Company Quick10K Filing
Pitney Bowes
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 183 $820
10-Q 2019-11-05 Quarter: 2019-09-30
10-Q 2019-08-06 Quarter: 2019-06-30
10-Q 2019-05-03 Quarter: 2019-03-31
10-K 2019-02-20 Annual: 2018-12-31
10-Q 2018-11-05 Quarter: 2018-09-30
10-Q 2018-08-02 Quarter: 2018-06-30
10-Q 2018-05-04 Quarter: 2018-03-31
10-K 2018-02-22 Annual: 2017-12-31
10-Q 2017-11-02 Quarter: 2017-09-30
10-Q 2017-08-02 Quarter: 2017-06-30
10-Q 2017-05-03 Quarter: 2017-03-31
10-K 2017-02-22 Annual: 2016-12-31
10-Q 2016-11-07 Quarter: 2016-09-30
10-Q 2016-08-08 Quarter: 2016-06-30
10-Q 2016-05-06 Quarter: 2016-03-31
10-K 2016-02-22 Annual: 2015-12-31
10-Q 2015-11-06 Quarter: 2015-09-30
10-Q 2015-08-05 Quarter: 2015-06-30
10-Q 2015-05-05 Quarter: 2015-03-31
10-K 2015-02-20 Annual: 2014-12-31
10-Q 2014-11-07 Quarter: 2014-09-30
10-Q 2014-08-07 Quarter: 2014-06-30
10-Q 2014-05-02 Quarter: 2014-03-31
10-K 2014-02-21 Annual: 2013-12-31
10-Q 2013-11-08 Quarter: 2013-09-30
10-Q 2013-08-01 Quarter: 2013-06-30
10-Q 2013-05-03 Quarter: 2013-03-31
10-K 2013-02-25 Annual: 2012-12-31
10-Q 2012-11-02 Quarter: 2012-09-30
10-Q 2012-08-03 Quarter: 2012-06-30
10-Q 2012-05-08 Quarter: 2012-03-31
10-K 2012-02-23 Annual: 2011-12-31
10-Q 2011-11-04 Quarter: 2011-09-30
10-Q 2011-08-05 Quarter: 2011-06-30
10-Q 2011-05-05 Quarter: 2011-03-31
10-K 2011-02-28 Annual: 2010-12-31
10-Q 2010-11-05 Quarter: 2010-09-30
10-Q 2010-08-05 Quarter: 2010-06-30
10-Q 2010-05-05 Quarter: 2010-03-31
10-K 2010-02-26 Annual: 2009-12-31
8-K 2019-12-18 Regulation FD
8-K 2019-12-02 Regulation FD, Exhibits
8-K 2019-12-02 M&A, Regulation FD, Exhibits
8-K 2019-12-02 Officers
8-K 2019-11-05 Earnings, Exhibits
8-K 2019-11-01 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2019-10-26 Officers
8-K 2019-10-14 Other Events, Exhibits
8-K 2019-09-26 Amend Bylaw, Exhibits
8-K 2019-08-23 Enter Agreement, Other Events, Exhibits
8-K 2019-08-06 Earnings, Exhibits
8-K 2019-05-07 Shareholder Vote
8-K 2019-05-01 Earnings, Exhibits
8-K 2019-04-22 Other Events, Exhibits
8-K 2019-02-05 Earnings, Exhibits
8-K 2018-11-01 Earnings, Exhibits
8-K 2018-08-01 Earnings, Exhibits
8-K 2018-07-09 Officers
8-K 2018-07-03 Regulation FD, Exhibits
8-K 2018-07-02 M&A, Regulation FD, Other Events, Exhibits
8-K 2018-06-18 Officers
8-K 2018-05-08 Shareholder Vote
8-K 2018-05-02 Earnings, Exhibits
8-K 2018-05-01 Enter Agreement, Regulation FD, Exhibits
8-K 2018-01-31 Earnings, Exhibits
PBI 2019-09-30
Part I. Financial Information
Item 1: Financial Statements
Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3: Quantitative and Qualitative Disclosures About Market Risk
Item 4: Controls and Procedures
Part II. Other Information
Item 1: Legal Proceedings
Item 1A: Risk Factors
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds
Item 6: Exhibits
EX-10.A exhibit10a.htm
EX-31.1 pbi-20190930ex311.htm
EX-31.2 pbi-20190930ex312.htm
EX-32.1 pbi-20190930ex321.htm
EX-32.2 pbi-20190930ex322.htm

