)
[In billions of dollars]
Indu~trial plant equipment (IPE) mostly metalworking costing over
$1,000 $2. 6
Other plant equipment costing less than $1,000-furniture, office machines,
etc 2. 0
Materials, electronic gear, cloth, duck, sub-assemblies, parts, hardware
items, etc 4. 7
Real property-buildings, plants, etc 2. 4
Special tooling and test equipment 3. 0
Total - 14. 7
(7)
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8
The evidence receiv'ed by the subcommittee indicates that the
DOD is not adhering sufficiently to its own stated policy with regard
to the furnishing of Government-owned property to contractors.
RECOMMENDATION
8. The DOD must make a much greater effort to enforce its stated
policy that contractors provide their own facilities, equipment, tooling,
and materials incident to the performance of Government contracts.
REPLACEMENT OF GOVERNMENT-OWNED EQUIPMENT
One of the reasons for the sharp increase in the amount of Govern-
ment-owned property furnished to contractors has been DOD's
program for modernization and replacement at Government expense
of machine tools furnished to contractors. For the period 1958-63,
annual expenditures for this program averaged about $27.4 million.
But for fiscal year 1966, expenditures increased to $51.5 miffion, and
for fiscal year 1967 expenditures of $65.8 miffion were forecast.
According to DOD's policy, when a contractor cannot be encouraged
to replace Government-owned equipment, the Government may effect
the replacement if it is in the interest of the Government and can be
justified on economic grounds. But an investigation by GAO of the
tooling modernization program has revealed cases where the contrac-
tors were not even asked by DOD to invest in modern tooling. In
some cases DOD furnished Government-owned equipment to the
contractor without even finding out whether the contractor was in
a position to purchase it himself. Contractors have not generally been
required to submit statements as to their ability or wiffingness to
purchase equipment for use in performance of defense contracts.
In practice, therefore, there has been a failure of compliance with
DOD's policy regarding the replacement of Government-owned equip-
ment. Further, where costs of production have been reduced as a result
of the modernization of equipment at Government expense, the savings
have not been passed on to the Government in the form of contract
adjustments.
RECOMMENDATIONS
9. The DOD must make a much greater effort to encourage con-
tractors to replace Government-owned equipment when it becomes
inefficient or outmoded, and to require economic justification from
any contractor requesting replacement of equipment at Government
expense.
10. Where costs of production have been reduced as a result of
replacement or modernization of equipment at Government expense,
appropriate contract adjustments and price reductions should be
made.
11. Immediate steps should be taken to collect full payment for
past, present, and future use of Government-owned property, and to
establish an adequate system of use records.
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9
INVENTORY OF GOVERNMENT-OWNED PROPERTY
DOD has failed to establish adequate controls over the inventory
of its approximately $15 bfflion of property furnished to contractors.
Adequate property accounting records are not available in all of the
plants. DOD has made an inadequate number of internal audits
regarding the effectiveness of property administration at contractor
plants.
Although Assistant Secretary Morris testified that the Defense
Supply Agency has central knowledge of an inventory of some 400,000
tools valued at $4.3 billion, more than half of this equipment is in the
hands of contractors who maintain the only use records. In other
words, the Government knows where this equipment is located, but
only the contractors know how it is being utilized.
GAO, in the investigation requested by this subcommittee, found
weaknesses in the control of special tooling due to deficient inventory
practices, the absence of financial controls, and the absence of a re-
quireinent for surveillance by Government property administrators.
In some instances, equipment was not even identified as Government
property or in the property records. Contractors' accounting systems
were found not providing for financial control. In most instances
acceptable physical inventories of Government-owned material were
not being taken properly.
Obviously, there have been serious departures frbm good property
management practices.
RECOMMENDATION
12. The inventorying of all Government-owned property on loan to
contractors should be expedited by all defense agencies. Proper con-
trols should be established for each class of property.
USE OF GOVERNMENT-OWNED PROPERTY
There has often been a failure on the partof contractors to obtain
proper ~authority for the use of Government-owned equipment on
private, commercial work. Since 1957, contractors have been required
to request prior approval from the Office of Emergency Planning for
more than 25 percent non-Government use of Government-owned
equipment. This requirement is not being complied with, nor are
DOD contracting officers requiring compliance. A spot check has re-
vealed instances in which contractors have used Government equip-
ment for as much as 97 percent of actual production. In one case, an
ammunition facility was used during the 9-year period ending Sep-
tember 1966, 80 percent of the time for commercial work.
