Pitney Bowes 2008 Annual Report Download - page 76

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PITNEY BOWES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular dollars in thousands, except per share data)
57
7. Current Liabilities
Accounts payable, accrued liabilities, notes payable and current portion of long-term obligations are composed of the following:
December 31,
2008 2007
Accounts payable-trade $ 323,959 $ 348,293
Reserve account deposits 555,557 522,198
Accrued salaries, wages and commissions 271,940 312,330
Accrued restructuring charges 142,592 91,713
Miscellaneous accounts payable and accrued liabilities 628,351 691,033
Accounts payable and accrued liabilities $ 1,922,399 $ 1,965,567
Notes payable $ 610,460 $ 405,213
Current portion of long-term debt and capital leases 160,041 548,554
Notes payable and current portion of long-term obligations $ 770,501 $ 953,767
In countries outside the U.S., banks generally lend to our non-finance subsidiaries on an overdraft or term-loan basis. These overdraft
arrangements and term-loans, for the most part, are extended on an uncommitted basis by banks and do not require compensating
balances or commitment fees.
Reserve account deposits represent customers’ prepayment of postage. Deposits are held by our subsidiary, Pitney Bowes Bank. See
Note 17 to the Consolidated Financial Statements for further details.
Notes payable are issued as commercial paper, loans against bank lines of credit, or to trust departments of banks and others at below
prevailing prime rates. The weighted average interest rates were 1.3% and 4.3% on notes payable and overdrafts outstanding at
December 31, 2008 and 2007, respectively.
We had unused credit facilities of $1.5 billion at December 31, 2008, primarily to support commercial paper issuances. Fees paid to
maintain lines of credit were $0.8 million, $0.8 million and $0.9 million in 2008, 2007 and 2006, respectively.