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2014 Report on Form 10-K United States Postal Service 64
There was no adjustment for the appropriations to the Statements of Operations for the years ended 2014, 2013 and 2012 as the
revenue was previously recognized upon enactment of the Revenue Forgone Reform Act of 1993. Total appropriations received
by the Postal Service from inception through 2011 were $504 million. The impact of P.L. 112-74, Consolidated Appropriations
Act of 2012 and P.L. 113-76, Consolidated Appropriations Act of 2014 represented a change in the timing of the funding, but not
a change to the requirement for reimbursement. Current proposed legislation in the House of Representatives contains a
provision for $29 million to be paid to the Postal Service under the Revenue Forgone Reform Act of 1993; however,
corresponding legislation has not been proposed in the Senate and the outcome of 2015 appropriations remains uncertain.
Unfunded amounts totaling $105 million have been included as part of subsequent annual appropriations requests and included
in the Balance Sheets as “Receivables, net”
During 2014, the Postal Service recognized $75 million in revenue, including $22 million of imputed interest, from the
appropriations, compared to $64 million, including $23 million of imputed interest in 2013. In 2012, $69 million was
recognized in revenue, which included $23 million of imputed interest. The total receivable for revenue forgone was $470
million in 2014, of which $50 million was classified as current assets. In 2013, the total receivable was $453 million and the
current portion was $68 million.
Note 13- Quarterly Financial Data (Unaudited)
The following table sets forth the Postal Service’s unaudited Statements of Operations for the quarterly periods ending
September 30, 2014 and 2013.
2014
(in millions)
Quarter 1
Quarter 2
Quarter 3
Quarter 4
Total revenue
$
17,994
$
16,727
$
16,504
$
16,605
Total operating expenses
18,306
18,559
18,421
17,892
Loss from operations
(312
)
(1,832
)
(1,917
)
(1,287
)
Interest income (expense), net
(42
)
(40
)
(38
)
(40
)
Net loss
$
(354
)
$
(1,872
)
$
(1,955
)
$
(1,327
)
2013
Quarter 1
Quarter 2
Quarter 3
Quarter 4
Total revenue
$
17,660
$
16,348
$
16,177
$
17,133
Total operating expenses
18,880
18,173
16,876
18,199
Loss from operations
(1,220
)
(1,825
)
(699
)
(1,066
)
Interest income (expense), net
(44
)
(41
)
(41
)
(41
)
Net loss
$
(1,264
)
$
(1,866
)
$
(740
)
$
(1,107
)