Pitney Bowes 2014 Annual Report Download - page 34

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24
Dividends
We paid dividends to our common stockholders of $152 million ($0.75 per share), $189 million ($0.9375 per share) and $301 million
($1.50 per share) in 2014, 2013 and 2012, respectively. Each quarter, our Board of Directors considers our recent and projected earnings
and other capital needs and priorities in deciding whether to approve the payment, as well as the amount of a dividend. There are no
material restrictions on our ability to declare dividends.
Contractual Obligations
The following table summarizes our known contractual obligations at December 31, 2014 and the effect that such obligations are expected
to have on our liquidity and cash flow in future periods:
Payments due in
Total 2015 2016-17 2018-19 After 2019
Debt maturities $ 3,227 $ 325 $ 836 $ 900 $ 1,166
Interest payments on debt (1) 1,458 159 261 159 879
Non-cancelable operating lease obligations 211 47 62 34 68
Purchase obligations (2) 198 156 38 4 —
Pension plan contributions (3) 23 23—— —
Retiree medical payments (4) 193 22 42 40 89
Total $ 5,310 $ 732 $ 1,239 $ 1,137 $ 2,202
The amount and period of future payments related to our income tax uncertainties cannot be reliably estimated and are not included in
the above table. See Note 14 to the Consolidated Financial Statements for further details.
(1) Assumes all debt is held to maturity. Certain notes permit us to redeem, or the bondholders to require us to redeem, some or all of
the applicable outstanding notes at par plus accrued interest before the scheduled maturity date.
(2) Includes unrecorded agreements to purchase goods or services that are enforceable and legally binding upon us and that specify all
significant terms, including fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the
approximate timing of the transaction. Purchase obligations exclude agreements that are cancelable without penalty.
(3) Represents the amount of contributions we anticipate making to our pension plans during 2015; however, we will assess our funding
alternatives as the year progresses.
(4) Our retiree health benefit plans are non-funded plans and cash contributions are made each year to cover medical claims costs
incurred. The amounts reported in the above table represent our estimate of future benefits payments.
Off-Balance Sheet Arrangements
At December 31, 2014, we had no off-balance sheet arrangements that have, or are reasonably likely to have, a material current or future
effect on our financial condition, results of operations or liquidity. See Note 16 to the Consolidated Financial Statements for detailed
information about our commitments and contingencies.