0001157523-23-000721.txt : 20230504 0001157523-23-000721.hdr.sgml : 20230504 20230504070027 ACCESSION NUMBER: 0001157523-23-000721 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20230504 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230504 DATE AS OF CHANGE: 20230504 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PITNEY BOWES INC /DE/ CENTRAL INDEX KEY: 0000078814 STANDARD INDUSTRIAL CLASSIFICATION: OFFICE MACHINES, NEC [3579] IRS NUMBER: 060495050 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03579 FILM NUMBER: 23886364 BUSINESS ADDRESS: STREET 1: PITNEY BOWES INC STREET 2: 3001 SUMMER STREET CITY: STAMFORD STATE: CT ZIP: 06926-0700 BUSINESS PHONE: 203-356-5000 MAIL ADDRESS: STREET 1: 3001 SUMMER STREET CITY: STAMFORD STATE: CT ZIP: 06926-0700 8-K 1 a53393339.htm PITNEY BOWES INC. 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________
 
FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934

May 4, 2023
Date of Report (Date of earliest event reported)

Pitney Bowes Inc.
Ticker symbol: PBI
(Exact name of registrant as specified in its charter)

Delaware
001-03579
06-0495050
(State or other jurisdiction of
incorporation or organization)
(Commission file number)
(I.R.S. Employer Identification No.)
 
3001 Summer Street
Stamford, Connecticut 06926
(Address of principal executive offices)
 
(203) 356-5000
(Registrant’s telephone number, including area code)
 
Not Applicable
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:

Title of each class
   Trading Symbol(s)
   Name of Each Exchange on Which Registered
Common Stock, $1 par value per share
   PBI
   New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Act. ☐
ITEM 2.02.
RESULTS OF OPERATIONS AND FINANCIAL CONDITION
 
The following information is furnished pursuant to Item 2.02 Disclosure of "Results of Operations and Financial Condition."

On May 4, 2023, the Registrant issued a press release setting forth its financial results, including consolidated statements of income, supplemental information, and a reconciliation of reported results to adjusted results for the three months ended March 31, 2023 and 2022, and consolidated balance sheets at March 31, 2023 and December 31, 2022. A copy of the press release is attached hereto as Exhibit 99.1 and hereby incorporated by reference.

ITEM 9.01.
FINANCIAL STATEMENTS AND EXHIBITS
 
(c)  Exhibits
 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 
Pitney Bowes Inc.
 
 
 
 
May 4, 2023
 
 
 
 
 
 
 
 
 
 
 
 
/s/ Joseph R. Catapano
 
 
Joseph R. Catapano
 
 
Vice President, Chief Accounting Officer
 
(Principal Accounting Officer)
 


EX-99.1 2 a53393339ex99_1.htm EXHIBIT 99.1
Exhibit 99.1

Pitney Bowes Announces First Quarter 2023 Financial Results

STAMFORD, Conn.--(BUSINESS WIRE)--May 4, 2023--Pitney Bowes (NYSE: PBI), a global shipping and mailing company that provides technology, logistics, and financial services, today announced its financial results for the first quarter 2023.

“The trends in the first quarter were largely a continuation of the dynamics we experienced last quarter,” said Marc B. Lautenbach, President and Chief Executive Officer. “Our SendTech and Presort businesses performed as expected. We remain pleased with domestic parcel improvement, network performance and volume growth, although with softer than expected revenue per parcel.”

“In addition, strong service levels in domestic parcel are driving a robust new business pipeline, while cross-border continues to face headwinds. That said, to be clear, the long-term value creation remains centered in domestic parcel, and we continue to be confident in that business.”

