UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-K
 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 2024 Commission file number: 1-3579

 State of incorporation:
 Delaware
 I.R.S. Employer Identification No.
 06-0495050

 Address:
 3001 Summer Street,
 Stamford,
 Connecticut
 06926

 Telephone Number:
 (203)
 356-5000

 Securities registered pursuant to Section 12(b) of the Act:

 Title of Each Class
 Trading Symbol(s)
 Name of Each Exchange on Which Registered

 Common Stock, $1 par value per share
 PBI
 New York Stock Exchange

 6.7% Notes due 2043
 PBI.PRB
 New York Stock Exchange

 Securities registered pursuant to Section 12(g) of the Act: None.
 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No
 Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No
 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
 Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files) Yes No
 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 Large accelerated filer

 Accelerated filer
 o
 Non-accelerated filer
 o

 Smaller reporting company

 Emerging growth company

 If an emerging growth company, indicate by check mark whether the registrant has elected not to use the extended transition period for complying with new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes No
 Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No
 If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
 Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to § 240.10D-1(b).
 As of June 30, 2024, the aggregate market value of the registrant's common stock held by non-affiliates of the registrant was $ 910 million based on the closing sale price as reported on the New York Stock Exchange. At January 31, 2025, there were 182,786,974 outstanding shares of common stock, $1 par value.
 DOCUMENTS INCORPORATED BY REFERENCE
 Portions of the registrant's proxy statement to be filed within 120 days after our fiscal year end in connection with the Annual Meeting of Stockholders, are incorporated by reference in Part III of this Form 10-K.

 Page Number

 Item 1.
 Business

 Item 1A.
 Risk Factors

 Item 1B.
 Unresolved Staff Comments

 Item 1C.

 Cybersecurity

 Item 2.
 Properties

 Item 3.
 Legal Proceedings

 Item 4.
 Mine Safety Disclosures

 Item 5.
 Market for the Company's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 Item 6.
 Reserved

 Item 7.
 Management's Discussion and Analysis of Financial Condition and Results of Operations

 Item 7A.
 Quantitative and Qualitative Disclosures About Market Risk

 Item 8.
 Financial Statements and Supplementary Data

 Item 9.
 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 Item 9A.
 Controls and Procedures

 Item 9B.
 Other Information

 Item 9C.
 Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

 Item 10.
 Directors, Executive Officers and Corporate Governance

 Item 11.
 Executive Compensation

 Item 12.
 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 Item 13.
 Certain Relationships, Related Transactions and Director Independence

 Item 14.
 Principal Accountant Fees and Services

 Item 15.
 Exhibits and Financial Statement Schedules

 Item 16.
 Form 10-K Summary

 Consolidated Financial Statements and Supplemental Data

 Forward-Looking Statements
 This Annual Report on Form 10-K (Annual Report) contains statements that are forward-looking. We believe that these forward-looking statements are reasonable based on our current expectations and assumptions. However, we caution readers that any forward-looking statement within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 are subject to risks and uncertainties and actual results could differ materially. Words such as "estimate," "target," "project," "plan," "believe," "expect," "anticipate," "intend" and similar expressions may identify such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Forward-looking statements in this Annual Report speak only as of the date hereof, and forward-looking statements in documents attached that are incorporated by reference speak only as of the date of those documents.
 While we believe that the expectations reflected in our forward-looking statements are reasonable, forward-looking statements are subject to inherent risks and uncertainties and subject to change. Accordingly, actual results of operations, financial condition and cash flows could differ materially from those projected or assumed in our forward-looking statements. Certain factors which could cause future financial performance to differ materially from expectations include, without limitation:
 • changes in postal regulations or the operations and financial health of posts in the U.S. or other major markets, or changes to the broader postal or shipping markets
 • accelerated or sudden decline in physical mail volumes
 • inability to compete effectively with our Sending Technology Solutions competitors
 • the loss of some of our larger clients in our Presort Services segment
 • global supply chain issues adversely impacting our third party suppliers' ability to provide us products and services
 • changes in labor and transportation availability and costs
 • inability to successfully execute on our strategic initiatives
 • loss of key employees and accumulated knowledge and ability to attract and retain employees
 • changes in government contracting regulations and inability to comply
 • inability to protect our intellectual property rights and intellectual property infringement claims
 • our success in developing and marketing new products and services and obtaining regulatory approvals, if required
 • the risks and uncertainties associated with the Ecommerce Restructuring (defined below in Item 1A, Risk Factors)
 • changes within our senior management and Board of Directors
 • expenses and potential impacts resulting from cyber-attacks or other cybersecurity incidents affecting us or our suppliers
 • inability to comply with data privacy and protection laws and regulations
 • interruptions or difficulties in the operation of our cloud-based applications and systems or those of our suppliers
 • periods of difficult economic conditions, the impacts of inflation and rising prices, higher interest rates and a slow-down in economic activity, including a global recession, or a U.S. government shutdown, to the company and our clients
 • changes in credit ratings, capital market disruptions, decline in cash flows, noncompliance with debt covenants or significant withdrawals by depositors at the Bank that adversely impact our ability to access capital markets at reasonable costs
 • the potential for future interest rate increases on our cost of debt
 • changes in trade policies, tariffs and regulations
 • changes in foreign currency exchange rates
 • our success at managing customer credit risk
 • changes in banking regulations, major bank failures or the loss of our Industrial Bank charter
 • changes in tax rates, laws or regulations
 • changing expectations and regulations in the areas of Environmental, Social and Governance ("ESG")
 • acts of nature and the impact of a pandemic on the Company and the services and solutions we offer
 • shareholder activism

 Further information about factors that could materially affect us, including our results of operations and financial condition, is contained in Item 1A. "Risk Factors" in this Annual Report.

 ITEM 1. BUSINESS

 General
 Pitney Bowes Inc. (we, us, our, or the company) is a technology-driven company that provides SaaS shipping solutions, mailing innovation, and financial services to clients around the world - including more than 90 percent of the Fortune 500. Small businesses to large enterprises, and government entities rely on Pitney Bowes to reduce the complexity of sending mail and parcels.

 Segment Updates
 The Company has gone through a strategic transformation over the last year. The resulting changes to our business segments is discussed in "Recent Developments" in Part I, Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations."

 Business Segments
 Sending Technology Solutions (SendTech Solutions)
 SendTech Solutions provides clients with physical and digital shipping and mailing technology solutions and other applications to help simplify and save on the sending, tracking and receiving of letters, parcels and flats, as well as supplies and maintenance services for these offerings. We offer financing alternatives that enable clients to finance equipment and product purchases, a revolving credit solution that enables clients to make meter rental payments and purchase postage, services and supplies, and an interest-bearing deposit solution to clients who prefer to prepay postage. We also offer financing alternatives that enable clients to finance or lease other manufacturers' equipment and provide working capital.
 Digital delivery services enables clients to reduce transportation and logistics costs, select the best carrier based on need and cost, improve delivery times and track packages in real-time. Powered by our shipping APIs, clients can purchase postage, print shipping labels and access shipping and tracking services from multiple carriers that can be easily integrated into any web application such as online shopping carts or ecommerce sites and provide guaranteed delivery times and flexible payment options.
 Through our wholly owned subsidiary, The Pitney Bowes Bank (the Bank), we offer clients located in the United States a revolving credit solution for the purchase of postage, services and supplies and an interest-bearing deposit solution to clients who prepay postage. Additionally, we offer financing alternatives that enable clients to finance or lease other manufacturers' equipment and provide working capital. We provide revolving credit solutions to clients in Canada and the U.K. that enable them to make meter rental payments and purchase postage, services and supplies.
 We are the largest workshare partner of the USPS and national outsource provider of mail sortation services that allow clients to qualify large volumes of First-Class Mail, Marketing Mail and Marketing Mail Flats/Bound Printed Matter for postal workshare discounts. Using our fully-customized proprietary technology, we provide clients with end-to-end solutions from pick up to delivery into the postal system network, expedited mail delivery and optimal postage savings.

 Other
 Other represents amounts of the former Global Ecommerce segment that did not qualify for discontinued operations treatment, primarily related to operations that were dissolved or sold, certain shared services functions and a cross-border services contract.

 Sales and Services
 We market our products, solutions and services through a direct and inside sales force, global and regional partner channels, direct mailings and digital channels. We provide call-center, online and on-site support services for our products and solutions. Support services are primarily provided under maintenance contracts.

 Competition
 We face competition from other mail equipment and solutions providers and those that offer online shipping and mailing products and services solutions. We differentiate ourselves from our competitors through our breadth of physical and digital offerings, including cloud enabled SaaS and open platform architecture offerings; pricing; available financing and payment offerings; product reliability; support services; and our extensive knowledge of the shipping and mailing industry.
 Our financing operations face competition, in varying degrees, from large, diversified financial institutions, leasing companies, commercial finance companies, commercial banks and smaller specialized firms. We believe our competitive advantage that differentiates us from our competitors is the breadth of our financing and payment solutions and our ability to seamlessly integrate these solutions into our clients' shipping and mailing operations.

 We face competition from regional and local presort providers, cooperatives of multiple local presort providers, consolidators and service bureaus that offer presort solutions as part of a larger bundle of outsourcing services. We also face competition from large mailers that have sufficient volumes and the capability to sort their own mailings in-house and could use excess capacity to offer presort services to others. The principal competitive factors include price, innovative service, delivery speed, tracking and reporting, industry expertise and economies of scale. Our competitive advantages include our extensive network capable of processing significant volumes and our innovative proprietary technology that provides clients with reliable, secure and precise services and maximum postage discounts.

 Also see Item 1A. Risk Factors for further details regarding the competition our businesses face.

 Research, Development and Intellectual Property
 We invest in research and development activities to develop new products and solutions, enhance the effectiveness and functionality of existing products and solutions and deliver high value technology and differentiated services in high value segments of the market.

 Third Party Suppliers
 Our SendTech Solutions segment depends on third party suppliers and outsource providers for a variety of services and product components and the hosting of our SaaS offerings. Our Presort Services segment relies on third party suppliers to help equip our facilities, provide warehouse support and assist with our logistical operations. All of our businesses and corporate functions depend on third party providers for a variety of data analytics, sales, reporting and other functions. In certain instances, we rely on single-sourced or limited-sourced suppliers and outsourcing vendors around the world because doing so is advantageous due to quality, price or lack of alternative sources. We have risk mitigation programs to monitor conditions affecting our suppliers' ability to fulfill expected commitments. We believe that our available sources for services, components, supplies, logistics and manufacturing are adequate.

 Regulatory Matters
 Our SendTech Solutions segment is subject to the regulations of postal authorities worldwide related to product specifications of our postage meters and we are also subject to other various regulations as a U.S. government contractor. Our Presort Services operations are also subject to USPS regulations. The Bank is chartered as an Industrial Bank under the laws of the State of Utah. The Bank and certain company affiliates that provide services to the Bank are subject to the regulations of the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation. We are also subject to transportation regulations for various parts of our business, worldwide customs and trade regulations related to our cross-border shipping services and regulations concerning data privacy and security for our businesses that use, process and store certain personal, confidential or proprietary data.

 Climate Change
 Although climate change has had no material impact on our operations to date, the risk of increasingly severe climate events or the risk that those events happen more frequently could affect one or more of our facilities and our ability to conduct daily operations in the future or impact our clients and their ability to do business with us. Changes in regulation relating to climate change and other aspects of the area of ESG, including different regulatory requirements in different locations where we operate, may change the cost of compliance for collecting, assuring and reporting information regarding our ESG impacts and risk management.

 Human Capital
 Employee Profile
 We have approximately 7,200 employees, with 78% located in the United States. We also rely on a contingent hourly workforce to supplement our full-time workforce to meet fluctuating demand.
 We seek to create a high-performance culture that will drive and sustain enhanced long-term value for all our shareholders. To attract, retain and engage the talent needed, we provide competitive compensation designed to reward performance and contribution. We regularly assess the business environments and labor markets in the areas we operate to ensure our compensation programs reflect best practices and are market competitive. Depending on position and level, elements of our compensation packages include base salary, variable compensation based on individual and company objectives and equity. We provide a competitive benefits package, including medical, dental, life and disability insurance, and benefits that provide additional support for our employees' mental, physical, financial and social well-being.

 Employee Engagement and Development
 We are committed to creating a culture where our employees feel supported and valued. We offer employees many opportunities to advance their skills, learn new skills and achieve career goals through virtual and in-person development and training programs, professional development initiatives, experiential learning, mentoring and coaching programs. Through multiple platforms, we offer employees and candidates varied opportunities to find development opportunities and stay informed about key changes to our

 business. We conduct periodic employee engagement surveys and benchmark the results both internally and against other high performing organizations. We consider feedback from employees and we make changes where possible and financially prudent.

 Health and Safety
 We are committed to providing a safe workplace that protects against and limits personal injury and environmental harm. Through regular evaluations of site safety performance, sharing of successes, and creating projects to engage employees in safety improvements, we identify risks, provide guidance and training, review and learn from accidents, and reduce injuries. We also report monthly to both local site management and senior leadership on safety metrics, trends, risks and regulatory activity.

 Available Information
 Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and any amendments thereto filed with, or furnished to, the SEC, are available, free of charge, through the Investor Relations section of our website at www.investorrelations.pitneybowes.com or from the SEC's website at www.sec.gov, as soon as reasonably practicable after these reports are electronically filed with, or furnished to, the SEC. The other information found on our website is not part of this or any other report we file with or furnish to the SEC.

 Information About Our Executive Officers

 Name
 Age
 Title
 Executive
Officer Since

 Lance Rosenzweig

 Chief Executive Officer

 2024

 John Witek

 Interim Chief Financial Officer, Interim Chief Accounting Officer

 2024

 Lauren Freeman-Bosworth

 Executive Vice President, General Counsel and Corporate Secretary

 2024

 James Fairweather

 Executive Vice President, Chief Innovation Officer

 2021

 Debbie Pfeiffer

 Executive Vice President and President, Presort Services

 2023

 Shemin Nurmohamed

 Executive Vice President and President, Sending Technology Solutions

 2023

 Christopher Johnson

 Senior Vice President and President, Global Financial Services

 2023

 Judy Morris

 Senior Vice President and Chief Human Resources Officer

 2024

 There are no family relationships among the above officers.
 Mr. Rosenzweig was appointed Chief Executive Officer in October 2024 and served as Interim Chief Executive Officer from May 2024 through October 2024. Prior to joining the company, he served as the Chief Executive Officer of Support.com, a leading provider of customer and technical support solutions and security software, from August 2022 to October 2022, and Chief Executive Officer of Startek Inc. from July 2018 to January 2020.
 Mr. Witek was appointed Interim Chief Financial Officer in March 2024 and Interim Chief Accounting Officer in September 2024. Prior to this, he served as the Company's Head of Global Business Services from February 2023 until March 2024, and also served as the Chief Financial Officer of our SendTech Solutions segment from January 2019 through January 2023.
 Ms. Freeman-Bosworth was appointed Executive Vice President, General Counsel and Corporate Secretary in April 2024. Prior to this role, she was the Company's Vice President and Deputy General Counsel, Litigation, Governance and Compliance from June 2014 through April 2024.
 Mr. Fairweather was appointed Executive Vice President and Chief Innovation Officer in May 2021, and was given added oversight of the IT organization in September 2024. Prior to this, he was the Company's Senior Vice President and Chief Innovation Officer from May 2019 through May 2021 and Senior Vice President, Chief Technology Officer, Commerce Services from January 2018 through May 2019.
 Ms. Pfeiffer was appointed Executive Vice President and President, Presort Services in January 2024. Prior to this, she was the Company's President, Presort Services from November 2015 through December 2023.
 Ms. Nurmohamed was appointed Executive Vice President and President, Sending Technology Solutions in January 2024. Prior to this, she was Senior Vice President and President, SendTech Solutions from January 2023 through January 2024 and Senior Vice President, Global SendTech Product and Strategy from September 2020 through January 2023.
 Mr. Johnson was appointed Senior Vice President and President, Global Financial Services in September 2018, and then was elected as an Executive Officer in September 2023. Previously, he was the Company's Vice President, Global Financial Services from November 2016 through September 2018.

 Ms. Morris was appointed Senior Vice President and Chief Human Resources Officer in November 2024. Prior to joining the Company, she was Chief Human Resources Officer of Progrexion (which changed their name to Credit.com in June 2023) from October 2017 through November 2024.

 ITEM 1A. RISK FACTORS

 Our operations face certain risks that should be considered in evaluating our business. We manage and mitigate these risks on a proactive basis, using an enterprise risk management program. Nevertheless, the following risk factors, some of which may be beyond our control, could materially affect our business, financial condition, results of operations, brand and reputation, and may cause future results to be materially different than our current expectations. These risk factors are not intended to be all inclusive.

 Mailing and Shipping Industry Risks

 The financial condition and governance model of the USPS, or the national posts in our other major markets, has affected, and could, in the future, adversely affect client demand for our offerings and thus our financial performance.
 We are dependent on financially viable national posts in the geographic markets where we operate, particularly in the United States. A significant portion of our revenue depends upon the ability of these posts, especially the USPS, to provide reliable, competitive mail and package delivery services to our clients. Their ability to provide high quality reliable service at affordable rates relates to their ongoing financial strength. The USPS and other national posts continue to face financial challenges which could lead to changes in governance models. If these challenges or changes interfere with these posts' ability to provide the services they currently provide, our financial performance may be adversely affected.

 We are subject to postal regulations and processes, which could adversely affect our financial performance.
 A significant portion of our business is subject to regulation and oversight by the USPS, posts in other major markets, and the governmental bodies that regulate the posts themselves. These postal authorities have the power to regulate some of our current products and services and to establish guidelines for postage rates. They also must approve many of our new product and service offerings before we can bring them to market. If new product and service offerings are not approved or there are significant conditions to approval, our ability to grow the business and in turn, our financial performance, could be adversely affected. Additionally, if favorable postage rates are reversed, regulations on existing products or services are changed, posts utilize their position in the market or their role as product regulator to limit competition in areas where the posts themselves offer solutions, or if we fall out of compliance with the posts' regulations, our financial performance could be adversely affected.

 If we are not able to respond to the continuing decline in the volume of physical mail delivered via traditional postal services, our financial performance could be adversely affected.
 Continuing declines in traditional mail volumes impact our financial results. An accelerated or sudden decline in mail volumes could result from one or more of the following factors: changes in communication technologies and their use; changes in frequency and quality of mail delivery from national posts; legislation incentivizing alternative means of communication, burdening mail, or limiting how the mail be used; significant rate increases; or other external events affecting physical mail delivery. If we are not successful at meeting the continuing challenges faced in our mailing business, or if physical mail volumes experience an accelerated or sudden decline, our financial performance could be adversely affected.

 Significant changes to the laws regulating the USPS or other posts, or changes in their operating models could have an adverse effect on our financial performance.
 As a significant portion of our revenue and earnings is dependent on postal operations, changes in the laws and regulations that affect how posts operate could have an adverse effect on our financial performance. As posts consider new strategies for their operations in an era of declining mail volumes and increasing package volumes, if those strategies disadvantage our business, our financial performance could be adversely affected.

 Our ability to compete in the shipping market in the United States depends upon certain contractual relationships we have with the USPS and other carriers, as well as their service.
 Our SendTech Solutions offerings depend upon certain contractual relationships with the USPS and other carriers to enable us to offer these services profitably. Should the USPS or other carriers make changes to how they contract with us for our solutions, our profitability could be adversely affected.

 Business Operational Risks

 The markets for our products and services are highly competitive.
 Our SendTech Solutions segment faces competition from other mail equipment and solutions providers, companies that offer products and services as alternative means of message communications and those that offer online shipping and mailing products and services solutions. SendTech Solutions' digital shipping business competes with technology providers ranging from large, established companies and national posts to smaller companies offering negotiated carrier rates. In addition, our financing operations face competition, in varying degrees, from large, diversified financial institutions, leasing companies, commercial finance companies, commercial banks and smaller specialized firms. If we are not able to differentiate ourselves from our competitors or effectively compete with them, the financial results of the segment may be adversely affected. Our Presort Services segment faces competition from regional and local presort providers, cooperatives of multiple local presort providers, consolidators and service bureaus that offer presort solutions as part of a larger bundle of outsourcing services and large volume mailers that have sufficient volumes and the capability to presort their own mailings in-house and could use excess capacity to offer presort services to others. If we are not able to effectively compete on price, innovative service, delivery speed, tracking and reporting, we may lose clients and the financial results of the segment may be adversely affected.

 If we fail to effectively manage our third party suppliers, or if their ability to perform were negatively impacted, our business, financial performance and reputation could be adversely affected.
 Our SendTech Solutions segment relies on third party suppliers for services and components for our mailing equipment, spare parts, supplies and services and for the hosting of our SaaS offerings. Our Presort segment relies on third party suppliers to help us equip our facilities and to provide services related to our operations and productivity initiatives. In certain instances, we rely on single-sourced or limited-sourced suppliers around the world because of advantages in quality, price or lack of alternative sources. Like many other companies, we and our suppliers have experienced interruptions and increased supply costs in the past, due to, among other things, volatility in the semiconductor industry, threats of strikes, rising inflation and geopolitical instability. Although our 2024 financial results were not significantly impacted, these factors, at times, caused us to experience longer wait times for supplies or increased costs. If these supply chain constraints were to worsen or, if other unknown events cause our suppliers to not be able to provide their services, components or equipment to us in a timely manner, or, if the quality of the goods or services received were to deteriorate, our relationship with certain suppliers were to be terminated, or if the costs of using these third parties were to continue to increase and we were not able to find alternate suppliers, we could lose clients, incur significant disruptions in manufacturing and operations and increased costs (including higher freight and re-engineering costs) and delay automation and productivity initiatives in our facilities.

 Fluctuations in transportation costs or disruptions to transportation services in our Presort Services segment could adversely affect client satisfaction or our financial performance.
 In addition to our reliance on the USPS, our Presort Services segment relies upon third party transportation service providers to transport a significant portion of our mail volumes. The use of these providers is subject to risks, including our ability to negotiate acceptable terms, increased competition during peak periods, capacity issues, increased fuel costs, labor shortages, performance problems, extreme weather, natural or man-made disasters, pandemics, or other unforeseen difficulties. Given our continued reliance upon these providers, any disruption to the timely supply of these services, any future unforeseen disruptions affecting these providers, any dramatic increase in the cost of these services or any deterioration of the performance of these services (each of which we have experienced, at times), have adversely affected or could adversely affect client satisfaction and our financial performance.

 Failure to successfully execute on our strategic initiatives could cause our future financial results to suffer.
 We have implemented or are implementing various strategic initiatives to further increase our profitability, including the Global Ecommerce exit, cost rationalization, cost optimization, and balance sheet deleveraging initiatives. If we are not able to successfully complete these initiatives, our future financial results may suffer.

 Our business depends on our ability to attract, retain, and engage with, employees at a reasonable cost to meet the needs of our business and to consistently deliver highly differentiated, competitive offerings.
 During the second quarter of 2024, we approved a worldwide cost reduction initiative (the "2024 Plan"), which involved the elimination of approximately 2,800 positions worldwide in 2024. Such actions may cause us to experience a loss of continuity, experience and knowledge, a reduction in productivity and efficiency, the unexpected loss of key employees and/or other retention issues during transitional periods. Such actions may also make hiring qualified employees more difficult.
 There is also significant competition for the talent needed for research and development of new products and services and talent needed to sell and service our other products and services within all our business units.
 The rapid growth of the ecommerce industry has resulted in ongoing competition for employees in the shipping, transportation, and logistics industry, including drivers and warehouse employees. At times, our Presort Services segment has experienced increased demand and competition for labor, especially for our facilities, driving up costs. We supplement our workforce with contingent hourly

 workers from staffing agencies on an as-needed basis; however, if we experience labor shortages, do not effectively manage our ability to attract and utilize contingent workers, or if our staffing agencies terminate their relationship with us and we cannot find alternative providers, it could result in increased costs and adversely affect our operations. Moreover, given the nature of our Presort Services employee base, if we cannot continue to maintain good relationships, we could experience increased employee dissatisfaction and turnover, which could result in increased operating costs and reduced operational flexibility.
 If we fail to comply with government contracting regulations, our financial performance, brand name and reputation could suffer.
 We have a significant number of contracts with governmental entities. Government contracts are subject to extensive and complex procurement laws and regulations, along with regular audits and investigations by government agencies. If we were subjected to a claim of contractual noncompliance by a government agency and were found noncompliant, then we could be subject to various civil or criminal penalties and administrative sanctions, which could include the termination of the contract, reimbursement of payments received, fines and debarment from doing business with other government agencies. Any of these events could not only affect our financial performance, but also adversely affect our brand and reputation.

 Difficulty in obtaining and protecting our intellectual property, and the risk of infringement claims by others may negatively impact our financial performance.
 Our business success depends in part upon protecting our intellectual property rights, including proprietary technology developed (internally or by third party partners and subcontractors) or obtained through acquisitions. We rely on copyrights, patents, trademarks, trade secrets and other intellectual property laws to establish and protect our proprietary rights. If we are unable to protect our intellectual property rights, our competitive position may suffer, which could adversely affect our revenue and profitability. The continued evolution of patent law and the nature of our innovation work may affect the number of patents we are able to receive for our development efforts. As we continue to transition our business to more software and service-based offerings, patent protection of these innovations will be more difficult to obtain. As a result, we will rely more on copyrights and, when appropriate, trade secret protection for those software and service-based offerings. In addition, from time to time, third parties may claim that we, our clients, or our suppliers, have infringed their intellectual property rights. Although third parties also face the same difficulties in patenting software and service-based offerings, these claims, if successful, may require us to redesign affected products, enter into costly settlement or license agreements, pay damage awards, or face a temporary or permanent injunction prohibiting us from marketing or selling certain products.

 We may not fully realize the anticipated benefits of strategic acquisitions and divestitures which may harm our financial performance.
 Strategic acquisitions and business divestitures involve significant risks and uncertainties, which could have an adverse effect on our financial performance, including, but not limited to, difficulties in achieving anticipated benefits or synergies. For example, many of the benefits and synergies we anticipated from our acquisitions of businesses which previously comprised our Global Ecommerce reporting segment, did not materialize. As a result, in the third quarter of 2024, we entered into a series of transactions designed to facilitate an orderly wind-down of a majority of this reporting segment.

 Our capital investments to develop new products and offerings may not yield the anticipated benefits.
 We make significant capital investments in new products and services to meet the evolving needs of our customers, improve and grow our business and remain competitive. If we are not successful in these new product or service introductions, or if our past capital investments do not yield the results anticipated when making the investments, there may be an adverse effect on our financial performance.

 We are subject to risks relating to the Ecommerce Restructuring and related transactions.
 On August 8, 2024, we entered into a series of transactions designed to facilitate an orderly wind-down of a majority our Global Ecommerce reporting segment, including a sale of 81% of the voting interests of DRF Logistics, LLC ("DRF Logistics"), which owned a majority of the Global Ecommerce segment's net assets and operations (the "GEC Sale"). Subsequent to the GEC Sale, DRF Logistics and DRF LLC, a subsidiary of DRF Logistics (together, the "Ecommerce Debtors"), at the direction of their own governing bodies, filed petitions to commence Chapter 11 bankruptcy cases, which we refer to, together with the GEC Sale and any associated transactions as the "Ecommerce Restructuring."
 The Ecommerce Restructuring culminated in the filing of the Ecommerce Debtors' Third Amended Joint Plan of Liquidation (the "Plan"), which outlined the proposed treatment of all claims against the Ecommerce Debtors. In addition, the Plan incorporated the terms of a master settlement agreement by and between the Company and the Ecommerce Debtors (the "Settlement Agreement"), which effected the settlement and release of any and all claims the Ecommerce Debtors held against the Company. The Plan also afforded parties with claims that could potentially be asserted against both the Company and the Ecommerce Debtors (as opposed to claims against the Ecommerce Debtors alone), the opportunity to receive enhanced treatment in exchange for a voluntary release of the Company. The Plan provides that such parties who do not opt for enhanced treatment retain the right to pursue claims (if any) against the Company (the "Remaining Claims").

