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2008 Annual Report United States Postal Service | 51
Years Ended Sepetember 30,
2008 2007 2006
(Dollars in millions)
Cash flows from operating activities:
Net (Loss) Income $ (2,806) $ (5,142) $ 900
Adjustments to reconcile net (loss) income to net cash (used in) provided by
operating activities:
Depreciation and amortization 2,319 2,152 2,149
(Gain) loss on disposals of property and equipment, net (16) 23 (40)
(Increase) decrease in appropriations receivable revenue forgone (47) 2 (18)
Increase (decrease) in noncurrent workers' compensation liability 203 (69) 342
Increase in employees' accumulated leave 79 13 100
(Decrease) increase in noncurrent deferred appropriations and other revenue (5) (7) 21
(Decrease) increase in other noncurrent liabilities (167) 281 (67)
Changes in current assets and liabilities:
Receivables, net 30 80 169
Supplies, advances and prepayments 8 4 (5)
Compensation and benefits (105) 347 204
Payables and accrued expenses (324) (93) 64
Customer deposit accounts (50) (148) (73)
Deferred revenue-prepaid postage 547 (45) (13)
Outstanding postal money orders (127) (38) 55
Prepaid box rent and other deferred revenue 22 37 (20)
Net cash (used in) provided by operating activities (439) (2,603) 3,768
Cash flows from investing activities:
Decrease (increase) in restricted cash — 2,958 (2,958)
Purchase of property and equipment (1,995) (2,715) (2,630)
Proceeds from deferred building sale 4 218 —
Proceeds from sales of property and equipment 53 39 114
Net cash (used in) provided by investing activities (1,938) 500 (5,474)
Cash flows from financing activities:
Issuance of notes payable 4,500 1,000 —
Payments on notes payable (1,000) — —
Net change in revolving credit line (500) 1,100 2,100
Payments on capital lease obligations, net (29) (19) (37)
U.S. government appropriations - expensed (61) (76) (85)
Net cash provided by financing activities 2,910 2,005 1,978
Net increase (decrease) in cash and cash equivalents 533 (98) 272
Cash and cash equivalents at beginning of year 899 997 725
Cash and cash equivalents at end of year $ 1,432 $ 899 $ 997
See accompanying notes to the financial statements.
Statements of Cash Flows