Pitney Bowes (PBI) 10-Q 8 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 28, 2016
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	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		185,589,844

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenue:
Equipment sales	$ 152,641	$ 165,507	$ 312,002	$ 331,471
Supplies	65,274	70,636	137,325	144,004
Software	90,615	99,184	168,673	185,541
Rentals	102,869	111,312	206,959	225,309
Financing	91,609	101,437	189,032	207,067
Support services	131,418	139,237	259,678	278,795
Business services	201,460	193,578	406,806	399,385
Total revenue	835,886	880,891	1,680,475	1,771,572
Costs and expenses:
Cost of equipment sales	78,055	79,043	149,594	154,056
Cost of supplies	19,624	21,624	40,314	44,283
Cost of software	26,983	28,501	53,798	58,365
Cost of rentals	18,415	21,003	38,910	41,704
Financing interest expense	13,495	17,868	28,410	36,638
Cost of support services	74,742	81,507	149,991	165,106
Cost of business services	140,830	135,636	276,368	275,555
Selling, general and administrative	288,580	315,578	615,462	630,107
Research and development	34,513	28,492	61,081	54,540
Restructuring charges and asset impairments, net	26,076	14,350	33,009	14,269
Interest expense, net	20,799	20,971	40,100	45,035
Other expense (income), net	536	(93,135)	536	(93,135)
Total costs and expenses	742,648	671,438	1,487,573	1,426,523
Income from continuing operations before income taxes	93,238	209,453	192,902	345,049
Provision for income taxes	33,394	52,351	70,418	102,898
Income from continuing operations	59,844	157,102	122,484	242,151
Net income	58,184	156,363	120,824	241,569
Less: Preferred stock dividends attributable to noncontrolling interests	4,594	4,593	9,188	9,187
Net income attributable to Pitney Bowes Inc.	53,590	151,770	111,636	232,382
Amounts attributable to common stockholders:
Net income from continuing operations	55,250	152,509	113,296	232,964
Loss from discontinued operations, net of tax	(1,660)	(739)	(1,660)	(582)
Net income attributable to Pitney Bowes Inc.	$ 53,590	$ 151,770	$ 111,636	$ 232,382
Basic earnings per share attributable to common stockholders:
Continuing operations (in dollars per share)	$ 0.29	$ 0.76	$ 0.60	$ 1.16
Discontinued operations (in dollars per share)	(0.01)	0	(0.01)	0
Net income attributable to Pitney Bowes Inc. (in dollars per share)	0.29	0.75	0.59	1.15
Diluted earnings per share attributable to common stockholders:
Continuing operations (in dollars per share)	0.29	0.75	0.59	1.15
Discontinued operations (in dollars per share)	(0.01)	0	(0.01)	0
Net income attributable to Pitney Bowes Inc. (in dollars per share)	0.28	0.75	0.59	1.15
Dividends declared per share of common stock (in dollars per share)	$ 0.1875	$ 0.1875	$ 0.375	$ 0.375000

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 58,184	$ 156,363	$ 120,824	$ 241,569
Less: Preferred stock dividends attributable to noncontrolling interests	4,594	4,593	9,188	9,187
Net income attributable to Pitney Bowes Inc.	53,590	151,770	111,636	232,382
Other comprehensive income (loss), net of tax:
Foreign currency translations	(9,520)	13,157	30,325	(59,022)
Net unrealized gain (loss) on cash flow hedges, net of tax of $281, $(201), $264 and $140, respectively	450	(333)	422	216
Net unrealized gain (loss) on investment securities, net of tax of $1,415, $(1,877), $3,443 and $(863), respectively	2,409	(3,203)	5,863	(1,473)
Adjustments to pension and postretirement plans, net of tax of $(777) for the six months ended June 30, 2016	0	0	(1,230)	0
Amortization of pension and postretirement costs, net of tax of $4,122, $3,614, $7,921 and $7,781, respectively	6,080	6,520	12,828	13,929
Other comprehensive (loss) income, net of tax	(581)	16,141	48,208	(46,350)
Comprehensive income attributable to Pitney Bowes Inc.	$ 53,009	$ 167,911	$ 159,844	$ 186,032

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net unrealized gain (loss) on cash flow hedges, tax	$ 281	$ (201)	$ 264	$ 140
Net unrealized loss on investment securities, tax	1,415	(1,877)	3,443	(863)
Adjustments to pension and postretirement plans, tax			(777)
Benefit from income tax	$ 4,122	$ 3,614	$ 7,921	$ 7,781

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 675,972	$ 650,557
Short-term investments	74,809	117,021
Accounts receivable (net of allowance of $11,202 and $9,997, respectively)	431,580	476,583
Short-term finance receivables (net of allowance of $13,714 and $15,480, respectively)	918,974	918,383
Inventories	110,960	88,824
Current income taxes	12,186	6,584
Other current assets and prepayments	61,039	67,400
Total current assets	2,285,520	2,325,352
Property, plant and equipment, net	309,491	330,088
Rental property and equipment, net	172,269	177,515
Long-term finance receivables (net of allowance of $5,031 and $6,210, respectively)	693,589	760,657
Goodwill	1,752,714	1,745,957
Intangible assets, net	172,785	187,378
Non-current income taxes	66,942	70,294
Other assets	510,267	525,891
Total assets	5,963,577	6,123,132
Current liabilities:
Accounts payable and accrued liabilities	1,345,653	1,448,321
Current income taxes	7,235	16,620
Current portion of long-term debt and notes payable	470,058	461,085
Advance billings	308,728	353,025
Total current liabilities	2,131,674	2,279,051
Deferred taxes on income	212,607	205,668
Tax uncertainties and other income tax liabilities	69,803	68,429
Long-term debt	2,623,764	2,489,583
Other non-current liabilities	550,546	605,310
Total liabilities	5,588,394	5,648,041
Commitments and contingencies
Noncontrolling interests (Preferred stockholders’ equity in subsidiaries)	296,370	296,370
Stockholders’ equity:
Cumulative preferred stock, $50 par value, 4% convertible	1	1
Cumulative preference stock, no par value, $2.12 convertible	489	505
Common stock, $1 par value (480,000,000 shares authorized; 323,337,912 shares issued)	323,338	323,338
Additional paid-in capital	148,154	161,280
Retained earnings	5,196,194	5,155,537
Accumulated other comprehensive loss	(840,427)	(888,635)
Treasury stock, at cost (137,762,931 and 127,816,704 shares, respectively)	(4,748,936)	(4,573,305)
Total Pitney Bowes, Inc. stockholders’ equity	78,813	178,721
Total liabilities, noncontrolling interests and stockholders’ equity	$ 5,963,577	$ 6,123,132

Condensed Consolidated Balance6

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Allowance for Doubtful Accounts Receivable	$ 11,202	$ 9,997
Allowance for Notes, Loans and Financing Receivable, Current	13,714	15,480
Allowance for Notes, Loans and Financing Receivable, Noncurrent	$ 5,031	$ 6,210
Preferred stock par value (in dollars per share)	$ 50	$ 50
Preferred stock dividend rate	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	137,762,931	127,816,704

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net income	$ 120,824	$ 241,569
Restructuring payments	(33,866)	(30,775)
Special pension plan contributions	(36,731)	0
Tax payments related to other investments	0	(26,375)
Adjustments to reconcile net income to net cash provided by operating activities:
Loss (Gain) on disposal of businesses	2,099	(107,548)
Depreciation and amortization	89,538	85,153
Gain on debt forgiveness	(10,000)	0
Stock-based compensation	9,511	11,067
Restructuring charges and asset impairments, net	33,009	14,269
Changes in operating assets and liabilities, net of acquisitions/divestitures:
Decrease in accounts receivable	46,828	36,484
Decrease in finance receivables	73,496	74,092
Increase in inventories	(22,601)	(17,414)
Decrease (Increase) in other current assets and prepayments	7,206	(15,984)
Decrease in accounts payable and accrued liabilities	(80,039)	(130,100)
(Decrease) Increase in current and non-current income taxes	(10,801)	50,635
(Decrease) Increase in advance billings	(45,410)	15,850
Other, net	10,524	85
Net cash provided by operating activities	153,587	201,008
Cash flows from investing activities:
Purchases of available-for-sale securities	(77,185)	(113,339)
Proceeds from sales/maturities of available-for-sale securities	84,854	117,993
Net Proceeds from short-term and other investments	57,591	8,130
Capital expenditures	(71,359)	(89,612)
Proceeds from sale of buildings	17,671	38,640
Acquisition of businesses, net of cash acquired	(13,417)	(391,531)
Divestiture of businesses, net of cash transferred	(3,039)	289,639
Change in reserve account deposits	(7,143)	(21,464)
Other investing activities	(4,480)	743
Net cash used in investing activities	(16,507)	(160,801)
Cash flows from financing activities:
Proceeds from the issuance of long-term debt	300,000	950
Principal payments of long-term debt	(370,952)	(354,909)
Increase in short-term borrowings, net	229,875	100,000
Dividends paid to stockholders	(70,979)	(75,637)
Common stock repurchases	(194,776)	0
Dividends paid to noncontrolling interests	(9,188)	(9,188)
Other financing activities	0	1,585
Net cash used in financing activities	(116,020)	(337,199)
Effect of exchange rate changes on cash and cash equivalents	4,355	(28,903)
Increase (Decrease) in cash and cash equivalents	25,415	(325,895)
Cash and cash equivalents at beginning of period	650,557	1,054,118
Cash and cash equivalents at end of period	675,972	728,223
Cash interest paid	78,311	86,888
Cash income tax payments, net of refunds	$ 84,225	$ 75,939