 On November 25, 2024, the Bankruptcy Court entered an order (the "Confirmation Order"), among other things, confirming the Plan. On December 9, 2024 (the "Effective Date"), the conditions to effectiveness of the Plan were satisfied or waived and the Ecommerce Debtors emerged from Chapter 11. There are still risks and uncertainties that may be associated with the Ecommerce Restructuring, including, among others, the length of time necessary to implement the orderly wind-down of the Global Ecommerce business associated with the Ecommerce Debtors; continuing claims asserted against the Company or its affiliates related to the Ecommerce Restructuring described in Part I, Item 3, "Legal Proceedings;" potential impacts to the Company's reputation and relationships with its customers, vendors, employees, and other counterparties; and impacts to the Company's liquidity, financial condition and results of operations.
 The Remaining Claims may require significant effort, resources, and money to defend or could result in material losses to the Company, and such losses could have a material negative effect on the Company's business, financial condition, liquidity and results of operations. We can provide no assurance that the Remaining Claims will be resolved in a manner that is satisfactory to the Company.
 The Company incurred substantial expenses in connection with the Ecommerce Restructuring; however, actual expenses may be greater than anticipated. If the expenses associated with the Ecommerce Restructuring exceed our estimates, our business, financial condition, liquidity and results of operations could be adversely impacted.

 Changes within our senior management and our Board of Directors could create uncertainties and impact our business.
 We have undergone recent changes in our senior management and in the composition of our Board of Directors. These changes, and potential future changes, may create continuity risks and challenges to our ability to operate the businesses and execute our strategy. In addition, such changes may, among other things, create uncertainty among investors, customers, employees, and others concerning our future direction and performance, make it difficult to attract and retain qualified personnel.

 Cybersecurity and Technology Risks

 Our financial performance and our reputation could be adversely affected, and we could be subject to legal liability or regulatory enforcement actions, if we or our suppliers are unable to protect against, or effectively respond to, cyberattacks or other cybersecurity incidents.
 We depend on the security of our and our suppliers' information technology systems to support numerous business processes and activities, to service our clients, and to enable consumer transactions and postal services. There are numerous cybersecurity risks to these systems, including, but not limited to, individual and group criminal hackers, industrial espionage, denial of service attacks, ransomware and malware attacks, attacks on the software supply chain, and employee errors and/or malfeasance. These cyber threats are diverse and constantly evolving, especially given the advances in, and the rise of the use of, artificial intelligence, thereby increasing the difficulty of preventing, detecting, and successfully defending against them. Successful cybersecurity breaches could, among other things, disrupt our operations or result in the unauthorized disclosure, theft and misuse of company, client, consumer and employee sensitive and confidential information, all of which could adversely affect our financial performance. Cybersecurity breaches could result in legal claims or proceedings, financial liability to other parties, governmental investigations, regulatory enforcement actions and penalties, and damage to our brand and reputation. Although we maintain insurance coverage relating to cybersecurity incidents, we may incur costs or financial losses that are either not insured against or not fully covered through our insurance. Despite the implementation of our cybersecurity processes, our security measures cannot guarantee that a significant cyberattack will not occur. The Company and our suppliers have experienced certain cybersecurity incidents in the past (e.g. the previously disclosed ransomware attacks we experienced in 2019 and 2020). Our goal is to prevent meaningful incursions and minimize the overall impact of those that occur. For more information on how the Company handles cybersecurity, see Item 1C. Cybersecurity.

 Failure to comply with data privacy and protection laws and regulations could subject us to legal liability and adversely affect our reputation and our financial performance.
 Our businesses use, process, and store proprietary information and personal, sensitive, or confidential data relating to our business, clients, and employees. Privacy laws and similar regulations in many jurisdictions where we do business require that we take significant steps to safeguard that information, and these laws and regulations continue to evolve. The scope of the laws that may be applicable to us is often uncertain and may be conflicting, and the growth of our cloud-based services increases the scope and complexity of laws that might apply. In addition, new laws may add an array of requirements on how we handle or use information and increase our compliance obligations. For example, India's Digital Personal Data Protection Act, enacted in August 2023 but not operational until the rules have been set, is a new legal framework designed to protect individuals' personal data and regulates how organizations process it, and the European Union's AI Act compliments and expands transparency requirements set out in the General Data Protection Regulation. In the United States, a growing number of states have enacted different laws regarding personal information, privacy and artificial intelligence that impose significant new requirements on consumer personal information. In some instances (e.g., California), these laws also expand the definition of consumer personal information to include information related to employees and business contacts. Some of these state laws have established independent agencies with rule making and enforcement

 authority, whose initial guidance, actions, and regulations remain to be determined and tested, adding additional layers of uncertainty with respect to compliance. Other countries or states have enacted and will continue to enact and amend laws or regulations in the future that have similar or additional requirements. Although we endeavor to continually monitor and assess the impact of these laws and regulations, and continually update our systems to protect our data and comply with these laws, their interpretation and enforcement are uncertain, subject to change, and may require substantial costs to monitor and implement. Failure to comply with data privacy and protection laws and regulations could also result in government enforcement actions (which could result in substantial civil and/or criminal penalties) and private litigation, which could adversely affect our reputation and financial performance.

 If we or our suppliers encounter unforeseen interruptions or difficulties in the operation of our cloud-based applications, our business could be disrupted, our reputation and relationships may be harmed, and our financial performance could be adversely affected.
 Our business relies upon the continuous and uninterrupted performance of our and our suppliers' cloud-based applications and systems to support numerous business processes, to service our clients and to support their transactions with their customers and postal services. Our applications and systems, and those of our partners, may be subject to interruptions due to technological errors, system capacity constraints, software errors or defects, human errors, computer or communications failures, power loss, adverse acts of nature and other unexpected events. We have business continuity and disaster recovery plans in place to protect our business operations in case of such events and we also require our suppliers to have the same. Nonetheless, there can be no guarantee that these plans will function as designed. If we are unable to limit interruptions or successfully correct them in a timely manner or at all, it could result in lost revenue, loss of critical data, significant expenditures of capital, a delay or loss in market acceptance of our services and damage to our reputation, brand and relationships, any of which could have an adverse effect on our business and our financial performance.

 Macroeconomic and General Regulatory Risks

 Periods of difficult economic conditions, other macroeconomic events, or a public health crisis could adversely affect our business.
 Our operations and financial performance are impacted by the economic conditions in the United States and the other countries where we and our clients do business. Any significant or perceived weakening of these economies, reduction in business confidence or change in business or consumer spending habits, concerns of a domestic or global recession, rising inflation or interest rates, limited availability of credit, or other macroeconomic events (including public health crises and severe weather events), not within our control, may impact our clients' businesses or reduce our clients' demand for shipping and mailing products and services and thus, negatively affect our financial performance. These economic conditions, at times, have arisen and can arise suddenly, and the duration and full impact of such conditions can be difficult to predict, which could adversely impact our business, financial condition, and results of operations.

 A significant decline in cash flows, changes in our credit ratings, capital market disruptions, noncompliance with any of our debt covenants, or significant withdrawals by depositors at the Bank, could adversely affect our ability to maintain adequate liquidity, provide competitive financing services and to fund various discretionary priorities.
 We provide competitive finance offerings and fund discretionary priorities, such as capital investments, strategic acquisitions, dividend payments and share repurchases through a combination of cash generated from operations, deposits held at the Bank and access to capital markets. Our ability to access U.S. capital markets and the associated cost of borrowing is dependent upon our credit ratings and is subject to capital market volatility. We maintain a revolving credit facility to provide funding in the event we need it, however, our ability to borrow under our revolving credit facility is subject to compliance with the covenants set forth in the credit agreement governing the revolving credit facility.
 A significant decline in cash flows, changes in our credit ratings, material capital market disruptions, noncompliance with any of our debt covenants, significant withdrawals by depositors at the Bank, adverse changes to our industrial loan charter or an increase in our credit default swap spread could impact our ability to maintain adequate liquidity, which could impact our ability to provide competitive finance offerings, repay or refinance maturing debt, and fund other strategic or discretionary activities, which could adversely affect our operational and financial performance.

 Changes in tax rates, laws or regulations could adversely impact our financial results.
 We are subject to taxes in the U.S. and in the foreign jurisdictions where we do business. Due to continuing global fiscal challenges and political conditions, tax laws and enforcement approaches have been and may continue to be subject to significant change. Changes in tax laws may be on a prospective or retroactive basis and could have a material impact on our tax expense and cash flows. The Organization for Economic Co-operation and Development (OECD) has set forth a Two-Pillar Solution fundamentally overhauling the international tax rules. Pillar One focuses on reallocation of profits while Pillar Two applies a global minimum corporate tax. The OECD has set forth Model Rules and an ambitious timeline to ensure the effective implementation of the Two-Pillar Solution. Although some jurisdictions have issued guidance or passed tax laws based on the OECD Model Rules, the final nature, timing and extent of any such tax reforms or other legislative or regulatory actions is unpredictable, and it is difficult to assess their overall effect. However, these changes could result in double tax, increase our effective tax rate and adversely impact our

 financial results and cash flows. We continuously monitor developments and evaluate the impact these new rules are anticipated to have on our tax rate.
 We are subject to tax audits in the various jurisdictions in which we operate. Given the complexity of the current and changing tax laws and regulations, tax authorities may disagree with certain positions we have taken and assess additional taxes. We regularly review the strength of our positions based on current law, court cases, rulings and proposed legislative changes to determine the appropriateness of our tax provision, however, there can be no assurance that we will accurately predict the outcomes of these audits, which could have a material impact on our effective tax rate and adversely impact our financial results and cash flows.

 Our operations and financial performance may be negatively affected by changes in trade policies, tariffs and regulations.
 In recent years, the United States increased tariffs for certain goods, which triggered other nations to also increase tariffs on certain of their goods. These increased tariffs resulted in additional costs on certain components used in some of our SendTech products. In addition, there is currently significant uncertainty about the future relationship between the United States and various other countries, including changes arising as a result of the new presidential administration with respect to trade policies, treaties, tariffs, taxes, and other limitations on cross-border operations. Changes in tariffs, trade barriers, price and exchange controls and other regulatory requirements could have an adverse effect on our business, prospects, financial condition and operating results, the extent of which cannot be predicted with certainty at this time.

 If we do not keep pace with changing expectations and regulations in the areas of ESG, our reputation and results of operations may be adversely affected.
 The set of topics incorporated within the term ESG in general, including climate change in particular, cover a range of issues that pose potential risks to our operations. Companies across all industries are facing increased scrutiny from stakeholders related to their ESG practices. From an environmental perspective, the impact of climate change and a potential increase in severe weather events may pose risk to the operation of our sortation facilities, while changes in regulation relating to climate change and other aspects of ESG, including different regulatory requirements in different locations where we operate, may change the cost of compliance for, among other things, collecting, assuring and reporting information regarding our ESG impacts and risk management. There are also a series of laws related to product stewardship and waste disposal to which we need to comply. From a "social" perspective, a failure to meet employee expectations could impact our ability to recruit new employees and retain talent, and failure to manage any reputational risks associated with social or environmental matters could negatively impact our business.
 Public statements with respect to ESG matters, such as emission reduction goals, other environmental targets, or other commitments addressing certain social issues, are becoming increasingly subject to heightened scrutiny from public and governmental authorities related to the risk of potential "greenwashing," i.e., misleading information or false claims overstating potential ESG benefits. On the other hand, the Company could face criticism for pursuing certain environmental or social initiatives that are alleged to be political or polarizing in nature and could subject the Company to pressure in the media or through other means, which could adversely affect our reputation and results of operations, or could impact our ability to obtain or retain business with, or overseen by, the US federal government or any relevant agencies.

 Shareholder Activism Risks

 Our business could be negatively affected as a result of shareholder activism.
 We value constructive input from investors and regularly engage with our stockholders regarding strategy and performance. Although our Board of Directors and management team are committed to acting in the best interests of all our stockholders, there is no assurance that the results of actions taken by our Board of Directors and management team will be successful.
 We have been and may continue to be subject to shareholder activism in the future. For example, on January 31, 2024, we entered into a cooperation agreement with Hestia Capital Partners, LP and certain of its affiliates. Pursuant to the cooperation agreement, we increased the size of our Board of Directors by two seats, appointed two nominees to our Board of Directors, and agreed to other terms and customary standstill provisions. Currently, Lance Rosenzweig and Paul Evans serve as directors pursuant to the Cooperation Agreement. Responding to proxy contests, including related litigation and settlement of prior activism, can be costly, time-consuming, result in further turnover of our Board of Directors, disrupt our operations and divert the attention of management, Board of Directors and employees. All of this could adversely affect our results of operations and financial condition, as well as the market performance of our securities.
 Additionally, perceived uncertainties as to our future direction or changes to the composition of our Board of Directors as a result of activist stockholders, may lead to the perception of an adverse change in the direction of our business, instability or lack of management or oversight continuity. These uncertainties may be more acute or heightened if an activist stockholder seeks to change a majority of our Board of Directors. Actions by activist stockholders may be exploited by our competitors and/or other activist stockholders, cause concern to customers, employees, investors, rating agencies, strategic partners and other constituencies, which could result in lost sales and business opportunities, make it more difficult to attract and retain qualified personnel and business partners and adversely impact our ability to access capital markets at reasonable costs. Further, actions of activist stockholders may

 cause significant fluctuations in our stock price based on temporary or speculative market perceptions or other factors that do not necessarily reflect the underlying fundamentals and prospects of our business.
 As of the date of this filing, our nomination deadline has passed and no shareholders have nominated director candidates to oppose incumbent directors at this year's annual meeting.

 ITEM 1B. UNRESOLVED STAFF COMMENTS
 None.

 ITEM 1C. CYBERSECURITY
 A comprehensive cybersecurity program is critical to achieving our business goals. Like all companies in today's world, we face a multitude of cybersecurity threats that range from ransomware, and denial-of-service, to attacks from more advanced nation state actors, and even insider threats. Likewise, our customers, suppliers, subcontractors and partners face similar cybersecurity threats, and a cybersecurity incident impacting us or any of these entities could materially adversely affect our business operations and financial performance. These cybersecurity threats and related risks make it imperative that we expend considerable resources to safeguard our organization's assets and to prevent service disruptions or minimize the impact should an incident occur. Our processes for assessing, identifying, and managing material risks from cyberecurity threats are described below. These cybersecurity risk managment processes are integrated into our overall risk management system.
 The Audit Committee of the Board of Directors oversees the Company's technology functions, including management's processes for identifying and mitigating risks, including cybersecurity risks, to help align our risk exposure with our strategic objectives. Senior technology leadership, including our Chief Information Security Officer (CISO), briefs the Audit Committee and the full Board of Directors on our cybersecurity and information security posture on a regular cadence. In addition to this regular reporting, cybersecurity risks or threats may also be escalated to the Audit Committee on an as-needed basis. In the event of an incident, we strive to follow our detailed incident response playbook, which outlines the steps to be taken from incident detection to mitigation, recovery, escalation to senior management, the Board of Directors, and functional areas, and notification to customers and employees as appropriate.
 Our information security organization is led by the CISO, who is responsible for our overall information security strategy, policy, security engineering, product security, operations and cybersecurity threat detection and response. The CISO has 32 years of experience serving in various information technology roles. The information security organization manages and continually enhances an enterprise security structure with the goal of preventing cybersecurity incidents to the extent feasible, while simultaneously increasing our system and product resilience in an effort to minimize the business impact should an incident occur. Our cybersecurity program attempts to follow the National Institute of Standards and Technology (NIST) Cybersecurity Framework principles. We also strive to maintain ISO certification and assurance reporting under AICPA SOC2 for several of our systems and products. We have adopted a risk-based management process to define, manage, and prioritize controls required to maintain the integrity and availability of our digital assets. Employees outside of our information security organization also have a role in our cybersecurity defenses and are required to receive periodic cybersecurity training, which we believe improves our overall cybersecurity posture.
 We have also extended our cybersecurity governance to our operational business executives. Technical leadership periodically presents an assessment of mission critical information assets, those that would cause significant business, customer, or employee impact to the appropriate senior management executives. This is a formal assessment which describes the underlying cyber posture, mitigation plan, and commitments. It ensures that the cybersecurity program in the business unit is progressing against its goals and new risks are operationally prioritized. In addition, the CISO meets with leaders from the Company's legal, IT, and internal audit organizations to ensure alignment with privacy, regulations, legal compliance and audit plans.
 We rely heavily on third party partners (i.e. suppliers, subcontractors, consultants, etc.) to support our products, business operations and technology services, and a cybersecurity incident at a partner could materially adversely impact us. Where possible, we include information security provisions, audit rights and insurance requirements, in contracts with these partners based on their level of access to our systems and data. For our most critical partners, where possible, we attempt to pursue an annual attestation of ongoing compliance to our standard policies and practices. For select partners, we engage third party cybersecurity monitoring and alerting services, and seek to work directly with those partners to address potential deficiencies identified.
 Given the constantly evolving cyber-threat landscape, as well as the previously disclosed ransomware attacks we experienced in 2019 and 2020, we continuously test and evolve our cybersecurity program. We engage internal security team experts who perform 'ethical hacks' against our information assets to uncover risks. As part of its risk based annual audit plan, our internal audit team reviews a number of components of our information technology operations, which taken together, comprise our cybersecurity defenses. A report of its findings is distributed to certain members of management and completion of the auditor's comments is tracked and reported up to the Audit Committee. We also engage third party service providers to conduct evaluations of our security controls, whether through penetration testing, independent audits or consulting on best practices to address new challenges. These evaluations include testing both the design and operational effectiveness of security controls.

 Assessing, identifying, and managing cybersecurity related risks are integrated into our overall enterprise risk management (ERM) process. Cybersecurity related risks are included in the risk universe that our ERM process evaluates to assess top risks to the enterprise on an annual basis. To the extent the ERM process identifies a heightened cybersecurity related risk, risk owners are assigned to develop risk mitigation plans, which are then tracked to completion. The ERM process annual risk assessment is presented to the Audit Committee.
 As of the date of this report, the Company has not identified any cybersecurity threats that have materially affected or are reasonably likely to have a material effect on the organization. The Company and its service providers have experienced cyberattacks in the past, which the Company believes have thus far been mitigated by preventative, detective, and responsive measures put in place. Notwithstanding the cybersecurity protections we have in place, we may not be successful in preventing or mitigating a cybersecurity incident that could have a material adverse effect on us. See Item 1A. "Risk Factors" for a discussion of cybersecurity risks.

 ITEM 2. PROPERTIES
 We lease numerous facilities worldwide, including administrative offices, mail sortation facilities, service locations, data centers and call centers. Our corporate headquarters is located in Stamford, Connecticut.
 Our Presort Services segment conducts mail sortation operations through a network of 33 operating centers throughout the United States. Our SendTech Solutions segment leases a manufacturing and distribution facility in Indiana. This facility is significant as it stores a majority of the SendTech Solutions products, supplies and inventories.
 Should any facility be unable to function as intended for an extended period of time, our ability to service our clients and operating results could be impacted.
 We conduct our research and development activities in facilities located in Noida and Pune, India, Bielsko-Biala, Poland and Shelton, Connecticut. Management believes that our facilities are in good operating condition, materially utilized and adequate for our current business needs.

 ITEM 3. LEGAL PROCEEDINGS
 See Note 16 Commitments and Contingencies to the Consolidated Financial Statements for additional information.

 ITEM 4. MINE SAFETY DISCLOSURES
 Not applicable.

 ITEM 5. MARKET FOR THE COMPANY'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
 Our common stock is principally traded on the New York Stock Exchange (NYSE) under the symbol "PBI". At January 31, 2025, we had 11,333 common stockholders of record.

 Dividends and Share Repurchases
 We have historically paid a quarterly dividend to our shareholders. We expect to continue to pay a quarterly dividend; however, our Board of Directors may decide to increase, decrease or not approve the payment of a dividend at any time. In February 2025, our Board of Directors increased the quarterly dividend to $0.06 per share.
 On February 11, 2025, our Board of Directors authorized a new $150 million share repurchase program. In connection with the new share repurchase program, the Board of Directors terminated and replaced our prior share repurchase program authorized on February 4, 2019. Purchases by the Company under the new share repurchase program may be made from time to time in open market or private transactions in such manner as may be deemed advisable from time to time (including, without limitation, pursuant to one or more 10b5-1 trading plans, accelerated share repurchase programs, and any other method that the Company may deem advisable) and may be discontinued at any time. We may also repurchase shares of our common stock to manage the dilution created by shares issued under employee stock plans and for other purposes. We did not repurchase any shares in 2024.
 Stock Performance Graph
 We revised our peer group from last year to include companies to align with our changing business offerings.
 Our new peer group is comprised of: ACCO Brands Corporation, Bread Financial Holdings, Inc., Cimpress plc, CSG Systems International, Inc., Deluxe Corporation, Diebold Nixdorf, Incorporated, E2open Parent Holdings, Inc., HNI Corporation, Matthews International Corporation, McGrath RentCorp, Quad/Graphics, Inc., Sabre Corporation, TTEC Holdings, Inc. and Unisys Corporation.
 Our peer group for 2023 was comprised of: ACCO Brands Corporation, Avery Dennison Corporation, Cimpress plc, Bread Financial Holdings, Inc., Deluxe Corporation, Diebold Nixdorf, Incorporated, Etsy, Inc., Fidelity National Information Services, Inc., Fiserv, Inc., GXO Logistics, Inc., Hub Group, Inc., NCR Corporation, Overstock.com, Inc., Rockwell Automation, Inc., Ryder System, Inc., Schneider National, Inc., The Western Union Company, W.W. Grainger, Inc. and Xerox Holdings Corporation.
 The accompanying graph shows the annual change in the value of a $100 investment in Pitney Bowes Inc., the Standard and Poor's (S&P) SmallCap 600 Composite Index and a peer group over a five-year period assuming the reinvestment of dividends. The composition of our peer group is developed by our Compensation Committee based on recommendations from their independent compensation consultant.

 The above graph was determined by an independent third party. On a total return basis, a $100 investment on December 31, 2019, in Pitney Bowes Inc., the S&P SmallCap 600 Composite Index, our new peer group and our old peer group would have been worth $223, $149, $63 and $131 respectively, on December 31, 2024.
 Total return for the S&P SmallCap 600 Composite Index and our peer group is based on market capitalization, weighted for each year. The stock price performance is not necessarily indicative of future stock price performance.

 ITEM 6. [RESERVED]

 ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
 OPERATIONS

 The following discussion of our financial condition and operating results should be read in conjunction with our risk factors, consolidated financial statements and related notes. This discussion includes forward-looking statements based on management's current expectations, estimates and projections and involves risks and uncertainties. Actual results may differ significantly from those currently expressed. A detailed discussion of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements is outlined under "Forward-Looking Statements" and "Item 1A. Risk Factors" in this Form 10-K. All table amounts are presented in thousands of dollars.
 Strategic Initiatives
 We have been undergoing a strategic transformation over the past year, which focused on four strategic initiatives: the Ecommerce Restructuring (described in Recent Developments below); cost rationalization including identifying certain cost reductions (described in Results of Operations below) and cash optimization to reduce go-forward cash needs and balance sheet deleveraging (described in Liquidity and Capital Resources below).
 Recent Developments
 On August 8, 2024, we entered into a series of transactions designed to facilitate an orderly wind-down of a majority the Company's Global Ecommerce reporting segment. In connection with the wind-down, an affiliate of Hilco Commercial Industrial, LLC ("Hilco") subscribed for 81% of the voting interests in the subsidiary, DRF Logistics, LLC owning a majority of the Global Ecommerce segment's net assets and operations (DRF Logistics, LLC and its subsidiary, DRF LLC, the "Ecommerce Debtors") for de minimis consideration (the "GEC Sale"), with a subsidiary of Pitney Bowes retaining 19% of the voting interests and 100% of the economic interests. Subsequent to the GEC Sale, the Ecommerce Debtors, at the direction of their own governing bodies, filed petitions to commence Chapter 11 bankruptcy cases and conduct an orderly wind down of the Ecommerce Debtors (the "GEC Chapter 11 Cases"). We refer to the GEC Sale, the GEC Chapter 11 Cases and any associated transactions as the "Ecommerce Restructuring".
 In connection with the GEC Chapter 11 Cases, we entered into a Restructuring Support Agreement (the "RSA") with the Ecommerce Debtors to provide for, among other things, an orderly wind-down of the Ecommerce Debtors, shared services between the Company and the Ecommerce Debtors for a period of time, a global settlement between the Company and the Ecommerce Debtors, and a senior secured, super-priority debtor-in-possession term loan (the "DIP Facility") in an aggregate principal amount of up to $47 million.
 In addition, the Company and the Ecommerce Debtors entered into a master settlement agreement (the "Settlement Agreement"), which contemplates the separation of the relationship and transactions among the Company and its subsidiaries and the Ecommerce Debtors, including the settlement and release of claims the Ecommerce Debtors may have against the Company.
 On November 25, 2024, the Bankruptcy Court confirmed the Ecommerce Debtors' Third Amended Joint Plan of Liquidation (the "Plan") which incorporated the terms of the RSA and approved the Settlement Agreement. On December 9, 2024, the Plan became effective in accordance with its terms, substantially consummating the separation of the Company from the Ecommerce Debtors. As of the end of 2024, approximately $120 million of cash costs related to the Ecommerce Restructuring have been paid.
 As a result of the Ecommerce Restructuring, certain revenues, expenses, assets and liabilities are now reported as discontinued operations in our Consolidated Financial Statements. Amounts of the former Global Ecommerce segment that did not qualify for discontinued operations treatment primarily relate to operations that were dissolved or sold, certain shared services functions and a cross-border services contract. Prior periods have been recast to conform to the current period presentation. For segment reporting purposes, the remaining portion of Global Ecommerce in continuing operations is now reported as "Other." See Note 4 for further information.

 Outlook
 Within SendTech Solutions, mailing-related revenues are expected to decline driven by lower meter populations and a higher mix of lease extensions versus new lease sales. We expect this decline to be partially offset by growth in our shipping offerings, particularly our SaaS solutions. The shift to lease extensions versus new lease sales will result in declining equipment sales in the near term; however, lease extensions will provide more stable and continued cash flows over the lease term.
 Within Presort Services, we expect revenue and margin improvements due to higher revenue-per-piece and lower costs driven by the investments made in automation and technology to drive efficiencies and improve productivity.

 RESULTS OF OPERATIONS

 OVERVIEW OF CONSOLIDATED RESULTS
 Constant Currency
 In the tables below, we report the change in revenue on a reported basis and a constant currency basis. Constant currency measures exclude the impact of changes in currency exchange rates from the prior period under comparison. We believe that excluding the impacts of currency exchange rates provides a better understanding of the underlying revenue performance. Constant currency change is calculated by converting the current period non-U.S. dollar denominated revenue using the prior year's exchange rate.
 Financial Results Summary:

 2024
 2023
 Actual % Change

 $
 $
 (3)
 %
 (2)
 %

 Total costs and expenses
 2,122,845
 %

 Loss from continuing operations before income taxes

 (52,327)
 (43,920)
 (19)
 %

 (Benefit) provision for income taxes
 (154,829)
 >100%

 102,502
 (61,267)
 >100%

 (306,099)
 (324,360)
 %

 $
 (203,597)
 $
 (385,627)
 %

 Revenue decreased $52 million in 2024 compared to 2023 primarily due to lower support services revenue of $36 million and lower equipment sales of $36 million, partially offset by higher business services revenue of $28 million.
 Total costs and expenses decreased $44 million compared to the prior year period primarily due to the following:
 • Costs of revenue (excluding financing interest expense) decreased $84 million primarily due to lower cost of business services of $45 million, lower cost of equipment sales of $20 million and lower cost of support services of $14 million.
 • SG&A expense decreased $64 million compared to the prior year primarily driven by lower employee-related costs of $10 million, due to lower salary expense of $40 million from headcount reductions partially offset by higher variable compensation of $33 million and a favorable impact of $16 million from the revaluation of intercompany loans. SG&A expense also benefited from overall cost savings initiatives that resulted in expense savings of approximately $38 million from savings in areas such as marketing, travel, real estate and insurance.
 • Restructuring charges increased $25 million compared to the prior year period primarily driven by actions taken under the 2023 and 2024 Plans.
 • A $124 million goodwill impairment charge in the prior year related to certain operations of the former Global Ecommerce segment that were sold or dissolved prior to 2024 and did not qualify for discontinued operations treatment.
 • Interest expense, net, including financing interest expense, increased $12 million compared to the prior year period primarily due to higher interest rates. We allocate a portion of gross interest expense to financing interest expense based on our effective interest rate and average finance receivables for the period.
 • Other components of net pension and postretirement cost increased $97 million compared to the prior year, and includes a settlement charge of $91 million from a targeted campaign to offer lump sum settlements to vested participants.
 • Other expense (income) increased $92 million due to $67 million of charges related to the Ecommerce Restructuring, a $14 million increase in debt redemption/refinancing costs and a $10 million asset impairment charge.
 The benefit for income taxes for 2024 includes a tax benefit of $164 million primarily due to an affiliate reorganization. See Note 15 for more information.
 As a result of the above, net income from continuing operations for 2024 was $103 million compared to a net loss from continuing operations of $61 million in 2023.
 Net loss for 2024 and 2023 was $204 million and $386 million, respectively, and includes a net loss from discontinued operations of $306 million and $324 million, respectively. See Note 4 for more information.

