diff --git a/builtins/cd.def b/builtins/cd.def
index b87c5d9d..2482e4c9 100644
--- a/builtins/cd.def
+++ b/builtins/cd.def
@@ -343,75 +343,78 @@ cd_builtin (list)
       return (EXECUTION_FAILURE);
     }
 #endif
-  else if (list->word->word[0] == '-' && list->word->word[1] == '\0')
+  else
     {
-      /* This is `cd -', equivalent to `cd $OLDPWD' */
-      dirname = get_string_value ("OLDPWD");
-
-      if (dirname == 0)
+      if (list->word->word[0] == '-' && list->word->word[1] == '\0')
 	{
-	  builtin_error (_("OLDPWD not set"));
-	  return (EXECUTION_FAILURE);
-	}
+	  /* This is `cd -', equivalent to `cd $OLDPWD' */
+	  dirname = get_string_value ("OLDPWD");
+
+	  if (dirname == 0)
+	    {
+	      builtin_error (_("OLDPWD not set"));
+	      return (EXECUTION_FAILURE);
+	    }
+
 #if 0
-      lflag = interactive ? LCD_PRINTPATH : 0;
+	  lflag = interactive ? LCD_PRINTPATH : 0;
 #else
-      lflag = LCD_PRINTPATH;		/* According to SUSv3 */
+	  lflag = LCD_PRINTPATH;		/* According to SUSv3 */
 #endif
-    }
-  else if (absolute_pathname (list->word->word))
-    dirname = list->word->word;
-  else if (privileged_mode == 0 && (cdpath = get_string_value ("CDPATH")))
-    {
-      dirname = list->word->word;
+	}
+      else
+	dirname = list->word->word;

-      /* Find directory in $CDPATH. */
-      path_index = 0;
-      while (path = extract_colon_unit (cdpath, &path_index))
+      if (!absolute_pathname (dirname) &&
+	  privileged_mode == 0 &&
+	  (cdpath = get_string_value ("CDPATH")))
 	{
-	  /* OPT is 1 if the path element is non-empty */
-	  opt = path[0] != '\0';
-	  temp = sh_makepath (path, dirname, MP_DOTILDE);
-	  free (path);
-
-	  if (change_to_directory (temp, no_symlinks, xattrflag))
+	  /* Find directory in $CDPATH. */
+	  path_index = 0;
+	  while (path = extract_colon_unit (cdpath, &path_index))
 	    {
-	      /* POSIX.2 says that if a nonempty directory from CDPATH
-		 is used to find the directory to change to, the new
-		 directory name is echoed to stdout, whether or not
-		 the shell is interactive. */
-	      if (opt && (path = no_symlinks ? temp : the_current_working_directory))
-		printf ("%s\n", path);
-
-	      free (temp);
+	      /* OPT is 1 if the path element is non-empty */
+	      opt = path[0] != '\0';
+	      temp = sh_makepath (path, dirname, MP_DOTILDE);
+	      free (path);
+
+	      if (change_to_directory (temp, no_symlinks, xattrflag))
+		{
+		  /* POSIX.2 says that if a nonempty directory from CDPATH
+		     is used to find the directory to change to, the new
+		     directory name is echoed to stdout, whether or not
+		     the shell is interactive. */
+		  if (opt && (path = no_symlinks ? temp : the_current_working_directory))
+		    printf ("%s\n", path);
+
+		  free (temp);
 #if 0
-	      /* Posix.2 says that after using CDPATH, the resultant
-		 value of $PWD will not contain `.' or `..'. */
-	      return (bindpwd (posixly_correct || no_symlinks));
+		  /* Posix.2 says that after using CDPATH, the resultant
+		     value of $PWD will not contain `.' or `..'. */
+		  return (bindpwd (posixly_correct || no_symlinks));
 #else
-	      return (bindpwd (no_symlinks));
+		  return (bindpwd (no_symlinks));
 #endif
+		}
+	      else
+		free (temp);
 	    }
-	  else
-	    free (temp);
-	}

 #if 0
-      /* changed for bash-4.2 Posix cd description steps 5-6 */
-      /* POSIX.2 says that if `.' does not appear in $CDPATH, we don't
-	 try the current directory, so we just punt now with an error
-	 message if POSIXLY_CORRECT is non-zero.  The check for cdpath[0]
-	 is so we don't mistakenly treat a CDPATH value of "" as not
-	 specifying the current directory. */
-      if (posixly_correct && cdpath[0])
-	{
-	  builtin_error ("%s: %s", dirname, strerror (ENOENT));
-	  return (EXECUTION_FAILURE);
-	}
+	  /* changed for bash-4.2 Posix cd description steps 5-6 */
+	  /* POSIX.2 says that if `.' does not appear in $CDPATH, we don't
+	     try the current directory, so we just punt now with an error
+	     message if POSIXLY_CORRECT is non-zero.  The check for cdpath[0]
+	     is so we don't mistakenly treat a CDPATH value of "" as not
+	     specifying the current directory. */
+	  if (posixly_correct && cdpath[0])
+	    {
+	      builtin_error ("%s: %s", dirname, strerror (ENOENT));
+	      return (EXECUTION_FAILURE);
+	    }
 #endif
+	}
     }
-  else
-    dirname = list->word->word;

   /* When we get here, DIRNAME is the directory to change to.  If we
      chdir successfully, just return. */