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This excerpt taken from the PBI 10-K filed Feb 26, 2009. Restructuring Charges We apply the provisions of SFAS No. 146, Accounting for Costs Associated with Exit or Disposal Activities, to account for one-time benefit arrangements and exit or disposal activities. SFAS No. 146 requires that a liability for costs associated with an exit or disposal activity be recognized when the liability is incurred. We account for ongoing benefit arrangements under SFAS No. 112, Employers’ Accounting for Postemployment Benefits, which requires that a liability be recognized when the costs are probable and reasonably estimable. See Note 14 to the Consolidated Financial Statements. This excerpt taken from the PBI 10-Q filed Aug 7, 2008. 13. Restructuring Charges Pre-tax restructuring reserves at
June 30, 2008 are composed of the following:
We recorded pre-tax restructuring charges and asset impairments of $35.9 million in the six months ended June 30, 2008. These charges primarily relate to a program we announced in November 2007 to lower our cost structure, accelerate efforts to improve operational efficiencies, and transition our product line. As a result of this program, we have targeted a net reduction of about 1,500 positions. About half of these reductions will be outside the U.S. As of June 30, 2008, 964 terminations have occurred under this program. We expect to incur approximately $50 million of restructuring charges in 2008 associated with actions identified to date; however, we continue to evaluate additional actions in conjunction with this program. We expect to complete the majority of this program by the end of 2008. The majority of the liability at June 30, 2008 is expected to be paid by mid-2009 from cash generated from operations. This excerpt taken from the PBI 10-K filed Feb 29, 2008. Restructuring Charges We apply the provisions of SFAS No. 146, Accounting for Costs Associated with Exit or Disposal Activities, to account for one-time benefit arrangements and exit or disposal activities. SFAS No. 146 requires that a liability for costs associated with an exit or disposal activity be recognized when the liability is incurred. We account for ongoing benefit arrangements under SFAS No. 112, Employers’ Accounting for Postemployment Benefits, which requires that a liability be recognized when the costs are probable and reasonably estimable. See Note 14 to the Consolidated Financial Statements. This excerpt taken from the PBI 10-Q filed Nov 8, 2007. 13. Restructuring Charges Accrued restructuring balances at September 30, 2007 related to the program that we completed in 2006 are composed of the following:
The outstanding balance is expected to be substantially paid by the end of 2007. Pre-tax restructuring reserves at December 31, 2006 were composed of the following:
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PITNEY BOWES INC.
This excerpt taken from the PBI 10-Q filed Aug 6, 2007. 13. Restructuring Charges Pre-tax restructuring reserves at June 30, 2007 related to the program that we completed in 2006 are composed of the following:
This excerpt taken from the PBI 10-Q filed May 4, 2007. 13. Restructuring Charges Pre-tax restructuring reserves at March 31, 2007 related to the program that we completed in 2006 are composed of the following:
Pre-tax restructuring reserves at December 31, 2006 are composed of the following:
This excerpt taken from the PBI 10-K filed Mar 1, 2007. Restructuring Charges We apply the provisions of SFAS No. 146, Accounting for Costs Associated with Exit or Disposal Activities, to account for one-time benefit arrangements and exit or disposal activities. SFAS No. 146 requires that a liability for costs associated with an exit or disposal activity be recognized when the liability is incurred. We account for ongoing benefit arrangements under SFAS No. 112, Employers’ Accounting for Postemployment Benefits, which requires that a liability be recognized when the costs are probable and reasonably estimable. See Note 14 of the Consolidated Financial Statements. | EXCERPTS ON THIS PAGE:
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