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: