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This excerpt taken from the PBI 10-Q filed May 7, 2009. Nonpension Postretirement Benefit Plans The components of net periodic benefit cost for nonpension postretirement benefit plans for the three months ended March 31, 2009 and 2008 are as follows:
For the three months ended March 31, 2009 and 2008, we made $8.0 million and $8.8 million of contributions representing benefit payments, respectively. This excerpt taken from the PBI 10-Q filed Nov 7, 2008. Nonpension Postretirement Benefit Plans The components of net periodic benefit cost for nonpension postretirement benefit plans for the three and nine months ended September 30, 2008 and 2007 are as follows:
For the three months ended September 30, 2008 and 2007, we made $6.6 million and $9.1 million of contributions representing benefit payments, respectively. Contributions for benefit payments were $23.7 million and $24.8 million for the nine months ended September 30, 2008 and 2007, respectively. This excerpt taken from the PBI 10-Q filed Aug 7, 2008. Nonpension Postretirement Benefit Plans The components of net periodic benefit cost for nonpension postretirement benefit plans for the three and six months ended June 30, 2008 and 2007 are as follows:
For the three months ended June 30, 2008 and 2007, we made $8.3 million and $6.9 million of contributions representing benefit payments, respectively. Contributions for benefit payments were $17.1 million and $15.7 million for the six months ended June 30, 2008 and 2007, respectively. 17
PITNEY BOWES INC. This excerpt taken from the PBI 10-Q filed May 8, 2008. Nonpension Postretirement Benefit Plans The components of net periodic benefit cost for nonpension postretirement benefit plans for the three months ended March 31, 2008 and 2007 are as follows:
For the three months ended March 31, 2008 and 2007, we made $8.8 million of contributions representing benefit payments in each of the periods. This excerpt taken from the PBI 10-Q filed Nov 8, 2007. Nonpension Postretirement Benefit Plans The components of net periodic benefit cost for nonpension postretirement benefit plans for the three and nine months ended September 30, 2007 and 2006 are as follows:
For the three months ended September 30, 2007 and 2006, we made $9.1 million and $8.1 million of contributions representing benefit payments, respectively. Contributions for benefit payments were $24.8 million and $25.5 million for the nine months ended September 30, 2007 and 2006, respectively. 17
PITNEY BOWES INC. This excerpt taken from the PBI 10-Q filed Aug 6, 2007. Nonpension Postretirement Benefit Plans The components of net periodic benefit cost for nonpension postretirement benefit plans for the three and six months ended June 30, 2007 and 2006 are as follows:
For the three months ended June 30, 2007 and 2006, we made $6.9 million and $8.3 million of contributions representing benefit payments, respectively. For the six months ended June 30, 2007 and 2006, we made $15.7 million and $17.3 million of contributions representing benefit payments, respectively. This excerpt taken from the PBI 10-Q filed May 4, 2007. Nonpension Postretirement Benefit Plans The components of net periodic benefit cost for nonpension postretirement benefit plans for the three months ended March 31, 2007 and 2006 are as follows:
For the three months ended March 31, 2007 and 2006, we made $8.8 million and $9.0 million of contributions representing benefit payments, respectively. This excerpt taken from the PBI 10-Q filed Nov 9, 2006. Nonpension Postretirement Benefit Plans The components of net periodic benefit cost for nonpension postretirement benefit plans for the three and nine months ended September 30, 2006 and 2005 are as follows:
For the three months ended September 30, 2006 and 2005, we made $8.1 million and $10.5 million of contributions representing benefit payments, respectively. Contributions for benefit payments were $25.5 million and $30.9 million for the nine months ended September 30, 2006 and 2005, respectively. 20 PITNEY BOWES INC.
The effective tax rate for the three months ended September 30, 2006 and 2005 was 34.4% and 33.4% respectively. The effective tax rate for the nine months ended September 30, 2006 and 2005 was 37.5% and 33.6%, respectively. The difference in rates for the three month periods is primarily due to a reduction in tax benefits arising from life insurance and research activities. The difference in rates for the nine month periods is primarily due to an additional charge for $20 million in the second quarter of 2006 related to the IRS settlement discussed below. We accrued in the second quarter of 2006 in discontinued operations an additional tax expense of $16.2 million to record the impact of the recently-enacted Tax Increase Prevention and Reconciliation Act (“TIPRA”). The TIPRA legislation repealed the exclusion from federal income taxation of a portion of the income generated from certain leveraged leases of aircraft by foreign sales corporations. See Note 4 for further discussion of the discontinued operations. In August 2006, we reached a settlement with the IRS governing all outstanding tax audit issues in dispute for tax years through 2000. These disputed items related primarily to the tax treatment of corporate owned life insurance (COLI) and related interest expense, the tax effect of the sale of certain preferred share holdings and the tax treatment of certain Capital Services lease transactions. In the second quarter of 2006, we estimated the tax due as a result of the IRS settlement including our best estimate of the additional liability for these items in all open years, the sale of the Imagistics portfolio and the sale of the Capital Services business to be approximately $1.1 billion. Accordingly we recorded $61 million of additional tax expense. The $1.1 billion tax liability is net of $330 million of IRS tax bonds previously posted. In the third quarter, we paid $239 million of the $1.1 billion obligation to the IRS and we expect to pay the remainder by the end of 2006. These tax obligations are being funded with proceeds previously received from the sale of Imagistics and Capital Services and the advance against the cash surrender value of our COLI assets. $41 million of the $61 million tax expense relates to the Capital Services business and was included in discontinued operations and $20 million was included in continuing operations. We have accrued our best estimate of the probable tax, interest and penalties that we believe is appropriate given the likelihood of tax adjustments in all open tax years. However, the resolution of such matters could have a material effect on our results of operations, financial position and cash flows.
As part of the sale of the Capital Services business, we indemnified the buyer for certain guarantees by posting letters of credit totaling $21.3 million at the date of sale. Our maximum risk of loss related to these letters of credit arises from the possible non-performance of lessees to meet the terms of their contracts and from changes in the value of the underlying equipment. These contracts are secured by the underlying equipment value and supported by the creditworthiness of the customer. We provide product warranties in conjunction with certain product sales, generally for a period of 90 days from the date of installation. Our product warranty liability reflects our best estimate of probable liability for product warranties based on historical claims experience, which has not been significant, and other currently available evidence. Accordingly, our product warranty liability at September 30, 2006 and December 31, 2005, respectively, was not material. 21 PITNEY BOWES INC. Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) contains statements that are forward-looking. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in Forward-Looking Statements and elsewhere in this report. The following analysis of our financial condition and results of operations should be read in conjunction with Pitney Bowes’ Condensed Consolidated Financial Statements contained in this report and in Pitney Bowes’ Form 10-K for the year ended December 31, 2005. As a result of the sale of our Imagistics lease portfolio and Capital Services external financing business, the results of operations reflect these businesses as discontinued operations for all periods presented. This excerpt taken from the PBI 10-Q filed Aug 8, 2006. Nonpension Postretirement Benefit Plans The components of net periodic benefit cost for nonpension postretirement benefit plans for the three and six months ended June 30, 2006 and 2005 are as follows:
For the three months ended June 30, 2006 and 2005, we made $8.3 million and $11.8 million of contributions representing benefit payments, respectively. Contributions for benefit payments were $17.3 million and $20.3 million for the six months ended June 30, 2006 and 2005, respectively. 20
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