Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 16, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Entity Public Float | $ 1,613,589,568 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Registrant Name | DIEBOLD NIXDORF, Inc | ||
Entity Central Index Key | 28,823 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Entity Common Stock, Shares Outstanding | 75,347,468 | ||
Entity Well-known Seasoned Issuer | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Document Period End Date | Dec. 31, 2016 | |
Current assets | ||
Cash and cash equivalents | $ 652.7 | $ 313.6 |
Short-term investments | 64.1 | 39.9 |
Trade receivables, less allowances for doubtful accounts of $50.4 and $31.7, respectively | 835.9 | 413.9 |
Inventories | 737.7 | 369.3 |
Deferred income taxes | 0 | 168.8 |
Prepaid expenses | 60.7 | 23.6 |
Refundable income taxes | 85.2 | 18 |
Current assets held for sale | 0 | 148.2 |
Other current assets | 183.3 | 148.3 |
Total current assets | 2,619.6 | 1,643.6 |
Securities and other investments | 94.7 | 85.2 |
Property, plant and equipment, net | 387 | 175.3 |
Goodwill | 998.3 | 161.5 |
Deferred income taxes | 309.5 | 65.3 |
Finance lease receivables | 25.2 | 36.5 |
Intangible assets, net | 772.9 | 67.5 |
Other assets | 63.1 | 7.5 |
Total assets | 5,270.3 | 2,242.4 |
Current liabilities | ||
Notes payable | 106.9 | 32 |
Accounts payable | 560.5 | 281.7 |
Deferred revenue | 404.2 | 229.2 |
Payroll and other benefits liabilities | 172.5 | 76.5 |
Current liabilities held for sale | 0 | 49.4 |
Other current liabilities | 580.4 | 287 |
Total current liabilities | 1,824.5 | 955.8 |
Long-term debt | 1,691.4 | 606.2 |
Pensions and other benefits | 279.4 | 195.6 |
Post-retirement and other benefits | 17.8 | 18.7 |
Deferred income taxes | 300.6 | 1.9 |
Other liabilities | 87.7 | 28.7 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 44.1 | 0 |
Diebold Nixdorf, 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, (89,924,378 and 79,696,694 issued shares, 75,144,784 and 65,001,602 outstanding shares, respectively) | 112.4 | 99.6 |
Additional capital | 720 | 430.8 |
Retained earnings | 662.7 | 760.3 |
Treasury shares, at cost (14,779,597 and 14,695,092 shares, respectively) | (562.4) | (560.2) |
Accumulated other comprehensive loss | (341.3) | (318.1) |
Total Diebold Nixdorf, Incorporated shareholders' equity | 591.4 | 412.4 |
Noncontrolling interests | 433.4 | 23.1 |
Total equity | 1,024.8 | 435.5 |
Total liabilities, redeemable noncontrolling interests and equity | 5,270.3 | 2,242.4 |
Customer Relationships [Member] | ||
Current assets | ||
Intangible assets, net | 596.3 | 1.5 |
Other intangibles | ||
Current assets | ||
Intangible assets, net | 40.1 | 21.6 |
Other Intangible Assets Including Indefinite Lived [Member] | ||
Current assets | ||
Intangible assets, net | $ 176.6 | $ 66 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 50.4 | $ 31.7 |
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred stock, no par value | $ 0 | $ 0 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value per share | $ 1.25 | $ 1.25 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 89,924,378 | 79,696,694 |
Common stock, shares outstanding | 75,144,784 | 65,001,602 |
Treasury stock, shares | 14,779,597 | 14,695,092 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net sales | |||
Services | $ 1,907.9 | $ 1,394.2 | $ 1,432.8 |
Products | 1,408.4 | 1,025.1 | 1,302 |
Net sales | 3,316.3 | 2,419.3 | 2,734.8 |
Cost of sales | |||
Services | 1,373.1 | 932.8 | 974.8 |
Products | 1,221.5 | 834.5 | 1,033.8 |
Total cost of sales | 2,594.6 | 1,767.3 | 2,008.6 |
Gross profit | 721.7 | 652 | 726.2 |
Selling and administrative expense | 761.2 | 488.2 | 478.4 |
Research, development and engineering expense | 110.2 | 86.9 | 93.6 |
Impairment of assets | 9.8 | 18.9 | 2.1 |
(Gain) loss on sale of assets, net | 0.3 | (0.6) | (12.9) |
Total operating expense | 881.5 | 593.4 | 561.2 |
Operating profit (loss) | (159.8) | 58.6 | 165 |
Other income (expense) | |||
Interest income | 21.5 | 26 | 34.5 |
Interest expense | (101.4) | (32.5) | (31.4) |
Foreign exchange gain (loss), net | (2.1) | (10) | (11.8) |
Miscellaneous, net | 3.5 | 3.7 | (1.6) |
Income (loss) from continuing operations before taxes | (238.3) | 45.8 | 154.7 |
Income tax (benefit) expense | (67.6) | (13.7) | 47.4 |
Income (loss) from continuing operations, net of tax | (170.7) | 59.5 | 107.3 |
Income (loss) from discontinued operations, net of tax | 143.7 | 15.9 | 9.7 |
Net income (loss) | (27) | 75.4 | 117 |
Net income attributable to noncontrolling interests, net of tax | 6 | 1.7 | 2.6 |
Net income (loss) attributable to Diebold Nixdorf, Incorporated | $ (33) | $ 73.7 | $ 114.4 |
Basic weighted-average shares outstanding | 69.1 | 64.9 | 64.5 |
Diluted weighted-average shares outstanding | 69.1 | 65.6 | 65.2 |
Basic earnings (loss) per share | |||
Income (loss) before discontinued operations, net of tax | $ (2.56) | $ 0.89 | $ 1.62 |
Income (loss) from discontinued operations, net of tax | 2.08 | 0.24 | 0.15 |
Net income (loss) attributable to Diebold Nixdorf, Incorporated | (0.48) | 1.13 | 1.77 |
Diluted earnings (loss) per share | |||
Income (loss) before discontinued operations, net of tax | (2.56) | 0.88 | 1.61 |
Income (loss) from discontinued operations, net of tax | 2.08 | 0.24 | 0.15 |
Net income (loss) attributable to Diebold Nixdorf, Incorporated | $ (0.48) | $ 1.12 | $ 1.76 |
Amounts attributable to Diebold Nixdorf, Incorporated | |||
Income (loss) before discontinued operations, net of tax | $ (176.7) | $ 57.8 | $ 104.7 |
Income (loss) from discontinued operations, net of tax | 143.7 | 15.9 | 9.7 |
Net income (loss) attributable to Diebold Nixdorf, Incorporated | $ (33) | $ 73.7 | $ 114.4 |
Cash dividends declared and paid per share | $ 0.96 | $ 1.15 | $ 1.15 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income (loss) | $ (27) | $ 75.4 | $ 117 |
Interest rate hedges: | |||
Net income recognized in other comprehensive income (net of tax of $3.0, $(0.3) and $(0.4), respectively) | 4.9 | 0.8 | 0.7 |
Less: reclassification adjustments for amounts recognized in net income (net of tax of $0.0, $(0.2) and$(0.1), respectively) | 0.2 | 0.4 | 0.2 |
Total interest rate hedges, net of tax | 4.7 | 0.4 | 0.5 |
Pension and other post-retirement benefits: | |||
Prior service credit recognized during the year (net of tax of $0.0, $0.1 and $0.1, respectively) | 0 | (0.1) | (0.3) |
Net actuarial losses recognized during the year (net of tax of $(1.8), $(2.7) and $(1.2), respectively) | 4 | 4.2 | 2 |
Net actuarial (gain) loss occurring during the year (net of tax of $(8.3), $(1.3) and $39.3, respectively) | 18.5 | 2.1 | (63.7) |
Net actuarial gain recognized due to curtailment (net of tax of $1.5, $0.0 and $0.0, respectively) | (3.3) | 0 | 0 |
Currency Impact (net of tax of $0.4, $0.0 and $0.0, respectively) | 0 | 0 | |
Total pension and other postretirement benefits, net of tax | 18.5 | 6.2 | (62) |
Unrealized gain (loss) on securities, net: | |||
Net gain (loss) recognized in other comprehensive income (net of tax of $0.0, $0.0 and $0.0, respectively) | 0 | 0 | (0.5) |
Less: reclassification adjustments for amounts recognized in net income (net of tax) | 0 | 0 | (2.2) |
Total unrealized gain (loss) on securities, net | 0 | 0 | (2.7) |
Other | (0.1) | 0.1 | 0 |
Other comprehensive income (loss), net of tax | (20) | (128.2) | (137.4) |
Comprehensive income (loss) | (47) | (52.8) | (20.4) |
Less: comprehensive income (loss) attributable to noncontrolling interests | 9.2 | 3.2 | 1.4 |
Comprehensive income (loss) attributable to Diebold Nixdorf, Incorporated | (56.2) | (56) | (21.8) |
Translation adjustment | |||
Other comprehensive income (loss), net of tax: | |||
Translation adjustment (net of tax of $(0.6), $5.3 and $3.6, respectively) | (32.4) | (141.3) | (73.7) |
Foreign currency hedges | |||
Other comprehensive income (loss), net of tax: | |||
Foreign currency hedges (net of tax of $6.2, $(4.0) and $(0.3), respectively) | $ (10.7) | $ 6.4 | $ 0.5 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income recognized in other comprehensive income, interest rate hedges, tax | $ 3 | $ (0.3) | $ (0.4) |
Derivatives, reclassification adjustment for amounts recognized in net income, tax | 0 | (0.2) | (0.1) |
Net prior service benefit amortization, tax | 0 | 0.1 | 0.1 |
Net actuarial loss recognized during the year, tax | (1.8) | (2.7) | (1.2) |
Net actuarial (gains) losses occurring during the year, tax | (8.3) | (1.3) | 39.3 |
Net prior service benefit amortization due to curtailment, tax | 0 | 0 | 0 |
Net actuarial losses recognized due to curtailment, tax | 1.5 | 0 | 0 |
Currency impact, tax | 0.4 | 0 | 0 |
Net (loss) gain recognized in other comprehensive income, securities, tax | 0 | 0 | 0 |
Available for sale securities, reclassification adjustment for amounts recognized in net income, tax | 0 | 0 | 0 |
Translation adjustment | |||
Translation adjustment and foreign currency hedges, tax | (0.6) | 5.3 | 3.6 |
Foreign currency hedges | |||
Translation adjustment and foreign currency hedges, tax | $ 6.2 | $ (4) | $ (0.3) |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Millions, $ in Millions | Total | Common Shares | Additional Capital | Retained Earnings [Member] | Treasury Shares | AOCI Attributable to Parent [Member] | Total Diebold Nixdorf, Incorporated Shareholders' Equity | Non-controlling Interests |
Common Shares, $1.25 Par Value | $ 1.25 | |||||||
Balance (shares) at Dec. 31, 2013 | 78.6 | |||||||
Balance at Dec. 31, 2013 | $ 620.8 | $ 98.3 | $ 385.3 | $ 722.7 | $ (555.3) | $ (54.3) | $ 596.7 | $ 24.1 |
Net income (loss) | 117 | 114.4 | 114.4 | 2.6 | ||||
Other comprehensive income (loss) | (136.2) | (136.2) | ||||||
Other comprehensive income (loss), noncontrolling | (1.2) | |||||||
Other comprehensive income (loss), net of tax | (137.4) | |||||||
Stock options exercised (shares) | 0.4 | |||||||
Stock options exercised | 14.6 | $ 0.5 | 14.1 | 14.6 | ||||
Restricted stock units issued, shares | 0.2 | |||||||
Restricted stock units issued | 0 | $ 0.2 | (0.2) | 0 | ||||
Income tax detriment from share-based compensation | (2.7) | (2.7) | (2.7) | |||||
Share-based compensation expense | 21.5 | 21.5 | 21.5 | |||||
Dividends declared and paid | (74.9) | (74.9) | (74.9) | |||||
Treasury shares | (1.9) | (1.9) | (1.9) | |||||
Distributions to noncontrolling interest holders, net | (2.2) | 0 | (2.2) | |||||
Balance (shares) at Dec. 31, 2014 | 79.2 | |||||||
Balance at Dec. 31, 2014 | 554.8 | $ 99 | 418 | 762.2 | (557.2) | (190.5) | 531.5 | 23.3 |
Net income (loss) | 75.4 | 73.7 | 73.7 | 1.7 | ||||
Other comprehensive income (loss) | (127.6) | (127.6) | (127.6) | |||||
Other comprehensive income (loss), noncontrolling | 1.5 | |||||||
Other comprehensive income (loss), net of tax | (128.2) | |||||||
Other comprehensive income (loss), net of tax and noncontrolling interest adjustment | (126.1) | |||||||
Stock options exercised (shares) | 0.1 | |||||||
Stock options exercised | 3.5 | $ 0.2 | 3.3 | 3.5 | ||||
Restricted stock units issued, shares | 0.2 | |||||||
Restricted stock units issued | 0 | $ 0.2 | (0.2) | 0 | ||||
Other share-based compensation units issued (shares) | 0.2 | |||||||
Other share-based compensation units issued | 0 | $ 0.2 | (0.2) | 0 | ||||
Income tax detriment from share-based compensation | (2.5) | (2.5) | (2.5) | |||||
Share-based compensation expense | 12.4 | 12.4 | 12.4 | |||||
Dividends declared and paid | (75.6) | (75.6) | (75.6) | |||||
Treasury shares | (3) | (3) | (3) | |||||
Distributions to noncontrolling interest holders, net | (3.4) | 0 | (3.4) | |||||
Balance (shares) at Dec. 31, 2015 | 79.7 | |||||||
Balance at Dec. 31, 2015 | $ 435.5 | $ 99.6 | 430.8 | 760.3 | (560.2) | (318.1) | 412.4 | 23.1 |
Common Shares, $1.25 Par Value | $ 1.25 | |||||||
Net income (loss) | $ (27) | (33) | (33) | 6 | ||||
Other comprehensive income (loss) | (23.2) | (23.2) | (23.2) | |||||
Other comprehensive income (loss), noncontrolling | 3.2 | |||||||
Other comprehensive income (loss), net of tax | (20) | |||||||
Other comprehensive income (loss), net of tax and noncontrolling interest adjustment | $ (20) | |||||||
Stock options exercised (shares) | 0.1 | 0 | ||||||
Stock options exercised | $ 0.3 | $ 0 | 0.3 | 0.3 | ||||
Restricted stock units issued, shares | 0.2 | |||||||
Restricted stock units issued | 0 | $ 0.2 | (0.2) | 0 | ||||
Other share-based compensation units issued (shares) | 0 | |||||||
Other share-based compensation units issued | 0 | $ 0.1 | (0.1) | 0 | ||||
Income tax detriment from share-based compensation | (0.2) | (0.2) | (0.2) | |||||
Share-based compensation expense | 22.2 | 22.2 | 22.2 | |||||
Dividends declared and paid | (64.6) | (64.6) | (64.6) | |||||
Treasury shares | (2.2) | (2.2) | (2.2) | |||||
Distributions to noncontrolling interest holders, net | (8.2) | 0 | (8.2) | |||||
Balance (shares) at Dec. 31, 2016 | 89.9 | |||||||
Balance at Dec. 31, 2016 | 1,024.8 | $ 112.4 | 720 | 662.7 | (562.4) | (341.3) | 591.4 | 433.4 |
Sale of equity interest | 7.1 | 0 | 7.1 | |||||
Reclassification of guaranteed dividend to accrued liabilities | (5.7) | 0 | (5.7) | |||||
Acquisition of Diebold Nixdorf AG, shares issued | 9.9 | |||||||
Acquisition of Diebold Nixdorf AG | 279.7 | $ 12.4 | 267.3 | 279.7 | ||||
Performance shares issued, shares | 0.1 | |||||||
Performance shares issued | 0 | $ 0.1 | (0.1) | 0 | ||||
Net income (loss) | (73.4) | |||||||
Balance (shares) at Dec. 31, 2016 | 89.9 | |||||||
Balance at Dec. 31, 2016 | $ 1,024.8 | $ 112.4 | $ 720 | $ 662.7 | $ (562.4) | $ (341.3) | 591.4 | 433.4 |
Common Shares, $1.25 Par Value | $ 1.25 | |||||||
Acquired fair value of noncontrolling interest | $ 407.9 | $ 0 | $ 407.9 |
Consolidated Statements of Equ8
Consolidated Statements of Equity (Parentheticals) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | |||
Treasury shares | 0.1 | 0.1 | 0.2 |
Venezuela noncontrolling interest adjustment | $ 2.1 | ||
Common Shares, $1.25 Par Value | $ 1.25 | $ 1.25 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flow from operating activities: | |||
Net income (loss) | $ (27) | $ 75.4 | $ 117 |
Income (loss) from discontinued operations, net of tax | 143.7 | 15.9 | 9.7 |
Income (loss) from continuing operations, net of tax | (170.7) | 59.5 | 107.3 |
Adjustments to reconcile net income (loss) to cash provided by operating activities: | |||
Depreciation and amortization | 134.8 | 64 | 73.4 |
Share-based compensation expense | 22.2 | 12.4 | 21.5 |
Excess tax benefits from share-based compensation | (0.4) | (0.5) | (0.5) |
Impairment of assets | 9.8 | 18.9 | 2.1 |
Pension curtailment | (4.6) | 0 | 0 |
Devaluation of Venezuelan balance sheet | 0 | 7.5 | 12.1 |
Loss (gain) on sale of assets, net | 0.3 | (0.6) | (12.9) |
Gain on foreign currency option and forward contracts, net | (9.3) | (7) | 0 |
Cash flow from changes in certain assets and liabilities, net of the effects of acquisitions | |||
Trade receivables | 100.9 | (56.4) | (38.2) |
Inventories | 124.3 | (51.2) | (42.8) |
Refundable income taxes | (67.3) | (6.3) | 9.6 |
Other current assets | 122 | 6.5 | (42.7) |
Accounts payable | (112.1) | 57.6 | 55.2 |
Deferred revenue | 61.6 | (14.7) | 50.7 |
Accrued salaries, wages and commissions | (13.7) | (22.1) | 23.4 |
Deferred income taxes | (94.6) | (40.1) | (11.3) |
Warranty liability | (42.2) | (13.8) | 43.4 |
Finance lease receivables | 45.3 | 40.1 | (61.6) |
Certain other assets and liabilities | (67.3) | (22.2) | 0.4 |
Net cash provided by operating activities - continuing operations | 39 | 31.6 | 189.1 |
Net cash provided (used) by operating activities - discontinued operations | (10.6) | 5.1 | (2.2) |
Net cash provided by operating activities | 28.4 | 36.7 | 186.9 |
Cash flow from investing activities: | |||
Payments for acquisitions, net of cash acquired | (884.6) | (59.4) | (11.7) |
Proceeds from maturities of investments | 225 | 176.1 | 477.4 |
Proceeds from sale of investments | 0 | 0 | 39.6 |
Payments for purchases of investments | (243.5) | (125.5) | (428.7) |
Proceeds from divestitures and the sale of assets | 31.3 | 5 | 18.4 |
Capital expenditures | (39.5) | (52.3) | (60.1) |
Increase in certain other assets | (28.2) | (6.3) | (19.8) |
Proceeds from sale of foreign currency option and forward contracts, net | 16.2 | 0 | 0 |
Net cash provided (used) by investing activities - continuing operations | (923.3) | (62.4) | 15.1 |
Net cash provided (used) by investing activities - discontinued operations | 361.9 | (2.5) | (1.3) |
Net cash provided (used) by investing activities | (561.4) | (64.9) | 13.8 |
Cash flow from financing activities: | |||
Dividends paid | (64.6) | (75.6) | (74.9) |
Debt issuance costs | (39.2) | (6) | (1.4) |
Revolving debt borrowings (repayments), net | (178) | 155.8 | 2 |
Other debt borrowings | 1,837.7 | 135.8 | 157.6 |
Other debt repayments | (662.5) | (168.7) | (175.5) |
Distributions to noncontrolling interest holders | (10.2) | (0.1) | (2.2) |
Excess tax benefits from share-based compensation | 0.3 | 0.5 | 0.5 |
Issuance of common shares | 0.3 | 3.5 | 14.6 |
Repurchase of common shares | (2.2) | (3) | (1.9) |
Net cash provided (used) by financing activities - continuing operations | 881.6 | 42.2 | (81.2) |
Net cash provided (used) by financing activities - discontinued operations | 0 | 0 | 0 |
Net cash provided (used) by financing activities | 881.6 | 42.2 | (81.2) |
Effect of exchange rate changes on cash | (8) | (23.9) | (28.2) |
Increase (decrease) in cash and cash equivalents | 340.6 | (9.9) | 91.3 |
Add: Cash overdraft included in assets held for sale at beginning of year | (1.5) | (4.1) | (0.6) |
Less: Cash overdraft included in assets held for sale at end of year | 0 | (1.5) | (4.1) |
Cash and cash equivalents at the beginning of the year | 313.6 | 326.1 | 231.3 |
Cash and cash equivalents at the end of the year | 652.7 | 313.6 | 326.1 |
Cash paid for | |||
Income taxes | 83.8 | 64.8 | 49.2 |
Interest | $ 85.4 | $ 32.6 | $ 31.2 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation. The consolidated financial statements include the accounts of Diebold Nixdorf, Incorporated and its wholly- and majority-owned subsidiaries (collectively, the Company). All significant intercompany accounts and transactions have been eliminated. Use of Estimates in Preparation of Consolidated Financial Statements. The preparation of the accompanying consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include revenue recognition, the valuation of trade and financing receivables, inventories, goodwill, intangible assets, other long-lived assets, legal contingencies, guarantee obligations and assumptions used in the calculation of income taxes, pension and other post-retirement benefits and customer incentives, among others. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors. Management monitors the economic condition and other factors and will adjust such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. International Operations. The financial statements of the Company’s international operations are measured using local currencies as their functional currencies, with the exception of Venezuela's financial results, which are measured using the currency exchange mechanism, SICAD 2. The Company translates the assets and liabilities of its non-U.S. subsidiaries at the exchange rates in effect at year end and the results of operations at the average rate throughout the year. The translation adjustments are recorded directly as a separate component of shareholders’ equity, while transaction gains (losses) are included in net income. Venezuelan Currency Devaluation. In 2015, the Company's Venezuelan operations consisted of a fifty-percent owned subsidiary, which was consolidated. Venezuela financial results were measured using the U.S. dollar as its functional currency because its economy is considered highly inflationary. On March 24, 2014, the Venezuelan 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. Management determined that it was unlikely that the Company would be able to convert bolivars under a currency exchange other than SICAD 2. On March 31, 2014, the Company remeasured its Venezuelan balance sheet using the SICAD 2 rate of 50.86 compared to the previous official government rate of 6.30 , resulting 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 consolidated statements of operations in the first quarter of 2014. In addition, 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 consolidated statements of operations in 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 consolidated statements of operations in the first quarter of 2015. 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. During the remainder of 2015, the Company incurred an additional $0.4 related to uncollectible accounts receivable which is included in selling and administrative expenses on the consolidated statements of operations. Acquisitions and Divestitures. Acquisitions are accounted for using the purchase method of accounting. This method requires the Company to record assets and liabilities of the business acquired at their estimated fair market values as of the acquisition date. Any excess cost of the acquisition over the fair value of the net assets acquired is recorded as goodwill. The Company generally uses valuation specialists to perform appraisals and assist in the determination of the fair values of the assets acquired and liabilities assumed. These valuations require management to make estimates and assumptions that are critical in determining the fair values of the assets and liabilities. For divestitures, the Company considers assets to be held for sale when management approves and commits to a formal plan to actively market the assets for sale at a price reasonable in relation to their estimated fair value, the assets are available for immediate sale in their present condition, an active program to locate a buyer and other actions required to complete the sale have been initiated, the sale of the assets is probable and expected to be completed within one year (or, if it is expected that others will impose conditions on the sale of the assets that will extend the period required to complete the sale, that a firm purchase commitment is probable within one year) and it is unlikely that significant changes will be made to the plan. Upon designation as held for sale, the Company records the assets at the lower of their carrying value or their estimated fair value, reduced for the cost to dispose of the assets, and ceases to record depreciation expense on the assets. The Company reports financial results for discontinued operations separately from continuing operations to distinguish the financial impact of a divestiture from ongoing operations. Discontinued operations reporting occurs only when the disposal of a component or a group of components of the Company represents a strategic shift that will have a major effect on the Company's operations and financial results. During the year ended December 31, 2015, management of the Company, through receipt in October 2015 of the required authorization from its Board of Directors after a potential buyer had been identified, committed to a plan to divest its NA electronic security business. As such, all of the criteria required for held for sale and discontinued operations classification were met during the fourth quarter of 2015. The divestiture of its NA electronic security business closed on February 1, 2016. Accordingly, the assets and liabilities, operating results and operating and investing cash flows for are presented as discontinued operations separate from the Company’s continuing operations for all periods presented. All assets and liabilities classified as held for sale are included in total current assets based on the cash conversion of these assets and liabilities within one year (refer to note 23 ). Assets and liabilities of a discontinued operation are reclassified as held for sale for all comparative periods presented in the consolidated balance sheet. The results of operations of a discontinued operation are reclassified to income from discontinued operations, net of tax, for all periods presented. For assets that meet the held for sale criteria but do not meet the definition of a discontinued operation, the Company reclassifies the assets and liabilities in the period in which the held for sale criteria are met, but does not reclassify prior period amounts. Realignment. In the first quarter 2015, the Company announced the realignment of its Brazil and 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. Reclassification. The Company has reclassified the presentation of certain prior-year information to conform to the current presentation. Revenue Recognition. The Company’s revenue recognition policy is consistent with the requirements of ASC 605. In general, the Company records revenue when it is realized, or realizable and earned. The Company considers revenue to be realized, or realizable and earned when, persuasive evidence of an arrangement exists, the products or services have been approved by the customer after delivery and/or installation acceptance or performance of services; the sales price is fixed or determinable within the contract; and collectability is reasonably assured. The Company's products include both hardware and the software required for the equipment to operate as intended, and for product sales, the Company determines the earnings process is complete when title, risk of loss and the right to use the product has transferred to the customer. Within the North America region, the earnings process is completed upon customer acceptance. Where the Company is contractually responsible for installation, customer acceptance occurs upon completion of the installation of all equipment at a job site and the Company’s demonstration that the equipment is in operable condition. Where the Company is not contractually responsible for installation, customer acceptance occurs upon shipment or delivery to a customer location depending on the terms within the contract. Internationally, customer acceptance is upon delivery or completion of the installation depending on the terms in the contract with the customer. The application of ASC 605 to the Company's customer contracts requires judgment, including the determination of whether an arrangement includes multiple deliverables such as hardware, software, maintenance and/or other services. For contracts that contain multiple deliverables, total arrangement consideration is allocated at the inception of the arrangement to each deliverable based on the relative selling price method. The relative selling price method is based on a hierarchy consisting of VSOE (price when sold on a stand-alone basis), if available, or TPE, if VSOE is not available, or ESP if neither VSOE nor TPE is available. The Company's ESP is consistent with the objective of determining VSOE, which is the price at which we would expect to transact on a stand-alone sale of the deliverable. The determination of ESP is based on applying significant judgment to weigh a variety of company-specific factors including our pricing practices, customer volume, geography, internal costs and gross margin objectives, information gathered from experience in customer negotiations, recent technological trends, and competitive landscape. In contracts that involve multiple deliverables with separately priced extended warranty and product maintenance, these services are typically accounted for under FASB ASC 605-20, Separately Priced Extended Warranty and Product Maintenance Contracts where stated price is recognized ratably over the period. For software sales, excluding software required for the equipment to operate as intended, the Company applies the software revenue recognition principles within FASB ASC 985-605, Software - Revenue Recognition. For software and software-related deliverables (software elements), the Company allocates revenue based upon the relative fair value of these software elements as determined by VSOE. If the Company cannot obtain VSOE for any undelivered software element, revenue is deferred until all deliverables have been delivered or until VSOE can be determined for any remaining undelivered software elements. When the fair value of a delivered element cannot be established, but fair value evidence exists for the undelivered software elements, the Company uses the residual method to recognize revenue. Under the residual method, the fair value of the undelivered elements is deferred and the remaining portion of the arrangement consideration is allocated to the delivered elements and recognized as revenue. The Company has the following revenue streams related to sales to its customers: Financial Self-Service Product & Managed Service Revenue FSS products are primarily ATMs and other equipment primarily used in the banking industry which include both hardware and the software required for the equipment to operate as intended. The Company also provides service contracts on FSS products that typically cover a 12-month period and can begin at any time after the warranty period expires. The service provided under warranty is limited as compared to those offered under service contracts. Further, warranty is not considered a separate deliverable of the sale and covers only replacement of defective parts inclusive of labor. Service contracts provide additional services beyond those covered under the warranty, including preventative maintenance service, cleaning, supplies stocking and cash handling, all of which are not essential to the functionality of the equipment. Service revenue also includes services and parts the Company provides on a billed-work basis that are not covered by warranty or service contract. The Company also provides customers with integrated services such as outsourced and managed services, including remote monitoring, trouble-shooting, training, transaction processing, currency management, maintenance or full support services. Electronic Security Products & Managed Service Revenue The Company provides global product sales, service, installation, project management for longer-term contracts and monitoring of original equipment manufacturer electronic security products to financial, government, retail and commercial customers. These solutions provide the Company’s customers a single-source solution to their electronic security needs. The Company has included the net sales from its NA electronic security business as discontinued operations. Retail Products & Managed Service Revenue The Company provides hardware, software and IT services ensuring the maximum availability and adaption of integrated installed IT software and systems. Key elements are programmable ePOS systems or self-checkout systems related to the customer's checkout area. Physical Security & Facility Revenue The Company designs, manufactures and/or procures and installs physical security and facility products. These consist of vaults, safe deposit boxes and safes, drive-up banking equipment and a host of other banking facilities products. Brazil Other The Company offers election and lottery systems product solutions and support to the Brazil government. Election systems revenue consists of election equipment sales, networking, tabulation and diagnostic software development, training, support and maintenance. Lottery systems revenue primarily consists of equipment sales. The election and lottery equipment components are included in product revenue. The software development, training, support and maintenance components are included in service revenue. Software Solutions & Service Revenue The Company offers software solutions, excluding software required for the equipment to operate as intended, consisting of multiple applications that process events and transactions (networking software) along with the related server. Sales of networking software represent software solutions to customers that allow them to network various different vendors’ ATMs onto one network. Included within service revenue is revenue from software support agreements, which are typically 12 months in duration and pertain to networking software. Cost of Sales. Cost of products sales is primarily comprised of direct materials and supplies consumed in the manufacturing and distribution of products, as well as related labor, depreciation expense and direct overhead expense necessary to acquire and convert the purchased materials and supplies into finished products. Cost of products sales also includes the cost to distribute products to customers, inbound freight costs, internal transfer costs, warehousing costs and other shipping and handling activity. Cost of services sold is primarily consists of fuel, parts and labor and benefits costs related to installation of products and service maintenance contracts, including call center costs as well as costs for service parts repair centers. Depreciation and Amortization. Depreciation of property, plant and equipment is computed using the straight-line method for financial statement purposes. Amortization of leasehold improvements is based upon the shorter of original terms of the lease or life of the improvement. Repairs and maintenance are expensed as incurred. Generally. amortization of the Company’s other long-term assets, such as intangible assets and capitalized computer software, is computed using the straight-line method over the life of the asset. Certain technology assets related to the Acquisition utilize a double-declining method. Advertising Costs. Advertising costs are expensed as incurred and were $14.0 , $11.6 and $16.7 in 2016 , 2015 and 2014 , respectively. Research, Development and Engineering. Research, development and engineering costs are expensed as incurred and were $110.2 , $86.9 and $93.6 in 2016 , 2015 and 2014 , respectively. Shipping and Handling Costs. The Company recognizes shipping and handling fees billed when products are shipped or delivered to a customer and includes such amounts in net sales. Third-party freight payments are recorded in cost of sales. Taxes on Income. Deferred taxes are provided on an asset and liability method, whereby deferred tax assets are recognized for deductible temporary differences, operating loss carry-forwards and tax credits. Deferred tax liabilities are recognized for taxable temporary differences and undistributed earnings in certain tax jurisdictions. Deferred tax assets are reduced by a valuation allowance when, based on available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Determination of a valuation allowance involves estimates regarding the timing and amount of the reversal of taxable temporary differences, expected future taxable income and the impact of tax planning strategies. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company regularly assesses its position with regard to tax exposures and records liabilities for these uncertain tax positions and related interest and penalties, if any, when the tax benefit is not more likely than not realizable. The Company has recorded an accrual that reflects the recognition and measurement process for the financial statement recognition and measurement of a tax position taken or expected to be taken on a tax return. Additional future income tax expense or benefit may be recognized once the positions are effectively settled. Sales Tax. The Company collects sales taxes from customers and accounts for sales taxes on a net basis. Cash Equivalents. The Company considers highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. Financial Instruments. The carrying amount of cash and cash equivalents, short term investments, trade receivables and accounts payable, approximated their fair value because of the relatively short maturity of these instruments. The Company’s risk-management strategy uses derivative financial instruments such as forwards to hedge certain foreign currency exposures and interest rate swaps to manage interest rate risk. The intent is to offset gains and losses that occur on the underlying exposures, with gains and losses on the derivative contracts hedging these exposures. The Company does not enter into derivatives for trading purposes. The Company recognizes all derivatives on the balance sheet at fair value. Changes in the fair values of derivatives that are not designated as hedges are recognized in earnings. If the derivative is designated and qualifies as a hedge, depending on the nature of the hedge, changes in the fair value of the derivatives are either offset against the change in the hedged assets or liabilities through earnings or recognized in other comprehensive income until the hedged item is recognized in earnings. Fair Value. The Company measures its financial assets and liabilities using one or more of the following three valuation techniques: Valuation technique Description Market approach Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. Cost approach Amount that would be required to replace the service capacity of an asset (replacement cost). Income approach Techniques to convert future amounts to a single present amount based upon market expectations. The hierarchy that prioritizes the inputs to valuation techniques used to measure fair value is divided into three levels: Fair value level Description Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 Unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active or inputs, other than quoted prices in active markets, that are observable either directly or indirectly. Level 3 Unobservable inputs for which there is little or no market data. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company uses the end of period when determining the timing of transfers between levels. Short-Term Investments The Company has investments in certificates of deposit that are recorded at cost, which approximates fair value. Assets Held in Rabbi Trusts / Deferred Compensation The fair value of the assets held in rabbi trusts (refer to note 8 and 15 ) is derived from investments in a mix of money market, fixed income and equity funds managed by Bank of America/Merrill Lynch. The related deferred compensation liability is recorded at fair value. Foreign Exchange Contracts The valuation of foreign exchange forward and option contracts is determined using valuation techniques, including option models tailored for currency derivatives. These contracts are valued using the market approach based on observable market inputs. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including spot rates, foreign currency forward rates, the interest rate curve of the domestic currency, and foreign currency volatility for the given currency pair. Forward Contracts 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. Option Contracts A put option gives the purchaser of the option the right to sell, and the writer of the option the obligation to buy, the underlying security at any time during the option period. A call option gives the purchaser of the option the right to buy, and the writer of the option the obligation to sell, the underlying security at any time during the option period. These foreign exchange option contracts are non-designated and are included in other current assets or other current liabilities based on the net asset or net liability position, respectively, in our consolidated balance sheets. The gain or loss on these non-designated derivative instruments is reflected in other income (expense) miscellaneous, net in our consolidated statements of operations. Changes in foreign exchange rates between the U.S dollar and euro can create substantial gains and losses from the revaluation of the derivative instrument. Interest Rate Swaps The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Assets and Liabilities Not Measured at Fair Value on a Recurring Basis In addition to assets and liabilities that are measured at fair value on a recurring basis, the Company also measures certain assets and liabilities at fair value on a nonrecurring basis. Our non-financial assets, including goodwill, intangible assets and property, plant and equipment, are measured at fair value when there is an indication of impairment. These assets are recorded at fair value, determined using level 3 inputs, only when an impairment charge is recognized. Further details regarding the Company's goodwill impairment review appear in note 13. Assets and Liabilities Recorded at Carrying Value The fair value of the Company’s cash and cash equivalents, trade receivables and accounts payable, approximates the carrying value due to the relative short maturity of these instruments. Refer to note 20 for further details of assets and liabilities subject to fair value measurement. Trade Receivables. The Company evaluates the collectability of trade receivables based on a percentage of sales related to historical loss experience and current trends. The Company will also record periodic adjustments for known events such as specific customer circumstances and changes in the aging of accounts receivable balances. After all efforts at collection have been unsuccessful, the account is deemed uncollectible and is written off. Financing Receivables. The Company evaluates the collectability of notes and finance lease receivables (collectively, financing receivables) on a customer-by-customer basis and evaluates specific customer circumstances, aging of invoices, credit risk changes and payment patterns and historical loss experience. When the collectability is determined to be at risk based on the above criteria, the Company records the allowance for credit losses which represents the Company’s current exposure less estimated reimbursement from insurance claims. After all efforts at collection have been unsuccessful, the account is deemed uncollectible and is written off. Inventories. The Company primarily values inventories at the lower of cost or market. The Company identifies and writes down its excess and obsolete inventories to net realizable value based on usage forecasts, order volume and inventory aging. With the development of new products, the Company also rationalizes its product offerings and will write-down discontinued product to the lower of cost or net realizable value. Deferred Revenue. Deferred revenue is recorded for any services billed to customers and not yet recognizable if the contract period has commenced or for the amount collected from customers in advance of the contract period commencing. In addition, deferred revenue is recorded for products and other deliverables that are billed to and collected from customers prior to revenue being recognizable. Split-Dollar Life Insurance. The Company recognizes a liability for the post-retirement obligation associated with a collateral assignment arrangement if, based on an agreement with an employee, the Company has agreed to maintain a life insurance policy during the post-retirement period or to provide a death benefit. In addition, the Company recognizes a liability and related compensation costs for future benefits that extend to post-retirement periods. Goodwill. Goodwill is the cost in excess of the net assets of acquired businesses (refer to note 13 ). The Company tests all existing goodwill at least annually for impairment on a reporting unit basis. In 2016 and 2015, the annual goodwill impairment test was performed as of October 31 compared to November 30 in prior years for administrative improvements. The Company tests for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the carrying value of a reporting unit below its reported amount. The Company’s reporting units are defined as Domestic and Canada, LA, AP, and EMEA. Each year, the Company may elect to perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. In evaluating whether it is more likely than not the fair value of a reporting unit is less than its carrying amount, the Company considers the following events and circumstances, among others, if applicable: (a) macroeconomic conditions such as general economic conditions, limitations on accessing capital or other developments in equity and credit markets; (b) industry and market considerations such as competition, multiples or metrics and changes in the market for the Company's products and services or regulatory and political environments; (c) cost factors such as raw materials, labor or other costs; (d) overall financial performance such as cash flows, actual and planned revenue and earnings compared with actual and projected results of relevant prior periods; (e) other relevant events such as changes in key personnel, strategy or customers; (f) changes in the composition of a reporting unit's assets or expected sales of all or a portion of a reporting unit; and (g) any sustained decrease in share price. If the Company's qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying value, or if management elects to perform a quantitative assessment of goodwill, a two-step impairment test is used to identify potential goodwill impairment and measure the amount of any impairment loss to be recognized. In the first step, the Company compares the fair value of each reporting unit with its carrying value. The fair value of the reporting units is determined based upon a combination of the income valuation and market approach in valuation methodology. The income approach uses discounted estimated future cash flows, whereas the market approach or guideline public company method utilizes market data of similar publicly traded companies. The Company’s Step 1 impairment test of goodwill of a reporting unit is based upon the fair value of the reporting unit, defined as the price that would be received to sell the net assets or transfer the net liabilities in an orderly transaction between market participants at the assessment date. In the event that the net carrying amount exceeds the fair value, a Step 2 test must be performed whereby the fair value of the reporting unit’s goodwill must be estimated to determine if it is less than its net carrying amount. In its two-step test, the Company uses the discounted cash flow method and the guideline company method for determining the fair value of its reporting units. Under these methods, the determination of implied fair value of the goodwill for a particular reporting unit is the excess of the fair value of a reporting unit over the amounts assigned to its assets and liabilities in the same manner as the allocation in a business combination. The techniques u |
Acquisitions (Notes)
Acquisitions (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Acquisitions [Abstract] | |
Business Combination Disclosure [Text Block] | ACQUISITIONS Diebold Nixdorf AG €2,578.6 as reported using IFRS as issued by the EU. In the fourth quarter of 2015, the Company announced its intention to acquire all 29.8 Diebold Nixdorf AG ordinary shares outstanding ( 33.1 total Diebold Nixdorf AG ordinary shares issued inclusive of 3.3 treasury shares) through a voluntary tender offer for €38.98 in cash and 0.434 common shares of the Company per Diebold Nixdorf AG ordinary share outstanding. On August 15, 2016, the Company consummated the Acquisition by acquiring, through Diebold KGaA, a German partnership limited by shares and a wholly-owned subsidiary of the Company, 22.9 Diebold Nixdorf AG ordinary shares representing 69.2 percent of total number of Diebold Nixdorf AG ordinary shares inclusive of treasury shares ( 76.7 percent of all Diebold Nixdorf AG ordinary shares outstanding) in exchange for an aggregate preliminary purchase price consideration of $1,265.7 , which included the issuance of 9.9 common shares of the Company. The Company financed the cash portion of the Acquisition as well as the repayment of Diebold Nixdorf AG debt outstanding with funds available under the Company’s Credit Agreement (as defined in note 14 ) and proceeds from the issuance and sale of $400.0 aggregate principal amount of the 2024 Senior Notes. Subsequent to the closing of the Acquisition, the board of directors of the Company, the supervisory and management boards of Diebold Nixdorf AG as welll as the extraordinary shareholder meetings of Diebold KGaA and Diebold Nixdorf AG on September 26, 2016 each approved the proposed DPLTA. The DPLTA became effective by entry in the commercial register at the local court of Paderborn (Germany) on February 14, 2017. Pursuant to the DPLTA, subject to certain limitations pursuant to applicable law, (i) Diebold KGaA has the ability to issue binding instructions to the management board of Diebold Nixdorf AG, (ii) Diebold Nixdorf AG will transfer all of its annual profits to Diebold KGaA, and (iii) Diebold KGaA will generally absorb all annual losses incurred by Diebold Nixdorf AG. In addition, the DPLTA offers the Diebold Nixdorf AG minority shareholders, at their election, (i) the ability to put their Diebold Nixdorf AG ordinary shares to Diebold KGaA in exchange for cash compensation of €55.02 per Diebold Nixdorf AG ordinary share, or (ii) to remain Diebold Nixdorf AG minority shareholders and receive a recurring compensation in cash of €3.13 ( €2.82 net under the current taxation regime) per Diebold Nixdorf AG ordinary share for each full fiscal year of Diebold Nixdorf AG. The ultimate timing and amount of any future cash payments related to the DPLTA are uncertain. The information included herein has been prepared based on the preliminary allocation of the purchase price using estimates of the fair value and useful lives of assets acquired and liabilities assumed which were determined with the assistance of independent valuations using discounted cash flow and comparative market multiple approaches, quoted market prices and estimates made by management. The purchase price allocation is subject to further adjustment until all pertinent information regarding the assets and liabilities acquired are fully evaluated by the Company, including but not limited to, the fair value accounting, legal and tax matters, obligations, deferred taxes and the allocation of goodwill. The aggregate preliminary consideration, excluding $110.7 of cash acquired, for the Acquisition was $1,265.7 , which consisted of the following: Cash paid $ 995.3 Less: cash acquired (110.7 ) Payments for acquisition, net of cash acquired 884.6 Common shares issued to Diebold Nixdorf AG shareholders 279.7 Other consideration (9.3 ) Total preliminary consideration, net of cash acquired $ 1,155.0 $(9.3) represents the preexisting net trade balances the Company owed to Diebold Nixdorf AG, which were deemed settled as of the acquisition date. The following table presents the preliminary estimated fair value of the assets acquired and liabilities assumed from the Acquisition as of the date of acquisition, August 15, 2016, based on the allocation of the total preliminary consideration, net of cash acquired for the periods reported below: Preliminary amounts recognized as of: September 30, Measurement December 31, 2016 Period 2016 Trade receivables $ 474.1 $ — $ 474.1 Inventories 487.2 — 487.2 Prepaid expenses 39.3 — 39.3 Current assets held for sale 100.5 6.1 106.6 Other current assets 79.7 0.2 79.9 Property, plant and equipment 236.9 10.2 247.1 Intangible assets 803.6 (1.5 ) 802.1 Deferred income taxes 46.5 63.2 109.7 Other assets 27.0 — 27.0 Total assets acquired 2,294.8 78.2 2,373.0 Notes payable 159.8 — 159.8 Accounts payable 321.5 — 321.5 Deferred revenue 164.8 (6.8 ) 158.0 Payroll and other benefits liabilities 191.0 0.6 191.6 Current liabilities held for sale 62.5 (5.9 ) 56.6 Other current liabilities 183.4 12.9 196.3 Pensions and other benefits 87.6 15.6 103.2 Other noncurrent liabilities 393.5 65.4 458.9 Total liabilities assumed 1,564.1 81.8 1,645.9 Redeemable noncontrolling interest — (46.8 ) (46.8 ) Fair value of noncontrolling interest (386.7 ) (21.2 ) (407.9 ) Total identifiable net assets acquired, including noncontrolling interest 344.0 (71.6 ) 272.4 Total preliminary consideration, net of cash acquired 1,161.0 (6.0 ) 1,155.0 Goodwill $ 817.0 $ 65.6 $ 882.6 $1.5 and deferred revenue decreased by $6.8 . The fair value was primarily determined by applying the income approach using unobservable inputs for projected cash flows and a discount rate, which were refined during 2016, and are considered Level 3 inputs under the fair value measurements and disclosure guidance. These refinements did not have a significant impact on our consolidated statements of operations, balance sheets or cash flows in any period. Deferred income taxes was adjusted to reclassify certain deferred income tax liabilities to deferred income tax assets among other valuation adjustments to fair value. The adjustment in other noncurrent liabilities was primarily related to a reclassification to redeemable noncontrolling interest and noncontrolling interest related to previously existing noncontrolling interests. Certain other amounts were reclassified to conform with the current period presentation. The preliminary fair value measurements are subject to change as the measurement period related to the Acquisition has not expired and purchase accounting remains preliminary. The measurement period cannot exceed one year from August 15, 2016. Included in the preliminary purchase price allocation are acquired identifiable intangibles of $802.1 , the fair value of which was primarily determined by applying the income approach, using several significant unobservable inputs for projected cash flows and a discount rate. These inputs are considered Level 3 inputs under the fair value measurements and disclosure guidance. The Company preliminarily recorded acquired intangible assets in the following table as of the acquisition date: Weighted-average useful lives August 15, 2016 Trade name 3.0 years $ 30.1 Technologies 4.0 years 107.2 Customer relationships 9.5 years 658.5 Other various 6.3 Intangible assets $ 802.1 Noncontrolling interest reflects a preliminary fair value adjustment of $407.9 consisting of $386.7 related to the Diebold Nixdorf AG ordinary shares the Company did not acquire and $21.2 for the pre-existing noncontrolling interests. Noncontrolling interests with certain redemption features, such as put rights that are not within the control of the issuer and are considered redeemable noncontrolling interests. As of December 31, 2016, the DPLTA was and will not be effective until registration with the commercial register of the local court of Paderborn. As a result the carrying value of the noncontrolling interest related to the Diebold Nixdorf AG ordinary shares the Company did not acquire of $386.7 has been presented as a component of total equity. As of and for the period of time that the DPLTA is effective, the carrying value of the noncontrolling interest will be reclassified from total equity to redeemable noncontrolling interest and presented outside of equity in the consolidated balance sheets of the Company. The carrying value of the noncontrolling interest related to the Diebold Nixdorf AG ordinary shares the Company did not acquire would be $400.1 if remeasured as of December 31, 2016. The Company calculated the new carrying value using the Diebold Nixdorf AG ordinary shares put right to Diebold KGaA for compensation in cash of €55.02 per Diebold Nixdorf AG ordinary share in addition to the recurring compensation in cash of €3.13 ( €2.82 net under the current taxation regime) using the exchange rate as of December 31, 2016. In addition, the Company reclassified $46.8 of certain pre-existing redeemable noncontrolling interest. The cash compensation is recognized ratably during the applicable annual period. The ultimate amount and timing of any future cash payments related to the put right are uncertain. Goodwill is calculated as the excess of the purchase price over the estimated fair values of the assets acquired and the liabilities assumed from the Acquisition, and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. This goodwill is primarily the result of anticipated synergies achieved through increased scale, a streamlined portfolio of products and solutions, higher utilization of the service organization, workforce rationalization in overlapping regions and shared back office resources. The Company has yet to allocate goodwill to its Domestic and Canada, EMEA, AP and LA reporting units. The goodwill associated with the Acquisition is not deductible for income tax purposes. August 15, 2016 to December 31, 2016 Net sales $ 1,054.8 Income (loss) from continuing operations before taxes $ (67.9 ) Net income (loss) attributable to Diebold Nixdorf, Incorporated $ (51.3 ) $16.2 , inventory valuation adjustment of $62.7 and amortization of acquired intangibles of $49.7 , offset by a reduction of $2.4 depreciation expense related to the change in useful lives. The Company incurred deal-related costs in connection with the Acquisition, of $97.2 , which are included in selling, general and administrative expenses in the Company's consolidated statements of operations for the year ended December 31, 2016. Unaudited pro forma Information The unaudited pro forma information is presented for illustrative purposes only. It is not necessarily indicative of the results of operations of future periods, or the results of operations that actually would have been realized had the entities been a single company during the periods presented or the results that the combined company will experience after the Acquisition. The unaudited pro forma information does not give effect to the potential impact of current financial conditions, regulatory matters or any anticipated synergies, operating efficiencies or cost savings that may be associated with the Acquisition. The unaudited pro forma information also does not include any integration costs or remaining future transaction costs that the companies may incur related to the Acquisition as part of combining the operations of the companies. The Company's fiscal year ends on December 31 while Diebold Nixdorf AG's fiscal year ends on September 30. The pro forma information in the table below for the years ended December 31, 2016 and 2015 includes unaudited pro forma information that represents the consolidated results of the Company as if the Acquisition occurred as of January 1, 2015: Unaudited pro forma information for Years Ended December 31, 2016 2015 Net sales $ 4,996.2 $ 5,153.8 Gross profit $ 1,171.0 $ 1,025.5 Operating profit $ 61.3 $ (221.1 ) Net income (loss) attributable to Diebold Nixdorf, Incorporated $ 47.9 $ (225.7 ) Net income (loss) attributable to Diebold Nixdorf, Incorporated per share - basic $ 0.64 $ (3.02 ) Net income (loss) attributable to Diebold Nixdorf, Incorporated per share - diluted $ 0.64 $ (3.02 ) Basic weighted-average shares outstanding 75.1 74.8 Diluted weighted-average shares outstanding (1) 75.1 74.8 (1) Incremental shares of 0.6 and 0.7 were excluded from the computation of diluted loss per share for the years ended December 31, 2016 and 2015, respectively, because their effect is anti-dilutive due to the loss from continuing operations. • Additional depreciation and amortization expenses that would have been recognized assuming preliminary fair value adjustments to the existing Diebold Nixdorf AG assets acquired and liabilities assumed, including intangible assets, fixed assets and expense associated with the valuation of inventory acquired. • Increased interest expense due to additional borrowings to fund the Acquisition. Phoenix Interactive Design, Inc. In the first quarter of 2015, the Company acquired 100 percent of the equity interests of Phoenix for a total purchase price of $72.9 , including $12.6 of deferred cash payment payable over the next three years. Acquiring Phoenix, a leading developer of innovative multi-vendor software solutions for ATMs and a host of other FSS applications, was 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 NA reportable operating segment within the Company's consolidated financial statements from the date of its acquisition. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Redeemable Noncontrolling Interests [Abstract] | |
Noncontrolling Interest Disclosure [Text Block] | REDEEMABLE NONCONTROLLING INTERESTS Changes in redeemable noncontrolling interests were as follows: Redeemable Noncontrolling Interests Balance at December 31, 2015 $ — Purchase of noncontrolling interests 44.1 Balance at December 31, 2016 $ 44.1 In connection with the Acquisition, the Company assumed pre-existing noncontrolling interests with certain redemption features, such as put rights that are not within the control of the issuer, which are considered redeemable noncontrolling interests. The redeemable noncontrolling interests were preliminarily recorded at fair value as of the Acquisition date by applying the income approach using unobservable inputs for projected cash flows and a discount rate, which are considered Level 3 inputs, and subject to change as the measurement period related to the Acquisition has not expired and purchase accounting remains preliminary. The results of operations for these redeemable noncontrolling interests were not significant. The ultimate amount and timing of any future cash payments related to the put rights are uncertain. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
EARNINGS (LOSS) PER SHARE | EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share is based on the weighted-average number of common shares outstanding. Diluted earnings (loss) per share includes the dilutive effect of potential common shares outstanding. Under the two-class method of computing earnings (loss) 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), director deferred shares and shares that were vested but deferred by employees. The Company calculated basic and diluted earnings (loss) per share under both the treasury stock method and the two-class method. For the years presented there were no differences in the earnings (loss) per share amounts calculated using the two methods. Accordingly, the treasury stock method is disclosed below. The following table represents amounts used in computing earnings (loss) per share and the effect on the weighted-average number of shares of dilutive potential common shares for the years ended December 31: 2016 2015 2014 Numerator Income (loss) used in basic and diluted earnings (loss) per share Income (loss) from continuing operations, net of tax $ (170.7 ) $ 59.5 $ 107.3 Net income attributable to noncontrolling interests, net of tax 6.0 1.7 2.6 Income (loss) before discontinued operations, net of tax (176.7 ) 57.8 104.7 Income (loss) from discontinued operations, net of tax 143.7 15.9 9.7 Net income (loss) attributable to Diebold Nixdorf, Incorporated $ (33.0 ) $ 73.7 $ 114.4 Denominator Weighted-average number of common shares used in basic earnings (loss) per share 69.1 64.9 64.5 Effect of dilutive shares (1) — 0.7 0.7 Weighted-average number of shares used in diluted earnings (loss) per share 69.1 65.6 65.2 Basic earnings (loss) per share Income (loss) before discontinued operations, net of tax $ (2.56 ) $ 0.89 $ 1.62 Income (loss) from discontinued operations, net of tax 2.08 0.24 0.15 Net income (loss) attributable to Diebold Nixdorf, Incorporated $ (0.48 ) $ 1.13 $ 1.77 Diluted earnings (loss) per share Income (loss) before discontinued operations, net of tax $ (2.56 ) $ 0.88 $ 1.61 Income (loss) from discontinued operations, net of tax 2.08 0.24 0.15 Net income (loss) attributable to Diebold Nixdorf, Incorporated $ (0.48 ) $ 1.12 $ 1.76 Anti-dilutive shares Anti-dilutive shares not used in calculating diluted weighted-average shares 2.1 1.5 1.1 (1) Incremental shares of 0.6 were excluded from the computation of diluted loss per share for the year ended December 31, 2016 because their effect is anti-dilutive due to the loss from continuing operations. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2016 | |
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 AOCI, net of tax, by component for the years ended December 31: Translation Foreign Currency Hedges Interest Rate Hedges Pension and Other Post-Retirement Benefits Other Accumulated Other Comprehensive Loss Balance at December 31, 2014 $ (74.9 ) $ (1.4 ) $ (0.5 ) $ (114.0 ) $ 0.3 $ (190.5 ) Other comprehensive income (loss) before reclassifications (1) (140.7 ) 6.4 0.8 2.1 0.1 (131.3 ) Amounts reclassified from AOCI — — (0.4 ) 4.1 — 3.7 Net current period other comprehensive income (loss) (140.7 ) 6.4 0.4 6.2 0.1 (127.6 ) Balance at December 31, 2015 $ (215.6 ) $ 5.0 $ (0.1 ) $ (107.8 ) $ 0.4 $ (318.1 ) Other comprehensive income (loss) before reclassifications (1) (35.6 ) (10.7 ) 4.9 18.5 (0.1 ) (23.0 ) Amounts reclassified from AOCI — — (0.2 ) — — (0.2 ) Net current period other comprehensive income (loss) (35.6 ) (10.7 ) 4.7 18.5 (0.1 ) (23.2 ) Balance at December 31, 2016 $ (251.2 ) $ (5.7 ) $ 4.6 $ (89.3 ) $ 0.3 $ (341.3 ) (1) Other comprehensive income (loss) before reclassifications within the translation component excludes (gains)/losses of $(3.2) and $0.6 and translation attributable to noncontrolling interests for December 31, 2016 and 2015 , respectively. The following table summarizes the details about amounts reclassified from AOCI for the years ended December 31: 2016 2015 Amount Reclassified from AOCI Amount Reclassified from AOCI Affected Line Item in the Statement of Operations Interest rate hedges (net of tax of $0.0 and $0.2, respectively) $ (0.2 ) $ (0.4 ) Interest expense Pension and post-retirement benefits: Net prior service benefit amortization (net of tax of $0.0 and $0.1, respectively) — (0.1 ) (1) Net actuarial losses recognized during the year (net of tax of $(1.8) and $(2.7), respectively) 4.0 4.2 (1) Prior service cost recognized during the curtailment (net of tax of $1.5 and $0.0, respectively) (3.3 ) — (1) Currency Impact (net of tax of $0.4, $0.0 and $0.0, respectively) (0.7 ) — (1) — 4.1 Total reclassifications for the period $ (0.2 ) $ 3.7 (1) Pension and other post-retirement benefits AOCI components are included in the computation of net periodic benefit cost (refer to note 15 to the consolidated financial statements). |
Share-Based Compensation and Eq
Share-Based Compensation and Equity | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
SHARE-BASED COMPENSATION AND EQUITY | SHARE-BASED COMPENSATION AND EQUITY Dividends. On the basis of amounts declared and paid quarterly, the annualized dividends per share were $0.96 , $1.15 and $1.15 for the years ended December 31, 2016 , 2015 and 2014 , respectively. Share-Based Compensation Cost. The Company recognizes costs resulting from all share-based payment transactions based on the fair market value of the award as of the grant date. Awards are valued at fair value and compensation cost is recognized on a straight-line basis over the requisite periods of each award. The Company estimated forfeiture rates are based on historical experience. To cover the exercise and/or vesting of its share-based payments, the Company generally issues new shares from its authorized, unissued share pool. The number of common shares that may be issued pursuant to the Amended and Restated 1991 Equity and Performance Incentive Plan (as amended and restated as of February 12, 2014) (1991 Plan) was 8.3 , of which 4.1 shares were available for issuance at December 31, 2016 . The following table summarizes the components of the Company’s employee and non-employee share-based compensation programs recognized as selling and administrative expense for the years ended December 31: 2016 2015 2014 Stock options Pre-tax compensation expense $ 2.7 $ 3.6 $ 2.7 Tax benefit (0.9 ) (1.3 ) (1.0 ) Stock option expense, net of tax $ 1.8 $ 2.3 $ 1.7 Restricted stock units Pre-tax compensation expense $ 10.7 $ 8.6 $ 6.0 Tax benefit (3.1 ) (2.4 ) (1.9 ) RSU expense, net of tax $ 7.6 $ 6.2 $ 4.1 Performance shares Pre-tax compensation expense $ 8.8 $ 0.2 $ 12.5 Tax benefit (3.0 ) (0.1 ) (4.2 ) Performance share expense, net of tax $ 5.8 $ 0.1 $ 8.3 Director deferred shares Pre-tax compensation expense $ — $ — $ 0.3 Tax benefit — — (0.1 ) Director deferred share expense, net of tax $ — $ — $ 0.2 Total share-based compensation Pre-tax compensation expense $ 22.2 $ 12.4 $ 21.5 Tax benefit (7.0 ) (3.8 ) (7.2 ) Total share-based compensation, net of tax $ 15.2 $ 8.6 $ 14.3 The following table summarizes information related to unrecognized share-based compensation costs as of December 31, 2016 : Unrecognized Weighted-Average Period (years) Stock options $ 2.6 1.2 RSUs 14.5 1.3 Performance shares 5.3 1.7 $ 22.4 SHARE-BASED COMPENSATION AWARDS Stock options, RSUs, restricted shares and performance shares have been issued to officers and other management employees under the Company’s 1991 Plan. Stock Options Stock options generally vest after a one - to five -year period and have a maturity of ten years from the issuance date. Option exercise prices equal the closing price of the Company’s common shares on the date of grant. The estimated fair value of the options granted was calculated using a Black-Scholes option pricing model using the following assumptions: 2016 2015 2014 Expected life (in years) 6 6 5 Weighted-average volatility 28 % 31 % 31 % Risk-free interest rate 1.50 % 1.50 % 1.47-1.66% Expected dividend yield 3.10 % 3.12 % 3.59 % The Company uses historical data to estimate option exercise timing within the valuation model. Employees with similar historical exercise behavior with regard to timing and forfeiture rates are considered separately for valuation and attribution purposes. Expected volatility is based on historical volatility of the price of the Company’s common shares. The risk-free rate of interest is based on a zero-coupon U.S. government instrument over the expected life of the equity instrument. The expected dividend yield is based on actual dividends paid per share and the price of the Company’s common shares. Options outstanding and exercisable as of December 31, 2016 and changes during the year ended were as follows: Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (1) (per share) (in years) Outstanding at January 1, 2016 1.7 $ 34.21 Expired or forfeited (0.4 ) $ 35.59 Exercised (0.1 ) $ 26.85 Granted 0.5 $ 27.39 Outstanding at December 31, 2016 1.7 $ 31.98 7 $ — Options exercisable at December 31, 2016 0.9 $ 33.99 6 $ — Options vested and expected to vest (2) at December 31, 2016 1.6 $ 32.07 7 $ — (1) The aggregate intrinsic value represents the total pre-tax intrinsic value (the difference between the Company’s closing share price on the last trading day of the year in 2016 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 December 31, 2016 . The amount of aggregate intrinsic value will change based on the fair market value of the Company’s common shares. (2) The expected to vest options are the result of applying the pre-vesting forfeiture rate assumption to total outstanding non-vested options. The aggregate intrinsic value of options exercised was minimal for the year ended December 31, 2016 , and $0.7 and $2.1 for 2015 and 2014 , respectively. The weighted-average grant-date fair value of stock options granted for the years ended December 31, 2016 , 2015 and 2014 was $5.37 , $7.04 and $6.75 , respectively. Total fair value of stock options vested during the years ended December 31, 2016 , 2015 and 2014 was $2.6 , $2.7 and $1.8 , respectively. Exercise of options during the years ended December 31, 2016 , 2015 and 2014 resulted in cash receipts of $0.3 , $3.5 and $14.6 , respectively. Restricted Stock Units Each RSU provides for the issuance of one common share of the Company at no cost to the holder and are granted to both employees and non-employee directors. RSUs granted to employees prior to 2016 vest after a three - or seven -year period. RSUs granted to employees after 2016 ratably vest per annum over a three-year period and for non-employee directors cliff vest after one year. During the vesting period, employees and non-employee directors are paid the cash equivalent of dividends on RSUs. Non-vested employee RSUs are forfeited upon termination unless the Board of Directors determines otherwise. Non-vested RSUs outstanding as of December 31, 2016 and changes during the year ended were as follows: Number of Weighted-Average Non-vested at January 1, 2016 0.9 $ 32.53 Forfeited (0.1 ) $ 31.40 Vested (0.2 ) $ 31.62 Granted (1) 0.6 $ 26.77 Non-vested at December 31, 2016 1.2 $ 29.50 (1) The RSUs granted during the year ended December 31, 2016 include 41 thousand 1 -year RSUs to non-employee directors under the 1991 Plan. These RSUs have a weighted-average grant-date fair value of $27.42 . The weighted-average grant-date fair value of RSUs granted for the years ended December 31, 2016 , 2015 and 2014 was $ 26.77 , $32.74 and $35.25 , respectively. The total fair value of RSUs vested during the years ended December 31, 2016 , 2015 and 2014 was $7.2 , $6.4 and $4.4 , respectively. Performance Shares Performance shares are granted to employees and vest based on the achievement of certain performance 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 are assessed after a three -year period as well as performance objectives that are assessed annually over a three -year period. No shares are vested unless certain performance threshold objectives are met. Non-vested performance shares outstanding as of December 31, 2016 and changes during the year ended were as follows: Number of Weighted-Average Non-vested at January 1, 2016 (1) 0.8 $ 34.06 Forfeited (0.2 ) $ 30.39 Vested (0.1 ) $ 29.52 Adjustment 0.1 $ 34.75 Granted 0.6 $ 26.99 Non-vested at December 31, 2016 1.2 $ 31.77 (1) Non-vested performance shares are based on a maximum potential payout. Actual shares vested at the end of the performance period may be less than the maximum potential payout level depending on achievement of the performance objectives, as determined by the Board of Directors. The weighted-average grant-date fair value of performance shares granted for the years ended December 31, 2016 , 2015 and 2014 was $26.99 , $32.50 and $38.07 , respectively. The total fair value of performance shares vested during the years ended December 31, 2016 , 2015 and 2014 was $3.1 , $5.1 and $0.0 , respectively. Director Deferred Shares Deferred shares have been issued to non-employee directors under the 1991 Plan. Deferred shares provide for the issuance of one common share of the Company at no cost to the holder. Deferred shares vest in either a six - or twelve -month period and are issued at the end of the deferral period. During the vesting period and until the common shares are issued, non-employee directors are paid the cash equivalent of dividends on deferred shares. As of December 31, 2016 , there were 0.1 non-employee director deferred shares vested and outstanding. There were no deferred shares granted in 2016 or 2015 The weighted-average grant-date fair value of deferred shares granted for the year ended December 31, 2014 was $29.73 per share. The aggregate intrinsic value of deferred shares released during the years ended December 31, 2016 , 2015 and 2014 was $0.2 , $0.2 and $0.1 , respectively. Total fair value of deferred shares vested for the years ended December 31, 2016 , 2015 and 2014 was $0.2 , $0.0 and $0.9 , respectively. Other Non-employee Share-Based Compensation In connection with the acquisition of Diebold Colombia, S.A., in December 2005, the Company issued warrants to purchase 0.1 common shares with an exercise price of $46.00 per share and grant-date fair value of $14.66 per share. The grant-date fair value of the warrants was valued using the Black-Scholes option pricing model with the following assumptions: risk-free interest rate of 4.45 percent , dividend yield of 1.63 percent , expected volatility of 30 percent , and contractual life of six years . The warrants expired in December 2016. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The following table presents components of income (loss) from continuing operations before income taxes for the years ended December 31: 2016 2015 2014 Domestic $ (215.2 ) $ (56.6 ) $ (15.3 ) Foreign (23.1 ) 102.4 170.0 Total $ (238.3 ) $ 45.8 $ 154.7 The following table presents the components of income tax (benefit) expense from continuing operations for the years ended December 31: 2016 2015 2014 Current U.S. federal $ (67.2 ) $ (2.0 ) $ 0.3 Foreign 54.0 38.2 61.5 State and local (10.6 ) (0.6 ) — Total current (23.8 ) 35.6 61.8 Deferred U.S. federal 3.6 (38.3 ) (2.6 ) Foreign (50.2 ) (11.1 ) (9.4 ) State and local 2.8 0.1 (2.4 ) Total deferred (43.8 ) (49.3 ) (14.4 ) Income tax (benefit) expense $ (67.6 ) $ (13.7 ) $ 47.4 In addition to the income tax (benefit) expense listed above for the years ended December 31, 2016 , 2015 and 2014 , income tax (benefit) expense allocated directly to shareholders equity for the same periods was $(1.8) , $5.4 and $(38.5) , respectively. The income tax (benefit) expense allocated directly to shareholders equity for the years ended December 31, 2016 , 2015 and 2014 also includes (benefit) expense of $7.7 , $(20.4) and $(9.2) , respectively, related to current year movement in valuation allowance. Income tax (benefit) expense allocated to discontinued operations for the years ended December 31, 2016 , 2015 and 2014 was $93.9 , $9.6 and $6.2 , respectively. Income tax (benefit) expense attributable to income (loss) from continuing operations differed from the amounts computed by applying the U.S. federal income tax rate of 35 percent to pretax income (loss) from continuing operations. The following table presents these differences for the years ended December 31: 2016 2015 2014 Statutory tax (benefit) expense $ (83.4 ) $ 16.0 $ 54.1 Brazil non-taxable incentive (5.8 ) (4.2 ) (15.5 ) Valuation allowance 14.9 (0.7 ) 9.5 Brazil tax goodwill amortization — — (1.5 ) Foreign tax rate differential (10.0 ) (19.4 ) (14.9 ) Foreign subsidiary earnings 13.7 (9.1 ) 14.6 Accrual adjustments 1.1 1.5 2.2 Business tax credits (0.7 ) (1.4 ) (2.4 ) Non-deductible (non-taxable) items 2.3 4.2 — Other 0.3 (0.6 ) 1.3 Income tax (benefit) expense $ (67.6 ) $ (13.7 ) $ 47.4 The effective tax rate for 2016 was 28.4 percent on the overall loss from continued operations. The benefit on the overall loss was negatively impacted by the Acquisition including a valuation allowance for certain post-acquisition losses and non-deductible acquisition related expenses. The overall effective tax rate was decreased further by the jurisdictional income (loss) mix and varying statutory rates within the acquired entities. In 2015, the overall negative effective tax rate of (29.9) percent on the income from continued operations was primarily driven by the Company repatriation of high-taxed foreign earnings carrying a foreign tax credit benefit of $13.0 . In addition, the passage of the Protecting Americans from Tax Hikes Act of 2015 R.R. 2029 (PATH Act), which extended the Controlled Foreign Corporation (CFC) look-through rules in Internal Revenue Code (IRC) section 954(c)(6) that exempted the foreign corporations' earnings from current taxation as well as the permanent extension of the research and experimentation credit benefited the overall effective tax rate by $5.6 . The other major driver attributing to the overall negative effective tax rate was due to the combined income mix and varying statutory rates in the Company's foreign operations. The Company recognizes the benefit of tax positions taken or expected to be taken in its tax returns in the consolidated financial statements when it is more likely than not that the position will be sustained upon examination by authorities. Recognized tax positions are measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon settlement. Details of the unrecognized tax benefits are as follows: 2016 2015 Balance at January 1 $ 13.1 $ 15.0 Increases (decreases) related to prior year tax positions 34.8 (0.4 ) Increases related to current year tax positions 2.5 0.9 Settlements (3.4 ) (0.2 ) Reduction due to lapse of applicable statute of limitations (3.8 ) (2.2 ) Balance at December 31 $ 43.2 $ 13.1 The entire amount of unrecognized tax benefits, if recognized, would affect the Company’s effective tax rate. The 2016 increase related to prior year tax positions was impacted by the Acquisition resulting in an increase of $28.5 that was included in the preliminary estimated fair value of the liabilities as of the August 15, 2016 acquisition date. The Company classifies interest expense and penalties related to the underpayment of income taxes in the consolidated financial statements as income tax expense. Consistent with the treatment of interest expense, the Company accrues interest income on overpayments of income taxes where applicable and classifies interest income as a reduction of income tax expense in the consolidated financial statements. As of December 31, 2016 and 2015 , accrued interest and penalties related to unrecognized tax benefits totaled approximately $7.6 and $7.2 , respectively. It is reasonably possible that the total amount of unrecognized tax benefits will change during the next 12 months. The Company does not expect those changes to have a significant impact on its consolidated financial statements. The expected timing of payments cannot be determined with any degree of certainty. As of December 31, 2016, the Company is under audit by the Internal Revenue Service (IRS) for tax years ended December 31, 2011, 2012 and 2013. The IRS completed its examination of the Company’s U.S. federal income tax returns for the years 2008-2010 and issued a Revenue Agent’s Report (RAR) during 2014. The Company appealed the findings in the RAR and a final agreement was reached with the IRS during 2016. The final RAR was issued by the IRS and approved by the Joint Committee on Taxation, a Committee of the U.S. Congress. The net tax deficiency, excluding interest, associated with the RAR was $2.1 after net operating loss utilization. All amounts, including interest, had been previously accrued. All U.S. federal tax years prior to 2011 are closed by statute. The Company is subject to tax examination in various U.S. state jurisdictions for tax years 2009 to the present, as well as various foreign jurisdictions for tax years 2009 to the present. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax assets and liabilities at December 31 are as follows: 2016 2015 Deferred tax assets Accrued expenses $ 74.5 $ 40.8 Warranty accrual 19.7 22.0 Deferred compensation 16.2 14.0 Allowance for doubtful accounts 10.3 11.9 Inventories 26.1 12.7 Deferred revenue 19.1 20.1 Pension and post-retirement benefits 92.3 70.4 Tax credits 52.1 62.5 Net operating loss carryforwards 88.4 58.5 Capital loss carryforwards 1.8 1.9 State deferred taxes 17.1 16.3 Other 0.5 12.1 418.1 343.2 Valuation allowance (87.8 ) (63.9 ) Net deferred tax assets $ 330.3 $ 279.3 Deferred tax liabilities Property, plant and equipment $ 39.7 $ 20.5 Goodwill and intangible assets 271.5 17.6 Partnership interest 3.7 7.7 Undistributed earnings 6.5 7.3 Net deferred tax liabilities 321.4 53.1 Net deferred tax asset $ 8.9 $ 226.2 Deferred income taxes reported in the consolidated balance sheets as of December 31 are as follows: 2016 2015 Deferred income taxes - current assets $ — $ 168.8 Deferred income taxes - long-term assets 309.5 65.3 Other current liabilities — (6.0 ) Deferred income taxes - long-term liabilities (300.6 ) (1.9 ) Net deferred tax asset $ 8.9 $ 226.2 The Company has elected to early adopt ASU 2015-17 for purposes of the 2016 annual period on a prospective basis. Accordingly, the 2015 prior period annual balances above have not been adjusted. As of December 31, 2016 , the Company had domestic and international net operating loss (NOL) carryforwards of $523.1 , resulting in an NOL deferred tax asset of $88.4 . Of these NOL carryforwards, $333.8 expire at various times between 2017 and 2037 and $189.3 does not expire. At December 31, 2016 , the Company had a domestic foreign tax credit carryforward resulting in a deferred tax asset of $46.5 that will expire between 2020 and 2026 and a general business credit carryforward resulting in a deferred tax asset of $5.6 that will expire between 2034 and 2037. The Company recorded a valuation allowance to reflect the estimated amount of certain foreign and state deferred tax assets that, more likely than not, will not be realized. The net change in total valuation allowance for the years ended December 31, 2016 and 2015 was an increase of $23.9 and a decrease of $24.1 , respectively. The 2016 valuation allowance increase is currency driven relating mostly to the strengthening of the Brazil real compared to the previous year. In addition, $9.1 of the valuation allowance increase relates to the Acquisition. For the years ended December 31, 2016 and 2015 , provisions were made for foreign withholding taxes and estimated U.S. income taxes, less available tax credits, which may be incurred upon the remittance of certain undistributed earnings in foreign subsidiaries and foreign unconsolidated affiliates. Provisions have not been made for income taxes on $523.3 of undistributed earnings at December 31, 2016 in foreign subsidiaries and corporate joint ventures that are deemed permanently reinvested. Determination of the amount of unrecognized deferred income tax liabilities on these earnings is not practicable because such liability, if any, depends on certain circumstances existing if and when remittance occurs. A deferred tax liability will be recognized if and when the Company no longer plans to permanently reinvest these undistributed earnings. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2016 | |
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 interest income and are determined using the specific identification method. There were no realized gains from the sale of securities or proceeds from the sale of available-for-sale securities for the years ended December 31, 2016 and 2015 . The Company has strategic alliances that are not consolidated. The Company tests these strategic alliances annually, individually and in aggregate, to determine materiality. The Company owns 40.0 percent of Inspur JV or Inspur Financial Technology Service Co., Ltd (Inspur) and 43.6 percent of Aisino-Wincor Retail & Banking Systems (Shanghai) Co.,Ltd; (Aisino). The Company engages in transactions in the ordinary course of business. The Company's strategic alliances were determined to be immaterial to the Company and were accounted for under the equity method of investments. The Company has deferred compensation plans that enable certain employees to defer receipt of a portion of their cash, 401(k) or share-based compensation and non-employee directors to defer receipt of director fees at the participants’ discretion. For deferred cash-based compensation, the Company established rabbi trusts (refer to note 15 ), which are recorded at fair value of the underlying securities within securities and other investments. The related deferred compensation liability is recorded at fair value within other long-term liabilities. Realized and unrealized gains and losses on marketable securities in the rabbi trusts are recognized in interest income. The Company’s investments, respectively, consist of the following: Cost Basis Unrealized Gain Fair Value As of December 31, 2016 Short-term investments Certificates of deposit $ 64.1 $ — $ 64.1 Long-term investments Assets held in a rabbi trust $ 7.9 $ 0.6 $ 8.5 As of December 31, 2015 Short-term investments Certificates of deposit $ 39.9 $ — $ 39.9 Long-term investments: Assets held in a rabbi trust $ 9.3 $ — $ 9.3 Securities and other investments also includes a cash surrender value of insurance contracts of $77.8 and $75.9 as of December 31, 2016 and 2015 , respectively. In addition, it includes an interest rate swap asset carrying value of $8.4 as of December 31, 2016 , which also represents fair value (refer to note 19 ). |
Finance Lease Receivables
Finance Lease Receivables | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
FINANCE LEASE RECEIVABLES | FINANCE LEASE RECEIVABLES The Company provides financing arrangements to customers purchasing its products. These financing arrangements are largely classified and accounted for as sales-type leases. The following table presents finance lease receivables sold by the Company for the years ended December 31: 2016 2015 2014 Finance lease receivables sold $ 7.4 $ 10.6 $ 22.0 The following table presents the components of finance lease receivables as of December 31: 2016 2015 Gross minimum lease receivable $ 63.3 $ 76.0 Allowance for credit losses (0.3 ) (0.5 ) Estimated unguaranteed residual values 3.7 5.2 66.7 80.7 Less: Unearned interest income (2.9 ) (4.4 ) Unearned residuals (0.1 ) (1.4 ) (3.0 ) (5.8 ) Total $ 63.7 $ 74.9 Future minimum payments due from customers under finance lease receivables as of December 31, 2016 are as follows: 2017 $ 39.5 2018 8.9 2019 6.1 2020 4.1 2021 2.4 Thereafter 2.3 $ 63.3 |
Allowance for Credit Losses
Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
ALLOWANCE FOR CREDIT LOSSES | ALLOWANCE FOR CREDIT LOSSES The following table summarizes the Company’s allowance for credit losses and amount of financing receivables evaluated for impairment: Finance Notes Total Allowance for credit losses Balance at January 1, 2015 $ 0.4 $ 4.1 $ 4.5 Provision for credit losses 0.2 — 0.2 Write-offs (0.1 ) — (0.1 ) Balance at December 31, 2015 $ 0.5 $ 4.1 $ 4.6 Write-offs (0.2 ) — (0.2 ) Balance at December 31, 2016 $ 0.3 $ 4.1 $ 4.4 The Company's allowance of $4.4 and $4.6 for the years ended December 31, 2016 and 2015 , respectively, all resulted from individual impairment evaluation. As of December 31, 2016 , finance leases and notes receivables individually evaluated for impairment were $62.2 and $20.7 , respectively, of which $22.8 and $11.7 , respectively, relates to the Acquisition, were assessed with no provision recorded. As of December 31, 2015 , finance leases and notes receivables individually evaluated for impairment were $75.3 and $22.5 , respectively. As of December 31, 2016 and 2015 , the Company’s financing receivables in LA were $30.3 and $58.8 , 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 December 31, 2016 and 2015 , the recorded investment in past-due financing receivables on nonaccrual status was $0.4 and $0.7 , respectively, and there was no recorded investment 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 December 31, 2016 and 2015 and was fully reserved. The following table summarizes the Company’s aging of past-due notes receivable balances: December 31, 2016 2015 30-59 days past due $ 0.1 $ 0.1 60-89 days past due — — > 89 days past due 3.9 3.0 Total past due $ 4.0 $ 3.1 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES The following table summarizes the major classes of inventories as of December 31: 2016 2015 Finished goods $ 330.5 $ 145.8 Service parts 235.2 155.7 Raw materials and work in process 172.0 67.8 Total inventories $ 737.7 $ 369.3 Certain inventory items of $19.7 were reclassified as of December 31, 2015 from service parts to raw materials and work in process to conform with the current presentation. The increase in inventory from December 31, 2015 is primarily related to the Acquisition. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT The following is a summary of property, plant and equipment, at cost less accumulated depreciation and amortization as of December 31: Estimated Useful Life 2016 2015 Land and land improvements 0-15 $ 16.9 $ 6.1 Buildings and building improvements 15-30 129.8 57.7 Machinery, tools and equipment 5-12 121.0 83.5 Leasehold improvements (1) 10 29.4 22.1 Computer equipment 3 133.8 58.4 Computer software 5-10 224.7 188.4 Furniture and fixtures 5-8 75.0 62.0 Tooling 3-5 123.1 104.5 Construction in progress 10.3 26.3 Total property plant and equipment, at cost $ 864.0 $ 609.0 Less accumulated depreciation and amortization 477.0 433.7 Total property plant and equipment, net $ 387.0 $ 175.3 (1) The estimated useful life for leasehold improvements is the lesser of 10 years or the term of the lease. During 2016 , 2015 and 2014 , depreciation expense, computed on a straight-line basis over the estimated useful lives of the related assets, was $61.8 , $40.7 and $48.2 , respectively. |
Goodwill and Other Assets
Goodwill and Other Assets | 12 Months Ended |
Dec. 31, 2016 | |
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 Unallocated Total Goodwill $ 76.4 $ 40.0 $ 168.7 $ 143.7 — $ 428.8 Accumulated impairment losses (13.2 ) — (168.7 ) (108.8 ) — (290.7 ) Balance at January 1, 2015 63.2 40.0 — 34.9 — 138.1 Goodwill acquired 39.7 — — — — 39.7 Currency translation adjustment (3.4 ) (2.4 ) — (10.5 ) — (16.3 ) Goodwill 112.7 37.6 168.7 133.2 — 452.2 Accumulated impairment losses (13.2 ) — (168.7 ) (108.8 ) — (290.7 ) Balance at December 31, 2015 99.5 37.6 — 24.4 — 161.5 Goodwill acquired — — — — 882.6 882.6 Goodwill adjustment (0.5 ) — — — — (0.5 ) Currency translation adjustment 1.8 (0.4 ) — 4.2 (50.9 ) (45.3 ) Goodwill 114.0 37.2 168.7 137.4 831.7 1,289.0 Accumulated impairment losses (13.2 ) — (168.7 ) (108.8 ) — (290.7 ) Balance at December 31, 2016 $ 100.8 $ 37.2 $ — $ 28.6 $ 831.7 $ 998.3 Goodwill. In the fourth quarter of 2016 , goodwill was reviewed for impairment based on a two-step test, which resulted in no impairment in any of the Company's reporting units. Management determined that the LA and AP reporting units had excess fair value of approximately $65.8 or 18.3 percent and approximately $56.1 or 21.5 percent , respectively, when compared to their carrying amounts. The Domestic and Canada reporting unit, included in the NA reportable segment, had excess fair value greater than 100.0 percent when compared to its carrying amount. In August 2016 , the Company acquired Diebold Nixdorf AG. The unallocated portion of acquired goodwill as of December 31, 2016 of $831.7 is attributable to Diebold Nixdorf AG. In connection with the business combination agreement related to the Acquisition, the Company announced the realignment of its lines of business to drive greater efficiency and further improve customer service. The Company began evaluating and assessing the line of business reporting structure and its impact on the allocation of the Diebold Nixdorf AG acquired goodwill among the reporting units. The Company does not anticipate the assessment to be completed until the first quarter of 2017. Beginning with the first quarter of 2017, the Company anticipates allocating goodwill to its reporting units based on the conclusion of the assessment on the following lines of business: Software, Systems, and Services. The acquired Diebold Nixdorf AG goodwill is primarily the result of anticipated synergies achieved through increased scale, a streamlined portfolio of products and solutions, higher utilization of the service organization, workforce rationalization in overlapping regions and shared back office resources. The Company also expects that, after completion of the Acquisition and integration, it will generate strong free cash flow, which would be used to make investments in innovative software and solutions and reduce debt. In March 2015, the Company acquired Phoenix, a leader in developing innovative multi-vendor software solutions for ATMs and a host of other FSS applications. During the second quarter of 2016, the Company adjusted the preliminary goodwill by $(0.5) primarily to reflect adjustments to the finalization of deferred income taxes. Other Assets. Other assets consists of net capitalized computer software development costs, patents, trademarks and other intangible assets. Where applicable, other assets are stated at cost and, if applicable, are amortized ratably over the relevant contract period or the estimated life of the assets. Fees to renew or extend the term of the Company’s intangible assets are expensed when incurred. During the fourth quarter of 2016, the Company recorded a $9.8 impairment charge related to redundant legacy Diebold internally-developed software and an indefinite-lived trade name in NA as a result of the Acquisition. For the year ended December 31, 2015, the Company recorded other asset-related impairment charges of $18.9 . 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. During the remainder of 2015, the Company incurred an additional $0.4 related to uncollectible accounts receivable, which is included in selling and administrative expenses on the consolidated statements of operations. Additionally, 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 in the first quarter of 2015 in which the carrying amounts of the assets were not recoverable. The following summarizes information on intangible assets by major category: December 31, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Internally-developed $ 151.0 $ (53.2 ) $ 97.8 $ 92.4 $ (48.5 ) $ 43.9 Development costs non-software 48.4 (9.7 ) 38.7 1.1 (0.6 ) 0.5 Customer relationships 621.7 (25.4 ) 596.3 1.8 (0.3 ) 1.5 Other intangibles 85.3 (45.2 ) 40.1 58.9 (37.3 ) 21.6 Total $ 906.4 $ (133.5 ) $ 772.9 $ 154.2 $ (86.7 ) $ 67.5 Amortization expense on capitalized software of $24.4 , $14.5 and $18.3 was included in product cost of sales for 2016 , 2015 and 2014 , respectively. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Outstanding debt balances were as follows: December 31, 2016 2015 Notes payable – current Uncommitted lines of credit $ 9.4 $ 19.2 Term Loan A Facility 17.3 11.5 Term Loan B Facility - USD 10.0 — Term Loan B Facility - Euro 3.7 — European Investment Bank 63.1 — Other 3.4 1.3 $ 106.9 $ 32.0 Long-term debt Revolving credit facility $ — $ 168.0 Term Loan A Facility 201.3 218.5 Term Loan B Facility - USD 787.5 — Term Loan B Facility - Euro 363.5 — 2024 Senior Notes 400.0 — 2006 Senior Notes — 225.0 Other 0.8 1.6 1,753.1 613.1 Long-term deferred financing fees (61.7 ) (6.9 ) $ 1,691.4 $ 606.2 As of December 31, 2016 , the Company had various short-term uncommitted lines of credit with borrowing limits of $208.0 . The weighted-average interest rate on outstanding borrowings on the short-term uncommitted lines of credit as of December 31, 2016 and 2015 was 9.87 percent and 5.66 percent , respectively. The increase in the weighted-average interest rate is attributable to the change in mix of borrowings of foreign entities. Short-term uncommitted lines mature in less than one year. The amount available under the short-term uncommitted lines at December 31, 2016 was $198.6 . The cash flows related to debt borrowings and repayments were as follows: December 31, 2016 2015 Revolving debt borrowings (repayments), net $ (178.0 ) $ 155.8 Proceeds from Term Loan B Facility ($1,000.0) under the Credit Agreement $ 990.0 $ — Proceeds from Term Loan B Facility (€350.0) under the Credit Agreement 398.1 — Proceeds from 2024 Senior Notes 393.0 — International short-term uncommitted lines of credit borrowings 56.6 135.8 Other debt borrowings $ 1,837.7 $ 135.8 Payments on 2006 Senior Notes $ (225.0 ) $ (9.9 ) Payments on Term Loan A Facility under the Credit Agreement (11.5 ) (2.9 ) Payments on Term Loan B Facility - USD under the Credit Agreement (202.5 ) — Payments on Term Loan B Facility - Euro under the Credit Agreement (0.9 ) — International short-term uncommitted lines of credit and other repayments (222.6 ) (155.9 ) Other debt repayments $ (662.5 ) $ (168.7 ) The Company entered into a revolving and term loan credit agreement (the Credit Agreement), dated as of November 23, 2015, among the Company and certain of the Company's subsidiaries, as borrowers, JPMorgan Chase Bank, N.A., as Administrative Agent, and the lenders named therein. The Credit Agreement included, among other things, mechanics for the Company’s existing revolving and term loan A facilities to be refinanced under the Credit Agreement. On December 23, 2015, the Company entered into a Replacement Facilities Effective Date Amendment, which amended the Credit Agreement, among the Company, certain of the Company’s subsidiaries, the lenders identified therein and JPMorgan Chase Bank, N.A., as Administrative Agent, pursuant to which the Company refinanced its $520.0 revolving and $230.0 term loan A senior unsecured credit facilities (which have been terminated and repaid in full) with, respectively, a new unsecured revolving facility (the Revolving Facility) in an amount of up to $520.0 and a new (non-delayed draw) unsecured term loan A facility (the Term Loan A Facility) on substantially the same terms as the Delayed Draw Term Facility (as defined in the Credit Agreement) in the amount of up to $230.0 . The Delayed Draw Term Facility of $250.0 may be drawn up to one year after the closing date of the Acquisition. The Revolving Facility and Term Loan A Facility are subject to the same maximum consolidated net leverage ratio and minimum consolidated interest coverage ratio as the Delayed Draw Term Facility. On December 23, 2020, the Term Loan A Facility will mature and the Revolving Facility will automatically terminate. The weighted-average interest rate on outstanding revolving credit facility borrowings as of December 31, 2016 and December 31, 2015 was 2.56 percent and 2.33 percent , respectively, which is variable based on the LIBOR. The amount available under the revolving credit facility as of December 31, 2016 was $520.0 . On April 19, 2016, the Company issued $400.0 aggregate principal amount of 2024 Senior Notes in an offering, which were registered with the SEC in October 2016 in connection with the Acquisition. The 2024 Senior Notes are and will be guaranteed by certain of the Company’s existing and future domestic subsidiaries. Also in April 2016, allocation and pricing of the Term Loan B Facility provided under the Credit Agreement (which the Term Loan B Facility was used to provide part of the financing for the Acquisition) was completed. The Term Loan B Facility consists of a $1,000.0 U.S. dollar-denominated tranche that bears interest at LIBOR plus an applicable margin of 4.50 percent (or, at the Company’s option, prime plus an applicable margin of 3.50 percent ), and a €350.0 euro-denominated tranche that will bear interest at the EURIBOR plus an applicable margin of 4.25 percent . Each tranche was funded during the second quarter of 2016 at 99 percent of par. On May 6 and August 16, 2016, the Company entered into the Second and Third Amendments to the Credit Agreement, which re-denominated a portion of the Term Loan B Facility into euros and guaranteed the prompt and complete payment and performance of the obligations when due under the Credit Agreement. On February 14, 2017, the Company entered into the Fourth Amendment to the Credit Agreement which released certain restrictions on the Delayed Draw Term Loan A effective immediately. The Credit Agreement financial ratios at December 31, 2016 are as follows: • a maximum total net debt to adjusted EBITDA leverage ratio of 4.50 as of December 31, 2016 (reducing to 4.25 on December 31, 2017, further reduced to 4.00 on December 31, 2018, and further reduced to 3.75 on June 30, 2019); and • a minimum adjusted EBITDA to net interest expense coverage ratio of not less than 3.00 The key affirmative and negative covenants of the Credit Agreement include: Affirmative Covenants Negative Covenants - Limitations on pay principal and interest on time merger, consolidation and fundamental changes mandatory prepayments sale of assets timely financial reporting (including compliance certificate) investments and acquisitions use of proceeds liens and security interests notice of defaults transactions with affiliates continue with line of business dividends and other restricted payments paying taxes negative pledge clause maintain insurance restrictions on subsidiary distributions compliance with applicable laws hedges for financial speculation maintain property and title to property receivable indebtedness provide updates to guaranties and collateral when acquiring new assets or subsidiaries incurrence of indebtedness (secured, unsecured and subordinated) engage in periodic credit rating reviews payments of junior/unsecured/subordinated debt perfecting security interest on material U.S. based assets organizational documents amendments Mandatory prepayments are required if the outstanding revolving loans or facility letters of credit exceed the aggregate revolving credit commitments, including due to currency fluctuations if difference is greater than 105 percent, the excess loans must be repaid or facility letters of credit must be cash collateralized. Voluntary prepayments require one business day notice for floating rate loans in $1.0 or multiples thereof and three business days for euro currency rate loans in $5.0 or $1.0 multiples thereof. There is a prepayment premium with respect to the Term B Facility only. Until May 6, 2017, if there is a repricing event, where the Term B Facility is refinanced or amended to reduce the yield, there is a prepayment premium of 1.00 percent refinanced or amended. Other mandatory prepayments include incurrence of new debt outside what is allowed in the Credit Agreement, sale of certain assets beyond a de-minimis exception amount and depending on the net debt leverage, a percentage of "Excess Cash Flows" as defined in the Credit Agreement beginning with 2017 cash flows. The Company incurred $39.2 and $6.0 of fees in the years ended December 31, 2016 and 2015 , respectively, related to the Credit Agreement and 2024 Senior Notes, which are amortized as a component of interest expense over the terms. Below is a summary of financing and replacement facilities information: Financing and Replacement Facilities Interest Rate Index and Margin Maturity/Termination Dates Term (Years) Credit Agreement facilities Revolving Facility LIBOR + 1.75% December 2020 5 Term Loan A Facility LIBOR + 1.75% December 2020 5 Delayed Draw Term Loan A LIBOR + 1.75% December 2020 5 Term Loan B Facility ($1,000.0) LIBOR (i) + 4.50% November 2023 7.5 Term Loan B Facility (€350.0) EURIBOR (ii) + 4.25% November 2023 7.5 2024 Senior Notes 8.5% April 2024 8 (i) LIBOR with a floor of 0.75 percent . (ii) EURIBOR with a floor of 0.75 percent . The debt facilities under the Credit Agreement are secured by substantially all assets of the Company and its domestic subsidiaries that are borrowers or guarantors under the Credit Agreement, subject to certain exceptions and permitted liens. In March 2006, the Company issued the 2006 Senior Notes in an aggregate principal amount of $300.0 . The Company funded the repayment of $75.0 aggregate principal amount of the 2006 Senior Notes at maturity in March 2013 using borrowings under its revolving credit facility and the repayment of $175.0 aggregate principal amount of the 2006 Senior Notes that matured in March 2016 through the use of proceeds from the divestiture of the Company's NA electronic security business. Prepayment of the remaining $50.0 aggregate principal amount of the 2006 Senior Notes were paid in full on May 2, 2016. The prepayment included a make-whole premium of $3.9 , which was paid in addition to the principal and interest of the 2006 Senior Notes and is included in interest expense for the year ended December 31, 2016 . Maturities of long-term debt as of December 31, 2016 are as follows: Maturities of 2017 $ — 2018 37.6 2019 42.4 2020 163.2 Thereafter 1,509.9 $ 1,753.1 Interest expense on the Company’s debt instruments for the years ended December 31, 2016 , 2015 and 2014 was $85.7 , $23.4 and $22.4 , respectively. 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 December 31, 2016 , the Company was in compliance with the financial and other covenants in its debt agreements. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
BENEFIT PLANS | BENEFIT PLANS Qualified Retirement Benefits. The Company has qualified retirement plans covering certain U.S. employees that have been closed to new participants since 2003 and frozen since December 2013. Plans that cover salaried employees provide retirement benefits based on the employee’s compensation during the ten years before the date of the plan freeze or the date of their actual separation from service, if earlier. The Company’s funding policy for salaried plans is to contribute annually based on actuarial projections and applicable regulations. Plans covering hourly employees 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. In connection with the Acquisition, the Company acquired $625.1 of additional obligations and $524.2 of assets related to postemployment benefit plans for certain groups of employees at the Company’s new operations outside of the U.S. Plans vary depending on the legal, economic, and tax environments of the respective country. For financially significant defined benefit plans, accruals for pensions and similar commitments have been included in the results for this year. The new significant defined benefit plans are mainly arranged for employees in Germany, the Netherlands and in Switzerland: • In Germany, post-employment benefit plans are set up as employer funded pension plans and deferred compensation plans. The employer funded pension commitments in Germany are based upon direct performance-related commitments in terms of defined contribution plans. Each beneficiary receives, depending on individual pay-scale grouping, contractual classification, or income level, different yearly contributions. The contribution is multiplied by an age factor appropriate to the respective pension plan and credited to the individual retirement account of the employee. The retirement accounts may be used up at retirement by either a one-time lump-sum payout or payments of up to ten years. Insured events include disability, death and reaching of retirement age. • In Switzerland, the post-employment benefit plan is required due to statutory provisions. The employees receive their pension payments as a function of contributions paid, a fixed interest rate and annuity factors. Insured events are disability, death and reaching of retirement age. • In the Netherlands, there is an average career salary plan, which is employer- and employee-financed and handled by an external fund. Insured events are disability, death and reaching of retirement age. In the Netherlands, the plan assets are currently invested in a company pension fund. During the fourth quarter of 2016, the Company recognized a curtailment gain of $4.6 related to its Netherlands' SecurCash B.V. plan due to a restructuring and cessation of accruals in the plan as of December 31, 2016. A transfer to an industry-wide pension fund is planned for the next fiscal year. Other financially significant defined benefit plans exist in the U.K., Belgium and France. Supplemental Executive Retirement Benefits. The Company has non-qualified pension plans to provide supplemental retirement benefits to certain officers, which was also frozen since December 2013. Benefits are payable at retirement based upon a percentage of the participant’s compensation, as defined. In connection with the voluntary early retirement program in the fourth quarter of 2013, the Company recorded distributions of $138.5 of pension plan assets, of which $15.8 were paid to participants in 2014. Distributions were made via lump-sum payments out of plan assets to participants. These distributions resulted in a non-cash pension charge of $67.6 recognized in selling and administrative expense within the Company's statement of operations. The non-cash pension charge included a $8.7 curtailment loss, a $20.2 settlement loss and $38.7 in special termination benefits. Other Benefits. In addition to providing retirement benefits, the Company provides post-retirement healthcare and life insurance benefits (referred to as other benefits) for certain retired employees. Retired eligible employees in the U.S. may be entitled to these benefits based upon years of service with the Company, age at retirement and collective bargaining agreements. There are no plan assets and the Company funds the benefits as the claims are paid. The post-retirement benefit obligation was determined by application of the terms of medical and life insurance plans together with relevant actuarial assumptions and healthcare cost trend rates. The following tables set forth the change in benefit obligation, change in plan assets, funded status, consolidated balance sheet presentation and net periodic benefit cost for the Company’s defined benefit pension plans and other benefits at and for the years ended December 31: Retirement Benefits Other Benefits 2016 2015 2016 2015 Change in benefit obligation Benefit obligation at beginning of year $ 546.4 $ 578.0 $ 12.7 $ 14.5 Service cost 9.0 3.7 — — Interest cost 27.4 23.8 0.5 0.6 Actuarial (gain) loss (33.0 ) (29.6 ) (1.3 ) (1.4 ) Plan participant contributions 0.9 — — 0.1 Medicare retiree drug subsidy reimbursements — — — 0.2 Benefits paid (35.1 ) (29.3 ) (1.1 ) (1.3 ) Curtailment (4.6 ) — — — Foreign currency impact (34.7 ) (0.2 ) — — Acquired benefit plans 625.1 — — — Benefit obligation at end of year 1,101.4 546.4 10.8 12.7 Change in plan assets Fair value of plan assets at beginning of year 347.9 364.2 — — Actual return on plan assets 18.1 (0.6 ) — — Employer contributions 8.7 13.6 1.1 1.2 Plan participant contributions 0.9 — — 0.1 Benefits paid (35.1 ) (29.3 ) (1.1 ) (1.3 ) Foreign currency impact (30.1 ) — — — Acquired benefit plans 524.2 — — — Fair value of plan assets at end of year 834.6 347.9 — — Funded status $ (266.8 ) $ (198.5 ) $ (10.8 ) $ (12.7 ) Amounts recognized in balance sheets Noncurrent assets $ 15.7 $ — $ — $ — Current liabilities 6.8 3.5 1.1 1.2 Noncurrent liabilities (1) 275.7 195.0 9.7 11.3 Accumulated other comprehensive loss: Unrecognized net actuarial loss (2) (142.3 ) (167.5 ) (1.1 ) (2.5 ) Unrecognized prior service benefit (cost) (2) (0.1 ) (0.1 ) — 0.1 Net amount recognized $ 124.4 $ 30.9 $ 9.7 $ 10.1 Change in accumulated other comprehensive loss Balance at beginning of year $ (167.6 ) $ (176.2 ) $ (2.6 ) $ (4.1 ) Prior service credit recognized during the year — — — (0.2 ) Net actuarial losses recognized during the year 5.6 6.6 0.2 0.3 Net actuarial gains (losses) occurring during the year 25.5 2.0 1.3 1.4 Net actuarial gains (losses) recognized due to curtailment (4.8 ) — — — Foreign currency impact (1.1 ) — — — Balance at end of year $ (142.4 ) $ (167.6 ) $ (1.1 ) $ (2.6 ) (1) Included in the consolidated balance sheets in pensions and other benefits and other post-retirement benefits are international plans. (2) Represents amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost. Retirement Benefits Other Benefits 2016 2015 2014 2016 2015 2014 Components of net periodic benefit cost Service cost $ 9.0 $ 3.7 $ 2.9 $ — $ — $ — Interest cost 