Companies: 10,785     total market cap: $133.887 T
โ‚ฌEUR๐Ÿ‡ช๐Ÿ‡บโ‚นINR๐Ÿ‡ฎ๐Ÿ‡ณยฃGBP๐Ÿ‡ฌ๐Ÿ‡ง$CAD๐Ÿ‡จ๐Ÿ‡ฆ$AUD๐Ÿ‡ฆ๐Ÿ‡บ$NZD๐Ÿ‡ณ๐Ÿ‡ฟ$HKD๐Ÿ‡ญ๐Ÿ‡ฐ$SGD๐Ÿ‡ธ๐Ÿ‡ฌ
Pitney Bowes
PBI
#4903
Rank
$1.77 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$11.05
Share price
1.75%
Change (1 day)
23.88%
Change (1 year)
๐Ÿ“ฆ Courier๐Ÿšš Transportation
Categories
  1. Pitney Bowes
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2021 Q1

Pitney Bowes - 10-Q quarterly report FY2021 Q1


Text size:
12-312021Q1FALSE0000078814P1Y913P3YP1YP3Y00000788142021-01-012021-03-310000078814us-gaap:CommonStockMember2021-01-012021-03-310000078814pbi:A6.70Notesdue2043Member2021-01-012021-03-31xbrli:shares00000788142021-04-30iso4217:USD0000078814pbi:BusinessServicesMember2021-01-012021-03-310000078814pbi:BusinessServicesMember2020-01-012020-03-310000078814pbi:SupportServicesMember2021-01-012021-03-310000078814pbi:SupportServicesMember2020-01-012020-03-310000078814pbi:FinancingMember2021-01-012021-03-310000078814pbi:FinancingMember2020-01-012020-03-310000078814pbi:EquipmentSalesMember2021-01-012021-03-310000078814pbi:EquipmentSalesMember2020-01-012020-03-310000078814pbi:SuppliesProductMember2021-01-012021-03-310000078814pbi:SuppliesProductMember2020-01-012020-03-310000078814pbi:RentalsMember2021-01-012021-03-310000078814pbi:RentalsMember2020-01-012020-03-3100000788142020-01-012020-03-31iso4217:USDxbrli:shares00000788142021-03-3100000788142020-12-3100000788142019-12-3100000788142020-03-310000078814srt:ScenarioPreviouslyReportedMember2020-01-012020-03-310000078814srt:RevisionOfPriorPeriodErrorCorrectionAdjustmentMember2020-01-012020-03-310000078814pbi:BusinessServicesMemberpbi:GlobalEcommerceMember2021-01-012021-03-310000078814pbi:BusinessServicesMemberpbi:PresortServicesMember2021-01-012021-03-310000078814pbi:SendingTechnologySolutionsMemberpbi:BusinessServicesMember2021-01-012021-03-310000078814pbi:SupportServicesMemberpbi:GlobalEcommerceMember2021-01-012021-03-310000078814pbi:SupportServicesMemberpbi:PresortServicesMember2021-01-012021-03-310000078814pbi:SupportServicesMemberpbi:SendingTechnologySolutionsMember2021-01-012021-03-310000078814pbi:FinancingMemberpbi:GlobalEcommerceMember2021-01-012021-03-310000078814pbi:FinancingMemberpbi:PresortServicesMember2021-01-012021-03-310000078814pbi:SendingTechnologySolutionsMemberpbi:FinancingMember2021-01-012021-03-310000078814pbi:EquipmentSalesMemberpbi:GlobalEcommerceMember2021-01-012021-03-310000078814pbi:EquipmentSalesMemberpbi:PresortServicesMember2021-01-012021-03-310000078814pbi:EquipmentSalesMemberpbi:SendingTechnologySolutionsMember2021-01-012021-03-310000078814pbi:SuppliesProductMemberpbi:GlobalEcommerceMember2021-01-012021-03-310000078814pbi:SuppliesProductMemberpbi:PresortServicesMember2021-01-012021-03-310000078814pbi:SendingTechnologySolutionsMemberpbi:SuppliesProductMember2021-01-012021-03-310000078814pbi:RentalsMemberpbi:GlobalEcommerceMember2021-01-012021-03-310000078814pbi:RentalsMemberpbi:PresortServicesMember2021-01-012021-03-310000078814pbi:RentalsMemberpbi:SendingTechnologySolutionsMember2021-01-012021-03-310000078814pbi:SalesAndServicesMemberpbi:GlobalEcommerceMember2021-01-012021-03-310000078814pbi:SalesAndServicesMemberpbi:PresortServicesMember2021-01-012021-03-310000078814pbi:SalesAndServicesMemberpbi:SendingTechnologySolutionsMember2021-01-012021-03-310000078814pbi:SalesAndServicesMember2021-01-012021-03-310000078814pbi:GlobalEcommerceMember2021-01-012021-03-310000078814pbi:PresortServicesMember2021-01-012021-03-310000078814pbi:SendingTechnologySolutionsMember2021-01-012021-03-310000078814us-gaap:AccountingStandardsUpdate201409Memberus-gaap:TransferredAtPointInTimeMemberpbi:GlobalEcommerceMember2021-01-012021-03-310000078814us-gaap:AccountingStandardsUpdate201409Memberus-gaap:TransferredAtPointInTimeMemberpbi:PresortServicesMember2021-01-012021-03-310000078814us-gaap:AccountingStandardsUpdate201409Memberus-gaap:TransferredAtPointInTimeMemberpbi:SendingTechnologySolutionsMember2021-01-012021-03-310000078814us-gaap:AccountingStandardsUpdate201409Memberus-gaap:TransferredAtPointInTimeMember2021-01-012021-03-310000078814us-gaap:AccountingStandardsUpdate201409Memberus-gaap:TransferredOverTimeMemberpbi:GlobalEcommerceMember2021-01-012021-03-310000078814us-gaap:AccountingStandardsUpdate201409Memberus-gaap:TransferredOverTimeMemberpbi:PresortServicesMember2021-01-012021-03-310000078814us-gaap:AccountingStandardsUpdate201409Memberpbi:SendingTechnologySolutionsMemberus-gaap:TransferredOverTimeMember2021-01-012021-03-310000078814us-gaap:AccountingStandardsUpdate201409Memberus-gaap:TransferredOverTimeMember2021-01-012021-03-310000078814us-gaap:AccountingStandardsUpdate201409Memberpbi:GlobalEcommerceMember2021-01-012021-03-310000078814us-gaap:AccountingStandardsUpdate201409Memberpbi:PresortServicesMember2021-01-012021-03-310000078814us-gaap:AccountingStandardsUpdate201409Memberpbi:SendingTechnologySolutionsMember2021-01-012021-03-310000078814us-gaap:AccountingStandardsUpdate201409Member2021-01-012021-03-310000078814pbi:BusinessServicesMemberpbi:GlobalEcommerceMember2020-01-012020-03-310000078814pbi:BusinessServicesMemberpbi:PresortServicesMember2020-01-012020-03-310000078814pbi:SendingTechnologySolutionsMemberpbi:BusinessServicesMember2020-01-012020-03-310000078814pbi:SupportServicesMemberpbi:GlobalEcommerceMember2020-01-012020-03-310000078814pbi:SupportServicesMemberpbi:PresortServicesMember2020-01-012020-03-310000078814pbi:SupportServicesMemberpbi:SendingTechnologySolutionsMember2020-01-012020-03-310000078814pbi:FinancingMemberpbi:GlobalEcommerceMember2020-01-012020-03-310000078814pbi:FinancingMemberpbi:PresortServicesMember2020-01-012020-03-310000078814pbi:SendingTechnologySolutionsMemberpbi:FinancingMember2020-01-012020-03-310000078814pbi:EquipmentSalesMemberpbi:GlobalEcommerceMember2020-01-012020-03-310000078814pbi:EquipmentSalesMemberpbi:PresortServicesMember2020-01-012020-03-310000078814pbi:EquipmentSalesMemberpbi:SendingTechnologySolutionsMember2020-01-012020-03-310000078814pbi:SuppliesProductMemberpbi:GlobalEcommerceMember2020-01-012020-03-310000078814pbi:SuppliesProductMemberpbi:PresortServicesMember2020-01-012020-03-310000078814pbi:SendingTechnologySolutionsMemberpbi:SuppliesProductMember2020-01-012020-03-310000078814pbi:RentalsMemberpbi:GlobalEcommerceMember2020-01-012020-03-310000078814pbi:RentalsMemberpbi:PresortServicesMember2020-01-012020-03-310000078814pbi:RentalsMemberpbi:SendingTechnologySolutionsMember2020-01-012020-03-310000078814pbi:SalesAndServicesMemberpbi:GlobalEcommerceMember2020-01-012020-03-310000078814pbi:SalesAndServicesMemberpbi:PresortServicesMember2020-01-012020-03-310000078814pbi:SalesAndServicesMemberpbi:SendingTechnologySolutionsMember2020-01-012020-03-310000078814pbi:SalesAndServicesMember2020-01-012020-03-310000078814pbi:GlobalEcommerceMember2020-01-012020-03-310000078814pbi:PresortServicesMember2020-01-012020-03-310000078814pbi:SendingTechnologySolutionsMember2020-01-012020-03-310000078814us-gaap:AccountingStandardsUpdate201409Memberus-gaap:TransferredAtPointInTimeMemberpbi:GlobalEcommerceMember2020-01-012020-03-310000078814us-gaap:AccountingStandardsUpdate201409Memberus-gaap:TransferredAtPointInTimeMemberpbi:PresortServicesMember2020-01-012020-03-310000078814us-gaap:AccountingStandardsUpdate201409Memberus-gaap:TransferredAtPointInTimeMemberpbi:SendingTechnologySolutionsMember2020-01-012020-03-310000078814us-gaap:AccountingStandardsUpdate201409Memberus-gaap:TransferredAtPointInTimeMember2020-01-012020-03-310000078814us-gaap:AccountingStandardsUpdate201409Memberus-gaap:TransferredOverTimeMemberpbi:GlobalEcommerceMember2020-01-012020-03-310000078814us-gaap:AccountingStandardsUpdate201409Memberus-gaap:TransferredOverTimeMemberpbi:PresortServicesMember2020-01-012020-03-310000078814us-gaap:AccountingStandardsUpdate201409Memberpbi:SendingTechnologySolutionsMemberus-gaap:TransferredOverTimeMember2020-01-012020-03-310000078814us-gaap:AccountingStandardsUpdate201409Memberus-gaap:TransferredOverTimeMember2020-01-012020-03-310000078814us-gaap:AccountingStandardsUpdate201409Memberpbi:GlobalEcommerceMember2020-01-012020-03-310000078814us-gaap:AccountingStandardsUpdate201409Memberpbi:PresortServicesMember2020-01-012020-03-310000078814us-gaap:AccountingStandardsUpdate201409Memberpbi:SendingTechnologySolutionsMember2020-01-012020-03-310000078814us-gaap:AccountingStandardsUpdate201409Member2020-01-012020-03-310000078814pbi:BusinessServicesMembersrt:MinimumMember2021-01-012021-03-310000078814srt:MaximumMemberpbi:BusinessServicesMember2021-01-012021-03-3100000788142021-04-012021-03-3100000788142022-01-012021-03-3100000788142023-01-012021-03-310000078814pbi:DigitalCommerceSolutionsMemberpbi:GlobalEcommerceMember2021-01-012021-03-310000078814pbi:DigitalCommerceSolutionsMemberpbi:GlobalEcommerceMember2020-01-012020-03-310000078814pbi:DigitalCommerceSolutionsMemberpbi:PresortServicesMember2021-01-012021-03-310000078814pbi:DigitalCommerceSolutionsMemberpbi:PresortServicesMember2020-01-012020-03-310000078814pbi:SendingTechnologySolutionsMember2021-01-012021-03-310000078814pbi:SendingTechnologySolutionsMember2020-01-012020-03-310000078814us-gaap:OperatingSegmentsMemberpbi:SendingTechnologySolutionsMember2021-01-012021-03-310000078814us-gaap:OperatingSegmentsMemberpbi:SendingTechnologySolutionsMember2020-01-012020-03-310000078814us-gaap:OperatingSegmentsMember2021-01-012021-03-310000078814us-gaap:OperatingSegmentsMember2020-01-012020-03-310000078814us-gaap:MaterialReconcilingItemsMember2021-01-012021-03-310000078814us-gaap:MaterialReconcilingItemsMember2020-01-012020-03-310000078814srt:MinimumMember2021-01-012021-03-310000078814srt:MaximumMember2021-01-012021-03-310000078814us-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:GeographicDistributionDomesticMember2021-03-310000078814us-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:GeographicDistributionForeignMember2021-03-310000078814us-gaap:FinanceLeasesPortfolioSegmentMember2021-03-310000078814us-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:GeographicDistributionDomesticMember2020-12-310000078814us-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:GeographicDistributionForeignMember2020-12-310000078814us-gaap:FinanceLeasesPortfolioSegmentMember2020-12-310000078814us-gaap:GeographicDistributionDomesticMemberus-gaap:ConsumerPortfolioSegmentMember2021-03-310000078814us-gaap:GeographicDistributionForeignMemberus-gaap:ConsumerPortfolioSegmentMember2021-03-310000078814us-gaap:ConsumerPortfolioSegmentMember2021-03-310000078814us-gaap:GeographicDistributionDomesticMemberus-gaap:ConsumerPortfolioSegmentMember2020-12-310000078814us-gaap:GeographicDistributionForeignMemberus-gaap:ConsumerPortfolioSegmentMember2020-12-310000078814us-gaap:ConsumerPortfolioSegmentMember2020-12-310000078814us-gaap:GeographicDistributionDomesticMember2021-03-310000078814us-gaap:GeographicDistributionForeignMember2021-03-310000078814us-gaap:GeographicDistributionDomesticMember2020-12-310000078814us-gaap:GeographicDistributionForeignMember2020-12-310000078814us-gaap:FinanceLeasesPortfolioSegmentMemberpbi:FinancingReceivables1to90DaysPastDueMemberus-gaap:GeographicDistributionDomesticMember2021-03-310000078814us-gaap:FinanceLeasesPortfolioSegmentMemberpbi:FinancingReceivables1to90DaysPastDueMemberus-gaap:GeographicDistributionForeignMember2021-03-310000078814pbi:FinancingReceivables1to90DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:GeographicDistributionDomesticMember2021-03-310000078814pbi:FinancingReceivables1to90DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:GeographicDistributionForeignMember2021-03-310000078814pbi:FinancingReceivables1to90DaysPastDueMember2021-03-310000078814us-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:GeographicDistributionDomesticMember2021-03-310000078814us-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:GeographicDistributionForeignMember2021-03-310000078814us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:GeographicDistributionDomesticMember2021-03-310000078814us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:GeographicDistributionForeignMember2021-03-310000078814us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-03-310000078814us-gaap:FinanceLeasesPortfolioSegmentMemberpbi:FinancingReceivables1to90DaysPastDueMemberus-gaap:GeographicDistributionDomesticMember2020-12-310000078814us-gaap:FinanceLeasesPortfolioSegmentMemberpbi:FinancingReceivables1to90DaysPastDueMemberus-gaap:GeographicDistributionForeignMember2020-12-310000078814pbi:FinancingReceivables1to90DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:GeographicDistributionDomesticMember2020-12-310000078814pbi:FinancingReceivables1to90DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:GeographicDistributionForeignMember2020-12-310000078814pbi:FinancingReceivables1to90DaysPastDueMember2020-12-310000078814us-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:GeographicDistributionDomesticMember2020-12-310000078814us-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:GeographicDistributionForeignMember2020-12-310000078814us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:GeographicDistributionDomesticMember2020-12-310000078814us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:GeographicDistributionForeignMember2020-12-310000078814us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310000078814us-gaap:FinanceLeasesPortfolioSegmentMember2021-01-012021-03-310000078814us-gaap:ConsumerPortfolioSegmentMember2021-01-012021-03-310000078814us-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:GeographicDistributionDomesticMember2021-01-012021-03-310000078814us-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:GeographicDistributionForeignMember2021-01-012021-03-310000078814us-gaap:GeographicDistributionDomesticMemberus-gaap:ConsumerPortfolioSegmentMember2021-01-012021-03-310000078814us-gaap:GeographicDistributionForeignMemberus-gaap:ConsumerPortfolioSegmentMember2021-01-012021-03-310000078814us-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:GeographicDistributionDomesticMember2019-12-310000078814us-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:GeographicDistributionForeignMember2019-12-310000078814us-gaap:GeographicDistributionDomesticMemberus-gaap:ConsumerPortfolioSegmentMember2019-12-310000078814us-gaap:GeographicDistributionForeignMemberus-gaap:ConsumerPortfolioSegmentMember2019-12-310000078814srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:GeographicDistributionDomesticMember2019-12-310000078814srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:GeographicDistributionForeignMember2019-12-310000078814srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:GeographicDistributionDomesticMember2019-12-310000078814srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:GeographicDistributionForeignMember2019-12-310000078814srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000078814us-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:GeographicDistributionDomesticMember2020-01-012020-03-310000078814us-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:GeographicDistributionForeignMember2020-01-012020-03-310000078814us-gaap:GeographicDistributionDomesticMemberus-gaap:ConsumerPortfolioSegmentMember2020-01-012020-03-310000078814us-gaap:GeographicDistributionForeignMemberus-gaap:ConsumerPortfolioSegmentMember2020-01-012020-03-310000078814us-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:GeographicDistributionDomesticMember2020-03-310000078814us-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:GeographicDistributionForeignMember2020-03-310000078814us-gaap:GeographicDistributionDomesticMemberus-gaap:ConsumerPortfolioSegmentMember2020-03-310000078814us-gaap:GeographicDistributionForeignMemberus-gaap:ConsumerPortfolioSegmentMember2020-03-31xbrli:pure0000078814us-gaap:RiskLevelLowMember2021-01-012021-03-310000078814us-gaap:RiskLevelMediumMembersrt:MinimumMember2021-01-012021-03-310000078814srt:MaximumMemberus-gaap:RiskLevelMediumMember2021-01-012021-03-310000078814us-gaap:RiskLevelHighMember2021-01-012021-03-310000078814us-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:RiskLevelLowMember2021-03-310000078814us-gaap:RiskLevelLowMemberus-gaap:ConsumerPortfolioSegmentMember2021-03-310000078814us-gaap:RiskLevelLowMember2021-03-310000078814us-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:RiskLevelMediumMember2021-03-310000078814us-gaap:RiskLevelMediumMemberus-gaap:ConsumerPortfolioSegmentMember2021-03-310000078814us-gaap:RiskLevelMediumMember2021-03-310000078814us-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:RiskLevelHighMember2021-03-310000078814us-gaap:RiskLevelHighMemberus-gaap:ConsumerPortfolioSegmentMember2021-03-310000078814us-gaap:RiskLevelHighMember2021-03-310000078814us-gaap:FinanceLeasesPortfolioSegmentMemberpbi:NotScoredMember2021-03-310000078814pbi:NotScoredMemberus-gaap:ConsumerPortfolioSegmentMember2021-03-310000078814pbi:NotScoredMember2021-03-310000078814us-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:RiskLevelLowMember2020-12-310000078814us-gaap:RiskLevelLowMemberus-gaap:ConsumerPortfolioSegmentMember2020-12-310000078814us-gaap:RiskLevelLowMember2020-12-310000078814us-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:RiskLevelMediumMember2020-12-310000078814us-gaap:RiskLevelMediumMemberus-gaap:ConsumerPortfolioSegmentMember2020-12-310000078814us-gaap:RiskLevelMediumMember2020-12-310000078814us-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:RiskLevelHighMember2020-12-310000078814us-gaap:RiskLevelHighMemberus-gaap:ConsumerPortfolioSegmentMember2020-12-310000078814us-gaap:RiskLevelHighMember2020-12-310000078814us-gaap:FinanceLeasesPortfolioSegmentMemberpbi:NotScoredMember2020-12-310000078814pbi:NotScoredMemberus-gaap:ConsumerPortfolioSegmentMember2020-12-310000078814pbi:NotScoredMember2020-12-310000078814srt:MinimumMemberpbi:MailingEquipmentMember2021-03-310000078814srt:MaximumMemberpbi:MailingEquipmentMember2021-03-310000078814us-gaap:CustomerRelationshipsMember2021-03-310000078814us-gaap:CustomerRelationshipsMember2020-12-310000078814us-gaap:DevelopedTechnologyRightsMember2021-03-310000078814us-gaap:DevelopedTechnologyRightsMember2020-12-310000078814pbi:DigitalCommerceSolutionsMemberpbi:GlobalEcommerceMember2020-12-310000078814pbi:DigitalCommerceSolutionsMemberpbi:GlobalEcommerceMember2021-03-310000078814pbi:DigitalCommerceSolutionsMemberpbi:PresortServicesMember2020-12-310000078814pbi:DigitalCommerceSolutionsMemberpbi:PresortServicesMember2021-03-310000078814pbi:SendingTechnologySolutionsMember2020-12-310000078814pbi:SendingTechnologySolutionsMember2021-03-310000078814us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000078814us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000078814us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000078814us-gaap:FairValueMeasurementsRecurringMember2021-03-310000078814us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FixedIncomeSecuritiesMember2021-03-310000078814us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FixedIncomeSecuritiesMember2021-03-310000078814us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FixedIncomeSecuritiesMember2021-03-310000078814us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FixedIncomeSecuritiesMember2021-03-310000078814us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2021-03-310000078814us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2021-03-310000078814us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2021-03-310000078814us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2021-03-310000078814us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2021-03-310000078814us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2021-03-310000078814us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2021-03-310000078814us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2021-03-310000078814us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2021-03-310000078814us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2021-03-310000078814us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2021-03-310000078814us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2021-03-310000078814us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeContractMember2021-03-310000078814us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeContractMember2021-03-310000078814us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeContractMember2021-03-310000078814us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeContractMember2021-03-310000078814us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000078814us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000078814us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000078814us-gaap:FairValueMeasurementsRecurringMember2020-12-310000078814us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FixedIncomeSecuritiesMember2020-12-310000078814us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FixedIncomeSecuritiesMember2020-12-310000078814us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FixedIncomeSecuritiesMember2020-12-310000078814us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FixedIncomeSecuritiesMember2020-12-310000078814us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2020-12-310000078814us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2020-12-310000078814us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2020-12-310000078814us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2020-12-310000078814us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2020-12-310000078814us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2020-12-310000078814us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2020-12-310000078814us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2020-12-310000078814us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeContractMember2020-12-310000078814us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeContractMember2020-12-310000078814us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeContractMember2020-12-310000078814us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeContractMember2020-12-310000078814us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2020-12-310000078814us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2020-12-310000078814us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2020-12-310000078814us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2020-12-310000078814us-gaap:USTreasuryAndGovernmentMember2021-03-310000078814us-gaap:CorporateDebtSecuritiesMember2021-03-310000078814us-gaap:FixedIncomeSecuritiesMember2021-03-310000078814us-gaap:MortgageBackedSecuritiesMember2021-03-310000078814us-gaap:USTreasuryAndGovernmentMember2020-12-310000078814us-gaap:CorporateDebtSecuritiesMember2020-12-310000078814us-gaap:FixedIncomeSecuritiesMember2020-12-310000078814us-gaap:MortgageBackedSecuritiesMember2020-12-310000078814us-gaap:ForeignExchangeContractMember2021-03-310000078814us-gaap:ForeignExchangeContractMember2020-12-310000078814us-gaap:InterestRateSwapMember2021-03-310000078814us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-03-310000078814us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310000078814us-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-03-310000078814us-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310000078814pbi:OtherAssetsAndLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2021-03-310000078814pbi:OtherAssetsAndLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2020-12-310000078814us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2021-03-310000078814us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2020-12-310000078814us-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2021-03-310000078814us-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2020-12-310000078814us-gaap:AssetsMember2021-03-310000078814us-gaap:AssetsMember2020-12-310000078814us-gaap:LiabilityMember2021-03-310000078814us-gaap:LiabilityMember2020-12-310000078814us-gaap:ForeignExchangeContractMember2021-01-012021-03-310000078814us-gaap:ForeignExchangeContractMember2020-01-012020-03-310000078814us-gaap:SalesMemberus-gaap:ForeignExchangeContractMember2021-01-012021-03-310000078814us-gaap:SalesMemberus-gaap:ForeignExchangeContractMember2020-01-012020-03-310000078814us-gaap:CostOfSalesMemberus-gaap:ForeignExchangeContractMember2021-01-012021-03-310000078814us-gaap:CostOfSalesMemberus-gaap:ForeignExchangeContractMember2020-01-012020-03-310000078814us-gaap:InterestRateSwapMember2021-01-012021-03-310000078814us-gaap:InterestRateSwapMember2020-01-012020-03-310000078814us-gaap:InterestExpenseMemberus-gaap:InterestRateSwapMember2021-01-012021-03-310000078814us-gaap:InterestExpenseMemberus-gaap:InterestRateSwapMember2020-01-012020-03-310000078814us-gaap:ForeignExchangeContractMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2021-01-012021-03-310000078814us-gaap:ForeignExchangeContractMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2020-01-012020-03-310000078814us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-03-310000078814us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310000078814us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-03-310000078814us-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000078814us-gaap:EmployeeSeveranceMember2020-12-310000078814us-gaap:EmployeeSeveranceMember2021-01-012021-03-310000078814us-gaap:EmployeeSeveranceMember2021-03-310000078814us-gaap:EmployeeSeveranceMember2019-12-310000078814us-gaap:EmployeeSeveranceMember2020-01-012020-03-310000078814us-gaap:EmployeeSeveranceMember2020-03-310000078814pbi:Debtdue2021Memberus-gaap:NotesPayableOtherPayablesMember2021-03-310000078814pbi:Debtdue2021Memberus-gaap:NotesPayableOtherPayablesMember2020-12-310000078814pbi:DebtDue2022Memberus-gaap:NotesPayableOtherPayablesMember2021-03-310000078814pbi:DebtDue2022Memberus-gaap:NotesPayableOtherPayablesMember2020-12-310000078814us-gaap:NotesPayableOtherPayablesMemberpbi:DebtDue2023Member2021-03-310000078814us-gaap:NotesPayableOtherPayablesMemberpbi:DebtDue2023Member2020-12-310000078814pbi:DebtDue2024Memberus-gaap:NotesPayableOtherPayablesMember2021-03-310000078814pbi:DebtDue2024Memberus-gaap:NotesPayableOtherPayablesMember2020-12-310000078814pbi:DebtDue2027Memberus-gaap:NotesPayableOtherPayablesMember2021-03-310000078814pbi:DebtDue2027Memberus-gaap:NotesPayableOtherPayablesMember2020-12-310000078814pbi:DebtDue2029Memberus-gaap:NotesPayableOtherPayablesMember2021-03-310000078814pbi:DebtDue2029Memberus-gaap:NotesPayableOtherPayablesMember2020-12-310000078814us-gaap:NotesPayableOtherPayablesMemberpbi:DebtDue2037Member2021-03-310000078814us-gaap:NotesPayableOtherPayablesMemberpbi:DebtDue2037Member2020-12-310000078814pbi:DebtDue2043Memberus-gaap:NotesPayableOtherPayablesMember2021-03-310000078814pbi:DebtDue2043Memberus-gaap:NotesPayableOtherPayablesMember2020-12-310000078814us-gaap:LondonInterbankOfferedRateLIBORMemberus-gaap:NotesPayableOtherPayablesMemberpbi:TermLoanDueMarch2026Member2021-01-012021-03-310000078814us-gaap:NotesPayableOtherPayablesMemberpbi:TermLoanDueMarch2026Member2021-03-310000078814us-gaap:NotesPayableOtherPayablesMemberpbi:TermLoanDueMarch2026Member2020-12-310000078814pbi:TermLoanDueJanuary2025Memberus-gaap:LondonInterbankOfferedRateLIBORMemberus-gaap:NotesPayableOtherPayablesMember2021-01-012021-03-310000078814pbi:TermLoanDueJanuary2025Memberus-gaap:NotesPayableOtherPayablesMember2021-03-310000078814pbi:TermLoanDueJanuary2025Memberus-gaap:NotesPayableOtherPayablesMember2020-12-310000078814pbi:TermLoanDueMarch2028Memberus-gaap:LondonInterbankOfferedRateLIBORMemberus-gaap:NotesPayableOtherPayablesMember2021-01-012021-03-310000078814pbi:TermLoanDueMarch2028Memberus-gaap:NotesPayableOtherPayablesMember2021-03-310000078814pbi:TermLoanDueMarch2028Memberus-gaap:NotesPayableOtherPayablesMember2020-12-310000078814pbi:OtherDebtMember2021-03-310000078814pbi:OtherDebtMember2020-12-310000078814pbi:TermLoanDueMarch2028Memberus-gaap:NotesPayableOtherPayablesMember2021-01-012021-03-310000078814pbi:TermLoanDueJanuary2025Memberus-gaap:NotesPayableOtherPayablesMember2021-01-012021-03-310000078814us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2021-03-310000078814us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2020-03-310000078814us-gaap:NotesPayableOtherPayablesMember2021-01-012021-03-310000078814pbi:DebtDue2022Membersrt:ScenarioForecastMemberus-gaap:NotesPayableOtherPayablesMember2021-04-012021-06-300000078814srt:ScenarioForecastMemberus-gaap:NotesPayableOtherPayablesMemberpbi:DebtDue2023Member2021-04-012021-06-300000078814us-gaap:PensionPlansDefinedBenefitMembercountry:US2021-01-012021-03-310000078814us-gaap:PensionPlansDefinedBenefitMembercountry:US2020-01-012020-03-310000078814us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2021-01-012021-03-310000078814us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2020-01-012020-03-310000078814us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-01-012021-03-310000078814us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-01-012020-03-310000078814pbi:DigitalCommerceSolutionsMemberus-gaap:EquipmentMember2021-03-310000078814pbi:DigitalCommerceSolutionsMemberus-gaap:EquipmentMembersrt:MinimumMember2021-03-310000078814srt:MaximumMemberpbi:DigitalCommerceSolutionsMemberus-gaap:EquipmentMember2021-03-310000078814us-gaap:CommonStockMember2020-12-310000078814us-gaap:AdditionalPaidInCapitalMember2020-12-310000078814us-gaap:RetainedEarningsMember2020-12-310000078814us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000078814us-gaap:TreasuryStockMember2020-12-310000078814us-gaap:RetainedEarningsMember2021-01-012021-03-310000078814us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000078814us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310000078814us-gaap:TreasuryStockMember2021-01-012021-03-310000078814us-gaap:CommonStockMember2021-03-310000078814us-gaap:AdditionalPaidInCapitalMember2021-03-310000078814us-gaap:RetainedEarningsMember2021-03-310000078814us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310000078814us-gaap:TreasuryStockMember2021-03-310000078814us-gaap:CommonStockMember2019-12-310000078814us-gaap:AdditionalPaidInCapitalMember2019-12-310000078814us-gaap:RetainedEarningsMember2019-12-310000078814us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000078814us-gaap:TreasuryStockMember2019-12-310000078814us-gaap:RetainedEarningsMember2020-01-012020-03-310000078814us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-3100000788142019-07-012020-03-310000078814us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310000078814us-gaap:TreasuryStockMember2020-01-012020-03-310000078814us-gaap:CommonStockMember2020-03-310000078814us-gaap:AdditionalPaidInCapitalMember2020-03-310000078814us-gaap:RetainedEarningsMember2020-03-310000078814us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310000078814us-gaap:TreasuryStockMember2020-03-310000078814us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-01-012021-03-310000078814us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-01-012020-03-310000078814us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000078814us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310000078814us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetTransitionAssetObligationMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000078814us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetTransitionAssetObligationMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310000078814us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000078814us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310000078814us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000078814us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310000078814pbi:AccumulatedDefinedBenefitPlansAdjustmentSettlementsAttributabletoParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000078814pbi:AccumulatedDefinedBenefitPlansAdjustmentSettlementsAttributabletoParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310000078814us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000078814us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310000078814us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-12-310000078814us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-12-310000078814us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-310000078814us-gaap:AccumulatedTranslationAdjustmentMember2020-12-310000078814us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-01-012021-03-310000078814us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-012021-03-310000078814us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-03-310000078814us-gaap:AccumulatedTranslationAdjustmentMember2021-01-012021-03-310000078814us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-03-310000078814us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-03-310000078814us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-03-310000078814us-gaap:AccumulatedTranslationAdjustmentMember2021-03-310000078814us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-12-310000078814us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-12-310000078814us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-12-310000078814us-gaap:AccumulatedTranslationAdjustmentMember2019-12-310000078814us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-01-012020-03-310000078814us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-01-012020-03-310000078814us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-01-012020-03-310000078814us-gaap:AccumulatedTranslationAdjustmentMember2020-01-012020-03-310000078814us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-03-310000078814us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-03-310000078814us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-03-310000078814us-gaap:AccumulatedTranslationAdjustmentMember2020-03-310000078814us-gaap:AccountingStandardsUpdate201613Member2021-03-310000078814srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Member2021-03-310000078814us-gaap:AccountingStandardsUpdate201613Member2021-01-012021-03-310000078814us-gaap:AccountingStandardsUpdate201613Member2020-12-310000078814us-gaap:AccountingStandardsUpdate201613Member2020-03-310000078814srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Member2020-03-310000078814us-gaap:AccountingStandardsUpdate201613Member2020-01-012020-03-310000078814us-gaap:AccountingStandardsUpdate201613Member2019-12-31


