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2015 Report on Form 10-K United States Postal Service
UNITED STATES
POSTAL REGULATORY COMMISSION
Washington, D.C. 20268-0001
FORM 10-K
(Mark One)
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended SEPTEMBER 30, 2015
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________
Commission file number N/A
UNITED STATES POSTAL SERVICE
(Exact name of registrant as specified in its charter)
Washington, D.C. 41-0760000
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
475 L’Enfant Plaza, S.W.
Washington, DC 20260
(202) 268-2000
(Address and telephone number, including area code, of registrant’s principal executive offices)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Name of each exchange on which registered
N/A N/A
Securities registered pursuant to Section 12(g) of the Act:
None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.
Yes No
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90
days. Yes No Not Applicable
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be
submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit and post such files). Yes No Not Applicable
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be
contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment
to this Form 10-K. Yes No Not Applicable
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions
of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Not Applicable
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
The aggregate market value of shares of common stock held by non-affiliates as of March 31, 2015: N/A
The number of shares of common stock outstanding as of November 13, 2015: N/A
Documents Incorporated by Reference: None

Table of contents

  • Page 1
    ... 1934 For the fiscal year ended SEPTEMBER 30, 2015 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission file number N/A UNITED STATES POSTAL SERVICE (Exact name of registrant as specified in its charter...

  • Page 2
    United States Postal Service ANNUAL REPORT ON FORM 10-K For the Fiscal Year Ended September 30, 2015 Table of Contents Page Part I. ITEM 1. ITEM 1A. ITEM 1B. ITEM 2. ITEM 3. ITEM 4. Part II. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities ...

  • Page 3
    ... receive tax dollars for operating expenses and rely solely on the sale of postage, products and services to fund our operations. We serve individuals and commercial customers in the communications, distribution and delivery, advertising and retail markets throughout the nation and internationally...

  • Page 4
    ... 2015. PRICING AND CLASSIFICATION Market-Dominant services account for approximately 76% of our annual operating revenues. Such services include, but are not limited to, First-Class Mail, Standard Mail, Periodicals and certain parcel services. Price increases for these services are generally subject...

  • Page 5
    ... includes tracking, proof of delivery and basic insurance up to $100. Priority Mail Express delivery is offered to most U.S. destinations for delivery 365 days a year. International - Offered for mail service and the shipping market with individual customer contracts and agreements with other postal...

  • Page 6
    ... delivery performance every day. We have adjusted to changes in customer behaviors and demands to make accessing and using postal services more convenient. We have developed innovative mobile applications which enable customers to locate a post office, find a ZIP Code, track packages and shop online...

  • Page 7
    ... process each fiscal year for specific federal government departments, agencies and programs. Among other restrictions, such legislation requires us to maintain a six-day delivery schedule. We are also bound by postal-specific legislation, such as the PAEA, which impacts our financial performance...

  • Page 8
    ... sometimes adversely impact the speed with which we are able to respond to changes in mail volume or other operational needs. Limitations on our ability to take management action could adversely affect operating and financial results. 2015 Report on Form 10-K United States Postal Service 6

  • Page 9
    ... of online services. The volume of our Periodicals service continues to decline as consumers increasingly use electronic media for news and information. Periodical advertising has also experienced a decline as a result of the move to electronic media. 2015 Report on Form 10-K United States Postal...

  • Page 10
    ... vendors and customers are significant to the delivery of certain product lines. Our ability to maintain current or improved terms in our contracts with our customers and suppliers is critical to our initiatives to return to profitability. 2015 Report on Form 10-K United States Postal Service 8

  • Page 11
    ... and delivery and customer-utilized websites, could adversely impact customer service, mail volume and revenue and result in significant increased costs. Any significant systems failure could cause delays in the processing and delivering of mail or result in the inability to process operational and...

  • Page 12
    ..., which obligates us to fully fund, on an accelerated time frame, the health benefits of current retirees and current and future Postal Service employees who have not yet retired. Additionally, we are required to continue contributing to the FERS pension program at rates specified by the Office of...