Description of Business and Bas

Description of Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2016
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. (we, us, our, or the company), was incorporated in the state of Delaware in 1920. We are a global technology company offering innovative products and solutions that help our clients navigate the complex world of commerce. We offer products and solutions for customer information management, location intelligence and customer engagement to help our clients market to their customers, and products and solutions for shipping, mailing, and cross border ecommerce that enable the sending of packages across the globe. Clients around the world rely on our products, solutions and services. For more information about us, our products, services and solutions, visit www.pb.com . 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, 2015 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, 2016 . 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, 2015 (2015 Annual Report). In 2015, we determined that certain investments were classified as cash and cash equivalents and made reclassifications primarily between short-term investments and cash and cash equivalents. Accordingly, the Consolidated Statement of Cash Flows for the period ended June 30, 2015 has been revised to reduce beginning cash and cash equivalents by $ 25 million and ending cash and cash equivalents by $26 million and investments have been correspondingly increased. During the second quarter of 2016, we determined that certain amounts included in finance receivables and rental property and equipment should be classified in accounts receivable and other current assets and prepayments. Accordingly, the Consolidated Balance Sheet as of December 31, 2015 was revised to increase accounts receivable by $19 million , reduce short-term finance receivables by $17 million , increase prepaid and other current assets and prepayments by $3 million , reduce rental property and equipment by $3 million and reduce long-term finance receivables by $2 million . New Accounting Pronouncements - Standards Adopted in 2016 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. We adopted this standard as of January 1, 2016, and there was no impact to the financial statements. 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. We adopted this standard as of January 1, 2016, and there was no impact to the financial statements. In April 2015, the FASB issued 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. We retrospectively adopted this ASU effective January 1, 2016. Accordingly, the Consolidated Balance Sheet at December 31, 2015, has been revised to reduce other assets and long-term debt by $ 18 million . 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. We adopted this standard as of January 1, 2016, and there was no impact to the financial statements. New Accounting Pronouncements - Standards Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses . The ASU sets forth a “current expected credit loss” (CECL) model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. This ASU is effective for interim and annual periods beginning after December 15, 2019. We are currently assessing the impact this standard will have on our consolidated financial statements and disclosures. In January 2016, the FASB issued ASU 2016-01, Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities . Changes under this guidance primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. The ASU is effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted. We are currently assessing the impact this standard will have on our consolidated financial statements and disclosures. In February 2016, the FASB issued ASU 2016-02, Leases. Lessees will need to recognize almost all leases on their balance sheet as a right-of-use asset and a lease liability. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. Classification will be based on criteria that are largely similar to those applied in current lease accounting, but without explicit bright lines. Lessor accounting is similar to the current model, but updated to align with certain changes to the lessee model and the new revenue recognition standard. The standard will also result in enhanced disclosures. The ASU is effective for interim and annual periods beginning after December 15, 2018. The standard requires modified retrospective transition and early adoption is permitted. We are currently assessing the impact this standard will have on our consolidated financial statements and disclosures. In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. The ASU is effective for interim and annual periods beginning after December 15, 2016 and early adoption is permitted. We are currently assessing the impact this standard will have on our consolidated financial statements and 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 interim and annual periods beginning after December 15, 2016 and 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 in the process of evaluating a sample of contracts with customers under the new standard and cannot currently estimate the financial statement impact of adoption. We have not decided on the transition method we will use to adopt the new standard. Areas of potential change include, but are not limited to: units of accounting; estimating and allocating variable consideration as well as changes in variable consideration and cumulative adjustments to revenue; determining the standalone selling price of software; and capitalization of certain contract costs, including sales commissions. In addition, we continue to monitor additional changes, clarifications or interpretations being undertaken by the FASB.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Segment Information	Segment Information 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, software and supplies for small and medium businesses to efficiently create physical and digital mail and evidence postage for the sending of mail, flats and parcels in the U.S. and Canada. International Mailing : Includes the revenue and related expenses from the sale, rental, financing and servicing of mailing equipment, software and supplies for small and medium businesses to efficiently create physical and digital mail and evidence postage for the sending of mail, flats and parcels 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 licensing 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 shipping solutions and cross-border ecommerce. We determine segment earnings before interest and taxes (EBIT) by deducting from segment revenue the related costs and expenses attributable to the segment. Segment EBIT excludes interest, taxes, general corporate expenses and restructuring charges that 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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 North America Mailing $ 322,068 $ 356,791 $ 671,794 $ 718,665 International Mailing 106,338 110,610 210,097 226,783 Small & Medium Business Solutions 428,406 467,401 881,891 945,448 Production Mail 95,874 97,731 183,299 197,234 Presort Services 115,765 113,922 243,161 235,453 Enterprise Business Solutions 211,639 211,653 426,460 432,687 Software Solutions 90,464 99,041 168,386 185,278 Global Ecommerce 105,377 77,966 203,738 153,352 Digital Commerce Solutions 195,841 177,007 372,124 338,630 Other — 24,830 — 54,807 Total revenue $ 835,886 $ 880,891 $ 1,680,475 $ 1,771,572 EBIT Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 North America Mailing $ 142,227 $ 159,392 $ 298,142 $ 323,057 International Mailing 12,781 14,122 24,632 25,846 Small & Medium Business Solutions 155,008 173,514 322,774 348,903 Production Mail 12,914 10,028 19,738 19,060 Presort Services 21,214 23,544 50,124 $ 51,038 Enterprise Business Solutions 34,128 33,572 69,862 70,098 Software Solutions 10,151 16,158 7,579 20,291 Global Ecommerce 3,674 3,056 4,446 11,202 Digital Commerce Solutions 13,825 19,214 12,025 31,493 Other — 5,611 — 10,569 Total EBIT 202,961 231,911 404,661 461,063 Reconciling items: Interest, net (34,294 ) (38,839 ) (68,510 ) (81,673 ) Unallocated corporate expenses (48,777 ) (51,921 ) (106,544 ) (102,724 ) Restructuring charges and asset impairments, net (26,076 ) (14,350 ) (33,009 ) (14,269 ) Acquisition and disposition-related expenses (40 ) (10,483 ) (3,160 ) (10,483 ) Other income (expense), net (536 ) 93,135 (536 ) 93,135 Income from continuing operations before income taxes 93,238 209,453 192,902 345,049 Provision for income taxes 33,394 52,351 70,418 102,898 Loss from discontinued operations, net of tax (1,660 ) (739 ) (1,660 ) (582 ) Net income $ 58,184 $ 156,363 $ 120,824 $ 241,569

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2016
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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 Numerator: Amounts attributable to common stockholders: Net income from continuing operations $ 55,250 $ 152,509 $ 113,296 $ 232,964 Loss from discontinued operations, net of tax (1,660 ) (739 ) (1,660 ) (582 ) Net income - Pitney Bowes Inc. (numerator for diluted EPS) 53,590 151,770 111,636 232,382 Less: Preference stock dividend 9 10 19 21 Income attributable to common stockholders (numerator for basic EPS) $ 53,581 $ 151,760 $ 111,617 $ 232,361 Denominator: Weighted-average shares used in basic EPS 187,395 201,712 189,929 201,504 Effect of dilutive shares: Conversion of Preferred stock and Preference stock 300 324 302 329 Employee stock plans 667 804 575 801 Weighted-average shares used in diluted EPS 188,362 202,840 190,806 202,634 Basic earnings per share: Continuing operations $ 0.29 $ 0.76 $ 0.60 $ 1.16 Discontinued operations (0.01 ) — (0.01 ) — Net income $ 0.29 $ 0.75 $ 0.59 $ 1.15 Diluted earnings per share: Continuing operations $ 0.29 $ 0.75 $ 0.59 $ 1.15 Discontinued operations (0.01 ) — (0.01 ) — Net income $ 0.28 $ 0.75 $ 0.59 $ 1.15 Anti-dilutive shares not used in calculating diluted weighted-average shares: 6,878 6,395 8,892 7,313

Inventories

Inventories	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016 and December 31, 2015 consisted of the following: June 30, December 31, Raw materials $ 30,329 $ 25,803 Work in process 9,270 6,408 Supplies and service parts 47,916 44,323 Finished products 35,773 24,618 Inventory at FIFO cost 123,288 101,152 Excess of FIFO cost over LIFO cost (12,328 ) (12,328 ) Total inventory, net $ 110,960 $ 88,824

Finance Assets

Finance Assets	6 Months Ended
	Jun. 30, 2016
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. During the second quarter of 2016, we determined that certain finance receivables included in our sales-type lease receivables portfolio with a net investment of $35 million at December 31, 2015 should be classified in our loan receivables portfolio. Accordingly, prior period amounts have been revised to reflect this change. Finance receivables at June 30, 2016 and December 31, 2015 consisted of the following: June 30, 2016 December 31, 2015 North America International Total North America International Total Sales-type lease receivables Gross finance receivables $ 1,112,708 $ 288,403 $ 1,401,111 $ 1,157,189 $ 303,854 $ 1,461,043 Unguaranteed residual values 94,283 14,917 109,200 100,000 15,709 115,709 Unearned income (228,767 ) (66,963 ) (295,730 ) (247,854 ) (68,965 ) (316,819 ) Allowance for credit losses (5,846 ) (2,697 ) (8,543 ) (6,606 ) (3,542 ) (10,148 ) Net investment in sales-type lease receivables 972,378 233,660 1,206,038 1,002,729 247,056 1,249,785 Loan receivables Loan receivables 375,590 41,137 416,727 399,193 41,604 440,797 Allowance for credit losses (8,863 ) (1,339 ) (10,202 ) (10,024 ) (1,518 ) (11,542 ) Net investment in loan receivables 366,727 39,798 406,525 389,169 40,086 429,255 Net investment in finance receivables $ 1,339,105 $ 273,458 $ 1,612,563 $ 1,391,898 $ 287,142 $ 1,679,040 Allowance for Credit Losses We estimate probable losses and provide an allowance for credit losses. Losses are 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. We continually evaluate the adequacy of the allowance for credit losses and make adjustments as necessary. The assumptions used in determining an estimate of credit losses are inherently subjective and actual results may differ significantly from estimated reserves. We 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 the client's payments reduce the account aging to less than 60 days 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 low because of the geographic and industry diversification of our clients and small account balances for most of our clients. Activity in the allowance for credit losses for the six months ended June 30, 2016 and 2015 was as follows: Sales-type Lease Receivables Loan Receivables North America International North America International Total Balance at January 1, 2016 $ 6,735 $ 3,542 $ 9,896 $ 1,518 $ 21,691 Amounts charged to expense 1,895 186 2,765 390 5,236 Write-offs and other (2,784 ) (1,031 ) (3,798 ) (569 ) (8,182 ) Balance at June 30, 2016 $ 5,846 $ 2,697 $ 8,863 $ 1,339 $ 18,745 Sales-type Lease Receivables Loan Receivables North America International North America International Total Balance at January 1, 2015 $ 10,125 $ 5,024 $ 10,051 $ 1,519 $ 26,719 Amounts charged to expense 130 (447 ) 3,895 554 4,132 Write-offs and other (2,423 ) (924 ) (3,612 ) (354 ) (7,313 ) Balance at June 30, 2015 $ 7,832 $ 3,653 $ 10,334 $ 1,719 $ 23,538 Aging of Receivables The aging of gross finance receivables at June 30, 2016 and December 31, 2015 was as follows: June 30, 2016 Sales-type Lease Receivables Loan Receivables North America International North America International Total 1 - 90 days $ 1,072,727 $ 282,986 $ 370,080 $ 40,603 $ 1,766,396 > 90 days 39,981 5,417 5,510 534 51,442 Total $ 1,112,708 $ 288,403 $ 375,590 $ 41,137 $ 1,817,838 Past due amounts > 90 days Still accruing interest $ 16,996 $ 1,780 $ — $ — $ 18,776 Not accruing interest 22,985 3,637 5,510 534 32,666 Total $ 39,981 $ 5,417 $ 5,510 $ 534 $ 51,442 December 31, 2015 Sales-type Lease Receivables Loan Receivables North America International North America International Total 1 - 90 days $ 1,138,031 $ 298,772 $ 395,573 $ 41,117 $ 1,873,493 > 90 days 19,158 5,082 3,620 487 28,347 Total $ 1,157,189 $ 303,854 $ 399,193 $ 41,604 $ 1,901,840 Past due amounts > 90 days Still accruing interest $ 5,041 $ 1,617 $ — $ — $ 6,658 Not accruing interest 14,117 3,465 3,620 487 21,689 Total $ 19,158 $ 5,082 $ 3,620 $ 487 $ 28,347 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 June 30, 2016 and December 31, 2015 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. June 30, December 31, Sales-type lease receivables Low $ 878,526 $ 886,198 Medium 192,616 192,645 High 21,171 37,573 Not Scored 20,395 40,773 Total $ 1,112,708 $ 1,157,189 Loan receivables Low $ 278,787 $ 295,725 Medium 76,479 85,671 High 7,011 10,810 Not Scored 13,313 6,987 Total $ 375,590 $ 399,193

Acquisitions, Divestitures, Int

Acquisitions, Divestitures, Intangible Assets and Goodwill	6 Months Ended
	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Acquisitions, Divestitures, Intangible Assets and Goodwill	Acquisitions, Divestitures, Intangible Assets and Goodwill Acquisitions In June 2015, we acquired 100% of the outstanding shares of Borderfree, Inc. ("Borderfree"). The results of operations of Borderfree are included in our consolidated results from the date of acquisition. During the second quarter of 2016, as a result of obtaining new information about facts and circumstances that existed as of the acquisition date, we recorded an increase of $ 2 million to accounts payable and accrued expenses acquired in the Borderfree acquisition and a corresponding increase to goodwill. Our consolidated operating results for the three and six months ended June 30, 2016 include revenue of $29 million and $54 million , respectively from Borderfree operations. On a supplemental pro forma basis, had we acquired Borderfree on January 1, 2015, our revenues would have been $22 million and $47 million higher, respectively for the three and six months ended June 30, 2015 . The impact on our earnings would not have been material. On January 12, 2016, we acquired Enroute for $ 14 million in cash plus potential additional payments during the periods 2017-2019 based on the achievement of revenue targets during the periods 2016-2018. Enroute is a software-as-a-service enterprise retail and fulfillment solutions company and is reported within our Global Ecommerce segment. On July 1, 2016, we acquired Maponics for $24 million . Maponics provides comprehensive boundary information and geospatial data that support location-based services and analytics and will be reported within our Software Solutions segment. Divestitures 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. Intangible Assets Intangible assets consisted of the following: June 30, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 442,466 $ (289,881 ) $ 152,585 $ 437,459 $ (272,353 ) $ 165,106 Software & technology 149,636 (136,860 ) 12,776 149,591 (135,198 ) 14,393 Trademarks & other 35,727 (28,303 ) 7,424 35,314 (27,435 ) 7,879 Total intangible assets $ 627,829 $ (455,044 ) $ 172,785 $ 622,364 $ (434,986 ) $ 187,378 Amortization expense was $11 million and $8 million for the three months ended June 30, 2016 and 2015 , respectively and $21 million and $16 million , for the six months ended June 30, 2016 and 2015, respectively. Future amortization expense for intangible assets as of June 30, 2016 was as follows: Remaining for year ending December 31, 2016 $ 17,732 Year ending December 31, 2017 28,135 Year ending December 31, 2018 25,595 Year ending December 31, 2019 22,463 Year ending December 31, 2020 17,720 Thereafter 61,140 Total $ 172,785 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 six months ended June 30, 2016 were as follows: December 31, 2015 Acquisitions Foreign currency translation June 30, North America Mailing $ 296,053 $ — $ 2,753 $ 298,806 International Mailing 148,351 — 3,419 151,770 Small & Medium Business Solutions 444,404 — 6,172 450,576 Production Mail 105,757 — (1,291 ) 104,466 Presort Services 196,890 — — 196,890 Enterprise Business Solutions 302,647 — (1,291 ) 301,356 Software Solutions 674,976 — (7,545 ) 667,431 Global Ecommerce 323,930 9,421 — 333,351 Digital Commerce Solutions 998,906 9,421 (7,545 ) 1,000,782 Total goodwill $ 1,745,957 $ 9,421 $ (2,664 ) $ 1,752,714

