Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 26, 2015 | |
Entity Information [Line Items] | ||
Entity Registrant Name | DIEBOLD INC | |
Entity Central Index Key | 28,823 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 64,976,900 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 198.5 | $ 322 |
Short-term investments | 99.2 | 136.7 |
Trade receivables, less allowances for doubtful accounts of $31.6 and $23.0 at September 30, 2015 and December 31, 2014, respectively | 565.6 | 477.9 |
Inventories | 420.6 | 405.2 |
Deferred income taxes | 108.2 | 111 |
Prepaid expenses | 24.1 | 22 |
Prepaid income taxes | 42.2 | 11.7 |
Other current assets | 149.8 | 169 |
Total current assets | 1,608.2 | 1,655.5 |
Securities and other investments | 82.2 | 83.6 |
Property, plant and equipment, net of accumulated depreciation and amortization of $434.3 and $443.4 at September 30, 2015 and December 31, 2014, respectively | 177 | 169.5 |
Goodwill | 197.4 | 172 |
Deferred income taxes | 85.4 | 86.5 |
Finance lease receivables | 44.6 | 90.4 |
Other assets | 80.3 | 84.6 |
Total assets | 2,275.1 | 2,342.1 |
Current liabilities | ||
Notes payable | 80.9 | 25.6 |
Accounts payable | 283.9 | 261.7 |
Deferred revenue | 231.7 | 275.1 |
Payroll and other benefits liabilities | 81 | 116.8 |
Other current liabilities | 289 | 348.5 |
Total current liabilities | 966.5 | 1,027.7 |
Long-term debt | 618.3 | 479.8 |
Pensions and other benefits | 198.2 | 211 |
Post-retirement and other benefits | 20.9 | 20.8 |
Deferred income taxes | 14.9 | 6.5 |
Other long-term liabilities | $ 29.8 | $ 41.4 |
Commitments and contingencies | ||
Diebold, Incorporated shareholders' equity | ||
Preferred shares, no par value, 1,000,000 authorized shares, none issued | $ 0 | $ 0 |
Common shares, $1.25 par value, 125,000,000 authorized shares,79,690,226 and 79,238,759 issued shares, 64,996,239 and 64,632,400 outstanding shares at September 30, 2015 and December 31, 2014, respectively | 99.6 | 99 |
Additional capital | 431.8 | 418.1 |
Retained earnings | 746.9 | 762.2 |
Treasury shares, at cost (14,693,987 and 14,606,359 shares at September 30, 2015 and December 31, 2014, respectively) | (560.2) | (557.2) |
Accumulated other comprehensive loss | (316.7) | (190.5) |
Total Diebold, Incorporated shareholders' equity | 401.4 | 531.6 |
Noncontrolling interests | 25.1 | 23.3 |
Total equity | 426.5 | 554.9 |
Total liabilities and equity | $ 2,275.1 | $ 2,342.1 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets | ||
Allowances for doubtful accounts | $ 31.6 | $ 23 |
Accumulated depreciation and amortization | $ 434.3 | $ 443.4 |
Diebold, Incorporated shareholders' equity | ||
Preferred shares, par value | $ 0 | $ 0 |
Preferred shares, shares authorized | 1,000,000 | 1,000,000 |
Preferred shares, shares issued | 0 | 0 |
Common shares, par value | $ 1.25 | $ 1.25 |
Common shares, shares authorized | 125,000,000 | 125,000,000 |
Common shares, shares issued | 79,690,226 | 79,238,759 |
Common shares, shares outstanding | 64,996,239 | 64,632,400 |
Treasury shares, at cost, shares | 14,693,987 | 14,606,359 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net sales | ||||
Services | $ 404.4 | $ 416.5 | $ 1,208.5 | $ 1,209.7 |
Products | 276.5 | 351.5 | 861.3 | 980.1 |
Total sales | 680.9 | 768 | 2,069.8 | 2,189.8 |
Cost of sales | ||||
Services | 282.5 | 290.3 | 836.2 | 849.2 |
Products | 231.1 | 277.1 | 703.5 | 789.1 |
Total cost of sales | 513.6 | 567.4 | 1,539.7 | 1,638.3 |
Gross profit | 167.3 | 200.6 | 530.1 | 551.5 |
Selling and administrative expense | 127.6 | 129.9 | 392.5 | 371.2 |
Research, development and engineering expense | 20 | 24.5 | 66.2 | 66.2 |
Impairment of assets | 0 | 0 | 18.9 | 0 |
Loss (gain) on sale of assets, net | 0.1 | (0.5) | (1.4) | (13.1) |
Total operating expense | 147.7 | 153.9 | 476.2 | 424.3 |
Operating profit | 19.6 | 46.7 | 53.9 | 127.2 |
Other income (expense) | ||||
Investment income | 5.9 | 7.9 | 20.6 | 26.6 |
Interest expense | (8.5) | (8.3) | (24.1) | (23.1) |
Foreign exchange gain (loss), net | 1.3 | 1 | (9.2) | (10.4) |
Miscellaneous, net | (1.3) | 0.5 | (1.7) | 0.4 |
Income before taxes | 17 | 47.8 | 39.5 | 120.7 |
Income tax (benefit) expense | (5.9) | 12.8 | (1.7) | 37.7 |
Net income | 22.9 | 35 | 41.2 | 83 |
Net income (loss) attributable to noncontrolling interests | 1.2 | 1.9 | 0.1 | (1.5) |
Net income attributable to Diebold, Incorporated | $ 21.7 | $ 33.1 | $ 41.1 | $ 84.5 |
Basic weighted-average shares outstanding | 65 | 64.6 | 64.9 | 64.5 |
Diluted weighted-average shares outstanding | 65.6 | 65.3 | 65.5 | 65.1 |
Net income attributable to Diebold, Incorporated | ||||
Basic earnings per share | $ 0.33 | $ 0.51 | $ 0.63 | $ 1.31 |
Diluted earnings per share | 0.33 | 0.51 | 0.63 | 1.30 |
Common dividends declared and paid per share | $ 0.2875 | $ 0.2875 | $ 0.8625 | $ 0.8625 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net income | $ 22.9 | $ 35 | $ 41.2 | $ 83 |
Other comprehensive income (loss), net of tax | ||||
Other comprehensive (loss) income, net of tax | (70.1) | (49.3) | (126.5) | (32.9) |
Comprehensive (loss) income | (47.2) | (14.3) | (85.3) | 50.1 |
Less: comprehensive income (loss) attributable to noncontrolling interests | 0.5 | 2.2 | (0.3) | (1.8) |
Comprehensive (loss) income attributable to Diebold, Incorporated | (47.7) | (16.5) | (85) | 51.9 |
Translation adjustment [Member] | ||||
Other comprehensive income (loss), net of tax | ||||
Translation adjustment and foreign currency hedges | (75.3) | (52.6) | (137.4) | (31.8) |
Foreign currency hedges (net of tax $(2.2), $(1.3), $(4.0), and $0.6, respectively) | ||||
Other comprehensive income (loss), net of tax | ||||
Translation adjustment and foreign currency hedges | 4 | 2.5 | 7.3 | (1.1) |
Interest rate hedges [Member] | ||||
Other comprehensive income (loss), net of tax | ||||
Net gain recognized in other comprehensive income (net of tax $(0.1), $(0.1), $(0.3) and $(0.3), respectively) | 0.2 | 0.3 | 0.5 | 0.6 |
Reclassification adjustment for amounts recognized in net income (net of tax $0.1, $0.0, $0.1 and $0.1, respectively) | (0.1) | (0.1) | (0.2) | (0.2) |
Total interest rate hedges | 0.1 | 0.2 | 0.3 | 0.4 |
Pension and other post-retirement benefits [Member] | ||||
Other comprehensive income (loss), net of tax | ||||
Net actuarial loss amortization (net of tax $(0.6), $(0.3), $(1.9) and $(0.9), respectively) | 1.1 | 0.6 | 3.4 | 1.6 |
Net prior service benefit amortization (net of tax $0.0, $0.0, $0.0 and $0.1, respectively) | 0 | (0.1) | (0.1) | (0.2) |
Total pension and other post-retirement benefits | 1.1 | 0.5 | 3.3 | 1.4 |
Unrealized loss on securities, net [Member] | ||||
Other comprehensive income (loss), net of tax | ||||
Net gain (loss) recognized in other comprehensive income (net of tax $0.0, $0.0, $0.0 and $0.8, respectively) | 0 | 0.1 | 0 | (1.4) |
Reclassification adjustment for amounts recognized in net income (net of tax $0.0, $0.0, $0.0 and $0.2, respectively) | 0 | 0 | 0 | (0.4) |
Total unrealized loss on securities, net | $ 0 | $ 0.1 | $ 0 | $ (1.8) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Loss) Parentheticals - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net Investment Hedging [Member] | ||||
Foreign currency hedges, amount recognized in other comprehensive income, tax | $ (2.2) | $ (1.3) | $ (4) | $ 0.6 |
Interest rate hedges [Member] | ||||
Interest rate hedges, net gain recognized in other comprehensive income, tax | (0.1) | (0.1) | (0.3) | (0.3) |
Interest rate hedges, reclassification adjustment for amounts recognized in net income, tax | 0.1 | 0 | 0.1 | 0.1 |
Pension and other post-retirement benefits [Member] | ||||
Net actuarial loss amortization, tax | (0.6) | (0.3) | (1.9) | (0.9) |
Net prior service benefit amortization, amount recognized in other comprehensive income, tax | 0 | 0 | 0 | (0.1) |
Unrealized loss on securities, net [Member] | ||||
Net loss recognized in other comprehensive income, tax | 0 | 0 | 0 | 0.8 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | $ 0 | $ 0 | $ 0 | $ 0.2 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flow from operating activities: | ||
Net income | $ 41.2 | $ 83 |
Adjustments to reconcile net income to cash flow used in operating activities: | ||
Depreciation and amortization | 49.2 | 55.4 |
Share-based compensation | 10.9 | 16 |
Excess tax benefits from share-based compensation | (0.3) | (0.3) |
Devaluation of Venezuela balance sheet | 7.5 | 12.1 |
Gain on sale of assets, net | (1.4) | (13.1) |
Impairment of assets | 18.9 | 0 |
Changes in certain assets and liabilities, net of the effects of acquisitions | ||
Trade receivables | (133.3) | (164.7) |
Inventories | (66.4) | (156.3) |
Prepaid expenses | (2.8) | (1.9) |
Prepaid income taxes | (30.5) | 7.5 |
Other current assets | (17.7) | (46.4) |
Accounts payable | 39.3 | 87.6 |
Deferred revenue | (29.7) | 30.4 |
Accrued salaries, wages and commissions | (23.4) | 5.8 |
Deferred income taxes | 9 | (6.5) |
Finance lease and notes receivables | 6 | (59.3) |
Certain other assets and liabilities | 3.4 | 40 |
Net cash used in operating activities | (120.1) | (110.7) |
Cash flow from investing activities: | ||
Payments for acquisitions, net of cash acquired | (59.4) | (11.7) |
Proceeds from maturities of investments | 101 | 406.6 |
Proceeds from sale of investments | 0 | 39.6 |
Payments for purchases of investments | (107.1) | (339.8) |
Proceeds from sale of assets | 5.5 | 17.7 |
Capital expenditures | (42.9) | (33.6) |
Increase in certain other assets | (2.9) | (13.8) |
Net cash (used in) provided by investing activities | (105.8) | 65 |
Cash flow from financing activities: | ||
Dividends paid | (56.5) | (56.2) |
Debt issuance costs | 0.7 | 1.4 |
Revolving debt (repayments) borrowings, net | (36.4) | 124 |
Term loan borrowings | 230 | 0 |
Other debt borrowings | 87.7 | 133.8 |
Other debt repayments | (91.2) | (141.5) |
Distributions to noncontrolling interest holders | (0.2) | (2.2) |
Excess tax benefits from share-based compensation | 0.3 | 0.3 |
Issuance of common shares | 3.4 | 14.4 |
Repurchase of common shares | (3) | (1.8) |
Net cash provided by financing activities | 133.4 | 69.4 |
Effect of exchange rate changes on cash and cash equivalents | (31) | (14) |
(Decrease) increase in cash and cash equivalents | (123.5) | 9.7 |
Cash and cash equivalents at the beginning of the period | 322 | 230.7 |
Cash and cash equivalents at the end of the period | $ 198.5 | $ 240.4 |
Consolidated Financial Statemen
Consolidated Financial Statements | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
CONSOLIDATED FINANCIAL STATEMENTS | Consolidated Financial Statements The accompanying unaudited condensed consolidated financial statements of Diebold, Incorporated and its subsidiaries (collectively, the Company) have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States (GAAP); however, such information reflects all adjustments (consisting solely of normal recurring adjustments) that are, in the opinion of management, necessary for a fair statement of the results for the interim periods. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 . In addition, some of the Company’s statements in this Quarterly Report on Form 10-Q may involve risks and uncertainties that could significantly impact expected future results. The results of operations for the three and nine months ended September 30, 2015 are not necessarily indicative of results to be expected for the full year. The Company has reclassified the presentation of certain prior-year information to conform to the current presentation. In January 2015, the Company announced the realignment of its Brazil and Latin America (LA) businesses to drive greater efficiency and further improve customer service. Beginning with the first quarter of 2015, LA and Brazil operations were reported under one single reportable operating segment and comparative periods have been reclassified for consistency. The presentation of comparative periods also reflects the reclassification of certain global expenses from segment operating profit to corporate charges not allocated to segments due to the 2015 realignment activities. On March 13, 2015, the Company acquired all of the equity interests of Phoenix Interactive Design, Inc. (Phoenix) for a total purchase price of approximately $72.9 , including $12.6 of deferred cash payment payable over the next three years. Acquiring Phoenix, a world leader in developing innovative multi-vendor software solutions for automated teller machines (ATMs) and a host of other financial self-service (FSS) applications, is a foundational move to accelerate the Company’s growth in the fast-growing managed services and branch automation spaces. The results of operations for Phoenix are primarily included in the North America (NA) reportable operating segment within the Company's condensed consolidated financial statements from the date of the acquisition. Preliminary purchase price allocations are subject to further adjustment until all pertinent information regarding the assets acquired and liabilities assumed are fully evaluated. As of March 31, 2015, the Company agreed to sell its equity interest in its Venezuela joint venture to its joint venture partner and recorded a $10.3 impairment of assets in the first quarter of 2015. On April 29, 2015, the Company closed the sale for the estimated fair market value and recorded a $1.0 reversal of impairment of assets based on final adjustments in the second quarter of 2015, resulting in a $9.3 impairment of assets for the six months ended June 30, 2015. The Company no longer has a consolidating entity in Venezuela but will continue to operate in Venezuela on an indirect basis. Prior to the sale, the Company's Venezuela operations consisted of a fifty-percent owned subsidiary, which was consolidated. Venezuela was measured using the U.S. dollar as its functional currency because its economy is considered highly inflationary. On March 24, 2014, the Venezuela government announced a currency exchange mechanism, SICAD 2, which yielded an exchange rate significantly higher than the rates established through the other regulated exchange mechanisms. As of March 31, 2014, management determined it was unlikely the Company would be able to convert bolivars under a currency exchange other than SICAD 2 and the Company remeasured its Venezuela balance sheet using the SICAD 2 rate of 50.86 compared to the previous official government rate of 6.30 , which resulted in a decrease of $6.1 to the Company’s cash balance and net losses of $12.1 that were recorded within foreign exchange gain (loss), net in the condensed consolidated statements of operations in the first quarter of 2014. As a result of the currency devaluation, the Company recorded a $4.1 lower of cost or market adjustment related to its service inventory within service cost of sales in the condensed consolidated statements of operations in the first quarter of 2014. On February 10, 2015, the Venezuela government introduced a new foreign currency exchange platform called the Marginal Currency System, or SIMADI, which replaced the SICAD 2 mechanism, yielding another significant increase in the exchange rate. As of March 31, 2015, management determined it was unlikely that the Company would be able to convert bolivars under a currency exchange other than SIMADI and remeasured its Venezuela balance sheet using the SIMADI rate of 192.95 compared to the previous SICAD 2 rate of 50.86 , which resulted in a loss of $7.5 recorded within foreign exchange gain (loss), net in the condensed consolidated statements of operations in the first quarter of 2015. In the second quarter of 2014, the Company divested its Diebold Eras, Incorporated (Eras) subsidiary for a sale price of $20.0 , including installment payments of $1.0 on the first and second year anniversary dates of the closing. This sale resulted in a gain of $ 13.7 recognized within gain on sale of assets, net in the condensed consolidated statement of operations. Revenue and operating profit in the nine months ended September 30, 2014 related to this divested subsidiary were $6.0 and $3.0 , respectively, and are included within the NA segment. Net income before taxes related to this divested subsidiary is included in continuing operations and was $3.0 for the nine months ended September 30, 2014 . There was no impact of Eras on the three months ended September 30, 2014. In the third quarter of 2014, the Company acquired 100 percent of the equity interests of Cryptera A/S (Cryptera), a supplier of the Company's encrypting PIN pad technology and a world leader in the research and development of secure payment technologies. This acquisition positioned the Company as a significant original equipment manufacturer of secure payment technologies and allowed the Company to own more of the intellectual property related to its ATMs. The total purchase price was approximately $13.0 , including a 10 percent deferred cash payment payable on the first anniversary of the acquisition. The results of operations for Cryptera are included in the Europe, Middle East and Africa (EMEA) segment within the Company's condensed consolidated financial statements from the date of the acquisition. Recently Issued Accounting Guidance In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. The standard is effective for the Company on January 1, 2018. Early application is permitted on the original adoption date of January 1, 2017. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03), which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The standard is effective for the Company on January 1, 2016, with early adoption permitted. The adoption of ASU 2015-03 is not expected to have a material impact on the financial statements of the Company. In May 2015, the FASB issued ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share or Its Equivalent (ASU 2015-07). The amendments in this update remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The amendments also remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. The standard is effective for the Company on January 1, 2016, with early adoption permitted. The adoption of ASU 2015-07 is not expected to have a material impact on the financial statements of the Company. In July 2015, the FASB issued ASU 2015-12, Plan Accounting: Defined Benefit Plan (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): (Part I) Fully Benefit-Responsive Investment Contracts, (Part II) Plan Investment Disclosures, (Part III) Measurement Date Practical Expedient (ASU 2015-12), which is a three-part update with the objective of simplifying benefit plan reporting to make the information presented more useful to the reader. Part I designates contract value as the only required measure for fully benefit-responsive investment contracts (FBRIC). A FBRIC is a guaranteed investment contract between the plan and an issuer in which the issuer agrees to pay a predetermined interest rate and principal for a set amount deposited with the issuer. Part II simplifies the investment disclosure requirements for employee benefits plans. Part III provides an alternative measurement date for fiscal periods that do not coincide with a month-end date. This guidance is effective for fiscal years beginning after December 15, 2015. The amendments in Parts I and II of this standard are effective retrospectively. The standard is effective for the Company on January 1, 2016, with early adoption permitted. The adoption of ASU 2015-12 is not expected to have a material impact on the financial statements of the Company. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments (ASU 2015-16). The amendments in this update require that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments in this update require that the acquirer record, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date and presented separately on the face of the income statement or disclosed in the notes by line item. The standard is effective for the Company on January 1, 2016, with early adoption permitted. The adoption of ASU 2015-16 is not expected to have a material impact on the financial statements of the Company. |
Earning Per Share
Earning Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | Earnings Per Share Basic earnings per share is based on the weighted-average number of common shares outstanding. Diluted earnings per share includes the dilutive effect of potential common shares outstanding. Under the two-class method of computing earnings per share, non-vested share-based payment awards that contain rights to receive non-forfeitable dividends are considered participating securities. The Company’s participating securities include restricted stock units (RSUs), deferred shares, and shares that were vested, but deferred by the employee. The Company calculated basic and diluted earnings per share under both the treasury stock method and the two-class method. For the three and nine months ended September 30, 2015 and 2014 , there was no impact in the per share amounts calculated under the two methods. Accordingly, the treasury stock method is disclosed below. The following represents amounts used in computing earnings per share and the effect on the weighted-average number of shares of dilutive potential common shares: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Numerator Income used in basic and diluted earnings per share Net income attributable to Diebold, Incorporated $ 21.7 $ 33.1 $ 41.1 $ 84.5 Denominator (in millions) Weighted-average number of common shares used in basic earnings per share 65.0 64.6 64.9 64.5 Effect of dilutive shares 0.6 0.7 0.6 0.6 Weighted-average number of shares used in diluted earnings per share 65.6 65.3 65.5 65.1 Net income attributable to Diebold, Incorporated Basic earnings per share $ 0.33 $ 0.51 $ 0.63 $ 1.31 Diluted earnings per share $ 0.33 $ 0.51 $ 0.63 $ 1.30 Anti-dilutive shares (in millions) Anti-dilutive shares not used in calculating diluted weighted-average shares 1.5 0.9 1.5 1.2 |
Equity
Equity | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
EQUITY | Equity The following table presents changes in shareholders' equity attributable to Diebold, Incorporated and the noncontrolling interests: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Diebold, Incorporated shareholders' equity Balance at beginning of period $ 465.6 $ 650.8 $ 531.6 $ 596.8 Comprehensive (loss) income attributable to Diebold, Incorporated (47.7 ) (16.5 ) (85.0 ) 51.9 Common shares — 0.1 0.6 0.8 Additional capital 2.4 5.9 13.7 29.8 Treasury shares (0.2 ) (0.2 ) (3.0 ) (1.8 ) Dividends paid (18.7 ) (18.8 ) (56.5 ) (56.2 ) Balance at end of period $ 401.4 $ 621.3 $ 401.4 $ 621.3 Noncontrolling interests Balance at beginning of period $ 24.6 $ 17.9 $ 23.3 $ 24.0 Comprehensive income (loss) attributable to noncontrolling interests, net (1) 0.7 2.1 2.0 (1.9 ) Distributions to noncontrolling interest holders (0.2 ) — (0.2 ) (2.1 ) Balance at end of period $ 25.1 $ 20.0 $ 25.1 $ 20.0 (1) Comprehensive income (loss) attributable to noncontrolling interests of $(0.1) for the nine months ended September 30, 2015 , respectively, is net of a $2.1 Venezuela noncontrolling interest adjustment for the nine months ended September 30, 2015 , respectively, to reduce the carrying value to the estimated fair market value. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | Accumulated Other Comprehensive Loss The following table summarizes the changes in the Company’s accumulated other comprehensive (loss) income (AOCI), net of tax, by component for the three months ended September 30, 2015 : Translation Foreign Currency Hedges Interest Rate Hedges Pension and Other Post-retirement Benefits Other Accumulated Other Comprehensive (Loss) Income Balance at June 30, 2015 $ (137.3 ) $ 1.9 $ (0.3 ) $ (111.8 ) $ 0.3 $ (247.2 ) Other comprehensive (loss) income before reclassifications (1) (74.7 ) 4.0 0.2 — — (70.5 ) Amounts reclassified from AOCI — — (0.1 ) 1.1 — 1.0 Net current-period other comprehensive (loss) income (74.7 ) 4.0 0.1 1.1 — (69.5 ) Balance at September 30, 2015 $ (212.0 ) $ 5.9 $ (0.2 ) $ (110.7 ) $ 0.3 $ (316.7 ) (1) Other comprehensive (loss) income before reclassifications within the translation component excludes $(0.6) of translation attributable to noncontrolling interests. The following table summarizes the changes in the Company’s AOCI, net of tax, by component for the three months ended September 30, 2014 : Translation Foreign Currency Hedges Interest Rate Hedges Pension and Other Post-retirement Benefits Unrealized Gain on Securities, Net Other Accumulated Other Comprehensive (Loss) Income Balance at June 30, 2014 $ 19.0 $ (5.5 ) $ (0.8 ) $ (51.1 ) $ 0.8 $ 0.3 $ (37.3 ) Other comprehensive (loss) income (loss) before reclassifications (1) (52.8 ) 2.5 0.3 — 0.1 — (49.9 ) Amounts reclassified from AOCI — — (0.1 ) 0.5 — — 0.4 Net current-period other comprehensive (loss) income (52.8 ) 2.5 0.2 0.5 0.1 — (49.5 ) Balance at September 30, 2014 $ (33.8 ) $ (3.0 ) $ (0.6 ) $ (50.6 ) $ 0.9 $ 0.3 $ (86.8 ) (1) Other comprehensive (loss) income before reclassifications within the translation component excludes $0.2 of translation attributable to noncontrolling interests. The following table summarizes the changes in the Company’s AOCI, net of tax, by component for the nine months ended September 30, 2015 : Translation Foreign Currency Hedges Interest Rate Hedges Pension and Other Post-retirement Benefits Other Accumulated Other Comprehensive (Loss) Income Balance at January 1, 2015 $ (74.9 ) $ (1.4 ) $ (0.5 ) $ (114.0 ) $ 0.3 $ (190.5 ) Other comprehensive (loss) income before reclassifications (1) (137.1 ) 7.3 0.5 — — (129.3 ) Amounts reclassified from AOCI — — (0.2 ) 3.3 — 3.1 Net current-period other comprehensive (loss) income (137.1 ) 7.3 0.3 3.3 — (126.2 ) Balance at September 30, 2015 $ (212.0 ) $ 5.9 $ (0.2 ) $ (110.7 ) $ 0.3 $ (316.7 ) (1) Other comprehensive (loss) income before reclassifications within the translation component excludes $(0.3) of translation attributable to noncontrolling interests. The following table summarizes the changes in the Company’s AOCI, net of tax, by component for the nine months ended September 30, 2014 : Translation Foreign Currency Hedges Interest Rate Hedges Pension and Other Post-retirement Benefits Unrealized Gain on Securities, Net Other Accumulated Other Comprehensive (Loss) Income Balance at January 1, 2014 $ (2.4 ) $ (1.9 ) $ (1.0 ) $ (52.0 ) $ 2.7 $ 0.3 $ (54.3 ) Other comprehensive (loss) income before reclassifications (1) (31.4 ) (1.1 ) 0.6 — (1.4 ) — (33.3 ) Amounts reclassified from AOCI — — (0.2 ) 1.4 (0.4 ) — 0.8 Net current-period other comprehensive (loss) income (31.4 ) (1.1 ) 0.4 1.4 (1.8 ) — (32.5 ) Balance at September 30, 2014 $ (33.8 ) $ (3.0 ) $ (0.6 ) $ (50.6 ) $ 0.9 $ 0.3 $ (86.8 ) (1) Other comprehensive (loss) income before reclassifications within the translation component excludes $(0.4) of translation attributable to noncontrolling interests. The following table summarizes the details about amounts reclassified from AOCI: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Amount Reclassified from AOCI Amount Reclassified from AOCI Amount Reclassified from AOCI Amount Reclassified from AOCI Affected Line Item in the Statement of Income Interest rate hedges $ (0.1 ) $ (0.1 ) $ (0.2 ) $ (0.2 ) Interest expense Pension and post-retirement benefits: Net actuarial loss amortization (net of tax $(0.6), $(0.3), $(1.9) and $(0.9), respectively) 1.1 0.6 3.4 1.6 (1) Net prior service benefit amortization (net of tax $0.0, $0.0, $0.0 and $0.1, respectively) — (0.1 ) (0.1 ) (0.2 ) (1) 1.1 0.5 3.3 1.4 Unrealized loss on securities (net of tax $0.0, $0.0, $0.0 and $0.2, respectively) — — — (0.4 ) Investment income Total reclassifications for the period $ 1.0 $ 0.4 $ 3.1 $ 0.8 (1) Pension and other post-retirement benefits AOCI components are included in the computation of net periodic benefit cost (refer to note 12). |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
SHARE-BASED COMPENSATION | Share-Based Compensation The Company’s share-based compensation payments to employees are recognized based on their grant-date fair values during the period in which the employee is required to provide services in exchange for the award. Share-based compensation is primarily recognized as a component of selling and administrative expense. Total share-based compensation expense was $1.8 and $5.6 for the three months ended September 30, 2015 and 2014 , respectively. Total share-based compensation expense was $10.9 and $16.0 for the nine months ended September 30, 2015 and 2014 , respectively. Options outstanding and exercisable as of September 30, 2015 under the Company’s 1991 Equity and Performance Incentive Plan (as Amended and Restated as of February 12, 2014) (the 1991 Plan) and changes during the nine months ended September 30, 2015 were as follows: Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value (1) (in millions) (per share) (in years) Outstanding at January 1, 2015 1.6 $ 37.11 Expired or forfeited (0.3 ) $ 49.85 Exercised (0.1 ) $ 30.05 Granted 0.5 $ 32.33 Outstanding at September 30, 2015 1.7 $ 34.18 7 $ 0.2 Options exercisable at September 30, 2015 0.9 $ 35.39 5 $ 0.2 Options vested and expected to vest at September 30, 2015 (2) 1.7 $ 34.23 7 $ 0.2 (1) The aggregate intrinsic value (the difference between the closing price of the Company’s common shares on the last trading day of the third quarter of 2015 and the exercise price, multiplied by the number of “in-the-money” options) that would have been received by the option holders had all option holders exercised their options on September 30, 2015 . The amount of aggregate intrinsic value will change based on the fair market value of the Company’s common shares. (2) The options expected to vest are the result of applying the pre-vesting forfeiture rate assumption to total outstanding non-vested options. The following table summarizes information on non-vested RSUs and performance shares relating to employees and non-employee directors for the nine months ended September 30, 2015 : Number of Shares Weighted-Average Grant-Date Fair Value (in millions) (per share) RSUs: Non-vested at January 1, 2015 0.7 $ 33.72 Forfeited (0.1 ) $ 33.79 Vested (0.2 ) $ 34.22 Granted 0.5 $ 32.75 Non-vested at September 30, 2015 0.9 $ 32.52 Performance Shares: Non-vested at January 1, 2015 1.1 $ 37.38 Forfeited (0.3 ) $ 36.28 Vested (0.3 ) $ 40.04 Granted 0.5 $ 31.18 Non-vested at September 30, 2015 1.0 $ 33.63 Performance shares are granted based on certain management objectives, as determined by the Board of Directors each year. Each performance share earned entitles the holder to one common share of the Company. The Company's performance shares include performance objectives that vest and are calculated after a three-year period as well as performance objectives that vest proportionately over a three-year period which are calculated annually. No shares are granted unless certain management threshold objectives are met. As of September 30, 2015 , there were 0.1 million non-employee director deferred shares vested and outstanding. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | Income Taxes The effective tax rate was (34.7) percent and 26.8 percent on income for the three months ended September 30, 2015 and 2014, respectively. The effective tax rate was (4.3) percent and 31.2 percent on income for the nine months ended September 30, 2015 and 2014, respectively. The tax rate benefit for the three and nine months ended September 30, 2015 resulted from the repatriation of foreign earnings and the associated recognition of foreign tax credits and releases of uncertain tax positions due to the expiration of the statute of limitations. Additionally, the tax rate benefit for the nine months ended September 30, 2015 included the release of a valuation allowance and discrete tax items resulting from the sale of its Venezuela joint venture (refer to note 1) recorded primarily in the first quarter of 2015. The tax rate for the three months and nine months ended September 30, 2014 reflected the release of valuation allowance against excess capital losses utilized. Additionally, the tax rate for the nine months ended September 30, 2014 was negatively impacted by discrete tax expense on the repatriation of certain foreign earnings recorded in the first quarter of 2014. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS | Investments The Company’s investments, primarily in Brazil, consist of certificates of deposit that are classified as available-for-sale and stated at fair value based upon quoted market prices. Unrealized gains and losses are recorded in AOCI. Realized gains and losses are recognized in investment income and are determined using the specific identification method. There were no realized gains from the sale of securities and proceeds from the sale of available-for-sale securities for the three and nine months ended September 30, 2015 . Realized (losses) gains from the sale of securities were $(0.2) and $0.5 for the three and nine months ended September 30, 2014 . Proceeds from the sale of available-for-sale securities were $39.6 during the nine months ended September 30, 2014 . The Company’s investments, excluding cash surrender value of insurance contracts of $73.1 and $73.8 as of September 30, 2015 and December 31, 2014 , respectively, consisted of the following: Cost Basis Unrealized Gain Fair Value As of September 30, 2015 Short-term investments Certificates of deposit $ 99.2 $ — $ 99.2 Long-term investments Assets held in a rabbi trust $ 8.9 $ 0.2 $ 9.1 As of December 31, 2014 Short-term investments Certificates of deposit $ 136.7 $ — $ 136.7 Long-term investments Assets held in a rabbi trust $ 9.3 $ 0.5 $ 9.8 |
Allowance for Credit Losses
Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
ALLOWANCE FOR CREDIT LOSSES | Allowance for Credit Losses The following table summarizes the Company’s allowance for credit losses for the nine months ended September 30, 2015 and 2014 : Finance Leases Notes Receivable Total Allowance for credit losses Balance at January 1, 2015 $ 0.4 $ 4.1 $ 4.5 Provision for credit losses 0.3 — 0.3 Write-offs (0.1 ) — (0.1 ) Balance at September 30, 2015 $ 0.6 $ 4.1 $ 4.7 Balance at January 1, 2014 $ 0.4 $ 4.1 $ 4.5 Provision for credit losses 0.2 — 0.2 Write-offs (0.2 ) — (0.2 ) Balance at September 30, 2014 $ 0.4 $ 4.1 $ 4.5 There were no significant changes in provision for credit losses, recoveries and write-offs during the nine months ended September 30, 2015 and 2014 . In the nine months ended September 30, 2015 and 2014 , the Company sold finance lease receivables of $5.4 and $22.1 , respectively. As of September 30, 2015 , finance leases and notes receivable individually evaluated for impairment were $86.5 and $13.5 , respectively. As of September 30, 2014 , finance leases and notes receivable individually evaluated for impairment were $157.6 and $18.1 , respectively. As of September 30, 2015 and December 31, 2014 , the Company’s finance lease receivables in LA were $66.5 and $127.9 , respectively. The decrease is related primarily to the strengthening U.S. dollar compared to the Brazil real and recurring customer payments for financing arrangements in LA. The Company records interest income and any fees or costs related to financing receivables using the effective interest method over the term of the lease or loan. The Company reviews the aging of its financing receivables to determine past due and delinquent accounts. Credit quality is reviewed at inception and is re-evaluated as needed based on customer-specific circumstances. Receivable balances 60 days to 89 days past due are reviewed and may be placed on nonaccrual status based on customer-specific circumstances. Receivable balances are placed on nonaccrual status upon reaching greater than 89 days past due. Upon receipt of payment on nonaccrual financing receivables, interest income is recognized and accrual of interest is resumed once the account has been made current or the specific circumstances have been resolved. As of September 30, 2015 and December 31, 2014 , the recorded investment in past-due financing receivables on nonaccrual status was $1.9 and $2.2 , respectively, and there were no recorded investments in finance receivables past due 90 days or more and still accruing interest. The recorded investment in impaired notes receivable was $4.1 as of September 30, 2015 and December 31, 2014 and was fully reserved. The following table summarizes the Company’s aging of past-due notes receivable balances: September 30, 2015 December 31, 2014 30-59 days past due $ — $ 0.1 60-89 days past due — — > 89 days past due (1) 3.0 1.5 Total past due $ 3.0 $ 1.6 (1) Past-due notes receivable balances greater than 89 days are fully reserved. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2015 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | Inventories Major classes of inventories are summarized as follows: September 30, 2015 December 31, 2014 Finished goods $ 181.6 $ 197.4 Service parts 150.4 125.6 Raw materials and work in process 88.6 82.2 Total inventories $ 420.6 $ 405.2 |
Goodwill and Other Assets
Goodwill and Other Assets | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER ASSETS | Goodwill and Other Assets The changes in carrying amounts of goodwill within the Company's segments are summarized as follows: NA AP EMEA LA Total Goodwill $ 112.1 $ 41.3 $ 168.7 $ 148.5 $ 470.6 Accumulated impairment losses (13.2 ) — (168.7 ) (108.8 ) (290.7 ) Balance at January 1, 2014 $ 98.9 $ 41.3 $ — $ 39.7 $ 179.9 Divestiture (1.6 ) — — — (1.6 ) Currency translation adjustment (0.2 ) (1.3 ) — (4.8 ) (6.3 ) Goodwill $ 110.3 $ 40.0 $ 168.7 $ 143.7 $ 462.7 Accumulated impairment losses (13.2 ) — (168.7 ) (108.8 ) (290.7 ) Balance at December 31, 2014 $ 97.1 $ 40.0 $ — $ 34.9 $ 172.0 Goodwill acquired 41.5 0.5 — 0.5 42.5 Currency translation adjustment (3.6 ) (3.0 ) — (10.5 ) (17.1 ) Goodwill 148.2 37.5 168.7 133.7 488.1 Accumulated impairment losses (13.2 ) — (168.7 ) (108.8 ) (290.7 ) Balance at September 30, 2015 $ 135.0 $ 37.5 $ — $ 24.9 $ 197.4 During 2014, NA had a reduction to goodwill of $1.6 relating to the sale of Eras. In March 2015, the Company acquired Phoenix, a world leader in developing innovative multi-vendor software solutions for ATMs and a host of other FSS applications. Preliminary goodwill and other intangible assets resulting from the acquisition were $42.5 and $26.8 , respectively, and are primarily included in the NA reportable operating segment. The purchase price allocations are preliminary and subject to further adjustment until all pertinent information regarding the assets acquired and liabilities assumed are fully evaluated. The goodwill associated with the transaction is not deductible for income tax purposes. There have been no impairment indicators identified during the nine months ended September 30, 2015 . The following summarizes information on intangible assets by major category: September 30, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Internally-developed software $ 88.2 $ (46.5 ) $ 41.7 $ 102.1 $ (65.8 ) $ 36.3 Other intangibles 52.6 (29.1 ) 23.5 52.2 (28.5 ) 23.7 Total $ 140.8 $ (75.6 ) $ 65.2 $ 154.3 $ (94.3 ) $ 60.0 Intangible assets are included in other assets on the condensed consolidated balance sheets. Amortization expense on capitalized software included in product cost of sales was $3.7 and $4.6 for the three months ended September 30, 2015 and 2014 , respectively, and $11.3 and $13.5 for the nine months ended September 30, 2015 and 2014 , respectively. The decrease in internally-developed software is primarily due to a $9.1 impairment during the first quarter of 2015 of certain internally-developed software related to redundant legacy Diebold software as a result of the acquisition of Phoenix. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
DEBT | Debt Outstanding debt balances were as follows: September 30, 2015 December 31, 2014 Notes payable Uncommitted lines of credit $ 68.4 $ 24.8 Term loan 11.5 — Other 1.0 0.8 $ 80.9 $ 25.6 Long-term debt Revolving credit facility $ 171.1 $ 240.0 Senior notes 225.0 225.0 Term loan 215.6 — Industrial development revenue bonds 4.4 11.9 Other 2.2 2.9 $ 618.3 $ 479.8 As of September 30, 2015 , the Company had various international short-term uncommitted lines of credit with borrowing limits of $119.0 . The weighted-average interest rate on outstanding borrowings on the short-term uncommitted lines of credit as of September 30, 2015 and December 31, 2014 was 2.95 percent and 2.96 percent , respectively. Short-term uncommitted lines mature in less than one year . The amount available under the short-term uncommitted lines at September 30, 2015 was $50.6 . In June 2015, the Company entered into a Second Amendment to the Credit Agreement (Second Amendment), which provides for a term loan in the aggregate principal amount of $230.0 with escalating quarterly principal payments and a balloon payment due upon maturity in August 2019 . The weighted-average interest rate on the term loan as of September 30, 2015 was 1.75 percent , which is variable based on the London Interbank Offered Rate ( LIBOR ). The Second Amendment replaced the net debt to net capitalization financial covenant with a net debt to earnings before interest, taxes, depreciation and amortization (EBITDA) financial covenant and, accordingly, modified the facility fee and interest rate pricing schedules. The Credit Agreement continues to provide a revolving credit facility with availability of up to $520.0 . The Company has the ability, subject to various approvals, to increase the borrowing limits by $250.0 . In August 2014, the Company entered into the First Amendment to the Credit Agreement and Guaranty (First Amendment), which increased its borrowing limits under the revolving credit facility from $500.0 to $520.0 . The First Amendment also extended the maturity date of the revolving credit facility to August 2019 . Up to $50.0 of the revolving credit facility is available under a swing line sub-facility. The weighted-average interest rate on outstanding revolving credit facility borrowings as of September 30, 2015 and December 31, 2014 was 1.57 percent and 1.69 percent , respectively, which is variable based on the LIBOR . The amount available under the revolving credit facility as of September 30, 2015 was $348.9 . The Company incurred $0.7 of fees related to the Second Amendment in June 2015, which are amortized as a component of interest expense over the term of the facility. The Company incurred $1.4 of fees related to the First Amendment in the third quarter of 2014, which are amortized as a component of interest expense over the term of the Credit Agreement. In March 2006, the Company issued senior notes in an aggregate principal amount of $300.0 with a weighted-average fixed interest rate of 5.50 percent . The Company entered into a derivative transaction to hedge interest rate risk on $200.0 of the senior notes, which was treated as a cash flow hedge. This reduced the effective interest rate from 5.50 percent to 5.36 percent . The Company funded the repayment of $75.0 of the senior notes at maturity in March 2013 using borrowings under its revolving credit facility. The maturity dates of the remaining senior notes are staggered, with $175.0 and $50.0 due in March 2016 and 2018 , respectively. For $175.0 of the Company's senior notes maturing in March 2016, management intends to fund the repayment through the revolving credit facility. In 1997, industrial development revenue bonds were issued on behalf of the Company. The proceeds from the bond issuances were used to construct new manufacturing facilities in the United States. The Company guaranteed the payments of principal and interest on the bonds by obtaining letters of credit. The bonds were issued with a 20-year original term and are scheduled to mature in 2017 . Each industrial development revenue bond carries a variable interest rate, which is reset weekly by the remarketing agents. The weighted-average interest rate on the bonds was 0.34 percent and 0.27 percent as of September 30, 2015 and December 31, 2014 , respectively. During the third quarter of 2015, the Company repaid $7.5 of the industrial development revenue bonds of which the remainder is expected to be repaid during the fourth quarter of 2015. The Company’s financing agreements contain various restrictive financial covenants, including net debt to capitalization, net debt to EBITDA and net interest coverage ratios. As of September 30, 2015 , the Company was in compliance with the financial and other covenants in its debt agreements. |
Benefit Plans
Benefit Plans | 9 Months Ended |
Sep. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
BENEFIT PLANS | Benefit Plans The Company has qualified pension plans covering certain U.S. employees that have been closed to new participants since 2003. Plans that cover salaried employees provide pension benefits based on the employee’s compensation during the ten years before retirement. The Company’s funding policy for salaried plans is to contribute annually based on actuarial projections and applicable regulations. Plans covering hourly employees and union members generally provide benefits of stated amounts for each year of service. The Company’s funding policy for hourly plans is to make at least the minimum annual contributions required by applicable regulations. Employees of the Company’s operations in countries outside of the United States participate to varying degrees in local pension plans, which in the aggregate are not significant. The Company has non-qualified pension plans to provide supplemental retirement benefits to certain officers. Benefits are payable at retirement based upon a percentage of the participant’s compensation, as defined. In addition to providing pension benefits, the Company provides post-retirement healthcare and life insurance benefits (referred to as other benefits) for certain retired employees. Eligible employees may be entitled to these benefits based upon years of service with the Company, age at retirement and collective bargaining agreements. Currently, the Company has made no commitments to increase these benefits for existing retirees or for employees who may become eligible for these benefits in the future. Currently there are no plan assets and the Company funds the benefits as the claims are paid. The following table sets forth the net periodic benefit cost for the Company’s defined benefit pension plans and other benefits for the three months ended September 30 : Pension Benefits Other Benefits 2015 2014 2015 2014 Components of net periodic benefit cost Service cost $ 0.9 $ 0.7 $ — $ — Interest cost 5.9 5.8 0.1 0.2 Expected return on plan assets (6.7 ) (6.5 ) — — Amortization of prior service benefit — — — (0.1 ) Recognized net actuarial loss 1.7 0.8 0.1 0.1 Net periodic pension benefit cost $ 1.8 $ 0.8 $ 0.2 $ 0.2 The following table sets forth the net periodic benefit cost for the Company’s defined benefit pension plans and other benefits for the nine months ended September 30 : Pension Benefits Other Benefits 2015 2014 2015 2014 Components of net periodic benefit cost Service cost $ 2.7 $ 2.2 $ — $ — Interest cost 17.8 17.3 0.4 0.5 Expected return on plan assets (20.2 ) (19.4 ) — — Amortization of prior service benefit — (0.1 ) (0.1 ) (0.2 ) Recognized net actuarial loss 5.0 2.3 0.3 0.2 Net periodic pension benefit cost $ 5.3 $ 2.3 $ 0.6 $ 0.5 Contributions There have been no changes to the expected 2015 plan year contribution amounts previously disclosed. In the first quarter of 2015, the Company made a voluntary contribution to its qualified pension plan of $10.0 . For the nine months ended September 30, 2015 and 2014 , contributions of $12.9 and $8.7 , respectively, were made to the qualified and non-qualified pension plans. |
Guarantees and Product Warranti
Guarantees and Product Warranties | 9 Months Ended |
Sep. 30, 2015 | |
Guarantees and Product Warranties Disclosure [Abstract] | |
GUARANTEES AND PRODUCT WARRANTIES | Guarantees and Product Warranties In 1997, industrial development revenue bonds were issued on behalf of the Company. The Company guaranteed the payments of principal and interest on the bonds (refer to note 11) by obtaining letters of credit. The carrying value of the bonds was $4.4 and $11.9 as of September 30, 2015 and December 31, 2014 , respectively. The Company provides its global operations guarantees and standby letters of credit through various financial institutions for suppliers, customers, regulatory agencies and insurance providers. If the Company is not able to make payment or fulfill contractual obligations, the suppliers, customers, regulatory agencies and insurance providers may draw on the pertinent bank. At September 30, 2015 , the maximum future payment obligations related to these various guarantees totaled $105.0 , of which $28.0 represented standby letters of credit to insurance providers, and no associated liability was recorded. At December 31, 2014 , the maximum future payment obligations relative to these various guarantees totaled $111.1 , of which $28.0 represented standby letters of credit to insurance providers, and no associated liability was recorded. The Company provides its customers a manufacturer’s warranty and records, at the time of the sale, a corresponding estimated liability for potential warranty costs. Estimated future obligations due to warranty claims are based upon historical factors such as labor rates, average repair time, travel time, number of service calls per machine and cost of replacement parts. As of September 30, 2015 and 2014 , the Company’s warranty liability balances were $77.3 and $107.0 , respectively. During 2014, the increase in warranty was largely attributable to sales related to Brazil other in LA. The currency translation adjustment is primarily due to the strengthening U.S. dollar compared to the Brazil real during 2015. Changes in the Company’s warranty liability balance are illustrated in the following table: 2015 2014 Balance at January 1 $ 113.3 $ 83.2 Current period accruals 26.1 66.4 Current period settlements (36.3 ) (38.3 ) Currency translation adjustment (25.8 ) (4.3 ) Balance at September 30 $ 77.3 $ 107.0 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | Commitments and Contingencies Contractual Obligation At September 30, 2015 , the Company had purchase commitments due within one year totaling $10.8 for materials through contract manufacturing agreements at negotiated prices. Indirect Tax Contingencies The Company accrues non-income-tax liabilities for indirect tax matters when management believes that a loss is probable and the amounts can be reasonably estimated, while contingent gains are recognized only when realized. In the event any losses are sustained in excess of accruals, they are charged against income. In evaluating indirect tax matters, management takes into consideration factors such as historical experience with matters of similar nature, specific facts and circumstances, and the likelihood of prevailing. Management evaluates and updates accruals as matters progress over time. It is reasonably possible that some of the matters for which accruals have not been established could be decided unfavorably to the Company and could require recognizing future expenditures. Also, statutes of limitations could expire without the Company paying the taxes for matters for which accruals have been established, which could result in the recognition of future gains upon reversal of these accruals at that time. At