Pitney Bowes (PBI) 10-Q 7 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 27, 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	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		185,758,673

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenue:
Equipment sales		$ 173,143	$ 163,857	$ 485,145	$ 495,328
Supplies		61,306	71,174	198,631	215,178
Software		89,087	97,700	257,760	283,241
Rentals		102,747	108,420	309,706	333,729
Financing		87,883	99,925	276,915	306,992
Support services		123,954	136,820	383,632	415,615
Business services		200,911	191,645	607,717	591,030
Total revenue		839,031	869,541	2,519,506	2,641,113
Costs and expenses:
Cost of equipment sales		86,147	78,650	235,741	232,706
Cost of supplies		20,348	21,629	60,662	65,912
Cost of software		25,698	27,219	79,496	85,584
Cost of rentals		16,041	21,423	54,951	63,127
Financing interest expense		12,965	17,533	41,375	54,171
Cost of support services		74,799	79,747	224,790	244,853
Cost of business services		140,989	130,004	417,357	405,559
Selling, general and administrative		300,983	309,211	916,445	939,318
Research and development		28,680	29,153	89,761	83,693
Restructuring charges and asset impairments, net		16,494	36	49,503	14,305
Interest expense, net		22,294	20,165	62,394	65,200
Other (income) expense, net		0	(1,781)	536	(94,916)
Total costs and expenses		745,438	732,989	2,233,011	2,159,512
Income from continuing operations before income taxes		93,593	136,552	286,495	481,601
Provision for income taxes		23,197	42,676	93,615	145,574
Income from continuing operations		70,396	93,876	192,880	336,027
Net income		70,105	93,876	190,929	335,445
Less: Preferred stock dividends attributable to noncontrolling interests		4,593	4,594	13,781	13,781
Net income attributable to Pitney Bowes Inc.		65,512	89,282	177,148	321,664
Amounts attributable to common stockholders:
Net income from continuing operations		65,803	89,282	179,099	322,246
Loss from discontinued operations, net of tax		(291)	0	(1,951)	(582)
Net income attributable to Pitney Bowes Inc.		$ 65,512	$ 89,282	$ 177,148	$ 321,664
Basic earnings per share attributable to common stockholders:
Continuing operations (in dollars per share)		$ 0.35	$ 0.45	$ 0.95	$ 1.60
Discontinued operations (in dollars per share)		0	0	(0.01)	0
Net income attributable to Pitney Bowes Inc. (in dollars per share)		0.35	0.45	0.94	1.60
Diluted earnings per share attributable to common stockholders:(1)
Continuing operations (in dollars per share)	[1]	0.35	0.44	0.94	1.60
Discontinued operations (in dollars per share)	[1]	0	0	(0.01)	0
Net income attributable to Pitney Bowes Inc. (in dollars per share)	[1]	0.35	0.44	0.93	1.59
Dividends declared per share of common stock (in dollars per share)		$ 0.1875000	$ 0.1875000	$ 0.5625000	$ 0.5625000
[1]	The sum of earnings per share amounts may not equal the totals due to rounding.

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 70,105	$ 93,876	$ 190,929	$ 335,445
Less: Preferred stock dividends attributable to noncontrolling interests	4,593	4,594	13,781	13,781
Net income attributable to Pitney Bowes Inc.	65,512	89,282	177,148	321,664
Other comprehensive income (loss), net of tax:
Foreign currency translations	6,938	(17,131)	37,263	(76,153)
Net unrealized (loss) gain on cash flow hedges, net of tax of $(40), $79, $224 and $219, respectively	(64)	119	358	335
Net unrealized gain (loss) on investment securities, net of tax of $956, $721, $4,399 and $(142), respectively	1,628	1,231	7,491	(242)
Adjustments to pension and postretirement plans, net of tax of $(777) for the nine months ended September 30, 2016	0	0	(1,230)	0
Amortization of pension and postretirement costs, net of tax of $3,243, $4,219, $10,362 and $12,001, respectively	5,963	7,435	18,791	21,364
Other comprehensive income (loss), net of tax	14,465	(8,346)	62,673	(54,696)
Comprehensive income attributable to Pitney Bowes Inc.	$ 79,977	$ 80,936	$ 239,821	$ 266,968

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Net unrealized gain (loss) on cash flow hedges, tax	$ (40)	$ 79	$ 224	$ 219
Net unrealized loss on investment securities, tax	956	721	4,399	(142)
Adjustments to pension and postretirement plans, tax			(777)
Benefit from income tax	$ 3,243	$ 4,219	$ 10,362	$ 12,001

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 992,089	$ 650,557
Short-term investments	24,259	117,021
Accounts receivable (net of allowance of $10,722 and $9,997, respectively)	427,556	476,583
Short-term finance receivables (net of allowance of $13,033 and $15,480, respectively)	870,256	918,383
Inventories	108,766	88,824
Current income taxes	13,060	6,584
Other current assets and prepayments	65,622	67,400
Total current assets	2,501,608	2,325,352
Property, plant and equipment, net	312,597	330,088
Rental property and equipment, net	179,554	177,515
Long-term finance receivables (net of allowance of $5,092 and $6,210, respectively)	704,294	760,657
Goodwill	1,766,418	1,745,957
Intangible assets, net	174,221	187,378
Non-current income taxes	66,547	70,294
Other assets	553,635	525,891
Total assets	6,258,874	6,123,132
Current liabilities:
Accounts payable and accrued liabilities	1,307,808	1,448,321
Current income taxes	19,170	16,620
Current portion of long-term debt and notes payable	535,289	461,085
Advance billings	303,153	353,025
Total current liabilities	2,165,420	2,279,051
Deferred taxes on income	229,998	205,668
Tax uncertainties and other income tax liabilities	57,423	68,429
Long-term debt	2,831,767	2,489,583
Other non-current liabilities	547,444	605,310
Total liabilities	5,832,052	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	149,997	161,280
Retained earnings	5,226,894	5,155,537
Accumulated other comprehensive loss	(825,962)	(888,635)
Treasury stock, at cost (137,701,038 and 127,816,704 shares, respectively)	(4,744,305)	(4,573,305)
Total Pitney Bowes Inc. stockholders’ equity	130,452	178,721
Total liabilities, noncontrolling interests and stockholders’ equity	$ 6,258,874	$ 6,123,132

Condensed Consolidated Balance6

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Allowance for Doubtful Accounts Receivable	$ 10,722	$ 9,997
Allowance for Notes, Loans and Financing Receivable, Current	13,033	15,480
Allowance for Notes, Loans and Financing Receivable, Noncurrent	$ 5,092	$ 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	137,701,038	127,816,704

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net income	$ 190,929	$ 335,445
Restructuring payments	(51,161)	(46,056)
Special pension plan contributions	(36,731)	0
Tax payments related to other investments	0	(20,602)
Adjustments to reconcile net income to net cash provided by operating activities:
Loss (gain) on disposal of businesses	3,938	(109,069)
Depreciation and amortization	140,225	127,486
Gain on debt forgiveness	(10,000)	0
Stock-based compensation	16,014	14,921
Restructuring charges and asset impairments, net	49,503	14,305
Changes in operating assets and liabilities, net of acquisitions/divestitures:
Decrease in accounts receivable	51,853	29,128
Decrease in finance receivables	113,180	91,184
Increase in inventories	(20,489)	(20,850)
Decrease (increase) in other current assets and prepayments	3,312	(16,697)
Decrease in accounts payable and accrued liabilities	(125,248)	(138,481)
Increase in current and non-current income taxes	1,543	68,894
Decrease in advance billings	(47,183)	(535)
Other, net	11,244	22,327
Net cash provided by operating activities	290,929	351,400
Cash flows from investing activities:
Purchases of available-for-sale securities	(163,134)	(153,471)
Proceeds from sales/maturities of available-for-sale securities	167,424	159,436
Net change in short-term and other investments	62,256	(119)
Capital expenditures	(115,532)	(130,328)
Proceeds from sale of buildings	17,671	38,640
Acquisition of businesses, net of cash acquired	(37,942)	(387,391)
Divestiture of businesses, net of cash transferred	0	290,543
Change in reserve account deposits	1,813	(25,630)
Other investing activities	(7,420)	3,011
Net cash used in investing activities	(74,864)	(205,309)
Cash flows from financing activities:
Proceeds from the issuance of long-term debt	894,744	950
Principal payments of long-term debt	(371,007)	(404,952)
Net change in short-term borrowings	(90,000)	150,000
Dividends paid to stockholders	(105,791)	(113,158)
Common stock repurchases	(197,267)	(100,000)
Dividends paid to noncontrolling interests	(9,188)	(9,188)
Other financing activities	0	4,531
Net cash provided by (used in) financing activities	121,491	(471,817)
Effect of exchange rate changes on cash and cash equivalents	3,976	(38,370)
Increase (decrease) in cash and cash equivalents	341,532	(364,096)
Cash and cash equivalents at beginning of period	650,557	1,054,118
Cash and cash equivalents at end of period	992,089	690,022
Cash interest paid	132,359	146,838
Cash income tax payments, net of refunds	$ 95,487	$ 95,770

Description of Business and Bas

Description of Business and Basis of Presentation	9 Months Ended
	Sep. 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 . The accompanying unaudited Condensed Consolidated Financial Statements have been prepared 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). During the second quarter of 2016, we determined that certain amounts included in finance receivables and rental property and equipment should be classified as accounts receivable and other current assets and prepayments. Accordingly, the Condensed Consolidated Balance Sheet as of December 31, 2015 was revised to increase accounts receivable by $19 million and prepaid and other current assets by $3 million and reduce rental property and equipment by $3 million , short-term finance receivables by $17 million and long-term finance receivables by $2 million . The Condensed Consolidated Statement of Cash Flows for the period ended September 30, 2015 has also been adjusted accordingly. In 2015, we determined that certain investments were classified as cash and cash equivalents. Accordingly, the Condensed Consolidated Statement of Cash Flows for the period ended September 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 and with corresponding changes to investment activity. 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 consolidated 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 consolidated 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. We adopted this standard effective January 1, 2016 and recast the Condensed Consolidated Balance Sheet at December 31, 2015 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 August, 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force). The ASU is intended to reduce diversity in practice in presentation and classification of certain cash receipts and cash payments by providing guidance on eight specific cash flow issues. The ASU is effective for interim and annual periods beginning after December 15, 2017 and early adoption is permitted, including adoption during an interim period. We are currently assessing the impact this standard will have on our consolidated statement of cash flows. 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 companies 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 standard is effective for interim and annual periods beginning after December 15, 2019. We are currently assessing the impact this standard will have on our 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 standard includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. The standard 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 financial statements and disclosures. In February 2016, the FASB issued ASU 2016-02, Leases. This standard, among other things, will require lessees to recognize almost all leases on their balance sheet as a right-of-use asset and a lease liability and result in enhanced disclosures. The standard 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 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 . This standard primarily affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. The standard is effective for interim and annual periods beginning after December 15, 2017, and early adoption is permitted. We are currently assessing the impact this standard will have on our 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). Inventory measured using the last-in, first-out (LIFO) basis is not impacted by the new guidance. The standard 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 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 in the process of evaluating a sample of contracts under the new standard. At this point, we cannot estimate the financial statement impact of this standard upon adoption, nor have we decided on the transition method we will use to adopt this standard.

