Pitney Bowes (PBI) 10-Q 6 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 03, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	PITNEY BOWES INC /DE/
Entity Central Index Key	78,814
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Amendment Flag	false
Document Fiscal Period Focus	Q3
Entity Common Stock, Shares Outstanding		197,050,227

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenue:
Equipment sales		$ 163,857	$ 177,458	$ 495,328	$ 558,032
Supplies		71,174	72,548	215,178	228,349
Software		97,700	112,271	283,241	312,891
Rentals		108,420	119,047	333,729	365,069
Financing		99,925	107,835	306,992	325,529
Support services		136,820	154,321	415,615	470,763
Business services		191,645	198,164	591,030	576,958
Total revenue		869,541	941,644	2,641,113	2,837,591
Costs and expenses:
Cost of equipment sales		78,650	90,984	232,706	262,336
Cost of supplies		21,629	22,470	65,912	70,129
Cost of software		27,219	29,775	85,584	93,423
Cost of rentals		21,423	23,636	63,127	74,273
Financing interest expense		17,533	19,667	54,171	59,733
Cost of support services		79,747	92,500	244,853	288,203
Cost of business services		130,004	142,512	405,559	406,472
Selling, general and administrative		309,211	341,738	939,318	1,031,497
Research and development		29,153	26,060	83,693	80,901
Restructuring charges and asset impairments, net		36	4,526	14,305	22,666
Interest expense, net		20,165	22,158	65,200	67,704
Other (income) expense, net		(1,781)	(15,919)	(94,916)	45,738
Total costs and expenses		732,989	800,107	2,159,512	2,503,075
Income from continuing operations before income taxes		136,552	141,537	481,601	334,516
Provision for income taxes		42,676	25,310	145,574	79,681
Income from continuing operations		93,876	116,227	336,027	254,835
Net income		93,876	136,882	335,445	285,008
Less: Preferred stock dividends attributable to noncontrolling interests		4,594	4,593	13,781	13,781
Net income attributable to Pitney Bowes Inc.		89,282	132,289	321,664	271,227
Amounts attributable to common stockholders:
Net income from continuing operations		89,282	111,634	322,246	241,054
Income (loss) from discontinued operations, net of tax		0	20,655	(582)	30,173
Net income attributable to Pitney Bowes Inc.		$ 89,282	$ 132,289	$ 321,664	$ 271,227
Basic earnings per share attributable to common stockholders:
Continuing operations (in dollars per share)	[1],[2]	$ 0.45	$ 0.55	$ 1.60	$ 1.19
Discontinued operations (in dollars per share)	[1],[2]	0	0.10	0	0.15
Net income attributable to Pitney Bowes Inc. (in dollars per share)	[1],[2]	0.45	0.65	1.60	1.34
Diluted earnings per share attributable to common stockholders:
Continuing operations (in dollars per share)	[1],[2]	0.44	0.55	1.60	1.18
Discontinued operations (in dollars per share)	[1],[2]	0	0.10	0	0.15
Net income attributable to Pitney Bowes Inc. (in dollars per share)	[1],[2]	0.44	0.65	1.59	1.33
Dividends declared per share of common stock (in dollars per share)		$ 0.1875	$ 0.1875000	$ 0.5625000	$ 0.5625000
[1]	The sum of earnings per share amounts may not equal the totals due to rounding.
[2]	The sum of earnings per share amounts may not equal the totals due to rounding.

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 93,876	$ 136,882	$ 335,445	$ 285,008
Less: Preferred stock dividends attributable to noncontrolling interests	4,594	4,593	13,781	13,781
Net income attributable to Pitney Bowes Inc.	89,282	132,289	321,664	271,227
Other comprehensive income (loss), net of tax:
Foreign currency translations	(17,131)	(61,809)	(76,153)	(64,011)
Net unrealized gain on cash flow hedges, net of tax of $79, $420, $219 and $925, respectively	119	658	335	1,448
Net unrealized gain (loss) on investment securities, net of tax of $721, $(546), $(142) and $1,908, respectively	1,231	(933)	(242)	3,262
Amortization of pension and postretirement costs, net of tax of $4,219, $3,355, $12,001 and $10,609, respectively	7,435	6,694	21,364	19,116
Other comprehensive loss, net of tax	(8,346)	(55,390)	(54,696)	(40,185)
Comprehensive income attributable to Pitney Bowes Inc.	$ 80,936	$ 76,899	$ 266,968	$ 231,042

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net unrealized gain (loss) on cash flow hedges, tax	$ 79	$ 420	$ 219	$ 925
Net unrealized loss on investment securities, tax	721	(546)	(142)	1,908
Amortization of pension and postretirement costs, tax	$ 4,219	$ 3,355	$ 12,001	$ 10,609

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 715,976	$ 1,079,145
Short-term investments	34,318	32,121
Accounts receivable (net of allowance of $12,680 and $10,742, respectively)	399,124	437,275
Short-term finance receivables (net of allowance of $16,143 and $19,108, respectively)	940,624	1,000,304
Inventories	103,195	84,827
Current income taxes	33,057	40,542
Other current assets and prepayments	71,454	57,173
Assets held for sale	0	52,271
Total current assets	2,297,748	2,783,658
Property, plant and equipment, net	317,005	285,091
Rental property and equipment, net	188,485	200,380
Long-term finance receivables (net of allowance of $6,551 and $9,002, respectively)	768,139	819,721
Goodwill	1,753,888	1,672,721
Intangible assets, net	192,318	82,173
Non-current income taxes	70,731	96,377
Other assets	553,467	569,110
Total assets	6,141,781	6,509,231
Current liabilities:
Accounts payable and accrued liabilities	1,379,337	1,572,971
Current income taxes	79,689	90,167
Current portion of long-term debt and notes payable	521,091	324,879
Advance billings	353,467	386,846
Total current liabilities	2,333,584	2,374,863
Deferred taxes on income	131,416	64,839
Tax uncertainties and other income tax liabilities	94,822	86,127
Long-term debt	2,471,055	2,927,127
Other non-current liabilities	672,507	682,646
Total liabilities	5,703,384	6,135,602
Noncontrolling interests (Preferred stockholders’ equity in subsidiaries)	$ 296,370	$ 296,370
Commitments and contingencies (See Note 15)
Stockholders’ equity:
Cumulative preferred stock, $50 par value, 4% convertible	$ 1	$ 1
Cumulative preference stock, no par value, $2.12 convertible	519	548
Common stock, $1 par value (480,000,000 shares authorized; 323,337,912 shares issued)	323,338	323,338
Additional paid-in capital	156,195	178,852
Retained earnings	5,106,214	4,897,708
Accumulated other comprehensive loss	(900,852)	(846,156)
Treasury stock, at cost (126,300,691 and 122,309,948 shares, respectively)	(4,543,388)	(4,477,032)
Total stockholders’ equity	142,027	77,259
Total liabilities, noncontrolling interests and stockholders’ equity	$ 6,141,781	$ 6,509,231

Condensed Consolidated Balance6

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Allowance for Doubtful Accounts Receivable	$ 12,680	$ 10,742
Allowance for Notes, Loans and Financing Receivable, Current	16,143	19,108
Allowance for Notes, Loans and Financing Receivable, Noncurrent	$ 6,551	$ 9,002
Preferred stock par value (in dollars per share)	$ 50	$ 50
Preferred stock dividend rate	4.00%	4.00%
Preference stock dividend rate (in dollars per share)	$ 2.12	$ 2.12
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized	480,000,000	480,000,000
Common stock, shares issued	323,337,912	323,337,912
Treasury stock, shares	126,300,691	122,309,948

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income	$ 335,445	$ 285,008
Restructuring payments	(46,056)	(42,151)
Tax payments related to other investments	(20,602)	(53,738)
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on disposal of businesses	(109,069)	(29,104)
Depreciation and amortization	127,486	143,360
Stock-based compensation	14,921	12,658
Restructuring charges and asset impairments, net	14,305	21,572
Changes in operating assets and liabilities, net of acquisitions/divestitures:
Decrease in accounts receivable	27,100	68,140
Decrease in finance receivables	92,684	107,027
(Increase) decrease in inventories	(20,850)	854
Increase in other current assets and prepayments	(16,854)	(30,914)
Decrease in accounts payable and accrued liabilities	(138,481)	(120,329)
Increase in current and non-current income taxes	68,894	24,218
Decrease in advance billings	(535)	(15,793)
Other, net	22,327	26,624
Net cash provided by operating activities	350,715	397,432
Cash flows from investing activities:
Purchases of available-for-sale securities	(142,563)	(644,396)
Proceeds from sales/maturities of available-for-sale securities	149,436	601,296
Capital expenditures	(129,643)	(121,270)
Proceeds from sale of former corporate world headquarters building	38,640	0
Acquisition of businesses, net of cash acquired	(387,391)	0
Divestiture of businesses, net of cash transferred	290,543	101,179
Change in reserve account deposits	(25,630)	(15,919)
Other investing activities	2,911	(2,539)
Net cash used in investing activities	(203,697)	(81,649)
Cash flows from financing activities:
Proceeds from the issuance of debt, net of fees and discounts of $7,475 in 2014	950	492,525
Principal payments of long-term debt	(404,952)	(599,850)
Increase in notes payable, net	150,000	0
Dividends paid to stockholders	(113,158)	(113,963)
Proceeds from the issuance of common stock under employee stock-based compensation plans	4,531	5,869
Purchase of subsidiary shares from noncontrolling interest	0	(7,718)
Stock repurchases	(100,000)	(50,003)
Dividends paid to noncontrolling interests	(9,188)	(9,188)
Net cash used in financing activities	(471,817)	(282,328)
Effect of exchange rate changes on cash and cash equivalents	(38,370)	(17,585)
(Decrease) increase in cash and cash equivalents	(363,169)	15,870
Cash and cash equivalents at beginning of period	1,079,145	907,806
Cash and cash equivalents at end of period	715,976	923,676
Cash interest paid	146,838	161,628
Cash income tax payments, net of refunds	$ 95,770	$ 116,682

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) $ in Thousands	Sep. 30, 2014USD ($)
Statement of Cash Flows [Abstract]
Debt issuance, fees and discounts	$ 7,475

Description of Business and Bas

Description of Business and Basis of Presentation	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Pitney Bowes Inc. and its subsidiaries (we, us, our or the Company) is a global technology company offering innovative products and solutions that enable commerce in the areas of customer information management, location intelligence, customer engagement, shipping and mailing, and global ecommerce. We have prepared the accompanying unaudited Condensed Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and the instructions to Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In addition, the December 31, 2014 Condensed Consolidated Balance Sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. In management's opinion, all adjustments, consisting only of normal recurring adjustments, considered necessary to fairly state our financial position, results of operations and cash flows for the periods presented have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2015 . During the second quarter, we determined that at December 31, 2014, certain customer deposits within current liabilities should have been classified as a current asset and certain customer deposits within current liabilities should have been classified as a non-current liability. Accordingly, the Condensed Consolidated Balance Sheet at December 31, 2014 has been revised by increasing accounts receivable, accounts payable and accrued liabilities, and other non-current liabilities by $23 million , $14 million and $9 million , respectively. This revision was not material to any of our previously issued financial statements. Previously issued financial statements will be revised to reflect this revision in future filings. In the fourth quarter of 2014, we noted that certain purchases and sales of available-for-sale securities were reported net in our Condensed Consolidated Statements of Cash Flows. Accordingly, the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2014 has been revised by increasing purchases of available-for-sale securities and proceeds from sales/maturities of available-for-sale securities by $422 million . This revision did not have any impact on the reported net cash flow from investing activities or overall change in cash in any of our previously issued financial statements. These statements should be read in conjunction with the financial statements and notes thereto included in our Annual Report to Stockholders on Form 10-K for the year ended December 31, 2014 (2014 Annual Report). New Accounting Pronouncements In September 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2015-16, Business Combinations - Simplifying the Accounting for Measurement-Period Adjustments , which eliminates the requirement to restate prior period financial statements for measurement period adjustments. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. Consistent with existing guidance, the new guidance requires an acquirer to disclose the nature and amount of measurement period adjustments. The ASU should be applied prospectively to measurement period adjustments that occur after the effective date. The ASU is effective for interim and annual periods beginning after December 15, 2015. Early adoption is permitted. We do not believe this standard will have a significant impact on our consolidated financial statements or disclosures. In July 2015, the FASB issued ASU 2015-11, Inventory - Simplifying the Measurement of Inventory , which requires inventory to be measured at the lower of cost and net realizable value (estimated selling price less reasonably predictable costs of completion, disposal and transportation). Prior to this guidance, inventory was measured at the lower of cost or market (where market was defined as replacement cost, with a ceiling of net realizable value and a floor of net realizable value of inventory, less a normal profit margin). Inventory measured using LIFO is not impacted by the new guidance. The ASU is effective for fiscal years beginning after December 15, 2016 and interim periods therein. Early adoption is permitted. We do not believe this standard will have a significant impact on our consolidated financial statements or disclosures. In April 2015, the FASB issued ASU 2015-05, Intangibles - Goodwill and Other - Internal-Use Software, Customer's Accounting for Fees Paid in a Cloud Computing Arrangement , which provides guidance on fees paid by an entity in a cloud computing arrangement and whether an arrangement includes a license to the underlying software. This standard is effective for fiscal periods beginning after December 15, 2015. Early adoption is permitted. We are currently assessing the impact this standard will have on our consolidated financial statements and disclosures. In April 2015, the FASB issued Accounting Standard Update (ASU) 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. This standard is effective for fiscal periods beginning after December 15, 2015. Early adoption is permitted. We do not believe this standard will have a significant impact on our consolidated financial statements or disclosures. In January 2015, the FASB issued ASU 2015-01, Income Statement - Extraordinary and Unusual Items, which removes the concept of extraordinary items, thereby eliminating the need for companies to assess transactions for extraordinary treatment. The standard retained the presentation and disclosure requirements for items that are unusual in nature and/or infrequent in occurrence. The standard is effective for fiscal periods beginning after December 15, 2015. Early adoption is permitted. We do not believe this standard will have a significant impact on our consolidated financial statements or disclosures. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. The standard requires companies to recognize revenue for the transfer of goods and services to customers in amounts that reflect the consideration the company expects to receive in exchange for those goods and services. The standard will also result in enhanced disclosures about revenue. In July 2015, the FASB approved a one-year deferral of the effective date. This standard is now effective for fiscal periods beginning after December 15, 2017. The standard can be adopted either retrospectively or as a cumulative-effect adjustment. Companies are permitted to adopt the standard as early as the original public entity effective date (fiscal periods beginning after December 15, 2016). Early adoption prior to that date is prohibited. We are currently assessing the impact this standard will have on our consolidated financial statements and disclosures.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Segment Information	Segment Information As a result of the acquisition of Borderfree, Inc. (Borderfree) and the sale of Imagitas (see Note 3), we realigned our segment reporting to conform to the way we now manage our segments and recast prior period amounts to conform to the current year presentation. Our business continues to be organized around three distinct sets of solutions – Small and Medium Business (SMB) Solutions, Enterprise Business Solutions and Digital Commerce Solutions (DCS). Under the new segment reporting, there are no changes to SMB Solutions or Enterprise Business Solutions; however, within DCS, we now report Software Solutions and Global Ecommerce as reportable segments. The Other segment is comprised of our Marketing Services business, Imagitas, which was sold in May 2015. Imagitas was previously reported in DCS. The principal products and services of each of our reportable segments are as follows: Small & Medium Business Solutions: North America Mailing : Includes the revenue and related expenses from the sale, rental, financing and servicing of mailing equipment and supplies for small and medium businesses to efficiently create mail and evidence postage in the U.S. and Canada. International Mailing : Includes the revenue and related expenses from the sale, rental, financing and servicing of mailing equipment and supplies for small and medium businesses to efficiently create mail and evidence postage in areas outside the U.S. and Canada. Enterprise Business Solutions: Production Mail: Includes the worldwide revenue and related expenses from the sale of production mail inserting and sortation equipment, high-speed production print systems, supplies and related support services to large enterprise clients to process inbound and outbound mail. Presort Services : Includes revenue and related expenses from presort mail services for our large enterprise clients to qualify large mail volumes for postal worksharing discounts. Digital Commerce Solutions: Software Solutions: Includes the worldwide revenue and related expenses from the sale of non-equipment-based mailing, customer information management, location intelligence and customer engagement solutions and related support services. Global Ecommerce: Includes the worldwide revenue and related expenses from global ecommerce and shipping solutions. We determine segment earnings before interest and taxes (EBIT) by deducting the related costs and expenses attributable to the segment from segment revenue. Segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges and other items, which are not allocated to a particular business segment. Management uses segment EBIT to measure profitability and performance at the segment level. Management believes segment EBIT provides a useful measure of our operating performance and underlying trends of the businesses. Segment EBIT may not be indicative of our overall consolidated performance and therefore, should be read in conjunction with our consolidated results of operations. Revenue and EBIT by business segment is presented below: Revenue Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 North America Mailing $ 353,159 $ 363,285 $ 1,071,824 $ 1,115,507 International Mailing 104,615 132,291 331,398 438,819 Small & Medium Business Solutions 457,774 495,576 1,403,222 1,554,326 Production Mail 101,646 113,497 298,880 330,469 Presort Services 115,912 111,434 351,365 339,205 Enterprise Business Solutions 217,558 224,931 650,245 669,674 Software Solutions 97,638 112,006 282,916 312,200 Global Ecommerce 96,571 71,870 249,923 204,399 Digital Commerce Solutions 194,209 183,876 532,839 516,599 Other — 37,261 54,807 96,992 Total revenue $ 869,541 $ 941,644 $ 2,641,113 $ 2,837,591 EBIT Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 North America Mailing $ 159,319 $ 159,638 $ 482,376 $ 476,757 International Mailing 10,739 16,079 36,585 67,347 Small & Medium Business Solutions 170,058 175,717 518,961 544,104 Production Mail 12,401 9,570 31,461 27,865 Presort Services 25,908 21,927 76,946 68,235 Enterprise Business Solutions 38,309 31,497 108,407 96,100 Software Solutions 14,613 18,921 34,904 30,620 Global Ecommerce (1,240 ) (676 ) 9,962 9,100 Digital Commerce Solutions 13,373 18,245 44,866 39,720 Other — 7,980 10,569 13,965 Total EBIT 221,740 233,439 682,803 693,889 Reconciling items: Interest, net (37,698 ) (41,825 ) (119,371 ) (127,437 ) Unallocated corporate expenses (49,235 ) (61,470 ) (151,959 ) (163,532 ) Restructuring charges and asset impairments, net (36 ) (4,526 ) (14,305 ) (22,666 ) Acquisition-related compensation expense — — (10,483 ) — Other income (expense), net 1,781 15,919 94,916 (45,738 ) Income from continuing operations before income taxes $ 136,552 $ 141,537 $ 481,601 $ 334,516

