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43
PITNEY BOWES INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' (DEFICIT) EQUITY
(In thousands, except per share data)
Preferred
stock Preference
stock Common
stock Additional paid-in
capital Comprehensive
(loss) income Retained
earnings
Accumulated other
comprehensive
(loss) income Treasury
stock
Balance, December 31, 2005 $ 17 $ 1,158 $ 323,338 $ 222,908 $ 4,324,451 $ 76,917 $ (3,584,540)
Deferred tax adjustment (see Note 9) 16,866
Adjusted Retained Earnings 4,341,317
Adjustment to initially apply
SAB 108, net of tax (4,618)
Net income $ 105,347 105,347
Other comprehensive income, net of tax:
Foreign currency translations 83,183 83,183
Net unrealized loss on
derivative instruments (20) (20)
Minimum pension liability 5,405 5,405
Comprehensive income $ 193,915
Adjustment to initially apply
SFAS 158, net of tax (297,229)
Cash dividends:
Preferred (1)
Preference (86)
Common (284,965)
Issuances of common stock (11,575) 113,142
Conversions to common stock (10) (90) (2,132) 2,232
Pre-tax stock-based compensation 27,375
Adjustments to additional paid in
capital, tax effect from share-
based compensation (1,018)
Repurchase of common stock (400,000)
Balance, December 31, 2006 7 1,068 323,338 235,558 4,156,994 (131,744) (3,869,166)
Initial adjustment for FIN 48 (84,363)
Net income $ 366,781 366,781
Other comprehensive income, net of tax:
Foreign currency translations 164,728 164,728
Net unrealized gain on
derivative instruments 2,801 2,801
Net unrealized gain on
on investment securities 352 352
Net unamortized gain on
pension and postretirement plans 30,347 30,347
Amortization of pension
and postretirement costs 22,172 22,172
Comprehensive income $ 587,181
Cash dividends:
Preferred
Preference (81)
Common (288,709)
Issuances of common stock (7,967) 111,925
Conversions to common stock (65) (1,530) 1,595
Pre-tax stock-based compensation 24,131
Adjustments to additional paid in
capital, tax effect from share-
based compensation 1,993
Repurchase of common stock (399,996)
Balance, December 31, 2007 7 1,003 323,338 252,185 4,150,622 88,656 (4,155,642)
Net income $ 419,793 419,793
Other comprehensive income, net of tax:
Foreign currency translations (305,452) (305,452)
Net unrealized loss on
derivative instruments (18,670) (18,670)
Net unrealized gain on
on investment securities 580 580
Net unamortized loss on
pension and postretirement plans (375,544) (375,544)
Amortization of pension
and postretirement costs 14,089 14,089
Comprehensive loss $ (265,204)
Cash dividends:
Preferred
Preference (77)
Common (291,534)
Issuances of common stock (11,573) 34,268
Conversions to common stock (27) (609) 636
Pre-tax stock-based compensation 26,402
Adjustments to additional paid in
capital, tax effect from share-
based compensation (7,099)
Repurchase of common stock (333,231)
Balance, December 31, 2008 $ 7 $ 976 $ 323,338 $ 259,306 $ 4,278,804 $ (596,341) $ (4,453,969)
Treasury shares of 0.9 million, 3.0 million and 3.0 million were issued under employee plans in 2008, 2007 and 2006, respectively. We repurchased 9.2 million, 9.1 million and 9.2 million shares in 2008, 2007 and
2006, respectively.
See Notes to Consolidated Financial Statements