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________________ to ________________
Commission file number: 1-03579
PITNEY BOWES INC.
(Exact name of registrant as specified in its charter)
State of incorporation:DelawareI.R.S. Employer Identification No.06-0495050
Address of Principal Executive Offices:3001 Summer Street,Stamford,Connecticut06926
Telephone Number:(203)356-5000

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, $1 par value per sharePBINew York Stock Exchange
6.7% Notes due 2043PBI.PRBNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☐Accelerated filer þNon-accelerated filer o
Smaller reporting company ☐Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No þ
As of April 30, 2021, 175,493,000 shares of common stock, par value $1 per share, of the registrant were outstanding.


PITNEY BOWES INC.
INDEX
Page Number
Condensed Consolidated Statements of Loss for the Three Months Ended March 31, 2021 and 2020
3
Condensed Consolidated Statements of Comprehensive Loss for the Three Months Ended March 31, 2021 and 2020
4
Condensed Consolidated Balance Sheets at March 31, 2021 and December 31, 2020
5
Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2021 and 2020
6
Notes to Condensed Consolidated Financial Statements
7
28
35
35
36
36
36
Item 6:
Exhibits
37
38
2


PART I. FINANCIAL INFORMATION
Item 1: Financial Statements
PITNEY BOWES INC.
CONDENSED CONSOLIDATED STATEMENTS OF LOSS
(Unaudited; in thousands, except per share amounts)
Three Months Ended March 31,
20212020
Revenue:  
Business services$570,454 $444,379 
Support services118,697 122,015 
Financing77,812 89,078 
Equipment sales86,803 76,273 
Supplies42,224 45,709 
Rentals19,207 18,814 
Total revenue915,197 796,268 
Costs and expenses:
Cost of business services499,534 374,665 
Cost of support services36,717 39,760 
Financing interest expense11,886 12,489 
Cost of equipment sales61,840 57,359 
Cost of supplies11,211 12,240 
Cost of rentals6,447 6,378 
Selling, general and administrative238,102 248,633 
Research and development11,316 12,116 
Restructuring charges2,889 3,817 
Goodwill impairment— 198,169 
Interest expense, net25,158 25,883 
Other components of net pension and postretirement expense (income)350 (151)
Other expense, net51,394 33,487 
Total costs and expenses956,844 1,024,845 
Loss from continuing operations before taxes(41,647)(228,577)
Benefit for income taxes(13,992)(10,030)
Loss from continuing operations(27,655)(218,547)
(Loss) income from discontinued operations, net of tax(3,886)10,064 
Net loss$(31,541)$(208,483)
Basic loss per share (1):
Continuing operations$(0.16)$(1.28)
Discontinued operations(0.02)0.06 
Net loss$(0.18)$(1.22)
Diluted loss per share (1):
Continuing operations$(0.16)$(1.28)
Discontinued operations(0.02)0.06 
Net loss$(0.18)$(1.22)

(1) The sum of the earnings per share amounts may not equal the totals due to rounding.




See Notes to Condensed Consolidated Financial Statements
3

PITNEY BOWES INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited; in thousands)

Three Months Ended March 31,
20212020
Net loss$(31,541)$(208,483)
Other comprehensive loss, net of tax:
Foreign currency translation, net of tax of $(13) and $(2,817), respectively
(14,258)(27,735)
Net unrealized gain (loss) on cash flow hedges, net of tax of $1,601 and $(58), respectively
4,830 (174)
Net unrealized (loss) gain on investment securities, net of tax of $(2,956) and $434, respectively
(8,916)1,308 
Amortization of pension and postretirement costs, net of tax of $3,208 and $2,650, respectively
9,937 8,870 
Other comprehensive loss, net of tax(8,407)(17,731)
Comprehensive loss $(39,948)$(226,214)










































See Notes to Condensed Consolidated Financial Statements
4

PITNEY BOWES INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in thousands, except share and per share amounts)

March 31, 2021December 31, 2020
ASSETS  
Current assets:  
Cash and cash equivalents$680,727 $921,450 
Short-term investments, reported at fair value16,200 18,974 
Accounts and other receivables (net of allowance of $20,480 and $18,899, respectively)
327,755 389,240 
Short-term finance receivables (net of allowance of $17,866 and $18,012, respectively)
551,061 568,050 
Inventories63,680 65,845 
Current income taxes44,288 23,219 
Other current assets and prepayments124,394 120,145 
Total current assets1,808,105 2,106,923 
Property, plant and equipment, net405,226 391,280 
Rental property and equipment, net37,708 38,435 
Long-term finance receivables (net of allowance of $17,608 and $17,857 respectively)
597,012 605,292 
Goodwill1,144,064 1,152,285 
Intangible assets, net152,265 159,839 
Operating lease assets196,843 201,916 
Noncurrent income taxes68,732 72,653 
Other assets (includes $383,214 and $355,799, respectively, reported at fair value)
531,226 491,514 
Total assets$4,941,181 $5,220,137 
LIABILITIES AND STOCKHOLDERS’ EQUITY 
Current liabilities:  
Accounts payable and accrued liabilities$820,286 $880,616 
Customer deposits at Pitney Bowes Bank589,406 617,200 
Current operating lease liabilities39,587 39,182 
Current portion of long-term debt19,972 216,032 
Advance billings118,166 114,550 
Current income taxes6,839 2,880 
Total current liabilities1,594,256 1,870,460 
Long-term debt2,418,885 2,348,361 
Deferred taxes on income282,192 279,451 
Tax uncertainties and other income tax liabilities37,936 38,163 
Noncurrent operating lease liabilities174,798 180,292 
Other noncurrent liabilities413,951 437,015 
Total liabilities4,922,018 5,153,742 
Commitments and contingencies (See Note 14)
Stockholders’ equity:
Common stock, $1 par value (480,000,000 shares authorized; 323,337,912 shares issued)
323,338 323,338 
Additional paid-in capital15,269 68,502 
Retained earnings5,161,029 5,201,195 
Accumulated other comprehensive loss(847,538)(839,131)
Treasury stock, at cost (149,600,577 and 151,362,724 shares, respectively)
(4,632,935)(4,687,509)
Total stockholders’ equity19,163 66,395 
Total liabilities and stockholders’ equity$4,941,181 $5,220,137 





See Notes to Condensed Consolidated Financial Statements
5

PITNEY BOWES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in thousands)

Three Months Ended March 31,
20212020
Cash flows from operating activities:  
Net loss$(31,541)$(208,483)
Loss (income) from discontinued operations, net of tax3,886 (10,064)
Restructuring payments(3,955)(6,047)
Adjustments to reconcile net loss to net cash from operating activities:  
Depreciation and amortization39,594 40,719 
Allowance for credit losses3,992 15,926 
Stock-based compensation5,221 1,521 
Restructuring charges2,889 3,817 
Amortization of debt fees2,644 2,300 
Goodwill impairment— 198,169 
Loss on debt refinancing51,394 36,987 
Changes in operating assets and liabilities, net of acquisitions/divestitures:  
Accounts and other receivables57,642 7,182 
Finance receivables27,714 17,772 
Inventories1,900 (4,815)
Other current assets and prepayments(7,153)(7,969)
Accounts payable and accrued liabilities(54,022)(104,556)
Current and noncurrent income taxes(17,291)10,797 
Advance billings4,267 (4,148)
Pension and retiree medical liabilities(24,775)(28,961)
Other, net3,518 10,303 
   Net cash from operating activities - continuing operations65,924 (29,550)
   Net cash from operating activities - discontinued operations— (37,805)
   Net cash from operating activities65,924 (67,355)
Cash flows from investing activities:  
Capital expenditures(43,328)(25,778)
Purchases of investment securities(64,473)(107,312)
Proceeds from sales/maturities of investment securities28,008 104,222 
Net investment in loan receivables(7,316)1,071 
Acquisitions, net of cash acquired— (1,281)
Other investing activities— 8,081 
   Net cash from investing activities - continuing operations(87,109)(20,997)
   Net cash from investing activities - discontinued operations— (2,502)
   Net cash from investing activities(87,109)(23,499)
Cash flows from financing activities:  
Proceeds from the issuance of debt, net of discount1,195,500 816,544 
Principal payments of debt(1,327,315)(932,600)
Premiums and fees paid to refinance debt(44,418)(32,645)
Dividends paid to stockholders(8,625)(8,523)
Decrease in customer deposits at Pitney Bowes Bank(27,794)(888)
Other financing activities(5,648)(2,372)
   Net cash from financing activities(218,300)(160,484)
Effect of exchange rate changes on cash and cash equivalents(1,238)(10,032)
Change in cash and cash equivalents(240,723)(261,370)
Cash and cash equivalents at beginning of period921,450 924,442 
Cash and cash equivalents at end of period$680,727 $663,072 



See Notes to Condensed Consolidated Financial Statements
6

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

1. Description of Business and Basis of Presentation
Description of Business
Pitney Bowes Inc. (we, us, our, or the company) is a global technology company providing commerce solutions that power billions of transactions. Clients around the world rely on the accuracy and precision delivered by our equipment, solutions, analytics, and application programming interface technology in the areas of ecommerce fulfillment, shipping and returns, cross-border ecommerce, office mailing and shipping, presort services and financing. For more information about us, our products, services and solutions, visit www.pitneybowes.com.

Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and the instructions to Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In addition, the December 31, 2020 Condensed Consolidated Balance Sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. In management's opinion, all adjustments, consisting only of normal recurring adjustments, considered necessary to fairly state our financial position, results of operations and cash flows for the periods presented have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2021, particularly in light of the coronavirus pandemic (COVID-19) and its effect on global businesses and economies. These statements should be read in conjunction with the financial statements and notes thereto included in our Annual Report to Stockholders on Form 10-K for the year ended December 31, 2020 (2020 Annual Report).

In the fourth quarter 2020, we determined that based on their nature, certain cash flows from loan receivables classified as cash flows from operating activities should have been classified as investment in loans receivables within cash flows from investing activities. It was also determined that certain investment purchases and maturities that were previously reported on a net basis should have been reported on a gross basis. Finally, previously reported cash flows from investing activities resulting from changes in customer deposits at the Pitney Bowes Bank (the Bank) are now reported as cash flows from financing activities. These adjustments were not material to the previously issued 2020 interim financial statements; however, the cash flow statement for the period ended March 31, 2020 has been revised and the impact on our previously issued interim Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2020 is as follows:
Three Months Ended March 31, 2020
(unaudited)As Previously ReportedAdjustmentsAs Revised
Cash flows from operating activities
Changes in finance receivables$18,843 $(1,071)$17,772 
Net cash from operating activities: continuing operations$(28,479)$(1,071)$(29,550)
Net cash from operating activities$(66,284)$(1,071)$(67,355)
Cash flows from investing activities
Purchases of investment securities$(67,312)$(40,000)$(107,312)
Proceeds from sales/maturities of investment securities$24,102 $80,120 $104,222 
Net change in short-term and other investing activities$48,431 $(48,431)$— 
Net investment in loan receivables$— $1,071 $1,071 
Customer deposits at the Bank$(888)$888 $— 
Other investing activities$(230)$8,311 $8,081 
Net cash from investing activities: continuing operations$(22,956)$1,959 $(20,997)
Net cash from investing activities$(25,458)$1,959 $(23,499)
Cash flows from financing activities
Customer deposits at the Bank$— $(888)$(888)
Net cash from financing activities$(159,596)$(888)$(160,484)
7

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
Risks and Uncertainties
The effects of COVID-19 on global economies and businesses continues to impact how we conduct business and our operating results, financial position and cash flows. Its impact on our business remains unpredictable and accordingly, we are not able to reasonably estimate the full extent of the impact of COVID-19 on our operating results, financial position and cash flows.
Accounting Pronouncements Adopted in 2021
In January 2021 we adopted ASU 2019-12, Simplifying the Accounting for Income Taxes. The ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles and also clarifies and amends existing guidance. The adoption of this standard did not have a material impact on our consolidated financial statements.
Accounting Pronouncements Not Yet Adopted
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The transition to new reference interest rates will require certain contracts to be modified and the ASU is intended to provide temporary optional expedients and exceptions to U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The accommodations provided by the ASU are effective through December 31, 2022 and may be applied at the beginning of any interim period within that time frame. We are currently assessing the impact this standard will have on our consolidated financial statements.
8

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
2. Revenue
Disaggregated Revenue
The following tables disaggregate our revenue by source and timing of recognition:
Three Months Ended March 31, 2021
Global EcommercePresort ServicesSendTech SolutionsRevenue from products and servicesRevenue from leasing transactions and financingTotal consolidated revenue
Major products/service lines
Business services$413,086 $143,126 $14,242 $570,454 $— $570,454 
Support services— — 118,697 118,697 — 118,697 
Financing— — — — 77,812 77,812 
Equipment sales— — 19,118 19,118 67,685 86,803 
Supplies— — 42,224 42,224 — 42,224 
Rentals— — — — 19,207 19,207 
Subtotal413,086 143,126 194,281 750,493 $164,704 $915,197 
Revenue from leasing transactions and financing
Financing — — 77,812 77,812 
Equipment sales— — 67,685 67,685 
Rentals— — 19,207 19,207 
     Total revenue$413,086 $143,126 $358,985 $915,197 
Timing of revenue recognition from products and services
Products/services transferred at a point in time$— $— $77,538 $77,538 
Products/services transferred over time413,086 143,126 116,743 672,955 
      Total$413,086 $143,126 $194,281 $750,493 

Three Months Ended March 31, 2020
Global EcommercePresort ServicesSendTech SolutionsRevenue from products and servicesRevenue from leasing transactions and financingTotal consolidated revenue
Major products/service lines
Business services$292,323 $140,720 $11,336 $444,379 $— $444,379 
Support services— — 122,015 122,015 — 122,015 
Financing— — — — 89,078 89,078 
Equipment sales— — 17,130 17,130 59,143 76,273 
Supplies— — 45,709 45,709 — 45,709 
Rentals— — — — 18,814 18,814 
Subtotal292,323 140,720 196,190 629,233 $167,035 $796,268 
Revenue from leasing transactions and financing
Financing — — 89,078 89,078 
Equipment sales— — 59,143 59,143 
Rentals— — 18,814 18,814 
     Total revenue$292,323 $140,720 $363,225 $796,268 
Timing of revenue recognition from products and services
Products/services transferred at a point in time$— $— $78,374 $78,374 
Products/services transferred over time292,323 140,720 117,816 550,859 
      Total$292,323 $140,720 $196,190 $629,233 
9

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

Our performance obligations for revenue from products and services are as follows:
Business services includes providing mail processing services, shipping subscription solutions, fulfillment, delivery and return services and cross-border solutions. Revenue for shipping subscription solutions is recognized ratably over the contract period as the client obtains equal benefit from these services through the period. Revenue for mail processing services, fulfillment, delivery and return services and cross-border solutions is recognized over time using an output method based on the number of parcels or mail pieces either processed or delivered, depending on the service type, since that measure best depicts the value of goods and services transferred to the client over the contract period. Contract terms for these services range from one to five years followed by annual renewal periods.
Support services includes providing maintenance, professional and subscription services for our mailing equipment and professional services for our digital delivery services. Contract terms range from one to five years, depending on the term of the lease contract for the related equipment. Revenue for maintenance and subscription services is recognized ratably over the contract period and revenue for professional services is recognized when services are provided.
Equipment sales, excluding sales-type leases, generally includes the sale of mailing and shipping equipment. We recognize revenue upon delivery for self-install equipment and upon acceptance or installation for other equipment. We provide a warranty that our equipment is free of defects and meets stated specifications. The warranty is not considered a separate performance obligation.
Supplies revenue is recognized upon delivery.
Revenue from leasing transactions and financing includes revenue from sales-type and operating leases, finance income, late fees and investment income, gains and losses at Pitney Bowes Bank.

Advance Billings from Contracts with Customers
Balance sheet locationMarch 31, 2021December 31, 2020Increase/ (decrease)
Advance billings, currentAdvance billings$110,786 $106,498 $4,288 
Advance billings, noncurrent Other noncurrent liabilities$1,341 $1,277 $64 

Advance billings are recorded when cash payments are due in advance of our performance. Revenue is recognized ratably over the contract term. Items in advance billings primarily relate to support services on mailing equipment. Revenue recognized during the period includes $74 million of advance billings at the beginning of the period. Advance billings, current at March 31, 2021 and December 31, 2020 also includes $7 million and $8 million, respectively, from leasing transactions.

Future Performance Obligations
Future performance obligations include revenue streams bundled with our leasing contracts, primarily maintenance and subscription services. The transaction prices allocated to future performance obligations will be recognized as follows:
Remainder of 202120222023-2026Total
SendTech Solutions$215,628 $227,979 $272,008 $715,615 
The table above does not include revenue related to performance obligations for contracts with terms less than 12 months and expected consideration for those performance obligations where revenue is recognized based on the amount billable to the customer.
10

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
3. Segment Information
Our reportable segments are Global Ecommerce, Presort Services and Sending Technology Solutions (SendTech Solutions). The principal products and services of each reportable segment are as follows:
Global Ecommerce: Includes the revenue and related expenses from domestic parcel services, cross-border solutions and digital delivery services.
Presort Services: Includes revenue and related expenses from sortation services to qualify large volumes of First Class Mail, Marketing Mail, Marketing Mail Flats and Bound Printed Matter for postal worksharing discounts.
SendTech Solutions: Includes the revenue and related expenses from physical and digital mailing and shipping technology solutions, financing, services, supplies and other applications to help simplify and save on the sending, tracking and receiving of letters, parcels and flats.
Management measures segment profitability and performance using segment earnings before interest and taxes (EBIT). Segment EBIT is calculated by deducting from segment revenue the related costs and expenses attributable to the segment. Segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, asset impairment charges and other items not allocated to a particular business segment. Management believes that it provides investors a useful measure of operating performance and underlying trends of the business. Segment EBIT may not be indicative of our overall consolidated performance and therefore, should be read in conjunction with our consolidated results of operations. The following tables provide information about our reportable segments and reconciliation of segment EBIT to net loss.

Revenue
Three Months Ended March 31,
20212020
Global Ecommerce$413,086 $292,323 
Presort Services143,126 140,720 
SendTech Solutions358,985 363,225 
Total revenue$915,197 $796,268 

EBIT
Three Months Ended March 31,
20212020
Global Ecommerce$(26,376)$(29,475)
Presort Services19,051 15,695 
SendTech Solutions114,470 106,562 
Total segment EBIT107,145 92,782 
Reconciliation of Segment EBIT to net loss:  
Unallocated corporate expenses(57,465)(43,722)
Restructuring charges(2,889)(3,817)
Interest expense, net(37,044)(38,372)
Goodwill impairment— (198,169)
Loss on debt refinancing(51,394)(36,987)
Transaction costs— (292)
Benefit for income taxes13,992 10,030 
Loss from continuing operations (27,655)(218,547)
(Loss) income from discontinued operations, net of tax(3,886)10,064 
Net loss$(31,541)$(208,483)

11

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
4. Discontinued Operations
Discontinued operations for the quarter ended March 31, 2021 includes a tax charge related to the sale of our Production Mail business in 2018. Discontinued operations for the quarter ended March 31, 2020 primarily includes the gain on the sale of our software business in Australia.

5. Earnings per Share (EPS)
Three Months Ended March 31,
20212020
Numerator:  
Loss from continuing operations$(27,655)$(218,547)
(Loss) income from discontinued operations, net of tax(3,886)10,064 
Net loss$(31,541)$(208,483)
Denominator:  
Weighted-average shares used in basic EPS172,856 170,912 
Dilutive effect of common stock equivalents (1)
— — 
Weighted-average shares used in diluted EPS172,856 170,912 
Basic loss per share (2):
  
Continuing operations$(0.16)$(1.28)
Discontinued operations(0.02)0.06 
Net loss$(0.18)$(1.22)
Diluted loss per share (2):
Continuing operations$(0.16)$(1.28)
Discontinued operations(0.02)0.06 
Net loss$(0.18)$(1.22)
Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive:
6,440 17,617 
(1)     Due to the net loss for the three months ended March 31, 2021 and 2020, common stock equivalents of 5,804 and 1,554, respectively, were also excluded from the calculation of diluted earnings per share as the impact would have been anti-dilutive.
(2)     The sum of the earnings per share amounts may not equal the totals due to rounding.


