Pitney Bowes Announces Third Quarter 2016 Financial Results

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

Assets

 

September 30,
2016

 

December 31,
2015 (1)

Current assets:
Cash and cash equivalents $ 992,089 $ 650,557
Short-term investments 24,259 117,021
Accounts receivable, net 435,015 476,583
Short-term finance receivables, net 862,797 918,383
Inventories 108,766 88,824
Current income taxes 13,060 6,584
Other current assets and prepayments   65,622     67,400  
 
Total current assets 2,501,608 2,325,352
 
Property, plant and equipment, net 312,597 330,088
Rental property and equipment, net 179,554 177,515
Long-term finance receivables, net 704,294 760,657
Goodwill 1,766,418 1,745,957
Intangible assets, net 174,221 187,378
Noncurrent income taxes 66,547 70,294
Other assets   553,635     525,891  
 
Total assets $ 6,258,874   $ 6,123,132  
 

Liabilities, noncontrolling interests and stockholders' equity

Current liabilities:
Accounts payable and accrued liabilities $ 1,307,808 $ 1,448,321
Current income taxes 19,170 16,620
Current portion of long-term debt and notes payable 535,289 461,085
Advance billings   303,153     353,025  
 
Total current liabilities 2,165,420 2,279,051
 
Deferred taxes on income 229,998 205,668
Tax uncertainties and other income tax liabilities 57,423 68,429
Long-term debt 2,831,767 2,489,583
Other noncurrent liabilities   547,444     605,310  
 
Total liabilities   5,832,052     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 149,997 161,280
Retained earnings 5,226,894 5,155,537
Accumulated other comprehensive loss (825,962 ) (888,635 )
Treasury stock, at cost   (4,744,305 )   (4,573,305 )
 
Total Pitney Bowes Inc. stockholders' equity   130,452     178,721  
 
Total liabilities, noncontrolling interests and stockholders' equity $ 6,258,874   $ 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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