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Amounts attributable to common stockholders:

261,340

92,805

407,943

Net income from continuing operations

261,340

95,506

402,672

(Loss) income from discontinued operations, net of tax

(2,701)

5,271

Basic earnings per share attributable to common stockholders:

$ 261,340

$ 92,805

$ 407,943

^[1]

$ 1.40

$ 0.51

$ 2.01

Net income - Pitney Bowes Inc. (in dollars per share)

^[1]

0.00

(0.01)

0.03

^[1]

1.40

0.49

2.04

Diluted earnings per share attributable to common stockholders:

^[1]

1.39

0.51

2.00

Net income - Pitney Bowes Inc. (in dollars per share)

^[1]

0.00

(0.01)

0.03

^[1]

1.39

0.49

2.03

Dividends declared per share of common stock (in dollars per share)

$ 0.7500

[1]	The sum of the earnings per share amounts may not equal the totals due to rounding.

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 261,340	$ 111,850	$ 426,318
Less: Preferred stock dividends attributable to noncontrolling interests	0	19,045	18,375
Net income - Pitney Bowes Inc.	261,340	92,805	407,943
Other comprehensive income (loss), net of tax:
Foreign currency translations	106,391	(4,464)	(88,137)
Net unrealized gain on cash flow hedges, net of tax of $678, $1,513, and $484, respectively	1,079	2,427	777
Net unrealized gain (loss) on available for sale securities, net of tax of $944, $(244) and $(1,427), respectively	1,477	(416)	(2,430)
Adjustments to pension and postretirement plans, net of tax of $3,089, $(17,550) and $13,844, respectively	12,185	(73,141)	19,146
Amortization of pension and postretirement costs, net of tax of $13,936, $14,430, and $15,966, respectively	26,828	24,096	28,165
Other comprehensive income (loss)	147,960	(51,498)	(42,479)
Comprehensive income - Pitney Bowes Inc.	$ 409,300	$ 41,307	$ 365,464

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Net unrealized gain (loss) on cash flow hedges, tax	$ 678	$ 1,513	$ 484
Net unrealized loss on investment securities, tax	944	(244)	(1,427)
Adjustments to pension and postretirement plans, tax	3,089	(17,550)	13,844
Amortization of pension and postretirement costs, tax	$ 13,936	$ 14,430	$ 15,966

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 1,009,021	$ 764,522
Short-term investments	48,988	38,448
Accounts receivable (net of allowance of $15,985 and $14,372 respectively)	524,424	455,527
Short-term finance receivables (net of allowance of $12,187 and $13,323, respectively)	828,003	893,950
Inventories	89,679	92,726
Current income taxes	58,439	11,373
Other current assets and prepayments	77,954	68,637
Total current assets	2,636,508	2,325,183
Property, plant and equipment, net	379,044	314,603
Rental property and equipment, net	185,741	188,054
Long-term finance receivables (net of allowance of $6,446 and $7,177, respectively)	652,087	673,207
Goodwill	1,952,444	1,571,335
Intangible assets, net	272,186	165,172
Noncurrent income taxes	59,909	74,806
Other assets	540,796	524,773
Total assets	6,678,715	5,837,133
Current liabilities:
Accounts payable and accrued liabilities	1,486,741	1,378,822
Current income taxes	8,823	34,434
Current portion of long-term obligations	271,057	614,485
Advance billings	288,372	299,878
Total current liabilities	2,054,993	2,327,619
Deferred taxes on income	234,643	204,289
Tax uncertainties and other income tax liabilities	116,551	61,276
Long-term debt	3,559,278	2,750,405
Other noncurrent liabilities	524,689	597,204
Total liabilities	6,490,154	5,940,793
Commitments and contingencies (See Note 14)
Stockholders' equity (deficit):
Cumulative preferred stock, $50 par value, 4% convertible	1	1
Cumulative preference stock, no par value, $2.12 convertible	441	483
Common stock, $1 par value (480,000,000 shares authorized; 323,337,912 shares issued)	323,338	323,338
Additional paid-in capital	138,367	148,125
Retained earnings	5,229,584	5,107,734
Accumulated other comprehensive loss	(792,173)	(940,133)
Treasury stock, at cost (136,734,174 and 137,669,194 shares, respectively)	(4,710,997)	(4,743,208)
Total Pitney Bowes Inc. stockholders’ equity (deficit)	188,561	(103,660)
Total liabilities and stockholders’ equity (deficit)	$ 6,678,715	$ 5,837,133

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Accounts receivable allowance	$ 15,985	$ 14,372
Short-term finance receivables allowance	12,187	13,323
Long-term finance receivables allowance	$ 6,446	$ 7,177
Preferred stock, par value (in dollars per share)	$ 50	$ 50
Preferred stock, dividend rate	4.00%	4.00%
Preference stock, dividend (in dollars per share)	$ 2.12	$ 2.12
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, authorized (in shares)	480,000,000	480,000,000
Common stock issued (in shares)	323,337,912	323,337,912
Treasury stock (in shares)	136,734,174	137,669,194

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net income	$ 261,340	$ 111,850	$ 426,318
Restructuring payments	(40,804)	(64,930)	(62,086)
Special pension plan contribution	0	(36,731)	0
Net tax payments from other investments	0	0	(20,602)
Adjustments to reconcile net income to net cash provided by operating activities:
Restructuring charges and asset impairments	59,431	63,296	25,782
Goodwill impairment	0	171,092	0
Depreciation and amortization	182,336	178,486	173,312
Loss (gain) on sale of businesses	0	5,786	(105,826)
Gain on sale of technology	(6,085)	0	0
Gain on sale of leveraged lease assets, net of tax		0	(2,152)
Gain on debt forgiveness	0	(10,000)	0
Stock-based compensation	24,389	14,882	21,049
Deferred tax (benefit) provision	(23,882)	3,940	40,184
Changes in operating assets and liabilities, net of acquisitions/divestitures:
(Increase) decrease in accounts receivable	(20,590)	22,559	(35,925)
Decrease in finance receivables	125,991	119,883	95,341
Decrease (increase) in inventories	5,565	(6,995)	(7,621)
Decrease (increase) in other current assets and prepayments	8,743	7,260	(10,557)
Decrease in accounts payable and accrued liabilities	(14,084)	(59,450)	(94,722)
(Decrease) increase in current and non-current income taxes	(16,013)	(1,035)	21,567
(Decrease) increase in advance billings	(26,029)	(40,248)	1,344
Other, net	(24,495)	16,477	57,583
Net cash provided by operating activities	495,813	496,122	522,989
Cash flows from investing activities:
Purchases of available-for-sale securities	(125,055)	(212,810)	(205,256)
Proceeds from sales/maturities of available-for-sale securities	113,501	211,696	207,063
Net change in short-term and other investments	(8,284)	75,654	(69,017)
Capital expenditures	(170,990)	(160,831)	(166,746)
Proceeds from sale of assets	5,458	17,671	52,110
Reserve account deposits	10,954	(2,183)	(24,202)
Proceeds from sale of businesses, net of cash transferred	0	0	289,211
Acquisitions, net of cash acquired	(482,853)	(37,842)	(393,695)
Other investing activities	(5,751)	(6,908)	7,339
Net cash used in investing activities	(663,020)	(115,553)	(303,193)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	1,436,660	894,744	150,950
Principal payments of long-term obligations	(964,550)	(371,007)	(516,070)
(Decrease) increase in short-term borrowings	0	(90,000)	90,000
Dividends paid to stockholders	(139,490)	(140,608)	(150,114)
Dividends paid to noncontrolling interests	0	(18,528)	(18,375)
Common stock repurchases	0	(197,267)	(131,719)
Redemption of noncontrolling interests	0	(300,000)	0
Other financing activities	35,127	(6,863)	(3,330)
Net cash provided by (used in) financing activities	367,747	(229,529)	(578,658)
Effect of exchange rate changes on cash and cash equivalents	43,959	(26,708)	(44,387)
Increase (decrease) in cash and cash equivalents	244,499	124,332	(403,249)
Cash and cash equivalents at beginning of period	764,522	640,190	1,043,439
Cash and cash equivalents at end of period	1,009,021	764,522	640,190
Cash interest paid	169,279	150,567	165,287
Cash income tax payments, net of refunds	$ 53,247	$ 127,299	$ 138,877

Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands	Total	Preferred stock	Preference stock	Common Stock	Additional Paid-in Capital	Retained earnings	Accumulated other comprehensive loss	Treasury stock
Balance at Dec. 31, 2014	$ 77,259	$ 1	$ 548	$ 323,338	$ 178,852	$ 4,897,708	$ (846,156)	$ (4,477,032)
Increase (Decrease) in Stockholders' Equity
Net income - Pitney Bowes Inc.	407,943					407,943
Other comprehensive income (loss)	(42,479)						(42,479)
Cash dividends
Common	(150,073)					(150,073)
Preference	(41)					(41)
Issuances of common stock	(3,218)				(37,705)			34,487
Conversions to common stock	0		(43)		(916)			959
Stock-based compensation	21,049				21,049
Repurchase of common stock	(131,719)							(131,719)
Balance at Dec. 31, 2015	178,721	1	505	323,338	161,280	5,155,537	(888,635)	(4,573,305)
Increase (Decrease) in Stockholders' Equity
Net income - Pitney Bowes Inc.	92,805					92,805
Other comprehensive income (loss)	(51,498)						(51,498)
Cash dividends
Common	(140,570)					(140,570)
Preference	(38)					(38)
Issuances of common stock	(970)				(27,856)			26,886
Conversions to common stock		0	(22)		(456)			478
Stock-based compensation	15,157				15,157
Repurchase of common stock	(197,267)							(197,267)
Balance at Dec. 31, 2016	(103,660)	1	483	323,338	148,125	5,107,734	(940,133)	(4,743,208)
Increase (Decrease) in Stockholders' Equity
Net income - Pitney Bowes Inc.	261,340					261,340
Other comprehensive income (loss)	147,960						147,960
Cash dividends
Common	(139,454)					(139,454)
Preference	(36)					(36)
Issuances of common stock	(1,978)				(33,316)			31,338
Conversions to common stock	0		(42)		(831)			873
Stock-based compensation	24,389				24,389
Balance at Dec. 31, 2017	$ 188,561	$ 1	$ 441	$ 323,338	$ 138,367	$ 5,229,584	$ (792,173)	$ (4,710,997)

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying Consolidated Financial Statements of Pitney Bowes Inc. (we, us, our, or the company) and its wholly owned subsidiaries have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). Intercompany transactions and balances have been eliminated. Certain prior year amounts have been reclassified to conform to the current year presentation. Use of Estimates The preparation of financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and accompanying disclosures, including the disclosure of contingent assets and liabilities. These estimates and assumptions are based on management's best knowledge of current events, historical experience and other information available when the financial statements are prepared. These estimates include, but are not limited to, revenue recognition for multiple element arrangements, the allocation of purchase price to tangible and intangible assets acquired and liabilities assumed in business combinations, goodwill and intangible asset impairment review, allowance for doubtful accounts and credit losses, residual values of leased assets, useful lives of long-lived and intangible assets, restructuring costs, pension and other postretirement costs, income tax reserves, deferred tax asset valuation allowance, stock-based compensation expense and loss contingencies. Actual results could differ from those estimates and assumptions. Cash Equivalents and Investments Cash equivalents include highly-liquid interest-earning investments with a maturity of three months or less at the date of purchase. Short-term investments include investments with an original maturity of greater than three months but less than one year from the reporting date. Our investment securities are primarily classified as available-for-sale and recorded at fair value, with unrealized gains and losses, excluding other-than-temporary impairments, reported in other comprehensive income, net of tax. Purchase premiums and discounts are amortized using the effective interest method over the term of the security. Gains and losses on the sale of available-for-sale securities are recorded on the trade date using the specific identification method. Investment securities that management has the positive intent and ability to hold to maturity are classified as held-to-maturity and are carried at amortized cost. Investment securities are recorded in the Consolidated Balance Sheets as cash and cash equivalents, short-term investments and other assets depending on the investment's maturity. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are generally due within 30 days after the invoice date. Accounts 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 accounts receivable credit risk is low because of the geographic and industry diversification of our clients and small account balances for most of our clients. We estimate the probable losses on accounts receivable and provide an allowance for doubtful accounts. Our estimate is based on historical loss experience, the age of the receivables, specific troubled accounts and other currently available information. We continually evaluate the adequacy of the allowance for doubtful accounts and make adjustments as necessary. Finance Receivables and Allowance for Credit Losses Finance receivables are composed of sales-type lease receivables and unsecured revolving loan receivables. We estimate the probable losses and provide an allowance for credit losses. Our estimate is based on historical loss experience, the nature and volume of our portfolios, specific troubled accounts, and our ability to manage the collateral. We continually evaluate the adequacy of the allowance for credit losses and make adjustments as necessary. We establish credit approval limits based on the credit quality of the client and the type of equipment financed. Our policy is to discontinue revenue recognition for lease receivables that are more than 120 days past due and for unsecured loan receivables that are more than 90 days past due. We resume revenue recognition when the client's payments reduce the account aging to less than 60 days past due. Finance receivables deemed uncollectible are written off against the allowance after all collection efforts have been exhausted and management deems the account to be uncollectible. We believe that our finance receivable credit risk is low because of the geographic and industry diversification of our clients and small account balances for most of our clients. Inventories Inventories are stated at the lower of cost or market. Cost is determined on the last-in, first-out (LIFO) basis for most U.S. inventories and on the first-in, first-out (FIFO) basis for most non-U.S. inventories. Fixed Assets Property, plant and equipment and rental equipment are stated at cost and depreciated principally using the straight-line method over their estimated useful lives, which are up to 50 years for buildings, 10 to 20 years for building improvements, three to 12 years for machinery and equipment, four to six years for rental equipment and three to five years for computer equipment. Major improvements which add to productive capacity or extend the life of an asset are capitalized while repairs and maintenance are charged to expense as incurred. Leasehold improvements are amortized over the shorter of the estimated useful life or the remaining lease term. Fully depreciated assets are retained in fixed assets and accumulated depreciation until they are removed from service. We capitalize certain costs for materials and services, payroll and other personnel-related costs and interest in the development of internal use software. These costs are amortized on a straight-line basis over three to 10 years. Intangible assets Finite-lived intangible assets are amortized using either the straight-line method or an accelerated attrition method. Estimated useful lives range from one to 15 years. Research and Development Costs Research and product development costs include engineering costs related to research and product development activities and are expensed as incurred. Impairment Review for Long-lived and Finite-Lived Intangible Assets Long-lived assets and finite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. The estimated undiscounted future cash flows expected to result from the use and eventual disposition of the asset is compared to the asset's carrying value. If the sum of the undiscounted cash flows is less than the asset's carrying value, an impairment charge is recorded for an amount by which the asset's carrying value exceeds its fair value. The fair value of the impaired asset is determined using probability weighted expected cash flow estimates, quoted market prices when available and appraisals, as appropriate. We derive cash flow estimates from our long-term business plans and historical experience. Impairment Review for Goodwill Goodwill is tested annually for impairment at the reporting unit level during the fourth quarter or sooner when circumstances indicate an impairment may exist. The impairment test for goodwill determines the fair value of each reporting unit and compares it to the reporting unit's carrying value, including goodwill. If the fair value of a reporting unit is less than its carrying value an impairment loss is recognized for the difference, not to exceed the carrying amount of goodwill. Retirement Plans Net periodic benefit cost includes current service cost, interest cost, expected return on plan assets and the amortization of actuarial gains and losses. Actuarial gains and losses arise from actual experiences that differ from previous assumptions as well as changes in assumptions including expected return on plan assets, discount rates used to measure pension and other postretirement obligations and life expectancy. The expected return on assets is measured using the market-related value of assets, which is a calculated value that recognizes changes in the fair value of plan assets over five years. Actuarial gains and losses are recognized in other comprehensive income, net of tax, and amortized to benefit cost primarily over the life expectancy of plan participants. The funded status of pension and other postretirement benefit plans is recognized in the Consolidated Balance Sheets. Stock-based Compensation We measure compensation expense for stock-based awards based on the estimated fair value of the awards expected to vest (net of estimated forfeitures) and recognize the expense on a straight-line basis over the requisite service period. The fair value of stock awards is estimated based on the fair value of our common stock on the grant date, less the present value of expected dividends or using a Black-Scholes valuation model or a Monte Carlo simulation model. The determination of fair value requires assumptions be made regarding the expected stock price volatility, risk-free interest rate, life of the award and dividend yield. The expected stock price volatility is based on historical price changes of our stock. The risk-free interest rate is based on U.S. Treasuries with a term equal to the expected life of the award. The expected life of the award and expected dividend yield are based on historical experience. We believe that the valuation techniques and underlying assumptions are appropriate in estimating the fair value of stock awards. The majority of stock-based compensation expense is recorded in selling, general and administrative expense. Revenue Recognition We derive revenue from multiple sources including sales, rentals, financing and services. Certain transactions are consummated at the same time and can therefore generate revenue from multiple sources. The most common form of these transactions involves a sale or noncancelable lease of equipment, a meter rental and an equipment maintenance agreement. In these multiple element arrangements, revenue is allocated to each of the elements based on relative "selling prices" determined based on vendor specific objective evidence (VSOE). We establish VSOE of selling prices based on the prices charged for each element when sold separately in standalone transactions. The allocation of relative selling price to the various elements impacts the timing of revenue recognition, but does not change the total revenue recognized. Revenue is allocated to the meter rental and equipment maintenance agreement elements using their respective selling prices charged in standalone and renewal transactions. For a sale transaction, revenue is allocated to the equipment based on a range of selling prices in standalone transactions. For a lease transaction, revenue is allocated to the equipment based on the present value of the remaining minimum lease payments. The amount allocated to equipment is compared to the range of selling prices in standalone transactions during the period to ensure the allocated equipment amount approximates average selling prices. More specifically, revenue related to our offerings is recognized as follows: Sales Revenue Sales of Equipment We sell equipment directly to our customers and to distributors (re-sellers) throughout the world. We recognize revenue from these sales when the risks and rewards of ownership transfer to the client, which is generally upon shipment or acceptance by the customer. We recognize revenue from the sale of equipment under sales-type leases as equipment sales revenue at the inception of the lease. We do not typically offer any rights of return or stock balancing rights. Sales revenue from customized equipment, mail creation equipment and shipping products is generally recognized when installed. Sales of Supplies Revenue related to supplies is generally recognized upon delivery. Standalone Software Sales and Integration Services We also have multiple element arrangements containing only software and software related elements. Software related elements may include maintenance and support services, data subscriptions, training and integration services. Under these multiple element arrangements, we allocate revenue based on VSOE for software related elements and use the residual method to determine the amount of software licenses revenue. Under the residual method, the fair value of the undelivered elements is deferred and the remaining portion of the consideration is allocated to the delivered elements and recognized as revenue. The majority of our software license arrangements are bundled with maintenance and support services and we establish VSOE of fair value using a bell-shaped curve analysis for maintenance and support services renewal rates. If we cannot obtain VSOE for any undelivered software element, revenue is deferred until all deliverables have been delivered or until VSOE can be determined for any remaining undelivered software elements. We recognize revenue from standalone software licenses upon delivery of the product when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed and determinable and collectability is probable. For software licenses that are included in a lease contract, we recognize revenue upon shipment of the software unless the lease contract specifies that the license expires at the end of the lease or the price of the software is deemed not fixed or determinable based on historical evidence of similar software leases. In these instances, revenue is recognized on a straight-line basis over the term of the lease contract. We recognize revenue from software requiring integration services at the point of customer acceptance. We recognize revenue related to off-the-shelf perpetual software licenses generally upon shipment. Rentals Revenue We rent equipment, primarily postage meters and mailing equipment, under short-term rental agreements. Rentals revenue includes revenue from the subscription for digital meter services. We may invoice in advance for postage meter rentals according to the terms of the agreement. We initially defer these advanced billings and recognize rentals revenue on a straight-line basis over the invoice period. Revenues generated from financing clients for the continued use of equipment subsequent to the expiration of the original lease are recognized as rentals revenue. We capitalize certain initial direct costs incurred in consummating a rental transaction and recognize these costs over the expected term of the agreement. At December 31, 2017 and 2016, there were $10 million and $11 million, respectively, of initial direct costs included in rental property and equipment, net in the Consolidated Balance Sheets. Amortization of initial direct costs was $5 million, $7 million and $8 million in 2017, 2016 and 2015, respectively. Financing Revenue We provide lease financing for our products primarily through sales-type leases. We also provide revolving lines of credit to our clients for the purchase of postage and supplies. We believe that our sales-type lease portfolio contains only normal collection risk. Accordingly, we record the fair value of equipment as sales revenue, the cost of equipment as cost of sales and the minimum lease payments plus the estimated residual value as finance receivables. The difference between the finance receivable and the equipment fair value is recorded as unearned income and is amortized as income over the lease term using the interest method. Equipment residual values are determined at inception of the lease using estimates of fair value at the end of the lease term. Fair value estimates are based primarily on historical experience. We also consider forecasted supply and demand for products, product retirement and launch plans, client behavior, regulatory changes, remanufacturing strategies, used equipment markets competition and technological changes. We evaluate residual values on an annual basis or sooner if circumstances warrant. Declines in estimated residual values considered "other-than-temporary" are recognized immediately. Estimated increases in future residual values are not recognized until the equipment is remarketed. Support Services Revenue We provide support services for our equipment primarily through maintenance contracts. Revenue related to these agreements is recognized on a straight-line basis over the term of the agreement. Business Services Revenue Business services revenue includes revenue from presort mail services, global ecommerce solutions and shipping solutions and is recognized as services are provided. We also evaluate the appropriateness of recording revenue on a gross basis when we act as a principal in a transaction or net basis when we act as an agent between a client and vendor. We consider several factors in determining whether we are acting as principal or agent such as whether we are the primary obligor to the client, have control over the pricing and have credit risk. Shipping and Handling Shipping and handling costs are recognized as incurred and recorded in cost of revenues. Deferred Marketing Costs We capitalize certain costs associated with the acquisition of new customers and recognize these costs over the expected revenue stream of eight years. At December 31, 2017 and 2016, deferred marketing costs were $36 million and $38 million, respectively. Amortization of deferred marketing costs was $13 million, $15 million and $18 million in 2017, 2016 and 2015, respectively. We review individual marketing programs for impairment on a quarterly basis or as circumstances warrant. Restructuring Charges Costs associated with restructuring actions include employee severance, other employee separation costs and contract termination costs, including leases. These costs are recognized when a liability is incurred, which is generally upon communication to the affected employees or exit from a leased facility, and the amount to be paid is both probable and reasonably estimable. Severance accruals are based on company policy, historical experience and negotiated settlements. 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 currency exchange rate fluctuations on financial results and manage the related cost of debt. We do not use derivatives for trading or speculative purposes. We record our derivative instruments at fair value and the accounting for changes in 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. To qualify as a hedge, a derivative must be highly effective in offsetting the risk designated for hedging purposes. The hedge relationship must be formally documented at inception, detailing the particular risk management objective and strategy for the hedge. The effectiveness of the hedge relationship is evaluated on a retrospective and prospective basis. The use of derivative instruments exposes us to counterparty credit risk. To mitigate such risks, we enter into contracts with only those financial institutions that meet stringent credit requirements. We regularly review our credit exposure balances as well as the creditworthiness of our counterparties. We have not seen a material change in the creditworthiness of those banks acting as derivative counterparties. Income Taxes We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date of such change. A valuation allowance is provided when it is more likely than not that a deferred tax asset will not be realized. In estimating the necessity and amount of a valuation allowance, we consider all available evidence for each jurisdiction including historical operating results, estimates of future taxable income and the feasibility of ongoing tax planning strategies. We adjust the valuation allowance through income tax expense when new information becomes available that would alter our determination of the amount of deferred tax assets that will ultimately be realized. Earnings per Share Basic earnings per share is computed on the weighted-average number of common shares outstanding during the year. Diluted earnings per share is computed based on the weighted-average number of common shares plus the dilutive effect of preference and preferred shares, stock awards and employee stock purchase plans. Translation of Non-U.S. Currency Amounts In general, the functional currency of our foreign operations is the local currency. Assets and liabilities of subsidiaries operating outside the U.S. are translated at rates in effect at the end of the period and revenue and expenses are translated at average monthly rates during the period. Net deferred translation gains and losses are included as a component of accumulated other comprehensive income. Loss Contingencies In the ordinary course of business, we are routinely defendants in, or party to, a number of pending and threatened legal actions. On a quarterly basis, we review the status of each significant matter and assess the potential financial exposure. If the potential loss from any claim or legal action is considered probable and can be reasonably estimated, we establish a liability for the estimated loss. The assessment of the ultimate outcome of each claim or legal action and the determination of the potential financial exposure requires significant judgment. Estimates of potential liabilities for claims or legal actions are based only on information that is available at that time. As additional information becomes available, we may revise our estimates, and these revisions could have a material impact on our results of operations and financial position. Legal fees are expensed as incurred. New Accounting Pronouncements New Accounting Pronouncements - Standards Adopted in 2017 In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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 the presentation and classification of certain cash receipts and cash payments by providing guidance on certain 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 elected to early adopt this standard effective October 1, 2017. Accordingly, a $7 million premium payment associated with the early extinguishment of debt was classified as financing activities in the Consolidated Statements of Cash Flows for the year ended December 31, 2017. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment, which eliminates Step 2 of the current two-step goodwill impairment test and requires only a one-step quantitative impairment test, whereby a goodwill impairment loss is measured as the excess of a reporting unit’s carrying amount over its fair value (not to exceed the total goodwill allocated to that reporting unit). The ASU is effective for interim and annual periods beginning after December 15, 2019, and early adoption is permitted. We elected to early adopt this standard effective January 1, 2017. The adoption of this standard had no impact on our consolidated financial statements or 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. We retroactively adopted this ASU effective January 1, 2017. Accordingly, the Condensed Consolidated Statement of Cash Flows for the years ended December 31, 2016 and 2015 has been recast to reclassify cash payments of $5 million and $8 million, respectively, from operating activities to financing activities. 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 under LIFO is not impacted by the new guidance. This standard became effective January 1, 2017 and there was no impact on our consolidated financial statements or disclosures. New Accounting Pronouncements - Standards Not Yet Adopted In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The ASU changes the recognition and presentation requirements of hedge accounting and reduces the cost and complexity of applying hedge accounting by easing the requirements for effectiveness testing and hedge documentation. We will early adopt this standard as of January 1, 2018 and there will be no impact on our consolidated financial statements as of that date. The impact on our consolidated financial statements will depend on the facts and circumstances of any future transactions. In May 2017, the FASB issued ASU 2017-09, Scope of Modification Accounting. The ASU provides guidance about which changes to terms and conditions of a share-based payment award require an entity to apply modification accounting. The standard is effective beginning January 1, 2018 and would be applied prospectively to awards modified on or after the effective date. In March 2017, the FASB issued ASU 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The ASU shortens the amortization period for certain callable debt securities held at a premium, requiring the premium to be amortized to the earliest call date. The standard will be applied on a modified retrospective basis through a cumulative effect adjustment as of the beginning of the period of adoption. The standard is effective beginning January 1, 2019, however early adoption is permitted. We are currently assessing the impact this standard will have on our consolidated financial statements. In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Benefit Cost. The ASU requires the service cost component of net periodic benefit cost to be presented in the same income statement line item as other employee compensation costs. Other components of the net periodic benefit cost are to be presented separately, in an appropriately titled line item outside of any subtotal of operating income or disclosed in the footnotes. The standard also limits the amount eligible for capitalization to the service cost component. The standard is effective beginning January 1, 2018. The adoption of this standard will impact how net periodic pension costs are reported on the face of our income statement, but will not have an impact on our income from continuing operations or net income. In January 2017, the FASB issued ASU 2017-06, Plan Accounting: Defined Benefit Pension Plans (Topic 960); Defined Contribution Pension Plans (Topic 962); Health and Welfare Benefit Plans (Topic 965): Employee Benefit Plan Master Trust Reporting. The ASU requires separate disclosure in the statement of net assets available for benefits and the statement of changes in net assets available for benefits of changes in any interests held in a Master Trust and other enhanced disclosures. The standard is effective beginning January 1, 2019. We are currently evaluating the impact of this standard on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business, which clarifies the definition of a business with the objective of adding guidance to assist entities in evaluating whether transactions should be accounted for as an acquisition or disposal of assets or a business. The standard is effective beginning January 1, 2018. The impact on our consolidated financial statements will depend on the facts and circumstances of any future transactions. In October 2016, the FASB issued ASU No. 2016-16, Income Taxes: Intra-entity Transfers of Assets other than Inventory, which requires tax expense to be recognized from the sale of intra-entity assets, other than inventory, when the transfer occurs, even though the effects of the transaction are eliminated in consolidation. Under current guidance, the tax effects of transfers are deferred until the transferred asset is sold or otherwise recovered through use. The standard is effective beginning January 1, 2018. The adoption of this standard will not have a material impact on our consolidated financial statements. 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 expected credit losses for all financial instruments held at the reporting date based on historical experience, current conditions and reasonably 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 beginning January 1, 2020. We are currently assessing the impact this standard will have on our consolidated financial statements and disclosures. In February 2016, the FASB issued ASU 2016-02, Leases. This standard, among other things, requires lessees to recognize almost all leases on their balance sheet as a right-of-use asset and a lease liability and provide enhanced disclosures. The standard is effective beginning January 1, 2019. We are currently assessing the impact this standard will have on our consolidated financial statements and disclosures. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. 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 beginning January 1, 2018. The adoption of this standard will not have a material impact on our consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which requires companies to recognize revenue when or as control of a promised good or service is transferred to a client in amounts that reflect the consideration the company expects to receive in exchange for those goods and services. In addition, the standard requires enhanced disclosures about the nature, amount, timing and uncertainty of revenue. The standard is effective beginning January 1, 2018 and can be adopted either retrospectively to each reporting period presented or on a modified retrospective basis with a cumulative effect adjustment at the date of the initial application. We will adopt the standard on the modified retrospective basis with a cumulative effect adjustment, which will not be material to the consolidated financial statements. Based on our assessment of the standard, we will not have changes in revenue recognition for the majority of our product and service offerings. The standard will have the most impact on the timing of certain revenues in our Software Solutions segment. Specifically, for certain data subscription offerings, the portion of the transaction price allocated to the initial data set will be recognized as revenue at the time of initial delivery rather than over the subscription period, and for certain software licenses, revenue will be recognized ratably over the specific contract term rather than predominately at the time of billing and delivery. With regard to costs, we concluded that certain marketing costs associated with the acquisition of new customers will be expensed as incurred rather than recognized over their expected revenue stream of eight years. Additionally, certain sales commission plans will qualify for capitalization under the new standard. We have elected to use the practical expedient that allows companies to expense costs to obtain a contract when the estimated amortization period is less than one year. We have implemented internal controls, accounting policies, and systems to facilitate the preparation of financial information that will be required under the new standard. We do not expect the adoption of this standard will have a material impact to our consolidated financial statements on an ongoing basis.

Segment Information

12 Months Ended

Dec. 31, 2017

Property, Plant and Equipment [Abstract]

Segment Information

Effective January 1, 2017, we revised our segment reporting to reflect a change in how we manage and report office shipping solutions, which were previously reported within the Global Ecommerce segment. The needs of retail and ecommerce clients differ from those of office shipping clients. Accordingly, we now report the results for office shipping solutions within Small & Medium Business Solutions and the retail and ecommerce shipping solutions remain in Global Ecommerce. 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 mailing and office solutions, financing services and supplies for small and medium businesses to efficiently create physical and digital mail, evidence postage and help simplify and save on the sending, tracking and receiving of letters, parcels and flats in the U.S. and Canada.

International Mailing: Includes the revenue and related expenses from mailing and office solutions, financing services and supplies for small and medium businesses to efficiently create physical and digital mail, evidence postage and help simplify and save on the sending, tracking and receiving of letters, parcels and flats 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 services for 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 customer engagement, customer information, and location intelligence software solutions and related support services.