 2023
 2022
 Actual % Change

 $
 $
 (16)
 %
 (16)
 %

 Total costs and expenses
 2,122,845
 2,294,231
 %

 (Loss) income from continuing operations before income taxes

 (43,920)
 188,652
 >(100%)

 Provision for income taxes

 42,956
 %

 (Loss) income from continuing operations

 (61,267)
 145,696
 >(100%)

 (324,360)
 (108,756)
 >(100%)

 $
 (385,627)
 $
 >(100%)

 Revenue decreased $404 million in 2023 compared to the prior year primarily due to a decrease in business services revenue of $337 million, lower equipment sales of $31 million and lower support services revenue of $27 million. The significant decline in business services revenue is primarily due to the sale or dissolution of certain Global Ecommerce operations that did not qualify for discontinued operations treatment.

 Total costs and expenses decreased $171 million compared to the prior year primarily due to the following:
 • Costs of revenue (excluding financing interest expense) decreased $345 million primarily due to lower cost of business services of $297 million and lower cost of equipment sales of $30 million. The significant decline in cost of business services is primarily due to the sale or dissolution of certain Global Ecommerce operations that did not qualify for discontinued operations reporting.
 • SG&A expense declined $4 million compared to the prior year. This decrease was primarily driven by lower credit card fees of $10 million, lower professional and outsourcing fees of $8 million, lower salary expense of $5 million and lower marketing expenses of $5 million, partially offset by proxy solicitation fees of $11 million, higher credit loss provision of $7 million and non-cash foreign currency revaluation losses on intercompany loans of $6 million.
 • Restructuring charges increased $35 million compared to the prior year driven by actions taken under the 2023 Plan.
 • A goodwill impairment charge of $124 million associated with certain operations of the former Global Ecommerce segment that were sold or dissolved prior to 2024 and did not qualify for discontinued operations treatment.
 • Interest expense, net, including financing interest expense, increased $23 million in 2023 compared to the prior year primarily due to higher interest rates.
 • Other income declined $14 million compared to the prior year primarily driven by prior year gains of $22 million from the sale of assets and businesses, partially offset by a favorable year-over-year impact of $8 million associated with the redemption of debt.
 In 2023, we recorded a tax provision on a net loss from continuing operations of $44 million primarily due to the non-deductibility of the goodwill impairment charge. See Note 15 to the Consolidated Financial Statements for more information.
 As a result of the above, net loss from continuing operations for 2023 was $61 million compared to net income from continuing operations of $146 million in the prior year.
 Net loss for 2023 was $386 million compared to net income in 2022 of $37 million. These amounts include a net loss from discontinued operations of $324 million and $109 million, respectively. See Note 4 to the Consolidated Financial Statements for more information.

 SEGMENT RESULTS
 Effective January 1, 2024, we moved the digital delivery services offering from the former Global Ecommerce segment to the SendTech Solutions segment in order to leverage our technology and innovation capabilities to better serve our clients. Prior periods have been recast to conform to the current segment presentation.
 Management measures segment profitability and performance by deducting from segment revenue the related costs and expenses attributable to the segment. Segment results exclude interest, taxes, corporate expenses, restructuring charges, and other items not allocated to a business segment.
 SendTech Solutions provides clients with physical and digital shipping and mailing technology solutions and other applications to help simplify and save on the sending, tracking and receiving of letters, parcels and flats, as well as supplies and maintenance services for these offerings. We offer financing alternatives that enable clients to finance equipment and product purchases, a revolving credit solution that enables clients to make meter rental payments and purchase postage, services and supplies, and an interest-bearing deposit solution to clients who prefer to prepay postage. We also offer financing alternatives that enable clients to finance or lease other manufacturers' equipment and provide working capital.
 Financial performance for the SendTech Solutions segment was as follows:

 2024
 2023
 Actual % change

 $
 139,309
 $
 106,594
 %
 %

 (9)
 %
 (9)
 %

 269,893
 —
 %
 —
 %

 287,600
 323,739
 (11)
 %
 (11)
 %

 (3)
 %
 (3)
 %

 65,248
 (4)
 %
 (4)
 %

 1,279,866
 (4)
 %
 (3)
 %

 Cost of business services
 39,258
 32,588
 (20)
 %

 Cost of support services
 123,551
 136,821
 %

 Cost of equipment sales
 203,617
 222,220
 %

 Cost of supplies
 40,585
 43,140
 %

 Cost of rentals
 17,461
 19,407
 %

 Total costs of revenue
 424,472
 454,176
 %

 Gross margin
 855,394
 873,697
 (2)
 %

 Gross margin %
 66.8
 %
 65.8
 %

 434,377
 446,079
 %

 Research and development
 21,328
 21,772
 %

 Other components of pension and post retirement costs
 (2,111)
 (2,245)
 (6)
 %

 Adjusted Segment EBIT
 $
 401,800
 $
 408,091
 (2)
 %

 SendTech Solutions revenue decreased $48 million in 2024 compared to 2023. Support services revenue declined $36 million primarily due to the declining meter population and continuing shift to cloud-enabled products. Equipment sales declined $36 million primarily due to customers opting to extend leases of their existing advanced-technology equipment rather than purchase new equipment. These revenue declines were partially offset by an increase in business services revenue of $33 million primarily driven by growth in our shipping subscriptions, including enterprise subscriptions and growth in digital delivery services due to client mix.
 Gross margin declined $18 million primarily due to the decline in revenue; however, gross margin percentage increased to 66.8% from 65.8% compared to the prior year. The increase in gross margin percentage was primarily driven by improvements in business services

 gross margin due to growth in enterprise shipping subscriptions and digital delivery services. Gross profit margin for support services, supplies and rentals was comparable to the prior year as we reduced costs in response to lower revenues.
 SG&A expense declined $12 million, primarily driven by lower employee-related expenses of $16 million due to savings from the 2023 and 2024 Plans, lower credit loss provision of $4 million and lower expenses driven by overall cost savings initiatives, partially offset by higher professional and outsourcing fees of $13 million.
 Adjusted segment EBIT was $402 million in 2024 compared to $408 million in 2023.

 2023
 2022
 Actual % change

 $
 106,594
 $
 230,654
 (54)
 %
 (54)
 %

 (6)
 %
 (6)
 %

 274,508
 (1)
 %
 (1)
 %

 323,739
 354,960
 (9)
 %
 (8)
 %

 (4)
 %
 (4)
 %

 66,256
 %
 %

 1,518,755
 (13)
 %
 (12)
 %

 Cost of business services
 32,588
 157,790
 %

 Cost of support services
 136,821
 147,654
 %

 Cost of equipment sales
 222,220
 251,916
 %

 Cost of supplies
 43,140
 43,537
 %

 Cost of rentals
 19,407
 24,865
 %

 Total costs of revenue
 454,176
 625,762
 %

 Gross margin
 873,697
 892,993
 (2)
 %

 Gross margin %
 65.8
 %
 58.8
 %

 446,079
 467,243
 %

 Research and development
 21,772
 24,363
 %

 Other components of pension and post retirement costs
 (2,245)
 (331)
 >100%

 Adjusted Segment EBIT
 $
 408,091
 $
 401,718
 %

 SendTech Solutions revenue decreased $191 million in 2023 compared to the prior year. Business services revenue declined $124 million primarily driven by a $128 million reduction in revenue due to the change in revenue presentation for digital delivery services, which was partially offset by growth in enterprise shipping subscriptions. Equipment sales declined $31 million primarily due to customers opting to extend leases of their existing advanced-technology equipment rather than purchase new equipment. Support services revenue declined $27 million primarily due to the declining meter population and continuing shift to cloud-enabled products. Supplies revenue declined $6 million primarily driven by a declining meter population. Financing revenue declined $3 million primarily due to $6 million of lower lease extensions and lower late fees of $1 million, partially offset by higher investment income of $7 million.
 Gross margin decreased $19 million primarily due to the decline in revenue. However, gross margin percentage increased to 65.8% from 58.8% compared to the prior year driven by improvements in business services gross margin due to growth in enterprise shipping subscriptions, rentals gross margin due in part to a $2 million prior year unfavorable scrap adjustment and a current year favorable adjustment and equipment sales gross margin due to cost management.
 SG&A expenses declined $21 million primarily driven by lower credit card fees of $8 million, lower outsourcing and professional fees of $5 million, lower rent expense of $3 million and lower marketing expenses of $1 million.
 Adjusted segment EBIT was $408 million in 2023 compared to $402 million for the prior year.

 Presort Services is the largest workshare partner of the USPS and national outsource provider of mail sortation services that allow clients to qualify large volumes of First Class Mail, Marketing Mail, and Marketing Mail Flats/Bound Printed Matter for postal worksharing discounts.
 Financial performance for the Presort Services segment was as follows:

 2024
 2023
 Actual % Change

 Business Services Revenue
 $
 $
 %
 %

 Cost of Business Services
 417,741
 432,229
 %

 Gross Margin
 244,846
 185,370
 %

 Gross Margin %
 37.0
 %
 30.0
 %

 78,860
 74,230
 (6)
 %

 Other components of net pension and postretirement cost

 %

 Adjusted segment EBIT
 $
 165,784
 $
 110,912
 %

 Revenue increased $45 million in 2024 compared to 2023 primarily due to pricing actions and product mix. The processing of First Class Mail and Marketing Mail Flats/Bound Printed Matter contributed revenue increases of $40 million and $7 million, respectively, which was partially offset by a revenue decrease from Marketing Mail of $2 million. The revenue increase includes a $5 million favorable adjustment related to prior periods. Refer to Note 1 Basis of Presentation for further information.
 Gross margin increased $59 million and gross margin percentage increased to 37.0% from 30.0% in the prior year primarily due to the increase in revenue, lower transportation costs of $5 million driven by lane optimization, cost savings as a result of the 2023 Plan, and the benefits from investments made in automation and higher-throughput sortation equipment.
 SG&A expense increased $5 million compared to 2023 primarily due to higher credit loss provision of $3 million.
 Adjusted segment EBIT was $166 million in 2024, including the $5 million benefit from the favorable revenue adjustment, compared to $111 million in 2023.

 2023
 2022
 Actual % Change

 Business Services Revenue
 $
 $
 %
 %

 Cost of Business Services
 432,229
 454,923
 %

 Gross Margin
 185,370
 147,093
 %

 Gross Margin %
 30.0
 %
 24.4
 %

 74,230
 64,517
 (15)
 %

 Other components of net pension and postretirement costs
 (56)
 %

 Adjusted segment EBIT
 $
 110,912
 $
 82,430
 %

 Revenue increased $16 million in 2023 compared to the prior year as pricing actions to mitigate inflationary pressures on costs offset the revenue decline driven by a 6% decrease in total mail volumes. The processing of Marketing Mail Flats and Bound Printed Matter and First Class Mail contributed revenue increases of $18 million and $5 million, respectively, while the processing of Marketing Mail contributed to a revenue decrease of $7 million.

 Gross margin increased $38 million and gross margin percentage increased to 30.0% from 24.4% compared to the prior year primarily due to the increase in revenue, lower transportation costs of $15 million, driven by improvements in network management, and the benefits from investments made in automation and higher-throughput sortation equipment.
 SG&A expenses increased $10 million primarily due to higher employee-related expenses.
 Adjusted segment EBIT was $111 million in 2023 compared to $82 million in the prior year.

 CORPORATE EXPENSES
 The majority of operating expenses are recorded directly or allocated to our reportable segments. Operating expenses not recorded directly or allocated to our reportable segments are reported as corporate expenses. Corporate expenses primarily represents corporate administrative functions such as finance, marketing, human resources, legal, information technology, and research and development.

 2024
 2023
 Actual % change

 Corporate expenses

 $
 178,141
 $
 210,931
 %

 Corporate expenses for 2024 decreased $33 million compared to the prior year primarily due to lower salary expense of $22 million due to savings from the 2023 and 2024 Plans, lower professional and outsourcing fees of $12 million, non-cash foreign currency revaluation gains on intercompany loans of $8 million, lower marketing expenses of $5 million, lower insurance costs of $3 million and various other expense savings totaling approximately $20 million from cost savings initiatives. These cost savings were partially offset by higher variable compensation expense of $37 million.

 2023
 2022
 Actual % change

 Corporate expenses

 $
 210,931
 $
 204,251
 (3)
 %

 Corporate expenses for 2023 increased $7 million compared to the prior year primarily due to higher variable compensation expense of $4 million and higher depreciation expense of $2 million.

 LIQUIDITY AND CAPITAL RESOURCES
 Our ability to maintain adequate liquidity for our operations is dependent upon a number of factors, including our revenue and earnings, our ability to manage costs and improve productivity, our clients' ability to pay their balances on a timely basis and the impacts of changing macroeconomic and geopolitical conditions. At December 31, 2024 we had cash, cash equivalents and short-term investments of $486 million, which includes $47 million held at our foreign subsidiaries used to support the liquidity needs of those subsidiaries. At this time, we believe that existing cash and investments, cash generated from operations and borrowing capacity under our revolving credit facility will be sufficient to fund our cash needs for the next 12 months.
 In connection with the GEC Chapter 11 Cases, the Company, through one of its wholly owned subsidiaries, agreed to provide funding to the Ecommerce Debtors through the DIP Facility up to a maximum amount of $47 million. The DIP Facility bears interest at 10%, and had an initial maturity date of November 29, 2024, which the parties subsequently extended to December 9, 2024. We provided initial funding of $28 million and in December 2024, received $11 million as a partial repayment of the DIP Facility. The remaining balance on the DIP Facility is fully reserved and any future distributions will be recorded as income in the period received.
 Immediately prior to the GEC Sale, we had various intercompany receivables with the Ecommerce Debtors with an aggregate value of $116 million. After the GEC Sale, those intercompany receivables were converted to third party receivables, for which we have ascribed a fair value of zero. Subsequent collections, if any, will be recorded when received or collection is assured.

 Cash Flow Summary
 The change in cash and cash equivalents is as follows:

 2024
 2023
 2022

 Net cash from operating activities
 $
 229,170
 $
 80,091
 $
 175,039

 Net cash from investing activities
 (49,056)
 (124,096)
 (24,269)

 Net cash from financing activities
 (305,455)
 (30,002)
 (198,083)

 Effect of exchange rate changes on cash and cash equivalents
 (4,987)
 5,731
 (16,091)

 Change in cash and cash equivalents
 $
 (130,328)
 $
 (68,276)
 $
 (63,404)

 Operating activities
 Cash flows from operating activities in 2024 improved $149 million compared to the prior year period driven primarily by a decline in finance receivables and lower payments of accounts payable and accrued liabilities. Cash flow from operations also benefited from lower cash outflows from discontinued operations of $107 million.
 Cash flows from operating activities in 2023 declined $95 million compared to the prior year. This decline was driven by lower earnings, higher interest payments of $30 million, higher restructuring payments of $19 million and higher pension contributions of $7 million, partially offset by changes in other working capital items.
 Investing activities
 Cash flows from investing activities for 2024 improved $75 million compared to the prior year primarily due to higher cash from investment activities of $40 million, lower investments in loan receivables of $20 million, lower cash outflows from discontinued operations of $17 million, and lower capital expenditures of $6 million, partially offset by net DIP Facility funding of $17 million.
 Cash flows from investing activities for 2023 declined $100 million compared to the prior year primarily due to prior year proceeds of $162 million from the sale of businesses and our Shelton, Connecticut office building, lower cash from investment activities of $13 million, partially offset by lower cash payments of $28 million to settle foreign exchange derivative contracts, lower investments in loan receivables of $23 million and lower capital expenditures of $5 million and lower outflows from discontinued operations of $17 million.
 Financing activities
 Cash flows from financing activities for 2024 declined $275 million compared to the prior year primarily due to higher net debt repayments of $178 million and lower cash from changes in customer account deposits at the Bank of $97 million.
 Cash flows from financing activities for 2023 improved $168 million compared to the prior year primarily due to lower net debt repayments of $68 million, higher cash from changes in customer account deposits at the Bank of $90 million and $13 million of common stock repurchases in the prior year.

 Debt Activity
 During 2024, we repaid $178 million of the Notes due March 2028 and made scheduled principal repayments of $56 million. In January 2025, we repaid the remaining outstanding balance of the Notes due March 2028.
 In August 2024, we amended the credit agreement that governs our secured revolving credit facility and the term loan due March 2026 (the "Credit Agreement") and the note purchase agreement that governs our $275 million notes due March 2028. The amendments, among other things, permitted the Ecommerce Restructuring, including funding under the DIP Facility, amended certain covenants, including relief for expenses incurred pursuant to the Ecommerce Restructuring, released the guarantees provided by the Ecommerce Debtors, released the liens on the assets of the Ecommerce Debtors and reduced the amount of permitted borrowings under the revolving credit facility from $500 million to $400 million. The Credit Agreement contains certain financial covenants. At December 31, 2024, we were in compliance with these financial covenants and there were no outstanding borrowings under the revolving credit facility. Borrowings under our Credit Agreement are secured by assets of the company.
 In February 2025, we entered into a new senior secured credit agreement (the "New Credit Agreement"), which provides for a $265 million revolving credit facility maturing March 2028, a $160 million term loan maturing March 2028 and a $615 million term loan maturing March 2032. The proceeds were used to repay the outstanding balances of the Term loan due March 2026 and Term loan due March 2028 and for general corporate purposes. Borrowings under our New Credit Agreement are secured by assets of the Company.
 Under the New Credit Agreement, the Company is required to maintain (with maintenance tested quarterly) (i) a Consolidated Interest Coverage Ratio (as defined in the Credit Agreement) of not less than 2.00 to 1.00, (ii) a Consolidated Secured Net Leverage Ratio (as defined in the Credit Agreement) of no greater than 3.00 to 1.00 and (iii) a Consolidated Total Net Leverage Ratio of no greater than (a) 5.25 to 1.00 for the fiscal quarters ending March 31, 2025 and June 30, 2025, (b) 5.00 to 1.00 for the fiscal quarters ending September 30, 2025 and December 31, 2025 and (c) 4.75 to 1.00 for each fiscal quarter ending on or after March 31, 2026.
 We may from time to time seek to retire or repurchase our outstanding debt through open market purchases, privately negotiated transactions, redemptions, prepayments or otherwise. Such prepayments or repurchases, if any, will depend on our business strategy, prevailing market conditions, our liquidity requirements, our contractual restrictions or covenants, compliance with securities laws and other factors and may be commenced or suspended at any time. The amounts involved may be material.
 The PB Bank (the Bank), a wholly owned subsidiary, is a member of the Federal Home Loan Bank (FHLB) of Des Moines and has access to certain credit products as a funding source known as "advances." As of December 31, 2024, the Bank had yet to apply for any advances.

 Future Cash Requirements
 The following table summarizes our known and contractually committed cash requirements at December 31, 2024, with the exception of debt maturities, which is reflective of the debt refinancing completed in February 2025.

 Payments due in (in millions)

 Total
 2025

 2026

 2027

 2028

 2029

 Debt maturities
 $
 1,966
 $
 $
 $
 $
 $
 $
 1,047

 Lease obligations

 Purchase obligations
 —
 —
 —
 —
 —

 Retiree medical payments

 Total
 $
 2,364
 $
 $
 $
 $
 $
 $
 1,099

 Debt
 Required debt repayments over the next 12 months are $11 million, which we anticipate satisfying through available cash on hand and cash generated from operations. We estimate that cash interest payments for the next 12 months will be $140 - $150 million. See Note 13 to the Consolidated Financial Statements for information regarding our debt.
 Lease obligations
 We lease real estate and equipment under operating and capital lease arrangements. These leases have terms of up to 15 years and include renewal options. See Note 7 and Note 17 to the Consolidated Financial Statements for further information.
 Purchase obligations
 Purchase obligations include unrecorded open purchase orders for goods and services.

 Off Balance Sheet Arrangements
 At December 31, 2024, we had approximately $30 million outstanding letters of credit guarantees with financial institutions that are primarily issued as security for insurance, leases, customs and other performance obligations. In general, we would only be liable for the amount of these guarantees in the event of default in the performance of our obligations, the probability of which we believe is remote. Outstanding letters of credit reduce the amount we can borrow under our revolving credit facility.

 Critical Accounting Estimates
 The preparation of our financial statements in conformity with GAAP requires management to make estimates and assumptions about certain items that affect the reported amounts of assets, liabilities, revenues, expenses and accompanying disclosures, including the disclosure of contingent assets and liabilities. The accounting policies below have been identified by management as those policies that are most critical to our financial statements due to the estimates and assumptions required. Management believes that the estimates and assumptions used are reasonable and appropriate based on the information available at the time the financial statements were prepared; however, actual results could differ from those estimates and assumptions. See Note 1 to the Consolidated Financial Statements for a summary of our accounting policies.

 Revenue recognition
 We derive revenue from multiple sources including the sale and lease of equipment, equipment rentals, financing, support services and business services. Certain transactions are consummated at the same time and can therefore generate revenue from multiple sources. The most common form of these arrangements involves a sale or noncancelable lease of equipment, meter services and an equipment maintenance agreement. We are required to determine whether each product and service within the contract should be treated as a separate performance obligation (unit of accounting) for revenue recognition purposes. We recognize revenue for performance obligations when control is transferred to the customer. Transfer of control may occur at a point in time or over time, depending on the nature of the contract and the performance obligation.
 Revenue is allocated among performance obligations based on relative standalone selling prices (SSP), which are a range of selling prices that we would sell the good or service to a customer on a separate basis. SSP are established for each performance obligation at the inception of the contract and can be observable prices or estimated. Revenue is allocated to the meter service and equipment maintenance agreement elements using their respective observable selling prices charged in standalone and renewal transactions. For sale and lease transactions, the SSP of the equipment is based on a range of observable selling prices in standalone transactions. We recognize revenue on non-lease transactions when control of the equipment transfers to the customer, which is upon delivery for customer installable models and upon installation or customer acceptance for other models. We recognize revenue on equipment for lease transactions upon shipment for customer installable models and upon installation or customer acceptance for other models.

 Allowances for credit losses
 Finance receivables are comprised of sales-type leases, secured loans and unsecured revolving loans. We provide an allowance for expected credit losses based on historical loss experience, the nature of our portfolios, adverse situations that may affect a client's ability to pay and current economic conditions and outlook based on reasonable and supportable forecasts. Total allowance for credit losses as a percentage of finance receivables was 2% at both December 31, 2024 and 2023. Holding all other assumptions constant, a 0.25% increase in the allowance rate at December 31, 2024 would have reduced pre-tax income by $3 million.
 Trade accounts receivable are generally due within 30 days after the invoice date. We provide an allowance for expected credit losses based on historical loss experience, the age of the receivables, specific troubled accounts and other currently available information. Accounts deemed uncollectible are written off against the allowance after all collection efforts have been exhausted and management deems the account to be uncollectible, or when they are 365 days past due, if sooner. The allowance for credit losses as a percentage of trade accounts receivables was 5% and 3% at December 31, 2024 and 2023, respectively. Holding all other assumptions constant, a 0.25% increase in the allowance rate at December 31, 2024 would have reduced pre-tax income by less than $1 million.

 Income taxes and valuation allowance
 We are subject to income taxes in the U.S. and numerous foreign jurisdictions. Our annual tax rate is based on income, statutory tax rates, tax reserve changes and tax planning opportunities available to us in the various jurisdictions in which we operate. Significant judgment is required in determining the annual tax rate and in evaluating our tax positions. 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 have established tax reserves that we believe are appropriate given the possibility of tax adjustments. Determining the appropriate level of tax reserves requires judgment regarding the uncertain application of tax laws. Reserves are adjusted when information becomes available or when an event occurs indicating a change in the reserve is appropriate. Changes in tax reserves could have a material impact on our financial condition or results of operations.
 Significant judgment is also required in determining the amount of deferred tax assets that will ultimately be realized and corresponding deferred tax asset valuation allowance. When estimating the necessary valuation allowance, we consider all available evidence for each jurisdiction including historical operating results, estimates of future taxable income and the feasibility of tax planning strategies. If new information becomes available that would alter our estimate of the amount of deferred tax assets that will ultimately be realized, we adjust the valuation allowance through income tax expense. Changes in the deferred tax asset valuation allowance could have a material impact on our financial condition or results of operations.

 Pension benefits
 The calculation of net periodic pension expense and determination of net pension obligations are dependent on assumptions and estimates relating to, among other things, the discount rate (interest rate used to discount the future estimated liability) and the expected rate of return on plan assets. These assumptions are evaluated and updated annually.
 The discount rate for our largest plan, the U.S. Qualified Pension Plan (the U.S. Plan) and our largest foreign plan, the U.K. Qualified Pension Plan (the U.K. Plan) used to determine net periodic pension expense for 2024 was 5.15% and 4.50%, respectively. The discount rate used to determine 2025 net periodic pension expense for the U.S. Plan and the U.K. Plan was 5.65% and 5.45%, respectively. A 0.25% change in the discount rate would not materially impact annual pension expense for the U.S. Plan or the U.K. Plan. A 0.25% change in the discount rate would impact the projected benefit obligation of the U.S. Plan and U.K. Plan by $16 million and $10 million, respectively.
 The expected rate of return on plan assets used to determine net periodic pension expense for 2024 was 6.7% for the U.S. Plan and 5.5% for the U.K. Plan. The expected rate of return on plan assets used to determine 2025 net periodic pension expense was 6.9% and 6.09% for the U.S. Plan and the U.K. Plan, respectively. A 0.25% change in the expected rate of return on plan assets would impact annual pension expense for the U.S. Plan by $3 million and the U.K. Plan by $1 million.
 Actual pension plan results that differ from our assumptions and estimates are accumulated and amortized primarily over the life expectancy of plan participants and affect future pension expense. Net pension expense is also based on a market-related valuation of plan assets where differences between the actual and expected return on plan assets are recognized over a five-year period in the U.S. and a two-year period in the U.K. Plan benefits for participants in a majority of our U.S. and foreign pension plans are frozen.

 Residual value of leased assets
 Equipment residual values are determined at the inception of the lease using estimates of the equipment's fair value at the end of the lease term. Residual value estimates impact the determination of whether a lease is classified as an operating lease or a sales-type lease. Fair value estimates of equipment at the end of the lease term are based on historical renewal experience, 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. Increases in estimated future residual values are not recognized until the equipment is remarketed. If the actual residual value of leased assets were 10% lower than management's current estimates and considered "other-than-temporary", pre-tax income would be $4 million lower.