6. Inventories
Inventories are stated at the lower of cost or market. Cost is determined on the last-in, first-out (LIFO) basis, the first-in, first-out (FIFO) basis or average cost. Inventories consisted of the following:
March 31,
2021		December 31,
2020
Raw materials$17,879 $16,570 
Supplies and service parts25,749 24,061 
Finished products25,687 30,849 
Inventory at FIFO cost69,315 71,480 
Excess of FIFO cost over LIFO cost(5,635)(5,635)
Total inventory, net$63,680 $65,845 

12

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
7. Finance Assets and Lessor Operating Leases
Finance Assets
Finance receivables are comprised of sales-type lease receivables and unsecured revolving loan receivables. Sales-type lease receivables are generally due in installments over periods ranging from three to five years. Loan receivables arise primarily from financing services offered to our clients for postage and supplies and are generally due monthly; however, clients may rollover outstanding balances. Interest is recognized on loan receivables using the effective interest method. Annual fees are recognized ratably over the annual period covered and client acquisition costs are expensed as incurred.
Finance receivables consisted of the following:
March 31, 2021December 31, 2020
North AmericaInternationalTotalNorth AmericaInternationalTotal
Sales-type lease receivables      
Gross finance receivables$975,272 $192,273 $1,167,545 $994,985 $211,944 $1,206,929 
Unguaranteed residual values37,463 11,667 49,130 36,405 12,140 48,545 
Unearned income(265,497)(60,413)(325,910)(275,359)(61,686)(337,045)
Allowance for credit losses(22,998)(5,606)(28,604)(22,917)(6,006)(28,923)
Net investment in sales-type lease receivables724,240 137,921 862,161 733,114 156,392 889,506 
Loan receivables     
Loan receivables269,797 22,985 292,782 268,690 22,092 290,782 
Allowance for credit losses(6,407)(463)(6,870)(6,484)(462)(6,946)
Net investment in loan receivables263,390 22,522 285,912 262,206 21,630 283,836 
Net investment in finance receivables$987,630 $160,443 $1,148,073 $995,320 $178,022 $1,173,342 


Maturities of gross sales-type lease receivables and gross loan receivables at March 31, 2021 were as follows:
Sales-type Lease ReceivablesLoan Receivables
North AmericaInternationalTotalNorth AmericaInternationalTotal
Remaining for year ending December 31, 2021$297,596 $47,488 $345,084 $219,009 $22,985 $241,994 
Year ending December 31, 2022308,902 65,636 374,538 16,057 — 16,057 
Year ending December 31, 2023204,090 42,223 246,313 10,325 — 10,325 
Year ending December 31, 2024110,774 22,887 133,661 12,722 — 12,722 
Year ending December 31, 202546,934 10,250 57,184 9,470 — 9,470 
Thereafter6,976 3,789 10,765 2,214 — 2,214 
Total$975,272 $192,273 $1,167,545 $269,797 $22,985 $292,782 









13

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
Aging of Receivables
The aging of gross finance receivables was as follows:
March 31, 2021
Sales-type Lease ReceivablesLoan Receivables
North
America		InternationalNorth
America		InternationalTotal
Past due amounts 0 - 90 days$956,358 $191,298 $265,004 $22,812 $1,435,472 
Past due amounts > 90 days18,914 975 4,793 173 24,855 
Total$975,272 $192,273 $269,797 $22,985 $1,460,327 
Past due amounts > 90 days     
Still accruing interest$3,853 $189 $1,466 $66 $5,574 
Not accruing interest15,061 786 3,327 107 19,281 
Total$18,914 $975 $4,793 $173 $24,855 

December 31, 2020
Sales-type Lease ReceivablesLoan Receivables
North
America		InternationalNorth
America		InternationalTotal
Past due amounts 0 - 90 days$972,266 $208,968 $264,484 $21,932 $1,467,650 
Past due amounts > 90 days22,719 2,976 4,206 160 30,061 
Total$994,985 $211,944 $268,690 $22,092 $1,497,711 
Past due amounts > 90 days     
Still accruing interest$5,128 $463 $1,797 $59 $7,447 
Not accruing interest17,591 2,513 2,409 101 22,614 
Total$22,719 $2,976 $4,206 $160 $30,061 

Allowance for Credit Losses
We estimate an allowance for credit losses based on historical loss experience, the nature of our portfolios, adverse situations that may affect a client's ability to pay, current conditions, management forecasts and independent economic forecasts. Credit losses are estimated at the portfolio level based on asset type and geographic market. Historical loss experience is based on actual loss rates over the average term of the asset of five years for sales-type lease receivables and three years for loan receivables (including accrued interest). The assumptions used in determining an estimate of credit losses are inherently subjective and actual results may differ significantly from estimated reserves.
We establish credit approval limits based on the credit quality of the client and the type of equipment financed. Our policy is to discontinue revenue recognition for lease receivables that are more than 120 days past due and for loan receivables that are more than 90 days past due. We resume revenue recognition when the client's payments reduce the account aging to less than 60 days past due. Finance receivables deemed uncollectible are written off against the allowance after all collection efforts have been exhausted and management deems the account to be uncollectible. However, we believe that our finance receivable credit risk is low because of the geographic and industry diversification of our clients and small account balances for most of our clients.








14

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
Activity in the allowance for credit losses for finance receivables was as follows:
Sales-type Lease ReceivablesLoan Receivables
North
America		InternationalNorth
America		InternationalTotal
Balance at January 1, 2021$22,917 $6,006 $6,484 $462 $35,869 
Amounts charged to expense154 61 763 4 982 
Write-offs(1,024)(371)(1,833)(3)(3,231)
Recoveries935 29 991 — 1,955 
Other16 (119)2 — (101)
Balance at March 31, 2021$22,998 $5,606 $6,407 $463 $35,474 
Sales-type Lease ReceivablesLoan Receivables
North
America		InternationalNorth
America		InternationalTotal
Balance at December 31, 2019$10,920 $2,085 $5,906 $740 $19,651 
Cumulative effect of accounting change9,271 1,750 (1,116)(402)9,503 
Amounts charged to expense6,892 1,345 4,006 403 12,646 
Write-offs (1,618)(248)(2,058)(104)(4,028)
Recoveries592 31 691 — 1,314 
Other(124)(80)(7)(7)(218)
Balance at March 31, 2020$25,933 $4,883 $7,422 $630 $38,868 

Credit Quality
The extension of credit and management of credit lines to new and existing clients uses a combination of a client's credit score, where available, and a detailed manual review of their financial condition and payment history or an automated process for certain small dollar applications. Once credit is granted, the payment performance of the client is managed through automated collections processes and is supplemented with direct follow up should an account become delinquent. We have robust automated collections and extensive portfolio management processes to ensure that our global strategy is executed, collection resources are allocated appropriately and enhanced tools and processes are implemented as needed.
We use a third party to score the majority of the North America portfolio on a quarterly basis using a proprietary commercial credit score. The relative scores are determined based on a number of factors, including financial information, payment history, company type and ownership structure. We stratify the third party's credit scores of our clients into low, medium and high-risk accounts. Due to timing and other issues, our entire portfolio may not be scored at period end. We report these amounts as "Not Scored"; however, absence of a score is not indicative of the credit quality of the account. The third-party credit score is used to predict the payment behaviors of our clients and the probability that an account will become greater than 90 days past due during the subsequent 12-month period.
•Low risk accounts are companies with very good credit scores and a predicted delinquency rate of less than 5%.
•Medium risk accounts are companies with average to good credit scores and a predicted delinquency rate between 5% and 10%.
•High risk accounts are companies with poor credit scores, are delinquent or are at risk of becoming delinquent. The predicted delinquency rate would be greater than 10%.










15

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
The table below shows the gross sales-type lease receivable and loan receivable balances by relative risk class and year of origination based on the relative scores of the accounts within each class as of March 31, 2021 and December 30, 2020.
Sales Type Lease ReceivablesLoan ReceivablesTotal
20212020201920182017Prior
Low$78,458 $235,018 $207,236 $144,994 $70,678 $31,481 $180,586 $948,451 
Medium13,409 46,999 46,899 31,959 16,268 7,235 74,966 237,735 
High1,497 5,248 5,142 3,402 1,792 1,024 5,127 23,232 
Not Scored23,202 61,983 58,732 38,207 23,214 13,468 32,103 250,909 
Total$116,566 $349,248 $318,009 $218,562 $111,952 $53,208 $292,782 $1,460,327 
Sales Type Lease ReceivablesLoan ReceivablesTotal
20202019201820172016Prior
Low$256,573 $228,344 $165,244 $87,346 $30,518 $12,249 $192,971 $973,245 
Medium50,785 49,946 37,168 21,388 6,470 2,375 61,625 229,757 
High6,182 5,396 3,782 1,974 1,051 143 4,518 23,046 
Not Scored80,854 77,362 48,704 24,291 7,813 971 31,668 271,663 
Total$394,394 $361,048 $254,898 $134,999 $45,852 $15,738 $290,782 $1,497,711 

The majority of the Not Scored amounts above is within our International portfolio. We do not use a third party to score our International portfolio because the cost to do so is prohibitive as there is no single credit score model that covers all countries. Approximately 80% of credit applications are approved or denied through the automated review process. All other credit applications are manually reviewed by obtaining client financial information, credit reports and other available financial information.

Lease Income
Lease income from sales-type leases was as follows:
Three Months Ended March 31,
20212020
Profit recognized at commencement (1)
$32,265 $29,908 
Interest income48,496 53,806 
Total lease income from sales-type leases$80,761 $83,714 
(1) Lease contracts do not include variable lease payments.

The disclosure of total lease income from sales-type leases for the three months ended March 31, 2020 has been revised from $63 million to $84 million. The revision did not have any impact on our Condensed Consolidated Statement of Loss.
Lessor Operating Leases
We also lease mailing equipment under operating leases with terms of one to five years. Maturities of these operating leases are as follows:
Remaining for year ending December 31, 2021$25,005 
Year ending December 31, 202220,449 
Year ending December 31, 20239,175 
Year ending December 31, 20247,692 
Year ending December 31, 20252,499 
Thereafter37 
Total$64,857 

16

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
8. Intangible Assets and Goodwill
Intangible Assets
Intangible assets consisted of the following:
March 31, 2021December 31, 2020
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Customer relationships$268,199 $(121,634)$146,565 $268,199 $(115,010)$153,189 
Software & technology19,000 (13,300)5,700 19,000 (12,350)6,650 
Total intangible assets$287,199 $(134,934)$152,265 $287,199 $(127,360)$159,839 

Amortization expense for the three months ended March 31, 2021 and 2020 was $8 million and $9 million, respectively.
Future amortization expense as of March 31, 2021 is shown in the table below. Actual amortization expense may differ due to, among other things, fluctuations in foreign currency exchange rates, impairments, acquisitions and accelerated amortization.
Remaining for year ending December 31, 2021$22,721 
Year ending December 31, 202229,315 
Year ending December 31, 202326,465 
Year ending December 31, 202426,465 
Year ending December 31, 202519,805 
Thereafter27,494 
Total$152,265 

Goodwill
Changes in the carrying value of goodwill, by reporting segment, are shown in the table below.
Gross value before accumulated impairmentAccumulated impairmentDecember 31, 2020Currency impactMarch 31,
2021
Global Ecommerce$609,431 $(198,169)$411,262 $— $411,262 
Presort Services220,992 — 220,992 — 220,992 
SendTech Solutions520,031 — 520,031 (8,221)511,810 
Total goodwill$1,350,454 $(198,169)$1,152,285 $(8,221)$1,144,064 










17

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
9. Fair Value Measurements and Derivative Instruments
We measure certain financial assets and liabilities at fair value on a recurring basis. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. An entity is required to classify certain assets and liabilities measured at fair value based on the following fair value hierarchy that prioritizes the inputs used to measure fair value:
Level 1 –    Unadjusted quoted prices in active markets for identical assets and liabilities.
Level 2 –    Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 –    Unobservable inputs that are supported by little or no market activity, may be derived from internally developed methodologies based on management’s best estimate of fair value and that are significant to the fair value of the asset or liability.
Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect its placement within the fair value hierarchy. The following tables show, by level within the fair value hierarchy, our financial assets and liabilities that are accounted for at fair value on a recurring basis.
March 31, 2021
Level 1Level 2Level 3Total
Assets:    
Investment securities    
Money market funds $39,573 $250,390 $— $289,963 
Equity securities— 28,100 — 28,100 
Commingled fixed income securities1,698 19,027 — 20,725 
Government and related securities
26,228 25,396 — 51,624 
Corporate debt securities— 65,950 — 65,950 
Mortgage-backed / asset-backed securities— 231,863 — 231,863 
Derivatives 
Interest rate swap— 4,117 — 4,117 
Foreign exchange contracts— 1,117 — 1,117 
Total assets$67,499 $625,960 $— $693,459 
Liabilities:    
Derivatives    
Foreign exchange contracts$— $(786)$— $(786)
Total liabilities$— $(786)$— $(786)
18

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
December 31, 2020
Level 1Level 2Level 3Total
Assets:    
Investment securities    
Money market funds $73,228 $434,791 $— $508,019 
Equity securities— 26,583 — 26,583 
Commingled fixed income securities1,722 19,669 — 21,391 
Government and related securities
16,776 16,757 — 33,533 
Corporate debt securities — 71,433 — 71,433 
Mortgage-backed / asset-backed securities— 220,678 — 220,678 
Derivatives   
Foreign exchange contracts— 3,776 — 3,776 
Total assets$91,726 $793,687 $— $885,413 
Liabilities:    
Derivatives    
Interest rate swap$— $(2,163)$— $(2,163)
Foreign exchange contracts— (1,960)— (1,960)
Total liabilities$— $(4,123)$— $(4,123)
Investment Securities
The valuation of investment securities is based on the market approach using inputs that are observable, or can be corroborated by observable data, in an active marketplace. The following information relates to our classification within the fair value hierarchy:
•Money Market Funds: Money market funds typically invest in government securities, certificates of deposit, commercial paper and other highly liquid, low risk securities. Money market funds are principally used for overnight deposits and are classified as Level 1 when unadjusted quoted prices in active markets are available and as Level 2 when they are not actively traded on an exchange.
•Equity Securities: Equity securities are comprised of mutual funds investing in U.S. and foreign stocks. These mutual funds are classified as Level 2.
•Commingled Fixed Income Securities: Commingled fixed income securities are comprised of mutual funds that invest in a variety of fixed income securities, including securities of the U.S. government and its agencies, corporate debt, mortgage-backed securities and asset-backed securities. Fair value is based on the value of the underlying investments owned by each fund, minus its liabilities, divided by the number of shares outstanding, as reported by the fund manager. These mutual funds are classified as Level 1 when unadjusted quoted prices in active markets are available and as Level 2 when they are not actively traded on an exchange.
•Government and Related Securities: Debt securities are classified as Level 1 where active, high volume trades for identical securities exist. Valuation adjustments are not applied to these securities. Debt securities are classified as Level 2 where fair value is determined using quoted market prices for similar securities or benchmarking model derived prices to quoted market prices and trade data for identical or comparable securities.
•Corporate Debt Securities: Corporate debt securities are valued using recently executed comparable transactions, market price quotations or bond spreads for the same maturity as the security. These securities are classified as Level 2.
•Mortgage-Backed Securities / Asset-Backed Securities: These securities are valued based on external pricing indices or external price/spread data. These securities are classified as Level 2.