27.4 23.8 23.0 0.5 0.6 0.6 Expected return on plan assets (30.5 ) (27.0 ) (25.8 ) — — — Amortization of prior service cost (1) — — (0.2 ) — (0.2 ) (0.2 ) Recognized net actuarial loss 5.5 6.6 3.0 0.2 0.3 0.2 Curtailment gain (4.6 ) — — — — — Net periodic benefit cost $ 6.8 $ 7.1 $ 2.9 $ 0.7 $ 0.7 $ 0.6 (1) The annual amortization of prior service cost is determined as the increase in projected benefit obligation due to the plan change divided by the average remaining service period of participating employees expected to receive benefits under the plan. The following table represents information for pension plans with an accumulated benefit obligation in excess of plan assets at December 31: 2016 2015 Projected benefit obligation $ 1,101.4 $ 546.4 Accumulated benefit obligation $ 1,092.7 $ 546.1 Fair value of plan assets $ 834.6 $ 347.9 The following table represents the weighted-average assumptions used to determine benefit obligations at December 31: Pension Benefits Other Benefits 2016 2015 2016 2015 Discount rate 2.94 % 4.62 % 4.62 % 4.62 % Rate of compensation increase 2.52 % N/A N/A N/A The following table represents the weighted-average assumptions used to determine periodic benefit cost at December 31: Pension Benefits Other Benefits 2016 2015 2016 2015 Discount rate 2.77 % 4.21 % 4.62 % 4.21 % Expected long-term return on plan assets 4.19 % 7.75 % N/A N/A Rate of compensation increase 2.49 % N/A N/A N/A The discount rate is determined by analyzing the average return of high-quality (i.e., AA-rated) fixed-income investments and the year-over-year comparison of certain widely used benchmark indices as of the measurement date. The expected long-term rate of return on plan assets is primarily determined using the plan’s current asset allocation and its expected rates of return. The Company also considers information provided by its investment consultant, a survey of other companies using a December 31 measurement date and the Company’s historical asset performance in determining the expected long-term rate of return. The rate of compensation increase assumptions reflects the Company’s long-term actual experience and future and near-term outlook. During 2016, the Society of Actuaries released a series of updated mortality tables resulting from recent studies measuring mortality rates for various groups of individuals. As of December 31, 2016, the Company adopted for the pension plan in the U.S. the use of the RP-2014 base mortality table modified to remove the post-2006 projections using the MP-2014 mortality improvement scale and replacing it with projections using the fully generational MP-2016 projection scale. For the plans outside the U.S., the mortality tables used are those either required or customary for local accounting and/or funding purposes. The following table represents assumed healthcare cost trend rates at December 31: 2016 2015 Healthcare cost trend rate assumed for next year 7.0 % 7.0 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 5.0 % 5.0 % Year that rate reaches ultimate trend rate 2025 2020 The healthcare trend rates for the postemployment benefits plans in the U.S. are reviewed based upon the results of actual claims experience. The Company used initial healthcare cost trends of 7.0 percent in both 2016 and 2015 . While the ultimate trend rate was 5.0 percent in both years, the period of time to reach the ultimate was extended from 2015 to 2016. Assumed healthcare cost trend rates have a significant effect on the amounts reported for the healthcare plans. A one-percentage-point change in assumed healthcare cost trend rates would have the following effects: One-Percentage-Point Increase One-Percentage-Point Decrease Effect on total of service and interest cost $ — $ — Effect on post-retirement benefit obligation $ 0.7 $ (0.6 ) The Company has a pension investment policy in the U.S. designed to achieve an adequate funded status based on expected benefit payouts and to establish an asset allocation that will meet or exceed the return assumption while maintaining a prudent level of risk. The plans' target asset allocation adjusts based on the plan's funded status. As the funded status improves or declines, the debt security target allocation will increase and decrease, respectively. The Company utilizes the services of an outside consultant in performing asset / liability modeling, setting appropriate asset allocation targets along with selecting and monitoring professional investment managers. The U.S. plan assets are invested in equity and fixed income securities, alternative assets and cash. Within the equities asset class, the investment policy provides for investments in a broad range of publicly-traded securities including both domestic and international stocks diversified by value, growth and cap size. Within the fixed income asset class, the investment policy provides for investments in a broad range of publicly-traded debt securities with a substantial portion allocated to a long duration strategy in order to partially offset interest rate risk relative to the plans’ liabilities. The alternative asset class includes investments in diversified strategies with a stable and proven track record and low correlation to the U.S. stock market. Several plans outside of the U.S. are also invested in various assets, under various investment policies in compliance with local funding regulations. In connection with the Acquisition, the Company also acquired plan assets that had been created in June 2006 as part of a Contractual Trust Arrangement (CTA), under which company assets have been irrevocably transferred to a registered association (Wincor Nixdorf Pension Trust e. V.) for the exclusive purpose of securing and funding pension and other postemployment benefits obligations to employees in Belgium, Germany, France and Switzerland. The association is investing in current and non-current assets, using a funding strategy that is reviewed on a regular basis by analyzing asset development as well as the current situation of the financial market. The following table summarizes the Company’s target mix for these asset classes in 2017 , which are readjusted at least quarterly within a defined range for the U.S., and the Company’s actual pension plan asset allocation as of December 31, 2016 and 2015 : Target Allocation Actual Allocation 2017 2016 2015 Equity securities 45% 45% 45% Debt securities 40% 41% 39% Real estate 5% 5% 6% Other 10% 9% 10% Total 100% 100% 100% Assets are categorized into a three level hierarchy based upon the assumptions (inputs) used to determine the fair value of the assets. Level 1 - Fair value of investments categorized as level 1 are determined based on period end closing prices in active markets. Mutual funds are valued at their net asset value (NAV) on the last day of the period. Level 2 - Fair value of investments categorized as level 2 are determined based on the latest available ask price or latest trade price if listed. The fair value of unlisted securities is established by fund managers using the latest reported information for comparable securities and financial analysis. If the manager believes the fund is not capable of immediately realizing the fair value otherwise determined, the manager has the discretion to determine an appropriate value. Common collective trusts are valued at NAV on the last day of the period. Level 3 - Fair value of investments categorized as level 3 represent the plan’s interest in private equity, hedge and property funds. The fair value for these assets is determined based on the NAV as reported by the underlying investment managers. The following table summarizes the fair value of the Company’s plan assets as of December 31, 2016 : Fair Value Level 1 Level 2 Level 3 Cash and other $ 95.7 $ 95.7 $ — $ — Mutual funds 89.8 89.8 — — Equity securities U.S. mid cap value 0.1 0.1 — — U.S. small cap core 16.9 16.9 — — International developed markets 46.1 46.1 — — Fixed income securities U.S. corporate bonds 44.8 — 44.8 — International corporate bonds 77.3 — 77.3 — U.S. government 7.7 — 7.7 — Other fixed income 6.9 — 6.9 — Emerging markets 16.5 — 16.5 — Common collective trusts Real estate (a) 22.4 — 4.3 18.1 Other (b) 148.4 — 148.4 — Alternative investments Multi-strategy hedge funds (c) 20.4 — 2.1 18.3 Private equity funds (d) 11.7 — — 11.7 Other alternative investments (e) 229.9 — — 229.9 Fair value of plan assets at end of year $ 834.6 $ 248.6 $ 308.0 $ 278.0 The following table summarizes the fair value of the Company’s plan assets as of December 31, 2015 : Fair Value Level 1 Level 2 Level 3 Cash and other $ 3.4 $ 3.4 $ — $ — Mutual funds 14.7 14.7 — — Equity securities U.S. mid cap value 13.2 13.2 — — U.S. small cap core 16.9 16.9 — — International developed markets 34.0 34.0 — — Fixed income securities U.S. corporate bonds 47.4 — 47.4 — International corporate bonds — — — — U.S. government 3.3 — 3.3 — Other fixed income 0.5 — 0.5 — Emerging markets 17.8 — 17.8 — Common collective trusts Real estate (a) 19.6 — — 19.6 Other (b) 143.4 — 143.4 — Alternative investments Multi-strategy hedge funds (c) 17.2 — — 17.2 Private equity funds (d) 16.5 — — 16.5 Fair value of plan assets at end of year $ 347.9 $ 82.2 $ 212.4 $ 53.3 (a) Real estate common collective trust. The objective of the real estate common collective trust (CCT) is to achieve long-term returns through investments in a broadly diversified portfolio of improved properties with stabilized occupancies. As of December 31, 2016 , investments in this CCT included approximately 39 percent office, 20 percent residential, 25 percent retail and 16 percent industrial, cash and other. As of December 31, 2015 , investments in this CCT included approximately 48 percent office, 20 percent residential, 24 percent retail and 8 percent industrial, cash and other. Investments in the real estate CCT can be redeemed once per quarter subject to available cash, with a 45-day notice . (b) Other common collective trusts. At December 31, 2016 , approximately 60 percent of the other CCTs are invested in fixed income securities including approximately 22 percent in mortgage-backed securities, 58 percent in corporate bonds and 20 percent in U.S. Treasury and other. Approximately 40 percent of the other CCTs at December 31, 2016 are invested in Russell 1000 Fund large cap index funds. At December 31, 2015 , approximately 59 percent of the other CCTs are invested in fixed-income securities including approximately 25 percent in mortgage-backed securities, 45 percent in corporate bonds and 30 percent in U.S. Treasury and other. Approximately 41 percent of the other CCTs at December 31, 2015 are invested in Russell 1000 Fund large cap index funds. Investments in fixed-income securities can be redeemed daily . (c) Multi-strategy hedge funds. The objective of the multi-strategy hedge funds is to diversify risks and reduce volatility. At December 31, 2016 and 2015 , investments in this class include approximately 43 percent and 53 percent long/short equity, respectively, 50 percent and 40 percent arbitrage and event investments, respectively, and 7 percent and 7 percent in directional trading, fixed income and other, respectively. Investments in the multi-strategy hedge fund can be redeemed semi-annually with a 95-day notice . (d) Private equity funds. The objective of the private equity funds is to achieve long-term returns through investments in a diversified portfolio of private equity limited partnerships that offer a variety of investment strategies, targeting low volatility and low correlation to traditional asset classes. As of December 31, 2016 and 2015 , investments in these private equity funds include approximately 43 percent and 50 percent , respectively, in buyout private equity funds that usually invest in mature companies with established business plans, approximately 26 percent and 25 percent , respectively, in special situations private equity and debt funds that focus on niche investment strategies and approximately 31 percent and 25 percent respectively, in venture private equity funds that invest in early development or expansion of business. Investments in the private equity fund can be redeemed only with written consent from the general partner, which may or may not be granted. At December 31, 2016 and 2015 , the Company had unfunded commitments of underlying funds of $5.5 in both years. (e) Other alternative investments. Following the Acquisition, the Company’s plan assets were expanded with a combination of insurance contracts, multi-strategy investment funds and company-owned real estate. The fair value for these assets is determined based on the NAV as reported by the underlying investment manager, insurance companies and the trustees of the German Contractual Trust Agreement (CTA). The following table summarizes the changes in fair value of level 3 assets for the years ended December 31: 2016 2015 Balance, January 1 $ 53.3 $ 54.1 Dispositions (8.3 ) (6.1 ) Realized and unrealized gain, net 2.5 5.3 Acquisition 230.5 — Balance, December 31 $ 278.0 $ 53.3 The following table represents the amortization amounts expected to be recognized during 2017 : Pension Benefits Other Benefits Amount of net prior service credit $ — $ — Amount of net loss $ 5.6 $ 0.1 The Company contributed $8.7 to its retirement plans, including contributions to the nonqualified plan, and $1.1 to its other post-retirement benefit plan during the year ended December 31, 2016 . The Company expects to contribute $1.2 to its other post-retirement benefit plan and expects to contribute approximately $26.7 to its retirement plans, including the nonqualified plan, during the year ending December 31, 2017 . The following benefit payments, which reflect expected future service, are expected to be paid: Pension Benefits Other Benefits Other Benefits 2017 $ 52.0 $ 1.2 $ 1.0 2018 $ 52.8 $ 1.1 $ 1.0 2019 $ 53.9 $ 1.1 $ 1.0 2020 $ 53.9 $ 1.0 $ 0.9 2021 $ 53.8 $ 1.0 $ 0.9 2022-2026 $ 276.5 $ 4.2 $ 3.8 Retirement Savings Plan. The Company offers employee 401(k) savings plans (Savings Plans) to encourage eligible employees to save on a regular basis by payroll deductions. Effective July 1, 2003, a new enhanced benefit to the Savings Plans was effective in lieu of participation in the pension plan for salaried employees. The Company's basic match is 60 percent of the first 6 percent of a participant's qualified contributions, subject to IRS limits. The Company match is determined by the Board of Directors and evaluated at least annually. Total Company match was $8.3 , $9.5 and $8.7 for the years ended December 31, 2016 , 2015 and 2014 , respectively. Deferred Compensation Plans. The Company has deferred compensation plans in the U.S. and Germany that enable certain employees to defer a portion of their cash wages, cash bonus, 401(k) or other compensation and non-employee directors to defer receipt of director fees at the participants’ discretion. For deferred cash-based compensation and 401(k), the Company established rabbi trusts in the U.S. which are recorded at fair value of the underlying securities within securities and other investments. The related deferred compensation liabilities are recorded at fair value within other long-term liabilities. Realized and unrealized gains and losses on marketable securities in the rabbi trusts are recognized in interest income with corresponding changes in the Company’s deferred compensation obligation recorded as compensation cost within selling and administrative expense. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
LEASES | LEASES The Company’s future minimum lease payments due under non-cancellable operating leases for real estate, vehicles and other equipment at December 31, 2016 are as follows: Total Real Estate Vehicles and Equipment (a) 2017 $ 88.6 $ 55.7 $ 32.9 2018 55.5 37.0 18.5 2019 35.9 26.7 9.2 2020 19.3 17.0 2.3 2021 15.3 13.6 1.7 Thereafter 15.6 15.6 — $ 230.2 $ 165.6 $ 64.6 (a) The Company leases vehicles with contractual terms of 36 to 60 months that are cancellable after 12 months without penalty. Future minimum lease payments reflect only the minimum payments during the initial 12-month non-cancellable term . Under lease agreements that contain escalating rent provisions, lease expense is recorded on a straight-line basis over the lease term. Rental expense under all lease agreements amounted to $84.3 , $67.7 and $72.2 for the years ended December 31, 2016 , 2015 and 2014 , respectively. |
Guarantees and Product Warranti
Guarantees and Product Warranties | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
GUARANTEES AND PRODUCT WARRANTIES | GUARANTEES AND PRODUCT WARRANTIES The Company provides its global operations guarantees and standby letters of credit through various financial institutions to suppliers, customers, regulatory agencies and insurance providers. If the Company is not able to make payment, the suppliers, customers, regulatory agencies and insurance providers may draw on the pertinent bank. At December 31, 2016 , the maximum future contractual obligations relative to these various guarantees totaled $183.3 , of which $28.0 represented standby letters of credit to insurance providers, and no associated liability was recorded. At December 31, 2015 , the maximum future payment obligations relative to these various guarantees totaled $89.9 , of which $30.0 represented standby letters of credit to insurance providers, and no associated liability was recorded. The Company provides its customers a standard 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. Changes in the Company’s warranty liability balance are illustrated in the following table: 2016 2015 Balance at January 1 $ 73.6 $ 113.3 Current period accruals 51.2 35.7 Current period settlements (73.5 ) (49.1 ) Acquired warranty accruals 43.8 — Currency translation 4.3 (26.3 ) Balance at December 31 $ 99.4 $ 73.6 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Contractual Obligation At December 31, 2016 , the Company had purchase commitments due within one year totaling $16.3 for materials through contract manufacturing agreements at negotiated prices. The amounts purchased under these obligations totaled $20.9 in 2016 . 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 December 31, 2016 , 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. In September 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 and lower level appellate 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. The Company has 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 U.S. Customs Border Protection which is consistent with the Company's interpretation of the treaty in question. The Company has submitted that ruling for consideration in its ongoing dispute with Thailand. In August 2016, the tax court of appeals rendered a decision in favor of the Company related to approximately half of the assessments at issue. The remaining matters are currently in various stages of 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. At December 31, 2016 and 2015 , the Company had an accrual related to the Brazil indirect tax matter disclosed above of $7.3 and $7.5 , respectively. The movement between periods primarily relates to the currency fluctuation in the Brazil real. 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 December 31, 2016 to be up to approximately $172.9 for its material indirect tax matters, of which approximately $125.9 and $24.0 , 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 December 31, 2016 , 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 management’s opinion, the Company's consolidated financial statements would not be materially affected by the outcome of these legal proceedings, commitments or asserted claims. On October 22, 2013, the Company finalized a settlement agreement with the U.S. Securities and Exchange Commission (SEC) and a Deferred Prosecution Agreement (DPA) with the U.S. Department of Justice (DOJ) to settle charges arising from violations of the Foreign Corrupt Practices Act (FCPA). Pursuant to those agreements, Diebold Nixdorf was required to retain an independent corporate monitor to review our compliance program, internal accounting controls, record-keeping, and financial reporting policies and procedures relating to the FCPA and other applicable anti-corruption laws. Since that time, the Company has made significant enhancements to its global ethics and compliance program. On October 24, 2016, the corporate monitor certified to the SEC and DOJ that our compliance program is reasonably designed and implemented to prevent and detect violations of anti-corruption laws. The DPA and the independent corporate monitorship expired on October 29, 2016. With the completion of the monitorship, the Company has fulfilled its obligations under the settlement agreements with the DOJ and SEC. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate and foreign exchange rate risk, through the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s borrowings. Certain of the Company’s foreign operations expose the Company to fluctuations of foreign interest rates and exchange rates. These fluctuations may impact the value of the Company’s cash receipts and payments in terms of the Company’s functional currency. The Company enters into derivative financial instruments to protect the value or fix the amount of certain obligations in terms of its functional currency. The Company uses derivatives to mitigate the economic consequences associated with fluctuations in currencies and interest rates. The following table summarizes the gain (loss) recognized on derivative instruments: Derivative instrument Classification on consolidated statement of operations 2016 2015 2014 Non-designated hedges and interest rate swaps Interest expense $ (5.1 ) $ (4.2 ) $ (6.3 ) Gain (loss) on foreign currency option contracts - acquisition related Miscellaneous, net 35.6 7.0 — Foreign exchange forward contracts and cash flow hedges Foreign exchange gain (loss), net 4.4 10.7 21.1 Foreign exchange forward contracts - acquisition related Miscellaneous, net (26.4 ) — — Total $ 8.5 $ 13.5 $ 14.8 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. 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 $1.0 as of December 31, 2016 and 2015 , respectively.The net gain (loss) recognized in AOCI on net investment hedge derivative instruments was $(13.3) and $10.4 for the years ended December 31, 2016 and 2015 , respectively. On August 15, 2016, the Company designated its €350.0 euro-denominated Term Loan B Facility as a net investment hedge of its investments in certain subsidiaries that use the Euro as their functional currency in order to reduce volatility in stockholders' equity caused by the changes in foreign currency exchange rates of the Euro with respect to the U.S. Dollar. The notes will bear interest at the EURIBOR plus an applicable margin of 4.25 percent . Effectiveness will be assessed at least quarterly by confirming that the respective designated net investments' net equity balances at the beginning of any period collectively continues to equal or exceed the balance outstanding on the Company's Euro-denominated term loan. Changes in value that are deemed effective are accumulated in AOCI. When the respective net investments are sold or substantially liquidated, the balance of the cumulative translation adjustment in AOCI will be reclassified into earnings. The net gain (loss) recognized in AOCI on net investment hedge foreign currency borrowings was $22.8 for the year ended December 31, 2016 . 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 loss, net and forward-based gains/losses represent interest expense or income. The fair value of the Company’s non-designated foreign exchange forward contracts was $2.6 and $0.9 as of December 31, 2016 and 2015 , respectively. Cash Flow Hedges. The Company is exposed to fluctuations in various foreign currencies against its functional currency. At the Company, both sales and purchases are transacted in foreign currencies. Wincor Nixdorf International GmbH is the Diebold Nixdorf AG currency management center. Currency risks in the aggregate are identified, quantified, and controlled at the Wincor Nixdorf International GmbH treasury center, and furthermore, it provides foreign currencies if necessary. The Diebold Nixdorf AG subsidiaries are primarily exposed to the U.S. dollar (USD) and Great Britain pound sterling (GBP) as the euro (EUR) is its functional currency. This risk is considerably reduced by natural hedging (i.e. management of sales and purchases by choice location and suppliers). For the remainder of the risk that is not naturally hedged, foreign currency forwards are used to manage the exposure between EUR-GBP and EUR-USD. Derivative transactions are recorded on the balance sheet at fair value. For transactions designated as cash flow hedges, the effective portion of changes in the fair value are recorded in AOCI and are subsequently reclassified into earnings in the period that the hedged forecasted transactions impact earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. As of December 31, 2016 , the Company had the following outstanding foreign currency derivatives that were used to hedge its foreign exchange risks: Foreign Currency Derivative Number of Instruments Notional Sold Notional Purchased Currency forward agreements (EUR-USD) 18 54.0 USD 48.4 EUR Currency forward agreements (EUR-GBP) 13 36.7 GBP 45.0 EUR The remaining net currency risk not hedged by forward currency transactions amounts to approximately $16.4 and £9.4 for year ended December 31, 2016 . The flows of foreign currency are recorded centrally for Diebold Nixdorf AG and, where feasible, equalized out. No foreign currency options were transacted during the current and previous year. If the euro had been revalued and devalued respectively by 10 percent against the U.S. dollar the other components of equity (before deferred taxes) and the fair value of forward currency transactions would have been €3.9 higher, and €4.8 lower, respectively for the year ended December 31, 2016 . If the euro had been revalued and devalued respectively by 10 percent against pounds sterling as of December 31, 2016 , the other components of equity (before deferred taxes) and the fair value of forward currency transactions would have been €4.6 higher, and €5.6 lower, respectively for the year ended December 31, 2016 . Foreign Exchange Currency Option and Forward Contracts - acquisition related. On November 23, 2015, the Company entered into two foreign currency option contracts to purchase €1,416.0 for $1,547.1 to hedge against the effect of exchange rate fluctuations on the euro-denominated cash consideration related to the Acquisition and estimated euro-denominated transaction related costs and any outstanding Diebold Nixdorf AG borrowings. At that time, the euro-denominated cash component of the purchase price consideration approximated €1,162.2 . The foreign currency option contracts were sold during the second quarter of 2016 for cash proceeds of $42.6 , which are included in investing activities in the consolidated statements of cash flows, resulting in a gain of $35.6 during the year ended December 31, 2016 and $7.0 during the fourth quarter of 2015 . The weighted average strike price was $1.09 per euro. These foreign currency option contracts were non-designated and included in other current assets on the consolidated balance sheet as of December 31, 2015 based on the net asset position. On April 29, 2016, the Company entered into one foreign currency forward contract to purchase €713.0 for $820.9 to hedge against the effect of exchange rate fluctuations on the euro-denominated cash consideration related to the Acquisition and estimated euro denominated transaction related costs and any outstanding Diebold Nixdorf AG borrowings. The forward rate is $1.1514 . The foreign currency forward contract was settled for $792.6 during the third quarter of 2016, which is included in investing activities in the consolidated statements of cash flows, resulting in a loss of $26.4 during the year ended December 31, 2016 . This foreign currency forward contract is non-designated and included in other current assets or other current liabilities based on the net asset or net liability position, respectively, in the consolidated balance sheets. The gains and losses from the revaluation of the foreign currency forward contract are included in other income (expense) miscellaneous, net on the consolidated statements of operations. During the year ended December 31, 2016 , the Company recorded a $9.3 , mark-to-market gain (loss) on foreign currency and forward option contracts reflected in miscellaneous, net. The fair value of the Company's foreign currency forward and option contracts was $7.0 as of December 31, 2015 and was included in other current assets. INTEREST RATE Cash Flow Hedges. The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. During November 2016, the Company entered into multiple pay-fixed receive-variable interest rate swaps outstanding with an aggregate notional amount of $400.0 . The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in AOCI and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the fourth quarter of 2016, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. The Company estimates that an additional $0.8 will be reclassified as an increase to interest expense over the next year. Additionally, the Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as hedges. In connection with the Acquisition, the Company acquired an interest swap for a notional amount of €50.0 , which was entered into in May 2010 with a ten-year term from October 1, 2010 until September 30, 2020. For this interest swap, the three-month EURIBOR is received and a fixed interest rate of 2.974 percent is paid. The fair value is measured at market prices. On the date of the Acquisition and as of December 31, 2016 , the fair value was €(7.9) and €(6.3) , respectively. Because this swap was accounted for as a cash flow hedge, the change in fair value of €1.6 was directly recognized in AOCI. For the year ended December 31, 2016 , the amount reclassified from equity to profit or loss was not significant. In December 2005 and January 2006, the Company executed cash flow hedges by entering into pay-fixed receive-variable interest rate swaps, with a total notional amount of $200.0 , related to the 2006 Senior Notes. Amounts previously recorded in AOCI related to the pre-issuance cash flow hedges were reclassified to interest expense on a straight-line basis through February 2016. In June 2016, the Company paid off this pay-fixed receive-variable interest rate swap. The gain recognized on designated cash flow hedge derivative instruments was minimal for year ended December 31, 2016 and $1.1 for 2015 . Gains and losses related to interest rate contracts that are reclassified from AOCI are recorded in interest expense on the consolidated statements of operations. |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF ASSETS AND LIABILITIES | FAIR VALUE OF ASSETS AND LIABILITIES Refer to note 1 for the Company’s accounting policies related to fair value accounting. Refer to note 15 for assets held in the Company’s defined pension plans, which are measured at fair value. Assets and liabilities subject to fair value measurement are as follows: December 31, 2016 December 31, 2015 Classification on consolidated balance sheets 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 Short-term investments $ 64.1 $ 64.1 $ — $ 39.9 $ 39.9 $ — Foreign exchange forward contracts Other current assets 7.2 — 7.2 3.5 — 3.5 Foreign exchange option contracts Other current assets — — — 7.0 — 7.0 Assets held in rabbi trusts Securities and other investments 8.5 8.5 — 9.3 9.3 — Interest rate swaps Securities and other investments 8.4 — 8.4 — — — Total $ 88.2 $ 72.6 $ 15.6 $ 59.7 $ 49.2 $ 10.5 Liabilities Foreign exchange forward contracts Other current liabilities $ 7.7 $ — $ 7.7 $ 1.5 $ — $ 1.5 Interest rate swaps Other current liabilities 6.9 — 6.9 — — — Deferred compensation Other liabilities 8.5 8.5 — 9.3 9.3 — Total $ 23.1 $ 8.5 $ 14.6 $ 10.8 $ 9.3 $ 1.5 During the years ended December 31, 2016 and 2015 , there were no transfers between levels. The redeemable noncontrolling interests were preliminarily recorded at fair value as of the Acquisition date by applying the income approach using unobservable inputs for projected cash flows and a discount rate, which are considered Level 3 inputs, and subject to change as the measurement period related to the Acquisition has not expired and purchase accounting remains preliminary. The balance of redeemable noncontrolling interests is reported at the greater of its carrying value or its maximum redemption value at each reporting date. The fair value and carrying value of the Company’s debt instruments are summarized as follows: December 31, 2016 December 31, 2015 Fair Value Carrying Value Fair Value Carrying Value Notes payable $ 106.9 $ 106.9 $ 32.0 $ 32.0 Revolving credit facility — — 168.0 168.0 Term Loan A Facility 201.3 201.3 218.5 218.5 Term Loan B Facility - USD 787.5 787.5 — — Term Loan B Facility - Euro 363.5 363.5 — — 2024 Senior Notes 426.0 400.0 — — 2006 Senior Notes — — 225.0 225.0 Other 0.8 0.8 1.6 1.6 Long-term deferred financing fees (61.7 ) (61.7 ) (6.9 ) (6.9 ) Long-term debt 1,717.4 1,691.4 606.2 606.2 Total debt instruments $ 1,824.3 $ 1,798.3 $ 638.2 $ 638.2 Refer to note 14 for further details surrounding the increase in long-term debt as of December 31, 2016 . |
Restructuring and Other Charges