Segment Information

Segment Information	9 Months Ended
	Sep. 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, restructuring charges, and other items that are not allocated to a particular business segment. Management uses segment EBIT to measure profitability and performance at the segment level and believes that it provides a useful measure of operating performance and underlying trends of the businesses. Segment EBIT may not be indicative of our overall consolidated performance and therefore, should be read in conjunction with our consolidated results of operations. Revenue and EBIT by business segment is presented below: Revenue Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 North America Mailing $ 329,995 $ 353,159 $ 1,001,789 $ 1,071,824 International Mailing 95,628 104,615 305,725 331,398 Small & Medium Business Solutions 425,623 457,774 1,307,514 1,403,222 Production Mail 106,350 101,646 289,649 298,880 Presort Services 114,053 115,912 357,214 351,365 Enterprise Business Solutions 220,403 217,558 646,863 650,245 Software Solutions 89,031 97,638 257,417 282,916 Global Ecommerce 103,974 96,571 307,712 249,923 Digital Commerce Solutions 193,005 194,209 565,129 532,839 Other — — — 54,807 Total revenue $ 839,031 $ 869,541 $ 2,519,506 $ 2,641,113 EBIT Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 North America Mailing $ 138,588 $ 159,319 $ 436,730 $ 482,376 International Mailing 9,733 10,739 34,365 36,585 Small & Medium Business Solutions 148,321 170,058 471,095 518,961 Production Mail 15,696 12,401 35,434 31,461 Presort Services 19,181 25,908 69,305 76,946 Enterprise Business Solutions 34,877 38,309 104,739 108,407 Software Solutions 10,329 14,613 17,908 34,904 Global Ecommerce 4,389 (1,240 ) 8,835 9,962 Digital Commerce Solutions 14,718 13,373 26,743 44,866 Other — — — 10,569 Total EBIT 197,916 221,740 602,577 682,803 Reconciling items: Interest, net (35,259 ) (37,698 ) (103,769 ) (119,371 ) Unallocated corporate expenses (51,992 ) (49,235 ) (158,536 ) (151,959 ) Restructuring charges and asset impairments, net (16,494 ) (36 ) (49,503 ) (14,305 ) Acquisition and disposition-related expenses (578 ) — (3,738 ) (10,483 ) Other income (expense), net — 1,781 (536 ) 94,916 Income from continuing operations before income taxes 93,593 136,552 286,495 481,601 Provision for income taxes 23,197 42,676 93,615 145,574 Loss from discontinued operations, net of tax (291 ) — (1,951 ) (582 ) Net income $ 70,105 $ 93,876 $ 190,929 $ 335,445

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The calculations of basic and diluted earnings per share are presented below. The sum of earnings per share amounts may not equal the totals due to rounding. Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Numerator: Amounts attributable to common stockholders: Net income from continuing operations $ 65,803 $ 89,282 $ 179,099 $ 322,246 Loss from discontinued operations, net of tax (291 ) — (1,951 ) (582 ) Net income attributable to Pitney Bowes Inc. (numerator for diluted EPS) 65,512 89,282 177,148 321,664 Less: Preference stock dividend 10 10 29 31 Income attributable to common stockholders (numerator for basic EPS) $ 65,502 $ 89,272 $ 177,119 $ 321,633 Denominator: Weighted-average shares used in basic EPS 185,603 199,874 188,634 200,825 Effect of dilutive shares: Conversion of Preferred stock and Preference stock 299 318 301 326 Employee stock plans 781 825 657 734 Weighted-average shares used in diluted EPS 186,683 201,017 189,592 201,885 Basic earnings per share: Continuing operations $ 0.35 $ 0.45 $ 0.95 $ 1.60 Discontinued operations — — (0.01 ) — Net income $ 0.35 $ 0.45 $ 0.94 $ 1.60 Diluted earnings per share: Continuing operations $ 0.35 $ 0.44 $ 0.94 $ 1.60 Discontinued operations — — (0.01 ) — Net income $ 0.35 $ 0.44 $ 0.93 $ 1.59 Anti-dilutive shares not used in calculating diluted weighted-average shares: 8,036 7,934 8,148 8,609

Inventories

Inventories	9 Months Ended
	Sep. 30, 2016
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories are stated at the lower of cost or market. Cost is determined on the LIFO basis for most U.S. inventories and on the first-in, first-out (FIFO) basis for most non-U.S. inventories. Inventories at September 30, 2016 and December 31, 2015 consisted of the following: September 30, December 31, Raw materials $ 35,228 $ 25,803 Work in process 8,512 6,408 Supplies and service parts 45,653 44,323 Finished products 31,701 24,618 Inventory at FIFO cost 121,094 101,152 Excess of FIFO cost over LIFO cost (12,328 ) (12,328 ) Total inventory, net $ 108,766 $ 88,824

Finance Assets

Finance Assets	9 Months Ended
	Sep. 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 with a net investment of $35 million at December 31, 2015 classified as a sales type lease receivable should have been classified as loan receivables. Accordingly, prior period amounts have been revised to reflect this change. Finance receivables at September 30, 2016 and December 31, 2015 consisted of the following: September 30, 2016 December 31, 2015 North America International Total North America International Total Sales-type lease receivables Gross finance receivables $ 1,083,873 $ 287,519 $ 1,371,392 $ 1,157,189 $ 303,854 $ 1,461,043 Unguaranteed residual values 95,618 14,701 110,319 100,000 15,709 115,709 Unearned income (228,709 ) (63,599 ) (292,308 ) (247,854 ) (68,965 ) (316,819 ) Allowance for credit losses (6,054 ) (2,587 ) (8,641 ) (6,606 ) (3,542 ) (10,148 ) Net investment in sales-type lease receivables 944,728 236,034 1,180,762 1,002,729 247,056 1,249,785 Loan receivables Loan receivables 365,725 37,547 403,272 399,193 41,604 440,797 Allowance for credit losses (8,288 ) (1,196 ) (9,484 ) (10,024 ) (1,518 ) (11,542 ) Net investment in loan receivables 357,437 36,351 393,788 389,169 40,086 429,255 Net investment in finance receivables $ 1,302,165 $ 272,385 $ 1,574,550 $ 1,391,898 $ 287,142 $ 1,679,040 Allowance for Credit Losses We provide an allowance for probable credit losses based on historical loss experience, the nature and volume of our portfolios, adverse situations that may affect a client's ability to pay, prevailing economic conditions and our ability to manage the collateral. 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 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 nine months ended September 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 $ 6,606 $ 3,542 $ 10,024 $ 1,518 $ 21,690 Amounts charged to expense 2,881 464 4,217 688 8,250 Write-offs and other (3,433 ) (1,419 ) (5,953 ) (1,010 ) (11,815 ) Balance at September 30, 2016 $ 6,054 $ 2,587 $ 8,288 $ 1,196 $ 18,125 Sales-type Lease Receivables Loan Receivables North America International North America International Total Balance at January 1, 2015 $ 10,125 $ 5,024 $ 11,068 $ 1,788 $ 28,005 Amounts charged to expense 793 183 6,180 867 8,023 Write-offs and other (3,523 ) (1,711 ) (7,260 ) (1,005 ) (13,499 ) Balance at September 30, 2015 $ 7,395 $ 3,496 $ 9,988 $ 1,650 $ 22,529 Aging of Receivables The aging of gross finance receivables at September 30, 2016 and December 31, 2015 was as follows: September 30, 2016 Sales-type Lease Receivables Loan Receivables North America International North America International Total 1 - 90 days $ 1,017,772 $ 282,269 $ 361,883 $ 37,251 $ 1,699,175 > 90 days 66,101 5,250 3,842 296 75,489 Total $ 1,083,873 $ 287,519 $ 365,725 $ 37,547 $ 1,774,664 Past due amounts > 90 days Still accruing interest $ 10,447 $ 1,748 $ — $ — $ 12,195 Not accruing interest 55,654 3,502 3,842 296 63,294 Total $ 66,101 $ 5,250 $ 3,842 $ 296 $ 75,489 As of September 30, 2016, we had North America sales-type lease receivables aged greater than 90 days with a contract value of $66 million . As of October 30, 2016, we have received payments with a contract value of approximately $30 million related to these receivables. 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 September 30, 2016 and December 31, 2015 by relative risk class 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 (low, medium, high), as defined by the third party, refers to the relative risk that an account in the next 12 month period may become delinquent. • Low risk accounts are companies with very good credit scores and are considered to approximate the top 30% of all commercial borrowers. • Medium risk accounts are companies with average to good credit scores and are considered to approximate the middle 40% of all commercial borrowers. • High risk accounts are companies with poor credit scores, are delinquent or are at risk of becoming delinquent and are considered to approximate the bottom 30% of all commercial borrowers. September 30, December 31, Sales-type lease receivables Low $ 824,756 $ 886,198 Medium 172,278 192,645 High 19,339 37,573 Not Scored 67,500 40,773 Total $ 1,083,873 $ 1,157,189 Loan receivables Low $ 278,210 $ 295,725 Medium 70,052 85,671 High 6,648 10,810 Not Scored 10,815 6,987 Total $ 365,725 $ 399,193

Acquisitions, Intangible Assets

Acquisitions, Intangible Assets and Goodwill	9 Months Ended
	Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Acquisitions, Intangible Assets and Goodwill	Acquisitions, Intangible Assets and Goodwill Acquisitions On July 1, 2016, we acquired Maponics for $24 million , net of cash acquired. Maponics provides comprehensive boundary information and geospatial data that support location-based services and analytics and will be reported within our Software Solutions segment. On January 12, 2016, we acquired Enroute for $ 14 million in cash. Additional cash payments may also be required during 2017-2019 based on the achievement of certain annual revenue targets for 2016-2018. Enroute is a software-as-a-service enterprise retail and fulfillment solutions company and is reported within our Global Ecommerce segment. In June 2015, we acquired Borderfree, Inc. ("Borderfree"). During the second quarter of 2016, we obtained new information about facts and circumstances that existed as of the acquisition date and increased accounts payable and accrued expenses and goodwill acquired in the Borderfree acquisition by $ 2 million . On a supplemental pro forma basis, had we acquired Borderfree on January 1, 2015, our revenues would have been $47 million higher for the nine months ended September 30, 2015 . The impact on our earnings would not have been material. Intangible Assets Intangible assets at September 30, 2016 and December 31, 2015 consisted of the following: September 30, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 450,890 $ (299,224 ) $ 151,666 $ 437,459 $ (272,353 ) $ 165,106 Software & technology 152,201 (137,680 ) 14,521 149,591 (135,198 ) 14,393 Trademarks & other 36,851 (28,817 ) 8,034 35,314 (27,435 ) 7,879 Total intangible assets $ 639,942 $ (465,721 ) $ 174,221 $ 622,364 $ (434,986 ) $ 187,378 Amortization expense was $10 million and $11 million for the three months ended September 30, 2016 and 2015 , respectively and $32 million and $27 million , for the nine months ended September 30, 2016 and 2015, respectively. Future amortization expense as of September 30, 2016 was as follows: Remaining for year ending December 31, 2016 $ 8,189 Year ending December 31, 2017 29,721 Year ending December 31, 2018 27,418 Year ending December 31, 2019 23,992 Year ending December 31, 2020 18,836 Thereafter 66,065 Total $ 174,221 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 Changes in the carrying value of goodwill for the nine months ended September 30, 2016 were as follows: December 31, 2015 Acquisitions Foreign currency translation September 30, North America Mailing $ 296,053 $ — $ 3,993 $ 300,046 International Mailing 148,351 — 5,552 153,903 Small & Medium Business Solutions 444,404 — 9,545 453,949 Production Mail 105,757 — (1,382 ) 104,375 Presort Services 196,890 — — 196,890 Enterprise Business Solutions 302,647 — (1,382 ) 301,265 Software Solutions 674,976 12,137 (9,260 ) 677,853 Global Ecommerce 323,930 9,421 — 333,351 Digital Commerce Solutions 998,906 21,558 (9,260 ) 1,011,204 Total goodwill $ 1,745,957 $ 21,558 $ (1,097 ) $ 1,766,418

