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PBI » Topics » 20. Fair Value of Financial Instruments

This excerpt taken from the PBI 10-K filed Feb 29, 2008.

20. Fair Value of Financial Instruments

The following methods and assumptions were used to estimate the fair value of each class of financial instruments:

Cash, Cash Equivalents, Short-term Investments, Accounts Receivable, Accounts Payable and Notes Payable

The carrying amounts approximate fair value because of the short maturity of these instruments.

Investment Securities

The fair value of investment securities is estimated based on quoted market prices, dealer quotes and other estimates.

Loans Receivable

The fair value of loans receivable is estimated based on quoted market prices, dealer quotes or by discounting the future cash flows using current interest rates at which similar loans would be made to borrowers with similar credit ratings and similar remaining maturities.

Long-term Debt

The fair value of long-term debt is estimated based on quoted dealer prices for the same or similar issues.

78

PITNEY BOWES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular dollars in thousands, except per share data)

Interest Rate Swap Agreements and Foreign Currency Exchange Contracts
The fair values of interest rate swaps and foreign currency exchange contracts are obtained from dealer quotes. These values represent the estimated amount we would receive or pay to terminate agreements, taking into consideration current interest rates, the creditworthiness of the counterparties and current foreign currency exchange rates.

The estimated fair value of our financial instruments follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

December 31,

 

 

 

 

 

 

 

2007

 

2006

 

 

 

 

 

 

 

Carrying
value (1)

 

Fair value

 

Carrying
value (1)

 

Fair value

 

 

 

 

 

 

 

Investment securities

 

$

200,006

 

$

200,005

 

$

142,217

 

$

142,217

 

Loans receivable

 

$

554,370

 

$

554,370

 

$

524,717

 

$

524,717

 

Long-term debt

 

$

(3,848,359

)

$

(3,722,209

)

$

(3,905,634

)

$

(3,796,270

)

Interest rate swaps

 

$

7,635

 

$

7,635

 

$

(7,543

)

$

(7,543

)

Foreign currency exchange contracts

 

$

(12

)

$

(12

)

$

(8,468

)

$

(8,468

)

(1) Carrying value includes accrued interest and deferred fee income, where applicable.

This excerpt taken from the PBI 10-K filed Mar 1, 2007.

20. Fair Value of Financial Instruments

The following methods and assumptions were used to estimate the fair value of each class of financial instruments:

EXCERPTS ON THIS PAGE:

10-K
Feb 29, 2008
10-K
Mar 1, 2007

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