Global Ecommerce: Include the worldwide revenue and related expenses from cross-border ecommerce transactions and domestic retail and ecommerce shipping solutions, including fulfillment and returns.

We determine segment 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, which 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. The following tables provide information about our reportable segments.



	Revenues
	Years Ended December 31,
	2017		2016		2015
North America Mailing	$	1,356,561	$	1,427,094	$	1,530,060
International Mailing	383,670		411,642		449,828
Small & Medium Business Solutions	1,740,231		1,838,736		1,979,888
Production Mail	407,194		404,703		421,178
Presort Services	497,901		475,582		473,612
Enterprise Business Solutions	905,095		880,285		894,790
Software Solutions	352,380		348,234		385,908
Global Ecommerce	552,242		339,320		262,667
Digital Commerce Solutions	904,622		687,554		648,575
Other	—		—		54,807
Total revenue	$	3,549,948	$	3,406,575	$	3,578,060

Geographic data:
United States	$	2,738,711	$	2,589,535	$	2,681,285
Outside United States	811,237		817,040		896,775
Total	$	3,549,948	$	3,406,575	$	3,578,060



	EBIT
	Years Ended December 31,
	2017			2016			2015
North America Mailing	$	497,809		$	592,978		$	663,031
International Mailing	48,164			44,806			49,071
Small & Medium Business Solutions	545,973			637,784			712,102
Production Mail	50,513			54,061			48,254
Presort Services	97,506			95,258			104,655
Enterprise Business Solutions	148,019			149,319			152,909
Software Solutions	41,635			30,159			48,531
Global Ecommerce	(17,899		)	3,043			5,110
Digital Commerce Solutions	23,736			33,202			53,641
Other	—			—			10,569
Total EBIT	717,728			820,305			929,221
Reconciling items:
Interest, net	(164,162		)	(144,211		)	(159,374		)
Unallocated corporate expenses	(204,211		)	(189,215		)	(213,095		)
Goodwill impairment	—			(171,092		)	—
Restructuring charges and asset impairments, net	(59,431		)	(63,296		)	(25,782		)
Gain on sale of technology	6,085			—			—
Acquisition/disposition related expenses	(9,164		)	(5,585		)	(14,983		)
Other (expense) income, net	(3,856		)	(536		)	94,838
Income from continuing operations before income taxes	282,989			246,370			610,825
Provision for income taxes	21,649			131,819			189,778
(Loss) income from discontinued operations, net of tax	—			(2,701		)	5,271
Net income	$	261,340		$	111,850		$	426,318



	Depreciation and amortization
	Years Ended December 31,
	2017		2016		2015
North America Mailing	$	64,803	$	60,066	$	58,141
International Mailing	18,562		19,431		23,262
Small & Medium Business Solutions	83,365		79,497		81,403
Production Mail	2,686		4,421		4,075
Presort Services	26,541		27,929		27,305
Enterprise Business Solutions	29,227		32,350		31,380
Software Solutions	8,978		14,621		18,151
Global Ecommerce	36,662		30,607		21,025
Digital Commerce Solutions	45,640		45,228		39,176
Other	—		—		2,057
Total for reportable segments	158,232		157,075		154,016
Unallocated amount	24,104		21,411		19,296
Total depreciation and amortization	$	182,336	$	178,486	$	173,312



	Capital expenditures
	Years Ended December 31,
	2017		2016		2015
North America Mailing	$	69,131	$	83,547	$	60,621
International Mailing	11,982		3,163		11,196
Small & Medium Business Solutions	81,113		86,710		71,817
Production Mail	2,893		1,599		3,418
Presort Services	20,860		17,537		17,096
Enterprise Business Solutions	23,753		19,136		20,514
Software Solutions	9,181		4,617		1,688
Global Ecommerce	26,810		15,647		17,321
Digital Commerce Solutions	35,991		20,264		19,009
Other	—		—		857
Total for reportable segments	140,857		126,110		112,197
Unallocated amount	30,133		34,721		54,549
Total capital expenditures	$	170,990	$	160,831	$	166,746



	Assets
	December 31,
	2017		2016		2015
North America Mailing	$	1,959,206	$	2,066,480	$	2,562,816
International Mailing	552,570		532,647		594,564
Small & Medium Business Solutions	2,511,776		2,599,127		3,157,380
Production Mail	260,977		239,358		244,156
Presort Services	387,701		373,443		374,647
Enterprise Business Solutions	648,678		612,801		618,803
Software Solutions	658,737		645,349		858,308
Global Ecommerce	1,016,045		449,363		438,917
Digital Commerce Solutions	1,674,782		1,094,712		1,297,225
Total for reportable segments	4,835,236		4,306,640		5,073,408
Reconciliation to consolidated amount:
Cash and cash equivalents	1,009,021		764,522		640,190
Short-term investments	48,988		38,448		127,388
Other corporate assets	785,470		727,523		282,146
Total assets	$	6,678,715	$	5,837,133	$	6,123,132



Identifiable long-lived assets:
United States	$	506,064	$	441,443	$	434,557
Outside United States	58,250		61,214		73,046
Total	$	564,314	$	502,657	$	507,603

Earnings per Share

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Earnings per Share

The calculations of basic and diluted earnings per share for the years ended December 31, 2017, 2016 and 2015 are presented below. The sum of earnings per share amounts may not equal the totals due to rounding.



	Years Ended December 31,
	2017		2016			2015
Numerator:
Net income from continuing operations	$	261,340	$	95,506		$	402,672
(Loss) income from discontinued operations	—		(2,701		)	5,271
Net income (numerator for diluted EPS)	261,340		92,805			407,943
Less: Preference stock dividend	36		38			41
Income attributable to common stockholders (numerator for basic EPS)	$	261,304	$	92,767		$	407,902
Denominator (in thousands):
Weighted-average shares used in basic EPS	186,332		187,945			199,835
Effect of dilutive shares	1,103		1,030			1,110
Weighted-average shares used in diluted EPS	187,435		188,975			200,945
Basic earnings per share:
Continuing operations	$	1.40	$	0.51		$	2.01
Discontinued operations	—		(0.01		)	0.03
Net income attributable to Pitney Bowes Inc.	$	1.40	$	0.49		$	2.04
Diluted earnings per share:
Continuing operations	$	1.39	$	0.51		$	2.00
Discontinued operations	—		(0.01		)	0.03
Net income attributable to Pitney Bowes Inc.	$	1.39	$	0.49		$	2.03

Anti-dilutive options excluded from diluted earnings per share (in thousands):	10,267		8,126			8,079

Inventories

12 Months Ended

Dec. 31, 2017

Inventory Disclosure [Abstract]

Inventories

Inventories at December 31, 2017 and 2016 consisted of the following:



	December 31,
	2017			2016
Raw materials	$	30,166		$	28,541
Work in process	4,981			6,498
Supplies and service parts	45,366			45,152
Finished products	21,765			24,678
Inventory at FIFO cost, net	102,278			104,869
Excess of FIFO cost over LIFO cost	(12,599		)	(12,143		)
Total inventory, net	$	89,679		$	92,726

Finance Assets

12 Months Ended

Dec. 31, 2017

Receivables [Abstract]

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 clients for postage and supplies. Loan receivables are generally due each month; however, customers may rollover outstanding balances. Interest on loan receivables is recognized using the effective interest method. Annual fees are initially deferred and recognized ratably over the annual period covered. Customer acquisition costs are expensed as incurred.

Finance receivables at December 31, 2017 and 2016 consisted of the following:



	December 31, 2017									December 31, 2016
	North America			International			Total			North America			International			Total
Sales-type lease receivables
Gross finance receivables	$	1,023,549		$	292,059		$	1,315,608		$	1,088,053		$	273,262		$	1,361,315
Unguaranteed residual values	74,093			14,202			88,295			90,190			13,655			103,845
Unearned income	(216,720		)	(62,325		)	(279,045		)	(223,908		)	(60,458		)	(284,366		)
Allowance for credit losses	(7,721		)	(2,794		)	(10,515		)	(8,247		)	(2,647		)	(10,894		)
Net investment in sales-type lease receivables	873,201			241,142			1,114,343			946,088			223,812			1,169,900
Loan receivables
Loan receivables	339,373			34,492			373,865			374,147			32,716			406,863
Allowance for credit losses	(7,098		)	(1,020		)	(8,118		)	(8,517		)	(1,089		)	(9,606		)
Net investment in loan receivables	332,275			33,472			365,747			365,630			31,627			397,257
Net investment in finance receivables	$	1,205,476		$	274,614		$	1,480,090		$	1,311,718		$	255,439		$	1,567,157

Loans receivable are due within one year. Maturities of gross sales-type lease finance receivables at December 31, 2017 were as follows:



	Sales-type Lease Receivables
	North America		International		Total
2018	$	513,886	$	130,804	$	644,690
2019	262,303		74,546		336,849
2020	154,581		49,203		203,784
2021	70,307		27,443		97,750
2022	18,340		9,104		27,444
Thereafter	4,132		959		5,091
Total	$	1,023,549	$	292,059	$	1,315,608

Allowance for Credit Losses

Activity in the allowance for credit losses for the years ended December 31, 2017, 2016 and 2015 was as follows:



	Sales-type Lease Receivables						Loan Receivables
	North America			International			North America			International			Total
Balance at December 31, 2014	$	10,125		$	5,023		$	11,068		$	1,788		$	28,004
Amounts charged to expense	1,189			890			8,286			1,023			11,388
Accounts written off	(4,708		)	(2,371		)	(9,330		)	(1,293		)	(17,702		)
Balance at December 31, 2015	6,606			3,542			10,024			1,518			21,690
Amounts charged to expense	5,136			1,161			6,238			836			13,371
Accounts written off	(3,495		)	(2,056		)	(7,745		)	(1,265		)	(14,561		)
Balance at December 31, 2016	8,247			2,647			8,517			1,089			20,500
Amounts charged to expense	7,544			1,280			6,273			510			15,607
Accounts written off	(8,070		)	(1,133		)	(7,692		)	(579		)	(17,474		)
Balance at December 31, 2017	$	7,721		$	2,794		$	7,098		$	1,020		$	18,633

Aging of Receivables

The aging of finance receivables at December 31, 2017 and 2016 was as follows:



	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
December 31, 2017
1 - 90 days	$	971,002	$	286,170	$	330,503	$	34,239	$	1,621,914
> 90 days	52,547		5,889		8,870		253		67,559
Total	$	1,023,549	$	292,059	$	339,373	$	34,492	$	1,689,473
Past due amounts > 90 days
Still accruing interest	$	10,807	$	1,738	$	—	$	—	$	12,545
Not accruing interest	41,740		4,151		8,870		253		55,014
Total	$	52,547	$	5,889	$	8,870	$	253	$	67,559

As of December 31, 2017, North American sales-type lease receivables aged greater than 90 days had a full contract value of $53 million. As of February 15, 2018, we received payments with a contract value of $28 million related to these receivables.



	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
December 31, 2016
1 - 90 days	$	1,025,313	$	269,247	$	366,726	$	32,420	$	1,693,706
> 90 days	62,740		4,015		7,421		296		74,472
Total	$	1,088,053	$	273,262	$	374,147	$	32,716	$	1,768,178
Past due amounts > 90 days
Still accruing interest	$	8,831	$	972	$	—	$	—	$	9,803
Not accruing interest	53,909		3,043		7,421		296		64,669
Total	$	62,740	$	4,015	$	7,421	$	296	$	74,472

Credit Quality

The extension 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 December 31, 2017 and 2016 by relative risk class (low, medium, high) based on the relative scores of the accounts within each class. The relative scores are determined based on a number of factors, including the company type, ownership structure, payment history and financial information. Some accounts are not scored; however, absence of a score is not indicative of the credit quality of the account. The degree of risk, as defined by the third party, refers to the relative risk that an account may become delinquent in the next 12 month period.


•	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.



	December 31,
	2017		2016
Sales-type lease receivables
Low	$	819,776	$	879,823
Medium	148,000		135,953
High	21,728		22,600
Not Scored	34,045		49,677
Total	$	1,023,549	$	1,088,053
Loan receivables
Low	$	262,646	$	296,598
Medium	56,744		53,647
High	6,791		7,216
Not Scored	13,192		16,686
Total	$	339,373	$	374,147

Fixed Assets

12 Months Ended

Dec. 31, 2017

Fixed Assets

Fixed assets at December 31, 2017 and 2016 consisted of the following:



	December 31,
	2017			2016
Land	$	9,333		$	9,908
Buildings	207,024			185,431
Capitalized software	224,753			192,395
Machinery and equipment	703,924			610,597
	1,145,034			998,331
Accumulated depreciation	(765,990		)	(683,728		)
Property, plant and equipment, net	$	379,044		$	314,603

Rental property and equipment	$	394,627		$	400,913
Accumulated depreciation	(208,886		)	(212,859		)
Rental property and equipment, net	$	185,741		$	188,054

Depreciation expense was $149 million, $140 million and $136 million for the years ended December 31, 2017, 2016 and 2015, respectively.

Acquisitions, Divestiture, Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Acquisitions, Divestiture, Intangible Assets and Goodwill

Acquisitions

In October 2017, we acquired Newgistics for $471 million, net of cash acquired. Newgistics provides parcel delivery, returns, fulfillment and digital commerce solutions for retailers and ecommerce brands. Newgistics is reported within our Global Ecommerce segment.

The allocation of the purchase price to the fair values of assets acquired and liabilities assumed was as follows:



Accounts receivable	$	36,195
Other current assets	16,051
Fixed assets	26,933
Goodwill	330,272
Intangible assets	135,640
Accounts payable and other current liabilities	(21,500		)
Deferred taxes, net	(52,363		)
Other assets and liabilities, net	(688		)
	$	470,540

Goodwill represents the excess of the purchase price over the fair values of assets acquired and liabilities assumed. Goodwill is primarily attributable to expected growth opportunities, synergies and other benefits that we believe will result from combining the operations of Newgistics with our operations. Goodwill from the Newgistics acquisition is not deductible for tax purposes.

Intangible assets acquired consisted of the following:



	Value			Amortization period
Customer relationships	$	111,600	—	10 years
Developed technology	19,000		—	5 years
Tradenames	4,300		—	3 years
Other	740			1-3 years
Total intangible assets, net	$	135,640

The operating results of Newgistics are included in our consolidated results from the date of acquisition. Consolidated revenue for the year ended December 31, 2017 includes $140 million from Newgistics. Earnings from Newgistics included in our consolidated earnings were not significant. On a pro forma basis, had we acquired Newgistics on January 1, 2016, revenue would have been $341 million and $481 million higher for the years ended December 31, 2017 and 2016, respectively. The impact on earnings would not have been material.

Divestiture

In May 2015, we sold Imagitas for net proceeds of $292 million. We recognized a pre-tax gain of $111 million, which was reported within other expense (income), net in the Consolidated Statements of Income.

Intangible assets

Intangible assets at December 31, 2017 and 2016 consisted of the following:



	December 31, 2017							December 31, 2016
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	526,149	$	(292,500	)	$	233,649	$	445,039	$	(300,906	)	$	144,133
Software & technology	173,141		(144,742		)	28,399		150,037		(136,508		)	13,529
Trademarks & other	42,505		(32,367		)	10,138		36,212		(28,702		)	7,510
Total intangible assets, net	$	741,795	$	(469,609	)	$	272,186	$	631,288	$	(466,116	)	$	165,172

Amortization expense for intangible assets was $34 million, $38 million and $37 million for the years ended December 31, 2017, 2016 and 2015, respectively. The future amortization expense for intangible assets at December 31, 2017 is as follows:



Year ended December 31,
2018	$	42,564
2019	38,838
2020	34,251
2021	30,631
2022	29,223
Thereafter	96,679
Total	$	272,186

Actual amortization expense may differ from the amounts above due to, among other things, fluctuations in foreign currency exchange rates, acquisitions, divestitures and impairment charges.

Goodwill

The changes in the carrying amount of goodwill, by reporting segment, for the years ended December 31, 2017 and 2016 are shown in the tables below.



	Gross value before accumulated impairment		Accumulated impairment			December 31, 2016		Acquisition		Impairment		Other ⁽¹⁾		December 31, 2017
North America Mailing	$	354,000	$	—		$	354,000	$	—	$	—	$	14,905	$	368,905
International Mailing	145,566		—			145,566		—		—		12,637		158,203
Small & Medium Business Solutions	499,566		—			499,566		—		—		27,542		527,108
Production Mail	101,099		—			101,099		—		—		6,390		107,489
Presort Services	196,890		—			196,890		7,891		—		—		204,781
Enterprise Business Solutions	297,989		—			297,989		7,891		—		6,390		312,270
Software Solutions	672,683		(171,092		)	501,591		—		—		9,014		510,605
Global Ecommerce	272,189		—			272,189		330,272		—		—		602,461
Digital Commerce Solutions	944,872		(171,092		)	773,780		330,272		—		9,014		1,113,066
Total goodwill	$	1,742,427	$	(171,092	)	$	1,571,335	$	338,163	$	—	$	42,946	$	1,952,444



	Gross value before accumulated impairment		Accumulated impairment		December 31, 2015		Acquisition		Impairment			Other ⁽¹⁾			December 31, 2016
North America Mailing	$	357,215	$	—	$	357,215	$	—	$	—		$	(3,215	)	$	354,000
International Mailing	148,351		—		148,351		—		—			(2,785		)	145,566
Small & Medium Business Solutions	505,566		—		505,566		—		—			(6,000		)	499,566
Production Mail	105,757		—		105,757		—		—			(4,658		)	101,099
Presort Services	196,890		—		196,890		—		—			—			196,890
Enterprise Business Solutions	302,647		—		302,647		—		—			(4,658		)	297,989
Software Solutions	674,976		—		674,976		11,908		(171,092		)	(14,201		)	501,591
Global Ecommerce	262,768		—		262,768		9,421		—			—			272,189
Digital Commerce Solutions	937,744		—		937,744		21,329		(171,092		)	(14,201		)	773,780
Total goodwill	$	1,745,957	$	—	$	1,745,957	$	21,329	$	(171,092	)	$	(24,859	)	$	1,571,335


(1)	Primarily represents foreign currency translation adjustments.

During the fourth quarter of 2016, our Software Solutions reporting unit experienced weaker than expected performance. Based on this and including the soft operating results in 2016, we performed a goodwill impairment test that indicated the fair value of the Software Solutions reporting unit was less than its carrying value. We engaged a third party to perform Steps 1 and 2 of the goodwill impairment test and determined that the implied fair value of goodwill was less than the recorded goodwill and as a result recorded a non-cash, pre-tax goodwill impairment charge of $171 million to write down the carrying value of goodwill to its estimated fair value.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Fair Value Measurements and Derivative Instruments

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

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.


Level 3 –	Unobservable inputs that are supported by little or no market activity and may be derived from internally developed methodologies based on management's best estimates.

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 their 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 December 31, 2017 and 2016.



	December 31, 2017
	Level 1		Level 2			Level 3		Total
Assets:
Investment securities
Money market funds / commercial paper	$	143,349	$	542,568		$	—	$	685,917
Equity securities	—		40,717			—		40,717
Commingled fixed income securities	1,569		4,516			—		6,085
Government and related securities	116,041		18,587			—		134,628
Corporate debt securities	—		75,109			—		75,109
Mortgage-backed / asset-backed securities	—		158,202			—		158,202
Derivatives
Interest rate swap	—		1,776			—		1,776
Foreign exchange contracts	—		122			—		122
Total assets	$	260,959	$	841,597		$	—	$	1,102,556
Liabilities:
Derivatives
Foreign exchange contracts	$	—	$	(335	)	$	—	$	(335	)
Total liabilities	$	—	$	(335	)	$	—	$	(335	)



	December 31, 2016
	Level 1		Level 2			Level 3		Total
Assets:
Investment securities
Money market funds / commercial paper	$	114,471	$	217,175		$	—	$	331,646
Equity securities	—		24,571			—		24,571
Commingled fixed income securities	1,536		22,132			—		23,668
Government and related securities	116,822		19,358			—		136,180
Corporate debt securities	—		69,891			—		69,891
Mortgage-backed / asset-backed securities	—		158,996			—		158,996
Derivatives
Interest rate swap	—		1,588			—		1,588
Foreign exchange contracts	—		637			—		637
Total assets	$	232,829	$	514,348		$	—	$	747,177
Liabilities:
Derivatives
Foreign exchange contracts	$	—	$	(3,717	)	$	—	$	(3,717	)
Total liabilities	$	—	$	(3,717	)	$	—	$	(3,717	)

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: comprised of mutual funds investing in U.S. and foreign stocks. These mutual funds are classified as Level 2.

•

Commingled Fixed Income Securities: comprised of 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. Fair value is based on the 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 mutual funds are classified as Level 2.

•

Government and related securities: 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.


•	Corporate Debt Securities: 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.

Available-For-Sale Securities

At December 31, 2017 and 2016, available-for-sale securities consisted of the following:



	December 31, 2017
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Estimated fair value
Government and related securities	$	131,872	$	1,984	$	(1,090	)	$	132,766
Corporate debt securities	73,612		1,724		(227		)	75,109
Commingled fixed income securities	1,796		—		(40		)	1,756
Mortgage-backed / asset-backed securities	158,496		1,348		(1,642		)	158,202
Total	$	365,776	$	5,056	$	(2,999	)	$	367,833



	December 31, 2016
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Estimated fair value
Government and related securities	$	136,316	$	1,571	$	(1,707	)	$	136,180
Corporate debt securities	69,376		1,180		(665		)	69,891
Commingled fixed income securities	1,568		—		(32		)	1,536
Mortgage-backed / asset-backed securities	159,312		1,566		(1,882		)	158,996
Total	$	366,572	$	4,317	$	(4,286	)	$	366,603

Investment securities in a loss position for 12 or more continuous months at December 31, 2017 had aggregate unrealized holding losses of $2 million and an estimated fair value of $116 million. Investment securities in a loss position for less than 12 continuous months at December 31, 2017 had aggregate unrealized holding losses of $1 million and an estimated fair value of $91 million. We have not experienced any write-offs in our investment portfolio.

Investment securities in a loss position for 12 or more continuous months at December 31, 2016 had aggregate unrealized holding losses of less than $1 million and an estimated fair value of $12 million. Investment securities in a loss position for less than 12 continuous months at December 31, 2016 had aggregate unrealized holding losses of $4 million and an estimated fair value of $171 million.

We have not recognized an other-than-temporary impairment on any of the investment securities in an unrealized loss position because we do not intend to sell these securities, it is more likely than not that we will not be required to sell these securities before recovery of the unrealized losses and we expect to receive the contractual principal and interest on these investment securities.

At December 31, 2017, scheduled maturities of available-for-sale securities were as follows:



	Amortized cost		Estimated fair value
Within 1 year	$	38,624	$	38,414
After 1 year through 5 years	111,756		111,704
After 5 years through 10 years	68,599		69,154
After 10 years	146,797		148,561
Total	$	365,776	$	367,833

The actual maturities may not coincide with scheduled maturities as certain securities contain early redemption features and/or allow for the prepayment of obligations with or without penalty.

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 anticipated inventory purchases 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 accumulated other comprehensive income (AOCI) 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 December 31, 2017 and 2016, outstanding contracts associated with these anticipated transactions had a notional amount of $10 million and $13 million, respectively. The valuation of foreign exchange derivatives is based on a market approach using observable market inputs, such as foreign currency spot and forward rates and yield curves.

Interest Rate Swaps

We have 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 loan. 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 AOCI 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 one-month LIBOR. The variable interest rate resets monthly. The valuation of our interest rate swap is based on an income approach using inputs that are observable or that can be derived from, or corroborated by, observable market data.

The fair value of our derivative instruments at December 31, 2017 and 2016 was as follows:



		December 31,
Designation of Derivatives	Balance Sheet Location	2017			2016
Derivatives designated as hedging instruments
Foreign exchange contracts	Other current assets and prepayments	$	57		$	487
	Accounts payable and accrued liabilities	(144		)	(136		)

Interest rate swap	Other non-current assets	1,776			1,588

Derivatives not designated as hedging instruments
Foreign exchange contracts	Other current assets and prepayments	65			150
	Accounts payable and accrued liabilities	(191		)	(3,581		)

	Total derivative assets	1,898			2,225
	Total derivative liabilities	(335		)	(3,717		)
	Total net derivative liability	$	1,563		$	(1,492	)

The amounts included in AOCI at December 31, 2017 will be recognized in earnings within the next 12 months. No amount of ineffectiveness was recorded in earnings for these designated cash flow hedges.

The following represents the results of cash flow hedging relationships for the years ended December 31, 2017 and 2016:



	Years Ended December 31,
	Derivative Gain (Loss) Recognized in AOCI (Effective Portion)					Location of Gain (Loss) (Effective Portion)	Gain (Loss) Reclassified from AOCI to Earnings (Effective Portion)
Derivative Instrument	2017			2016		Location of Gain (Loss) (Effective Portion)	2017			2016
Foreign exchange contracts	$	(650	)	$	496	Revenue	$	(179	)	$	(68	)
						Cost of sales	(32		)	222
Interest rate swap	$	1,776		$	1,588	Interest Expense	—			—
							$	(211	)	$	154

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 December 31, 2017 mature over the next three months.

The following represents the results of our non-designated derivative instruments for the years ended December 31, 2017 and 2016:



		Years Ended December 31,
		Derivative Gain (Loss) Recognized in Earnings
Derivatives Instrument	Location of Derivative Gain (Loss)	2017			2016
Foreign exchange contracts	Selling, general and administrative expense	$	(2,203	)	$	(2,382	)

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 December 31, 2017, we were not required to post any collateral.

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 December 31, 2017 and 2016 was as follows:



	December 31,
	2017		2016
Carrying value	$	3,830,335	$	3,364,890
Fair value	$	3,718,986	$	3,412,581

Supplemental Balance Sheet Information

12 Months Ended

Dec. 31, 2017

Disclosure Text Block Supplement [Abstract]

Supplemental Balance Sheet Information

The following table shows selected balance sheet information at December 31, 2017 and 2016:



	December 31,
	2017		2016
Other assets:
Long-term investments	$	435,612	$	425,732
Other	105,184		99,041
Total	$	540,796	$	524,773

Accounts payable and accrued liabilities:
Accounts payable	$	302,101	$	293,538
Customer deposits	693,004		688,772
Employee related liabilities	260,116		205,901
Other	231,520		190,611
Total	$	1,486,741	$	1,378,822

Restructuring Charges and Asset Impairments

12 Months Ended

Dec. 31, 2017

Restructuring and Related Activities [Abstract]

Restructuring Charges and Asset Impairments

The table below shows the activity in our restructuring reserves for the years ended December 31, 2017 and 2016:



	Severance and benefits costs			Other exit costs			Total
Balance at December 31, 2015	$	43,700		$	3,722		$	47,422
Expenses, net	44,510			1,655			46,165
Cash payments	(59,834		)	(5,096		)	(64,930		)
Balance at December 31, 2016	28,376			281			28,657
Expenses, net	53,322			2,545			55,867
Cash payments	(39,547		)	(1,257		)	(40,804		)
Balance at December 31, 2017	$	42,151		$	1,569		$	43,720

The majority of the remaining restructuring reserves are expected to be paid over the next 12-24 months. Due to certain international labor laws and long-term lease agreements, some payments will extend beyond 24 months. We expect to fund these payments from cash flows from operations.

Asset impairment

During 2017, we recorded asset impairment charges of $4 million. In 2016, asset impairment charges consisted primarily of a loss of $5 million from the sale of a facility and an impairment charge of $5 million related to another facility.

Debt

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Debt



		December 31,
	Interest rate	2017		2016
Notes due September 2017	5.75%	$	—	$	385,109
Notes due March 2018	5.60%	250,000		250,000
Notes due May 2018	4.75%	—		350,000
Notes due March 2019	6.25%	300,000		300,000
Notes due September 2020	3.625%	300,000		—
Notes due October 2021	3.625%	600,000		600,000
Notes due May 2022	4.125%	400,000		—
Notes due April 2023	4.70%	400,000		—
Notes due March 2024	4.625%	500,000		500,000
Notes due January 2037	5.25%	35,841		115,041
Notes due March 2043	6.70%	425,000		425,000
Term loans	Variable	650,000		450,000
Other debt		5,476		5,677
Principal amount		3,866,317		3,380,827
Less: unamortized costs, net		35,982		15,937
Total debt		3,830,335		3,364,890
Less: current portion long-term debt		271,057		614,485
Long-term debt		$	3,559,278	$	2,750,405

In September 2017, we issued $300 million of 3.625% Notes due September 2020 and $400 million of 4.70% Notes due April 2023. Interest is payable semi-annually and is subject to adjustment from time to time based on changes in our credit ratings. Both of these notes may be redeemed, at our option, in whole or in part, at any time at par plus accrued, unpaid interest and a make-whole amount, if any.

In September 2017, we also borrowed $350 million under term loan agreements. The new term loans consist of a $200 million term loan that bears interest at the applicable Eurodollar Rate plus 1.5% and matures in September 2020 and a $150 million term loan that bears interest at the applicable Eurodollar Rate plus 1.125% and matures in August 2018, but includes an option to extend the maturity by one year. For the fourth quarter of 2017, the effective interest rate for the $200 million term loan was 2.78% and the effective interest rate for the $150 million term loan was 2.49%. The interest rates on these term loans are subject to adjustment from time to time based on changes in our credit ratings.

In May 2017, we issued $400 million of 3.875% Notes. Interest is payable semi-annually and is subject to adjustment based on changes in our credit ratings. As a result of a change in our credit ratings, the fixed rate on these notes subsequently increased 0.25% to 4.125%.

The notes mature in May 2022, but may be redeemed, at our option, in whole or in part, at any time at par plus accrued, unpaid interest and a make-whole amount, if any. In addition, the fixed rate on the $600 million notes due October 2021 also increased by 0.25% to 3.625% due to the change in our credit rating.

In 2017, we repaid a $150 million term loan, the $385 million of 5.75% Notes due in September 2017 and we early redeemed the $350 million 4.75% Notes, that were due May 2018. As a result of the early redemption of these Notes, we incurred a $4 million loss, which is recorded in Other expense. Additionally, bondholders of the 5.25% Notes due 2037 caused us to redeem $79 million of the outstanding notes.

We have a commercial paper program and a committed credit facility of $1 billion to support commercial paper issuances. There were no outstanding commercial paper borrowings as of December 31, 2017 and 2016. The credit facility expires in January 2021.

Annual maturities of outstanding debt at December 31, 2017 are as follows:



2018	$	270,000
2019	500,000
2020	730,476
2021	600,000
2022	400,000
Thereafter	1,365,841
Total	$	3,866,317

Retirement Plans and Postretirement Medical Benefits

12 Months Ended

Dec. 31, 2017

Retirement Benefits [Abstract]

Retirement Plans and Postretirement Medical Benefits

We provide certain retirement benefits to our U.S. employees hired prior to January 1, 2005 and to eligible employees outside the U.S. under various defined benefit retirement plans. Benefit accruals under most of our significant defined benefit plans have been frozen.

We also provide certain employer subsidized health care and employer provided life insurance benefits in the U.S. and Canada to eligible retirees and their dependents. Employees hired before January 1, 2005 in the U.S. and April 1, 2005 in Canada become eligible for retiree medical benefits after reaching age 55 and with the completion of the required service period. The cost of these benefits is recognized over the period the employee provides credited service to the company.

