strategic-management

146 FRED AND FOREST DAVID
EXHIBIT 12 USPS Balance Sheet (dollars in millions)—continued
2008 2007
Other 187 223
Receivables before allowances 770 803
Less allowances 41 44
Total receivables, net 729 759
Supplies, advances and prepayments 193 201
Total Current Assets 2,354 1,859
Property and Equipment, at Cost: Buildings 22,269 21,591
Equipment 21,544 21,060
Land 2,971 2,914
Leasehold improvements 914 842
47,698 46,407
Less allowances for depreciation and amortization 25,886 24,688
21,812 21,719
Construction in progress 1,381 1,877
Total Property and Equipment, Net 23,193 23,596
Other Assets—Principally Revenue
Forgone Receivable 439 392
Total Assets $ 25,986 $ 25,847
Liabilities and Net (Deficiency) Capital
Current Liabilities:
Compensation and benefits $ 3,466 $ 3,571
Payables and accrued expenses:
Trade payables and accrued expenses 1,246 1,503
Foreign countries 413 452
U.S. government 85 111
Total payables and accrued expenses 1,744 2,066
Customer deposit accounts 1,449 1,499
Deferred revenue-prepaid postage 1,689 1,142
Outstanding postal money orders 720 847
Prepaid box rent and other deferred revenue 461 479
Debt 7,200 4,200
Total Current Liabilities 16,729 13,804
Noncurrent Liabilities:
Workers’ compensation costs 7,003 6,800
Employees’ accumulated leave 2,208 2,129
Deferred appropriation and other revenue 525 591
Long-term portion capital lease obligations 587 618
Deferred gains on sales of property 312 310
Contingent liabilities and other 294 461
Total Noncurrent Liabilities 10,929 10,909
Total Liabilities 27,658 24,713
Net Capital
Capital contributions of the U.S. government 3,034 3,034
Deficit since 1971 reorganization (4,706) (1,900)
Total Net (Deficiency) Capital (1,672) 1,134
Total Liabilities and Net (Deficiency) Capital $ 25,986 $ 25,847
Source: www.usps.com.