Pitney Bowes Announces Third Quarter 2017 Financial Results

 

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

Assets

  September 30,

2017

  December 31,

2016

Current assets:        
Cash and cash equivalents   $ 1,696,903     $ 764,522  
Short-term investments     45,508       38,448  
Accounts receivable, net     408,886       455,527  
Short-term finance receivables, net     826,122       893,950  
Inventories     118,282       92,726  
Current income taxes     42,605       11,373  
Other current assets and prepayments     82,251       68,637  
         
Total current assets     3,220,557       2,325,183  
         
Property, plant and equipment, net     338,340       314,603  
Rental property and equipment, net     185,866       188,054  
Long-term finance receivables, net     650,793       673,207  
Goodwill     1,616,968       1,571,335  
Intangible assets, net     145,376       165,172  
Noncurrent income taxes     77,188       74,806  
Other assets     546,319       524,773  
         
Total assets   $ 6,781,407     $ 5,837,133  
         

Liabilities and stockholders' equity (deficit)

       
Current liabilities:        
Accounts payable and accrued liabilities   $ 1,348,395     $ 1,378,822  
Current income taxes     13,542       34,434  
Current portion of long-term debt     620,256       614,485  
Advance billings     282,537       299,878  
         
Total current liabilities     2,264,730       2,327,619  
         
Deferred taxes on income     257,987       204,289  
Tax uncertainties and other income tax liabilities     39,671       61,276  
Long-term debt     3,562,672       2,750,405  
Other noncurrent liabilities     555,514       597,204  
         
Total liabilities     6,680,574       5,940,793  
         
Stockholders' equity (deficit):        
Cumulative preferred stock, $50 par value, 4% convertible     1       1  
Cumulative preference stock, no par value, $2.12 convertible     457       483  
Common stock, $1 par value     323,338       323,338  
Additional paid-in-capital     133,394       148,125  
Retained earnings     5,174,602       5,107,734  
Accumulated other comprehensive loss     (818,484 )     (940,133 )
Treasury stock, at cost     (4,712,475 )     (4,743,208 )
         
Total Pitney Bowes Inc. stockholders' equity (deficit)     100,833       (103,660 )
         
Total liabilities and stockholders' equity (deficit)   $ 6,781,407     $ 5,837,133  
                 

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