Derivative Securities
•Foreign Exchange Contracts: The valuation of foreign exchange derivatives is based on the market approach using observable market inputs, such as foreign currency spot and forward rates and yield curves. We have not seen a material change in the creditworthiness of those banks acting as derivative counterparties. These securities are classified as Level 2.
•Interest Rate Swaps: The valuation of interest rate swaps is based on an income approach using inputs that are observable or that can be derived from, or corroborated by, observable market data. These securities are classified as Level 2.
19

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
Available-For-Sale Securities
Available-for-sale securities are predominantly held at the Pitney Bowes Bank. Investment securities classified as available-for-sale are recorded at fair value with changes in fair value due to market conditions (i.e., interest rates) recorded in accumulated other comprehensive loss (AOCL), and changes in fair value due to credit conditions recorded in earnings. There were no unrealized losses due to credit losses charged to earnings through the three months ended March 31, 2021.

Available-for-sale securities consisted of the following:
March 31, 2021
Amortized costGross unrealized gainsGross unrealized lossesEstimated fair value
Government and related securities$51,411 $42 $(1,377)$50,076 
Corporate debt securities69,913 300 (4,263)65,950 
Commingled fixed income securities1,712 — (14)1,698 
Mortgage-backed / asset-backed securities237,827 303 (6,267)231,863 
Total$360,863 $645 $(11,921)$349,587 
December 31, 2020
Amortized costGross unrealized gainsGross unrealized lossesEstimated fair value
Government and related securities$31,882 $157 $(78)$31,961 
Corporate debt securities71,174 614 (355)71,433 
Commingled fixed income securities1,706 16 — 1,722 
Mortgage-backed / asset-backed securities220,659 734 (715)220,678 
Total$325,421 $1,521 $(1,148)$325,794 

Investment securities in a loss position were as follows:
March 31, 2021December 31, 2020
Fair ValueGross unrealized lossesFair ValueGross unrealized losses
Less than 12 continuous months$312,002 $11,850 $132,267 $1,072 
Greater than 12 continuous months2,294 71 2,369 76 
Total$314,296 $11,921 $134,636 $1,148 
At March 31, 2021, 34% of the securities in the investment portfolio were in a loss position. We believe our allowance for credit losses on available-for-sale investment securities is adequate as our investments are primarily in highly liquid U.S. government and agency securities, high grade corporate bonds and municipal bonds. The majority of our mortgage-backed securities are either guaranteed or supported by the U.S. Government. We have not recognized an impairment on investment securities in an unrealized loss position because we have the ability and intent to hold these securities until recovery of the unrealized losses or we receive the stated principal and interest at maturity.
Scheduled maturities of available-for-sale securities at March 31, 2021 were as follows:
Amortized costEstimated fair value
Within 1 year$14,398 $14,401 
After 1 year through 5 years15,241 15,266 
After 5 years through 10 years66,618 63,185 
After 10 years264,606 256,735 
Total$360,863 $349,587 
20

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
The scheduled maturities of mortgage-backed and asset-backed securities may not coincide with the actual payment, as borrowers have the right to prepay obligations.
Held-to-Maturity Securities
Held-to-maturity securities at March 31, 2021 and December 31, 2020, include $25 million and $75 million, respectively, of short-term, highly liquid time deposits. Due to the short-term nature of these securities, the carrying value approximates fair value.

Derivative Instruments
In the normal course of business, we are exposed to the impact of changes in foreign currency exchange rates and interest rates. We mitigate these exposures by following established risk management policies and procedures, including the use of derivatives. We use derivative instruments to limit the effects of exchange rate fluctuations on financial results and manage the cost of debt. We do not use derivatives for trading or speculative purposes. We record derivative instruments at fair value and the accounting for changes in the fair value depends on the intended use of the derivative, the resulting designation and the effectiveness of the instrument in offsetting the risk exposure it is designed to hedge.
Foreign Exchange Contracts
We enter into foreign exchange contracts to mitigate the currency risk associated with the anticipated purchase of inventory between affiliates and from third parties. These contracts are designated as cash flow hedges. The effective portion of the gain or loss on cash flow hedges is included in AOCL in the period that the change in fair value occurs and is reclassified to earnings in the period that the hedged item is recorded in earnings. No amount of ineffectiveness was recorded in earnings for these designated cash flow hedges. At March 31, 2021 and December 31, 2020, we had outstanding contracts associated with these anticipated transactions with notional amounts of $6 million and $8 million, respectively. Amounts included in AOCL at March 31, 2021 will be recognized in earnings within the next 12 months.

Interest Rate Swaps
We have interest rate swap agreements with an aggregate notional amount of $500 million that are designated as cash flow hedges. The fair value of the interest rate swaps is recorded as a derivative asset or liability at the end of each reporting period with the change in fair value reflected in AOCL.
The fair value of derivative instruments was as follows:
Designation of DerivativesBalance Sheet LocationMarch 31,
2021		December 31,
2020
Derivatives designated as
hedging instruments		  
Foreign exchange contractsOther current assets and prepayments$214 $96 
 Accounts payable and accrued liabilities(71)(112)
Interest rate swapsOther assets (Other noncurrent liabilities)4,117 (2,163)
Derivatives not designated as
hedging instruments		  
Foreign exchange contractsOther current assets and prepayments903 3,680 
 Accounts payable and accrued liabilities(715)(1,848)
 Total derivative assets$5,234 $3,776 
 Total derivative liabilities(786)(4,123)
 Total net derivative asset (liability)$4,448 $(347)





21

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
Results of cash flow hedging relationships were as follows:
Three Months Ended March 31,
Derivative Gain (Loss)
Recognized in AOCL
(Effective Portion)		Location of Gain (Loss)
(Effective Portion)		Gain (Loss) Reclassified
from AOCL to Earnings
(Effective Portion)
Derivative Instrument2021202020212020
Foreign exchange contracts$228 $(160)Revenue$126 $61 
   Cost of sales(58)10 
Interest rate swap6,280 — Interest expense— — 
 $6,508 $(160) $68 $71 
We enter into foreign exchange contracts to minimize the impact of exchange rate fluctuations on short-term intercompany loans and related interest that are denominated in a foreign currency. The revaluation of intercompany loans and interest and the corresponding mark-to-market adjustment on derivatives are recorded in earnings. All outstanding contracts at March 31, 2021 mature within 12 months.
The mark-to-market adjustments of non-designated derivative instruments were as follows:
Three Months Ended March 31,
Derivative Gain (Loss) Recognized in Earnings
Derivatives InstrumentLocation of Derivative Gain (Loss)20212020
Foreign exchange contractsSelling, general and administrative expense$553 $(4,867)

Fair Value of Financial Instruments
Financial instruments not reported at fair value on a recurring basis include cash and cash equivalents, accounts receivable, loan receivables, accounts payable and debt. The carrying value for cash and cash equivalents, accounts receivable, loans receivable and accounts payable approximate fair value. The fair value of debt is estimated based on recently executed transactions and market price quotations. The inputs used to determine the fair value of debt are classified as Level 2 in the fair value hierarchy. The carrying value and estimated fair value of debt was as follows:
March 31, 2021December 31, 2020
Carrying value$2,438,857 $2,564,393 
Fair value$2,426,062 $2,479,895 

10. Restructuring Charges
Activity in our restructuring reserves was as follows:
Severance and other exit costs
Balance at January 1, 2021$10,063 
Expenses, net2,889 
Cash payments(3,955)
Noncash activity(227)
Balance at March 31, 2021$8,770 
Balance at January 1, 2020$12,006 
Expenses, net3,817 
Cash payments(6,047)
Noncash activity(763)
Balance at March 31, 2020$9,013 
The majority of the restructuring reserves are expected to be paid over the next 12 to 24 months.
22

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
11. Debt
Total debt consisted of the following:


Interest rateMarch 31, 2021December 31, 2020
Notes due October 20214.875%$— $152,588 
Notes due May 20225.375%72,873 148,792 
Notes due April 20235.95%96,667 271,000 
Notes due March 20244.625%267,952 374,000 
Notes due March 20276.875%400,000 — 
Notes due March 20297.25%350,000 — 
Notes due January 20375.25%35,841 35,841 
Notes due March 20436.70%425,000 425,000 
Term loan due March 2026
LIBOR + 1.75%
380,000 380,000 
Term loan due January 2025
LIBOR + 5.5%
— 818,125 
Term loan due March 2028
LIBOR + 4.0%
450,000 — 
Other debt4,598 4,900 
Principal amount2,482,931 2,610,246 
Less: unamortized costs, net44,074 45,853 
Total debt2,438,857 2,564,393 
Less: current portion long-term debt19,972 216,032 
Long-term debt$2,418,885 $2,348,361 

During the first quarter of 2021, we issued a $400 million 6.875% unsecured note due March 2027 and a $350 million 7.25% unsecured note due March 2029. We also entered into a new seven-year $450 million secured term loan maturing March 2028.

We redeemed the remaining $153 million balance of the October 2021 notes and, under a tender offer, redeemed an aggregate $356 million of the May 2022 notes, April 2023 notes and March 2024 notes. We also repaid the remaining $818 million balance of our term loan that was scheduled to mature in January 2025.

We also amended our $500 million secured revolving credit facility and our March 2026 secured term loan to extend their maturities from November 2024 to March 2026. The credit agreement that governs the revolving credit facility and term loans contains financial and non-financial covenants. At March 31, 2021, we were in compliance with all covenants and there were no outstanding borrowings under the revolving credit facility.

A $51 million pre-tax loss was incurred on the refinancing of debt.

Interest rates on certain notes are subject to adjustment based on changes in our credit ratings. Due to a credit downgrade in February 2021, the interest rates on the May 2022 notes and the April 2023 notes will increase 0.25% in the second quarter of 2021.

At March 31, 2021, the interest rate of the 2028 Term Loan was 4.1% and the interest rate on the 2026 Term Loan was 1.9%.


23

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
12. Pensions and Other Benefit Programs
The components of net periodic benefit cost (income) were as follows:
Defined Benefit Pension PlansNonpension Postretirement Benefit Plans
United StatesForeign
Three Months EndedThree Months EndedThree Months Ended
March 31,March 31,March 31,
202120202021202020212020
Service cost$26 $26 $395 $399 $224 $217 
Interest cost10,745 13,179 2,961 3,518 961 1,245 
Expected return on plan assets(19,478)(21,304)(7,984)(8,208)— — 
Amortization of transition credit— — — (1)— — 
Amortization of prior service (credit) cost(15)(15)67 61 32 93 
Amortization of net actuarial loss9,638 8,198 2,345 2,059 1,078 736 
Settlement— 389 — — — — 
Net periodic benefit cost (income) $916 $473 $(2,216)$(2,172)$2,295 $2,291 
Contributions to benefit plans$1,015 $1,929 $8,696 $7,988 $3,519 $4,455 


13. Income Taxes
The effective tax rate for the three months ended March 31, 2021 was a benefit of 33.6% and includes benefits of $3 million from an affiliate reorganization and $2 million from the vesting of restricted stock, partially offset by a charge of $1 million for the write-off of deferred tax assets associated with the expiration of out-of-the-money stock options.
The effective tax rate for the three months ended March 31, 2020 was a benefit of 4.4% and includes a benefit of $2 million on the $198 million goodwill impairment charge as the majority of this charge is nondeductible, a benefit of $2 million from the resolution of certain tax examinations and a charge of $3 million for the write-off of deferred tax assets associated with the expiration of out-of-the-money stock options and the vesting of restricted stock.
As is the case with other large corporations, our tax returns are examined by tax authorities in the U.S. and other global taxing jurisdictions in which we have operations. As a result, it is reasonably possible that the amount of unrecognized tax benefits will decrease in the next 12 months, and this decrease could be up to 10% of our unrecognized tax benefits.
The Internal Revenue Service examinations of our consolidated U.S. income tax returns for tax years prior to 2017 are closed to audit; however, various post-2014 U.S. state and local tax returns are still subject to examination, with some states in appeals from 2011. For our significant non-U.S. jurisdictions, Canada is closed to examination through 2014, France is closed through 2013, Germany is closed through 2016 and the U.K. is closed through 2018. We also have other less significant tax filings currently subject to examination.













24

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
14. Commitments and Contingencies
In the ordinary course of business, we are routinely defendants in, or party to, a number of pending and threatened legal actions. These may involve litigation by or against us relating to, among other things, contractual rights under vendor, insurance or other contracts; intellectual property or patent rights; equipment, service, payment or other disputes with clients; or disputes with employees. Some of these actions may be brought as a purported class action on behalf of a purported class of employees, customers or others. In management's opinion, as of March 31, 2021, the potential liability, if any, that may result from these actions, either individually or collectively, is not reasonably expected to have a material effect on our financial position, results of operations or cash flows. However, as litigation is inherently unpredictable, there can be no assurances in this regard.
At March 31, 2021, we have entered into leases with aggregate lease payments of approximately $41 million and terms ranging from three to eight years, that have not commenced.