  • Page 13
    ...the Postal Service's National Reassessment Process ("NRP") between the dates of May 5, 2006, and July 1, 2011. The NRP was a program that we utilized to ensure that our records regarding employees injured on the job were correct and that employees receiving workers' compensation benefits were placed...

  • Page 14
    ... due in 2011 was delayed until 2012. As a result, PSRHBF expenses were zero in 2011. PSRHBF expenses in 2012 totaled $11.1 billion which included $5.5 billion for the postponed 2011 amount and $5.6 billion for the scheduled 2012 amount. 2015 Report on Form 10-K United States Postal Service 12

  • Page 15
    ... those services, volume of mail and packages processed through our network and our ability to manage our cost structure in line with declining levels of mail volume, growth in more labor-intensive Shipping and Packages volume and an increasing number of delivery points. 2015 Compared with 2014 Our...

  • Page 16
    ... which revised the estimated liability associated with deferred revenueprepaid postage for Forever stamps. 3 Includes changes in assumptions and valuation of new claims and revaluation of existing claims less current year claim payments. 2015 Report on Form 10-K United States Postal Service 14

  • Page 17
    ... Package Service and Priority Mail Express. 4 Includes PO Box Services, Certified Mail, Return Receipts, Insurance, Other Ancillary Fees, Shipping and Mailing Supplies, Collect on Delivery, Registered Mail, Stamped Envelopes and Cards, Money Orders and Other services. 5 The 2013 change in accounting...

  • Page 18
    ... services, which can be priced to reflect current market conditions, and include Priority Mail and Priority Mail Express as well as business-oriented services such as Parcel Select and Parcel Return. First-Class Parcels and certain other package delivery services are part of Shipping and Packages...

  • Page 19
    ... packages. The price change included an average increase of 1.7% for Priority Mail services offered at post offices and other postal retail outlets. The changes were intended to offer more competitive pricing and build on Priority Mail's popularity with customers. 2015 Report on Form 10-K United...

  • Page 20
    ... 4.5% of total operating revenue for 2015, 2014 and 2013 (before the change in accounting estimate), respectively. A weaker global economy and increasing competition are the primary factors contributing to the decline in International mail revenue. Periodicals Periodicals, the service that provides...

  • Page 21
    ... essentially unchanged from 2013 to 2014. Beginning in 2013 our labor contracts permitted greater numbers of non-career employees, which allowed us to reduce career employee work hours and substitute non-career work hours at reduced rates. 2015 Report on Form 10-K United States Postal Service 19

  • Page 22
    ... May 20, 2015. The contract included a two-year wage freeze followed by modest increases and a lower wage scale for both new career and non-career employees. The contract also included a reduction in health benefits employer contribution rate. 2015 Report on Form 10-K United States Postal Service 20

  • Page 23
    ... 2014, and increased our annual retirement expense by approximately $500 million for the year ended September 30, 2015. The OPM announced that employer contributions for FERS as a percentage of employee basic pay will increase to 13.7% in 2016. 2015 Report on Form 10-K United States Postal Service...

  • Page 24
    ..., no mechanism exists for us to formally appeal OPM's determination. However, in the event that OPM publishes new government-wide contribution rates, any participating U.S. government employer may request that OPM use such employer's 2015 Report on Form 10-K United States Postal Service 22

  • Page 25
    ... 30, 2013, the most recent date of available data, the CSRS Plan for all U.S. government employers, excluding Postal Service funds, was less than 65% funded, although the FERS Plan, excluding Postal Service funds, was greater than 80% funded. 2015 Report on Form 10-K United States Postal Service 23

  • Page 26
    ... for the next five years: (in billions) CSRS Contributions 2016 2017 2018 2019 2020 $0.1 0.1 0.1 0.1 0.1 Total Benefit Payments $12.5 12.8 13.1 13.3 13.4 FERS Contributions $3.5 3.5 3.4 3.4 3.3 Total Benefit Payments $2.5 2.9 3.2 3.6 4.1 2015 Report on Form 10-K United States Postal Service 24

