Pitney Bowes 2009 Annual Report Download - page 86

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PITNEY BOWES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular dollars in thousands, except per share data)
68
Recurring Fair Value Measurements at December 31, 2009 by Level
Level 1 Level 2 Level 3 Total
Assets:
Investment securities
Money market funds $ 225,581 $ - $ - $ 225,581
Equity securities - 21,027 - 21,027
Debt securities - U.S. and foreign
governments, agencies, and municipalities 53,173 28,754 - 81,927
Corporate notes and bonds - 13,305 - 13,305
Asset-backed securities - 296 - 296
Mortgage-backed securities - 19,708 - 19,708
Derivatives
Interest rate swaps - 13,284 - 13,284
Foreign exchange contracts - 2,390 - 2,390
Total assets $ 278,754 $ 98,764 $ - $ 377,518
Liabilities:
Derivatives
Foreign exchange contracts $ - $ 3,050 $ - $ 3,050
Total liabilities $ - $ 3,050 $ - $ 3,050
Recurring Fair Value Measurements at December 31, 2008 by Level
Level 1 Level 2 Level 3 Total
Assets:
Investment securities
Money market funds $ 192,980 $ - $ - $ 192,980
Equity securities - 19,541 - 19,541
Debt securities - U.S. and foreign
governments, agencies, and municipalities 30,583 14,411 - 44,994
Corporate notes and bonds - 7,703 - 7,703
Asset-backed securities - 2,658 - 2,658
Mortgage-backed securities - 31,431 - 31,431
Derivatives
Interest rate swaps - 32,486 - 32,486
Total assets $ 223,563 $ 108,230 $ - $ 331,793
Liabilities:
Derivatives
Foreign exchange contracts $ - $ 286 $ - $ 286
Treasury lock and forward starting swaps - 31,326 - 31,326
Total liabilities $ - $ 31,612 $ - $ 31,612
Investment Securities
For our investments, we use the market approach for recurring fair value measurements and the valuation techniques use inputs that
are observable, or can be corroborated by observable data, in an active marketplace.