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PITNEY BOWES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular dollars in thousands, except per share amounts)
53
December 31,
2013 2012
Sales-type lease receivables
Risk Level
Low $ 1,081,853 $ 1,016,413
Medium 244,379 450,432
High 51,851 43,658
Not Scored 78,337 71,208
Total $ 1,456,420 $ 1,581,711
Loan receivables
Risk Level
Low $ 279,607 $ 254,567
Medium 95,524 136,069
High 11,511 14,624
Not Scored 11,173 9,700
Total $ 397,815 $ 414,960
Troubled Debt
We maintain a program for U.S. clients in our North America loan portfolio who are experiencing financial difficulties, but are able
to make reduced payments over an extended period of time. Upon acceptance into the program, the client’s credit line is closed and
interest accrual is suspended. There is generally no forgiveness of debt or reduction of balances owed. The balance of loans in this
program, related loan loss allowance and write-offs are insignificant to the overall portfolio.
Leveraged Leases
Our investment in leveraged lease assets consisted of the following:
December 31,
2013 2012
Rental receivables $ 61,721 $ 83,254
Unguaranteed residual values 13,235 14,177
Principal and interest on non-recourse loans (35,449)(55,092)
Unearned income (5,097)(7,793)
Investment in leveraged leases 34,410 34,546
Less: deferred taxes related to leveraged leases (15,078)(19,372)
Net investment in leveraged leases $ 19,332 $ 15,174