 Legal and Regulatory Matters
 See Regulatory Matters in Item 1 and Other Tax Matters in Note 15 to the Consolidated Financial Statements for regulatory matters regarding our tax returns and Note 16 to the Consolidated Financial Statements for information regarding our legal proceedings.

 Foreign Currency Exchange
 The functional currency for most of our foreign operations is the local currency. Changes in the value of the U.S. dollar relative to the currencies of countries in which we operate impact our reported assets, liabilities, revenue and expenses. Exchange rate fluctuations can also impact the settlement of intercompany receivables and payables between our subsidiaries in different countries. During 2024, 16% of our consolidated revenue was from operations outside the United States.

 ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 We are exposed to market risks primarily from changes in foreign currency exchange rates and interest rates. To manage these market risks, we may employ derivatives according to established policies and procedures. We do not use derivatives for speculative purposes. We are also exposed to credit risk on our accounts receivable and finance receivable portfolio.

 Foreign Exchange Risk
 We have a number of short-term intercompany loans denominated in a foreign currency, predominantly the British Pound, Euro and Canadian Dollar. Our foreign currency risk primarily includes the periodic revaluation of these intercompany loans and related interest, which is recorded in earnings. Assuming foreign currency exchange rates at December 31, 2024, a 1% change in the British Pound, Euro and Canadian Dollar would impact earnings by $4 million, $3 million and $2 million, respectively.
 We are also exposed to foreign currency risks associated with transactions denominated in currencies other than a location's functional currency and forecasted inventory purchases between affiliates and third parties. However, these risks are not deemed to be significant.

 Interest Rate Risk
 We are exposed to interest rate risk on our variable-rate debt borrowings. At December 31, 2024, approximately 61% of our debt is at fixed rates and the remaining 39% is at variable rates. The weighted average interest rate of our variable rate debt at December 31, 2024 and 2023 was 8.3% and 9.7%, respectively. A 100 basis point change in the weighted average interest rate of our variable rate debt in 2024 would have increased interest expense approximately $8 million.
 We also maintain a significant investment portfolio comprised of fixed-rate investment in government and municipal securities, corporate securities, mortgage-backed securities and asset-backed securities. Changes in interest rates impact the fair value of these investments. We have designated these securities as available-for-sale, and changes in fair value due to changes in interest rates are recognized in accumulated other comprehensive loss, a component of equity, and not earnings. We do not expect to recognize impairment losses on investment securities in an unrealized loss position as we have the intent and ability to hold these securities until recovery of unrealized losses or maturity.

 Credit Risk
 We are exposed to credit risk on our accounts receivable and finance receivable balances. This risk is mitigated due to our large, diverse client base, dispersed over various geographic regions and industrial sectors. No single client comprised more than 10% of our consolidated net sales in 2024 or 2023. We maintain provisions for potential credit losses based on historical experience, age of receivable, current economic conditions and future outlook and other relevant factors that may impact our customers' ability to pay. We continually evaluate the adequacy of our allowance for credit losses and adjust as necessary.

 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
 See "Index to Consolidated Financial Statements and Schedules" in this Form 10-K.

 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
 None.

 ITEM 9A. CONTROLS AND PROCEDURES
 Evaluation of Disclosure Controls and Procedures
 We maintain disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act)), that are designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and to ensure that such information is accumulated and communicated to management, including our Chief Executive Officer (CEO) and Chief Financial Officer (CFO), to allow timely decisions regarding required disclosure.
 Any system of controls and procedures, no matter how well designed and operated, can provide only reasonable (and not absolute) assurance of achieving the desired control objectives. Under the direction of our CEO and CFO, management evaluated the effectiveness of the design and operation of our disclosure controls and procedures as required by Rule 13a-15 or Rule 15d-15 under the Exchange Act. Notwithstanding this caution, the CEO and CFO have reasonable assurance that the disclosure controls and procedures were effective as of December 31, 2024.

 Management's Report on Internal Control over Financial Reporting
 Management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. Management assessed the effectiveness of the internal control over financial reporting as of December 31, 2024 under the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control - Integrated Framework (2013) and concluded that the internal control over financial reporting was effective.
 The effectiveness of our internal control over financial reporting as of December 31, 2024 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report in this Form 10-K.

 Changes in Internal Control over Financial Reporting
 There have been no changes in our internal control over financial reporting during the three months ended December 31, 2024, that have materially affected, or are reasonably likely to materially affect, such internal control over financial reporting.

 ITEM 9B. OTHER INFORMATION
 During the three months ended December 31, 2024, certain directors and officers of the Company adopted a " Rule 10b5-1 trading arrangement," as defined in Item 408(a) of Regulation S-K, as set forth in the table below:

 Action

 Date

 Trading Arrangement

 Total Shares to be Sold(3)

 Expiration Date

 Rule 10b5-1(1)

 Non-Rule 10b5-1(2)

 James A. Fairweather ( Executive Vice President and Chief Innovation Officer)

 Adopt

 November 25, 2024
 x

 277,356
 December 31, 2025

 Shemin Nurmohamed ( Executive Vice President and President, Sending Technology Solutions)

 Adopt

 December 20, 2024
 x

 17,521 (4)

 December 31, 2025

 Lance Rosenzweig ( Chief Executive Officer)

 Adopt

 December 20, 2024
 x

 141,700 (5)

 December 31, 2025

 (1) Intended to satisfy the affirmative defense of Rule 10b5-1(c).
 (2) Not intended to satisfy the affirmative defense of Rule 10b5-1(c).
 (3) Represents the maximum number of shares that may be sold pursuant to the 10b5-1 trading arrangement. The actual number of shares sold will be dependent on the terms of, and the satisfaction of the conditions as set forth in, the written plan.
 (4) The Rule 10b5-1 trading arrangement includes the sale of shares to be received upon future vesting of certain outstanding equity awards, net of any shares withheld by us to satisfy applicable taxes. The number of shares to be withheld, and thus the exact number of shares to be sold pursuant to Ms. Nurmohamed's Rule 10b5-1 trading arrangement, can only be determined upon the occurrence of the future vesting events. For purposes of this disclosure, we have reported the gross number of shares to be received upon the future vesting of such equity awards, before subtracting any shares to be withheld by us to satisfy applicable taxes in connection with such future vesting events.
 (5) Mr. Rosenzweig's trading arrangement, which was entered into for ongoing estate and tax planning purposes on a date when the Company's opening share price was $6.97 per share, only provides for the sale of such shares if the price exceeds $12.00 per share in the future.

 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
 None.

 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
 Other than information regarding our executive officers disclosed in Part I of this Annual Report and information regarding our directors as shown below, the information required by this Item is incorporated by reference to our Proxy Statement to be filed in connection with the 2025 Annual Meeting of Stockholders.

 Principle Occupation

 Lance Rosenzweig

 Chief Executive Officer, Pitney Bowes Inc.

 Milena Alberti-Perez

 Former Chief Financial Officer of Getty Images, Inc

 Todd Everett

 Independent advisor to several ecommerce companies, including Doddle Parcel Services Limited, Verishop, Inc., and Fetch Package, Inc

 Kurt Wolf

 Managing Member and Chief Investment Officer of Hestia Capital Management

 Paul Evans

 Former Chief Operating Officer of America's Auto Auction Group

 Catherine Levene

 Former President of Meredith Corporation's National Media Group

 Julie Schoenfeld

 Founder, Former President and CEO of Strobe, Inc.

 Code of Ethics
 We have Business Practices Guidelines (BPG) that apply to all our officers and other employees and a Code of Business Conduct and Ethics (the Code) that applies to our Board of Directors. The BPG and the Code are posted on our corporate governance website located at www.pb.com/us/our-company/leadership-and-governance/corporate-governance.html. Amendments to either the BPG or the Code and any waiver from a provision of the BPG or the Code requiring disclosure will be disclosed on our corporate governance website.

 Audit Committee - Audit Committee Financial Expert
 The information regarding the Audit Committee, its members and the Audit Committee financial experts is incorporated by reference to our Proxy Statement to be filed in connection with the 2025 Annual Meeting of Stockholders.

 ITEM 11. EXECUTIVE COMPENSATION
 The information required by this Item is incorporated by reference to our Proxy Statement to be filed in connection with the 2025 Annual Meeting of Stockholders.

 ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

 EQUITY COMPENSATION PLAN INFORMATION TABLE

 The following table provides information as of December 31, 2024 regarding the number of shares of common stock that may be issued under our equity compensation plans.

 Plan Category
 (a)
Number of securities to be issued upon exercise of outstanding options, warrants and rights (1)
 (b)
Weighted-average exercise price of outstanding options, warrants and rights (2)
 (c)
Number of securities remaining available for future issuance under equity compensation plans excluding securities reflected in column (a)

 Equity compensation plans approved by security holders

 11,351,222
 $10.87
 18,148,363

 Equity compensation plans not approved by security holders

 —
 —
 —

 Total
 11,351,222
 $10.87
 18,148,363

 (1) Includes outstanding restricted stock units, stock options and performance stock units.
 (2) Weighted average exercise price of stock options only.

 Other than information regarding securities authorized for issuance under equity compensation plans, the information required by this Item is incorporated by reference to our Proxy Statement to be filed in connection with the 2025 Annual Meeting of Stockholders.

 ITEM 13. CERTAIN RELATIONSHIPS, RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE
 The information required by this Item is incorporated by reference to our Proxy Statement to be filed in connection with the 2025 Annual Meeting of Stockholders.

 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
 The information required by this Item is incorporated by reference to our Proxy Statement to be filed in connection with the 2025 Annual Meeting of Stockholders.

 ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

 (a)(1) Index to Consolidated Financial Statements and Schedules

 Page Number in Form 10-K

 Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022

 Consolidated Statements of Comprehensive Loss for the years ended December 31, 2024, 2023 and 2022

 Consolidated Balance Sheets at December 31, 2024 and 2023

 Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022

 Consolidated Statements of Stockholders' Deficit for the years ended December 31, 2024, 2023 and 2022

 Notes to Consolidated Financial Statements

 Schedule II - Valuation and Qualifying Accounts and Reserves for the years ended December 31, 2024, 2023 and 2022

 (a)(2) Exhibits

 Reg. S-K
 exhibits

 Description
 Status or incorporation by reference

 3(a)
 Amended and Restated Certificate of Incorporation of Pitney Bowes Inc.
 Incorporated by reference to Exhibit 3.2 to Form 8-K filed with the Commission on May 8, 2024 (Commission file number 1-3579)

 3(b)
 Pitney Bowes Inc. Amended and Restated By-laws effective May 6, 2024

 Incorporated by reference to Exhibit 3.4 to Form 8-K filed with the Commission on May 8, 2024 (Commission file number 1-3579)

 Description of Registered Securities
 Exhibit 4

 4(a)
 Senior Debt Indenture, dated as of February 14, 2005, by and between the Company and Citibank N.A., as trustee
 Incorporated by reference to Exhibit 4(a) to Registration Statement on Form S-3 filed with the Commission on June 18, 2008 (Commission file number 1-3579)

 4(b)
 First Supplemental Indenture, dated as of October 23, 2007, by and among Pitney Bowes Inc., The Bank of New York, as successor trustee, and Citibank, N.A., as resigning trustee
 Incorporated by reference to Exhibit 4.1 to Form 8-K filed with the Commission on October 24, 2007 (Commission file number 1-3579)

 4(c)
 Supplemental Indenture No. 2 dated as of February 26, 2020, by and between Pitney Bowes Inc. and The Bank of New York Mellon, as successor trustee to Citibank N.A.
 Incorporated by reference to Exhibit 4.1 to Form 8-K filed with the Commission on February 26, 2020 (Commission file number 1-3579)

 4(d)
 Form of 5.25% Global Medium-Term Note due 2037
 Incorporated by reference to Exhibit 4(d)(1) to Form 8-K filed with the Commission on November 16, 2006 (Commission file number 1-3579)

 4(e)
 Officer's Certificate establishing the terms of the Notes, dated March 7, 2013, and Specimen of 6.70% Notes due 2043
 Incorporated by reference to Exhibits 4.1 and 4.2 to Form 8-K filed with the Commission on March 7, 2013 (Commission file number 1-3579)

 4(f)
 Officer's Certificate establishing the terms of the 4.625% Notes due 2024, dated March 13, 2014, and Specimen of 4.625% Notes due 2024.
 Incorporated by reference to Exhibits 4.1 and 4.2 to Form 8-K filed with the Commission on March 13, 2014 (Commission file number 1-3579)

 4(g)
 Indenture, dated March 19, 2021, among Pitney Bowes Inc., the guarantors party thereto and Truist Bank, as trustee, with respect to Pitney Bowes Inc.'s 6.875% Senior Notes due 2027.
 Incorporated by reference to Exhibit 4.1 to the Form 8-K filed with the Commission on March 23, 2021 (Commission file number 1-3579).

 4(h)
 Indenture, dated March 19, 2021, among Pitney Bowes Inc., the guarantors party thereto and Truist Bank, as trustee, with respect to Pitney Bowes Inc.'s 7.250% Senior Notes due 2029.
 Incorporated by reference to Exhibit 4.2 to the Form 8-K filed with the Commission on March 23, 2021 (Commission file number 1-3579).

 10(a) *
 Retirement Plan for Directors of Pitney Bowes Inc.
 Incorporated by reference to Exhibit 10(a) to Form 10-K filed with the Commission on March 30, 1993 (Commission file number 1-3579)

 10(b) *

 Pitney Bowes Inc. Directors' Stock Plan (as amended and restated September 11, 2023)

 Incorporated by reference to Exhibit 10.10 to Form 10-Q filed with the Commission on November 2, 2023 (Commission file number 1-3579)

 10(c) *

 Pitney Bowes Inc. 2007 Stock Plan (as amended November 7, 2009)
 Incorporated by reference to Exhibit (v) to Form 10-K filed with the Commission on February 26, 2010 (Commission file number 1-3579)

 10(d)*

 Pitney Bowes Inc. 2013 Stock Plan
 Incorporated by reference to Annex A to the Definitive Proxy Statement for the 2013 Annual Meeting of Stockholders filed with the Commission on March 25, 2013 (Commission file number 1-3579)

 Reg. S-K
 exhibits

 Description
 Status or incorporation by reference

 10(e)*

 Amended and Restated Pitney Bowes Inc. 2018 Stock Plan (as amended and restated September 11, 2023)

 Incorporated by reference to Exhibit 10.9 to Form 10-Q filed with the Commission on November 2, 2023 (Commission file number 1-3579)

 10(f)*

 Pitney Bowes Inc. 2024 Stock Plan as amended November 5, 2024

 Incorporated by reference to Exhibit 10.7 to Form 10-Q filed with the Commission on November 8, 2024 (Commission file number 1-3579)

 10(g) *

 Pitney Bowes Inc. Key Employees' Incentive Plan as amended November 5, 2024

 Incorporated by reference to Exhibit 10.8 to Form 10-Q filed with the Commission on November 8, 2024 (Commission file number 1-3579)

 10(h) *

 Pitney Bowes Severance Plan as amended and restated effective June 18, 2024

 Incorporated by reference to Exhibit 10.2 to Form 10-Q filed with the Commission on August 9, 2024 (Commission file number 1-3579)

 10(i) *

 Pitney Bowes Senior Executive Severance Policy (as amended and restated as of September 11, 2023)

 Incorporated by reference to Exhibit 10.6 to Form 10-Q filed with the Commission on November 2, 2023 (Commission file number 1-3579)

 10(j) *

 Pitney Bowes Inc. Deferred Incentive Savings Plan for the Board of Directors (as amended and restated September 11, 2023)

 Incorporated by reference to Exhibit 10.11 to Form 10-Q filed with the Commission on November 2, 2023 (Commission file number 1-3579)

 10(k) *

 Pitney Bowes Inc. Deferred Incentive Savings Plan (as amended and restated effective September 11, 2023)
 Incorporated by reference to Exhibit 10.7 to Form 10-Q filed with the Commission on November 2, 2023 (Commission file number 1-3579)

 10(l)*

 Pitney Bowes Director Equity Deferral plan dated November 8, 2013 (effective May 12, 2014)
 Incorporated by reference to Exhibit 10(o) to Form 10-K filed with the Commission on February 22, 2016 (Commission file number 1-3579)

 10(m)*

 Pitney Bowes Executive Equity Deferral Plan as amended November 5, 2024

 Incorporated by reference to Exhibit 10.9 to Form 10-Q filed with the Commission on November 8, 2024 (Commission file number 1-3579)

 10(n)

 Separation Agreement, dated as of May 21, 2024, by and between the Company and Jason Dies

 Incorporated by reference to Exhibit 10.4 to the Form 10-Q filed with the Commission on August 9, 2024 (Commission file number 1-3579)

 10(o)

 Separation Agreement, dated as of June 30, 2024, by and between the Company and Gregg Zegras

 Incorporated by reference to Exhibit 10.5 to the Form 10-Q filed with the Commission on August 9, 2024 (Commission file number 1-3579)

 10(p)

 Separation Agreement, dated as of August 7, 2024, by and between the Company and James Fairweather, Executive Vice President, Chief Innovation Officer

 Incorporated by reference to Exhibit 10.6 to the Form 8-K filed with the Commission on August 9, 2024 (Commission file number 1-3579)

 10(q)

 Separation Agreement, dated as of February 11, 2025, by and between the Company and John Witek

 Incorporated by reference to Exhibit 10.3 to the Form 8-K filed with the Commission on February 12, 2025 (Commission file number 1-3579)

 10(r)

 Letter Agreement, dated March 15, 2024, between the Company and John Witek

 Incorporated by reference to Exhibit 10.1 to the Form 8-K filed with the Commission on March 19, 2024 (Commission file number 1-3579)

 10(s)

 Letter Agreement, dated September 18, 2024, between the Company and John Witek

 Incorporated by reference to Exhibit 10.16 to the Form 10-Q filed with the Commission on November 8, 2024 (Commission file number 1-3579)

 10(t)

 Letter Agreement, dated October 25, 2024, between the Company and Lance Rosenzweig

 Incorporated by reference to Exhibit 10.1 to the Form 8-K filed with the Commission on August 9, 2024 (Commission file number 1-3579)

 10(u)

 Offer Letter, executed as of February 10, 2025, between Bob Gold and Pitney Bowes Inc.

 Incorporated by reference to Exhibit 10.2 to the Form 8-K filed with the Commission on February 12, 2025 (Commission file number 1-3579)

 10(v)

 Cooperation Agreement, dated as of January 31, 2024, by and between Hestia Capital Partners, LP, Helios I, LP, Hestia Capital Partners GP, LLC, Hestia Capital Management, LLC and Kurtis J. Wolf, on the one hand, and Pitney Bowes Inc., on the other hand

 Incorporated by reference to Exhibit 10.1 to the Form 8-K filed with the Commission on February 1, 2024 (Commission file number 1-3579)

 10(w)

 Form of Indemnification Agreement

 Incorporated by reference to Exhibit 10.3 to the Form 10-Q filed with the Commission on May 2, 2024 (Commission file number 1-3579)

 10(x)

 Limited Liability Company Agreement, dated as of August 8, 2024, by and between Pitney Bowes International Holdings, Inc. and Hilco

 Incorporated by reference to Exhibit 10.1 to the Form 8-K filed with the Commission on August 9, 2024 (Commission file number 1-3579)

 Reg. S-K
 exhibits

 Description
 Status or incorporation by reference

 10(y)

 Form of Restructuring Support Agreement, dated as of August 8, 2024, by and between the Company and the Ecommerce Debtors

 Incorporated by reference to Exhibit 10.2 to the Form 8-K filed with the Commission on August 9, 2024 (Commission file number 1-3579)

 10(z)

 Form of Settlement and Release Agreement, dated as of August 8, 2024, by and among (i) DRF Logistics, LLC and DRF, LLC, as proposed debtors and debtors-in-possession and (ii) the Company and Pitney Bowes International Holdings, Inc.

 Incorporated by reference to Exhibit 10.3 to the Form 8-K filed with the Commission on August 9, 2024 (Commission file number 1-3579)

 10(aa)

 Credit Agreement, dated as of February 7, 2025, among Pitney Bowes Inc., a Delaware corporation, the lenders and issuing banks thereto from time to time and Bank of America, N.A., as administrative agent

 Incorporated by reference to Exhibit 10.1 to the Form 8-K filed with the Commission on February 12, 2025 (Commission file number 1-3579)

 10(bb)

 Form of Long Term Incentive Award Agreement
 Incorporated by reference to Exhibit 10(k) to Form 10-K filed with the Commission on February 25, 2013 (Commission file number 1-3579)

 10(cc)

 Form of Restricted Stock Unit Award Agreement under 2024 Stock Plan
 Incorporated by reference to Exhibit 10.10 to Form 10-Q filed with the Commission on November 8, 2024 (Commission file number 1-3579)

 10(dd)

 Form of Performance Stock Unit Award Agreement under 2024 Stock Plan
 Incorporated by reference to Exhibit 10.11 to Form 10-Q filed with the Commission on November 8, 2024 (Commission file number 1-3579)

 10(ee)

 Form of Cash Incentive Unit Award Agreement under 2024 Stock Plan
 Incorporated by reference to Exhibit 10.12 to Form 10-Q filed with the Commission on November 8, 2024 (Commission file number 1-3579)

 10(ff)

 Form of Stock Cash Incentive Unit Award Agreement under 2024 Stock Plan
 Incorporated by reference to Exhibit 10.13 to Form 10-Q filed with the Commission on November 8, 2024 (Commission file number 1-3579)

 10(gg)

 Form of Non-qualified Stock Option Award Agreement under 2024 Stock Plan
 Incorporated by reference to Exhibit 10.14 to Form 10-Q filed with the Commission on November 8, 2024 (Commission file number 1-3579)

 10(hh)

 Form of Long Term Incentive Award Agreements under 2018 Stock Plan
 Incorporated by reference to Exhibit 10.15 to Form 10-Q filed with the Commission on November 8, 2024 (Commission file number 1-3579)

 10(ii)

 Form of 2024 Long Term Incentive Award Agreements for Chief Executive Officer

 Exhibit 10(ii)

 10(jj)

 Form of Non-Employee Director Restricted Stock Unit Award Agreement

 Exhibit 10(jj)

 Insider trading policy

 Exhibit 19

 Subsidiaries of the registrant
 Exhibit 21

 Consent of independent registered accounting firm
 Exhibit 23

 31.1
 Certification of Chief Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended.
 Exhibit 31.1

 31.2
 Certification of Chief Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended.
 Exhibit 31.2

 32.1
 Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350
 Exhibit 32.1

 32.2
 Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350
 Exhibit 32.2

 Compensation Recoupment Policy of Pitney Bowes Inc. dated December 1, 2023

 Incorporated by reference to Exhibit 10.12 to Form 10-Q filed with the Commission on November 2, 2023 (Commission file number 1-3579)

 101.SCH

 101.CAL

 101.DEF

 101.LAB

 101.PRE

 * The Exhibits identified above with an asterisk (*) are management contracts or compensatory plans or arrangements.
 The Company has certain outstanding long-term indebtedness that does not exceed 10% of the total assets of the Company; therefore, copies of instruments defining the rights of holders of such indebtedness are not included as exhibits. The Company agrees to furnish copies of such instruments to the SEC upon request.

 ITEM 16. FORM 10-K SUMMARY
 None

 SIGNATURES
 Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 Date: February 21, 2025 PITNEY BOWES INC.
 Registrant

 By: /s/ Lance Rosenzweig
 Lance Rosenzweig
 Chief Executive Officer

 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 Signature
 Title
 Date

 /s/ Lance Rosenzweig
 Lance Rosenzweig

 Chief Executive Officer - Director (Principal Executive Officer)

 /s/ John A. Witek
John A. Witek

 Interim Chief Financial Officer and Interim Chief Accounting Officer (Principal Financial Officer and Principal Accounting Officer)

 /s/ Milena Alberti-Perez
 Milena Alberti-Perez

 Non-Executive Chairman - Director

 /s/ Todd Everett
 Todd Everett

 /s/ Kurt Wolf
 Kurt Wolf

 /s/ Paul Evans
 Paul Evans

 /s/ Catherine Levene
 Catherine Levene

 /s/ Julie Schoenfeld
 Julie Schoenfeld

 Page Number

 Report of Independent Registered Public Accounting Firm (PCAOB ID: 238)

 Consolidated Financial Statements of Pitney Bowes Inc.

 Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022

 Consolidated Statements of Comprehensive Loss for the years ended December 31, 2024, 2023 and 2022

 Consolidated Balance Sheets at December 31, 2024 and 2023

 Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022

 Consolidated Statements of Stockholders' Deficit for the years ended December 31, 2024, 2023 and 2022

 Notes to Consolidated Financial Statements

 Financial Statement Schedule

 Schedule II - Valuation and Qualifying Accounts and Reserves for the years ended December 31, 2024, 2023 and 2022

 Report of Independent Registered Public Accounting Firm
 To the Board of Directors and Stockholders of Pitney Bowes Inc.

 Opinions on the Financial Statements and Internal Control over Financial Reporting

 We have audited the accompanying consolidated balance sheets of Pitney Bowes Inc. and its subsidiaries (the "Company") as of December 31, 2024 and 2023, and the related consolidated statements of operations, comprehensive loss, stockholders' deficit and cash flows for each of the three years in the period ended December 31, 2024, including the related notes and financial statement schedule listed in the index appearing under Item 15(a)(1) (collectively referred to as the "consolidated financial statements"). We also have audited the Company's internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

 In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

 Basis for Opinions

 The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management's Report on Internal Control over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company's consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

 Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

 Definition and Limitations of Internal Control over Financial Reporting

 A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

 Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 Critical Audit Matters
 The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

 Disposal of the majority of the Global Ecommerce reporting segment - Hilco Transaction

 As described in Notes 1 and 4 to the consolidated financial statements, on August 8, 2024, the Company entered into a series of transactions designed to facilitate an orderly wind-down of a majority of the Company's Global Ecommerce reporting segment. In connection with the wind-down, an affiliate of Hilco Commercial Industrial, LLC ("Hilco") subscribed for 81% of the voting interests in the subsidiary, DRF Logistics, LLC owning a majority of the Global Ecommerce segment's net assets and operations (DRF Logistics, LLC and its subsidiary, DRF LLC, the "Ecommerce Debtors") for de minimis consideration (the "GEC Sale"), with a subsidiary of Pitney Bowes retaining 19% of the voting interests and 100% of the economic interests. Subsequent to the GEC Sale, the Ecommerce Debtors, at the direction of their own governing bodies, filed petitions to commence Chapter 11 bankruptcy cases and conduct an orderly wind-down of the Ecommerce Debtors (the "GEC Chapter 11 Cases"). As a result of the GEC Chapter 11 Cases, the Company determined that it no longer had control of the Ecommerce Debtors' and therefore, the Ecommerce Debtors' were deconsolidated. As a result, certain revenues, expenses, assets and liabilities are now reported as discontinued operations in the Company's consolidated financial statements. The Company recorded a $214M loss on sale, and reported a loss from discontinued operations, net of tax of $306M for the period ended December 31, 2024.

 The principal consideration for our determination that performing procedures relating to the disposal of the majority of the Global Ecommerce reporting segment (Hilco Transaction) is a critical audit matter is a high degree of auditor effort in performing procedures and evaluating audit evidence related to the disposal transaction.

 Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the disposal transaction, including the accounting for discontinued operations and the related loss on disposal of the majority of the Global Ecommerce reporting segment. These procedures also included, among others, (i) reading certain contracts and agreements relevant to the disposal transaction; (ii) evaluating the accounting impact of the deconsolidation and subsequent bankruptcy proceedings; (iii) testing the loss recorded upon disposal; (iv) reviewing supporting documents to evaluate the completeness and accuracy of discontinued operations based on the deal perimeter of the transaction; and (v) testing the appropriateness of the discontinued operations presentation.

 /s/ PricewaterhouseCoopers LLP
 Stamford, Connecticut

 We have served as the Company's auditor since 1934.

