This excerpt taken from the PBI 10-K filed Mar 1, 2007.
7. Current Liabilities
Accounts payable and accrued liabilities and notes payable and current portion of long-term obligations are composed of the following:
In countries outside the U.S., banks generally lend to our non-finance subsidiaries on an overdraft or term-loan basis. These overdraft arrangements and term-loans, for the most part, are extended on an uncommitted basis by banks and do not require compensating balances or commitment fees.
Reserve account deposits represent customers prepayment of postage.
Notes payable are issued as commercial paper, loans against bank lines of credit, or to trust departments of banks and others at below prevailing prime rates. The weighted average interest rates were 5.3% and 4.3% on notes payable and overdrafts outstanding at December 31, 2006 and 2005, respectively.
PITNEY BOWES INC.
At December 31, 2006, notes payable totaled $489.7 million. We had unused credit facilities of $1.5 billion at December 31, 2006, primarily to support commercial paper issuances. Fees paid to maintain lines of credit were $0.9 million, $0.7 million and $0.6 million in 2006, 2005 and 2004, respectively.