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This excerpt taken from the PBI 10-Q filed May 7, 2009. Net Investment Hedges One of our intercompany loans denominated in a foreign currency is designated as a hedge of a net investment. The revaluation of this loan is reflected as a deferred translation gain or loss and thereby offsets a portion of the translation adjustment of the applicable foreign subsidiaries’ net assets. At March 31, 2009 and December 31, 2008, we had one intercompany loan with an outstanding value of $113.6 million and $119.2 million, respectively, designated as a net investment hedge. Deferred translation gains of $36.1 million and $41.7 million for March 31, 2009 and December 31, 2008, respectively, were included in accumulated other comprehensive loss in stockholders’ deficit on the Condensed Consolidated Balance Sheets.
22 PITNEY BOWES INC. This excerpt taken from the PBI 10-K filed Feb 26, 2009. Net Investment Hedges A portion of our intercompany loans denominated in a foreign currency is designated as a hedge of net investment. The revaluation of these loans is reflected as a deferred translation gain or loss and thereby offsets a portion of the translation adjustment of the applicable foreign subsidiaries’ net assets. At December 31, 2008, we had one intercompany loan with an outstanding value of $119.2 85 PITNEY BOWES INC. million designated as a net investment hedge. At December 31, 2007, we had two intercompany loans with an outstanding value of $126.4 million associated with net investment hedges. Net deferred translation gains of $41.7 million and $37.4 million for 2008 and 2007, respectively, were included in accumulated other comprehensive (loss) income in stockholders’ (deficit) equity on the Consolidated Balance Sheets. The estimated fair value of our financial instruments follows:
(1) Carrying value includes accrued interest and deferred fee income, where applicable. The fair value of long-term debt is estimated based on quoted dealer prices for the same or similar issues. The carrying value for cash, cash equivalents, accounts receivable, loans receivable, accounts payable and notes payable approximate fair value because of the short maturity of these instruments. This excerpt taken from the PBI 10-K filed Feb 29, 2008. Net Investment Hedges A portion of our inter-company loans denominated in a foreign currency is designated as a hedge of net investment. The revaluation of these loans is reflected as a deferred translation gain or loss and thereby offsets a portion of the translation adjustment of the applicable foreign subsidiaries’ net assets. At December 31, 2007, we had two inter-company loans with an outstanding value of $126.4 million associated with these net investment hedges. Net deferred translation gains of $37.4 million for 2007 were included in accumulated other comprehensive income in stockholders’ equity in the Consolidated Balance Sheet. | EXCERPTS ON THIS PAGE:
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