Fair Value Measurements and Der

Fair Value Measurements and Derivative Instruments	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016 and December 31, 2015 . 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. June 30, 2016 Level 1 Level 2 Level 3 Total Assets: Investment securities Money market funds / commercial paper $ 32,156 $ 76,624 $ — $ 108,780 Equity securities — 22,656 — 22,656 Commingled fixed income securities — 24,207 — 24,207 Debt securities - U.S. and foreign governments, agencies and municipalities 116,798 12,414 — 129,212 Debt securities - corporate — 66,103 — 66,103 Mortgage-backed / asset-backed securities — 165,951 — 165,951 Derivatives Foreign exchange contracts — 3,237 — 3,237 Total assets $ 148,954 $ 371,192 $ — $ 520,146 Liabilities: Derivatives Foreign exchange contracts $ — $ (2,933 ) $ — $ (2,933 ) Total liabilities $ — $ (2,933 ) $ — $ (2,933 ) December 31, 2015 Level 1 Level 2 Level 3 Total Assets: Investment securities Money market funds / commercial paper $ 41,215 $ 292,412 $ — $ 333,627 Equity securities — 24,538 — 24,538 Commingled fixed income securities — 22,571 — 22,571 Debt securities - U.S. and foreign governments, agencies and municipalities 102,235 12,566 — 114,801 Debt securities - corporate — 62,884 — 62,884 Mortgage-backed / asset-backed securities — 178,234 — 178,234 Derivatives Foreign exchange contracts — 1,716 — 1,716 Total assets $ 143,450 $ 594,921 $ — $ 738,371 Liabilities: Derivatives Foreign exchange contracts $ — $ (5,387 ) $ — $ (5,387 ) Total liabilities $ — $ (5,387 ) $ — $ (5,387 ) 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. • Debt Securities – U.S. and Foreign Governments, Agencies and Municipalities: Debt securities are classified as Level 1 where active, high volume trades for identical securities exist. Valuation adjustments are not applied to these securities. Debt 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. • Debt Securities – Corporate: Corporate debt securities 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 Securities / 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. Investment securities include investments held by The Pitney Bowes Bank (the Bank), whose primary business is to provide financing solutions to clients that rent postage meters and purchase supplies. The Bank's assets and liabilities consist primarily of cash, finance receivables, short and long-term investments and deposit accounts. 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 June 30, 2016 and December 31, 2015 consisted of the following: June 30, 2016 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value U.S. and foreign governments, agencies and municipalities $ 124,694 $ 4,776 $ (258 ) $ 129,212 Corporate notes and bonds 63,394 2,787 (78 ) 66,103 Commingled fixed income securities 1,550 24 — 1,574 Mortgage-backed / asset-backed securities 163,084 3,699 (832 ) 165,951 Total $ 352,722 $ 11,286 $ (1,168 ) $ 362,840 December 31, 2015 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value U.S. and foreign governments, agencies and municipalities $ 114,265 $ 1,804 $ (1,268 ) $ 114,801 Corporate notes and bonds 63,140 823 (1,079 ) 62,884 Mortgage-backed / asset-backed securities 177,821 1,901 (1,488 ) 178,234 Total $ 355,226 $ 4,528 $ (3,835 ) $ 355,919 At June 30, 2016 , 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 $16 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 $74 million . At December 31, 2015 , investment securities that were in a loss position for 12 or more continuous months had aggregate unrealized holding losses of $2 million and an estimated fair value of $36 million , and investment securities that were in a loss position for less than 12 continuous months had aggregate unrealized holding losses of $2 million and an estimated fair value of $146 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 June 30, 2016 were as follows: Amortized cost Estimated fair value Within 1 year $ 65,899 $ 65,988 After 1 year through 5 years 68,381 70,249 After 5 years through 10 years 55,584 57,985 After 10 years 162,858 168,618 Total $ 352,722 $ 362,840 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. 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 June 30, 2016 and December 31, 2015 was as follows: Designation of Derivatives Balance Sheet Location June 30, December 31, Derivatives designated as hedging instruments Foreign exchange contracts Other current assets and prepayments $ 397 $ 217 Accounts payable and accrued liabilities: (706 ) (208 ) Derivatives not designated as hedging instruments Foreign exchange contracts Other current assets and prepayments 2,840 1,499 Accounts payable and accrued liabilities: (2,227 ) (5,179 ) Total derivative assets $ 3,237 $ 1,716 Total derivative liabilities (2,933 ) (5,387 ) Total net derivative asset (liabilities) $ 304 $ (3,671 ) 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 June 30, 2016 and December 31, 2015 , we had outstanding contracts associated with these anticipated transactions with notional amounts of $16 million and $13 million , respectively. The amounts included in AOCL at June 30, 2016 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 six months ended June 30, 2016 and 2015 : Three Months Ended June 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 2016 2015 2016 2015 Foreign exchange contracts $ 437 $ (418 ) Revenue $ (353 ) $ 432 Cost of sales 145 190 $ (208 ) $ 622 Six Months Ended June 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 2016 2015 2016 2015 Foreign exchange contracts $ 45 $ 755 Revenue $ (733 ) $ 828 Cost of sales 370 585 $ (363 ) $ 1,413 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 June 30, 2016 mature within 12 months. The following represents the results of our non-designated derivative instruments for the three and six months ended June 30, 2016 and 2015 : Three Months Ended June 30, Derivative Gain (Loss) Recognized in Earnings Derivatives Instrument Location of Derivative Gain (Loss) 2016 2015 Foreign exchange contracts Selling, general and administrative expense $ 4,580 $ (4,131 ) Six Months Ended June 30, Derivative Gain (Loss) Recognized in Earnings Derivatives Instrument Location of Derivative Gain (Loss) 2016 2015 Foreign exchange contracts Selling, general and administrative expense $ (1,397 ) $ (3,577 ) 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 June 30, 2016 , the maximum amount of collateral that we would have been required to post had the credit-risk-related contingent features been triggered was $1 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 June 30, 2016 and December 31, 2015 were as follows: June 30, 2016 December 31, 2015 Carrying value excluding unamortized debt issuance costs $ 3,113,973 $ 2,968,997 Fair value $ 3,266,103 $ 3,102,890

Restructuring Charges and Asset

Restructuring Charges and Asset Impairment	6 Months Ended
	Jun. 30, 2016
Restructuring and Related Activities [Abstract]
Restructuring Charges and Asset Impairment	Restructuring Charges and Asset Impairments Restructuring charges The table below shows the activity in our restructuring reserves for the six months ended June 30, 2016 and 2015 : Severance and benefits costs Other exit costs Total Balance at January 1, 2016 $ 43,700 $ 3,722 $ 47,422 Expenses, net 21,399 1,322 22,721 Cash payments (30,969 ) (2,897 ) (33,866 ) Balance at June 30, 2016 $ 34,130 $ 2,147 $ 36,277 Balance at January 1, 2015 $ 81,836 $ 8,343 $ 90,179 Expenses, net 9,258 (198 ) 9,060 Cash payments (28,271 ) (2,504 ) (30,775 ) Balance at June 30, 2015 $ 62,823 $ 5,641 $ 68,464 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 impairments During the second quarter of 2016, we sold a facility for $18 million and recorded a pre-tax loss on the sale of $5 million . Additionally, we recorded other asset impairment charges of $3 million relating to a building. During the second quarter of 2015, we sold our world headquarters building for $39 million and recorded a pre-tax loss of $5 million . The losses were recognized in restructuring charges and asset impairments, net in the Condensed Consolidated Statements of Income for the three and six months ended June 30, 2016 and 2015.

Debt

Debt	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Debt	Debt At June 30, 2016 and December 31, 2015 , total debt consisted of the following: Interest rate June 30, 2016 December 31, 2015 Commercial paper 1.12% $ 319,875 $ 90,000 Notes due January 2016 4.75% — 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 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 450,000 150,000 Other debt 5,788 15,758 Principal amount 3,100,813 2,951,822 Less: unamortized discount and debt issuance costs 24,709 23,617 Plus: unamortized interest rate swap proceeds 17,718 22,463 Total debt 3,093,822 2,950,668 Less: current portion long-term debt and notes payable 470,058 461,085 Long-term debt $ 2,623,764 $ 2,489,583 In January 2016, we borrowed $300 million under a term loan and used the proceeds to repay a portion of the $371 million , 4.75% notes due January 15, 2016. The remaining portion of the loan was repaid using cash from operations. The new term loan bears interest at the applicable Eurodollar Rate plus 1.25% and matures in December 2020. The applicable Eurodollar Rate at June 30, 2016 was .63% . In October 2014, we received a loan from the State of Connecticut Department of Economic and Community Development (CDECD). The loan consisted of a $15 million development loan and $1 million jobs-training grant that was subject to certain conditions being met. We satisfied the conditions related to the $1 million jobs-training grant during 2015. The loan agreement provided that $10 million of the loan would be forgiven if we satisfied certain employment obligations. In March 2016, we satisfied all criteria to receive the $10 million of loan forgiveness and, as a result, recorded the loan forgiveness as reductions of long-term debt and selling, general and administrative expenses.

Pensions and Other Benefit Prog

Pensions and Other Benefit Programs	6 Months Ended
	Jun. 30, 2016
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 June 30, June 30, June 30, 2016 2015 2016 2015 2016 2015 Service cost $ 22 $ 38 $ 546 $ 555 $ 521 $ 640 Interest cost 18,072 18,305 5,746 6,122 1,847 2,151 Expected return on plan assets (25,370 ) (25,958 ) (8,581 ) (8,935 ) — — Amortization of transition credit — — (2 ) (3 ) — — Amortization of prior service (credit) cost (15 ) 2 (18 ) (16 ) 74 74 Amortization of net actuarial loss 6,851 7,007 1,373 1,509 447 1,562 Settlement (1) 690 — — — — — Net periodic benefit cost (income) $ 250 $ (606 ) $ (936 ) $ (768 ) $ 2,889 $ 4,427 Defined Benefit Pension Plans Nonpension Postretirement Benefit Plans United States Foreign Six Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, 2016 2015 2016 2015 2016 2015 Service cost $ 54 $ 76 $ 1,073 $ 1,120 $ 1,022 $ 1,319 Interest cost 36,902 37,164 11,407 12,185 3,983 4,526 Expected return on plan assets (50,959 ) (52,002 ) (17,053 ) (17,774 ) — — Amortization of transition credit — — (4 ) (5 ) — — Amortization of prior service (credit) cost (30 ) 4 (35 ) (33 ) 148 148 Amortization of net actuarial loss 13,557 14,655 2,716 2,989 1,807 3,953 Settlement (1) 1,788 — — — — — Net periodic benefit cost (income) $ 1,312 $ (103 ) $ (1,896 ) $ (1,518 ) $ 6,960 $ 9,946 (1) Included in restructuring charges, net in the Condensed Consolidated Statements of Income. Through June 30, 2016 and June 30, 2015 , contributions to our U.S. pension plans were $7 million and $4 million , respectively, and contributions to our foreign plans were $39 million and $11 million , respectively. Nonpension postretirement benefit plan contributions were $8 million and $11 million through June 30, 2016 and June 30, 2015 , respectively.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rate for the three months ended June 30, 2016 and 2015 was 35.8% and 25.0% , respectively, and the effective tax rate for the six month ended June 30, 2016 and 2015 was 36.5% and 29.8% , respectively. The effective tax rate for the six months ended June 30, 2016 and 2015 each include a $3 million charge from the write-off of deferred tax assets associated with the expiration of out-of-the-money vested stock options and the vesting of restricted stock units previously granted to our employees. The effective tax rate for the three and six months ended June 30, 2015 also includes a $20 million benefit resulting from the disposition of Imagitas. As is the case with other large corporations, our tax returns are examined each year by tax authorities in the U.S. and other global taxing jurisdictions in which we have operations. The IRS examinations of our consolidated U.S. income tax returns for tax years prior to 2012 are closed to audit. Additionally, various post-2006 U.S. state and local tax returns are subject to examination. In Canada, the examination of our tax filings prior to 2011 are closed to audit, except for the pending application of legal principles to specific issues arising in earlier years. Other significant jurisdictions in which we have, or have recently completed, tax examinations include France, closed through the end of 2012, Germany closed through the end of 2011 and except for an item under appeal, the U.K. is closed through the end of 2011. We have other less significant tax fillings currently subject to examination.