15. Stockholders’ Equity

Changes in stockholders’ equity were as follows:
Common stockAdditional paid-in capitalRetained earningsAccumulated other comprehensive lossTreasury stockTotal equity
Balance at January 1, 2021$323,338 $68,502 $5,201,195 $(839,131)$(4,687,509)$66,395 
Net loss— — (31,541)— — (31,541)
Other comprehensive loss— — — (8,407)— (8,407)
Dividends paid ($0.05 per common share)
— — (8,625)— — (8,625)
Issuance of common stock— (58,454)— — 54,574 (3,880)
Stock-based compensation expense
— 5,221 — — — 5,221 
Balance at March 31, 2021$323,338 $15,269 $5,161,029 $(847,538)$(4,632,935)$19,163 

Common stockAdditional paid-in capitalRetained earningsAccumulated other comprehensive lossTreasury stockTotal equity
Balance at December 31, 2019$323,338 $98,748 $5,438,930 $(840,143)$(4,734,777)$286,096 
Cumulative effect of accounting change— — (21,900)— — (21,900)
Net loss— — (208,483)— — (208,483)
Other comprehensive loss— — — (17,731)— (17,731)
Dividends paid ($0.05 per common share)
— — (8,523)— — (8,523)
Issuance of common stock— (30,716)— — 29,166 (1,550)
Stock-based compensation expense
— 1,521 — — — 1,521 
Balance at March 31, 2020$323,338 $69,553 $5,200,024 $(857,874)$(4,705,611)$29,430 












25

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

16. Accumulated Other Comprehensive Loss
Reclassifications out of AOCL were as follows:
Gain (Loss) Reclassified from AOCL
Three Months Ended March 31,
20212020
Cash flow hedges
Revenue$126 $61 
Cost of sales(58)10 
Total before tax68 71 
Income tax provision17 17 
Net of tax$51 $54 
Available-for-sale securities
Financing revenue$(1)$284 
Selling, general and administrative expense42 — 
Total before tax41 284 
Income tax provision 10 71 
Net of tax$31 $213 
Pension and postretirement benefit plans
Transition credit$— $1 
Prior service costs (84)(139)
Actuarial losses (13,061)(10,993)
Settlement — (389)
Total before tax(13,145)(11,520)
Income tax benefit(3,208)(2,650)
Net of tax$(9,937)$(8,870)

Changes in AOCL were as follows:
Cash flow hedgesAvailable for sale securitiesPension and postretirement benefit plansForeign currency adjustmentsTotal
Balance at January 1, 2021$(1,411)$402 $(851,063)$12,941 $(839,131)
Other comprehensive income (loss) before reclassifications (1)
4,881 (8,885)— (14,258)(18,262)
Reclassifications into earnings (1)
(51)(31)9,937 — 9,855 
Net other comprehensive income (loss)4,830 (8,916)9,937 (14,258)(8,407)
Balance at March 31, 2021$3,419 $(8,514)$(841,126)$(1,317)$(847,538)

Cash flow hedgesAvailable for sale securitiesPension and postretirement benefit plansForeign currency adjustmentsTotal
Balance at January 1, 2020$337 $2,849 $(819,018)$(24,311)$(840,143)
Other comprehensive (loss) income before reclassifications (1)
(120)1,521 — (27,735)(26,334)
Reclassifications into earnings (1)
(54)(213)8,870 — 8,603 
Net other comprehensive (loss) income(174)1,308 8,870 (27,735)(17,731)
Balance at March 31, 2020$163 $4,157 $(810,148)$(52,046)$(857,874)
(1)     Amounts are net of tax.
26

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
17. Supplemental Financial Statement Information

Activity in the allowance for credit losses on accounts receivables for the three months ended March 31, 2021 and 2020 is presented below. See Note 7 for additional information pertaining to our finance receivables.
Balance at beginning of yearCumulative effect of accounting changeAmounts charged to expenseWrite-offs, recoveries and otherBalance at end of periodAccounts and other receivablesOther assets
March 31, 2021$35,344 $— $3,011 $(1,314)$37,041 $20,480 $16,561 
March 31, 2020$17,830 $15,336 $3,280 $(7,002)$29,444 $29,444 $— 
Other expense, net consisted of the following:

Three Months Ended March 31,
20212020
Loss on debt refinancing$51,394 $36,987 
Insurance proceeds— (3,500)
Other expense, net$51,394 $33,487 


Supplemental cash flow information is as follows:
Three Months Ended March 31,
20212020
Cash interest paid$39,658 $44,891 
Cash income tax payments, net of refunds$2,641 $13,270 
Finance leased assets obtained in exchange for new lease obligations$9,477 $2,399 


27



Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations
Forward-Looking Statements
This Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) contains statements that are forward-looking. We want to caution readers that any forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (Securities Act) and Section 21E of the Securities Exchange Act of 1934 (Exchange Act) may change based on various factors. These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties, and actual results could differ materially. Words such as "estimate," "target," "project," "plan," "believe," "expect," "anticipate," "intend" and similar expressions may identify such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Forward-looking statements in this Form 10-Q speak only as of the date hereof, and forward-looking statements in documents attached that are incorporated by reference speak only as of the date of those documents.
Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties, such as those disclosed or incorporated by reference in our filings with the Securities and Exchange Commission. In particular, the uncertainty around the severity, magnitude and duration of the COVID-19 pandemic (COVID-19), including governments' responses to COVID-19, the efficacy and availability of vaccines, its continuing impact on our operations, employees, the availability and cost of labor and transportation, global supply chain and demand across our and our clients' businesses, as well as any deterioration or instability in global macroeconomic conditions, could cause our actual results to differ than those expressed in any forward-looking statement. Other factors which could cause future financial performance to differ materially from the expectations, and which may also be exacerbated by COVID-19 or a negative change in the economy, include, without limitation:
•declining physical mail volumes
•changes in postal regulations or operations, or the financial health of posts, in the U.S. or other major markets, or significant changes to the broader postal or shipping industry
•the loss of, or significant changes to, our contractual relationships with the United States Postal Service (USPS) or USPS' performance under those contracts
•our ability to continue to grow and manage volumes, gain additional economies of scale and improve profitability within our Global Ecommerce and Presort Services segments
•changes in labor and transportation availability and costs
•third-party suppliers' ability to provide products and services required by us and our clients
•competitive factors, including pricing pressures, technological developments and the introduction of new products and services by competitors
•the loss of some of our larger clients in our Global Ecommerce and Presort Services segments
•expenses and potential impacts resulting from a breach of security, including cyber-attacks or other comparable events
•our success at managing customer credit risk
•capital market disruptions or credit rating downgrades that adversely impact our ability to access capital markets at reasonable costs
•our success in developing and marketing new products and services and obtaining regulatory approvals, if required
•the continued availability and security of key information technology systems and the cost to comply with information security requirements and privacy laws
•changes in international trade policies, including the imposition or expansion of trade tariffs
•changes in tax laws, rulings or regulations, including the impact of potential U.S. tax reform
•our success at managing relationships and costs with outsource providers of certain functions and operations
•changes in banking regulations or the loss of our Industrial Bank charter or changes in foreign currency exchange rates and interest rates
•the United Kingdom's exit from the European Union
•intellectual property infringement claims
•the use of the postal system for transmitting harmful biological agents, illegal substances or other terrorist attacks
•impact of acts of nature on the services and solutions we offer
Further information about factors that could materially affect us, including our results of operations and financial condition, is contained in Item 1A. "Risk Factors" in our 2020 Annual Report, as supplemented by Part II, Item 1A in this Quarterly Report on Form 10-Q.
28



Overview
Financial Results Summary - Three Months Ended March 31:
Revenue
Three Months Ended March 31,
20212020Actual % changeConstant Currency % Change
Business services$570,454 $444,379 28 %28 %
Support services118,697 122,015 (3)%(4)%
Financing77,812 89,078 (13)%(14)%
Equipment sales86,803 76,273 14 %12 %
Supplies42,224 45,709 (8)%(10)%
Rentals19,207 18,814 2 %— %
Total revenue$915,197 $796,268 15 %14 %
Revenue
Three Months Ended March 31,
20212020Actual % changeConstant currency % change
Global Ecommerce$413,086 $292,323 41 %40 %
Presort Services143,126 140,720 2 %2 %
SendTech Solutions358,985 363,225 (1)%(3)%
Total$915,197 $796,268 15 %14 %
EBIT
Three Months Ended March 31,
20212020% change
Global Ecommerce$(26,376)$(29,475)11 %
Presort Services19,051 15,695 21 %
SendTech Solutions114,470 106,562 7 %
Total Segment EBIT$107,145 $92,782 15 %

Revenue increased 15% as reported and 14% at constant currency in the first quarter of 2021 compared to the prior year, primarily driven by higher business services revenue resulting from increased volumes in our Global Ecommerce segment. Within our business segments, Global Ecommerce revenue grew 41% as reported and 40% at constant currency due to increased volumes, Presort Services revenue increased 2% primarily due to higher Marketing Mail volumes and SendTech Solutions revenue declined 1% as reported and 3% at constant currency primarily due to lower financing, supplies and support services revenue, partially offset by higher equipment sales and business services revenue. Segment EBIT in the quarter increased 15%, primarily due to a prior year credit loss charge of $10 million in SendTech Solutions due to the then-current economic recessionary conditions caused by COVID-19, increased volumes in Global Ecommerce and lower operating expenses in Presort Services. Refer to Results of Operations section for further information.
During the quarter, we completed a series of transactions to refinance our debt portfolio to decrease our refinancing risk and create strategic flexibility. Refer to Liquidity and Capital Resources section for further information.
Impacts of COVID-19
Beginning in 2020, COVID-19 and the efforts to contain it adversely affected global economies and demand for a broad variety of goods and services and created disruptions and shortages in supply chains. We implemented measures in our facilities to protect the health and safety of our employees and contractors, including staggering shifts and breaks to enhance social distancing, providing personal protection equipment, conducting temperature checks and sanitizing equipment and facilities multiple times a day. Employees that have the ability to work remotely continue to do so and management continues to assess conditions to determine when, and how, these employees should return to their office locations. We continue to manage through supply chain shortages and disruptions and provide enhanced proactive measures in our facilities to protect the health and safety of our employees and contractors.
29



Beginning primarily in the second quarter of 2020, COVID-19 impacted our financial results in different ways in each of our businesses. Global Ecommerce experienced a significant increase in volumes and revenue due to the demand for ecommerce solutions; however, the increase in volumes resulted in higher postal costs driven by capacity constraints and higher labor and transportation costs as many companies competed for these resources. Presort Services experienced a decline in both First Class and Marketing Mail and higher labor costs. Global Ecommerce and Presort Services incurred additional costs and experienced lower productivity as a result of the health and safety measures implemented in their facilities.

In SendTech Solutions, the increase in the number of clients working remotely adversely impacted demand for and usage of our mailing equipment and supplies, and our ability to perform on-site service and installations, but we saw an improvement in our cloud-enabled shipping and mailing solutions.

Outlook
Given the continuing unpredictability of the severity, magnitude and duration of the COVID-19 pandemic, especially in light of the increasingly widespread outbreak in India, where a majority of our research and development activities are located, the impact of the pandemic on our business, operations and financial performance remains uncertain. The developing global semiconductor chip shortage may also adversely affect our needed supply for SendTech equipment for the remainder of 2021. The extent of that impact will depend upon the duration and severity of the shortage, as well as our success in mitigating against its impact. Accordingly, there are some unique factors not within our control that could affect our business and current outlook for 2021. However, we believe we are well positioned to manage through the current conditions and will continue to take proactive steps to manage our operations and related financial impacts.
Despite some of the ongoing uncertainty, we do not expect the global economy or our individual businesses to be affected to the same extent in 2021 as in 2020, which will result in an impact to the comparison of our results to the prior year. Within Global Ecommerce, we expect continued market growth in ecommerce and anticipate revenue growth in 2021, although not at the growth rates experienced throughout 2020. Although we expect margin and profit improvements in 2021 from pricing initiatives and operational improvements within our facilities and network designed to drive efficiencies and increased productivity, we also expect the continued growth of the overall market's needs for both transportation services and labor will create cost challenges. Within Presort Services, we expect the improving volume trends in the second half of 2020 to continue throughout 2021. We anticipate that Presort Services margins will improve in 2021 as a result of productivity initiatives, increased automation and facilities consolidation and optimization. Within SendTech Solutions, we expect revenue to continue to decline, but growth in our cloud-enabled shipping solutions and sales of our multi-purpose devices to partially offset these declines. On a consolidated basis, we expect modest revenue growth in 2021 compared to 2020.


30



RESULTS OF OPERATIONS
In our revenue discussion, we may refer to revenue growth on a constant currency basis. Constant currency measures exclude the impact of changes in currency exchange rates since the prior period under comparison. We believe that excluding the impacts of currency exchange rates provides investors with a better understanding of the underlying revenue performance. Constant currency change is calculated by converting the current period non-U.S. dollar denominated revenue using the prior year’s exchange rate. Where constant currency measures are not provided, the actual change and constant currency change are the same.  
Management measures segment profitability and performance using segment earnings before interest and taxes (EBIT). Segment EBIT is calculated by deducting from segment revenue the related costs and expenses attributable to the segment. Segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, asset impairment charges, goodwill impairment charges and other items not allocated to a particular business segment. Management believes that it provides investors a useful measure of operating performance and underlying trends of the business. Segment EBIT may not be indicative of our overall consolidated performance and therefore, should be read in conjunction with our consolidated results of operations.

REVENUE AND SEGMENT EBIT
Global Ecommerce
Global Ecommerce includes the revenue and related expenses from domestic parcel services, cross-border solutions and digital delivery services.
RevenueCost of RevenueGross Margin
Three Months Ended March 31,Three Months Ended March 31,Three Months Ended March 31,
20212020Actual % changeConstant Currency % change2021202020212020
Business services$413,086 $292,323 41 %40 %$384,308 $265,221 7.0 %9.3 %
Segment EBIT
Three Months Ended March 31,
20212020Actual % change
Segment EBIT$(26,376)$(29,475)11 %
Global Ecommerce revenue increased 41% as reported and 40% at constant currency in the first quarter of 2021 compared to the prior year period due to the significant increase in volumes caused by the onset of COVID-19. Domestic parcel delivery volumes, cross-border volumes and digital delivery volumes contributed revenue growth of 22%, 15% and 4%, respectively.
Despite a decline in gross margin percentage, total gross margin increased $2 million compared to the prior year primarily due to the significant increase in revenue. The increased revenue more than offset higher transportation, postal and labor costs.
Segment EBIT for the first quarter of 2021 was a loss of $26 million compared to a loss of $29 million in the prior year period. This increase was driven by the increase in gross margin and from $1 million in lower operating expenses.