Retirement Plans

The benefit obligations and funded status of defined benefit pension plans are as follows:



	United States						Foreign
	2017			2016			2017			2016
Accumulated benefit obligation	$	1,726,824		$	1,677,288		$	737,580		$	675,566

Projected benefit obligation
Benefit obligation - beginning of year	$	1,678,097		$	1,689,885		$	688,172		$	647,112
Service cost	132			105			2,274			2,148
Interest cost	68,611			73,699			18,836			21,886
Plan participants' contributions	—			—			6			6
Actuarial loss	92,789			31,764			2,098			127,054
Foreign currency changes	—			—			64,236			(88,138		)
Settlement	—			(5,887		)	—			(423		)
Benefits paid	(111,892		)	(111,469		)	(24,249		)	(21,473		)
Benefit obligation - end of year	$	1,727,737		$	1,678,097		$	751,373		$	688,172



Fair value of plan assets
Fair value of plan assets - beginning of year	$	1,464,082		$	1,460,790		$	547,290		$	530,112
Actual return on plan assets	199,749			110,954			46,542			68,067
Company contributions	5,968			9,694			13,081			40,872
Plan participants' contributions	—			—			6			6
Settlement	—			(5,887		)	—			(423		)
Foreign currency changes	—			—			50,040			(69,871		)
Benefits paid	(111,892		)	(111,469		)	(24,249		)	(21,473		)
Fair value of plan assets - end of year	$	1,557,907		$	1,464,082		$	632,710		$	547,290



Amounts recognized in the Consolidated Balance Sheets
Noncurrent asset	$	392		$	310		$	19,139		$	11,744
Current liability	(8,362		)	(7,937		)	(1,188		)	(1,045		)
Noncurrent liability	(161,860		)	(206,388		)	(136,614		)	(151,581		)
Funded status	$	(169,830	)	$	(214,015	)	$	(118,663	)	$	(140,882	)

Information provided in the table below is only for pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2017 and 2016:



	United States				Foreign
	2017		2016		2017		2016
Projected benefit obligation	$	1,727,292	$	1,677,675	$	614,371	$	578,588
Accumulated benefit obligation	$	1,726,378	$	1,676,866	$	601,412	$	565,992
Fair value of plan assets	$	1,557,069	$	1,463,350	$	476,825	$	425,962



Pretax amounts recognized in AOCI consist of:
	United States						Foreign
	2017			2016			2017			2016
Net actuarial loss	$	835,265		$	873,523		$	321,914		$	342,169
Prior service credit	(391		)	(452		)	(597		)	(667		)
Transition asset	—			—			(24		)	(32		)
Total	$	834,874		$	873,071		$	321,293		$	341,470

The estimated amounts that will be amortized from AOCI into net periodic benefit cost in 2018 are as follows:



	United States			Foreign
Net actuarial loss	$	32,303		$	7,304
Prior service credit	(60		)	(72		)
Transition asset	—			(7		)
Total	$	32,243		$	7,225

The components of net periodic benefit cost (income) for defined benefit pension plans were as follows:



	United States									Foreign
	2017			2016			2015			2017			2016			2015
Service cost	$	132		$	105		$	134		$	2,274		$	2,148		$	2,229
Interest cost	68,611			73,699			74,331			18,836			21,886			24,261
Expected return on plan assets	(97,656		)	(101,918		)	(104,004		)	(32,242		)	(32,615		)	(35,421		)
Amortization of net transition asset	—			—			—			(8		)	(8		)	(9		)
Amortization of prior service credit	(60		)	(60		)	(60		)	(71		)	(73		)	(66		)
Amortization of net actuarial loss	28,954			27,220			29,272			8,052			5,264			5,926
Special termination benefits	—			—			—			—			52			79
Settlement	—			2,109			1,243			—			110			—
Net periodic benefit (income) cost	$	(19	)	$	1,155		$	916		$	(3,159	)	$	(3,236	)	$	(3,001	)

Other changes in plan assets and benefit obligations for defined benefit pension plans recognized in other comprehensive income were as follows:



	United States						Foreign
	2017			2016			2017			2016
Net actuarial (gain) loss	$	(9,304	)	$	22,728		$	(12,202	)	$	91,549
Amortization of net actuarial loss	(28,954		)	(27,220		)	(8,052		)	(5,264		)
Amortization of prior service credit	60			60			71			73
Net transition asset	—			—			8			8
Settlement	—			(2,109		)	—			(110		)
Total recognized in other comprehensive income	$	(38,198	)	$	(6,541	)	$	(20,175	)	$	86,256

Weighted-average actuarial assumptions used to determine end of year benefit obligations and net periodic benefit cost for defined benefit pension plans include:



	2017				2016				2015
United States
Used to determine benefit obligations
Discount rate	3.69%				4.20%				4.55%
Rate of compensation increase	N/A				N/A				N/A

Used to determine net periodic benefit cost
Discount rate	4.20%				4.55%				4.15%
Expected return on plan assets	6.75%				7.00%				7.0%
Rate of compensation increase	N/A				N/A				N/A

Foreign
Used to determine benefit obligations
Discount rate	0.65	%	-	3.35%	0.70	%	-	3.65%	1.15	%	-	3.95%
Rate of compensation increase	1.50	%	-	2.50%	1.50	%	-	2.50%	1.50	%	-	3.50%

Used to determine net periodic benefit cost
Discount rate	0.70	%	-	3.65%	1.15	%	-	3.95%	1.10	%	-	3.80%
Expected return on plan assets	3.75	%	-	6.25%	3.75	%	-	6.51%	4.00	%	-	7.00%
Rate of compensation increase	1.50	%	-	3.30%	1.50	%	-	3.50%	1.50	%	-	3.50%

A discount rate is used to determine the present value of our future benefit obligations. The discount rate for our U.S. pension and postretirement medical benefit plans is determined by matching the expected cash flows associated with our benefit obligations to a pool of corporate long-term, high-quality fixed income debt instruments available as of the measurement date. The discount rate for our largest foreign plan, the U.K. Qualified Pension Plan (the U.K. Plan), is determined by using a model that discounts each year's estimated benefit payments by an applicable spot rate derived from a yield curve created from a large number of high quality corporate bonds. For our other smaller foreign pension plans, the discount rate is selected based on high-quality fixed income indices available in the country in which the plan is domiciled.

The expected return on plan assets is based on historical and expected rates of return for current and planned asset classes in the plans' investment portfolio after analyzing historical experience and future expectations of the returns and volatility of the various asset classes. The overall expected rate of return for the portfolio is based on the target asset allocation of our global pension plans, adjusted for historical and expected experience of active portfolio management results, when compared to the benchmark returns.

During 2018, we estimate making contributions of $8 million to our U.S. pension plans and $11 million to our foreign pension plans.

Investment Strategy and Asset Allocation - U.S. Pension Plans

The investment strategy of our U.S. pension plans is to maximize returns within reasonable and prudent levels of risk, to achieve and maintain full funding of the accumulated benefit obligation and the actuarial liabilities and to earn a nominal rate of return of at least 7.0%. The fund has established a strategic asset allocation policy to achieve these objectives. Investments are diversified across asset classes and within each class to reduce the risk of large losses and are periodically rebalanced. Derivatives, such as swaps, options, forwards and futures contracts may be used for market exposure, to alter risk/return characteristics and to manage foreign currency exposure. We do not have any significant concentrations of credit risk within the plan assets. Investment objectives and investment managers are reviewed periodically. Target and actual allocations for 2018, 2017 and 2016 for the U.S. pension plans were as follows:



	Target allocation		Percent of Plan Assets at December 31,
	2018		2017		2016
Asset category
U.S. equities	15	%	15	%	17	%
Non-U.S. equities	15	%	15	%	13	%
Fixed income	60	%	62	%	60	%
Real estate	5	%	6	%	6	%
Private equity	5	%	2	%	4	%
Total	100	%	100	%	100	%

Investment Strategy and Asset Allocation - Foreign Pension Plans

Our foreign pension plan assets are managed by outside investment managers and monitored regularly by local trustees and our corporate personnel. Investment strategies vary by country and plan, with each strategy tailored to achieve the expected rate of return within an acceptable or appropriate level of risk, depending upon the liability profile of plan participants, local funding requirements, investment markets and restrictions. The U.K. Plan represents 75% of the total foreign pension assets. The U.K. pension plan's investment strategy is to maximize returns within reasonable and prudent levels of risk, to achieve and maintain full funding of the accumulated benefit obligation and the actuarial liabilities and to earn a nominal rate of return of at least 6.25%. The fund has established a strategic asset allocation policy to achieve these objectives. Investments are diversified across asset classes and within each class to minimize the risk of large losses and are periodically rebalanced. Derivatives, such as swaps, options, forwards and futures contracts may be used for market exposure, to alter risk/return characteristics and to manage currency exposure. We do not have any significant concentrations of credit risk within the plan assets. Investment objectives and investment managers are reviewed periodically. Target and actual asset allocations for the U.K. Plan for 2018, 2017 and 2016 were as follows:



	Target Allocation		Percent of Plan Assets at December 31,
	2018		2017		2016
Asset category
U.K. equities	10	%	10	%	22	%
Non-U.K. equities	30	%	29	%	19	%
Fixed income	40	%	41	%	41	%
Real estate	10	%	9	%	8	%
Diversified growth	10	%	9	%	9	%
Cash	—	%	2	%	1	%
Total	100	%	100	%	100	%

The target asset allocation used to manage the investment portfolios is based on the broad asset categories shown above. The plan asset categories presented in the fair value hierarchy are subsets of the broad asset categories.

The fair value of the U.K. plan assets was $477 million and $410 million at December 31, 2017 and 2016, respectively, and the expected long-term weighted average rate of return on these plan assets was 6.25% in 2017 and 6.5% in 2016.

Fair Value Measurements of Plan Assets

The following tables show the U.S. and foreign pension plans' assets at December 31, 2017 and 2016:

United States Pension Plans



	December 31, 2017
	Level 1		Level 2		Level 3		Total
Money market funds	$	8,810	$	9,350	$	—	$	18,160
Equity securities	152,815		150,043		—		302,858
Commingled fixed income securities	—		377,078		—		377,078
Government and related securities	295,404		20,473		—		315,877
Corporate debt securities	—		418,908		—		418,908
Mortgage-backed securities /asset-backed securities	—		19,223		—		19,223
Private equity	—		—		38,362		38,362
Real estate	—		—		91,352		91,352
Securities lending collateral ⁽¹⁾	—		152,179		—		152,179
Total plan assets at fair value	$	457,029	$	1,147,254	$	129,714	$	1,733,997
Securities lending payable ⁽¹⁾							(152,179		)
Cash							5,186
Other							(29,097		)
Fair value of plan assets							$	1,557,907



	December 31, 2016
	Level 1		Level 2		Level 3		Total
Money market funds	$	2,604	$	6,609	$	—	$	9,213
Equity securities	184,254		140,691		—		324,945
Commingled fixed income securities	—		358,776		—		358,776
Government and related securities	214,068		21,126		—		235,194
Corporate debt securities	—		367,369		—		367,369
Mortgage-backed securities /asset-backed securities	—		14,072		1,236		15,308
Private equity	—		—		49,637		49,637
Real estate	—		—		87,852		87,852
Securities lending collateral ⁽¹⁾	—		174,651		—		174,651
Total plan assets at fair value	$	400,926	$	1,083,294	$	138,725	$	1,622,945
Securities lending payable ⁽¹⁾							(174,651		)
Cash							18,164
Other							(2,376		)
Fair value of plan assets							$	1,464,082

(1) Securities lending collateral is offset by a corresponding securities lending payable amount.

Foreign Plans



	December 31, 2017
	Level 1		Level 2		Level 3		Total
Money market funds	$	—	$	13,375	$	—	$	13,375
Equity securities	—		226,032		—		226,032
Commingled fixed income securities	—		213,844		—		213,844
Government and related securities	—		66,115		—		66,115
Corporate debt securities	—		24,889		—		24,889
Real estate	—		—		41,601		41,601
Diversified growth funds	—		—		44,024		44,024
Total plan assets at fair value	$	—	$	544,255	$	85,625	$	629,880
Cash							2,203
Other							627
Fair value of plan assets							$	632,710



	December 31, 2016
	Level 1		Level 2		Level 3		Total
Money market funds	$	—	$	6,811	$	—	$	6,811
Equity securities	32,295		181,943		—		214,238
Commingled fixed income securities	—		69,022		—		69,022
Government and related securities	—		29,363		—		29,363
Corporate debt securities	—		150,767		—		150,767
Real estate	—		—		34,483		34,483
Diversified growth funds	—		—		36,779		36,779
Total plan assets at fair value	$	32,295	$	437,906	$	71,262	$	541,463
Cash							4,262
Other							1,565
Fair value of plan assets							$	547,290

The following information relates to our classification of investments into the fair value hierarchy:


•	Money Market Funds: Money market funds typically invest in government securities, certificates of deposit, commercial paper of companies and other highly liquid, low risk securities. Money market funds are principally used for overnight deposits.


•	Equity Securities: Equity securities include U.S. and foreign stocks, American Depository Receipts, preferred stock and commingled funds. There are no shares of our common stock included in the plan assets of our pension plans.


•	Commingled Fixed Income Securities: Mutual funds that invest in fixed income securities of the U.S. government and its agencies, corporate debt, mortgage-backed securities and asset-backed securities. Fair value 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.

•

Government and Related Securities: Government and related securities include treasury notes and bonds, foreign government issues, U.S. government sponsored agency debt and commingled funds. Municipal debt securities include general obligation securities and revenue-backed securities. Fair value is based on benchmarking model derived prices to quotes market prices and trade data for identical comparable securities.


•	Corporate Debt Securities: Investments are comprised of both investment grade debt and high-yield debt. The fair value of corporate debt securities is determined using recently executed transactions, market price quotations where observable, or bond spreads.

•

Mortgage-Backed Securities (MBS)/Asset-Backed Securities (ABS): MBS are investments are comprised of agency-backed MBS, non-agency MBS, collateralized mortgage obligations, commercial MBS, and commingled funds. These securities are valued based on external pricing indices- external price/spread data or broker quotes. ABS are investments are primarily comprised of credit card receivables, auto loan receivables, student loan receivables, and Small Business Administration loans.


•	Private Equity: Investments are comprised of units in fund-of-funds investment vehicles. Fund-of-funds consist of various private equity investments and are used in an effort to gain greater diversification. The investments are valued in accordance with the most appropriate valuation techniques.


•	Real Estate: Investments include units in open-ended commingled real estate funds. Properties that comprise these funds are valued in accordance with the most appropriate valuation techniques.


•	Diversified Growth Funds: Investments are comprised of units in commingled diversified growth funds. These investments are valued based on the net asset value (NAV) per unit as reported by the fund manager.

•

Securities Lending Fund: Investment represents a commingled fund through our custodian's securities lending program. The U.S. pension plan lends securities that are held within the plan to other banks and/or brokers, and receives collateral, typically cash. This collateral is invested in a short-term fixed income securities commingled fund. This amount invested in the fund is offset by a corresponding liability reflected in the U.S. pension plan's net assets available for benefits.

Level 3 Gains and Losses

The following table summarizes the changes in the fair value of Level 3 assets for the years ended December 31, 2017 and 2016:

United States Pension Plans



	MBS & ABS			Private equity			Real estate			Total
Balance at December 31, 2015	$	1,592		$	63,577		$	82,569		$	147,738
Realized gains	8			10,200			1,280			11,488
Unrealized gains (losses)	38			(7,540		)	4,815			(2,687		)
Net purchases, sales and settlements	(402		)	(16,600		)	(812		)	(17,814		)
Balance at December 31, 2016	1,236			49,637			87,852			138,725
Realized gains	25			9,226			980			10,231
Unrealized gains (losses)	49			(2,334		)	2,397			112
Net purchases, sales and settlements	(1,310		)	(18,167		)	123			(19,354		)
Balance at December 31, 2017	$	—		$	38,362		$	91,352		$	129,714

Foreign Pension Plans



	Real estate			Diversified growth funds			Total
Balance at December 31, 2015	$	39,177		$	20,513		$	59,690
Unrealized gains	459			2,561			3,020
Net purchases, sales and settlements	1,436			19,028			20,464
Foreign currency loss	(6,589		)	(5,323		)	(11,912		)
Balance at December 31, 2016	34,483			36,779			71,262
Unrealized gains	2,159			3,551			5,710
Net purchases, sales and settlements	1,481			—			1,481
Foreign currency gain	3,478			3,694			7,172
Balance at December 31, 2017	$	41,601		$	44,024		$	85,625

Nonpension Postretirement Benefits

The benefit obligation and funded status for nonpension postretirement benefit plans are as follows:



	2017			2016
Benefit obligation
Benefit obligation - beginning of year	$	189,772		$	211,878
Service cost	1,727			2,046
Interest cost	7,100			7,969
Plan participants' contributions	3,820			4,241
Actuarial loss (gain)	5,134			(13,934		)
Foreign currency changes	1,066			409
Benefits paid	(19,778		)	(22,837		)
Benefit obligation - end of year ⁽¹⁾	$	188,841		$	189,772



Fair value of plan assets
Fair value of plan assets - beginning of year	$	—		$	—
Company contribution	15,958			18,596
Plan participants' contributions	3,820			4,241
Benefits paid	(19,778		)	(22,837		)
Fair value of plan assets - end of year	$	—		$	—



Amounts recognized in the Consolidated Balance Sheets
Current liability	$	(17,712	)	$	(18,127	)
Non-current liability	(171,129		)	(171,645		)
Funded status	$	(188,841	)	$	(189,772	)


(1)	The benefit obligation for the U.S. nonpension postretirement plans was $172 million and $174 million at December 31, 2017 and 2016, respectively.

Pretax amounts recognized in AOCI consist of:



	2017		2016
Net actuarial loss	$	43,160	$	41,625
Prior service cost	1,466		1,763
Total	$	44,626	$	43,388

The components of net periodic benefit cost for nonpension postretirement benefit plans were as follows:



	2017		2016		2015
Service cost	$	1,727	$	2,046	$	2,455
Interest cost	7,100		7,969		8,799
Amortization of prior service cost	297		297		297
Amortization of net actuarial loss	3,600		3,615		7,528
Net periodic benefit cost	$	12,724	$	13,927	$	19,079

Other changes in plan assets and benefit obligation for nonpension postretirement benefit plans recognized in other comprehensive income were as follows:



	2017			2016
Net actuarial loss (gain)	$	5,134		$	(13,934	)
Amortization of net actuarial loss	(3,600		)	(3,615		)
Amortization of prior service cost	(297		)	(297		)
Total recognized in other comprehensive income	$	1,237		$	(17,846	)

The estimated amounts that will be amortized from AOCI into net periodic benefit cost in 2018 are as follows:



Net actuarial loss	$	3,736
Prior service cost	351
Total	$	4,087

The weighted-average discount rates used to determine end of year benefit obligation and net periodic pension cost include:



	2017		2016		2015
Discount rate used to determine benefit obligation
U.S.	3.55	%	3.90	%	4.20	%
Canada	3.35	%	3.65	%	3.95	%

Discount rate used to determine net period benefit cost
U.S.	3.90	%	4.20	%	3.90	%
Canada	3.65	%	3.95	%	3.80	%

The assumed health care cost trend rate used in measuring the accumulated postretirement benefit obligation for the U.S. plan was 7.0% for 2017 and 6.0% for 2016. The assumed health care trend rate is 7.0% for 2018 and will gradually decline to 5.0% by the year 2025 and remain at that level thereafter. Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A 1% change in the assumed health care cost trend rates would have the following effects:



	1% Increase		1% Decrease
Effect on total of service and interest cost components	$	323	$	(269	)
Effect on postretirement benefit obligation	$	7,672	$	(6,479	)

Estimated Future Benefit Payments

The following benefit payments, which reflect expected future service, are expected to be paid.



	Pension Benefits		Nonpension Benefits
Years ending December 31,
2018	$	132,626	$	17,693
2019	129,051		17,163
2020	130,201		16,554
2021	128,257		15,952
2022	128,221		15,347
Thereafter	628,715		63,303
	$	1,277,071	$	146,012

Savings Plans

We offer voluntary defined contribution plans to our U.S. employees designed to help them accumulate additional savings for retirement. We provide a core contribution to all employees, regardless if they participate in the plan, and match a portion of each participating employees' contribution, based on eligible pay. Total contributions to our defined contribution plans were $31 million in 2017 and $32 million in 2016.

Income Taxes

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Income Taxes

Tax Cuts and Jobs Act of 2017

The Tax Cuts and Jobs Act of 2017 (the Act) was enacted on December 22, 2017 and most provisions are effective January 1, 2018. The Act lowers the U.S. corporate income tax rate from 35% to 21%, implements a territorial tax system in the U.S. and imposes a one-time tax on the unremitted earnings of our foreign subsidiaries payable over eight years beginning in 2018.

The Securities and Exchange Commission recognized the complexity of reflecting the impacts of the Act and, on December 22, 2017, issued guidance in Staff Accounting Bulletin No. 118 (SAB 118) Income Tax Accounting Implications of the Tax Cuts and Jobs Act. SAB 118 clarified the accounting for income taxes related to the Act if information is not yet available or complete, and provides for up to a one year measurement period in which to complete the required income tax analyses and accounting. In accordance with SAB 118, our measurement of the income tax effects of the Act is not complete, but we have made a provisional estimate of the income tax effects of the Act.

As a result of the Act and in accordance with SAB 118, we recorded a net provisional one-time non-cash benefit of $39 million, which is comprised of a provisional $130 million benefit from the remeasurement of net U.S. deferred tax liabilities arising from a lower U.S. tax rate, offset by a provisional $91 million charge related primarily to the U.S. tax on unremitted earnings of our foreign subsidiaries. Our estimates of the impact of the Act are based on current calculations and interpretations, as well as assumptions and expectations relating to the Act, which are subject to adjustment based on further guidance and factual changes during the measurement period.

As a result of the treatment of foreign earnings under the Act, we have reconsidered our permanent investment position and provisionally concluded we will no longer assert indefinite investment with respect to our foreign unremitted earnings as of December 31, 2017.

Income from continuing operations before taxes consisted of the following:



	Years Ended December 31,
	2017		2016		2015
U.S.	$	195,291	$	169,493	$	516,233
International	87,698		76,877		94,592
Total	$	282,989	$	246,370	$	610,825

The provision for income taxes from continuing operations consisted of the following:



	Years Ended December 31,
	2017			2016			2015
U.S. Federal:
Current	$	46,836		$	95,598		$	115,557
Deferred	(48,449		)	(1,559		)	19,941
	(1,613		)	94,039			135,498
U.S. State and Local:
Current	461			9,409			11,243
Deferred	15,460			4,757			16,094
	15,921			14,166			27,337
International:
Current	(1,766		)	22,872			22,794
Deferred	9,107			742			4,149
	7,341			23,614			26,943

Total current	45,531			127,879			149,594
Total deferred	(23,882		)	3,940			40,184
Total provision for income taxes	$	21,649		$	131,819		$	189,778

Effective tax rate	7.7		%	53.5		%	31.1		%

The effective tax rate for 2017 includes provisional tax benefits of $39 million from the Act, and tax benefits of $30 million from the resolution of certain tax examinations.

The effective tax rate for 2016 includes tax benefits of $15 million from the resolution of tax examinations, a $58 million charge associated with the goodwill impairment and a $6 million charge for a valuation allowance on tax attribute carryovers.

The effective tax rate for 2015 includes tax benefits of $20 million from the disposition of Imagitas and $3 million from the retroactive effect of 2015 tax legislation.

A reconciliation of income taxes computed at the federal statutory rate and our provision for income taxes consist of the following:



	Years Ended December 31,
	2017			2016			2015
Federal statutory provision	$	99,045		$	86,229		$	213,789
State and local income taxes	7,327			9,208			17,769
Other impact of foreign operations	(31,573		)	(13,806		)	(6,492		)
Tax incentives/credits/exempt income	(16,292		)	(10,735		)	(12,130		)
Outside basis differences	—			—			(27,110		)
Goodwill impairments	—			58,022			—
Remeasurement of U.S. deferred tax liability	(129,612		)	—			—
U.S. tax on unremitted earnings	90,916			—			—
Other, net	1,838			2,901			3,952
Provision for income taxes	$	21,649		$	131,819		$	189,778

Other impacts of foreign operations include income of foreign affiliates taxed at rates other than the 35% U.S. statutory rate, the accrual or release of tax uncertainty amounts related to foreign operations, the tax impacts of foreign earnings repatriation and the U.S. foreign tax credit impacts of foreign income taxed in the U.S. In 2017, as a result of the Act, the remeasurement of U.S. deferred tax liabilities and the U.S. tax on unremitted earnings were accrued as provisional estimates. The 2016 goodwill impairment significantly increased the 2016 tax rate as nearly all of the goodwill that was impaired had no tax basis.

Deferred tax liabilities and assets at December 31, 2017 and 2016 consisted of the following:



	December 31,
	2017			2016
Deferred tax liabilities:
Depreciation	$	(77,415	)	$	(93,475	)
Deferred profit (for tax purposes) on sale to finance subsidiary	(60,340		)	(98,247		)
Lease revenue and related depreciation	(133,908		)	(137,665		)
Intangible assets	(106,488		)	(113,128		)
Other	(22,468		)	(27,340		)
Gross deferred tax liabilities	(400,619		)	(469,855		)

Deferred tax assets:
Nonpension postretirement benefits	48,387			71,101
Pension	66,270			105,564
Inventory and equipment capitalization	11,380			13,318
Restructuring charges	12,476			6,980
Long-term incentives	11,544			17,923
Net operating loss	108,006			97,194
Tax credit carry forwards	82,285			53,181
Tax uncertainties gross-up	9,920			18,273
Other	51,436			79,799
Gross deferred tax assets	401,704			463,333
Less: Valuation allowance	(178,156		)	(127,095		)
Net deferred tax assets	223,548			336,238
Total deferred taxes, net	$	(177,071	)	$	(133,617	)

A valuation allowance is recognized to reduce the total deferred tax assets to an amount that will more-likely-than-not be realized. The valuation allowance relates primarily to certain foreign, state and local net operating loss and tax credit carryforwards that are more-likely-than-not to expire unutilized.

We have net operating loss carryforwards of $287 million as of December 31, 2017, of which, $225 million can be carried forward indefinitely and the remainder expire over the next 15 years. In addition, we have tax credit carryforwards of $82 million, of which $49 million can be carried forward indefinitely and the remainder expire over the next five to 15 years.

Uncertain Tax Positions

A reconciliation of the amount of unrecognized tax benefits is as follows:



	2017			2016			2015
Balance at beginning of year	$	124,728		$	139,249		$	132,495
Increases from prior period positions	528			—			7,637
Decreases from prior period positions	(31,470		)	(21,207		)	(16,753		)
Increases from current period positions	5,951			10,867			23,533
Decreases relating to settlements with tax authorities	(6,953		)	(1,791		)	(3,831		)
Reductions from lapse of applicable statute of limitations	(3,017		)	(2,390		)	(3,832		)
Balance at end of year	$	89,767		$	124,728		$	139,249

The amount of the unrecognized tax benefits at December 31, 2017, 2016 and 2015 that would affect the effective tax rate if recognized was $74 million, $104 million and $117 million, respectively.

On a regular basis, we conclude tax return examinations, statutes of limitations expire, and court decisions interpret tax law. We regularly assess tax uncertainties in light of these developments. 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. We recognize interest and penalties related to uncertain tax positions in our provision for income taxes. We recognized interest and penalties of $(4) million, less than $1 million and $(4) million related to uncertain tax positions in our provision for income taxes for the years ended December 31, 2017, 2016 and 2015 respectively. We had $4 million and $9 million accrued for the payment of interest and penalties at December 31, 2017 and 2016, respectively.

Other Tax Matters

As is the case with other large corporations, our tax returns are examined each year by tax authorities in the U.S. and other global taxing jurisdictions in which we have operations. The IRS examinations of our consolidated U.S. income tax returns for tax years prior to 2013 are closed to audit. Additionally, in the U.S. we are subject to examination on various post-2006 State and Local taxes. In Canada, the examination of our tax filings prior to 2012 are closed to audit, except for the pending application of legal principles to specific issues arising in earlier years. Other significant jurisdictions include France, closed through the end of 2012, Germany, closed through the end of 2012 and the U.K., closed through the end of 2015, except for an item under appeal. We have other less significant tax filings currently subject to examination.

We regularly assess the likelihood of tax adjustments in each of the tax jurisdictions in which we have operations and account for the related financial statement implications. We believe we have established tax reserves that are appropriate given the possibility of tax adjustments. However, determining the appropriate level of tax reserves requires judgment regarding the uncertain application of tax law and the possibility of tax adjustments. Future changes in tax reserve requirements could have a material impact, positive or negative, on our results of operations, financial position and cash flows.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2017
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, clients or others. In management's opinion, it is not reasonably possible that the potential liability, if any, that may result from these actions, either individually or collectively, will 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.

Leases

12 Months Ended

Dec. 31, 2017

Leases [Abstract]

Leases

We lease office space and equipment under operating lease agreements with varying terms. Certain leases require us to pay property taxes, insurance and routine maintenance and include renewal options and escalation clauses. Rent expense was $46 million, $45 million and $47 million in 2017, 2016 and 2015, respectively. Future minimum lease payments under non-cancelable operating leases at December 31, 2017 were as follows:



Years ending December 31,
2018	$	47,820
2019	39,107
2020	30,180
2021	22,266
2022	15,256
Thereafter	63,685
Total minimum lease payments	$	218,314

Stockholders' Equity (Deficit)

12 Months Ended

Dec. 31, 2017

Stockholders' Equity Note [Abstract]

Stockholders' Equity (Deficit)

Preferred and Preference Stock

We have two classes of preferred stock issued and outstanding: the 4% Preferred Stock (the Preferred Stock) and the $2.12 Preference Stock (the Preference Stock). The Preferred Stock is entitled to cumulative dividends of $2 per year and can be converted into 24.24 shares of common stock, subject to adjustment, in certain events. The Preferred Stock is redeemable at our option at a price of $50 per share, plus dividends accrued through the redemption date. We are authorized to issue 600,000 shares of Preferred Stock. There were 12 shares of Preferred Stock outstanding at both December 31, 2017 and 2016. There are no unpaid dividends in arrears.

The Preference Stock is entitled to cumulative dividends of $2.12 per year and can be converted into 16.53 shares of common stock, subject to adjustment, in certain events. The Preference Stock is redeemable at our option at a price of $28 per share. We are authorized to issue 5,000,000 shares of Preference Stock. At December 31, 2017 and 2016, there were 16,301 shares and 17,832 shares outstanding, respectively. There are no unpaid dividends in arrears.

Common and Treasury Stock

The following table summarizes the changes in shares of Common Stock outstanding and Treasury Stock:



	Common Stock Outstanding		Treasury Stock
Balance at December 31, 2014	201,027,964		122,309,948
Repurchases of common stock	(6,476,796	)	6,476,796
Issuance of common stock	943,686		(943,686	)
Conversions to common stock	26,354		(26,354	)
Balance at December 31, 2015	195,521,208		127,816,704
Repurchases of common stock	(10,633,235	)	10,633,235
Issuance of common stock	767,060		(767,060	)
Conversions to common stock	13,685		(13,685	)
Balance at December 31, 2016	185,668,718		137,669,194
Issuance of common stock	881,480		(881,480	)
Conversions to common stock	53,540		(53,540	)
Balance at December 31, 2017	186,603,738		136,734,174

At December 31, 2017, 33,691,570 shares were reserved for issuance under our stock plans, dividend reinvestment program and the conversion of Preferred Stock and Preference Stock.

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2017

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

Reclassifications out of accumulated other comprehensive income (loss) for the years ended December 31, 2017, 2016 and 2015 were as follows:



	Amounts Reclassified from AOCI (a)
	Years Ended December 31,
	2017			2016			2015
Gains (losses) on cash flow hedges
Revenue	$	(179	)	$	68		$	1,082
Cost of sales	(32		)	(222		)	551
Interest expense	(2,028		)	(2,028		)	(2,028		)
Total before tax	(2,239		)	(2,182		)	(395		)
Tax benefit	(872		)	(850		)	(164		)
Net of tax	$	(1,367	)	$	(1,332	)	$	(231	)

Gains (losses) on available for sale securities
Interest income	$	(520	)	$	(1,126	)	$	1,134
Tax (benefit) provision	(201		)	(433		)	419
Net of tax	$	(319	)	$	(693	)	$	715

Pension and Postretirement Benefit Plans (b)
Transition asset	$	8		$	8		$	9
Prior service costs	(166		)	(164		)	(171		)
Actuarial losses	(40,606		)	(38,370		)	(43,969		)
Total before tax	(40,764		)	(38,526		)	(44,131		)
Tax benefit	(13,936		)	(14,430		)	(15,966		)
Net of tax	$	(26,828	)	$	(24,096	)	$	(28,165	)

(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 of defined benefit pension plans and nonpension postretirement benefit plans (see Note 12 for additional details).