Restructuring and Other Charges | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING AND OTHER CHARGES | RESTRUCTURING AND OTHER CHARGES The following table summarizes the impact of Company’s restructuring charges on the consolidated statements of operations for the years ended December 31: 2016 2015 2014 Cost of sales - services $ 18.4 $ 3.1 $ 0.5 Cost of sales - products 7.1 1.4 1.2 Selling and administrative expense 28.8 16.1 — Research, development and engineering expense 5.1 0.6 9.9 Total $ 59.4 $ 21.2 $ 11.6 The following table summarizes the Company’s restructuring charges by reporting segment for the years ended December 31: 2016 2015 2014 Severance NA $ 2.8 $ 0.7 $ 0.8 AP 7.8 1.2 0.4 EMEA 17.0 3.8 0.5 LA 11.2 5.6 6.6 Corporate 20.6 9.9 3.3 Total $ 59.4 $ 21.2 $ 11.6 Multi-Year Transformation Plan 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 realignment focused 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 $7.7 , $21.2 and $11.6 for the years ended December 31, 2016 , 2015 and 2014 , respectively, related to the Company’s multi-year transformation plan. As of December 31, 2016 , the multi-year transformation plan is complete. Integration Plan As of August 15, 2016, the date of the Acquisition, the Company has launched the integration of operations designed to realize approximately $160 of annual synergies by 2019. This integration plan focuses on the utilization of cost efficiencies and synergy opportunities that result from the Acquisition. The Company incurred restructuring charges of $42.8 for the year ended December 31, 2016 related to this plan. The Company anticipates additional restructuring costs of approximately $130 to be incurred through the end of the plan. Delta Program At the beginning of the 2015, Diebold Nixdorf AG initiated the Delta Program related to restructuring and realignment. As part of a change process that spanned several years, the Delta Program was designed to hasten the expansion of software and professional services operations and to further enhance profitability in the services business. This program included expansion in the high-end fields of managed services and outsourcing. It also involved capacity adjustments on the hardware side, enabling the Company to respond more effectively to market volatility while maintaining its abilities with innovation. As of August 15, 2016, the date of the Acquisition, the restructuring accrual balance acquired was $45.5 and consisted of severance activities. The Company incurred restructuring charges of $3.2 for the year ended December 31, 2016 related to this plan. As of December 31, 2016, the Company does not anticipate additional restructuring costs to be incurred through the end of the plan. Strategic Alliance Plan On November 10, 2016, the Company entered into a strategic alliance with the Inspur Group, a Chinese cloud computing and data center company, to develop, manufacture and distribute FSS solutions in China. The Inspur Group holds a majority stake of 60.0 percent in the new jointly owned company, which is named Inspur (Suzhou) Financial Technology Service Co. Ltd. (Inspur JV). The Inspur JV will offer a complete range of self-service terminals within the Chinese market, including ATMs. The Company will serve as the exclusive distributor outside of China for all products developed by the Inspur JV, which will be sold under the Diebold Nixdorf brand. The Company will not consolidate Inspur JV but includes the results of operations in equity in earnings of an investee included in other income (expense) of the consolidated statements of operations. In November 2016, the Inspur JV was formed and the Company does not expect a significant gain or loss from the transaction. The Company incurred restructuring charges of $5.7 for the year ended December 31, 2016 related to this plan. The Company anticipates additional restructuring costs of approximately $1.0 to be incurred through the end of the plan. The following table summarizes the Company's cumulative total restructuring costs from continuing operations as of December 31, 2016 for the respective plans: Severance Other Multi-year transformation plan Integration Plan Delta Program Strategic Alliance Multi-year transformation plan NA $ 8.9 $ 2.4 $ — $ — $ 2.0 AP 4.6 2.1 — 5.7 0.6 EMEA 6.7 14.8 1.1 — 0.9 LA 24.3 6.8 0.3 — — Corporate 60.5 16.7 1.8 — — Total $ 105.0 $ 42.8 $ 3.2 $ 5.7 $ 3.5 The following table summarizes the Company’s restructuring accrual balances and related activity: Balance at January 1, 2014 $ 31.7 Liabilities incurred 11.6 Liabilities paid/settled (35.7 ) Balance at December 31, 2014 $ 7.6 Liabilities incurred 21.2 Liabilities paid/settled (24.1 ) Balance at December 31, 2015 $ 4.7 Liabilities incurred 59.4 Liabilities acquired 45.5 Liabilities paid/settled (19.7 ) Balance at December 31, 2016 $ 89.9 Other Charges 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 income (expense) of $(249.3) , $(36.4) and $12.5 impacted the years ended December 31, 2016 , 2015 and 2014 , respectively. Net non-routine expense for the year ended December 31, 2016 was primarily due to acquisition, divestiture and integration related fees and expenses of $118.9 primarily included within selling and administrative expenses. Additionally, net non-routine expense included purchase accounting pretax charges related to deferred revenue of $16.2 , inventory valuation adjustment of $62.7 and amortization of acquired intangibles of $49.7 . Legal, indemnification and professional fees related to corporate monitor efforts were also included in net non-routine expense. Net non-routine expense for the year ended December 31, 2015 was primarily due to potential acquisition and divestiture related costs of $21.1 included within selling and administrative expense. Additionally, net non-routine expense included legal, indemnification and professional fees related to corporate monitor efforts. Net non-routine income for the year ended December 31, 2014 related primarily to a $13.7 pre-tax gain from the sale of the Eras, recognized in gain on sale of assets, net within the consolidated statements of operations, and $5.8 pre-tax adjustment related to indirect taxes in Brazil, within products cost of sales. These gains were partially offset by legal, indemnification and professional fees paid by the Company in connection with ongoing obligations related to a prior settlement recorded within selling and administrative expense. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | 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, retail solutions 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. In January 2015, the Company announced the realignment of its Brazil and LA businesses to drive greater efficiency and further improve customer service. The Company reported results from its LA and Brazil operations under one single reportable operating segment and reclassified comparative periods 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 the those segments. Segment operating income reconciles to consolidated income (loss) from continuing operations before income taxes by deducting corporate costs and other income or expense items that are not attributed to the segments. Further details regarding the Company's net non-routine income (expense) appear in note 18. 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 below. The following tables represent information regarding the Company’s segment information and provides a reconciliation between segment operating profit and the consolidated income (loss) from continuing operations before income taxes for the years ended December 31: 2016 2015 2014 Revenue summary by segment NA $ 1,118.2 $ 1,094.5 $ 1,091.4 AP 470.0 439.6 500.3 EMEA 1,181.2 393.1 421.2 LA 546.9 492.1 721.9 Total customer revenues $ 3,316.3 $ 2,419.3 $ 2,734.8 Intersegment revenues NA $ 52.1 $ 81.4 $ 68.4 AP 80.7 99.7 85.4 EMEA 84.6 73.4 56.6 LA 0.8 0.5 0.5 Total intersegment revenues $ 218.2 $ 255.0 $ 210.9 Segment operating profit NA $ 214.3 $ 250.1 $ 266.3 AP 52.6 63.1 66.4 EMEA 115.8 55.3 61.4 LA 53.3 37.4 68.7 Total segment operating profit $ 436.0 $ 405.9 $ 462.8 Corporate charges not allocated to segments (1) (277.3 ) (270.8 ) (296.6 ) Impairment of assets (9.8 ) (18.9 ) (2.1 ) Restructuring charges (59.4 ) (21.2 ) (11.6 ) Net non-routine income (expense) (249.3 ) (36.4 ) 12.5 (595.8 ) (347.3 ) (297.8 ) Operating profit (loss) (159.8 ) 58.6 165.0 Other income (expense) (78.5 ) (12.8 ) (10.3 ) Income (loss) from continuing operations before taxes $ (238.3 ) $ 45.8 $ 154.7 (1) Corporate charges not allocated to segments include headquarter based costs associated with manufacturing administration, procurement, human resources, compensation and benefits, finance and accounting, global development/engineering, global strategy/mergers and acquisitions, global information technology, tax, treasury and legal. 2016 2015 2014 Segment depreciation and amortization expense NA $ 9.8 $ 9.7 $ 8.7 AP 8.7 6.9 7.7 EMEA 23.4 3.1 4.0 LA 6.4 6.9 12.0 Total segment depreciation and amortization expense 48.3 26.6 32.4 Corporate depreciation and amortization expense 86.5 37.4 41.0 Total depreciation and amortization expense $ 134.8 $ 64.0 $ 73.4 2016 2015 2014 Segment property, plant and equipment, at cost NA $ 111.0 $ 110.7 $ 120.6 AP 58.9 53.3 46.9 EMEA 178.2 35.2 38.2 LA 59.1 51.9 78.7 Total segment property, plant and equipment, at cost 407.2 251.1 284.4 Corporate property, plant and equipment, at cost, not allocated to segments 456.8 357.9 320.4 Total property, plant and equipment, at cost $ 864.0 $ 609.0 $ 604.8 The following table presents information regarding the Company’s revenue by service and product solution: Revenue summary by service and product solution 2016 2015 2014 Financial self-service Services $ 1,504.0 $ 1,185.0 $ 1,219.9 Products 1,022.5 923.7 977.3 Total financial self-service 2,526.5 2,108.7 2,197.2 Retail Services 202.5 — — Products 235.6 — — Total retail 438.1 — — Security Services 201.4 209.3 212.9 Products 72.0 83.5 99.5 Total security 273.4 292.8 312.4 Brazil other 78.3 17.8 225.2 $ 3,316.3 $ 2,419.3 $ 2,734.8 The Company had no customers that accounted for more than 10 percent of total net sales in 2016 , 2015 and 2014 . Below is a summary of net sales by point of origin for the years ended December 31: 2016 2015 2014 Net sales United States $ 1,020.1 $ 1,014.3 $ 1,035.9 Brazil 263.0 211.5 482.5 China 175.2 279.0 314.2 Other international 1,858.0 914.5 902.2 Total net sales $ 3,316.3 $ 2,419.3 $ 2,734.8 Below is a summary of property, plant and equipment, net by geographical location as of December 31: 2016 2015 2014 Property, plant and equipment, net United States $ 111.2 $ 130.4 $ 116.5 Germany 199.7 — — Brazil 18.4 12.9 17.2 Other international 57.7 32.0 32.0 Total property, plant and equipment, net $ 387.0 $ 175.3 $ 165.7 In August 2016, in connection with the business combination agreement related to the Acquisition, the Company announced the realignment of its lines of business to drive greater efficiency and further improve customer service. As a result of the Acquisition, the Company has reorganized the management team reporting to the CODM and has begun evaluating and assessing the lines of business reporting structure. The Company does not anticipate the assessment to be completed until the first quarter of 2017. Beginning with the first quarter of 2017, the Company anticipates its reportable operating segments will be based on the conclusion of the assessment on the following lines of business: Services, Systems, and Software and will reclassify comparative periods for consistency. Until such assessment is completed, the CODM will continue to regularly review, make decisions, allocate resources and assess performance based on the current regional reportable operating segments. |
Divestitures (Notes)
Divestitures (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Divestitures [Abstract] | |
DIVESTITURES | DIVESTITURES In December 2015, the Company announced it was forming a new strategic alliance with a subsidiary of the Inspur Group, a Chinese cloud computing and data center company, to develop, manufacture and distribute FSS solutions in China. The Inspur Group will hold a majority stake of 51.0 percent in the new jointly owned company, which will be named Inspur (Suzhou) Financial Technology Service Co. Ltd. (Inspur JV). The Inspur JV will offer a complete range of self-service terminals within the Chinese market, including ATMs. The Company will serve as the exclusive distributor outside of China for all products developed by the Inspur JV, which will be sold under the Diebold Nixdorf brand. The Company will not consolidate Inspur JV but includes its results of operations in equity in earnings of an investee included in other income (expense) of the consolidated statements of operations. In November 2016, the Inspur JV was formed and the Company does not expect a significant gain or loss from the transaction. In addition, to support the services-led approach to the market, the Company will divest a minority share of its current China operations to the Inspur Group. Moving forward, this business will be focused on providing a whole suite of services, including installation, maintenance, professional and managed services related to ATMs and other automated transaction solutions. During the third quarter of 2016, the Company received cash proceeds of $27.7 related to the sale of stock in its Aevi International GmbH and Diebold Nixdorf AG China subsidiaries. In addition to the cash proceeds received, the Company recorded deferred payments of $44.7 for the divestiture of its Diebold Nixdorf AG China subsidiaries. The Diebold Nixdorf AG China sale was reflected in the opening balance sheet and no gain or loss was recorded. The Diebold Nixdorf AG China sale was in connection with the June 2016, Diebold Nixdorf AG announcement to establish a strategic alliance with Aisino Corporation, to position itself in China to offer solutions that meet Chinese banking regulations. Aisino Corporation is a Chinese company that specializes in intelligent anti-forgery tax control systems, electronic fund transfer (EFT) point of sale (POS) solutions, financial IC cards, bill receipt printing solutions and public IT security solutions. Following the closing of the transaction, the Company holds a noncontrolling interest in the Aisino JV of 43.6 percent . The Company will include the Aisino results of operations in equity in earnings of an investee included in other income (expense) of the consolidated statements of operations. On October 25, 2015, the Company entered into a definitive asset purchase agreement with a wholly-owned subsidiary of Securitas AB (Securitas Electronic Security) to divest its electronic security business located in the U.S. and Canada for an aggregate purchase price of $350.0 in cash, 10.0 percent of which was contingent based on the successful transition of certain customer relationships, which was paid in the first quarter of 2016. For ES to continue its growth, it would require resources and investment that Diebold Nixdorf is not committed to make given its focus on the self-service market. The Company recorded a pre-tax gain of $239.5 on the ES divestiture which was recognized during 2016. The Company has also agreed to provide certain transition services to Securitas Electronic Security after the closing, including providing Securitas Electronic Security a $6.0 credit for such services, of which $5.0 relates to a quarterly payment to Securitas Electronic Security and $1.0 is a credit against payments due from Securitas Electronic Security. During the year ended December 31, 2016, $5.0 was paid as part of the quarterly payments and $1.0 was used against amounts owed by Securitas Electronic Security. The closing of the transaction occurred on February 1, 2016. The operating results for the NA electronic security business were previously included in the Company's NA segment and have been reclassified to discontinued operations for all of the periods presented. The assets and liabilities of this business were classified as held for sale in the Company's consolidated balance sheet as of December 31, 2015. Cash flows provided or used by the NA electronic security business are presented as cash flows from discontinued operations for all of the periods presented. The operating results, assets and liabilities and cash flows from discontinued operations are no longer included in the financial statements of the Company from the closing date. The following summarizes select financial information included in income from discontinued operations, net of tax: Years ended December 31, 2016 2015 2014 Net sales Services $ 16.3 $ 221.5 $ 204.8 Products 8.5 127.0 111.4 24.8 348.5 316.2 Cost of sales Services 15.1 181.1 172.6 Products 6.9 102.2 90.5 22.0 283.3 263.1 Gross profit 2.8 65.2 53.1 Selling and administrative expense 4.8 39.7 37.2 Income (loss) from discontinued operations before taxes (2.0 ) 25.5 15.9 Income tax (benefit) expense (0.7 ) 9.6 6.2 (1.3 ) 15.9 9.7 Gain on sale of discontinued operations before taxes 239.5 — — Income tax (benefit) expense 94.5 — — Gain on sale of discontinued operations, net of tax 145.0 — — Income from discontinued operations, net of tax $ 143.7 $ 15.9 $ 9.7 The following summarizes the assets and liabilities classified as held for sale in the consolidated balance sheet: December 31, 2015 ASSETS Cash and cash equivalents $ (1.5 ) Trade receivables, less allowances for doubtful accounts of $4.0 75.6 Inventories 29.1 Prepaid expenses 0.9 Other current assets 5.0 Total current assets 109.1 Property, plant and equipment, net 5.2 Goodwill 33.9 Assets held for sale $ 148.2 LIABILITIES Accounts payable $ 24.8 Deferred revenue 13.3 Payroll and other benefits liabilities 6.6 Other current liabilities 4.7 Total current liabilities 49.4 Other long-term liabilities — Liabilities held for sale $ 49.4 During 2015, all assets and liabilities classified as held for sale were included in total current assets based on the cash conversion of these assets and liabilities during the first quarter of 2016. The cash and cash equivalents of the electronic security business represents outstanding checks as of December 31, 2015. As of first quarter 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. During the remainder of 2015, the Company incurred an additional $0.4 related to uncollectible accounts receivable, which is included in selling and administrative expenses on the consolidated statements of operations. In the second quarter of 2014, the Company divested its 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 consolidated statement of operations. Eras was included within the NA segment. Total assets and operating results of Eras were not significant to the consolidated financial statements. |
Related Party Transactions (Not
Related Party Transactions (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | RELATED PARTY TRANSACTIONS The Company has strategic alliances that are not consolidated. The Company tests these strategic alliances annually, individually and in aggregate, to determine materiality for disclosure. The Company owns 40.0 percent of Inspur JV or Inspur (Suzhou) Financial Technology Service Co., Ltd (Inspur) and 43.6 percent of Aisino-Wincor Retail & Banking Systems (Shanghai) Co.,Ltd; (Aisino). The Company engages in transactions in the ordinary course of business. The Company's strategic alliances were determined to be immaterial to the Company and were accounted for under the equity method of investments. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) The following table presents selected unaudited quarterly financial information for the years ended December 31: First Quarter Second Quarter Third Quarter Fourth Quarter 2016 2015 2016 2015 2016 2015 2016 2015 Net sales $ 509.6 $ 574.8 $ 580.0 $ 644.5 $ 983.3 $ 589.6 $ 1,243.4 $ 610.4 Gross profit 138.8 159.3 155.1 170.8 197.6 150.3 230.2 171.6 Income (loss) from continuing operations, net of tax 20.7 (10.2 ) (20.8 ) 19.7 (97.2 ) 18.3 (73.4 ) 31.7 Income from discontinued operations, net of tax 147.8 4.5 0.5 4.3 (4.6 ) 4.5 — 2.6 Net income (loss) 168.5 (5.7 ) (20.3 ) 24.0 (101.8 ) 22.8 (73.4 ) 34.3 Net income (loss) attributable to noncontrolling interests 0.3 (2.9 ) 0.8 1.8 0.5 1.1 4.4 1.7 Net income (loss) attributable to Diebold Nixdorf, Incorporated $ 168.2 $ (2.8 ) $ (21.1 ) $ 22.2 $ (102.3 ) $ 21.7 $ (77.8 ) $ 32.6 Basic earnings (loss) per share Income (loss) from continuing operations, net of tax $ 0.31 $ (0.11 ) $ (0.33 ) $ 0.27 $ (1.38 ) $ 0.26 $ (1.04 ) $ 0.46 Income from discontinued operations, net of tax 2.27 0.07 0.01 0.07 (0.06 ) 0.07 — 0.04 Net income (loss) attributable to Diebold Nixdorf, Incorporated (basic) $ 2.58 $ (0.04 ) $ (0.32 ) $ 0.34 $ (1.44 ) $ 0.33 $ (1.04 ) $ 0.50 Diluted earnings (loss) per share Income (loss) from continuing operations, net of tax $ 0.31 $ (0.11 ) $ (0.33 ) $ 0.27 $ (1.38 ) $ 0.26 $ (1.04 ) $ 0.46 Income from discontinued operations, net of tax 2.25 0.07 0.01 0.07 (0.06 ) 0.07 — 0.04 Net income (loss) attributable to Diebold Nixdorf, Incorporated (diluted) $ 2.56 $ (0.04 ) $ (0.32 ) $ 0.34 $ (1.44 ) $ 0.33 $ (1.04 ) $ 0.50 Basic weighted-average shares outstanding 65.1 64.7 65.2 64.9 70.9 65.0 75.1 65.0 Diluted weighted-average shares outstanding 65.7 64.7 65.2 65.6 70.9 65.6 75.1 65.7 On August 15, 2016, the Company acquired Diebold Nixdorf AG which was the primary driver of the results in the second half of the year. On February 1, 2016, the Company divested of its NA electronic security business resulting in a pre-tax gain of $239.5 during the first quarter. Income (loss) from continuing operations, net of tax during the second half of 2016 was impacted by increased interest expense and deal-related costs in connection with the Acquisition, of $97.2 . Net loss in the first quarter of 2015 was negatively impacted by the Company's sale of its equity interest in its Venezuela joint venture to its joint venture partner (refer to note 23), which resulted in an impairment charge of $10.3 . In the first quarter of 2015, the Company also recorded a foreign exchange loss of $7.5 related to the devaluation of the Venezuelan currency. In the fourth quarter of 2015, the repatriation of foreign earnings, the associated recognition of foreign tax credits and related benefits due to the passage of the PATH Act, were recorded which resulted in a tax benefit (refer to note 7 ). |
Supplemental Guarantor Informat
Supplemental Guarantor Information (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Guarantor Information [Abstract] | |
Condensed Financial Statements [Text Block] | SUPPLEMENTAL GUARANTOR INFORMATION The Company issued the 2024 Senior Notes in an offering exempt from the registration requirements of the Securities Act in connection with the Acquisition. The 2024 Senior Notes are and will be guaranteed by certain of the Company's existing and future domestic subsidiaries. The following presents the condensed consolidating financial information separately for: (i) Diebold Nixdorf, Incorporated (the Parent Company), the issuer of the guaranteed obligations; (ii) Guarantor Subsidiaries, on a combined basis, as specified in the indentures related to the Company's obligations under the 2024 Senior Notes; (iii) Consolidating entries and eliminations representing adjustments to (a) eliminate intercompany transactions between the Parent Company, the Guarantor Subsidiaries and the Non-guarantor Subsidiaries, (b) eliminate the investments in our subsidiaries, and (c) record consolidating entries; and (iv) Diebold Nixdorf, Incorporated and Subsidiaries on a consolidated basis. Each guarantor subsidiary is 100 percent owned by the Parent Company at the date of each balance sheet presented. The notes are fully and unconditionally guaranteed on a joint and several basis by each guarantor subsidiary. The guarantees of the guarantor subsidiaries are subject to release in limited circumstances only upon the occurrence of certain customary conditions. Each entity in the consolidating financial information follows the same accounting policies as described in the consolidated financial statements, except for the use by the Parent Company and the guarantor subsidiaries of the equity method of accounting to reflect ownership interests in subsidiaries which are eliminated upon consolidation. Changes in intercompany receivables and payables related to operations, such as intercompany sales or service charges, are included in cash flows from operating activities. Intercompany transactions reported as investing or financing activities include the sale of capital stock of various subsidiaries, loans and other capital transactions between members of the consolidated group. Certain non-guarantor subsidiaries of the Parent Company are limited in their ability to remit funds to it by means of dividends, advances or loans due to required foreign government and/or currency exchange board approvals or limitations in credit agreements or other debt instruments of those subsidiaries. Condensed Consolidating Balance Sheets As of December 31, 2016 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Reclassifications/ Eliminations Consolidated ASSETS Current assets Cash and cash equivalents $ 138.4 $ 2.3 $ 512.0 $ — $ 652.7 Short-term investments — — 64.1 — 64.1 Trade receivables, net 119.0 — 717.5 (0.6 ) 835.9 Intercompany receivables 883.0 783.7 480.1 (2,146.8 ) — Inventories 110.5 16.2 611.0 — 737.7 Deferred income taxes — — — — — Prepaid expenses 14.7 0.8 45.2 — 60.7 Prepaid income taxes 0.3 25.4 84.9 (25.4 ) 85.2 Other current assets 3.2 1.6 178.5 — 183.3 Total current assets 1,269.1 830.0 2,693.3 (2,172.8 ) 2,619.6 Securities and other investments 94.7 — — — 94.7 Property, plant and equipment, net 102.7 9.0 275.3 — 387.0 Goodwill 55.5 — 942.8 — 998.3 Deferred income taxes 173.1 7.8 128.6 — 309.5 Finance lease receivables — 4.8 20.4 — 25.2 Intangible assets, net 1.8 13.6 757.5 — 772.9 Investment in subsidiary 2,619.6 — 9.3 (2,628.9 ) — Other assets 2.9 0.1 60.1 — 63.1 Total assets $ 4,319.4 $ 865.3 $ 4,887.3 $ (4,801.7 ) $ 5,270.3 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY Current liabilities Notes payable $ 30.9 $ 1.3 $ 74.7 $ — $ 106.9 Accounts payable 101.6 1.1 458.4 (0.6 ) 560.5 Intercompany payable 1,376.6 175.9 594.3 (2,146.8 ) — Deferred revenue 114.7 0.7 288.8 — 404.2 Payroll and other benefits liabilities 21.0 1.4 150.1 — 172.5 Other current liabilities 156.1 3.9 445.8 (25.4 ) 580.4 Total current liabilities 1,800.9 184.3 2,012.1 (2,172.8 ) 1,824.5 Long-term debt 1,690.5 0.4 0.5 — 1,691.4 Pensions and other benefits 199.3 — 80.1 — 279.4 Post-retirement and other benefits 13.3 — 4.5 — 17.8 Deferred income taxes 13.4 — 287.2 — 300.6 Other long-term liabilities 10.6 — 77.1 — 87.7 Commitments and contingencies Redeemable noncontrolling interests — — 44.1 — 44.1 Total Diebold Nixdorf, Incorporated shareholders' equity 591.4 680.6 1,948.3 (2,628.9 ) 591.4 Noncontrolling interests — — 433.4 — 433.4 Total liabilities and equity $ 4,319.4 $ 865.3 $ 4,887.3 $ (4,801.7 ) $ 5,270.3 Condensed Consolidating Balance Sheets As of December 31, 2015 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Reclassifications/ Eliminations Consolidated ASSETS Current assets Cash and cash equivalents $ 20.3 $ 7.9 $ 285.4 $ — $ 313.6 Short-term investments — — 39.9 — 39.9 Trade receivables, net 140.4 4.3 269.2 — 413.9 Intercompany receivables 828.8 733.6 539.1 (2,101.5 ) — Inventories 115.9 17.8 235.6 — 369.3 Deferred income taxes 103.7 11.2 53.9 — 168.8 Prepaid expenses 16.4 0.7 6.5 — 23.6 Prepaid income taxes — 8.0 18.0 (8.0 ) 18.0 Current assets held for sale 139.2 — 9.0 — 148.2 Other current assets 15.5 3.5 129.3 — 148.3 Total current assets 1,380.2 787.0 1,585.9 (2,109.5 ) 1,643.6 Securities and other investments 85.2 — — — 85.2 Property, plant and equipment, net 121.1 10.0 44.2 — 175.3 Goodwill 45.1 — 116.4 — 161.5 Deferred income taxes 57.1 — 14.6 (6.4 ) 65.3 Finance lease receivables — 8.1 28.4 — 36.5 Intangible assets, net 2.4 23.3 41.8 — 67.5 Other assets 1,404.6 0.2 (7.3 ) (1,390.0 ) 7.5 Total assets $ 3,095.7 $ 828.6 $ 1,824.0 $ (3,505.9 ) $ 2,242.4 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY Current liabilities Notes payable $ 21.5 $ 1.3 $ 9.2 $ — $ 32.0 Accounts payable 131.9 1.2 148.6 — 281.7 Intercompany payable 1,414.2 140.8 546.5 (2,101.5 ) — Deferred revenue 102.7 3.6 122.9 — 229.2 Payroll and other benefits liabilities 25.2 0.5 50.8 — 76.5 Current liabilities held for sale 48.9 — 0.5 — 49.4 Other current liabilities 116.3 2.6 176.1 (8.0 ) 287.0 Total current liabilities 1,860.7 150.0 1,054.6 (2,109.5 ) 955.8 Long-term debt 604.6 1.6 — — 606.2 Pensions and other benefits 193.5 — 2.1 — 195.6 Post-retirement and other benefits 14.5 — 4.2 — 18.7 Deferred income taxes — 6.4 1.9 (6.4 ) 1.9 Other long-term liabilities 10.0 — 18.7 — 28.7 Commitments and contingencies Total Diebold Nixdorf, Incorporated shareholders' equity 412.4 670.6 719.4 (1,390.0 ) 412.4 Noncontrolling interests — — 23.1 — 23.1 Total liabilities and equity $ 3,095.7 $ 828.6 $ 1,824.0 $ (3,505.9 ) $ 2,242.4 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Year Ended December 31, 2016 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Reclassifications/ Eliminations Consolidated Net sales $ 1,078.4 $ 85.0 $ 2,236.1 $ (83.2 ) $ 3,316.3 Cost of sales 822.6 92.0 1,762.3 (82.3 ) 2,594.6 Gross profit (loss) 255.8 (7.0 ) 473.8 (0.9 ) 721.7 Selling and administrative expense 309.2 11.5 440.5 — 761.2 Research, development and engineering expense 7.9 45.7 56.6 — 110.2 Impairment of assets — 5.1 4.7 — 9.8 (Gain) loss on sale of assets, net 0.3 (0.1 ) 0.1 — 0.3 317.4 62.2 501.9 — 881.5 Operating profit (loss) (61.6 ) (69.2 ) (28.1 ) (0.9 ) (159.8 ) Other income (expense) Interest income 2.3 0.6 18.6 — 21.5 Interest expense (100.0 ) (0.1 ) (1.3 ) — (101.4 ) Foreign exchange gain (loss), net (3.2 ) (0.1 ) 1.2 — (2.1 ) Equity in earnings of subsidiaries (60.5 ) — — 60.5 — Miscellaneous, net 2.7 7.8 (7.0 ) — 3.5 Income (loss) from continuing operations before taxes (220.3 ) (61.0 ) (16.6 ) 59.6 (238.3 ) Income tax (benefit) expense (52.1 ) (28.6 ) 13.1 — (67.6 ) Income (loss) from continuing operations, net of tax (168.2 ) (32.4 ) (29.7 ) 59.6 (170.7 ) Income from discontinued operations, net of tax 135.2 — 8.5 — 143.7 Net income (loss) (33.0 ) (32.4 ) (21.2 ) 59.6 (27.0 ) Income attributable to noncontrolling interests, net of tax — — 6.0 — 6.0 Net income (loss) attributable to Diebold Nixdorf, Incorporated $ (33.0 ) $ (32.4 ) $ (27.2 ) $ 59.6 $ (33.0 ) Comprehensive income (loss) $ (56.2 ) $ (32.4 ) $ (55.7 ) $ 97.3 $ (47.0 ) Less: comprehensive income attributable to noncontrolling interests — — 9.2 — 9.2 Comprehensive income (loss) attributable to Diebold Nixdorf, Incorporated $ (56.2 ) $ (32.4 ) $ (64.9 ) $ 97.3 $ (56.2 ) Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Year Ended December 31, 2015 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Reclassifications/ Eliminations Consolidated Net sales $ 959.3 $ 171.4 $ 1,458.4 $ (169.8 ) $ 2,419.3 Cost of sales 645.7 181.2 1,109.2 (168.8 ) 1,767.3 Gross profit (loss) 313.6 (9.8 ) 349.2 (1.0 ) 652.0 Selling and administrative expense 268.5 10.6 209.1 — 488.2 Research, development and engineering expense 8.3 59.3 19.3 — 86.9 Impairment of assets — 9.1 9.8 — 18.9 (Gain) loss on sale of assets, net 0.3 — (0.9 ) — (0.6 ) 277.1 79.0 237.3 — 593.4 Operating profit (loss) 36.5 (88.8 ) 111.9 (1.0 ) 58.6 Other income (expense) Interest income 0.2 1.0 24.8 — 26.0 Interest expense (30.3 ) (0.2 ) (2.0 ) — (32.5 ) Foreign exchange gain (loss), net 4.0 (0.5 ) (13.5 ) — (10.0 ) Equity in earnings of subsidiaries 29.4 — — (29.4 ) — Miscellaneous, net (9.3 ) 13.2 51.3 (51.5 ) 3.7 Income (loss) from continuing operations before taxes 30.5 (75.3 ) 172.5 (81.9 ) 45.8 Income tax (benefit) expense (28.3 ) (12.1 ) 26.7 — (13.7 ) Income (loss) from continuing operations, net of tax 58.8 (63.2 ) 145.8 (81.9 ) 59.5 Income from discontinued operations, net of tax 14.9 — 1.0 — 15.9 Net income (loss) 73.7 (63.2 ) 146.8 (81.9 ) 75.4 Income attributable to noncontrolling interests, net of tax — — 1.7 — 1.7 Net income (loss) attributable to Diebold Nixdorf, Incorporated $ 73.7 $ (63.2 ) $ 145.1 $ (81.9 ) $ 73.7 Comprehensive income (loss) $ (53.9 ) $ (63.2 ) $ 0.2 $ 64.1 $ (52.8 ) Less: comprehensive income attributable to noncontrolling interests — — 3.2 — 3.2 Comprehensive income (loss) attributable to Diebold Nixdorf, Incorporated $ (53.9 ) $ (63.2 ) $ (3.0 ) $ 64.1 $ (56.0 ) Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Year Ended December 31, 2014 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Reclassifications/ Eliminations Consolidated Net sales $ 946.0 $ 217.8 $ 1,788.0 $ (217.0 ) $ 2,734.8 Cost of sales 610.0 229.0 1,384.1 (214.5 ) 2,008.6 Gross profit (loss) 336.0 (11.2 ) 403.9 (2.5 ) 726.2 Selling and administrative expense 265.9 11.2 201.3 — 478.4 Research, development and engineering expense 8.3 64.8 20.5 — 93.6 Impairment of assets — — 2.1 — 2.1 (Gain) loss on sale of assets, net (12.0 ) 0.9 (1.8 ) — (12.9 ) 262.2 76.9 222.1 — 561.2 Operating profit (loss) 73.8 (88.1 ) 181.8 (2.5 ) 165.0 Other income (expense) Interest income 0.9 1.7 31.9 — 34.5 Interest expense (27.3 ) (0.3 ) (3.8 ) — (31.4 ) Foreign exchange gain (loss), net (0.4 ) — (11.4 ) — (11.8 ) Equity in earnings of subsidiaries (459.6 ) — — 459.6 — Miscellaneous, net 530.6 22.4 (554.7 ) 0.1 (1.6 ) Income (loss) from continuing operations before taxes 118.0 (64.3 ) (356.2 ) 457.2 154.7 Income tax (benefit) expense 13.6 (17.8 ) 51.6 — 47.4 Income (loss) from continuing operations, net of tax 104.4 (46.5 ) (407.8 ) 457.2 107.3 Income (loss) from discontinued operations, net of tax 10.0 — (0.3 ) — 9.7 Net income (loss) 114.4 (46.5 ) (408.1 ) 457.2 117.0 Income attributable to noncontrolling interests, net of tax — — 2.6 — 2.6 Net income (loss) attributable to Diebold Nixdorf, Incorporated $ 114.4 $ (46.5 ) $ (410.7 ) $ 457.2 $ 114.4 Comprehensive income (loss) $ (21.9 ) $ (46.5 ) $ (488.1 ) $ 536.1 $ (20.4 ) Less: comprehensive income attributable to noncontrolling interests — — 1.4 — 1.4 Comprehensive income (loss) attributable to Diebold Nixdorf, Incorporated $ (21.9 ) $ (46.5 ) $ (489.5 ) $ 536.1 $ (21.8 ) Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2016 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Reclassifications/ Eliminations Consolidated Net cash provided by operating activities $ (147.2 ) $ (43.2 ) $ 232.6 $ (13.8 ) $ 28.4 Cash flow from investing activities Payments for acquisitions, net of cash acquired (995.2 ) — 110.6 — (884.6 ) Proceeds from maturities of investments (1.9 ) — 226.9 — 225.0 Proceeds from sale of foreign currency option and forward contracts, net 16.2 — — — 16.2 Payments for purchases of investments — — (243.5 ) — (243.5 ) Proceeds from divestitures and the sale of assets — — 31.3 — 31.3 Capital expenditures (9.2 ) (1.0 ) (29.3 ) — (39.5 ) Increase in certain other assets 0.5 (6.8 ) (21.9 ) — (28.2 ) Capital contributions and loans paid (270.2 ) — (1,119.3 ) 1,389.5 — Proceeds from intercompany loans 106.4 — — (106.4 ) — Net cash provided (used) by investing activities - continuing operations (1,153.4 ) (7.8 ) (1,045.2 ) 1,283.1 (923.3 ) Net cash used in investing activities - discontinued operations 361.9 — — — 361.9 Net cash provided (used) by investing activities (791.5 ) (7.8 ) (1,045.2 ) 1,283.1 (561.4 ) Cash flow from financing activities Dividends paid (64.6 ) — (13.8 ) 13.8 (64.6 ) Debt issuance costs (39.2 ) — — — (39.2 ) Revolving debt borrowings (repayments), net (178.0 ) — — — (178.0 ) Other debt borrowings 1,781.3 — 56.4 — 1,837.7 Other debt repayments (439.6 ) (1.2 ) (221.7 ) — (662.5 ) Distribution to noncontrolling interest holders — — (10.2 ) — (10.2 ) Excess tax benefits from share-based compensation 0.3 — — — 0.3 Issuance of common shares 0.3 — — — 0.3 Repurchase of common shares (2.2 ) — — — (2.2 ) Capital contributions received and loans incurred — 133.3 1,256.2 (1,389.5 ) — Payments on intercompany loans — (86.7 ) (19.7 ) 106.4 — Net cash provided (used) by financing activities 1,058.3 45.4 1,047.2 (1,269.3 ) 881.6 Effect of exchange rate changes on cash — — (8.0 ) — (8.0 ) Increase (decrease) in cash and cash equivalents 119.6 (5.6 ) 226.6 — 340.6 Add: Cash overdraft included in assets held for sale at beginning of year (1.5 ) — — — (1.5 ) Less: Cash overdraft included in assets held for sale at end of year — — — — — Cash and cash equivalents at the beginning of the year 20.3 7.9 285.4 — 313.6 Cash and cash equivalents at the end of the period $ 138.4 $ 2.3 $ 512.0 $ — $ 652.7 Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2015 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Reclassifications/ Eliminations Consolidated Net cash provided by operating activities $ 1.1 $ (26.2 ) $ 97.5 $ (35.7 ) $ 36.7 Cash flow from investing activities Payments for acquisitions, net of cash acquired — — (59.4 ) — (59.4 ) Proceeds from maturities of investments (2.1 ) — 178.2 — 176.1 Payments for purchases of investments — — (125.5 ) — (125.5 ) Proceeds from divestitures and the sale of assets — 3.5 1.5 — 5.0 Capital expenditures (34.9 ) (5.9 ) (11.5 ) — (52.3 ) Increase in certain other assets (6.5 ) (6.6 ) 6.8 — (6.3 ) Capital contributions and loans paid (205.4 ) — (3.8 ) 209.2 — Proceeds from intercompany loans 173.0 — — (173.0 ) — Net cash provided (used) by investing activities - continuing operations (75.9 ) (9.0 ) (13.7 ) 36.2 (62.4 ) Net cash used in investing activities - discontinued operations (2.5 ) — — — (2.5 ) Net cash provided (used) by investing activities (78.4 ) (9.0 ) (13.7 ) 36.2 (64.9 ) Cash flow from financing activities Dividends paid (75.6 ) — (35.7 ) 35.7 (75.6 ) Debt issuance costs (6.0 ) — — — (6.0 ) Revolving debt borrowings (repayments), net 180.8 — (25.0 ) — 155.8 Other debt borrowings — — 135.8 — 135.8 Other debt repayments (14.8 ) (0.8 ) (153.1 ) — (168.7 ) Distribution to noncontrolling interest holders 0.1 — (0.2 ) — (0.1 ) Excess tax benefits from share-based compensation 0.5 — — — 0.5 Issuance of common shares 3.5 — — — 3.5 Repurchase of common shares (3.0 ) — — — (3.0 ) Capital contributions received and loans incurred — 179.3 29.9 (209.2 ) — Payments on intercompany loans — (137.9 ) (35.1 ) 173.0 — Net cash provided by (used in) financing activities 85.5 40.6 (83.4 ) (0.5 ) 42.2 Effect of exchange rate changes on cash — — (23.9 ) — (23.9 ) Increase (decrease) in cash and cash equivalents 8.2 5.4 (23.5 ) — (9.9 ) Add: Cash overdraft included in assets held for sale at beginning of year (4.1 ) — — — (4.1 ) Less: Cash overdraft included in assets held for sale at end of year (1.5 ) — — — (1.5 ) Cash and cash equivalents at the beginning of the year 14.7 2.5 308.9 — 326.1 Cash and cash equivalents at the end of the period $ 20.3 $ 7.9 $ 285.4 $ — $ 313.6 Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2014 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Reclassifications/ Eliminations Consolidated Net cash provided by operating activities $ 154.6 $ (3.5 ) $ 132.6 $ (96.8 ) $ 186.9 Cash flow from investing activities Payments for acquisitions, net of cash acquired — — (11.7 ) — (11.7 ) Proceeds from maturities of investments 2.3 — 475.1 — 477.4 Proceeds from sale of investments — — 39.6 — 39.6 Payments for purchases of investments (4.0 ) — (424.7 ) — (428.7 ) Proceeds from divestitures and sale of assets — — 18.4 — 18.4 Capital expenditures (44.1 ) (1.4 ) (14.6 ) — (60.1 ) Increase in certain other assets (14.4 ) (15.6 ) 10.2 — (19.8 ) Capital contributions and loans paid (233.7 ) — (10.1 ) 243.8 — Proceeds from intercompany loans 184.8 — — (184.8 ) — Net cash provided (used) by investing activities - continuing operations (109.1 ) (17.0 ) 82.2 59.0 15.1 Net cash used in investing activities - discontinued operations (1.3 ) — — — (1.3 ) Net cash provided (used) by investing activities (110.4 ) (17.0 ) 82.2 59.0 13.8 Cash flow from financing activities Dividends paid (74.9 ) — (96.8 ) 96.8 (74.9 ) Debt issuance costs (1.4 ) — — — (1.4 ) Revolving debt borrowings (repayments), net 26.0 — (24.0 ) — 2.0 Other debt borrowings — (0.3 ) 157.9 — 157.6 Other debt repayments — 0.2 (175.7 ) — (175.5 ) Distribution to noncontrolling interest holders — — (2.2 ) — (2.2 ) Excess tax benefits from share-based compensation 0.5 — — — 0.5 Issuance of common shares 14.6 — — — 14.6 Repurchase of common shares (1.9 ) — — — (1.9 ) Capital contributions received and loans incurred — 177.7 66.1 (243.8 ) — Payments on intercompany loans — (156.6 ) (28.2 ) 184.8 — Net cash provided by (used in) financing activities (37.1 ) 21.0 (102.9 ) 37.8 (81.2 ) Effect of exchange rate changes on cash — — (28.2 ) — (28.2 ) Increase (decrease) in cash and cash equivalents 7.1 0.5 83.7 — 91.3 Add: Cash overdraft included in assets held for sale at beginning of year (0.6 ) — — — (0.6 ) Less: Cash overdraft included in assets held for sale at end of year (4.1 ) — — — (4.1 ) Cash and cash equivalents at the beginning of the year 4.1 2.0 225.2 — 231.3 Cash and cash equivalents at the end of the year $ 14.7 $ 2.5 $ 308.9 $ — $ 326.1 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | The consolidated financial statements include the accounts of Diebold Nixdorf, Incorporated and its wholly- and majority-owned subsidiaries (collectively, the Company). All significant intercompany accounts and transactions have been eliminated. |
Use of Estimates in Preparation of Consolidated Financial Statements | The preparation of the accompanying consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include revenue recognition, the valuation of trade and financing receivables, inventories, goodwill, intangible assets, other long-lived assets, legal contingencies, guarantee obligations and assumptions used in the calculation of income taxes, pension and other post-retirement benefits and customer incentives, among others. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors. Management monitors the economic condition and other factors and will adjust such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. |
International Operations | The financial statements of the Company’s international operations are measured using local currencies as their functional currencies, with the exception of Venezuela's financial results, which are measured using the currency exchange mechanism, SICAD 2. The Company translates the assets and liabilities of its non-U.S. subsidiaries at the exchange rates in effect at year end and the results of operations at the average rate throughout the year. The translation adjustments are recorded directly as a separate component of shareholders’ equity, while transaction gains (losses) are included in net income. |