Pitney Bowes Earnings 2019-09-30

PBI 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
MLHR 2,258 1,569 830 2,567 930 161 285 2,380 36% 8.4 10%
SCS 2,166 2,395 1,506 3,636 1,153 138 306 2,476 32% 8.1 6%
HNI 1,498 1,442 913 2,215 819 89 201 1,756 37% 8.7 6%
KNL 1,083 1,334 925 1,382 519 85 151 1,531 38% 10.1 6%
PBI 820 5,758 5,705 3,509 421 143 454 3,320 12% 7.3 2%
DBD 678 4,104 4,433 4,587 973 -518 44 2,592 21% 59.3 -13%
EBF 500 386 94 415 126 38 63 443 30% 7.0 10%
USAT 491 191 75 128 36 -11 3 497 28% 174.7 -6%
PAR 457 155 99 182 34 -27 -6 458 18% -72.7 -17%
AEY 16 41 10 59 13 -5 -5 13 22% -2.8 -12%

Document
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xbrli:shares



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 September 30, 2019
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:
Delaware
 
I.R.S. Employer Identification No.
06-0495050
Address:
3001 Summer Street,
Stamford,
Connecticut
06926
 
Telephone Number:
(203)
356-5000
 
 
 
 

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
 
Trading Symbol(s)
 
Name of Each Exchange on Which Registered
Common Stock, $1 par value per share
 
PBI
 
New 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
þ
Accelerated filer
o
Non-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 October 31, 2019, 170,848,234 shares of common stock, par value $1 per share, of the registrant were outstanding.

1




PITNEY BOWES INC.
INDEX

 
 
Page Number
 
 
 
 
 
 
 
 
 
 
 
 
Condensed Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2019 and 2018
 
 
 
 
Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2019 and 2018
 
 
 
 
Condensed Consolidated Balance Sheets at September 30, 2019 and December 31, 2018
 
 
 
 
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2019 and 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

2





PART I. FINANCIAL INFORMATION
Item 1: Financial Statements
PITNEY BOWES INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited; in thousands, except per share amounts)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Revenue:
 

 
 

 
 

 
 

Equipment sales
$
89,618

 
$
88,799

 
$
264,956

 
$
289,318

Supplies
44,818

 
50,403

 
142,261

 
165,853

Rentals
19,737

 
21,432

 
60,339

 
65,852

Financing
90,577

 
96,799

 
280,039

 
294,277

Support services
126,274

 
138,055

 
382,578

 
417,303

Business services
419,101

 
364,793

 
1,243,609

 
1,121,505

Total revenue
790,125

 
760,281

 
2,373,782

 
2,354,108

Costs and expenses:
 
 
 
 
 
 
 
Cost of equipment sales
59,859

 
52,209

 
182,094

 
173,626

Cost of supplies
12,225

 
13,967

 
37,533

 
46,652

Cost of rentals
5,090

 
9,174

 
23,223

 
30,386

Financing interest expense
11,026

 
10,849

 
33,433

 
33,107

Cost of support services
41,086

 
45,872

 
123,453

 
134,204

Cost of business services
338,519

 
287,237

 
1,003,483

 
872,183

Selling, general and administrative
254,092

 
241,350

 
757,228

 
759,469

Research and development
12,272

 
15,636

 
38,421

 
44,651

Restructuring charges and asset impairments, net
47,017

 
6,099

 
56,616

 
18,771

Interest expense, net
28,704

 
26,588

 
84,325

 
89,377

Other components of net pension and postretirement cost
(882
)
 
(1,852
)
 
(3,138
)
 
(6,070
)
Other expense
667

 
7,964

 
18,350

 
7,964

Total costs and expenses
809,675

 
715,093

 
2,355,021

 
2,204,320

(Loss) income from continuing operations before taxes
(19,550
)
 
45,188

 
18,761

 
149,788

(Benefit) provision for income taxes
(24,895
)
 
(2,468
)
 
(13,351
)
 
