Pitney Bowes Announces First Quarter 2015 Financial Results

Pitney Bowes Inc.
Consolidated Balance Sheets

(Unaudited in thousands, except per share data)

 
 

March 31,

 

December 31,

Assets

2015

2014

Current assets:
Cash and cash equivalents $ 871,687 $ 1,079,145
Short-term investments 41,741 32,121
 
Accounts receivable, gross 389,744 424,479
Allowance for doubtful accounts receivable   (10,166 )   (10,742 )
Accounts receivable, net 379,578 413,737
 
Short-term finance receivables 979,495 1,019,412
Allowance for credit losses   (17,422 )   (19,108 )
Short-term finance receivables, net 962,073 1,000,304
 
Inventories 95,029 84,827
Current income taxes 36,743 40,542
Other current assets and prepayments 67,881 57,173
Assets held for sale   43,750     52,271  
 
Total current assets 2,498,482 2,760,120
 
Property, plant and equipment, net 288,680 285,091
Rental property and equipment, net 193,369 200,380
 
Long-term finance receivables 782,702 828,723
Allowance for credit losses   (7,479 )   (9,002 )
Long-term finance receivables, net 775,223 819,721
 
Goodwill 1,635,171 1,672,721
Intangible assets, net 72,172 82,173
Non-current income taxes 85,259 96,377
Other assets   561,087     569,110  
 
Total assets $ 6,109,443   $ 6,485,693  
 

Liabilities, noncontrolling interests and stockholders' equity

Current liabilities:
Accounts payable and accrued liabilities $ 1,354,876 $ 1,558,731
Current income taxes 102,347 90,167
Current portion of long-term obligations 520,914 324,879
Advance billings   409,381     386,846  
 
Total current liabilities 2,387,518 2,360,623
 
Deferred taxes on income 66,775 64,839
Tax uncertainties and other income tax liabilities 88,381 86,127
Long-term debt 2,554,317 2,927,127
Other non-current liabilities   661,147     673,348  
 
Total liabilities   5,758,138     6,112,064  
 
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 543 548
Common stock, $1 par value 323,338 323,338
Additional paid-in-capital 152,869 178,852
Retained earnings 4,940,505 4,897,708
Accumulated other comprehensive loss (908,647 ) (846,156 )
Treasury stock, at cost   (4,453,674 )   (4,477,032 )
 
Total Pitney Bowes Inc. stockholders' equity   54,935     77,259  
 
Total liabilities, noncontrolling interests and stockholders' equity $ 6,109,443   $ 6,485,693  
 

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