First Quarter Financial Highlights

  • Revenue in the quarter was $835 million, a decrease of 10 percent on a reported basis and 4 percent on a comparable basis versus prior year (1)
  • GAAP EPS was a loss of $0.04 and Adjusted EPS was a loss of $0.01 in the quarter versus GAAP EPS of $0.12 and Adjusted EPS of $0.08 in first quarter of 2022
  • Net loss of $8 million in the quarter compares to net income of $21 million in first quarter 2022; Adjusted EBIT was $33 million compared to $53 million in first quarter 2022
  • GAAP cash from operating activities was a net use of $40 million; Free Cash Flow was a net use of $61 million (2)
  • Cash and short-term investments were $527 million at quarter-end
  • Announced a restructuring plan which, combined with other productivity efforts, will target $75 million of annual expense savings by yearend 2024

First Quarter Business Highlights

  • Global Ecommerce processed 50 million domestic parcels in the quarter, up 22 percent from 41 million in first quarter 2022
  • Global Ecommerce on-time delivery performance remains excellent, and is now in the mid-90 percent range
  • Presort grew Adjusted Segment EBIT margins by nearly 500 basis points in the quarter versus prior year
  • SendTech shipping-related revenues grew 8 percent in the quarter; SaaS subscription revenues grew 24 percent

Earnings per share results are summarized in the table below:

 

 

 

 

First Quarter

 

2023

2022

GAAP EPS

($0.04)

$0.12

Restructuring Charges

$0.01

$0.02

(Gain)/Loss on Debt Redemption/Refinancing

($0.01)

$0.02

Proxy Solicitation Fees

$0.03

-

Gain on Sale of Assets

-

($0.06)

Gain on Sale of Business

-

($0.02)

Transaction Costs

-

$0.01

Adjusted EPS (3)

($0.01)

$0.08

(1)


Comparable basis is defined in the “Use of Non-GAAP Measures” section

(2)


We updated our definition of free cash flow to remove the impact of changes in customer deposits at PB Bank

(3)


The sum of the earnings per share may not equal the totals due to rounding.

Business Segment Reporting

Global Ecommerce

Global Ecommerce provides business to consumer logistics services for domestic and cross-border delivery, returns and fulfillment.

 

First Quarter

($ millions)

2023


2022

% Change
Reported

% Change
Comparable
Basis

Revenue

$348


$419

(17%)

(5%)

Adjusted Segment EBITDA

($18)


$8

>(100%)

 

Adjusted Segment EBIT

($34)


($14)

>(100%)

 

Revenue decline was driven by cross-border, which continues to face macroeconomic challenges as well as a reduction in parcel volumes primarily from two clients. Domestic parcel revenue grew from higher volumes. Revenue growth was, however, lower than expected due to softer revenue per piece.

Adjusted Segment EBIT declined, primarily due to lower cross-border revenue.

Presort Services

Presort Services provides sortation services that enable clients to qualify for USPS workshare discounts in First Class Mail, Marketing Mail, Marketing Mail Flats and Bound Printed Matter.

 

First Quarter

($ millions)

2023


2022

% Change
Reported

Revenue

$159


$161

(1%)

Adjusted Segment EBITDA

$35


$26

36%

Adjusted Segment EBIT

$27


$20

37%

Revenue declined modestly due to lower first class and marketing mail volumes. The decline was partially offset by new client additions and higher revenue per piece.

Adjusted Segment EBIT improved driven by higher revenue per piece, improved labor productivity from investments in automation, and lower unit transportation costs.

SendTech Solutions

Sending Technology Solutions offers physical and digital mailing and shipping technology solutions, financing, services, supplies and other applications for small and medium businesses, retail, enterprise, and government clients around the world to help simplify and save on the sending, tracking and receiving of letters, parcels and flats.

 

First Quarter

($ millions)

2023


2022

% Change
Reported

% Change
Comparable
Basis

Revenue

$327


$348

(6%)

(4%)

Adjusted Segment EBITDA

$104


$112

(7%)

 

Adjusted Segment EBIT

$97


$105

(8%)

 

Lower equipment sales and financing revenue drove the decline in total revenue. Shipping-related revenue growth partially offset this decline.

Adjusted Segment EBIT decreased as a result of lower financing and support services revenues, both of which are tied to the secular decline in mail.