Business Combinations and Dives

Business Combinations and Divestiture	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Business Combinations and Divestiture	Business Combinations and Divestiture Business Combinations Borderfree On June 10, 2015, we acquired 100% of the outstanding shares of Borderfree. Borderfree provides cross-border ecommerce solutions through a proprietary technology and services platform that enables retailers to transact with consumers around the world. Borderfree is reported within our Global Ecommerce segment (see Note 2). The purchase price was $381 million , net of $92 million of cash acquired. In addition, we also paid $10 million for the accelerated vesting and settlement of Borderfree stock-based compensation awards and $8 million of transaction costs. The $10 million of expense related to Borderfree stock-based compensation awards was recognized as selling, general and administrative expenses and the $8 million of transaction costs was recognized within other (income) expense, net in the Condensed Consolidated Statements of Income. The preliminary allocation of the purchase price to the fair values of assets acquired and liabilities assumed was as follows: Accounts receivable $ 13,860 Fixed assets 7,329 Goodwill 299,966 Intangible assets 137,500 Accounts payable and other current liabilities (35,693 ) Deferred taxes, net (40,836 ) Other assets and liabilities, net (677 ) $ 381,449 Goodwill represents the excess of the purchase price over the fair values of assets acquired and liabilities assumed. Goodwill is primarily attributable to expected growth opportunities, synergies and other benefits that we believe will result from combining the operations of Borderfree with our operations. Goodwill is not deductible for tax purposes. Intangible assets acquired consisted of the following: Value Amortization period Customer Relationships $ 116,200 10 years Developed Technology 12,600 5 years Trade Names 8,700 5 years $ 137,500 The allocation of the purchase price to the fair values of assets acquired and liabilities assumed may be subject to further adjustments as we obtain additional information during the measurement period, which will not exceed 12 months from the acquisition date. The results of operations of Borderfree are included in our consolidated results from the date of acquisition. Our consolidated operating results for the three and nine months ended September 30, 2015 include revenue of $25 million and $31 million , respectively. On a supplemental pro forma basis, had we acquired Borderfree on January 1, 2014, our revenues would have been $47 million higher for the nine months ended September 30, 2015 and $31 million and $89 million higher for the three and nine months ended September 30, 2014 , respectively. The impact on our earnings would not have been material. Real Time Content, Inc. On May 1, 2015, we acquired Real Time Content, Inc. (RTC) for $6 million , net of cash acquired. RTC provides technology that enables clients to provide personalized interactive video communications to their customers. RTC is reported within our Software Solutions segment. Divestiture On May 29, 2015, we sold Imagitas, for net proceeds of $292 million and recognized a pre-tax gain of $111 million , which was reported within other (income) expense, net in the Condensed Consolidated Statements of Income.

Discontinued Operations and Ass

Discontinued Operations and Assets Held for Sale	9 Months Ended
	Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations and Assets Held for Sale	Discontinued Operations and Assets Held For Sale Discontinued Operations Loss from discontinued operations, net of tax for the nine months ended September 30, 2015 consisted of post-closing adjustments in connection with the sale of our Management Services business in 2014. The table below shows selected financial information for discontinued operations for the three and nine months ended September 30, 2014 : Three Months Ended September 30, 2014 PBMS IMS Nordic furniture business DIS Total Revenue $ — $ — $ — $ — $ — Income from operations before taxes $ (858 ) $ — $ — $ (297 ) $ (1,155 ) Gain (loss) on sale 2,971 — — (19 ) 2,952 Income (loss) before taxes 2,113 — — (316 ) 1,797 Tax (benefit) provision (5,149 ) — — 85 (5,064 ) Net income (loss) $ 7,262 $ — $ — $ (401 ) $ 6,861 Capital Services, net of tax 13,794 Income from discontinued operations $ 20,655 Nine Months Ended September 30, 2014 PBMS IMS Nordic furniture business DIS Total Revenue $ — $ — $ — $ 19,858 $ 19,858 (Loss) income before taxes $ (524 ) $ 308 $ 345 $ 3,132 $ 3,261 Gain on sale 3,101 1,994 — 25,179 30,274 Income before taxes 2,577 2,302 345 28,311 33,535 Tax (benefit) provision (4,953 ) 851 97 21,161 17,156 Net income $ 7,530 $ 1,451 $ 248 $ 7,150 $ 16,379 Capital Services, net of tax 13,794 Income from discontinued operations $ 30,173 Assets Held for Sale Assets held for sale at December 31, 2014 included the fair value of our former corporate headquarters building and the value of a lease portfolio. The lease portfolio was sold in January 2015 and the corporate headquarters building was sold in June 2015 (see Note 10 for further details).

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The calculations of basic and diluted earnings per share are presented below: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Numerator: Net income from continuing operations $ 89,282 $ 111,634 $ 322,246 $ 241,054 Income (loss) from discontinued operations, net of tax — 20,655 (582 ) 30,173 Net income - Pitney Bowes Inc. (numerator for diluted EPS) 89,282 132,289 321,664 271,227 Less: Preference stock dividend 10 11 31 33 Income attributable to common stockholders (numerator for basic EPS) $ 89,272 $ 132,278 $ 321,633 $ 271,194 Denominator: Weighted-average shares used in basic EPS 199,874 202,057 200,825 202,288 Effect of dilutive shares: Conversion of Preferred stock and Preference stock 318 343 326 347 Employee stock plans 825 1,569 734 1,325 Weighted-average shares used in diluted EPS 201,017 203,969 201,885 203,960 Basic earnings per share (1): Continuing operations $ 0.45 $ 0.55 $ 1.60 $ 1.19 Discontinued operations — 0.10 — 0.15 Net income $ 0.45 $ 0.65 $ 1.60 $ 1.34 Diluted earnings per share (1): Continuing operations $ 0.44 $ 0.55 $ 1.60 $ 1.18 Discontinued operations — 0.10 — 0.15 Net income $ 0.44 $ 0.65 $ 1.59 $ 1.33 Anti-dilutive shares not used in calculating diluted weighted-average shares: 7,934 6,009 8,609 7,394 (1) The sum of earnings per share amounts may not equal the totals due to rounding.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2015
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories are stated at the lower of cost or market. Cost is determined on the last-in, first-out (LIFO) basis for most U.S. inventories and on the first-in, first-out (FIFO) basis for most non-U.S. inventories. Inventories at September 30, 2015 and December 31, 2014 consisted of the following: September 30, December 31, Raw materials and work in process $ 40,410 $ 37,175 Supplies and service parts 45,950 33,760 Finished products 30,191 26,992 Inventory at FIFO cost 116,551 97,927 Excess of FIFO cost over LIFO cost (13,356 ) (13,100 ) Total inventory, net $ 103,195 $ 84,827

Finance Assets

Finance Assets	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
Finance Assets	Finance Assets Finance Receivables Finance receivables are comprised of sales-type lease receivables and unsecured revolving loan receivables. Sales-type lease receivables are generally due in monthly, quarterly or semi-annual installments over periods ranging from three to five years. Loan receivables arise primarily from financing services offered to our customers for postage and supplies. Loan receivables are generally due each month; however, customers may rollover outstanding balances. Interest is recognized on loan receivables using the effective interest method and related annual fees are initially deferred and recognized ratably over the annual period covered. Customer acquisition costs are expensed as incurred. Finance receivables at September 30, 2015 and December 31, 2014 consisted of the following: September 30, 2015 December 31, 2014 North America International Total North America International Total Sales-type lease receivables Gross finance receivables $ 1,219,242 $ 318,369 $ 1,537,611 $ 1,286,624 $ 366,669 $ 1,653,293 Unguaranteed residual values 100,210 16,319 116,529 105,205 18,291 123,496 Unearned income (255,747 ) (70,496 ) (326,243 ) (270,196 ) (83,110 ) (353,306 ) Allowance for credit losses (7,531 ) (3,660 ) (11,191 ) (10,281 ) (5,129 ) (15,410 ) Net investment in sales-type lease receivables 1,056,174 260,532 1,316,706 1,111,352 296,721 1,408,073 Loan receivables Loan receivables 355,106 48,454 403,560 376,987 47,665 424,652 Allowance for credit losses (9,853 ) (1,650 ) (11,503 ) (10,912 ) (1,788 ) (12,700 ) Net investment in loan receivables 345,253 46,804 392,057 366,075 45,877 411,952 Net investment in finance receivables $ 1,401,427 $ 307,336 $ 1,708,763 $ 1,477,427 $ 342,598 $ 1,820,025 Allowance for Credit Losses and Aging of Receivables We estimate our finance receivable risks and provide an allowance for credit losses accordingly. We evaluate the adequacy of the allowance for credit losses based on historical loss experience, the nature and volume of our portfolios, adverse situations that may affect a client's ability to pay, prevailing economic conditions and our ability to manage the collateral and make adjustments to the allowance as necessary. This evaluation is inherently subjective and actual results may differ significantly from estimated reserves. We establish credit approval limits based on the credit quality of the client and the type of equipment financed. Our policy is to discontinue revenue recognition for lease receivables that are more than 120 days past due and for unsecured loan receivables that are more than 90 days past due. We resume revenue recognition when payments reduce the account balance aging to 60 days or less past due. Finance receivables deemed uncollectible 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 finance receivable credit risk is limited because of our large number of clients, small account balances for most of our clients, and geographic and industry diversification. Activity in the allowance for credit losses for the nine months ended September 30, 2015 and 2014 was as follows: Sales-type Lease Receivables Loan Receivables North America International North America International Total Balance at January 1, 2015 $ 10,281 $ 5,129 $ 10,912 $ 1,788 $ 28,110 Amounts charged to expense 802 183 6,171 867 8,023 Write-offs and other (3,552 ) (1,652 ) (7,230 ) (1,005 ) (13,439 ) Balance at September 30, 2015 $ 7,531 $ 3,660 $ 9,853 $ 1,650 $ 22,694 Sales-type Lease Receivables Loan Receivables North America International North America International Total Balance at January 1, 2014 $ 14,165 $ 9,703 $ 11,165 $ 1,916 $ 36,949 Amounts charged to expense 3,232 35 7,759 1,366 12,392 Write-offs and other (4,491 ) (4,252 ) (7,980 ) (1,381 ) (18,104 ) Balance at September 30, 2014 $ 12,906 $ 5,486 $ 10,944 $ 1,901 $ 31,237 Aging of Receivables The aging of gross finance receivables at September 30, 2015 and December 31, 2014 was as follows: September 30, 2015 Sales-type Lease Receivables Loan Receivables North America International North America International Total 1 - 30 days $ 1,153,935 $ 301,527 $ 340,106 $ 46,409 $ 1,841,977 31 - 60 days 26,887 5,635 8,565 1,167 42,254 61 - 90 days 19,165 3,543 2,978 370 26,056 > 90 days 19,255 7,664 3,457 508 30,884 Total $ 1,219,242 $ 318,369 $ 355,106 $ 48,454 $ 1,941,171 Past due amounts > 90 days Still accruing interest $ 5,356 $ 2,258 $ — $ — $ 7,614 Not accruing interest 13,899 5,406 3,457 508 23,270 Total $ 19,255 $ 7,664 $ 3,457 $ 508 $ 30,884 December 31, 2014 Sales-type Lease Receivables Loan Receivables North America International North America International Total 1 - 30 days $ 1,217,623 $ 347,236 $ 359,672 $ 45,678 $ 1,970,209 31 - 60 days 23,242 6,207 9,245 1,201 39,895 61 - 90 days 24,198 4,494 3,498 413 32,603 > 90 days 21,561 8,732 4,572 373 35,238 Total $ 1,286,624 $ 366,669 $ 376,987 $ 47,665 $ 2,077,945 Past due amounts > 90 days Still accruing interest $ 5,931 $ 2,517 $ — $ — $ 8,448 Not accruing interest 15,630 6,215 4,572 373 26,790 Total $ 21,561 $ 8,732 $ 4,572 $ 373 $ 35,238 Credit Quality The extension of credit and management of credit lines to new and existing clients uses a combination of an automated credit score, where available, and a detailed manual review of the client’s financial condition and, when applicable, payment history. 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. The portfolio management processes ensure that our global strategy is executed, collection resources are allocated appropriately and enhanced tools and processes are implemented as needed. We use a third party to score the majority of the North America portfolio on a quarterly basis using a commercial credit score. We do not use a third party to score our international portfolio because the cost to do so is prohibitive, given that it is a localized process and there is no single credit score model that covers all countries. The table below shows the North America portfolio at September 30, 2015 and December 31, 2014 by relative risk class (low, medium, high) based on the relative scores of the accounts within each class. The relative scores are determined based on a number of factors, including the company type, ownership structure, payment history and financial information. A fourth class is shown for accounts that are not scored. Absence of a score is not indicative of the credit quality of the account. The degree of risk, as defined by the third party, refers to the relative risk that an account in the next 12 month period may become delinquent. • Low risk accounts are companies with very good credit scores and are considered to approximate the top 30% of all commercial borrowers. • Medium risk accounts are companies with average to good credit scores and are considered to approximate the middle 40% of all commercial borrowers. • High risk accounts are companies with poor credit scores, are delinquent or are at risk of becoming delinquent and are considered to approximate the bottom 30% of all commercial borrowers. September 30, December 31, Sales-type lease receivables Low $ 924,814 $ 936,979 Medium 207,186 230,799 High 39,595 45,202 Not Scored 47,647 73,644 Total $ 1,219,242 $ 1,286,624 Loan receivables Low $ 248,542 $ 259,436 Medium 85,716 96,243 High 10,445 10,913 Not Scored 10,403 10,395 Total $ 355,106 $ 376,987

Intangible Assets and Goodwill

Intangible Assets and Goodwill	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	Intangible Assets and Goodwill Intangible Assets Intangible assets consisted of the following: September 30, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 433,475 $ (265,371 ) $ 168,104 $ 337,438 $ (263,121 ) $ 74,317 Supplier relationships — — — 29,000 (27,913 ) 1,087 Software & technology 150,373 (134,530 ) 15,843 160,825 (154,610 ) 6,215 Trademarks & other 35,548 (27,177 ) 8,371 33,079 (32,525 ) 554 Total intangible assets $ 619,396 $ (427,078 ) $ 192,318 $ 560,342 $ (478,169 ) $ 82,173 Amortization expense was $11 million and $9 million for the three months ended September 30, 2015 and 2014 , respectively, and $27 million and $26 million , for the nine months ended September 30, 2015 and 2014 , respectively. In 2015, we acquired certain intangible assets in connection with the acquisition of Borderfree (see Note 3). The change in supplier relationships is the result of the sale of Imagitas. Future amortization expense for intangible assets as of September 30, 2015 was as follows: Remaining for year ending December 31, 2015 $ 10,520 Year ending December 31, 2016 37,696 Year ending December 31, 2017 26,857 Year ending December 31, 2018 24,251 Year ending December 31, 2019 21,193 Thereafter 71,801 Total $ 192,318 Actual amortization expense may differ from the amounts above due to, among other things, fluctuations in foreign currency exchange rates, impairments, acquisitions and accelerated amortization. Goodwill The changes in the carrying value of goodwill for the nine months ended September 30, 2015 were as follows: December 31, 2014 Acquisitions Divestiture Foreign currency translation September 30, North America Mailing $ 309,448 $ — $ — $ (10,241 ) $ 299,207 International Mailing 162,146 — — (10,894 ) 151,252 Small & Medium Business Solutions 471,594 — — (21,135 ) 450,459 Production Mail 110,837 — — (3,621 ) 107,216 Presort Services 195,140 — — — 195,140 Enterprise Business Solutions 305,977 — — (3,621 ) 302,356 Software Solutions 677,008 5,792 — (5,603 ) 677,197 Global Ecommerce 23,910 299,966 — — 323,876 Digital Commerce Solutions 700,918 305,758 — (5,603 ) 1,001,073 Other 194,232 — (194,232 ) — — Total goodwill $ 1,672,721 $ 305,758 $ (194,232 ) $ (30,359 ) $ 1,753,888

Fair Value Measurements and Der

Fair Value Measurements and Derivative Instruments	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements and Derivative Instruments	Fair Value Measurements and Derivative Instruments We measure certain financial assets and liabilities at fair value on a recurring basis. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. An entity is required to classify certain assets and liabilities measured at fair value based on the following fair value hierarchy that prioritizes the inputs used to measure fair value: Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 – Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Unobservable inputs that are supported by little or no market activity, may be derived from internally developed methodologies based on management’s best estimate of fair value and that are significant to the fair value of the asset or liability. The following tables show, by level within the fair value hierarchy, our financial assets and liabilities that are accounted for at fair value on a recurring basis at September 30, 2015 and December 31, 2014 . Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect its placement within the fair value hierarchy. September 30, 2015 Level 1 Level 2 Level 3 Total Assets: Investment securities Money market funds / commercial paper $ 11,181 $ 289,062 $ — $ 300,243 Equity securities — 23,376 — 23,376 Commingled fixed income securities — 22,668 — 22,668 U.S. Government, federal agencies and municipalities 100,482 19,277 — 119,759 Corporate notes and bonds — 67,128 — 67,128 Mortgage-backed / asset-backed securities — 169,601 — 169,601 Derivatives Foreign exchange contracts — 2,056 — 2,056 Total assets $ 111,663 $ 593,168 $ — $ 704,831 Liabilities: Derivatives Foreign exchange contracts $ — $ (4,948 ) $ — $ (4,948 ) Total liabilities $ — $ (4,948 ) $ — $ (4,948 ) December 31, 2014 Level 1 Level 2 Level 3 Total Assets: Investment securities Money market funds / commercial paper $ 505,643 $ 193,986 $ — $ 699,629 Equity securities — 27,409 — 27,409 Commingled fixed income securities — 24,077 — 24,077 U.S. Government, federal agencies and municipalities 113,974 24,006 — 137,980 Corporate notes and bonds — 67,448 — 67,448 Mortgage-backed / asset-backed securities — 156,614 — 156,614 Derivatives Foreign exchange contracts — 1,386 — 1,386 Total assets $ 619,617 $ 494,926 $ — $ 1,114,543 Liabilities: Derivatives Foreign exchange contracts $ — $ (2,988 ) $ — $ (2,988 ) Total liabilities $ — $ (2,988 ) $ — $ (2,988 ) Investment Securities The valuation of investment securities is based on the market approach using inputs that are observable, or can be corroborated by observable data, in an active marketplace. The following information relates to our classification into the fair value hierarchy: • Money market funds / commercial paper: Money market funds typically invest in government securities, certificates of deposit, commercial paper and other highly liquid, low-risk securities. Money market funds are principally used for overnight deposits and are classified as Level 1 when unadjusted quoted prices in active markets are available and as Level 2 when they are not actively traded on an exchange. Direct investments in commercial paper are not listed on an exchange in an active market and are classified as Level 2. • Equity securities: Equity securities are comprised of mutual funds investing in U.S. and foreign common stock. These mutual funds are classified as Level 2 as they are not separately listed on an exchange. • Commingled fixed income securities: Mutual funds that invest in a variety of fixed income securities including securities of the U.S. government and its agencies, corporate debt, mortgage-backed securities and asset-backed securities. The value of the funds is based on the market value of the underlying investments owned by each fund, minus its liabilities, divided by the number of shares outstanding, as reported by the fund manager. These commingled funds are not listed on an exchange in an active market and are classified as Level 2. • U.S. Government, federal agencies and municipalities: Securities are classified as Level 1 where active, high volume trades for identical securities exist. Valuation adjustments are not applied to these securities. Securities valued using quoted market prices for similar securities or benchmarking model derived prices to quoted market prices and trade data for identical or comparable securities are classified as Level 2. • Corporate notes and bonds: Corporate notes and bonds are valued using recently executed transactions, market price quotations where observable, or bond spreads. The spread data used are for the same maturity as the security. These securities are classified as Level 2. • Mortgage-backed / asset-backed securities: These securities are valued based on external pricing indices. When external index pricing is not observable, these securities are valued based on external price/spread data. These securities are classified as Level 2. Available-For-Sale Securities Certain investment securities are classified as available-for-sale and recorded at fair value in the unaudited Condensed Consolidated Balance Sheets as cash and cash equivalents, short-term investments and other assets depending on the type of investment and maturity. Unrealized holding gains and losses are recorded, net of tax, in accumulated other comprehensive loss (AOCL). Available-for-sale securities at September 30, 2015 and December 31, 2014 consisted of the following: September 30, 2015 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value U.S. Government, federal agencies and municipalities $ 118,152 $ 2,558 $ (951 ) $ 119,759 Corporate notes and bonds 66,537 1,235 (644 ) 67,128 Mortgage-backed / asset-backed securities 167,509 2,916 (824 ) 169,601 Total $ 352,198 $ 6,709 $ (2,419 ) $ 356,488 December 31, 2014 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value U.S. Government, federal agencies and municipalities $ 135,839 $ 2,905 $ (764 ) $ 137,980 Corporate notes and bonds 66,170 1,569 (291 ) 67,448 Mortgage-backed / asset-backed securities 155,330 2,362 (1,078 ) 156,614 Total $ 357,339 $ 6,836 $ (2,133 ) $ 362,042 At September 30, 2015 , investment securities that were in a loss position for 12 or more continuous months had aggregate unrealized holding losses of $1 million and an estimated fair value of $35 million , and investment securities that were in a loss position for less than 12 continuous months had aggregate unrealized holding losses of $1 million and an estimated fair value of $145 million . At December 31, 2014 , investment securities that were in a loss position for 12 or more continuous months had aggregate unrealized holding losses of $1 million and an estimated fair value of $42 million , and investment securities that were in a loss position for less than 12 continuous months had aggregate unrealized holding losses of $1 million and an estimated fair value of $88 million . We have not recognized an other-than-temporary impairment on any of the investment securities in an unrealized loss position because we do not intend to sell these securities, it is more likely than not that we will not be required to sell these securities before recovery of the unrealized losses and we expect to receive the contractual principal and interest on these investment securities. Scheduled maturities of available-for-sale securities at September 30, 2015 were as follows: Amortized cost Estimated fair value Within 1 year $ 51,583 $ 51,641 After 1 year through 5 years 70,799 71,943 After 5 years through 10 years 55,666 56,919 After 10 years 174,150 175,985 Total $ 352,198 $ 356,488 The expected payments on mortgage-backed and asset-backed securities may not coincide with their contractual maturities as borrowers have the right to prepay obligations with or without prepayment penalties. We have not experienced any significant write-offs in our investment portfolio. The majority of our mortgage-backed securities are either guaranteed or supported by the U.S. Government. We have no investments in inactive markets that would warrant a possible change in our pricing methods or classification within the fair value hierarchy. Further, we have no investments in auction rate securities. Derivative Instruments In the normal course of business, we are exposed to the impact of changes in foreign currency exchange rates and interest rates. We limit these risks by following established risk management policies and procedures, including the use of derivatives. We use derivative instruments to limit the effects of exchange rate fluctuations on financial results and manage the related cost of debt. We do not use derivatives for trading or speculative purposes. We record our derivative instruments at fair value and the accounting for changes in the fair value depends on the intended use of the derivative, the resulting designation and the effectiveness of the instrument in offsetting the risk exposure it is designed to hedge. The valuation of foreign exchange derivatives is based on the market approach using observable market inputs, such as foreign currency spot and forward rates and yield curves. As required by the fair value measurements guidance, we also incorporate counterparty credit risk and our credit risk into the fair value measurement of our derivative assets and liabilities, respectively. We derive credit risk from observable data in the credit default swap market. We have not seen a material change in the creditworthiness of those banks acting as derivative counterparties. The fair value of derivative instruments at September 30, 2015 and December 31, 2014 was as follows: Designation of Derivatives Balance Sheet Location September 30, December 31, Derivatives designated as hedging instruments Foreign exchange contracts Other current assets and prepayments $ 245 $ 762 Accounts payable and accrued liabilities: (451 ) — Derivatives not designated as hedging instruments Foreign exchange contracts Other current assets and prepayments 1,811 624 Accounts payable and accrued liabilities: (4,497 ) (2,988 ) Total derivative assets $ 2,056 $ 1,386 Total derivative liabilities (4,948 ) (2,988 ) Total net derivative liabilities $ (2,892 ) $ (1,602 ) Foreign Exchange Contracts We enter into foreign exchange contracts to mitigate the currency risk associated with the anticipated purchase of inventory between affiliates and from third parties. These contracts are designated as cash flow hedges. The effective portion of the gain or loss on cash flow hedges is included in AOCL in the period that the change in fair value occurs and is reclassified to earnings in the period that the hedged item is recorded in earnings. At September 30, 2015 and December 31, 2014 , we had outstanding contracts associated with these anticipated transactions with notional amounts of $20 million and $18 million , respectively. The amounts included in AOCL at September 30, 2015 will be recognized in earnings within the next 12 months . No amount of ineffectiveness was recorded in earnings for these designated cash flow hedges. The following represents the results of cash flow hedging relationships for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, Derivative Gain (Loss) Recognized in AOCL (Effective Portion) Location of Gain (Loss) (Effective Portion) Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion) Derivative Instrument 2015 2014 2015 2014 Foreign exchange contracts $ (140 ) $ 959 Revenue $ 211 $ 429 Cost of sales (41 ) (42 ) $ 170 $ 387 Nine Months Ended September 30, Derivative Gain (Loss) Recognized in AOCL (Effective Portion) Location of Gain (Loss) (Effective Portion) Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion) Derivative Instrument 2015 2014 2015 2014 Foreign exchange contracts $ 614 $ 1,465 Revenue $ 1,039 $ 1,009 Cost of sales 544 (394 ) $ 1,583 $ 615 We also enter into foreign exchange contracts to minimize the impact of exchange rate fluctuations on short-term intercompany loans and related interest that are denominated in a foreign currency. The revaluation of the intercompany loans and interest and the mark-to-market adjustment on the derivatives are both recorded in earnings. All outstanding contracts at September 30, 2015 mature within 12 months. The following represents the results of our non-designated derivative instruments for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, Derivative Gain (Loss) Recognized in Earnings Derivatives Instrument Location of Derivative Gain (Loss) 2015 2014 Foreign exchange contracts Selling, general and administrative expense $ 2,138 $ 3,131 Nine Months Ended September 30, Derivative Gain (Loss) Recognized in Earnings Derivatives Instrument Location of Derivative Gain (Loss) 2015 2014 Foreign exchange contracts Selling, general and administrative expense $ (1,437 ) $ (173 ) Credit-Risk-Related Contingent Features Certain derivative instruments contain credit-risk-related contingent features that would require us to post collateral based on a combination of our long-term senior unsecured debt ratings and the net fair value of our derivatives. At September 30, 2015 , the maximum amount of collateral that we would have been required to post had the credit-risk-related contingent features been triggered was $5 million . Fair Value of Financial Instruments Our financial instruments include cash and cash equivalents, investment securities, accounts receivable, loan receivables, derivative instruments, accounts payable and debt. The carrying value for cash and cash equivalents, accounts receivable, loans receivable, and accounts payable approximate fair value because of the short maturity of these instruments. The fair value of our debt is estimated based on recently executed transactions and market price quotations. These inputs used to determine the fair value of our debt were classified as Level 2 in the fair value hierarchy. The carrying value and estimated fair value of our debt at September 30, 2015 and December 31, 2014 were as follows: September 30, 2015 December 31, 2014 Carrying value $ 2,992,146 $ 3,252,006 Fair value $ 3,136,917 $ 3,440,383

Restructuring Charges and Asset

Restructuring Charges and Asset Impairment	9 Months Ended
	Sep. 30, 2015
Restructuring and Related Activities [Abstract]
Restructuring Charges and Asset Impairment	Restructuring Charges and Asset Impairment Restructuring charges The tables below show the activity in restructuring reserves for our Operational Excellence plan, implemented in 2014, and our other plans for the nine months ended September 30, 2015 and 2014 and includes amounts for both continuing operations and discontinued operations. Operational Excellence Severance and benefits costs Other exit costs Total Balance at January 1, 2015 $ 78,105 $ 8,154 $ 86,259 Expenses, net (1) 9,961 (1,183 ) 8,778 Cash payments (40,547 ) (3,210 ) (43,757 ) Balance at September 30, 2015 $ 47,519 $ 3,761 $ 51,280 Balance at January 1, 2014 $ 42,427 $ 7,622 $ 50,049 Expenses, net (1) 22,534 4,436 26,970 Cash payments (32,896 ) (6,106 ) (39,002 ) Balance at September 30, 2014 $ 32,065 $ 5,952 $ 38,017 Other Plans Severance and benefits costs Other exit costs Total Balance at January 1, 2015 $ 3,731 $ 189 $ 3,920 Expenses, net (765 ) — (765 ) Cash payments (2,161 ) (138 ) (2,299 ) Balance at September 30, 2015 $ 805 $ 51 $ 856 Balance at January 1, 2014 $ 16,131 $ 392 $ 16,523 Expenses, net (8,452 ) — (8,452 ) Cash payments (2,996 ) (153 ) (3,149 ) Balance at September 30, 2014 $ 4,683 $ 239 $ 4,922 (1) See Note 12 for additional restructuring charge. The majority of the remaining restructuring reserves are expected to be paid over the next 12 to 24 months ; however, due to certain international labor laws and long-term lease agreements, some payments will extend beyond 24 months . We expect to fund these payments from cash flows from operations. Asset impairment During the second quarter of 2015, we sold our world headquarters building for $39 million and recorded a loss on the sale of $5 million . The loss was recognized in restructuring charges and asset impairments, net in the Condensed Consolidated Statements of Income for the nine months ended September 30, 2015 .

