| Year ended September 30, |
| (dollars in millions) |
2003 |
2002 |
2001 |
|
| Cash flows from operating activities: |
 Net income (loss) |
$3,868 |
$(676) |
$(1,680) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
| Depreciation and amortization |
2,295 |
2,296 |
2,223 |
| Loss on disposals of property and equipment, net |
64 |
6* |
16 |
Decrease in other assets, principally revenue forgone
appropriations receivable |
3 |
4 |
3 |
| Increase in USPS workers' compensation |
589 |
721 |
244 |
| (Decrease) increase in Post Office Department workers' compensation |
(63) |
13 |
(21) |
| (Decrease) increase in employees' accumulated leave |
(156) |
(36) |
34 |
| (Decrease) increase in other liabilities |
(156) |
196 |
167 |
| Changes in current assets and liabilities: |
| Increase in receivables, net |
(394) |
(189) |
(19) |
| (Increase) decrease in supplies, advances and prepayments |
(39) |
(7) |
63 |
| (Decrease) increase in compensation and benefits |
(427) |
(877) |
310 |
| (Decrease) increase in estimated prepaid postage |
(151) |
(123) |
29 |
| Increase (decrease) in payables and accrued expenses |
1,276 |
(28) |
(283) |
| (Decrease) increase in prepaid box rentals, permit and metered mail |
(86) |
145 |
(103) |
| (Decrease) increase in outstanding postal money orders |
(218) |
(2) |
272
 |
| Net cash provided by operating activities |
6,405 |
1,443* |
1,255 |
|
| Cash flows from investing activities: |
| Purchase of property and equipment |
(1,314) |
(1,705) |
(2,961) |
| Proceeds from sale of property and equipment |
37
|
30*
|
29
|
| Net cash used in investing activities |
(1,277) |
(1,675)* |
(2,932) |
|
| Cash flows from financing activities: |
| U.S. government appropriations - received |
— |
762 |
— |
| U.S. government appropriations - expended |
(177) |
(179) |
— |
| Issuance of debt |
4,609 |
2,700 |
5,651 |
| Payments on debt |
(8,450)
|
(2,900)
|
(3,652)
|
| Net cash (used in) provided by financing activities |
(4,018) |
383 |
1,999 |
|
| Net increase in cash and cash equivalents |
1,110 |
151 |
322 |
| Cash and cash equivalents at beginning of year |
1,156
|
1,005
|
683
|
| Cash and cash equivalents at end of year |
$2,266
 |
$1,156
|
$1,005
|
|
| See accompanying notes to financial statements. |
|
| *Restatement of prior year |