Full Year 2023 Guidance

We continue to expect flat to mid-single digit percentage revenue growth on a comparable basis.

We also continue to expect adjusted EBIT performance to outpace the percent change in revenue.

Conference Call and Webcast

Management of Pitney Bowes will discuss the Company’s results in a broadcast over the Internet today at 8:00 a.m. ET. Instructions for listening to the earnings results via the Web are available on the Investor Relations page of the Company’s web site at www.pitneybowes.com.

About Pitney Bowes

Pitney Bowes (NYSE:PBI) is a global shipping and mailing company that provides technology, logistics, and financial services to more than 90 percent of the Fortune 500. Small business, retail, enterprise, and government clients around the world rely on Pitney Bowes to remove the complexity of sending mail and parcels. For additional information, visit: www.pitneybowes.com

Use of Non-GAAP Measures

Our financial results are reported in accordance with generally accepted accounting principles (GAAP). We also disclose certain non-GAAP measures, such as adjusted earnings before interest and taxes (Adjusted EBIT), adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA), adjusted earnings per share (Adjusted EPS), revenue growth on a comparable basis and free cash flow.

Adjusted EBIT, Adjusted EBITDA and Adjusted EPS exclude the impact restructuring charges, gains, losses and costs related to the sale of assets, acquisitions and dispositions, losses on debt redemptions and refinancings and other unusual items. Management believes that these non-GAAP measures provide investors greater insight into the underlying operating trends of the business.

We disclose revenue growth on a comparable basis, which excludes three items. First, the comparison excludes the impacts of foreign currency. Second, we are excluding the impact of the divestiture of the Borderfree business effective July 1, 2022. Third, we are excluding the impact of a change in the presentation of revenue beginning in the fourth quarter of 2022, from a gross basis to net basis due to an adjustment in terms of one of our contracts with the United States Postal Service. The change in revenue presentation impacts both our Global Ecommerce and SendTech Solutions segments. The change in revenue presentation does not impact gross profit. Management believes that excluding these items provides investors with a better understanding of the underlying revenue performance.

Free cash flow adjusts cash flow from operations calculated in accordance with GAAP for discontinued operations, capital expenditures, restructuring payments and other special items. Management believes free cash flow provides investors better insight into the amount of cash available for other discretionary uses.

Adjusted Segment EBIT is the primary measure of profitability and operational performance at the segment level and is determined by deducting from segment revenue the related costs and expenses attributable to the segment. Adjusted Segment EBIT excludes interest, taxes, unallocated corporate expenses, restructuring charges, and other items not allocated to a business segment. The Company also reports Adjusted Segment EBITDA as an additional useful measure of segment profitability and operational performance.

Complete reconciliations of non-GAAP measures to comparable GAAP measures can be found in the attached financial schedules and at the Company's web site at www.pb.com/investorrelations

This document contains “forward-looking statements” about the Company’s expected or potential future business and financial performance. Forward-looking statements include, but are not limited to, statements about future revenue and earnings guidance and future events or conditions. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from those projected. While conditions related to the COVID-19 pandemic have improved, the pandemic continues to be dynamic, and near-term challenges across the economy remain and the effects that they may have on our, and our clients' businesses remain uncertain. Other factors which could cause future financial performance to differ materially from expectations include, without limitation, declining physical mail volumes; changes in postal regulations or the operations and financial health of posts in the U.S. or other major markets or changes to the broader postal or shipping markets; our ability to continue to grow and manage unexpected fluctuations in volumes, gain additional economies of scale and improve profitability within our Global Ecommerce segment; the loss of some of our larger clients in our Global Ecommerce and Presort Services segments; the loss of, or significant changes to, United States Postal Service (USPS) commercial programs, or our contractual relationships with the USPS or their performance under those contracts; the impacts of inflation and rising prices, higher interest rates and a slow-down in economic activity, including a global recession, to the company, our clients and retail consumers; and other factors as more fully outlined in the Company's 2022 Form 10-K Annual Report and other reports filed with the Securities and Exchange Commission during 2023. Pitney Bowes assumes no obligation to update any forward-looking statements contained in this document as a result of new information, events or developments.

