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PBI » Topics » 14. Pensions and Other Benefit Programs

This excerpt taken from the PBI 10-Q filed May 4, 2007.

14. Pensions and Other Benefit Programs

Defined Benefit Pension Plans

The components of net periodic benefit cost for defined benefit pension plans for the three months ended March 31, 2007 and 2006 are as follows:

      United States     Foreign
      Three Months Ended March 31,     Three Months Ended March 31,
      2007     2006     2007     2006
Service cost   $ 7,075     $ 7,871     $ 3,106     $ 2,664  
Interest cost     23,053       23,517       6,717       5,430  
Expected return on plan assets     (31,329 )     (32,500 )     (8,991 )     (7,564 )
Amortization of transition cost     -       -       (159 )     (162 )
Amortization of prior service cost     (531 )     (548 )     160       150  
Amortization of net (gain) loss     6,881       7,791       1,803       2,568  
Settlement/curtailment     -     -     172     -
Net periodic benefit cost   $ 5,149   $ 6,131   $ 2,808   $ 3,086

We previously disclosed in our Consolidated Financial Statements for the year ended December 31, 2006 that we expect to contribute up to $8 million and $10 million, respectively, to our U.S. and foreign pension plans during 2007. At March 31, 2007, $1.1 million and $3.1 million of contributions have been made to the U.S. and foreign pension plans, respectively.

14

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; tabular dollars in thousands, except for per share data)

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:

    Three Months Ended March 31,
    2007   2006
Service cost   $ 832     $ 902  
Interest cost     3,612       3,659  
Amortization of prior service cost     (458 )     (475 )
Amortization of net (gain) loss     709     909
Net periodic benefit cost   $ 4,695   $ 4,995

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.

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