 CONSOLIDATED STATEMENTS OF OPERATIONS
 (In thousands, except per share amounts)

 2024
 2023
 2022

 Revenue:

 $
 886,041
 $
 857,646
 $
 1,194,782

 269,893
 274,508

 287,600
 323,739
 354,960

 65,248
 66,256

 Costs and expenses:

 Cost of business services
 515,533
 560,640
 858,127

 Cost of support services
 123,506
 137,676
 148,829

 Financing interest expense
 63,600
 63,281
 51,789

 Cost of equipment sales
 203,613
 223,757
 253,843

 Cost of supplies
 40,585
 43,347
 43,778

 Cost of rentals
 17,461
 19,614
 25,105

 717,894
 781,609
 785,545

 Research and development
 31,957
 29,486
 35,464

 Restructuring charges

 76,915
 52,412
 17,208

 Goodwill impairment
 —
 123,574
 —

 Interest expense, net
 110,094
 98,769
 87,306

 Other components of net pension and postretirement cost

 89,044
 ( 8,256)
 4,308

 Other expense (income)

 88,723
 ( 3,064)
 ( 17,071)

 Total costs and expenses
 2,122,845
 2,294,231

 (Loss) income from continuing operations before income taxes

 ( 52,327)
 ( 43,920)
 188,652

 (Benefit) provision for income taxes

 ( 154,829)
 42,956

 102,502
 ( 61,267)
 145,696

 ( 306,099)
 ( 324,360)
 ( 108,756)

 $
 $
 $

 Basic earnings (loss) per share attributable to common stockholders (1):

 $
 0.57
 $
 $
 0.84

 ( 1.71)
 ( 0.63)

 $
 ( 1.13)
 $
 $
 0.21

 Diluted earnings (loss) per share attributable to common stockholders (1):

 $
 0.56
 $
 $
 0.82

 ( 1.68)
 ( 0.61)

 $
 ( 1.12)
 $
 $
 0.21

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

 CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
 (In thousands)

 2024
 2023
 2022

 $
 $
 $

 Other comprehensive income (loss), net of tax:

 Foreign currency translations, net of tax of $( 560), $( 741) and $( 3,942), respectively

 ( 37,464)
 25,279
 ( 71,344)

 Net (loss) gain on cash flow hedges, net of tax of $( 2,321), $( 1,847) and $ 2,900, respectively

 ( 6,962)
 ( 5,541)
 8,700

 Net unrealized gain (loss) on available for sale securities, net of tax of $ 1,207, $ 1,878 and $( 10,424), respectively

 3,866
 5,977
 ( 33,191)

 Adjustments to pension and postretirement plans, net of tax of $( 11,683), $( 18,875) and $ 4,312, respectively

 ( 35,525)
 ( 55,128)
 9,297

 Amortization of pension and postretirement costs, net of tax of $ 29,019, $ 4,461 and $ 9,315, respectively

 88,159
 13,732
 31,286

 Other comprehensive income (loss), net of tax

 12,074
 ( 15,681)
 ( 55,252)

 Comprehensive loss

 $
 ( 191,523)
 $
 ( 401,308)
 $
 ( 18,312)

 CONSOLIDATED BALANCE SHEETS
 (In thousands, except per share amount)

 ASSETS

 Current assets:

 Cash and cash equivalents
 $
 469,726
 $
 600,054

 Short-term investments (includes $ 3,926 and $ 2,382, respectively, reported at fair value)

 16,374
 22,166

 Accounts and other receivables (net of allowance of $ 7,723 and $ 5,292 respectively)

 159,951
 200,242

 Short-term finance receivables (net of allowance of $ 13,302 and $ 14,347, respectively)

 535,608
 563,536

 Inventories
 59,836
 63,048

 Current income taxes
 10,429

 Other current assets and prepayments (net of allowance of $ 19,373 as of December 31, 2024)

 66,030
 76,039

 Assets of discontinued operations
 —
 532,441

 Total current assets
 1,317,954
 2,058,090

 Property, plant and equipment, net
 218,657
 254,078

 Rental property and equipment, net
 24,587
 23,583

 Long-term finance receivables (net of allowance of $ 8,374 and $ 8,880, respectively)

 610,316
 653,085

 Goodwill
 721,003
 734,409

 Intangible assets, net
 15,780
 20,400

 Operating lease assets
 113,357
 126,492

 Noncurrent income taxes
 99,773
 60,995

 Other assets (includes $ 173,525 and $ 227,131, respectively, reported at fair value)

 276,089
 341,053

 Total assets
 $
 3,397,516
 $
 4,272,185

 LIABILITIES AND STOCKHOLDERS' DEFICIT

 Current liabilities:

 Accounts payable and accrued liabilities
 $
 873,626
 $
 829,419

 Customer deposits at Pitney Bowes Bank

 645,860
 640,323

 Current operating lease liabilities
 26,912
 29,882

 Current portion of long-term debt
 53,250
 58,931

 Advance billings
 70,131
 76,258

 Current income taxes
 2,948
 6,523

 Liabilities of discontinued operations
 —
 257,106

 Total current liabilities
 1,672,727
 1,898,442

 Long-term debt
 1,866,458
 2,087,101

 Deferred taxes on income
 49,187
 211,477

 Tax uncertainties and other income tax liabilities
 13,770
 19,091

 Noncurrent operating lease liabilities
 100,804
 126,568

 Noncurrent customer deposits at Pitney Bowes Bank

 57,977
 73,972

 Other noncurrent liabilities
 215,026
 224,110

 Total liabilities
 3,975,949
 4,640,761

 Commitments and contingencies (See Note 16)

 Stockholders' deficit:

 Common stock, $ 1 par value ( 480,000 shares authorized; 270,338 shares issued)

 270,338
 270,338

 Retained earnings
 2,671,868
 3,077,988

 Accumulated other comprehensive loss
 ( 839,171)
 ( 851,245)

 Treasury stock, at cost ( 87,932 and 93,972 shares, respectively)

 ( 2,681,468)
 ( 2,865,657)

 Total stockholders' deficit

 ( 578,433)
 ( 368,576)

 Total liabilities and stockholders' deficit

 $
 3,397,516
 $
 4,272,185

 CONSOLIDATED STATEMENTS OF CASH FLOWS
 (In thousands)

 2024
 2023
 2022

 Cash flows from operating activities:

 $
 $
 $

 306,099
 324,360
 108,756

 Adjustments to reconcile net income or loss to net cash from operating activities:

 Depreciation and amortization
 114,485
 112,724
 111,166

 Allowance for credit losses
 13,182
 14,219
 7,019

 Allowance for DIP Facility

 19,373
 —
 —

 Stock-based compensation
 16,524
 8,857
 16,311

 Amortization of debt fees
 12,907
 10,698
 8,674

 Loss (gain) on debt redemption/refinancing

 10,892
 ( 3,064)
 4,993

 Restructuring charges

 76,915
 52,412
 17,208

 Restructuring payments
 ( 86,024)
 ( 34,443)
 ( 15,406)

 Pension contributions and retiree medical payments
 ( 24,907)
 ( 33,815)
 ( 26,769)

 Pension settlement charges

 91,339
 —
 —

 Loss on disposal of fixed assets

 13,192
 13,572
 9,170

 Gain on sale of businesses, including transaction costs
 —
 —
 ( 12,205)

 Gain on sale of assets
 —
 —
 ( 14,372)

 (Gain) loss on revaluation of intercompany loans

 ( 10,241)
 5,760
 —

 Impairment charges

 10,000
 123,574
 —

 Deferred taxes
 ( 173,710)
 ( 35,786)
 5,949

 Other, net

 ( 12,954)
 ( 6,841)
 41,681

 Changes in operating assets and liabilities, net of acquisitions/divestitures:

 Accounts and other receivables
 31,983
 25,431
 ( 14,422)

 Finance receivables
 60,342
 ( 2,646)
 ( 12,591)

 Inventories
 2,260
 18,209
 ( 3,390)

 Other current assets and prepayments
 20,815
 13,615

 Accounts payable and accrued liabilities
 47,348
 ( 16,386)
 49,396

 Current and noncurrent income taxes
 ( 35,070)
 30,101
 23,291

 Advance billings
 ( 4,882)
 ( 7,528)
 ( 14,262)

 Net cash from operating activities: continuing operations
 276,452
 234,596
 340,752

 Net cash from operating activities: discontinued operations
 ( 47,282)
 ( 154,505)
 ( 165,713)

 Net cash from operating activities
 229,170
 80,091
 175,039

 Cash flows from investing activities:

 Capital expenditures
 ( 72,403)
 ( 78,109)
 ( 82,629)

 Purchases of investment securities
 ( 30,099)
 ( 18,887)
 ( 8,863)

 Proceeds from sales/maturities of investment securities
 76,563
 25,390
 28,724

 Net investment in loan receivables
 ( 9,467)
 ( 29,754)
 ( 53,114)

 DIP Facility net disbursement

 ( 17,234)
 —
 —

 Proceeds from sale of business, net of cash sold
 —
 —
 111,593

 Proceeds from asset sales
 —
 —
 50,766

 Acquisitions, net of cash acquired
 —
 —
 ( 5,139)

 Settlement of derivative contracts
 —
 ( 27,660)

 Other investing activities, net

 10,969
 1,606
 4,264

 Net cash from investing activities: continuing operations
 ( 41,671)
 ( 99,327)
 17,942

 Net cash from investing activities: discontinued operations
 ( 7,385)
 ( 24,769)
 ( 42,211)

 Net cash from investing activities
 ( 49,056)
 ( 124,096)
 ( 24,269)

 Cash flows from financing activities:

 Proceeds from the issuance of debt, net of discount
 —
 266,750
 —

 Principal payments of debt
 ( 233,930)
 ( 322,886)
 ( 124,101)

 Premiums and fees to refinance debt
 ( 13,688)
 ( 10,531)
 ( 8,535)

 Dividends paid to stockholders
 ( 35,956)
 ( 35,215)
 ( 34,718)

 Customer deposits at the Bank
 ( 10,458)
 86,223
 ( 3,990)

 Common stock repurchases
 —
 —
 ( 13,446)

 Other financing activities, net

 ( 4,568)
 ( 6,340)
 ( 3,674)

 Net cash from financing activities: continuing operations

 ( 298,600)
 ( 21,999)
 ( 188,464)

 Net cash from financing activities: discontinued operations

 ( 6,855)
 ( 8,003)
 ( 9,619)

 Net cash from financing activities
 ( 305,455)
 ( 30,002)
 ( 198,083)

 Effect of exchange rate changes on cash and cash equivalents
 ( 4,987)
 5,731
 ( 16,091)

 Change in cash and cash equivalents
 ( 130,328)
 ( 68,276)
 ( 63,404)

 Cash and cash equivalents at beginning of period
 600,054
 668,330
 731,734

 Cash and cash equivalents at end of period
 $
 469,726
 $
 600,054
 $
 668,330

 CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT
 (In thousands)

 Common Stock
 Additional Paid-in Capital
 Retained earnings
 Accumulated other comprehensive loss
 Treasury stock
 Total deficit

 Balance at December 31, 2021
 $
 323,338
 $
 2,485
 $
 5,169,270
 $
 ( 780,312)
 $
 ( 4,602,149)
 $
 112,632

 Net income

 —
 —
 —
 —

 Other comprehensive loss

 —
 —
 —
 ( 55,252)
 —
 ( 55,252)

 Dividends ($ 0.20 per share)

 —
 —
 ( 34,718)
 —
 —
 ( 34,718)

 Issuance of common stock

 —
 ( 2,485)
 ( 62,444)
 —
 62,797
 ( 2,132)

 Stock-based compensation
 —
 —
 16,629
 —
 —
 16,629

 Repurchase of common stock
 —
 —
 —
 —
 ( 13,446)
 ( 13,446)

 323,338
 —
 5,125,677
 ( 835,564)
 ( 4,552,798)
 60,653

 —
 —
 —
 —

 Other comprehensive loss

 —
 —
 —
 ( 15,681)
 —
 ( 15,681)

 Dividends ($ 0.20 per share)

 —
 —
 ( 35,215)
 —
 —
 ( 35,215)

 Issuance of common stock
 —
 —
 ( 73,474)
 —
 71,171
 ( 2,303)

 Stock-based compensation
 —
 —
 9,597
 —
 —
 9,597

 Retirement of treasury stock

 ( 53,000)
 —
 ( 1,562,970)
 —
 1,615,970
 —

 270,338
 —
 3,077,988
 ( 851,245)
 ( 2,865,657)
 ( 368,576)

 —
 —
 —
 —

 Other comprehensive income

 —
 —
 —
 12,074
 —
 12,074

 Dividends ($ 0.20 per share)

 —
 —
 ( 35,956)
 —
 —
 ( 35,956)

 Issuance of common stock
 —
 —
 ( 183,644)
 —
 184,189

 Stock-based compensation

 —
 —
 17,077
 —
 —
 17,077

 $
 270,338
 $
 —
 $
 2,671,868
 $
 ( 839,171)
 $
 ( 2,681,468)
 $
 ( 578,433)

 1. Summary of Significant Accounting Policies

 Basis of Presentation
 The accompanying Consolidated Financial Statements of Pitney Bowes Inc. and its wholly owned subsidiaries (we, us, our, or the company) have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). Intercompany transactions and balances have been eliminated.
 In the third quarter of 2024, we entered into a series of transactions designed to facilitate an orderly wind-down of a majority of the former Global Ecommerce reporting segment. As a result, certain revenues, expenses, assets and liabilities are now reported as discontinued operations in our Consolidated Financial Statements. Amounts of the former Global Ecommerce segment that did not qualify for discontinued operations treatment primarily relate to operations that were dissolved or sold, shared services functions and a cross-border services contract. Prior periods have been recast to conform to the current period presentation. For segment reporting purposes, the remaining portion of the former Global Ecommerce segment in continuing operations is now reported as "Other." See Note 4 for further information.
 Effective January 1, 2024, we moved the digital delivery services offering from the former Global Ecommerce segment to the SendTech Solutions segment in order to leverage our technology and innovation capabilities to better serve our clients. Prior periods have been recast to conform to the current segment presentation.
 During the first quarter of 2024, the Company identified an error and recorded an out of period adjustment of $ 5 million to correct the understatement of revenue in prior periods, of which $ 4 million originated in 2020 and prior. The impact of the adjustment is not material to the consolidated financial statements for any interim or annual periods.
 Pre-tax income for the twelve months ended December 31, 2022 includes a benefit of $ 3 million to correct misstatements related to prior periods. The impact of these misstatements is not material to the consolidated financial statements of the current annual period or for any prior quarterly or annual periods.

 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, goodwill and intangible asset impairment review, deferred tax asset valuation allowance, income tax reserves, revenue recognition for multiple element arrangements, pension and other postretirement costs, allowance for credit losses, residual values of leased assets, useful lives of long-lived and intangible assets, restructuring costs and loss contingencies. Actual results could differ from those estimates and assumptions.

 Cash and Cash Equivalents
 Cash equivalents include interest-earning investments with maturities of three months or less at the date of purchase. Restricted cash included in cash and cash equivalents at December 31, 2024 and 2023 was $ 1 million and $ 3 million, respectively. Restricted cash represent cash balances which are legally or contractually restricted.

 Investment Securities
 Investment securities classified as available-for-sale are recorded at fair value with changes in fair value due to market conditions (i.e., interest rates) recorded in accumulated other comprehensive loss (AOCL), and changes in fair value due to credit conditions recorded in earnings. Purchase premiums and discounts are amortized using the effective interest method over the term of the security. Gains and losses on sales of available-for-sale securities are recorded on the trade date using the specific identification method. There were no unrealized losses due to credit losses charged to earnings in 2024, 2023, or 2022. Investment securities classified as held-to-maturity and are carried at amortized cost.
 Accounts Receivables and Allowance for Credit Losses
 Accounts receivables are generally due within 30 days after the invoice date. We provide an allowance for credit losses based on historical loss experience, the age of the receivables, specific troubled accounts and other currently available information.
 Accounts receivables are written off against the allowance after all collection efforts have been exhausted and management deems the account to be uncollectible, or when they are 365 days past due, if sooner. 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 continually evaluate the adequacy of the allowance for credit losses and adjust as necessary.

 Finance Receivables and Allowance for Credit Losses
 Finance receivables are comprised of sales-type leases, secured loans and unsecured loans. Sales-type leases and secured loans are from financing options provided to clients for Pitney Bowes equipment or leasing of other manufacturers' equipment and are generally due in installments over periods ranging from three to five years. Unsecured loans comprise revolving credit lines offered to our clients for postage, supplies and working capital purposes. These revolving credit lines are generally due monthly; however, clients may rollover outstanding balances. Interest is recognized on finance receivables using the effective interest method. Annual fees are recognized ratably over the annual period covered and client acquisition costs are expensed as incurred.
 We provide an allowance for credit losses based on historical loss experience, the nature of our portfolios, adverse situations that may affect a client's ability to pay and current economic conditions and outlook based on reasonable and supportable forecasts. We continually evaluate the adequacy of the allowance for credit losses and adjust as necessary.
 Credit approval limits are established based on the credit quality of the client and the type of equipment financed. We cease revenue recognition for lease receivables and unsecured loan receivables that are more than 90 days past due. Revenue recognition is resumed when the client's payments reduce the account aging to less than 60 days past due. Finance receivables are written off against the allowance after all collection efforts have been exhausted and management deems the account to be uncollectible. We believe that our 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, determined on the first-in, first-out (FIFO) basis or net realizable value.

 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 50 years for buildings, 10 - 20 years for building improvements, up to 3 years for internal use software development costs, 3 - 12 years for machinery and equipment and 3 - 6 years for rental equipment. Leasehold improvements are amortized over the shorter of their estimated useful life or the remaining lease term. Major improvements that add to the productive capacity or extend the life of an asset are capitalized while repairs and maintenance are charged to expense. Fully depreciated assets are retained in fixed assets and accumulated depreciation until they are removed from service.

 Intangible Assets
 Finite-lived intangible assets are amortized using the straight-line method over their estimated useful lives of up to 10 years.

 Deferred Costs
 Certain incremental costs to obtain a contract are capitalized if we expect the benefit of those costs to be realized over a period greater than one year. These costs primarily relate to contract costs and sales commissions on multi-year equipment sales. Costs are amortized in a manner consistent with the timing of the related revenue over the contract performance period or longer, if renewals are expected and the renewal commission is not commensurate with the initial commission. Unamortized deferred costs at both December 31, 2024 and December 31, 2023, included in other assets, were $ 28 million. Amortization expense for these costs for the years ended December 31, 2024, 2023 and 2022 was $ 16 million, $ 16 million and $ 15 million, respectively.

 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, meter services and an equipment maintenance agreement. We determine whether each product and service within the contract should be treated as a separate performance obligation (unit of accounting) for revenue recognition purposes. For contracts that include multiple performance obligations, the transaction price is allocated based on relative standalone selling prices (SSP), which are a range of selling prices that we would sell a product or service to a customer on a separate basis. SSP are established for each performance obligation at the inception of the contract and can be observable prices or estimated. The allocation of the transaction price to the various performance obligations impacts the timing of revenue recognition, but does not change the total revenue recognized. More specifically, revenue related to our offerings is recognized as follows:

 Business services includes mail processing services, shipping subscription solutions and cross-border solutions. Revenue for mail processing services and cross-border solutions are recognized over time using an output method based on the number of parcels or mail pieces either processed or delivered, depending on the service type, since that measure best depicts the value of goods and services transferred to the client over the contract period. Revenue for shipping subscription solutions is recognized ratably over the

 contract period as the client obtains equal benefit from these services throughout the period. We review third party relationships and record revenue on a gross basis when we act as a principal in a transaction and on a net basis when we act as an agent between a client and vendor. In determining whether we are acting as principal or agent, we consider several factors such as whether we are the primary obligor to the client or have control over pricing.

 Support services includes providing maintenance, professional and subscription services for our equipment and digital mailing and shipping technology solutions. Revenue is allocated to these services using selling prices charged in standalone transactions. Revenue for maintenance and subscription services is recognized ratably over the contract period and revenue for professional services is recognized when services are provided.

 We provide financing for our products primarily through sales-type leases and revolving lines of credit for the purchase of postage and supplies. Financing revenue also includes finance income, late fees and investment income, gains and losses at the Bank. We record financing income over the lease term using the effective interest method. Financing revenue also includes amounts related to sales-type leases that customers have extended or renewed for an additional term. Revenue for these contracts is recognized over the term of the modified lease using the effective interest method. We believe that our sales-type lease portfolio contains only normal collection risk.
 Equipment residual values are determined at the inception of the lease using management's best estimate of fair value at the end of the lease term. Fair value estimates are determined based on historical renewal experience, 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. Increases in estimated future residual values are not recognized until the equipment is remarketed.

 We sell and lease equipment directly to customers and to distributors (re-sellers) throughout the world. The amount of revenue allocated to the equipment is based on a range of observable selling prices in standalone transactions. Revenue is recognized as control of the equipment transfers to the customer. Revenue from the sale of equipment under sales-type leases is recognized upon shipment for self-installed products and upon installation or customer acceptance for other products. Revenue from the direct sale of equipment is recognized upon delivery for self-installed products and upon installation or customer acceptance for other products. We do not typically offer any rights of return.

 Supplies revenue includes the sale of supplies for our mailing equipment and is recognized upon delivery.

 Rentals revenue includes revenue from mailing equipment that does not meet the criteria for as a sales-type lease. We may invoice in advance for rentals according to the terms of the agreement. Advanced billings are initially deferred and recognized on a straight-line basis over the billing period. Revenue generated from financing clients for the continued use of equipment subsequent to the expiration of the original lease is recognized as rentals revenue.

 Shipping and Handling
 Shipping and handling revenue and costs are recognized as revenue and cost of revenue as incurred.

 Research and Development Costs
 Research and development includes research, development and engineering activities relating to the development of new products and solutions and enhancements of existing products and solutions. Costs primarily include salaries, benefits and other employee-related expenses, materials, contract services, information systems and facilities and equipment costs. Research and development costs are charged to expense as incurred.

 Restructuring Charges
 Restructuring charges may include employee severance and related separation costs and facility abandonment and other related charges. Employee severance and separation costs are recognized when a liability is incurred, which is generally upon communication to the affected employee, and the amount to be paid is both probable and can be reasonably estimated. Severance accruals are based on company policy, historical experience and negotiated settlements.

 Stock-based Compensation
 Compensation expense for stock-based awards is recognized ratably over the service period based on the estimated fair value of the awards expected to vest. Depending on the type of award, the fair value is estimated based on the market price of our common stock on the grant date, less the present value of expected dividends, the Black-Scholes valuation model or Monte Carlo simulation model. We believe that these valuation techniques and the underlying assumptions are appropriate in estimating the fair value of stock awards. Stock-based compensation expense is recognized primarily in selling, general and administrative expense.

 Retirement Plans
 Net periodic benefit cost includes service cost, interest cost, expected return on plan assets and the amortization of actuarial gains and losses. Actuarial gains and losses arise from actual results that differ from previous assumptions and changes in assumptions. The expected return on plan assets is based on a market-related valuation of plan assets where differences between the actual and expected return on plan assets are recognized over a five-year period in the U.S. and a two-year period in the U.K. Actuarial gains and losses are recognized in other comprehensive loss, 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.

 Impairment Review
 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. The fair value of the asset is determined using probability weighted expected cash flow estimates, derived from our long-term business plan and historical experience, quoted market prices when available and appraisals, as appropriate.
 Goodwill is tested annually for impairment at the reporting unit level as of the beginning of the fourth quarter or sooner if 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 exceeds the carrying value of the net assets assigned to that reporting unit, goodwill is not impaired. If the fair value of the reporting unit is less than the carrying value of the net assets assigned to the reporting unit, a goodwill impairment loss is calculated as the difference between these amounts, limited to the amount of goodwill allocated to the reporting unit.

 Derivative Instruments
 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. We may also use derivatives to limit the effects of currency exchange rate fluctuations on financial results and manage the related cost of debt. We will not use derivatives for trading or speculative purposes.
 Derivatives are measured at fair value and reported as assets and liabilities, as applicable. 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 derivatives exposes us to counterparty credit risk. To mitigate such risks, we may only enter into agreements with financial institutions that meet stringent credit requirements. We regularly review our credit exposure and the creditworthiness of our counterparties. We have not seen a material change in the creditworthiness of our 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 based 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 outstanding during the year plus the weighted-average dilutive effect of common stock equivalents.
 We utilize the control number concept in the computation of diluted earnings per share to determine whether potential common stock equivalents are dilutive. The control number used is income from continuing operations. The control number concept requires that the same number of potentially dilutive securities applied in computing diluted earnings per share from continuing operations be applied to all other categories of income or loss, regardless of their anti-dilutive effect on such categories.
 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 rates during the period. Net deferred translation gains and losses are included as a component of accumulated other comprehensive loss.

 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.

 Accounting Pronouncements Adopted in 2024
 In March 2020, the Financial Accounting Standards Board (FASB) issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The adoption of this standard did not have an impact on our consolidated financial statements.
 In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. We adopted this standard in the fourth quarter of 2024. See Note 3 for further information.

 Accounting Pronouncements Not Yet Adopted
 In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires more detailed information about specified categories of expenses included in certain expense captions presented on the face of the income statement. This standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently assessing the impact this standard will have on our disclosures.
 In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires additional income tax disclosures, including the rate reconciliation and taxes paid. This standard is effective for annual periods beginning after December 15, 2024. We are currently assessing the impact this standard will have on our disclosures.

 2. Revenue
 Disaggregated Revenue
 The following tables disaggregate our revenue by source and timing of recognition:

 Year Ended December 31, 2024

 Other

 Total consolidated revenue

 $
 139,309
 $
 $
 $
 886,041
 $
 —
 $
 886,041

 —
 —
 —

 —
 —
 —
 —
 269,893
 269,893

 90,715
 —
 —
 90,715
 196,885
 287,600

 —
 —
 —

 —
 —
 —
 —
 65,248
 65,248

 Subtotal
 747,840
 1,494,572
 $
 532,026
 $

 532,026
 —
 —
 532,026

 $
 1,279,866
 $
 $
 $

 Timing of revenue recognition from products and services

 Products/services transferred at a point in time
 $
 296,691
 $
 —
 $
 —
 $
 296,691

 Products/services transferred over time
 451,149
 1,197,881

 Total
 $
 747,840
 $
 $
 $
 1,494,572

 Year Ended December 31, 2023

 Other

 Total consolidated revenue

 $
 106,594
 $
 $
 $
 857,646
 $
 —
 $
 857,646

 —
 —
 —

 —
 —
 —
 —

 88,144
 —
 —
 88,144
 235,595
 323,739

 —
 —
 —

 —
 —
 —
 —

 Subtotal
 753,181
 1,504,233
 $
 574,692
 $

 574,692
 —
 —
 574,692

 $
 $
 $
 $

 Timing of revenue recognition from products and services

 Products/services transferred at a point in time
 $
 306,415
 $
 —
 $
 —
 $
 306,415

 Products/services transferred over time
 446,766
 1,197,818

 Total
 $
 753,181
 $
 $
 $
 1,504,233

 Year Ended December 31, 2022

 Other

 Total consolidated revenue

 $
 230,654
 $
 $
 $
 1,194,782
 $
 —
 $
 1,194,782

 —
 —
 —

 —
 —
 —
 —
 274,508
 274,508

 88,022
 —
 —
 88,022
 266,938
 354,960

 —
 —
 —

 —
 —
 —
 —
 66,256
 66,256

 Subtotal
 911,053
 1,875,181
 $
 607,702
 $

 607,702
 —
 —
 607,702

 $
 1,518,755
 $
 $
 $

 Timing of revenue recognition from products and services

 Products/services transferred at a point in time
 $
 318,439
 $
 —
 $
 —
 $
 318,439

 Products/services transferred over time
 592,614
 1,556,742

 Total
 $
 911,053
 $
 $
 $
 1,875,181

 Our performance obligations for revenue from products and services are as follows:
 Business services includes mail processing services, shipping subscription solutions and cross-border solutions. Revenue for mail processing services and cross-border solutions are recognized over time using an output method based on the number of parcels or mail pieces either processed or delivered, depending on the service type, since that measure best depicts the value of goods and services transferred to the client over the contract period. Contract terms for these services initially range from one to five years and contain annual renewal options. Revenue for shipping subscription solutions is recognized ratably over the contract period as the client obtains equal benefit from these services throughout the period.

