Pitney Bowes Announces Full Year and Fourth Quarter 2015

Pitney Bowes Announces Full Year and Fourth Quarter 2015 Financial Results


Pitney Bowes Inc.
Consolidated Balance Sheets
(Unaudited; in thousands, except per share data)

Assets	December 31, 2015			December 31, 2014 ⁽¹⁾
Current assets:
Cash and cash equivalents	$	677,431		$	1,079,145
Short-term investments		102,122			32,121

Accounts receivable, gross		466,589			448,017
Allowance for doubtful accounts		(9,262	)		(10,742	)
Accounts receivable, net		457,327			437,275

Short-term finance receivables		950,684			1,019,412
Allowance for credit losses		(15,514	)		(19,108	)
Short-term finance receivables, net		935,170			1,000,304

Inventories		88,824			84,827
Current income taxes		6,584			28,584
Other current assets and prepayments		64,325			57,173
Assets held for sale		-			52,271

Total current assets		2,331,783			2,771,700

Property, plant and equipment, net		330,088			285,091
Rental property and equipment, net		180,662			200,380

Long-term finance receivables		769,303			828,723
Allowance for credit losses		(6,249	)		(9,002	)
Long-term finance receivables, net		763,054			819,721

Goodwill		1,745,957			1,672,721
Intangible assets, net		187,378			82,173
Non-current income taxes		70,294			98,806
Other assets		532,245			569,110

Total assets	$	6,141,461		$	6,499,702

Liabilities, noncontrolling interests and stockholders' equity
Current liabilities:
Accounts payable and accrued liabilities	$	1,457,614		$	1,572,971
Current income taxes		16,620			30,527
Current portion of long-term debt and notes payable		461,085			324,879
Advance billings		353,025			386,846

Total current liabilities		2,288,344			2,315,223

Deferred taxes on income		205,668			114,950
Tax uncertainties and other income tax liabilities		68,429			86,127
Long-term debt		2,507,912			2,927,127
Other non-current liabilities		596,017			682,646

Total liabilities		5,666,370			6,126,073

Noncontrolling interests (Preferred stockholders' equity in subsidiaries)		296,370			296,370

Stockholders' equity:
Cumulative preferred stock, $50 par value, 4% convertible		1			1
Cumulative preference stock, no par value, $2.12 convertible		505			548
Common stock, $1 par value		323,338			323,338
Additional paid-in-capital		161,280			178,852
Retained earnings		5,155,537			4,897,708
Accumulated other comprehensive loss		(888,635	)		(846,156	)
Treasury stock, at cost		(4,573,305	)		(4,477,032	)
Total Pitney Bowes Inc. stockholders' equity		178,721			77,259

Total liabilities, noncontrolling interests and stockholders' equity	$	6,141,461		$	6,499,702

⁽¹⁾ Certain prior year amounts have been revised.

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