31



Presort Services
Presort Services includes revenue and related expenses from sortation services to qualify large volumes of First Class Mail, Marketing Mail, Marketing Mail Flats and Bound Printed Matter for postal worksharing discounts.
RevenueCost of RevenueGross Margin
Three Months Ended March 31,Three Months Ended March 31,Three Months Ended March 31,
20212020Actual % changeConstant Currency % change2021202020212020
Business services$143,126 $140,720 2 %2 %$108,998 $105,238 23.8 %25.2 %
Segment EBIT
Three Months Ended March 31,
20212020Actual % change
Segment EBIT$19,051 $15,695 21 %
Presort Services revenue increased 2% in the first quarter of 2021 compared to the prior year period primarily due to increased volumes of Marketing Mail.
Gross margin decreased to 23.8% from 25.2% primarily due to higher labor costs driven by wage increases to address the increase in competition for labor resources, increased depreciation expense on new equipment and incremental costs associated with COVD-19.

Segment EBIT increased 21% in the first quarter of 2021, primarily due to a $4 million prior year charge for unrealized losses on certain investment securities and lower consulting fees of $1 million, partially offset by the decline in gross margin.
SendTech Solutions
SendTech Solutions includes the revenue and related expenses from physical and digital mailing and shipping technology solutions, financing, services, supplies and other applications to help simplify and save on the sending, tracking and receiving of letters, parcels and flats.
RevenueCost of RevenueGross Margin
Three Months Ended March 31,Three Months Ended March 31,Three Months Ended March 31,
20212020Actual % changeConstant Currency % change2021202020212020
Business services$14,242 $11,336 26 %26 %$6,069 $4,185 57.4 %63.1 %
Support services118,697 122,015 (3)%(4)%36,228 39,628 69.5 %67.5 %
Financing77,812 89,078 (13)%(14)%11,886 12,489 84.7 %86.0 %
Equipment sales86,803 76,273 14 %12 %61,790 57,348 28.8 %24.8 %
Supplies42,224 45,709 (8)%(10)%11,211 12,240 73.4 %73.2 %
Rentals19,207 18,814 2 %— %6,447 6,378 66.4 %66.1 %
Total revenue
$358,985 $363,225 (1)%(3)%$133,631 $132,268 62.8 %63.6 %
Segment EBIT
Three Months Ended March 31,
20212020Actual % change
Segment EBIT$114,470 $106,562 7 %
SendTech Solutions revenue decreased 1% as reported and 3% at constant currency in the first quarter of 2021 compared to the prior year. Financing revenue decreased 13% as reported and 14% at constant currency primarily driven by a declining lease portfolio. Supplies revenue declined 8% as reported and 10% at constant currency driven by a declining meter population and reduced usage and demand. Support services revenue decreased 3% as reported and 4% at constant currency driven by a declining meter population.
32



These declines were partially offset by an increase in business services and equipment sales revenue. Business services revenue increased $3 million, or 26% at constant currency, primarily due to an increased use of our shipping products. Equipment sales increased 14% as reported and 12% at constant currency driven by a large government deal in the quarter.
Gross margin for the first quarter of 2021 decreased slightly to 62.8% from 63.6% compared to the prior year period. Business services gross margin decreased to 57.4% from 63.1% primarily driven by a shift to lower margin products. Equipment sales gross margin increased to 28.8% from 24.8% primarily due to lower engineering costs. Support services gross margin increased to 69.5% from 67.5% in the prior period primarily due to cost savings in the current year.
Segment EBIT increased 7% in the first quarter of 2021 compared to the prior year, primarily driven by a $10 million credit loss charge in the prior year due to economic recessionary conditions caused by COVID-19 and lower operating expense of $4 million, partially offset by a decline in gross margin of $6 million.
UNALLOCATED CORPORATE EXPENSES

The majority of our SG&A expense is recorded directly or allocated to our reportable segments. Those expenses not recorded directly or allocated to our reportable segments are reported as unallocated corporate expenses. Unallocated corporate expenses primarily represents corporate administrative functions such as finance, marketing, human resources, legal, information technology and innovation.

Three Months Ended March 31,
20212020Actual % change
Unallocated corporate expenses$(57,465)$(43,722)(31)%

The increase in unallocated corporate expenses in the quarter compared to the prior year period was driven primarily by higher variable compensation-related expenses of $8 million and higher sales tax expense of $7 million, partially offset by lower professional fees of $3 million and lower travel expenses of $1 million.

CONSOLIDATED EXPENSES
Selling, general and administrative (SG&A)
SG&A expense of $238 million in the quarter decreased 4% compared to the prior period, primarily due to a lower provision for credit losses of $12 million driven by the $10 million prior year charge due to the then-current economic recessionary conditions and outlook caused by COVID-19, lower professional and outsourcing fees of $5 million and lower travel expenses of $4 million, partially offset by higher employee-related expenses of $11 million.
Research and development (R&D)
R&D expense decreased 7%, or $1 million in the first quarter of 2021 compared to the prior year period, primarily due to a shift in the mix of projects as well as the timing of project spending.
Restructuring charges
Restructuring charges primarily includes costs for employee severance and facility closures. See Note 10 to the Condensed Consolidated Financial Statements for further information.
Other expense, net
Other expense, net of $51 million in the three months ended March 31, 2021 relates to the loss on debt refinancing. See Note 11 to the Condensed Consolidated Financial Statements and Liquidity and Capital Resources below for further information.

INCOME TAXES AND DISCONTINUED OPERATIONS
Income taxes
The effective tax rate for the three months ended March 31, 2021 was a benefit of 33.6% and includes benefits of $3 million from an affiliate reorganization and $2 million from the vesting of restricted stock, partially offset by a charge of $1 million for the write-off of deferred tax assets associated with the expiration of out-of-the-money stock options.
Discontinued Operations
Discontinued operations for the quarter ended March 31, 2021 includes a tax charge related to the sale of our Production Mail business in 2018.
33



LIQUIDITY AND CAPITAL RESOURCES
At March 31, 2021, we had cash, cash equivalents and short-term investments of $697 million. This includes $227 million held at our foreign subsidiaries used to support the liquidity needs of those subsidiaries. Our ability to maintain adequate liquidity for our operations is dependent upon a number of factors, including our revenue and earnings, our clients ability to pay their balances on a timely basis, the length and severity of COVID-19 and its impact on macroeconomic conditions and our ability to take further cost savings and cash conservation measures if necessary. At this time, we believe that existing cash and investments, cash generated from operations and borrowing capacity under our $500 million revolving credit facility will be sufficient to fund our cash needs for the next 12 months.

Cash Flow Summary
Changes in cash and cash equivalents were as follows:
20212020Change
Net cash provided by (used in) operating activities$65,924 $(67,355)$133,279 
Net cash used in investing activities (87,109)(23,499)(63,610)
Net cash used in financing activities(218,300)(160,484)(57,816)
Effect of exchange rate changes on cash and cash equivalents(1,238)(10,032)8,794 
Change in cash and cash equivalents$(240,723)$(261,370)$20,647 
Operating Activities
Cash provided by operating activities was $66 million in the first three months of 2021 compared to a use of $67 million in the prior year period. The increase of $133 million was primarily due to higher collections of accounts receivable, the timing of accounts payable and accrued liabilities and a $38 million cash payment in the prior year for taxes related to the gain on the sale of our Software Solutions business.
Investing Activities
Cash used in investing activities in the first three months of 2021 increased $64 million compared to the prior year period primarily driven by increased net purchases of investment securities of $42 million, higher capital expenditures of $18 million and increased investment in loan receivables.
Financing Activities
Cash used in financing activities in the first three months of 2021 increased $58 million compared to the prior year period primarily driven by an outflow in customer deposits at PB Bank of $27 million, higher net debt repayments of $16 million and higher fees associated with debt refinancing of $12 million. See Financings and Capitalization below for additional information.

Financings and Capitalization
During the first quarter of 2021, we issued a $400 million 6.875% unsecured note due March 2027 and a $350 million 7.25% unsecured note due March 2029. We also entered into a new seven-year $450 million secured term loan maturing March 2028.
We redeemed the remaining $153 million balance of the October 2021 notes and, under a tender offer, redeemed an aggregate $356 million of the May 2022 notes, April 2023 notes and March 2024 notes. We also repaid the remaining $818 million balance of our term loan that was scheduled to mature in January 2025. In April 2021, we redeemed under the tender offer, an additional $7 million of the May 2022 notes, April 2023 notes and March 2024 notes.
We also amended our $500 million secured revolving credit facility and our March 2026 secured term loan to extend their maturities from November 2024 to March 2026. The credit agreement that governs the revolving credit facility and term loans contains financial and non-financial covenants. At March 31, 2021, we were in compliance with all covenants and there were no outstanding borrowings under the revolving credit facility.
A $51 million pre-tax loss was incurred on the refinancing of debt.
Interest rates on certain notes are subject to adjustment based on changes in our credit ratings. Due to a credit downgrade in February 2021, the interest rates on the May 2022 notes and the April 2023 notes will increase 0.25% in the second quarter of 2021.
34



Each quarter, our Board of Directors considers whether to approve the payment, as well as the amount, of a dividend. There are no material restrictions on our ability to declare dividends. We expect to continue to pay a quarterly dividend; however, no assurances can be given.
Contractual Obligations and Off-Balance Sheet Arrangements
At March 31, 2021, we have entered into leases with aggregate lease payments of approximately $41 million and terms ranging from three to eight years, that have not commenced.

At March 31, 2021, we had no off-balance sheet arrangements that have, or are reasonably likely to have, a material effect on our financial condition, results of operations or liquidity.

Regulatory Matters
There have been no significant changes to the regulatory matters disclosed in our 2020 Annual Report.
Item 3: Quantitative and Qualitative Disclosures About Market Risk
There were no material changes to the disclosures made in our 2020 Annual Report.
Item 4: Controls and Procedures
Disclosure controls and procedures are designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures are also designed to reasonably ensure that such information is accumulated and communicated to management, including our Chief Executive Officer (CEO) and Chief Financial Officer (CFO), to allow timely decisions regarding disclosures.
With the participation of our CEO and CFO, management evaluated our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act) and internal controls over financial reporting as of the end of the period covered by this report. Our CEO and CFO concluded that, as of the end of the period covered by this report, such disclosure controls and procedures were effective to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the required time periods. In addition, no changes in internal control over financial reporting occurred during the quarter covered by this report that materially affected, or are reasonably likely to materially affect, such internal control over financial reporting. Further, we have not experienced any material impact to our internal controls over financial reporting given that most of our employees are working remotely due to COVID-19. We are continually monitoring and assessing the COVID-19 situation on our internal controls to minimize the impact to their design and operating effectiveness.
It should be noted that any system of controls is based in part upon certain assumptions designed to obtain reasonable (and not absolute) assurance as to its effectiveness, and there can be no assurance that any design will succeed in achieving its stated goals. Notwithstanding this caution, the CEO and CFO have reasonable assurance that the disclosure controls and procedures were effective as of March 31, 2021.
35



PART II. OTHER INFORMATION
Item 1: Legal Proceedings
See Note 14 to the Condensed Consolidated Financial Statements.
Item 1A: Risk Factors
There were no material changes to the risk factors identified in our 2020 Annual Report.
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds
Repurchases of Equity Securities
We periodically repurchase shares of our common stock in the open market to manage the dilution created by shares issued under employee stock plans and for other purposes and currently have Board authorization to repurchase up to $16 million of our common stock. There were no repurchases of our common stock during the first three months of 2021.
36



Item 6: Exhibits
Exhibit
Number		Description Exhibit Number in this Form 10-Q
3(i)(a)3(i)(a)
33
4.14.1
4.24.2
10.110.1
10.210.2
31.1 31.1
31.2 31.2
32.1 32.1
32.2 32.2
101.SCHInline XBRL Taxonomy Extension Schema Document  
101.CALInline XBRL Taxonomy Calculation Linkbase Document  
101.DEFInline XBRL Taxonomy Definition Linkbase Document  
101.LABInline XBRL Taxonomy Label Linkbase Document  
101.PREInline XBRL Taxonomy Presentation Linkbase Document  
104The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, formatted in Inline XBRL. (included as Exhibit 101).
* Pursuant to Item 601(a)(5) of Regulation S-K, certain exhibits and schedules have been omitted. The registrant hereby agrees to furnish
supplementally a copy of any omitted attachment to the SEC upon request.

37



Signatures  
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 PITNEY BOWES INC.
  
Date:May 6, 2021 
  
 /s/ Ana Maria Chadwick
 Ana Maria Chadwick
 Executive Vice President and Chief Financial Officer
(Duly Authorized Officer and Principal Financial Officer)
  
 /s/ Joseph R. Catapano
 Joseph R. Catapano
 Vice President and Chief Accounting Officer
 (Duly Authorized Officer and Principal Accounting Officer)

38

What is the market capitalization of a company?

The market capitalization sometimes referred as Marketcap, is the value of a publicly listed company.
In most cases it can be easily calculated by multiplying the share price with the amount of outstanding shares.

DISCLAIMER

CompaniesMarketCap is not associated in any way with CoinMarketCap.com
Stock prices are delayed, the delay can range from a few minutes to several hours.
Company logos are from the CompaniesLogo.com logo database and belong to their respective copyright holders. Companies Marketcap displays them for editorial purposes only.

Contact

For inquiries or if you want to report a problem write to hello@8marketcap.com

Links

- Privacy policy

- Terms and conditions

© 2025 CompaniesMarketcap.com