Changes in accumulated other comprehensive income (loss) for the years ended December 31, 2017, 2016 and 2015 were as follows:



	Cash flow hedges			Available-for-sale securities			Pension and postretirement benefit plans			Foreign currency adjustments			Total
Balance January 1, 2015	$	(4,689	)	$	2,966		$	(786,079	)	$	(58,354	)	$	(846,156	)
Other comprehensive income (loss) before reclassifications (a)	546			(1,715		)	19,146			(91,436		)	(73,459		)
Amounts reclassified from accumulated other comprehensive income (loss) (a), (b)	231			(715		)	28,165			3,299			30,980
Net other comprehensive income (loss)	777			(2,430		)	47,311			(88,137		)	(42,479		)
Balance at December 31, 2015	(3,912		)	536			(738,768		)	(146,491		)	(888,635		)
Other comprehensive income (loss) before reclassifications (a)	1,095			(1,109		)	(73,141		)	(4,464		)	(77,619		)
Amounts reclassified from accumulated other comprehensive income (loss) (a), (b), (c)	1,332			693			24,096			—			26,121
Net other comprehensive income (loss)	2,427			(416		)	(49,045		)	(4,464		)	(51,498		)
Balance at December 31, 2016	(1,485		)	120			(787,813		)	(150,955		)	(940,133		)
Other comprehensive income (loss) before reclassifications (a)	(288		)	1,158			12,185			106,391			119,446
Amounts reclassified from accumulated other comprehensive income (loss) (a), (b), (c)	1,367			319			26,828			—			28,514
Net other comprehensive income (loss)	1,079			1,477			39,013			106,391			147,960
Balance at December 31, 2017	$	(406	)	$	1,597		$	(748,800	)	$	(44,564	)	$	(792,173	)

(a) Amounts are net of tax. Amounts in parentheses indicate debits to AOCI.

(b) See table above for additional details of these reclassifications.


(c)	Foreign currency item amount represents the recognition of deferred translation upon the sale of certain businesses.

Stock-Based Compensation Plans

12 Months Ended

Dec. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation Plans

We have a long-term incentive program whereby eligible employees may be granted restricted stock units, non-qualified stock options and performance stock units. The Executive Compensation Committee of the Board of Directors administers these plans. We settle stock awards with treasury shares. At December 31, 2017, there were 15,725,806 shares available for future grants under our long-term incentive program.

Restricted Stock Units

Restricted stock units (RSUs) entitle the holder to shares of common stock as the units vest, typically over a three year service period. The following table summarizes information about RSUs during 2017 and 2016:



	2017				2016
	Shares		Weighted average grant date fair value		Shares		Weighted average grant date fair value
Outstanding - beginning of the year	1,609,459		$	17.50	1,727,214		$	18.30
Granted	1,995,473		13.24		826,546		17.20
Vested	(784,295	)	19.42		(822,290	)	19.91
Forfeited	(169,584	)	14.76		(122,011	)	19.97
Outstanding - end of the year	2,651,053		$	14.16	1,609,459		$	17.50

The fair value of RSUs is determined based on the stock price on the grant date less the present value of expected dividends. At December 31, 2017, there was $15 million of unrecognized compensation cost related to RSUs that is expected to be recognized over a weighted-average period of 1.8 years. The intrinsic value of RSUs outstanding at December 31, 2017 was $28 million. The intrinsic value of RSUs vested during 2017, 2016 and 2015 was $26 million, $14 million and $18 million, respectively. The fair value of RSUs vested during 2017, 2016 and 2015 was $14 million, $21 million and $14 million, respectively. During 2015, we granted 809,436 RSUs at a weighted average fair value of $21.15.

Non-employee directors receive restricted stock units which are convertible into shares of common stock one year from date of grant. In 2017 and 2016, we granted 63,090 and 54,855 restricted stock units, respectively, to non-employee directors.

Performance Stock Units

Performance stock units (PSUs) are stock awards where the number of shares ultimately received by the employee is conditional upon the attainment of certain performance targets as well as total shareholder return relative to peer companies. PSUs vest at the end of a three-year service period and the actual number of shares awarded may range from 0% to 200% of the target award. However, the final determination of the number of shares to be issued is made by our Board of Directors, who may reduce, but not increase, the ultimate number of shares to be awarded (negative discretion). PSUs are accounted for as variable awards until the end of the service period when the grant date is established.

The following table summarizes share information about PSUs during 2017:



	Years Ended December 31,
	2017		2016
Outstanding - beginning of the year	379,898		1,107,515
Granted	1,073,934		889,599
Performance adjustments	(226,154	)	(1,400,425	)
Forfeited	(82,653	)	(216,791	)
Outstanding - end of the year	1,145,025		379,898

Total share-based compensation expense for PSUs is recognized ratably over the service based on the product of the number shares expected to be awarded and the fair value of an award, determined using a Monte Carlo simulation model. The fair value of an award and the number of shares expected to be awarded is updated each balance sheet date. Due to the variability of these awards, significant fluctuations in share-based compensation expense recognized from one period to the next are possible.

Stock Options

Stock options are granted at an exercise price equal to or greater than the stock price of our common stock on the grant date. Options vest ratably over three years and expire ten years from the date of grant. At December 31, 2017, there was $4 million of unrecognized compensation cost related to stock options that is expected to be recognized over a weighted-average period of 1.7 years. The intrinsic value of options outstanding and options exercisable at December 31, 2017 was not significant. No stock options were exercised in 2017 or 2016.

The following table summarizes information about stock option activity during 2017 and 2016:



	2017				2016
	Shares		Per share weighted average exercise prices		Shares		Per share weighted average exercise prices
Options outstanding - beginning of the year	9,122,762		$	27.13	8,771,600		$	31.26
Granted	2,553,510		13.16		1,758,760		16.87
Canceled	(63,517	)	20.34		(157,176	)	19.48
Expired	(1,117,716	)	46.88		(1,250,422	)	42.62
Options outstanding - end of the year	10,495,039		$	21.67	9,122,762		$	27.13
Options exercisable - end of the year	6,690,250		$	25.57	7,140,772		$	27.47

The following table provides additional information about stock options outstanding and exercisable at December 31, 2017:



	Options Outstanding					Options Exercisable
Range of per share exercise prices	Shares	Per share weighted-average exercise price		Weighted-average remaining contractual life		Shares	Per share weighted-average exercise price		Weighted-average remaining contractual life
$13.11 - $14.26	2,653,510	$	13.17	8.9	years	100,000	$	13.39	4.9	years
$14.27 - $21.89	2,347,595	17.07		7.2	years	1,296,316	17.22		6.4	years
$21.90 - $24.77	2,683,597	23.29		2.3	years	2,683,597	23.29		2.3	years
$24.78 - $36.96	2,810,337	31.98		1.8	years	2,610,337	32.53		1.3	years
	10,495,039	$	21.67	4.9	years	6,690,250	$	25.57	2.8	years

The fair value of stock options is determined using a Black-Scholes valuation model. Key assumptions used to estimate the fair value of stock options include the volatility of our stock price, a risk-free interest rate, the expected dividend yield and expected life of the award. The follow table lists the weighted average of assumptions used to calculate the fair value of stock options granted during 2016 and 2015:



	Years Ended December 31,
	2017		2016
Expected dividend yield	5.7	%	4.5	%
Expected stock price volatility	29.7	%	29.0	%
Risk-free interest rate	2.3	%	1.6	%
Expected life	7 years		7 years
Weighted-average fair value per option granted	$2.00		$2.85
Fair value of options granted	$5,107		$5,013

Employee Stock Purchase Plan

We maintain a non-compensatory Employee Stock Purchase Plan that enables substantially all U.S. and Canadian employees to purchase shares of our common stock at an offering price of 95% of the average market price on the offering date. At no time will the exercise price be less than the lowest price permitted under Section 423 of the Internal Revenue Code. Employees purchased 150,629 shares and 147,680 shares in 2017 and 2016, respectively. We have reserved 2,770,428 common shares for future purchase under the ESPP.

Quarterly Financial Data (unaudited)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Data (unaudited)



	First Quarter		Second Quarter		Third Quarter		Fourth Quarter			Total
2017
Revenue	$	836,640	$	821,371	$	842,820	$	1,049,117		$	3,549,948
Cost of revenues	374,174		382,565		401,306		564,624			1,722,669
Operating expenses	365,917		384,953		366,549		426,871			1,544,290
Income from continuing operations before income taxes	96,549		53,853		74,965		57,622			282,989
Provision for income taxes	31,416		4,952		17,607		(32,326		)	21,649
Net income - Pitney Bowes Inc.	$	65,133	$	48,901	$	57,358	$	89,948		$	261,340

Basic earnings per share ⁽¹⁾	$	0.35	$	0.26	$	0.31	$	0.48		$	1.40
Diluted earnings per share ⁽¹⁾	$	0.35	$	0.26	$	0.31	$	0.48		$	1.39

⁽¹⁾ The sum of earnings per share amounts may not equal the totals due to rounding.



	First Quarter		Second Quarter			Third Quarter			Fourth Quarter			Total
2016
Revenue	$	844,589	$	835,886		$	839,031		$	887,069		$	3,406,575
Cost of revenues	365,241		372,144			376,987			400,306			1,514,678
Operating expenses ⁽¹⁾	379,684		370,504			368,451			526,888			1,645,527
Income from continuing operations before income taxes	99,664		93,238			93,593			(40,125		)	246,370
Provision for income taxes	37,024		33,394			23,197			38,204			131,819
Income from continuing operations	62,640		59,844			70,396			(78,329		)	114,551
(Loss) from discontinued operations	—		(1,660		)	(291		)	(750		)	(2,701		)
Net income before attribution of noncontrolling interests	62,640		58,184			70,105			(79,079		)	111,850
Less: Preferred stock dividends of subsidiaries attributable to noncontrolling interests	4,594		4,594			4,593			5,264			19,045
Net income (loss) - Pitney Bowes Inc.	$	58,046	$	53,590		$	65,512		$	(84,343	)	$	92,805

Amounts attributable to common stockholders:
Income from continuing operations	$	58,046	$	55,250		$	65,803		$	(83,593	)	$	95,506
Loss from discontinued operations	—		(1,660		)	(291		)	(750		)	(2,701		)
Net income - Pitney Bowes Inc.	$	58,046	$	53,590		$	65,512		$	(84,343	)	$	92,805
Basic earnings per share attributable to common stockholders ⁽²⁾:
Continuing operations	$	0.30	$	0.29		$	0.35		$	(0.45	)	$	0.51
Discontinued operations	—		(0.01		)	—			—			(0.01		)
Net income - Pitney Bowes Inc.	$	0.30	$	0.28		$	0.35		$	(0.45	)	$	0.49
Diluted earnings per share attributable to common stockholders ^(2):
Continuing operations	$	0.30	$	0.29		$	0.35		$	(0.45	)	$	0.51
Discontinued operations	—		(0.01		)	—			—			(0.01		)
Net income - Pitney Bowes Inc.	$	0.30	$	0.28		$	0.35		$	(0.45	)	$	0.49

⁽¹⁾ Fourth quarter operating expense includes an adjustment to reverse previously recognized variable compensation expense of

$36 million and a non-cash goodwill impairment charge of $171 million.

⁽²⁾The sum of earnings per share amounts may not equal the totals due to rounding.

Schedule II - Valuation and Qualifying Accounts and Reserves

12 Months Ended

Dec. 31, 2017

Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts and Reserves



Description	Balance at beginning of year		Additions charged to expense		Deductions			Balance at end of year

Allowance for doubtful accounts
2017	$	14,372	$	9,770	$	(8,157	)	$	15,985
2016	$	9,997	$	6,797	$	(2,422	)	$	14,372
2015	$	12,455	$	430	$	(2,888	)	$	9,997

Valuation allowance for deferred tax asset
2017	$	127,095	$	53,782	$	(2,721	)	$	178,156
2016	$	132,624	$	6,523	$	(12,052	)	$	127,095
2015	$	116,935	$	21,232	$	(5,543	)	$	132,624

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Consolidated Financial Statements of Pitney Bowes Inc. (we, us, our, or the company) and its wholly owned subsidiaries have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). Intercompany transactions and balances have been eliminated. Certain prior year amounts have been reclassified to conform to the current year presentation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and accompanying disclosures, including the disclosure of contingent assets and liabilities. These estimates and assumptions are based on management's best knowledge of current events, historical experience and other information available when the financial statements are prepared. These estimates include, but are not limited to, revenue recognition for multiple element arrangements, the allocation of purchase price to tangible and intangible assets acquired and liabilities assumed in business combinations, goodwill and intangible asset impairment review, allowance for doubtful accounts and credit losses, residual values of leased assets, useful lives of long-lived and intangible assets, restructuring costs, pension and other postretirement costs, income tax reserves, deferred tax asset valuation allowance, stock-based compensation expense and loss contingencies. Actual results could differ from those estimates and assumptions.
Cash Equivalents and Investments	Cash Equivalents and Investments Cash equivalents include highly-liquid interest-earning investments with a maturity of three months or less at the date of purchase. Short-term investments include investments with an original maturity of greater than three months but less than one year from the reporting date.
Investment Securities	Our investment securities are primarily classified as available-for-sale and recorded at fair value, with unrealized gains and losses, excluding other-than-temporary impairments, reported in other comprehensive income, net of tax. Purchase premiums and discounts are amortized using the effective interest method over the term of the security. Gains and losses on the sale of available-for-sale securities are recorded on the trade date using the specific identification method. Investment securities that management has the positive intent and ability to hold to maturity are classified as held-to-maturity and are carried at amortized cost. Investment securities are recorded in the Consolidated Balance Sheets as cash and cash equivalents, short-term investments and other assets depending on the investment's maturity.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are generally due within 30 days after the invoice date. Accounts 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 accounts receivable credit risk is low because of the geographic and industry diversification of our clients and small account balances for most of our clients. We estimate the probable losses on accounts receivable and provide an allowance for doubtful accounts. Our estimate is based on historical loss experience, the age of the receivables, specific troubled accounts and other currently available information. We continually evaluate the adequacy of the allowance for doubtful accounts and make adjustments as necessary.
Finance Receivables and Allowance for Credit Losses	Finance Receivables and Allowance for Credit Losses Finance receivables are composed of sales-type lease receivables and unsecured revolving loan receivables. We estimate the probable losses and provide an allowance for credit losses. Our estimate is based on historical loss experience, the nature and volume of our portfolios, specific troubled accounts, and our ability to manage the collateral. We continually evaluate the adequacy of the allowance for credit losses and make adjustments as necessary. We establish credit approval limits based on the credit quality of the client and the type of equipment financed. Our policy is to discontinue revenue recognition for lease receivables that are more than 120 days past due and for unsecured loan receivables that are more than 90 days past due. We resume revenue recognition when the client's payments reduce the account aging to less than 60 days past due. Finance receivables deemed uncollectible are written off against the allowance after all collection efforts have been exhausted and management deems the account to be uncollectible. We believe that our finance receivable credit risk is low because of the geographic and industry diversification of our clients and small account balances for most of our clients.
Inventories	Inventories Inventories are stated at the lower of cost or market. Cost is determined on the last-in, first-out (LIFO) basis for most U.S. inventories and on the first-in, first-out (FIFO) basis for most non-U.S. inventories.
Fixed Assets	Fixed Assets Property, plant and equipment and rental equipment are stated at cost and depreciated principally using the straight-line method over their estimated useful lives, which are up to 50 years for buildings, 10 to 20 years for building improvements, three to 12 years for machinery and equipment, four to six years for rental equipment and three to five years for computer equipment. Major improvements which add to productive capacity or extend the life of an asset are capitalized while repairs and maintenance are charged to expense as incurred. Leasehold improvements are amortized over the shorter of the estimated useful life or the remaining lease term. Fully depreciated assets are retained in fixed assets and accumulated depreciation until they are removed from service. We capitalize certain costs for materials and services, payroll and other personnel-related costs and interest in the development of internal use software. These costs are amortized on a straight-line basis over three to 10 years.
Intangible assets	Intangible assets Finite-lived intangible assets are amortized using either the straight-line method or an accelerated attrition method.
Research and Development Costs	Research and Development Costs Research and product development costs include engineering costs related to research and product development activities and are expensed as incurred.
Impairment Review for Long-lived and Finite-Lived Intangible Assets	Impairment Review for Long-lived and Finite-Lived Intangible Assets Long-lived assets and finite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. The estimated undiscounted future cash flows expected to result from the use and eventual disposition of the asset is compared to the asset's carrying value. If the sum of the undiscounted cash flows is less than the asset's carrying value, an impairment charge is recorded for an amount by which the asset's carrying value exceeds its fair value. The fair value of the impaired asset is determined using probability weighted expected cash flow estimates, quoted market prices when available and appraisals, as appropriate. We derive cash flow estimates from our long-term business plans and historical experience.
Impairment Review for Goodwill	Impairment Review for Goodwill
Retirement Plans	Retirement Plans Net periodic benefit cost includes current service cost, interest cost, expected return on plan assets and the amortization of actuarial gains and losses. Actuarial gains and losses arise from actual experiences that differ from previous assumptions as well as changes in assumptions including expected return on plan assets, discount rates used to measure pension and other postretirement obligations and life expectancy. The expected return on assets is measured using the market-related value of assets, which is a calculated value that recognizes changes in the fair value of plan assets over five years. Actuarial gains and losses are recognized in other comprehensive income, net of tax, and amortized to benefit cost primarily over the life expectancy of plan participants. The funded status of pension and other postretirement benefit plans is recognized in the Consolidated Balance Sheets.
Stock-based Compensation	Stock-based Compensation We measure compensation expense for stock-based awards based on the estimated fair value of the awards expected to vest (net of estimated forfeitures) and recognize the expense on a straight-line basis over the requisite service period. The fair value of stock awards is estimated based on the fair value of our common stock on the grant date, less the present value of expected dividends or using a Black-Scholes valuation model or a Monte Carlo simulation model. The determination of fair value requires assumptions be made regarding the expected stock price volatility, risk-free interest rate, life of the award and dividend yield. The expected stock price volatility is based on historical price changes of our stock. The risk-free interest rate is based on U.S. Treasuries with a term equal to the expected life of the award. The expected life of the award and expected dividend yield are based on historical experience. We believe that the valuation techniques and underlying assumptions are appropriate in estimating the fair value of stock awards. The majority of stock-based compensation expense is recorded in selling, general and administrative expense.
Revenue Recognition	Revenue Recognition We derive revenue from multiple sources including sales, rentals, financing and services. Certain transactions are consummated at the same time and can therefore generate revenue from multiple sources. The most common form of these transactions involves a sale or noncancelable lease of equipment, a meter rental and an equipment maintenance agreement. In these multiple element arrangements, revenue is allocated to each of the elements based on relative "selling prices" determined based on vendor specific objective evidence (VSOE). We establish VSOE of selling prices based on the prices charged for each element when sold separately in standalone transactions. The allocation of relative selling price to the various elements impacts the timing of revenue recognition, but does not change the total revenue recognized. Revenue is allocated to the meter rental and equipment maintenance agreement elements using their respective selling prices charged in standalone and renewal transactions. For a sale transaction, revenue is allocated to the equipment based on a range of selling prices in standalone transactions. For a lease transaction, revenue is allocated to the equipment based on the present value of the remaining minimum lease payments. The amount allocated to equipment is compared to the range of selling prices in standalone transactions during the period to ensure the allocated equipment amount approximates average selling prices. More specifically, revenue related to our offerings is recognized as follows: Sales Revenue Sales of Equipment We sell equipment directly to our customers and to distributors (re-sellers) throughout the world. We recognize revenue from these sales when the risks and rewards of ownership transfer to the client, which is generally upon shipment or acceptance by the customer. We recognize revenue from the sale of equipment under sales-type leases as equipment sales revenue at the inception of the lease. We do not typically offer any rights of return or stock balancing rights. Sales revenue from customized equipment, mail creation equipment and shipping products is generally recognized when installed. Sales of Supplies Revenue related to supplies is generally recognized upon delivery. Standalone Software Sales and Integration Services We also have multiple element arrangements containing only software and software related elements. Software related elements may include maintenance and support services, data subscriptions, training and integration services. Under these multiple element arrangements, we allocate revenue based on VSOE for software related elements and use the residual method to determine the amount of software licenses revenue. Under the residual method, the fair value of the undelivered elements is deferred and the remaining portion of the consideration is allocated to the delivered elements and recognized as revenue. The majority of our software license arrangements are bundled with maintenance and support services and we establish VSOE of fair value using a bell-shaped curve analysis for maintenance and support services renewal rates. If we cannot obtain VSOE for any undelivered software element, revenue is deferred until all deliverables have been delivered or until VSOE can be determined for any remaining undelivered software elements. We recognize revenue from standalone software licenses upon delivery of the product when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed and determinable and collectability is probable. For software licenses that are included in a lease contract, we recognize revenue upon shipment of the software unless the lease contract specifies that the license expires at the end of the lease or the price of the software is deemed not fixed or determinable based on historical evidence of similar software leases. In these instances, revenue is recognized on a straight-line basis over the term of the lease contract. We recognize revenue from software requiring integration services at the point of customer acceptance. We recognize revenue related to off-the-shelf perpetual software licenses generally upon shipment. Rentals Revenue We rent equipment, primarily postage meters and mailing equipment, under short-term rental agreements. Rentals revenue includes revenue from the subscription for digital meter services. We may invoice in advance for postage meter rentals according to the terms of the agreement. We initially defer these advanced billings and recognize rentals revenue on a straight-line basis over the invoice period. Revenues generated from financing clients for the continued use of equipment subsequent to the expiration of the original lease are recognized as rentals revenue. We capitalize certain initial direct costs incurred in consummating a rental transaction and recognize these costs over the expected term of the agreement. At December 31, 2017 and 2016, there were $10 million and $11 million, respectively, of initial direct costs included in rental property and equipment, net in the Consolidated Balance Sheets. Amortization of initial direct costs was $5 million, $7 million and $8 million in 2017, 2016 and 2015, respectively. Financing Revenue We provide lease financing for our products primarily through sales-type leases. We also provide revolving lines of credit to our clients for the purchase of postage and supplies. We believe that our sales-type lease portfolio contains only normal collection risk. Accordingly, we record the fair value of equipment as sales revenue, the cost of equipment as cost of sales and the minimum lease payments plus the estimated residual value as finance receivables. The difference between the finance receivable and the equipment fair value is recorded as unearned income and is amortized as income over the lease term using the interest method. Equipment residual values are determined at inception of the lease using estimates of fair value at the end of the lease term. Fair value estimates are based primarily on historical experience. We also consider forecasted supply and demand for products, product retirement and launch plans, client behavior, regulatory changes, remanufacturing strategies, used equipment markets competition and technological changes. We evaluate residual values on an annual basis or sooner if circumstances warrant. Declines in estimated residual values considered "other-than-temporary" are recognized immediately. Estimated increases in future residual values are not recognized until the equipment is remarketed. Support Services Revenue We provide support services for our equipment primarily through maintenance contracts. Revenue related to these agreements is recognized on a straight-line basis over the term of the agreement. Business Services Revenue Business services revenue includes revenue from presort mail services, global ecommerce solutions and shipping solutions and is recognized as services are provided. We also evaluate the appropriateness of recording revenue on a gross basis when we act as a principal in a transaction or net basis when we act as an agent between a client and vendor. We consider several factors in determining whether we are acting as principal or agent such as whether we are the primary obligor to the client, have control over the pricing and have credit risk.
Shipping and Handling	Shipping and Handling Shipping and handling costs are recognized as incurred and recorded in cost of revenues.
Deferred Marketing Costs	Deferred Marketing Costs We capitalize certain costs associated with the acquisition of new customers and recognize these costs over the expected revenue stream of eight years. At December 31, 2017 and 2016, deferred marketing costs were $36 million and $38 million, respectively. Amortization of deferred marketing costs was $13 million, $15 million and $18 million in 2017, 2016 and 2015, respectively. We review individual marketing programs for impairment on a quarterly basis or as circumstances warrant.
Restructuring Charges	Restructuring Charges Costs associated with restructuring actions include employee severance, other employee separation costs and contract termination costs, including leases. These costs are recognized when a liability is incurred, which is generally upon communication to the affected employees or exit from a leased facility, and the amount to be paid is both probable and reasonably estimable. Severance accruals are based on company policy, historical experience and negotiated settlements.
Derivative Instruments	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 currency exchange rate fluctuations on financial results and manage the related cost of debt. We do not use derivatives for trading or speculative purposes. We record our derivative instruments at fair value and the accounting for changes in 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. To qualify as a hedge, a derivative must be highly effective in offsetting the risk designated for hedging purposes. The hedge relationship must be formally documented at inception, detailing the particular risk management objective and strategy for the hedge. The effectiveness of the hedge relationship is evaluated on a retrospective and prospective basis. The use of derivative instruments exposes us to counterparty credit risk. To mitigate such risks, we enter into contracts with only those financial institutions that meet stringent credit requirements. We regularly review our credit exposure balances as well as the creditworthiness of our counterparties. We have not seen a material change in the creditworthiness of those banks acting as derivative counterparties.
Income Taxes	Income Taxes We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date of such change. A valuation allowance is provided when it is more likely than not that a deferred tax asset will not be realized. In estimating the necessity and amount of a valuation allowance, we consider all available evidence for each jurisdiction including historical operating results, estimates of future taxable income and the feasibility of ongoing tax planning strategies. We adjust the valuation allowance through income tax expense when new information becomes available that would alter our determination of the amount of deferred tax assets that will ultimately be realized.
Earnings per Share	Earnings per Share Basic earnings per share is computed on the weighted-average number of common shares outstanding during the year. Diluted earnings per share is computed based on the weighted-average number of common shares plus the dilutive effect of preference and preferred shares, stock awards and employee stock purchase plans.
Translation of Non-U.S. Currency Amounts	Translation of Non-U.S. Currency Amounts In general, the functional currency of our foreign operations is the local currency. Assets and liabilities of subsidiaries operating outside the U.S. are translated at rates in effect at the end of the period and revenue and expenses are translated at average monthly rates during the period. Net deferred translation gains and losses are included as a component of accumulated other comprehensive income.
Loss Contingencies	Loss Contingencies In the ordinary course of business, we are routinely defendants in, or party to, a number of pending and threatened legal actions. On a quarterly basis, we review the status of each significant matter and assess the potential financial exposure. If the potential loss from any claim or legal action is considered probable and can be reasonably estimated, we establish a liability for the estimated loss. The assessment of the ultimate outcome of each claim or legal action and the determination of the potential financial exposure requires significant judgment. Estimates of potential liabilities for claims or legal actions are based only on information that is available at that time. As additional information becomes available, we may revise our estimates, and these revisions could have a material impact on our results of operations and financial position. Legal fees are expensed as incurred.
New Accounting Pronouncements	New Accounting Pronouncements New Accounting Pronouncements - Standards Adopted in 2017 In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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 the presentation and classification of certain cash receipts and cash payments by providing guidance on certain 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 elected to early adopt this standard effective October 1, 2017. Accordingly, a $7 million premium payment associated with the early extinguishment of debt was classified as financing activities in the Consolidated Statements of Cash Flows for the year ended December 31, 2017. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment, which eliminates Step 2 of the current two-step goodwill impairment test and requires only a one-step quantitative impairment test, whereby a goodwill impairment loss is measured as the excess of a reporting unit’s carrying amount over its fair value (not to exceed the total goodwill allocated to that reporting unit). The ASU is effective for interim and annual periods beginning after December 15, 2019, and early adoption is permitted. We elected to early adopt this standard effective January 1, 2017. The adoption of this standard had no impact on our consolidated financial statements or 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. We retroactively adopted this ASU effective January 1, 2017. Accordingly, the Condensed Consolidated Statement of Cash Flows for the years ended December 31, 2016 and 2015 has been recast to reclassify cash payments of $5 million and $8 million, respectively, from operating activities to financing activities. 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 under LIFO is not impacted by the new guidance. This standard became effective January 1, 2017 and there was no impact on our consolidated financial statements or disclosures. New Accounting Pronouncements - Standards Not Yet Adopted In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The ASU changes the recognition and presentation requirements of hedge accounting and reduces the cost and complexity of applying hedge accounting by easing the requirements for effectiveness testing and hedge documentation. We will early adopt this standard as of January 1, 2018 and there will be no impact on our consolidated financial statements as of that date. The impact on our consolidated financial statements will depend on the facts and circumstances of any future transactions. In May 2017, the FASB issued ASU 2017-09, Scope of Modification Accounting. The ASU provides guidance about which changes to terms and conditions of a share-based payment award require an entity to apply modification accounting. The standard is effective beginning January 1, 2018 and would be applied prospectively to awards modified on or after the effective date. In March 2017, the FASB issued ASU 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The ASU shortens the amortization period for certain callable debt securities held at a premium, requiring the premium to be amortized to the earliest call date. The standard will be applied on a modified retrospective basis through a cumulative effect adjustment as of the beginning of the period of adoption. The standard is effective beginning January 1, 2019, however early adoption is permitted. We are currently assessing the impact this standard will have on our consolidated financial statements. In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Benefit Cost. The ASU requires the service cost component of net periodic benefit cost to be presented in the same income statement line item as other employee compensation costs. Other components of the net periodic benefit cost are to be presented separately, in an appropriately titled line item outside of any subtotal of operating income or disclosed in the footnotes. The standard also limits the amount eligible for capitalization to the service cost component. The standard is effective beginning January 1, 2018. The adoption of this standard will impact how net periodic pension costs are reported on the face of our income statement, but will not have an impact on our income from continuing operations or net income. In January 2017, the FASB issued ASU 2017-06, Plan Accounting: Defined Benefit Pension Plans (Topic 960); Defined Contribution Pension Plans (Topic 962); Health and Welfare Benefit Plans (Topic 965): Employee Benefit Plan Master Trust Reporting. The ASU requires separate disclosure in the statement of net assets available for benefits and the statement of changes in net assets available for benefits of changes in any interests held in a Master Trust and other enhanced disclosures. The standard is effective beginning January 1, 2019. We are currently evaluating the impact of this standard on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business, which clarifies the definition of a business with the objective of adding guidance to assist entities in evaluating whether transactions should be accounted for as an acquisition or disposal of assets or a business. The standard is effective beginning January 1, 2018. The impact on our consolidated financial statements will depend on the facts and circumstances of any future transactions. In October 2016, the FASB issued ASU No. 2016-16, Income Taxes: Intra-entity Transfers of Assets other than Inventory, which requires tax expense to be recognized from the sale of intra-entity assets, other than inventory, when the transfer occurs, even though the effects of the transaction are eliminated in consolidation. Under current guidance, the tax effects of transfers are deferred until the transferred asset is sold or otherwise recovered through use. The standard is effective beginning January 1, 2018. The adoption of this standard will not have a material impact on our consolidated financial statements. 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 expected credit losses for all financial instruments held at the reporting date based on historical experience, current conditions and reasonably 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 beginning January 1, 2020. We are currently assessing the impact this standard will have on our consolidated financial statements and disclosures. In February 2016, the FASB issued ASU 2016-02, Leases. This standard, among other things, requires lessees to recognize almost all leases on their balance sheet as a right-of-use asset and a lease liability and provide enhanced disclosures. The standard is effective beginning January 1, 2019. We are currently assessing the impact this standard will have on our consolidated financial statements and disclosures. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. 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 beginning January 1, 2018. The adoption of this standard will not have a material impact on our consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which requires companies to recognize revenue when or as control of a promised good or service is transferred to a client in amounts that reflect the consideration the company expects to receive in exchange for those goods and services. In addition, the standard requires enhanced disclosures about the nature, amount, timing and uncertainty of revenue. The standard is effective beginning January 1, 2018 and can be adopted either retrospectively to each reporting period presented or on a modified retrospective basis with a cumulative effect adjustment at the date of the initial application. We will adopt the standard on the modified retrospective basis with a cumulative effect adjustment, which will not be material to the consolidated financial statements. Based on our assessment of the standard, we will not have changes in revenue recognition for the majority of our product and service offerings. The standard will have the most impact on the timing of certain revenues in our Software Solutions segment. Specifically, for certain data subscription offerings, the portion of the transaction price allocated to the initial data set will be recognized as revenue at the time of initial delivery rather than over the subscription period, and for certain software licenses, revenue will be recognized ratably over the specific contract term rather than predominately at the time of billing and delivery. With regard to costs, we concluded that certain marketing costs associated with the acquisition of new customers will be expensed as incurred rather than recognized over their expected revenue stream of eight years. Additionally, certain sales commission plans will qualify for capitalization under the new standard. We have elected to use the practical expedient that allows companies to expense costs to obtain a contract when the estimated amortization period is less than one year. We have implemented internal controls, accounting policies, and systems to facilitate the preparation of financial information that will be required under the new standard. We do not expect the adoption of this standard will have a material impact to our consolidated financial statements on an ongoing basis.