These practices not only violate Government regulations, they
constitute unwarranted subsidies to defense contractors who are
thereby enabled to unfairly compete with others who have to purchase
their own equipment, and to make excessive profits.
In addition, there is significant lack of uniformity in rental rates
actually charged, inequities between contractors, and in some cases,
reduced rent payments to .the Government. In many instances, the
Government is not receiving equitable compensation for the use of
its property, especially where it is used without proper authorization.
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10
RECOMMENDATIONS
13. A system of uniform rental rates should be established for the
use by all contractors, on an equitable basis, who have been furnished
Government-owned property.
14. A thorough review should be made of any misuse or unauthor-
ized use of Government property in the possession of contractors.
Penalties should be assessed for unauthorized or improper use of such
property.
15. GAO is requested to advise the subcemmittee as to collection
action taken or planned by IDOD resulting from GAO Report
B-140389. Action taken regarding these contractors should be ex-
tended equally to all similar contractors holding a Government
property.
16. GAO is requested to continue to investigate the adequacy of
controls over Government property furnished to contractors, includ-
ing property held under contracts with agencies other than DOD,
such as NASA and AEC.
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Appendix
LARGEST HOLDERS OF GOVERNMENT-OWNED INDUSTRIAL PRODUCTION
EQUIPMENT (IPE)
As of November 30, 1967, it was estimated by the DOD that some
1,900 companies held 209,598 pieces of IPE which cost $2.6 billion.
The following table shows the holdings of the 15 largest holders as of
that time:
15 LARGEST COMPANY HOLDINGS OF GOVERNMENT-OWNED 1PE AS OF NOV. 30, 1967
Ranking Name
Number Percent
of pieces of total
Cost Percent
of total
1 General Electric
2 North American Aviation
Subtotal
3 AVCO
4 General Motors Corporation
5 General Dynamics
9,011
8,924 8
~114, 752, 148
105,636,333 9
17, 935
6, 395
6,014
7,298 18
220,388,481
89,633, 519
83,979,781
79,174,713 18
Subtotal
6 Lockheed
7 TRW
8 Douglas Air
9 ALCOA
10 Aerojet
37,642
8,359
3, 495
4, 777
457
3, 666
473, 176,494
77,068,029
64, 706,654
57, 837, 398
47,505,011
46, 119, 900
Subtotal
11 LTV
12 United Air
13 Boeing Co
14 Curtis.Wright
15 Raytheon
58,386 28
2,964
2,141
3,286
2, 173
4,329
766, 413,486 30
42,047, 137
37, 115,005
36,915,820
36, 661, 534
32,896,692
Sub
73, 289 35
953, 049,674 27
Total 1,900 (estimated) companies
209, 598
2, 578, 627, 370
(11)
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Notes
The extent of the contractor holdings of Government-owned IPE
costing in excess of $1,000 per piece is indicated in the above table.
The 15 largest holders by "cost" held 37 percent of the total value of
$2.6 bfflion. This included 73,289 of the total of 209,598 pieces or 35
percent.
It is noted that the GAO investigation revealed that 17 companies
held $195,733,000 in IPE mostly metalworking tools and $108,251,000
in heavy presses for a total of $303,984,400 or about 12 percent of the
total. Only two of the 17 studied by GAO rank in the first 10 [TRW,
Aerojet].
Of interest also is the fact that two companies-General Electric
and North American Aviation-hold 17,935 pieces of equipment
at $220,a88,481. This is about 8 percent of the equipment and 9
percent of the total value.
While the average cost of the 209,598 pieces of equipment was
more than $12,000, the 457 pieces held by ALCOA averaged more than
$100,000 each. And ARMCO, not listed above, holds two pieces of
equipment which cost $2,120,179.
On the other end of the spectrum, it is estimated that of the 1,900
companies holding IPE in 2,256 plants, about 50 percent hold less
than 20 items each.
Such giants of American industry as A.T. & T. and United States
Steel have holdings of millions each but were not studied by the
GAO nor are they in the "Top 15" in their holdings.
The above refers only to the IPE valued at $2.6 bfflion. It does not
refer to facilities, materials, tooling and test equipment held by con-
tractors with an estimated value of more than $12 billion.
(12)
0