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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