Fair Value Measurements and Der

Fair Value Measurements and Derivative Instruments	9 Months Ended
	Sep. 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. 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. The following tables show, by level within the fair value hierarchy, our financial assets and liabilities that are accounted for at fair value on a recurring basis at September 30, 2016 and December 31, 2015 . September 30, 2016 Level 1 Level 2 Level 3 Total Assets: Investment securities Money market funds / commercial paper $ 143,960 $ 104,169 $ — $ 248,129 Equity securities — 23,782 — 23,782 Commingled fixed income securities 1,575 22,769 — 24,344 Debt securities - U.S. and foreign governments, agencies and municipalities 93,515 19,396 — 112,911 Debt securities - corporate — 82,149 — 82,149 Mortgage-backed / asset-backed securities — 163,806 — 163,806 Derivatives Foreign exchange contracts — 3,508 — 3,508 Total assets $ 239,050 $ 419,579 $ — $ 658,629 Liabilities: Derivatives Interest rate swap $ — $ (591 ) $ — $ (591 ) Foreign exchange contracts — (1,515 ) — (1,515 ) Total liabilities $ — $ (2,106 ) $ — $ (2,106 ) 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 Condensed Consolidated Balance Sheets as cash and cash equivalents, short-term investments and other assets depending on the type of investment and maturity. Unrealized holding gains and losses are recorded, net of tax, in accumulated other comprehensive loss (AOCL). Available-for-sale securities at September 30, 2016 and December 31, 2015 consisted of the following: September 30, 2016 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value U.S. and foreign governments, agencies and municipalities $ 109,027 $ 4,145 $ (261 ) $ 112,911 Corporate notes and bonds 79,264 2,982 (97 ) 82,149 Commingled fixed income securities 1,559 16 — 1,575 Mortgage-backed / asset-backed securities 161,131 3,378 (703 ) 163,806 Total $ 350,981 $ 10,521 $ (1,061 ) $ 360,441 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 September 30, 2016 , investment securities that were in a loss position for 12 or more continuous months had aggregate unrealized holding losses of less than $1 million and an estimated fair value of $14 million , and investment securities that were in a loss position for less than 12 continuous months had aggregate unrealized holding losses of less than $1 million and an estimated fair value of $81 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 have the ability and intent to hold these securities until recovery of the unrealized losses and we expect to receive the contractual principal and interest on these investment securities at maturity. Scheduled maturities of available-for-sale securities at September 30, 2016 were as follows: Amortized cost Estimated fair value Within 1 year $ 28,111 $ 28,208 After 1 year through 5 years 120,611 122,284 After 5 years through 10 years 56,375 58,585 After 10 years 145,884 151,364 Total $ 350,981 $ 360,441 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. 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 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. Foreign Exchange Contracts We enter into foreign exchange contracts to mitigate the currency risk associated with the anticipated purchase of inventory between affiliates and from third parties. These contracts are designated as cash flow hedges. The effective portion of the gain or loss on cash flow hedges is included in AOCL in the period that the change in fair value occurs and is reclassified to earnings in the period that the hedged item is recorded in earnings. At September 30, 2016 and December 31, 2015 , we had outstanding contracts associated with these anticipated transactions with notional amounts of $14 million and $13 million , respectively. 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. Interest Rate Swaps In September 2016, we entered into an interest rate swap with a notional amount of $300 million to mitigate the interest rate risk associated with our $300 million variable-rate term loans. The swap is designated as a cash flow hedge. The effective portion of the gain or loss on the cash flow hedge 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. Under the terms of the swap agreement, we pay fixed-rate interest of 0.8826% and receive variable-rate interest based on 1-month LIBOR. The variable interest rate resets monthly. The valuation of our interest rate swap is based on the income approach using a model with inputs that are observable or that can be derived from or corroborated by observable market data. The majority of the amounts included in AOCL at September 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 fair value of derivative instruments at September 30, 2016 and December 31, 2015 was as follows: Designation of Derivatives Balance Sheet Location September 30, December 31, Derivatives designated as hedging instruments Foreign exchange contracts Other current assets and prepayments $ 247 $ 217 Accounts payable and accrued liabilities (573 ) (208 ) Interest rate swap Other non-current liabilities (591 ) — Derivatives not designated as hedging instruments Foreign exchange contracts Other current assets and prepayments 3,261 1,499 Accounts payable and accrued liabilities (942 ) (5,179 ) Total derivative assets $ 3,508 $ 1,716 Total derivative liabilities (2,106 ) (5,387 ) Total net derivative asset (liabilities) $ 1,402 $ (3,671 ) The following represents the results of cash flow hedging relationships for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Derivative Gain (Loss) Recognized in AOCL (Effective Portion) Location of Gain (Loss) (Effective Portion) Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion) Derivative Instrument 2016 2015 2016 2015 Foreign exchange contracts $ (158 ) $ (140 ) Revenue $ (443 ) 211 Cost of sales 301 (41 ) Interest rate swap (591 ) — Interest Expense — — $ (749 ) $ (140 ) $ (142 ) $ 170 Nine Months Ended September 30, Derivative Gain (Loss) Recognized in AOCL (Effective Portion) Location of Gain (Loss) (Effective Portion) Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion) Derivative Instrument 2016 2015 2016 2015 Foreign exchange contracts $ (114 ) $ 614 Revenue $ 290 $ 1,039 Cost of sales (69 ) 544 Interest rate swap (591 ) — Interest Expense — — $ (705 ) $ 614 $ 221 $ 1,583 We also enter into foreign exchange contracts to minimize the impact of exchange rate fluctuations on short-term intercompany loans and related interest that are denominated in a foreign currency. The revaluation of the intercompany loans and interest and the mark-to-market adjustment on the derivatives are both recorded in earnings. All outstanding contracts at September 30, 2016 mature within 12 months. The following represents the results of our non-designated derivative instruments for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Derivative Gain (Loss) Recognized in Earnings Derivatives Instrument Location of Derivative Gain (Loss) 2016 2015 Foreign exchange contracts Selling, general and administrative expense $ 1,719 $ 2,138 Nine Months Ended September 30, Derivative Gain (Loss) Recognized in Earnings Derivatives Instrument Location of Derivative Gain (Loss) 2016 2015 Foreign exchange contracts Selling, general and administrative expense $ 322 $ (1,437 ) Credit-Risk-Related Contingent Features Certain derivative instruments contain credit-risk-related contingent features that would require us to post collateral based on a combination of our long-term senior unsecured debt ratings and the net fair value of our derivatives. At September 30, 2016 , we did not post any collateral and the maximum amount of collateral that we would have been required to post had the credit-risk-related contingent features been triggered was not significant. 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. The inputs used to determine the fair value of our debt were classified as Level 2 in the fair value hierarchy. The carrying value and estimated fair value of our debt at September 30, 2016 and December 31, 2015 were as follows: September 30, 2016 December 31, 2015 Carrying value $ 3,367,056 $ 2,950,668 Fair value $ 3,489,163 $ 3,084,561

Restructuring Charges and Asset

Restructuring Charges and Asset Impairment	9 Months Ended
	Sep. 30, 2016
Restructuring and Related Activities [Abstract]
Restructuring Charges and Asset Impairment	Restructuring Charges and Asset Impairments Restructuring charges Activity in our restructuring reserves for the nine months ended September 30, 2016 and 2015 was as follows: Severance and benefits costs Other exit costs Total Balance at January 1, 2016 $ 43,700 $ 3,722 $ 47,422 Expenses, net 36,791 1,660 38,451 Cash payments (47,241 ) (3,920 ) (51,161 ) Balance at September 30, 2016 $ 33,250 $ 1,462 $ 34,712 Balance at January 1, 2015 $ 81,836 $ 8,343 $ 90,179 Expenses, net 9,196 (1,183 ) 8,013 Cash payments (42,708 ) (3,348 ) (46,056 ) Balance at September 30, 2015 $ 48,324 $ 3,812 $ 52,136 Restructuring charges also include pension settlement charges of $2 million and $1 million for the nine months ended September 30, 2016 and 2015, respectively. 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 For the nine months ended September 30, 2016, asset impairment charges totaled $ 9 million and consisted primarily of a loss of $5 million on the sale of a facility and an impairment charge of $3 million related to a building. For the nine months ended September 30, 2015, asset impairment charges totaled $ 5 million and consisted primarily of a loss on the sale of our world headquarters building.

Debt

Debt	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Debt	Debt Total debt at September 30, 2016 and December 31, 2015 consisted of the following: Interest rate September 30, 2016 December 31, 2015 Commercial paper variable $ — $ 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 October 2021 3.375% 600,000 — 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 5,666 15,758 Principal amount 3,380,816 2,951,822 Less: unamortized debt discount and issuance costs 29,078 23,617 Plus: unamortized interest rate swap proceeds 15,318 22,463 Total debt 3,367,056 2,950,668 Less: current portion long-term debt and notes payable 535,289 461,085 Long-term debt $ 2,831,767 $ 2,489,583 In September 2016, we issued $600 million of 3.375% fixed-rate notes due in October 2021. Interest is payable semi-annually. The notes mature in October 2021, but may be redeemed, at our option, in whole or in part, at any time or from time to time at par plus accrued and unpaid interest. We used a portion of these proceeds to repay commercial paper and used the remaining proceeds to redeem the PBIH Preferred Stock on November 1, 2016 (see Note 12). In January 2016, we borrowed $300 million under a term loan agreement and applied the proceeds to the repayment of the $371 million , 4.75% notes due January 2016. The new term loans bear interest at the applicable Eurodollar Rate plus 1.25% and mature in December 2020. The effective interest rate of these loans for the third quarter were 1.95% . In September 2016, we entered into an interest rate swap with a notional amount of $300 million to mitigate the interest rate risk associated with these variable-rate term loans. Under the terms of the swap agreement, we pay fixed-rate interest of 0.8826% and receive variable-rate interest based on 1-month LIBOR. The variable rate resets monthly. In March 2016, we satisfied certain employment obligations stipulated in the State of Connecticut Department of Economic and Community Development loan (issued in 2014), and under the terms of the loan, $10 million was forgiven. We recorded loan forgiveness income in selling, general and administrative expenses.

Pensions and Other Benefit Prog

Pensions and Other Benefit Programs	9 Months Ended
	Sep. 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 September 30, September 30, September 30, 2016 2015 2016 2015 2016 2015 Service cost $ 26 $ 38 $ 549 $ 557 $ 512 $ 530 Interest cost 18,452 18,581 5,366 6,099 1,994 2,086 Expected return on plan assets (25,480 ) (26,002 ) (7,976 ) (8,912 ) — — Amortization of transition credit — — (2 ) (2 ) — — Amortization of prior service (credit) cost (15 ) 2 (19 ) (16 ) 74 74 Amortization of net actuarial loss 6,779 7,327 1,302 1,482 904 1,704 Settlement (1) 183 1,083 — — — — Net periodic benefit cost (income) $ (55 ) $ 1,029 $ (780 ) $ (792 ) $ 3,484 $ 4,394 Defined Benefit Pension Plans Nonpension Postretirement Benefit Plans United States Foreign Nine Months Ended Nine Months Ended Nine Months Ended September 30, September 30, September 30, 2016 2015 2016 2015 2016 2015 Service cost $ 80 $ 114 $ 1,622 $ 1,677 $ 1,534 $ 1,849 Interest cost 55,354 55,745 16,773 18,284 5,977 6,612 Expected return on plan assets (76,439 ) (78,004 ) (25,029 ) (26,686 ) — — Amortization of transition credit — — (6 ) (7 ) — — Amortization of prior service (credit) cost (45 ) 6 (54 ) (49 ) 222 222 Amortization of net actuarial loss 20,336 21,982 4,018 4,471 2,711 5,657 Settlement (1) 1,971 1,083 — — — — Net periodic benefit cost (income) $ 1,257 $ 926 $ (2,676 ) $ (2,310 ) $ 10,444 $ 14,340 (1) Included in restructuring charges and asset impairments, net in the Condensed Consolidated Statements of Income. Through September 30, 2016 and September 30, 2015 , contributions to our U.S. pension plans were $8 million and $6 million , respectively, and contributions to our foreign plans were $41 million and $12 million , respectively. Nonpension postretirement benefit plan contributions were $14 million and $16 million through September 30, 2016 and September 30, 2015 , respectively.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rate for the three months ended September 30, 2016 and 2015 was 24.8% and 31.3% , respectively, and the effective tax rate for the nine months ended September 30, 2016 and 2015 was 32.7% and 30.2% , respectively. The effective tax rate for both the three and nine months ended September 30, 2016 includes $15 million of benefits from the resolution of tax examinations and a $5 million charge from the establishment of a valuation allowance on tax attribute carryovers. The effective tax rate for the nine months ended September 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. As a result, it is reasonably possible that the amount of our unrecognized tax benefits will decrease in the next 12 months, and we expect this change could be up to 25% of our unrecognized tax benefits. 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)	9 Months Ended
	Sep. 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% . We redeemed all of the PBIH Preferred Stock on November 1, 2016 for $300 million plus accrued dividends.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 30, 2016
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders ’ Equity Changes in stockholders’ equity for the nine months ended September 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 — — — — 177,148 — — 177,148 Other comprehensive income — — — — — 62,673 — 62,673 Dividends paid — — — — (105,791 ) — — (105,791 ) Issuance of common stock — — — (27,251 ) — — 25,930 (1,321 ) Conversion to common stock — (16 ) — (321 ) — — 337 — Stock-based compensation expense — — — 16,289 — — — 16,289 Repurchase of common stock — — — — — — (197,267 ) (197,267 ) Balance at September 30, 2016 $ 1 $ 489 $ 323,338 $ 149,997 $ 5,226,894 $ (825,962 ) $ (4,744,305 ) $ 130,452 Preferred stock Preference stock Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Treasury stock Total equity Balance at January 1, 2015 $ 1 $ 548 $ 323,338 $ 178,852 $ 4,897,708 $ (846,156 ) $ (4,477,032 ) $ 77,259 Net income — — — — 321,664 — — 321,664 Other comprehensive loss — — — — — (54,696 ) — (54,696 ) Dividends paid — — — — (113,158 ) — — (113,158 ) Issuance of common stock — — — (36,946 ) — — 32,983 (3,963 ) Conversion to common stock — (29 ) — (632 ) — — 661 — Stock-based compensation expense — — — 14,921 — — — 14,921 Repurchase of common stock — — — — — — (100,000 ) (100,000 ) Balance at September 30, 2015 $ 1 $ 519 $ 323,338 $ 156,195 $ 5,106,214 $ (900,852 ) $ (4,543,388 ) $ 142,027

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 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 nine months ended September 30, 2016 and 2015 were as follows: Amount Reclassified from AOCL (a) Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Gains (losses) on cash flow hedges Revenue $ 443 $ 211 $ (290 ) $ 1,039 Cost of sales (301 ) (41 ) 69 544 Interest expense, net (507 ) (507 ) (1,521 ) (1,521 ) Total before tax (365 ) (337 ) (1,742 ) 62 (Benefit) provision for income tax (144 ) (132 ) (679 ) 15 Net of tax $ (221 ) $ (205 ) $ (1,063 ) $ 47 Gains (losses) on available for sale securities Interest expense, net $ (1,125 ) $ 1,085 $ (1,126 ) $ 1,043 (Benefit) provision for income tax (433 ) 401 (433 ) 385 Net of tax $ (692 ) $ 684 $ (693 ) $ 658 Pension and Postretirement Benefit Plans (b) Transition credit $ 2 $ 2 $ 6 $ 7 Prior service costs (40 ) (60 ) (123 ) (179 ) Actuarial losses (9,168 ) (11,596 ) (29,036 ) (33,193 ) Total before tax (9,206 ) (11,654 ) (29,153 ) (33,365 ) Benefit from income tax (3,243 ) (4,219 ) (10,362 ) (12,001 ) Net of tax $ (5,963 ) $ (7,435 ) $ (18,791 ) $ (21,364 ) (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 nine months ended September 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) (705 ) 6,798 (1,230 ) 37,263 42,126 Reclassifications into earnings (a), (b) 1,063 693 18,791 — 20,547 Net other comprehensive income 358 7,491 17,561 37,263 62,673 Balance at September 30, 2016 $ (3,554 ) $ 8,027 $ (721,207 ) $ (109,228 ) $ (825,962 ) 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) 382 416 — (76,153 ) (75,355 ) Reclassifications into earnings (a), (b) (47 ) (658 ) 21,364 — 20,659 Net other comprehensive income (loss) 335 (242 ) 21,364 (76,153 ) (54,696 ) Balance at September 30, 2015 $ (4,354 ) $ 2,724 $ (764,715 ) $ (134,507 ) $ (900,852 ) (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)	9 Months Ended
	Sep. 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 consolidated 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 consolidated 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. We adopted this standard effective January 1, 2016 and recast the Condensed Consolidated Balance Sheet at December 31, 2015 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 August, 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force). The ASU is intended to reduce diversity in practice in presentation and classification of certain cash receipts and cash payments by providing guidance on eight specific cash flow issues. The ASU is effective for interim and annual periods beginning after December 15, 2017 and early adoption is permitted, including adoption during an interim period. We are currently assessing the impact this standard will have on our consolidated statement of cash flows. 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 companies 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 standard is effective for interim and annual periods beginning after December 15, 2019. We are currently assessing the impact this standard will have on our 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 standard includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. The standard 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 financial statements and disclosures. In February 2016, the FASB issued ASU 2016-02, Leases. This standard, among other things, will require lessees to recognize almost all leases on their balance sheet as a right-of-use asset and a lease liability and result in enhanced disclosures. The standard 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 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 . This standard primarily affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. The standard is effective for interim and annual periods beginning after December 15, 2017, and early adoption is permitted. We are currently assessing the impact this standard will have on our 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). Inventory measured using the last-in, first-out (LIFO) basis is not impacted by the new guidance. The standard 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 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 in the process of evaluating a sample of contracts under the new standard. At this point, we cannot estimate the financial statement impact of this standard upon adoption, nor have we decided on the transition method we will use to adopt this standard.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 North America Mailing $ 329,995 $ 353,159 $ 1,001,789 $ 1,071,824 International Mailing 95,628 104,615 305,725 331,398 Small & Medium Business Solutions 425,623 457,774 1,307,514 1,403,222 Production Mail 106,350 101,646 289,649 298,880 Presort Services 114,053 115,912 357,214 351,365 Enterprise Business Solutions 220,403 217,558 646,863 650,245 Software Solutions 89,031 97,638 257,417 282,916 Global Ecommerce 103,974 96,571 307,712 249,923 Digital Commerce Solutions 193,005 194,209 565,129 532,839 Other — — — 54,807 Total revenue $ 839,031 $ 869,541 $ 2,519,506 $ 2,641,113
Reconciliation of EBIT from Segments to Consolidated	EBIT Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 North America Mailing $ 138,588 $ 159,319 $ 436,730 $ 482,376 International Mailing 9,733 10,739 34,365 36,585 Small & Medium Business Solutions 148,321 170,058 471,095 518,961 Production Mail 15,696 12,401 35,434 31,461 Presort Services 19,181 25,908 69,305 76,946 Enterprise Business Solutions 34,877 38,309 104,739 108,407 Software Solutions 10,329 14,613 17,908 34,904 Global Ecommerce 4,389 (1,240 ) 8,835 9,962 Digital Commerce Solutions 14,718 13,373 26,743 44,866 Other — — — 10,569 Total EBIT 197,916 221,740 602,577 682,803 Reconciling items: Interest, net (35,259 ) (37,698 ) (103,769 ) (119,371 ) Unallocated corporate expenses (51,992 ) (49,235 ) (158,536 ) (151,959 ) Restructuring charges and asset impairments, net (16,494 ) (36 ) (49,503 ) (14,305 ) Acquisition and disposition-related expenses (578 ) — (3,738 ) (10,483 ) Other income (expense), net — 1,781 (536 ) 94,916 Income from continuing operations before income taxes 93,593 136,552 286,495 481,601 Provision for income taxes 23,197 42,676 93,615 145,574 Loss from discontinued operations, net of tax (291 ) — (1,951 ) (582 ) Net income $ 70,105 $ 93,876 $ 190,929 $ 335,445

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 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. The sum of earnings per share amounts may not equal the totals due to rounding. Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Numerator: Amounts attributable to common stockholders: Net income from continuing operations $ 65,803 $ 89,282 $ 179,099 $ 322,246 Loss from discontinued operations, net of tax (291 ) — (1,951 ) (582 ) Net income attributable to Pitney Bowes Inc. (numerator for diluted EPS) 65,512 89,282 177,148 321,664 Less: Preference stock dividend 10 10 29 31 Income attributable to common stockholders (numerator for basic EPS) $ 65,502 $ 89,272 $ 177,119 $ 321,633 Denominator: Weighted-average shares used in basic EPS 185,603 199,874 188,634 200,825 Effect of dilutive shares: Conversion of Preferred stock and Preference stock 299 318 301 326 Employee stock plans 781 825 657 734 Weighted-average shares used in diluted EPS 186,683 201,017 189,592 201,885 Basic earnings per share: Continuing operations $ 0.35 $ 0.45 $ 0.95 $ 1.60 Discontinued operations — — (0.01 ) — Net income $ 0.35 $ 0.45 $ 0.94 $ 1.60 Diluted earnings per share: Continuing operations $ 0.35 $ 0.44 $ 0.94 $ 1.60 Discontinued operations — — (0.01 ) — Net income $ 0.35 $ 0.44 $ 0.93 $ 1.59 Anti-dilutive shares not used in calculating diluted weighted-average shares: 8,036 7,934 8,148 8,609

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2016
Inventory Disclosure [Abstract]
Inventory Components	Inventories at September 30, 2016 and December 31, 2015 consisted of the following: September 30, December 31, Raw materials $ 35,228 $ 25,803 Work in process 8,512 6,408 Supplies and service parts 45,653 44,323 Finished products 31,701 24,618 Inventory at FIFO cost 121,094 101,152 Excess of FIFO cost over LIFO cost (12,328 ) (12,328 ) Total inventory, net $ 108,766 $ 88,824

Finance Assets (Tables)