Segment Information (Tables)

12 Months Ended

Dec. 31, 2017

Reconciliation of Revenue From Segments to Consolidated Statements

The following tables provide information about our reportable segments.



	Revenues
	Years Ended December 31,
	2017		2016		2015
North America Mailing	$	1,356,561	$	1,427,094	$	1,530,060
International Mailing	383,670		411,642		449,828
Small & Medium Business Solutions	1,740,231		1,838,736		1,979,888
Production Mail	407,194		404,703		421,178
Presort Services	497,901		475,582		473,612
Enterprise Business Solutions	905,095		880,285		894,790
Software Solutions	352,380		348,234		385,908
Global Ecommerce	552,242		339,320		262,667
Digital Commerce Solutions	904,622		687,554		648,575
Other	—		—		54,807
Total revenue	$	3,549,948	$	3,406,575	$	3,578,060

Geographic data:
United States	$	2,738,711	$	2,589,535	$	2,681,285
Outside United States	811,237		817,040		896,775
Total	$	3,549,948	$	3,406,575	$	3,578,060

Reconciliation of EBIT From Segments to Consolidated Statements



	EBIT
	Years Ended December 31,
	2017			2016			2015
North America Mailing	$	497,809		$	592,978		$	663,031
International Mailing	48,164			44,806			49,071
Small & Medium Business Solutions	545,973			637,784			712,102
Production Mail	50,513			54,061			48,254
Presort Services	97,506			95,258			104,655
Enterprise Business Solutions	148,019			149,319			152,909
Software Solutions	41,635			30,159			48,531
Global Ecommerce	(17,899		)	3,043			5,110
Digital Commerce Solutions	23,736			33,202			53,641
Other	—			—			10,569
Total EBIT	717,728			820,305			929,221
Reconciling items:
Interest, net	(164,162		)	(144,211		)	(159,374		)
Unallocated corporate expenses	(204,211		)	(189,215		)	(213,095		)
Goodwill impairment	—			(171,092		)	—
Restructuring charges and asset impairments, net	(59,431		)	(63,296		)	(25,782		)
Gain on sale of technology	6,085			—			—
Acquisition/disposition related expenses	(9,164		)	(5,585		)	(14,983		)
Other (expense) income, net	(3,856		)	(536		)	94,838
Income from continuing operations before income taxes	282,989			246,370			610,825
Provision for income taxes	21,649			131,819			189,778
(Loss) income from discontinued operations, net of tax	—			(2,701		)	5,271
Net income	$	261,340		$	111,850		$	426,318

Reconciliation of Depreciation and Amortization from Segments to Consolidated



	Depreciation and amortization
	Years Ended December 31,
	2017		2016		2015
North America Mailing	$	64,803	$	60,066	$	58,141
International Mailing	18,562		19,431		23,262
Small & Medium Business Solutions	83,365		79,497		81,403
Production Mail	2,686		4,421		4,075
Presort Services	26,541		27,929		27,305
Enterprise Business Solutions	29,227		32,350		31,380
Software Solutions	8,978		14,621		18,151
Global Ecommerce	36,662		30,607		21,025
Digital Commerce Solutions	45,640		45,228		39,176
Other	—		—		2,057
Total for reportable segments	158,232		157,075		154,016
Unallocated amount	24,104		21,411		19,296
Total depreciation and amortization	$	182,336	$	178,486	$	173,312

Reconciliation of Other Significant Reconciling Items from Segments to Consolidated



	Capital expenditures
	Years Ended December 31,
	2017		2016		2015
North America Mailing	$	69,131	$	83,547	$	60,621
International Mailing	11,982		3,163		11,196
Small & Medium Business Solutions	81,113		86,710		71,817
Production Mail	2,893		1,599		3,418
Presort Services	20,860		17,537		17,096
Enterprise Business Solutions	23,753		19,136		20,514
Software Solutions	9,181		4,617		1,688
Global Ecommerce	26,810		15,647		17,321
Digital Commerce Solutions	35,991		20,264		19,009
Other	—		—		857
Total for reportable segments	140,857		126,110		112,197
Unallocated amount	30,133		34,721		54,549
Total capital expenditures	$	170,990	$	160,831	$	166,746

Reconciliation of Assets from Segment to Consolidated



	Assets
	December 31,
	2017		2016		2015
North America Mailing	$	1,959,206	$	2,066,480	$	2,562,816
International Mailing	552,570		532,647		594,564
Small & Medium Business Solutions	2,511,776		2,599,127		3,157,380
Production Mail	260,977		239,358		244,156
Presort Services	387,701		373,443		374,647
Enterprise Business Solutions	648,678		612,801		618,803
Software Solutions	658,737		645,349		858,308
Global Ecommerce	1,016,045		449,363		438,917
Digital Commerce Solutions	1,674,782		1,094,712		1,297,225
Total for reportable segments	4,835,236		4,306,640		5,073,408
Reconciliation to consolidated amount:
Cash and cash equivalents	1,009,021		764,522		640,190
Short-term investments	48,988		38,448		127,388
Other corporate assets	785,470		727,523		282,146
Total assets	$	6,678,715	$	5,837,133	$	6,123,132

Long-Lived Assets in Individual Foreign Countries by Country



Identifiable long-lived assets:
United States	$	506,064	$	441,443	$	434,557
Outside United States	58,250		61,214		73,046
Total	$	564,314	$	502,657	$	507,603

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Schedule of Calculation of Numerator and Denominator in Earnings Per Share



	Years Ended December 31,
	2017		2016			2015
Numerator:
Net income from continuing operations	$	261,340	$	95,506		$	402,672
(Loss) income from discontinued operations	—		(2,701		)	5,271
Net income (numerator for diluted EPS)	261,340		92,805			407,943
Less: Preference stock dividend	36		38			41
Income attributable to common stockholders (numerator for basic EPS)	$	261,304	$	92,767		$	407,902
Denominator (in thousands):
Weighted-average shares used in basic EPS	186,332		187,945			199,835
Effect of dilutive shares	1,103		1,030			1,110
Weighted-average shares used in diluted EPS	187,435		188,975			200,945
Basic earnings per share:
Continuing operations	$	1.40	$	0.51		$	2.01
Discontinued operations	—		(0.01		)	0.03
Net income attributable to Pitney Bowes Inc.	$	1.40	$	0.49		$	2.04
Diluted earnings per share:
Continuing operations	$	1.39	$	0.51		$	2.00
Discontinued operations	—		(0.01		)	0.03
Net income attributable to Pitney Bowes Inc.	$	1.39	$	0.49		$	2.03

Anti-dilutive options excluded from diluted earnings per share (in thousands):	10,267		8,126			8,079

Inventories (Tables)

12 Months Ended

Dec. 31, 2017

Inventory Disclosure [Abstract]

Inventory Components

Inventories at December 31, 2017 and 2016 consisted of the following:



	December 31,
	2017			2016
Raw materials	$	30,166		$	28,541
Work in process	4,981			6,498
Supplies and service parts	45,366			45,152
Finished products	21,765			24,678
Inventory at FIFO cost, net	102,278			104,869
Excess of FIFO cost over LIFO cost	(12,599		)	(12,143		)
Total inventory, net	$	89,679		$	92,726

Finance Assets (Tables)

12 Months Ended

Dec. 31, 2017

Receivables [Abstract]

Financing Receivables

Finance receivables at December 31, 2017 and 2016 consisted of the following:



	December 31, 2017									December 31, 2016
	North America			International			Total			North America			International			Total
Sales-type lease receivables
Gross finance receivables	$	1,023,549		$	292,059		$	1,315,608		$	1,088,053		$	273,262		$	1,361,315
Unguaranteed residual values	74,093			14,202			88,295			90,190			13,655			103,845
Unearned income	(216,720		)	(62,325		)	(279,045		)	(223,908		)	(60,458		)	(284,366		)
Allowance for credit losses	(7,721		)	(2,794		)	(10,515		)	(8,247		)	(2,647		)	(10,894		)
Net investment in sales-type lease receivables	873,201			241,142			1,114,343			946,088			223,812			1,169,900
Loan receivables
Loan receivables	339,373			34,492			373,865			374,147			32,716			406,863
Allowance for credit losses	(7,098		)	(1,020		)	(8,118		)	(8,517		)	(1,089		)	(9,606		)
Net investment in loan receivables	332,275			33,472			365,747			365,630			31,627			397,257
Net investment in finance receivables	$	1,205,476		$	274,614		$	1,480,090		$	1,311,718		$	255,439		$	1,567,157

Schedule of Financing Receivables, Minimum Payments

Maturities of gross sales-type lease finance receivables at December 31, 2017 were as follows:



	Sales-type Lease Receivables
	North America		International		Total
2018	$	513,886	$	130,804	$	644,690
2019	262,303		74,546		336,849
2020	154,581		49,203		203,784
2021	70,307		27,443		97,750
2022	18,340		9,104		27,444
Thereafter	4,132		959		5,091
Total	$	1,023,549	$	292,059	$	1,315,608

Allowance For Credit Losses On Financing Receivables

Activity in the allowance for credit losses for the years ended December 31, 2017, 2016 and 2015 was as follows:



	Sales-type Lease Receivables						Loan Receivables
	North America			International			North America			International			Total
Balance at December 31, 2014	$	10,125		$	5,023		$	11,068		$	1,788		$	28,004
Amounts charged to expense	1,189			890			8,286			1,023			11,388
Accounts written off	(4,708		)	(2,371		)	(9,330		)	(1,293		)	(17,702		)
Balance at December 31, 2015	6,606			3,542			10,024			1,518			21,690
Amounts charged to expense	5,136			1,161			6,238			836			13,371
Accounts written off	(3,495		)	(2,056		)	(7,745		)	(1,265		)	(14,561		)
Balance at December 31, 2016	8,247			2,647			8,517			1,089			20,500
Amounts charged to expense	7,544			1,280			6,273			510			15,607
Accounts written off	(8,070		)	(1,133		)	(7,692		)	(579		)	(17,474		)
Balance at December 31, 2017	$	7,721		$	2,794		$	7,098		$	1,020		$	18,633

Past Due Financing Receivables

The aging of finance receivables at December 31, 2017 and 2016 was as follows:



	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
December 31, 2017
1 - 90 days	$	971,002	$	286,170	$	330,503	$	34,239	$	1,621,914
> 90 days	52,547		5,889		8,870		253		67,559
Total	$	1,023,549	$	292,059	$	339,373	$	34,492	$	1,689,473
Past due amounts > 90 days
Still accruing interest	$	10,807	$	1,738	$	—	$	—	$	12,545
Not accruing interest	41,740		4,151		8,870		253		55,014
Total	$	52,547	$	5,889	$	8,870	$	253	$	67,559



	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
December 31, 2016
1 - 90 days	$	1,025,313	$	269,247	$	366,726	$	32,420	$	1,693,706
> 90 days	62,740		4,015		7,421		296		74,472
Total	$	1,088,053	$	273,262	$	374,147	$	32,716	$	1,768,178
Past due amounts > 90 days
Still accruing interest	$	8,831	$	972	$	—	$	—	$	9,803
Not accruing interest	53,909		3,043		7,421		296		64,669
Total	$	62,740	$	4,015	$	7,421	$	296	$	74,472

Financing Receivable Credit Quality Indicators


•	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.



	December 31,
	2017		2016
Sales-type lease receivables
Low	$	819,776	$	879,823
Medium	148,000		135,953
High	21,728		22,600
Not Scored	34,045		49,677
Total	$	1,023,549	$	1,088,053
Loan receivables
Low	$	262,646	$	296,598
Medium	56,744		53,647
High	6,791		7,216
Not Scored	13,192		16,686
Total	$	339,373	$	374,147

Fixed Assets (Tables)

12 Months Ended

Dec. 31, 2017

Property, Plant and Equipment [Abstract]

Fixed Assets

Fixed assets at December 31, 2017 and 2016 consisted of the following:



	December 31,
	2017			2016
Land	$	9,333		$	9,908
Buildings	207,024			185,431
Capitalized software	224,753			192,395
Machinery and equipment	703,924			610,597
	1,145,034			998,331
Accumulated depreciation	(765,990		)	(683,728		)
Property, plant and equipment, net	$	379,044		$	314,603

Rental property and equipment	$	394,627		$	400,913
Accumulated depreciation	(208,886		)	(212,859		)
Rental property and equipment, net	$	185,741		$	188,054

Acquisitions, Divestiture, Intangible Assets and Goodwill (Tables)

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Allocation of Purchase Price

The allocation of the purchase price to the fair values of assets acquired and liabilities assumed was as follows:



Accounts receivable	$	36,195
Other current assets	16,051
Fixed assets	26,933
Goodwill	330,272
Intangible assets	135,640
Accounts payable and other current liabilities	(21,500		)
Deferred taxes, net	(52,363		)
Other assets and liabilities, net	(688		)
	$	470,540

Intangible Assets Acquired

Intangible assets acquired consisted of the following:



	Value			Amortization period
Customer relationships	$	111,600	—	10 years
Developed technology	19,000		—	5 years
Tradenames	4,300		—	3 years
Other	740			1-3 years
Total intangible assets, net	$	135,640

Intangible Assets Disclosure

Intangible assets at December 31, 2017 and 2016 consisted of the following:



	December 31, 2017							December 31, 2016
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	526,149	$	(292,500	)	$	233,649	$	445,039	$	(300,906	)	$	144,133
Software & technology	173,141		(144,742		)	28,399		150,037		(136,508		)	13,529
Trademarks & other	42,505		(32,367		)	10,138		36,212		(28,702		)	7,510
Total intangible assets, net	$	741,795	$	(469,609	)	$	272,186	$	631,288	$	(466,116	)	$	165,172

Future Amortization

The future amortization expense for intangible assets at December 31, 2017 is as follows:



Year ended December 31,
2018	$	42,564
2019	38,838
2020	34,251
2021	30,631
2022	29,223
Thereafter	96,679
Total	$	272,186

Schedule of Goodwill

The changes in the carrying amount of goodwill, by reporting segment, for the years ended December 31, 2017 and 2016 are shown in the tables below.



	Gross value before accumulated impairment		Accumulated impairment			December 31, 2016		Acquisition		Impairment		Other ⁽¹⁾		December 31, 2017
North America Mailing	$	354,000	$	—		$	354,000	$	—	$	—	$	14,905	$	368,905
International Mailing	145,566		—			145,566		—		—		12,637		158,203
Small & Medium Business Solutions	499,566		—			499,566		—		—		27,542		527,108
Production Mail	101,099		—			101,099		—		—		6,390		107,489
Presort Services	196,890		—			196,890		7,891		—		—		204,781
Enterprise Business Solutions	297,989		—			297,989		7,891		—		6,390		312,270
Software Solutions	672,683		(171,092		)	501,591		—		—		9,014		510,605
Global Ecommerce	272,189		—			272,189		330,272		—		—		602,461
Digital Commerce Solutions	944,872		(171,092		)	773,780		330,272		—		9,014		1,113,066
Total goodwill	$	1,742,427	$	(171,092	)	$	1,571,335	$	338,163	$	—	$	42,946	$	1,952,444



	Gross value before accumulated impairment		Accumulated impairment		December 31, 2015		Acquisition		Impairment			Other ⁽¹⁾			December 31, 2016
North America Mailing	$	357,215	$	—	$	357,215	$	—	$	—		$	(3,215	)	$	354,000
International Mailing	148,351		—		148,351		—		—			(2,785		)	145,566
Small & Medium Business Solutions	505,566		—		505,566		—		—			(6,000		)	499,566
Production Mail	105,757		—		105,757		—		—			(4,658		)	101,099
Presort Services	196,890		—		196,890		—		—			—			196,890
Enterprise Business Solutions	302,647		—		302,647		—		—			(4,658		)	297,989
Software Solutions	674,976		—		674,976		11,908		(171,092		)	(14,201		)	501,591
Global Ecommerce	262,768		—		262,768		9,421		—			—			272,189
Digital Commerce Solutions	937,744		—		937,744		21,329		(171,092		)	(14,201		)	773,780
Total goodwill	$	1,745,957	$	—	$	1,745,957	$	21,329	$	(171,092	)	$	(24,859	)	$	1,571,335


(1)	Primarily represents foreign currency translation adjustments.

Fair Value Measurements and Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis



	December 31, 2017
	Level 1		Level 2			Level 3		Total
Assets:
Investment securities
Money market funds / commercial paper	$	143,349	$	542,568		$	—	$	685,917
Equity securities	—		40,717			—		40,717
Commingled fixed income securities	1,569		4,516			—		6,085
Government and related securities	116,041		18,587			—		134,628
Corporate debt securities	—		75,109			—		75,109
Mortgage-backed / asset-backed securities	—		158,202			—		158,202
Derivatives
Interest rate swap	—		1,776			—		1,776
Foreign exchange contracts	—		122			—		122
Total assets	$	260,959	$	841,597		$	—	$	1,102,556
Liabilities:
Derivatives
Foreign exchange contracts	$	—	$	(335	)	$	—	$	(335	)
Total liabilities	$	—	$	(335	)	$	—	$	(335	)



	December 31, 2016
	Level 1		Level 2			Level 3		Total
Assets:
Investment securities
Money market funds / commercial paper	$	114,471	$	217,175		$	—	$	331,646
Equity securities	—		24,571			—		24,571
Commingled fixed income securities	1,536		22,132			—		23,668
Government and related securities	116,822		19,358			—		136,180
Corporate debt securities	—		69,891			—		69,891
Mortgage-backed / asset-backed securities	—		158,996			—		158,996
Derivatives
Interest rate swap	—		1,588			—		1,588
Foreign exchange contracts	—		637			—		637
Total assets	$	232,829	$	514,348		$	—	$	747,177
Liabilities:
Derivatives
Foreign exchange contracts	$	—	$	(3,717	)	$	—	$	(3,717	)
Total liabilities	$	—	$	(3,717	)	$	—	$	(3,717	)

Available-for-sale Securities

At December 31, 2017 and 2016, available-for-sale securities consisted of the following:



	December 31, 2017
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Estimated fair value
Government and related securities	$	131,872	$	1,984	$	(1,090	)	$	132,766
Corporate debt securities	73,612		1,724		(227		)	75,109
Commingled fixed income securities	1,796		—		(40		)	1,756
Mortgage-backed / asset-backed securities	158,496		1,348		(1,642		)	158,202
Total	$	365,776	$	5,056	$	(2,999	)	$	367,833



	December 31, 2016
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Estimated fair value
Government and related securities	$	136,316	$	1,571	$	(1,707	)	$	136,180
Corporate debt securities	69,376		1,180		(665		)	69,891
Commingled fixed income securities	1,568		—		(32		)	1,536
Mortgage-backed / asset-backed securities	159,312		1,566		(1,882		)	158,996
Total	$	366,572	$	4,317	$	(4,286	)	$	366,603

Schedule of Available-for-sale Securities Reconciliation

At December 31, 2017, scheduled maturities of available-for-sale securities were as follows:



	Amortized cost		Estimated fair value
Within 1 year	$	38,624	$	38,414
After 1 year through 5 years	111,756		111,704
After 5 years through 10 years	68,599		69,154
After 10 years	146,797		148,561
Total	$	365,776	$	367,833

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The fair value of our derivative instruments at December 31, 2017 and 2016 was as follows:



		December 31,
Designation of Derivatives	Balance Sheet Location	2017			2016
Derivatives designated as hedging instruments
Foreign exchange contracts	Other current assets and prepayments	$	57		$	487
	Accounts payable and accrued liabilities	(144		)	(136		)

Interest rate swap	Other non-current assets	1,776			1,588

Derivatives not designated as hedging instruments
Foreign exchange contracts	Other current assets and prepayments	65			150
	Accounts payable and accrued liabilities	(191		)	(3,581		)

	Total derivative assets	1,898			2,225
	Total derivative liabilities	(335		)	(3,717		)
	Total net derivative liability	$	1,563		$	(1,492	)

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 years ended December 31, 2017 and 2016:



	Years Ended December 31,
	Derivative Gain (Loss) Recognized in AOCI (Effective Portion)					Location of Gain (Loss) (Effective Portion)	Gain (Loss) Reclassified from AOCI to Earnings (Effective Portion)
Derivative Instrument	2017			2016		Location of Gain (Loss) (Effective Portion)	2017			2016
Foreign exchange contracts	$	(650	)	$	496	Revenue	$	(179	)	$	(68	)
						Cost of sales	(32		)	222
Interest rate swap	$	1,776		$	1,588	Interest Expense	—			—
							$	(211	)	$	154

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 years ended December 31, 2017 and 2016:



		Years Ended December 31,
		Derivative Gain (Loss) Recognized in Earnings
Derivatives Instrument	Location of Derivative Gain (Loss)	2017			2016
Foreign exchange contracts	Selling, general and administrative expense	$	(2,203	)	$	(2,382	)

Fair Value, by Balance Sheet Grouping

The carrying value and estimated fair value of our debt at December 31, 2017 and 2016 was as follows:



	December 31,
	2017		2016
Carrying value	$	3,830,335	$	3,364,890
Fair value	$	3,718,986	$	3,412,581

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References + Details

Supplemental Balance Sheet Information (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure Text Block Supplement [Abstract]

Balance Sheet Information

The following table shows selected balance sheet information at December 31, 2017 and 2016:



	December 31,
	2017		2016
Other assets:
Long-term investments	$	435,612	$	425,732
Other	105,184		99,041
Total	$	540,796	$	524,773

Accounts payable and accrued liabilities:
Accounts payable	$	302,101	$	293,538
Customer deposits	693,004		688,772
Employee related liabilities	260,116		205,901
Other	231,520		190,611
Total	$	1,486,741	$	1,378,822

Restructuring Charges and Asset Impairments (Tables)

12 Months Ended

Dec. 31, 2017

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Reserve by Type of Cost

The table below shows the activity in our restructuring reserves for the years ended December 31, 2017 and 2016:



	Severance and benefits costs			Other exit costs			Total
Balance at December 31, 2015	$	43,700		$	3,722		$	47,422
Expenses, net	44,510			1,655			46,165
Cash payments	(59,834		)	(5,096		)	(64,930		)
Balance at December 31, 2016	28,376			281			28,657
Expenses, net	53,322			2,545			55,867
Cash payments	(39,547		)	(1,257		)	(40,804		)
Balance at December 31, 2017	$	42,151		$	1,569		$	43,720

Debt (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments



		December 31,
	Interest rate	2017		2016
Notes due September 2017	5.75%	$	—	$	385,109
Notes due March 2018	5.60%	250,000		250,000
Notes due May 2018	4.75%	—		350,000
Notes due March 2019	6.25%	300,000		300,000
Notes due September 2020	3.625%	300,000		—
Notes due October 2021	3.625%	600,000		600,000
Notes due May 2022	4.125%	400,000		—
Notes due April 2023	4.70%	400,000		—
Notes due March 2024	4.625%	500,000		500,000
Notes due January 2037	5.25%	35,841		115,041
Notes due March 2043	6.70%	425,000		425,000
Term loans	Variable	650,000		450,000
Other debt		5,476		5,677
Principal amount		3,866,317		3,380,827
Less: unamortized costs, net		35,982		15,937
Total debt		3,830,335		3,364,890
Less: current portion long-term debt		271,057		614,485
Long-term debt		$	3,559,278	$	2,750,405

Schedule of Maturities of Long-term Debt

Annual maturities of outstanding debt at December 31, 2017 are as follows:



2018	$	270,000
2019	500,000
2020	730,476
2021	600,000
2022	400,000
Thereafter	1,365,841
Total	$	3,866,317

Retirement Plans and Postretirement Medical Benefits (Tables)

12 Months Ended

Dec. 31, 2017

Retirement Benefits [Abstract]

Schedule of Change in Benefit Obligation, Plan Assets and the Funded Status of Defined Benefit Pension Plans

The benefit obligations and funded status of defined benefit pension plans are as follows:



	United States						Foreign
	2017			2016			2017			2016
Accumulated benefit obligation	$	1,726,824		$	1,677,288		$	737,580		$	675,566

Projected benefit obligation
Benefit obligation - beginning of year	$	1,678,097		$	1,689,885		$	688,172		$	647,112
Service cost	132			105			2,274			2,148
Interest cost	68,611			73,699			18,836			21,886
Plan participants' contributions	—			—			6			6
Actuarial loss	92,789			31,764			2,098			127,054
Foreign currency changes	—			—			64,236			(88,138		)
Settlement	—			(5,887		)	—			(423		)
Benefits paid	(111,892		)	(111,469		)	(24,249		)	(21,473		)
Benefit obligation - end of year	$	1,727,737		$	1,678,097		$	751,373		$	688,172



Fair value of plan assets
Fair value of plan assets - beginning of year	$	1,464,082		$	1,460,790		$	547,290		$	530,112
Actual return on plan assets	199,749			110,954			46,542			68,067
Company contributions	5,968			9,694			13,081			40,872
Plan participants' contributions	—			—			6			6
Settlement	—			(5,887		)	—			(423		)
Foreign currency changes	—			—			50,040			(69,871		)
Benefits paid	(111,892		)	(111,469		)	(24,249		)	(21,473		)
Fair value of plan assets - end of year	$	1,557,907		$	1,464,082		$	632,710		$	547,290



Amounts recognized in the Consolidated Balance Sheets
Noncurrent asset	$	392		$	310		$	19,139		$	11,744
Current liability	(8,362		)	(7,937		)	(1,188		)	(1,045		)
Noncurrent liability	(161,860		)	(206,388		)	(136,614		)	(151,581		)
Funded status	$	(169,830	)	$	(214,015	)	$	(118,663	)	$	(140,882	)

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

Information provided in the table below is only for pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2017 and 2016:



	United States				Foreign
	2017		2016		2017		2016
Projected benefit obligation	$	1,727,292	$	1,677,675	$	614,371	$	578,588
Accumulated benefit obligation	$	1,726,378	$	1,676,866	$	601,412	$	565,992
Fair value of plan assets	$	1,557,069	$	1,463,350	$	476,825	$	425,962

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

Other changes in plan assets and benefit obligation for nonpension postretirement benefit plans recognized in other comprehensive income were as follows:



	2017			2016
Net actuarial loss (gain)	$	5,134		$	(13,934	)
Amortization of net actuarial loss	(3,600		)	(3,615		)
Amortization of prior service cost	(297		)	(297		)
Total recognized in other comprehensive income	$	1,237		$	(17,846	)

The estimated amounts that will be amortized from AOCI into net periodic benefit cost in 2018 are as follows:



Net actuarial loss	$	3,736
Prior service cost	351
Total	$	4,087



Pretax amounts recognized in AOCI consist of:
	United States						Foreign
	2017			2016			2017			2016
Net actuarial loss	$	835,265		$	873,523		$	321,914		$	342,169
Prior service credit	(391		)	(452		)	(597		)	(667		)
Transition asset	—			—			(24		)	(32		)
Total	$	834,874		$	873,071		$	321,293		$	341,470

The estimated amounts that will be amortized from AOCI into net periodic benefit cost in 2018 are as follows:



	United States			Foreign
Net actuarial loss	$	32,303		$	7,304
Prior service credit	(60		)	(72		)
Transition asset	—			(7		)
Total	$	32,243		$	7,225

Other changes in plan assets and benefit obligations for defined benefit pension plans recognized in other comprehensive income were as follows:



	United States						Foreign
	2017			2016			2017			2016
Net actuarial (gain) loss	$	(9,304	)	$	22,728		$	(12,202	)	$	91,549
Amortization of net actuarial loss	(28,954		)	(27,220		)	(8,052		)	(5,264		)
Amortization of prior service credit	60			60			71			73
Net transition asset	—			—			8			8
Settlement	—			(2,109		)	—			(110		)
Total recognized in other comprehensive income	$	(38,198	)	$	(6,541	)	$	(20,175	)	$	86,256

Schedule of Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs

The weighted-average discount rates used to determine end of year benefit obligation and net periodic pension cost include:



	2017		2016		2015
Discount rate used to determine benefit obligation
U.S.	3.55	%	3.90	%	4.20	%
Canada	3.35	%	3.65	%	3.95	%

Discount rate used to determine net period benefit cost
U.S.	3.90	%	4.20	%	3.90	%
Canada	3.65	%	3.95	%	3.80	%

Weighted-average actuarial assumptions used to determine end of year benefit obligations and net periodic benefit cost for defined benefit pension plans include:



	2017				2016				2015
United States
Used to determine benefit obligations
Discount rate	3.69%				4.20%				4.55%
Rate of compensation increase	N/A				N/A				N/A

Used to determine net periodic benefit cost
Discount rate	4.20%				4.55%				4.15%
Expected return on plan assets	6.75%				7.00%				7.0%
Rate of compensation increase	N/A				N/A				N/A

Foreign
Used to determine benefit obligations
Discount rate	0.65	%	-	3.35%	0.70	%	-	3.65%	1.15	%	-	3.95%
Rate of compensation increase	1.50	%	-	2.50%	1.50	%	-	2.50%	1.50	%	-	3.50%

Used to determine net periodic benefit cost
Discount rate	0.70	%	-	3.65%	1.15	%	-	3.95%	1.10	%	-	3.80%
Expected return on plan assets	3.75	%	-	6.25%	3.75	%	-	6.51%	4.00	%	-	7.00%
Rate of compensation increase	1.50	%	-	3.30%	1.50	%	-	3.50%	1.50	%	-	3.50%

Schedule of Target Allocation and Percentage of Plan Assets for Domestic Pension Plan

2018, 2017 and 2016 for the U.S. pension plans were as follows:



	Target allocation		Percent of Plan Assets at December 31,
	2018		2017		2016
Asset category
U.S. equities	15	%	15	%	17	%
Non-U.S. equities	15	%	15	%	13	%
Fixed income	60	%	62	%	60	%
Real estate	5	%	6	%	6	%
Private equity	5	%	2	%	4	%
Total	100	%	100	%	100	%

Schedule of Target Allocation and Percentage of Plan Assets for Foreign Pension Plan

2018, 2017 and 2016 were as follows:



	Target Allocation		Percent of Plan Assets at December 31,
	2018		2017		2016
Asset category
U.K. equities	10	%	10	%	22	%
Non-U.K. equities	30	%	29	%	19	%
Fixed income	40	%	41	%	41	%
Real estate	10	%	9	%	8	%
Diversified growth	10	%	9	%	9	%
Cash	—	%	2	%	1	%
Total	100	%	100	%	100	%

Schedule of Fair Value Measurement of Plan Assets

United States Pension Plans



	December 31, 2017
	Level 1		Level 2		Level 3		Total
Money market funds	$	8,810	$	9,350	$	—	$	18,160
Equity securities	152,815		150,043		—		302,858
Commingled fixed income securities	—		377,078		—		377,078
Government and related securities	295,404		20,473		—		315,877
Corporate debt securities	—		418,908		—		418,908
Mortgage-backed securities /asset-backed securities	—		19,223		—		19,223
Private equity	—		—		38,362		38,362
Real estate	—		—		91,352		91,352
Securities lending collateral ⁽¹⁾	—		152,179		—		152,179
Total plan assets at fair value	$	457,029	$	1,147,254	$	129,714	$	1,733,997
Securities lending payable ⁽¹⁾							(152,179		)
Cash							5,186
Other							(29,097		)
Fair value of plan assets							$	1,557,907



	December 31, 2016
	Level 1		Level 2		Level 3		Total
Money market funds	$	2,604	$	6,609	$	—	$	9,213
Equity securities	184,254		140,691		—		324,945
Commingled fixed income securities	—		358,776		—		358,776
Government and related securities	214,068		21,126		—		235,194
Corporate debt securities	—		367,369		—		367,369
Mortgage-backed securities /asset-backed securities	—		14,072		1,236		15,308
Private equity	—		—		49,637		49,637
Real estate	—		—		87,852		87,852
Securities lending collateral ⁽¹⁾	—		174,651		—		174,651
Total plan assets at fair value	$	400,926	$	1,083,294	$	138,725	$	1,622,945
Securities lending payable ⁽¹⁾							(174,651		)
Cash							18,164
Other							(2,376		)
Fair value of plan assets							$	1,464,082

(1) Securities lending collateral is offset by a corresponding securities lending payable amount.