Noncontrolling Interests (Prefe

Noncontrolling Interests (Preferred Stockholders' Equity in Subsidiaries)	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016 or December 31, 2015 .

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
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.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2016
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders ’ Equity Changes in stockholders’ equity for the six months ended June 30, 2016 and 2015 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, 2016 $ 1 $ 505 $ 323,338 $ 161,280 $ 5,155,537 $ (888,635 ) $ (4,573,305 ) $ 178,721 Net income — — — — 111,636 — — 111,636 Other comprehensive income — — — — — 48,208 — 48,208 Dividends paid — — — — (70,979 ) — — (70,979 ) Issuance of common stock — — — (22,592 ) — — 18,809 (3,783 ) Conversion to common stock — (16 ) — (320 ) — — 336 — Stock-based compensation expense — — — 9,786 — — — 9,786 Repurchase of common stock — — — — — — (194,776 ) (194,776 ) Balance at June 30, 2016 $ 1 $ 489 $ 323,338 $ 148,154 $ 5,196,194 $ (840,427 ) $ (4,748,936 ) $ 78,813 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 — — — — 232,382 — — 232,382 Other comprehensive loss — — — — — (46,350 ) — (46,350 ) Dividends paid — — — — (75,648 ) — — (75,648 ) Issuance of common stock — — — (34,005 ) — — 26,659 (7,346 ) Conversion to common stock — (26 ) — (543 ) — — 569 — Stock-based compensation expense — — — 11,067 — — — 11,067 Balance at June 30, 2015 $ 1 $ 522 $ 323,338 $ 155,371 $ 5,054,442 $ (892,506 ) $ (4,449,804 ) $ 191,364

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2016
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 six months ended June 30, 2016 and 2015 were as follows: Amount Reclassified from AOCL (a) Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Gains (losses) on cash flow hedges Revenue $ (353 ) $ (432 ) $ (733 ) $ (828 ) Cost of sales 145 (190 ) 370 (585 ) Interest expense, net (507 ) (507 ) (1,014 ) (1,014 ) Total before tax (715 ) (1,129 ) (1,377 ) (2,427 ) Benefit from income tax 277 436 535 938 Net of tax $ (438 ) $ (693 ) $ (842 ) $ (1,489 ) Gains (losses) on available for sale securities Interest expense, net $ (19 ) $ (18 ) $ (1 ) $ (42 ) Benefit from income tax 7 7 — 16 Net of tax $ (12 ) $ (11 ) $ (1 ) $ (26 ) Pension and Postretirement Benefit Plans (b) Transition credit $ 2 $ 3 $ 4 $ 5 Prior service costs (41 ) (61 ) (83 ) (120 ) Actuarial losses (9,361 ) (10,056 ) (19,868 ) (21,595 ) Total before tax (9,400 ) (10,114 ) (19,947 ) (21,710 ) Benefit from income tax 4,122 3,614 7,919 7,781 Net of tax $ (5,278 ) $ (6,500 ) $ (12,028 ) $ (13,929 ) (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 10 for additional details). Changes in AOCL for the six months ended June 30, 2016 and 2015 were as follows: Cash flow hedges Available for sale securities Pension and postretirement benefit plans Foreign currency adjustments Total Balance at January 1, 2016 $ (3,912 ) $ 536 $ (738,768 ) $ (146,491 ) $ (888,635 ) Other comprehensive (loss) income before reclassifications (a) (420 ) 5,862 (430 ) 30,325 35,337 Reclassifications into earnings (a), (b) 842 1 12,028 — 12,871 Net other comprehensive income 422 5,863 11,598 30,325 48,208 Balance at June 30, 2016 $ (3,490 ) $ 6,399 $ (727,170 ) $ (116,166 ) $ (840,427 ) 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 loss before reclassifications (a) (1,273 ) (1,499 ) — (59,022 ) (61,794 ) Reclassifications into earnings (a), (b) 1,489 26 13,929 — 15,444 Net other comprehensive income (loss) 216 (1,473 ) 13,929 (59,022 ) (46,350 ) Balance at June 30, 2015 $ (4,473 ) $ 1,493 $ (772,150 ) $ (117,376 ) $ (892,506 ) (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 B23

Description of Business and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements - Standards Adopted in 2016 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. We adopted this standard as of January 1, 2016, and there was no impact to the financial statements. 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. We adopted this standard as of January 1, 2016, and there was no impact to the financial statements. In April 2015, the FASB issued 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. We retrospectively adopted this ASU effective January 1, 2016. Accordingly, the Consolidated Balance Sheet at December 31, 2015, has been revised to reduce other assets and long-term debt by $ 18 million . 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. We adopted this standard as of January 1, 2016, and there was no impact to the financial statements. New Accounting Pronouncements - Standards Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses . The ASU sets forth a “current expected credit loss” (CECL) model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. This ASU is effective for interim and annual periods beginning after December 15, 2019. We are currently assessing the impact this standard will have on our consolidated financial statements and disclosures. In January 2016, the FASB issued ASU 2016-01, Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities . Changes under this guidance primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. The ASU is effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted. We are currently assessing the impact this standard will have on our consolidated financial statements and disclosures. In February 2016, the FASB issued ASU 2016-02, Leases. Lessees will need to recognize almost all leases on their balance sheet as a right-of-use asset and a lease liability. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. Classification will be based on criteria that are largely similar to those applied in current lease accounting, but without explicit bright lines. Lessor accounting is similar to the current model, but updated to align with certain changes to the lessee model and the new revenue recognition standard. The standard will also result in enhanced disclosures. The ASU is effective for interim and annual periods beginning after December 15, 2018. The standard requires modified retrospective transition and early adoption is permitted. We are currently assessing the impact this standard will have on our consolidated financial statements and disclosures. In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. The ASU is effective for interim and annual periods beginning after December 15, 2016 and early adoption is permitted. We are currently assessing the impact this standard will have on our consolidated financial statements and 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 interim and annual periods beginning after December 15, 2016 and 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 in the process of evaluating a sample of contracts with customers under the new standard and cannot currently estimate the financial statement impact of adoption. We have not decided on the transition method we will use to adopt the new standard. Areas of potential change include, but are not limited to: units of accounting; estimating and allocating variable consideration as well as changes in variable consideration and cumulative adjustments to revenue; determining the standalone selling price of software; and capitalization of certain contract costs, including sales commissions. In addition, we continue to monitor additional changes, clarifications or interpretations being undertaken by the FASB.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Reconciliation of Revenue from Segments to Consolidated Statements	Revenue and EBIT by business segment is presented below: Revenue Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 North America Mailing $ 322,068 $ 356,791 $ 671,794 $ 718,665 International Mailing 106,338 110,610 210,097 226,783 Small & Medium Business Solutions 428,406 467,401 881,891 945,448 Production Mail 95,874 97,731 183,299 197,234 Presort Services 115,765 113,922 243,161 235,453 Enterprise Business Solutions 211,639 211,653 426,460 432,687 Software Solutions 90,464 99,041 168,386 185,278 Global Ecommerce 105,377 77,966 203,738 153,352 Digital Commerce Solutions 195,841 177,007 372,124 338,630 Other — 24,830 — 54,807 Total revenue $ 835,886 $ 880,891 $ 1,680,475 $ 1,771,572
Reconciliation of EBIT from Segments to Consolidated	EBIT Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 North America Mailing $ 142,227 $ 159,392 $ 298,142 $ 323,057 International Mailing 12,781 14,122 24,632 25,846 Small & Medium Business Solutions 155,008 173,514 322,774 348,903 Production Mail 12,914 10,028 19,738 19,060 Presort Services 21,214 23,544 50,124 $ 51,038 Enterprise Business Solutions 34,128 33,572 69,862 70,098 Software Solutions 10,151 16,158 7,579 20,291 Global Ecommerce 3,674 3,056 4,446 11,202 Digital Commerce Solutions 13,825 19,214 12,025 31,493 Other — 5,611 — 10,569 Total EBIT 202,961 231,911 404,661 461,063 Reconciling items: Interest, net (34,294 ) (38,839 ) (68,510 ) (81,673 ) Unallocated corporate expenses (48,777 ) (51,921 ) (106,544 ) (102,724 ) Restructuring charges and asset impairments, net (26,076 ) (14,350 ) (33,009 ) (14,269 ) Acquisition and disposition-related expenses (40 ) (10,483 ) (3,160 ) (10,483 ) Other income (expense), net (536 ) 93,135 (536 ) 93,135 Income from continuing operations before income taxes 93,238 209,453 192,902 345,049 Provision for income taxes 33,394 52,351 70,418 102,898 Loss from discontinued operations, net of tax (1,660 ) (739 ) (1,660 ) (582 ) Net income $ 58,184 $ 156,363 $ 120,824 $ 241,569

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2016
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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 Numerator: Amounts attributable to common stockholders: Net income from continuing operations $ 55,250 $ 152,509 $ 113,296 $ 232,964 Loss from discontinued operations, net of tax (1,660 ) (739 ) (1,660 ) (582 ) Net income - Pitney Bowes Inc. (numerator for diluted EPS) 53,590 151,770 111,636 232,382 Less: Preference stock dividend 9 10 19 21 Income attributable to common stockholders (numerator for basic EPS) $ 53,581 $ 151,760 $ 111,617 $ 232,361 Denominator: Weighted-average shares used in basic EPS 187,395 201,712 189,929 201,504 Effect of dilutive shares: Conversion of Preferred stock and Preference stock 300 324 302 329 Employee stock plans 667 804 575 801 Weighted-average shares used in diluted EPS 188,362 202,840 190,806 202,634 Basic earnings per share: Continuing operations $ 0.29 $ 0.76 $ 0.60 $ 1.16 Discontinued operations (0.01 ) — (0.01 ) — Net income $ 0.29 $ 0.75 $ 0.59 $ 1.15 Diluted earnings per share: Continuing operations $ 0.29 $ 0.75 $ 0.59 $ 1.15 Discontinued operations (0.01 ) — (0.01 ) — Net income $ 0.28 $ 0.75 $ 0.59 $ 1.15 Anti-dilutive shares not used in calculating diluted weighted-average shares: 6,878 6,395 8,892 7,313

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2016
Inventory Disclosure [Abstract]
Inventory Components	Inventories at June 30, 2016 and December 31, 2015 consisted of the following: June 30, December 31, Raw materials $ 30,329 $ 25,803 Work in process 9,270 6,408 Supplies and service parts 47,916 44,323 Finished products 35,773 24,618 Inventory at FIFO cost 123,288 101,152 Excess of FIFO cost over LIFO cost (12,328 ) (12,328 ) Total inventory, net $ 110,960 $ 88,824

Finance Assets (Tables)