September 30, 2015 , the Company was a party to several routine indirect tax claims from various taxing authorities globally that were incurred in the normal course of business, which neither individually nor in the aggregate are considered material by management in relation to the Company’s financial position or results of operations. In management’s opinion, the consolidated financial statements would not be materially affected by the outcome of these indirect tax claims and/or proceedings or asserted claims. In addition to these routine indirect tax matters, the Company was a party to the proceedings described below: In August 2012, one of the Company's Brazil subsidiaries was notified of a tax assessment of approximately R$270.0 , including penalties and interest, regarding certain Brazil federal indirect taxes (Industrialized Products Tax, Import Tax, Programa de Integração Social and Contribution to Social Security Financing) for 2008 and 2009. The assessment alleges improper importation of certain components into Brazil's free trade zone that would nullify certain indirect tax incentives. On September 10, 2012, the Company filed its administrative defenses with the tax authorities. In response to an order by the administrative court, the tax inspector provided further analysis with respect to the initial assessment in December 2013 that indicates a potential exposure that is significantly lower than the initial tax assessment received in August 2012. This revised analysis has been accepted by the initial administrative court; however, this matter remains subject to ongoing administrative proceedings and appeals. Accordingly, the Company cannot provide any assurance that its exposure pursuant to the initial assessment will be lowered significantly or at all. In addition, this matter could negatively impact Brazil federal indirect taxes in other years that remain open under statute. It is reasonably possible that the Company could be required to pay taxes, penalties and interest related to this matter, which could be material to the Company's consolidated financial statements. The Company continues to defend itself in this matter. At September 30, 2015 and December 31, 2014 , the Company had an accrual related to the Brazil indirect tax matter disclosed above of approximately $8.4 and $12.5 , respectively. The movement between periods relates to the currency fluctuation in the Brazil real. Beginning in July 2014, the Company challenged customs rulings in Thailand seeking to retroactively collect customs duties on previous imports of ATMs. Management believes that the customs authority’s attempt to retroactively assess customs duties is in contravention of World Trade Organization agreements and, accordingly, is challenging the rulings. In the third quarter of 2015, the Company received a prospective ruling from the United States Customs Border Protection which is consistent with our interpretation of the treaty in question. We are submitting that ruling for consideration in our ongoing dispute with Thailand. The matters are currently in the appeals process and management continues to believe that the Company has a valid legal position in these appeals. Accordingly, the Company has not accrued any amount for this contingency; however, the Company cannot provide any assurance that it will not ultimately be subject to retroactive assessments. A loss contingency is reasonably possible if it has a more than remote but less than probable chance of occurring. Although management believes the Company has valid defenses with respect to its indirect tax positions, it is reasonably possible that a loss could occur in excess of the estimated accrual. The Company estimated the aggregate risk at September 30, 2015 to be up to approximately $166.9 for its material indirect tax matters, of which approximately $118.3 and $26.0 , respectively, relates to the Brazil indirect tax matter and Thailand customs matter disclosed above. The aggregate risk related to indirect taxes is adjusted as the applicable statutes of limitations expire. Legal Contingencies At September 30, 2015 , the Company was a party to several lawsuits that were incurred in the normal course of business, which neither individually nor in the aggregate are considered material by management in relation to the Company’s financial position or results of operations. In addition, the Company has indemnification obligations with certain former employees, and costs associated with these indemnifications are expensed as incurred. In management’s opinion, the Company's condensed consolidated financial statements would not be materially affected by the outcome of these legal proceedings, commitments or asserted claims. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | Derivative Instruments and Hedging Activities The Company uses derivatives to mitigate the economic consequences associated with fluctuations in currencies and interest rates. Foreign Exchange Net Investment Hedges The Company has international subsidiaries with net balance sheet positions that generate cumulative translation adjustments within AOCI. The Company uses derivatives to manage potential changes in value of its net investments in LA. The Company uses the forward-to-forward method for its quarterly retrospective and prospective assessments of hedge effectiveness. No ineffectiveness results if the notional amount of the derivative matches the portion of the net investment designated as being hedged because the Company uses derivative instruments with underlying exchange rates consistent with its functional currency and the functional currency of the hedged net investment. Changes in value that are deemed effective are accumulated in AOCI where they will remain until they are reclassified to income together with the gain or loss on the entire investment upon substantial liquidation of the subsidiary. The fair value of the Company’s net investment hedge contracts were $0.3 and $1.2 as of September 30, 2015 and December 31, 2014 , respectively. The net gain (loss) recognized in AOCI on net investment hedge derivative instruments was $6.2 and $3.8 in the three months ended September 30, 2015 and 2014 , respectively, and $11.3 and $(1.7) in the nine months ended September 30, 2015 and 2014 , respectively. Non-Designated Hedges A substantial portion of the Company’s operations and revenues are international. As a result, changes in foreign exchange rates can create substantial foreign exchange gains and losses from the revaluation of non-functional currency monetary assets and liabilities. The Company’s policy allows the use of foreign exchange forward contracts with maturities of up to 24 months to mitigate the impact of currency fluctuations on those foreign currency asset and liability balances. The Company elected not to apply hedge accounting to its foreign exchange forward contracts. Thus, spot-based gains/losses offset revaluation gains/losses within foreign exchange gain (loss), net and forward-based gains/losses represent interest expense. The fair value of the Company’s non-designated foreign exchange forward contracts was $1.8 and $0.7 as of September 30, 2015 and December 31, 2014 , respectively. The following table summarizes the gain recognized on non-designated foreign-exchange derivative instruments: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Interest expense $ (1.4 ) $ (1.4 ) $ (3.5 ) $ (4.4 ) Foreign exchange gain (loss), net 6.6 9.1 9.5 10.7 $ 5.2 $ 7.7 $ 6.0 $ 6.3 Interest Rate Cash Flow Hedges The Company has variable rate debt that is subject to fluctuations in interest related cash flows due to changes in market interest rates. As of September 30, 2015 , the Company had two pay-fixed receive-variable interest rate swaps, with a total notional amount of $50.0 , to hedge against changes in the LIBOR benchmark interest rate on a portion of the Company’s LIBOR-based borrowings. Changes in value that are deemed effective are accumulated in AOCI and reclassified to interest expense when the hedged interest is accrued. To the extent that it becomes probable that the Company’s variable rate borrowings will not occur, the gains or losses on the related cash flow hedges will be reclassified from AOCI to interest expense. The fair value of the Company’s interest rate contracts was $(0.4) and $(1.2) as of September 30, 2015 and December 31, 2014 , respectively. In December 2005 and January 2006, the Company executed cash flow hedges by entering into receive-variable and pay-fixed interest rate swaps, with a total notional amount of $200.0 , related to the senior notes issuance in March 2006. Amounts previously recorded in AOCI related to the pre-issuance cash flow hedges will continue to be reclassified on a straight-line basis through February 2016. The gain recognized on designated cash flow hedge derivative instruments was $0.3 and $0.4 for the three months ended September 30, 2015 and 2014 , respectively, and $0.8 and $0.9 for the nine months ended September 30, 2015 and 2014 , respectively. Gains and losses related to interest rate contracts that are reclassified from AOCI are recorded in interest expense on the statements of income. The Company anticipates reclassifying $0.2 from AOCI to interest expense within the next 12 months. |
Restructuring and Other Charges
Restructuring and Other Charges | 9 Months Ended |
Sep. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING AND OTHER CHARGES | Restructuring and Other Charges Restructuring Charges The following table summarizes the impact of the Company’s restructuring charges on the condensed consolidated statements of income: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Cost of sales – services $ 1.6 $ 0.6 $ 2.8 $ 1.4 Cost of sales – products 0.1 — 1.4 0.1 Selling and administrative expense 5.9 0.4 13.1 5.3 Research, development and engineering expense — — 0.6 — Total $ 7.6 $ 1.0 $ 17.9 $ 6.8 The following table summarizes the Company’s restructuring charges by reporting segment: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Severance North America (NA) (1) $ 4.7 $ 1.0 $ 9.4 $ 3.7 Asia Pacific (AP) 0.7 — 0.9 0.3 Europe, Middle East and Africa (EMEA) — — 3.0 0.7 Latin America (LA) 2.2 — 4.6 2.1 Total severance $ 7.6 $ 1.0 $ 17.9 $ 6.8 (1) NA includes corporate and global restructuring costs During the first quarter of 2013, the Company announced a multi-year transformation plan. Certain aspects of this plan were previously disclosed under the Company's global realignment plan and global shared services plan. This multi-year transformation focuses on globalizing the Company's service organization and creating a unified center-led global organization for research and development, as well as transforming the Company's general and administrative cost structure. Restructuring charges of $7.6 and $1.0 for the three months ended September 30, 2015 and 2014 , respectively, and $17.9 and $6.8 for the nine months ended September 30, 2015 and 2014 , respectively, related to the Company's multi-year transformation plan. Restructuring charges for the nine months ended September 30, 2015 consisted primarily of severance costs related to the Company's transformation, business process outsourcing initiative, and executive delayering. As of September 30, 2015 , the Company anticipates additional restructuring costs of $3.0 to $4.1 to be incurred through the end of 2015, primarily within LA. As management finalizes certain aspects of the transformation plan, the anticipated future costs related to this plan are subject to change. The following table summarizes the Company's cumulative total restructuring costs for the multi-year transformation plan as of September 30, 2015 : Severance Other Total Cumulative total restructuring costs for the multi-year transformation plan NA (1) $ 71.2 $ 2.0 $ 73.2 AP 3.6 0.6 4.2 EMEA 4.7 0.9 5.6 LA 19.0 — 19.0 Total $ 98.5 $ 3.5 $ 102.0 (1) NA includes corporate and global restructuring costs The following table summarizes the Company’s restructuring accrual balances and related activity for the nine months ended September 30: 2015 2014 Balance at January 1 $ 7.8 $ 35.3 Liabilities incurred 17.9 6.8 Liabilities paid/settled (20.1 ) (35.9 ) Balance at September 30 $ 5.6 $ 6.2 Impairment and Other Charges The Company recorded an impairment related to other intangibles in LA in the second quarter of 2015 and an impairment of $9.1 related to redundant legacy Diebold internally-developed software as a result of the acquisition of Phoenix. Other charges consist of items that the Company has determined are non-routine in nature and are not expected to recur in future operations. Net non-routine (expense) income of $(4.4) and $(3.6) impacted the three months ended September 30, 2015 and 2014 , respectively. Net non-routine (expense) income of $(14.4) and $7.5 impacted the nine months ended September 30, 2015 and 2014 , respectively. Non-routine expense for the nine months ended September 30, 2015 is primarily due to legal, indemnification and professional fees related to corporate monitor efforts. Additionally, potential acquisition and divestiture related costs of $2.6 were incurred in the third quarter of 2015 included within selling and administrative expense. Non-routine income for the first nine months of 2014 included a $13.7 pre-tax gain from the sale of Eras, recognized in gain on sale of assets, net in the condensed consolidated statements of income offset by legal, indemnification and professional fees related to corporate monitor efforts. |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF ASSETS AND LIABILITIES | Fair Value of Assets and Liabilities Assets and Liabilities Recorded at Fair Value Assets and liabilities subject to fair value measurement are as follows: September 30, 2015 December 31, 2014 Fair Value Measurements Using Fair Value Measurements Using Fair Value Level 1 Level 2 Fair Value Level 1 Level 2 Assets Short-term investments Certificates of deposit $ 99.2 $ 99.2 $ — $ 136.7 $ 136.7 $ — Assets held in rabbi trusts 9.1 9.1 — 9.8 9.8 — Foreign exchange forward contracts 2.1 — 2.1 2.9 — 2.9 Total $ 110.4 $ 108.3 $ 2.1 $ 149.4 $ 146.5 $ 2.9 Liabilities Deferred compensation $ 9.1 $ 9.1 $ — $ 9.8 $ 9.8 $ — Foreign exchange forward contracts — — — 1.0 — 1.0 Interest rate swaps 0.4 — 0.4 1.2 — 1.2 Total $ 9.5 $ 9.1 $ 0.4 $ 12.0 $ 9.8 $ 2.2 The Company uses the end of period when determining the timing of transfers between levels. During the nine months ended September 30, 2015 , there were no transfers between levels. The fair value and carrying value of the Company’s debt instruments are summarized as follows: September 30, 2015 December 31, 2014 Fair Value Carrying Value Fair Value Carrying Value Notes payable $ 80.9 $ 80.9 $ 25.6 $ 25.6 Long-term debt 620.0 618.3 483.6 479.8 Total debt instruments $ 700.9 $ 699.2 $ 509.2 $ 505.4 |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Segment Information The Company considers its operating structure and the information subject to regular review by its President and Chief Executive Officer, who is the Chief Operating Decision Maker (CODM), to identify reportable operating segments. The CODM makes decisions, allocates resources and assesses performance by the following regions, which are also the Company’s four reportable operating segments: NA, AP, EMEA and LA. The four geographic segments sell and service FSS and security systems around the globe, as well as elections, lottery and information technology solutions in Brazil other, through wholly-owned subsidiaries, majority-owned joint ventures and independent distributors in most major countries. Beginning in the first quarter of 2015, LA and Brazil operations are reported under one single reportable operating segment and comparative periods have been reclassified for consistency. The presentation of comparative periods also reflects the reclassification of certain global expenses from segment operating profit to corporate charges not allocated to segments due to the 2015 realignment activities. Certain information not routinely used in the management of the segments, information not allocated back to the segments or information that is impractical to report is not shown. Segment operating profit is defined as revenues less expenses identifiable to those segments. Segment operating income reconciles to consolidated income before income taxes by deducting corporate costs and other income or expense items that are not attributed to the segments (refer to note 16). Total assets are not allocated to segments and are not included in the assessment of segment performance and therefore are excluded from the segment information disclosed as follows. The following tables represent information regarding the Company’s segment information and provides a reconciliation between segment operating profit and the consolidated income before income taxes: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Revenue summary by segment NA $ 361.4 $ 361.5 $ 1,092.7 $ 1,025.0 AP 107.6 135.0 327.5 361.5 EMEA 89.5 99.8 282.4 302.3 LA 122.4 171.7 367.2 501.0 Total revenue $ 680.9 $ 768.0 $ 2,069.8 $ 2,189.8 Intersegment revenue NA $ 21.6 $ 18.0 $ 66.5 $ 52.1 AP 22.5 22.1 82.2 69.4 EMEA 18.3 22.8 53.5 42.6 LA 0.2 0.2 0.4 0.4 Total intersegment revenue $ 62.6 $ 63.1 $ 202.6 $ 164.5 Segment operating profit NA $ 66.7 $ 71.2 $ 208.1 $ 202.7 AP 14.2 20.8 46.7 50.9 EMEA 11.1 14.4 37.6 47.6 LA 4.8 18.7 21.1 38.9 Total segment operating profit $ 96.8 $ 125.1 $ 313.5 $ 340.1 Corporate charges not allocated to segments (1) (65.2 ) (73.8 ) (208.4 ) (213.6 ) Asset impairment charges — — (18.9 ) — Restructuring charges (7.6 ) (1.0 ) (17.9 ) (6.8 ) Net non-routine (expense) income (4.4 ) (3.6 ) (14.4 ) 7.5 (77.2 ) (78.4 ) (259.6 ) (212.9 ) Operating profit $ 19.6 $ 46.7 $ 53.9 $ 127.2 Other (expense) income (2.6 ) 1.1 (14.4 ) (6.5 ) Income before taxes $ 17.0 $ 47.8 $ 39.5 $ 120.7 (1) Corporate charges not allocated to segments include headquarter-based costs associated with manufacturing administration, procurement, human resources, finance and accounting, global development/engineering, global strategy/mergers and acquisitions, global information technology, tax, treasury and legal. Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Segment depreciation and amortization expense NA $ 3.9 $ 2.0 $ 8.1 $ 7.1 AP 1.7 2.0 5.1 5.8 EMEA 0.9 1.0 2.5 3.1 LA 1.4 3.5 5.3 8.9 Total segment depreciation and amortization expense 7.9 8.5 21.0 24.9 Corporate depreciation and amortization expense 8.1 10.2 28.2 30.5 Total depreciation and amortization expense $ 16.0 $ 18.7 $ 49.2 $ 55.4 September 30, 2015 December 31, 2014 Segment property, plant and equipment, at cost NA $ 119.1 $ 128.8 AP 50.0 46.9 EMEA 35.1 38.2 LA 52.9 78.7 Total segment property, plant and equipment, at cost $ 257.1 $ 292.6 Corporate property plant and equipment, at cost, not allocated to segments 354.2 320.3 Total property, plant and equipment, at cost $ 611.3 $ 612.9 The following table presents information regarding the Company’s revenue by service and product solution: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Financial self-service Services $ 293.3 $ 310.7 $ 883.9 $ 901.8 Products 216.6 239.7 689.3 658.0 Total financial self-service 509.9 550.4 1,573.2 1,559.8 Security Services 111.1 105.8 324.6 307.9 Products 54.7 52.2 154.8 145.6 Total security 165.8 158.0 479.4 453.5 Total financial self-service and security 675.7 708.4 2,052.6 2,013.3 Brazil other 5.2 59.6 17.2 176.5 $ 680.9 $ 768.0 $ 2,069.8 $ 2,189.8 |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | Subsequent Event On October 25, 2015, the Company entered into a definitive Asset Purchase Agreement (Purchase Agreement) with a wholly owned subsidiary of Securitas AB (Securitas Electronic Security) to divest its electronic security business located in the United States and Canada for an aggregate purchase price of approximately $350.0 in cash, 10.0 percent of which is contingent and payable over a twelve-month period beginning at closing based on the successful transition of certain customer relationships. The closing purchase price is subject to a customary working capital adjustment. The Purchase Agreement provides for customary representations, warranties, covenants and agreements, including, among others, that each party will use commercially reasonable efforts to complete the transaction expeditiously. The closing of the transaction is expected to occur in the first quarter of 2016 subject to the expiration or termination of any waiting period under certain antitrust filings and the satisfaction or waiver of other customary closing conditions. The Company has also agreed to provide certain transition services to Securitas Electronic Security after the closing, including providing the Securitas Electronic Security a $6.0 credit for such services. |
Allowance for Credit Losses (Po
Allowance for Credit Losses (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Loans and leases receivable | The Company records interest income and any fees or costs related to financing receivables using the effective interest method over the term of the lease or loan. The Company reviews the aging of its financing receivables to determine past due and delinquent accounts. Credit quality is reviewed at inception and is re-evaluated as needed based on customer-specific circumstances. Receivable balances 60 days to 89 days past due are reviewed and may be placed on nonaccrual status based on customer-specific circumstances. Receivable balances are placed on nonaccrual status upon reaching greater than 89 days past due. Upon receipt of payment on nonaccrual financing receivables, interest income is recognized and accrual of interest is resumed once the account has been made current or the specific circumstances have been resolved. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Computation of earnings per share under the treasury stock method and the effect on the weighted-average number of shares of dilutive potential common stock: | The following represents amounts used in computing earnings per share and the effect on the weighted-average number of shares of dilutive potential common shares: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Numerator Income used in basic and diluted earnings per share Net income attributable to Diebold, Incorporated $ 21.7 $ 33.1 $ 41.1 $ 84.5 Denominator (in millions) Weighted-average number of common shares used in basic earnings per share 65.0 64.6 64.9 64.5 Effect of dilutive shares 0.6 0.7 0.6 0.6 Weighted-average number of shares used in diluted earnings per share 65.6 65.3 65.5 65.1 Net income attributable to Diebold, Incorporated Basic earnings per share $ 0.33 $ 0.51 $ 0.63 $ 1.31 Diluted earnings per share $ 0.33 $ 0.51 $ 0.63 $ 1.30 Anti-dilutive shares (in millions) Anti-dilutive shares not used in calculating diluted weighted-average shares 1.5 0.9 1.5 1.2 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Changes in shareholders' equity attributable to Diebold, Incorporated and the noncontrolling interests | The following table presents changes in shareholders' equity attributable to Diebold, Incorporated and the noncontrolling interests: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Diebold, Incorporated shareholders' equity Balance at beginning of period $ 465.6 $ 650.8 $ 531.6 $ 596.8 Comprehensive (loss) income attributable to Diebold, Incorporated (47.7 ) (16.5 ) (85.0 ) 51.9 Common shares — 0.1 0.6 0.8 Additional capital 2.4 5.9 13.7 29.8 Treasury shares (0.2 ) (0.2 ) (3.0 ) (1.8 ) Dividends paid (18.7 ) (18.8 ) (56.5 ) (56.2 ) Balance at end of period $ 401.4 $ 621.3 $ 401.4 $ 621.3 Noncontrolling interests Balance at beginning of period $ 24.6 $ 17.9 $ 23.3 $ 24.0 Comprehensive income (loss) attributable to noncontrolling interests, net (1) 0.7 2.1 2.0 (1.9 ) Distributions to noncontrolling interest holders (0.2 ) — (0.2 ) (2.1 ) Balance at end of period $ 25.1 $ 20.0 $ 25.1 $ 20.0 (1) Comprehensive income (loss) attributable to noncontrolling interests of $(0.1) for the nine months ended September 30, 2015 , respectively, is net of a $2.1 Venezuela noncontrolling interest adjustment for the nine months ended September 30, 2015 , respectively, to reduce the carrying value to the estimated fair market value. |
Accumulated Other Comprehensi30
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in the Company’s accumulated other comprehensive (loss) income (AOCI), net of tax, by component for the three months ended September 30, 2015 : Translation Foreign Currency Hedges Interest Rate Hedges Pension and Other Post-retirement Benefits Other Accumulated Other Comprehensive (Loss) Income Balance at June 30, 2015 $ (137.3 ) $ 1.9 $ (0.3 ) $ (111.8 ) $ 0.3 $ (247.2 ) Other comprehensive (loss) income before reclassifications (1) (74.7 ) 4.0 0.2 — — (70.5 ) Amounts reclassified from AOCI — — (0.1 ) 1.1 — 1.0 Net current-period other comprehensive (loss) income (74.7 ) 4.0 0.1 1.1 — (69.5 ) Balance at September 30, 2015 $ (212.0 ) $ 5.9 $ (0.2 ) $ (110.7 ) $ 0.3 $ (316.7 ) (1) Other comprehensive (loss) income before reclassifications within the translation component excludes $(0.6) of translation attributable to noncontrolling interests. The following table summarizes the changes in the Company’s AOCI, net of tax, by component for the three months ended September 30, 2014 : Translation Foreign Currency Hedges Interest Rate Hedges Pension and Other Post-retirement Benefits Unrealized Gain on Securities, Net Other Accumulated Other Comprehensive (Loss) Income Balance at June 30, 2014 $ 19.0 $ (5.5 ) $ (0.8 ) $ (51.1 ) $ 0.8 $ 0.3 $ (37.3 ) Other comprehensive (loss) income (loss) before reclassifications (1) (52.8 ) 2.5 0.3 — 0.1 — (49.9 ) Amounts reclassified from AOCI — — (0.1 ) 0.5 — — 0.4 Net current-period other comprehensive (loss) income (52.8 ) 2.5 0.2 0.5 0.1 — (49.5 ) Balance at September 30, 2014 $ (33.8 ) $ (3.0 ) $ (0.6 ) $ (50.6 ) $ 0.9 $ 0.3 $ (86.8 ) (1) Other comprehensive (loss) income before reclassifications within the translation component excludes $0.2 of translation attributable to noncontrolling interests. The following table summarizes the changes in the Company’s AOCI, net of tax, by component for the nine months ended September 30, 2015 : Translation Foreign Currency Hedges Interest Rate Hedges Pension and Other Post-retirement Benefits Other Accumulated Other Comprehensive (Loss) Income Balance at January 1, 2015 $ (74.9 ) $ (1.4 ) $ (0.5 ) $ (114.0 ) $ 0.3 $ (190.5 ) Other comprehensive (loss) income before reclassifications (1) (137.1 ) 7.3 0.5 — — (129.3 ) Amounts reclassified from AOCI — — (0.2 ) 3.3 — 3.1 Net current-period other comprehensive (loss) income (137.1 ) 7.3 0.3 3.3 — (126.2 ) Balance at September 30, 2015 $ (212.0 ) $ 5.9 $ (0.2 ) $ (110.7 ) $ 0.3 $ (316.7 ) (1) Other comprehensive (loss) income before reclassifications within the translation component excludes $(0.3) of translation attributable to noncontrolling interests. The following table summarizes the changes in the Company’s AOCI, net of tax, by component for the nine months ended September 30, 2014 : Translation Foreign Currency Hedges Interest Rate Hedges Pension and Other Post-retirement Benefits Unrealized Gain on Securities, Net Other Accumulated Other Comprehensive (Loss) Income Balance at January 1, 2014 $ (2.4 ) $ (1.9 ) $ (1.0 ) $ (52.0 ) $ 2.7 $ 0.3 $ (54.3 ) Other comprehensive (loss) income before reclassifications (1) (31.4 ) (1.1 ) 0.6 — (1.4 ) — (33.3 ) Amounts reclassified from AOCI — — (0.2 ) 1.4 (0.4 ) — 0.8 Net current-period other comprehensive (loss) income (31.4 ) (1.1 ) 0.4 1.4 (1.8 ) — (32.5 ) Balance at September 30, 2014 $ (33.8 ) $ (3.0 ) $ (0.6 ) $ (50.6 ) $ 0.9 $ 0.3 $ (86.8 ) (1) Other comprehensive (loss) income before reclassifications within the translation component excludes $(0.4) of translation attributable to noncontrolling interests. |
Reclassification out of Accumulated Other Comprehensive Income | The following table summarizes the details about amounts reclassified from AOCI: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Amount Reclassified from AOCI Amount Reclassified from AOCI Amount Reclassified from AOCI Amount Reclassified from AOCI Affected Line Item in the Statement of Income Interest rate hedges $ (0.1 ) $ (0.1 ) $ (0.2 ) $ (0.2 ) Interest expense Pension and post-retirement benefits: Net actuarial loss amortization (net of tax $(0.6), $(0.3), $(1.9) and $(0.9), respectively) 1.1 0.6 3.4 1.6 (1) Net prior service benefit amortization (net of tax $0.0, $0.0, $0.0 and $0.1, respectively) — (0.1 ) (0.1 ) (0.2 ) (1) 1.1 0.5 3.3 1.4 Unrealized loss on securities (net of tax $0.0, $0.0, $0.0 and $0.2, respectively) — — — (0.4 ) Investment income Total reclassifications for the period $ 1.0 $ 0.4 $ 3.1 $ 0.8 (1) Pension and other post-retirement benefits AOCI components are included in the computation of net periodic benefit cost (refer to note 12). |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Options outstanding and exercisable under the Company's 1991 Equity and Performance Incentive Plan | Options outstanding and exercisable as of September 30, 2015 under the Company’s 1991 Equity and Performance Incentive Plan (as Amended and Restated as of February 12, 2014) (the 1991 Plan) and changes during the nine months ended September 30, 2015 were as follows: Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value (1) (in millions) (per share) (in years) Outstanding at January 1, 2015 1.6 $ 37.11 Expired or forfeited (0.3 ) $ 49.85 Exercised (0.1 ) $ 30.05 Granted 0.5 $ 32.33 Outstanding at September 30, 2015 1.7 $ 34.18 7 $ 0.2 Options exercisable at September 30, 2015 0.9 $ 35.39 5 $ 0.2 Options vested and expected to vest at September 30, 2015 (2) 1.7 $ 34.23 7 $ 0.2 (1) The aggregate intrinsic value (the difference between the closing price of the Company’s common shares on the last trading day of the third quarter of 2015 and the exercise price, multiplied by the number of “in-the-money” options) that would have been received by the option holders had all option holders exercised their options on September 30, 2015 . The amount of aggregate intrinsic value will change based on the fair market value of the Company’s common shares. (2) The options expected to vest are the result of applying the pre-vesting forfeiture rate assumption to total outstanding non-vested options. |
Summarized information on unvested restricted stock units (RSUs), performance shares and deferred shares | The following table summarizes information on non-vested RSUs and performance shares relating to employees and non-employee directors for the nine months ended September 30, 2015 : Number of Shares Weighted-Average Grant-Date Fair Value (in millions) (per share) RSUs: Non-vested at January 1, 2015 0.7 $ 33.72 Forfeited (0.1 ) $ 33.79 Vested (0.2 ) $ 34.22 Granted 0.5 $ 32.75 Non-vested at September 30, 2015 0.9 $ 32.52 Performance Shares: Non-vested at January 1, 2015 1.1 $ 37.38 Forfeited (0.3 ) $ 36.28 Vested (0.3 ) $ 40.04 Granted 0.5 $ 31.18 Non-vested at September 30, 2015 1.0 $ 33.63 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | The Company’s investments, excluding cash surrender value of insurance contracts of $73.1 and $73.8 as of September 30, 2015 and December 31, 2014 , respectively, consisted of the following: Cost Basis Unrealized Gain Fair Value As of September 30, 2015 Short-term investments Certificates of deposit $ 99.2 $ — $ 99.2 Long-term investments Assets held in a rabbi trust $ 8.9 $ 0.2 $ 9.1 As of December 31, 2014 Short-term investments Certificates of deposit $ 136.7 $ — $ 136.7 Long-term investments Assets held in a rabbi trust $ 9.3 $ 0.5 $ 9.8 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Allowance for credit losses | The following table summarizes the Company’s allowance for credit losses for the nine months ended September 30, 2015 and 2014 : Finance Leases Notes Receivable Total Allowance for credit losses Balance at January 1, 2015 $ 0.4 $ 4.1 $ 4.5 Provision for credit losses 0.3 — 0.3 Write-offs (0.1 ) — (0.1 ) Balance at September 30, 2015 $ 0.6 $ 4.1 $ 4.7 Balance at January 1, 2014 $ 0.4 $ 4.1 $ 4.5 Provision for credit losses 0.2 — 0.2 Write-offs (0.2 ) — (0.2 ) Balance at September 30, 2014 $ 0.4 $ 4.1 $ 4.5 |
Aging of past-due notes receivable | The following table summarizes the Company’s aging of past-due notes receivable balances: September 30, 2015 December 31, 2014 30-59 days past due $ — $ 0.1 60-89 days past due — — > 89 days past due (1) 3.0 1.5 Total past due $ 3.0 $ 1.6 (1) Past-due notes receivable balances greater than 89 days are fully reserved. |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Major classes of inventories | Major classes of inventories are summarized as follows: September 30, 2015 December 31, 2014 Finished goods $ 181.6 $ 197.4 Service parts 150.4 125.6 Raw materials and work in process 88.6 82.2 Total inventories $ 420.6 $ 405.2 |
Goodwill and Other Assets (Tabl
Goodwill and Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | The changes in carrying amounts of goodwill within the Company's segments are summarized as follows: NA AP EMEA LA Total Goodwill $ 112.1 $ 41.3 $ 168.7 $ 148.5 $ 470.6 Accumulated impairment losses (13.2 ) — (168.7 ) (108.8 ) (290.7 ) Balance at January 1, 2014 $ 98.9 $ 41.3 $ — $ 39.7 $ 179.9 Divestiture (1.6 ) — — — (1.6 ) Currency translation adjustment (0.2 ) (1.3 ) — (4.8 ) (6.3 ) Goodwill $ 110.3 $ 40.0 $ 168.7 $ 143.7 $ 462.7 Accumulated impairment losses (13.2 ) — (168.7 ) (108.8 ) (290.7 ) Balance at December 31, 2014 $ 97.1 $ 40.0 $ — $ 34.9 $ 172.0 Goodwill acquired 41.5 0.5 — 0.5 42.5 Currency translation adjustment (3.6 ) (3.0 ) — (10.5 ) (17.1 ) Goodwill 148.2 37.5 168.7 133.7 488.1 Accumulated impairment losses (13.2 ) — (168.7 ) (108.8 ) (290.7 ) Balance at September 30, 2015 $ 135.0 $ 37.5 $ — $ 24.9 $ 197.4 |
Schedule Of Intangible Assets [Table Text Block] | The following summarizes information on intangible assets by major category: September 30, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Internally-developed software $ 88.2 $ (46.5 ) $ 41.7 $ 102.1 $ (65.8 ) $ 36.3 Other intangibles 52.6 (29.1 ) 23.5 52.2 (28.5 ) 23.7 Total $ 140.8 $ (75.6 ) $ 65.2 $ 154.3 $ (94.3 ) $ 60.0 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Outstanding Debt Balances | Outstanding debt balances were as follows: September 30, 2015 December 31, 2014 Notes payable Uncommitted lines of credit $ 68.4 $ 24.8 Term loan 11.5 — Other 1.0 0.8 $ 80.9 $ 25.6 Long-term debt Revolving credit facility $ 171.1 $ 240.0 Senior notes 225.0 225.0 Term loan 215.6 — Industrial development revenue bonds 4.4 11.9 Other 2.2 2.9 $ 618.3 $ 479.8 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |
Components of Net Periodic Benefit Cost | The following table sets forth the net periodic benefit cost for the Company’s defined benefit pension plans and other benefits for the three months ended September 30 : Pension Benefits Other Benefits 2015 2014 2015 2014 Components of net periodic benefit cost Service cost $ 0.9 $ 0.7 $ — $ — Interest cost 5.9 5.8 0.1 0.2 Expected return on plan assets (6.7 ) (6.5 ) — — Amortization of prior service benefit — — — (0.1 ) Recognized net actuarial loss 1.7 0.8 0.1 0.1 Net periodic pension benefit cost $ 1.8 $ 0.8 $ 0.2 $ 0.2 The following table sets forth the net periodic benefit cost for the Company’s defined benefit pension plans and other benefits for the nine months ended September 30 : Pension Benefits Other Benefits 2015 2014 2015 2014 Components of net periodic benefit cost Service cost $ 2.7 $ 2.2 $ — $ — Interest cost 17.8 17.3 0.4 0.5 Expected return on plan assets (20.2 ) (19.4 ) — — Amortization of prior service benefit — (0.1 ) (0.1 ) (0.2 ) Recognized net actuarial loss 5.0 2.3 0.3 0.2 Net periodic pension benefit cost $ 5.3 $ 2.3 $ 0.6 $ 0.5 |
Guarantees and Product Warran38
Guarantees and Product Warranties (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Guarantees and Product Warranties Disclosure [Abstract] | |
Changes in warranty liability balance | Changes in the Company’s warranty liability balance are illustrated in the following table: 2015 2014 Balance at January 1 $ 113.3 $ 83.2 Current period accruals 26.1 66.4 Current period settlements (36.3 ) (38.3 ) Currency translation adjustment (25.8 ) (4.3 ) Balance at September 30 $ 77.3 $ 107.0 |
Derivative Instruments and He39
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Gain (loss) recognized on non-designated derivative instruments | The following table summarizes the gain recognized on non-designated foreign-exchange derivative instruments: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Interest expense $ (1.4 ) $ (1.4 ) $ (3.5 ) $ (4.4 ) Foreign exchange gain (loss), net 6.6 9.1 9.5 10.7 $ 5.2 $ 7.7 $ 6.0 $ 6.3 |
Restructuring and Other Charg40
Restructuring and Other Charges (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs | The following table summarizes the impact of the Company’s restructuring charges on the condensed consolidated statements of income: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Cost of sales – services $ 1.6 $ 0.6 $ 2.8 $ 1.4 Cost of sales – products 0.1 — 1.4 0.1 Selling and administrative expense 5.9 0.4 13.1 5.3 Research, development and engineering expense — — 0.6 — Total $ 7.6 $ 1.0 $ 17.9 $ 6.8 |
Restructuring charges (accrual adjustments) within continuing operations by reporting segments | The following table summarizes the Company’s restructuring charges by reporting segment: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Severance North America (NA) (1) $ 4.7 $ 1.0 $ 9.4 $ 3.7 Asia Pacific (AP) 0.7 — 0.9 0.3 Europe, Middle East and Africa (EMEA) — — 3.0 0.7 Latin America (LA) 2.2 — 4.6 2.1 Total severance $ 7.6 $ 1.0 $ 17.9 $ 6.8 (1) NA includes corporate and global restructuring costs |
Cumulative total restructuring costs [Table Text Block] | The following table summarizes the Company's cumulative total restructuring costs for the multi-year transformation plan as of September 30, 2015 : Severance Other Total Cumulative total restructuring costs for the multi-year transformation plan NA (1) $ 71.2 $ 2.0 $ 73.2 AP 3.6 0.6 4.2 EMEA 4.7 0.9 5.6 LA 19.0 — 19.0 Total $ 98.5 $ 3.5 $ 102.0 (1) NA includes corporate and global restructuring costs |
Restructuring accrual balances and related activity | The following table summarizes the Company’s restructuring accrual balances and related activity for the nine months ended September 30: 2015 2014 Balance at January 1 $ 7.8 $ 35.3 Liabilities incurred 17.9 6.8 Liabilities paid/settled (20.1 ) (35.9 ) Balance at September 30 $ 5.6 $ 6.2 |
Fair Value of Assets and Liab41
Fair Value of Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Recorded at Fair Market Value | Assets and liabilities subject to fair value measurement are as follows: September 30, 2015 December 31, 2014 Fair Value Measurements Using Fair Value Measurements Using Fair Value Level 1 Level 2 Fair Value Level 1 Level 2 Assets Short-term investments Certificates of deposit $ 99.2 $ 99.2 $ — $ 136.7 $ 136.7 $ — Assets held in rabbi trusts 9.1 9.1 — 9.8 9.8 — Foreign exchange forward contracts 2.1 — 2.1 2.9 — 2.9 Total $ 110.4 $ 108.3 $ 2.1 $ 149.4 $ 146.5 $ 2.9 Liabilities Deferred compensation $ 9.1 $ 9.1 $ — $ 9.8 $ 9.8 $ — Foreign exchange forward contracts — — — 1.0 — 1.0 Interest rate swaps 0.4 — 0.4 1.2 — 1.2 Total $ 9.5 $ 9.1 $ 0.4 $ 12.0 $ 9.8 $ 2.2 |
Fair value and carrying value of the Company's debt instruments | The fair value and carrying value of the Company’s debt instruments are summarized as follows: September 30, 2015 December 31, 2014 Fair Value Carrying Value Fair Value Carrying Value Notes payable $ 80.9 $ 80.9 $ 25.6 $ 25.6 Long-term debt 620.0 618.3 483.6 479.8 Total debt instruments $ 700.9 $ 699.2 $ 509.2 $ 505.4 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Summary of Segment Information | The following tables represent information regarding the Company’s segment information and provides a reconciliation between segment operating profit and the consolidated income before income taxes: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Revenue summary by segment NA $ 361.4 $ 361.5 $ 1,092.7 $ 1,025.0 AP 107.6 135.0 327.5 361.5 EMEA 89.5 99.8 282.4 302.3 LA 122.4 171.7 367.2 501.0 Total revenue $ 680.9 $ 768.0 $ 2,069.8 $ 2,189.8 Intersegment revenue NA $ 21.6 $ 18.0 $ 66.5 $ 52.1 AP 22.5 22.1 82.2 69.4 EMEA 18.3 22.8 53.5 42.6 LA 0.2 0.2 0.4 0.4 Total intersegment revenue $ 62.6 $ 63.1 $ 202.6 $ 164.5 Segment operating profit NA $ 66.7 $ 71.2 $ 208.1 $ 202.7 AP 14.2 20.8 46.7 50.9 EMEA 11.1 14.4 37.6 47.6 LA 4.8 18.7 21.1 38.9 Total segment operating profit $ 96.8 $ 125.1 $ 313.5 $ 340.1 Corporate charges not allocated to segments (1) (65.2 ) (73.8 ) (208.4 ) (213.6 ) Asset impairment charges — — (18.9 ) — Restructuring charges (7.6 ) (1.0 ) (17.9 ) (6.8 ) Net non-routine (expense) income (4.4 ) (3.6 ) (14.4 ) 7.5 (77.2 ) (78.4 ) (259.6 ) (212.9 ) Operating profit $ 19.6 $ 46.7 $ 53.9 $ 127.2 Other (expense) income (2.6 ) 1.1 (14.4 ) (6.5 ) Income before taxes $ 17.0 $ 47.8 $ 39.5 $ 120.7 (1) Corporate charges not allocated to segments include headquarter-based costs associated with manufacturing administration, procurement, human resources, finance and accounting, global development/engineering, global strategy/mergers and acquisitions, global information technology, tax, treasury and legal. Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Segment depreciation and amortization expense NA $ 3.9 $ 2.0 $ 8.1 $ 7.1 AP 1.7 2.0 5.1 5.8 EMEA 0.9 1.0 2.5 3.1 LA 1.4 3.5 5.3 8.9 Total segment depreciation and amortization expense 7.9 8.5 21.0 24.9 Corporate depreciation and amortization expense 8.1 10.2 28.2 30.5 Total depreciation and amortization expense $ 16.0 $ 18.7 $ 49.2 $ 55.4 September 30, 2015 December 31, 2014 Segment property, plant and equipment, at cost NA $ 119.1 $ 128.8 AP 50.0 46.9 EMEA 35.1 38.2 LA 52.9 78.7 Total segment property, plant and equipment, at cost $ 257.1 $ 292.6 Corporate property plant and equipment, at cost, not allocated to segments 354.2 320.3 Total property, plant and equipment, at cost $ 611.3 $ 612.9 |
Schedule Of Revenue From External Customers By Geographic Area, Product, And Service Solution | The following table presents information regarding the Company’s revenue by service and product solution: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Financial self-service Services $ 293.3 $ 310.7 $ 883.9 $ 901.8 Products 216.6 239.7 689.3 658.0 Total financial self-service 509.9 550.4 1,573.2 1,559.8 Security Services 111.1 105.8 324.6 307.9 Products 54.7 52.2 154.8 145.6 Total security 165.8 158.0 479.4 453.5 Total financial self-service and security 675.7 708.4 2,052.6 2,013.3 Brazil other 5.2 59.6 17.2 176.5 $ 680.9 $ 768.0 $ 2,069.8 $ 2,189.8 |
Consolidated Financial Statem43
Consolidated Financial Statement (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Sep. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Jul. 01, 2014USD ($) | |
Payments to Acquire Businesses, Gross | $ 72.9 | ||||||
Amount of deferred payments related to acquisition | 12.6 | ||||||
Asset Impairment Charges | $ 0 | $ 0 | $ (18.9) | $ 0 | |||
Effect of Exchange Rate on Cash and Cash Equivalents | 31 | 14 | |||||
Devaluation of Venezuela balance sheet | 7.5 | $ 12.1 | 7.5 | 12.1 | |||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | $ 13 | ||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 13.7 | ||||||
Income before taxes | 17 | 47.8 | 39.5 | 120.7 | |||
Amount of Deferred Payments Related to Acquisition | 10.00% | ||||||
Cost of sales – services | |||||||
Inventory Write-down | 4.1 | ||||||
VENEZUELA | |||||||
Asset Impairment Charges | $ 1 | $ (10.3) | (9.3) | ||||
Effect of Exchange Rate on Cash and Cash Equivalents | $ 6.1 | ||||||
SIMADI [Member] | |||||||
Foreign Currency Exchange Rate | 192.95 | ||||||
VENEZUELA GOVERNMENT [Member] | |||||||
Foreign Currency Exchange Rate | 6.30 | ||||||
SICAD [Member] | |||||||
Foreign Currency Exchange Rate | 50.86 | ||||||
disposal groups, not included in discontinued operations [Member] | |||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | $ 20 | 20 | |||||
Disposal Group, Including Discontinued Operation, Revenue | 6 | ||||||
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | 3 | ||||||
Income before taxes | $ 3 | ||||||
disposal groups, not included in discontinued operations [Member] | Sale Price Due in 2015 [Member] | |||||||
Sale Price of Disposal Group, Not Including Discontinued Operations, Proceeds to be Received in Future Periods | $ 1 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income used in basic and diluted earnings per share: | ||||
Net income attributable to Diebold, Incorporated | $ 21.7 | $ 33.1 | $ 41.1 | $ 84.5 |
Denominator (in millions) | ||||
Weighted-average number of common shares used in basic earnings per share | 65 | 64.6 | 64.9 | 64.5 |
Effect of dilutive shares | 0.6 | 0.7 | 0.6 | 0.6 |
Weighted-average number of shares used in diluted earnings per share | 65.6 | 65.3 | 65.5 | 65.1 |
Net income attributable to Diebold, Incorporated | ||||
Basic earnings per share | $ 0.33 | $ 0.51 | $ 0.63 | $ 1.31 |
Diluted earnings per share | $ 0.33 | $ 0.51 | $ 0.63 | $ 1.30 |
Anti-dilutive shares (in milllions) | ||||
Anti-dilutive shares not used in calculating diluted weighted-average | 1.5 | 0.9 | 1.5 | 1.2 |
Equity (Details)
Equity (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Diebold, Incorporated shareholders' equity | |||||
Balance at beginning of period | $ 465.6 | $ 650.8 | $ 531.6 | $ 596.8 | |
Comprehensive (loss) income attributable to Diebold, Incorporated | (47.7) | (16.5) | (85) | 51.9 | |
Common shares | 0 | 0.1 | 0.6 | 0.8 | |
Additional capital | 2.4 | 5.9 | 13.7 | 29.8 | |
Treasury shares | (0.2) | (0.2) | (3) | (1.8) | |
Dividends paid | (18.7) | (18.8) | (56.5) | (56.2) | |
Balance at end of period | 401.4 | 621.3 | 401.4 | 621.3 | |
Noncontrolling interests | |||||
Balance at beginning of period | 24.6 | 17.9 | 23.3 | 24 | |
Comprehensive income (loss) attributable to noncontrolling interests | (0.5) | (2.2) | 0.3 | 1.8 | |
Comprehensive income (loss) attributable to noncontrolling interests, net (1) | [1] | 0.7 | 2.1 | 2 | (1.9) |
Distributions to noncontrolling interest holders | (0.2) | 0 | (0.2) | (2.1) | |
Balance at end of period | $ 25.1 | $ 20 | 25.1 | $ 20 | |
Comprehensive income loss attributable to noncontrolling interests | (0.1) | ||||
Venezuela noncontrolling interest adjustment | $ 2.1 | ||||
[1] | Comprehensive income (loss) attributable to noncontrolling interests of $(0.1) for the nine months ended September 30, 2015, respectively, is net of a $2.1 Venezuela noncontrolling interest adjustment for the nine months ended September 30, 2015, respectively, to reduce the carrying value to the estimated fair market value. |
Accumulated Other Comprehensi46
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |||||
Beginning Balance | $ (247.2) | $ (37.3) | $ (190.5) | $ (54.3) | ||||
Other comprehensive (loss) income before reclassifications (1) | (70.5) | (49.9) | (129.3) | (33.3) | ||||
Amounts reclassified from AOCI | 1 | 0.4 | 3.1 | 0.8 | ||||
Investment income | 5.9 | 7.9 | 20.6 | 26.6 | ||||
Net current-period other comprehensive (loss) income | (69.5) | (49.5) | (126.2) | (32.5) | ||||
Balance at September 30, 2015 | (316.7) | (86.8) | (316.7) | (86.8) | ||||
Translation adjustment [Member] | ||||||||
Beginning Balance | (137.3) | 19 | (74.9) | (2.4) | ||||
Other comprehensive (loss) income before reclassifications (1) | (74.7) | [1] | (52.8) | [2] | (137.1) | [3] | (31.4) | [4] |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 | ||||
Net current-period other comprehensive (loss) income | (74.7) | (52.8) | (137.1) | (31.4) | ||||
Balance at September 30, 2015 | (212) | (33.8) | (212) | (33.8) | ||||
Foreign Currency Hedges | ||||||||
Beginning Balance | 1.9 | (5.5) | (1.4) | (1.9) | ||||
Other comprehensive (loss) income before reclassifications (1) | 4 | 2.5 | 7.3 | (1.1) | ||||
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 | ||||
Net current-period other comprehensive (loss) income | 4 | 2.5 | 7.3 | (1.1) | ||||
Balance at September 30, 2015 | 5.9 | (3) | 5.9 | (3) | ||||
Interest Rate Hedges | ||||||||
Beginning Balance | (0.3) | (0.8) | (0.5) | (1) | ||||
Other comprehensive (loss) income before reclassifications (1) | 0.2 | 0.3 | 0.5 | 0.6 | ||||
Amounts reclassified from AOCI | (0.1) | (0.1) | (0.2) | (0.2) | ||||
Net current-period other comprehensive (loss) income | 0.1 | 0.2 | 0.3 | 0.4 | ||||
Balance at September 30, 2015 | (0.2) | (0.6) | (0.2) | (0.6) | ||||
Pension and Other Post-retirement Benefits | ||||||||
Beginning Balance | (111.8) | (51.1) | (114) | (52) | ||||
Other comprehensive (loss) income before reclassifications (1) | 0 | 0 | 0 | 0 | ||||
Amounts reclassified from AOCI | 1.1 | 0.5 | 3.3 | 1.4 | ||||
Net current-period other comprehensive (loss) income | 1.1 | 0.5 | 3.3 | 1.4 | ||||
Balance at September 30, 2015 | (110.7) | (50.6) | (110.7) | (50.6) | ||||
Unrealized Gain on Securities, Net | ||||||||
Beginning Balance | 0.8 | 2.7 | ||||||
Other comprehensive (loss) income before reclassifications (1) | 0.1 | (1.4) | ||||||
Investment income | 0 | (0.4) | ||||||
Net current-period other comprehensive (loss) income | 0.1 | (1.8) | ||||||
Balance at September 30, 2015 | 0.9 | 0.9 | ||||||
Other | ||||||||
Beginning Balance | 0.3 | 0.3 | 0.3 | 0.3 | ||||
Other comprehensive (loss) income before reclassifications (1) | 0 | 0 | 0 | 0 | ||||
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 | ||||
Net current-period other comprehensive (loss) income | 0 | 0 | 0 | 0 | ||||
Balance at September 30, 2015 | 0.3 | 0.3 | 0.3 | 0.3 | ||||
Translation adjustment [Member] | ||||||||
Other comprehensive (loss) income, translation adjustment, net of tax, attributable to noncontrolling interests | $ (0.6) | $ 0.2 | $ (0.3) | $ (0.4) | ||||
[1] | Other comprehensive (loss) income before reclassifications within the translation component excludes $(0.6) of translation attributable to noncontrolling interests. | |||||||
[2] | Other comprehensive (loss) income before reclassifications within the translation component excludes $0.2 of translation attributable to noncontrolling interests. | |||||||
[3] | Other comprehensive (loss) income before reclassifications within the translation component excludes $(0.3) of translation attributable to noncontrolling interests. | |||||||
[4] | Other comprehensive (loss) income before reclassifications within the translation component excludes $(0.4) of translation attributable to noncontrolling interests. |
Accumulated Other Comprehensi47
Accumulated Other Comprehensive Loss Reclassification Adjustments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Interest Expense | $ (8.5) | $ (8.3) | $ (24.1) | $ (23.1) | |
Investment income | 5.9 | 7.9 | 20.6 | 26.6 | |
Total reclassifications for the period | 1 | 0.4 | 3.1 | 0.8 | |
Interest Rate Hedges | |||||
Total reclassifications for the period | (0.1) | (0.1) | (0.2) | (0.2) | |
Interest Rate Hedges | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Interest Expense | (0.1) | (0.1) | (0.2) | (0.2) | |
Net actuarial loss amortization | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Net periodic benefit cost | [1] | 1.1 | 0.6 | 3.4 | 1.6 |
Net actuarial loss amortization, tax | (0.6) | (0.3) | (1.9) | (0.9) | |
Net prior service benefit amortization | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Net periodic benefit cost | [1] | 0 | (0.1) | (0.1) | (0.2) |