  • Page 27
    ... billion for the year ended September 30, 2015, essentially unchanged from the 2014 expense. In 2014, employee health benefits expense declined $147 million from 2013, the result of lower career complement levels throughout much of the year. 2015 Report on Form 10-K United States Postal Service 25

  • Page 28
    ... used to determine the liability are the same the assumptions used under OPM's methodology, except that the average government share of premium payments for annuitants is substituted for annuitant medical costs less annuitant premium payments. 2015 Report on Form 10-K United States Postal Service...

  • Page 29
    ... the impact of discount rate changes, which are the result of interest rate fluctuations outside of management's control. Payments made by the DOL on behalf of workers' compensation obligations increased by $57 million between 2015 and 2014. 2015 Report on Form 10-K United States Postal Service 27

  • Page 30
    ...% reduction in average jet fuel prices, affecting our air network. International transportation costs decreased primarily due to the decrease in international outbound mail volume. The decline in air transportation expenses in 2014 was primarily attributable to a new air cargo contract with a major...

  • Page 31
    ... in annual operating expenses. Our business continues to face challenges due to the ongoing migration of mail to electronic alternatives, and we are legally limited in how we can price our products and streamline our legacy business model. 2015 Report on Form 10-K United States Postal Service 29

  • Page 32
    ...2016, absent a successful appeal, the prices of most Market-Dominant services will decline, which will have an adverse impact on our future operating revenue and liquidity. Price Increases On May 7, 2015, the PRC approved price increases and classifications for Standard Mail, Periodicals and Package...

  • Page 33
    ... payment for retiree health benefits. This requirement to prefund retiree health benefit obligations, which is not imposed on most other federal agencies or private sector businesses, and the ongoing decline in First-Class Mail volume caused by changes in consumers' and businesses' uses of mail...

  • Page 34
    ... obligations. Purchase obligations generally pertain to items that are expensed when received or amortized over a short period of time. Capital commitments and purchase obligations are not reflected on the Balance Sheets. 5 Employees' leave includes both annual and holiday leave. Our status as an...

  • Page 35
    ...Legislative Update Our Legislative Update section provides ongoing insights into the legislative and policy processes that may affect us and our operations. APPROPRIATIONS On September 30, 2015, the U.S. Senate and House of Representatives passed H.R. 719, the TSA Office of Inspection Accountability...

  • Page 36
    Our transactional revenue systems in post offices, as well as on www.usps.com where customers pay for services with credit and debit cards, were not affected by this incident. We believe that no customer credit or debit card information from retail or online purchases was compromised. During 2015 we...

  • Page 37
    .... Commodity Prices Risk We currently have market risk for changes in fuel and natural gas costs. As of September 30, 2015, we estimated that a 1% increase in fuel and natural gas would have resulted in a $23 million increase in expense. 2015 Report on Form 10-K United States Postal Service 35

  • Page 38
    ... efficiency, reduce costs and increase revenues. Due to these conditions, during fiscal year 2015, the Postal Service defaulted on a $5.7 billion prefunding payment required to be paid to the Postal Service Retiree Health Benefits Fund by Public Law (P.L.) 109-435, the Postal Accountability and...

  • Page 39
    United States Postal Service Statements of Operations (in millions) 2015 Revenue Operating revenue Other revenue Total revenue Operating expenses Compensation and benefits Retiree health benefits Workers' compensation Transportation Other operating expenses Total operating expenses Loss from ...

  • Page 40
    ...: Compensation and benefits Retiree health benefits Workers' compensation costs Payables and accrued expenses Deferred revenue-prepaid postage Customer deposit accounts Other current liabilities Current portion of debt Total current liabilities Workers' compensation costs, noncurrent Employees...

