Pitney Bowes 2010 Annual Report Download - page 90

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PITNEY BOWES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular dollars in thousands, except per share data)
71
17. Finance Assets
Finance Receivables
Finance receivables are comprised of sales-type lease receivables and unsecured revolving loan receivables. Sales-type leases are
generally due in monthly, quarterly or semi-annual installments over periods ranging from three to five years. Loan receivables arise
primarily from financing services offered to our customers for postage and related supplies. Loan receivables are generally due each
month; however, customers may rollover outstanding balances. The components of sales-type lease and loan receivables at December
31, 2010 and 2009 were as follows:
U.S. International Total
December 31, 2010
Sales-type lease receivables
Gross finance receivables $ 1,669,963 $ 745,765 $ 2,415,728
Unguaranteed residual values 217,394 38,331 255,725
Unearned income (357,970) (165,513) (523,483)
Allowance for credit losses (24,261) (16,849) (41,110)
Net investment in sales-type lease receivables 1,505,126 601,734 2,106,860
Loan receivables
Loan receivables 432,137 55,418 487,555
Allowance for credit losses (25,552) (2,768) (28,320)
Net investment in loan receivables 406,585 52,650 459,235
Net investment in finance receivables $ 1,911,711 $ 654,384 $ 2,566,095
December 31, 2009
Sales-type lease receivables
Gross finance receivables $ 1,836,899 $ 774,971 $ 2,611,870
Unguaranteed residual values 245,086 37,122 282,208
Unearned income (423,290) (178,141) (601,431)
Allowance for credit losses (26,629) (17,453) (44,082)
Net investment in sales-type lease receivables 1,632,066 616,499 2,248,565
Loan receivables
Loan receivables 456,308 49,563 505,871
Allowance for credit losses (25,889) (2,187) (28,076)
Net investment in loan receivables 430,419 47,376 477,795
Net investment in finance receivables $ 2,062,485 $ 663,875 $ 2,726,360