Pitney Bowes Announces First Quarter 2019 Financial Results

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

Assets

March 31,

2019

December 31,

2018

Current assets:

Cash and cash equivalents

 

$ 838,905 $ 867,262

Short-term investments

 

65,405 59,391

Accounts receivable, net

 

412,661 456,138

Short-term finance receivables, net

 

684,436 758,511

Inventories

 

68,876 62,279

Current income taxes

 

21,897 5,947

Other current assets and prepayments

 

134,929 100,625

Assets of discontinued operations

 

  -     4,854  
Total current assets 2,227,109 2,315,007
 
Property, plant and equipment, net 412,727 410,114
Rental property and equipment, net 41,862 46,228
Long-term finance receivables, net 545,360 536,369
Goodwill 1,754,259 1,766,511
Intangible assets, net 223,005 227,137
Operating lease assets 152,139 156,788
Noncurrent income taxes 61,700 66,326
Other assets   388,104     419,677  
Total assets $ 5,806,265   $ 5,944,157  
 

Liabilities and stockholders' equity

Current liabilities:

Accounts payable and accrued liabilities

 

$ 1,313,440 $ 1,390,362

Current operating lease liabilities

 

35,219 37,208

Current income taxes

 

5,697 15,284

Current portion of long-term debt

 

207,231 199,535

Advance billings

 

213,171 235,116

Liabilities of discontinued operations

 

  -     3,276  
Total current liabilities 1,774,758 1,880,781
 
Deferred taxes on income 257,639 254,353
Tax uncertainties and other income tax liabilities 51,950 39,548
Noncurrent operating lease liabilities 124,873 127,237
Long-term debt 3,047,661 3,066,073
Other noncurrent liabilities   463,028     474,323  
Total liabilities   5,719,909     5,842,315  
 
Stockholders' equity:

Cumulative preferred stock, $50 par value, 4% convertible

 

1 1

Cumulative preference stock, no par value, $2.12 convertible

 

388 396

Common stock, $1 par value

 

323,338 323,338

Additional paid-in-capital

 

109,166 121,475

Retained earnings

 

5,267,615 5,279,682

Accumulated other comprehensive loss

 

(918,072 ) (948,961 )

Treasury stock, at cost

 

  (4,696,080 )   (4,674,089 )
Total stockholders' equity   86,356     101,842  
Total liabilities and stockholders' equity $ 5,806,265   $ 5,944,157  
 

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