Debt

Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt	Debt At September 30, 2015 and December 31, 2014 , total debt consisted of the following: Interest rate September 30, 2015 December 31, 2014 Commercial paper 0.54% $ 150,000 $ — Notes due March 2015 5.0% — 274,879 Notes due January 2016 4.75% 370,914 370,914 Notes due September 2017 5.75% 385,109 385,109 Notes due March 2018 5.6% 250,000 250,000 Notes due May 2018 4.75% 350,000 350,000 Notes due March 2019 6.25% 300,000 300,000 Notes due November 2022 5.25% 110,000 110,000 Notes due March 2024 4.625% 500,000 500,000 Notes due January 2037 5.25% 115,041 115,041 Notes due March 2043 6.7% 425,000 425,000 Term loans Variable — 130,000 Other debt 16,877 16,000 Principal amount 2,972,941 3,226,943 Less: unamortized discount 5,605 6,653 Plus: unamortized interest rate swap proceeds 24,810 31,716 Total debt 2,992,146 3,252,006 Less: current portion long-term debt 371,091 324,879 Less: Commercial paper 150,000 — Long-term debt $ 2,471,055 $ 2,927,127 Through the nine months ended September 30, 2015 , we repaid the $275 million , 5.0% notes that matured in March and the $130 million term loans. In October 2015, we announced that we will redeem the $110 million , 5.25% Notes in November 2015. These notes were scheduled to mature in November 2022.

Pensions and Other Benefit Prog

Pensions and Other Benefit Programs	9 Months Ended
	Sep. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Pensions and Other Benefit Programs	Pensions and Other Benefit Programs The components of net periodic benefit cost (income) were as follows: Defined Benefit Pension Plans Nonpension Postretirement Benefit Plans United States Foreign Three Months Ended Three Months Ended Three Months Ended September 30, September 30, September 30, 2015 2014 2015 2014 2015 2014 Service cost $ 38 $ 1,241 $ 557 $ 898 $ 530 $ 632 Interest cost 18,581 19,415 6,099 7,219 2,086 2,509 Expected return on plan assets (26,002 ) (25,956 ) (8,912 ) (9,914 ) — — Amortization of transition credit — — (2 ) (3 ) — — Amortization of prior service cost (credit) 2 2 (16 ) (15 ) 74 40 Amortization of net actuarial loss 7,327 6,470 1,482 2,093 1,704 1,462 Settlement / curtailment (1) 1,083 — — — — — Net periodic benefit (income) cost $ 1,029 $ 1,172 $ (792 ) $ 278 $ 4,394 $ 4,643 Defined Benefit Pension Plans Nonpension Postretirement Benefit Plans United States Foreign Nine Months Ended Nine Months Ended Nine Months Ended September 30, September 30, September 30, 2015 2014 2015 2014 2015 2014 Service cost $ 114 $ 5,679 $ 1,677 $ 2,719 $ 1,849 $ 2,057 Interest cost 55,745 58,247 18,284 21,664 6,612 7,451 Expected return on plan assets (78,004 ) (77,868 ) (26,686 ) (29,719 ) — — Amortization of transition credit — — (7 ) (8 ) — — Amortization of prior service cost (credit) 6 6 (49 ) (45 ) 222 120 Amortization of net actuarial loss 21,982 18,894 4,471 6,272 5,657 4,486 Settlement / curtailment (1) 1,083 3,371 — — — — Net periodic benefit (income) cost $ 926 $ 8,329 $ (2,310 ) $ 883 $ 14,340 $ 14,114 (1) Included in restructuring charges and asset impairments, net in the Condensed Consolidated Statements of Income. Through September 30, 2015 and September 30, 2014 , contributions to our U.S. pension plans were $6 million and $15 million , respectively, and contributions to our foreign plans were $12 million and $14 million , respectively. Nonpension postretirement benefit plan contributions were $16 million and $17 million through September 30, 2015 and September 30, 2014 , respectively.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rate for the three months ended September 30, 2015 and 2014 was 31.3% and 17.9% , respectively, and the effective tax rate for the nine months ended September 30, 2015 and 2014 was 30.2% and 23.8% , respectively. The effective tax rate for the nine months ended September 30, 2015 includes a $20 million benefit resulting from the disposition of Imagitas. The effective tax rate for the nine months ended September 30, 2014 includes a benefit of $22 million from the resolution of tax examinations. As is the case with other large corporations, our tax returns are examined each year by tax authorities in the U.S., other countries and local jurisdictions in which we have operations. The Internal Revenue Service examinations of tax years prior to 2011 are closed to audit. Other than the pending application of legal principles to specific issues arising in earlier years, only post-2010 Canadian tax years are subject to examination. Other significant tax filings subject to examination include various post-2005 U.S. state and local, post-2011 German, and U.K., post-2012 French tax filings. We have other less significant tax filings currently under examination or subject to examination.

Noncontrolling Interests (Prefe

Noncontrolling Interests (Preferred Stockholders' Equity in Subsidiaries)	9 Months Ended
	Sep. 30, 2015
Noncontrolling Interest [Abstract]
Noncontrolling Interests (Preferred Stockholders' Equity in Subsidiaries)	Noncontrolling Interests (Preferred Stockholders’ Equity in Subsidiaries) Pitney Bowes International Holdings, Inc. (PBIH), a subsidiary of the Company, has 300,000 shares of outstanding perpetual voting preferred stock valued at $300 million held by certain institutional investors (PBIH Preferred Stock). The holders of PBIH Preferred Stock are entitled as a group to 25% of the combined voting power of all classes of capital stock of PBIH. All outstanding common stock of PBIH, representing the remaining 75% of the combined voting power of all classes of capital stock, is owned directly or indirectly by the Company. The PBIH Preferred Stock is entitled to cumulative dividends at a rate of 6.125% through April 30, 2016. Commencing October 30, 2016, the PBIH Preferred Stock is redeemable, in whole or in part, at the option of PBIH. If the PBIH Preferred Stock is not redeemed in whole on October 30, 2016, the dividend rate increases 50% and will increase 50% every six months thereafter. No dividends were in arrears at September 30, 2015 or December 31, 2014 .

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In the ordinary course of business, we are routinely defendants in, or party to a number of pending and threatened legal actions. These may involve litigation by or against us relating to, among other things, contractual rights under vendor, insurance or other contracts; intellectual property or patent rights; equipment, service, payment or other disputes with clients; or disputes with employees. Some of these actions may be brought as a purported class action on behalf of a purported class of employees, customers or others. In management's opinion, the potential liability, if any, that may result from these actions, either individually or collectively, is not reasonably expected to have a material effect on our financial position, results of operations or cash flows. However, as litigation is inherently unpredictable, there can be no assurances in this regard. We recently finalized the settlement with the Department of Justice relating to an investigation it had conducted regarding compliance with certain postal regulatory requirements in our Presort Services business without any admission of liability by the Company. There is no significant impact in the quarter as a result of this settlement.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders ’ Equity Changes in stockholders’ equity for the nine months ended September 30, 2015 and 2014 were as follows: Preferred stock Preference stock Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Treasury stock Total equity Balance at January 1, 2015 $ 1 $ 548 $ 323,338 $ 178,852 $ 4,897,708 $ (846,156 ) $ (4,477,032 ) $ 77,259 Net income — — — — 321,664 — — 321,664 Other comprehensive loss — — — — — (54,696 ) — (54,696 ) Dividends paid - Common stock — — — — (113,127 ) — — (113,127 ) Dividends paid - Preference stock — — — — (31 ) — — (31 ) Issuance of common stock — — — (36,946 ) — — 32,983 (3,963 ) Conversion to common stock (29 ) — (632 ) — — 661 — Stock-based compensation expense — — — 14,921 — — — 14,921 Repurchase of common stock — — — — — — (100,000 ) (100,000 ) Balance at September 30, 2015 $ 1 $ 519 $ 323,338 $ 156,195 $ 5,106,214 $ (900,852 ) $ (4,543,388 ) $ 142,027 Preferred stock Preference stock Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Treasury stock Total equity Balance at January 1, 2014 $ 4 $ 591 $ 323,338 $ 196,977 $ 4,715,564 $ (574,556 ) $ (4,456,742 ) $ 205,176 Net income — — — — 271,227 — — 271,227 Other comprehensive loss — — — — — (40,185 ) — (40,185 ) Dividends paid - Common stock — — — — (113,883 ) — — (113,883 ) Dividends paid - Preference stock — — — — (33 ) — — (33 ) Issuance of common stock — — — (26,591 ) — — 27,500 909 Conversion to common stock (3 ) (32 ) — (741 ) — — 776 — Stock-based compensation expense — — — 12,658 — — — 12,658 Purchase of subsidiary shares from noncontrolling interest — — — (7,520 ) — — — (7,520 ) Repurchase of common stock — — — — — (50,003 ) (50,003 ) Balance at September 30, 2014 $ 1 $ 559 $ 323,338 $ 174,783 $ 4,872,875 $ (614,741 ) $ (4,478,469 ) $ 278,346

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 30, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Reclassifications out of AOCL for the three and nine months ended September 30, 2015 and 2014 were as follows: Amount Reclassified from AOCL (a) Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Gains (losses) on cash flow hedges Revenue $ 211 $ 429 $ 1,039 $ 1,009 Cost of sales (41 ) (42 ) 544 (394 ) Interest expense, net (507 ) (507 ) (1,521 ) (1,521 ) Total before tax (337 ) (120 ) 62 (906 ) (Benefit) provision for income tax (132 ) (47 ) 15 (350 ) Net of tax $ (205 ) $ (73 ) $ 47 $ (556 ) Gains (losses) on available for sale securities Interest expense, net $ 1,085 $ (249 ) $ 1,043 $ (1,101 ) Provision (benefit) for income tax 401 (92 ) 385 (406 ) Net of tax $ 684 $ (157 ) $ 658 $ (695 ) Pension and Postretirement Benefit Plans (b) Transition credit $ 2 $ 3 $ 7 $ 8 Prior service costs (60 ) (27 ) (179 ) (81 ) Actuarial losses (11,596 ) (10,025 ) (33,193 ) (29,652 ) Total before tax (11,654 ) (10,049 ) (33,365 ) (29,725 ) Benefit for income tax (4,219 ) (3,355 ) (12,001 ) (10,609 ) Net of tax $ (7,435 ) $ (6,694 ) $ (21,364 ) $ (19,116 ) (a) Amounts in parentheses indicate reductions to income and increases to other comprehensive income (loss). (b) Reclassified from accumulated other comprehensive loss into selling, general and administrative expenses. These amounts are included in the computation of net periodic costs (see Note 12 for additional details). Changes in AOCL for the nine months ended September 30, 2015 and 2014 were as follows: Cash flow hedges Available for sale securities Pension and postretirement benefit plans Foreign currency adjustments Total Balance at January 1, 2015 $ (4,689 ) $ 2,966 $ (786,079 ) $ (58,354 ) $ (846,156 ) Other comprehensive income (loss) before reclassifications (a) 382 416 — (76,153 ) (75,355 ) Reclassifications into earnings (a), (b) (47 ) (658 ) 21,364 — 20,659 Net other comprehensive income (loss) 335 (242 ) 21,364 (76,153 ) (54,696 ) Balance at September 30, 2015 $ (4,354 ) $ 2,724 $ (764,715 ) $ (134,507 ) $ (900,852 ) Cash flow hedges Available for sale securities Pension and postretirement benefit plans Foreign currency adjustments Total Balance at January 1, 2014 $ (6,380 ) $ (1,769 ) $ (601,421 ) $ 35,014 $ (574,556 ) Other comprehensive income (loss) before reclassifications (a) 892 2,567 — (60,227 ) (56,768 ) Reclassifications into earnings (a), (b) 556 695 19,116 (3,784 ) 16,583 Net other comprehensive income (loss) 1,448 3,262 19,116 (64,011 ) (40,185 ) Balance at September 30, 2014 $ (4,932 ) $ 1,493 $ (582,305 ) $ (28,997 ) $ (614,741 ) (a) Amounts are net of tax. Amounts in parentheses indicate debits to AOCL. (b) See table above for additional details of these reclassifications.

Description of Business and B26

Description of Business and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements In September 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2015-16, Business Combinations - Simplifying the Accounting for Measurement-Period Adjustments , which eliminates the requirement to restate prior period financial statements for measurement period adjustments. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. Consistent with existing guidance, the new guidance requires an acquirer to disclose the nature and amount of measurement period adjustments. The ASU should be applied prospectively to measurement period adjustments that occur after the effective date. The ASU is effective for interim and annual periods beginning after December 15, 2015. Early adoption is permitted. We do not believe this standard will have a significant impact on our consolidated financial statements or disclosures. In July 2015, the FASB issued ASU 2015-11, Inventory - Simplifying the Measurement of Inventory , which requires inventory to be measured at the lower of cost and net realizable value (estimated selling price less reasonably predictable costs of completion, disposal and transportation). Prior to this guidance, inventory was measured at the lower of cost or market (where market was defined as replacement cost, with a ceiling of net realizable value and a floor of net realizable value of inventory, less a normal profit margin). Inventory measured using LIFO is not impacted by the new guidance. The ASU is effective for fiscal years beginning after December 15, 2016 and interim periods therein. Early adoption is permitted. We do not believe this standard will have a significant impact on our consolidated financial statements or disclosures. In April 2015, the FASB issued ASU 2015-05, Intangibles - Goodwill and Other - Internal-Use Software, Customer's Accounting for Fees Paid in a Cloud Computing Arrangement , which provides guidance on fees paid by an entity in a cloud computing arrangement and whether an arrangement includes a license to the underlying software. This standard is effective for fiscal periods beginning after December 15, 2015. Early adoption is permitted. We are currently assessing the impact this standard will have on our consolidated financial statements and disclosures. In April 2015, the FASB issued Accounting Standard Update (ASU) 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. This standard is effective for fiscal periods beginning after December 15, 2015. Early adoption is permitted. We do not believe this standard will have a significant impact on our consolidated financial statements or disclosures. In January 2015, the FASB issued ASU 2015-01, Income Statement - Extraordinary and Unusual Items, which removes the concept of extraordinary items, thereby eliminating the need for companies to assess transactions for extraordinary treatment. The standard retained the presentation and disclosure requirements for items that are unusual in nature and/or infrequent in occurrence. The standard is effective for fiscal periods beginning after December 15, 2015. Early adoption is permitted. We do not believe this standard will have a significant impact on our consolidated financial statements or disclosures. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. The standard requires companies to recognize revenue for the transfer of goods and services to customers in amounts that reflect the consideration the company expects to receive in exchange for those goods and services. The standard will also result in enhanced disclosures about revenue. In July 2015, the FASB approved a one-year deferral of the effective date. This standard is now effective for fiscal periods beginning after December 15, 2017. The standard can be adopted either retrospectively or as a cumulative-effect adjustment. Companies are permitted to adopt the standard as early as the original public entity effective date (fiscal periods beginning after December 15, 2016). Early adoption prior to that date is prohibited. We are currently assessing the impact this standard will have on our consolidated financial statements and disclosures.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Reconciliation of Revenue from Segments to Consolidated Statements	Revenue and EBIT by business segment is presented below: Revenue Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 North America Mailing $ 353,159 $ 363,285 $ 1,071,824 $ 1,115,507 International Mailing 104,615 132,291 331,398 438,819 Small & Medium Business Solutions 457,774 495,576 1,403,222 1,554,326 Production Mail 101,646 113,497 298,880 330,469 Presort Services 115,912 111,434 351,365 339,205 Enterprise Business Solutions 217,558 224,931 650,245 669,674 Software Solutions 97,638 112,006 282,916 312,200 Global Ecommerce 96,571 71,870 249,923 204,399 Digital Commerce Solutions 194,209 183,876 532,839 516,599 Other — 37,261 54,807 96,992 Total revenue $ 869,541 $ 941,644 $ 2,641,113 $ 2,837,591
Reconciliation of EBIT from Segments to Consolidated	EBIT Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 North America Mailing $ 159,319 $ 159,638 $ 482,376 $ 476,757 International Mailing 10,739 16,079 36,585 67,347 Small & Medium Business Solutions 170,058 175,717 518,961 544,104 Production Mail 12,401 9,570 31,461 27,865 Presort Services 25,908 21,927 76,946 68,235 Enterprise Business Solutions 38,309 31,497 108,407 96,100 Software Solutions 14,613 18,921 34,904 30,620 Global Ecommerce (1,240 ) (676 ) 9,962 9,100 Digital Commerce Solutions 13,373 18,245 44,866 39,720 Other — 7,980 10,569 13,965 Total EBIT 221,740 233,439 682,803 693,889 Reconciling items: Interest, net (37,698 ) (41,825 ) (119,371 ) (127,437 ) Unallocated corporate expenses (49,235 ) (61,470 ) (151,959 ) (163,532 ) Restructuring charges and asset impairments, net (36 ) (4,526 ) (14,305 ) (22,666 ) Acquisition-related compensation expense — — (10,483 ) — Other income (expense), net 1,781 15,919 94,916 (45,738 ) Income from continuing operations before income taxes $ 136,552 $ 141,537 $ 481,601 $ 334,516