Net prior service benefit amortization, amount recognized in other comprehensive income, tax | 0 | 0 | 0 | (0.1) | |
Pension and Other Post-retirement Benefits | |||||
Total reclassifications for the period | 1.1 | 0.5 | 3.3 | 1.4 | |
Pension and Other Post-retirement Benefits | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Net periodic benefit cost | 1.1 | 0.5 | 3.3 | 1.4 | |
Unrealized loss on securities | |||||
Investment income | 0 | (0.4) | |||
Unrealized loss on securities | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Investment income | 0 | 0 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | $ 0 | $ 0 | $ 0 | $ 0.2 | |
[1] | Pension and other post-retirement benefits AOCI components are included in the computation of net periodic benefit cost (refer to note 12). |
Share-Based Compensation - Stoc
Share-Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Options outstanding and exercisable under the Company's 1991 Equity and Performance Incentive Plan | |||||
Allocated Share-based Compensation Expense | $ 1.8 | $ 5.6 | $ 10.9 | $ 16 | |
Outstanding, Shares, Beginning balance | 1.6 | ||||
Outstanding, Weighted average exercise price, Beginning balance | $ 37.11 | ||||
Expired or forfeited, Shares | (0.3) | ||||
Expired or forfeited, Weighted average exercise price | $ 49.85 | ||||
Exercised, Shares | (0.1) | ||||
Exercised, Weighted average exercise price | $ 30.05 | ||||
Granted, Shares | 0.5 | ||||
Granted, Weighted average exercise price | $ 32.33 | ||||
Outstanding, Shares, Ending balance | 1.7 | 1.7 | |||
Outstanding, Weighted average exercise price, Ending balance | $ 34.18 | $ 34.18 | |||
Outstanding, Weighted Average Remaining Contractual Term | 7 years | ||||
Outstanding, Aggregate Intrinsic Value | [1] | $ 0.2 | $ 0.2 | ||
Options exercisable, Shares | 0.9 | 0.9 | |||
Options exercisable, Weighted average exercise price | $ 35.39 | $ 35.39 | |||
Option exercisable, Weighted average remaining contractual term | 5 years | ||||
Option exercisable, Aggregate Intrinsic Value | [1] | $ 0.2 | $ 0.2 | ||
Options vested and expected to vest, Shares | [2] | 1.7 | 1.7 | ||
Options vested and expected to vest, Weighted average exercise price | [2] | $ 34.23 | $ 34.23 | ||
Options vested and expected to vest, Weighted average remaining contractual term | [2] | 7 years | |||
Options vested and expected to vest, aggregate intrinsic value | [1],[2] | $ 0.2 | $ 0.2 | ||
[1] | The aggregate intrinsic value (the difference between the closing price of the Company’s common shares on the last trading day of the third quarter of 2015 and the exercise price, multiplied by the number of “in-the-money” options) that would have been received by the option holders had all option holders exercised their options on September 30, 2015. The amount of aggregate intrinsic value will change based on the fair market value of the Company’s common shares. | ||||
[2] | The options expected to vest are the result of applying the pre-vesting forfeiture rate assumption to total outstanding non-vested options. |
Share-Based Compensation - Comp
Share-Based Compensation - Compensation Expense and Information on Non-Vested Shares (Details) shares in Millions | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Restricted Stock Units (RSUs) [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unvested, Shares, Beginning balance | 0.7 |
Unvested, Weighted-average grant-date fair value, Beginning balance | $ / shares | $ 33.72 |
Forfeited, Shares | (0.1) |
Forfeited, Weighted-average grant-date fair value | $ / shares | $ 33.79 |
Vested, Shares | (0.2) |
Vested, Weighted-average grant-date fair value | $ / shares | $ 34.22 |
Granted, Shares | 0.5 |
Granted, Weighted-average grant-date fair value | $ / shares | $ 32.75 |
Unvested, Shares, Ending balance | 0.9 |
Unvested, Weighted-average grant-date fair value, Ending balance | $ / shares | $ 32.52 |
Performance Shares [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unvested, Shares, Beginning balance | 1.1 |
Unvested, Weighted-average grant-date fair value, Beginning balance | $ / shares | $ 37.38 |
Forfeited, Shares | (0.3) |
Forfeited, Weighted-average grant-date fair value | $ / shares | $ 36.28 |
Vested, Shares | (0.3) |
Vested, Weighted-average grant-date fair value | $ / shares | $ 40.04 |
Granted, Shares | 0.5 |
Granted, Weighted-average grant-date fair value | $ / shares | $ 31.18 |
Unvested, Shares, Ending balance | 1 |
Unvested, Weighted-average grant-date fair value, Ending balance | $ / shares | $ 33.63 |
Deferred Compensation, Share-based Payments [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vested, Shares, Ending Balance | 0.1 |
One year vest [Member] | Restricted Stock Units (RSUs) [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year |
Three year graded vest [Member] | Performance Shares [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Tax Examination [Line Items] | ||||
Effective tax rate on income (loss) before taxes | (34.70%) | 26.80% | (4.30%) | 31.20% |
Investments (Details)
Investments (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Short-term investments: | ||
Short-term investments | $ 99.2 | $ 136.7 |
Certificates of deposit | ||
Short-term investments: | ||
Investments, Cost Basis | 99.2 | 136.7 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax | 0 | 0 |
Assets held in rabbi trusts [Member] | ||
Long-term investments: | ||
Long-term investments, Cost Basis | 8.9 | 9.3 |
Long-term investments, Unrealized Gain | 0.2 | 0.5 |
Fair Value, Measurements, Recurring [Member] | Assets held in rabbi trusts [Member] | ||
Long-term investments: | ||
Fair Value of Assets Held Under Trust | 9.1 | 9.8 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Certificates of deposit | ||
Short-term investments: | ||
Short-term investments | 99.2 | 136.7 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Assets held in rabbi trusts [Member] | ||
Long-term investments: | ||
Fair Value of Assets Held Under Trust | $ 9.1 | $ 9.8 |
Investments (Details Textuals)
Investments (Details Textuals) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Investments (Textuals) | ||||
Realized (losses) gains from sale of securities | $ (0.2) | $ 0.5 | ||
Proceeds from sale of available-for-sale securities | $ 0 | $ 39.6 | ||
Cash surrender value of insurance contracts | $ 73.1 | $ 73.8 |
Allowance for Credit Losses - S
Allowance for Credit Losses - Summary of Allowance for Credit Losses (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Allowance for credit losses and recorded investment in financing receivables | ||
January Balance | $ 4.5 | $ 4.5 |
Provision for credit losses | 0.3 | 0.2 |
Write-offs | (0.1) | (0.2) |
June Balance | 4.7 | 4.5 |
Finance Leases Financing Receivable [Member] | ||
Allowance for credit losses and recorded investment in financing receivables | ||
January Balance | 0.4 | 0.4 |
Provision for credit losses | 0.3 | 0.2 |
Write-offs | (0.1) | (0.2) |
June Balance | 0.6 | 0.4 |
Notes Receivable [Member] | ||
Allowance for credit losses and recorded investment in financing receivables | ||
January Balance | 4.1 | 4.1 |
Provision for credit losses | 0 | 0 |
Write-offs | 0 | 0 |
June Balance | $ 4.1 | $ 4.1 |
Allowance for Credit Losses - A
Allowance for Credit Losses - Aging of Past-Due Receivables (Details) - Notes Receivable [Member] - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | |
Summarizes the Company's aging of past-due notes receivable | |||
30-59 days past due | $ 0 | $ 0.1 | |
60-89 days past due | 0 | 0 | |
89 days past due (1) | [1] | 3 | 1.5 |
Total past due | $ 3 | $ 1.6 | |
[1] | Past-due notes receivable balances greater than 89 days are fully reserved. |
Allowance for Credit Losses (De
Allowance for Credit Losses (Details Textuals) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Allowance for credit losses (Textuals) | |||
Financing Receivable, Significant Sales | $ 5.4 | $ 22.1 | |
The recorded investment in past-due finance lease receivables on nonaccrual status | 1.9 | $ 2.2 | |
The recorded investment in impaired notes receivable | 4.1 | 4.1 | |
The recorded investment in impaired notes related allowance | $ 4.1 | 4.1 | |
Minimum [Member] | |||
Allowance for credit losses (Textuals) | |||
Past Due Period of Financing Receivable Accruing Interest | 90 days | ||
Period required for considering financing receivable as non accrual status | 60 days | ||
Period for placing financing receivables on non-accrual status | 89 days | ||
Maximum [Member] | |||
Allowance for credit losses (Textuals) | |||
Period required for considering financing receivable as non accrual status | 89 days | ||
Latin America [Member] | |||
Allowance for credit losses (Textuals) | |||
Financing Receivable, Recorded Investment, Current | $ 66.5 | $ 127.9 | |
Finance Leases Financing Receivable [Member] | |||
Allowance for credit losses (Textuals) | |||
Financing Receivable, Individually Evaluated for Impairment | 86.5 | 157.6 | |
Notes Receivable [Member] | |||
Allowance for credit losses (Textuals) | |||
Financing Receivable, Individually Evaluated for Impairment | $ 13.5 | $ 18.1 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Major classes of inventories | ||
Finished goods | $ 181.6 | $ 197.4 |
Service parts | 150.4 | 125.6 |
Raw materials and work in process | 88.6 | 82.2 |
Total inventories | $ 420.6 | $ 405.2 |
Goodwill and Other Assets(Detai
Goodwill and Other Assets(Details Textuals) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Goodwill, Written off Related to Sale of Business Unit | $ 1.6 | ||||
Goodwill acquired | $ 42.5 | ||||
Finite-lived Intangible Assets Acquired | 26.8 | ||||
Capitalized Computer Software, Amortization | $ 3.7 | $ 4.6 | 11.3 | $ 13.5 | |
Capitalized Computer Software, Impairments | $ 9.1 | ||||
North America Segment [Member] | |||||
Goodwill, Written off Related to Sale of Business Unit | 1.6 | ||||
Goodwill acquired | 41.5 | ||||
Latin America Segment [Member] | |||||
Goodwill, Written off Related to Sale of Business Unit | 0 | ||||
Goodwill acquired | 0.5 | ||||
Asia Pacific Segment [Member] | |||||
Goodwill, Written off Related to Sale of Business Unit | $ 0 | ||||
Goodwill acquired | $ 0.5 |
Goodwill and Other Assets (Deta
Goodwill and Other Assets (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Line Items] | |||
Goodwill | $ 488.1 | $ 462.7 | $ 470.6 |
Accumulated impairment losses | (290.7) | (290.7) | (290.7) |
Beginning balance | 172 | 179.9 | |
Divestiture | (1.6) | ||
Currency translation adjustment | (17.1) | (6.3) | |
Goodwill acquired | 42.5 | ||
Ending balance | 197.4 | 172 | |
North America Segment [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 148.2 | 110.3 | 112.1 |
Accumulated impairment losses | (13.2) | (13.2) | (13.2) |
Beginning balance | 97.1 | 98.9 | |
Divestiture | (1.6) | ||
Currency translation adjustment | (3.6) | (0.2) | |
Goodwill acquired | 41.5 | ||
Ending balance | 135 | 97.1 | |
Asia Pacific Segment [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 37.5 | 40 | 41.3 |
Accumulated impairment losses | 0 | 0 | 0 |
Beginning balance | 40 | 41.3 | |
Divestiture | 0 | ||
Currency translation adjustment | (3) | (1.3) | |
Goodwill acquired | 0.5 | ||
Ending balance | 37.5 | 40 | |
EMEA Segment [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 168.7 | 168.7 | 168.7 |
Accumulated impairment losses | (168.7) | (168.7) | (168.7) |
Beginning balance | 0 | 0 | |
Divestiture | 0 | ||
Currency translation adjustment | 0 | 0 | |
Goodwill acquired | 0 | ||
Ending balance | 0 | 0 | |
Latin America Segment [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 133.7 | 143.7 | 148.5 |
Accumulated impairment losses | (108.8) | (108.8) | $ (108.8) |
Beginning balance | 34.9 | 39.7 | |
Divestiture | 0 | ||
Currency translation adjustment | (10.5) | (4.8) | |
Goodwill acquired | 0.5 | ||
Ending balance | $ 24.9 | $ 34.9 |
Goodwill and Other Assets Sched
Goodwill and Other Assets Schedule of Intangible Assets (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | $ 140.8 | $ 154.3 |
Finite-Lived Intangible Assets, Accumulated Amortization | (75.6) | (94.3) |
Intangible Assets, Net (Including Goodwill) | 65.2 | 60 |
Technology-Based Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 88.2 | 102.1 |
Finite-Lived Intangible Assets, Accumulated Amortization | (46.5) | (65.8) |
Intangible Assets, Net (Including Goodwill) | 41.7 | 36.3 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 52.6 | 52.2 |
Finite-Lived Intangible Assets, Accumulated Amortization | (29.1) | (28.5) |
Intangible Assets, Net (Including Goodwill) | $ 23.5 | $ 23.7 |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Notes payable | ||
Uncommitted lines of credit | $ 68.4 | $ 24.8 |
Term loan | 11.5 | 0 |
Other | 1 | 0.8 |
Short-term Debt | 80.9 | 25.6 |
Long-term debt | ||
Revolving credit facility | 171.1 | 240 |
Senior notes | 225 | 225 |
Term loan | 215.6 | 0 |
Industrial development revenue bonds | 4.4 | 11.9 |
Other | 2.2 | 2.9 |
Long-term debt | $ 618.3 | $ 479.8 |
Debt (Details Textuals)
Debt (Details Textuals) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Mar. 31, 2018 | Mar. 31, 2016 | Sep. 30, 2015 | Mar. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Mar. 31, 2006 | |
Debt (Textuals) | ||||||||
Debt issuance costs | $ 0.7 | $ 1.4 | ||||||
Debt Instrument, Covenant Compliance | As of September 30, 2015 the Company was in compliance with the financial covenants in its debt agreements. | |||||||
Senior Notes [Member] | ||||||||
Debt (Textuals) | ||||||||
Issuance of Senior Notes, Principal amount | $ 300 | |||||||
Notional Amount Of Senior Notes Interest Rate Cash Flow Hedge Derivatives | $ 200 | |||||||
Debt, Weighted Average Interest Rate | 5.50% | |||||||
Effective interest rate before cash flow hedge | 5.50% | |||||||
Effective interest rate after cash flow hedge | 5.36% | |||||||
Repayments of Long-term Debt | $ 75 | |||||||
Industrial development revenue bonds [Member] | ||||||||
Debt (Textuals) | ||||||||
Debt, Weighted Average Interest Rate | 0.34% | 0.34% | 0.27% | |||||
Repayments of Long-term Debt | $ 7.5 | |||||||
Bond maturity period | 20 years | |||||||
Term Loan [Member] | ||||||||
Debt (Textuals) | ||||||||
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | $ 230 | $ 230 | ||||||
Weighted average interest rate on credit facility borrowings outstanding | 1.75% | 1.75% | ||||||
Line of credit facility description of variable rate basis | LIBOR | |||||||
Revolving Credit Facility [Member] | ||||||||
Debt (Textuals) | ||||||||
Amount available under credit facility | $ 348.9 | $ 348.9 | ||||||
Weighted average interest rate on credit facility borrowings outstanding | 1.57% | 1.57% | 1.69% | |||||
Line of credit facility description of variable rate basis | LIBOR | |||||||
Line of Credit Facility, Current Borrowing Capacity | $ 520 | $ 520 | $ 500 | |||||
Increase in borrowing limits under credit facility agreement | 250 | 250 | ||||||
Swing Line Sub-Facility [Member] | ||||||||
Debt (Textuals) | ||||||||
Increase in borrowing limits under credit facility agreement | 50 | 50 | ||||||
Uncommitted Line of Credit [Member] | ||||||||
Debt (Textuals) | ||||||||
Borrowing limit of short term uncommitted line of credit | $ 119 | $ 119 | ||||||
Weighted average interest rate on outstanding borrowings | 2.95% | 2.95% | 2.96% | |||||
Amount available under credit facility | $ 50.6 | $ 50.6 | ||||||
Maturity time of short term uncommitted lines | less than one year | |||||||
Scenario, Forecast [Member] | Senior Notes Due 2016 [Member] | ||||||||
Debt (Textuals) | ||||||||
Debt Instrument, Periodic Payment | $ 175 | |||||||
Scenario, Forecast [Member] | Senior Notes Due 2018 [Member] | ||||||||
Debt (Textuals) | ||||||||
Debt Instrument, Periodic Payment | $ 50 |
Benefit Plans (Details)
Benefit Plans (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Components of net periodic benefit cost | |||||
Contributions to qualified and non qualified pension plans | $ 12.9 | $ 8.7 | |||
Qualified Pension Plan [Member] | |||||
Components of net periodic benefit cost | |||||
Contributions to qualified and non qualified pension plans | $ 10 | ||||
Pension Plan [Member] | |||||
Components of net periodic benefit cost | |||||
Service cost | $ 0.9 | $ 0.7 | 2.7 | 2.2 | |
Interest cost | 5.9 | 5.8 | 17.8 | 17.3 | |
Expected return on plan assets | (6.7) | (6.5) | (20.2) | (19.4) | |
Amortization of prior service benefit | 0 | 0 | 0 | (0.1) | |
Recognized net actuarial loss | 1.7 | 0.8 | 5 | 2.3 | |
Net periodic pension benefit cost | 1.8 | 0.8 | 5.3 | 2.3 | |
Other Benefits [Member] | |||||
Components of net periodic benefit cost | |||||
Service cost | 0 | 0 | 0 | 0 | |
Interest cost | 0.1 | 0.2 | 0.4 | 0.5 | |
Expected return on plan assets | 0 | 0 | 0 | 0 | |
Amortization of prior service benefit | 0 | (0.1) | (0.1) | (0.2) | |
Recognized net actuarial loss | 0.1 | 0.1 | 0.3 | 0.2 | |
Net periodic pension benefit cost | $ 0.2 | $ 0.2 | $ 0.6 | $ 0.5 |
Guarantees and Product Warran63
Guarantees and Product Warranties (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Guarantees and Product Warranties (Textuals) | |||
Carrying value of the bonds | $ 4.4 | $ 11.9 | |
Maximum future payment obligations | 105 | 111.1 | |
Standby letters of credit | 28 | $ 28 | |