Venezuelan Currency Devaluation | he Company's Venezuelan operations consisted of a fifty-percent owned subsidiary, which was consolidated. Venezuela financial results were measured using the U.S. dollar as its functional currency because its economy is considered highly inflationary. On March 24, 2014, the Venezuelan 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. Management determined that it was unlikely that the Company would be able to convert bolivars under a currency exchange other than SICAD 2. On March 31, 2014, the Company remeasured its Venezuelan balance sheet using the SICAD 2 rate of 50.86 compared to the previous official government rate of 6.30 , resulting 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 consolidated statements of operations in the first quarter of 2014. In addition, 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 consolidated statements of operations in 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 consolidated statements of operations in the first quarter of 2015. 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. During the remainder of 2015, the Company incurred an additional $0.4 related to uncollectible accounts receivable which is included in selling and administrative expenses on the consolidated statements of operations. |
Acquisition | Acquisitions are accounted for using the purchase method of accounting. This method requires the Company to record assets and liabilities of the business acquired at their estimated fair market values as of the acquisition date. Any excess cost of the acquisition over the fair value of the net assets acquired is recorded as goodwill. The Company generally uses valuation specialists to perform appraisals and assist in the determination of the fair values of the assets acquired and liabilities assumed. These valuations require management to make estimates and assumptions that are critical in determining the fair values of the assets and liabilities. |
Divestiture | For divestitures, the Company considers assets to be held for sale when management approves and commits to a formal plan to actively market the assets for sale at a price reasonable in relation to their estimated fair value, the assets are available for immediate sale in their present condition, an active program to locate a buyer and other actions required to complete the sale have been initiated, the sale of the assets is probable and expected to be completed within one year (or, if it is expected that others will impose conditions on the sale of the assets that will extend the period required to complete the sale, that a firm purchase commitment is probable within one year) and it is unlikely that significant changes will be made to the plan. Upon designation as held for sale, the Company records the assets at the lower of their carrying value or their estimated fair value, reduced for the cost to dispose of the assets, and ceases to record depreciation expense on the assets. The Company reports financial results for discontinued operations separately from continuing operations to distinguish the financial impact of a divestiture from ongoing operations. Discontinued operations reporting occurs only when the disposal of a component or a group of components of the Company represents a strategic shift that will have a major effect on the Company's operations and financial results. During the year ended December 31, 2015, management of the Company, through receipt in October 2015 of the required authorization from its Board of Directors after a potential buyer had been identified, committed to a plan to divest its NA electronic security business. As such, all of the criteria required for held for sale and discontinued operations classification were met during the fourth quarter of 2015. The divestiture of its NA electronic security business closed on February 1, 2016. Accordingly, the assets and liabilities, operating results and operating and investing cash flows for are presented as discontinued operations separate from the Company’s continuing operations for all periods presented. All assets and liabilities classified as held for sale are included in total current assets based on the cash conversion of these assets and liabilities within one year (refer to note 23 ). Assets and liabilities of a discontinued operation are reclassified as held for sale for all comparative periods presented in the consolidated balance sheet. The results of operations of a discontinued operation are reclassified to income from discontinued operations, net of tax, for all periods presented. For assets that meet the held for sale criteria but do not meet the definition of a discontinued operation, the Company reclassifies the assets and liabilities in the period in which the held for sale criteria are met, but does not reclassify prior period amounts. |
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block] | In the first quarter 2015, the Company announced the realignment of its Brazil and 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. |
Reclassification | The Company has reclassified the presentation of certain prior-year information to conform to the current presentation. |
Revenue Recognition | The Company’s revenue recognition policy is consistent with the requirements of ASC 605. In general, the Company records revenue when it is realized, or realizable and earned. The Company considers revenue to be realized, or realizable and earned when, persuasive evidence of an arrangement exists, the products or services have been approved by the customer after delivery and/or installation acceptance or performance of services; the sales price is fixed or determinable within the contract; and collectability is reasonably assured. The Company's products include both hardware and the software required for the equipment to operate as intended, and for product sales, the Company determines the earnings process is complete when title, risk of loss and the right to use the product has transferred to the customer. Within the North America region, the earnings process is completed upon customer acceptance. Where the Company is contractually responsible for installation, customer acceptance occurs upon completion of the installation of all equipment at a job site and the Company’s demonstration that the equipment is in operable condition. Where the Company is not contractually responsible for installation, customer acceptance occurs upon shipment or delivery to a customer location depending on the terms within the contract. Internationally, customer acceptance is upon delivery or completion of the installation depending on the terms in the contract with the customer. The application of ASC 605 to the Company's customer contracts requires judgment, including the determination of whether an arrangement includes multiple deliverables such as hardware, software, maintenance and/or other services. For contracts that contain multiple deliverables, total arrangement consideration is allocated at the inception of the arrangement to each deliverable based on the relative selling price method. The relative selling price method is based on a hierarchy consisting of VSOE (price when sold on a stand-alone basis), if available, or TPE, if VSOE is not available, or ESP if neither VSOE nor TPE is available. The Company's ESP is consistent with the objective of determining VSOE, which is the price at which we would expect to transact on a stand-alone sale of the deliverable. The determination of ESP is based on applying significant judgment to weigh a variety of company-specific factors including our pricing practices, customer volume, geography, internal costs and gross margin objectives, information gathered from experience in customer negotiations, recent technological trends, and competitive landscape. In contracts that involve multiple deliverables with separately priced extended warranty and product maintenance, these services are typically accounted for under FASB ASC 605-20, Separately Priced Extended Warranty and Product Maintenance Contracts where stated price is recognized ratably over the period. For software sales, excluding software required for the equipment to operate as intended, the Company applies the software revenue recognition principles within FASB ASC 985-605, Software - Revenue Recognition. For software and software-related deliverables (software elements), the Company allocates revenue based upon the relative fair value of these software elements as determined by VSOE. If the Company cannot obtain VSOE for any undelivered software element, revenue is deferred until all deliverables have been delivered or until VSOE can be determined for any remaining undelivered software elements. When the fair value of a delivered element cannot be established, but fair value evidence exists for the undelivered software elements, the Company uses the residual method to recognize revenue. Under the residual method, the fair value of the undelivered elements is deferred and the remaining portion of the arrangement consideration is allocated to the delivered elements and recognized as revenue. The Company has the following revenue streams related to sales to its customers: Financial Self-Service Product & Managed Service Revenue FSS products are primarily ATMs and other equipment primarily used in the banking industry which include both hardware and the software required for the equipment to operate as intended. The Company also provides service contracts on FSS products that typically cover a 12-month period and can begin at any time after the warranty period expires. The service provided under warranty is limited as compared to those offered under service contracts. Further, warranty is not considered a separate deliverable of the sale and covers only replacement of defective parts inclusive of labor. Service contracts provide additional services beyond those covered under the warranty, including preventative maintenance service, cleaning, supplies stocking and cash handling, all of which are not essential to the functionality of the equipment. Service revenue also includes services and parts the Company provides on a billed-work basis that are not covered by warranty or service contract. The Company also provides customers with integrated services such as outsourced and managed services, including remote monitoring, trouble-shooting, training, transaction processing, currency management, maintenance or full support services. Electronic Security Products & Managed Service Revenue The Company provides global product sales, service, installation, project management for longer-term contracts and monitoring of original equipment manufacturer electronic security products to financial, government, retail and commercial customers. These solutions provide the Company’s customers a single-source solution to their electronic security needs. The Company has included the net sales from its NA electronic security business as discontinued operations. Retail Products & Managed Service Revenue The Company provides hardware, software and IT services ensuring the maximum availability and adaption of integrated installed IT software and systems. Key elements are programmable ePOS systems or self-checkout systems related to the customer's checkout area. Physical Security & Facility Revenue The Company designs, manufactures and/or procures and installs physical security and facility products. These consist of vaults, safe deposit boxes and safes, drive-up banking equipment and a host of other banking facilities products. Brazil Other The Company offers election and lottery systems product solutions and support to the Brazil government. Election systems revenue consists of election equipment sales, networking, tabulation and diagnostic software development, training, support and maintenance. Lottery systems revenue primarily consists of equipment sales. The election and lottery equipment components are included in product revenue. The software development, training, support and maintenance components are included in service revenue. Software Solutions & Service Revenue The Company offers software solutions, excluding software required for the equipment to operate as intended, consisting of multiple applications that process events and transactions (networking software) along with the related server. Sales of networking software represent software solutions to customers that allow them to network various different vendors’ ATMs onto one network. Included within service revenue is revenue from software support agreements, which are typically 12 months in duration and pertain to networking software. |
Cost of Sales | Cost of products sales is primarily comprised of direct materials and supplies consumed in the manufacturing and distribution of products, as well as related labor, depreciation expense and direct overhead expense necessary to acquire and convert the purchased materials and supplies into finished products. Cost of products sales also includes the cost to distribute products to customers, inbound freight costs, internal transfer costs, warehousing costs and other shipping and handling activity. Cost of services sold is primarily consists of fuel, parts and labor and benefits costs related to installation of products and service maintenance contracts, including call center costs as well as costs for service parts repair centers. |
Depreciation and Amortization | Depreciation of property, plant and equipment is computed using the straight-line method for financial statement purposes. Amortization of leasehold improvements is based upon the shorter of original terms of the lease or life of the improvement. Repairs and maintenance are expensed as incurred. Generally. amortization of the Company’s other long-term assets, such as intangible assets and capitalized computer software, is computed using the straight-line method over the life of the asset. Certain technology assets related to the Acquisition utilize a double-declining method. |
Advertising Costs | Advertising costs are expensed as incurred and were $14.0 , $11.6 and $16.7 in 2016 , 2015 and 2014 , respectively. |
Research, Development and Engineering Costs | Research, development and engineering costs are expensed as incurred and were $110.2 , $86.9 and $93.6 in 2016 , 2015 and 2014 , respectively. |
Shipping and Handling Costs | The Company recognizes shipping and handling fees billed when products are shipped or delivered to a customer and includes such amounts in net sales. Third-party freight payments are recorded in cost of sales. |
Taxes on Income | Deferred taxes are provided on an asset and liability method, whereby deferred tax assets are recognized for deductible temporary differences, operating loss carry-forwards and tax credits. Deferred tax liabilities are recognized for taxable temporary differences and undistributed earnings in certain tax jurisdictions. Deferred tax assets are reduced by a valuation allowance when, based on available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Determination of a valuation allowance involves estimates regarding the timing and amount of the reversal of taxable temporary differences, expected future taxable income and the impact of tax planning strategies. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company regularly assesses its position with regard to tax exposures and records liabilities for these uncertain tax positions and related interest and penalties, if any, when the tax benefit is not more likely than not realizable. The Company has recorded an accrual that reflects the recognition and measurement process for the financial statement recognition and measurement of a tax position taken or expected to be taken on a tax return. Additional future income tax expense or benefit may be recognized once the positions are effectively settled. |
Sales Tax | The Company collects sales taxes from customers and accounts for sales taxes on a net basis. |
Cash Equivalents | The Company considers highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. |
Financial Instruments | The carrying amount of cash and cash equivalents, short term investments, trade receivables and accounts payable, approximated their fair value because of the relatively short maturity of these instruments. The Company’s risk-management strategy uses derivative financial instruments such as forwards to hedge certain foreign currency exposures and interest rate swaps to manage interest rate risk. The intent is to offset gains and losses that occur on the underlying exposures, with gains and losses on the derivative contracts hedging these exposures. The Company does not enter into derivatives for trading purposes. The Company recognizes all derivatives on the balance sheet at fair value. Changes in the fair values of derivatives that are not designated as hedges are recognized in earnings. If the derivative is designated and qualifies as a hedge, depending on the nature of the hedge, changes in the fair value of the derivatives are either offset against the change in the hedged assets or liabilities through earnings or recognized in other comprehensive income until the hedged item is recognized in earnings. |
Fair Value | The Company measures its financial assets and liabilities using one or more of the following three valuation techniques: Valuation technique Description Market approach Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. Cost approach Amount that would be required to replace the service capacity of an asset (replacement cost). Income approach Techniques to convert future amounts to a single present amount based upon market expectations. The hierarchy that prioritizes the inputs to valuation techniques used to measure fair value is divided into three levels: Fair value level Description Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 Unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active or inputs, other than quoted prices in active markets, that are observable either directly or indirectly. Level 3 Unobservable inputs for which there is little or no market data. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company uses the end of period when determining the timing of transfers between levels. Short-Term Investments The Company has investments in certificates of deposit that are recorded at cost, which approximates fair value. Assets Held in Rabbi Trusts / Deferred Compensation The fair value of the assets held in rabbi trusts (refer to note 8 and 15 ) is derived from investments in a mix of money market, fixed income and equity funds managed by Bank of America/Merrill Lynch. The related deferred compensation liability is recorded at fair value. Foreign Exchange Contracts The valuation of foreign exchange forward and option contracts is determined using valuation techniques, including option models tailored for currency derivatives. These contracts are valued using the market approach based on observable market inputs. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including spot rates, foreign currency forward rates, the interest rate curve of the domestic currency, and foreign currency volatility for the given currency pair. Forward Contracts 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. Option Contracts A put option gives the purchaser of the option the right to sell, and the writer of the option the obligation to buy, the underlying security at any time during the option period. A call option gives the purchaser of the option the right to buy, and the writer of the option the obligation to sell, the underlying security at any time during the option period. These foreign exchange option contracts are non-designated and are included in other current assets or other current liabilities based on the net asset or net liability position, respectively, in our consolidated balance sheets. The gain or loss on these non-designated derivative instruments is reflected in other income (expense) miscellaneous, net in our consolidated statements of operations. Changes in foreign exchange rates between the U.S dollar and euro can create substantial gains and losses from the revaluation of the derivative instrument. Interest Rate Swaps The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Assets and Liabilities Not Measured at Fair Value on a Recurring Basis In addition to assets and liabilities that are measured at fair value on a recurring basis, the Company also measures certain assets and liabilities at fair value on a nonrecurring basis. Our non-financial assets, including goodwill, intangible assets and property, plant and equipment, are measured at fair value when there is an indication of impairment. These assets are recorded at fair value, determined using level 3 inputs, only when an impairment charge is recognized. Further details regarding the Company's goodwill impairment review appear in note 13. Assets and Liabilities Recorded at Carrying Value The fair value of the Company’s cash and cash equivalents, trade receivables and accounts payable, approximates the carrying value due to the relative short maturity of these instruments. Refer to note 20 for further details of assets and liabilities subject to fair value measurement. |
Trade Receivables | The Company evaluates the collectability of trade receivables based on a percentage of sales related to historical loss experience and current trends. The Company will also record periodic adjustments for known events such as specific customer circumstances and changes in the aging of accounts receivable balances. After all efforts at collection have been unsuccessful, the account is deemed uncollectible and is written off. |
Financing Receivable | The Company evaluates the collectability of notes and finance lease receivables (collectively, financing receivables) on a customer-by-customer basis and evaluates specific customer circumstances, aging of invoices, credit risk changes and payment patterns and historical loss experience. When the collectability is determined to be at risk based on the above criteria, the Company records the allowance for credit losses which represents the Company’s current exposure less estimated reimbursement from insurance claims. After all efforts at collection have been unsuccessful, the account is deemed uncollectible and is written off. |
Inventories | The Company primarily values inventories at the lower of cost or market. The Company identifies and writes down its excess and obsolete inventories to net realizable value based on usage forecasts, order volume and inventory aging. With the development of new products, the Company also rationalizes its product offerings and will write-down discontinued product to the lower of cost or net realizable value. |
Deferred Revenue | Deferred revenue is recorded for any services billed to customers and not yet recognizable if the contract period has commenced or for the amount collected from customers in advance of the contract period commencing. In addition, deferred revenue is recorded for products and other deliverables that are billed to and collected from customers prior to revenue being recognizable. |
Split-Dollar Life Insurance | The Company recognizes a liability for the post-retirement obligation associated with a collateral assignment arrangement if, based on an agreement with an employee, the Company has agreed to maintain a life insurance policy during the post-retirement period or to provide a death benefit. In addition, the Company recognizes a liability and related compensation costs for future benefits that extend to post-retirement periods. |
Goodwill | Goodwill is the cost in excess of the net assets of acquired businesses (refer to note 13 ). The Company tests all existing goodwill at least annually for impairment on a reporting unit basis. In 2016 and 2015, the annual goodwill impairment test was performed as of October 31 compared to November 30 in prior years for administrative improvements. The Company tests for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the carrying value of a reporting unit below its reported amount. The Company’s reporting units are defined as Domestic and Canada, LA, AP, and EMEA. Each year, the Company may elect to perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. In evaluating whether it is more likely than not the fair value of a reporting unit is less than its carrying amount, the Company considers the following events and circumstances, among others, if applicable: (a) macroeconomic conditions such as general economic conditions, limitations on accessing capital or other developments in equity and credit markets; (b) industry and market considerations such as competition, multiples or metrics and changes in the market for the Company's products and services or regulatory and political environments; (c) cost factors such as raw materials, labor or other costs; (d) overall financial performance such as cash flows, actual and planned revenue and earnings compared with actual and projected results of relevant prior periods; (e) other relevant events such as changes in key personnel, strategy or customers; (f) changes in the composition of a reporting unit's assets or expected sales of all or a portion of a reporting unit; and (g) any sustained decrease in share price. If the Company's qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying value, or if management elects to perform a quantitative assessment of goodwill, a two-step impairment test is used to identify potential goodwill impairment and measure the amount of any impairment loss to be recognized. In the first step, the Company compares the fair value of each reporting unit with its carrying value. The fair value of the reporting units is determined based upon a combination of the income valuation and market approach in valuation methodology. The income approach uses discounted estimated future cash flows, whereas the market approach or guideline public company method utilizes market data of similar publicly traded companies. The Company’s Step 1 impairment test of goodwill of a reporting unit is based upon the fair value of the reporting unit, defined as the price that would be received to sell the net assets or transfer the net liabilities in an orderly transaction between market participants at the assessment date. In the event that the net carrying amount exceeds the fair value, a Step 2 test must be performed whereby the fair value of the reporting unit’s goodwill must be estimated to determine if it is less than its net carrying amount. In its two-step test, the Company uses the discounted cash flow method and the guideline company method for determining the fair value of its reporting units. Under these methods, the determination of implied fair value of the goodwill for a particular reporting unit is the excess of the fair value of a reporting unit over the amounts assigned to its assets and liabilities in the same manner as the allocation in a business combination. The techniques used in the Company's qualitative assessment and, if necessary, two-step impairment test incorporate a number of assumptions that the Company believes to be reasonable and to reflect market conditions forecast at the assessment date. Assumptions in estimating future cash flows are subject to a high degree of judgment. The Company makes all efforts to forecast future cash flows as accurately as possible with the information available at the time the forecast is made. To this end, the Company evaluates the appropriateness of its assumptions as well as its overall forecasts by comparing projected results of upcoming years with actual results of preceding years and validating that differences therein are reasonable. Key assumptions, all of which are Level 3 inputs, relate to price trends, material costs, discount rate, customer demand and the long-term growth and foreign exchange rates. A number of benchmarks from independent industry and other economic publications were also used. Changes in assumptions and estimates after the assessment date may lead to an outcome where impairment charges would be required in future periods. Specifically, actual results may vary from the Company’s forecasts and such variations may be material and unfavorable, thereby triggering the need for future impairment tests where the conclusions may differ in reflection of prevailing market conditions. |
Long-Lived Assets | Impairment of long-lived assets is recognized when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If the expected future undiscounted cash flows are less than the carrying amount of the asset, an impairment loss is recognized at that time to reduce the asset to the lower of its fair value or its net book value. The Company tests all existing indefinite-lived intangibles at least annually for impairment as of October 31. Fully depreciated assets are retained until disposal. Upon disposal, assets and related accumulated depreciation or amortization are removed from the accounts and the net amount, less proceeds from disposal, is charged or credited to operations. |
Contingencies | Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. As additional information becomes available, any potential liability related to these matters is assessed and the estimates are revised, if necessary. Legal costs incurred in connection with loss contingencies are expensed as incurred. |
Pension and Other Post-retirement Benefits | Annual net periodic expense and benefit liabilities under the Company’s defined benefit plans are determined on an actuarial basis. Assumptions used in the actuarial calculations have a significant impact on plan obligations and expense. Members of the management investment committee periodically review the actual experience compared with the more significant assumptions used and make adjustments to the assumptions, if warranted. The healthcare trend rates are reviewed based upon the results of actual claims experience. The discount rate is determined by analyzing the average return of high-quality (i.e., AA-rated) fixed-income investments and the year-over-year comparison of certain widely used benchmark indices as of the measurement date. The expected long-term rate of return on plan assets is determined using the plans’ current asset allocation and their expected rates of return based on a geometric averaging over 20 years. The rate of compensation increase assumptions reflects the Company’s long-term actual experience and future and near-term outlook. Pension benefits are funded through deposits with trustees. Other post-retirement benefits are not funded and the Company’s policy is to pay these benefits as they become due. In connection with the Acquisition, the Company acquired $625.1 of additional obligations and $524.2 of assets related to postemployment benefit plans for certain groups of employees at the Company’s new operations outside of the U.S. Plans vary depending on the legal, economic, and tax environments of the respective country. For financially significant defined benefit plans, accruals for pensions and similar commitments have been included in the results for this year. The new significant defined benefit plans are mainly arranged for employees in Germany, the Netherlands and in Switzerland: • In Germany, post-employment benefit plans are set up as employer funded pension plans and deferred compensation plans. The employer funded pension commitments in Germany are based upon direct performance-related commitments in terms of defined contribution plans. Each beneficiary receives, depending on individual pay-scale grouping, contractual classification, or income level, different yearly contributions. The contribution is multiplied by an age factor appropriate to the respective pension plan and credited to the individual retirement account of the employee. The retirement accounts may be used up at retirement by either a one-time lump-sum payout or payments of up to ten years. Insured events include disability, death and reaching of retirement age. • In Switzerland, the post-employment benefit plan is required due to statutory provisions. The employees receive their pension payments as a function of contributions paid, a fixed interest rate and annuity factors. Insured events are disability, death and reaching of retirement age. • In the Netherlands, there is an average career salary plan, which is employer- and employee-financed and handled by an external fund. Insured events are disability, death and reaching of retirement age. In the Netherlands, the plan assets are currently invested in a company pension fund. During the fourth quarter of 2016, the Company recognized a curtailment gain of $4.6 related to its Netherlands' SecurCash B.V. plan due to a restructuring and cessation of accruals in the plan as of December 31, 2016. A transfer to an industry-wide pension fund is planned for the next fiscal year. Other financially significant defined benefit plans exist in the U.K., Belgium and France. The Company recognizes the funded status of each of its plans in the consolidated balance sheets. Amortization of unrecognized net gain or loss resulting from experience different from that assumed and from changes in assumptions (excluding asset gains and losses not yet reflected in market-related value) is included as a component of net periodic benefit cost for a year if, as of the beginning of the year, that unrecognized net gain or loss exceeds five percent of the greater of the projected benefit obligation or the market-related value of plan assets. If amortization is required, the amortization is that excess divided by the average remaining service period of participating employees expected to receive benefits under the plan. The Company records a curtailment when an event occurs that significantly reduces the expected years of future service or eliminates the accrual of defined benefits for the future services of a significant number of employees. A curtailment gain is recorded when the employees who are entitled to the benefits terminate their employment; a curtailment loss is recorded when it becomes probable a loss will occur. Upon a settlement, we recognize the proportionate amount of the unamortized gains and losses if the cost of all settlements during the year exceeds the interest component of net periodic cost for the affected plan. Expense from curtailments and settlements is recorded in selling and administrative expense on the consolidated statements of operation |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Guidance 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 was effective for the Company on January 1, 2016. The adoption of recent debt guidance resulted in $64.5 of debt issuance costs included in long-term debt as of December 31, 2016 and a reclassification of $6.9 from other assets to long-term debt as of December 31, 2015 . In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes (ASU 2015-17). This amendment requires the presentation of deferred tax assets and liabilities to be categorized as noncurrent on the balance sheet, instead of being classified as current or noncurrent. The Company adopted of ASU 2015-17 as of December 31, 2016 using the prospective method whereas the prior year was not adjusted. Recently Issued Accounting Guidance In May 2014, the FASB issued 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 U.S. GAAP when it becomes effective. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (ASU 2016-08). The FASB issued the amendment to clarify the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing (ASU 2016-10). The FASB issued the amendment to clarify the following two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. In May 2016, the FASB issued ASU 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting (ASU 2016-11). The FASB issued the amendment to rescind the following aspects of Topic 606. Specifically, registrants should not rely on the following SEC Staff Observer comments upon adoption of Topic 606: Revenue and Expense Recognition for Freight Services in Process, which is codified in paragraph 605-20-S99-2; Accounting for Shipping and Handling Fees and Costs, which is codified in paragraph 605-45-S99-1; Accounting for Consideration Given by a Vendor to a Customer (including Reseller of the Vendor’s Products), which is codified in paragraph 605-50-S99-1; Accounting for Gas-Balancing Arrangements (that is, use of the “entitlements method”), which is codified in paragraph 932-10-S99-5. Additionally in May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing: Narrow-Scope Improvements and Practical Expedients (ASU 2016-12). The FASB issued the amendment to improve Topic 606 by reducing the potential for diversity in practice at initial application and reducing the cost and complexity of applying Topic 606 both at transition and on an ongoing basis. The standard along with its amendments are effective for the Company on January 1, 2018. Early application was permitted on the original adoption date of January 1, 2017. The standard permits the use of either the retrospective or modified retrospective (cumulative effect) transition method and we have not yet selected which transition method we will apply. In 2015, we established a cross-functional steering committee and project implementation team to assess the impact of the standard on our legacy revenue from contracts with customers. We utilized a bottoms-up approach to assess and document the impact of the standard on our contract portfolio by reviewing our current accounting policies and practices against application of the requirements of the new standard to identify potential differences. A broad-scope contract analysis was carried out to substantiate the results of the assessment and a business process, systems and controls review was performed to identify necessary changes to support recognition and disclosure under the new standard. The implementation team has reported the findings and progress of the project to management and the Audit Committee on a frequent basis over the last year. In late 2016, the impact assessment was expanded to include Diebold Nixdorf AG revenue from contracts with customers. The Company's initial assessment indicates potential for accelerated timing of revenue recognition related to product shipments. The Company will continue its evaluation and assessment on the impact on the financial statements and related disclosures. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (ASU 2016-01). This amendment requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. The amendment simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. It eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. The amendment requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. Additionally, the update requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments and requires an entity to separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements. The standard is effective for the Company on December 15, 2017, with early adoption permitted. The adoption of ASU 2016-01 is not expected to have a material impact on the financial statements of the Company. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . The FASB issued the update to require the recognition of lease assets and liabilities on the balance sheet of lessees. The standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within such fiscal years. The ASU requires a modified retrospective transition method with the option to elect a package of practical expedients. Early adoption is permitted. The Company is evaluating the effect that ASU 2016-02 will have on its consolidated financial statements and related disclosures. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows ( Topic 230): Restricted Cash. This update requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash would be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This amendment is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods. Early adoption is permitted. The adoption of ASU 2016-18 is not expected to have a material impact on the Company. |
