XML 18 R7.htm IDEA: XBRL DOCUMENT v3.21.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net loss $ (31,541) $ (208,483)
Loss (income) from discontinued operations, net of tax 3,886 (10,064)
Restructuring payments (3,955) (6,047)
Adjustments to reconcile net loss to net cash from operating activities:    
Depreciation and amortization 39,594 40,719
Allowance for credit losses 3,992 15,926
Stock-based compensation 5,221 1,521
Restructuring charges 2,889 3,817
Amortization of debt fees 2,644 2,300
Goodwill impairment 0 198,169
Loss on debt refinancing 51,394 36,987
Changes in operating assets and liabilities, net of acquisitions/divestitures:    
Accounts and other receivables 57,642 7,182
Finance receivables 27,714 17,772
Inventories 1,900 (4,815)
Other current assets and prepayments (7,153) (7,969)
Accounts payable and accrued liabilities (54,022) (104,556)
Current and noncurrent income taxes (17,291) 10,797
Advance billings 4,267 (4,148)
Pension and retiree medical liabilities (24,775) (28,961)
Other, net 3,518 10,303
Net cash from operating activities - continuing operations 65,924 (29,550)
Net cash from operating activities - discontinued operations 0 (37,805)
Net cash from operating activities 65,924 (67,355)
Cash flows from investing activities:    
Capital expenditures (43,328) (25,778)
Purchases of investment securities (64,473) (107,312)
Proceeds from sales/maturities of investment securities 28,008 104,222
Net investment in loan receivables (7,316) 1,071
Acquisitions, net of cash acquired 0 (1,281)
Other investing activities 0 8,081
Net cash from investing activities - continuing operations (87,109) (20,997)
Net cash from investing activities - discontinued operations 0 (2,502)
Net cash from investing activities - continuing operations (87,109) (23,499)
Cash flows from financing activities:    
Proceeds from the issuance of debt, net of discount 1,195,500 816,544
Principal payments of debt (1,327,315) (932,600)
Premiums and fees paid to refinance debt (44,418) (32,645)
Dividends paid to stockholders (8,625) (8,523)
Decrease in customer deposits at Pitney Bowes Bank (27,794) (888)
Other financing activities (5,648) (2,372)
Net cash from financing activities (218,300) (160,484)
Effect of exchange rate changes on cash and cash equivalents (1,238) (10,032)
Change in cash and cash equivalents (240,723) (261,370)
Cash and cash equivalents at beginning of period 921,450 924,442
Cash and cash equivalents at end of period $ 680,727 $ 663,072