Foreign Plans



	December 31, 2017
	Level 1		Level 2		Level 3		Total
Money market funds	$	—	$	13,375	$	—	$	13,375
Equity securities	—		226,032		—		226,032
Commingled fixed income securities	—		213,844		—		213,844
Government and related securities	—		66,115		—		66,115
Corporate debt securities	—		24,889		—		24,889
Real estate	—		—		41,601		41,601
Diversified growth funds	—		—		44,024		44,024
Total plan assets at fair value	$	—	$	544,255	$	85,625	$	629,880
Cash							2,203
Other							627
Fair value of plan assets							$	632,710



	December 31, 2016
	Level 1		Level 2		Level 3		Total
Money market funds	$	—	$	6,811	$	—	$	6,811
Equity securities	32,295		181,943		—		214,238
Commingled fixed income securities	—		69,022		—		69,022
Government and related securities	—		29,363		—		29,363
Corporate debt securities	—		150,767		—		150,767
Real estate	—		—		34,483		34,483
Diversified growth funds	—		—		36,779		36,779
Total plan assets at fair value	$	32,295	$	437,906	$	71,262	$	541,463
Cash							4,262
Other							1,565
Fair value of plan assets							$	547,290

Schedule of Changes in Fair Value of Level 3 Assets Domestic

The following table summarizes the changes in the fair value of Level 3 assets for the years ended December 31, 2017 and 2016:

United States Pension Plans



	MBS & ABS			Private equity			Real estate			Total
Balance at December 31, 2015	$	1,592		$	63,577		$	82,569		$	147,738
Realized gains	8			10,200			1,280			11,488
Unrealized gains (losses)	38			(7,540		)	4,815			(2,687		)
Net purchases, sales and settlements	(402		)	(16,600		)	(812		)	(17,814		)
Balance at December 31, 2016	1,236			49,637			87,852			138,725
Realized gains	25			9,226			980			10,231
Unrealized gains (losses)	49			(2,334		)	2,397			112
Net purchases, sales and settlements	(1,310		)	(18,167		)	123			(19,354		)
Balance at December 31, 2017	$	—		$	38,362		$	91,352		$	129,714

Foreign Pension Plans



	Real estate			Diversified growth funds			Total
Balance at December 31, 2015	$	39,177		$	20,513		$	59,690
Unrealized gains	459			2,561			3,020
Net purchases, sales and settlements	1,436			19,028			20,464
Foreign currency loss	(6,589		)	(5,323		)	(11,912		)
Balance at December 31, 2016	34,483			36,779			71,262
Unrealized gains	2,159			3,551			5,710
Net purchases, sales and settlements	1,481			—			1,481
Foreign currency gain	3,478			3,694			7,172
Balance at December 31, 2017	$	41,601		$	44,024		$	85,625

Schedule of Change in Benefit Obligation, Plan Assets and the Funded Status of Nonpension Benefit Plans

The benefit obligation and funded status for nonpension postretirement benefit plans are as follows:



	2017			2016
Benefit obligation
Benefit obligation - beginning of year	$	189,772		$	211,878
Service cost	1,727			2,046
Interest cost	7,100			7,969
Plan participants' contributions	3,820			4,241
Actuarial loss (gain)	5,134			(13,934		)
Foreign currency changes	1,066			409
Benefits paid	(19,778		)	(22,837		)
Benefit obligation - end of year ⁽¹⁾	$	188,841		$	189,772



Fair value of plan assets
Fair value of plan assets - beginning of year	$	—		$	—
Company contribution	15,958			18,596
Plan participants' contributions	3,820			4,241
Benefits paid	(19,778		)	(22,837		)
Fair value of plan assets - end of year	$	—		$	—



Amounts recognized in the Consolidated Balance Sheets
Current liability	$	(17,712	)	$	(18,127	)
Non-current liability	(171,129		)	(171,645		)
Funded status	$	(188,841	)	$	(189,772	)


(1)	The benefit obligation for the U.S. nonpension postretirement plans was $172 million and $174 million at December 31, 2017 and 2016, respectively.

Pretax amounts recognized in AOCI consist of:



	2017		2016
Net actuarial loss	$	43,160	$	41,625
Prior service cost	1,466		1,763
Total	$	44,626	$	43,388

Schedule of Costs of Retirement Plans

The components of net periodic benefit cost (income) for defined benefit pension plans were as follows:



	United States									Foreign
	2017			2016			2015			2017			2016			2015
Service cost	$	132		$	105		$	134		$	2,274		$	2,148		$	2,229
Interest cost	68,611			73,699			74,331			18,836			21,886			24,261
Expected return on plan assets	(97,656		)	(101,918		)	(104,004		)	(32,242		)	(32,615		)	(35,421		)
Amortization of net transition asset	—			—			—			(8		)	(8		)	(9		)
Amortization of prior service credit	(60		)	(60		)	(60		)	(71		)	(73		)	(66		)
Amortization of net actuarial loss	28,954			27,220			29,272			8,052			5,264			5,926
Special termination benefits	—			—			—			—			52			79
Settlement	—			2,109			1,243			—			110			—
Net periodic benefit (income) cost	$	(19	)	$	1,155		$	916		$	(3,159	)	$	(3,236	)	$	(3,001	)

The components of net periodic benefit cost for nonpension postretirement benefit plans were as follows:



	2017		2016		2015
Service cost	$	1,727	$	2,046	$	2,455
Interest cost	7,100		7,969		8,799
Amortization of prior service cost	297		297		297
Amortization of net actuarial loss	3,600		3,615		7,528
Net periodic benefit cost	$	12,724	$	13,927	$	19,079

Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates

A 1% change in the assumed health care cost trend rates would have the following effects:



	1% Increase		1% Decrease
Effect on total of service and interest cost components	$	323	$	(269	)
Effect on postretirement benefit obligation	$	7,672	$	(6,479	)

Schedule of Expected Benefit Payments

The following benefit payments, which reflect expected future service, are expected to be paid.



	Pension Benefits		Nonpension Benefits
Years ending December 31,
2018	$	132,626	$	17,693
2019	129,051		17,163
2020	130,201		16,554
2021	128,257		15,952
2022	128,221		15,347
Thereafter	628,715		63,303
	$	1,277,071	$	146,012

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Components of Income before Tax, Domestic and Foreign

Income from continuing operations before taxes consisted of the following:



	Years Ended December 31,
	2017		2016		2015
U.S.	$	195,291	$	169,493	$	516,233
International	87,698		76,877		94,592
Total	$	282,989	$	246,370	$	610,825

Components of Income Tax Expense (Benefit)

The provision for income taxes from continuing operations consisted of the following:



	Years Ended December 31,
	2017			2016			2015
U.S. Federal:
Current	$	46,836		$	95,598		$	115,557
Deferred	(48,449		)	(1,559		)	19,941
	(1,613		)	94,039			135,498
U.S. State and Local:
Current	461			9,409			11,243
Deferred	15,460			4,757			16,094
	15,921			14,166			27,337
International:
Current	(1,766		)	22,872			22,794
Deferred	9,107			742			4,149
	7,341			23,614			26,943

Total current	45,531			127,879			149,594
Total deferred	(23,882		)	3,940			40,184
Total provision for income taxes	$	21,649		$	131,819		$	189,778

Effective tax rate	7.7		%	53.5		%	31.1		%

Reconciliation of Effective Income Tax Rate Reconciliation

income taxes computed at the federal statutory rate and our provision for income taxes consist of the following:



	Years Ended December 31,
	2017			2016			2015
Federal statutory provision	$	99,045		$	86,229		$	213,789
State and local income taxes	7,327			9,208			17,769
Other impact of foreign operations	(31,573		)	(13,806		)	(6,492		)
Tax incentives/credits/exempt income	(16,292		)	(10,735		)	(12,130		)
Outside basis differences	—			—			(27,110		)
Goodwill impairments	—			58,022			—
Remeasurement of U.S. deferred tax liability	(129,612		)	—			—
U.S. tax on unremitted earnings	90,916			—			—
Other, net	1,838			2,901			3,952
Provision for income taxes	$	21,649		$	131,819		$	189,778

Components of Deferred Tax Assets and Liabilities

Deferred tax liabilities and assets at December 31, 2017 and 2016 consisted of the following:



	December 31,
	2017			2016
Deferred tax liabilities:
Depreciation	$	(77,415	)	$	(93,475	)
Deferred profit (for tax purposes) on sale to finance subsidiary	(60,340		)	(98,247		)
Lease revenue and related depreciation	(133,908		)	(137,665		)
Intangible assets	(106,488		)	(113,128		)
Other	(22,468		)	(27,340		)
Gross deferred tax liabilities	(400,619		)	(469,855		)

Deferred tax assets:
Nonpension postretirement benefits	48,387			71,101
Pension	66,270			105,564
Inventory and equipment capitalization	11,380			13,318
Restructuring charges	12,476			6,980
Long-term incentives	11,544			17,923
Net operating loss	108,006			97,194
Tax credit carry forwards	82,285			53,181
Tax uncertainties gross-up	9,920			18,273
Other	51,436			79,799
Gross deferred tax assets	401,704			463,333
Less: Valuation allowance	(178,156		)	(127,095		)
Net deferred tax assets	223,548			336,238
Total deferred taxes, net	$	(177,071	)	$	(133,617	)

Tax Uncertainties Roll Forward

A reconciliation of the amount of unrecognized tax benefits is as follows:



	2017			2016			2015
Balance at beginning of year	$	124,728		$	139,249		$	132,495
Increases from prior period positions	528			—			7,637
Decreases from prior period positions	(31,470		)	(21,207		)	(16,753		)
Increases from current period positions	5,951			10,867			23,533
Decreases relating to settlements with tax authorities	(6,953		)	(1,791		)	(3,831		)
Reductions from lapse of applicable statute of limitations	(3,017		)	(2,390		)	(3,832		)
Balance at end of year	$	89,767		$	124,728		$	139,249

Leases (Tables)

12 Months Ended

Dec. 31, 2017

Leases [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases

Future minimum lease payments under non-cancelable operating leases at December 31, 2017 were as follows:



Years ending December 31,
2018	$	47,820
2019	39,107
2020	30,180
2021	22,266
2022	15,256
Thereafter	63,685
Total minimum lease payments	$	218,314

Stockholders' Equity (Deficit) (Tables)

12 Months Ended

Dec. 31, 2017

Stockholders' Equity Note [Abstract]

Schedule of Stockholders Equity

The following table summarizes the changes in shares of Common Stock outstanding and Treasury Stock:



	Common Stock Outstanding		Treasury Stock
Balance at December 31, 2014	201,027,964		122,309,948
Repurchases of common stock	(6,476,796	)	6,476,796
Issuance of common stock	943,686		(943,686	)
Conversions to common stock	26,354		(26,354	)
Balance at December 31, 2015	195,521,208		127,816,704
Repurchases of common stock	(10,633,235	)	10,633,235
Issuance of common stock	767,060		(767,060	)
Conversions to common stock	13,685		(13,685	)
Balance at December 31, 2016	185,668,718		137,669,194
Issuance of common stock	881,480		(881,480	)
Conversions to common stock	53,540		(53,540	)
Balance at December 31, 2017	186,603,738		136,734,174

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2017

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Reclassification out of Accumulated Other Comprehensive Income

Reclassifications out of accumulated other comprehensive income (loss) for the years ended December 31, 2017, 2016 and 2015 were as follows:



	Amounts Reclassified from AOCI (a)
	Years Ended December 31,
	2017			2016			2015
Gains (losses) on cash flow hedges
Revenue	$	(179	)	$	68		$	1,082
Cost of sales	(32		)	(222		)	551
Interest expense	(2,028		)	(2,028		)	(2,028		)
Total before tax	(2,239		)	(2,182		)	(395		)
Tax benefit	(872		)	(850		)	(164		)
Net of tax	$	(1,367	)	$	(1,332	)	$	(231	)

Gains (losses) on available for sale securities
Interest income	$	(520	)	$	(1,126	)	$	1,134
Tax (benefit) provision	(201		)	(433		)	419
Net of tax	$	(319	)	$	(693	)	$	715

Pension and Postretirement Benefit Plans (b)
Transition asset	$	8		$	8		$	9
Prior service costs	(166		)	(164		)	(171		)
Actuarial losses	(40,606		)	(38,370		)	(43,969		)
Total before tax	(40,764		)	(38,526		)	(44,131		)
Tax benefit	(13,936		)	(14,430		)	(15,966		)
Net of tax	$	(26,828	)	$	(24,096	)	$	(28,165	)

(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 of defined benefit pension plans and nonpension postretirement benefit plans (see Note 12 for additional details).

Schedule of Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss) for the years ended December 31, 2017, 2016 and 2015 were as follows:



	Cash flow hedges			Available-for-sale securities			Pension and postretirement benefit plans			Foreign currency adjustments			Total
Balance January 1, 2015	$	(4,689	)	$	2,966		$	(786,079	)	$	(58,354	)	$	(846,156	)
Other comprehensive income (loss) before reclassifications (a)	546			(1,715		)	19,146			(91,436		)	(73,459		)
Amounts reclassified from accumulated other comprehensive income (loss) (a), (b)	231			(715		)	28,165			3,299			30,980
Net other comprehensive income (loss)	777			(2,430		)	47,311			(88,137		)	(42,479		)
Balance at December 31, 2015	(3,912		)	536			(738,768		)	(146,491		)	(888,635		)
Other comprehensive income (loss) before reclassifications (a)	1,095			(1,109		)	(73,141		)	(4,464		)	(77,619		)
Amounts reclassified from accumulated other comprehensive income (loss) (a), (b), (c)	1,332			693			24,096			—			26,121
Net other comprehensive income (loss)	2,427			(416		)	(49,045		)	(4,464		)	(51,498		)
Balance at December 31, 2016	(1,485		)	120			(787,813		)	(150,955		)	(940,133		)
Other comprehensive income (loss) before reclassifications (a)	(288		)	1,158			12,185			106,391			119,446
Amounts reclassified from accumulated other comprehensive income (loss) (a), (b), (c)	1,367			319			26,828			—			28,514
Net other comprehensive income (loss)	1,079			1,477			39,013			106,391			147,960
Balance at December 31, 2017	$	(406	)	$	1,597		$	(748,800	)	$	(44,564	)	$	(792,173	)

(a) Amounts are net of tax. Amounts in parentheses indicate debits to AOCI.

(b) See table above for additional details of these reclassifications.


(c)	Foreign currency item amount represents the recognition of deferred translation upon the sale of certain businesses.

Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Share-based Compensation, Restricted Stock Units Award Activity

The following table summarizes information about RSUs during 2017 and 2016:



	2017				2016
	Shares		Weighted average grant date fair value		Shares		Weighted average grant date fair value
Outstanding - beginning of the year	1,609,459		$	17.50	1,727,214		$	18.30
Granted	1,995,473		13.24		826,546		17.20
Vested	(784,295	)	19.42		(822,290	)	19.91
Forfeited	(169,584	)	14.76		(122,011	)	19.97
Outstanding - end of the year	2,651,053		$	14.16	1,609,459		$	17.50

Schedule of Share-based Compensation, Performance Stock Units Award Activity

The following table summarizes share information about PSUs during 2017:



	Years Ended December 31,
	2017		2016
Outstanding - beginning of the year	379,898		1,107,515
Granted	1,073,934		889,599
Performance adjustments	(226,154	)	(1,400,425	)
Forfeited	(82,653	)	(216,791	)
Outstanding - end of the year	1,145,025		379,898

Schedule of Share-based Compensation, Stock Options, Activity

The following table summarizes information about stock option activity during 2017 and 2016:



	2017				2016
	Shares		Per share weighted average exercise prices		Shares		Per share weighted average exercise prices
Options outstanding - beginning of the year	9,122,762		$	27.13	8,771,600		$	31.26
Granted	2,553,510		13.16		1,758,760		16.87
Canceled	(63,517	)	20.34		(157,176	)	19.48
Expired	(1,117,716	)	46.88		(1,250,422	)	42.62
Options outstanding - end of the year	10,495,039		$	21.67	9,122,762		$	27.13
Options exercisable - end of the year	6,690,250		$	25.57	7,140,772		$	27.47

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range

The following table provides additional information about stock options outstanding and exercisable at December 31, 2017:



	Options Outstanding					Options Exercisable
Range of per share exercise prices	Shares	Per share weighted-average exercise price		Weighted-average remaining contractual life		Shares	Per share weighted-average exercise price		Weighted-average remaining contractual life
$13.11 - $14.26	2,653,510	$	13.17	8.9	years	100,000	$	13.39	4.9	years
$14.27 - $21.89	2,347,595	17.07		7.2	years	1,296,316	17.22		6.4	years
$21.90 - $24.77	2,683,597	23.29		2.3	years	2,683,597	23.29		2.3	years
$24.78 - $36.96	2,810,337	31.98		1.8	years	2,610,337	32.53		1.3	years
	10,495,039	$	21.67	4.9	years	6,690,250	$	25.57	2.8	years

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The follow table lists the weighted average of assumptions used to calculate the fair value of stock options granted during 2016 and 2015:



	Years Ended December 31,
	2017		2016
Expected dividend yield	5.7	%	4.5	%
Expected stock price volatility	29.7	%	29.0	%
Risk-free interest rate	2.3	%	1.6	%
Expected life	7 years		7 years
Weighted-average fair value per option granted	$2.00		$2.85
Fair value of options granted	$5,107		$5,013

Quarterly Financial Data (unaudited) (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Quarterly Financial Information



	First Quarter		Second Quarter		Third Quarter		Fourth Quarter			Total
2017
Revenue	$	836,640	$	821,371	$	842,820	$	1,049,117		$	3,549,948
Cost of revenues	374,174		382,565		401,306		564,624			1,722,669
Operating expenses	365,917		384,953		366,549		426,871			1,544,290
Income from continuing operations before income taxes	96,549		53,853		74,965		57,622			282,989
Provision for income taxes	31,416		4,952		17,607		(32,326		)	21,649
Net income - Pitney Bowes Inc.	$	65,133	$	48,901	$	57,358	$	89,948		$	261,340

Basic earnings per share ⁽¹⁾	$	0.35	$	0.26	$	0.31	$	0.48		$	1.40
Diluted earnings per share ⁽¹⁾	$	0.35	$	0.26	$	0.31	$	0.48		$	1.39

⁽¹⁾ The sum of earnings per share amounts may not equal the totals due to rounding.



	First Quarter		Second Quarter			Third Quarter			Fourth Quarter			Total
2016
Revenue	$	844,589	$	835,886		$	839,031		$	887,069		$	3,406,575
Cost of revenues	365,241		372,144			376,987			400,306			1,514,678
Operating expenses ⁽¹⁾	379,684		370,504			368,451			526,888			1,645,527
Income from continuing operations before income taxes	99,664		93,238			93,593			(40,125		)	246,370
Provision for income taxes	37,024		33,394			23,197			38,204			131,819
Income from continuing operations	62,640		59,844			70,396			(78,329		)	114,551
(Loss) from discontinued operations	—		(1,660		)	(291		)	(750		)	(2,701		)
Net income before attribution of noncontrolling interests	62,640		58,184			70,105			(79,079		)	111,850
Less: Preferred stock dividends of subsidiaries attributable to noncontrolling interests	4,594		4,594			4,593			5,264			19,045
Net income (loss) - Pitney Bowes Inc.	$	58,046	$	53,590		$	65,512		$	(84,343	)	$	92,805

Amounts attributable to common stockholders:
Income from continuing operations	$	58,046	$	55,250		$	65,803		$	(83,593	)	$	95,506
Loss from discontinued operations	—		(1,660		)	(291		)	(750		)	(2,701		)
Net income - Pitney Bowes Inc.	$	58,046	$	53,590		$	65,512		$	(84,343	)	$	92,805
Basic earnings per share attributable to common stockholders ⁽²⁾:
Continuing operations	$	0.30	$	0.29		$	0.35		$	(0.45	)	$	0.51
Discontinued operations	—		(0.01		)	—			—			(0.01		)
Net income - Pitney Bowes Inc.	$	0.30	$	0.28		$	0.35		$	(0.45	)	$	0.49
Diluted earnings per share attributable to common stockholders ^(2):
Continuing operations	$	0.30	$	0.29		$	0.35		$	(0.45	)	$	0.51
Discontinued operations	—		(0.01		)	—			—			(0.01		)
Net income - Pitney Bowes Inc.	$	0.30	$	0.28		$	0.35		$	(0.45	)	$	0.49

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Rentals Revenue
Initial direct costs included in rental property and equipment	$ 10,000	$ 11,000
Amortization of initial direct costs	$ 5,000	7,000	$ 8,000
Deferred Marketing Costs
Capitalization period for deferred marketing costs	8 years
Deferred marketing costs included in other assets	$ 36,000	38,000
Deferred costs expensed	13,000	15,000	18,000
New Accounting Pronouncements
Net cash provided by operating activities	(495,813)	(496,122)	(522,989)
Net cash used in financing activities	(367,747)	229,529	578,658
Accounting Standards Update 2016-15
New Accounting Pronouncements
Early extinguishment of debt	$ 7,000
Accounting Standards Update 2016-09
New Accounting Pronouncements
Net cash provided by operating activities		5,000	8,000
Net cash used in financing activities		$ 5,000	$ 8,000
Minimum
Property, Plant and Equipment [Line Items]
Finite-lived intangible assets, estimated useful lives	1 year
Maximum
Property, Plant and Equipment [Line Items]
Finite-lived intangible assets, estimated useful lives	15 years
Buildings
Property, Plant and Equipment [Line Items]
Estimated useful lives	50 years
Building improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Building improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	12 years
Rental equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	4 years
Rental equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	6 years
Computer equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Computer equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Software development costs \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Software development costs \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years

Segment Information (Revenues) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Revenue	$ 1,049,117	$ 842,820	$ 821,371	$ 836,640	$ 887,069	$ 839,031	$ 835,886	$ 844,589	$ 3,549,948	$ 3,406,575	$ 3,578,060
United States
Segment Reporting Information [Line Items]
Revenue									2,738,711	2,589,535	2,681,285
Outside United States
Segment Reporting Information [Line Items]
Revenue									811,237	817,040	896,775
Small & Medium Business Solutions
Segment Reporting Information [Line Items]
Revenue									1,740,231	1,838,736	1,979,888
Small & Medium Business Solutions \| North America Mailing
Segment Reporting Information [Line Items]
Revenue									1,356,561	1,427,094	1,530,060
Small & Medium Business Solutions \| International Mailing
Segment Reporting Information [Line Items]
Revenue									383,670	411,642	449,828
Enterprise Business Solutions
Segment Reporting Information [Line Items]
Revenue									905,095	880,285	894,790
Enterprise Business Solutions \| Production Mail
Segment Reporting Information [Line Items]
Revenue									407,194	404,703	421,178
Enterprise Business Solutions \| Presort Services
Segment Reporting Information [Line Items]
Revenue									497,901	475,582	473,612
Digital Commerce Solutions
Segment Reporting Information [Line Items]
Revenue									904,622	687,554	648,575
Digital Commerce Solutions \| Software Solutions
Segment Reporting Information [Line Items]
Revenue									352,380	348,234	385,908
Digital Commerce Solutions \| Global Ecommerce
Segment Reporting Information [Line Items]
Revenue									552,242	339,320	262,667
Other
Segment Reporting Information [Line Items]
Revenue									$ 0	$ 0	$ 54,807

Segment Information (EBIT) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciling items:
Goodwill impairment	$ (171,000)								$ 0	$ (171,092)	$ 0
Restructuring charges and asset impairments, net									(59,431)	(63,296)	(25,782)
Gain (Loss) on Disposition of Intangible Assets									6,085	0	0
Other (expense) income, net									(3,856)	(536)	94,838
Income from continuing operations before income taxes	57,622	$ 74,965	$ 53,853	$ 96,549	$ (40,125)	$ 93,593	$ 93,238	$ 99,664	282,989	246,370	610,825
Provision for income taxes	$ (32,326)	$ 17,607	$ 4,952	$ 31,416	38,204	23,197	33,394	37,024	21,649	131,819	189,778
(Loss) income from discontinued operations					(750)	(291)	(1,660)	0	0	(2,701)	5,271
Net income					$ (79,079)	$ 70,105	$ 58,184	$ 62,640	261,340	111,850	426,318
International Mailing
Reconciling items:
Goodwill impairment									0	0
North America Mailing
Reconciling items:
Goodwill impairment									0	0
Production Mail
Reconciling items:
Goodwill impairment									0	0
Presort Services
Reconciling items:
Goodwill impairment									0	0
Software Solutions
Reconciling items:
Goodwill impairment									0	(171,092)
Global Ecommerce
Reconciling items:
Goodwill impairment									0	0
Small & Medium Business Solutions
Reconciling items:
Goodwill impairment									0	0
Small & Medium Business Solutions \| International Mailing
Segment Reporting Information [Line Items]
EBIT									48,164	44,806	49,071
Small & Medium Business Solutions \| North America Mailing
Segment Reporting Information [Line Items]
EBIT									497,809	592,978	663,031
Enterprise Business Solutions
Reconciling items:
Goodwill impairment									0	0
Enterprise Business Solutions \| Production Mail
Segment Reporting Information [Line Items]
EBIT									50,513	54,061	48,254
Enterprise Business Solutions \| Presort Services
Segment Reporting Information [Line Items]
EBIT									97,506	95,258	104,655
Digital Commerce Solutions
Reconciling items:
Goodwill impairment									0	(171,092)
Digital Commerce Solutions \| Software Solutions
Segment Reporting Information [Line Items]
EBIT									41,635	30,159	48,531
Digital Commerce Solutions \| Global Ecommerce
Segment Reporting Information [Line Items]
EBIT									(17,899)	3,043	5,110
Operating Segments
Segment Reporting Information [Line Items]
EBIT									717,728	820,305	929,221
Operating Segments \| Small & Medium Business Solutions
Segment Reporting Information [Line Items]
EBIT									545,973	637,784	712,102
Operating Segments \| Enterprise Business Solutions
Segment Reporting Information [Line Items]
EBIT									148,019	149,319	152,909
Operating Segments \| Digital Commerce Solutions
Segment Reporting Information [Line Items]
EBIT									23,736	33,202	53,641
Operating Segments \| Other
Segment Reporting Information [Line Items]
EBIT									0	0	10,569
Reconciling Items
Reconciling items:
Interest, net									(164,162)	(144,211)	(159,374)
Unallocated corporate expenses									(204,211)	(189,215)	(213,095)
Goodwill impairment									0	(171,092)	0
Restructuring charges and asset impairments, net									(59,431)	(63,296)	(25,782)
Gain (Loss) on Disposition of Intangible Assets									6,085	0	0
Acquisition/disposition related expenses									(9,164)	(5,585)	(14,983)
Other (expense) income, net									$ (3,856)	$ (536)	$ 94,838

Segment Information (Depreciation and Amortization) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 182,336	$ 178,486	$ 173,312
North America Mailing \| Small & Medium Business Solutions
Segment Reporting Information [Line Items]
Depreciation and amortization	64,803	60,066	58,141
International Mailing \| Small & Medium Business Solutions
Segment Reporting Information [Line Items]
Depreciation and amortization	18,562	19,431	23,262
Production Mail \| Enterprise Business Solutions
Segment Reporting Information [Line Items]
Depreciation and amortization	2,686	4,421	4,075
Presort Services \| Enterprise Business Solutions
Segment Reporting Information [Line Items]
Depreciation and amortization	26,541	27,929	27,305
Software Solutions \| Digital Commerce Solutions
Segment Reporting Information [Line Items]
Depreciation and amortization	8,978	14,621	18,151
Global Ecommerce \| Digital Commerce Solutions
Segment Reporting Information [Line Items]
Depreciation and amortization	36,662	30,607	21,025
Operating Segments
Segment Reporting Information [Line Items]
Depreciation and amortization	158,232	157,075	154,016
Operating Segments \| Small & Medium Business Solutions
Segment Reporting Information [Line Items]
Depreciation and amortization	83,365	79,497	81,403
Operating Segments \| Enterprise Business Solutions
Segment Reporting Information [Line Items]
Depreciation and amortization	29,227	32,350	31,380
Operating Segments \| Digital Commerce Solutions
Segment Reporting Information [Line Items]
Depreciation and amortization	45,640	45,228	39,176
Operating Segments \| Other
Segment Reporting Information [Line Items]
Depreciation and amortization	0	0	2,057
Unallocated amount
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 24,104	$ 21,411	$ 19,296

Segment Information (Capital Expenditures) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Capital expenditures	$ 170,990	$ 160,831	$ 166,746
Small & Medium Business Solutions \| North America Mailing
Segment Reporting Information [Line Items]
Capital expenditures	69,131	83,547	60,621
Small & Medium Business Solutions \| International Mailing
Segment Reporting Information [Line Items]
Capital expenditures	11,982	3,163	11,196
Enterprise Business Solutions \| Production Mail
Segment Reporting Information [Line Items]
Capital expenditures	2,893	1,599	3,418
Enterprise Business Solutions \| Presort Services
Segment Reporting Information [Line Items]
Capital expenditures	20,860	17,537	17,096
Digital Commerce Solutions \| Software Solutions
Segment Reporting Information [Line Items]
Capital expenditures	9,181	4,617	1,688
Digital Commerce Solutions \| Global Ecommerce
Segment Reporting Information [Line Items]
Capital expenditures	26,810	15,647	17,321
Operating Segments
Segment Reporting Information [Line Items]
Capital expenditures	140,857	126,110	112,197
Operating Segments \| Small & Medium Business Solutions
Segment Reporting Information [Line Items]
Capital expenditures	81,113	86,710	71,817
Operating Segments \| Enterprise Business Solutions
Segment Reporting Information [Line Items]
Capital expenditures	23,753	19,136	20,514
Operating Segments \| Digital Commerce Solutions
Segment Reporting Information [Line Items]
Capital expenditures	35,991	20,264	19,009
Operating Segments \| Other
Segment Reporting Information [Line Items]
Capital expenditures	0	0	857
Unallocated amount
Segment Reporting Information [Line Items]
Capital expenditures	$ 30,133	$ 34,721	$ 54,549

Segment Information (Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Assets	$ 6,678,715	$ 5,837,133	$ 6,123,132
Cash and cash equivalents	1,009,021	764,522	640,190	$ 1,043,439
Short-term investments	48,988	38,448
Identifiable long-lived assets	564,314	502,657	507,603
United States
Segment Reporting Information [Line Items]
Identifiable long-lived assets	506,064	441,443	434,557
Outside United States
Segment Reporting Information [Line Items]
Identifiable long-lived assets	58,250	61,214	73,046
Small & Medium Business Solutions \| North America Mailing
Segment Reporting Information [Line Items]
Assets	1,959,206	2,066,480	2,562,816
Small & Medium Business Solutions \| International Mailing
Segment Reporting Information [Line Items]
Assets	552,570	532,647	594,564
Enterprise Business Solutions \| Production Mail
Segment Reporting Information [Line Items]
Assets	260,977	239,358	244,156
Enterprise Business Solutions \| Presort Services
Segment Reporting Information [Line Items]
Assets	387,701	373,443	374,647
Digital Commerce Solutions \| Software Solutions
Segment Reporting Information [Line Items]
Assets	658,737	645,349	858,308
Digital Commerce Solutions \| Global Ecommerce
Segment Reporting Information [Line Items]
Assets	1,016,045	449,363	438,917
Operating Segments
Segment Reporting Information [Line Items]
Assets	4,835,236	4,306,640	5,073,408
Operating Segments \| Small & Medium Business Solutions
Segment Reporting Information [Line Items]
Assets	2,511,776	2,599,127	3,157,380
Operating Segments \| Enterprise Business Solutions
Segment Reporting Information [Line Items]
Assets	648,678	612,801	618,803
Operating Segments \| Digital Commerce Solutions
Segment Reporting Information [Line Items]
Assets	1,674,782	1,094,712	1,297,225
Reconciling Items
Segment Reporting Information [Line Items]
Cash and cash equivalents	1,009,021	764,522	640,190
Short-term investments	48,988	38,448	127,388
Other corporate assets	$ 785,470	$ 727,523	$ 282,146

Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Numerator:

Net income from continuing operations

$ (83,593)

$ 65,803

$ 55,250

$ 58,046

$ 261,340

$ 95,506

$ 402,672

(Loss) income from discontinued operations

$ (750)

$ (291)

$ (1,660)

$ 0

(2,701)

5,271

Net income (numerator for diluted EPS)

261,340

92,805

407,943

Less: Preference stock dividend

Income attributable to common stockholders (numerator for basic EPS)

$ 261,304

$ 92,767

$ 407,902

Denominator:

Weighted-average shares used in basic EPS (in shares)

186,332

187,945

199,835

Effect of dilutive shares (in shares)

1,103

1,030

1,110

Weighted-average shares used in diluted EPS (in shares)

187,435

188,975

200,945

Basic earnings per share:

$ (0.45)

$ 0.35

$ 0.29

$ 0.30

$ 1.40

^[1]

$ 0.51

^[1]

$ 2.01

^[1]

Net income - Pitney Bowes Inc. (in dollars per share)

0.00

(0.01)

0.00

^[1]

(0.01)

^[1]

0.03

^[1]

$ 0.48

$ 0.31

$ 0.26

$ 0.35

(0.45)

0.35

0.28

0.30

1.40

^[1]

0.49

^[1]

2.04

^[1]

Diluted earnings per share:

(0.45)

0.35

0.29

0.30

1.39

^[1]

0.51

^[1]

2.00

^[1]

Net income - Pitney Bowes Inc. (in dollars per share)

0.00

(0.01)

0.00

^[1]

(0.01)

^[1]

0.03

^[1]

$ 0.48

$ 0.31

$ 0.26

$ 0.35

$ (0.45)

$ 0.35

$ 0.28

$ 0.30

$ 1.39

^[1]

$ 0.49

^[1]

$ 2.03

^[1]

Anti-dilutive options excluded from diluted earnings per share (in shares)

10,267

8,126

8,079

[1]	The sum of the earnings per share amounts may not equal the totals due to rounding.

