Pitney Bowes Announces Second Quarter 2016 Financial Results

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

	June 30,			December 31,
Assets	2016			2015 ⁽¹⁾
Current assets:
Cash and cash equivalents	$	675,972		$	650,557
Short-term investments		74,809			117,021
Accounts receivable, net		431,580			476,583
Short-term finance receivables, net		918,974			918,383
Inventories		110,960			88,824
Current income taxes		12,186			6,584
Other current assets and prepayments		61,039			67,400

Total current assets		2,285,520			2,325,352

Property, plant and equipment, net		309,491			330,088
Rental property and equipment, net		172,269			177,515
Long-term finance receivables, net		693,589			760,657
Goodwill		1,752,714			1,745,957
Intangible assets, net		172,785			187,378
Noncurrent income taxes		66,942			70,294
Other assets		510,267			525,891

Total assets	$	5,963,577		$	6,123,132

Liabilities, noncontrolling interests and stockholders' equity
Current liabilities:
Accounts payable and accrued liabilities	$	1,345,653		$	1,448,321
Current income taxes		7,235			16,620
Current portion of long-term debt and notes payable		470,058			461,085
Advance billings		308,728			353,025

Total current liabilities		2,131,674			2,279,051

Deferred taxes on income		212,607			205,668
Tax uncertainties and other income tax liabilities		69,803			68,429
Long-term debt		2,623,764			2,489,583
Other noncurrent liabilities		550,546			605,310

Total liabilities		5,588,394			5,648,041

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		489			505
Common stock, $1 par value		323,338			323,338
Additional paid-in-capital		148,154			161,280
Retained earnings		5,196,194			5,155,537
Accumulated other comprehensive loss		(840,427	)		(888,635	)
Treasury stock, at cost		(4,748,936	)		(4,573,305	)

Total Pitney Bowes Inc. stockholders' equity		78,813			178,721

Total liabilities, noncontrolling interests and stockholders' equity	$	5,963,577		$	6,123,132

⁽¹⁾		Certain prior year amounts have been revised for accounting rules that became effective January 1, 2016 and to conform to current year presentation.

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