Finance Assets (Tables)	6 Months Ended
	Jun. 30, 2016
Receivables [Abstract]
Financing Receivables	Finance receivables at June 30, 2016 and December 31, 2015 consisted of the following: June 30, 2016 December 31, 2015 North America International Total North America International Total Sales-type lease receivables Gross finance receivables $ 1,112,708 $ 288,403 $ 1,401,111 $ 1,157,189 $ 303,854 $ 1,461,043 Unguaranteed residual values 94,283 14,917 109,200 100,000 15,709 115,709 Unearned income (228,767 ) (66,963 ) (295,730 ) (247,854 ) (68,965 ) (316,819 ) Allowance for credit losses (5,846 ) (2,697 ) (8,543 ) (6,606 ) (3,542 ) (10,148 ) Net investment in sales-type lease receivables 972,378 233,660 1,206,038 1,002,729 247,056 1,249,785 Loan receivables Loan receivables 375,590 41,137 416,727 399,193 41,604 440,797 Allowance for credit losses (8,863 ) (1,339 ) (10,202 ) (10,024 ) (1,518 ) (11,542 ) Net investment in loan receivables 366,727 39,798 406,525 389,169 40,086 429,255 Net investment in finance receivables $ 1,339,105 $ 273,458 $ 1,612,563 $ 1,391,898 $ 287,142 $ 1,679,040
Allowance for Credit Losses on Financing Receivables	Activity in the allowance for credit losses for the six months ended June 30, 2016 and 2015 was as follows: Sales-type Lease Receivables Loan Receivables North America International North America International Total Balance at January 1, 2016 $ 6,735 $ 3,542 $ 9,896 $ 1,518 $ 21,691 Amounts charged to expense 1,895 186 2,765 390 5,236 Write-offs and other (2,784 ) (1,031 ) (3,798 ) (569 ) (8,182 ) Balance at June 30, 2016 $ 5,846 $ 2,697 $ 8,863 $ 1,339 $ 18,745 Sales-type Lease Receivables Loan Receivables North America International North America International Total Balance at January 1, 2015 $ 10,125 $ 5,024 $ 10,051 $ 1,519 $ 26,719 Amounts charged to expense 130 (447 ) 3,895 554 4,132 Write-offs and other (2,423 ) (924 ) (3,612 ) (354 ) (7,313 ) Balance at June 30, 2015 $ 7,832 $ 3,653 $ 10,334 $ 1,719 $ 23,538
Past Due Financing Receivables	The aging of gross finance receivables at June 30, 2016 and December 31, 2015 was as follows: June 30, 2016 Sales-type Lease Receivables Loan Receivables North America International North America International Total 1 - 90 days $ 1,072,727 $ 282,986 $ 370,080 $ 40,603 $ 1,766,396 > 90 days 39,981 5,417 5,510 534 51,442 Total $ 1,112,708 $ 288,403 $ 375,590 $ 41,137 $ 1,817,838 Past due amounts > 90 days Still accruing interest $ 16,996 $ 1,780 $ — $ — $ 18,776 Not accruing interest 22,985 3,637 5,510 534 32,666 Total $ 39,981 $ 5,417 $ 5,510 $ 534 $ 51,442 December 31, 2015 Sales-type Lease Receivables Loan Receivables North America International North America International Total 1 - 90 days $ 1,138,031 $ 298,772 $ 395,573 $ 41,117 $ 1,873,493 > 90 days 19,158 5,082 3,620 487 28,347 Total $ 1,157,189 $ 303,854 $ 399,193 $ 41,604 $ 1,901,840 Past due amounts > 90 days Still accruing interest $ 5,041 $ 1,617 $ — $ — $ 6,658 Not accruing interest 14,117 3,465 3,620 487 21,689 Total $ 19,158 $ 5,082 $ 3,620 $ 487 $ 28,347
Financing Receivable Credit Quality Indicators	June 30, December 31, Sales-type lease receivables Low $ 878,526 $ 886,198 Medium 192,616 192,645 High 21,171 37,573 Not Scored 20,395 40,773 Total $ 1,112,708 $ 1,157,189 Loan receivables Low $ 278,787 $ 295,725 Medium 76,479 85,671 High 7,011 10,810 Not Scored 13,313 6,987 Total $ 375,590 $ 399,193

Acquisitions, Divestitures, I28

Acquisitions, Divestitures, Intangible Assets and Goodwill (Tables)	6 Months Ended
	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets Disclosure	Intangible assets consisted of the following: June 30, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 442,466 $ (289,881 ) $ 152,585 $ 437,459 $ (272,353 ) $ 165,106 Software & technology 149,636 (136,860 ) 12,776 149,591 (135,198 ) 14,393 Trademarks & other 35,727 (28,303 ) 7,424 35,314 (27,435 ) 7,879 Total intangible assets $ 627,829 $ (455,044 ) $ 172,785 $ 622,364 $ (434,986 ) $ 187,378
Amortization Expense In Future Periods	Future amortization expense for intangible assets as of June 30, 2016 was as follows: Remaining for year ending December 31, 2016 $ 17,732 Year ending December 31, 2017 28,135 Year ending December 31, 2018 25,595 Year ending December 31, 2019 22,463 Year ending December 31, 2020 17,720 Thereafter 61,140 Total $ 172,785
Schedule of Goodwill	The changes in the carrying value of goodwill for the six months ended June 30, 2016 were as follows: December 31, 2015 Acquisitions Foreign currency translation June 30, North America Mailing $ 296,053 $ — $ 2,753 $ 298,806 International Mailing 148,351 — 3,419 151,770 Small & Medium Business Solutions 444,404 — 6,172 450,576 Production Mail 105,757 — (1,291 ) 104,466 Presort Services 196,890 — — 196,890 Enterprise Business Solutions 302,647 — (1,291 ) 301,356 Software Solutions 674,976 — (7,545 ) 667,431 Global Ecommerce 323,930 9,421 — 333,351 Digital Commerce Solutions 998,906 9,421 (7,545 ) 1,000,782 Total goodwill $ 1,745,957 $ 9,421 $ (2,664 ) $ 1,752,714

Fair Value Measurements and D29

Fair Value Measurements and Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016 and December 31, 2015 . 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. June 30, 2016 Level 1 Level 2 Level 3 Total Assets: Investment securities Money market funds / commercial paper $ 32,156 $ 76,624 $ — $ 108,780 Equity securities — 22,656 — 22,656 Commingled fixed income securities — 24,207 — 24,207 Debt securities - U.S. and foreign governments, agencies and municipalities 116,798 12,414 — 129,212 Debt securities - corporate — 66,103 — 66,103 Mortgage-backed / asset-backed securities — 165,951 — 165,951 Derivatives Foreign exchange contracts — 3,237 — 3,237 Total assets $ 148,954 $ 371,192 $ — $ 520,146 Liabilities: Derivatives Foreign exchange contracts $ — $ (2,933 ) $ — $ (2,933 ) Total liabilities $ — $ (2,933 ) $ — $ (2,933 ) December 31, 2015 Level 1 Level 2 Level 3 Total Assets: Investment securities Money market funds / commercial paper $ 41,215 $ 292,412 $ — $ 333,627 Equity securities — 24,538 — 24,538 Commingled fixed income securities — 22,571 — 22,571 Debt securities - U.S. and foreign governments, agencies and municipalities 102,235 12,566 — 114,801 Debt securities - corporate — 62,884 — 62,884 Mortgage-backed / asset-backed securities — 178,234 — 178,234 Derivatives Foreign exchange contracts — 1,716 — 1,716 Total assets $ 143,450 $ 594,921 $ — $ 738,371 Liabilities: Derivatives Foreign exchange contracts $ — $ (5,387 ) $ — $ (5,387 ) Total liabilities $ — $ (5,387 ) $ — $ (5,387 )
Schedule of Available-for-sale Securities Reconciliation	Available-for-sale securities at June 30, 2016 and December 31, 2015 consisted of the following: June 30, 2016 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value U.S. and foreign governments, agencies and municipalities $ 124,694 $ 4,776 $ (258 ) $ 129,212 Corporate notes and bonds 63,394 2,787 (78 ) 66,103 Commingled fixed income securities 1,550 24 — 1,574 Mortgage-backed / asset-backed securities 163,084 3,699 (832 ) 165,951 Total $ 352,722 $ 11,286 $ (1,168 ) $ 362,840 December 31, 2015 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value U.S. and foreign governments, agencies and municipalities $ 114,265 $ 1,804 $ (1,268 ) $ 114,801 Corporate notes and bonds 63,140 823 (1,079 ) 62,884 Mortgage-backed / asset-backed securities 177,821 1,901 (1,488 ) 178,234 Total $ 355,226 $ 4,528 $ (3,835 ) $ 355,919
Available-for-sale Securities	Scheduled maturities of available-for-sale securities at June 30, 2016 were as follows: Amortized cost Estimated fair value Within 1 year $ 65,899 $ 65,988 After 1 year through 5 years 68,381 70,249 After 5 years through 10 years 55,584 57,985 After 10 years 162,858 168,618 Total $ 352,722 $ 362,840
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The fair value of derivative instruments at June 30, 2016 and December 31, 2015 was as follows: Designation of Derivatives Balance Sheet Location June 30, December 31, Derivatives designated as hedging instruments Foreign exchange contracts Other current assets and prepayments $ 397 $ 217 Accounts payable and accrued liabilities: (706 ) (208 ) Derivatives not designated as hedging instruments Foreign exchange contracts Other current assets and prepayments 2,840 1,499 Accounts payable and accrued liabilities: (2,227 ) (5,179 ) Total derivative assets $ 3,237 $ 1,716 Total derivative liabilities (2,933 ) (5,387 ) Total net derivative asset (liabilities) $ 304 $ (3,671 )
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 six months ended June 30, 2016 and 2015 : Three Months Ended June 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 2016 2015 2016 2015 Foreign exchange contracts $ 437 $ (418 ) Revenue $ (353 ) $ 432 Cost of sales 145 190 $ (208 ) $ 622 Six Months Ended June 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 2016 2015 2016 2015 Foreign exchange contracts $ 45 $ 755 Revenue $ (733 ) $ 828 Cost of sales 370 585 $ (363 ) $ 1,413
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 six months ended June 30, 2016 and 2015 : Three Months Ended June 30, Derivative Gain (Loss) Recognized in Earnings Derivatives Instrument Location of Derivative Gain (Loss) 2016 2015 Foreign exchange contracts Selling, general and administrative expense $ 4,580 $ (4,131 ) Six Months Ended June 30, Derivative Gain (Loss) Recognized in Earnings Derivatives Instrument Location of Derivative Gain (Loss) 2016 2015 Foreign exchange contracts Selling, general and administrative expense $ (1,397 ) $ (3,577 )
Fair Value, by Balance Sheet Grouping	The carrying value and estimated fair value of our debt at June 30, 2016 and December 31, 2015 were as follows: June 30, 2016 December 31, 2015 Carrying value excluding unamortized debt issuance costs $ 3,113,973 $ 2,968,997 Fair value $ 3,266,103 $ 3,102,890

Restructuring Charges and Ass30

Restructuring Charges and Asset Impairment (Tables)	6 Months Ended
	Jun. 30, 2016
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Reserve by Type of Cost	The table below shows the activity in our restructuring reserves for the six months ended June 30, 2016 and 2015 : Severance and benefits costs Other exit costs Total Balance at January 1, 2016 $ 43,700 $ 3,722 $ 47,422 Expenses, net 21,399 1,322 22,721 Cash payments (30,969 ) (2,897 ) (33,866 ) Balance at June 30, 2016 $ 34,130 $ 2,147 $ 36,277 Balance at January 1, 2015 $ 81,836 $ 8,343 $ 90,179 Expenses, net 9,258 (198 ) 9,060 Cash payments (28,271 ) (2,504 ) (30,775 ) Balance at June 30, 2015 $ 62,823 $ 5,641 $ 68,464

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Schedule of Debt	At June 30, 2016 and December 31, 2015 , total debt consisted of the following: Interest rate June 30, 2016 December 31, 2015 Commercial paper 1.12% $ 319,875 $ 90,000 Notes due January 2016 4.75% — 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 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 450,000 150,000 Other debt 5,788 15,758 Principal amount 3,100,813 2,951,822 Less: unamortized discount and debt issuance costs 24,709 23,617 Plus: unamortized interest rate swap proceeds 17,718 22,463 Total debt 3,093,822 2,950,668 Less: current portion long-term debt and notes payable 470,058 461,085 Long-term debt $ 2,623,764 $ 2,489,583

Pensions and Other Benefit Pr32

Pensions and Other Benefit Programs (Tables)	6 Months Ended
	Jun. 30, 2016
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 June 30, June 30, June 30, 2016 2015 2016 2015 2016 2015 Service cost $ 22 $ 38 $ 546 $ 555 $ 521 $ 640 Interest cost 18,072 18,305 5,746 6,122 1,847 2,151 Expected return on plan assets (25,370 ) (25,958 ) (8,581 ) (8,935 ) — — Amortization of transition credit — — (2 ) (3 ) — — Amortization of prior service (credit) cost (15 ) 2 (18 ) (16 ) 74 74 Amortization of net actuarial loss 6,851 7,007 1,373 1,509 447 1,562 Settlement (1) 690 — — — — — Net periodic benefit cost (income) $ 250 $ (606 ) $ (936 ) $ (768 ) $ 2,889 $ 4,427 Defined Benefit Pension Plans Nonpension Postretirement Benefit Plans United States Foreign Six Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, 2016 2015 2016 2015 2016 2015 Service cost $ 54 $ 76 $ 1,073 $ 1,120 $ 1,022 $ 1,319 Interest cost 36,902 37,164 11,407 12,185 3,983 4,526 Expected return on plan assets (50,959 ) (52,002 ) (17,053 ) (17,774 ) — — Amortization of transition credit — — (4 ) (5 ) — — Amortization of prior service (credit) cost (30 ) 4 (35 ) (33 ) 148 148 Amortization of net actuarial loss 13,557 14,655 2,716 2,989 1,807 3,953 Settlement (1) 1,788 — — — — — Net periodic benefit cost (income) $ 1,312 $ (103 ) $ (1,896 ) $ (1,518 ) $ 6,960 $ 9,946 (1) Included in restructuring charges, net in the Condensed Consolidated Statements of Income.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2016
Stockholders' Equity Note [Abstract]
Schedule of Stockholders Equity	Changes in stockholders’ equity for the six months ended June 30, 2016 and 2015 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, 2016 $ 1 $ 505 $ 323,338 $ 161,280 $ 5,155,537 $ (888,635 ) $ (4,573,305 ) $ 178,721 Net income — — — — 111,636 — — 111,636 Other comprehensive income — — — — — 48,208 — 48,208 Dividends paid — — — — (70,979 ) — — (70,979 ) Issuance of common stock — — — (22,592 ) — — 18,809 (3,783 ) Conversion to common stock — (16 ) — (320 ) — — 336 — Stock-based compensation expense — — — 9,786 — — — 9,786 Repurchase of common stock — — — — — — (194,776 ) (194,776 ) Balance at June 30, 2016 $ 1 $ 489 $ 323,338 $ 148,154 $ 5,196,194 $ (840,427 ) $ (4,748,936 ) $ 78,813 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 — — — — 232,382 — — 232,382 Other comprehensive loss — — — — — (46,350 ) — (46,350 ) Dividends paid — — — — (75,648 ) — — (75,648 ) Issuance of common stock — — — (34,005 ) — — 26,659 (7,346 ) Conversion to common stock — (26 ) — (543 ) — — 569 — Stock-based compensation expense — — — 11,067 — — — 11,067 Balance at June 30, 2015 $ 1 $ 522 $ 323,338 $ 155,371 $ 5,054,442 $ (892,506 ) $ (4,449,804 ) $ 191,364