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Inventory Disclosure [Abstract]
Raw materials	$ 30,166	$ 28,541
Work in process	4,981	6,498
Supplies and service parts	45,366	45,152
Finished products	21,765	24,678
Inventory at FIFO cost, net	102,278	104,869
Excess of FIFO cost over LIFO cost	(12,599)	(12,143)
Total inventory, net	$ 89,679	$ 92,726

Finance Assets (Finance Receivables) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Financing Receivable, Recorded Investment, Past Due [Line Items]
Net investment in finance receivables	$ 1,480,090	$ 1,567,157
North America
Financing Receivable, Recorded Investment, Past Due [Line Items]
Net investment in finance receivables	1,205,476	1,311,718
International
Financing Receivable, Recorded Investment, Past Due [Line Items]
Net investment in finance receivables	274,614	255,439
Sales-type lease receivables
Financing Receivable, Recorded Investment, Past Due [Line Items]
Receivables	1,315,608	1,361,315
Unguaranteed residual values	88,295	103,845
Unearned income	(279,045)	(284,366)
Allowance for credit losses	(10,515)	(10,894)
Net investment in receivables	1,114,343	1,169,900
Sales-type lease receivables \| North America
Financing Receivable, Recorded Investment, Past Due [Line Items]
Receivables	1,023,549	1,088,053
Unguaranteed residual values	74,093	90,190
Unearned income	(216,720)	(223,908)
Allowance for credit losses	(7,721)	(8,247)
Net investment in receivables	873,201	946,088
Sales-type lease receivables \| International
Financing Receivable, Recorded Investment, Past Due [Line Items]
Receivables	292,059	273,262
Unguaranteed residual values	14,202	13,655
Unearned income	(62,325)	(60,458)
Allowance for credit losses	(2,794)	(2,647)
Net investment in receivables	241,142	223,812
Loan receivables
Financing Receivable, Recorded Investment, Past Due [Line Items]
Receivables	373,865	406,863
Allowance for credit losses	(8,118)	(9,606)
Net investment in receivables	365,747	397,257
Loan receivables \| North America
Financing Receivable, Recorded Investment, Past Due [Line Items]
Receivables	339,373	374,147
Allowance for credit losses	(7,098)	(8,517)
Net investment in receivables	332,275	365,630
Loan receivables \| International
Financing Receivable, Recorded Investment, Past Due [Line Items]
Receivables	34,492	32,716
Allowance for credit losses	(1,020)	(1,089)
Net investment in receivables	$ 33,472	$ 31,627
Minimum
Financing Receivable, Recorded Investment, Past Due [Line Items]
Lease period	3 years
Maximum
Financing Receivable, Recorded Investment, Past Due [Line Items]
Lease period	5 years

Finance Assets (Minimum Payments) (Details) - Sales-type lease receivables $ in Thousands	Dec. 31, 2017 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
2018	$ 644,690
2019	336,849
2020	203,784
2021	97,750
2022	27,444
Thereafter	5,091
Total	1,315,608
North America
Accounts, Notes, Loans and Financing Receivable [Line Items]
2018	513,886
2019	262,303
2020	154,581
2021	70,307
2022	18,340
Thereafter	4,132
Total	1,023,549
International
Accounts, Notes, Loans and Financing Receivable [Line Items]
2018	130,804
2019	74,546
2020	49,203
2021	27,443
2022	9,104
Thereafter	959
Total	$ 292,059

Finance Assets (Allowance for Credit Losses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Allowance for Credit Losses
Balance at	$ 20,500	$ 21,690	$ 28,004
Amounts charged to expense	15,607	13,371	11,388
Accounts written off	(17,474)	(14,561)	(17,702)
Balance at	18,633	20,500	21,690
Sales-type lease receivables \| North America
Allowance for Credit Losses
Balance at	8,247	6,606	10,125
Amounts charged to expense	7,544	5,136	1,189
Accounts written off	(8,070)	(3,495)	(4,708)
Balance at	7,721	8,247	6,606
Sales-type lease receivables \| International
Allowance for Credit Losses
Balance at	2,647	3,542	5,023
Amounts charged to expense	1,280	1,161	890
Accounts written off	(1,133)	(2,056)	(2,371)
Balance at	2,794	2,647	3,542
Loan receivables \| North America
Allowance for Credit Losses
Balance at	8,517	10,024	11,068
Amounts charged to expense	6,273	6,238	8,286
Accounts written off	(7,692)	(7,745)	(9,330)
Balance at	7,098	8,517	10,024
Loan receivables \| International
Allowance for Credit Losses
Balance at	1,089	1,518	1,788
Amounts charged to expense	510	836	1,023
Accounts written off	(579)	(1,265)	(1,293)
Balance at	$ 1,020	$ 1,089	$ 1,518

Finance Assets (Aging of Receivables) (Details) - USD ($) $ in Thousands	Feb. 15, 2018	Dec. 31, 2017	Dec. 31, 2016
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total		$ 1,689,473	$ 1,768,178
1 to 90 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of receivables		1,621,914	1,693,706
Greater Than 90 days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of receivables		67,559	74,472
Past due amounts greater than 90 days - Still accruing interest		12,545	9,803
Past due amounts greater than 90 days - Not accruing interest		55,014	64,669
North America \| Sales-type lease receivables
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total		1,023,549	1,088,053
North America \| Sales-type lease receivables \| Subsequent Event
Financing Receivable, Recorded Investment, Past Due [Line Items]
Proceeds from collection of finance receivables	$ 28,000
North America \| Sales-type lease receivables \| 1 to 90 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of receivables		971,002	1,025,313
North America \| Sales-type lease receivables \| Greater Than 90 days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of receivables		52,547	62,740
Past due amounts greater than 90 days - Still accruing interest		10,807	8,831
Past due amounts greater than 90 days - Not accruing interest		41,740	53,909
North America \| Loan receivables
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total		339,373	374,147
North America \| Loan receivables \| 1 to 90 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of receivables		330,503	366,726
North America \| Loan receivables \| Greater Than 90 days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of receivables		8,870	7,421
Past due amounts greater than 90 days - Still accruing interest		0	0
Past due amounts greater than 90 days - Not accruing interest		8,870	7,421
International \| Sales-type lease receivables
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total		292,059	273,262
International \| Sales-type lease receivables \| 1 to 90 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of receivables		286,170	269,247
International \| Sales-type lease receivables \| Greater Than 90 days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of receivables		5,889	4,015
Past due amounts greater than 90 days - Still accruing interest		1,738	972
Past due amounts greater than 90 days - Not accruing interest		4,151	3,043
International \| Loan receivables
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total		34,492	32,716
International \| Loan receivables \| 1 to 90 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of receivables		34,239	32,420
International \| Loan receivables \| Greater Than 90 days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of receivables		253	296
Past due amounts greater than 90 days - Still accruing interest		0	0
Past due amounts greater than 90 days - Not accruing interest		$ 253	$ 296

Finance Assets (Credit Quality) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Sales-type lease receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables	$ 1,315,608	$ 1,361,315
Sales-type lease receivables \| North America
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables	1,023,549	1,088,053
Loan receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables	373,865	406,863
Loan receivables \| North America
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables	$ 339,373	374,147
Low
Accounts, Notes, Loans and Financing Receivable [Line Items]
Approximate percentage of portfolio	30.00%
Low \| Sales-type lease receivables \| North America
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables	$ 819,776	879,823
Low \| Loan receivables \| North America
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables	$ 262,646	296,598
Medium
Accounts, Notes, Loans and Financing Receivable [Line Items]
Approximate percentage of portfolio	40.00%
Medium \| Sales-type lease receivables \| North America
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables	$ 148,000	135,953
Medium \| Loan receivables \| North America
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables	$ 56,744	53,647
High
Accounts, Notes, Loans and Financing Receivable [Line Items]
Approximate percentage of portfolio	30.00%
High \| Sales-type lease receivables \| North America
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables	$ 21,728	22,600
High \| Loan receivables \| North America
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables	6,791	7,216
Not Scored \| Sales-type lease receivables \| North America
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables	34,045	49,677
Not Scored \| Loan receivables \| North America
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables	$ 13,192	$ 16,686

Fixed Assets (Details) - USD ($) $ in Thousands	12 Months Ended
Fixed Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,145,034	$ 998,331
Accumulated depreciation	(765,990)	(683,728)
Property, plant and equipment, net	379,044	314,603
Rental property and equipment	394,627	400,913
Accumulated depreciation	(208,886)	(212,859)
Rental property and equipment, net	185,741	188,054
Depreciation expense	149,000	140,000	$ 136,000
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	9,333	9,908
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	207,024	185,431
Capitalized software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	224,753	192,395
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 703,924	$ 610,597

Acquisitions, Divestiture, Intangible Assets and Goodwill (Acquisitions) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Oct. 31, 2017	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Acquisitions, net of cash acquired			$ 482,853	$ 37,842	$ 393,695
Allocation of the purchase price
Goodwill		$ 1,952,444	1,952,444	1,571,335	1,745,957
Intangible assets acquired
Amortization period			34,000	38,000	37,000
Goodwill, Impairment Loss		$ 171,000	0	171,092	$ 0
Newgistics
Allocation of the purchase price
Accounts receivable	$ 36,195
Other current assets	16,051
Fixed assets	26,933
Goodwill	330,272
Intangible assets	135,640
Accounts payable and other current liabilities	(21,500)
Deferred taxes, net	(52,363)
Other assets and liabilities, net	(688)
Purchase price	470,540
Intangible assets acquired
Value	135,640
Revenue			140,000
Pro forma revenues			$ 341,000	$ 481,000
Newgistics \| Customer relationships
Intangible assets acquired
Value	$ 111,600
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	10 years
Newgistics \| Developed technology
Intangible assets acquired
Value	$ 19,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	5 years
Newgistics \| Tradenames
Intangible assets acquired
Value	$ 4,300
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	3 years
Newgistics \| Other
Intangible assets acquired
Value	$ 740
Newgistics \| Other \| Minimum
Intangible assets acquired
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	1 year
Newgistics \| Other \| Maximum
Intangible assets acquired
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	3 years

Acquisitions, Divestiture, Intangible Assets and Goodwill (Divestiture) (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Proceeds from sale of businesses, net of cash transferred	$ 292,000	$ 0	$ 0	$ 289,211
Gain on sale of businesses	$ 111,000	$ 0	$ (5,786)	$ 105,826

Acquisitions, Divestiture, Intangible Assets and Goodwill (Intangible Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Finite lived intangible assets
Gross Carrying Amount	$ 741,795	$ 631,288
Accumulated Amortization	(469,609)	(466,116)
Net Carrying Amount	272,186	165,172
Amortization period	34,000	38,000	$ 37,000
Customer relationships
Finite lived intangible assets
Gross Carrying Amount	526,149	445,039
Accumulated Amortization	(292,500)	(300,906)
Net Carrying Amount	233,649	144,133
Software & technology
Finite lived intangible assets
Gross Carrying Amount	173,141	150,037
Accumulated Amortization	(144,742)	(136,508)
Net Carrying Amount	28,399	13,529
Trademarks & other
Finite lived intangible assets
Gross Carrying Amount	42,505	36,212
Accumulated Amortization	(32,367)	(28,702)
Net Carrying Amount	$ 10,138	$ 7,510

Acquisitions, Divestiture, Intangible Assets and Goodwill (Future Amortization) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
2018	$ 42,564
2019	38,838
2020	34,251
2021	30,631
2022	29,223
Thereafter	96,679
Net Carrying Amount	$ 272,186	$ 165,172

Acquisitions, Divestiture, Intangible Assets and Goodwill (Goodwill) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Goodwill [Line Items]
Gross value before accumulated impairment					$ 1,742,427	$ 1,745,957
Accumulated impairment					(171,092)	0
Goodwill	$ 1,952,444	$ 1,571,335	$ 1,745,957	$ 1,745,957	1,571,335	1,745,957
Goodwill
Balance at		1,571,335	1,745,957
Acquisition		338,163	21,329
Impairment	(171,000)	0	(171,092)	0
Other		42,946	(24,859)
Balance at	1,952,444	1,952,444	1,571,335	1,745,957
North America Mailing
Goodwill [Line Items]
Gross value before accumulated impairment					354,000	357,215
Accumulated impairment					0	0
Goodwill	368,905	354,000	357,215	357,215	354,000	357,215
Goodwill
Balance at		354,000	357,215
Acquisition		0	0
Impairment		0	0
Other		14,905	(3,215)
Balance at	368,905	368,905	354,000	357,215
International Mailing
Goodwill [Line Items]
Gross value before accumulated impairment					145,566	148,351
Accumulated impairment					0	0
Goodwill	158,203	145,566	148,351	148,351	145,566	148,351
Goodwill
Balance at		145,566	148,351
Acquisition		0	0
Impairment		0	0
Other		12,637	(2,785)
Balance at	158,203	158,203	145,566	148,351
Production Mail
Goodwill [Line Items]
Gross value before accumulated impairment					101,099	105,757
Accumulated impairment					0	0
Goodwill	107,489	101,099	105,757	105,757	101,099	105,757
Goodwill
Balance at		101,099	105,757
Acquisition		0	0
Impairment		0	0
Other		6,390	(4,658)
Balance at	107,489	107,489	101,099	105,757
Presort Services
Goodwill [Line Items]
Gross value before accumulated impairment					196,890	196,890
Accumulated impairment					0	0
Goodwill	204,781	196,890	196,890	196,890	196,890	196,890
Goodwill
Balance at		196,890	196,890
Acquisition		7,891	0
Impairment		0	0
Other		0	0
Balance at	204,781	204,781	196,890	196,890
Software Solutions
Goodwill [Line Items]
Gross value before accumulated impairment					672,683	674,976
Accumulated impairment					(171,092)	0
Goodwill	510,605	501,591	674,976	674,976	501,591	674,976
Goodwill
Balance at		501,591	674,976
Acquisition		0	11,908
Impairment		0	(171,092)
Other		9,014	(14,201)
Balance at	510,605	510,605	501,591	674,976
Global Ecommerce
Goodwill [Line Items]
Gross value before accumulated impairment					272,189	262,768
Accumulated impairment					0	0
Goodwill	602,461	272,189	262,768	262,768	272,189	262,768
Goodwill
Balance at		272,189	262,768
Acquisition		330,272	9,421
Impairment		0	0
Other		0	0
Balance at	602,461	602,461	272,189	262,768
Small & Medium Business Solutions
Goodwill [Line Items]
Gross value before accumulated impairment					499,566	505,566
Accumulated impairment					0	0
Goodwill	527,108	499,566	505,566	505,566	499,566	505,566
Goodwill
Balance at		499,566	505,566
Acquisition		0	0
Impairment		0	0
Other		27,542	(6,000)
Balance at	527,108	527,108	499,566	505,566
Enterprise Business Solutions
Goodwill [Line Items]
Gross value before accumulated impairment					297,989	302,647
Accumulated impairment					0	0
Goodwill	312,270	297,989	302,647	302,647	297,989	302,647
Goodwill
Balance at		297,989	302,647
Acquisition		7,891	0
Impairment		0	0
Other		6,390	(4,658)
Balance at	312,270	312,270	297,989	302,647
Digital Commerce Solutions
Goodwill [Line Items]
Gross value before accumulated impairment					944,872	937,744
Accumulated impairment					(171,092)	0
Goodwill	1,113,066	773,780	937,744	937,744	$ 773,780	$ 937,744
Goodwill
Balance at		773,780	937,744
Acquisition		330,272	21,329
Impairment		0	(171,092)
Other		9,014	(14,201)
Balance at	$ 1,113,066	$ 1,113,066	$ 773,780	$ 937,744

Fair Value Measurements and Derivative Instruments (Available-For-Sale Securities) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	$ 365,776	$ 366,572
Gross unrealized gains	5,056	4,317
Gross unrealized losses	(2,999)	(4,286)
Estimated fair value	367,833	366,603
Investment securities at a loss position for more than 12 months, aggregate unrealized holding losses, less than $1million for 2016	2,000	1,000
Investment securities at a loss position for more than 12 months, estimated fair value	116,000	12,000
Investment securities at a loss position for less than 12 months, unrealized holding losses	1,000	4,000
Investment securities at a loss position for less than 12 months, estimated fair value	91,000	171,000
Government and related securities
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	131,872	136,316
Gross unrealized gains	1,984	1,571
Gross unrealized losses	(1,090)	(1,707)
Estimated fair value	132,766	136,180
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	73,612	69,376
Gross unrealized gains	1,724	1,180
Gross unrealized losses	(227)	(665)
Estimated fair value	75,109	69,891
Commingled fixed income securities
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	1,796	1,568
Gross unrealized gains	0	0
Gross unrealized losses	(40)	(32)
Estimated fair value	1,756	1,536
Mortgage-backed / asset-backed securities
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	158,496	159,312
Gross unrealized gains	1,348	1,566
Gross unrealized losses	(1,642)	(1,882)
Estimated fair value	$ 158,202	$ 158,996

Fair Value Measurements and Derivative Instruments (Reconciliation) (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Amortized cost
Within 1 year	$ 38,624
After 1 year through 5 years	111,756
After 5 years through 10 years	68,599
After 10 years	146,797
Total	365,776
Estimated fair value
Within 1 year	38,414
After 1 year through 5 years	111,704
After 5 years through 10 years	69,154
After 10 years	148,561
Total	$ 367,833

Fair Value Measurements and Derivative Instruments (Derivative Instruments) (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2016
Derivative [Line Items]
Total net derivative liability	$ 1,563,000	$ (1,492,000)
Total derivative assets
Derivative [Line Items]
Derivative asset	1,898,000	2,225,000
Total derivative liabilities
Derivative [Line Items]
Derivative liability	(335,000)	(3,717,000)
Foreign exchange contracts \| Derivatives designated as hedging instruments \| Other current assets and prepayments
Derivative [Line Items]
Derivative asset	57,000	487,000
Foreign exchange contracts \| Derivatives designated as hedging instruments \| Accounts payable and accrued liabilities
Derivative [Line Items]
Derivative liability	(144,000)	(136,000)
Foreign exchange contracts \| Derivatives not designated as hedging instruments \| Other current assets and prepayments
Derivative [Line Items]
Derivative asset	65,000	150,000
Foreign exchange contracts \| Derivatives not designated as hedging instruments \| Accounts payable and accrued liabilities
Derivative [Line Items]
Derivative liability	(191,000)	(3,581,000)
Interest rate swap \| Derivatives designated as hedging instruments \| Other non-current assets
Derivative [Line Items]
Derivative asset	1,776,000	1,588,000
Cash Flow Hedging
Derivative [Line Items]
Total notional amount of outstanding contracts	$ 10,000,000	$ 13,000,000
Cash Flow Hedging \| Interest rate contract
Derivative [Line Items]
Total notional amount of outstanding contracts			$ 300,000,000
Fixed interest rate			0.8826%

Fair Value Measurements and Derivative Instruments (Foreign Exchange Contracts) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Derivative [Line Items]
Gain (Loss) Reclassified from AOCI to Earnings (Effective Portion)	$ (211)	$ 154
Foreign exchange contracts
Derivative [Line Items]
Derivative Gain (Loss) Recognized in AOCI (Effective Portion)	(650)	496
Interest rate swap
Derivative [Line Items]
Derivative Gain (Loss) Recognized in AOCI (Effective Portion)	1,776	1,588
Revenue
Derivative [Line Items]
Gain (Loss) Reclassified from AOCI to Earnings (Effective Portion)	(179)	(68)
Cost of sales
Derivative [Line Items]
Gain (Loss) Reclassified from AOCI to Earnings (Effective Portion)	(32)	222
Interest Expense
Derivative [Line Items]
Gain (Loss) Reclassified from AOCI to Earnings (Effective Portion)	0	0
Selling, general and administrative expense \| Foreign exchange contracts
Derivative [Line Items]
Derivative Gain (Loss) Recognized in Earnings	$ (2,203)	$ (2,382)

Fair Value Measurements and Derivative Instruments (Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Carrying value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 3,830,335	$ 3,364,890
Fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 3,718,986	$ 3,412,581

Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Other assets:
Long-term investments	$ 435,612	$ 425,732
Other	105,184	99,041
Total	540,796	524,773
Accounts payable and accrued liabilities:
Accounts payable	302,101	293,538
Customer deposits	693,004	688,772
Employee related liabilities	260,116	205,901
Other	231,520	190,611
Total	$ 1,486,741	$ 1,378,822

Restructuring Charges and Asset Impairments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restructuring Reserve
Balance at	$ 28,657	$ 47,422
Expenses, net	55,867	46,165
Cash payments	(40,804)	(64,930)	$ (62,086)
Balance at	$ 43,720	28,657	47,422
Restructuring reserve, payment period	24 months
Asset impairment charges	$ 4,000
Minimum
Restructuring Reserve
Restructuring reserve, payment period	12 months
Maximum
Restructuring Reserve
Restructuring reserve, payment period	24 months
Severance and benefits costs
Restructuring Reserve
Balance at	$ 28,376	43,700
Expenses, net	53,322	44,510
Cash payments	(39,547)	(59,834)
Balance at	42,151	28,376	43,700
Other exit costs
Restructuring Reserve
Balance at	281	3,722
Expenses, net	2,545	1,655
Cash payments	(1,257)	(5,096)
Balance at	$ 1,569	281	$ 3,722
Facility closing
Restructuring Reserve
Asset impairment charges		5,000
Loss on sale of facility		$ 5,000

Debt (Long-term Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Sep. 30, 2017	May 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Principal amount	$ 3,866,317			$ 3,380,827
Less: unamortized costs, net	35,982			15,937
Total debt	3,830,335			3,364,890
Less: current portion long-term debt	271,057			614,485
Long-term debt	$ 3,559,278			2,750,405
Notes due \| Notes due September 2017
Debt Instrument [Line Items]
Interest rate	5.75%
Principal amount	$ 0			385,109
Notes due \| Notes due March 2018
Debt Instrument [Line Items]
Interest rate	5.60%
Principal amount	$ 250,000			250,000
Notes due \| Notes due May 2018
Debt Instrument [Line Items]
Interest rate	4.75%
Principal amount	$ 0			350,000
Notes due \| Notes due March 2019
Debt Instrument [Line Items]
Interest rate	6.25%
Principal amount	$ 300,000			300,000
Notes due \| Notes due September 2020
Debt Instrument [Line Items]
Interest rate	3.625%
Principal amount	$ 300,000	$ 300,000		0
Notes due \| Notes due October 2021
Debt Instrument [Line Items]
Interest rate	3.625%
Principal amount	$ 600,000			600,000
Notes due \| Notes due May 2022
Debt Instrument [Line Items]
Interest rate	4.125%		3.875%
Principal amount	$ 400,000			0
Notes due \| Notes due April 2023
Debt Instrument [Line Items]
Interest rate	4.70%
Principal amount	$ 400,000	$ 400,000		0
Notes due \| Notes due March 2024
Debt Instrument [Line Items]
Interest rate	4.625%
Principal amount	$ 500,000			500,000
Notes due \| Notes due January 2037
Debt Instrument [Line Items]
Interest rate	5.25%
Principal amount	$ 35,841			115,041
Notes due \| Notes due March 2043
Debt Instrument [Line Items]
Interest rate	6.70%
Principal amount	$ 425,000			425,000
Term loans
Debt Instrument [Line Items]
Principal amount	650,000			450,000
Other debt
Debt Instrument [Line Items]
Principal amount	$ 5,476			$ 5,677

Debt (Narrative) (Details) - USD ($)	3 Months Ended	12 Months Ended
Debt (Narrative) (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Sep. 30, 2017	May 31, 2017
Debt Instrument [Line Items]
Principal amount	$ 3,866,317,000	$ 3,866,317,000	$ 3,380,827,000
Loss on extinguishment of debt		0	(10,000,000)	$ 0
Maximum borrowing capacity	1,000,000,000	1,000,000,000
Term Loan
Debt Instrument [Line Items]
Principal amount					$ 350,000,000
Notes due September 2020 \| Notes due
Debt Instrument [Line Items]
Principal amount	$ 300,000,000	$ 300,000,000	0		300,000,000
Interest rate	3.625%	3.625%
Debt face amount	$ 200,000,000	$ 200,000,000
Interest rate during period	2.78%
Notes due September 2020 \| Notes due \| Eurodollar
Debt Instrument [Line Items]
Basis Spread on variable rate		1.50%
Notes due April 2023 \| Notes due
Debt Instrument [Line Items]
Principal amount	$ 400,000,000	$ 400,000,000	0		$ 400,000,000
Interest rate	4.70%	4.70%
Debt due 2018 \| Notes due
Debt Instrument [Line Items]
Debt face amount	$ 150,000,000	$ 150,000,000
Extension period		1 year
Interest rate during period	2.49%
Debt due 2018 \| Notes due \| Eurodollar
Debt Instrument [Line Items]
Basis Spread on variable rate		1.125%
Notes due May 2022 \| Notes due
Debt Instrument [Line Items]
Principal amount	$ 400,000,000	$ 400,000,000	0
Interest rate	4.125%	4.125%				3.875%
Percentage increase	0.25%	0.25%
Notes due June 2017 \| Notes due
Debt Instrument [Line Items]
Debt face amount	$ 150,000,000	$ 150,000,000
Notes due September 2017 \| Notes due
Debt Instrument [Line Items]
Principal amount	$ 0	$ 0	385,109,000
Interest rate	5.75%	5.75%
Debt face amount	$ 385,000,000	$ 385,000,000
Notes due May 2018 \| Notes due
Debt Instrument [Line Items]
Principal amount	$ 0	$ 0	350,000,000
Interest rate	4.75%	4.75%
Debt face amount	$ 350,000,000	$ 350,000,000
Loss on extinguishment of debt		4,000,000
Notes due January 2037 \| Notes due
Debt Instrument [Line Items]
Principal amount	$ 35,841,000	$ 35,841,000	115,041,000
Interest rate	5.25%	5.25%
Debt redemption	$ 79,000,000	$ 79,000,000
Notes due October 2021 \| Notes due
Debt Instrument [Line Items]
Principal amount	$ 600,000,000	$ 600,000,000	600,000,000
Interest rate	3.625%	3.625%
Percentage increase	0.25%	0.25%
Commercial Paper
Debt Instrument [Line Items]
Commercial paper	$ 0	$ 0	$ 0

Debt (Maturities of Outstanding Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
2018	$ 270,000
2019	500,000
2020	730,476
2021	600,000
2022	400,000
Thereafter	1,365,841
Total debt	$ 3,866,317	$ 3,380,827

Retirement Plans and Postretirement Medical Benefits (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Eligibility age for retiree medical benefits	55 years
Percent of all foreign plan assets	75.00%
Fair value of plan assets	$ 477,000	$ 410,000
Expected return on plan assets	6.25%	6.50%
Assumed health care cost trend rate	7.00%	6.00%
Next year's assumed health care cost trend rate	7.00%
Assumed health care cost trend rate decline	5.00%
Total contributions to defined contribution plans	$ 31,000	$ 32,000
Nonpension postretirement benefit plans
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation	188,841	189,772	$ 211,878
United States
Defined Benefit Plan Disclosure [Line Items]
Next year's anticipated total contributions to pension plans	$ 8,000
Nominal rate of return	7.00%
Fair value of plan assets	$ 1,557,069	$ 1,463,350
Expected return on plan assets	6.75%	7.00%	7.00%
United States \| Nonpension postretirement benefit plans
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation	$ 172,000	$ 174,000
Foreign
Defined Benefit Plan Disclosure [Line Items]
Next year's anticipated total contributions to pension plans	$ 11,000
Nominal rate of return	6.25%
Fair value of plan assets	$ 476,825	$ 425,962