Loans and Leases Receivable, Nonaccrual Loan and Lease Status, Policy | 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. |
Share-based Compensation, Option and Incentive Plans Policy | The Company recognizes costs resulting from all share-based payment transactions based on the fair market value of the award as of the grant date. Awards are valued at fair value and compensation cost is recognized on a straight-line basis over the requisite periods of each award. The Company estimated forfeiture rates are based on historical experience. To cover the exercise and/or vesting of its share-based payments, the Company generally issues new shares from its authorized, unissued share pool. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Acquisitions [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The aggregate preliminary consideration, excluding $110.7 of cash acquired, for the Acquisition was $1,265.7 , which consisted of the following: Cash paid $ 995.3 Less: cash acquired (110.7 ) Payments for acquisition, net of cash acquired 884.6 Common shares issued to Diebold Nixdorf AG shareholders 279.7 Other consideration (9.3 ) Total preliminary consideration, net of cash acquired $ 1,155.0 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table presents the preliminary estimated fair value of the assets acquired and liabilities assumed from the Acquisition as of the date of acquisition, August 15, 2016, based on the allocation of the total preliminary consideration, net of cash acquired for the periods reported below: Preliminary amounts recognized as of: September 30, Measurement December 31, 2016 Period 2016 Trade receivables $ 474.1 $ — $ 474.1 Inventories 487.2 — 487.2 Prepaid expenses 39.3 — 39.3 Current assets held for sale 100.5 6.1 106.6 Other current assets 79.7 0.2 79.9 Property, plant and equipment 236.9 10.2 247.1 Intangible assets 803.6 (1.5 ) 802.1 Deferred income taxes 46.5 63.2 109.7 Other assets 27.0 — 27.0 Total assets acquired 2,294.8 78.2 2,373.0 Notes payable 159.8 — 159.8 Accounts payable 321.5 — 321.5 Deferred revenue 164.8 (6.8 ) 158.0 Payroll and other benefits liabilities 191.0 0.6 191.6 Current liabilities held for sale 62.5 (5.9 ) 56.6 Other current liabilities 183.4 12.9 196.3 Pensions and other benefits 87.6 15.6 103.2 Other noncurrent liabilities 393.5 65.4 458.9 Total liabilities assumed 1,564.1 81.8 1,645.9 Redeemable noncontrolling interest — (46.8 ) (46.8 ) Fair value of noncontrolling interest (386.7 ) (21.2 ) (407.9 ) Total identifiable net assets acquired, including noncontrolling interest 344.0 (71.6 ) 272.4 Total preliminary consideration, net of cash acquired 1,161.0 (6.0 ) 1,155.0 Goodwill $ 817.0 $ 65.6 $ 882.6 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The Company preliminarily recorded acquired intangible assets in the following table as of the acquisition date: Weighted-average useful lives August 15, 2016 Trade name 3.0 years $ 30.1 Technologies 4.0 years 107.2 Customer relationships 9.5 years 658.5 Other various 6.3 Intangible assets $ 802.1 |
Schedule of Results Since Date of Acquisition [Table Text Block] | et sales, income (loss) from continuing operations before taxes and net income (loss) attributable to Diebold Nixdorf, Incorporated from the Acquisition included in the Company’s results since August 15, 2016, the date of the Acquisition, are as follows: August 15, 2016 to December 31, 2016 Net sales $ 1,054.8 Income (loss) from continuing operations before taxes $ (67.9 ) Net income (loss) attributable to Diebold Nixdorf, Incorporated $ (51.3 ) |
Business Acquisition, Pro Forma Information [Table Text Block] | The pro forma information in the table below for the years ended December 31, 2016 and 2015 includes unaudited pro forma information that represents the consolidated results of the Company as if the Acquisition occurred as of January 1, 2015: Unaudited pro forma information for Years Ended December 31, 2016 2015 Net sales $ 4,996.2 $ 5,153.8 Gross profit $ 1,171.0 $ 1,025.5 Operating profit $ 61.3 $ (221.1 ) Net income (loss) attributable to Diebold Nixdorf, Incorporated $ 47.9 $ (225.7 ) Net income (loss) attributable to Diebold Nixdorf, Incorporated per share - basic $ 0.64 $ (3.02 ) Net income (loss) attributable to Diebold Nixdorf, Incorporated per share - diluted $ 0.64 $ (3.02 ) Basic weighted-average shares outstanding 75.1 74.8 Diluted weighted-average shares outstanding (1) 75.1 74.8 (1) Incremental shares of 0.6 and 0.7 were excluded from the computation of diluted loss per share for the years ended December 31, 2016 and 2015, respectively, because their effect is anti-dilutive due to the loss from continuing operations. |
Redeemable Noncontrolling Int38
Redeemable Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Redeemable Noncontrolling Interests [Abstract] | |
Redeemable Noncontrolling Interest [Table Text Block] | Changes in redeemable noncontrolling interests were as follows: Redeemable Noncontrolling Interests Balance at December 31, 2015 $ — Purchase of noncontrolling interests 44.1 Balance at December 31, 2016 $ 44.1 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Computation of earnings (loss) per share under the treasury stock method and the effect on the weighted-average number of shares of dilutive potential common stock: | The following table represents amounts used in computing earnings (loss) per share and the effect on the weighted-average number of shares of dilutive potential common shares for the years ended December 31: 2016 2015 2014 Numerator Income (loss) used in basic and diluted earnings (loss) per share Income (loss) from continuing operations, net of tax $ (170.7 ) $ 59.5 $ 107.3 Net income attributable to noncontrolling interests, net of tax 6.0 1.7 2.6 Income (loss) before discontinued operations, net of tax (176.7 ) 57.8 104.7 Income (loss) from discontinued operations, net of tax 143.7 15.9 9.7 Net income (loss) attributable to Diebold Nixdorf, Incorporated $ (33.0 ) $ 73.7 $ 114.4 Denominator Weighted-average number of common shares used in basic earnings (loss) per share 69.1 64.9 64.5 Effect of dilutive shares (1) — 0.7 0.7 Weighted-average number of shares used in diluted earnings (loss) per share 69.1 65.6 65.2 Basic earnings (loss) per share Income (loss) before discontinued operations, net of tax $ (2.56 ) $ 0.89 $ 1.62 Income (loss) from discontinued operations, net of tax 2.08 0.24 0.15 Net income (loss) attributable to Diebold Nixdorf, Incorporated $ (0.48 ) $ 1.13 $ 1.77 Diluted earnings (loss) per share Income (loss) before discontinued operations, net of tax $ (2.56 ) $ 0.88 $ 1.61 Income (loss) from discontinued operations, net of tax 2.08 0.24 0.15 Net income (loss) attributable to Diebold Nixdorf, Incorporated $ (0.48 ) $ 1.12 $ 1.76 Anti-dilutive shares Anti-dilutive shares not used in calculating diluted weighted-average shares 2.1 1.5 1.1 (1) Incremental shares of 0.6 were excluded from the computation of diluted loss per share for the year ended December 31, 2016 because their effect is anti-dilutive due to the loss from continuing operations. |
Accumulated Other Comprehensi40
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in the Company’s AOCI, net of tax, by component for the years ended December 31: Translation Foreign Currency Hedges Interest Rate Hedges Pension and Other Post-Retirement Benefits Other Accumulated Other Comprehensive Loss Balance at December 31, 2014 $ (74.9 ) $ (1.4 ) $ (0.5 ) $ (114.0 ) $ 0.3 $ (190.5 ) Other comprehensive income (loss) before reclassifications (1) (140.7 ) 6.4 0.8 2.1 0.1 (131.3 ) Amounts reclassified from AOCI — — (0.4 ) 4.1 — 3.7 Net current period other comprehensive income (loss) (140.7 ) 6.4 0.4 6.2 0.1 (127.6 ) Balance at December 31, 2015 $ (215.6 ) $ 5.0 $ (0.1 ) $ (107.8 ) $ 0.4 $ (318.1 ) Other comprehensive income (loss) before reclassifications (1) (35.6 ) (10.7 ) 4.9 18.5 (0.1 ) (23.0 ) Amounts reclassified from AOCI — — (0.2 ) — — (0.2 ) Net current period other comprehensive income (loss) (35.6 ) (10.7 ) 4.7 18.5 (0.1 ) (23.2 ) Balance at December 31, 2016 $ (251.2 ) $ (5.7 ) $ 4.6 $ (89.3 ) $ 0.3 $ (341.3 ) (1) Other comprehensive income (loss) before reclassifications within the translation component excludes (gains)/losses of $(3.2) and $0.6 and translation attributable to noncontrolling interests for December 31, 2016 and 2015 , respectively. |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the details about amounts reclassified from AOCI for the years ended December 31: 2016 2015 Amount Reclassified from AOCI Amount Reclassified from AOCI Affected Line Item in the Statement of Operations Interest rate hedges (net of tax of $0.0 and $0.2, respectively) $ (0.2 ) $ (0.4 ) Interest expense Pension and post-retirement benefits: Net prior service benefit amortization (net of tax of $0.0 and $0.1, respectively) — (0.1 ) (1) Net actuarial losses recognized during the year (net of tax of $(1.8) and $(2.7), respectively) 4.0 4.2 (1) Prior service cost recognized during the curtailment (net of tax of $1.5 and $0.0, respectively) (3.3 ) — (1) Currency Impact (net of tax of $0.4, $0.0 and $0.0, respectively) (0.7 ) — (1) — 4.1 Total reclassifications for the period $ (0.2 ) $ 3.7 (1) Pension and other post-retirement benefits AOCI components are included in the computation of net periodic benefit cost (refer to note 15 to the consolidated financial statements). |
Share-Based Compensation and 41
Share-Based Compensation and Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | The following table summarizes the components of the Company’s employee and non-employee share-based compensation programs recognized as selling and administrative expense for the years ended December 31: 2016 2015 2014 Stock options Pre-tax compensation expense $ 2.7 $ 3.6 $ 2.7 Tax benefit (0.9 ) (1.3 ) (1.0 ) Stock option expense, net of tax $ 1.8 $ 2.3 $ 1.7 Restricted stock units Pre-tax compensation expense $ 10.7 $ 8.6 $ 6.0 Tax benefit (3.1 ) (2.4 ) (1.9 ) RSU expense, net of tax $ 7.6 $ 6.2 $ 4.1 Performance shares Pre-tax compensation expense $ 8.8 $ 0.2 $ 12.5 Tax benefit (3.0 ) (0.1 ) (4.2 ) Performance share expense, net of tax $ 5.8 $ 0.1 $ 8.3 Director deferred shares Pre-tax compensation expense $ — $ — $ 0.3 Tax benefit — — (0.1 ) Director deferred share expense, net of tax $ — $ — $ 0.2 Total share-based compensation Pre-tax compensation expense $ 22.2 $ 12.4 $ 21.5 Tax benefit (7.0 ) (3.8 ) (7.2 ) Total share-based compensation, net of tax $ 15.2 $ 8.6 $ 14.3 |
Schedule of Unrecognized Compensation Cost, Nonvested Awards | The following table summarizes information related to unrecognized share-based compensation costs as of December 31, 2016 : Unrecognized Weighted-Average Period (years) Stock options $ 2.6 1.2 RSUs 14.5 1.3 Performance shares 5.3 1.7 $ 22.4 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The estimated fair value of the options granted was calculated using a Black-Scholes option pricing model using the following assumptions: 2016 2015 2014 Expected life (in years) 6 6 5 Weighted-average volatility 28 % 31 % 31 % Risk-free interest rate 1.50 % 1.50 % 1.47-1.66% Expected dividend yield 3.10 % 3.12 % 3.59 % |
Options outstanding and exercisable under the Company's 1991 Equity and Performance Incentive Plan | Options outstanding and exercisable as of December 31, 2016 and changes during the year ended were as follows: Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (1) (per share) (in years) Outstanding at January 1, 2016 1.7 $ 34.21 Expired or forfeited (0.4 ) $ 35.59 Exercised (0.1 ) $ 26.85 Granted 0.5 $ 27.39 Outstanding at December 31, 2016 1.7 $ 31.98 7 $ — Options exercisable at December 31, 2016 0.9 $ 33.99 6 $ — Options vested and expected to vest (2) at December 31, 2016 1.6 $ 32.07 7 $ — (1) The aggregate intrinsic value represents the total pre-tax intrinsic value (the difference between the Company’s closing share price on the last trading day of the year in 2016 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 December 31, 2016 . The amount of aggregate intrinsic value will change based on the fair market value of the Company’s common shares. (2) The expected to vest options are the result of applying the pre-vesting forfeiture rate assumption to total outstanding non-vested options. |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | Non-vested RSUs outstanding as of December 31, 2016 and changes during the year ended were as follows: Number of Weighted-Average Non-vested at January 1, 2016 0.9 $ 32.53 Forfeited (0.1 ) $ 31.40 Vested (0.2 ) $ 31.62 Granted (1) 0.6 $ 26.77 Non-vested at December 31, 2016 1.2 $ 29.50 (1) The RSUs granted during the year ended December 31, 2016 include 41 thousand 1 -year RSUs to non-employee directors under the 1991 Plan. These RSUs have a weighted-average grant-date fair value of $27.42 . |
Schedule of Nonvested Performance-based Units Activity | Non-vested performance shares outstanding as of December 31, 2016 and changes during the year ended were as follows: Number of Weighted-Average Non-vested at January 1, 2016 (1) 0.8 $ 34.06 Forfeited (0.2 ) $ 30.39 Vested (0.1 ) $ 29.52 Adjustment 0.1 $ 34.75 Granted 0.6 $ 26.99 Non-vested at December 31, 2016 1.2 $ 31.77 (1) Non-vested performance shares are based on a maximum potential payout. Actual shares vested at the end of the performance period may be less than the maximum potential payout level depending on achievement of the performance objectives, as determined by the Board of Directors. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | The following table presents components of income (loss) from continuing operations before income taxes for the years ended December 31: 2016 2015 2014 Domestic $ (215.2 ) $ (56.6 ) $ (15.3 ) Foreign (23.1 ) 102.4 170.0 Total $ (238.3 ) $ 45.8 $ 154.7 |
Schedule of Components of Income Tax Expense (Benefit) | The following table presents the components of income tax (benefit) expense from continuing operations for the years ended December 31: 2016 2015 2014 Current U.S. federal $ (67.2 ) $ (2.0 ) $ 0.3 Foreign 54.0 38.2 61.5 State and local (10.6 ) (0.6 ) — Total current (23.8 ) 35.6 61.8 Deferred U.S. federal 3.6 (38.3 ) (2.6 ) Foreign (50.2 ) (11.1 ) (9.4 ) State and local 2.8 0.1 (2.4 ) Total deferred (43.8 ) (49.3 ) (14.4 ) Income tax (benefit) expense $ (67.6 ) $ (13.7 ) $ 47.4 |
Schedule of Effective Income Tax Rate Reconciliation | Income tax (benefit) expense attributable to income (loss) from continuing operations differed from the amounts computed by applying the U.S. federal income tax rate of 35 percent to pretax income (loss) from continuing operations. The following table presents these differences for the years ended December 31: 2016 2015 2014 Statutory tax (benefit) expense $ (83.4 ) $ 16.0 $ 54.1 Brazil non-taxable incentive (5.8 ) (4.2 ) (15.5 ) Valuation allowance 14.9 (0.7 ) 9.5 Brazil tax goodwill amortization — — (1.5 ) Foreign tax rate differential (10.0 ) (19.4 ) (14.9 ) Foreign subsidiary earnings 13.7 (9.1 ) 14.6 Accrual adjustments 1.1 1.5 2.2 Business tax credits (0.7 ) (1.4 ) (2.4 ) Non-deductible (non-taxable) items 2.3 4.2 — Other 0.3 (0.6 ) 1.3 Income tax (benefit) expense $ (67.6 ) $ (13.7 ) $ 47.4 |
Summary of Income Tax Contingencies | Details of the unrecognized tax benefits are as follows: 2016 2015 Balance at January 1 $ 13.1 $ 15.0 Increases (decreases) related to prior year tax positions 34.8 (0.4 ) Increases related to current year tax positions 2.5 0.9 Settlements (3.4 ) (0.2 ) Reduction due to lapse of applicable statute of limitations (3.8 ) (2.2 ) Balance at December 31 $ 43.2 $ 13.1 |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company's deferred tax assets and liabilities at December 31 are as follows: 2016 2015 Deferred tax assets Accrued expenses $ 74.5 $ 40.8 Warranty accrual 19.7 22.0 Deferred compensation 16.2 14.0 Allowance for doubtful accounts 10.3 11.9 Inventories 26.1 12.7 Deferred revenue 19.1 20.1 Pension and post-retirement benefits 92.3 70.4 Tax credits 52.1 62.5 Net operating loss carryforwards 88.4 58.5 Capital loss carryforwards 1.8 1.9 State deferred taxes 17.1 16.3 Other 0.5 12.1 418.1 343.2 Valuation allowance (87.8 ) (63.9 ) Net deferred tax assets $ 330.3 $ 279.3 Deferred tax liabilities Property, plant and equipment $ 39.7 $ 20.5 Goodwill and intangible assets 271.5 17.6 Partnership interest 3.7 7.7 Undistributed earnings 6.5 7.3 Net deferred tax liabilities 321.4 53.1 Net deferred tax asset $ 8.9 $ 226.2 |
Schedule of Deferred Income Taxes by Balance Sheet Account | Deferred income taxes reported in the consolidated balance sheets as of December 31 are as follows: 2016 2015 Deferred income taxes - current assets $ — $ 168.8 Deferred income taxes - long-term assets 309.5 65.3 Other current liabilities — (6.0 ) Deferred income taxes - long-term liabilities (300.6 ) (1.9 ) Net deferred tax asset $ 8.9 $ 226.2 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | The Company’s investments, respectively, consist of the following: Cost Basis Unrealized Gain Fair Value As of December 31, 2016 Short-term investments Certificates of deposit $ 64.1 $ — $ 64.1 Long-term investments Assets held in a rabbi trust $ 7.9 $ 0.6 $ 8.5 As of December 31, 2015 Short-term investments Certificates of deposit $ 39.9 $ — $ 39.9 Long-term investments: Assets held in a rabbi trust $ 9.3 $ — $ 9.3 |
Finance Lease Receivables (Tabl
Finance Lease Receivables (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Schedule of Components For Finance Lease Receivables | The following table presents finance lease receivables sold by the Company for the years ended December 31: 2016 2015 2014 Finance lease receivables sold $ 7.4 $ 10.6 $ 22.0 The following table presents the components of finance lease receivables as of December 31: 2016 2015 Gross minimum lease receivable $ 63.3 $ 76.0 Allowance for credit losses (0.3 ) (0.5 ) Estimated unguaranteed residual values 3.7 5.2 66.7 80.7 Less: Unearned interest income (2.9 ) (4.4 ) Unearned residuals (0.1 ) (1.4 ) (3.0 ) (5.8 ) Total $ 63.7 $ 74.9 |
Schedule Of Financing Receivables Minimum Payments | Future minimum payments due from customers under finance lease receivables as of December 31, 2016 are as follows: 2017 $ 39.5 2018 8.9 2019 6.1 2020 4.1 2021 2.4 Thereafter 2.3 $ 63.3 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Allowance for credit losses and recorded investment in financing receivables | The following table summarizes the Company’s allowance for credit losses and amount of financing receivables evaluated for impairment: Finance Notes Total Allowance for credit losses Balance at January 1, 2015 $ 0.4 $ 4.1 $ 4.5 Provision for credit losses 0.2 — 0.2 Write-offs (0.1 ) — (0.1 ) Balance at December 31, 2015 $ 0.5 $ 4.1 $ 4.6 Write-offs (0.2 ) — (0.2 ) Balance at December 31, 2016 $ 0.3 $ 4.1 $ 4.4 |
Summarizes the Company's aging of past-due notes receivable | The following table summarizes the Company’s aging of past-due notes receivable balances: December 31, 2016 2015 30-59 days past due $ 0.1 $ 0.1 60-89 days past due — — > 89 days past due 3.9 3.0 Total past due $ 4.0 $ 3.1 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Major classes of inventories | The following table summarizes the major classes of inventories as of December 31: 2016 2015 Finished goods $ 330.5 $ 145.8 Service parts 235.2 155.7 Raw materials and work in process 172.0 67.8 Total inventories $ 737.7 $ 369.3 Certain inventory items of $19.7 were reclassified as of December 31, 2015 from service parts to raw materials and work in process to conform with the current presentation. The increase in inventory from December 31, 2015 is primarily related to the Acquisition. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | The following is a summary of property, plant and equipment, at cost less accumulated depreciation and amortization as of December 31: Estimated Useful Life 2016 2015 Land and land improvements 0-15 $ 16.9 $ 6.1 Buildings and building improvements 15-30 129.8 57.7 Machinery, tools and equipment 5-12 121.0 83.5 Leasehold improvements (1) 10 29.4 22.1 Computer equipment 3 133.8 58.4 Computer software 5-10 224.7 188.4 Furniture and fixtures 5-8 75.0 62.0 Tooling 3-5 123.1 104.5 Construction in progress 10.3 26.3 Total property plant and equipment, at cost $ 864.0 $ 609.0 Less accumulated depreciation and amortization 477.0 433.7 Total property plant and equipment, net $ 387.0 $ 175.3 (1) The estimated useful life for leasehold improvements is the lesser of 10 years or the term of the lease. |
Goodwill and Other Assets (Tabl
Goodwill and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The following summarizes information on intangible assets by major category: December 31, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Internally-developed $ 151.0 $ (53.2 ) $ 97.8 $ 92.4 $ (48.5 ) $ 43.9 Development costs non-software 48.4 (9.7 ) 38.7 1.1 (0.6 ) 0.5 Customer relationships 621.7 (25.4 ) 596.3 1.8 (0.3 ) 1.5 Other intangibles 85.3 (45.2 ) 40.1 58.9 (37.3 ) 21.6 Total $ 906.4 $ (133.5 ) $ 772.9 $ 154.2 $ (86.7 ) $ 67.5 |
Schedule of Goodwill | The changes in carrying amounts of goodwill within the Company’s segments are summarized as follows: NA AP EMEA LA Unallocated Total Goodwill $ 76.4 $ 40.0 $ 168.7 $ 143.7 — $ 428.8 Accumulated impairment losses (13.2 ) — (168.7 ) (108.8 ) — (290.7 ) Balance at January 1, 2015 63.2 40.0 — 34.9 — 138.1 Goodwill acquired 39.7 — — — — 39.7 Currency translation adjustment (3.4 ) (2.4 ) — (10.5 ) — (16.3 ) Goodwill 112.7 37.6 168.7 133.2 — 452.2 Accumulated impairment losses (13.2 ) — (168.7 ) (108.8 ) — (290.7 ) Balance at December 31, 2015 99.5 37.6 — 24.4 — 161.5 Goodwill acquired — — — — 882.6 882.6 Goodwill adjustment (0.5 ) — — — — (0.5 ) Currency translation adjustment 1.8 (0.4 ) — 4.2 (50.9 ) (45.3 ) Goodwill 114.0 37.2 168.7 137.4 831.7 1,289.0 Accumulated impairment losses (13.2 ) — (168.7 ) (108.8 ) — (290.7 ) Balance at December 31, 2016 $ 100.8 $ 37.2 $ — $ 28.6 $ 831.7 $ 998.3 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule Of Cash Flows Related To Debt Borrowings And Repayments [Table Text Block] | The cash flows related to debt borrowings and repayments were as follows: December 31, 2016 2015 Revolving debt borrowings (repayments), net $ (178.0 ) $ 155.8 Proceeds from Term Loan B Facility ($1,000.0) under the Credit Agreement $ 990.0 $ — Proceeds from Term Loan B Facility (€350.0) under the Credit Agreement 398.1 — Proceeds from 2024 Senior Notes 393.0 — International short-term uncommitted lines of credit borrowings 56.6 135.8 Other debt borrowings $ 1,837.7 $ 135.8 Payments on 2006 Senior Notes $ (225.0 ) $ (9.9 ) Payments on Term Loan A Facility under the Credit Agreement (11.5 ) (2.9 ) Payments on Term Loan B Facility - USD under the Credit Agreement (202.5 ) — Payments on Term Loan B Facility - Euro under the Credit Agreement (0.9 ) — International short-term uncommitted lines of credit and other repayments (222.6 ) (155.9 ) Other debt repayments $ (662.5 ) $ (168.7 ) |
Outstanding Debt Balances | Outstanding debt balances were as follows: December 31, 2016 2015 Notes payable – current Uncommitted lines of credit $ 9.4 $ 19.2 Term Loan A Facility 17.3 11.5 Term Loan B Facility - USD 10.0 — Term Loan B Facility - Euro 3.7 — European Investment Bank 63.1 — Other 3.4 1.3 $ 106.9 $ 32.0 Long-term debt Revolving credit facility $ — $ 168.0 Term Loan A Facility 201.3 218.5 Term Loan B Facility - USD 787.5 — Term Loan B Facility - Euro 363.5 — 2024 Senior Notes 400.0 — 2006 Senior Notes — 225.0 Other 0.8 1.6 1,753.1 613.1 Long-term deferred financing fees (61.7 ) (6.9 ) $ 1,691.4 $ 606.2 |
Schedule of Maturities of Long-term Debt | Maturities of long-term debt as of December 31, 2016 are as follows: Maturities of 2017 $ — 2018 37.6 2019 42.4 2020 163.2 Thereafter 1,509.9 $ 1,753.1 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | The following tables set forth the change in benefit obligation, change in plan assets, funded status, consolidated balance sheet presentation and net periodic benefit cost for the Company’s defined benefit pension plans and other benefits at and for the years ended December 31: Retirement Benefits Other Benefits 2016 2015 2016 2015 Change in benefit obligation Benefit obligation at beginning of year $ 546.4 $ 578.0 $ 12.7 $ 14.5 Service cost 9.0 3.7 — — Interest cost 27.4 23.8 0.5 0.6 Actuarial (gain) loss (33.0 ) (29.6 ) (1.3 ) (1.4 ) Plan participant contributions 0.9 — — 0.1 Medicare retiree drug subsidy reimbursements — — — 0.2 Benefits paid (35.1 ) (29.3 ) (1.1 ) (1.3 ) Curtailment (4.6 ) — — — Foreign currency impact (34.7 ) (0.2 ) — — Acquired benefit plans 625.1 — — — Benefit obligation at end of year 1,101.4 546.4 10.8 12.7 Change in plan assets Fair value of plan assets at beginning of year 347.9 364.2 — — Actual return on plan assets 18.1 (0.6 ) — — Employer contributions 8.7 13.6 1.1 1.2 Plan participant contributions 0.9 — — 0.1 Benefits paid (35.1 ) (29.3 ) (1.1 ) (1.3 ) Foreign currency impact (30.1 ) — — — Acquired benefit plans 524.2 — — — Fair value of plan assets at end of year 834.6 347.9 — — Funded status $ (266.8 ) $ (198.5 ) $ (10.8 ) $ (12.7 ) Amounts recognized in balance sheets Noncurrent assets $ 15.7 $ — $ — $ — Current liabilities 6.8 3.5 1.1 1.2 Noncurrent liabilities (1) 275.7 195.0 9.7 11.3 Accumulated other comprehensive loss: Unrecognized net actuarial loss (2) (142.3 ) (167.5 ) (1.1 ) (2.5 ) Unrecognized prior service benefit (cost) (2) (0.1 ) (0.1 ) — 0.1 Net amount recognized $ 124.4 $ 30.9 $ 9.7 $ 10.1 Change in accumulated other comprehensive loss Balance at beginning of year $ (167.6 ) $ (176.2 ) $ (2.6 ) $ (4.1 ) Prior service credit recognized during the year — — — (0.2 ) Net actuarial losses recognized during the year 5.6 6.6 0.2 0.3 Net actuarial gains (losses) occurring during the year 25.5 2.0 1.3 1.4 Net actuarial gains (losses) recognized due to curtailment (4.8 ) — — — Foreign currency impact (1.1 ) — — — Balance at end of year $ (142.4 ) $ (167.6 ) $ (1.1 ) $ (2.6 ) |
Schedule of Net Benefit Costs | Retirement Benefits Other Benefits 2016 2015 2014 2016 2015 2014 Components of net periodic benefit cost Service cost $ 9.0 $ 3.7 $ 2.9 $ — $ — $ — Interest cost 27.4 23.8 23.0 0.5 0.6 0.6 Expected return on plan assets (30.5 ) (27.0 ) (25.8 ) — — — Amortization of prior service cost (1) — — (0.2 ) — (0.2 ) (0.2 ) Recognized net actuarial loss 5.5 6.6 3.0 0.2 0.3 0.2 Curtailment gain (4.6 ) — — — — — Net periodic benefit cost $ 6.8 $ 7.1 $ 2.9 $ 0.7 $ 0.7 $ 0.6 (1) The annual amortization of prior service cost is determined as the increase in projected benefit obligation due to the plan change divided by the average remaining service period of participating employees expected to receive benefits under the plan. |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | The following table represents information for pension plans with an accumulated benefit obligation in excess of plan assets at December 31: 2016 2015 Projected benefit obligation $ 1,101.4 $ 546.4 Accumulated benefit obligation $ 1,092.7 $ 546.1 Fair value of plan assets $ 834.6 $ 347.9 |
Schedule of Assumptions Used | The following table represents the weighted-average assumptions used to determine benefit obligations at December 31: Pension Benefits Other Benefits 2016 2015 2016 2015 Discount rate 2.94 % 4.62 % 4.62 % 4.62 % Rate of compensation increase 2.52 % N/A N/A N/A The following table represents the weighted-average assumptions used to determine periodic benefit cost at December 31: Pension Benefits Other Benefits 2016 2015 2016 2015 Discount rate 2.77 % 4.21 % 4.62 % 4.21 % Expected long-term return on plan assets 4.19 % 7.75 % N/A N/A Rate of compensation increase 2.49 % N/A N/A N/A |
Schedule of Health Care Cost Trend Rates | The following table represents assumed healthcare cost trend rates at December 31: 2016 2015 Healthcare cost trend rate assumed for next year 7.0 % 7.0 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 5.0 % 5.0 % Year that rate reaches ultimate trend rate 2025 2020 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | A one-percentage-point change in assumed healthcare cost trend rates would have the following effects: One-Percentage-Point Increase One-Percentage-Point Decrease Effect on total of service and interest cost $ — $ — Effect on post-retirement benefit obligation $ 0.7 $ (0.6 ) |
Schedule of Allocation of Plan Assets | The following table summarizes the fair value of the Company’s plan assets as of December 31, 2016 : Fair Value Level 1 Level 2 Level 3 Cash and other $ 95.7 $ 95.7 $ — $ — Mutual funds 89.8 89.8 — — Equity securities U.S. mid cap value 0.1 0.1 — — U.S. small cap core 16.9 16.9 — — International developed markets 46.1 46.1 — — Fixed income securities U.S. corporate bonds 44.8 — 44.8 — International corporate bonds 77.3 — 77.3 — U.S. government 7.7 — 7.7 — Other fixed income 6.9 — 6.9 — Emerging markets 16.5 — 16.5 — Common collective trusts Real estate (a) 22.4 — 4.3 18.1 Other (b) 148.4 — 148.4 — Alternative investments Multi-strategy hedge funds (c) 20.4 — 2.1 18.3 Private equity funds (d) 11.7 — — 11.7 Other alternative investments (e) 229.9 — — 229.9 Fair value of plan assets at end of year $ 834.6 $ 248.6 $ 308.0 $ 278.0 The following table summarizes the fair value of the Company’s plan assets as of December 31, 2015 : Fair Value Level 1 Level 2 Level 3 Cash and other $ 3.4 $ 3.4 $ — $ — Mutual funds 14.7 14.7 — — Equity securities U.S. mid cap value 13.2 13.2 — — U.S. small cap core 16.9 16.9 — — International developed markets 34.0 34.0 — — Fixed income securities U.S. corporate bonds 47.4 — 47.4 — International corporate bonds — — — — U.S. government 3.3 — 3.3 — Other fixed income 0.5 — 0.5 — Emerging markets 17.8 — 17.8 — Common collective trusts Real estate (a) 19.6 — — 19.6 Other (b) 143.4 — 143.4 — Alternative investments Multi-strategy hedge funds (c) 17.2 — — 17.2 Private equity funds (d) 16.5 — — 16.5 Fair value of plan assets at end of year $ 347.9 $ 82.2 $ 212.4 $ 53.3 (a) Real estate common collective trust. The objective of the real estate common collective trust (CCT) is to achieve long-term returns through investments in a broadly diversified portfolio of improved properties with stabilized occupancies. As of December 31, 2016 , investments in this CCT included approximately 39 percent office, 20 percent residential, 25 percent retail and 16 percent industrial, cash and other. As of December 31, 2015 , investments in this CCT included approximately 48 percent office, 20 percent residential, 24 percent retail and 8 percent industrial, cash and other. Investments in the real estate CCT can be redeemed once per quarter subject to available cash, with a 45-day notice . (b) Other common collective trusts. At December 31, 2016 , approximately 60 percent of the other CCTs are invested in fixed income securities including approximately 22 percent in mortgage-backed securities, 58 percent in corporate bonds and 20 percent in U.S. Treasury and other. Approximately 40 percent of the other CCTs at December 31, 2016 are invested in Russell 1000 Fund large cap index funds. At December 31, 2015 , approximately 59 percent of the other CCTs are invested in fixed-income securities including approximately 25 percent in mortgage-backed securities, 45 percent in corporate bonds and 30 percent in U.S. Treasury and other. Approximately 41 percent of the other CCTs at December 31, 2015 are invested in Russell 1000 Fund large cap index funds. Investments in fixed-income securities can be redeemed daily . (c) Multi-strategy hedge funds. The objective of the multi-strategy hedge funds is to diversify risks and reduce volatility. At December 31, 2016 and 2015 , investments in this class include approximately 43 percent and 53 percent long/short equity, respectively, 50 percent and 40 percent arbitrage and event investments, respectively, and 7 percent and 7 percent in directional trading, fixed income and other, respectively. Investments in the multi-strategy hedge fund can be redeemed semi-annually with a 95-day notice . (d) Private equity funds. The objective of the private equity funds is to achieve long-term returns through investments in a diversified portfolio of private equity limited partnerships that offer a variety of investment strategies, targeting low volatility and low correlation to traditional asset classes. As of December 31, 2016 and 2015 , investments in these private equity funds include approximately 43 percent and 50 percent , respectively, in buyout private equity funds that usually invest in mature companies with established business plans, approximately 26 percent and 25 percent , respectively, in special situations private equity and debt funds that focus on niche investment strategies and approximately 31 percent and 25 percent respectively, in venture private equity funds that invest in early development or expansion of business. Investments in the private equity fund can be redeemed only with written consent from the general partner, which may or may not be granted. At December 31, 2016 and 2015 , the Company had unfunded commitments of underlying funds of $5.5 in both years. (e) Other alternative investments. Following the Acquisition, the Company’s plan assets were expanded with a combination of insurance contracts, multi-strategy investment funds and company-owned real estate. The fair value for these assets is determined based on the NAV as reported by the underlying investment manager, insurance companies and the trustees of the German Contractual Trust Agreement (CTA). The following table summarizes the Company’s target mix for these asset classes in 2017 , which are readjusted at least quarterly within a defined range for the U.S., and the Company’s actual pension plan asset allocation as of December 31, 2016 and 2015 : Target Allocation Actual Allocation 2017 2016 2015 Equity securities 45% 45% 45% Debt securities 40% 41% 39% Real estate 5% 5% 6% Other 10% 9% 10% Total 100% 100% 100% |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | The following table summarizes the changes in fair value of level 3 assets for the years ended December 31: 2016 2015 Balance, January 1 $ 53.3 $ 54.1 Dispositions (8.3 ) (6.1 ) Realized and unrealized gain, net 2.5 5.3 Acquisition 230.5 — Balance, December 31 $ 278.0 $ 53.3 |
Schedule of Amounts Expected To Be Recognized in Other Comprehensive Income (Loss) | The following table represents the amortization amounts expected to be recognized during 2017 : Pension Benefits Other Benefits Amount of net prior service credit $ — $ — Amount of net loss $ 5.6 $ 0.1 |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, are expected to be paid: Pension Benefits Other Benefits Other Benefits 2017 $ 52.0 $ 1.2 $ 1.0 2018 $ 52.8 $ 1.1 $ 1.0 2019 $ 53.9 $ 1.1 $ 1.0 2020 $ 53.9 $ 1.0 $ 0.9 2021 $ 53.8 $ 1.0 $ 0.9 2022-2026 $ 276.5 $ 4.2 $ 3.8 |
Schedule of Defined Contribution Plan, Employer Matching Contribution | The Company's basic match is 60 percent of the first 6 percent of a participant's qualified contributions, subject to IRS limits. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Operating Leases of Lessee Disclosure | The Company’s future minimum lease payments due under non-cancellable operating leases for real estate, vehicles and other equipment at December 31, 2016 are as follows: Total Real Estate Vehicles and Equipment (a) 2017 $ 88.6 $ 55.7 $ 32.9 2018 55.5 37.0 18.5 2019 35.9 26.7 9.2 2020 19.3 17.0 2.3 2021 15.3 13.6 1.7 Thereafter 15.6 15.6 — $ 230.2 $ 165.6 $ 64.6 (a) The Company leases vehicles with contractual terms of 36 to 60 months that are cancellable after 12 months without penalty. Future minimum lease payments reflect only the minimum payments during the initial 12-month non-cancellable term . |
Guarantees and Product Warran52
Guarantees and Product Warranties (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Changes in warranty liability balance | Changes in the Company’s warranty liability balance are illustrated in the following table: 2016 2015 Balance at January 1 $ 73.6 $ 113.3 Current period accruals 51.2 35.7 Current period settlements (73.5 ) (49.1 ) Acquired warranty accruals 43.8 — Currency translation 4.3 (26.3 ) Balance at December 31 $ 99.4 $ 73.6 |
Derivative Instruments and He53