Business Combinations and Div28

Business Combinations and Divestiture (Tables)	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition	The preliminary allocation of the purchase price to the fair values of assets acquired and liabilities assumed was as follows: Accounts receivable $ 13,860 Fixed assets 7,329 Goodwill 299,966 Intangible assets 137,500 Accounts payable and other current liabilities (35,693 ) Deferred taxes, net (40,836 ) Other assets and liabilities, net (677 ) $ 381,449
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	Intangible assets acquired consisted of the following: Value Amortization period Customer Relationships $ 116,200 10 years Developed Technology 12,600 5 years Trade Names 8,700 5 years $ 137,500

Discontinued Operations and A29

Discontinued Operations and Assets Held for Sale (Tables)	9 Months Ended
	Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Discontinued Operations, Income Statement and Balance Sheet Items	The table below shows selected financial information for discontinued operations for the three and nine months ended September 30, 2014 : Three Months Ended September 30, 2014 PBMS IMS Nordic furniture business DIS Total Revenue $ — $ — $ — $ — $ — Income from operations before taxes $ (858 ) $ — $ — $ (297 ) $ (1,155 ) Gain (loss) on sale 2,971 — — (19 ) 2,952 Income (loss) before taxes 2,113 — — (316 ) 1,797 Tax (benefit) provision (5,149 ) — — 85 (5,064 ) Net income (loss) $ 7,262 $ — $ — $ (401 ) $ 6,861 Capital Services, net of tax 13,794 Income from discontinued operations $ 20,655 Nine Months Ended September 30, 2014 PBMS IMS Nordic furniture business DIS Total Revenue $ — $ — $ — $ 19,858 $ 19,858 (Loss) income before taxes $ (524 ) $ 308 $ 345 $ 3,132 $ 3,261 Gain on sale 3,101 1,994 — 25,179 30,274 Income before taxes 2,577 2,302 345 28,311 33,535 Tax (benefit) provision (4,953 ) 851 97 21,161 17,156 Net income $ 7,530 $ 1,451 $ 248 $ 7,150 $ 16,379 Capital Services, net of tax 13,794 Income from discontinued operations $ 30,173

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Schedule of Calculation of Numerator and Denominator in Earnings Per Share	The calculations of basic and diluted earnings per share are presented below: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Numerator: Net income from continuing operations $ 89,282 $ 111,634 $ 322,246 $ 241,054 Income (loss) from discontinued operations, net of tax — 20,655 (582 ) 30,173 Net income - Pitney Bowes Inc. (numerator for diluted EPS) 89,282 132,289 321,664 271,227 Less: Preference stock dividend 10 11 31 33 Income attributable to common stockholders (numerator for basic EPS) $ 89,272 $ 132,278 $ 321,633 $ 271,194 Denominator: Weighted-average shares used in basic EPS 199,874 202,057 200,825 202,288 Effect of dilutive shares: Conversion of Preferred stock and Preference stock 318 343 326 347 Employee stock plans 825 1,569 734 1,325 Weighted-average shares used in diluted EPS 201,017 203,969 201,885 203,960 Basic earnings per share (1): Continuing operations $ 0.45 $ 0.55 $ 1.60 $ 1.19 Discontinued operations — 0.10 — 0.15 Net income $ 0.45 $ 0.65 $ 1.60 $ 1.34 Diluted earnings per share (1): Continuing operations $ 0.44 $ 0.55 $ 1.60 $ 1.18 Discontinued operations — 0.10 — 0.15 Net income $ 0.44 $ 0.65 $ 1.59 $ 1.33 Anti-dilutive shares not used in calculating diluted weighted-average shares: 7,934 6,009 8,609 7,394 (1) The sum of earnings per share amounts may not equal the totals due to rounding.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2015
Inventory Disclosure [Abstract]
Inventory Components	Inventories at September 30, 2015 and December 31, 2014 consisted of the following: September 30, December 31, Raw materials and work in process $ 40,410 $ 37,175 Supplies and service parts 45,950 33,760 Finished products 30,191 26,992 Inventory at FIFO cost 116,551 97,927 Excess of FIFO cost over LIFO cost (13,356 ) (13,100 ) Total inventory, net $ 103,195 $ 84,827

Finance Assets (Tables)

Finance Assets (Tables)	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
Financing Receivables	Finance receivables at September 30, 2015 and December 31, 2014 consisted of the following: September 30, 2015 December 31, 2014 North America International Total North America International Total Sales-type lease receivables Gross finance receivables $ 1,219,242 $ 318,369 $ 1,537,611 $ 1,286,624 $ 366,669 $ 1,653,293 Unguaranteed residual values 100,210 16,319 116,529 105,205 18,291 123,496 Unearned income (255,747 ) (70,496 ) (326,243 ) (270,196 ) (83,110 ) (353,306 ) Allowance for credit losses (7,531 ) (3,660 ) (11,191 ) (10,281 ) (5,129 ) (15,410 ) Net investment in sales-type lease receivables 1,056,174 260,532 1,316,706 1,111,352 296,721 1,408,073 Loan receivables Loan receivables 355,106 48,454 403,560 376,987 47,665 424,652 Allowance for credit losses (9,853 ) (1,650 ) (11,503 ) (10,912 ) (1,788 ) (12,700 ) Net investment in loan receivables 345,253 46,804 392,057 366,075 45,877 411,952 Net investment in finance receivables $ 1,401,427 $ 307,336 $ 1,708,763 $ 1,477,427 $ 342,598 $ 1,820,025
Allowance for Credit Losses on Financing Receivables	Activity in the allowance for credit losses for the nine months ended September 30, 2015 and 2014 was as follows: Sales-type Lease Receivables Loan Receivables North America International North America International Total Balance at January 1, 2015 $ 10,281 $ 5,129 $ 10,912 $ 1,788 $ 28,110 Amounts charged to expense 802 183 6,171 867 8,023 Write-offs and other (3,552 ) (1,652 ) (7,230 ) (1,005 ) (13,439 ) Balance at September 30, 2015 $ 7,531 $ 3,660 $ 9,853 $ 1,650 $ 22,694 Sales-type Lease Receivables Loan Receivables North America International North America International Total Balance at January 1, 2014 $ 14,165 $ 9,703 $ 11,165 $ 1,916 $ 36,949 Amounts charged to expense 3,232 35 7,759 1,366 12,392 Write-offs and other (4,491 ) (4,252 ) (7,980 ) (1,381 ) (18,104 ) Balance at September 30, 2014 $ 12,906 $ 5,486 $ 10,944 $ 1,901 $ 31,237
Past Due Financing Receivables	The aging of gross finance receivables at September 30, 2015 and December 31, 2014 was as follows: September 30, 2015 Sales-type Lease Receivables Loan Receivables North America International North America International Total 1 - 30 days $ 1,153,935 $ 301,527 $ 340,106 $ 46,409 $ 1,841,977 31 - 60 days 26,887 5,635 8,565 1,167 42,254 61 - 90 days 19,165 3,543 2,978 370 26,056 > 90 days 19,255 7,664 3,457 508 30,884 Total $ 1,219,242 $ 318,369 $ 355,106 $ 48,454 $ 1,941,171 Past due amounts > 90 days Still accruing interest $ 5,356 $ 2,258 $ — $ — $ 7,614 Not accruing interest 13,899 5,406 3,457 508 23,270 Total $ 19,255 $ 7,664 $ 3,457 $ 508 $ 30,884 December 31, 2014 Sales-type Lease Receivables Loan Receivables North America International North America International Total 1 - 30 days $ 1,217,623 $ 347,236 $ 359,672 $ 45,678 $ 1,970,209 31 - 60 days 23,242 6,207 9,245 1,201 39,895 61 - 90 days 24,198 4,494 3,498 413 32,603 > 90 days 21,561 8,732 4,572 373 35,238 Total $ 1,286,624 $ 366,669 $ 376,987 $ 47,665 $ 2,077,945 Past due amounts > 90 days Still accruing interest $ 5,931 $ 2,517 $ — $ — $ 8,448 Not accruing interest 15,630 6,215 4,572 373 26,790 Total $ 21,561 $ 8,732 $ 4,572 $ 373 $ 35,238
Financing Receivable Credit Quality Indicators	September 30, December 31, Sales-type lease receivables Low $ 924,814 $ 936,979 Medium 207,186 230,799 High 39,595 45,202 Not Scored 47,647 73,644 Total $ 1,219,242 $ 1,286,624 Loan receivables Low $ 248,542 $ 259,436 Medium 85,716 96,243 High 10,445 10,913 Not Scored 10,403 10,395 Total $ 355,106 $ 376,987

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets Disclosure	Intangible assets consisted of the following: September 30, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 433,475 $ (265,371 ) $ 168,104 $ 337,438 $ (263,121 ) $ 74,317 Supplier relationships — — — 29,000 (27,913 ) 1,087 Software & technology 150,373 (134,530 ) 15,843 160,825 (154,610 ) 6,215 Trademarks & other 35,548 (27,177 ) 8,371 33,079 (32,525 ) 554 Total intangible assets $ 619,396 $ (427,078 ) $ 192,318 $ 560,342 $ (478,169 ) $ 82,173
Amortization Expense In Future Periods	Future amortization expense for intangible assets as of September 30, 2015 was as follows: Remaining for year ending December 31, 2015 $ 10,520 Year ending December 31, 2016 37,696 Year ending December 31, 2017 26,857 Year ending December 31, 2018 24,251 Year ending December 31, 2019 21,193 Thereafter 71,801 Total $ 192,318
Schedule of Goodwill	The changes in the carrying value of goodwill for the nine months ended September 30, 2015 were as follows: December 31, 2014 Acquisitions Divestiture Foreign currency translation September 30, North America Mailing $ 309,448 $ — $ — $ (10,241 ) $ 299,207 International Mailing 162,146 — — (10,894 ) 151,252 Small & Medium Business Solutions 471,594 — — (21,135 ) 450,459 Production Mail 110,837 — — (3,621 ) 107,216 Presort Services 195,140 — — — 195,140 Enterprise Business Solutions 305,977 — — (3,621 ) 302,356 Software Solutions 677,008 5,792 — (5,603 ) 677,197 Global Ecommerce 23,910 299,966 — — 323,876 Digital Commerce Solutions 700,918 305,758 — (5,603 ) 1,001,073 Other 194,232 — (194,232 ) — — Total goodwill $ 1,672,721 $ 305,758 $ (194,232 ) $ (30,359 ) $ 1,753,888

Fair Value Measurements and D34

Fair Value Measurements and Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables show, by level within the fair value hierarchy, our financial assets and liabilities that are accounted for at fair value on a recurring basis at September 30, 2015 and December 31, 2014 . Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect its placement within the fair value hierarchy. September 30, 2015 Level 1 Level 2 Level 3 Total Assets: Investment securities Money market funds / commercial paper $ 11,181 $ 289,062 $ — $ 300,243 Equity securities — 23,376 — 23,376 Commingled fixed income securities — 22,668 — 22,668 U.S. Government, federal agencies and municipalities 100,482 19,277 — 119,759 Corporate notes and bonds — 67,128 — 67,128 Mortgage-backed / asset-backed securities — 169,601 — 169,601 Derivatives Foreign exchange contracts — 2,056 — 2,056 Total assets $ 111,663 $ 593,168 $ — $ 704,831 Liabilities: Derivatives Foreign exchange contracts $ — $ (4,948 ) $ — $ (4,948 ) Total liabilities $ — $ (4,948 ) $ — $ (4,948 ) December 31, 2014 Level 1 Level 2 Level 3 Total Assets: Investment securities Money market funds / commercial paper $ 505,643 $ 193,986 $ — $ 699,629 Equity securities — 27,409 — 27,409 Commingled fixed income securities — 24,077 — 24,077 U.S. Government, federal agencies and municipalities 113,974 24,006 — 137,980 Corporate notes and bonds — 67,448 — 67,448 Mortgage-backed / asset-backed securities — 156,614 — 156,614 Derivatives Foreign exchange contracts — 1,386 — 1,386 Total assets $ 619,617 $ 494,926 $ — $ 1,114,543 Liabilities: Derivatives Foreign exchange contracts $ — $ (2,988 ) $ — $ (2,988 ) Total liabilities $ — $ (2,988 ) $ — $ (2,988 )
Schedule of Available-for-sale Securities Reconciliation	Available-for-sale securities at September 30, 2015 and December 31, 2014 consisted of the following: September 30, 2015 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value U.S. Government, federal agencies and municipalities $ 118,152 $ 2,558 $ (951 ) $ 119,759 Corporate notes and bonds 66,537 1,235 (644 ) 67,128 Mortgage-backed / asset-backed securities 167,509 2,916 (824 ) 169,601 Total $ 352,198 $ 6,709 $ (2,419 ) $ 356,488 December 31, 2014 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value U.S. Government, federal agencies and municipalities $ 135,839 $ 2,905 $ (764 ) $ 137,980 Corporate notes and bonds 66,170 1,569 (291 ) 67,448 Mortgage-backed / asset-backed securities 155,330 2,362 (1,078 ) 156,614 Total $ 357,339 $ 6,836 $ (2,133 ) $ 362,042
Available-for-sale Securities	Scheduled maturities of available-for-sale securities at September 30, 2015 were as follows: Amortized cost Estimated fair value Within 1 year $ 51,583 $ 51,641 After 1 year through 5 years 70,799 71,943 After 5 years through 10 years 55,666 56,919 After 10 years 174,150 175,985 Total $ 352,198 $ 356,488
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The fair value of derivative instruments at September 30, 2015 and December 31, 2014 was as follows: Designation of Derivatives Balance Sheet Location September 30, December 31, Derivatives designated as hedging instruments Foreign exchange contracts Other current assets and prepayments $ 245 $ 762 Accounts payable and accrued liabilities: (451 ) — Derivatives not designated as hedging instruments Foreign exchange contracts Other current assets and prepayments 1,811 624 Accounts payable and accrued liabilities: (4,497 ) (2,988 ) Total derivative assets $ 2,056 $ 1,386 Total derivative liabilities (4,948 ) (2,988 ) Total net derivative liabilities $ (2,892 ) $ (1,602 )
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location	The following represents the results of cash flow hedging relationships for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, Derivative Gain (Loss) Recognized in AOCL (Effective Portion) Location of Gain (Loss) (Effective Portion) Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion) Derivative Instrument 2015 2014 2015 2014 Foreign exchange contracts $ (140 ) $ 959 Revenue $ 211 $ 429 Cost of sales (41 ) (42 ) $ 170 $ 387 Nine Months Ended September 30, Derivative Gain (Loss) Recognized in AOCL (Effective Portion) Location of Gain (Loss) (Effective Portion) Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion) Derivative Instrument 2015 2014 2015 2014 Foreign exchange contracts $ 614 $ 1,465 Revenue $ 1,039 $ 1,009 Cost of sales 544 (394 ) $ 1,583 $ 615
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location	The following represents the results of our non-designated derivative instruments for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, Derivative Gain (Loss) Recognized in Earnings Derivatives Instrument Location of Derivative Gain (Loss) 2015 2014 Foreign exchange contracts Selling, general and administrative expense $ 2,138 $ 3,131 Nine Months Ended September 30, Derivative Gain (Loss) Recognized in Earnings Derivatives Instrument Location of Derivative Gain (Loss) 2015 2014 Foreign exchange contracts Selling, general and administrative expense $ (1,437 ) $ (173 )
Fair Value, by Balance Sheet Grouping	The carrying value and estimated fair value of our debt at September 30, 2015 and December 31, 2014 were as follows: September 30, 2015 December 31, 2014 Carrying value $ 2,992,146 $ 3,252,006 Fair value $ 3,136,917 $ 3,440,383