 Support services includes providing maintenance, professional and subscription services for our equipment and digital mailing and shipping technology solutions. Contract terms range from one to five years. Revenue for maintenance and subscription services is recognized ratably over the contract period and revenue for professional services is recognized when services are provided.

 Equipment sales generally includes the sale of mailing and shipping equipment, excluding sales-type leases. We recognize revenue upon delivery for self-install equipment and upon acceptance or installation for other equipment.

 Supplies revenue includes revenue from the sale of supplies for our mailing equipment and is recognized upon delivery.

 Revenue from leasing transactions and financing includes revenue from sales-type and operating leases, finance income, late fees and investment income, gains and losses at the Bank.

 Advance Billings from Contracts with Customers

 Balance Sheet Location
 Increase/ (decrease)

 Advance billings, current
 Advance billings
 $
 63,732
 $
 69,295
 $
 ( 5,563)

 Advance billings, noncurrent
 Other noncurrent liabilities
 $
 $
 $
 ( 348)

 Advance billings are recorded when cash payments are due in advance of our performance. Revenue is recognized ratably over the contract term. Items in advance billings primarily relate to support services on mailing equipment. Revenue recognized during the twelve months ended December 31, 2024 includes $ 49 million of advance billings at the beginning of the period. Advance billings, current at December 31, 2024 and 2023 also includes $ 6 million and $ 7 million, respectively, from leasing transactions.

 Future Performance Obligations
 Future performance obligations primarily include maintenance and subscription services bundled with our leasing contracts. The transaction prices allocated to future performance obligations will be recognized as follows:

 2025

 2026
 2027-2029

 Total

 $
 245,312
 $
 199,588
 $
 247,500
 $
 692,400

 The table above does not include revenue for performance obligations under contracts with terms less than 12 months or revenue for performance obligations where revenue is recognized based on the amount billable to the customer.

 3. Segment Information
 Our reportable segments are SendTech Solutions and Presort Services. SendTech Solutions includes the revenue and related expenses from physical and digital mailing and shipping technology solutions, financing, services, supplies and other applications to help simplify and save on the sending, tracking and receiving of letters, parcels and flats. Presort Services includes the revenue and related expenses from sortation services to qualify large volumes of First Class Mail, Marketing Mail and Marketing Mail Flats/Bound Printed Matter for postal worksharing discounts.
 Other operations includes the revenue and related expenses of our former Global Ecommerce reportable segment that did not qualify for discontinued operations treatment. These operations represent previous operations that were dissolved or sold, certain shared services functions and a cross-border services contract.
 Management, including our Chief Executive Officer, who is the Chief Operating Decision Maker (CODM), measures segment profitability and performance using adjusted segment earnings before interest and taxes (EBIT). Adjusted segment EBIT is calculated by deducting from segment revenue the related costs and expenses attributable to the segment. Adjusted segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, goodwill impairment charges and other items not allocated to a particular business segment. Costs related to shared assets are allocated to the relevant segments. Management believes that adjusted segment EBIT provides investors a useful measure of operating performance and underlying trends of the business. Adjusted 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 and a reconciliation of adjusted segment EBIT to income or loss from continuing operations before income taxes.

 2024
 2023
 2022

 $
 1,279,866
 $
 $
 1,518,755

 Total segment revenue

 1,942,453
 1,945,472
 2,120,771

 Other

 $
 $
 $

 Geographic data:

 $
 1,700,864
 $
 1,712,079
 $
 2,010,052

 Outside United States
 325,734
 366,846
 472,831

 $
 $
 $

 2024
 2023
 2022

 $
 1,279,866
 $
 $
 1,518,755

 Less:

 Cost of revenue
 424,472
 454,176
 625,762

 Operating expenses

 453,594
 465,606
 491,275

 Adjusted segment EBIT
 $
 401,800
 $
 408,091
 $
 401,718

 $
 $
 $

 Less:

 Cost of revenue

 417,741
 432,229
 454,923

 Operating expenses

 79,062
 74,458
 64,663

 Adjusted segment EBIT
 $
 165,784
 $
 110,912
 $
 82,430

 Adjusted Segment EBIT

 2024
 2023
 2022

 $
 401,800
 $
 408,091
 $
 401,718

 165,784
 110,912
 82,430

 Total adjusted segment EBIT
 567,584
 519,003
 484,148

 Reconciling items:

 Other operations

 ( 4,232)
 ( 354)
 48,020

 Interest expense, net

 ( 173,694)
 ( 162,050)
 ( 139,095)

 Corporate expenses

 ( 178,141)
 ( 210,931)
 ( 204,251)

 Restructuring charges

 ( 76,915)
 ( 52,412)
 ( 17,208)

 Pension settlement

 ( 91,339)
 —
 —

 Impairment charges

 ( 10,000)
 ( 123,574)
 —

 Gain on sale of assets
 —
 —
 14,372

 Gain on sale of businesses, including transaction costs

 —
 —
 7,659

 (Loss) gain on debt redemption/refinancing

 ( 10,892)
 3,064
 ( 4,993)

 Proxy solicitation fees

 —
 ( 10,905)
 —

 Foreign currency gain (loss) on intercompany loans

 10,243
 ( 5,761)
 —

 Charges in connection with Ecommerce Restructuring

 ( 67,831)
 —
 —

 Strategic review costs

 ( 17,110)
 —
 —

 (Loss) income from continuing operations before income taxes

 $
 ( 52,327)
 $
 ( 43,920)
 $
 188,652

 Depreciation and amortization

 2024
 2023
 2022

 39,992
 37,981
 37,164

 35,825
 33,642
 28,039

 Total reportable segments

 75,817
 71,623
 65,203

 Corporate
 32,276
 30,119
 27,992

 Other operations

 6,392
 10,982
 17,971

 Total depreciation and amortization
 $
 114,485
 $
 112,724
 $
 111,166

 Capital expenditures

 2024
 2023
 2022

 $
 44,351
 $
 44,975
 $
 39,505

 11,011
 11,182
 23,363

 Total reportable segments

 55,362
 56,157
 62,868

 Corporate
 13,829
 18,099
 16,683

 Other operations

 3,212
 3,853
 3,078

 Total capital expenditures

 $
 72,403
 $
 78,109
 $
 82,629

 Assets

 2024
 2023
 2022

 $
 1,981,359
 $
 2,081,199
 $
 2,062,675

 478,420
 500,757
 510,345

 Total reportable segments

 2,459,779
 2,581,956
 2,573,020

 Cash and cash equivalents
 469,726
 600,054
 668,331

 Short-term investments
 16,374
 22,166
 11,172

 Long-term investments
 190,436
 250,240
 259,977

 Other corporate assets
 261,201
 285,328
 535,832

 Assets of discontinued operations

 —
 532,441
 693,023

 Consolidated assets
 $
 3,397,516
 $
 4,272,185
 $
 4,741,355

 Identifiable long-lived assets:

 $
 345,457
 $
 390,471
 $
 428,980

 Outside United States
 11,143
 13,682
 13,934

 Total
 $
 356,600
 $
 404,153
 $
 442,914

 4. Discontinued Operations
 On August 8, 2024, we entered into a series of transactions designed to facilitate an orderly wind-down of a majority of the Company's Global Ecommerce reporting segment. In connection with the wind-down, an affiliate of Hilco Commercial Industrial, LLC ("Hilco") subscribed for 81 % of the voting interests in the subsidiary, DRF Logistics, LLC owning a majority of the Global Ecommerce segment's net assets and operations (DRF Logistics, LLC and its subsidiary, DRF LLC, the "Ecommerce Debtors") for de minimis consideration (the "GEC Sale"), with a subsidiary of Pitney Bowes retaining 19 % of the voting interests and 100 % of the economic interests. Immediately prior to the GEC Sale, we had various intercompany receivables with the Ecommerce Debtors with an aggregate value of $ 116 million. After the GEC Sale, those intercompany receivables were converted to third party receivables, for which we have ascribed a fair value of zero. Subsequent collections, if any, will be recorded when received or collection is assured.
 Subsequent to the GEC Sale, the Ecommerce Debtors, at the direction of their own governing bodies, filed petitions to commence Chapter 11 bankruptcy cases and conduct an orderly wind-down of the Ecommerce Debtors (the "GEC Chapter 11 Cases"). As a result of the GEC Chapter 11 Cases, the Company determined that it no longer had control of the Ecommerce Debtors and therefore, the Ecommerce Debtors were deconsolidated. We refer to the GEC Sale, the GEC Chapter 11 Cases and any associated transactions as the "Ecommerce Restructuring".
 In connection with the GEC Chapter 11 Cases, we entered into a Restructuring Support Agreement (the "RSA") with the Ecommerce Debtors. The RSA provides for, among other things, an orderly wind-down of the Ecommerce Debtors, shared services between the Company and the Ecommerce Debtors for a period of time, a global settlement between the Company and the Ecommerce Debtors, and a senior secured, super-priority debtor-in-possession term loan (the "DIP Facility") in an aggregate principal amount of up to $ 47 million. We provided funding under the DIP Facility of $ 28 million, which was fully reserved.
 In addition, the Company and the Ecommerce Debtors entered into a master settlement agreement (the "Settlement Agreement"), which contemplates the separation of the relationship and transactions among the Company and its subsidiaries and the Ecommerce Debtors, including the settlement and release of claims the Ecommerce Debtors may have against the Company.
 On November 25, 2024, the Bankruptcy Court confirmed the Ecommerce Debtors' Third Amended Joint Plan of Liquidation (the "Plan") which incorporated the terms of the RSA and approved the Settlement Agreement. On December 9, 2024 (the "Effective Date"), the Plan became effective in accordance with its terms, substantially consummating the separation of the Company from the Ecommerce Debtors. In December 2024, the Company received $ 11 million as a partial repayment of the DIP Facility. The remaining balance on the DIP Facility is fully reserved and any future distributions will be recorded as income in the period received.
 We account for the investment in the Ecommerce Debtors using the equity method which requires the initial fair value of the investment to be recorded as an asset. We determined that the fair value of our economic interest in the Ecommerce Debtors was zero and is therefore not reflected in our consolidated balance sheet. While we no longer control the management of the Ecommerce Debtors, we retain an economic equity interest therein; however, such interest is not anticipated to receive any recovery or distribution as part of the Ecommerce Restructuring. We nevertheless remain exposed to the economic risks and continued costs applicable to the Ecommerce Debtors through our investment in the DIP Facility.

 Financial information of discontinued operations is as follows:

 2024
 2023
 2022

 $
 728,462
 $
 1,187,423
 $
 1,055,159

 Cost of revenue

 737,856
 1,195,975
 1,076,079

 105,909
 115,652
 120,024

 Goodwill impairment

 —
 215,610
 —

 Other

 12,589
 22,769
 7,828

 Total costs and expenses

 856,354
 1,550,006
 1,203,931

 Loss from discontinued operations

 ( 127,892)
 ( 362,583)
 ( 148,772)

 Loss on sale

 ( 213,842)
 —
 —

 Loss from discontinued operations before taxes

 ( 341,734)
 ( 362,583)
 ( 148,772)

 Tax benefit

 ( 35,635)
 ( 38,223)
 ( 40,016)

 $
 ( 306,099)
 $
 ( 324,360)
 $
 ( 108,756)

 The major categories of assets and liabilities included in assets of discontinued operations and liabilities of discontinued operations are as follows:

 Cash and cash equivalents
 $

 Accounts and other receivables, net
 141,993

 Inventories
 7,005

 Other current assets and prepayments
 16,269

 Property, plant and equipment, net
 129,550

 Intangible assets, net
 41,850

 Operating lease assets
 183,467

 Other assets
 11,308

 Assets of discontinued operations
 $
 532,441

 Accounts payable and accrued liabilities
 $
 46,057

 Current operating lease liabilities
 30,187

 Advance billings
 12,829

 Noncurrent operating lease liabilities
 151,413

 Other noncurrent liabilities
 16,620

 Liabilities of discontinued operations
 $
 257,106

 5. Earnings per Share (EPS)
 The calculations of basic and diluted EPS are presented below. The sum of EPS amounts may not equal the totals due to rounding.

 2024
 2023
 2022

 Numerator:

 $
 102,502
 $
 ( 61,267)
 $
 145,696

 ( 306,099)
 ( 324,360)
 ( 108,756)

 Net (loss) income attributable to common stockholders (numerator for EPS)

 $
 $
 $

 Denominator:

 Weighted-average shares used in basic EPS
 179,510
 175,640
 173,912

 Dilutive effect of common stock equivalents

 3,016
 —
 3,340

 Weighted-average shares used in diluted EPS
 182,526
 175,640
 177,252

 Basic earnings (loss) per share:

 $
 0.57
 $
 $
 0.84

 ( 1.71)
 ( 0.63)

 $
 ( 1.13)
 $
 $
 0.21

 Diluted earnings (loss) per share:

 $
 0.56
 $
 $
 0.82

 ( 1.68)
 ( 0.61)

 $
 ( 1.12)
 $
 $
 0.21

 Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive:
 8,129
 13,467
 10,234

 6. Inventories
 Inventories consisted of the following:

 2024
 2023

 Raw materials
 $
 20,405
 $
 21,201

 Supplies and service parts
 15,095
 18,517

 Finished products
 24,336
 23,330

 Total inventories

 $
 59,836
 $
 63,048

 7. Finance Assets and Lessor Operating Leases
 Finance Assets
 All finance receivables are in our SendTech Solutions segment. We segregate our finance receivables into a North America portfolio and International portfolio. Finance receivables consisted of the following:

 North America
 Total
 North America
 Total

 Sales-type lease receivables

 Gross finance receivables
 $
 946,294
 $
 120,109
 $
 1,066,403
 $
 987,743
 $
 143,466
 $
 1,131,209

 Unguaranteed residual values
 36,361
 5,890
 42,251
 38,059
 7,211
 45,270

 Unearned income
 ( 257,971)
 ( 34,674)
 ( 292,645)
 ( 253,711)
 ( 42,847)
 ( 296,558)

 Allowance for credit losses
 ( 12,659)
 ( 2,324)
 ( 14,983)
 ( 13,942)
 ( 2,786)
 ( 16,728)

 Net investment in sales-type lease receivables
 712,025
 89,001
 801,026
 758,149
 105,044
 863,193

 Loan receivables

 Loan receivables
 334,717
 16,874
 351,591
 342,062
 17,865
 359,927

 Allowance for credit losses
 ( 6,549)
 ( 144)
 ( 6,693)
 ( 6,346)
 ( 153)
 ( 6,499)

 Net investment in loan receivables
 328,168
 16,730
 344,898
 335,716
 17,712
 353,428

 Net investment in finance receivables
 $
 1,040,193
 $
 105,731
 $
 1,145,924
 $
 1,093,865
 $
 122,756
 $
 1,216,621

 Maturities of finance receivables at December 31, 2024 were as follows:

 Sales-type Lease Receivables

 North America
 Total
 North America
 Total

 2025
 $
 354,202
 $
 65,266
 $
 419,468
 $
 268,359
 $
 16,874
 $
 285,233

 2026
 273,633
 27,285
 300,918
 31,170
 —
 31,170

 2027
 186,094
 16,062
 202,156
 22,963
 —
 22,963

 2028
 97,912
 7,834
 105,746
 9,936
 —
 9,936

 2029
 32,824
 3,212
 36,036
 2,232
 —
 2,232

 1,629
 2,079
 —

 Total
 $
 946,294
 $
 120,109
 $
 1,066,403
 $
 334,717
 $
 16,874
 $
 351,591

 Allowance for Credit Losses
 Activity in the allowance for credit losses on finance receivables was as follows:

 Allowance for Credit Losses

 Sales-type Lease Receivables

 North
 North
 Total

 Balance at December 31, 2021
 $
 19,546
 $
 3,246
 $
 3,259
 $
 $
 26,218

 Amounts charged to expense
 ( 2,476)
 3,992
 2,516

 ( 6,043)
 ( 791)
 ( 4,903)
 ( 295)
 ( 12,032)

 Recoveries
 3,184
 2,447
 5,671

 Other
 ( 80)
 ( 313)
 ( 8)
 ( 22)
 ( 423)

 14,131
 2,893
 4,787
 21,950

 Amounts charged to expense
 2,096
 1,178
 4,847
 8,510

 ( 4,757)
 ( 1,448)
 ( 5,182)
 ( 391)
 ( 11,778)

 Recoveries
 2,454
 1,893
 —
 4,528

 Other
 ( 18)

 13,942
 2,786
 6,346
 23,227

 Amounts charged to expense
 1,176
 5,363
 7,371

 ( 4,233)
 ( 870)
 ( 6,587)
 ( 379)
 ( 12,069)

 Recoveries
 1,635
 1,801
 —
 3,614

 Other
 ( 220)
 ( 374)
 ( 12)
 ( 467)

 $
 12,659
 $
 2,324
 $
 6,549
 $
 $
 21,676

 The table below shows write-offs of gross finance receivables by year of origination.

 Sales Type Lease Receivables
 Total

 2024
 2023
 2022
 2021
 2020
 Prior

 $
 $
 1,104
 $
 1,702
 $
 1,063
 $
 $
 $
 6,966
 $
 12,069

 Sales Type Lease Receivables
 Total

 2023
 2022
 2021
 2020
 2019
 Prior

 $
 $
 1,680
 $
 1,551
 $
 1,079
 $
 $
 $
 5,573
 $
 11,778

 Aging of Receivables
 The aging of gross finance receivables was as follows:

 Sales-type Lease Receivables

 North
 North
 Total

 Past due amounts 0 - 90 days
 $
 932,948
 $
 117,908
 $
 331,411
 $
 16,809
 $
 1,399,076

 Past due amounts > 90 days
 13,346
 2,201
 3,306
 18,918

 Total
 $
 946,294
 $
 120,109
 $
 334,717
 $
 16,874
 $
 1,417,994

 Sales-type Lease Receivables

 North
 North
 Total

 Past due amounts 0 - 90 days
 $
 977,744
 $
 140,857
 $
 339,789
 $
 17,664
 $
 1,476,054

 Past due amounts > 90 days
 9,999
 2,609
 2,273
 15,082

 Total
 $
 987,743
 $
 143,466
 $
 342,062
 $
 17,865
 $
 1,491,136

 Credit Quality
 The extension of credit and management of credit lines to new and existing clients uses a combination of a client's credit score, where available, a detailed manual review of their financial condition and payment history or an automated process. Once credit is granted, the payment performance of the client is managed through automated collections processes and is supplemented with direct follow up should an account become delinquent. We have robust automated collections and extensive portfolio management processes to ensure that our global strategy is executed, collection resources are allocated and enhanced tools and processes are implemented as needed.
 Over 85 % of our finance receivables are within our North American portfolio. We use a third party to score the majority of this portfolio on a quarterly basis using a proprietary credit score. The relative scores are determined based on a number of factors, including financial information, payment history, company type and ownership structure. We stratify the credit scores of our clients into low, medium and high-risk accounts. Due to timing and other issues, our entire portfolio may not be scored at period end. We report these amounts as "Not Scored"; however, absence of a score is not indicative of the credit quality of the account. The credit score is used to predict client payment behaviors and the probability that an account will become greater than 90 days past due during the subsequent 12-month period.
 • Low risk accounts are companies with very good credit scores and a predicted delinquency rate of less than 5 %.
 • Medium risk accounts are companies with average to good credit scores and a predicted delinquency rate between 5 % and 10 %.
 • High risk accounts are companies with poor credit scores, are delinquent or are at risk of becoming delinquent. The predicted delinquency rate would be greater than 10 %.
 We do not use a third party to score our International portfolio because the cost to do so is prohibitive as there is no single credit score model that covers all countries. Accordingly, the entire International portfolio is reported in the Not Scored category. This portfolio comprises less than 15 % of total finance receivables. Most of the International credit applications are small dollar applications (i.e. below $ 50 thousand) and are subjected to an automated review process. Larger credit applications are manually reviewed, which includes obtaining client financial information, credit reports and other available information.
 The table below shows gross finance receivables by relative risk class and year of origination based on the relative scores of the accounts within each class as of December 31, 2024 and 2023.

 Sales Type Lease Receivables
 Total

 2024
 2023
 2022
 2021
 2020
 Prior

 Low
 $
 188,847
 $
 210,547
 $
 163,892
 $
 104,269
 $
 66,673
 $
 42,586
 $
 273,736
 $
 1,050,550

 Medium
 31,970
 31,839
 26,652
 19,180
 10,556
 10,512
 34,376
 165,085

 High
 4,633
 4,488
 3,753
 2,415
 2,038
 11,826
 29,837

 Not Scored
 49,835
 38,659
 28,250
 17,131
 5,400
 1,594
 31,653
 172,522

 Total
 $
 275,285
 $
 285,533
 $
 222,547
 $
 142,995
 $
 84,667
 $
 55,376
 $
 351,591
 $
 1,417,994

 Sales Type Lease Receivables
 Total

 2023
 2022
 2021
 2020
 2019
 Prior

 Low
 $
 261,583
 $
 222,947
 $
 155,193
 $
 96,986
 $
 46,635
 $
 27,164
 $
 264,232
 $
 1,074,740

 Medium
 46,208
 35,891
 24,483
 16,027
 10,503
 8,041
 62,910
 204,063

 High
 4,455
 4,217
 2,554
 1,853
 7,487
 22,168

 Not Scored
 59,335
 49,839
 33,494
 15,944
 5,089
 1,166
 25,298
 190,165

 Total
 $
 371,581
 $
 312,894
 $
 215,724
 $
 130,810
 $
 62,967
 $
 37,233
 $
 359,927
 $
 1,491,136

 Lease Income
 Lease income from sales-type leases, excluding variable lease payments, was as follows:

 2024
 2023
 2022

 Profit recognized at commencement
 $
 101,600
 $
 120,011
 $
 134,717

 Interest income
 152,348
 154,998
 163,485

 Total lease income from sales-type leases
 $
 253,948
 $
 275,009
 $
 298,202

 Lessor Operating Leases
 We also lease mailing equipment under operating leases with terms of one to five years. Maturities of these operating leases are as follows:

 2025

 $
 20,060

 2026

 19,920

 2027

 14,028

 2028

 2,411

 2029

 2,092

 4,114

 Total
 $
 62,625

 8. Fixed Assets
 Fixed assets consisted of the following:

 2024
 2023

 Machinery and equipment
 $
 538,255
 $
 510,863

 Capitalized software
 435,614
 486,117

 Leasehold improvements
 84,987
 88,999

 1,058,856
 1,085,979

 Accumulated depreciation
 ( 840,199)
 ( 831,901)

 Property, plant and equipment, net
 $
 218,657
 $
 254,078

 Rental property and equipment
 $
 64,293
 $
 76,719

 Accumulated depreciation
 ( 39,706)
 ( 53,136)

 Rental property and equipment, net
 $
 24,587
 $
 23,583

 Depreciation expense was $ 110 million, $ 108 million and $ 101 million for the years ended December 31, 2024, 2023 and 2022, respectively.

 9. Intangible Assets and Goodwill
 Intangible Assets
 Intangible assets consisted of the following:

 Gross
Carrying
Amount
 Accumulated
Amortization
 Net
Carrying
Amount
 Gross
Carrying
Amount
 Accumulated
Amortization
 Net
Carrying
Amount

 Customer relationships
 $
 43,569
 $
 ( 29,179)
 $
 14,390
 $
 44,112
 $
 ( 25,659)
 $
 18,453

 Software & technology
 2,944
 ( 1,554)
 1,390
 3,047
 ( 1,100)
 1,947

 Total intangible assets, net
 $
 46,513
 $
 ( 30,733)
 $
 15,780
 $
 47,159
 $
 ( 26,759)
 $
 20,400

 Amortization expense was $ 5 million, $ 5 million and $ 10 million for the years ended December 31, 2024, 2023 and 2022, respectively.
 Future amortization expense for intangible assets at December 31, 2024 is as follows:

 2025
 $
 4,350

 2026
 3,361

 2027
 3,097

 2028
 2,438

 2029
 1,356

 1,178

 Total
 $
 15,780

 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
 As disclosed in Note 1, in the third quarter of 2024, we entered into a series of transactions designed to facilitate an orderly wind-down of a majority of the former Global Ecommerce reporting segment. Certain operations of the former Global Ecommerce segment that were sold or dissolved prior to 2024 did not qualify for discontinued operations treatment.
 During 2023, the performance of our then Global Ecommerce reporting unit, continuing changes in macroeconomic conditions and our long-term outlook for this business were triggering events that caused us to evaluate the Global Ecommerce goodwill for impairment. To assess goodwill for impairment, we determined the fair value of the reporting unit and compared it to the unit's carrying value, including goodwill. We engaged a third party to assist in the determination of the fair value of the reporting unit. The fair value was estimated using a discounted cash flow model based on management developed cash flow projections, which included judgements and assumptions related to revenue growth rates, operating margins, operating income, and a discount rate. The estimates and assumptions were considered Level 3 inputs under the fair value hierarchy. Our assessments indicated that the estimated fair value of the reporting unit was less than its carrying value. Accordingly, a goodwill impairment charge of $ 124 million was recorded in 2023. Changes in the carrying amount of goodwill by reporting segment are shown in the tables below.

 FX Impact

 $
 510,646
 $
 ( 13,406)
 $
 497,240

 —

 Total goodwill
 $
 734,409
 $
 ( 13,406)
 $
 721,003

 Goodwill before accumulated impairment
 Accumulated impairment
 December 31, 2022
 Impairment

 FX Impact

 $
 504,004
 $
 —
 $
 504,004
 $
 —
 $
 6,642
 $
 510,646

 —
 —
 —

 Other

 163,450
 ( 39,876)
 123,574
 ( 123,574)
 —
 —

 Total goodwill
 $
 891,217
 $
 ( 39,876)
 $
 851,341
 $
 ( 123,574)
 $
 6,642
 $
 734,409

 10. Fair Value Measurements and Derivative Instruments
 We measure certain financial assets and liabilities at fair value on a recurring basis. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. An entity is required to classify certain assets and liabilities measured at fair value based on the following fair value hierarchy that prioritizes the inputs used to measure fair value:
 Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities.
 Level 2 – Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
 Level 3– Unobservable inputs that are supported by little or no market activity, may be derived from internally developed methodologies based on management's best estimate of fair value and that are significant to the fair value of the asset or liability.
 Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect its placement within the fair value hierarchy. The following tables show, by level within the fair value hierarchy, our financial assets and liabilities that are accounted for at fair value on a recurring basis.

 Total

 Assets:

 Investment securities

 $
 6,435
 $
 140,125
 $
 —
 $
 146,560

 —
 12,518
 —
 12,518

 1,612
 —
 2,146

 2,334
 13,410
 —
 15,744

 —
 42,159
 —
 42,159

 —
 98,464
 —
 98,464

 Total assets
 $
 10,381
 $
 307,210
 $
 —
 $
 317,591

 Total

 Assets:

 Investment securities

 $
 13,366
 $
 188,484
 $
 —
 $
 201,850

 —
 15,341
 —
 15,341

 1,581
 5,741
 —
 7,322

 11,489
 18,999
 —
 30,488

 —
 54,330
 —
 54,330

 —
 119,901
 —
 119,901

 Derivatives

 Interest rate swap
 —
 8,425
 —
 8,425

 Total assets
 $
 26,436
 $
 411,221
 $
 —
 $
 437,657

 Investment Securities
 The valuation of investment securities is based on a 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 within the fair value hierarchy:
 • Money Market Funds: 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.
 • Equity Securities: Equity securities are comprised of mutual funds investing in U.S. and foreign stocks. These mutual funds are classified as Level 2.
 • Commingled Fixed Income Securities: Commingled fixed income securities are 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 1 when unadjusted quoted prices in active markets are available and as Level 2 when they are not actively traded on an exchange.
 • Government and Related Securities: Debt securities are classified as Level 1 when unadjusted quoted prices in active markets are available. Debt securities are classified as Level 2 where fair value is determined using quoted market prices for similar securities or benchmarking model derived prices to quoted market prices and trade data for identical or comparable securities.
 • Corporate Debt Securities: Corporate debt securities are valued using recently executed comparable transactions, market price quotations or bond spreads 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 or on external price/spread data. These securities are classified as Level 2.

