This excerpt taken from the PBI 10-Q filed Aug 8, 2006.
MANAGEMENTS DISCUSSION AND ANALYSIS OF
Net interest expense
The following table shows net interest expense for the six months ended June 30, 2006 and 2005:
Net interest expense increased by $21.6 million or 24.8% in the first six months of 2006 compared with the prior year primarily due to higher average interest rates and average borrowings.