Restructuring Charges and Ass35

Restructuring Charges and Asset Impairment (Tables)	9 Months Ended
	Sep. 30, 2015
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Reserve by Type of Cost	The tables below show the activity in restructuring reserves for our Operational Excellence plan, implemented in 2014, and our other plans for the nine months ended September 30, 2015 and 2014 and includes amounts for both continuing operations and discontinued operations. Operational Excellence Severance and benefits costs Other exit costs Total Balance at January 1, 2015 $ 78,105 $ 8,154 $ 86,259 Expenses, net (1) 9,961 (1,183 ) 8,778 Cash payments (40,547 ) (3,210 ) (43,757 ) Balance at September 30, 2015 $ 47,519 $ 3,761 $ 51,280 Balance at January 1, 2014 $ 42,427 $ 7,622 $ 50,049 Expenses, net (1) 22,534 4,436 26,970 Cash payments (32,896 ) (6,106 ) (39,002 ) Balance at September 30, 2014 $ 32,065 $ 5,952 $ 38,017 Other Plans Severance and benefits costs Other exit costs Total Balance at January 1, 2015 $ 3,731 $ 189 $ 3,920 Expenses, net (765 ) — (765 ) Cash payments (2,161 ) (138 ) (2,299 ) Balance at September 30, 2015 $ 805 $ 51 $ 856 Balance at January 1, 2014 $ 16,131 $ 392 $ 16,523 Expenses, net (8,452 ) — (8,452 ) Cash payments (2,996 ) (153 ) (3,149 ) Balance at September 30, 2014 $ 4,683 $ 239 $ 4,922

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of Debt	At September 30, 2015 and December 31, 2014 , total debt consisted of the following: Interest rate September 30, 2015 December 31, 2014 Commercial paper 0.54% $ 150,000 $ — Notes due March 2015 5.0% — 274,879 Notes due January 2016 4.75% 370,914 370,914 Notes due September 2017 5.75% 385,109 385,109 Notes due March 2018 5.6% 250,000 250,000 Notes due May 2018 4.75% 350,000 350,000 Notes due March 2019 6.25% 300,000 300,000 Notes due November 2022 5.25% 110,000 110,000 Notes due March 2024 4.625% 500,000 500,000 Notes due January 2037 5.25% 115,041 115,041 Notes due March 2043 6.7% 425,000 425,000 Term loans Variable — 130,000 Other debt 16,877 16,000 Principal amount 2,972,941 3,226,943 Less: unamortized discount 5,605 6,653 Plus: unamortized interest rate swap proceeds 24,810 31,716 Total debt 2,992,146 3,252,006 Less: current portion long-term debt 371,091 324,879 Less: Commercial paper 150,000 — Long-term debt $ 2,471,055 $ 2,927,127

Pensions and Other Benefit Pr37

Pensions and Other Benefit Programs (Tables)	9 Months Ended
	Sep. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Schedule of Defined Benefit Plans Disclosures	The components of net periodic benefit cost (income) were as follows: Defined Benefit Pension Plans Nonpension Postretirement Benefit Plans United States Foreign Three Months Ended Three Months Ended Three Months Ended September 30, September 30, September 30, 2015 2014 2015 2014 2015 2014 Service cost $ 38 $ 1,241 $ 557 $ 898 $ 530 $ 632 Interest cost 18,581 19,415 6,099 7,219 2,086 2,509 Expected return on plan assets (26,002 ) (25,956 ) (8,912 ) (9,914 ) — — Amortization of transition credit — — (2 ) (3 ) — — Amortization of prior service cost (credit) 2 2 (16 ) (15 ) 74 40 Amortization of net actuarial loss 7,327 6,470 1,482 2,093 1,704 1,462 Settlement / curtailment (1) 1,083 — — — — — Net periodic benefit (income) cost $ 1,029 $ 1,172 $ (792 ) $ 278 $ 4,394 $ 4,643 Defined Benefit Pension Plans Nonpension Postretirement Benefit Plans United States Foreign Nine Months Ended Nine Months Ended Nine Months Ended September 30, September 30, September 30, 2015 2014 2015 2014 2015 2014 Service cost $ 114 $ 5,679 $ 1,677 $ 2,719 $ 1,849 $ 2,057 Interest cost 55,745 58,247 18,284 21,664 6,612 7,451 Expected return on plan assets (78,004 ) (77,868 ) (26,686 ) (29,719 ) — — Amortization of transition credit — — (7 ) (8 ) — — Amortization of prior service cost (credit) 6 6 (49 ) (45 ) 222 120 Amortization of net actuarial loss 21,982 18,894 4,471 6,272 5,657 4,486 Settlement / curtailment (1) 1,083 3,371 — — — — Net periodic benefit (income) cost $ 926 $ 8,329 $ (2,310 ) $ 883 $ 14,340 $ 14,114 (1) Included in restructuring charges and asset impairments, net in the Condensed Consolidated Statements of Income.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
Schedule of Stockholders Equity	Changes in stockholders’ equity for the nine months ended September 30, 2015 and 2014 were as follows: Preferred stock Preference stock Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Treasury stock Total equity Balance at January 1, 2015 $ 1 $ 548 $ 323,338 $ 178,852 $ 4,897,708 $ (846,156 ) $ (4,477,032 ) $ 77,259 Net income — — — — 321,664 — — 321,664 Other comprehensive loss — — — — — (54,696 ) — (54,696 ) Dividends paid - Common stock — — — — (113,127 ) — — (113,127 ) Dividends paid - Preference stock — — — — (31 ) — — (31 ) Issuance of common stock — — — (36,946 ) — — 32,983 (3,963 ) Conversion to common stock (29 ) — (632 ) — — 661 — Stock-based compensation expense — — — 14,921 — — — 14,921 Repurchase of common stock — — — — — — (100,000 ) (100,000 ) Balance at September 30, 2015 $ 1 $ 519 $ 323,338 $ 156,195 $ 5,106,214 $ (900,852 ) $ (4,543,388 ) $ 142,027 Preferred stock Preference stock Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Treasury stock Total equity Balance at January 1, 2014 $ 4 $ 591 $ 323,338 $ 196,977 $ 4,715,564 $ (574,556 ) $ (4,456,742 ) $ 205,176 Net income — — — — 271,227 — — 271,227 Other comprehensive loss — — — — — (40,185 ) — (40,185 ) Dividends paid - Common stock — — — — (113,883 ) — — (113,883 ) Dividends paid - Preference stock — — — — (33 ) — — (33 ) Issuance of common stock — — — (26,591 ) — — 27,500 909 Conversion to common stock (3 ) (32 ) — (741 ) — — 776 — Stock-based compensation expense — — — 12,658 — — — 12,658 Purchase of subsidiary shares from noncontrolling interest — — — (7,520 ) — — — (7,520 ) Repurchase of common stock — — — — — (50,003 ) (50,003 ) Balance at September 30, 2014 $ 1 $ 559 $ 323,338 $ 174,783 $ 4,872,875 $ (614,741 ) $ (4,478,469 ) $ 278,346

Accumulated Other Comprehensi39

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	Reclassifications out of AOCL for the three and nine months ended September 30, 2015 and 2014 were as follows: Amount Reclassified from AOCL (a) Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Gains (losses) on cash flow hedges Revenue $ 211 $ 429 $ 1,039 $ 1,009 Cost of sales (41 ) (42 ) 544 (394 ) Interest expense, net (507 ) (507 ) (1,521 ) (1,521 ) Total before tax (337 ) (120 ) 62 (906 ) (Benefit) provision for income tax (132 ) (47 ) 15 (350 ) Net of tax $ (205 ) $ (73 ) $ 47 $ (556 ) Gains (losses) on available for sale securities Interest expense, net $ 1,085 $ (249 ) $ 1,043 $ (1,101 ) Provision (benefit) for income tax 401 (92 ) 385 (406 ) Net of tax $ 684 $ (157 ) $ 658 $ (695 ) Pension and Postretirement Benefit Plans (b) Transition credit $ 2 $ 3 $ 7 $ 8 Prior service costs (60 ) (27 ) (179 ) (81 ) Actuarial losses (11,596 ) (10,025 ) (33,193 ) (29,652 ) Total before tax (11,654 ) (10,049 ) (33,365 ) (29,725 ) Benefit for income tax (4,219 ) (3,355 ) (12,001 ) (10,609 ) Net of tax $ (7,435 ) $ (6,694 ) $ (21,364 ) $ (19,116 ) (a) Amounts in parentheses indicate reductions to income and increases to other comprehensive income (loss). (b) Reclassified from accumulated other comprehensive loss into selling, general and administrative expenses. These amounts are included in the computation of net periodic costs (see Note 12 for additional details).
Schedule of Comprehensive Income Loss	Changes in AOCL for the nine months ended September 30, 2015 and 2014 were as follows: Cash flow hedges Available for sale securities Pension and postretirement benefit plans Foreign currency adjustments Total Balance at January 1, 2015 $ (4,689 ) $ 2,966 $ (786,079 ) $ (58,354 ) $ (846,156 ) Other comprehensive income (loss) before reclassifications (a) 382 416 — (76,153 ) (75,355 ) Reclassifications into earnings (a), (b) (47 ) (658 ) 21,364 — 20,659 Net other comprehensive income (loss) 335 (242 ) 21,364 (76,153 ) (54,696 ) Balance at September 30, 2015 $ (4,354 ) $ 2,724 $ (764,715 ) $ (134,507 ) $ (900,852 ) Cash flow hedges Available for sale securities Pension and postretirement benefit plans Foreign currency adjustments Total Balance at January 1, 2014 $ (6,380 ) $ (1,769 ) $ (601,421 ) $ 35,014 $ (574,556 ) Other comprehensive income (loss) before reclassifications (a) 892 2,567 — (60,227 ) (56,768 ) Reclassifications into earnings (a), (b) 556 695 19,116 (3,784 ) 16,583 Net other comprehensive income (loss) 1,448 3,262 19,116 (64,011 ) (40,185 ) Balance at September 30, 2014 $ (4,932 ) $ 1,493 $ (582,305 ) $ (28,997 ) $ (614,741 ) (a) Amounts are net of tax. Amounts in parentheses indicate debits to AOCL. (b) See table above for additional details of these reclassifications.

Description of Business and B40

Description of Business and Basis of Presentation (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Increase in accounts receivable	$ (27,100)	$ (68,140)
Increase in accounts payable and accrued liabilities	(138,481)	(120,329)
Cash used for purchases of available-for-sale securities	142,563	644,396
Cash provided by proceeds from sales/maturities of available-for-sale securities	$ 149,436	601,296
Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Increase in accounts receivable			$ 23,000
Increase in accounts payable and accrued liabilities			14,000
Increase in other noncurrent liabilities			$ 9,000
Cash used for purchases of available-for-sale securities		422,000
Cash provided by proceeds from sales/maturities of available-for-sale securities		$ 422,000

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)segment	Sep. 30, 2014USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			3
Segment reporting information profit (loss)
Revenues	$ 869,541	$ 941,644	$ 2,641,113	$ 2,837,591
EBIT	221,740	233,439	682,803	693,889
Reconciling items:
Interest, net	(37,698)	(41,825)	(119,371)	(127,437)
Unallocated corporate expenses	(49,235)	(61,470)	(151,959)	(163,532)
Restructuring charges and asset impairments, net	(36)	(4,526)	(14,305)	(22,666)
Acquisition-related compensation expense	0	0	(10,483)	0
Other income (expense), net	1,781	15,919	94,916	(45,738)
Income from continuing operations before income taxes	136,552	141,537	481,601	334,516
Small & Medium Business Solutions
Segment reporting information profit (loss)
Revenues	457,774	495,576	1,403,222	1,554,326
EBIT	170,058	175,717	518,961	544,104
North America Mailing
Segment reporting information profit (loss)
Revenues	353,159	363,285	1,071,824	1,115,507
EBIT	159,319	159,638	482,376	476,757
International Mailing
Segment reporting information profit (loss)
Revenues	104,615	132,291	331,398	438,819
EBIT	10,739	16,079	36,585	67,347
Enterprise Business Solutions
Segment reporting information profit (loss)
Revenues	217,558	224,931	650,245	669,674
EBIT	38,309	31,497	108,407	96,100
Production Mail
Segment reporting information profit (loss)
Revenues	101,646	113,497	298,880	330,469
EBIT	12,401	9,570	31,461	27,865
Presort Services
Segment reporting information profit (loss)
Revenues	115,912	111,434	351,365	339,205
EBIT	25,908	21,927	76,946	68,235
Digital Commerce Solutions
Segment reporting information profit (loss)
Revenues	194,209	183,876	532,839	516,599
EBIT	13,373	18,245	44,866	39,720
Software Solutions
Segment reporting information profit (loss)
Revenues	97,638	112,006	282,916	312,200
EBIT	14,613	18,921	34,904	30,620
Global Ecommerce
Segment reporting information profit (loss)
Revenues	96,571	71,870	249,923	204,399
EBIT	(1,240)	(676)	9,962	9,100
Other
Segment reporting information profit (loss)
Revenues	0	37,261	54,807	96,992
EBIT	$ 0	$ 7,980	$ 10,569	$ 13,965

Business Combinations and Div42

Business Combinations and Divestiture (Narrative) (Details) - USD ($) $ in Thousands	Jun. 10, 2015	May. 29, 2015	May. 01, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Business Acquisition [Line Items]
Purchase price						$ 387,391	$ 0
Sale price of business						290,543	101,179
Gain on sale of business						109,069	29,104
Imagitas
Business Acquisition [Line Items]
Sale price of business		$ 292,000
Gain on sale of business		$ 111,000
Borderfree
Business Acquisition [Line Items]
Percentage of business acquired	100.00%
Purchase price	$ 381,000
Cash acquired	92,000
Revenues				$ 25,000		31,000
Pro forma revenues					$ 31,000	$ 47,000	$ 89,000
Borderfree | Selling, general and administrative expense
Business Acquisition [Line Items]
Accelerated stock-based compensation expense	10,000
Borderfree | Other (Income) Expense, Net
Business Acquisition [Line Items]
Acquisition-related costs	$ 8,000
Real Time Content
Business Acquisition [Line Items]
Payment to acquire business			$ 6,000

Business Combinations and Div43

Business Combinations and Divestiture (Preliminary Allocation of Purchase Price) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Jun. 10, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Goodwill	$ 1,753,888		$ 1,672,721
Borderfree
Business Acquisition [Line Items]
Accounts receivable		$ 13,860
Fixed assets		7,329
Goodwill		299,966
Intangible assets		137,500
Accounts payable and other current liabilities		(35,693)
Deferred taxes, net		(40,836)
Other assets and liabilities, net		(677)
Net assets acquired		$ 381,449

Business Combinations and Div44

Business Combinations and Divestiture (Intangible Assets) (Details) - Borderfree $ in Thousands	Jun. 10, 2015USD ($)
Business Acquisition [Line Items]
Value	$ 137,500
Customer relationships
Business Acquisition [Line Items]
Value	$ 116,200
Amortization period	10 years
Developed Technology
Business Acquisition [Line Items]
Value	$ 12,600
Amortization period	5 years
Trade Names
Business Acquisition [Line Items]
Value	$ 8,700
Amortization period	5 years

Discontinued Operations and A45

Discontinued Operations and Assets Held for Sale (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Revenue		$ 0		$ 19,858
Income from operations before taxes		(1,155)		3,261
Gain on sale		2,952		30,274
Income before taxes		1,797		33,535
Tax (benefit) provision		(5,064)		17,156
Income (Loss) from Discontinued Operations, Before Tax Effect of Prior Disposition, Net of Tax, Attributable to Parent		6,861		16,379
Net income	$ 0	20,655	$ (582)	30,173
PBMS
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Revenue		0		0
Income from operations before taxes		(858)		(524)
Gain on sale		2,971		3,101
Income before taxes		2,113		2,577
Tax (benefit) provision		(5,149)		(4,953)
Income (Loss) from Discontinued Operations, Before Tax Effect of Prior Disposition, Net of Tax, Attributable to Parent		7,262		7,530
IMS
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Revenue		0		0
Income from operations before taxes		0		308
Gain on sale		0		1,994
Income before taxes		0		2,302
Tax (benefit) provision		0		851
Income (Loss) from Discontinued Operations, Before Tax Effect of Prior Disposition, Net of Tax, Attributable to Parent		0		1,451
Nordic furniture business
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Revenue		0		0
Income from operations before taxes		0		345
Gain on sale		0		0
Income before taxes		0		345
Tax (benefit) provision		0		97
Income (Loss) from Discontinued Operations, Before Tax Effect of Prior Disposition, Net of Tax, Attributable to Parent		0		248
DIS
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Revenue		0		19,858
Income from operations before taxes		(297)		3,132
Gain on sale		(19)		25,179
Income before taxes		(316)		28,311
Tax (benefit) provision		85		21,161
Income (Loss) from Discontinued Operations, Before Tax Effect of Prior Disposition, Net of Tax, Attributable to Parent		(401)		7,150
Capital Services
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Tax (benefit) provision		$ 13,794		$ 13,794

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Numerator:
Net income from continuing operations		$ 89,282	$ 111,634	$ 322,246	$ 241,054
Net income		0	20,655	(582)	30,173
Net income - Pitney Bowes Inc. (numerator for diluted EPS)		89,282	132,289	321,664	271,227
Less: Preference stock dividend		10	11	31	33
Income attributable to common stockholders (numerator for basic EPS)		$ 89,272	$ 132,278	$ 321,633	$ 271,194
Denominator:
Weighted-average shares used in basic EPS		199,874	202,057	200,825	202,288
Effect of dilutive shares:
Conversion of Preferred stock and Preference stock		318	343	326	347
Employee stock plans		825	1,569	734	1,325
Weighted-average shares used in diluted EPS		201,017	203,969	201,885	203,960
Basic earnings per share:
Continuing operations (in dollars per share)	[1],[2]	$ 0.45	$ 0.55	$ 1.60	$ 1.19
Discontinued operations (in dollars per share)	[1],[2]	0	0.10	0	0.15
Net income attributable to Pitney Bowes Inc. (in dollars per share)	[1],[2]	0.45	0.65	1.60	1.34
Diluted earnings per share:
Continuing operations (in dollars per share)	[1],[2]	0.44	0.55	1.60	1.18
Discontinued operations (in dollars per share)	[1],[2]	0	0.10	0	0.15
Net income attributable to Pitney Bowes Inc. (in dollars per share)	[1],[2]	$ 0.44	$ 0.65	$ 1.59	$ 1.33
Anti-dilutive shares not used in calculating diluted weighted-average shares:		7,934	6,009	8,609	7,394
[1]	The sum of earnings per share amounts may not equal the totals due to rounding.
[2]	The sum of earnings per share amounts may not equal the totals due to rounding.