Note: Consolidated statements of income; revenue, adjusted segment EBIT and adjusted segment EBITDA by business segment; and reconciliations of GAAP to non-GAAP measures for the three months ended March 31, 2023 and 2022, and consolidated balance sheets at March 31, 2023 and December 31, 2022 are attached.

Pitney Bowes Inc.
Consolidated Statements of Operations
(Unaudited; in thousands, except per share amounts)



 

Three months ended March 31,


 

2023

 

 

 

2022

 

Revenue:


Business services

$

523,491

 


$

597,384

 

Support services

 

105,284

 


 

110,352

 

Financing

 

67,049

 


 

72,029

 

Equipment sales

 

82,610

 


 

89,296

 

Supplies

 

38,835

 


 

41,061

 

Rentals

 

17,269

 


 

16,820

 

Total revenue

 

834,538

 


 

926,942

 




 
Costs and expenses:


Cost of business services

 

446,317

 


 

503,215

 

Cost of support services

 

36,840

 


 

37,134

 

Financing interest expense

 

14,536

 


 

11,602

 

Cost of equipment sales

 

57,171

 


 

63,771

 

Cost of supplies

 

11,225

 


 

11,517

 

Cost of rentals

 

5,428

 


 

5,309

 

Selling, general and administrative

 

242,120

 


 

242,785

 

Research and development

 

10,493

 


 

11,334

 

Restructuring charges

 

3,599

 


 

4,184

 

Interest expense, net

 

22,342

 


 

22,124

 

Other components of net pension and postretirement (income) cost

 

(1,710

)


 

844

 

Other income, net

 

(2,836

)


 

(11,901

)

Total costs and expenses

 

845,525

 


 

901,918

 




 
(Loss) income before taxes

 

(10,987

)


 

25,024

 

(Benefit) provision for income taxes

 

(3,250

)


 

4,203

 

Net (loss) income

$

(7,737

)


$

20,821

 




 
(Loss) earnings per share:


Basic

$

(0.04

)


$

0.12

 

Diluted

$

(0.04

)


$

0.12

 




 
Weighted-average shares used in diluted earnings per share

 

174,626

 


 

178,034

 

Pitney Bowes Inc.
Consolidated Balance Sheets
(Unaudited; in thousands)



 
Assets March 31,
2023
December 31,
2022
Current assets:


Cash and cash equivalents

$

511,761

 


$

669,981

 

Short-term investments

 

15,614

 


 

11,172

 

Accounts and other receivables, net

 

271,496

 


 

343,557

 

Short-term finance receivables, net

 

551,348

 


 

564,972

 

Inventories

 

94,016

 


 

83,720

 

Current income taxes

 

19,318

 


 

8,790

 

Other current assets and prepayments

 

125,746

 


 

115,824

 

Total current assets

 

1,589,299

 


 

1,798,016

 

Property, plant and equipment, net

 

411,793

 


 

420,672

 

Rental property and equipment, net

 

26,955

 


 

27,487

 

Long-term finance receivables, net

 

636,518

 


 

627,124

 

Goodwill

 

1,069,660

 


 

1,066,951

 

Intangible assets, net

 

74,028

 


 

77,944

 

Operating lease assets

 

287,703

 


 

296,129

 

Noncurrent income taxes

 

44,595

 


 

46,613

 

Other assets

 

390,298

 


 

380,419

 

Total assets

$

4,530,849

 


$

4,741,355

 




 
Liabilities and stockholders' equity


Current liabilities:


Accounts payable and accrued liabilities

$

800,050

 


$

907,083

 

Customer deposits at Pitney Bowes Bank

 

594,546

 


 

628,072

 

Current operating lease liabilities

 

53,848

 


 

