Pitney Bowes Announces First Quarter 2017 Financial Results

Pitney Bowes Inc.
Consolidated Balance Sheets
(Unaudited; in thousands, except share amounts)
     
March 31, December 31,

Assets

2017 2016
Current assets:
Cash and cash equivalents $ 739,553 $ 764,522
Short-term investments 43,895 38,448
Accounts receivable, net 389,990 455,527
Short-term finance receivables, net 853,390 893,950
Inventories 115,638 92,726
Current income taxes 11,919 11,373
Other current assets and prepayments   78,749     68,637  
 
Total current assets 2,233,134 2,325,183
 
Property, plant and equipment, net 319,899 314,603
Rental property and equipment, net 178,281 188,054
Long-term finance receivables, net 664,630 673,207
Goodwill 1,583,302 1,571,335
Intangible assets, net 159,200 165,172
Noncurrent income taxes 78,946 74,806
Other assets   529,779     524,773  
 
Total assets $ 5,747,171   $ 5,837,133  
 

Liabilities and stockholders' deficit

Current liabilities:
Accounts payable and accrued liabilities $ 1,317,532 $ 1,378,822
Current income taxes 49,933 34,434
Current portion of long-term debt 785,287 614,485
Advance billings   295,688     299,878  
 
Total current liabilities 2,448,440 2,327,619
 
Deferred taxes on income 210,604 204,289
Tax uncertainties and other income tax liabilities 61,195 61,276
Long-term debt 2,499,025 2,750,405
Other noncurrent liabilities   574,245     597,204  
 
Total liabilities   5,793,509     5,940,793  
 
Stockholders' deficit:
Cumulative preferred stock, $50 par value, 4% convertible 1 1
Cumulative preference stock, no par value, $2.12 convertible 478 483
Common stock, $1 par value 323,338 323,338
Additional paid-in-capital 126,564 148,125
Retained earnings 5,138,300 5,107,734
Accumulated other comprehensive loss (913,831 ) (940,133 )
Treasury stock, at cost   (4,721,188 )   (4,743,208 )
 
Total Pitney Bowes Inc. stockholders' deficit   (46,338 )   (103,660 )
 
Total liabilities and stockholders' deficit $ 5,747,171   $ 5,837,133  
 

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