This excerpt taken from the PBI 10-K filed Mar 1, 2007.
Employers Accounting for Defined Benefit Pension and Other Postretirement Plans an amendment of FASB Statements No. 87, 88, 106 and 132(R) to require recognition of the overfunded or underfunded status of pension and other postretirement benefit plans on the balance sheet. Under SFAS 158, gains and losses, prior service costs and credits, and any remaining transition amounts under SFAS 87 and SFAS 106 that have not yet been recognized through net periodic benefit cost are recognized in accumulated other comprehensive income, net of tax effects, until they are amortized as a component of net periodic cost. Our adoption of the provisions of SFAS 158 reduced stockholders equity by $297 million at December 31, 2006. SFAS 158 does not affect our results of operations or cash flows. See Note 13 to the Consolidated Financial Statements for further details regarding our adoption of SFAS 158.
In September 2006, the Securities and Exchange Commission issued Staff Accounting Bulletin No. 108,