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2009 Annual Report United States Postal Service | 65
Statements of Cash Flows
(dollars in millions)
Years Ended September 30,
Cash fl ows from operating activities: 2009 2008 2007
Net Loss $ (3,794) $ (2,806) $ (5,142)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization 2,270 2,319 2,152
Loss (gain) on disposals of property and equipment and impairments, net 109 (16) 23
Decrease (increase) in appropriations receivable revenue forgone 52 (47) 2
Increase (decrease) in noncurrent workers’ compensation liability 2,061 203 (69)
Increase in employees’ accumulated leave 17 79 13
Decrease in noncurrent deferred appropriations and other revenue (4) (5) (7)
(Decrease) increase in other noncurrent liabilities (4) (167) 281
Changes in current assets and liabilities:
Receivables, net (95) 30 80
Supplies, advances and prepayments 55 8 4
Compensation and benefi ts 207 (105) 347
Payables and accrued expenses 113 (302) (93)
Customer deposit accounts (102) (50) (148)
Deferred revenue-prepaid postage 756 547 (45)
Outstanding postal money orders (58) (149) (38)
Prepaid box rent and other deferred revenue (10) 22 37
Net cash provided by (used in) operating activities 1,573 (439) (2,603)
Cash fl ows from investing activities:
Decrease in restricted cash — — 2,958
Purchase of property and equipment (1,839) (1,995) (2,715)
Proceeds from deferred building sale 6 4 218
Proceeds from sales of property and equipment 27 53 39
Net cash (used in) provided by investing activities (1,806) (1,938) 500
Cash fl ows from fi nancing activities:
Issuance of notes payable 7,000 4,500 1,000
Payments on notes payable (4,500) (1,000) —
Net change in revolving credit line 500 (500) 1,100
Payments on capital lease obligations, net (46) (29) (19)
U.S. government appropriations — expensed (64) (61) (76)
Net cash provided by fi nancing activities 2,890 2,910 2,005
Net increase (decrease) in cash and cash equivalents 2,657 533 (98)
Cash and cash equivalents at beginning of year 1,432 899 997
Cash and cash equivalents at end of year $ 4,089 $ 1,432 $ 899
Supplemental cash fl ow disclosures:
Interest paid $ 43 $ 37 $ 9
See accompanying notes to the fi nancial statements.