Finance Assets (Tables)	9 Months Ended
	Sep. 30, 2016
Receivables [Abstract]
Financing Receivables	Finance receivables at September 30, 2016 and December 31, 2015 consisted of the following: September 30, 2016 December 31, 2015 North America International Total North America International Total Sales-type lease receivables Gross finance receivables $ 1,083,873 $ 287,519 $ 1,371,392 $ 1,157,189 $ 303,854 $ 1,461,043 Unguaranteed residual values 95,618 14,701 110,319 100,000 15,709 115,709 Unearned income (228,709 ) (63,599 ) (292,308 ) (247,854 ) (68,965 ) (316,819 ) Allowance for credit losses (6,054 ) (2,587 ) (8,641 ) (6,606 ) (3,542 ) (10,148 ) Net investment in sales-type lease receivables 944,728 236,034 1,180,762 1,002,729 247,056 1,249,785 Loan receivables Loan receivables 365,725 37,547 403,272 399,193 41,604 440,797 Allowance for credit losses (8,288 ) (1,196 ) (9,484 ) (10,024 ) (1,518 ) (11,542 ) Net investment in loan receivables 357,437 36,351 393,788 389,169 40,086 429,255 Net investment in finance receivables $ 1,302,165 $ 272,385 $ 1,574,550 $ 1,391,898 $ 287,142 $ 1,679,040
Allowance for Credit Losses on Financing Receivables	Activity in the allowance for credit losses for the nine months ended September 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 $ 6,606 $ 3,542 $ 10,024 $ 1,518 $ 21,690 Amounts charged to expense 2,881 464 4,217 688 8,250 Write-offs and other (3,433 ) (1,419 ) (5,953 ) (1,010 ) (11,815 ) Balance at September 30, 2016 $ 6,054 $ 2,587 $ 8,288 $ 1,196 $ 18,125 Sales-type Lease Receivables Loan Receivables North America International North America International Total Balance at January 1, 2015 $ 10,125 $ 5,024 $ 11,068 $ 1,788 $ 28,005 Amounts charged to expense 793 183 6,180 867 8,023 Write-offs and other (3,523 ) (1,711 ) (7,260 ) (1,005 ) (13,499 ) Balance at September 30, 2015 $ 7,395 $ 3,496 $ 9,988 $ 1,650 $ 22,529
Past Due Financing Receivables	The aging of gross finance receivables at September 30, 2016 and December 31, 2015 was as follows: September 30, 2016 Sales-type Lease Receivables Loan Receivables North America International North America International Total 1 - 90 days $ 1,017,772 $ 282,269 $ 361,883 $ 37,251 $ 1,699,175 > 90 days 66,101 5,250 3,842 296 75,489 Total $ 1,083,873 $ 287,519 $ 365,725 $ 37,547 $ 1,774,664 Past due amounts > 90 days Still accruing interest $ 10,447 $ 1,748 $ — $ — $ 12,195 Not accruing interest 55,654 3,502 3,842 296 63,294 Total $ 66,101 $ 5,250 $ 3,842 $ 296 $ 75,489 As of September 30, 2016, we had North America sales-type lease receivables aged greater than 90 days with a contract value of $66 million . As of October 30, 2016, we have received payments with a contract value of approximately $30 million related to these receivables. 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	September 30, December 31, Sales-type lease receivables Low $ 824,756 $ 886,198 Medium 172,278 192,645 High 19,339 37,573 Not Scored 67,500 40,773 Total $ 1,083,873 $ 1,157,189 Loan receivables Low $ 278,210 $ 295,725 Medium 70,052 85,671 High 6,648 10,810 Not Scored 10,815 6,987 Total $ 365,725 $ 399,193

Acquisitions, Intangible Asse28

Acquisitions, Intangible Assets and Goodwill (Tables)	9 Months Ended
	Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets Disclosure	Intangible assets at September 30, 2016 and December 31, 2015 consisted of the following: September 30, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 450,890 $ (299,224 ) $ 151,666 $ 437,459 $ (272,353 ) $ 165,106 Software & technology 152,201 (137,680 ) 14,521 149,591 (135,198 ) 14,393 Trademarks & other 36,851 (28,817 ) 8,034 35,314 (27,435 ) 7,879 Total intangible assets $ 639,942 $ (465,721 ) $ 174,221 $ 622,364 $ (434,986 ) $ 187,378
Amortization Expense In Future Periods	Future amortization expense as of September 30, 2016 was as follows: Remaining for year ending December 31, 2016 $ 8,189 Year ending December 31, 2017 29,721 Year ending December 31, 2018 27,418 Year ending December 31, 2019 23,992 Year ending December 31, 2020 18,836 Thereafter 66,065 Total $ 174,221
Schedule of Goodwill	Changes in the carrying value of goodwill for the nine months ended September 30, 2016 were as follows: December 31, 2015 Acquisitions Foreign currency translation September 30, North America Mailing $ 296,053 $ — $ 3,993 $ 300,046 International Mailing 148,351 — 5,552 153,903 Small & Medium Business Solutions 444,404 — 9,545 453,949 Production Mail 105,757 — (1,382 ) 104,375 Presort Services 196,890 — — 196,890 Enterprise Business Solutions 302,647 — (1,382 ) 301,265 Software Solutions 674,976 12,137 (9,260 ) 677,853 Global Ecommerce 323,930 9,421 — 333,351 Digital Commerce Solutions 998,906 21,558 (9,260 ) 1,011,204 Total goodwill $ 1,745,957 $ 21,558 $ (1,097 ) $ 1,766,418

Fair Value Measurements and D29

Fair Value Measurements and Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	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. The following tables show, by level within the fair value hierarchy, our financial assets and liabilities that are accounted for at fair value on a recurring basis at September 30, 2016 and December 31, 2015 . September 30, 2016 Level 1 Level 2 Level 3 Total Assets: Investment securities Money market funds / commercial paper $ 143,960 $ 104,169 $ — $ 248,129 Equity securities — 23,782 — 23,782 Commingled fixed income securities 1,575 22,769 — 24,344 Debt securities - U.S. and foreign governments, agencies and municipalities 93,515 19,396 — 112,911 Debt securities - corporate — 82,149 — 82,149 Mortgage-backed / asset-backed securities — 163,806 — 163,806 Derivatives Foreign exchange contracts — 3,508 — 3,508 Total assets $ 239,050 $ 419,579 $ — $ 658,629 Liabilities: Derivatives Interest rate swap $ — $ (591 ) $ — $ (591 ) Foreign exchange contracts — (1,515 ) — (1,515 ) Total liabilities $ — $ (2,106 ) $ — $ (2,106 ) 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 September 30, 2016 and December 31, 2015 consisted of the following: September 30, 2016 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value U.S. and foreign governments, agencies and municipalities $ 109,027 $ 4,145 $ (261 ) $ 112,911 Corporate notes and bonds 79,264 2,982 (97 ) 82,149 Commingled fixed income securities 1,559 16 — 1,575 Mortgage-backed / asset-backed securities 161,131 3,378 (703 ) 163,806 Total $ 350,981 $ 10,521 $ (1,061 ) $ 360,441 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 September 30, 2016 were as follows: Amortized cost Estimated fair value Within 1 year $ 28,111 $ 28,208 After 1 year through 5 years 120,611 122,284 After 5 years through 10 years 56,375 58,585 After 10 years 145,884 151,364 Total $ 350,981 $ 360,441
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The fair value of derivative instruments at September 30, 2016 and December 31, 2015 was as follows: Designation of Derivatives Balance Sheet Location September 30, December 31, Derivatives designated as hedging instruments Foreign exchange contracts Other current assets and prepayments $ 247 $ 217 Accounts payable and accrued liabilities (573 ) (208 ) Interest rate swap Other non-current liabilities (591 ) — Derivatives not designated as hedging instruments Foreign exchange contracts Other current assets and prepayments 3,261 1,499 Accounts payable and accrued liabilities (942 ) (5,179 ) Total derivative assets $ 3,508 $ 1,716 Total derivative liabilities (2,106 ) (5,387 ) Total net derivative asset (liabilities) $ 1,402 $ (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 nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Derivative Gain (Loss) Recognized in AOCL (Effective Portion) Location of Gain (Loss) (Effective Portion) Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion) Derivative Instrument 2016 2015 2016 2015 Foreign exchange contracts $ (158 ) $ (140 ) Revenue $ (443 ) 211 Cost of sales 301 (41 ) Interest rate swap (591 ) — Interest Expense — — $ (749 ) $ (140 ) $ (142 ) $ 170 Nine Months Ended September 30, Derivative Gain (Loss) Recognized in AOCL (Effective Portion) Location of Gain (Loss) (Effective Portion) Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion) Derivative Instrument 2016 2015 2016 2015 Foreign exchange contracts $ (114 ) $ 614 Revenue $ 290 $ 1,039 Cost of sales (69 ) 544 Interest rate swap (591 ) — Interest Expense — — $ (705 ) $ 614 $ 221 $ 1,583
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location	The following represents the results of our non-designated derivative instruments for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Derivative Gain (Loss) Recognized in Earnings Derivatives Instrument Location of Derivative Gain (Loss) 2016 2015 Foreign exchange contracts Selling, general and administrative expense $ 1,719 $ 2,138 Nine Months Ended September 30, Derivative Gain (Loss) Recognized in Earnings Derivatives Instrument Location of Derivative Gain (Loss) 2016 2015 Foreign exchange contracts Selling, general and administrative expense $ 322 $ (1,437 )
Fair Value, by Balance Sheet Grouping	The carrying value and estimated fair value of our debt at September 30, 2016 and December 31, 2015 were as follows: September 30, 2016 December 31, 2015 Carrying value $ 3,367,056 $ 2,950,668 Fair value $ 3,489,163 $ 3,084,561

Restructuring Charges and Ass30

Restructuring Charges and Asset Impairment (Tables)	9 Months Ended
	Sep. 30, 2016
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Reserve by Type of Cost	Activity in our restructuring reserves for the nine months ended September 30, 2016 and 2015 was as follows: Severance and benefits costs Other exit costs Total Balance at January 1, 2016 $ 43,700 $ 3,722 $ 47,422 Expenses, net 36,791 1,660 38,451 Cash payments (47,241 ) (3,920 ) (51,161 ) Balance at September 30, 2016 $ 33,250 $ 1,462 $ 34,712 Balance at January 1, 2015 $ 81,836 $ 8,343 $ 90,179 Expenses, net 9,196 (1,183 ) 8,013 Cash payments (42,708 ) (3,348 ) (46,056 ) Balance at September 30, 2015 $ 48,324 $ 3,812 $ 52,136

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Schedule of Debt	Total debt at September 30, 2016 and December 31, 2015 consisted of the following: Interest rate September 30, 2016 December 31, 2015 Commercial paper variable $ — $ 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 October 2021 3.375% 600,000 — 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 5,666 15,758 Principal amount 3,380,816 2,951,822 Less: unamortized debt discount and issuance costs 29,078 23,617 Plus: unamortized interest rate swap proceeds 15,318 22,463 Total debt 3,367,056 2,950,668 Less: current portion long-term debt and notes payable 535,289 461,085 Long-term debt $ 2,831,767 $ 2,489,583