17,235

Income from continuing operations
5,345

 
47,656

 
32,112

 
132,553

(Loss) income from discontinued operations, net of tax
(8,470
)
 
32,621

 
(14,199
)
 
59,289

Net (loss) income
$
(3,125
)
 
$
80,277

 
$
17,913

 
$
191,842

Basic earnings (loss) per share (1):
 
 
 
 
 
 
 
Continuing operations
$
0.03

 
$
0.25

 
$
0.18

 
$
0.71

Discontinued operations
(0.05
)
 
0.17

 
(0.08
)
 
0.32

Net (loss) income
$
(0.02
)
 
$
0.43

 
$
0.10

 
$
1.02

Diluted earnings (loss) per share (1):
 
 
 
 
 
 
 
Continuing operations
$
0.03

 
$
0.25

 
$
0.18

 
$
0.70

Discontinued operations
(0.05
)
 
0.17

 
(0.08
)
 
0.32

Net (loss) income
$
(0.02
)
 
$
0.43

 
$
0.10

 
$
1.02


(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 INCOME
(Unaudited; in thousands)



 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Net (loss) income
$
(3,125
)
 
$
80,277

 
$
17,913

 
$
191,842

Other comprehensive (loss) income, net of tax:
 
 
 
 
 
 
 
Foreign currency translation, net of tax of $(655), $(3,474), $(1,078) and $(3,474), respectively
(27,962
)
 
(2,475
)
 
(6,584
)
 
(30,334
)
Net unrealized gain on cash flow hedges, net of tax of $51, $174, $27 and $474, respectively
149

 
522

 
78

 
773

Net unrealized gain (loss) on investment securities, net of tax of $509, $(417), $2,573 and $(2,230), respectively
1,487

 
(1,218
)
 
7,516

 
(6,514
)
Amortization of pension and postretirement costs, net of tax benefits of $2,633, $2,399, $7,406 and $7,766, respectively
7,552

 
8,810

 
21,499

 
24,850

Other comprehensive (loss) income, net of tax
(18,774
)
 
5,639

 
22,509

 
(11,225
)
Comprehensive (loss) income
$
(21,899
)
 
$
85,916

 
$
40,422

 
$
180,617







































See Notes to Condensed Consolidated Financial Statements

4


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


 
September 30, 2019
 
December 31, 2018
ASSETS
 

 
 

Current assets:
 

 
 

Cash and cash equivalents
$
514,851

 
$
867,262

Short-term investments
137,032

 
59,391

Accounts and other receivables (net of allowance of $20,971 and $17,443, respectively)
365,522

 
371,797

Short-term finance receivables (net of allowance of $12,819 and $12,418, respectively)
617,178

 
653,236

Inventories
76,339

 
62,279

Current income taxes
25,598

 
5,947

Other current assets and prepayments
101,829

 
74,782

Assets of discontinued operations
568,413

 
602,823

Total current assets
2,406,762

 
2,697,517

Property, plant and equipment, net
371,666

 
398,501

Rental property and equipment, net
39,400

 
46,228

Long-term finance receivables (net of allowance of $7,305 and $7,804 respectively)
616,746

 
635,908

Goodwill
1,317,037

 
1,332,351

Intangible assets, net
199,715

 
213,200

Operating lease assets
172,617

 
152,554

Noncurrent income taxes
80,561

 
65,001

Other assets
392,720

 
397,159

Total assets
$
5,597,224

 
$
5,938,419

 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 

Current liabilities:
 

 
 

Accounts payable and accrued liabilities
$
1,337,214

 
$
1,348,127

Current operating lease liabilities
34,091

 
35,208

Current portion of long-term debt
501,728

 
199,535

Advance billings
106,968

 
116,862

Current income taxes
8,525

 
15,284

Liabilities of discontinued operations
157,034

 
174,798

Total current liabilities
2,145,560

 
1,889,814

Long-term debt
2,567,363

 
3,066,073

Deferred taxes on income
253,151

 
253,560

Tax uncertainties and other income tax liabilities
45,179

 
39,548

Noncurrent operating lease liabilities
148,125

 
125,294

Other noncurrent liabilities
412,434

 
462,288

Total liabilities
5,571,812

 
5,836,577

 
 
 
 