52,576

 

Current portion of long-term debt

 

262,439

 


 

32,764

 

Advance billings

 

86,802

 


 

105,207

 

Current income taxes

 

981

 


 

2,101

 

Total current liabilities

 

1,798,666

 


 

1,727,803

 

Long-term debt

 

1,910,529

 


 

2,172,502

 

Deferred taxes on income

 

268,193

 


 

263,131

 

Tax uncertainties and other income tax liabilities

 

23,778

 


 

23,841

 

Noncurrent operating lease liabilities

 

256,158

 


 

265,696

 

Other noncurrent liabilities

 

213,561

 


 

227,729

 

Total liabilities

 

4,470,885

 


 

4,680,702

 




 
Stockholders' equity:


Common stock

 

323,338

 


 

323,338

 

Retained earnings

 

5,060,852

 


 

5,125,677

 

Accumulated other comprehensive loss

 

(819,978

)


 

(835,564

)

Treasury stock, at cost

 

(4,504,248

)


 

(4,552,798

)

Total stockholders' equity

 

59,964

 


 

60,653

 

Total liabilities and stockholders' equity

$

4,530,849

 


$

4,741,355

 

Pitney Bowes Inc.
Business Segment Revenue
(Unaudited; in thousands)





 





 

Three months ended March 31,


 

2023

 

 

2022

 

 

% Change






 
Global Ecommerce




Revenue, as reported

$

348,391


$

418,527

 


(17

%)

Impact of change in revenue presentation

 

(37,586

)



Impact of Borderfree divestiture

 

(11,730

)



Comparable revenue before currency

 

348,391


 

369,211

 


(6

%)

Impact of currency on revenue

 

2,841





Comparable revenue

$

351,232


$

369,211

 


(5

%)






 
Presort Services




Revenue, as reported

$

158,902


$

160,544

 


(1

%)






 
Sending Technology Solutions




Revenue, as reported

$

327,245


$

347,871

 


(6

%)

Impact of change in revenue presentation

 

(3,690

)



Comparable revenue before currency

 

327,245


 

344,181

 


(5

%)

Impact of currency on revenue

 

4,844





Comparable revenue

$

332,089


$

344,181

 


(4

%)






 
Consolidated




Revenue, as reported

$

834,538


$

926,942

 


(10

%)

Impact of change in revenue presentation

 

(41,276

)



Impact of Borderfree divestiture

 

(11,730

)



Comparable revenue before currency

 

834,538


 

873,936

 


(5

%)

Impact of currency on revenue

 

7,685





Comparable revenue

$

842,223


$

873,936

 


(4

%)

Pitney Bowes Inc.
Adjusted Segment EBIT & EBITDA
(Unaudited; in thousands)











 











 











 


Three months ended March 31,


2023


2022


% change


Adjusted
Segment
EBIT (1)		 D&A Adjusted
Segment
EBITDA
Adjusted
Segment
EBIT (1)		 D&A Adjusted
Segment
EBITDA
Adjusted
Segment
EBIT		 Adjusted
Segment
EBITDA











 
Global Ecommerce

$

(34,206

)

$

16,414

$

(17,792

)


$

(13,696

)

$

21,444

$

7,748

 


>(100%) >(100%)
Presort Services

 

26,905

 

 

8,523

 

35,428

 


 

19,632

 

 

6,418

 

26,050

 


37

%

36

%

Sending Technology Solutions

 

96,671

 

 

7,467

 

104,138

 


 

104,575

 

 

7,003

 

111,578

 


(8

%)

(7

%)



$

89,370

 

$

32,404

 

121,774

 


$

110,511

 

$

34,865

 

145,376

 


(19

%)

(16

%)












 
Reconciliation of Segment Adjusted EBITDA to Net (Loss) Income:









Segment depreciation and amortization

 

(32,404

)




 

(34,865

)




Unallocated corporate expenses

 

(56,349

)




 

(57,834

)




Restructuring charges

 

(3,599

)