 Derivative Securities
 • Interest Rate Swaps: The valuation of interest rate swaps is based on an income approach using inputs that are observable or that can be derived from, or corroborated by, observable market data. These securities are classified as Level 2.

 Available-For-Sale Securities
 Available-for-sale securities consisted of the following:

 Amortized cost
 Gross unrealized losses
 Estimated fair value

 $
 21,432
 $
 ( 5,688)
 $
 15,744

 50,367
 ( 8,208)
 42,159

 1,835
 ( 223)
 1,612

 123,289
 ( 24,825)
 98,464

 Total
 $
 196,923
 $
 ( 38,944)
 $
 157,979

 Amortized cost
 Gross unrealized losses
 Estimated fair value

 $
 35,048
 $
 ( 7,018)
 $
 28,030

 65,008
 ( 10,678)
 54,330

 1,788
 ( 207)
 1,581

 146,022
 ( 26,121)
 119,901

 Total
 $
 247,866
 $
 ( 44,024)
 $
 203,842

 Investment securities in a loss position were as follows:

 Fair Value
 Gross unrealized losses
 Fair Value
 Gross unrealized losses

 Greater than 12 continuous months

 $
 15,744
 $
 5,688
 $
 28,030
 $
 7,018

 39,845
 8,206
 51,948
 10,466

 98,464
 24,825
 119,901
 26,121

 Total
 $
 154,053
 $
 38,719
 $
 199,879
 $
 43,605

 Less than 12 continuous months

 $
 2,314
 $
 $
 2,382
 $

 1,612
 1,581

 Total
 $
 3,926
 $
 $
 3,963
 $

 At December 31, 2024, substantially all securities in the investment portfolio were in an unrealized loss position. However, we have the ability and intent to hold these securities until recovery of the unrealized losses or expect to receive the stated principal and interest at maturity. Accordingly, we have not recognized an impairment loss and our allowance for credit losses on these investment securities is not significant.
 At December 31, 2024, scheduled maturities of available-for-sale securities were as follows:

 Amortized cost
 Estimated fair value

 Within 1 year
 $
 4,146
 $
 3,926

 After 1 year through 5 years
 4,460
 4,028

 After 5 years through 10 years
 51,237
 44,200

 After 10 years
 137,080
 105,825

 Total
 $
 196,923
 $
 157,979

 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.

 Held-to-Maturity Securities
 Held-to-maturity securities at December 31, 2024 and 2023 totaled $ 203 million and $ 265 million, respectively. Held-to-maturity securities include certificates of deposits with maturities less than 90 days and highly-liquid government securities with maturities less than two years.

 Simple Agreement for Future Equity (SAFE) Investment
 In October 2022, we invested $ 10 million in Ambi Robotics Inc., a robotics solutions company, via a SAFE arrangement. The SAFE investment provides us the right to participate in future equity offerings by Ambi Robotics Inc. The investment was carried at cost and recorded in Other assets. Due to the loss by Ambi Robotics Inc. of a significant customer, in the third quarter of 2024 we determined the investment was impaired and recorded a $ 10 million impairment charge.

 Derivative Instruments
 Interest Rate Swaps
 We had interest rate swap agreements that matured on December 31, 2024, that effectively converted $ 200 million of variable rate debt to fixed rates. Under the terms of the interest rate swaps, we paid fixed-rate interest of 0.585 % and received variable-rate interest based on one-month SOFR plus 0.1 %. The variable interest rates under the term loans and the swaps reset monthly. These swaps were designated as cash flow hedges and recorded at fair value at the end of each reporting period. Changes in fair value are reflected in AOCL. The impact of these interest rate swaps was as follows:

 Derivative Gain (Loss)
 Recognized in AOCL
 (Effective Portion)

 Location of Gain (Loss)
(Effective Portion)
 Gain (Loss) Reclassified
 from AOCL to Earnings
 (Effective Portion)

 Derivative Instrument
 2024
 2023
 2024
 2023

 Interest rate swaps
 $
 ( 8,425)
 $
 ( 6,858)
 Interest expense

 $
 10,124
 $
 9,708

 Foreign Exchange Contracts
 In the first nine months of 2023, we had outstanding foreign exchange contracts to minimize the impact on earnings from the revaluation of short-term interest-bearing intercompany loans denominated in a foreign currency. These foreign exchange contracts were not designated as hedging instruments and the revaluation of intercompany loans and the change in fair value of these derivatives were recorded in earnings. The mark-to-market adjustment on these foreign exchange contracts for the twelve months ended December 31, 2023 was a gain of $ 4 million and significantly offset the corresponding loss on the revaluation of intercompany loans.

 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 of cash and cash equivalents, accounts receivable, loans receivable, held-to-maturity investment securities and accounts payable approximate fair value. The fair value of available-for-sale investment securities and derivative instruments are presented above. 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 was as follows:

 2024
 2023

 Carrying value
 $
 1,919,708
 $
 2,146,032

 Fair value
 $
 1,823,430
 $
 1,893,620

 11. Supplemental Financial Statement Information
 Selected balance sheet information is as follows:

 2024
 2023

 Other assets:

 Long-term investments
 $
 190,436
 $
 250,240

 Other

 85,653
 90,813

 Total
 $
 276,089
 $
 341,053

 Accounts payable and accrued liabilities:

 Accounts payable
 $
 239,740
 $
 273,604

 Customer deposits
 255,892
 212,634

 Employee related liabilities
 234,895
 232,047

 Other
 143,099
 111,134

 Total
 $
 873,626
 $
 829,419

 Other noncurrent liabilities:

 Pension liabilities
 $
 105,766
 $
 98,784

 Postretirement medical benefits
 70,390
 83,222

 Other
 38,870
 42,104

 Total
 $
 215,026
 $
 224,110

 Activity in the allowance for credit losses, other than finance receivables (see Note 7 for further information) is presented below.

 2024
 2023
 2022

 Balance at beginning of year
 $
 5,292
 $
 5,372
 $
 28,184

 Amounts charged to expense
 25,184
 5,709
 4,503

 Write-offs, recoveries and other
 ( 3,380)
 ( 5,789)
 ( 27,315)

 Balance at end of period
 $
 27,096
 $
 5,292
 $
 5,372

 Accounts and other receivables
 $
 7,723
 $
 5,292
 $
 4,852

 Other current assets and prepayments

 19,373
 —
 —

 Other assets
 —
 —

 Total
 $
 27,096
 $
 5,292
 $
 5,372

 Acquisitions/Divestitures
 In 2022, we sold Borderfree for proceeds of $ 95 million, net of cash transferred, and received additional proceeds of $ 7 million related to the 2021 sale of Tacit, a U.K. based software consultancy business.

 Interest expense, net
 Interest expense, net for the years ended December 31, 2024, 2023 and 2022 includes $ 14 million, $ 14 million and $ 4 million of interest income, respectively.

 Other expense (income) consisted of the following:

 2024
 2023
 2022

 Loss (gain) on redemption/refinancing of debt

 $
 10,892
 $
 ( 3,064)
 $
 4,993

 Charges in connection with the Ecommerce Restructuring

 67,831
 —
 —

 Asset impairment

 10,000
 —
 —

 Gain on sale of assets
 —
 —
 ( 14,372)

 Gain on sale of businesses, including transaction costs
 —
 —
 ( 7,692)

 Other expense (income)

 $
 88,723
 $
 ( 3,064)
 $
 ( 17,071)

 Supplemental cash flow information is as follows:

 2024
 2023
 2022

 Purchases of property and equipment in accounts payable
 $
 1,719
 $
 2,068
 $
 2,786

 Cash interest paid
 $
 167,890
 $
 164,046
 $
 134,247

 Cash income tax payments, net of refunds
 $
 45,478
 $
 22,626
 $
 14,553

 12. Restructuring Charges
 2024 Plan
 During the second quarter of 2024, we approved a worldwide cost reduction initiative (the "2024 Plan") to realize cost reductions and improve efficiencies. Under this plan, we eliminated approximately 2,800 positions and incurred charges of $ 74 million. We expect the 2024 Plan to be complete by the end of the first half of 2025.
 2023 Plan
 We completed our 2023 Plan in the second quarter of 2024. Under this plan, we eliminated 1,049 positions and recognized cumulative charges of $ 69 million.
 Activity in our restructuring reserves was as follows:

 2024 Plan

 2023 Plan

 Prior Plan

 Total

 $
 —
 $
 —
 $
 7,647
 $
 7,647

 Amounts charged to expense - continuing operations

 —
 48,813
 3,599
 52,412

 Amounts charged to expense - discontinued operations

 —
 9,173
 —
 9,173

 Cash payments
 —
 ( 23,197)
 ( 11,246)
 ( 34,443)

 Noncash activity
 —
 ( 8,661)
 —
 ( 8,661)

 —
 26,128
 —
 26,128

 Amounts charged to expense - continuing operations
 66,294
 10,621
 —
 76,915

 Amounts charged to expense - discontinued operations
 7,265
 —
 —
 7,265

 Cash payments
 ( 50,150)
 ( 35,874)
 —
 ( 86,024)

 Noncash activity
 ( 245)
 ( 875)
 —
 ( 1,120)

 $
 23,164
 $
 —
 $
 —
 $
 23,164

 Components of restructuring expense in discontinued operations primarily include severance charges. Components of restructuring expense in continuing operations were as follows:

 Year Ended December 31, 2024

 2024 Plan

 2023 Plan

 Total

 Severance
 $
 65,958
 $
 9,398
 $
 75,356

 Facilities and other
 1,223
 1,559

 Total
 $
 66,294
 $
 10,621
 $
 76,915

 Year Ended December 31, 2023

 2023 Plan
 Prior Plan
 Total

 Severance
 $
 40,152
 $
 3,057
 $
 43,209

 Facilities and other
 8,661
 9,203

 Total
 $
 48,813
 $
 3,599
 $
 52,412

 Year Ended December 31, 2022

 Prior Plan

 Severance
 $
 13,765

 Facilities and other
 3,443

 Total
 $
 17,208

 13. Debt

 Interest rate
 2024
 2023

 Term loan due March 2026
 SOFR + 2.25 %

 $
 235,000
 $
 285,500

 Notes due March 2027
 6.875 %
 380,000
 380,000

 Notes due March 2028

 SOFR + 6.9 %

 96,563
 274,313

 Term loan due March 2028
 SOFR + 4.0 %

 433,125
 437,625

 Notes due March 2029
 7.25 %
 350,000
 350,000

 Notes due January 2037
 5.25 %
 35,841
 35,841

 Notes due March 2043
 6.70 %
 425,000
 425,000

 Other debt
 —
 1,181

 Principal amount
 1,955,529
 2,189,460

 Less: unamortized costs, net
 35,821
 43,428

 Total debt
 1,919,708
 2,146,032

 Less: current portion long-term debt
 53,250
 58,931

 Long-term debt
 $
 1,866,458
 $
 2,087,101

 During 2024, we repaid $ 178 million of the Notes due March 2028 and made other scheduled principal repayments of $ 56 million. In January 2025, we redeemed the remaining outstanding balance of the Notes due March 2028 and recognized a loss of approximately $ 17 million in connection with this redemption.
 In August 2024, we amended the credit agreement that governs our secured revolving credit facility and the term loan due March 2026 (the "Credit Agreement") and the note purchase agreement that governs our $ 275 million notes due March 2028. The amendments, among other things, permit the Ecommerce Restructuring, funding under the DIP Facility, amend certain covenants, including relief for expenses incurred pursuant to the Ecommerce Restructuring, release the guarantees provided by the Ecommerce Debtors and the liens on the assets of the Ecommerce Debtors and reduce the total aggregate amount of permitted borrowings under the revolving credit facility from $ 500 million to $ 400 million. The Credit Agreement contains certain financial covenants. At December 31, 2024, we were in compliance with these financial covenants and there were no outstanding borrowings under the revolving credit facility. Borrowings under our Credit Agreement are secured by assets of the company.
 In February 2025, we entered into a new senior secured credit agreement (the "New Credit Agreement"), which provided a $ 265 million revolving credit facility maturing March 2028, a $ 160 million term loan maturing March 2028 and a $ 615 million term loan maturing March 2032. The proceeds were used to repay the outstanding balances of the Term loan due March 2026 and Term loan due March 2028 and for general corporate purposes. Borrowings under our New Credit Agreement are secured by assets of the Company.
 Under the New Credit Agreement, the Company is required to maintain (with maintenance tested quarterly) (i) a Consolidated Interest Coverage Ratio (as defined) of not less than 2.00 to 1.00, (ii) a Consolidated Secured Net Leverage Ratio (as defined) of no greater than 3.00 to 1.00 and (iii) a Consolidated Total Net Leverage Ratio (as defined) of no greater than (a) 5.25 to 1.00 for the fiscal quarters ending March 31, 2025 and June 30, 2025, (b) 5.00 to 1.00 for the fiscal quarters ending September 30, 2025 and December 31, 2025 and (c) 4.75 to 1.00 for each fiscal quarter ending on or after March 31, 2026.
 At December 31, 2024, the interest rate on the term loan due 2026 was 6.7 %, the interest rate on the term loan due 2028 was 8.5 % and the interest rate on the March 2028 notes was 11.2 %.
 The PB Bank (the Bank), a wholly owned subsidiary, is a member of the Federal Home Loan Bank (FHLB) of Des Moines and has access to certain credit products as a funding source known as "advances." As of December 31, 2024, there were no outstanding advances.

 Annual maturities of outstanding principal at December 31, 2024 are as follows:

 2025
 $
 53,250

 2026
 196,250

 2027
 387,250

 2028
 507,938

 2029
 350,000

 460,841

 Total
 $
 1,955,529

 14. Retirement Plans and Postretirement Medical Benefits

 Retirement Plans
 We provide retirement benefits to eligible employees in the U.S. and outside the U.S. under various defined benefit retirement plans. Benefit accruals under most of our defined benefit plans have been frozen. The benefit obligations and funded status of defined benefit pension plans are as follows:

 2024
 2023
 2024
 2023

 Accumulated benefit obligation
 $
 1,001,801
 $
 1,205,108
 $
 447,127
 $
 488,531

 Projected benefit obligation

 Benefit obligation - beginning of year
 $
 1,205,140
 $
 1,205,183
 $
 492,767
 $
 451,337

 Service cost

 Interest cost
 58,131
 63,533
 20,815
 21,238

 Net actuarial (gain) loss

 ( 39,337)
 36,882
 ( 15,310)
 22,984

 Foreign currency changes
 —
 —
 ( 15,591)
 19,854

 Settlements
 ( 140,356)
 ( 2,892)
 ( 7,861)
 ( 213)

 Benefits paid
 ( 81,816)
 ( 97,610)
 ( 24,825)
 ( 23,199)

 Benefit obligation - end of year
 $
 1,001,811
 $
 1,205,140
 $
 450,740
 $
 492,767

 Fair value of plan assets - beginning of year
 $
 1,153,490
 $
 1,161,361
 $
 466,687
 $
 438,403

 Actual return on plan assets
 22,920
 86,044
 ( 19,217)
 17,057

 Company contributions
 4,574
 6,587
 7,881
 16,034

 Settlements
 ( 140,356)
 ( 2,892)
 ( 7,861)
 ( 213)

 Foreign currency changes
 —
 —
 ( 14,460)
 18,605

 Benefits paid
 ( 81,816)
 ( 97,610)
 ( 24,825)
 ( 23,199)

 Fair value of plan assets - end of year
 $
 958,812
 $
 1,153,490
 $
 408,205
 $
 466,687

 Amounts recognized in the Consolidated Balance Sheets

 Noncurrent asset
 $
 —
 $
 —
 $
 26,502
 $
 27,805

 Current liability
 ( 4,606)
 ( 5,057)
 ( 1,664)
 ( 1,694)

 Noncurrent liability
 ( 38,393)
 ( 46,593)
 ( 67,373)
 ( 52,191)

 Funded status
 $
 ( 42,999)
 $
 ( 51,650)
 $
 ( 42,535)
 $
 ( 26,080)

 Information provided in the table below is only for pension plans with an accumulated benefit obligation in excess of plan assets:

 2024
 2023
 2024
 2023

 Projected benefit obligation
 $
 1,001,811
 $
 1,205,141
 $
 368,417
 $
 396,690

 Accumulated benefit obligation
 $
 1,001,801
 $
 1,205,108
 $
 366,197
 $
 392,586

 $
 958,812
 $
 1,153,490
 $
 299,912
 $
 342,805

 Pretax amounts recognized in AOCL consist of:

 2024
 2023
 2024
 2023

 Net actuarial loss
 $
 633,733
 $
 717,530
 $
 350,007
 $
 331,536

 Prior service (credit) cost
 ( 65)
 ( 85)
 6,969
 7,266

 Transition asset
 —
 —
 ( 7)
 ( 7)

 Total
 $
 633,668
 $
 717,445
 $
 356,969
 $
 338,795

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

 2024
 2023
 2022
 2024
 2023
 2022

 Service cost
 $
 $
 $
 $
 $
 $
 1,214

 Interest cost
 58,131
 63,533
 44,348
 20,815
 21,238
 13,568

 Expected return on plan assets
 ( 85,701)
 ( 86,008)
 ( 71,080)
 ( 25,858)
 ( 29,899)
 ( 26,770)

 Amortization of prior service (credit) cost
 ( 20)
 ( 20)
 ( 44)

 Amortization of net actuarial loss
 19,190
 17,362
 33,164
 7,737
 2,068
 6,767

 Settlements
 88,051
 3,373
 ( 25)
 —

 Net periodic benefit cost (income)

 $
 79,700
 $
 ( 4,318)
 $
 6,837
 $
 7,110
 $
 ( 5,566)
 $
 ( 4,969)

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

 2024
 2023
 2024
 2023

 Net actuarial loss

 $
 23,443
 $
 36,846
 $
 29,581
 $
 35,826

 Amortization of net actuarial loss
 ( 19,190)
 ( 17,362)
 ( 7,737)
 ( 2,068)

 Amortization of prior service credit (cost)
 ( 298)
 ( 286)

 Settlements
 ( 88,051)
 ( 771)
 ( 3,373)

 Total recognized in other comprehensive loss

 $
 ( 83,778)
 $
 18,733
 $
 18,173
 $
 33,497

 In 2024, we conducted a targeted lump-sum campaign for terminated vested participants in the United States and Canada Defined Benefit Plans. As a result of this campaign, the projected benefit obligation of the U.S. Plan was reduced by $ 122 million or approximately 10 % while the assets were reduce by $ 120 million. In Canada, the projected benefit obligation was reduced by $ 7 million or approximately 9 % and the assets were also reduced by $ 7 million. As a result of this campaign, we recorded an aggregate settlement charge of $ 91 million.

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

 2024
 2023
 2022

 Used to determine benefit obligations

 Discount rate
 5.65 %
 5.15 %
 5.55 %

 Rate of compensation increase
 N/A
 N/A
 N/A

 Used to determine net periodic benefit cost

 Discount rate
 5.15 %
 5.55 %
 2.85 %

 Expected return on plan assets
 6.70 %
 6.50 %
 5.10 %

 Rate of compensation increase
 N/A
 N/A
 N/A

 Used to determine benefit obligations

 Discount rate
 2.20
 %
 -
 6.70 %
 1.95
 %
 -
 4.60 %
 1.95
 %
 -
 5.10 %

 Rate of compensation increase
 2.00
 %
 -
 9.88 %
 2.00
 %
 -
 3.50 %
 2.00
 %
 -
 3.00 %

 Used to determine net periodic benefit cost

 Discount rate
 1.95
 %
 -
 4.60 %
 1.95
 %
 -
 5.10 %
 0.85
 %
 -
 2.85 %

 Expected return on plan assets
 2.75
 %
 -
 5.50 %
 2.75
 %
 -
 5.26 %
 3.75
 %
 -
 5.75 %

 Rate of compensation increase
 2.00
 %
 -
 3.50 %
 2.00
 %
 -
 3.60 %
 1.50
 %
 -
 2.50 %

 A discount rate is used to determine the present value of our future benefit obligations. The discount rate for our U.S. pension 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 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 the target asset allocation for the applicable pension plan and expected rates of return for various asset classes in the investment portfolio after analyzing historical experience, future expectations of returns and volatility of asset classes.

 Investment Strategy and Asset Allocation
 The investment strategy for our pension plans is to maximize returns within reasonable and prudent risk levels, achieve and maintain full funding of the accumulated benefit obligation and the actuarial liabilities and earn the expected rate of return while adhering to regulations and restrictions.
 Pension plan assets are invested in accordance with our strategic asset allocation policy. Pension plan assets are exposed to various risks, including interest rate risks, market risks and credit risks. 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.

 U.S. Pension Plans
 Investment objectives and investment managers are reviewed periodically. Target and actual asset allocations for the U.S. pension plans were as follows:

 Target allocation
 Percent of Plan Assets at December 31,

 2025
 2024
 2023

 Asset category

 Equities
 %
 %
 %

 Multi-asset credit
 %
 %
 %

 Fixed income
 %
 %
 %

 %
 %
 %

 Private equity
 %
 %
 %

 Total
 %
 %
 %

 Foreign Pension Plans
 Our foreign pension plan assets are managed by outside investment managers and monitored regularly by local trustees and our corporate personnel. Target and actual asset allocations for the U.K. Plan, which comprises 74 % of the total foreign pension plan assets, were as follows:

 Target Allocation
 Percent of Plan Assets at December 31,

 2025
 2024
 2023

 Asset category

 Global equities
 %
 %
 %

 Fixed income
 %
 %
 %

 Multi-asset credit

 %
 %
 %

 %
 %
 %

 Diversifiers

 %
 %
 —
 %

 Cash
 —
 %
 %
 %

 Total
 %
 %
 %

 Fair Value Measurements of Plan Assets
 The following tables show the U.S. and foreign pension plans' assets, by level within the fair value hierarchy. The plan asset categories presented in the following tables are subsets of the broader asset allocation categories.

 United States Pension Plans

 Total

 $
 —
 $
 10,461
 $
 —
 $
 10,461

 —
 67,945
 —
 67,945

 —
 185,212
 —
 185,212

 158,047
 37,880
 —
 195,927

 —
 498,867
 —
 498,867

 Mortgage-backed /asset-backed securities
 —
 39,046
 —
 39,046

 —
 —
 45,221
 45,221

 Securities lending collateral
 —
 109,132
 —
 109,132

 Total plan assets at fair value
 $
 158,047
 $
 948,543
 $
 45,221
 $
 1,151,811

 Securities lending payable
 ( 109,132)

 Investments valued at NAV
 4,940

 Cash

 Other
 ( 89,273)

 $
 958,812

 Total

 $
 —
 $
 13,842
 $
 —
 $
 13,842

 —
 102,795
 —
 102,795

 —
 220,041
 —
 220,041

 170,540
 28,518
 —
 199,058

 —
 545,615
 —
 545,615

 Mortgage-backed /asset-backed securities
 —
 49,300
 —
 49,300

 —
 —
 67,256
 67,256

 Securities lending collateral
 —
 104,630
 —
 104,630

 Total plan assets at fair value
 $
 170,540
 $
 1,064,741
 $
 67,256
 $
 1,302,537

 Securities lending payable
 ( 104,630)

 Investments valued at NAV
 5,615

 Cash
 1,240

 Other
 ( 51,272)

 $
 1,153,490

 Foreign Plans

 Total

 $
 —
 $
 2,400
 $
 —
 $
 2,400

 —
 28,958
 —
 28,958

 —
 212,425
 —
 212,425

 —
 31,962
 —
 31,962

 —
 20,875
 —
 20,875

 —
 3,675
 43,930
 47,605

 Diversified growth funds
 —
 —
 48,400
 48,400

 Total plan assets at fair value
 $
 —
 $
 300,295
 $
 92,330
 $
 392,625

 Cash
 12,644

 Other
 2,936

 $
 408,205

 Total

 $
 —
 $
 5,997
 $
 —
 $
 5,997

 —
 44,088
 —
 44,088

 —
 295,105
 —
 295,105

 —
 38,028
 —
 38,028

 —
 28,389
 —
 28,389

 —
 4,869
 43,205
 48,074

 Total plan assets at fair value
 $
 —
 $
 416,476
 $
 43,205
 $
 459,681

 Cash
 6,501

 Other

 $
 466,687

 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 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.
 • Equity Securities: Equity securities are comprised of private commingled funds investing in U.S. and foreign stocks. The commingled funds are not traded on an active market and fair value is based on the value of the underlying securities owned by each fund. These commingled funds are classified as Level 2.
 • Commingled Fixed Income Securities: Commingled fixed income securities are 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 1 when unadjusted quoted prices in active markets are available and as Level 2 when they are not actively traded on an exchange.
 • 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 are classified as Level 2 where fair value is determined using quoted market prices for similar securities or benchmarking model derived prices to quoted market prices and trade data for identical or comparable securities.

 • Corporate Debt Securities: Corporate debt securities are valued using recently executed comparable transactions, market price quotations or bond spreads 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 or on external price/spread data. These securities are classified as Level 2.
 • Real Estate: include units in open-ended commingled real estate funds. Funds that are valued and traded on a daily basis in an active market are classified as Level 2. Investments that are valued on an annual basis by certified appraisers are classified as Level 3. The valuation techniques used to value Level 3 investments include the cost approach, sales-comparison method and the income approach.
 • Diversifiers: comprised of units in commingled diversifier funds that comprise a mix of different asset classes. The underlying investments may not be listed on an exchange in an active market or traded on a daily basis and may fall into all three fair value categories. Accordingly, these securities are classified as Level 3.
 • Securities Lending Fund: 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 commingled fund that invests in short-term fixed income securities. This investment is classified as Level 2. 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.

 Investments Valued at Net Asset Value
 Represents investments in private equity limited partnerships that are measured at fair value using the Net Asset Value (NAV) per share as a practical expedient and are not categorized in the fair value hierarchy. There is no active market for these investments and the pension plan receives a proportionate share of the gains, losses and expenses in accordance with the partnership agreements. There was a remaining unfunded commitment of $ 6 million at both December 31, 2024 and 2023. These investments comprise approximately 1 % of total U.S. Pension Fund assets at both December 31, 2024 and 2023.

 Level 3 Gains and Losses
 The following table summarizes the changes in the fair value of Level 3 assets:

 U.S. Plans
 Foreign Plans

 Diversifiers

 $
 91,500
 $
 42,980
 $
 24,394

 Realized gains
 4,505
 —
 —

 Unrealized losses

 ( 18,386)
 ( 3,951)
 ( 3,133)

 Net purchases, sales and settlements
 ( 10,363)
 2,014
 ( 22,396)

 Foreign currency and other
 —
 2,162
 1,135

 67,256
 43,205
 —

 Realized gains

 6,762
 —
 —

 Unrealized losses

 ( 14,316)
 3,446

 Net purchases, sales and settlements
 ( 14,481)
 1,214
 45,406

 Foreign currency and other
 —
 ( 895)
 ( 452)

 $
 45,221
 $
 43,930
 $
 48,400

 Postretirement Medical Benefits
 We provide certain employer subsidized health care and employer provided life insurance benefits in the U.S. and Canada to eligible retirees and their dependents. The cost of these benefits is recognized over the period the employee provides credited service to the company. The benefit obligation and funded status for postretirement medical benefit plans are as follows:

 2024
 2023

 Benefit obligation

 Benefit obligation - beginning of year
 $
 93,487
 $
 99,275

 Service cost

 Interest cost
 4,479
 5,031

 Net actuarial gain
 ( 5,603)
 ( 206)

 Foreign currency changes
 ( 633)

 Benefits paid, net
 ( 12,452)
 ( 11,194)

 Benefit obligation - end of year (1)

 $
 79,647
 $
 93,487

 Fair value of plan assets - beginning of year
 $
 —
 $
 —

 Company contribution
 12,452
 11,194

 Benefits paid, net
 ( 12,452)
 ( 11,194)

 Fair value of plan assets - end of year
 $
 —
 $
 —

 Amounts recognized in the Consolidated Balance Sheets

 Current liability
 $
 ( 9,257)
 $
 ( 10,265)

 Noncurrent liability

 ( 70,390)
 ( 83,222)

 Funded status
 $
 ( 79,647)
 $
 ( 93,487)

 (1) Includes a benefit obligation for the U.S. postretirement plan of $ 73 million and $ 84 million at December 31, 2024 and 2023, respectively.