Pensions and Other Benefit Pr32

Pensions and Other Benefit Programs (Tables)	9 Months Ended
	Sep. 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 September 30, September 30, September 30, 2016 2015 2016 2015 2016 2015 Service cost $ 26 $ 38 $ 549 $ 557 $ 512 $ 530 Interest cost 18,452 18,581 5,366 6,099 1,994 2,086 Expected return on plan assets (25,480 ) (26,002 ) (7,976 ) (8,912 ) — — Amortization of transition credit — — (2 ) (2 ) — — Amortization of prior service (credit) cost (15 ) 2 (19 ) (16 ) 74 74 Amortization of net actuarial loss 6,779 7,327 1,302 1,482 904 1,704 Settlement (1) 183 1,083 — — — — Net periodic benefit cost (income) $ (55 ) $ 1,029 $ (780 ) $ (792 ) $ 3,484 $ 4,394 Defined Benefit Pension Plans Nonpension Postretirement Benefit Plans United States Foreign Nine Months Ended Nine Months Ended Nine Months Ended September 30, September 30, September 30, 2016 2015 2016 2015 2016 2015 Service cost $ 80 $ 114 $ 1,622 $ 1,677 $ 1,534 $ 1,849 Interest cost 55,354 55,745 16,773 18,284 5,977 6,612 Expected return on plan assets (76,439 ) (78,004 ) (25,029 ) (26,686 ) — — Amortization of transition credit — — (6 ) (7 ) — — Amortization of prior service (credit) cost (45 ) 6 (54 ) (49 ) 222 222 Amortization of net actuarial loss 20,336 21,982 4,018 4,471 2,711 5,657 Settlement (1) 1,971 1,083 — — — — Net periodic benefit cost (income) $ 1,257 $ 926 $ (2,676 ) $ (2,310 ) $ 10,444 $ 14,340 (1) Included in restructuring charges and asset impairments, net in the Condensed Consolidated Statements of Income.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2016
Stockholders' Equity Note [Abstract]
Schedule of Stockholders Equity	Changes in stockholders’ equity for the nine months ended September 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 — — — — 177,148 — — 177,148 Other comprehensive income — — — — — 62,673 — 62,673 Dividends paid — — — — (105,791 ) — — (105,791 ) Issuance of common stock — — — (27,251 ) — — 25,930 (1,321 ) Conversion to common stock — (16 ) — (321 ) — — 337 — Stock-based compensation expense — — — 16,289 — — — 16,289 Repurchase of common stock — — — — — — (197,267 ) (197,267 ) Balance at September 30, 2016 $ 1 $ 489 $ 323,338 $ 149,997 $ 5,226,894 $ (825,962 ) $ (4,744,305 ) $ 130,452 Preferred stock Preference stock Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Treasury stock Total equity Balance at January 1, 2015 $ 1 $ 548 $ 323,338 $ 178,852 $ 4,897,708 $ (846,156 ) $ (4,477,032 ) $ 77,259 Net income — — — — 321,664 — — 321,664 Other comprehensive loss — — — — — (54,696 ) — (54,696 ) Dividends paid — — — — (113,158 ) — — (113,158 ) Issuance of common stock — — — (36,946 ) — — 32,983 (3,963 ) Conversion to common stock — (29 ) — (632 ) — — 661 — Stock-based compensation expense — — — 14,921 — — — 14,921 Repurchase of common stock — — — — — — (100,000 ) (100,000 ) Balance at September 30, 2015 $ 1 $ 519 $ 323,338 $ 156,195 $ 5,106,214 $ (900,852 ) $ (4,543,388 ) $ 142,027

Accumulated Other Comprehensi34

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2016 and 2015 were as follows: Amount Reclassified from AOCL (a) Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Gains (losses) on cash flow hedges Revenue $ 443 $ 211 $ (290 ) $ 1,039 Cost of sales (301 ) (41 ) 69 544 Interest expense, net (507 ) (507 ) (1,521 ) (1,521 ) Total before tax (365 ) (337 ) (1,742 ) 62 (Benefit) provision for income tax (144 ) (132 ) (679 ) 15 Net of tax $ (221 ) $ (205 ) $ (1,063 ) $ 47 Gains (losses) on available for sale securities Interest expense, net $ (1,125 ) $ 1,085 $ (1,126 ) $ 1,043 (Benefit) provision for income tax (433 ) 401 (433 ) 385 Net of tax $ (692 ) $ 684 $ (693 ) $ 658 Pension and Postretirement Benefit Plans (b) Transition credit $ 2 $ 2 $ 6 $ 7 Prior service costs (40 ) (60 ) (123 ) (179 ) Actuarial losses (9,168 ) (11,596 ) (29,036 ) (33,193 ) Total before tax (9,206 ) (11,654 ) (29,153 ) (33,365 ) Benefit from income tax (3,243 ) (4,219 ) (10,362 ) (12,001 ) Net of tax $ (5,963 ) $ (7,435 ) $ (18,791 ) $ (21,364 ) (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 nine months ended September 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) (705 ) 6,798 (1,230 ) 37,263 42,126 Reclassifications into earnings (a), (b) 1,063 693 18,791 — 20,547 Net other comprehensive income 358 7,491 17,561 37,263 62,673 Balance at September 30, 2016 $ (3,554 ) $ 8,027 $ (721,207 ) $ (109,228 ) $ (825,962 ) 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) 382 416 — (76,153 ) (75,355 ) Reclassifications into earnings (a), (b) (47 ) (658 ) 21,364 — 20,659 Net other comprehensive income (loss) 335 (242 ) 21,364 (76,153 ) (54,696 ) Balance at September 30, 2015 $ (4,354 ) $ 2,724 $ (764,715 ) $ (134,507 ) $ (900,852 ) (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	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Reduction to cash and cash equivalents	$ (992,089)	$ (650,557)	$ (690,022)		$ (1,054,118)
Increase to accounts receivable	427,556	476,583
Decrease to short-term finance receivables	870,256	918,383
Increase to other current assets and prepayments	65,622	67,400
Decrease to property, plant and equipment, net	(312,597)	(330,088)
Decrease to long-term finance receivables	$ (704,294)	(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
Decrease 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, increase (decrease)		18,000
Long-term Debt | Accounting Standards Update 2015-03
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Debt issuance costs, increase (decrease)		$ (18,000)

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Segment reporting information profit (loss)
Revenues	$ 839,031	$ 869,541	$ 2,519,506	$ 2,641,113
EBIT	197,916	221,740	602,577	682,803
Reconciling items:
Interest, net	(35,259)	(37,698)	(103,769)	(119,371)
Unallocated corporate expenses	(51,992)	(49,235)	(158,536)	(151,959)
Restructuring charges and asset impairments, net	(16,494)	(36)	(49,503)	(14,305)
Acquisition and disposition-related expenses	(578)	0	(3,738)	(10,483)
Other income (expense), net	0	1,781	(536)	94,916
Income from continuing operations before income taxes	93,593	136,552	286,495	481,601
Provision for income taxes	23,197	42,676	93,615	145,574
Loss from discontinued operations, net of tax	(291)	0	(1,951)	(582)
Net income	70,105	93,876	190,929	335,445
North America Mailing
Segment reporting information profit (loss)
Revenues	329,995	353,159	1,001,789	1,071,824
EBIT	138,588	159,319	436,730	482,376
International Mailing
Segment reporting information profit (loss)
Revenues	95,628	104,615	305,725	331,398
EBIT	9,733	10,739	34,365	36,585
Small & Medium Business Solutions
Segment reporting information profit (loss)
Revenues	425,623	457,774	1,307,514	1,403,222
EBIT	148,321	170,058	471,095	518,961
Production Mail
Segment reporting information profit (loss)
Revenues	106,350	101,646	289,649	298,880
EBIT	15,696	12,401	35,434	31,461
Presort Services
Segment reporting information profit (loss)
Revenues	114,053	115,912	357,214	351,365
EBIT	19,181	25,908	69,305	76,946
Enterprise Business Solutions
Segment reporting information profit (loss)
Revenues	220,403	217,558	646,863	650,245
EBIT	34,877	38,309	104,739	108,407
Software Solutions
Segment reporting information profit (loss)
Revenues	89,031	97,638	257,417	282,916
EBIT	10,329	14,613	17,908	34,904
Global Ecommerce
Segment reporting information profit (loss)
Revenues	103,974	96,571	307,712	249,923
EBIT	4,389	(1,240)	8,835	9,962
Digital Commerce Solutions
Segment reporting information profit (loss)
Revenues	193,005	194,209	565,129	532,839
EBIT	14,718	13,373	26,743	44,866
Other
Segment reporting information profit (loss)
Revenues	0	0	0	54,807
EBIT	$ 0	$ 0	$ 0	$ 10,569

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Amounts attributable to common stockholders:
Net income from continuing operations		$ 65,803	$ 89,282	$ 179,099	$ 322,246
Loss from discontinued operations, net of tax		(291)	0	(1,951)	(582)
Net income attributable to Pitney Bowes Inc. (numerator for diluted EPS)		65,512	89,282	177,148	321,664
Less: Preference stock dividend		10	10	29	31
Income attributable to common stockholders (numerator for basic EPS)		$ 65,502	$ 89,272	$ 177,119	$ 321,633
Denominator:
Weighted-average shares used in basic EPS (in shares)		185,603	199,874	188,634	200,825
Effect of dilutive shares:
Conversion of Preferred stock and Preference stock (in shares)		299	318	301	326
Employee stock plans (in shares)		781	825	657	734
Weighted-average shares used in diluted EPS (in shares)		186,683	201,017	189,592	201,885
Basic earnings per share:
Continuing operations (in dollars per share)		$ 0.35	$ 0.45	$ 0.95	$ 1.60
Discontinued operations (in dollars per share)		0	0	(0.01)	0
Net income attributable to Pitney Bowes Inc. (in dollars per share)		0.35	0.45	0.94	1.60
Diluted earnings per share:
Continuing operations (in dollars per share)	[1]	0.35	0.44	0.94	1.60
Discontinued operations (in dollars per share)	[1]	0	0	(0.01)	0
Net income attributable to Pitney Bowes Inc. (in dollars per share)	[1]	$ 0.35	$ 0.44	$ 0.93	$ 1.59
Anti-dilutive shares not used in calculating diluted weighted-average shares (in shares)		8,036	7,934	8,148	8,609
[1]	The sum of earnings per share amounts may not equal the totals due to rounding.

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Raw materials	$ 35,228	$ 25,803
Work in process	8,512	6,408
Supplies and service parts	45,653	44,323
Finished products	31,701	24,618
Inventory at FIFO cost	121,094	101,152
Excess of FIFO cost over LIFO cost	(12,328)	(12,328)
Total inventory, net	$ 108,766	$ 88,824

Finance Assets (Details)

