XML 18 R7.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net (loss) income $ (200,423) $ 17,913
(Income) loss from discontinued operations, net of tax (7,648) 14,199
Restructuring payments (15,869) (18,845)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 120,403 118,514
Allowance for credit losses 35,400 22,131
Stock-based compensation 15,236 15,867
Restructuring charges and asset impairments 12,505 56,616
Amortization of debt fees 7,962 8,014
Goodwill impairment 198,169 0
Loss on extinguishment of debt 36,987 667
Gain on sale of investments (21,969) 0
Loss on sale of business 0 17,683
Changes in operating assets and liabilities, net of acquisitions/divestitures:    
Increase in accounts receivable (8,064) (248)
Decrease in finance receivables 85,593 25,300
Decrease (increase) in inventories 1,051 (14,559)
Increase in other current assets and prepayments (18,400) (30,546)
Increase in accounts payable and accrued liabilities (1,047) 892
Increase (decrease) in current and noncurrent income taxes 21,682 (30,401)
Increase (decrease) in advance billings 687 (3,802)
Decrease in pension and retiree medical liabilities (25,095) (39,231)
Other, net (8,113) 6,262
Net cash provided by operating activities - continuing operations 229,047 166,426
Net cash (used in) provided by operating activities - discontinued operations (38,423) 15,858
Net cash provided by operating activities 190,624 182,284
Cash flows from investing activities:    
Capital expenditures (80,787) (95,221)
Purchases of available-for-sale securities (392,427) (45,178)
Proceeds from sales/maturities of available-for-sale securities 241,924 78,024
Net activity from short-term and other investments 68,464 (92,418)
Acquisitions, net of cash acquired (6,608) (22,100)
Sale of other investments (See Note 8) 58,248 0
Increase in customer deposits at Pitney Bowes Bank 19,464 3,125
Other investing activities (1,511) (9,341)
Net cash used in investing activities - continuing operations (93,233) (183,109)
Net cash used in investing activities - discontinued operations (2,502) (18,572)
Net cash used in investing activities - continuing operations (95,735) (201,681)
Cash flows from financing activities:    
Proceeds from the issuance of long-term debt 916,544 0
Principal payments of long-term debt (1,072,260) (202,640)
Premiums and fees paid to extinguish debt (32,645) 0
Dividends paid to stockholders (25,693) (26,854)
Common stock repurchases 0 (105,000)
Other financing activities (3,318) 7,302
Net cash used in financing activities (217,372) (327,192)
Effect of exchange rate changes on cash and cash equivalents (2,782) (5,822)
Change in cash and cash equivalents (125,265) (352,411)
Cash and cash equivalents at beginning of period 924,442 867,262
Cash and cash equivalents at end of period 799,177 514,851
Cash interest paid 115,143 110,943
Cash income tax payments, net of refunds $ 19,861 $ 25,527