Retirement Plans and Postretirement Medical Benefits (Benefit Obligations and Funded Status) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
United States
Fair value of plan assets
Fair value of plan assets - beginning of year	$ 1,464,082
Fair value of plan assets - end of year	1,557,907	$ 1,464,082
Foreign
Fair value of plan assets
Fair value of plan assets - beginning of year	547,290
Fair value of plan assets - end of year	632,710	547,290
Pension Benefits \| United States
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	1,726,824	1,677,288
Projected benefit obligation
Benefit obligation - beginning of year	1,678,097	1,689,885
Service cost	132	105	$ 134
Interest cost	68,611	73,699	74,331
Plan participants' contributions	0	0
Actuarial loss	92,789	31,764
Foreign currency changes	0	0
Settlement	0	(5,887)
Benefits paid	(111,892)	(111,469)
Benefit obligation - end of year	1,727,737	1,678,097	1,689,885
Fair value of plan assets
Fair value of plan assets - beginning of year	1,464,082	1,460,790
Actual return on plan assets	199,749	110,954
Company contributions	5,968	9,694
Plan participants' contributions	0	0
Settlement	0	(5,887)
Foreign currency changes	0	0
Benefits paid	(111,892)	(111,469)
Fair value of plan assets - end of year	1,557,907	1,464,082	1,460,790
Amounts recognized in the Consolidated Balance Sheets
Noncurrent asset	392	310
Current liability	(8,362)	(7,937)
Noncurrent liability	(161,860)	(206,388)
Funded status	(169,830)	(214,015)
Pension Benefits \| Foreign
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	737,580	675,566
Projected benefit obligation
Benefit obligation - beginning of year	688,172	647,112
Service cost	2,274	2,148	2,229
Interest cost	18,836	21,886	24,261
Plan participants' contributions	6	6
Actuarial loss	2,098	127,054
Foreign currency changes	64,236	(88,138)
Settlement	0	(423)
Benefits paid	(24,249)	(21,473)
Benefit obligation - end of year	751,373	688,172	647,112
Fair value of plan assets
Fair value of plan assets - beginning of year	547,290	530,112
Actual return on plan assets	46,542	68,067
Company contributions	13,081	40,872
Plan participants' contributions	6	6
Settlement	0	(423)
Foreign currency changes	50,040	(69,871)
Benefits paid	(24,249)	(21,473)
Fair value of plan assets - end of year	632,710	547,290	530,112
Amounts recognized in the Consolidated Balance Sheets
Noncurrent asset	19,139	11,744
Current liability	(1,188)	(1,045)
Noncurrent liability	(136,614)	(151,581)
Funded status	(118,663)	(140,882)
Nonpension postretirement benefit plans
Projected benefit obligation
Benefit obligation - beginning of year	189,772	211,878
Service cost	1,727	2,046	2,455
Interest cost	7,100	7,969	8,799
Plan participants' contributions	3,820	4,241
Actuarial loss	5,134	(13,934)
Foreign currency changes	1,066	409
Benefits paid	(19,778)	(22,837)
Benefit obligation - end of year	188,841	189,772	211,878
Fair value of plan assets
Fair value of plan assets - beginning of year	0	0
Company contributions	15,958	18,596
Plan participants' contributions	3,820	4,241
Benefits paid	(19,778)	(22,837)
Fair value of plan assets - end of year	0	0	$ 0
Amounts recognized in the Consolidated Balance Sheets
Current liability	(17,712)	(18,127)
Noncurrent liability	(171,129)	(171,645)
Funded status	(188,841)	(189,772)
Nonpension postretirement benefit plans \| United States
Projected benefit obligation
Benefit obligation - beginning of year	174,000
Benefit obligation - end of year	$ 172,000	$ 174,000

Retirement Plans and Postretirement Medical Benefits (Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 477,000	$ 410,000
United States
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	1,727,292	1,677,675
Accumulated benefit obligation	1,726,378	1,676,866
Fair value of plan assets	1,557,069	1,463,350
Foreign
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	614,371	578,588
Accumulated benefit obligation	601,412	565,992
Fair value of plan assets	$ 476,825	$ 425,962

Retirement Plans and Postretirement Medical Benefits (Pretax Amounts Recognized in AOCI) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Nonpension postretirement benefit plans
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss	$ 43,160	$ 41,625
Prior service credit	1,466	1,763
Total	44,626	43,388
United States \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss	835,265	873,523
Prior service credit	(391)	(452)
Transition asset	0	0
Total	834,874	873,071
Foreign \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss	321,914	342,169
Prior service credit	(597)	(667)
Transition asset	(24)	(32)
Total	$ 321,293	$ 341,470

Retirement Plans and Postretirement Medical Benefits (Estimated Amounts to be Amortized from AOCI into Net Periodic Benefit) (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Nonpension postretirement benefit plans
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss	$ 3,736
Prior service credit	351
Total	4,087
United States \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss	32,303
Prior service credit	(60)
Transition asset	0
Total	32,243
Foreign \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss	7,304
Prior service credit	(72)
Transition asset	(7)
Total	$ 7,225

Retirement Plans and Postretirement Medical Benefits (Components of Net Periodic Benefit Cost for Defined Benefit Pension Plans) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Nonpension postretirement benefit plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1,727	$ 2,046	$ 2,455
Interest cost	7,100	7,969	8,799
Amortization of prior service credit	297	297	297
Amortization of net actuarial loss	3,600	3,615	7,528
Net periodic benefit (income) cost	12,724	13,927	19,079
United States \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	132	105	134
Interest cost	68,611	73,699	74,331
Expected return on plan assets	(97,656)	(101,918)	(104,004)
Amortization of net transition asset	0	0	0
Amortization of prior service credit	(60)	(60)	(60)
Amortization of net actuarial loss	28,954	27,220	29,272
Special termination benefits	0	0	0
Settlement	0	2,109	1,243
Net periodic benefit (income) cost	(19)	1,155	916
Foreign \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	2,274	2,148	2,229
Interest cost	18,836	21,886	24,261
Expected return on plan assets	(32,242)	(32,615)	(35,421)
Amortization of net transition asset	(8)	(8)	(9)
Amortization of prior service credit	(71)	(73)	(66)
Amortization of net actuarial loss	8,052	5,264	5,926
Special termination benefits	0	52	79
Settlement	0	110	0
Net periodic benefit (income) cost	$ (3,159)	$ (3,236)	$ (3,001)

Retirement Plans and Postretirement Medical Benefits (Other Changes in Plan Assets and Benefit Obligations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Nonpension postretirement benefit plans
Defined Benefit Plan Disclosure [Line Items]
Net actuarial (gain) loss	$ 5,134	$ (13,934)
Amortization of net actuarial loss	(3,600)	(3,615)
Amortization of prior service credit	(297)	(297)
Total recognized in other comprehensive income	1,237	(17,846)
United States
Defined Benefit Plan Disclosure [Line Items]
Net actuarial (gain) loss	(9,304)	22,728
Amortization of net actuarial loss	(28,954)	(27,220)
Amortization of prior service credit	60	60
Net transition asset	0	0
Settlement	0	(2,109)
Total recognized in other comprehensive income	(38,198)	(6,541)
Foreign
Defined Benefit Plan Disclosure [Line Items]
Net actuarial (gain) loss	(12,202)	91,549
Amortization of net actuarial loss	(8,052)	(5,264)
Amortization of prior service credit	71	73
Net transition asset	8	8
Settlement	0	(110)
Total recognized in other comprehensive income	$ (20,175)	$ 86,256

Retirement Plans and Postretirement Medical Benefits (Weighted-Average Actuarial Assumptions) (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets	6.25%	6.50%
United States
Defined Benefit Plan Disclosure [Line Items]
Discount rate	3.69%	4.20%	4.55%
Discount rate	4.20%	4.55%	4.15%
Expected return on plan assets	6.75%	7.00%	7.00%
Foreign \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Discount rate	0.65%	0.70%	1.15%
Discount rate	0.70%	1.15%	1.10%
Expected return on plan assets	3.75%	3.75%	4.00%
Rate of compensation increase	1.50%	1.50%	1.50%
Rate of compensation increase	1.50%	1.50%	1.50%
Foreign \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Discount rate	3.35%	3.65%	3.95%
Discount rate	3.65%	3.95%	3.80%
Expected return on plan assets	6.25%	6.51%	7.00%
Rate of compensation increase	2.50%	2.50%	3.50%
Rate of compensation increase	3.30%	3.50%	3.50%
Pension Benefits \| United States
Defined Benefit Plan Disclosure [Line Items]
Discount rate	3.55%	3.90%	4.20%
Discount rate	3.90%	4.20%	3.90%
Pension Benefits \| Canada
Defined Benefit Plan Disclosure [Line Items]
Discount rate	3.35%	3.65%	3.95%
Discount rate	3.65%	3.95%	3.80%

Retirement Plans and Postretirement Medical Benefits (Target Asset Allocation) (Details)	Dec. 31, 2017	Dec. 31, 2016
United States
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	100.00%
Percent of Plan Assets	100.00%	100.00%
United States \| U.S. equities
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	15.00%
Percent of Plan Assets	15.00%	17.00%
United States \| Non-U.S. equities
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	15.00%
Percent of Plan Assets	15.00%	13.00%
United States \| Fixed income
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	60.00%
Percent of Plan Assets	62.00%	60.00%
United States \| Real estate
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	5.00%
Percent of Plan Assets	6.00%	6.00%
United States \| Private equity
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	5.00%
Percent of Plan Assets	2.00%	4.00%
Foreign
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	100.00%
Percent of Plan Assets	100.00%	100.00%
Foreign \| Fixed income
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	40.00%
Percent of Plan Assets	41.00%	41.00%
Foreign \| Real estate
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	10.00%
Percent of Plan Assets	9.00%	8.00%
Foreign \| U.K. equities
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	10.00%
Percent of Plan Assets	10.00%	22.00%
Foreign \| Non-U.K. equities
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	30.00%
Percent of Plan Assets	29.00%	19.00%
Foreign \| Diversified growth
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	10.00%
Percent of Plan Assets	9.00%	9.00%
Foreign \| Cash
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	0.00%
Percent of Plan Assets	2.00%	1.00%

Retirement Plans and Postretirement Medical Benefits (Level 3 Gains and Losses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
United States
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at	$ 138,725	$ 147,738
Realized gains	10,231	11,488
Unrealized gains (losses)	112	(2,687)
Net purchases, sales and settlements	(19,354)	(17,814)
Balance at	129,714	138,725
United States \| Mortgage-backed securities /asset-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at	1,236	1,592
Realized gains	25	8
Unrealized gains (losses)	49	38
Net purchases, sales and settlements	(1,310)	(402)
Balance at	0	1,236
United States \| Private equity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at	49,637	63,577
Realized gains	9,226	10,200
Unrealized gains (losses)	(2,334)	(7,540)
Net purchases, sales and settlements	(18,167)	(16,600)
Balance at	38,362	49,637
United States \| Real estate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at	87,852	82,569
Realized gains	980	1,280
Unrealized gains (losses)	2,397	4,815
Net purchases, sales and settlements	123	(812)
Balance at	91,352	87,852
Foreign
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at	71,262	59,690
Unrealized gains (losses)	5,710	3,020
Net purchases, sales and settlements	1,481	20,464
Foreign currency gain	7,172	(11,912)
Balance at	85,625	71,262
Foreign \| Real estate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at	34,483	39,177
Unrealized gains (losses)	2,159	459
Net purchases, sales and settlements	1,481	1,436
Foreign currency gain	3,478	(6,589)
Balance at	41,601	34,483
Foreign \| Diversified growth funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at	36,779	20,513
Unrealized gains (losses)	3,551	2,561
Net purchases, sales and settlements	0	19,028
Foreign currency gain	3,694	(5,323)
Balance at	$ 44,024	$ 36,779

Retirement Plans and Postretirement Medical Benefits (Effect of Change in the Assumed Health Care Cost Trend Rates) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)
Retirement Benefits [Abstract]
Effect of 1% increase on total of service and interest cost components	$ 323
Effect of 1% decrease on total of service and interest cost components	(269)
Effect of 1% increase on postretirement benefit obligation	7,672
Effect of 1% decrease on postretirement benefit obligation	$ (6,479)

Retirement Plans and Postretirement Medical Benefits (Nonpension Estimated Future Benefit Payments) (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
2018	$ 132,626
2019	129,051
2020	130,201
2021	128,257
2022	128,221
Thereafter	628,715
Total	1,277,071
Nonpension benefits
Defined Benefit Plan Disclosure [Line Items]
2018	17,693
2019	17,163
2020	16,554
2021	15,952
2022	15,347
Thereafter	63,303
Total	$ 146,012

Income Taxes (Income From Continuing Operations Before Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
U.S.									$ 195,291	$ 169,493	$ 516,233
International									87,698	76,877	94,592
Income from continuing operations before income taxes	$ 57,622	$ 74,965	$ 53,853	$ 96,549	$ (40,125)	$ 93,593	$ 93,238	$ 99,664	$ 282,989	$ 246,370	$ 610,825

Income Taxes (Provision for Income Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
U.S. Federal:
Current									$ 46,836	$ 95,598	$ 115,557
Deferred									(48,449)	(1,559)	19,941
U.S. Federal: Total									(1,613)	94,039	135,498
U.S. State and Local:
Current									461	9,409	11,243
Deferred									15,460	4,757	16,094
U.S. State and Local: Total									15,921	14,166	27,337
International:
Current									(1,766)	22,872	22,794
Deferred									9,107	742	4,149
International: Total									7,341	23,614	26,943
Total current									45,531	127,879	149,594
Total deferred									(23,882)	3,940	40,184
Total provision for income taxes	$ (32,326)	$ 17,607	$ 4,952	$ 31,416	$ 38,204	$ 23,197	$ 33,394	$ 37,024	$ 21,649	$ 131,819	$ 189,778
Effective tax rate									7.70%	53.50%	31.10%

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating Loss Carryforwards [Line Items]
Income tax benefit from Tax Act	$ 39,000
Remeasurement of U.S. deferred tax liability	130,000
U.S. tax on unremitted earnings	90,916	$ 0	$ 0
Tax benefits from IRS tax settlements and resolution of U.S. tax examinations	30,000	15,000	20,000
Tax benefits from the retroactive effect U.S. tax legislation		58,000	3,000
Valuation allowance on tax attribute carryovers		6,000
Net operating loss carryforwards	287,000
Indefinite lived net operating loss carryforwards	$ 225,000
Operating loss carryforwards, expiration period	15 years
Tax credit carry forwards	$ 82,285	53,181
Tax credit carry forward without expiration	49,000
Unrecognized tax benefits that would affect the effective tax rate if recognized	$ 74,000	104,000	117,000
Possible change to unrecognized tax benefits	25.00%
Interest and penalties	$ (4,000)	1,000	$ (4,000)
Income tax interest and penalties accrued	$ 4,000	$ 9,000
Minimum
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards, expiration period	5 years
Maximum
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards, expiration period	15 years

Income Taxes (Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract]
Federal statutory provision									$ 99,045	$ 86,229	$ 213,789
State and local income taxes									7,327	9,208	17,769
Other impact of foreign operations									(31,573)	(13,806)	(6,492)
Tax incentives/credits/exempt income									(16,292)	(10,735)	(12,130)
Outside basis differences									0	0	(27,110)
Goodwill impairments									0	58,022	0
Remeasurement of U.S. deferred tax liability									(129,612)	0	0
U.S. tax on unremitted earnings									90,916	0	0
Other, net									1,838	2,901	3,952
Total provision for income taxes	$ (32,326)	$ 17,607	$ 4,952	$ 31,416	$ 38,204	$ 23,197	$ 33,394	$ 37,024	$ 21,649	$ 131,819	$ 189,778

Income Taxes (Deferred Tax Liabilities and Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Deferred tax liabilities:
Depreciation	$ (77,415)	$ (93,475)
Deferred profit (for tax purposes) on sale to finance subsidiary	(60,340)	(98,247)
Lease revenue and related depreciation	(133,908)	(137,665)
Intangible assets	(106,488)	(113,128)
Other	(22,468)	(27,340)
Gross deferred tax liabilities	(400,619)	(469,855)
Deferred tax assets:
Nonpension postretirement benefits	48,387	71,101
Pension	66,270	105,564
Inventory and equipment capitalization	11,380	13,318
Restructuring charges	12,476	6,980
Long-term incentives	11,544	17,923
Net operating loss	108,006	97,194
Tax credit carry forwards	82,285	53,181
Tax uncertainties gross-up	9,920	18,273
Other	51,436	79,799
Gross deferred tax assets	401,704	463,333
Less: Valuation allowance	(178,156)	(127,095)
Net deferred tax assets	223,548	336,238
Total deferred taxes, net	$ (177,071)	$ (133,617)

Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciliation of Unrecognized Tax Benefits
Balance at beginning of year	$ 124,728	$ 139,249	$ 132,495
Increases from prior period positions	528	0	7,637
Decreases from prior period positions	(31,470)	(21,207)	(16,753)
Increases from current period positions	5,951	10,867	23,533
Decreases relating to settlements with tax authorities	(6,953)	(1,791)	(3,831)
Reductions from lapse of applicable statute of limitations	(3,017)	(2,390)	(3,832)
Balance at end of year	$ 89,767	$ 124,728	$ 139,249

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Leases [Abstract]
Rental expense	$ 46,000	$ 45,000	$ 47,000
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2018	47,820
2019	39,107
2020	30,180
2021	22,266
2022	15,256
Thereafter	63,685
Total minimum lease payments	$ 218,314

Stockholders' Equity (Deficit) (Details)	12 Months Ended
Stockholders' Equity (Deficit) (Details)	Dec. 31, 2017 class $ / shares shares	Dec. 31, 2016 shares	Dec. 31, 2015 shares	Dec. 31, 2017 $ / shares shares
Schedule of Capitalization, Equity [Line Items]
Number of classes of preferred stock \| class	2
Preferred stock, dividend rate	4.00%	4.00%
Stock
Shares reserved for issuance under stock plans, dividend reinvestment program and conversion of Preferred and Preference Stock				33,691,570
Preferred Stock
Schedule of Capitalization, Equity [Line Items]
Preferred stock, dividend rate	4.00%
Dividends \| $ / shares	$ 2
Shares issued upon conversion				24.24
Redemption price per share \| $ / shares				$ 50
Shares authorized to be issued				600,000
Shares outstanding	12	12		12
Stock
Shares outstanding	12
Shares outstanding	12	12
Preference Stock
Schedule of Capitalization, Equity [Line Items]
Dividends \| $ / shares	$ 2.12
Shares issued upon conversion				16.53
Redemption price per share \| $ / shares				$ 28
Shares authorized to be issued				5,000,000
Shares outstanding	17,832	17,832		16,301
Stock
Shares outstanding	17,832
Shares outstanding	16,301	17,832
Common Stock
Schedule of Capitalization, Equity [Line Items]
Shares outstanding	185,668,718	195,521,208	201,027,964	186,603,738
Stock
Shares outstanding	185,668,718	195,521,208	201,027,964
Repurchases of common stock		(10,633,235)	(6,476,796)
Issuance of common stock	881,480	767,060	943,686
Conversions to common stock	53,540	13,685	26,354
Shares outstanding	186,603,738	185,668,718	195,521,208
Treasury Stock
Schedule of Capitalization, Equity [Line Items]
Shares outstanding	137,669,194	127,816,704	122,309,948	136,734,174
Stock
Shares outstanding	137,669,194	127,816,704	122,309,948
Repurchases of common stock		(10,633,235)	(6,476,796)
Issuance of common stock	881,480	767,060	943,686
Conversions to common stock	53,540	13,685	26,354
Shares outstanding	136,734,174	137,669,194	127,816,704

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Revenue	$ 1,049,117	$ 842,820	$ 821,371	$ 836,640	$ 887,069	$ 839,031	$ 835,886	$ 844,589	$ 3,549,948	$ 3,406,575	$ 3,578,060
Interest expense									(113,497)	(88,970)	(87,583)
Tax (benefit) provision	(32,326)	$ 17,607	$ 4,952	31,416	38,204	23,197	33,394	37,024	21,649	131,819	189,778
Net income					(79,079)	$ 70,105	$ 58,184	62,640	261,340	111,850	426,318
Accumulated Other Comprehensive Income (Loss)
Balance at				(940,133)				(888,635)	(940,133)	(888,635)	(846,156)
Other comprehensive income (loss) before reclassifications									119,446	(77,619)	(73,459)
Amounts reclassified from accumulated other comprehensive income (loss)									28,514	26,121	30,980
Other comprehensive income (loss)									147,960	(51,498)	(42,479)
Balance at	(792,173)				(940,133)				(792,173)	(940,133)	(888,635)
Cash flow hedges
Accumulated Other Comprehensive Income (Loss)
Balance at				(1,485)				(3,912)	(1,485)	(3,912)	(4,689)
Other comprehensive income (loss) before reclassifications									(288)	1,095	546
Amounts reclassified from accumulated other comprehensive income (loss)									1,367	1,332	231
Other comprehensive income (loss)									1,079	2,427	777
Balance at	(406)				(1,485)				(406)	(1,485)	(3,912)
Available-for-sale securities
Accumulated Other Comprehensive Income (Loss)
Balance at				120				536	120	536	2,966
Other comprehensive income (loss) before reclassifications									1,158	(1,109)	(1,715)
Amounts reclassified from accumulated other comprehensive income (loss)									319	693	(715)
Other comprehensive income (loss)									1,477	(416)	(2,430)
Balance at	1,597				120				1,597	120	536
Pension and postretirement benefit plans
Accumulated Other Comprehensive Income (Loss)
Balance at				(787,813)				(738,768)	(787,813)	(738,768)	(786,079)
Other comprehensive income (loss) before reclassifications									12,185	(73,141)	19,146
Amounts reclassified from accumulated other comprehensive income (loss)									26,828	24,096	28,165
Other comprehensive income (loss)									39,013	(49,045)	47,311
Balance at	(748,800)				(787,813)				(748,800)	(787,813)	(738,768)
Foreign currency adjustments
Accumulated Other Comprehensive Income (Loss)
Balance at				$ (150,955)				$ (146,491)	(150,955)	(146,491)	(58,354)
Other comprehensive income (loss) before reclassifications									106,391	(4,464)	(91,436)
Amounts reclassified from accumulated other comprehensive income (loss)									0	0	3,299
Other comprehensive income (loss)									106,391	(4,464)	(88,137)
Balance at	$ (44,564)				$ (150,955)				(44,564)	(150,955)	(146,491)
Amounts Reclassified from AOCI \| Cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Revenue									(179)	68	1,082
Cost of sales									(32)	(222)	551
Interest expense									(2,028)	(2,028)	(2,028)
Total before tax									(2,239)	(2,182)	(395)
Tax (benefit) provision									(872)	(850)	(164)
Net income									(1,367)	(1,332)	(231)
Amounts Reclassified from AOCI \| Available-for-sale securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Tax (benefit) provision									(201)	(433)	419
Net income									(319)	(693)	715
Interest income									(520)	(1,126)	1,134
Amounts Reclassified from AOCI \| Pension and postretirement benefit plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total before tax									(40,764)	(38,526)	(44,131)
Tax (benefit) provision									(13,936)	(14,430)	(15,966)
Net income									(26,828)	(24,096)	(28,165)
Transition asset									8	8	9
Prior service costs									(166)	(164)	(171)
Actuarial losses									$ (40,606)	$ (38,370)	$ (43,969)

Stock-Based Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants	15,725,806
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Unrecognized compensation cost	$ 15
Weighted average recognition period	1 year 9 months 18 days
Intrinsic value of units outstanding	$ 28
Intrinsic value of units vested	26	$ 14	$ 18
Fair value of units vested	$ 14	$ 21	$ 14
Shares granted (in shares)	1,995,473	826,546	809,436
Issued weighted average fair value (in dollars per shares)	$ 13.24	$ 17.20	$ 21.15
Restricted Stock Units \| Directors' Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Shares granted (in shares)	63,090	54,855
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Shares granted (in shares)	1,073,934	889,599
Performance Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target number of awards granted	0.00%
Performance Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target number of awards granted	200.00%
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 4
Weighted average recognition period	1 year 8 months 12 days
Expiration period	10 years
Options exercised	0	0
Stock Options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock purchase plan discounted offering price of commons stock	95.00%
Shares purchased under the Employee Stock Purchase Plan	150,629	147,680
Shares reserved for future purchase under the ESPP	2,770,428

Stock-Based Compensation Plans (Restricted Stock Units) (Details) - Restricted Stock Units - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Shares
Units outstanding beginning (in shares)	1,609,459	1,727,214
Granted (in shares)	1,995,473	826,546	809,436
Vested (in shares)	(784,295)	(822,290)
Forfeited (in shares)	(169,584)	(122,011)
Units outstanding ending (in shares)	2,651,053	1,609,459	1,727,214
Weighted average grant date fair value
Weighted average grant date fair value - Beginning (in dollars per shares)	$ 17.50	$ 18.30
Granted (in dollars per shares)	13.24	17.20	$ 21.15
Vested (in dollars per shares)	19.42	19.91
Forfeited (in dollars per shares)	14.76	19.97
Weighted average grant date fair value - Ending (in dollars per shares)	$ 14.16	$ 17.50	$ 18.30

Stock-Based Compensation Plans (Performance Stock Units) (Details) - Performance Stock Units - shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Shares
Units outstanding beginning (in shares)	379,898	1,107,515
Granted (in shares)	1,073,934	889,599
Performance adjustments (in shares)	(226,154)	(1,400,425)
Forfeited (in shares)	(82,653)	(216,791)
Units outstanding ending (in shares)	1,145,025	379,898

Stock-Based Compensation Plans (Stock Option Activity) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Shares
Closing Balance (in shares)	10,495,039
Options outstanding - end of the year (in shares)	6,690,250
Per share weighted average exercise prices
Closing Balance (in dollars per shares)	$ 21.67
Options exercisable - end of the year (in dollars per share)	$ 25.57
Stock Options
Shares
Closing Balance (in shares)	9,122,762	8,771,600
Granted (in shares)	2,553,510	1,758,760
Canceled (in shares)	(63,517)	(157,176)
Expired (in shares)	(1,117,716)	(1,250,422)
Closing Balance (in shares)	10,495,039	9,122,762
Options outstanding - end of the year (in shares)	6,690,250	7,140,772
Per share weighted average exercise prices
Opening Balance (in dollars per shares)	$ 27.13	$ 31.26
Granted (in dollars per share)	13.16	16.87
Canceled (in dollars per share)	20.34	19.48
Expired (in dollars per share)	46.88	42.62
Closing Balance (in dollars per shares)	21.67	27.13
Options exercisable - end of the year (in dollars per share)	$ 25.57	$ 27.47

Stock-Based Compensation Plans (Exercise Price Range) (Details)	12 Months Ended
	Dec. 31, 2017 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding - Shares (in shares) \| shares	10,495,039
Options Outstanding - Per share weighted-average exercise price (in dollars per share)	$ 21.67
Options Outstanding - Weighted-average remaining contractual life	4 years 11 months 8 days
Options Exercisable - Shares (in shares) \| shares	6,690,250
Options Exercisable - Per share weighted-average exercise price (in dollars per share)	$ 25.57
Options Exercisable - Weighted-average remaining contractual life	2 years 9 months 14 days
$13.11 - $14.26
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of per share exercise prices, lower range (in dollars per share)	$ 13.11
Range of per share exercise prices, upper range (in dollars per share)	$ 14.26
Options Outstanding - Shares (in shares) \| shares	2,653,510
Options Outstanding - Per share weighted-average exercise price (in dollars per share)	$ 13.17
Options Outstanding - Weighted-average remaining contractual life	8 years 11 months 8 days
Options Exercisable - Shares (in shares) \| shares	100,000
Options Exercisable - Per share weighted-average exercise price (in dollars per share)	$ 13.39
Options Exercisable - Weighted-average remaining contractual life	4 years 11 months 1 day
$14.27 - $21.89
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of per share exercise prices, lower range (in dollars per share)	$ 14.27
Range of per share exercise prices, upper range (in dollars per share)	$ 21.89
Options Outstanding - Shares (in shares) \| shares	2,347,595
Options Outstanding - Per share weighted-average exercise price (in dollars per share)	$ 17.07
Options Outstanding - Weighted-average remaining contractual life	7 years 1 month 27 days
Options Exercisable - Shares (in shares) \| shares	1,296,316
Options Exercisable - Per share weighted-average exercise price (in dollars per share)	$ 17.22
Options Exercisable - Weighted-average remaining contractual life	6 years 4 months 20 days
$21.90 - $24.77
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of per share exercise prices, lower range (in dollars per share)	$ 21.90
Range of per share exercise prices, upper range (in dollars per share)	$ 24.77
Options Outstanding - Shares (in shares) \| shares	2,683,597
Options Outstanding - Per share weighted-average exercise price (in dollars per share)	$ 23.29
Options Outstanding - Weighted-average remaining contractual life	2 years 3 months 25 days
Options Exercisable - Shares (in shares) \| shares	2,683,597
Options Exercisable - Per share weighted-average exercise price (in dollars per share)	$ 23.29
Options Exercisable - Weighted-average remaining contractual life	2 years 3 months 25 days
$24.78 - $36.96
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of per share exercise prices, lower range (in dollars per share)	$ 24.78
Range of per share exercise prices, upper range (in dollars per share)	$ 36.96
Options Outstanding - Shares (in shares) \| shares	2,810,337
Options Outstanding - Per share weighted-average exercise price (in dollars per share)	$ 31.98
Options Outstanding - Weighted-average remaining contractual life	1 year 9 months 18 days
Options Exercisable - Shares (in shares) \| shares	2,610,337
Options Exercisable - Per share weighted-average exercise price (in dollars per share)	$ 32.53
Options Exercisable - Weighted-average remaining contractual life	1 year 3 months 29 days

Stock-Based Compensation Plans (Stock Options Assumptions) (Details) - Stock Options - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	5.70%	4.50%
Expected stock price volatility	29.70%	29.00%
Risk-free interest rate	2.30%	1.60%
Expected life	7 years	7 years
Weighted-average fair value per option granted	$ 2.00	$ 2.85
Fair value of options granted	$ 5,107	$ 5,013

Quarterly Financial Data (unaudited) (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Selected Quarterly Financial Information [Abstract]

Revenue

$ 1,049,117

$ 842,820

$ 821,371

$ 836,640

$ 887,069

$ 839,031

$ 835,886

$ 844,589

$ 3,549,948

$ 3,406,575

$ 3,578,060

Cost of revenues

564,624

401,306

382,565

374,174

400,306

376,987

372,144

365,241

1,722,669

1,514,678

Operating expenses

426,871

366,549

384,953

365,917

526,888

368,451

370,504

379,684

1,544,290

1,645,527

Income from continuing operations before income taxes

57,622

74,965

53,853

96,549

(40,125)

93,593

93,238

99,664

282,989

246,370

610,825

Provision for income taxes

(32,326)

17,607

4,952

31,416

38,204

23,197

33,394

37,024

21,649

131,819

189,778

Income from continuing operations

(78,329)

70,396

59,844

62,640

261,340

114,551

421,047

(Loss) income from discontinued operations, net of tax

(750)

(291)

(1,660)

(2,701)

5,271

Net income

(79,079)

70,105

58,184

62,640

261,340

111,850

426,318

Less: Preferred stock dividends of subsidiaries attributable to noncontrolling interests

5,264

4,593

4,594

19,045

18,375

Amounts attributable to common stockholders:

89,948

57,358

48,901

65,133

(84,343)

65,512

53,590

58,046

261,340

92,805

407,943

Net income from continuing operations

(83,593)

65,803

55,250

58,046

261,340

95,506

402,672

(Loss) income from discontinued operations, net of tax

(750)

(291)

(1,660)

(2,701)

5,271

Basic earnings per share attributable to common stockholders:

$ 89,948

$ 57,358

$ 48,901

$ 65,133

$ (84,343)

$ 65,512

$ 53,590

$ 58,046

$ 261,340

$ 92,805

$ 407,943

$ (0.45)

$ 0.35

$ 0.29

$ 0.30

$ 1.40

^[1]

$ 0.51

^[1]

$ 2.01

^[1]

Net income - Pitney Bowes Inc. (in dollars per share)

0.00

(0.01)

0.00

^[1]

(0.01)

^[1]

0.03

^[1]

$ 0.48

$ 0.31

$ 0.26

$ 0.35

(0.45)

0.35

0.28

0.30

1.40

^[1]

0.49

^[1]

2.04

^[1]

Diluted earnings per share attributable to common stockholders:

(0.45)

0.35

0.29

0.30

1.39

^[1]

0.51

^[1]

2.00

^[1]