Finance Assets (Details) - USD ($) $ in Thousands	Oct. 30, 2016	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Loan receivables
Net investment in finance receivables		$ 1,574,550		$ 1,679,040
Allowance for Loan and Lease Losses [Roll Forward]
Balance Beginning		21,690	$ 28,005
Amounts charged to expense		8,250	8,023
Write-offs and other		(11,815)	(13,499)
Balance Closing		18,125	22,529
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing receivables		$ 1,774,664		1,901,840
Revenue recognition resume period (less than)		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		$ 1,302,165		1,391,898
International
Loan receivables
Net investment in finance receivables		272,385		287,142
Sales-type lease receivables
Sales-type lease receivables
Gross finance receivables		1,371,392		1,461,043
Unguaranteed residual values		110,319		115,709
Unearned income		(292,308)		(316,819)
Allowance for credit losses		(8,641)		(10,148)
Net investment in sales-type lease receivables		$ 1,180,762		1,249,785
Financing Receivable, Recorded Investment, Aging [Abstract]
Revenue recognition discontinuation period (more than)		120 days
Sales-type lease receivables | North America
Sales-type lease receivables
Gross finance receivables		$ 1,083,873		1,157,189
Unguaranteed residual values		95,618		100,000
Unearned income		(228,709)		(247,854)
Allowance for credit losses		(6,054)		(6,606)
Net investment in sales-type lease receivables		944,728		1,002,729
Allowance for Loan and Lease Losses [Roll Forward]
Balance Beginning		6,606	10,125
Amounts charged to expense		2,881	793
Write-offs and other		(3,433)	(3,523)
Balance Closing		6,054	7,395
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing receivables		1,083,873		1,157,189
Sales-type lease receivables | North America | Low
Sales-type lease receivables
Gross finance receivables		824,756		886,198
Sales-type lease receivables | North America | Medium
Sales-type lease receivables
Gross finance receivables		172,278		192,645
Sales-type lease receivables | North America | High
Sales-type lease receivables
Gross finance receivables		19,339		37,573
Sales-type lease receivables | North America | Not Scored
Sales-type lease receivables
Gross finance receivables		67,500		40,773
Sales-type lease receivables | International
Sales-type lease receivables
Gross finance receivables		287,519		303,854
Unguaranteed residual values		14,701		15,709
Unearned income		(63,599)		(68,965)
Allowance for credit losses		(2,587)		(3,542)
Net investment in sales-type lease receivables		236,034		247,056
Allowance for Loan and Lease Losses [Roll Forward]
Balance Beginning		3,542	5,024
Amounts charged to expense		464	183
Write-offs and other		(1,419)	(1,711)
Balance Closing		2,587	3,496
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing receivables		287,519		303,854
Loan receivables
Loan receivables
Loan receivables		403,272		440,797
Allowance for credit losses		(9,484)		(11,542)
Net investment in loan receivables		$ 393,788		429,255
Financing Receivable, Recorded Investment, Aging [Abstract]
Revenue recognition discontinuation period (more than)		90 days
Loan receivables | North America
Loan receivables
Loan receivables		$ 365,725		399,193
Allowance for credit losses		(8,288)		(10,024)
Net investment in loan receivables		357,437		389,169
Allowance for Loan and Lease Losses [Roll Forward]
Balance Beginning		10,024	11,068
Amounts charged to expense		4,217	6,180
Write-offs and other		(5,953)	(7,260)
Balance Closing		8,288	9,988
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing receivables		365,725		399,193
Loan receivables | North America | Low
Loan receivables
Loan receivables		278,210		295,725
Loan receivables | North America | Medium
Loan receivables
Loan receivables		70,052		85,671
Loan receivables | North America | High
Loan receivables
Loan receivables		6,648		10,810
Loan receivables | North America | Not Scored
Loan receivables
Loan receivables		10,815		6,987
Loan receivables | International
Loan receivables
Loan receivables		37,547		41,604
Allowance for credit losses		(1,196)		(1,518)
Net investment in loan receivables		36,351		40,086
Allowance for Loan and Lease Losses [Roll Forward]
Balance Beginning		1,518	1,788
Amounts charged to expense		688	867
Write-offs and other		(1,010)	(1,005)
Balance Closing		1,196	$ 1,650
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing receivables		37,547		41,604
1 - 90 days
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing receivables, current		1,699,175		1,873,493
1 - 90 days | Sales-type lease receivables | North America
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing receivables, current		1,017,772		1,138,031
1 - 90 days | Sales-type lease receivables | International
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing receivables, current		282,269		298,772
1 - 90 days | Loan receivables | North America
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing receivables, current		361,883		395,573
1 - 90 days | Loan receivables | International
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing receivables, current		37,251		41,117
Greater than 90 days
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing receivables		75,489		28,347
Still accruing interest		12,195		6,658
Not accruing interest		63,294		21,689
Greater than 90 days | Sales-type lease receivables | North America
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing receivables		66,101		19,158
Still accruing interest		10,447		5,041
Not accruing interest		55,654		14,117
Greater than 90 days | Sales-type lease receivables | International
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing receivables		5,250		5,082
Still accruing interest		1,748		1,617
Not accruing interest		3,502		3,465
Greater than 90 days | Loan receivables | North America
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing receivables		3,842		3,620
Still accruing interest		0		0
Not accruing interest		3,842		3,620
Greater than 90 days | Loan receivables | International
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing receivables		296		487
Still accruing interest		0		0
Not accruing interest		$ 296		487
Restatement Adjustment | Loan receivables
Sales-type lease receivables
Net investment in sales-type lease receivables				$ (35,000)
Subsequent Event | Sales-type lease receivables | North America
Financing Receivable, Recorded Investment, Aging [Abstract]
Payment contract value	$ 30,000

Acquisitions, Intangible Asse40

Acquisitions, Intangible Assets and Goodwill (Acquisitions) (Details) - USD ($) $ in Thousands	Jul. 01, 2016	Jan. 12, 2016	Sep. 30, 2016	Jun. 30, 2016	Sep. 30, 2016	Sep. 30, 2015
Business Acquisition [Line Items]
Consideration transferred					$ 37,942	$ 387,391
Borderfree, Inc.
Business Acquisition [Line Items]
Increase to accounts payable and other current liabilities				$ 2,000
Goodwill adjustment			$ 2,000
Proforma revenue						$ 47,000
Enroute
Business Acquisition [Line Items]
Acquisition price		$ 14,000
Maponics
Business Acquisition [Line Items]
Consideration transferred	$ 24,000

Acquisitions, Intangible Asse41

Acquisitions, Intangible Assets and Goodwill (Intangible Assets) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Finite lived intangible assets
Gross Carrying Amount	$ 639,942		$ 639,942		$ 622,364
Accumulated Amortization	(465,721)		(465,721)		(434,986)
Net Carrying Amount	174,221		174,221		187,378
Finite Lived Intangible Assets Amortization Expense	10,000	$ 11,000	32,000	$ 27,000
Customer relationships
Finite lived intangible assets
Gross Carrying Amount	450,890		450,890		437,459
Accumulated Amortization	(299,224)		(299,224)		(272,353)
Net Carrying Amount	151,666		151,666		165,106
Software & technology
Finite lived intangible assets
Gross Carrying Amount	152,201		152,201		149,591
Accumulated Amortization	(137,680)		(137,680)		(135,198)
Net Carrying Amount	14,521		14,521		14,393
Trademarks & other
Finite lived intangible assets
Gross Carrying Amount	36,851		36,851		35,314
Accumulated Amortization	(28,817)		(28,817)		(27,435)
Net Carrying Amount	$ 8,034		$ 8,034		$ 7,879

Acquisitions, Intangible Asse42

Acquisitions, Intangible Assets and Goodwill (Future Amortization Expense) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Finite lived intangible assets future amortization expense
Remaining for year ending December 31, 2016	$ 8,189
Year ending December 31, 2017	29,721
Year ending December 31, 2018	27,418
Year ending December 31, 2019	23,992
Year ending December 31, 2020	18,836
Thereafter	66,065
Net Carrying Amount	$ 174,221	$ 187,378

Acquisitions, Intangible Asse43

Acquisitions, Intangible Assets and Goodwill (Goodwill) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Goodwill [Roll Forward]
Goodwill	$ 1,745,957
Acquisitions	21,558
Foreign currency translation	(1,097)
Goodwill	1,766,418
North America Mailing
Goodwill [Roll Forward]
Goodwill	296,053
Acquisitions	0
Foreign currency translation	3,993
Goodwill	300,046
International Mailing
Goodwill [Roll Forward]
Goodwill	148,351
Acquisitions	0
Foreign currency translation	5,552
Goodwill	153,903
Small & Medium Business Solutions
Goodwill [Roll Forward]
Goodwill	444,404
Acquisitions	0
Foreign currency translation	9,545
Goodwill	453,949
Production Mail
Goodwill [Roll Forward]
Goodwill	105,757
Acquisitions	0
Foreign currency translation	(1,382)
Goodwill	104,375
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	(1,382)
Goodwill	301,265
Software Solutions
Goodwill [Roll Forward]
Goodwill	674,976
Acquisitions	12,137
Foreign currency translation	(9,260)
Goodwill	677,853
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	21,558
Foreign currency translation	(9,260)
Goodwill	$ 1,011,204

Fair Value Measurements and D44

Fair Value Measurements and Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	$ 658,629	$ 738,371
Liabilities:	(2,106)	(5,387)
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	239,050	143,450
Liabilities:	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	419,579	594,921
Liabilities:	(2,106)	(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:	248,129	333,627
Money market funds / commercial paper | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	143,960	41,215
Money market funds / commercial paper | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	104,169	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:	23,782	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:	23,782	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:	24,344	22,571
Commingled fixed income securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	1,575	0
Commingled fixed income securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	22,769	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:	112,911	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:	93,515	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:	19,396	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:	82,149	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:	82,149	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:	163,806	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:	163,806	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
Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities:	(591)
Interest rate swaps | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities:	0
Interest rate swaps | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities:	(591)
Interest rate swaps | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities:	0
Foreign exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	3,508	1,716
Liabilities:	(1,515)	(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:	3,508	1,716
Liabilities:	(1,515)	(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 D45

Fair Value Measurements and Derivative Instruments (Available-for-sale Securities) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost	$ 350,981	$ 355,226
Gross unrealized gains	10,521	4,528
Gross unrealized losses	(1,061)	(3,835)
Estimated fair value	360,441	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	109,027	114,265
Gross unrealized gains	4,145	1,804
Gross unrealized losses	(261)	(1,268)
Estimated fair value	112,911	114,801
Corporate notes and bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost	79,264	63,140
Gross unrealized gains	2,982	823
Gross unrealized losses	(97)	(1,079)
Estimated fair value	82,149	62,884
Commingled fixed income securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost	1,559
Gross unrealized gains	16
Gross unrealized losses	0
Estimated fair value	1,575
Mortgage-backed / asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost	161,131	177,821
Gross unrealized gains	3,378	1,901
Gross unrealized losses	(703)	(1,488)
Estimated fair value	$ 163,806	$ 178,234

Fair Value Measurements and D46

Fair Value Measurements and Derivative Instruments (Narrative) (Details) - USD ($)	Sep. 30, 2016	Jan. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Investment securities at a loss position for more than 12 months, aggregate unrealized holding losses (less than)	$ 1,000,000		$ 2,000,000
Investment securities at a loss position for more than 12 months, estimated fair value	14,000,000		36,000,000
Investment securities at a loss position for less than 12 months, aggregate unrealized holding losses (less than)	1,000,000		2,000,000
Investment securities at a loss position for less than 12 months, estimated fair value	81,000,000		146,000,000
Foreign exchange contracts
Derivative [Line Items]
Derivative notional amount	14,000,000		$ 13,000,000
Term Loan | Notes due December 2020
Derivative [Line Items]
Loan amount	300,000,000	$ 300,000,000
Cash Flow Hedge | Interest rate swaps
Derivative [Line Items]
Derivative notional amount	$ 300,000,000
Fixed interest rate	0.8826%

Fair Value Measurements and D47

Fair Value Measurements and Derivative Instruments (Available-for-sale Securities Maturities) (Details) $ in Thousands	Sep. 30, 2016USD ($)
Fair Value Disclosures [Abstract]
Amortized cost - Within 1 year	$ 28,111
Amortized cost - After 1 year through 5 years	120,611
Amortized cost - After 5 years through 10 years	56,375
Amortized cost - After 10 years	145,884
Amortized cost - Total	350,981
Estimated fair value - Within 1 year	28,208
Estimated fair value - After 1 year through 5 years	122,284
Estimated fair value - After 5 years through 10 years	58,585
Estimated fair value - After 10 years	151,364
Estimated fair value - Total	$ 360,441

Fair Value Measurements and D48

Fair Value Measurements and Derivative Instruments (Derivative Instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Derivative [Line Items]
Total net derivative asset (liabilities)	$ 1,402	$ (3,671)
Total derivative assets
Derivative [Line Items]
Total net derivative asset (liabilities)	3,508	1,716
Total derivative liabilities
Derivative [Line Items]
Total net derivative asset (liabilities)	(2,106)	(5,387)
Foreign exchange contracts | Derivatives designated as hedging instruments | Other current assets and prepayments
Derivative [Line Items]
Total net derivative asset (liabilities)	247	217
Foreign exchange contracts | Derivatives designated as hedging instruments | Accounts payable and accrued liabilities
Derivative [Line Items]
Total net derivative asset (liabilities)	(573)	(208)
Foreign exchange contracts | Derivatives not designated as hedging instruments | Other current assets and prepayments
Derivative [Line Items]
Total net derivative asset (liabilities)	3,261	1,499
Foreign exchange contracts | Derivatives not designated as hedging instruments | Accounts payable and accrued liabilities
Derivative [Line Items]
Total net derivative asset (liabilities)	(942)	(5,179)
Interest rate swaps | Derivatives designated as hedging instruments | Accounts payable and accrued liabilities
Derivative [Line Items]
Total net derivative asset (liabilities)	$ (591)	$ 0

