Finance receivables are comprised of sales-type lease receivables, secured loans and unsecured loans. Sales-type leases and secured loans are from financing options for the purchase or lease of Pitney Bowes equipment or other manufacturers' equipment and are generally due in installments over periods ranging from three to five years. Unsecured loans comprise revolving credit lines offered to our clients for postage, supplies and working capital purposes. These revolving credit lines are generally due monthly; however, clients may rollover outstanding balances. Interest is recognized on finance receivables using the effective interest method. Annual fees are recognized ratably over the period covered and client acquisition costs are expensed as incurred. All finance receivables are in our SendTech Solutions segment and we segregate finance receivables into a North America portfolio and an International portfolio.


	June 30, 2023						December 31, 2022
	North America		International		Total		North America		International		Total
Sales-type lease receivables
Gross finance receivables	$	986,317	$	143,792	$	1,130,109	$	967,298	$	158,167	$	1,125,465
Unguaranteed residual values	38,837		8,346		47,183		38,832		8,798		47,630
Unearned income	(246,871)		(45,218)		(292,089)		(239,238)		(48,334)		(287,572)
Allowance for credit losses	(14,255)		(2,434)		(16,689)		(14,131)		(2,893)		(17,024)
Net investment in sales-type lease receivables	764,028		104,486		868,514		752,761		115,738		868,499
Loan receivables
Loan receivables	317,513		19,477		336,990		311,887		16,636		328,523
Allowance for credit losses	(5,264)		(164)		(5,428)		(4,787)		(139)		(4,926)
Net investment in loan receivables	312,249		19,313		331,562		307,100		16,497		323,597
Net investment in finance receivables	$	1,076,277	$	123,799	$	1,200,076	$	1,059,861	$	132,235	$	1,192,096


	Sales-type Lease Receivables						Loan Receivables
	North America		International		Total		North America		International		Total
Remainder 2023	$	197,140	$	43,305	$	240,445	$	224,057	$	19,477	$	243,534
2024	323,973		45,253		369,226		33,442		—		33,442
2025	232,550		28,915		261,465		26,991		—		26,991
2026	148,495		16,607		165,102		18,104		—		18,104
2027	72,840		7,306		80,146		11,659		—		11,659
Thereafter	11,319		2,406		13,725		3,260		—		3,260
Total	$	986,317	$	143,792	$	1,130,109	$	317,513	$	19,477	$	336,990


	June 30, 2023
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Past due amounts 0 - 90 days	$	981,470	$	141,849	$	314,794	$	19,285	$	1,457,398
Past due amounts > 90 days	4,847		1,943		2,719		192		9,701
Total	$	986,317	$	143,792	$	317,513	$	19,477	$	1,467,099


	December 31, 2022
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Past due amounts 0 - 90 days	$	959,203	$	155,596	$	308,872	$	16,503	$	1,440,174
Past due amounts > 90 days	8,095		2,571		3,015		133		13,814
Total	$	967,298	$	158,167	$	311,887	$	16,636	$	1,453,988

We provide an allowance for credit losses based on historical loss experience, the nature of our portfolios, adverse situations that may affect a client's ability to pay and current economic conditions and outlook based on reasonable and supportable forecasts. We continually evaluate the adequacy of the allowance for credit losses and adjust as necessary. The assumptions used in determining an estimate of credit losses are inherently subjective and actual results may differ significantly from estimated reserves.

We established credit approval limits based on the credit quality of the client and the type of equipment financed. We cease financing revenue recognition for lease receivables and for unsecured loan receivables that are more than 90 days past due. Revenue recognition is resumed when the client's payments reduce the account aging to less than 60 days past due. Finance receivables are written off against the allowance after all collection efforts have been exhausted and management deems the account to be uncollectible. We believe that our credit risk is low because of the geographic and industry diversification of our clients and small account balances for most of our clients.


