Ac-cess  n [from Latin accessusto approach] 1:  freedom or ability to obtain or make use of 2:  and the United States Postal Service offers more access than any other retailer in America — or the world.

Capital cash outlays are the payments we make for such capital improvements as facilities, automation equipment and information technology. During the year, when we realized that cash flow from operations was going to be significantly less than we had expected, we reduced our capital commitments, and we continued the freeze on new facility commitments to avoid a major increase in borrowing.

The Cash Flow/Capital Expenditure (CAPEX) ratio shows the relationship between these main drivers of our debt balance. CAPEX is computed by dividing cash flow from operations by capital cash outlays. In 2000 and 2001, the CAPEX ratio was close to 40%, and debt was increased substantially to cover the gap. In 2002, a $176 million increase in cash flow from operations and a $1.3 billion reduction in planned capital expenditures raised the CAPEX ratio to 84%. The remaining gap was covered by reducing non-appropriated cash on hand. This reduction in available cash not only covered the difference between cash flow from operations and capital expenditures, but it also permitted a $200 million reduction in debt as shown in the graph. In other words, our beginning cash balance of $1.0 billion allowed for reduction in debt without the use of appropriated funds.