US Postal Service 2014 Annual Report Download - page 17

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2014 Report on Form 10-K United States Postal Service 13
Part II.
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities
Not applicable. As an “independent establishment of the Executive Branch of the Government of the United States,” we do not
issue stock or other securities.
Item 6. Selected Financial Data
The selected financial data presented below for each year ended September 30 is derived from our audited financial
statements. The selected financial data should be read in conjunction with Item 7. Management’s Discussion and Analysis of
Financial Condition and Results of Operations and the related notes to the financial statements in Item 8. Financial Statements
and Supplementary Data.
(in millions)
2014
2013
2012
2011
2010
Operating Results
Total revenue
$
67,830
$
67,318
$
65,223
$
65,711
$
67,052
Operating expenses
Compensation and benefits
46,000
46,708
47,689
48,310
48,909
Retiree health benefits*
8,685
8,450
13,729
2,441
7,747
Workers’ compensation
2,554
1,061
3,729
3,672
3,566
All other operating expenses
15,939
15,909
15,817
16,211
15,204
Loss from operations
(5,348
)
(4,810
)
(15,741
)
(4,923
)
(8,374
)
Net loss
$
(5,508
)
$
(4,977
)
$
(15,906
)
$
(5,067
)
$
(8,505
)
Financial Position
Cash and cash equivalents
$
4,906
$
2,326
$
2,087
$
1,321
$
991
Property and equipment, net
16,338
17,512
18,863
20,337
21,595
All other assets
1,718
1,803
1,661
1,755
1,740
Total Assets
$
22,962
$
21,641
$
22,611
$
23,413
$
24,326
Accrued retiree health benefits
$
22,417
$
16,766
$
11,205
$
7
$
—
Workers’ compensation liability
18,422
17,240
17,567
15,142
12,589
Debt
15,000
15,000
15,000
13,000
12,000
All other liabilities
12,454
12,458
13,685
14,204
13,610
Total Liabilities
$
68,293
$
61,464
$
57,457
$
42,353
$
38,199
Total Net Deficiency
$
(45,331
)
$
(39,823
)
$
(34,846
)
$
(18,940
)
$
(13,873
)
*Due to the passage of P.L.112-33 which changed the due date of the $5.5 billion scheduled Postal Service Retiree Health Benefit Fund (“PSRHBF”)
prefunding payment originally due by September 30, 2011, into 2012, PSRHBF expenses were zero in 2011. PSRHBF expenses in 2012 totaled
$11.1 billion which included the previous year’s amount of $5.5 billion and the 2012 scheduled amount of $5.6 billion due by September 30. For
2010, there was no accrual at year end because the prefunding payment was made when due at September 30.