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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 filerAccelerated 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
Condensed Consolidated Statements of Comprehensive Loss for the Three Months Ended March 31, 2021 and 2020
Condensed Consolidated Balance Sheets at March 31, 2021 and December 31, 2020
Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2021 and 2020
Item 6:
Exhibits
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: