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PBI » Topics » Transfer of Receivables with Recourse

This excerpt taken from the PBI 10-K filed Mar 1, 2007.
Transfer of Receivables with Recourse
The fair value of the recourse liability represents the estimate of expected future losses and has accordingly been recorded in our Consolidated Balance Sheets. We periodically evaluate the adequacy of reserves and estimates of expected losses; if the resulting evaluation of expected losses differs from the actual reserve, adjustments are made to the reserve.

The estimated fair value of our financial instruments follows:

  2006           2005 
  Carrying     Carrying  
December 31,  value (1)       Fair value value (1)       Fair value
Investment securities  $ 142,217   $ 142,217     $ 122,644   $ 122,644  
Loans receivable    524,717       524,717     427,483       427,483    
Long-term debt    (3,905,634 )    (3,796,270 )      (3,893,329 )    (3,854,295 ) 
Interest rate swaps    (7,543 )      (7,543 )    (766 )    (766 ) 
Foreign currency exchange contracts    (8,468 )    (8,468 )    (4,374 )    (4,374 ) 

(1)       Carrying value includes accrued interest and deferred fee income, where applicable.
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