Changes in warranty liability balance | |||
Beginning Balance | 113.3 | $ 83.2 | |
Current period accruals | 26.1 | 66.4 | |
Current period settlements | (36.3) | (38.3) | |
Product Warranty Accrual, Currency Translation, Increase (Decrease) | (25.8) | (4.3) | |
Ending Balance | $ 77.3 | $ 107 |
Commitments and Contingencies (
Commitments and Contingencies (Details) BRL in Millions, $ in Millions | 9 Months Ended | ||
Sep. 30, 2015BRL | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | |
Loss Contingencies [Line Items] | |||
Unrecorded Unconditional Purchase Obligation, Due in Next Twelve Months | $ 10.8 | ||
Indirect Tax Liability [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | 166.9 | ||
Brazilian Federal Indirect Tax Assessment [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Damages Sought, Value | BRL | BRL 270 | ||
Loss Contingency Accrual, at Carrying Value | 8.4 | $ 12.5 | |
Loss Contingency, Range of Possible Loss, Portion Not Accrued | 118.3 | ||
Thailand Customs Matter [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | $ 26 |
Derivative Instruments and He65
Derivative Instruments and Hedging Activities (Details) - Foreign Exchange Contract [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Gain (loss) recognized on non-designated derivative instruments: | ||||
Gain (loss) recognized on non-designated derivative instruments, total | $ 5.2 | $ 7.7 | $ 6 | $ 6.3 |
Interest expense [Member] | ||||
Gain (loss) recognized on non-designated derivative instruments: | ||||
Gain (loss) recognized on non-designated derivative instruments, total | (1.4) | (1.4) | (3.5) | (4.4) |
Foreign exchange gain (loss), net [Member] | ||||
Gain (loss) recognized on non-designated derivative instruments: | ||||
Gain (loss) recognized on non-designated derivative instruments, total | $ 6.6 | $ 9.1 | $ 9.5 | $ 10.7 |
Derivative Instruments and He66
Derivative Instruments and Hedging Activities (Details Textuals) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Mar. 31, 2006 | |
Derivative Instruments and Hedging Activities (Textuals) | ||||||
Fair value of investment hedge contracts | $ 0.3 | $ 0.3 | $ 1.2 | |||
(Loss) gain on investment hedge derivative | 6.2 | $ 3.8 | 11.3 | $ (1.7) | ||
Fair value of non-designated foreign exchange forward contracts | 1.8 | $ 1.8 | 0.7 | |||
Maximum maturities of Foreign exchange forward contracts | 24 months | |||||
Fair value of interest rate contracts | (0.4) | $ (0.4) | $ (1.2) | |||
Notional amount of pay-fixed receive-variable interest rate swap | $ 200 | |||||
Gain recognized on designated cash flow hedges | 0.3 | $ 0.4 | 0.8 | $ 0.9 | ||
Anticipated reclassification from other comprehensive income to interest expense within the next 12 months | 0.2 | 0.2 | ||||
Interest rate hedges [Member] | ||||||
Derivative Instruments and Hedging Activities (Textuals) | ||||||
Notional amount of pay-fixed receive-variable interest rate swap | $ 50 | $ 50 |
Restructuring, Impairment and O
Restructuring, Impairment and Other Charges - Restructuring Charges By Statement of Income Account (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of restructuring and related costs | ||||
Restructuring Charges | $ 7.6 | $ 1 | $ 17.9 | $ 6.8 |
Cost of sales – services | ||||
Schedule of restructuring and related costs | ||||
Restructuring Charges | 1.6 | 0.6 | 2.8 | 1.4 |
Cost Of Sales Products [Member] | ||||
Schedule of restructuring and related costs | ||||
Restructuring Charges | 0.1 | 0 | 1.4 | 0.1 |
Selling and administrative expense | ||||
Schedule of restructuring and related costs | ||||
Restructuring Charges | 5.9 | 0.4 | 13.1 | 5.3 |
Research, development and engineering expense | ||||
Schedule of restructuring and related costs | ||||
Restructuring Charges | $ 0 | $ 0 | $ 0.6 | $ 0 |
Restructuring, Impairment and68
Restructuring, Impairment and Other Charges - Restructuring Charges By Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | $ 7.6 | $ 1 | $ 17.9 | $ 6.8 | |
Severance | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 7.6 | 1 | 17.9 | 6.8 | |
North America Segment [Member] | Severance | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | [1] | 4.7 | 1 | 9.4 | 3.7 |
Asia Pacific Segment [Member] | Severance | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 0.7 | 0 | 0.9 | 0.3 | |
EMEA Segment [Member] | Severance | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 0 | 0 | 3 | 0.7 | |
Latin America Segment [Member] | Severance | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 2.2 | 0 | 4.6 | 2.1 | |
Multi-Year Transformation Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Cost Incurred to Date | 102 | 102 | |||
Restructuring Charges | 7.6 | $ 1 | 17.9 | $ 6.8 | |
Multi-Year Transformation Plan [Member] | Severance | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Cost Incurred to Date | 98.5 | 98.5 | |||
Multi-Year Transformation Plan [Member] | Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Cost Incurred to Date | 3.5 | 3.5 | |||
Multi-Year Transformation Plan [Member] | North America Segment [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Cost Incurred to Date | [1] | 73.2 | 73.2 | ||
Multi-Year Transformation Plan [Member] | North America Segment [Member] | Severance | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Cost Incurred to Date | [1] | 71.2 | 71.2 | ||
Multi-Year Transformation Plan [Member] | North America Segment [Member] | Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Cost Incurred to Date | [1] | 2 | 2 | ||
Multi-Year Transformation Plan [Member] | Asia Pacific Segment [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Cost Incurred to Date | 4.2 | 4.2 | |||
Multi-Year Transformation Plan [Member] | Asia Pacific Segment [Member] | Severance | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Cost Incurred to Date | 3.6 | 3.6 | |||
Multi-Year Transformation Plan [Member] | Asia Pacific Segment [Member] | Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Cost Incurred to Date | 0.6 | 0.6 | |||
Multi-Year Transformation Plan [Member] | EMEA Segment [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Cost Incurred to Date | 5.6 | 5.6 | |||
Multi-Year Transformation Plan [Member] | EMEA Segment [Member] | Severance | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Cost Incurred to Date | 4.7 | 4.7 | |||
Multi-Year Transformation Plan [Member] | EMEA Segment [Member] | Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Cost Incurred to Date | 0.9 | 0.9 | |||
Multi-Year Transformation Plan [Member] | Latin America Segment [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Cost Incurred to Date | 19 | 19 | |||
Multi-Year Transformation Plan [Member] | Latin America Segment [Member] | Severance | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Cost Incurred to Date | 19 | 19 | |||
Multi-Year Transformation Plan [Member] | Latin America Segment [Member] | Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Cost Incurred to Date | $ 0 | $ 0 | |||
[1] | NA includes corporate and global restructuring costs |
Restructuring and Other Charg69
Restructuring and Other Charges - Restructuring Reserve Activity (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Restructuring and Related Activities [Abstract] | ||||
Restructuring Reserve, beginning of period | $ 7.8 | $ 35.3 | ||
Liabilities incurred | $ 7.6 | $ 1 | 17.9 | 6.8 |
Liabilities paid/settled | (20.1) | (35.9) | ||
Restructuring Reserve, end of period | $ 5.6 | $ 6.2 | $ 5.6 | $ 6.2 |
Restructuring, Impairment and70
Restructuring, Impairment and Other Charges (Details Textuals) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Unusual or Infrequent Item [Line Items] | ||||
Capitalized Computer Software, Impairments | $ 9.1 | |||
Restructuring Charges | 7.6 | $ 1 | $ 17.9 | $ 6.8 |
Non routine (expenses) income net | (4.4) | (3.6) | (14.4) | 7.5 |
Acquisition and divestiture related costs | 2.6 | |||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 13.7 | |||
Multi-Year Transformation Plan [Member] | ||||
Unusual or Infrequent Item [Line Items] | ||||
Restructuring Charges | 7.6 | $ 1 | 17.9 | $ 6.8 |
Minimum [Member] | Expected Future Costs to Be Recognized [Member] | ||||
Unusual or Infrequent Item [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 3 | 3 | ||
Maximum [Member] | Expected Future Costs to Be Recognized [Member] | ||||
Unusual or Infrequent Item [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | $ 4.1 | $ 4.1 |
Fair Value of Assets and Liab71
Fair Value of Assets and Liabilities - Fair Value Measurements (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Transfers Between Levels Amount | $ 0 | |
Fair value assets measured on recurring basis | ||
Short-term investments | 99.2 | $ 136.7 |
Fair Value, Measurements, Recurring [Member] | ||
Fair value assets measured on recurring basis | ||
Total | 110.4 | 149.4 |
Fair value liabilities measured on recurring basis | ||
Total | 9.5 | 12 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value assets measured on recurring basis | ||
Total | 108.3 | 146.5 |
Fair value liabilities measured on recurring basis | ||
Total | 9.1 | 9.8 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair value assets measured on recurring basis | ||
Total | 2.1 | 2.9 |
Fair value liabilities measured on recurring basis | ||
Total | 0.4 | 2.2 |
Foreign exchange forward contracts | Fair Value, Measurements, Recurring [Member] | ||
Fair value assets measured on recurring basis | ||
Foreign exchange forward contracts | 2.1 | 2.9 |
Fair value liabilities measured on recurring basis | ||
Derivative Liability | 0 | 1 |
Foreign exchange forward contracts | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value assets measured on recurring basis | ||
Foreign exchange forward contracts | 0 | 0 |
Fair value liabilities measured on recurring basis | ||
Derivative Liability | 0 | 0 |
Foreign exchange forward contracts | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair value assets measured on recurring basis | ||
Foreign exchange forward contracts | 2.1 | 2.9 |
Fair value liabilities measured on recurring basis | ||
Derivative Liability | 0 | 1 |
Interest rate swaps | Fair Value, Measurements, Recurring [Member] | ||
Fair value liabilities measured on recurring basis | ||
Derivative Liability | 0.4 | 1.2 |
Interest rate swaps | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value liabilities measured on recurring basis | ||
Derivative Liability | 0 | 0 |
Interest rate swaps | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair value liabilities measured on recurring basis | ||
Derivative Liability | 0.4 | 1.2 |
Certificates of deposit | Fair Value, Measurements, Recurring [Member] | ||
Fair value assets measured on recurring basis | ||
Investments, Fair Value Disclosure | 99.2 | 136.7 |
Certificates of deposit | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair value assets measured on recurring basis | ||
Investments, Fair Value Disclosure | 0 | 0 |
Assets held in rabbi trusts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair value assets measured on recurring basis | ||
Assets held in rabbi trusts | 9.1 | 9.8 |
Fair value liabilities measured on recurring basis | ||
Deferred compensation | 9.1 | 9.8 |
Assets held in rabbi trusts [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value assets measured on recurring basis | ||
Assets held in rabbi trusts | 9.1 | 9.8 |
Assets held in rabbi trusts [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair value assets measured on recurring basis | ||
Assets held in rabbi trusts | 0 | 0 |
Fair value liabilities measured on recurring basis | ||
Deferred compensation | $ 0 | $ 0 |
Fair Value of Assets and Liab72
Fair Value of Assets and Liabilities - Summary of Liabilities Recorded at Carrying Value (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Fair value and carrying value of the Company's debt instruments | ||
Current notes payable - Fair value | $ 80.9 | $ 25.6 |
Notes payable - Carrying value | 80.9 | 25.6 |
Long-term debt - Fair Value | 620 | 483.6 |
Long-term debt - Carrying value | 618.3 | 479.8 |
Total debt instruments - Fair value | 700.9 | 509.2 |
Total debt instruments - Carrying value | $ 699.2 | $ 505.4 |
Segment Information - (Details)
Segment Information - (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||
Summary of Segment Information | ||||||
Revenue, Net | $ 680.9 | $ 768 | $ 2,069.8 | $ 2,189.8 | ||
Operating profit | 19.6 | 46.7 | 53.9 | 127.2 | ||
Asset Impairment Charges | 0 | 0 | (18.9) | 0 | ||
Restructuring charges | (7.6) | (1) | (17.9) | (6.8) | ||
Net non-routine (expense) income | (4.4) | (3.6) | (14.4) | 7.5 | ||
Other expense | (2.6) | 1.1 | (14.4) | (6.5) | ||
Income before taxes | 17 | 47.8 | 39.5 | 120.7 | ||
Depreciation and amortization expense | 16 | 18.7 | 49.2 | 55.4 | ||
Property, plant and equipment, at cost | 611.3 | 611.3 | $ 612.9 | |||
Operating Segments [Member] | ||||||
Summary of Segment Information | ||||||
Intersegment revenue | 62.6 | 63.1 | 202.6 | 164.5 | ||
Operating profit | 96.8 | 125.1 | 313.5 | 340.1 | ||
Depreciation and amortization expense | 7.9 | 8.5 | 21 | 24.9 | ||
Property, plant and equipment, at cost | 257.1 | 257.1 | 292.6 | |||
Operating Segments [Member] | North America Segment [Member] | ||||||
Summary of Segment Information | ||||||
Revenue, Net | 361.4 | 361.5 | 1,092.7 | 1,025 | ||
Intersegment revenue | 21.6 | 18 | 66.5 | 52.1 | ||
Operating profit | 66.7 | 71.2 | 208.1 | 202.7 | ||
Depreciation and amortization expense | 3.9 | 2 | 8.1 | 7.1 | ||
Property, plant and equipment, at cost | 119.1 | 119.1 | 128.8 | |||
Operating Segments [Member] | Asia Pacific Segment [Member] | ||||||
Summary of Segment Information | ||||||
Revenue, Net | 107.6 | 135 | 327.5 | 361.5 | ||
Intersegment revenue | 22.5 | 22.1 | 82.2 | 69.4 | ||
Operating profit | 14.2 | 20.8 | 46.7 | 50.9 | ||
Depreciation and amortization expense | 1.7 | 2 | 5.1 | 5.8 | ||
Property, plant and equipment, at cost | 50 | 50 | 46.9 | |||
Operating Segments [Member] | EMEA Segment [Member] | ||||||
Summary of Segment Information | ||||||
Revenue, Net | 89.5 | 99.8 | 282.4 | 302.3 | ||
Intersegment revenue | 18.3 | 22.8 | 53.5 | 42.6 | ||
Operating profit | 11.1 | 14.4 | 37.6 | 47.6 | ||
Depreciation and amortization expense | 0.9 | 1 | 2.5 | 3.1 | ||
Property, plant and equipment, at cost | 35.1 | 35.1 | 38.2 | |||
Operating Segments [Member] | Latin America Segment [Member] | ||||||
Summary of Segment Information | ||||||
Revenue, Net | 122.4 | 171.7 | 367.2 | 501 | ||
Intersegment revenue | 0.2 | 0.2 | 0.4 | 0.4 | ||
Operating profit | 4.8 | 18.7 | 21.1 | 38.9 | ||
Depreciation and amortization expense | 1.4 | 3.5 | 5.3 | 8.9 | ||
Property, plant and equipment, at cost | 52.9 | 52.9 | 78.7 | |||
Corporate and Reconciling Items [Member] | ||||||
Summary of Segment Information | ||||||
Operating profit | (77.2) | (78.4) | (259.6) | (212.9) | ||
Corporate, Non-Segment [Member] | ||||||
Summary of Segment Information | ||||||
Operating profit | [1] | (65.2) | (73.8) | (208.4) | (213.6) | |
Depreciation and amortization expense | 8.1 | 10.2 | 28.2 | 30.5 | ||
Property, plant and equipment, at cost | 354.2 | 354.2 | $ 320.3 | |||
Segment Reconciling Items [Member] | ||||||
Summary of Segment Information | ||||||
Asset Impairment Charges | 0 | 0 | (18.9) | 0 | ||
Restructuring charges | (7.6) | (1) | (17.9) | (6.8) | ||
Net non-routine (expense) income | $ (4.4) | $ (3.6) | $ (14.4) | $ 7.5 | ||
[1] | Corporate charges not allocated to segments include headquarter-based costs associated with manufacturing administration, procurement, human resources, finance and accounting, global development/engineering, global strategy/mergers and acquisitions, global information technology, tax, treasury and legal. |
Segment Information - Revenue b
Segment Information - Revenue by Service/Product Solution (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenue from External Customer [Line Items] | ||||
Services | $ 404.4 | $ 416.5 | $ 1,208.5 | $ 1,209.7 |
Products | 276.5 | 351.5 | 861.3 | 980.1 |
Revenue, Net | 680.9 | 768 | 2,069.8 | 2,189.8 |
Financial Self Service And Security [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenue, Net | 675.7 | 708.4 | 2,052.6 | 2,013.3 |
Financial Self-Service [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Services | 293.3 | 310.7 | 883.9 | 901.8 |
Products | 216.6 | 239.7 | 689.3 | 658 |
Revenue, Net | 509.9 | 550.4 | 1,573.2 | 1,559.8 |
Security [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Services | 111.1 | 105.8 | 324.6 | 307.9 |
Products | 54.7 | 52.2 | 154.8 | 145.6 |
Revenue, Net | 165.8 | 158 | 479.4 | 453.5 |
Brazil Other [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenue, Net | $ 5.2 | $ 59.6 | $ 17.2 | $ 176.5 |
Segment Information (Details Te
Segment Information (Details Textuals) | 9 Months Ended |
Sep. 30, 2015segments | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 4 |
Subsequent Event Subsequent Eve
Subsequent Event Subsequent Event (Details) - Subsequent Event [Member] $ in Millions | Oct. 25, 2015USD ($) |
Subsequent Event [Line Items] | |
Divestiture Agreed Upon Purchase Price | $ 350 |
Divestiture Agreed Upon Contingent Payment | 10.00% |
Divestiture Credit For Transition Services | $ 6 |