Pitney Bowes Announces Full Year 2014 and Fourth Quarter Financial Results

 
Pitney Bowes Inc.
Consolidated Balance Sheets

(Unaudited in thousands, except per share data)

 

Assets

December 31,

2014

December 31,

2013 (1)

Current assets:
Cash and cash equivalents $ 1,079,145 $ 907,806
Short-term investments 32,121 31,128
 
Accounts receivable, gross 424,479 482,949
Allowance for doubtful accounts receivable   (10,742 )   (13,149 )
Accounts receivable, net 413,737 469,800
 
Finance receivables 1,019,412 1,127,261
Allowance for credit losses   (19,108 )   (24,340 )
Finance receivables, net 1,000,304 1,102,921
 
Inventories 84,827 103,580
Current income taxes 40,542 28,934
Other current assets and prepayments 57,173 147,067
Assets held for sale   52,271     46,976  
 
Total current assets 2,760,120 2,838,212
 
Property, plant and equipment, net 285,091 245,171
Rental property and equipment, net 200,380 226,146
 
Finance receivables 828,723 974,972
Allowance for credit losses   (9,002 )   (12,609 )
Finance receivables, net 819,721 962,363
 
Goodwill 1,672,721 1,734,871
Intangible assets, net 82,173 120,387
Non-current income taxes 96,377 73,751
Other assets   569,110     571,807  
 
Total assets $ 6,485,693   $ 6,772,708  
 

Liabilities, noncontrolling interests and stockholders' equity

Current liabilities:
Accounts payable and accrued liabilities $ 1,558,731 $ 1,644,582
Current income taxes 90,167 157,340
Notes payable and current portion of long-term obligations 324,879 -
Advance billings   386,846     425,833  
 
Total current liabilities 2,360,623 2,227,755
 
Deferred taxes on income 64,839 39,701
Tax uncertainties and other income tax liabilities 86,127 190,645
Long-term debt 2,927,127 3,346,295
Other non-current liabilities   673,348     466,766  
 
Total liabilities   6,112,064     6,271,162  
 
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 548 591
Common stock, $1 par value 323,338 323,338
Additional paid-in-capital 178,852 196,977
Retained earnings 4,897,708 4,715,564
Accumulated other comprehensive loss (846,156 ) (574,556 )
Treasury stock, at cost   (4,477,032 )   (4,456,742 )
 
Total Pitney Bowes Inc. stockholders' equity   77,259     205,176  
 
Total liabilities, noncontrolling interests and stockholders' equity $ 6,485,693   $ 6,772,708  
 
(1) Certain prior year amounts have been revised.
 

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