Pitney Bowes 2009 Annual Report Download - page 104

Download and view the complete annual report

Please find page 104 of the 2009 Pitney Bowes annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 124

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124

PITNEY BOWES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular dollars in thousands, except per share data)
86
Fair Value Measurements of Plan Assets
The following tables show, by level within the fair value hierarchy, the financial assets and liabilities that are accounted for at fair
value on a recurring basis at December 31, 2009 and 2008, respectively, for the U.S. and foreign pension plans. As required by the
fair value measurements guidance, 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 their placement within the fair value hierarchy levels.
U.S. Pension Plans - Fair Value Measurements at December 31, 2009 by Level
Level 1 Level 2 Level 3 Total
Assets:
Investment securities
Money market funds $ - $ 95,534 $ - $ 95,534
Equity securities 403,536 316,754 - 720,290
Debt securities - U.S. and foreign
governments, agencies, and municipalities 50,934 29,628 - 80,562
Corporate debt securities - 156,811 - 156,811
Mortgage-backed securities - 132,509 761 133,270
Asset-backed securities - 17,347 - 17,347
Private equity - - 49,231 49,231
Real estate - - 50,331 50,331
Derivatives 135 - - 135
Securities lending fund * - 139,416 - 139,416
Total assets $ 454,605 $ 887,999 $ 100,323 $ 1,442,927
Liabilities:
Investment securities
Derivatives $ 2,064 $ 1 $ - $ 2,065
Total liabilities $ 2,064 $ 1 $ - $ 2,065
* Securities lending fund at December 31, 2009 is offset by a liability of $139,416 recorded in the Pitney Bowes Pension Plan net
assets available for benefits.
Foreign Pension Plans - Fair Value Measurements at December 31, 2009 by Level
Level 1 Level 2 Level 3 Total
Assets:
Investment securities
Money market funds $ - $ - $ - $ -
Equity securities 118,302 133,513 - 251,815
Debt securities - U.S. and foreign
governments, agencies, and municipalities 8,817 42,665 - 51,482
Corporate debt securities - 83,251 - 83,251
Mortgage-backed securities - 28 - 28
Asset-backed securities - 1,488 - 1,488
Private equity - - - -
Real estate - - - -
Derivatives - - - -
Total assets $ 127,119 $ 260,945 $ - $ 388,064
Liabilities:
Investment securities
Derivatives $ - $ - $ - $ -
Total liabilities $ - $ - $ - $ -