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Finance Assets and Lessor Operating Leases | 12 Months Ended
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Dec. 31, 2025
Receivables [Abstract] |
Finance Assets and Lessor Operating Leases | 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:
| December 31, 2025 |  | December 31, 2024
| North America |  | International |  | Total |  | North America |  | International |  | Total
Sales-type lease receivables |  |  |  |  |  |  |  |  |  |  |
Gross finance receivables | $ | 870,453 |  |  | $ | 114,080 |  |  | $ | 984,533 |  |  | $ | 946,294 |  |  | $ | 120,109 |  |  | $ | 1,066,403 |
Unguaranteed residual values | 33,047 |  |  | 6,063 |  |  | 39,110 |  |  | 36,361 |  |  | 5,890 |  |  | 42,251 |
Unearned income | (255,754) |  |  | (34,736) |  |  | (290,490) |  |  | (257,971) |  |  | (34,674) |  |  | (292,645) |
Allowance for credit losses | (10,281) |  |  | (1,947) |  |  | (12,228) |  |  | (12,659) |  |  | (2,324) |  |  | (14,983) |
Net investment in sales-type lease receivables | 637,465 |  |  | 83,460 |  |  | 720,925 |  |  | 712,025 |  |  | 89,001 |  |  | 801,026 |
Loan receivables |  |  |  |  |  |  |  |  |  |  |
Loan receivables | 384,846 |  |  | 2,152 |  |  | 386,998 |  |  | 334,717 |  |  | 16,874 |  |  | 351,591 |
Allowance for credit losses | (6,334) |  |  | (14) |  |  | (6,348) |  |  | (6,549) |  |  | (144) |  |  | (6,693) |
Net investment in loan receivables | 378,512 |  |  | 2,138 |  |  | 380,650 |  |  | 328,168 |  |  | 16,730 |  |  | 344,898 |
Net investment in finance receivables | $ | 1,015,977 |  |  | $ | 85,598 |  |  | $ | 1,101,575 |  |  | $ | 1,040,193 |  |  | $ | 105,731 |  |  | $ | 1,145,924 |
Maturities of finance receivables at December 31, 2025 were as follows:
| Sales-type Lease Receivables |  | Loan Receivables
| North America |  | International |  | Total |  | North America |  | International |  | Total
2026 | $ | 342,867 |  |  | $ | 46,463 |  |  | $ | 389,330 |  |  | $ | 247,693 |  |  | $ | 2,152 |  |  | $ | 249,845 |
2027 | 255,789 |  |  | 32,589 |  |  | 288,378 |  |  | 61,348 |  |  | — |  |  | 61,348 |
2028 | 160,119 |  |  | 20,113 |  |  | 180,232 |  |  | 42,587 |  |  | — |  |  | 42,587 |
2029 | 81,720 |  |  | 10,848 |  |  | 92,568 |  |  | 25,247 |  |  | — |  |  | 25,247 |
2030 | 27,706 |  |  | 3,493 |  |  | 31,199 |  |  | 7,307 |  |  | — |  |  | 7,307 |
Thereafter | 2,252 |  |  | 574 |  |  | 2,826 |  |  | 664 |  |  | — |  |  | 664 |
Total | $ | 870,453 |  |  | $ | 114,080 |  |  | $ | 984,533 |  |  | $ | 384,846 |  |  | $ | 2,152 |  |  | $ | 386,998 |
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 |  | Loan Receivables |  |
| North America |  | International |  | North America |  | International |  | Total
Balance at December 31, 2022 | $ | 14,131 |  |  | $ | 2,893 |  |  | $ | 4,787 |  |  | $ | 139 |  |  | $ | 21,950 |
Amounts charged to expense | 2,096 |  |  | 1,178 |  |  | 4,847 |  |  | 389 |  |  | 8,510 |
Write-offs | (4,757) |  |  | (1,448) |  |  | (5,182) |  |  | (391) |  |  | (11,778) |
Recoveries | 2,454 |  |  | 181 |  |  | 1,893 |  |  | — |  |  | 4,528 |
FX impact | 18 |  |  | (18) |  |  | 1 |  |  | 16 |  |  | 17 |
Balance at December 31, 2023 | 13,942 |  |  | 2,786 |  |  | 6,346 |  |  | 153 |  |  | 23,227 |
Amounts charged to expense | 1,176 |  |  | 450 |  |  | 5,363 |  |  | 382 |  |  | 7,371 |
Write-offs | (4,233) |  |  | (870) |  |  | (6,587) |  |  | (379) |  |  | (12,069) |
Recoveries | 1,635 |  |  | 178 |  |  | 1,801 |  |  | — |  |  | 3,614 |
FX impact | 139 |  |  | (220) |  |  | (374) |  |  | (12) |  |  | (467) |
Balance at December 31, 2024 | 12,659 |  |  | 2,324 |  |  | 6,549 |  |  | 144 |  |  | 21,676 |
Amounts charged to expense | 830 |  |  | (25) |  |  | 4,018 |  |  | 277 |  |  | 5,100 |
Write-offs | (5,529) |  |  | (646) |  |  | (5,058) |  |  | (419) |  |  | (11,652) |
Recoveries | 2,244 |  |  | 169 |  |  | 819 |  |  | — |  |  | 3,232 |
FX impact | 77 |  |  | 125 |  |  | 6 |  |  | 12 |  |  | 220 |
Balance at December 31, 2025 | $ | 10,281 |  |  | $ | 1,947 |  |  | $ | 6,334 |  |  | $ | 14 |  |  | $ | 18,576 |
The table below shows write-offs of gross finance receivables by year of origination.