Accumulated Other Comprehensi34

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	Reclassifications out of AOCL for the three and six months ended June 30, 2016 and 2015 were as follows: Amount Reclassified from AOCL (a) Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Gains (losses) on cash flow hedges Revenue $ (353 ) $ (432 ) $ (733 ) $ (828 ) Cost of sales 145 (190 ) 370 (585 ) Interest expense, net (507 ) (507 ) (1,014 ) (1,014 ) Total before tax (715 ) (1,129 ) (1,377 ) (2,427 ) Benefit from income tax 277 436 535 938 Net of tax $ (438 ) $ (693 ) $ (842 ) $ (1,489 ) Gains (losses) on available for sale securities Interest expense, net $ (19 ) $ (18 ) $ (1 ) $ (42 ) Benefit from income tax 7 7 — 16 Net of tax $ (12 ) $ (11 ) $ (1 ) $ (26 ) Pension and Postretirement Benefit Plans (b) Transition credit $ 2 $ 3 $ 4 $ 5 Prior service costs (41 ) (61 ) (83 ) (120 ) Actuarial losses (9,361 ) (10,056 ) (19,868 ) (21,595 ) Total before tax (9,400 ) (10,114 ) (19,947 ) (21,710 ) Benefit from income tax 4,122 3,614 7,919 7,781 Net of tax $ (5,278 ) $ (6,500 ) $ (12,028 ) $ (13,929 ) (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 10 for additional details).
Schedule of Comprehensive Income Loss	Changes in AOCL for the six months ended June 30, 2016 and 2015 were as follows: Cash flow hedges Available for sale securities Pension and postretirement benefit plans Foreign currency adjustments Total Balance at January 1, 2016 $ (3,912 ) $ 536 $ (738,768 ) $ (146,491 ) $ (888,635 ) Other comprehensive (loss) income before reclassifications (a) (420 ) 5,862 (430 ) 30,325 35,337 Reclassifications into earnings (a), (b) 842 1 12,028 — 12,871 Net other comprehensive income 422 5,863 11,598 30,325 48,208 Balance at June 30, 2016 $ (3,490 ) $ 6,399 $ (727,170 ) $ (116,166 ) $ (840,427 ) 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 loss before reclassifications (a) (1,273 ) (1,499 ) — (59,022 ) (61,794 ) Reclassifications into earnings (a), (b) 1,489 26 13,929 — 15,444 Net other comprehensive income (loss) 216 (1,473 ) 13,929 (59,022 ) (46,350 ) Balance at June 30, 2015 $ (4,473 ) $ 1,493 $ (772,150 ) $ (117,376 ) $ (892,506 ) (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 B35

Description of Business and Basis of Presentation (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Reduction to cash and cash equivalents	$ (675,972)	$ (650,557)	$ (728,223)	$ (1,054,118)
Increase to accounts receivable	431,580	476,583
Increase to short-term finance receivables	918,974	918,383
Increase to other current assets and prepayments	61,039	67,400
Decrease to property, plant and equipment, net	(309,491)	(330,088)
Decrease to long-term finance receivables	$ (693,589)	(760,657)
Restatement Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Reduction to cash and cash equivalents			$ 26,000	$ 25,000
Increase to accounts receivable		19,000
Increase to short-term finance receivables		17,000
Increase to other current assets and prepayments		3,000
Decrease to property, plant and equipment, net		3,000
Decrease to long-term finance receivables		2,000
Other Noncurrent Assets | Accounting Standards Update 2015-03
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Debt issuance costs, reclassified		(18,000)
Long-term Debt | Accounting Standards Update 2015-03
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Debt issuance costs, reclassified		$ 18,000

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Segment reporting information profit (loss)
Revenues	$ 835,886	$ 880,891	$ 1,680,475	$ 1,771,572
EBIT	202,961	231,911	404,661	461,063
Reconciling items:
Interest, net	(34,294)	(38,839)	(68,510)	(81,673)
Unallocated corporate expenses	(48,777)	(51,921)	(106,544)	(102,724)
Restructuring charges and asset impairments, net	(26,076)	(14,350)	(33,009)	(14,269)
Acquisition and disposition-related expenses	(40)	(10,483)	(3,160)	(10,483)
Other income (expense), net	(536)	93,135	(536)	93,135
Income from continuing operations before income taxes	93,238	209,453	192,902	345,049
Provision for income taxes	33,394	52,351	70,418	102,898
Loss from discontinued operations, net of tax	(1,660)	(739)	(1,660)	(582)
Net income	58,184	156,363	120,824	241,569
North America Mailing
Segment reporting information profit (loss)
Revenues	322,068	356,791	671,794	718,665
EBIT	142,227	159,392	298,142	323,057
International Mailing
Segment reporting information profit (loss)
Revenues	106,338	110,610	210,097	226,783
EBIT	12,781	14,122	24,632	25,846
Small & Medium Business Solutions
Segment reporting information profit (loss)
Revenues	428,406	467,401	881,891	945,448
EBIT	155,008	173,514	322,774	348,903
Production Mail
Segment reporting information profit (loss)
Revenues	95,874	97,731	183,299	197,234
EBIT	12,914	10,028	19,738	19,060
Presort Services
Segment reporting information profit (loss)
Revenues	115,765	113,922	243,161	235,453
EBIT	21,214	23,544	50,124	51,038
Enterprise Business Solutions
Segment reporting information profit (loss)
Revenues	211,639	211,653	426,460	432,687
EBIT	34,128	33,572	69,862	70,098
Software Solutions
Segment reporting information profit (loss)
Revenues	90,464	99,041	168,386	185,278
EBIT	10,151	16,158	7,579	20,291
Global Ecommerce
Segment reporting information profit (loss)
Revenues	105,377	77,966	203,738	153,352
EBIT	3,674	3,056	4,446	11,202
Digital Commerce Solutions
Segment reporting information profit (loss)
Revenues	195,841	177,007	372,124	338,630
EBIT	13,825	19,214	12,025	31,493
Other
Segment reporting information profit (loss)
Revenues	0	24,830	0	54,807
EBIT	$ 0	$ 5,611	$ 0	$ 10,569

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Amounts attributable to common stockholders:
Net income from continuing operations	$ 55,250	$ 152,509	$ 113,296	$ 232,964
Loss from discontinued operations, net of tax	(1,660)	(739)	(1,660)	(582)
Net income - Pitney Bowes Inc. (numerator for diluted EPS)	53,590	151,770	111,636	232,382
Less: Preference stock dividend	9	10	19	21
Income attributable to common stockholders (numerator for basic EPS)	$ 53,581	$ 151,760	$ 111,617	$ 232,361
Denominator:
Weighted-average shares used in basic EPS (in shares)	187,395	201,712	189,929	201,504
Effect of dilutive shares:
Conversion of Preferred stock and Preference stock (in shares)	300	324	302	329
Employee stock plans (in shares)	667	804	575	801
Weighted-average shares used in diluted EPS (in shares)	188,362	202,840	190,806	202,634
Basic earnings per share:
Continuing operations (in dollars per share)	$ 0.29	$ 0.76	$ 0.60	$ 1.16
Discontinued operations (in dollars per share)	(0.01)	0	(0.01)	0
Net income attributable to Pitney Bowes Inc. (in dollars per share)	0.29	0.75	0.59	1.15
Diluted earnings per share:
Continuing operations (in dollars per share)	0.29	0.75	0.59	1.15
Discontinued operations (in dollars per share)	(0.01)	0	(0.01)	0
Net income attributable to Pitney Bowes Inc. (in dollars per share)	$ 0.28	$ 0.75	$ 0.59	$ 1.15
Anti-dilutive shares not used in calculating diluted weighted-average shares (in shares)	6,878	6,395	8,892	7,313

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Raw materials	$ 30,329	$ 25,803
Work in process	9,270	6,408
Supplies and service parts	47,916	44,323
Finished products	35,773	24,618
Inventory at FIFO cost	123,288	101,152
Excess of FIFO cost over LIFO cost	(12,328)	(12,328)
Total inventory, net	$ 110,960	$ 88,824

Finance Assets (Details)

Finance Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Loan receivables
Net investment in finance receivables	$ 1,612,563		$ 1,679,040
Allowance for Loan and Lease Losses [Roll Forward]
Balance Beginning	21,691	$ 26,719
Amounts charged to expense	5,236	4,132
Write-offs and other	(8,182)	(7,313)
Balance Closing	18,745	23,538
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing receivables	$ 1,817,838		1,901,840
Revenue recognition resume period	60 days
Low
Financing Receivable, Recorded Investment, Aging [Abstract]
Approximate percentage of portfolio	30.00%
Medium
Financing Receivable, Recorded Investment, Aging [Abstract]
Approximate percentage of portfolio	40.00%
High
Financing Receivable, Recorded Investment, Aging [Abstract]
Approximate percentage of portfolio	30.00%
North America
Loan receivables
Net investment in finance receivables	$ 1,339,105		1,391,898
International
Loan receivables
Net investment in finance receivables	273,458		287,142
Sales-type lease receivables
Sales-type lease receivables
Gross finance receivables	1,401,111		1,461,043
Unguaranteed residual values	109,200		115,709
Unearned income	(295,730)		(316,819)
Allowance for credit losses	(8,543)		(10,148)
Net investment in sales-type lease receivables	$ 1,206,038		1,249,785
Financing Receivable, Recorded Investment, Aging [Abstract]
Revenue recognition discontinuation period	120 days
Sales-type lease receivables | North America
Sales-type lease receivables
Gross finance receivables	$ 1,112,708		1,157,189
Unguaranteed residual values	94,283		100,000
Unearned income	(228,767)		(247,854)
Allowance for credit losses	(5,846)		(6,606)
Net investment in sales-type lease receivables	972,378		1,002,729
Allowance for Loan and Lease Losses [Roll Forward]
Balance Beginning	6,735	10,125
Amounts charged to expense	1,895	130
Write-offs and other	(2,784)	(2,423)
Balance Closing	5,846	7,832
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing receivables	1,112,708		1,157,189
Sales-type lease receivables | North America | Low
Sales-type lease receivables
Gross finance receivables	878,526		886,198
Sales-type lease receivables | North America | Medium
Sales-type lease receivables
Gross finance receivables	192,616		192,645
Sales-type lease receivables | North America | High
Sales-type lease receivables
Gross finance receivables	21,171		37,573
Sales-type lease receivables | North America | Not Scored
Sales-type lease receivables
Gross finance receivables	20,395		40,773
Sales-type lease receivables | International
Sales-type lease receivables
Gross finance receivables	288,403		303,854
Unguaranteed residual values	14,917		15,709
Unearned income	(66,963)		(68,965)
Allowance for credit losses	(2,697)		(3,542)
Net investment in sales-type lease receivables	233,660		247,056
Allowance for Loan and Lease Losses [Roll Forward]
Balance Beginning	3,542	5,024
Amounts charged to expense	186	(447)
Write-offs and other	(1,031)	(924)
Balance Closing	2,697	3,653
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing receivables	288,403		303,854
Loan receivables
Loan receivables
Loan receivables	416,727		440,797
Allowance for credit losses	(10,202)		(11,542)
Net investment in loan receivables	$ 406,525		429,255
Financing Receivable, Recorded Investment, Aging [Abstract]
Revenue recognition discontinuation period	90 days
Loan receivables | North America
Loan receivables
Loan receivables	$ 375,590		399,193
Allowance for credit losses	(8,863)		(10,024)
Net investment in loan receivables	366,727		389,169
Allowance for Loan and Lease Losses [Roll Forward]
Balance Beginning	9,896	10,051
Amounts charged to expense	2,765	3,895
Write-offs and other	(3,798)	(3,612)
Balance Closing	8,863	10,334
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing receivables	375,590		399,193
Loan receivables | North America | Low
Loan receivables
Loan receivables	278,787		295,725
Loan receivables | North America | Medium
Loan receivables
Loan receivables	76,479		85,671
Loan receivables | North America | High
Loan receivables
Loan receivables	7,011		10,810
Loan receivables | North America | Not Scored
Loan receivables
Loan receivables	13,313		6,987
Loan receivables | International
Loan receivables
Loan receivables	41,137		41,604
Allowance for credit losses	(1,339)		(1,518)
Net investment in loan receivables	39,798		40,086
Allowance for Loan and Lease Losses [Roll Forward]
Balance Beginning	1,518	1,519
Amounts charged to expense	390	554
Write-offs and other	(569)	(354)
Balance Closing	1,339	$ 1,719
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing receivables	41,137		41,604
1 - 90 days
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing receivables, current	1,766,396		1,873,493
1 - 90 days | Sales-type lease receivables | North America
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing receivables, current	1,072,727		1,138,031
1 - 90 days | Sales-type lease receivables | International
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing receivables, current	282,986		298,772
1 - 90 days | Loan receivables | North America
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing receivables, current	370,080		395,573
1 - 90 days | Loan receivables | International
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing receivables, current	40,603		41,117
Greater than 90 days
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing receivables	51,442		28,347
Still accruing interest	18,776		6,658
Not accruing interest	32,666		21,689
Greater than 90 days | Sales-type lease receivables | North America
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing receivables	39,981		19,158
Still accruing interest	16,996		5,041
Not accruing interest	22,985		14,117
Greater than 90 days | Sales-type lease receivables | International
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing receivables	5,417		5,082
Still accruing interest	1,780		1,617
Not accruing interest	3,637		3,465
Greater than 90 days | Loan receivables | North America
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing receivables	5,510		3,620
Still accruing interest	0		0
Not accruing interest	5,510		3,620
Greater than 90 days | Loan receivables | International
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing receivables	534		487
Still accruing interest	0		0
Not accruing interest	$ 534		487
Restatement Adjustment | Loan receivables
Sales-type lease receivables
Net investment in sales-type lease receivables			(35,000)
Loan receivables
Net investment in loan receivables			$ 35,000

