US Postal Service 2006 Annual Report Download - page 49

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2006 Annual Report United States Postal Service | 47
Statements of Cash Flows
Years Ended September 30,
2006 2005 2004
(Dollars in millions)
Cash Flows from Operating Activities:
Net income $ 900 $ 1,445 $ 3,065
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 2,149 2,089 2,145
(Gain) loss on disposals of property and equipment, net (40) 5 71
(Increase) decrease in appropriations receivable revenue forgone (18) (15) 4
Increase (decrease) in workers’ compensation liability 342 (58) 343
Increase in employees accumulated leave 100 10 74
(Decrease) increase in non-current deferred appropriations revenue (61) (99) 288
(Decrease) in other non-current liabilities (66) (12) (76)
Changes in current assets and liabilities:
Decrease in receivables, net 169 16 167
(Increase) decrease in supplies, advances and prepayments (5) 20 146
Increase in compensation and benefits 204 314 106
(Decrease) in deferred revenue-prepaid postage (13) (56) (93)
Increase (decrease) in payables and accrued expenses 148 (158) (82)
(Decrease) increase in customer deposit accounts (73) 114 40
Increase (decrease) in outstanding postal money orders 55 63 (1)
(Decrease) increase in prepaid box rent and other deferred revenue (23) 52 (368)
Net Cash Provided by Operating Activities 3,768 3,730 5,829
Cash Flows from Investing Activities:
Increase in restricted cash (2,958) – –
Purchase of property and equipment (2,630) (2,317) (1,685)
Proceeds from sale of property and equipment 114 31 26
Net Cash Used in Investing Activities (5,474) (2,286) (1,659)
Cash Flows from Financing Activities:
Issuance of debt 2,100 – –
Payments on debt – (1,800) (5,473)
Payments for capital lease obligations (37) 16 (48)
U.S. government appropriations - received – 503 –
U.S. government appropriations - expended (85) (45) (92)
Net Cash Provided by (used in) Financing Activities 1,978 (1,326) (5,613)
Net increase (decrease) in cash and cash equivalents 272 118 (1,443)
Cash and cash equivalents at beginning of year 725 607 2,050
Cash and Cash Equivalents at End of Year $ 997 $ 725 $ 607
See accompanying notes to the financial statements
(40)
(18) (15)
(58)
(61) (99)
(66) (12) (76)
(5)
(13) (56) (93)
(158) (82)
(73)
(1)
(23) (368)
(2,958)
(2,630) (2,317) (1,685)
(5,474) (2,286) (1,659)
(1,800) (5,473)
(85)
(37) (48)
(45) (92)
(1,326) (5,613)
(1,443)