Commitments and contingencies (See Note 14)


 


 
 
 
 
Stockholders’ equity:
 
 
 
Cumulative preferred stock, $50 par value, 4% convertible

 
1

Cumulative preference stock, no par value, $2.12 convertible

 
396

Common stock, $1 par value (480,000,000 shares authorized; 323,337,912 shares issued)
323,338

 
323,338

Additional paid-in capital
101,651

 
121,475

Retained earnings
5,270,741

 
5,279,682

Accumulated other comprehensive loss
(926,452
)
 
(948,961
)
Treasury stock, at cost (153,182,446 and 135,662,830 shares, respectively)
(4,743,866
)
 
(4,674,089
)
Total stockholders’ equity
25,412

 
101,842

Total liabilities and stockholders’ equity
$
5,597,224

 
$
5,938,419

See Notes to Condensed Consolidated Financial Statements

5


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


 
Nine Months Ended September 30,
 
2019
 
2018
Cash flows from operating activities:
 

 
 

Net income
$
17,913

 
$
191,842

Loss (income) from discontinued operations, net of tax
14,199

 
(59,289
)
Restructuring payments
(18,845
)
 
(39,242
)
Adjustments to reconcile net income to net cash provided by operating activities:
 

 
 

Depreciation and amortization
118,514

 
112,155

Stock-based compensation
15,867

 
15,771

Restructuring charges and asset impairments, net
56,616

 
18,771

Loss on disposition of businesses
17,683

 

Changes in operating assets and liabilities, net of acquisitions/divestitures:
 

 
 

Decrease in accounts receivable
12,509

 
1,655

Decrease in finance receivables
34,674

 
63,128

Increase in inventories
(14,559
)
 
(1,889
)
Increase in other current assets and prepayments
(30,546
)
 
(10,585
)
Decrease in accounts payable and accrued liabilities
(17,526
)
 
(80,905
)
(Decrease) increase in current and noncurrent income taxes
(30,401
)
 
194

Decrease in advance billings
(3,802
)
 
(12,403
)
Other, net
(5,870
)
 
(9,061
)
   Net cash provided by operating activities - continuing operations
166,426

 
190,142

   Net cash provided by operating activities - discontinued operations
15,858

 
68,428

   Net cash provided by operating activities
182,284

 
258,570

Cash flows from investing activities:
 

 
 

Purchases of available-for-sale securities
(45,178
)
 
(74,270
)
Proceeds from sales/maturities of available-for-sale securities
78,024

 
67,354

Net activity from short-term and other investments
(92,418
)
 
8,479

Capital expenditures
(95,221
)
 
(105,295
)
Acquisitions, net of cash acquired
(22,100
)
 
(2,407
)
Change in reserve account deposits
3,125

 
6,864

Other investing activities
(9,341
)
 
(2,500
)
   Net cash used in investing activities - continuing operations
(183,109
)
 
(101,775
)
   Net cash (used in) provided by investing activities - discontinued operations
(18,572
)
 
336,016

   Net cash (used in) provided by investing activities
(201,681
)
 
234,241

Cash flows from financing activities:
 

 
 

Principal payments of long-term debt
(202,640
)
 
(565,141
)
Dividends paid to stockholders
(26,854
)
 
(105,296
)
Common stock repurchases
(105,000
)
 

Other financing activities
7,302

 
(55,485
)
   Net cash used in financing activities
(327,192
)
 
(725,922
)
Effect of exchange rate changes on cash and cash equivalents
(5,822
)
 
(15,653
)
Change in cash and cash equivalents
(352,411
)
 
(248,764
)
Cash and cash equivalents at beginning of period
867,262

 
1,009,021

Cash and cash equivalents at end of period
514,851

 
760,257

Less: Cash and cash equivalents of discontinued operations

 
1,026

Cash and cash equivalents of continuing operations at end of period
$
514,851

 
$
759,231

 
 
 
 