Acquisitions, Divestitures, I40

Acquisitions, Divestitures, Intangible Assets and Goodwill (Acquisitions) (Details) - USD ($) $ in Thousands	Jul. 01, 2016	Jan. 12, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Business Acquisition [Line Items]
Revenues			$ 835,886	$ 880,891	$ 1,680,475	$ 1,771,572
Borderfree, Inc.
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired				100.00%		100.00%
Increase to accounts payable and other current liabilities			2,000
Increase to goodwill			2,000
Revenues			$ 29,000		$ 54,000
Proforma revenue				$ 22,000		$ 47,000
Enroute
Business Acquisition [Line Items]
Acquisition price		$ 14,000
Subsequent Event | Maponics
Business Acquisition [Line Items]
Consideration transferred	$ 24,000

Acquisitions, Divestitures, I41

Acquisitions, Divestitures, Intangible Assets and Goodwill (Disposition) (Details) - USD ($) $ in Thousands	May 29, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of business		$ (2,099)	$ 107,548
Imagitas
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price of business	$ 292,000
Gain on sale of business	$ 111,000

Acquisitions, Divestitures, I42

Acquisitions, Divestitures, Intangible Assets and Goodwill (Intangible Assets) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Finite lived intangible assets
Gross Carrying Amount	$ 627,829		$ 627,829		$ 622,364
Accumulated Amortization	(455,044)		(455,044)		(434,986)
Net Carrying Amount	172,785		172,785		187,378
Finite Lived Intangible Assets Amortization Expense	11,000	$ 8,000	21,000	$ 16,000
Customer relationships
Finite lived intangible assets
Gross Carrying Amount	442,466		442,466		437,459
Accumulated Amortization	(289,881)		(289,881)		(272,353)
Net Carrying Amount	152,585		152,585		165,106
Software & technology
Finite lived intangible assets
Gross Carrying Amount	149,636		149,636		149,591
Accumulated Amortization	(136,860)		(136,860)		(135,198)
Net Carrying Amount	12,776		12,776		14,393
Trademarks & other
Finite lived intangible assets
Gross Carrying Amount	35,727		35,727		35,314
Accumulated Amortization	(28,303)		(28,303)		(27,435)
Net Carrying Amount	$ 7,424		$ 7,424		$ 7,879

Acquisitions, Divestitures, I43

Acquisitions, Divestitures, Intangible Assets and Goodwill (Future Amortization Expense) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Finite lived intangible assets future amortization expense
Remaining for year ending December 31, 2016	$ 17,732
Year ending December 31, 2017	28,135
Year ending December 31, 2018	25,595
Year ending December 31, 2019	22,463
Year ending December 31, 2020	17,720
Thereafter	61,140
Net Carrying Amount	$ 172,785	$ 187,378

Acquisitions, Divestitures, I44

Acquisitions, Divestitures, Intangible Assets and Goodwill (Goodwill) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
Goodwill [Roll Forward]
Goodwill	$ 1,745,957
Acquisitions	9,421
Foreign currency translation	(2,664)
Goodwill	1,752,714
North America Mailing
Goodwill [Roll Forward]
Goodwill	296,053
Acquisitions	0
Foreign currency translation	2,753
Goodwill	298,806
International Mailing
Goodwill [Roll Forward]
Goodwill	148,351
Acquisitions	0
Foreign currency translation	3,419
Goodwill	151,770
Small & Medium Business Solutions
Goodwill [Roll Forward]
Goodwill	444,404
Acquisitions	0
Foreign currency translation	6,172
Goodwill	450,576
Production Mail
Goodwill [Roll Forward]
Goodwill	105,757
Acquisitions	0
Foreign currency translation	(1,291)
Goodwill	104,466
Presort Services
Goodwill [Roll Forward]
Goodwill	196,890
Acquisitions	0
Foreign currency translation	0
Goodwill	196,890
Enterprise Business Solutions
Goodwill [Roll Forward]
Goodwill	302,647
Acquisitions	0
Foreign currency translation	(1,291)
Goodwill	301,356
Software Solutions
Goodwill [Roll Forward]
Goodwill	674,976
Acquisitions	0
Foreign currency translation	(7,545)
Goodwill	667,431
Global Ecommerce
Goodwill [Roll Forward]
Goodwill	323,930
Acquisitions	9,421
Foreign currency translation	0
Goodwill	333,351
Digital Commerce Solutions
Goodwill [Roll Forward]
Goodwill	998,906
Acquisitions	9,421
Foreign currency translation	(7,545)
Goodwill	$ 1,000,782

Fair Value Measurements and D45

Fair Value Measurements and Derivative Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	$ 520,146	$ 738,371
Liabilities:	(2,933)	(5,387)
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	148,954	143,450
Liabilities:	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	371,192	594,921
Liabilities:	(2,933)	(5,387)
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:	108,780	333,627
Money market funds / commercial paper | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	32,156	41,215
Money market funds / commercial paper | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	76,624	292,412
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:	22,656	24,538
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:	22,656	24,538
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:	24,207	22,571
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:	24,207	22,571
Commingled fixed income securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	0	0
Debt securities - U.S. and foreign governments, agencies and municipalities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	129,212	114,801
Debt securities - U.S. and foreign governments, agencies and municipalities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	116,798	102,235
Debt securities - U.S. and foreign governments, agencies and municipalities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	12,414	12,566
Debt securities - U.S. and foreign governments, agencies and municipalities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	0	0
Debt securities - corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	66,103	62,884
Debt securities - corporate | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	0	0
Debt securities - corporate | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	66,103	62,884
Debt securities - corporate | 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:	165,951	178,234
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:	165,951	178,234
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:	3,237	1,716
Liabilities:	(2,933)	(5,387)
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:	3,237	1,716
Liabilities:	(2,933)	(5,387)
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 D46

Fair Value Measurements and Derivative Instruments (Available-for-sale Securities) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost	$ 352,722	$ 355,226
Gross unrealized gains	11,286	4,528
Gross unrealized losses	(1,168)	(3,835)
Estimated fair value	362,840	355,919
U.S. and foreign governments, agencies and municipalities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost	124,694	114,265
Gross unrealized gains	4,776	1,804
Gross unrealized losses	(258)	(1,268)
Estimated fair value	129,212	114,801
Corporate notes and bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost	63,394	63,140
Gross unrealized gains	2,787	823
Gross unrealized losses	(78)	(1,079)
Estimated fair value	66,103	62,884
Commingled fixed income securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost	1,550
Gross unrealized gains	24
Gross unrealized losses	0
Estimated fair value	1,574
Mortgage-backed / asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost	163,084	177,821
Gross unrealized gains	3,699	1,901
Gross unrealized losses	(832)	(1,488)
Estimated fair value	$ 165,951	$ 178,234

Fair Value Measurements and D47

Fair Value Measurements and Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Investment securities at a loss position for more than 12 months, aggregate unrealized holding losses	$ 1	$ 2
Investment securities at a loss position for more than 12 months, estimated fair value	16	36
Investment securities at a loss position for less than 12 months, aggregate unrealized holding losses	1	2
Investment securities at a loss position for less than 12 months, estimated fair value	74	146
Total notional amount of outstanding contracts in cash flow hedging relationships	16	$ 13
Maximum collateral required	$ 1

Fair Value Measurements and D48

Fair Value Measurements and Derivative Instruments (Available-for-sale Securities Maturities) (Details) $ in Thousands	Jun. 30, 2016USD ($)
Fair Value Disclosures [Abstract]
Amortized cost - Within 1 year	$ 65,899
Amortized cost - After 1 year through 5 years	68,381
Amortized cost - After 5 years through 10 years	55,584
Amortized cost - After 10 years	162,858
Amortized cost - Total	352,722
Estimated fair value - Within 1 year	65,988
Estimated fair value - After 1 year through 5 years	70,249
Estimated fair value - After 5 years through 10 years	57,985
Estimated fair value - After 10 years	168,618
Estimated fair value - Total	$ 362,840

Fair Value Measurements and D49

Fair Value Measurements and Derivative Instruments (Derivative Instruments) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Derivative [Line Items]
Total net derivative asset (liabilities)	$ 304	$ (3,671)
Total derivative assets
Derivative [Line Items]
Total net derivative asset (liabilities)	3,237	1,716
Total derivative liabilities
Derivative [Line Items]
Total net derivative asset (liabilities)	(2,933)	(5,387)
Foreign exchange contracts | Derivatives designated as hedging instruments | Other current assets and prepayments
Derivative [Line Items]
Total net derivative asset (liabilities)	397	217
Foreign exchange contracts | Derivatives designated as hedging instruments | Accounts payable and accrued liabilities:
Derivative [Line Items]
Total net derivative asset (liabilities)	(706)	(208)
Foreign exchange contracts | Derivatives not designated as hedging instruments | Other current assets and prepayments
Derivative [Line Items]
Total net derivative asset (liabilities)	2,840	1,499
Foreign exchange contracts | Derivatives not designated as hedging instruments | Accounts payable and accrued liabilities:
Derivative [Line Items]
Total net derivative asset (liabilities)	$ (2,227)	$ (5,179)

Fair Value Measurements and D50

Fair Value Measurements and Derivative Instruments (Foreign Exchange Contracts) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Derivative [Line Items]
Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion)	$ (208)	$ 622	$ (363)	$ 1,413
Revenue
Derivative [Line Items]
Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion)	(353)	432	(733)	828
Cost of sales
Derivative [Line Items]
Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion)	145	190	370	585
Foreign exchange contracts
Derivative [Line Items]
Derivative Gain (Loss) Recognized in AOCL (Effective Portion)	437	(418)	45	755
Foreign exchange contracts | Selling, general and administrative expense
Derivative [Line Items]
Derivative Gain (Loss) Recognized in Earnings	$ 4,580	$ (4,131)	$ (1,397)	$ (3,577)

Fair Value Measurements and D51

Fair Value Measurements and Derivative Instruments (Fair Value of Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Carrying value excluding unamortized debt issuance costs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 3,113,973	$ 2,968,997
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 3,266,103	$ 3,102,890