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Inventory Disclosure [Abstract]
Raw materials and work in process	$ 40,410	$ 37,175
Supplies and service parts	45,950	33,760
Finished products	30,191	26,992
Inventory at FIFO cost	116,551	97,927
Excess of FIFO cost over LIFO cost	(13,356)	(13,100)
Total inventory, net	$ 103,195	$ 84,827

Finance Assets (Details)

Finance Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Loan receivables
Net investment in finance receivables	$ 1,708,763		$ 1,820,025
Allowance for Loan and Lease Losses [Roll Forward]
Balance Beginning	28,110	$ 36,949
Amounts charged to expense	8,023	12,392
Write-offs and other	(13,439)	(18,104)
Balance Closing	22,694	31,237
Financing Receivable, Recorded Investment, Aging [Abstract]
1 to 30 days	1,841,977		1,970,209
31 to 60 days	42,254		39,895
61 to 90 days	26,056		32,603
More than 90 days	30,884		35,238
Total	1,941,171		2,077,945
Past due amounts 90 days
Still accruing interest	7,614		8,448
Not accruing interest	23,270		26,790
Total	$ 30,884		35,238
Revenue recognition resume period	60 days
Low
Past due amounts 90 days
Approximate percentage of portfolio	30.00%
Medium
Past due amounts 90 days
Approximate percentage of portfolio	40.00%
High
Past due amounts 90 days
Approximate percentage of portfolio	30.00%
North America
Loan receivables
Net investment in finance receivables	$ 1,401,427		1,477,427
International
Loan receivables
Net investment in finance receivables	307,336		342,598
Sales-type lease receivables
Sales-type lease receivables
Gross finance receivables	1,537,611		1,653,293
Unguaranteed residual values	116,529		123,496
Unearned income	(326,243)		(353,306)
Allowance for credit losses	(11,191)		(15,410)
Net investment in sales-type lease receivables	1,316,706		1,408,073
Financing Receivable, Recorded Investment, Aging [Abstract]
Sales-type Lease Receivables - Total	$ 1,537,611		1,653,293
Past due amounts 90 days
Revenue recognition discontinuation period	120 days
Sales-type lease receivables | North America
Sales-type lease receivables
Gross finance receivables	$ 1,219,242		1,286,624
Unguaranteed residual values	100,210		105,205
Unearned income	(255,747)		(270,196)
Allowance for credit losses	(7,531)		(10,281)
Net investment in sales-type lease receivables	1,056,174		1,111,352
Allowance for Loan and Lease Losses [Roll Forward]
Balance Beginning	10,281	14,165
Amounts charged to expense	802	3,232
Write-offs and other	(3,552)	(4,491)
Balance Closing	7,531	12,906
Financing Receivable, Recorded Investment, Aging [Abstract]
1 to 30 days	1,153,935		1,217,623
31 to 60 days	26,887		23,242
61 to 90 days	19,165		24,198
More than 90 days	19,255		21,561
Sales-type Lease Receivables - Total	1,219,242		1,286,624
Past due amounts 90 days
Still accruing interest	5,356		5,931
Not accruing interest	13,899		15,630
Total	19,255		21,561
Sales-type lease receivables | North America | Low
Sales-type lease receivables
Gross finance receivables	924,814		936,979
Financing Receivable, Recorded Investment, Aging [Abstract]
Sales-type Lease Receivables - Total	924,814		936,979
Sales-type lease receivables | North America | Medium
Sales-type lease receivables
Gross finance receivables	207,186		230,799
Financing Receivable, Recorded Investment, Aging [Abstract]
Sales-type Lease Receivables - Total	207,186		230,799
Sales-type lease receivables | North America | High
Sales-type lease receivables
Gross finance receivables	39,595		45,202
Financing Receivable, Recorded Investment, Aging [Abstract]
Sales-type Lease Receivables - Total	39,595		45,202
Sales-type lease receivables | North America | Not Scored
Sales-type lease receivables
Gross finance receivables	47,647		73,644
Financing Receivable, Recorded Investment, Aging [Abstract]
Sales-type Lease Receivables - Total	47,647		73,644
Sales-type lease receivables | International
Sales-type lease receivables
Gross finance receivables	318,369		366,669
Unguaranteed residual values	16,319		18,291
Unearned income	(70,496)		(83,110)
Allowance for credit losses	(3,660)		(5,129)
Net investment in sales-type lease receivables	260,532		296,721
Allowance for Loan and Lease Losses [Roll Forward]
Balance Beginning	5,129	9,703
Amounts charged to expense	183	35
Write-offs and other	(1,652)	(4,252)
Balance Closing	3,660	5,486
Financing Receivable, Recorded Investment, Aging [Abstract]
1 to 30 days	301,527		347,236
31 to 60 days	5,635		6,207
61 to 90 days	3,543		4,494
More than 90 days	7,664		8,732
Sales-type Lease Receivables - Total	318,369		366,669
Past due amounts 90 days
Still accruing interest	2,258		2,517
Not accruing interest	5,406		6,215
Total	7,664		8,732
Loan receivables
Loan receivables
Loan receivables	403,560		424,652
Allowance for credit losses	(11,503)		(12,700)
Net investment in loan receivables	$ 392,057		411,952
Past due amounts 90 days
Revenue recognition discontinuation period	90 days
Loan receivables | North America
Loan receivables
Loan receivables	$ 355,106		376,987
Allowance for credit losses	(9,853)		(10,912)
Net investment in loan receivables	345,253		366,075
Allowance for Loan and Lease Losses [Roll Forward]
Balance Beginning	10,912	11,165
Amounts charged to expense	6,171	7,759
Write-offs and other	(7,230)	(7,980)
Balance Closing	9,853	10,944
Financing Receivable, Recorded Investment, Aging [Abstract]
1 to 30 days	340,106		359,672
31 to 60 days	8,565		9,245
61 to 90 days	2,978		3,498
More than 90 days	3,457		4,572
Total			376,987
Past due amounts 90 days
Still accruing interest	0		0
Not accruing interest	3,457		4,572
Total	3,457		4,572
Loan receivables | North America | Low
Loan receivables
Loan receivables	248,542		259,436
Loan receivables | North America | Medium
Loan receivables
Loan receivables	85,716		96,243
Loan receivables | North America | High
Loan receivables
Loan receivables	10,445		10,913
Loan receivables | North America | Not Scored
Loan receivables
Loan receivables	10,403		10,395
Loan receivables | International
Loan receivables
Loan receivables	48,454		47,665
Allowance for credit losses	(1,650)		(1,788)
Net investment in loan receivables	46,804		45,877
Allowance for Loan and Lease Losses [Roll Forward]
Balance Beginning	1,788	1,916
Amounts charged to expense	867	1,366
Write-offs and other	(1,005)	(1,381)
Balance Closing	1,650	$ 1,901
Financing Receivable, Recorded Investment, Aging [Abstract]
1 to 30 days	46,409		45,678
31 to 60 days	1,167		1,201
61 to 90 days	370		413
More than 90 days	508		373
Total			47,665
Past due amounts 90 days
Still accruing interest	0		0
Not accruing interest	508		373
Total	$ 508		$ 373

Intangible Assets and Goodwil49

Intangible Assets and Goodwill (Intangible Assets) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Finite lived intangible assets
Gross Carrying Amount	$ 619,396		$ 619,396		$ 560,342
Accumulated Amortization	(427,078)		(427,078)		(478,169)
Net Carrying Amount	192,318		192,318		82,173
Finite Lived Intangible Assets Amortization Expense	11,000	$ 9,000	27,000	$ 26,000
Customer relationships
Finite lived intangible assets
Gross Carrying Amount	433,475		433,475		337,438
Accumulated Amortization	(265,371)		(265,371)		(263,121)
Net Carrying Amount	168,104		168,104		74,317
Supplier relationships
Finite lived intangible assets
Gross Carrying Amount	0		0		29,000
Accumulated Amortization	0		0		(27,913)
Net Carrying Amount	0		0		1,087
Software & technology
Finite lived intangible assets
Gross Carrying Amount	150,373		150,373		160,825
Accumulated Amortization	(134,530)		(134,530)		(154,610)
Net Carrying Amount	15,843		15,843		6,215
Trademarks & other
Finite lived intangible assets
Gross Carrying Amount	35,548		35,548		33,079
Accumulated Amortization	(27,177)		(27,177)		(32,525)
Net Carrying Amount	$ 8,371		$ 8,371		$ 554

Intangible Assets and Goodwil50

Intangible Assets and Goodwill (Future Amortization Expense) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Finite lived intangible assets future amortization expense
Remaining for year ending December 31, 2015	$ 10,520
Year ending December 31, 2016	37,696
Year ending December 31, 2017	26,857
Year ending December 31, 2018	24,251
Year ending December 31, 2019	21,193
Thereafter	71,801
Net Carrying Amount	$ 192,318	$ 82,173

Intangible Assets and Goodwil51

Intangible Assets and Goodwill (Goodwill) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Goodwill [Roll Forward]
Goodwill	$ 1,672,721
Acquisitions	305,758
Divestiture	(194,232)
Foreign currency translation	(30,359)
Goodwill	1,753,888
Small & Medium Business Solutions
Goodwill [Roll Forward]
Goodwill	471,594
Acquisitions	0
Divestiture	0
Foreign currency translation	(21,135)
Goodwill	450,459
North America Mailing
Goodwill [Roll Forward]
Goodwill	309,448
Acquisitions	0
Divestiture	0
Foreign currency translation	(10,241)
Goodwill	299,207
International Mailing
Goodwill [Roll Forward]
Goodwill	162,146
Acquisitions	0
Divestiture	0
Foreign currency translation	(10,894)
Goodwill	151,252
Enterprise Business Solutions
Goodwill [Roll Forward]
Goodwill	305,977
Acquisitions	0
Divestiture	0
Foreign currency translation	(3,621)
Goodwill	302,356
Production Mail
Goodwill [Roll Forward]
Goodwill	110,837
Acquisitions	0
Divestiture	0
Foreign currency translation	(3,621)
Goodwill	107,216
Presort Services
Goodwill [Roll Forward]
Goodwill	195,140
Acquisitions	0
Divestiture	0
Foreign currency translation	0
Goodwill	195,140
Digital Commerce Solutions
Goodwill [Roll Forward]
Goodwill	700,918
Acquisitions	305,758
Divestiture	0
Foreign currency translation	(5,603)
Goodwill	1,001,073
Software Solutions
Goodwill [Roll Forward]
Goodwill	677,008
Acquisitions	5,792
Divestiture	0
Foreign currency translation	(5,603)
Goodwill	677,197
Global Ecommerce
Goodwill [Roll Forward]
Goodwill	23,910
Acquisitions	299,966
Divestiture	0
Foreign currency translation	0
Goodwill	323,876
Other
Goodwill [Roll Forward]
Goodwill	194,232
Acquisitions	0
Divestiture	(194,232)
Foreign currency translation	0
Goodwill	$ 0

Fair Value Measurements and D52

Fair Value Measurements and Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	$ 704,831	$ 1,114,543
Liabilities:	(4,948)	(2,988)
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	111,663	619,617
Liabilities:	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	593,168	494,926
Liabilities:	(4,948)	(2,988)
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	0	0
Liabilities:	0	0
Money market funds / commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	300,243	699,629
Money market funds / commercial paper | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	11,181	505,643
Money market funds / commercial paper | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	289,062	193,986
Money market funds / commercial paper | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	0	0
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	23,376	27,409
Equity securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	0	0
Equity securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	23,376	27,409
Equity securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	0	0
Commingled fixed income securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	22,668	24,077
Commingled fixed income securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	0	0
Commingled fixed income securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	22,668	24,077
Commingled fixed income securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	0	0
U.S. Government, federal agencies and municipalities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	119,759	137,980
U.S. Government, federal agencies and municipalities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	100,482	113,974
U.S. Government, federal agencies and municipalities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	19,277	24,006
U.S. Government, federal agencies and municipalities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	0	0
Corporate notes and bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	67,128	67,448
Corporate notes and bonds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	0	0
Corporate notes and bonds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	67,128	67,448
Corporate notes and bonds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	0	0
Mortgage-backed / asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	169,601	156,614
Mortgage-backed / asset-backed securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	0	0
Mortgage-backed / asset-backed securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	169,601	156,614
Mortgage-backed / asset-backed securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	0	0
Foreign exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	2,056	1,386
Liabilities:	(4,948)	(2,988)
Foreign exchange contracts | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	0	0
Liabilities:	0	0
Foreign exchange contracts | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	2,056	1,386
Liabilities:	(4,948)	(2,988)
Foreign exchange contracts | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	0	0
Liabilities:	$ 0	$ 0

Fair Value Measurements and D53

Fair Value Measurements and Derivative Instruments (Available-for-sale Securities) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost	$ 352,198	$ 357,339
Gross unrealized gains	6,709	6,836
Gross unrealized losses	(2,419)	(2,133)
Estimated fair value	356,488	362,042
U.S. Government, federal agencies and municipalities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost	118,152	135,839
Gross unrealized gains	2,558	2,905
Gross unrealized losses	(951)	(764)
Estimated fair value	119,759	137,980
Corporate notes and bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost	66,537	66,170
Gross unrealized gains	1,235	1,569
Gross unrealized losses	(644)	(291)
Estimated fair value	67,128	67,448
Mortgage-backed / asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost	167,509	155,330
Gross unrealized gains	2,916	2,362
Gross unrealized losses	(824)	(1,078)
Estimated fair value	$ 169,601	$ 156,614

Fair Value Measurements and D54

Fair Value Measurements and Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Investment securities at a loss position for more than 12 months, aggregate unrealized holding losses	$ 1	$ 1
Investment securities at a loss position for more than 12 months, estimated fair value	35	42
Investment securities at a loss position for less than 12 months, aggregate unrealized holding losses	1	1
Investment securities at a loss position for less than 12 months, estimated fair value	145	88
Total notional amount of outstanding contracts in cash flow hedging relationships	20	$ 18
Maximum collateral required	$ 5

Fair Value Measurements and D55

Fair Value Measurements and Derivative Instruments (Available-for-sale Securities Maturities) (Details) $ in Thousands	Sep. 30, 2015USD ($)
Fair Value Disclosures [Abstract]
Amortized cost - Within 1 year	$ 51,583
Amortized cost - After 1 year through 5 years	70,799
Amortized cost - After 5 years through 10 years	55,666
Amortized cost - After 10 years	174,150
Amortized cost - Total	352,198
Estimated fair value - Within 1 year	51,641
Estimated fair value - After 1 year through 5 years	71,943
Estimated fair value - After 5 years through 10 years	56,919
Estimated fair value - After 10 years	175,985
Estimated fair value - Total	$ 356,488

Fair Value Measurements and D56

Fair Value Measurements and Derivative Instruments (Derivative Instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Total net derivative liabilities	$ (2,892)	$ (1,602)
Total derivative assets
Derivative [Line Items]
Total net derivative liabilities	2,056	1,386
Total derivative liabilities
Derivative [Line Items]
Total net derivative liabilities	(4,948)	(2,988)
Foreign exchange contracts | Derivatives designated as hedging instruments | Other current assets and prepayments
Derivative [Line Items]
Total net derivative liabilities	245	762
Foreign exchange contracts | Derivatives designated as hedging instruments | Accounts payable and accrued liabilities:
Derivative [Line Items]
Total net derivative liabilities	(451)	0
Foreign exchange contracts | Derivatives not designated as hedging instruments | Other current assets and prepayments
Derivative [Line Items]
Total net derivative liabilities	1,811	624
Foreign exchange contracts | Derivatives not designated as hedging instruments | Accounts payable and accrued liabilities:
Derivative [Line Items]
Total net derivative liabilities	$ (4,497)	$ (2,988)

Fair Value Measurements and D57

Fair Value Measurements and Derivative Instruments (Foreign Exchange Contracts) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Derivative [Line Items]
Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion)	$ 170	$ 387	$ 1,583	$ 615
Revenue
Derivative [Line Items]
Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion)	211	429	1,039	1,009
Cost of sales
Derivative [Line Items]
Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion)	(41)	(42)	544	(394)
Foreign exchange contracts
Derivative [Line Items]
Derivative Gain (Loss) Recognized in AOCL (Effective Portion)	(140)	959	614	1,465
Foreign exchange contracts | Selling, general and administrative expense
Derivative [Line Items]
Derivative Gain (Loss) Recognized in Earnings	$ 2,138	$ 3,131	$ (1,437)	$ (173)

Fair Value Measurements and D58

Fair Value Measurements and Derivative Instruments (Fair Value of Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 2,992,146	$ 3,252,006
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 3,136,917	$ 3,440,383

Restructuring Charges and Ass59

Restructuring Charges and Asset Impairment (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jun. 30, 2015	Sep. 30, 2015	Sep. 30, 2014
Restructuring Costs [Abstract]
Cash payments		$ (46,056)	$ (42,151)
Proceeds from sale of former corporate world headquarters building	$ 39,000	$ 38,640	0
Restructuring Charges and Asset Impairments, Net
Restructuring Costs [Abstract]
Asset impairment charge	$ 5,000
International
Restructuring Costs [Abstract]
Restructuring reserve, payment period		24 months
Minimum
Restructuring Costs [Abstract]
Restructuring reserve, payment period		12 months
Maximum
Restructuring Costs [Abstract]
Restructuring reserve, payment period		24 months
Operational Excellence
Restructuring Costs [Abstract]
Balance Beginning		$ 86,259	50,049
Expenses, net (1)		8,778	26,970	[1]
Cash payments		(43,757)	(39,002)
Balance Ending		51,280	38,017
Operational Excellence | Severance and benefits costs
Restructuring Costs [Abstract]
Balance Beginning		78,105	42,427
Expenses, net (1)		9,961	22,534	[1]
Cash payments		(40,547)	(32,896)
Balance Ending		47,519	32,065
Operational Excellence | Other exit costs
Restructuring Costs [Abstract]
Balance Beginning		8,154	7,622
Expenses, net (1)		(1,183)	4,436	[1]
Cash payments		(3,210)	(6,106)
Balance Ending		3,761	5,952
Other Plans
Restructuring Costs [Abstract]
Balance Beginning		3,920	16,523
Expenses, net (1)		(765)	(8,452)
Cash payments		(2,299)	(3,149)
Balance Ending		856	4,922
Other Plans | Severance and benefits costs
Restructuring Costs [Abstract]
Balance Beginning		3,731	16,131
Expenses, net (1)		(765)	(8,452)
Cash payments		(2,161)	(2,996)
Balance Ending		805	4,683
Other Plans | Other exit costs
Restructuring Costs [Abstract]
Balance Beginning		189	392
Expenses, net (1)		0	0
Cash payments		(138)	(153)
Balance Ending		$ 51	$ 239
[1]	See Note 12 for additional restructuring charge.

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Nov. 30, 2015	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Debt Instrument [Line Items]
Commercial paper outstanding		$ 150,000		$ 0
Principal amount		2,972,941		3,226,943
Less: unamortized discount		5,605		6,653
Plus: unamortized interest rate swap proceeds		24,810		31,716
Total debt		2,992,146		3,252,006
Less: current portion long-term debt		371,091		324,879
Long-term debt		2,471,055		2,927,127
Repayments of long-term debt		$ 404,952	$ 599,850
Notes due March 2015
Debt Instrument [Line Items]
Interest rate		5.00%
Debt instrument, face amount		$ 0		$ 274,879
Repayments of long-term debt		$ 275,000
Notes due January 2016
Debt Instrument [Line Items]
Interest rate		4.75%		4.75%
Debt instrument, face amount		$ 370,914		$ 370,914
Notes due September 2017
Debt Instrument [Line Items]
Interest rate		5.75%		5.75%
Debt instrument, face amount		$ 385,109		$ 385,109
Notes due March 2018
Debt Instrument [Line Items]
Interest rate		5.60%		5.60%
Debt instrument, face amount		$ 250,000		$ 250,000
Notes due May 2018
Debt Instrument [Line Items]
Interest rate		4.75%		4.75%
Debt instrument, face amount		$ 350,000		$ 350,000
Notes due March 2019
Debt Instrument [Line Items]
Interest rate		6.25%		6.25%
Debt instrument, face amount		$ 300,000		$ 300,000
Notes due November 2022
Debt Instrument [Line Items]
Interest rate				5.25%
Debt instrument, face amount		$ 110,000		$ 110,000
Notes due March 2024
Debt Instrument [Line Items]
Interest rate		4.625%		4.625%
Debt instrument, face amount		$ 500,000		$ 500,000
Notes due January 2037
Debt Instrument [Line Items]
Interest rate		5.25%		5.25%
Debt instrument, face amount		$ 115,041		$ 115,041
Notes due March 2043
Debt Instrument [Line Items]
Interest rate		6.70%		6.70%
Debt instrument, face amount		$ 425,000		$ 425,000
Term loans
Debt Instrument [Line Items]
Debt instrument, face amount		0		130,000
Repayments of long-term debt		130,000
Other debt
Debt Instrument [Line Items]
Debt instrument, face amount		$ 16,877		$ 16,000
Commercial Paper
Debt Instrument [Line Items]
Interest rate		0.537%
Scenario, Forecast | Notes due November 2022
Debt Instrument [Line Items]
Interest rate	5.25%
Repayments of long-term debt	$ 110,000

Pensions and Other Benefit Pr61

Pensions and Other Benefit Programs (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2015		Sep. 30, 2014		Sep. 30, 2015	Sep. 30, 2014
United States
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 38		$ 1,241		$ 114	$ 5,679
Interest cost	18,581		19,415		55,745	58,247
Expected return on plan assets	(26,002)		(25,956)		(78,004)	(77,868)
Amortization of transition credit	0		0		0	0
Amortization of prior service cost (credit)	2		2		6	6
Amortization of net actuarial loss	7,327		6,470		21,982	18,894
Settlement / curtailment	1,083	[1]	0	[1]	1,083	3,371
Net periodic benefit (income) cost	1,029		1,172		926	8,329
Foreign
Defined Benefit Plan Disclosure [Line Items]
Service cost	557		898		1,677	2,719
Interest cost	6,099		7,219		18,284	21,664
Expected return on plan assets	(8,912)		(9,914)		(26,686)	(29,719)
Amortization of transition credit	(2)		(3)		(7)	(8)
Amortization of prior service cost (credit)	(16)		(15)		(49)	(45)
Amortization of net actuarial loss	1,482		2,093		4,471	6,272
Settlement / curtailment	0	[1]	0	[1]	0	0
Net periodic benefit (income) cost	(792)		278		(2,310)	883
Nonpension Postretirement Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	530		632		1,849	2,057
Interest cost	2,086		2,509		6,612	7,451
Expected return on plan assets	0		0		0	0
Amortization of transition credit	0		0		0	0
Amortization of prior service cost (credit)	74		40		222	120
Amortization of net actuarial loss	1,704		1,462		5,657	4,486
Settlement / curtailment	0	[1]	0	[1]	0	0
Net periodic benefit (income) cost	$ 4,394		$ 4,643		$ 14,340	$ 14,114
[1]	Included in restructuring charges and asset impairments, net in the Condensed Consolidated Statements of Income.

Pensions and Other Benefit Pr62

Pensions and Other Benefit Programs (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
United States
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Contributions By Employer	$ 6	$ 15
Foreign
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Contributions By Employer	12	14
Nonpension Postretirement Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Contributions By Employer	$ 16	$ 17

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Operating Loss Carryforwards [Line Items]
Effective tax rate (percent)	31.30%	17.90%	30.20%	23.80%
Tax benefits from resolution of tax examination				$ 22
Imagitas
Operating Loss Carryforwards [Line Items]
Disposition of Imagitas			$ 20

Noncontrolling Interests (Pre64

Noncontrolling Interests (Preferred Stockholders' Equity in Subsidiaries) (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	25.00%
Noncontrolling Interest, Ownership Percentage by Parent	75.00%
Preferred Stock, Dividend Rate, Percentage	4.00%	4.00%
Preferred Stock, Cumulative Dividend Increase Interval if Outstanding Once Callable	6 months
Dividends in arrears	$ 0	$ 0
Redeemable Preferred Stock Member
Noncontrolling Interest [Line Items]
Shares, Outstanding	300,000
Preferred Stock, Value, Issued	$ 300,000,000
Preferred Stock, Dividend Rate, Percentage	6.125%
Preferred Stock, Dividend Rate, Increase if Outstanding Once Callable	50.00%
Preferred stock-perpetual voting, dividend increase percentage each interval once shares become callable	50.00%

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balances, beginning of period			$ 77,259	$ 205,176
Net income	$ 89,282	$ 132,289	321,664	271,227
Other comprehensive loss	(8,346)	(55,390)	(54,696)	(40,185)
Cash dividends
Common			(113,127)	(113,883)
Dividends paid - Preference stock	(10)	(11)	(31)	(33)
Issuance of common stock			(3,963)	909
Conversion to common stock				0
Stock-based compensation expense			14,921	12,658
Purchase of subsidiary shares from noncontrolling interest				(7,520)
Repurchase of common stock			(100,000)	(50,003)
Balances, end of period	142,027	278,346	142,027	278,346
Preferred stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balances, beginning of period			1	4
Cash dividends
Conversion to common stock				(3)
Balances, end of period	1	1	1	1
Preference stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balances, beginning of period			548	591
Cash dividends
Conversion to common stock			(29)	(32)
Balances, end of period	519	559	519	559
Common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balances, beginning of period			323,338	323,338
Cash dividends
Balances, end of period	323,338	323,338	323,338	323,338
Additional paid-in capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balances, beginning of period			178,852	196,977
Cash dividends
Issuance of common stock			(36,946)	(26,591)
Conversion to common stock			(632)	(741)
Stock-based compensation expense			14,921	12,658
Purchase of subsidiary shares from noncontrolling interest				(7,520)
Balances, end of period	156,195	174,783	156,195	174,783
Retained earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balances, beginning of period			4,897,708	4,715,564
Net income			321,664	271,227
Cash dividends
Common			(113,127)	(113,883)
Dividends paid - Preference stock			(31)	(33)
Balances, end of period	5,106,214	4,872,875	5,106,214	4,872,875
Accumulated other comprehensive loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balances, beginning of period			(846,156)	(574,556)
Other comprehensive loss			(54,696)	(40,185)
Cash dividends
Balances, end of period	(900,852)	(614,741)	(900,852)	(614,741)
Treasury stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balances, beginning of period			(4,477,032)	(4,456,742)
Cash dividends
Dividends paid - Preference stock				0
Issuance of common stock			32,983	27,500
Conversion to common stock			661	776
Repurchase of common stock			(100,000)	(50,003)
Balances, end of period	$ (4,543,388)	$ (4,478,469)	$ (4,543,388)	$ (4,478,469)

Accumulated Other Comprehensi66

Accumulated Other Comprehensive Loss (Reclassifications) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Gains (losses) on cash flow hedges
Revenues		$ 869,541	$ 941,644	$ 2,641,113	$ 2,837,591
Interest expense, net		(20,165)	(22,158)	(65,200)	(67,704)
(Benefit) provision for income tax		42,676	25,310	145,574	79,681
Net income		93,876	136,882	335,445	285,008
Pension and Postretirement Benefit Plans
Benefit for income tax		(4,219)	(3,355)	(12,001)	(10,609)
Reclassification out of Accumulated Other Comprehensive Loss
Gains (losses) on cash flow hedges
Revenues	[1]	211	429	1,039	1,009
Cost of sales	[1]	(41)	(42)	544	(394)
Interest expense, net	[1]	(507)	(507)	(1,521)	(1,521)
Total before tax	[1]	(337)	(120)	62	(906)
(Benefit) provision for income tax	[1]	(132)	(47)	15	(350)
Net income	[1]	(205)	(73)	47	(556)
Gains (losses) on available for sale securities
Interest expense, net	[1]	1,085	(249)	1,043	(1,101)
Provision (benefit) for income tax	[1]	401	(92)	385	(406)
Net of tax	[1]	684	(157)	658	(695)
Pension and Postretirement Benefit Plans
Transition credit	[1],[2]	2	3	7	8
Prior service costs	[1],[2]	(60)	(27)	(179)	(81)
Actuarial losses	[1],[2]	(11,596)	(10,025)	(33,193)	(29,652)
Total before tax	[1],[2]	(11,654)	(10,049)	(33,365)	(29,725)
Benefit for income tax	[1],[2]	(4,219)	(3,355)	(12,001)	(10,609)
Net of tax	[1],[2]	$ (7,435)	$ (6,694)	$ (21,364)	$ (19,116)
[1]	Amounts in parentheses indicate reductions to income and increases to other comprehensive income (loss).
[2]	Reclassified from accumulated other comprehensive loss into selling, general and administrative expenses. These amounts are included in the computation of net periodic costs (see Note 12 for additional details).

Accumulated Other Comprehensi67

Accumulated Other Comprehensive Loss (Changes) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance				$ (846,156)	$ (574,556)
Other comprehensive income (loss) before reclassifications	[1]			(75,355)	(56,768)
Amounts reclassified from accumulated other comprehensive loss	[1],[2]			20,659	16,583
Other comprehensive loss, net of tax		$ (8,346)	$ (55,390)	(54,696)	(40,185)
Ending Balance		(900,852)	(614,741)	(900,852)	(614,741)
Cash flow hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance				(4,689)	(6,380)
Other comprehensive income (loss) before reclassifications	[1]			382	892
Amounts reclassified from accumulated other comprehensive loss	[1],[2]			(47)	556
Other comprehensive loss, net of tax				335	1,448
Ending Balance		(4,354)	(4,932)	(4,354)	(4,932)
Available for sale securities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance				2,966	(1,769)
Other comprehensive income (loss) before reclassifications	[1]			416	2,567
Amounts reclassified from accumulated other comprehensive loss	[1],[2]			(658)	695
Other comprehensive loss, net of tax				(242)	3,262
Ending Balance		2,724	1,493	2,724	1,493
Pension and postretirement benefit plans
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance				(786,079)	(601,421)
Other comprehensive income (loss) before reclassifications	[1]			0	0
Amounts reclassified from accumulated other comprehensive loss	[1],[2]			21,364	19,116
Other comprehensive loss, net of tax				21,364	19,116
Ending Balance		(764,715)	(582,305)	(764,715)	(582,305)
Foreign currency adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance				(58,354)	35,014
Other comprehensive income (loss) before reclassifications	[1]			(76,153)	(60,227)
Amounts reclassified from accumulated other comprehensive loss	[1],[2]			0	(3,784)
Other comprehensive loss, net of tax				(76,153)	(64,011)
Ending Balance		$ (134,507)	$ (28,997)	$ (134,507)	$ (28,997)
[1]	Amounts are net of tax. Amounts in parentheses indicate debits to AOCL.
[2]	See table above for additional details of these reclassifications.