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2005 Annual Report United States Postal Service | 45
(Dollars in millions) Year ended September 30,
2005 2004 2003
Cash flows from operating activities:
Net income $ 1,445 $ 3,065 $ 3,868
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation and amortization 2,089 2,145 2,295
Loss on disposals of property and equipment, net 5 71 64
(Increase) decrease in revenue forgone appropriations receivable (15) 4 3
(Decrease) increase in workers’ compensation liability (58) 343 526
Increase (decrease) in employees’ accumulated leave 10 74 (156)
(Decrease) increase in other non-current liabilities (119) 170 (31)
Changes in current assets and liabilities:
Decrease (increase) in receivables, net 16 167 (394)
Decrease (increase) in supplies, advances and prepayments 20 146 (39)
Increase (decrease) in compensation and benefits 314 106 (427)
Decrease in estimated prepaid postage (56) (93) (151)
(Decrease) increase in payables and accrued expenses (199) (34) 1,378
Increase (decrease) in customer deposit accounts 114 40 (138)
Increase (decrease) in outstanding postal money orders 63 (1) (218)
Increase (decrease) in prepaid box rent and other
deferred revenue 52 (368) (175)
Net cash provided by operating activities 3,681 5,835 6,405
Cash flows from investing activities:
Purchase of property and equipment (2,317) (1,685) (1,314)
Proceeds from sale of property and equipment 31 26 37
Net cash used in investing activities (2,286) (1,659) (1,277)
Cash flows from financing activities:
U.S. government appropriations – received 503 – –
U.S. government appropriations – expended (45) (92) (177)
Issuance of debt – – 4,609
Payments on debt (1,800) (5,473) (8,450)
Net cash (used in) provided by financing activities (1,342) (5,565) (4,018)
Net (decrease) increase in cash and cash equivalents 53 (1,389) 1,110
Cash and cash equivalents at beginning of year 877 2,266 1,156
Cash and cash equivalents at end of year $ 930 $ 877 $ 2,266
See accompanying notes to the financial statements.
Statements of cash flows