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43
PITNEY BOWES INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
(In thousands, except per share data)
Preferred
stock
Preference
stock
Common
stock
Additional
paid-in capital
Comprehensive
income (loss)
Retained
earnings
Accumulated
other
comprehensive
(loss) income
Treasury
stock
Balance, December 31, 2006 $ 7 $ 1,068 $ 323,338 $ 235,558 - $ 4,156,994 $ (131,744) $ (3,869,166)
Tax adjustment (see note 9) (98,900)
Adjusted retained earnings 4,058,094
Adoption of accounting for tax uncertainties (84,363)
Pitney Bowes Inc. 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, net of tax of $1.8 million 2,801 2,801
Net unrealized gain on investment
securities, net of tax of $0.0 million 352 352
Net unamortized gain on pension and
postretirement plans, net of tax of $15.9 million 30,347 30,347
Amortization of pension and postretirement
costs, net of tax of $13.3 million 22,172 22,172
Comprehensive income $ 587,181
Cash dividends:
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 4,051,722 88,656 (4,155,642)
Pitney Bowes Inc. 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, net of tax of ($12.4) million (18,670) (18,670)
Net unrealized gain on investment
securities, net of tax of $0.4 million 580 580
Net unamortized loss on pension and
postretirement plans, net of tax of ($216.1) million (375,544) (375,544)
Amortization of pension and postretirement
costs, net of tax of $8.6 million 14,089 14,089
Comprehensive loss $ (265,204)
Cash dividends:
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 4,179,904 (596,341) (4,453,969)
Pitney Bowes Inc. net income $ 423,445 423,445
Other comprehensive income, net of tax:
Foreign currency translations 119,820 119,820
Net unrealized gain on derivative
instruments, net of tax of $4.9 million 7,214 7,214
Net unrealized loss on investment
securities, net of tax of ($0.1) million (283) (283)
Net unamortized loss on pension and
postretirement plans, net of tax of $8.4 million (5,116) (5,116)
Amortization of pension and postretirement
costs, net of tax of $10.6 million 17,328 17,328
Comprehensive income $ 562,408
Cash dividends:
Preference (72)
Common (297,483)
Issuances of common stock (22,017) 36,419
Conversions to common stock (3) (108) (2,343) 2,454
Pre-tax stock-based compensation 21,761
Adjustments to additional paid in
capital, tax effect from share-
based compensation (574)
Balance, December 31, 2009 $ 4 $ 868 $ 323,338 $ 256,133 $ 4,305,794 $ (457,378) $ (4,415,096)
Treasury shares of 0.9 million, 0.9 million and 3.0 million were issued under employee plans in 2009, 2008 and 2007, respectively. We repurchased no shares
in 2009. We repurchased 9.2 million and 9.1 million shares in 2008 and 2007, respectively.
See Notes to Consolidated Financial Statements