  • Page 41
    ...,331) (5,060) (50,391) Balance, September 30, 2012 Net loss Balance, September 30, 2013 Net loss Balance, September 30, 2014 Net loss Balance, September 30, 2015 See accompanying notes to the financial statements. $ $ $ $ $ $ $ $ $ 2015 Report on Form 10-K United States Postal Service 39

  • Page 42
    ... revenue (Decrease) increase in other noncurrent liabilities Changes in current assets and liabilities: Receivables, net Other assets Retiree health benefits Payables, accrued expenses and other Deferred revenue-prepaid postage, prepaid box rents and other Net cash provided by operating activities...

  • Page 43
    ...usps.com. The Postal Service delivers to approximately 155 million city, rural, PO Box and highway delivery points. Operations are conducted primarily in the domestic market, with international revenue representing 4.0%, 4.3% and 4.5% of operating revenue for the years ended September 30, 2015, 2014...

  • Page 44
    ... in the accompanying Balance Sheets. Retiree Benefits Employees are eligible to participate in the federal government pension and retiree health benefits programs. The Postal Service is required to provide funding for these plans as determined by the Office of Personnel Management ("OPM"), the...

  • Page 45
    ...funding requirements change. See Note 9 - Retirement Plans and Note 10 - Health Benefits Plans for additional information. Workers' Compensation Postal Service employees are covered by the Federal Employees' Compensation Act ("FECA"), administered by the Department of Labor ("DOL") Office of Workers...

  • Page 46
    ...U.S. government entities. See Note 3 - Related Parties for additional information. Recent Accounting Standards ASU 2014-09 In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2014-09 Revenue from Contracts with Customers ("ASU 2014-09"). The new standard...

  • Page 47
    ...The Postal Service implemented a realignment of its operations to further reduce costs and strengthen its finances. These operational realignments included reductions in the number of mail processing operations, realignment of retail office hours 2015 Report on Form 10-K United States Postal Service...

  • Page 48
    ... processing equipment in order to remain operationally competitive. The Postal Service continues to pursue legislation that will enable it to increase its revenue and reduce its costs. Initiatives include transition to a new delivery schedule, reforms that would establish a set of health care plans...

  • Page 49
    ... sales to its three largest commercial customers, excluding mail service providers, for the year ended September 30, 2015, 2014 and 2013 represented approximately 5.1%, 4.1% and 4.2% of operating revenue, respectively. The following table details Receivables, net from the accompanying Balance Sheets...

  • Page 50
    ... sales with the difference representing the Postal Service's obligation to perform future services. That obligation is reduced by recognizing a provision for postage sold that may never be used, either through loss, damage or stamp-collecting activity. Metered postage is primarily used by businesses...

  • Page 51
    ... revenue-prepaid postage is an estimate for mail that is in-transit within the Postal Service processing and delivery network. The following table provides details for Deferred revenue-prepaid postage from the accompanying Balance Sheets as of September 30, 2015, and 2014: (in millions) 2015...

  • Page 52
    ... 3.296 3.704 3.513 2.066 3.770 3.790 300 500 700 1,000 500 1,000 200 1,000 5,200 $ 15,000 2.844 3.048 3.296 3.704 3.513 2.066 3.770 3.790 2015 Report on Form 10-K United States Postal Service 50

  • Page 53
    ... as capital leases was approximately $44 million, $44 million and $47 million for the years ended September 30, 2015, 2014 and 2013, respectively and is included within Other operating expense in the accompanying Statements of Operations. 2015 Report on Form 10-K United States Postal Service 51

  • Page 54
    ... deems reasonably possible of an unfavorable outcome, which ranged from $185 million to $686 million and $325 million to $925 million at September 30, 2015, and 2014, respectively. The Postal Service has not recorded accruals for these reasonably 2015 Report on Form 10-K United States Postal Service...

  • Page 55
    ... by the Federal Retirement Thrift Investment Board. As indicated in Note 1 - Organization and Summary of Significant Accounting Policies, approximately 91% of Postal Service career employees are covered by collective bargaining agreements. As government-sponsored benefit plans, CSRS and FERS are not...