Fair Value Measurements and D49

Fair Value Measurements and Derivative Instruments (Foreign Exchange Contracts) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Derivative [Line Items]
Derivative Gain (Loss) Recognized in AOCL (Effective Portion)	$ (749)	$ (140)	$ (705)	$ 614
Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion)	(142)	170	221	1,583
Revenue
Derivative [Line Items]
Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion)	(443)	211	290	1,039
Cost of sales
Derivative [Line Items]
Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion)	301	(41)	(69)	544
Interest Expense
Derivative [Line Items]
Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion)	0	0	0	0
Foreign exchange contracts
Derivative [Line Items]
Derivative Gain (Loss) Recognized in AOCL (Effective Portion)	(158)	(140)	(114)	614
Foreign exchange contracts | Selling, general and administrative expense
Derivative [Line Items]
Derivative Gain (Loss) Recognized in Earnings	1,719	2,138	322	(1,437)
Interest rate swaps
Derivative [Line Items]
Derivative Gain (Loss) Recognized in AOCL (Effective Portion)	$ (591)	$ 0	$ (591)	$ 0

Fair Value Measurements and D50

Fair Value Measurements and Derivative Instruments (Fair Value of Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 3,367,056	$ 2,950,668
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 3,489,163	$ 3,084,561

Restructuring Charges and Ass51

Restructuring Charges and Asset Impairment (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jun. 30, 2016	Sep. 30, 2016	Sep. 30, 2015
Restructuring Costs [Abstract]
Cash payments		$ (51,161)	$ (46,056)
Restructuring charges, pension settlement		$ 2,000	1,000
Restructuring reserve, expected international payment period, extend beyond		24 months
Proceeds from sale of buildings		$ 17,671	38,640
Loss on sale of building	$ 5,000
Asset impairment charge	$ 3,000	9,000	5,000
Operational Excellence
Restructuring Costs [Abstract]
Balance Beginning		47,422	90,179
Expenses, net		38,451	8,013
Cash payments		(51,161)	(46,056)
Balance Ending		34,712	52,136
Operational Excellence | Severance and benefits costs
Restructuring Costs [Abstract]
Balance Beginning		43,700	81,836
Expenses, net		36,791	9,196
Cash payments		(47,241)	(42,708)
Balance Ending		33,250	48,324
Operational Excellence | Other exit costs
Restructuring Costs [Abstract]
Balance Beginning		3,722	8,343
Expenses, net		1,660	(1,183)
Cash payments		(3,920)	(3,348)
Balance Ending		$ 1,462	$ 3,812
Minimum
Restructuring Costs [Abstract]
Restructuring reserve, expected payment period		12 months
Maximum
Restructuring Costs [Abstract]
Restructuring reserve, expected payment period		24 months

Debt (Details)

Debt (Details) - USD ($)	1 Months Ended		9 Months Ended
	Mar. 31, 2016	Jan. 31, 2016	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Debt Instrument [Line Items]
Debt			$ 3,380,816,000		$ 2,951,822,000
Less: unamortized debt discount and issuance costs			29,078,000		23,617,000
Plus: unamortized interest rate swap proceeds			15,318,000		22,463,000
Total debt			3,367,056,000		2,950,668,000
Less: current portion long-term debt and notes payable			535,289,000		461,085,000
Long-term debt			2,831,767,000		$ 2,489,583,000
Repayments of long-term debt			$ 371,007,000	$ 404,952,000
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 October 2021
Debt Instrument [Line Items]
Interest rate			3.375%		3.375%
Debt			$ 600,000,000		$ 0
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			$ 5,666,000		$ 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]
Debt forgiveness	$ 10,000,000
Term Loan | Notes due December 2020
Debt Instrument [Line Items]
Loan amount		$ 300,000,000	300,000,000
Effective interest rate		1.95%
Commercial Paper
Debt Instrument [Line Items]
Interest rate					1.12%
Debt			0		$ 90,000,000
Eurodollar | Term Loan | Notes due December 2020
Debt Instrument [Line Items]
Spread on variable rate		1.25%
Cash Flow Hedge | Interest rate swaps
Debt Instrument [Line Items]
Derivative notional amount			$ 300,000,000
Fixed interest rate			0.8826%

Pensions and Other Benefit Pr53

Pensions and Other Benefit Programs (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2016		Sep. 30, 2015	Sep. 30, 2016		Sep. 30, 2015
United States
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 26		$ 38	$ 80		$ 114
Interest cost	18,452		18,581	55,354		55,745
Expected return on plan assets	(25,480)		(26,002)	(76,439)		(78,004)
Amortization of transition credit	0		0	0		0
Amortization of prior service (credit) cost	(15)		2	(45)		6
Amortization of net actuarial loss	6,779		7,327	20,336		21,982
Settlement	183		1,083	1,971		1,083
Net periodic benefit cost (income)	(55)		1,029	1,257		926
Foreign
Defined Benefit Plan Disclosure [Line Items]
Service cost	549		557	1,622		1,677
Interest cost	5,366		6,099	16,773		18,284
Expected return on plan assets	(7,976)		(8,912)	(25,029)		(26,686)
Amortization of transition credit	(2)		(2)	(6)		(7)
Amortization of prior service (credit) cost	(19)		(16)	(54)		(49)
Amortization of net actuarial loss	1,302		1,482	4,018		4,471
Settlement	0		0	0		0
Net periodic benefit cost (income)	(780)		(792)	(2,676)		(2,310)
Nonpension Postretirement Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	512		530	1,534		1,849
Interest cost	1,994		2,086	5,977		6,612
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	222		222
Amortization of net actuarial loss	904		1,704	2,711		5,657
Settlement	0	[1]	0	0	[1]	0
Net periodic benefit cost (income)	$ 3,484		$ 4,394	$ 10,444		$ 14,340
[1]	Included in restructuring charges and asset impairments, net in the Condensed Consolidated Statements of Income.

Pensions and Other Benefit Pr54

Pensions and Other Benefit Programs (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
United States
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Contributions By Employer	$ 8	$ 6
Foreign
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Contributions By Employer	41	12
Nonpension Postretirement Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Contributions By Employer	$ 14	$ 16

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Jun. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Effective tax rate (percent)	24.80%	31.30%		32.70%	30.20%
Tax benefit from resolution of settlement	$ 15			$ 15
Charge from valuation allowance for tax carryovers	$ 5			$ 5
Imagitas
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Tax benefit from disposition			$ 20
Scenario, Forecast
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percent decrease in unrecognized benefits, reasonably possible (up to)						25.00%

Noncontrolling Interests (Pre56

Noncontrolling Interests (Preferred Stockholders' Equity in Subsidiaries) (Details) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015	Nov. 01, 2016
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
Redeemable Preferred Stock
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%
Subsequent Event | Redeemable Preferred Stock
Noncontrolling Interest [Line Items]
Preferred stock redemption amount				$ 300,000,000

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balances, beginning of period			$ 178,721	$ 77,259
Net income	$ 65,512	$ 89,282	177,148	321,664
Other comprehensive income	14,465	(8,346)	62,673	(54,696)
Dividends paid			(105,791)	(113,158)
Issuance of common stock			(1,321)	(3,963)
Conversion to common stock			0	0
Stock-based compensation expense			16,289	14,921
Repurchase of common stock		(100,000)	(197,267)
Balances, end of period	130,452	142,027	130,452	142,027
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)	(29)
Balances, end of period	489	519	489	519
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			(27,251)	(36,946)
Conversion to common stock			(321)	(632)
Stock-based compensation expense			16,289	14,921
Balances, end of period	149,997	156,195	149,997	156,195
Retained earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balances, beginning of period			5,155,537	4,897,708
Net income			177,148	321,664
Dividends paid			(105,791)	(113,158)
Balances, end of period	5,226,894	5,106,214	5,226,894	5,106,214
Accumulated other comprehensive loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balances, beginning of period			(888,635)	(846,156)
Other comprehensive income			62,673	(54,696)
Balances, end of period	(825,962)	(900,852)	(825,962)	(900,852)
Treasury stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balances, beginning of period			(4,573,305)	(4,477,032)
Issuance of common stock			25,930	32,983
Conversion to common stock			337	661
Repurchase of common stock		(100,000)	(197,267)
Balances, end of period	$ (4,744,305)	$ (4,543,388)	$ (4,744,305)	$ (4,543,388)

Accumulated Other Comprehensi58

Accumulated Other Comprehensive Loss (Reclassifications) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Gains (losses) on cash flow hedges
Revenues		$ 839,031	$ 869,541	$ 2,519,506	$ 2,641,113
Interest expense, net		(22,294)	(20,165)	(62,394)	(65,200)
(Benefit) provision for income tax		23,197	42,676	93,615	145,574
Net income		70,105	93,876	190,929	335,445
Pension and Postretirement Benefit Plans
Benefit from income tax		(3,243)	(4,219)	(10,362)	(12,001)
Reclassification out of Accumulated Other Comprehensive Loss
Gains (losses) on cash flow hedges
Revenues	[1]	443	211	(290)	1,039
Cost of sales	[1]	(301)	(41)	69	544
Interest expense, net	[1]	(507)	(507)	(1,521)	(1,521)
Total before tax	[1]	(365)	(337)	(1,742)	62
(Benefit) provision for income tax	[1]	(144)	(132)	(679)	15
Net income	[1]	(221)	(205)	(1,063)	47
Gains (losses) on available for sale securities
Interest expense, net	[1]	(1,125)	1,085	(1,126)	1,043
(Benefit) provision for income tax	[1]	(433)	401	(433)	385
Net of tax	[1]	(692)	684	(693)	658
Pension and Postretirement Benefit Plans
Transition credit	[1],[2]	2	2	6	7
Prior service costs	[1],[2]	(40)	(60)	(123)	(179)
Actuarial losses	[1],[2]	(9,168)	(11,596)	(29,036)	(33,193)
Total before tax	[1],[2]	(9,206)	(11,654)	(29,153)	(33,365)
Benefit from income tax	[1],[2]	(3,243)	(4,219)	(10,362)	(12,001)
Net of tax	[1],[2]	$ (5,963)	$ (7,435)	$ (18,791)	$ (21,364)
[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 Comprehensi59

Accumulated Other Comprehensive Loss (Changes) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 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]			42,126	(75,355)
Amounts reclassified from accumulated other comprehensive loss	[1],[2]			20,547	20,659
Other comprehensive income (loss), net of tax		$ 14,465	$ (8,346)	62,673	(54,696)
Ending Balance		(825,962)	(900,852)	(825,962)	(900,852)
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]			(705)	382
Amounts reclassified from accumulated other comprehensive loss	[1],[2]			1,063	(47)
Other comprehensive income (loss), net of tax				358	335
Ending Balance		(3,554)	(4,354)	(3,554)	(4,354)
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]			6,798	416
Amounts reclassified from accumulated other comprehensive loss	[1],[2]			693	(658)
Other comprehensive income (loss), net of tax				7,491	(242)
Ending Balance		8,027	2,724	8,027	2,724
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]			(1,230)	0
Amounts reclassified from accumulated other comprehensive loss	[1],[2]			18,791	21,364
Other comprehensive income (loss), net of tax				17,561	21,364
Ending Balance		(721,207)	(764,715)	(721,207)	(764,715)
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]			37,263	(76,153)
Amounts reclassified from accumulated other comprehensive loss	[1],[2]			0	0
Other comprehensive income (loss), net of tax				37,263	(76,153)
Ending Balance		$ (109,228)	$ (134,507)	$ (109,228)	$ (134,507)
[1]	Amounts are net of tax. Amounts in parentheses indicate debits to AOCL.
[2]	See table above for additional details of these reclassifications.