Restructuring Charges and Ass52

Restructuring Charges and Asset Impairment (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Restructuring Costs [Abstract]
Cash payments		$ (33,866)	$ (30,775)
Restructuring reserve, expected international payment period, extend beyond		24 months
Proceeds from sale of buildings	$ 18,000	$ 17,671	38,640	$ 39,000
Loss on sale of building	5,000			5,000
Asset impairment charge	3,000
Operational Excellence
Restructuring Costs [Abstract]
Balance Beginning		47,422	90,179	90,179
Expenses, net		22,721	9,060
Cash payments		(33,866)	(30,775)
Balance Ending	36,277	36,277	68,464	47,422
Operational Excellence | Severance and benefits costs
Restructuring Costs [Abstract]
Balance Beginning		43,700	81,836	81,836
Expenses, net		21,399	9,258
Cash payments		(30,969)	(28,271)
Balance Ending	34,130	34,130	62,823	43,700
Operational Excellence | Other exit costs
Restructuring Costs [Abstract]
Balance Beginning		3,722	8,343	8,343
Expenses, net		1,322	(198)
Cash payments		(2,897)	(2,504)
Balance Ending	$ 2,147	$ 2,147	$ 5,641	$ 3,722
Minimum [Member]
Restructuring Costs [Abstract]
Restructuring reserve, expected payment period		12 months
Maximum [Member]
Restructuring Costs [Abstract]
Restructuring reserve, expected payment period		24 months

Debt (Details)

Debt (Details) - USD ($)	1 Months Ended		6 Months Ended
	Mar. 31, 2016	Jan. 31, 2016	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Oct. 31, 2015
Debt Instrument [Line Items]
Debt			$ 3,100,813,000		$ 2,951,822,000
Less: unamortized discount and debt issuance costs			24,709,000		23,617,000
Plus: unamortized interest rate swap proceeds			17,718,000		22,463,000
Total debt			3,093,822,000		2,950,668,000
Less: current portion long-term debt and notes payable			470,058,000		461,085,000
Long-term debt			2,623,764,000		$ 2,489,583,000
Repayments of long-term debt			$ 370,952,000	$ 354,909,000
Notes due January 2016
Debt Instrument [Line Items]
Interest rate			4.75%		4.75%
Debt			$ 0		$ 370,914,000
Notes due September 2017
Debt Instrument [Line Items]
Interest rate			5.75%		5.75%
Debt			$ 385,109,000		$ 385,109,000
Notes due March 2018
Debt Instrument [Line Items]
Interest rate			5.60%		5.60%
Debt			$ 250,000,000		$ 250,000,000
Notes due May 2018
Debt Instrument [Line Items]
Interest rate			4.75%		4.75%
Debt			$ 350,000,000		$ 350,000,000
Notes due March 2019
Debt Instrument [Line Items]
Interest rate			6.25%		6.25%
Debt			$ 300,000,000		$ 300,000,000
Notes due March 2024
Debt Instrument [Line Items]
Interest rate			4.625%		4.625%
Debt			$ 500,000,000		$ 500,000,000
Notes due January 2037
Debt Instrument [Line Items]
Interest rate			5.25%		5.25%
Debt			$ 115,041,000		$ 115,041,000
Notes due March 2043
Debt Instrument [Line Items]
Interest rate			6.70%		6.70%
Debt			$ 425,000,000		$ 425,000,000
Term loans
Debt Instrument [Line Items]
Debt			450,000,000		150,000,000
Other debt
Debt Instrument [Line Items]
Debt			$ 5,788,000		$ 15,758,000
Debt Due 2015
Debt Instrument [Line Items]
Interest rate			4.75%
Repayments of long-term debt			$ 371,000,000
State of Connecticut DECD Loan - Development Loan
Debt Instrument [Line Items]
Loan amount						$ 15,000,000
Debt forgiveness	$ 10,000,000
State of Connecticut DECD Loan - Jobs-Training Grant
Debt Instrument [Line Items]
Loan amount						$ 1,000,000
Term Loan [Member] | Notes due December 2020
Debt Instrument [Line Items]
Loan amount		$ 300,000,000
Commercial Paper
Debt Instrument [Line Items]
Interest rate			1.1208%		1.12%
Debt			$ 319,875,000		$ 90,000,000
Eurodollar | Term Loan [Member] | Notes due December 2020
Debt Instrument [Line Items]
Spread on variable rate		1.25%
Applicable Eurodollar rate		0.63%

Pensions and Other Benefit Pr54

Pensions and Other Benefit Programs (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2016		Jun. 30, 2015	Jun. 30, 2016		Jun. 30, 2015
United States
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 22		$ 38	$ 54		$ 76
Interest cost	18,072		18,305	36,902		37,164
Expected return on plan assets	(25,370)		(25,958)	(50,959)		(52,002)
Amortization of transition credit	0		0	0		0
Amortization of prior service (credit) cost	(15)		2	(30)		4
Amortization of net actuarial loss	6,851		7,007	13,557		14,655
Settlement	690		0	1,788		0
Net periodic benefit cost (income)	250		(606)	1,312		(103)
Foreign
Defined Benefit Plan Disclosure [Line Items]
Service cost	546		555	1,073		1,120
Interest cost	5,746		6,122	11,407		12,185
Expected return on plan assets	(8,581)		(8,935)	(17,053)		(17,774)
Amortization of transition credit	(2)		(3)	(4)		(5)
Amortization of prior service (credit) cost	(18)		(16)	(35)		(33)
Amortization of net actuarial loss	1,373		1,509	2,716		2,989
Settlement	0		0	0		0
Net periodic benefit cost (income)	(936)		(768)	(1,896)		(1,518)
Nonpension Postretirement Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	521		640	1,022		1,319
Interest cost	1,847		2,151	3,983		4,526
Expected return on plan assets	0		0	0		0
Amortization of transition credit	0		0	0		0
Amortization of prior service (credit) cost	74		74	148		148
Amortization of net actuarial loss	447		1,562	1,807		3,953
Settlement	0	[1]	0	0	[1]	0
Net periodic benefit cost (income)	$ 2,889		$ 4,427	$ 6,960		$ 9,946
[1]	Included in restructuring charges, net in the Condensed Consolidated Statements of Income.

Pensions and Other Benefit Pr55

Pensions and Other Benefit Programs (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
United States
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Contributions By Employer	$ 4	$ 7
Foreign
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Contributions By Employer		39	$ 11
Nonpension Postretirement Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Contributions By Employer		$ 8	$ 11

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Effective tax rate (percent)	35.80%	25.00%	36.50%	29.80%
Charge from write-off of deferred tax assets			$ 3	$ 3
Imagitas
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposition of Imagitas		$ 20		$ 20

Noncontrolling Interests (Pre57

Noncontrolling Interests (Preferred Stockholders' Equity in Subsidiaries) (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Noncontrolling Interest [Line Items]
Combined voting power of all classes of capital stock of PBIH	25.00%
Combined voting power of all classes of capital stock remaining	75.00%
Preferred stock dividend rate	4.00%	4.00%
Preferred stock, dividends in arrears	$ 0		$ 0
Redeemable Preferred Stock Member
Noncontrolling Interest [Line Items]
Shares of outstanding perpetual voting preferred stock (in shares)	300,000
Shares of outstanding perpetual voting preferred stock	$ 300,000,000
Preferred stock dividend rate	6.125%
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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balances, beginning of period			$ 178,721	$ 77,259
Net income	$ 53,590	$ 151,770	111,636	232,382
Other comprehensive income	(581)	16,141	48,208	(46,350)
Common			(70,979)	(75,648)
Issuance of common stock			(3,783)	(7,346)
Conversion to common stock				0
Stock-based compensation expense			9,786	11,067
Repurchase of common stock			(194,776)
Balances, end of period	78,813	191,364	78,813	191,364
Preferred stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balances, beginning of period			1	1
Conversion to common stock				0
Balances, end of period	1	1	1	1
Preference stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balances, beginning of period			505	548
Conversion to common stock			(16)	(26)
Balances, end of period	489	522	489	522
Common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balances, beginning of period			323,338	323,338
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			161,280	178,852
Issuance of common stock			(22,592)	(34,005)
Conversion to common stock			(320)	(543)
Stock-based compensation expense			9,786	11,067
Balances, end of period	148,154	155,371	148,154	155,371
Retained earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balances, beginning of period			5,155,537	4,897,708
Net income			111,636	232,382
Common			(70,979)	(75,648)
Balances, end of period	5,196,194	5,054,442	5,196,194	5,054,442
Accumulated other comprehensive loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balances, beginning of period			(888,635)	(846,156)
Other comprehensive income			48,208	(46,350)
Balances, end of period	(840,427)	(892,506)	(840,427)	(892,506)
Treasury stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balances, beginning of period			(4,573,305)	(4,477,032)
Issuance of common stock			18,809	26,659
Conversion to common stock			336	569
Repurchase of common stock			(194,776)
Balances, end of period	$ (4,748,936)	$ (4,449,804)	$ (4,748,936)	$ (4,449,804)

Accumulated Other Comprehensi59

Accumulated Other Comprehensive Loss (Reclassifications) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Gains (losses) on cash flow hedges
Revenues		$ 835,886	$ 880,891	$ 1,680,475	$ 1,771,572
Interest expense, net		(20,799)	(20,971)	(40,100)	(45,035)
Benefit from income tax		(33,394)	(52,351)	(70,418)	(102,898)
Net income		58,184	156,363	120,824	241,569
Pension and Postretirement Benefit Plans
Benefit from income tax		4,122	3,614	7,921	7,781
Reclassification out of Accumulated Other Comprehensive Loss
Gains (losses) on cash flow hedges
Revenues	[1]	(353)	(432)	(733)	(828)
Cost of sales	[1]	145	(190)	370	(585)
Interest expense, net	[1]	(507)	(507)	(1,014)	(1,014)
Total before tax	[1]	(715)	(1,129)	(1,377)	(2,427)
Benefit from income tax	[1]	277	436	535	938
Net income	[1]	(438)	(693)	(842)	(1,489)
Gains (losses) on available for sale securities
Interest expense, net	[1]	(19)	(18)	(1)	(42)
Benefit from income tax	[1]	7	7	0	16
Net of tax	[1]	(12)	(11)	(1)	(26)
Pension and Postretirement Benefit Plans
Transition credit	[1],[2]	2	3	4	5
Prior service costs	[1],[2]	(41)	(61)	(83)	(120)
Actuarial losses	[1],[2]	(9,361)	(10,056)	(19,868)	(21,595)
Total before tax	[1],[2]	(9,400)	(10,114)	(19,947)	(21,710)
Benefit from income tax	[1],[2]	4,122	3,614	7,919	7,781
Net of tax	[1],[2]	$ (5,278)	$ (6,500)	$ (12,028)	$ (13,929)
[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 10 for additional details).

Accumulated Other Comprehensi60

Accumulated Other Comprehensive Loss (Changes) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance				$ (888,635)	$ (846,156)
Other comprehensive income (loss) before reclassifications	[1]			35,337	(61,794)
Amounts reclassified from accumulated other comprehensive loss	[1],[2]			12,871	15,444
Other comprehensive (loss) income, net of tax		$ (581)	$ 16,141	48,208	(46,350)
Ending Balance		(840,427)	(892,506)	(840,427)	(892,506)
Cash flow hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance				(3,912)	(4,689)
Other comprehensive income (loss) before reclassifications	[1]			(420)	(1,273)
Amounts reclassified from accumulated other comprehensive loss	[1],[2]			842	1,489
Other comprehensive (loss) income, net of tax				422	216
Ending Balance		(3,490)	(4,473)	(3,490)	(4,473)
Available for sale securities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance				536	2,966
Other comprehensive income (loss) before reclassifications	[1]			5,862	(1,499)
Amounts reclassified from accumulated other comprehensive loss	[1],[2]			1	26
Other comprehensive (loss) income, net of tax				5,863	(1,473)
Ending Balance		6,399	1,493	6,399	1,493
Pension and postretirement benefit plans
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance				(738,768)	(786,079)
Other comprehensive income (loss) before reclassifications	[1]			(430)	0
Amounts reclassified from accumulated other comprehensive loss	[1],[2]			12,028	13,929
Other comprehensive (loss) income, net of tax				11,598	13,929
Ending Balance		(727,170)	(772,150)	(727,170)	(772,150)
Foreign currency adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance				(146,491)	(58,354)
Other comprehensive income (loss) before reclassifications	[1]			30,325	(59,022)
Amounts reclassified from accumulated other comprehensive loss	[1],[2]			0	0
Other comprehensive (loss) income, net of tax				30,325	(59,022)
Ending Balance		$ (116,166)	$ (117,376)	$ (116,166)	$ (117,376)
[1]	Amounts are net of tax. Amounts in parentheses indicate debits to AOCL.
[2]	See table above for additional details of these reclassifications.