  • Page 56
    ... of its employees is subject to collective bargaining agreements. Retiree Health Benefits Postal Service retirees who participated in FEHB for the five years immediately preceding their retirement may continue to participate in the plan during retirement. The Postal Service pays its employer portion...

  • Page 57
    ... of new and existing cases, the Postal Service uses an estimation model that combines four generally-accepted actuarial valuation techniques based upon past claim-payment experience and exposure to claims as measured by total employee hours worked. The inflation and discount rates, used to calculate...

  • Page 58
    ... $ 1,760 $ $ 2014 485 45 1,956 68 2,554 2013 $ (1,745) 949 1,789 68 $ 1,061 Impact of discount rate changes Actuarial revaluation of existing cases Costs of new cases Administrative fee Total workers' compensation expense Change in Estimate The Postal Service revised the calculation used in its...

  • Page 59
    ... year. For free and reduced mail, the Postal Service recognized revenue of $63 million, $52 million and $41 million for the years ended September 30, 2015, 2014 and 2013, respectively, and this is included within Operating Revenue in the accompanying Statements of Operations. Outstanding receivables...

  • Page 60
    ... $ $ 511 5,394 Carrying Amount $ $ 2014 Fair Value $ $ 505 5,565 Revenue forgone Noncurrent portion of debt $ $ 413 4,900 420 5,200 The carrying amount of the current portion of debt approximates the fair value for both 2015 and 2014. 2015 Report on Form 10-K United States Postal Service 58

  • Page 61
    ... from operations Interest income (expense), net Net loss $ 17,994 18,306 (312) (42) (354) Quarter 2 $ 16,727 18,559 (1,832) (40) (1,872) Quarter 3 $ 16,504 18,421 (1,917) (38) (1,955) Quarter 4 $ 16,605 17,892 (1,287) (40) (1,327) $ $ $ $ 2015 Report on Form 10-K United States Postal Service...

  • Page 62
    ...that information required to be disclosed in quarterly and annual reports is recorded, processed, summarized and reported within the time frames specified by PAEA and that this information is accumulated and communicated to management, including the Postmaster General and Chief Financial Officer, as...

  • Page 63
    ... the standards of the Public Company Accounting Oversight Board (United States), the balance sheets of the United States Postal Service as of September 30, 2015, and 2014, and the related statements of operations, changes in net deficiency, and cash flows for each of the three years in the period...

  • Page 64
    ... to exercise those powers vested solely in the Governors, upon the concurrence of an absolute majority of the Governors then in office. For ease of use, references to the "Board" or the "Board of Governors" encompass the TEC as appropriate. 2015 Report on Form 10-K United States Postal Service 62

  • Page 65
    ... The Postal Service had eight executive officers as of September 30, 2015, as per the schedule below: Name and Age Megan J. Brennan Age 53 Positions and Experience 74th Postmaster General and Chief Executive Officer since February 2015 and a member of the Board since February 2015. Chief Operating...

  • Page 66
    ... be paid compensation "at a rate in excess of the rate for level I of the Executive Schedule under section 5312 of title 5" of the U.S. Code. 39 U.S.C. §1003(a). In calendar year 2015, the upper limit on federal salaries rose 1% to $203,700. 2015 Report on Form 10-K United States Postal Service 64

  • Page 67
    ... increase in their basic compensation in calendar year 2015, in addition to step increases and available awards. Furthermore the U.S. government pay freeze applied only to COLAs and not to longevity (step-increase) raises or performance awards. 2015 Report on Form 10-K United States Postal Service...

  • Page 68
    ... made for a particular goal if we or the individual fails to meet minimum acceptable performance standards. The payment of PFP incentives may sometimes be deferred for future payment where required due to the compensation caps discussed above. 2015 Report on Form 10-K United States Postal Service 66

  • Page 69
    ...decline in First-Class Mail volume over the past several years, management continued to take aggressive actions within its control to reduce costs, provide excellent service and secure revenue. Despite the many significant accomplishments of our management team during fiscal year 2015, the Governors...