Cash interest paid
$
110,943

 
$
127,624

Cash income tax payments, net of refunds
$
25,527

 
$
17,168



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 innovative products and commerce solutions that power billions of transactions and help our clients navigate the complex world of commerce. We offer shipping, mailing, fulfillment, returns and cross-border ecommerce products and solutions that enable the sending of parcels and packages across the globe. Clients around the world rely on the accuracy and precision delivered by Pitney Bowes solutions. Pitney Bowes Inc. was incorporated in the state of Delaware in 1920. For more information about us, our products, services and solutions, visit www.pb.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, 2018 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, 2019. 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, 2018 (2018 Annual Report).
In the quarter, we recast our segment reporting to combine North America Mailing and International Mailing into the Sending Technology Solutions (SendTech Solutions) segment to reflect how we manage these operations and the products and services provided to our clients.
In August 2019, we entered into a definitive agreement to sell our Software Solutions business. Software Solutions offers customer information management, location intelligence and customer engagement products and solutions to help clients market to their customers. The Software Solutions business is now reported as a discontinued operation in our Condensed Consolidated Financial Statements and prior periods have been recast to conform to the current period presentation. See Note 4 for further details.
In January 2019, we sold the direct operations and moved to a dealer model in six smaller markets within the SendTech Solutions segment (Market Exits) and recognized a pre-tax loss of $18 million in other expense.
Accounts and other receivables includes other receivables of $102 million at September 30, 2019 and $75 million at December 31, 2018.
Based on their nature, we determined that certain costs previously classified as research and development and cost of business services should be classified in other line items within costs and expenses. Accordingly, the income statement for the three months ended September 30, 2018 has been revised to correct the classification of these costs by reducing research and development expense and cost of business services by $8 million and $4 million, respectively, and increasing selling, general and administrative expense and cost of equipment sales by $9 million and $3 million, respectively. The income statement for the nine months ended September 30, 2018 has been revised to correct the classification of these costs by reducing research and development expense and cost of business services by $20 million and $10 million, respectively, and increasing selling, general and administrative expense and cost of equipment sales by $22 million and $8 million, respectively.
The classification of certain prior year costs of revenue have been revised to correct and conform to the current year presentation. Accordingly, for the three months ended September 30, 2018, both cost of equipment sales and cost of rentals were reduced by $1 million and cost of support services was increased by $2 million. For the nine months ended September 30, 2018, cost of equipment sales and cost of rentals were reduced by $4 million and $3 million, respectively, and cost of support services increased by $7 million.
The December 31, 2018 balance sheet has been revised to correct the classification of assets and liabilities by reducing short-term finance receivables and advance billings by $106 million and $6 million, respectively, and increasing long-term finance receivables by $100 million.
New Accounting Pronouncements
Accounting Pronouncements Adopted in 2019
On January 1, 2019, we adopted Accounting Standards Codification (ASC) 842, Leases (ASC 842), using the modified retrospective transition approach of applying the standard at the beginning of the earliest comparative period presented in the financial statements. We

7


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

recognized a cumulative effect adjustment at January 1, 2017 to reduce retained earnings by $137 million and recast prior period financial statements. See Notes 7 and 15 for more information.
From a lessor perspective, the standard simplifies the accounting for lease modifications and aligns accounting of lease contracts with revenue recognition guidance. We continue to classify leases as sales-type or operating, with the determination affecting both the pattern and classification of income recognition. There were changes in the timing and classification of revenue related to contract modifications. There were also changes related to the definition of a leased asset, which requires us to account for two lease components as a single lease component. Under prior guidance, one of the components was generally accounted for as a sales-type lease and the second as an operating lease. Under ASC 842, the two components are generally accounted for as sales-type leases and certain income and costs previously recognized over the life of the lease are now accelerated.
From a lessee perspective, the standard requires us to recognize right-of-use assets and lease liabilities for real estate and equipment operating leases and to provide new disclosures about our leasing activities. We elected the short-term lease recognition exemption and did not recognize right-of-use assets or lease liabilities for leases with a term less than 12 months. We also elected the practical expedient to not separate lease and non-lease components for our lessee portfolio.
Updates to significant accounting policies disclosed in our 2018 Annual Report due to the adoption of ASC 842 are discussed below.
Equipment sales: We sell and lease equipment directly to customers and to distributors (re-sellers) throughout the world. The amount of revenue allocated to the equipment is based on a range of observable selling prices in standalone transactions. Revenue from the sale of equipment under sales-type leases is recognized as equipment sales revenue when control of the equipment transfers to the customer, which is upon shipment for self-installed products and upon installation or customer acceptance for other products. We do not typically offer any rights of return.