 

(4,184

)




Gain (loss) on debt redemption/refinancing

 

2,836

 




 

(4,993

)




Proxy solicitation fees

 

(6,367

)




 

-

 




Gain on sale of assets

 

-

 




 

14,372

 




Gain on sale of business

 

-

 




 

2,522

 




Transaction costs

 

-

 




 

(1,644

)




Interest, net

 

(36,878

)




 

(33,726

)




Benefit (provision) for income taxes

 

3,250

 




 

(4,203

)




Net (loss) income

$

(7,737

)




$

20,821

 




(1)

Adjusted segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, and other items that are not allocated to a particular business segment.
Pitney Bowes Inc.
Reconciliation of Reported Consolidated Results to Adjusted Results
(Unaudited; in thousands, except per share amounts)




 


Three months ended March 31,



 

2023

 

 

 

2022

 





 
Reconciliation of reported net (loss) income to adjusted EBIT and adjusted EBITDA



Net (loss) income

$

(7,737

)


$

20,821

 

(Benefit) provision for income taxes

 

(3,250

)


 

4,203

 

(Loss) income before taxes

 

(10,987

)


 

25,024

 

Restructuring charges

 

3,599

 


 

4,184

 

Proxy solicitation fees

 

6,367

 


 

-

 

(Gain) loss on debt redemption/refinancing

 

(2,836

)


 

4,993

 

Gain on sale of assets

 

-

 


 

(14,372

)

Gain on sale of business

 

-

 


 

(2,522

)

Transaction costs

 

-

 


 

1,644

 

Adjusted net (loss) income before tax

 

(3,857

)


 

18,951

 

Interest, net

 

36,878

 


 

33,726

 

Adjusted EBIT

 

33,021

 


 

52,677

 

Depreciation and amortization

 

39,897

 


 

42,002

 

Adjusted EBITDA

$

72,918

 


$

94,679

 





 
Reconciliation of reported diluted (loss) earnings per share to adjusted diluted (loss) earnings per share



Diluted (loss) earnings per share

$

(0.04

)


$

0.12

 

Restructuring charges

 

0.01

 


 

0.02

 

(Gain) loss on debt redemption/refinancing

 

(0.01

)


 

0.02

 

Proxy solicitation fees

 

0.03

 


 

-

 

Gain on sale of assets

 

-

 


 

(0.06

)

Gain on sale of businesses

 

-

 


 

(0.02

)

Transaction costs

 

-

 


 

0.01

 

Adjusted diluted (loss) earnings per share (1)

$

(0.01

)


$

0.08

 





 
(1) The sum of the earnings per share amounts may not equal the totals due to rounding.







 
Reconciliation of reported net cash from operating activities to free cash flow



Net cash from operating activities

$

(39,714

)


$

10,562

 

Capital expenditures

 

(28,666

)


 

(32,555

)

Restructuring payments

 

4,641

 


 

3,285

 

Proxy solicitation fees paid

 

3,038

 


 

-

 

Transaction costs paid

 

-

 


 

2,132

 

Free cash flow

$

(60,701

)


$

(16,576

)

 

Contacts

Editorial -
Bill Hughes
Chief Communications Officer
203.351.6785

Financial -
Ned Zachar, CFA
VP, Investor Relations
203.614.1092

Alex Brown
Senior Manager, Investor Relations
203.351.7639

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Document and Entity Information
May 04, 2023
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date May 04, 2023
Entity Registrant Name Pitney Bowes Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-03579
Entity Tax Identification Number 06-0495050
Entity Address, Address Line One 3001 Summer Street
Entity Address, City or Town Stamford
Entity Address, State or Province CT
Entity Address, Postal Zip Code 06926
City Area Code 203
Local Phone Number 356-5000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
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Entity Emerging Growth Company false
Entity Central Index Key 0000078814
Title of 12(b) Security Common Stock, $1 par value per share
Trading Symbol PBI
Security Exchange Name NYSE
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