  • Page 70
    ... may make a separate catch-up contribution up to the indexed IRS maximum ($6,000 in 2015). TSP investment options are a government securities fund; index funds that track the Barclays Capital Aggregate Bond Index, the S&P 500, the Dow Jones 2015 Report on Form 10-K United States Postal Service 68

  • Page 71
    ... officers: periodic physical examinations, parking, financial counseling services and membership in up to two airline clubs per year. In November 2015, the Governors, in connection with their annual review of the compensation and benefits for the Postmaster General and Deputy Postmaster General...

  • Page 72
    ..., the Compensation Committee members recommended to the Governors that this Compensation Discussion and Analysis be included in this report. /s/ Governor Ellen C. Williams, Chairman /s/ Governor Louis J. Giuliano /s/ Governor James H. Bilbray 2015 Report on Form 10-K United States Postal Service 70

  • Page 73
    ... a named executive officer in FY14 or FY13 and, as such, information for fiscal years 2014 and 2013 are not reported Column (d) Ms. Brennan received an award in FY14 for efficiency / cost savings initiatives while in the position of Chief Operating Officer. Mr. Marshall received a Board of Governor...

  • Page 74
    ... lump-sum performance retention payment required by his employment agreement which has been deferred. Column (c) The Postal Service calculates interest on deferred compensation semi-annually at 5.0% per year for Mr. Corbett per contract, others are calculated at the Federal Long Term Rate; 4.43% in...

  • Page 75
    ... to receive the federal employer's standard contribution toward retiree health benefits, in the event they have qualifying service and participated in the Federal Employees Health Benefits Plan for the requisite period of time prior to retiring. Deferred Compensation All federal employees, including...

  • Page 76
    ... with the annual audit, the reviews of the Postal Service's quarterly reports on Form 10-Q and testing of the company's internal control over financial reporting. The Postal Service did not incur any other fees from its independent auditors. 2015 Report on Form 10-K United States Postal Service 74

  • Page 77
    ... in the Postal Service's financial statements or the notes thereto. 3. Exhibits 10.1 31.1 Employment/Compensation Contract with Joseph Corbett, Chief Financial Officer (filed with the PRC on January 29, 2009, as Exhibit No. 10.1 to the Current Report on Form 8-K). Certificate of USPS Principal...

  • Page 78
    .... United States Postal Service /s/Megan J. Brennan Megan J. Brennan Postmaster General and Chief Executive Officer Date: November 13, 2015 /s/Joseph Corbett Joseph Corbett Chief Financial Officer and Executive Vice President Date: November 13, 2015 2015 Report on Form 10-K United States Postal...

  • Page 79
    ... General and Chief Executive Officer Board Member and Deputy Postmaster General Chief Financial Officer and Executive Vice President, (Principal Financial Officer) Acting Vice President, Finance and Planning (Principal Accounting Officer) 2015 Report on Form 10-K United States Postal Service...

  • Page 80
    ...'s Board of Governors (or persons performing the equivalent functions): a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Postal Service's ability to record, process...

  • Page 81
    ...'s Board of Governors (or persons performing the equivalent functions): a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Postal Service's ability to record, process...

  • Page 82
    ... in the Report fairly presents, in all material respects, the financial condition and results of operations of the Postal Service. Dated: November 13, 2015 /s/Megan J. Brennan Megan J. Brennan Postmaster General and Chief Executive Officer 2015 Report on Form 10-K United States Postal Service 80

  • Page 83
    ... in the Report fairly presents, in all material respects, the financial condition and results of operations of the Postal Service. Dated: November 13, 2015 /s/Joseph Corbett Joseph Corbett Chief Financial Officer and Executive Vice President 2015 Report on Form 10-K United States Postal Service 81