Rentals: Rentals revenue includes revenue from mailing equipment that does not meet the criteria to be accounted for as a sales-type lease. We may invoice in advance for rentals according to the terms of the agreement. We initially defer these advanced billings and recognize rentals revenue on a straight-line basis over the rental period. Revenue generated from financing clients for the continued use of equipment subsequent to the expiration of the original lease is recognized as rentals revenue.

Financing: We provide financing for our products primarily through sales-type leases. We also provide revolving lines of credit for the purchase of postage and supplies. We record financing income over the lease term using the effective interest method. Financing revenue also includes amounts related to sales-type leases that customers have extended or renewed for an additional term. Revenue for these contracts is recognized over the term of the modified lease using the effective interest method. We believe that our sales-type lease portfolio contains only normal collection risk.
Equipment residual values are determined at the inception of the lease using estimates of fair value at the end of the lease term. Fair value estimates are based primarily on historical experience. We also consider forecasted supply and demand for products, product retirement and launch plans, client behavior, regulatory changes, remanufacturing strategies, used equipment markets, competition and technological changes. We evaluate residual values on an annual basis or sooner if circumstances warrant. Declines in estimated residual values considered "other-than-temporary" are recognized immediately. Estimated increases in future residual values are not recognized until the equipment is remarketed.

Support services: Support services revenue includes revenue from equipment service contracts, subscriptions and meter services. Revenue is allocated to these services using selling prices charged in standalone replacement and renewal transactions. Since we have a stand-ready obligation to provide these services over the entire contract term, revenue is recognized on a straight-line basis over the term of the agreement.

Business services: Business services revenue includes revenue from mail processing services and ecommerce solutions. These services represent a series of distinct services that are similar in nature and revenue is recognized as the services are provided. We review third party relationships and record revenue on a gross basis when we act as a principal in a transaction and on a net basis when we act as an agent between a client and vendor. In determining whether we are acting as principal or agent, we consider several factors such as whether we are the primary obligor to the client, have control over pricing or have inventory risk.

On January 1, 2019, we also adopted Accounting Standards Update (ASU) 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities, which shortens the amortization period for certain callable debt securities held at a premium, requiring the premium to be amortized to the earliest call date. The adoption of this standard did not have a material impact 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)

In July 2019, we prospectively adopted ASU 2018-15, Intangibles - Goodwill and Other-Internal-Use Software. The ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The early adoption of this standard did not have a material impact on our consolidated financial statements.
Accounting Pronouncements Not Yet Adopted
In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses. The ASU sets forth a current expected credit loss model, which requires companies to measure expected credit losses for all financial instruments held at the reporting date based on historical experience, current conditions and reasonably supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. This standard is effective beginning January 1, 2020. We have completed the scoping of financial assets that will be impacted by the standard and are in the process of finalizing models to measure expected credit losses.
2. Revenue
Disaggregated Revenue
The following tables disaggregate our revenue by major source and timing of recognition:
 
Three Months Ended September 30, 2019
 
Global Ecommerce
Presort Services
SendTech Solutions
Revenue from products and services
Revenue from leasing transactions and financing
Total consolidated revenue
Major products/service lines
 
 
 
 
 
 
Equipment sales
$

$

$
19,062

$
19,062

$
70,556

$
89,618

Supplies


44,818

44,818


44,818

Rentals




19,737

19,737

Financing




90,577

90,577

Support services


126,274

126,274


126,274

Business services
278,995

131,483

8,623

419,101


419,101

Subtotal
278,995

131,483

198,777

609,255

$
180,870

$
790,125

 
 
 
 
 
 
 
Revenue from leasing transactions and financing
 
 
 
 
 
 
Equipment sales


70,556

70,556

 
 
Rentals


19,737

19,737

 
 
Financing


90,577

90,577

 
 
     Total revenue
$
278,995

$
131,483

$
379,647

$
790,125

 
 
 
 
 
 
 
 
 
Timing of revenue recognition from products and services
 
 
 
 
Products/services transferred at a point in time
$

$

$
63,880

$
63,880

 
 
Products/services transferred over time
278,995

131,483

134,897