Pitney Bowes Announces First Quarter 2014 Results

       
Pitney Bowes Inc.
Consolidated Balance Sheets

(Unaudited in thousands, except per share data)

 

Assets

March 31,
2014

December 31,
2013

Current assets:
Cash and cash equivalents $ 903,342 $ 907,806
Short-term investments 27,060 31,128
 
Accounts receivable, gross 444,149 482,949
Allowance for doubtful accounts receivable   (13,900 )   (13,149 )
Accounts receivable, net 430,249 469,800
 
Finance receivables 1,095,183 1,127,261
Allowance for credit losses   (23,607 )   (24,340 )
Finance receivables, net 1,071,576 1,102,921
 
Inventories 100,956 103,580
Current income taxes 30,006 28,934
Other current assets and prepayments 125,065 147,067
Assets held for sale   127,038     46,976  
 
Total current assets 2,815,292 2,838,212
 
Property, plant and equipment, net 237,901 245,171
Rental property and equipment, net 219,512 226,146
 
Finance receivables 886,853 974,972
Allowance for credit losses   (12,014 )   (12,609 )
Finance receivables, net 874,839 962,363
 
Investment in leveraged leases 33,690 34,410
Goodwill 1,726,596 1,734,871
Intangible assets, net 110,878 120,387
Non-current income taxes 69,008 73,751
Other assets   543,620     537,397  
 
Total assets $ 6,631,336   $ 6,772,708  
 

Liabilities, noncontrolling interests and stockholders' equity

Current liabilities:
Accounts payable and accrued liabilities $ 1,484,250 $ 1,644,582
Current income taxes 163,080 157,340
Notes payable and current portion of long-term obligations 274,879 -
Advance billings 466,410 425,833
Liabilities related to assets held for sale   1,116     -  
 
Total current liabilities 2,389,735 2,227,755
 
Deferred taxes on income 58,975 60,667
Tax uncertainties and other income tax liabilities 187,423 186,452
Long-term debt 3,066,690 3,346,295
Other non-current liabilities   442,365     466,766  
 
Total liabilities   6,145,188     6,287,935  
 
Noncontrolling interests (Preferred stockholders' equity in subsidiaries) 296,370 296,370
 
Stockholders' equity:
Cumulative preferred stock, $50 par value, 4% convertible 1 4
Cumulative preference stock, no par value, $2.12 convertible 563 591
Common stock, $1 par value 323,338 323,338
Additional paid-in-capital 170,038 196,977
Retained Earnings 4,705,475 4,698,791
Accumulated other comprehensive loss (573,333 ) (574,556 )
Treasury Stock, at cost   (4,436,304 )   (4,456,742 )
 
Total Pitney Bowes Inc. stockholders' equity   189,778     188,403  
 
Total liabilities, noncontrolling interests and stockholders' equity $ 6,631,336   $ 6,772,708  
 

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