XML 18 R7.htm IDEA: XBRL DOCUMENT v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net loss $ (11,685) $ (211,812)
Loss (income) from discontinued operations, net of tax 4,906 (7,032)
Restructuring payments (8,825) (11,365)
Adjustments to reconcile net loss to net cash from operating activities:    
Depreciation and amortization 79,416 81,787
Allowance for credit losses 4,988 27,941
Stock-based compensation 12,278 6,950
Restructuring charges 7,733 8,739
Amortization of debt fees 4,103 5,054
Goodwill impairment 0 198,169
Loss on debt refinancing 52,383 36,987
Gain on sale of equity investment 0 (11,908)
Gain on sale of business (10,201) 0
Gain on sale of assets (1,434) 0
Changes in operating assets and liabilities, net of acquisitions/divestitures:    
Accounts and other receivables 72,791 (49,403)
Finance receivables 30,620 83,955
Inventories (1,884) (6,306)
Other current assets and prepayments 1,567 (24,067)
Accounts payable and accrued liabilities (56,038) (25,168)
Current and noncurrent income taxes (11,807) 29,959
Advance billings 5,271 21,402
Pension and retiree medical liabilities (42,407) (22,735)
Other, net 12,954 (6,302)
Net cash from operating activities - continuing operations 144,729 124,845
Net cash from operating activities - discontinued operations 0 (38,423)
Net cash from operating activities 144,729 86,422
Cash flows from investing activities:    
Capital expenditures (83,703) (59,954)
Purchases of investment securities (68,143) (282,065)
Proceeds from sales/maturities of investment securities 58,870 214,466
Net investment in loan receivables (2,964) 387
Proceeds from sale of other investments 0 58,248
Acquisitions, net of cash acquired 0 (6,608)
Proceeds from sale of business, net of cash sold 27,573 0
Proceeds from sale of assets 1,840 0
Other investing activities 0 1,539
Net cash from investing activities - continuing operations (66,527) (73,987)
Net cash from investing activities - discontinued operations (1,507) (2,502)
Net cash from investing activities (68,034) (76,489)
Cash flows from financing activities:    
Increase in short-term borrowings 0 100,000
Proceeds from the issuance of debt, net of discount 1,195,500 816,544
Principal payments of debt (1,339,568) (948,224)
Premiums and fees paid to refinance debt (46,937) (32,645)
Dividends paid to stockholders (17,325) (17,099)
Customer deposits at Pitney Bowes Bank 15,633 22,331
Other financing activities (6,327) (3,174)
Net cash from financing activities (199,024) (62,267)
Effect of exchange rate changes on cash and cash equivalents 349 (9,211)
Change in cash and cash equivalents (121,980) (61,545)
Cash and cash equivalents at beginning of period 921,450 924,442
Cash and cash equivalents at end of period $ 799,470 $ 862,897