| December 31, 2025
| Sales Type Lease Receivables |  | Loan Receivables |  | Total
| 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  |
Write-offs | $ | 296 |  |  | $ | 1,041 |  |  | $ | 1,439 |  |  | $ | 1,672 |  |  | $ | 1,129 |  |  | $ | 598 |  |  | $ | 5,477 |  |  | $ | 11,652 |
| December 31, 2024
| Sales Type Lease Receivables |  | Loan Receivables |  | Total
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  |
Write-offs | $ | 144 |  |  | $ | 1,104 |  |  | $ | 1,702 |  |  | $ | 1,063 |  |  | $ | 749 |  |  | $ | 341 |  |  | $ | 6,966 |  |  | $ | 12,069 |
| December 31, 2023
| Sales Type Lease Receivables |  | Loan Receivables |  | Total
| 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  |
Write-offs | $ | 883 |  |  | $ | 1,680 |  |  | $ | 1,551 |  |  | $ | 1,079 |  |  | $ | 619 |  |  | $ | 393 |  |  | $ | 5,573 |  |  | $ | 11,778 |
Aging of Receivables The aging of gross finance receivables was as follows:
| December 31, 2025
| Sales-type Lease Receivables |  | Loan Receivables |  |
| North America |  | International |  | North America |  | International |  | Total
Past due amounts 0 - 90 days | $ | 861,059 |  |  | $ | 111,809 |  |  | $ | 382,697 |  |  | $ | 1,746 |  |  | $ | 1,357,311 |
Past due amounts > 90 days | 9,394 |  |  | 2,271 |  |  | 2,149 |  |  | 406 |  |  | 14,220 |
Total | $ | 870,453 |  |  | $ | 114,080 |  |  | $ | 384,846 |  |  | $ | 2,152 |  |  | $ | 1,371,531 |
| December 31, 2024
| Sales-type Lease Receivables |  | Loan Receivables |  |
| North America |  | International |  | North America |  | International |  | 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 |  |  | 65 |  |  | 18,918 |
Total | $ | 946,294 |  |  | $ | 120,109 |  |  | $ | 334,717 |  |  | $ | 16,874 |  |  | $ | 1,417,994 |
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 90% 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. Most of the International credit applications are subjected to an automated review process, while larger dollar value 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, 2025 and 2024.
| Sales Type Lease Receivables |  | Loan Receivables |  | Total
| 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  |
Low | $ | 150,688 |  |  | $ | 153,596 |  |  | $ | 153,844 |  |  | $ | 106,037 |  |  | $ | 76,774 |  |  | $ | 76,956 |  |  | $ | 336,943 |  |  | $ | 1,054,838 |
Medium | 27,793 |  |  | 28,927 |  |  | 27,310 |  |  | 18,950 |  |  | 12,719 |  |  | 12,754 |  |  | 29,701 |  |  | 158,154 |
High | 2,798 |  |  | 2,974 |  |  | 2,555 |  |  | 2,076 |  |  | 1,214 |  |  | 1,451 |  |  | 4,998 |  |  | 18,066 |
Not Scored | 49,845 |  |  | 32,817 |  |  | 23,710 |  |  | 12,157 |  |  | 4,531 |  |  | 2,057 |  |  | 15,356 |  |  | 140,473 |
Total | $ | 231,124 |  |  | $ | 218,314 |  |  | $ | 207,419 |  |  | $ | 139,220 |  |  | $ | 95,238 |  |  | $ | 93,218 |  |  | $ | 386,998 |  |  | $ | 1,371,531 |
| Sales Type Lease Receivables |  | Loan 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 |  |  | 684 |  |  | 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 |
Lease Income Lease income from sales-type leases, excluding variable lease payments, was as follows:
| Years Ended December 31,
| 2025 |  | 2024 |  | 2023
Profit recognized at commencement | $ | 75,390 |  |  | $ | 101,600 |  |  | $ | 120,011 |
Interest income | 149,999 |  |  | 152,348 |  |  | 154,998 |
Total lease income from sales-type leases | $ | 225,389 |  |  | $ | 253,948 |  |  | $ | 275,009 |
Lessor Operating Leases We lease mailing equipment under operating leases with terms of one to five years. Revenue from operating leases for the years ended December 31, 2025, 2024 and 2023 were $58 million, $65 million and $68 million, respectively. Maturities of these operating leases are as follows:
2026 | $ | 25,966 |
2027 | 16,716 |
2028 | 7,281 |
2029 | 4,271 |
2030 | 1,753 |
Thereafter | 59 |
Total | $ | 56,046 |

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