	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Balance at January 1, 2023	$	14,131	$	2,893	$	4,787	$	139	$	21,950

Amounts charged to expense	1,035		250		2,067		160		3,512
Write-offs	(2,374)		(779)		(2,668)		(145)		(5,966)
Recoveries	1,460		134		1,061		—		2,655
Other	3		(64)		17		10		(34)
Balance at June 30, 2023	$	14,255	$	2,434	$	5,264	$	164	$	22,117

	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Balance at January 1, 2022	$	19,546	$	3,246	$	3,259	$	167	$	26,218

Amounts charged to expense	145		73		1,408		186		1,812
Write-offs	(2,806)		(433)		(2,491)		(152)		(5,882)
Recoveries	1,572		—		1,354		—		2,926
Other	(19)		(364)		(2)		(31)		(416)
Balance at June 30, 2022	$	18,438	$	2,522	$	3,528	$	170	$	24,658

The extension of credit and management of credit lines to new and existing clients uses a combination of a client's credit score, where available, a detailed manual review of their financial condition and payment history, or an automated process. Once credit is granted, the payment performance of the client is managed through automated collections processes and is supplemented with direct follow up should an account become delinquent. We have robust automated collections and extensive portfolio management processes to ensure that our global strategy is executed, collection resources are allocated and enhanced tools and processes are implemented as needed.

Over 85% of our finance receivables are within the North American portfolio. We use a third-party to score the majority of this portfolio on a quarterly basis using a proprietary commercial credit score. The relative scores are determined based on a number of factors, including financial information, payment history, company type and ownership structure. We stratify the third party's credit scores of our clients into low, medium and high-risk accounts. Due to timing and other issues, our entire portfolio may not be scored at period end. We report these amounts as "Not Scored"; however, absence of a score is not indicative of the credit quality of the account. The third-party credit score is used to predict the payment behaviors of our clients and the probability that an account will become greater than 90 days past due during the subsequent 12-month period.

We do not use a third-party to score our International portfolio because the cost to do so is prohibitive as there is no single credit score model that covers all countries. Accordingly, the entire International portfolio is reported in the Not Scored category. This portfolio comprises less than 15% of total finance receivables. Most of the International credit applications are small dollar applications (i.e. below $50 thousand) and are subjected to an automated review process. Larger credit applications are manually reviewed, which includes obtaining client financial information, credit reports and other available financial information.


	June 30, 2023
	Sales Type Lease Receivables												Loan Receivables		Total
	2023		2022		2021		2020		2019		Prior
Low	$	144,677	$	255,499	$	183,923	$	119,576	$	68,835	$	25,262	$	252,372	$	1,050,144
Medium	27,214		45,522		33,343		22,615		16,592		6,076		49,631		200,993
High	2,345		4,581		3,055		2,482		1,214		850		6,416		20,943
Not Scored	48,423		50,455		37,337		17,854		9,379		3,000		28,571		195,019
Total	$	222,659	$	356,057	$	257,658	$	162,527	$	96,020	$	35,188	$	336,990	$	1,467,099

	December 31, 2022
	Sales Type Lease Receivables												Loan Receivables		Total
	2022		2021		2020		2019		2018		Prior
Low	$	286,297	$	206,511	$	140,800	$	95,485	$	34,721	$	12,674	$	239,635	$	1,016,123
Medium	53,419		40,669		27,013		19,668		6,751		3,441		56,048		207,009
High	6,492		3,840		3,119		1,942		750		508		6,800		23,451
Not Scored	71,435		53,831		29,957		19,232		5,889		1,021		26,040		207,405
Total	$	417,643	$	304,851	$	200,889	$	136,327	$	48,111	$	17,644	$	328,523	$	1,453,988


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Profit recognized at commencement	$	30,839	$	34,337	$	62,661	$	69,378
Interest income	39,181		41,021		78,112		83,304
Total lease income from sales-type leases	$	70,020	$	75,358	$	140,773	$	152,682