 Pretax amounts recognized in AOCL consist of:

 2024
 2023

 Net actuarial gain

 $
 ( 18,511)
 $
 ( 14,360)

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

 2024
 2023
 2022

 Service cost
 $
 $
 $

 Interest cost
 4,479
 5,031
 3,679

 Amortization of net actuarial loss
 ( 1,451)
 ( 2,249)

 Net periodic benefit cost
 $
 3,397
 $
 3,149
 $
 4,478

 Other changes in benefit obligation for postretirement medical benefit plans recognized in other comprehensive loss were as follows:

 2024
 2023

 Net actuarial gain
 $
 ( 5,603)
 $
 ( 206)

 Amortization of net actuarial loss
 1,451
 2,249

 Total recognized in other comprehensive loss

 $
 ( 4,152)
 $
 2,043

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

 2024
 2023
 2022

 Discount rate used to determine benefit obligation

 U.S.
 5.60
 %
 5.20
 %
 5.60
 %

 Canada
 4.55
 %
 4.60
 %
 5.15
 %

 Discount rate used to determine net period benefit cost

 U.S.
 5.20
 %
 5.60
 %
 2.80
 %

 Canada
 4.60
 %
 5.15
 %
 2.90
 %

 The discount rate for our U.S. postretirement medical benefit plan 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 Canada postretirement medical benefit plan is determined by matching the expected cash flows associated with our benefit obligations to spot rates along a yield curve developed based on yields of corporate long-term, high-quality fixed income debt instruments available as of the measurement date.
 The assumed health care cost trend rate used in measuring the accumulated postretirement benefit obligation for the U.S. plan was 6.50 % for both 2024 and 2023. The assumed health care trend rate is 7.50 % for 2025 and will gradually decline to 5.0 % by the year 2035 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.

 Estimated Future Benefit Payments
 The following benefit payments, which reflect expected future service, are expected to be paid.

 Pension Benefits
 Postretirement Medical Benefits

 2025
 $
 124,481
 $
 9,525

 2026
 119,776
 9,115

 2027
 118,061
 8,648

 2028
 116,601
 8,211

 2029
 114,773
 7,751

 538,158
 32,039

 $
 1,131,850
 $
 75,289

 During 2025, we do not anticipate making contributions to our U.S. pension plans and contributing approximately $ 7 million to our foreign pension plans.

 Savings Plans
 We offer a voluntary defined contribution 401(k) plan to our U.S. employees designed to help them accumulate additional savings for retirement. We provide a core contribution to all employees, regardless of if they participate in the plan, and an additional contribution to participating employees based on their eligible pay. Total employer contributions to the 401(k) plan were $ 26 million and $ 28 million in 2024 and 2023, respectively.

 15. Income Taxes
 (Loss) income from continuing operations before taxes consisted of the following:

 2024
 2023
 2022

 U.S.
 $
 ( 112,261)
 $
 ( 112,437)
 $
 107,186

 59,934
 68,517
 81,466

 Total
 $
 ( 52,327)
 $
 ( 43,920)
 $
 188,652

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

 2024
 2023
 2022

 U.S. Federal:

 Current
 $
 2,535
 $
 32,784
 $
 28,565

 Deferred
 ( 138,444)
 ( 31,591)
 ( 9,995)

 ( 135,909)
 1,193
 18,570

 U.S. State and Local:

 Current
 1,375
 9,083
 ( 834)

 Deferred
 ( 41,416)
 ( 9,973)
 7,036

 ( 40,041)
 ( 890)
 6,202

 International:

 Current
 14,971
 11,266
 9,276

 Deferred
 6,150
 5,778
 8,908

 21,121
 17,044
 18,184

 Total current
 18,881
 53,133
 37,007

 Total deferred
 ( 173,710)
 ( 35,786)
 5,949

 Total (benefit) provision for income taxes

 $
 ( 154,829)
 $
 $
 42,956

 Effective tax rate
 295.9
 %
 ( 39.5)
 %
 22.8
 %

 The benefit for income taxes for 2024 includes a tax benefit of $ 164 million primarily due to an affiliate reorganization as well as a $ 6 million benefit related to a state interest valuation allowance release.
 The effective tax rate for 2023 includes a benefit of $ 2 million on the aggregate $ 124 million goodwill impairment charge as the majority of this charge is nondeductible.
 The effective tax rate for 2022 includes a tax benefit of $ 5 million on the pre-tax gain of $ 5 million from the Borderfree sale as the tax basis was higher than book basis.

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

 2024
 2023
 2022

 Federal statutory provision
 $
 ( 10,989)
 $
 ( 9,223)
 $
 39,617

 State and local income taxes (1)

 ( 31,632)
 ( 703)
 5,325

 Impact of foreign operations taxed at rates other than the U.S. statutory rate (2)

 4,595
 2,779
 3,472

 Accrual/release of uncertain tax amounts related to foreign operations
 ( 829)
 ( 2,829)
 ( 2,753)

 U.S. tax impacts of foreign income in the U.S. (3)

 7,983
 1,099
 1,089

 Tax credits
 —
 ( 69)
 —

 Unrealized stock compensation benefits
 1,686

 Surrender of company-owned life insurance policies

 8,139
 —
 —

 Nondeductible officer's compensation

 5,992
 —
 —

 Valuation allowance on capital loss carryforward

 2,100

 Goodwill impairment
 —
 24,437
 —

 Affiliate reorganization

 ( 141,723)
 —
 —

 Tax basis differences

 —
 —
 ( 5,610)

 Other, net

 ( 151)
 1,282
 1,244

 (Benefit) provision for income taxes

 $
 ( 154,829)
 $
 $
 42,956

 (1) Includes a benefit of $ 22 million related to the affiliate reorganization and a benefit of $ 6 million related to a state interest valuation allowance release for the year ended December 31, 2024 as well as $ 1 million related to tax resolutions and a benefit of $ 1 million for tax return true-ups for the year ended December 31, 2022.
 (2) Includes a charge of $ 1 million for a change in tax rates for the year ended December 31, 2024 and a charge of $ 2 million for a deferred rate change and a charge of $ 1 million for the establishment of a valuation allowance for the year ended December 31, 2022.
 (3) Includes a charge of $ 2 million for the loss of the GILTI deduction as well as a charge of $ 2 million for withholding tax for the year ended December 31, 2024 and a benefit of $ 1 million for the year ended December 31, 2022 associated with the sale of a business.

 Deferred tax liabilities and assets consisted of the following:

 2024
 2023

 Deferred tax liabilities:

 Depreciation
 $
 —
 $
 2,031

 Deferred profit (for tax purposes) on sale to finance subsidiary
 ( 53,370)
 ( 43,057)

 Lease revenue and related depreciation
 ( 183,237)
 ( 205,773)

 Intangible assets
 ( 52,773)
 ( 52,609)

 Operating lease liability
 ( 27,857)
 ( 31,114)

 Basis adjustment in subsidiary

 —
 ( 51,548)

 Other
 ( 10,847)
 ( 13,805)

 Gross deferred tax liabilities
 ( 328,084)
 ( 395,875)

 Deferred tax assets:

 Depreciation

 32,539
 —

 Postretirement medical benefits
 20,108
 23,472

 Pension
 16,948
 15,042

 Operating lease asset
 31,429
 35,731

 Long-term incentives
 5,914
 11,814

 Net operating and capital losses
 257,186
 179,153

 Tax credit carry forwards
 65,697
 65,095

 Section 163j carryforward
 86,075
 47,802

 Tax uncertainties gross-up
 4,568
 4,904

 Other
 57,915
 47,736

 Gross deferred tax assets
 545,840
 430,749

 Less: Valuation allowance
 ( 206,441)
 ( 159,342)

 Net deferred tax assets
 371,938
 271,407

 Total deferred taxes, net
 $
 43,854
 $
 ( 124,468)

 The valuation allowance relates primarily to certain foreign, state and local net operating loss and tax credit carryforwards that will more-likely-than-not expire without being utilized.

 We have a federal net operating loss carryforward of $ 301 million as of December 31, 2024, that has an unlimited carryforward period. We have net operating loss carryforwards in international jurisdictions of $ 394 million as of December 31, 2024, of which $ 123 million can be carried forward indefinitely and the remainder expire over the next 20 years. We also have net operating loss carryforwards in most states totaling $ 1 billion that will expire over the next 20 years. In addition, we have tax credit carryforwards of $ 66 million, of which $ 51 million can be carried forward indefinitely and the remainder expire over the next 10 years.

 As of December 31, 2024, we assert that we are permanently reinvested in our pre-1987 and post-2017 undistributed earnings of $ 564 million as well as all other outside basis differences. While a determination of the full liability that would be incurred if these earnings were repatriated is not practicable, we have estimated the withholding taxes would be approximately $ 2 million.

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

 2024
 2023
 2022

 Balance at beginning of year
 $
 30,232
 $
 33,300
 $
 45,072

 Increases from prior period positions
 —

 Decreases from prior period positions
 ( 955)
 ( 524)
 ( 6,830)

 Increases from current period positions

 Decreases relating to settlements with tax authorities
 ( 1,467)
 ( 350)
 ( 1,966)

 Reductions from lapse of applicable statute of limitations
 ( 846)
 ( 2,937)
 ( 3,322)

 Balance at end of year
 $
 27,037
 $
 30,232
 $
 33,300

 The amount of the unrecognized tax benefits at December 31, 2024, 2023 and 2022 that would affect the effective tax rate if recognized was $ 24 million, $ 26 million and $ 29 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 40 % of our unrecognized tax benefits. We recognize interest and penalties related to uncertain tax positions in our provision for income taxes. Amounts included in our provision for income taxes related to interest and penalties on uncertain tax positions for each of the years ended December 31, 2024, 2023 and 2022 were not significant. We had approximately $ 4 million accrued for the payment of interest and penalties at both December 31, 2024 and 2023.

 Other Tax Matters
 With regard to U.S. Federal income tax, the Internal Revenue Service examination of our consolidated U.S. income tax returns for tax years prior to 2020 are closed to audit, except for review of the Tax Cuts and Jobs Act (TCJA) Sec 965 transition tax. On a state and local level, returns for most jurisdictions are closed through 2019. For our significant non-U.S. jurisdictions, Canada is closed to examination through 2019 except for a specific issue under current exam, and France, Germany and the U.K. are closed through 2019, 2017, and 2022 respectively. We also 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 positive or negative impact on our results of operations, financial position and cash flows.

 16. Commitments and Contingencies
 From time to time, in the ordinary course of business, we are involved in litigation pertaining 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 customers, employees, or others.
 On October 1, 2024, one of the Ecommerce Debtors filed a complaint against Trilogy Leasing Co., LLC ("Trilogy") in the United States Bankruptcy Court for the Southern District of Texas seeking to recharacterize certain Equipment Supplements to which they are parties as disguised financings. On October 8, 2024, we filed a motion to intervene in that proceeding in support of the Ecommerce Debtors' position.
 On November 7, 2024, Trilogy and its parent company Kingsbridge Holdings, LLC brought suit against us in the Circuit Court of Cook County, Illinois, alleging that we are liable for certain Equipment Supplements that were executed by the Ecommerce Debtors and by Pitney Bowes Presort Services, LLC. On December 16, 2024, we removed the litigation to the Northern District of Illinois based on diversity jurisdiction. Due to uncertainties inherent in litigation, any actions could have a material adverse effect on our financial position, results of operations or cash flows; however, in management's opinion, the final outcome of outstanding matters will not have a material adverse effect on our business.

 17. Leased Assets and Liabilities
 We lease real estate and equipment under operating and finance lease agreements. Our leases have terms of up to 15 years, and may include renewal options. At lease commencement, a lease liability and corresponding right-of-use asset is recognized. Lease liabilities represent the present value of future lease payments over the expected lease term, including options to extend or terminate the lease when it is reasonably certain those options will be exercised. Lease payments include all fixed payments and variable payments tied to an index, but exclude costs such as common area maintenance charges, property taxes, insurance and mileage. The present value of the lease liability is determined using our incremental borrowing rate at lease commencement. Information regarding operating and financing leases is as follows:

 Leases
 Balance Sheet Location

 Assets

 Operating
 Operating lease assets
 $
 113,357
 $
 126,492

 Finance
 Property, plant and equipment, net
 31,271
 25,888

 Total leased assets
 $
 144,628
 $
 152,380

 Liabilities

 Operating
 Current operating lease liabilities
 $
 26,912
 $
 29,882

 Noncurrent operating lease liabilities
 100,804
 126,568

 Finance
 Accounts payable and accrued liabilities
 8,938
 8,818

 Other noncurrent liabilities
 23,655
 25,656

 Total lease liabilities
 $
 160,309
 $
 190,924

 Lease Cost
 2024
 2023
 2022

 Operating lease expense
 $
 37,640
 $
 46,316
 $
 33,069

 Finance lease expense

 Amortization of leased assets
 8,709
 6,554
 1,824

 Interest on lease liabilities
 1,970
 1,750

 Variable lease expense
 8,888
 8,337
 8,614

 Sublease income
 ( 335)
 ( 466)
 ( 744)

 Total expense
 $
 56,872
 $
 62,491
 $
 43,410

 Operating lease expense includes immaterial amounts related to leases with terms of 12 months or less.

 Future Lease Payments
 Operating Leases
 Finance Leases
 Total

 2025

 $
 37,502
 $
 11,212
 $
 48,714

 2026

 32,435
 9,993
 42,428

 2027

 28,858
 7,780
 36,638

 2028

 23,742
 6,224
 29,966

 2029

 16,598
 2,048
 18,646

 20,395
 1,052
 21,447

 Total
 159,530
 38,309
 197,839

 Less: present value discount
 31,814
 5,716
 37,530

 Lease liability
 $
 127,716
 $
 32,593
 $
 160,309

 Future lease payments exclude $ 1 million of payments for leases signed but not yet commenced at December 31, 2024.

 Lease Term and Discount Rate

 Weighted-average remaining lease term

 Operating leases
 5.1 years
 5.3 years

 Finance leases
 3.9 years
 7.4 years

 Weighted-average discount rate

 Operating leases
 9.3 %
 8.5 %

 Finance leases
 8.6 %
 13.0 %

 Cash Flow Information
 2024
 2023
 2022

 Operating cash outflows - operating leases
 $
 40,775
 $
 40,597
 $
 31,618

 Operating cash outflows - finance leases
 $
 1,970
 $
 1,750
 $

 Financing cash outflows - finance leases
 $
 5,310
 $
 5,442
 $
 4,393

 Leased assets obtained in exchange for new lease obligations

 Operating leases
 $
 11,765
 $
 37,204
 $
 65,477

 Finance leases
 $
 12,433
 $
 5,509
 $
 18,534

 18. 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, 2021
 174,731,395
 148,606,517

 Repurchases of common stock
 ( 2,750,000)
 2,750,000

 Issuance of treasury stock
 2,049,192
 ( 2,049,192)

 174,030,587
 149,307,325

 Retirement of treasury stock

 —
 ( 53,000,000)

 Issuance of treasury stock
 2,335,246
 ( 2,335,246)

 176,365,833
 93,972,079

 Issuance of treasury stock
 6,040,034
 ( 6,040,034)

 182,405,867
 87,932,045

 At December 31, 2024, 29,499,585 shares were reserved for issuance under our stock plans and dividend reinvestment program.

 19. Accumulated Other Comprehensive Loss
 Reclassifications out of accumulated other comprehensive loss were as follows:

 Gain (Loss) Reclassified from AOCL (a)

 2024
 2023
 2022

 Cash flow hedges

 Cost of sales
 $
 —
 $
 ( 33)
 $

 Interest expense
 10,124
 9,708

 Total before tax
 10,124
 9,675

 Tax provision

 2,531
 2,419

 Net of tax
 $
 7,593
 $
 7,256
 $

 Available for sale securities

 Financing revenue
 $
 ( 4,851)
 $
 ( 11)
 $
 ( 9)

 Tax benefit

 ( 1,213)
 ( 3)
 ( 2)

 Net of tax
 $
 ( 3,638)
 $
 ( 8)
 $
 ( 7)

 Pension and Postretirement Benefit Plans (b)

 Prior service costs
 $
 ( 278)
 $
 ( 266)
 $
 ( 208)

 Actuarial losses
 ( 25,476)
 ( 17,181)
 ( 39,999)

 Settlement
 ( 91,424)
 ( 746)
 ( 394)

 Total before tax
 ( 117,178)
 ( 18,193)
 ( 40,601)

 Tax benefit
 ( 29,019)
 ( 4,461)
 ( 9,315)

 Net of tax
 $
 ( 88,159)
 $
 ( 13,732)
 $
 ( 31,286)

 (a) Amounts in parentheses indicate reductions to income and increases to other comprehensive loss.
 (b) Reclassified from accumulated other comprehensive loss to other components of net pension and postretirement cost. These amounts are included in net periodic costs for defined benefit pension plans and postretirement medical benefit plans (see Note 14 for additional details).

 Changes in accumulated other comprehensive loss, net of tax, were as follows:

 Cash flow hedges
 Available-for-sale securities
 Pension and postretirement benefit plans
 Foreign currency adjustments
 Total

 Balance at December 31, 2021

 $
 3,803
 $
 ( 6,249)
 $
 ( 756,639)
 $
 ( 21,227)
 $
 ( 780,312)

 Other comprehensive income (loss) before reclassifications

 9,246
 ( 33,198)
 9,297
 ( 71,344)
 ( 85,999)

 Amounts reclassified from accumulated other comprehensive loss
 ( 546)
 31,286
 —
 30,747

 Net other comprehensive income (loss)

 8,700
 ( 33,191)
 40,583
 ( 71,344)
 ( 55,252)

 12,503
 ( 39,440)
 ( 716,056)
 ( 92,571)
 ( 835,564)

 Other comprehensive income (loss) before reclassifications

 1,715
 5,969
 ( 55,128)
 25,279
 ( 22,165)

 Amounts reclassified from accumulated other comprehensive loss
 ( 7,256)
 13,732
 —
 6,484

 Net other comprehensive (loss) income

 ( 5,541)
 5,977
 ( 41,396)
 25,279
 ( 15,681)

 6,962
 ( 33,463)
 ( 757,452)
 ( 67,292)
 ( 851,245)

 Other comprehensive income (loss) before reclassifications

 ( 35,525)
 ( 37,464)
 ( 72,130)

 Amounts reclassified from accumulated other comprehensive loss
 ( 7,593)
 3,638
 88,159
 —
 84,204

 Net other comprehensive (loss) income

 ( 6,962)
 3,866
 52,634
 ( 37,464)
 12,074

 $
 —
 $
 ( 29,597)
 $
 ( 704,818)
 $
 ( 104,756)
 $
 ( 839,171)

 20. Stock-Based Compensation Plans

 We may grant restricted stock units, non-qualified stock options and other stock awards to eligible employees. All stock-based awards are approved by the Executive Compensation Committee of the Board of Directors. We settle stock awards with treasury shares. At December 31, 2024, there were 18,148,363 shares available for future grants.

 Restricted Stock Units
 Restricted stock units (RSUs) typically vest ratably over a three-year service period and entitle the holder to shares of common stock as the units vest. RSUs granted in 2023 included 1,513,928 awards subject to a performance target. The following table summarizes information about RSUs:

 2024
 2023

 Weighted average fair value
 Weighted average fair value

 Outstanding - beginning of the year
 5,525,193
 $
 5.74
 7,197,755
 $
 6.09

 Granted
 2,042,275
 4.88
 2,068,825
 4.19

 Vested
 ( 4,579,834)
 5.86
 ( 2,819,824)
 5.53

 Forfeited
 ( 979,014)
 4.22
 ( 921,563)
 5.63

 Outstanding - end of the year
 2,008,620
 $
 5.29
 5,525,193
 $
 5.74

 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, 2024, there was $ 2 million of unrecognized compensation cost related to RSUs that is expected to be recognized over a weighted-average period of 1.0 years. The intrinsic value of RSUs outstanding at December 31, 2024 was $ 15 million. The fair value of RSUs vested during 2024, 2023 and 2022 was $ 22 million, $ 12 million and $ 11 million, respectively. During 2022, we granted 5,280,429 RSUs at a weighted average fair value of $ 4.82.

 In 2024 and 2023, RSUs granted include 226,581 and 222,833, respectively, to non-employee directors. These RSUs vest one year from the grant date.

 Performance Stock Units
 Performance stock units (PSUs) are stock awards where the number of shares ultimately awarded is based upon the attainment of certain performance targets and total shareholder return relative to peer companies. PSUs vest at the end of a three-year service period.

 2024
 2023

 Weighted average fair value
 Weighted average fair value

 Outstanding - beginning of the year
 811,620
 $
 9.57
 811,620
 $
 9.57

 Granted
 2,472,987
 4.90
 —
 —

 Vested
 ( 266,618)
 5.29
 —
 —

 Release of deferred shares

 ( 804,281)
 9.50
 —
 —

 Forfeited
 ( 1,132,351)
 4.20
 —
 —

 Outstanding - end of the year
 1,081,357
 $
 5.62
 811,620
 $
 9.57

 Stock Options
 Stock options are granted at an exercise price equal to or greater than the market price of our common stock on the grant date. Options typically vest ratably over three years and expire ten years from the grant date. We did not grant any options in 2023 or 2022. In 2024, options granted were fully vested. Accordingly, at December 31, 2024, there was no unrecognized compensation cost. The intrinsic value of options outstanding and exercisable at December 31, 2024 was $ 3 million.

 The following table summarizes information about stock option activity:

 2024
 2023

 Per share weighted average exercise prices
 Per share weighted average exercise prices

 Options outstanding - beginning of the year
 9,151,645
 $
 9.50
 10,027,048
 $
 9.91

 Granted
 1,500,000
 9.00
 —
 —

 Exercised
 ( 2,315,720)
 4.32
 —
 —

 Canceled
 ( 74,680)
 9.43
 ( 435,403)
 7.91

 Expired
 —
 —
 ( 440,000)
 20.27

 Options outstanding - end of the year
 8,261,245
 $
 10.87
 9,151,645
 $
 9.50

 Options exercisable - end of the year
 8,261,245
 $
 10.87
 9,057,268
 $
 9.52

 The following table provides additional information about stock options outstanding and exercisable at December 31, 2024:

 Options Outstanding and Exercisable

 Range of per share exercise prices
 Per share weighted-average exercise price
 Weighted-average remaining contractual life

 $ 3.98 - $ 6.60

 1,928,656
 $
 5.93
 4.1 years

 $ 8.55 - $ 9.00

 2,191,029
 $
 8.91
 2.7 years

 $ 12.64 - $ 21.54

 4,141,560
 $
 14.21
 2.0 years

 8,261,245
 $
 10.87
 2.7 years

 The following table lists the weighted average assumptions used to calculate the fair value of stock options granted in 2024:

 Expected dividend yield
 2.2
 %

 Expected stock price volatility
 55.3
 %

 Risk-free interest rate
 4.3
 %

 Expected life
 2 years

 Weighted-average fair value per option granted
 $ 1.64

 Fair value of options granted
 $ 2,460

 Employee Stock Purchase Plan (ESPP)
 We maintain a non-compensatory ESPP 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 263,635 shares and 371,982 shares in 2024 and 2023, respectively. We have reserved 3,801,881 common shares for future purchase under the ESPP.

 21. Quarterly Financial Data (unaudited)
 As a result of the Ecommerce Restructuring in the third quarter of 2024, certain revenues and expenses are now reported as discontinued operations in our Consolidated Statements of Operations. Accordingly, all prior periods have been recast.

 First
Quarter
 Second Quarter
 Third Quarter
 Fourth Quarter
 Total

 2024

 $
 521,269
 $
 489,745
 $
 499,463
 $
 516,121
 $

 Cost of revenue
 248,522
 239,266
 237,990
 238,520
 964,298

 Operating expenses
 225,143
 258,333
 305,353
 325,798
 1,114,627

 Income (loss) from continuing operations before income taxes

 47,604
 ( 7,854)
 ( 43,880)
 ( 48,197)
 ( 52,327)

 Provision (benefit) for income taxes

 15,500
 2,271
 ( 166,466)
 ( 6,134)
 ( 154,829)

 32,104
 ( 10,125)
 122,586
 ( 42,063)
 102,502

 (Loss) income from discontinued operations, net of tax

 ( 34,989)
 ( 14,742)
 ( 261,058)
 4,690
 ( 306,099)

 $
 ( 2,885)
 $
 ( 24,867)
 $
 ( 138,472)
 $
 ( 37,373)
 $

 Basic earnings (loss) per share (1)

 $
 0.18
 $
 ( 0.06)
 $
 0.68
 $
 ( 0.23)
 $
 0.57

 ( 0.20)
 ( 0.08)
 ( 1.45)
 0.03
 ( 1.71)

 $
 ( 0.02)
 $
 ( 0.14)
 $
 ( 0.77)
 $
 ( 0.21)
 $
 ( 1.13)

 Diluted earnings (loss) per share (1)

 $
 0.18
 $
 ( 0.06)
 $
 0.67
 $
 ( 0.23)
 $
 0.56

 ( 0.19)
 ( 0.08)
 ( 1.42)
 0.03
 ( 1.68)

 $
 ( 0.02)
 $
 ( 0.14)
 $
 ( 0.75)
 $
 ( 0.21)
 $
 ( 1.12)

 First
Quarter
 Second Quarter
 Third Quarter
 Fourth Quarter
 Total

 2023

 $
 548,645
 $
 500,831
 $
 503,033
 $
 526,416
 $

 Cost of revenues
 286,336
 255,371
 248,025
 258,583
 1,048,315

 Operating expenses
 237,864
 278,200
 228,081
 330,385
 1,074,530

 Income (loss) from continuing operations before income taxes
 24,445
 ( 32,740)
 26,927
 ( 62,552)
 ( 43,920)

 Provision (benefit) for income taxes
 6,588
 2,628
 9,115
 ( 984)

 17,857
 ( 35,368)
 17,812
 ( 61,568)
 ( 61,267)

 ( 25,594)
 ( 106,167)
 ( 30,331)
 ( 162,268)
 ( 324,360)

 $
 ( 7,737)
 $
 ( 141,535)
 $
 ( 12,519)
 $
 ( 223,836)
 $

 Basic earnings (loss) per share (1):

 $
 0.10
 $
 ( 0.20)
 $
 0.10
 $
 $

 ( 0.15)
 ( 0.60)
 ( 0.17)
 ( 0.92)

 $
 ( 0.04)
 $
 ( 0.81)
 $
 ( 0.07)
 $
 ( 1.27)
 $

 Diluted earnings (loss) per share (1):

 $
 0.10
 $
 ( 0.20)
 $
 0.10
 $
 $

 ( 0.14)
 ( 0.60)
 ( 0.17)
 ( 0.92)

 $
 ( 0.04)
 $
 ( 0.81)
 $
 ( 0.07)
 $
 ( 1.27)
 $

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

 SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES
 (Dollars in thousands)

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

 Valuation allowance for deferred tax asset

 2024
 $
 159,342
 $
 55,412
 $
 ( 8,313)
 $
 206,441

 2023
 $
 157,450
 $
 9,826
 $
 ( 7,934)
 $
 159,342

 2022
 $
 121,778
 $
 44,188
 $
 ( 8,516)
 $
 157,450