Additionally, P.L.109-435 requires us to file with the PRC a number of financial reports. These include quarterly reports containing information required by the SEC to be filed on Form 10-Q within 40 days after the end of each fiscal quarter, an annual report containing information required by the SEC on Form 10-K within 60 days after the end of each fiscal year, and current reports containing information required by the SEC on Form 8-K within the prescribed time frame. Our first filings were completed in 2008. Further, P.L.109-435 requires the Postal Service to comply with the rules prescribed by the SEC implementing Section 404 of the Sarbanes-Oxley Act of 2002, which pertain to reporting on the effectiveness of our financial internal controls. The requirement to comply with Section 404 is effective beginning with the 2010 annual report.
Since the law’s enactment, we have been meeting its requirements by the applicable deadlines. We have successfully worked with the mailing community, the PRC, and our unions and management associations to make the transition as smooth as possible for all stakeholders.
Strategy
The Government Performance and Results Act (GPRA) requires federal agencies to develop and publish a five-year strategic plan. The Postal Service updates its plan annually to accommodate ongoing business environment changes. This annual planning process incorporates an assessment of recent performance, refinement of strategies, and prioritization of objectives, programs, and budgets to optimize results.
In October 2008, we published Vision 2013, our five-year strategic plan, covering the period 2009-2013. Vision 2013 was designed to build upon the successes of the Postal Service’s Strategic Transformation Plan, which helped guide multiple improvements in service, efficiency, and workplace conditions. With Vision 2013, the Postal Service commits to continuing this progress. It acknowledges that postal customers and the entire mailing industry are hard-pressed by current economic conditions, and notes that continued service improvements and cost reductions are crucial. The Postal Service will continue to strengthen its core operations and services, balancing an immediate and urgent need to reduce costs with a continued commitment to strategies such as Intelligent Mail, that are essential to our future. However, in the long term, the Postal Service cannot survive on cost cutting alone; and service improvements will not, by themselves, halt revenue diversion or attract new customers. Growth is crucial to the future of affordable universal mail service. Vision 2013 also offers a broad perspective of what it will take to continue to provide affordable, universal service and sustain a strong, viable Postal Service for future generations.
It describes strategies to grow the business by adapting to changing customer needs; to create new customer value by the Postal Service leveraging its strengths; and to embrace change — incorporating new technology and new approaches to respond more quickly to a rapidly evolving business environment.
Vision 2013 is available online at:
www.usps.com/strategicplanning/vision2013.htm.
Segments
We operate in one segment throughout the United States, its possessions, territories, and internationally.
Services
The Postal Service is the centerpiece of the U.S. mailing industry, providing a wide variety of services to meet almost any mailing need. Services include the Mailing Services and Shipping Services described below.
Mailing Services
First-Class Mail — Includes domestic and international postcards, letters, or any other advertisement or merchandise up to 13 ounces. This service (or Express Mail or Priority Mail) is required for personal correspondence, handwritten or typewritten letters, and bills or statements of account.
Standard Mail — Is offered for any item, including advertisements and merchandise weighing less than 16 ounces, that is not required to be sent using First-Class Mail. Standard Mail is typically used for bulk advertising to multiple delivery addresses. Content restrictions apply for authorized nonprofit mailers.
Periodicals — Are offered for newspaper, magazine, and newsletter distribution and require prior authorization by the Postal Service.
Package Services — Are offered for any merchandise or printed matter weighing up to 70 pounds. These services include Single Piece Parcel Post, Bound Printed Matter, Library Mail, and Media Mail.
Special Services — Offer a variety of enhancements that add value to mail services. Many provide added security, proof of delivery, or loss recovery. Examples of these services include: Certified Mail, Registered Mail, Delivery Confirmation, Signature Confirmation, and insurance up to $1,000.