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | As of December 31, 2016 , the Company had the following outstanding foreign currency derivatives that were used to hedge its foreign exchange risks: Foreign Currency Derivative Number of Instruments Notional Sold Notional Purchased Currency forward agreements (EUR-USD) 18 54.0 USD 48.4 EUR Currency forward agreements (EUR-GBP) 13 36.7 GBP 45.0 EUR |
Gain (loss) recognized on non-designated derivative instruments | |
Foreign Currency Option Contracts |
Fair Value of Assets and Liab54
Fair Value of Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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: December 31, 2016 December 31, 2015 Classification on consolidated balance sheets 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 Short-term investments $ 64.1 $ 64.1 $ — $ 39.9 $ 39.9 $ — Foreign exchange forward contracts Other current assets 7.2 — 7.2 3.5 — 3.5 Foreign exchange option contracts Other current assets — — — 7.0 — 7.0 Assets held in rabbi trusts Securities and other investments 8.5 8.5 — 9.3 9.3 — Interest rate swaps Securities and other investments 8.4 — 8.4 — — — Total $ 88.2 $ 72.6 $ 15.6 $ 59.7 $ 49.2 $ 10.5 Liabilities Foreign exchange forward contracts Other current liabilities $ 7.7 $ — $ 7.7 $ 1.5 $ — $ 1.5 Interest rate swaps Other current liabilities 6.9 — 6.9 — — — Deferred compensation Other liabilities 8.5 8.5 — 9.3 9.3 — Total $ 23.1 $ 8.5 $ 14.6 $ 10.8 $ 9.3 $ 1.5 |
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: December 31, 2016 December 31, 2015 Fair Value Carrying Value Fair Value Carrying Value Notes payable $ 106.9 $ 106.9 $ 32.0 $ 32.0 Revolving credit facility — — 168.0 168.0 Term Loan A Facility 201.3 201.3 218.5 218.5 Term Loan B Facility - USD 787.5 787.5 — — Term Loan B Facility - Euro 363.5 363.5 — — 2024 Senior Notes 426.0 400.0 — — 2006 Senior Notes — — 225.0 225.0 Other 0.8 0.8 1.6 1.6 Long-term deferred financing fees (61.7 ) (61.7 ) (6.9 ) (6.9 ) Long-term debt 1,717.4 1,691.4 606.2 606.2 Total debt instruments $ 1,824.3 $ 1,798.3 $ 638.2 $ 638.2 |
Restructuring and Other Charg55
Restructuring and Other Charges (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs | The following table summarizes the impact of Company’s restructuring charges on the consolidated statements of operations for the years ended December 31: 2016 2015 2014 Cost of sales - services $ 18.4 $ 3.1 $ 0.5 Cost of sales - products 7.1 1.4 1.2 Selling and administrative expense 28.8 16.1 — Research, development and engineering expense 5.1 0.6 9.9 Total $ 59.4 $ 21.2 $ 11.6 |
Restructuring charges (benefits) within continuing operations by reporting segments | The following table summarizes the Company’s restructuring charges by reporting segment for the years ended December 31: 2016 2015 2014 Severance NA $ 2.8 $ 0.7 $ 0.8 AP 7.8 1.2 0.4 EMEA 17.0 3.8 0.5 LA 11.2 5.6 6.6 Corporate 20.6 9.9 3.3 Total $ 59.4 $ 21.2 $ 11.6 |
Cumulative total restructuring costs [Table Text Block] | The following table summarizes the Company's cumulative total restructuring costs from continuing operations as of December 31, 2016 for the respective plans: Severance Other Multi-year transformation plan Integration Plan Delta Program Strategic Alliance Multi-year transformation plan NA $ 8.9 $ 2.4 $ — $ — $ 2.0 AP 4.6 2.1 — 5.7 0.6 EMEA 6.7 14.8 1.1 — 0.9 LA 24.3 6.8 0.3 — — Corporate 60.5 16.7 1.8 — — Total $ 105.0 $ 42.8 $ 3.2 $ 5.7 $ 3.5 |
Restructuring accrual balances and related activity | The following table summarizes the Company’s restructuring accrual balances and related activity: Balance at January 1, 2014 $ 31.7 Liabilities incurred 11.6 Liabilities paid/settled (35.7 ) Balance at December 31, 2014 $ 7.6 Liabilities incurred 21.2 Liabilities paid/settled (24.1 ) Balance at December 31, 2015 $ 4.7 Liabilities incurred 59.4 Liabilities acquired 45.5 Liabilities paid/settled (19.7 ) Balance at December 31, 2016 $ 89.9 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 (loss) from continuing operations before income taxes for the years ended December 31: 2016 2015 2014 Revenue summary by segment NA $ 1,118.2 $ 1,094.5 $ 1,091.4 AP 470.0 439.6 500.3 EMEA 1,181.2 393.1 421.2 LA 546.9 492.1 721.9 Total customer revenues $ 3,316.3 $ 2,419.3 $ 2,734.8 Intersegment revenues NA $ 52.1 $ 81.4 $ 68.4 AP 80.7 99.7 85.4 EMEA 84.6 73.4 56.6 LA 0.8 0.5 0.5 Total intersegment revenues $ 218.2 $ 255.0 $ 210.9 Segment operating profit NA $ 214.3 $ 250.1 $ 266.3 AP 52.6 63.1 66.4 EMEA 115.8 55.3 61.4 LA 53.3 37.4 68.7 Total segment operating profit $ 436.0 $ 405.9 $ 462.8 Corporate charges not allocated to segments (1) (277.3 ) (270.8 ) (296.6 ) Impairment of assets (9.8 ) (18.9 ) (2.1 ) Restructuring charges (59.4 ) (21.2 ) (11.6 ) Net non-routine income (expense) (249.3 ) (36.4 ) 12.5 (595.8 ) (347.3 ) (297.8 ) Operating profit (loss) (159.8 ) 58.6 165.0 Other income (expense) (78.5 ) (12.8 ) (10.3 ) Income (loss) from continuing operations before taxes $ (238.3 ) $ 45.8 $ 154.7 (1) Corporate charges not allocated to segments include headquarter based costs associated with manufacturing administration, procurement, human resources, compensation and benefits, finance and accounting, global development/engineering, global strategy/mergers and acquisitions, global information technology, tax, treasury and legal. 2016 2015 2014 Segment depreciation and amortization expense NA $ 9.8 $ 9.7 $ 8.7 AP 8.7 6.9 7.7 EMEA 23.4 3.1 4.0 LA 6.4 6.9 12.0 Total segment depreciation and amortization expense 48.3 26.6 32.4 Corporate depreciation and amortization expense 86.5 37.4 41.0 Total depreciation and amortization expense $ 134.8 $ 64.0 $ 73.4 2016 2015 2014 Segment property, plant and equipment, at cost NA $ 111.0 $ 110.7 $ 120.6 AP 58.9 53.3 46.9 EMEA 178.2 35.2 38.2 LA 59.1 51.9 78.7 Total segment property, plant and equipment, at cost 407.2 251.1 284.4 Corporate property, plant and equipment, at cost, not allocated to segments 456.8 357.9 320.4 Total property, plant and equipment, at cost $ 864.0 $ 609.0 $ 604.8 |
Revenue from External Customers by Products and Services | The following table presents information regarding the Company’s revenue by service and product solution: Revenue summary by service and product solution 2016 2015 2014 Financial self-service Services $ 1,504.0 $ 1,185.0 $ 1,219.9 Products 1,022.5 923.7 977.3 Total financial self-service 2,526.5 2,108.7 2,197.2 Retail Services 202.5 — — Products 235.6 — — Total retail 438.1 — — Security Services 201.4 209.3 212.9 Products 72.0 83.5 99.5 Total security 273.4 292.8 312.4 Brazil other 78.3 17.8 225.2 $ 3,316.3 $ 2,419.3 $ 2,734.8 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Below is a summary of net sales by point of origin for the years ended December 31: 2016 2015 2014 Net sales United States $ 1,020.1 $ 1,014.3 $ 1,035.9 Brazil 263.0 211.5 482.5 China 175.2 279.0 314.2 Other international 1,858.0 914.5 902.2 Total net sales $ 3,316.3 $ 2,419.3 $ 2,734.8 Below is a summary of property, plant and equipment, net by geographical location as of December 31: 2016 2015 2014 Property, plant and equipment, net United States $ 111.2 $ 130.4 $ 116.5 Germany 199.7 — — Brazil 18.4 12.9 17.2 Other international 57.7 32.0 32.0 Total property, plant and equipment, net $ 387.0 $ 175.3 $ 165.7 |
Divestitures (Tables)
Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Divestitures [Abstract] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | The following summarizes select financial information included in income from discontinued operations, net of tax: Years ended December 31, 2016 2015 2014 Net sales Services $ 16.3 $ 221.5 $ 204.8 Products 8.5 127.0 111.4 24.8 348.5 316.2 Cost of sales Services 15.1 181.1 172.6 Products 6.9 102.2 90.5 22.0 283.3 263.1 Gross profit 2.8 65.2 53.1 Selling and administrative expense 4.8 39.7 37.2 Income (loss) from discontinued operations before taxes (2.0 ) 25.5 15.9 Income tax (benefit) expense (0.7 ) 9.6 6.2 (1.3 ) 15.9 9.7 Gain on sale of discontinued operations before taxes 239.5 — — Income tax (benefit) expense 94.5 — — Gain on sale of discontinued operations, net of tax 145.0 — — Income from discontinued operations, net of tax $ 143.7 $ 15.9 $ 9.7 The following summarizes the assets and liabilities classified as held for sale in the consolidated balance sheet: December 31, 2015 ASSETS Cash and cash equivalents $ (1.5 ) Trade receivables, less allowances for doubtful accounts of $4.0 75.6 Inventories 29.1 Prepaid expenses 0.9 Other current assets 5.0 Total current assets 109.1 Property, plant and equipment, net 5.2 Goodwill 33.9 Assets held for sale $ 148.2 LIABILITIES Accounts payable $ 24.8 Deferred revenue 13.3 Payroll and other benefits liabilities 6.6 Other current liabilities 4.7 Total current liabilities 49.4 Other long-term liabilities — Liabilities held for sale $ 49.4 |
Quarterly Financial Informati58
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following table presents selected unaudited quarterly financial information for the years ended December 31: First Quarter Second Quarter Third Quarter Fourth Quarter 2016 2015 2016 2015 2016 2015 2016 2015 Net sales $ 509.6 $ 574.8 $ 580.0 $ 644.5 $ 983.3 $ 589.6 $ 1,243.4 $ 610.4 Gross profit 138.8 159.3 155.1 170.8 197.6 150.3 230.2 171.6 Income (loss) from continuing operations, net of tax 20.7 (10.2 ) (20.8 ) 19.7 (97.2 ) 18.3 (73.4 ) 31.7 Income from discontinued operations, net of tax 147.8 4.5 0.5 4.3 (4.6 ) 4.5 — 2.6 Net income (loss) 168.5 (5.7 ) (20.3 ) 24.0 (101.8 ) 22.8 (73.4 ) 34.3 Net income (loss) attributable to noncontrolling interests 0.3 (2.9 ) 0.8 1.8 0.5 1.1 4.4 1.7 Net income (loss) attributable to Diebold Nixdorf, Incorporated $ 168.2 $ (2.8 ) $ (21.1 ) $ 22.2 $ (102.3 ) $ 21.7 $ (77.8 ) $ 32.6 Basic earnings (loss) per share Income (loss) from continuing operations, net of tax $ 0.31 $ (0.11 ) $ (0.33 ) $ 0.27 $ (1.38 ) $ 0.26 $ (1.04 ) $ 0.46 Income from discontinued operations, net of tax 2.27 0.07 0.01 0.07 (0.06 ) 0.07 — 0.04 Net income (loss) attributable to Diebold Nixdorf, Incorporated (basic) $ 2.58 $ (0.04 ) $ (0.32 ) $ 0.34 $ (1.44 ) $ 0.33 $ (1.04 ) $ 0.50 Diluted earnings (loss) per share Income (loss) from continuing operations, net of tax $ 0.31 $ (0.11 ) $ (0.33 ) $ 0.27 $ (1.38 ) $ 0.26 $ (1.04 ) $ 0.46 Income from discontinued operations, net of tax 2.25 0.07 0.01 0.07 (0.06 ) 0.07 — 0.04 Net income (loss) attributable to Diebold Nixdorf, Incorporated (diluted) $ 2.56 $ (0.04 ) $ (0.32 ) $ 0.34 $ (1.44 ) $ 0.33 $ (1.04 ) $ 0.50 Basic weighted-average shares outstanding 65.1 64.7 65.2 64.9 70.9 65.0 75.1 65.0 Diluted weighted-average shares outstanding 65.7 64.7 65.2 65.6 70.9 65.6 75.1 65.7 |
Supplemental Guarantor Inform59
Supplemental Guarantor Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Guarantor Information [Abstract] | |
Condensed Balance Sheet [Table Text Block] | Condensed Consolidating Balance Sheets As of December 31, 2016 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Reclassifications/ Eliminations Consolidated ASSETS Current assets Cash and cash equivalents $ 138.4 $ 2.3 $ 512.0 $ — $ 652.7 Short-term investments — — 64.1 — 64.1 Trade receivables, net 119.0 — 717.5 (0.6 ) 835.9 Intercompany receivables 883.0 783.7 480.1 (2,146.8 ) — Inventories 110.5 16.2 611.0 — 737.7 Deferred income taxes — — — — — Prepaid expenses 14.7 0.8 45.2 — 60.7 Prepaid income taxes 0.3 25.4 84.9 (25.4 ) 85.2 Other current assets 3.2 1.6 178.5 — 183.3 Total current assets 1,269.1 830.0 2,693.3 (2,172.8 ) 2,619.6 Securities and other investments 94.7 — — — 94.7 Property, plant and equipment, net 102.7 9.0 275.3 — 387.0 Goodwill 55.5 — 942.8 — 998.3 Deferred income taxes 173.1 7.8 128.6 — 309.5 Finance lease receivables — 4.8 20.4 — 25.2 Intangible assets, net 1.8 13.6 757.5 — 772.9 Investment in subsidiary 2,619.6 — 9.3 (2,628.9 ) — Other assets 2.9 0.1 60.1 — 63.1 Total assets $ 4,319.4 $ 865.3 $ 4,887.3 $ (4,801.7 ) $ 5,270.3 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY Current liabilities Notes payable $ 30.9 $ 1.3 $ 74.7 $ — $ 106.9 Accounts payable 101.6 1.1 458.4 (0.6 ) 560.5 Intercompany payable 1,376.6 175.9 594.3 (2,146.8 ) — Deferred revenue 114.7 0.7 288.8 — 404.2 Payroll and other benefits liabilities 21.0 1.4 150.1 — 172.5 Other current liabilities 156.1 3.9 445.8 (25.4 ) 580.4 Total current liabilities 1,800.9 184.3 2,012.1 (2,172.8 ) 1,824.5 Long-term debt 1,690.5 0.4 0.5 — 1,691.4 Pensions and other benefits 199.3 — 80.1 — 279.4 Post-retirement and other benefits 13.3 — 4.5 — 17.8 Deferred income taxes 13.4 — 287.2 — 300.6 Other long-term liabilities 10.6 — 77.1 — 87.7 Commitments and contingencies Redeemable noncontrolling interests — — 44.1 — 44.1 Total Diebold Nixdorf, Incorporated shareholders' equity 591.4 680.6 1,948.3 (2,628.9 ) 591.4 Noncontrolling interests — — 433.4 — 433.4 Total liabilities and equity $ 4,319.4 $ 865.3 $ 4,887.3 $ (4,801.7 ) $ 5,270.3 Condensed Consolidating Balance Sheets As of December 31, 2015 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Reclassifications/ Eliminations Consolidated ASSETS Current assets Cash and cash equivalents $ 20.3 $ 7.9 $ 285.4 $ — $ 313.6 Short-term investments — — 39.9 — 39.9 Trade receivables, net 140.4 4.3 269.2 — 413.9 Intercompany receivables 828.8 733.6 539.1 (2,101.5 ) — Inventories 115.9 17.8 235.6 — 369.3 Deferred income taxes 103.7 11.2 53.9 — 168.8 Prepaid expenses 16.4 0.7 6.5 — 23.6 Prepaid income taxes — 8.0 18.0 (8.0 ) 18.0 Current assets held for sale 139.2 — 9.0 — 148.2 Other current assets 15.5 3.5 129.3 — 148.3 Total current assets 1,380.2 787.0 1,585.9 (2,109.5 ) 1,643.6 Securities and other investments 85.2 — — — 85.2 Property, plant and equipment, net 121.1 10.0 44.2 — 175.3 Goodwill 45.1 — 116.4 — 161.5 Deferred income taxes 57.1 — 14.6 (6.4 ) 65.3 Finance lease receivables — 8.1 28.4 — 36.5 Intangible assets, net 2.4 23.3 41.8 — 67.5 Other assets 1,404.6 0.2 (7.3 ) (1,390.0 ) 7.5 Total assets $ 3,095.7 $ 828.6 $ 1,824.0 $ (3,505.9 ) $ 2,242.4 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY Current liabilities Notes payable $ 21.5 $ 1.3 $ 9.2 $ — $ 32.0 Accounts payable 131.9 1.2 148.6 — 281.7 Intercompany payable 1,414.2 140.8 546.5 (2,101.5 ) — Deferred revenue 102.7 3.6 122.9 — 229.2 Payroll and other benefits liabilities 25.2 0.5 50.8 — 76.5 Current liabilities held for sale 48.9 — 0.5 — 49.4 Other current liabilities 116.3 2.6 176.1 (8.0 ) 287.0 Total current liabilities 1,860.7 150.0 1,054.6 (2,109.5 ) 955.8 Long-term debt 604.6 1.6 — — 606.2 Pensions and other benefits 193.5 — 2.1 — 195.6 Post-retirement and other benefits 14.5 — 4.2 — 18.7 Deferred income taxes — 6.4 1.9 (6.4 ) 1.9 Other long-term liabilities 10.0 — 18.7 — 28.7 Commitments and contingencies Total Diebold Nixdorf, Incorporated shareholders' equity 412.4 670.6 719.4 (1,390.0 ) 412.4 Noncontrolling interests — — 23.1 — 23.1 Total liabilities and equity $ 3,095.7 $ 828.6 $ 1,824.0 $ (3,505.9 ) $ 2,242.4 |
Condensed Income Statement [Table Text Block] | Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Year Ended December 31, 2016 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Reclassifications/ Eliminations Consolidated Net sales $ 1,078.4 $ 85.0 $ 2,236.1 $ (83.2 ) $ 3,316.3 Cost of sales 822.6 92.0 1,762.3 (82.3 ) 2,594.6 Gross profit (loss) 255.8 (7.0 ) 473.8 (0.9 ) 721.7 Selling and administrative expense 309.2 11.5 440.5 — 761.2 Research, development and engineering expense 7.9 45.7 56.6 — 110.2 Impairment of assets — 5.1 4.7 — 9.8 (Gain) loss on sale of assets, net 0.3 (0.1 ) 0.1 — 0.3 317.4 62.2 501.9 — 881.5 Operating profit (loss) (61.6 ) (69.2 ) (28.1 ) (0.9 ) (159.8 ) Other income (expense) Interest income 2.3 0.6 18.6 — 21.5 Interest expense (100.0 ) (0.1 ) (1.3 ) — (101.4 ) Foreign exchange gain (loss), net (3.2 ) (0.1 ) 1.2 — (2.1 ) Equity in earnings of subsidiaries (60.5 ) — — 60.5 — Miscellaneous, net 2.7 7.8 (7.0 ) — 3.5 Income (loss) from continuing operations before taxes (220.3 ) (61.0 ) (16.6 ) 59.6 (238.3 ) Income tax (benefit) expense (52.1 ) (28.6 ) 13.1 — (67.6 ) Income (loss) from continuing operations, net of tax (168.2 ) (32.4 ) (29.7 ) 59.6 (170.7 ) Income from discontinued operations, net of tax 135.2 — 8.5 — 143.7 Net income (loss) (33.0 ) (32.4 ) (21.2 ) 59.6 (27.0 ) Income attributable to noncontrolling interests, net of tax — — 6.0 — 6.0 Net income (loss) attributable to Diebold Nixdorf, Incorporated $ (33.0 ) $ (32.4 ) $ (27.2 ) $ 59.6 $ (33.0 ) Comprehensive income (loss) $ (56.2 ) $ (32.4 ) $ (55.7 ) $ 97.3 $ (47.0 ) Less: comprehensive income attributable to noncontrolling interests — — 9.2 — 9.2 Comprehensive income (loss) attributable to Diebold Nixdorf, Incorporated $ (56.2 ) $ (32.4 ) $ (64.9 ) $ 97.3 $ (56.2 ) Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Year Ended December 31, 2015 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Reclassifications/ Eliminations Consolidated Net sales $ 959.3 $ 171.4 $ 1,458.4 $ (169.8 ) $ 2,419.3 Cost of sales 645.7 181.2 1,109.2 (168.8 ) 1,767.3 Gross profit (loss) 313.6 (9.8 ) 349.2 (1.0 ) 652.0 Selling and administrative expense 268.5 10.6 209.1 — 488.2 Research, development and engineering expense 8.3 59.3 19.3 — 86.9 Impairment of assets — 9.1 9.8 — 18.9 (Gain) loss on sale of assets, net 0.3 — (0.9 ) — (0.6 ) 277.1 79.0 237.3 — 593.4 Operating profit (loss) 36.5 (88.8 ) 111.9 (1.0 ) 58.6 Other income (expense) Interest income 0.2 1.0 24.8 — 26.0 Interest expense (30.3 ) (0.2 ) (2.0 ) — (32.5 ) Foreign exchange gain (loss), net 4.0 (0.5 ) (13.5 ) — (10.0 ) Equity in earnings of subsidiaries 29.4 — — (29.4 ) — Miscellaneous, net (9.3 ) 13.2 51.3 (51.5 ) 3.7 Income (loss) from continuing operations before taxes 30.5 (75.3 ) 172.5 (81.9 ) 45.8 Income tax (benefit) expense (28.3 ) (12.1 ) 26.7 — (13.7 ) Income (loss) from continuing operations, net of tax 58.8 (63.2 ) 145.8 (81.9 ) 59.5 Income from discontinued operations, net of tax 14.9 — 1.0 — 15.9 Net income (loss) 73.7 (63.2 ) 146.8 (81.9 ) 75.4 Income attributable to noncontrolling interests, net of tax — — 1.7 — 1.7 Net income (loss) attributable to Diebold Nixdorf, Incorporated $ 73.7 $ (63.2 ) $ 145.1 $ (81.9 ) $ 73.7 Comprehensive income (loss) $ (53.9 ) $ (63.2 ) $ 0.2 $ 64.1 $ (52.8 ) Less: comprehensive income attributable to noncontrolling interests — — 3.2 — 3.2 Comprehensive income (loss) attributable to Diebold Nixdorf, Incorporated $ (53.9 ) $ (63.2 ) $ (3.0 ) $ 64.1 $ (56.0 ) Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Year Ended December 31, 2014 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Reclassifications/ Eliminations Consolidated Net sales $ 946.0 $ 217.8 $ 1,788.0 $ (217.0 ) $ 2,734.8 Cost of sales 610.0 229.0 1,384.1 (214.5 ) 2,008.6 Gross profit (loss) 336.0 (11.2 ) 403.9 (2.5 ) 726.2 Selling and administrative expense 265.9 11.2 201.3 — 478.4 Research, development and engineering expense 8.3 64.8 20.5 — 93.6 Impairment of assets — — 2.1 — 2.1 (Gain) loss on sale of assets, net (12.0 ) 0.9 (1.8 ) — (12.9 ) 262.2 76.9 222.1 — 561.2 Operating profit (loss) 73.8 (88.1 ) 181.8 (2.5 ) 165.0 Other income (expense) Interest income 0.9 1.7 31.9 — 34.5 Interest expense (27.3 ) (0.3 ) (3.8 ) — (31.4 ) Foreign exchange gain (loss), net (0.4 ) — (11.4 ) — (11.8 ) Equity in earnings of subsidiaries (459.6 ) — — 459.6 — Miscellaneous, net 530.6 22.4 (554.7 ) 0.1 (1.6 ) Income (loss) from continuing operations before taxes 118.0 (64.3 ) (356.2 ) 457.2 154.7 Income tax (benefit) expense 13.6 (17.8 ) 51.6 — 47.4 Income (loss) from continuing operations, net of tax 104.4 (46.5 ) (407.8 ) 457.2 107.3 Income (loss) from discontinued operations, net of tax 10.0 — (0.3 ) — 9.7 Net income (loss) 114.4 (46.5 ) (408.1 ) 457.2 117.0 Income attributable to noncontrolling interests, net of tax — — 2.6 — 2.6 Net income (loss) attributable to Diebold Nixdorf, Incorporated $ 114.4 $ (46.5 ) $ (410.7 ) $ 457.2 $ 114.4 Comprehensive income (loss) $ (21.9 ) $ (46.5 ) $ (488.1 ) $ 536.1 $ (20.4 ) Less: comprehensive income attributable to noncontrolling interests — — 1.4 — 1.4 Comprehensive income (loss) attributable to Diebold Nixdorf, Incorporated $ (21.9 ) $ (46.5 ) $ (489.5 ) $ 536.1 $ (21.8 ) |
Condensed Cash Flow Statement [Table Text Block] | Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2016 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Reclassifications/ Eliminations Consolidated Net cash provided by operating activities $ (147.2 ) $ (43.2 ) $ 232.6 $ (13.8 ) $ 28.4 Cash flow from investing activities Payments for acquisitions, net of cash acquired (995.2 ) — 110.6 — (884.6 ) Proceeds from maturities of investments (1.9 ) — 226.9 — 225.0 Proceeds from sale of foreign currency option and forward contracts, net 16.2 — — — 16.2 Payments for purchases of investments — — (243.5 ) — (243.5 ) Proceeds from divestitures and the sale of assets — — 31.3 — 31.3 Capital expenditures (9.2 ) (1.0 ) (29.3 ) — (39.5 ) Increase in certain other assets 0.5 (6.8 ) (21.9 ) — (28.2 ) Capital contributions and loans paid (270.2 ) — (1,119.3 ) 1,389.5 — Proceeds from intercompany loans 106.4 — — (106.4 ) — Net cash provided (used) by investing activities - continuing operations (1,153.4 ) (7.8 ) (1,045.2 ) 1,283.1 (923.3 ) Net cash used in investing activities - discontinued operations 361.9 — — — 361.9 Net cash provided (used) by investing activities (791.5 ) (7.8 ) (1,045.2 ) 1,283.1 (561.4 ) Cash flow from financing activities Dividends paid (64.6 ) — (13.8 ) 13.8 (64.6 ) Debt issuance costs (39.2 ) — — — (39.2 ) Revolving debt borrowings (repayments), net (178.0 ) — — — (178.0 ) Other debt borrowings 1,781.3 — 56.4 — 1,837.7 Other debt repayments (439.6 ) (1.2 ) (221.7 ) — (662.5 ) Distribution to noncontrolling interest holders — — (10.2 ) — (10.2 ) Excess tax benefits from share-based compensation 0.3 — — — 0.3 Issuance of common shares 0.3 — — — 0.3 Repurchase of common shares (2.2 ) — — — (2.2 ) Capital contributions received and loans incurred — 133.3 1,256.2 (1,389.5 ) — Payments on intercompany loans — (86.7 ) (19.7 ) 106.4 — Net cash provided (used) by financing activities 1,058.3 45.4 1,047.2 (1,269.3 ) 881.6 Effect of exchange rate changes on cash — — (8.0 ) — (8.0 ) Increase (decrease) in cash and cash equivalents 119.6 (5.6 ) 226.6 — 340.6 Add: Cash overdraft included in assets held for sale at beginning of year (1.5 ) — — — (1.5 ) Less: Cash overdraft included in assets held for sale at end of year — — — — — Cash and cash equivalents at the beginning of the year 20.3 7.9 285.4 — 313.6 Cash and cash equivalents at the end of the period $ 138.4 $ 2.3 $ 512.0 $ — $ 652.7 Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2015 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Reclassifications/ Eliminations Consolidated Net cash provided by operating activities $ 1.1 $ (26.2 ) $ 97.5 $ (35.7 ) $ 36.7 Cash flow from investing activities Payments for acquisitions, net of cash acquired — — (59.4 ) — (59.4 ) Proceeds from maturities of investments (2.1 ) — 178.2 — 176.1 Payments for purchases of investments — — (125.5 ) — (125.5 ) Proceeds from divestitures and the sale of assets — 3.5 1.5 — 5.0 Capital expenditures (34.9 ) (5.9 ) (11.5 ) — (52.3 ) Increase in certain other assets (6.5 ) (6.6 ) 6.8 — (6.3 ) Capital contributions and loans paid (205.4 ) — (3.8 ) 209.2 — Proceeds from intercompany loans 173.0 — — (173.0 ) — Net cash provided (used) by investing activities - continuing operations (75.9 ) (9.0 ) (13.7 ) 36.2 (62.4 ) Net cash used in investing activities - discontinued operations (2.5 ) — — — (2.5 ) Net cash provided (used) by investing activities (78.4 ) (9.0 ) (13.7 ) 36.2 (64.9 ) Cash flow from financing activities Dividends paid (75.6 ) — (35.7 ) 35.7 (75.6 ) Debt issuance costs (6.0 ) — — — (6.0 ) Revolving debt borrowings (repayments), net 180.8 — (25.0 ) — 155.8 Other debt borrowings — — 135.8 — 135.8 Other debt repayments (14.8 ) (0.8 ) (153.1 ) — (168.7 ) Distribution to noncontrolling interest holders 0.1 — (0.2 ) — (0.1 ) Excess tax benefits from share-based compensation 0.5 — — — 0.5 Issuance of common shares 3.5 — — — 3.5 Repurchase of common shares (3.0 ) — — — (3.0 ) Capital contributions received and loans incurred — 179.3 29.9 (209.2 ) — Payments on intercompany loans — (137.9 ) (35.1 ) 173.0 — Net cash provided by (used in) financing activities 85.5 40.6 (83.4 ) (0.5 ) 42.2 Effect of exchange rate changes on cash — — (23.9 ) — (23.9 ) Increase (decrease) in cash and cash equivalents 8.2 5.4 (23.5 ) — (9.9 ) Add: Cash overdraft included in assets held for sale at beginning of year (4.1 ) — — — (4.1 ) Less: Cash overdraft included in assets held for sale at end of year (1.5 ) — — — (1.5 ) Cash and cash equivalents at the beginning of the year 14.7 2.5 308.9 — 326.1 Cash and cash equivalents at the end of the period $ 20.3 $ 7.9 $ 285.4 $ — $ 313.6 Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2014 Parent Combined Guarantor Subsidiaries Combined Non-Guarantor Subsidiaries Reclassifications/ Eliminations Consolidated Net cash provided by operating activities $ 154.6 $ (3.5 ) $ 132.6 $ (96.8 ) $ 186.9 Cash flow from investing activities Payments for acquisitions, net of cash acquired — — (11.7 ) — (11.7 ) Proceeds from maturities of investments 2.3 — 475.1 — 477.4 Proceeds from sale of investments — — 39.6 — 39.6 Payments for purchases of investments (4.0 ) — (424.7 ) — (428.7 ) Proceeds from divestitures and sale of assets — — 18.4 — 18.4 Capital expenditures (44.1 ) (1.4 ) (14.6 ) — (60.1 ) Increase in certain other assets (14.4 ) (15.6 ) 10.2 — (19.8 ) Capital contributions and loans paid (233.7 ) — (10.1 ) 243.8 — Proceeds from intercompany loans 184.8 — — (184.8 ) — Net cash provided (used) by investing activities - continuing operations (109.1 ) (17.0 ) 82.2 59.0 15.1 Net cash used in investing activities - discontinued operations (1.3 ) — — — (1.3 ) Net cash provided (used) by investing activities (110.4 ) (17.0 ) 82.2 59.0 13.8 Cash flow from financing activities Dividends paid (74.9 ) — (96.8 ) 96.8 (74.9 ) Debt issuance costs (1.4 ) — — — (1.4 ) Revolving debt borrowings (repayments), net 26.0 — (24.0 ) — 2.0 Other debt borrowings — (0.3 ) 157.9 — 157.6 Other debt repayments — 0.2 (175.7 ) — (175.5 ) Distribution to noncontrolling interest holders — — (2.2 ) — (2.2 ) Excess tax benefits from share-based compensation 0.5 — — — 0.5 Issuance of common shares 14.6 — — — 14.6 Repurchase of common shares (1.9 ) — — — (1.9 ) Capital contributions received and loans incurred — 177.7 66.1 (243.8 ) — Payments on intercompany loans — (156.6 ) (28.2 ) 184.8 — Net cash provided by (used in) financing activities (37.1 ) 21.0 (102.9 ) 37.8 (81.2 ) Effect of exchange rate changes on cash — — (28.2 ) — (28.2 ) Increase (decrease) in cash and cash equivalents 7.1 0.5 83.7 — 91.3 Add: Cash overdraft included in assets held for sale at beginning of year (0.6 ) — — — (0.6 ) Less: Cash overdraft included in assets held for sale at end of year (4.1 ) — — — (4.1 ) Cash and cash equivalents at the beginning of the year 4.1 2.0 225.2 — 231.3 Cash and cash equivalents at the end of the year $ 14.7 $ 2.5 $ 308.9 $ — $ 326.1 |
Summary of Significant Accoun60
Summary of Significant Accounting Policies (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Dec. 31, 2016USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Summary of Significant Accounting Policies [Abstract] | ||||||||
Effect of exchange rate changes on cash | $ (8) | $ (23.9) | $ (28.2) | |||||
Devaluation of Venezuelan balance sheet | $ 7.5 | $ 12.1 | 0 | 7.5 | 12.1 | |||
Impairment of assets | $ (9.8) | (9.8) | (18.9) | (2.1) | ||||
Advertising expense | 14 | 11.6 | 16.7 | |||||
Research, development and engineering expense | $ 110.2 | 86.9 | 93.6 | |||||
Cash equivalents, maturity period | 3 months | |||||||
Expected rate of return period | 20 years | |||||||
Amortization of unrecognized net gain (loss) | 5.00% | |||||||
Cost of sales - services | ||||||||
Summary of Significant Accounting Policies [Abstract] | ||||||||
Inventory write-down | 4.1 | |||||||
Financial self-service | ||||||||
Summary of Significant Accounting Policies [Abstract] | ||||||||
Service contract term | 12 months | |||||||
Software Solutions [Member] | ||||||||
Summary of Significant Accounting Policies [Abstract] | ||||||||
Service contract term | 12 months | |||||||
VENEZUELA | ||||||||
Summary of Significant Accounting Policies [Abstract] | ||||||||
Effect of exchange rate changes on cash | $ (6.1) | |||||||
Impairment of assets | $ 1 | $ (10.3) | $ (9.3) | |||||
Write-off of uncollectible accounts receivable | 0.4 | |||||||
SICAD [Member] | ||||||||
Summary of Significant Accounting Policies [Abstract] | ||||||||
Foreign currency exchange rate | 50.86 | |||||||
VENEZUELA GOVERNMENT [Member] | ||||||||
Summary of Significant Accounting Policies [Abstract] | ||||||||
Foreign currency exchange rate | 6.30 | |||||||
SIMADI [Member] | ||||||||
Summary of Significant Accounting Policies [Abstract] | ||||||||
Foreign currency exchange rate | 192.95 | |||||||
Pension Plan [Member] | ||||||||
Summary of Significant Accounting Policies [Abstract] | ||||||||
Acquired benefit plans | $ 625.1 | 0 | ||||||
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets | 524.2 | 0 | ||||||
Curtailment loss | 4.6 | 0 | $ 0 | |||||
Accounting Standards Update 2015-03 [Member] | ||||||||
Summary of Significant Accounting Policies [Abstract] | ||||||||
Debt Issuance Costs, Net | $ 64.5 | $ 64.5 | $ 6.9 |
Acquisitions (Details)
Acquisitions (Details) € / shares in Units, $ / shares in Units, € in Millions, $ in Millions | 3 Months Ended | 5 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016USD ($)shares | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)shares | Sep. 30, 2015USD ($) | Dec. 31, 2016USD ($)$ / sharesshares | Sep. 30, 2016EUR (€) | Dec. 31, 2015EUR (€)shares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($) | Dec. 31, 2016€ / shares | Aug. 15, 2016USD ($)shares | |
Business Acquisition [Line Items] | |||||||||||||||||
Incremental shares, excluded from dilutive calculation, due to resulting in operating loss | shares | 600,000 | ||||||||||||||||
Senior Notes, Noncurrent | $ 225 | $ 225 | |||||||||||||||
Net sales | $ 1,243.4 | $ 983.3 | $ 580 | $ 509.6 | 610.4 | $ 589.6 | $ 644.5 | $ 574.8 | $ 3,316.3 | 2,419.3 | $ 2,734.8 | ||||||
Business Acquisition, Revenue Reported By Target Acquisition For Last Annual Period | € | € 2,578.6 | ||||||||||||||||
Payments for acquisition, net of cash acquired | 884.6 | 59.4 | 11.7 | ||||||||||||||
Redeemable noncontrolling interests | (44.1) | 0 | $ (44.1) | (44.1) | 0 | ||||||||||||
Fair value of noncontrolling interest | (407.9) | (407.9) | (407.9) | ||||||||||||||
Noncontrolling interests | 433.4 | 23.1 | 433.4 | 433.4 | 23.1 | ||||||||||||
Goodwill | 998.3 | 161.5 | $ 998.3 | 998.3 | 161.5 | 138.1 | |||||||||||
Income (loss) from continuing operations before taxes | (238.3) | 45.8 | 154.7 | ||||||||||||||
Net income (loss) attributable to Diebold Nixdorf, Incorporated | $ (77.8) | (102.3) | $ (21.1) | $ 168.2 | $ 32.6 | $ 21.7 | $ 22.2 | $ (2.8) | $ (33) | $ 73.7 | $ 114.4 | ||||||
Diebold Nixdorf AG | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Incremental shares, excluded from dilutive calculation, due to resulting in operating loss | shares | 600,000 | 700,000 | 700,000 | ||||||||||||||
Business Acquisition, Ordinary Shares Issued | shares | 33,100,000 | 33,100,000 | 33,100,000 | ||||||||||||||
Business Acquisition, Treasury Shares | shares | 3,300,000 | 3,300,000 | 3,300,000 | ||||||||||||||
Business Acquisition, Number Of Ordinary Shares Tendered | shares | 22,900,000 | ||||||||||||||||
Business Acquisition, Percentage Tendered Of Ordinary Shares Issued | 69.20% | ||||||||||||||||
Business Acquisition, Percentage Tendered Of Ordinary Shares Outstanding | 76.70% | ||||||||||||||||
Business Combination, Consideration Transferred | $ 1,265.7 | ||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 9,900,000 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 802.1 | ||||||||||||||||
Net sales | $ 1,054.8 | ||||||||||||||||
Business Acquisition, Pro Forma Revenue | $ 4,996.2 | $ 5,153.8 | |||||||||||||||
Business Combination Pro Forma Gross Profit | 1,171 | 1,025.5 | |||||||||||||||
Business Combination Pro Forma Operating Profit | $ 61.3 | (221.1) | |||||||||||||||
Business Acquisition, Ordinary Shares Outstanding | shares | 29,800,000 | 29,800,000 | 29,800,000 | ||||||||||||||
Cash paid | $ 995.3 | € 1,162.2 | |||||||||||||||
Less: cash acquired | (110.7) | ||||||||||||||||
Payments for acquisition, net of cash acquired | 884.6 | ||||||||||||||||
Common shares issued to Diebold Nixdorf AG shareholders | $ 279.7 | $ 279.7 | 279.7 | ||||||||||||||
Other consideration | (9.3) | ||||||||||||||||
Trade receivables | 474.1 | 474.1 | 474.1 | 474.1 | |||||||||||||
Inventories | 487.2 | 487.2 | 487.2 | 487.2 | |||||||||||||
Deferred income taxes | 109.7 | 46.5 | 109.7 | 109.7 | |||||||||||||
Prepaid expenses | 39.3 | 39.3 | 39.3 | 39.3 | |||||||||||||
Current assets held for sale | 106.6 | 100.5 | 106.6 | 106.6 | |||||||||||||
Other current assets | 79.9 | 79.7 | 79.9 | 79.9 | |||||||||||||
Property, plant and equipment | 247.1 | 236.9 | 247.1 | 247.1 | |||||||||||||
Intangible assets | 802.1 | 803.6 | 802.1 | 802.1 | |||||||||||||
Other assets | 27 | 27 | 27 | 27 | |||||||||||||
Total assets acquired | 2,373 | 2,294.8 | 2,373 | 2,373 | |||||||||||||
Notes payable | 159.8 | 159.8 | 159.8 | 159.8 | |||||||||||||
Accounts payable | 321.5 | 321.5 | 321.5 | 321.5 | |||||||||||||
Deferred revenue | 158 | 164.8 | 158 | 158 | |||||||||||||
Payroll and other benefits liabilities | 191.6 | 191 | 191.6 | 191.6 | |||||||||||||
Current liabilities held for sale | 56.6 | 62.5 | 56.6 | 56.6 | |||||||||||||
Other current liabilities | 196.3 | 183.4 | 196.3 | 196.3 | |||||||||||||
Pensions and other benefits | 103.2 | 87.6 | 103.2 | 103.2 | |||||||||||||
Other noncurrent liabilities | 458.9 | 393.5 | 458.9 | 458.9 | |||||||||||||
Total liabilities assumed | 1,645.9 | 1,564.1 | 1,645.9 | 1,645.9 | |||||||||||||
Redeemable noncontrolling interests | (46.8) | 0 | (46.8) | (46.8) | |||||||||||||
Fair value of noncontrolling interest | (407.9) | (386.7) | (407.9) | (407.9) | |||||||||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Carrying Value | 400.1 | 400.1 | 400.1 | ||||||||||||||
Noncontrolling interests | 21.2 | 21.2 | 21.2 | ||||||||||||||
Business Combination, Acquisition Related Costs | 97.2 | ||||||||||||||||
Total identifiable net assets acquired, including noncontrolling interest | 272.4 | 344 | 272.4 | 272.4 | |||||||||||||
Business Combination Consideration Transferred Net Of Cash Acquired | 1,155 | 1,161 | 1,155 | 1,155 | |||||||||||||
Goodwill | $ 882.6 | $ 817 | $ 882.6 | 882.6 | |||||||||||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 47.9 | $ (225.7) | |||||||||||||||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ / shares | $ 0.64 | $ (3.02) | |||||||||||||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ / shares | $ 0.64 | $ (3.02) | |||||||||||||||
Weighted Average Basic Shares Outstanding, Pro Forma | shares | 75,100,000 | 74,800,000 | 74,800,000 | ||||||||||||||
Pro Forma Weighted Average Shares Outstanding, Diluted | shares | 75,100,000 | 74,800,000 | 74,800,000 | ||||||||||||||
Business Acquisition, Share Price | € / shares | € 38.98 | ||||||||||||||||
Business Acquisition, Shares Exchanged For Acquiree Shares | shares | 0.434 | 0.434 | 0.434 | ||||||||||||||
Purchase Accounting Pretax Charge Deferred Revenue | $ 16.2 | ||||||||||||||||
Purchase Accounting Pretax Charge Related to Inventory Valuation Adjustment from Business Acquisition | 62.7 | ||||||||||||||||
Purchase Accounting Pretax Charge Amortization Expense | 49.7 | ||||||||||||||||
Purchase Accounting Pretax Charge Depreciation Expense | 2.4 | ||||||||||||||||
Income (loss) from continuing operations before taxes | (67.9) | ||||||||||||||||
Net income (loss) attributable to Diebold Nixdorf, Incorporated | $ (51.3) | ||||||||||||||||
Phoenix Interactive Design, Inc [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Cash paid | $ 72.9 | ||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||||||||||
Deferred Payments To Acquire Businesses | $ 12.6 | ||||||||||||||||
Domination and Profit and Loss Transfer Agreement [Member] | Diebold Nixdorf AG | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Business Acquisition, Share Price | € / shares | 55.02 | ||||||||||||||||
Recurring Cash Compensation Per Share | € / shares | 3.13 | ||||||||||||||||
Recurring Cash Compensation Per Share Net Of Tax | € / shares | € 2.82 | ||||||||||||||||
Trade Names [Member] | Diebold Nixdorf AG | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 30.1 | ||||||||||||||||
Developed Technology Rights [Member] | Diebold Nixdorf AG | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 4 years | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 107.2 | ||||||||||||||||
Customer Relationships [Member] | Diebold Nixdorf AG | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years 6 months | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 658.5 | ||||||||||||||||
Other intangibles | Diebold Nixdorf AG | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 6.3 | ||||||||||||||||
2016 Senior Notes [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Senior Notes, Noncurrent | $ 400 | $ 400 | $ 400 | ||||||||||||||
Measurement Period September 30 To December 31 [Member] | Diebold Nixdorf AG | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Trade receivables | 0 | 0 | 0 | ||||||||||||||
Inventories | 0 | 0 | 0 | ||||||||||||||
Deferred income taxes | 63.2 | 63.2 | 63.2 | ||||||||||||||
Prepaid expenses | 0 | 0 | 0 | ||||||||||||||
Current assets held for sale | 6.1 | 6.1 | 6.1 | ||||||||||||||
Other current assets | 0.2 | 0.2 | 0.2 | ||||||||||||||
Property, plant and equipment | 10.2 | 10.2 | 10.2 | ||||||||||||||
Intangible assets | (1.5) | (1.5) | (1.5) | ||||||||||||||
Other assets | 0 | 0 | 0 | ||||||||||||||
Total assets acquired | 78.2 | 78.2 | 78.2 | ||||||||||||||
Notes payable | 0 | 0 | 0 | ||||||||||||||
Accounts payable | 0 | 0 | 0 | ||||||||||||||
Deferred revenue | (6.8) | (6.8) | (6.8) | ||||||||||||||
Payroll and other benefits liabilities | 0.6 | 0.6 | 0.6 | ||||||||||||||
Current liabilities held for sale | (5.9) | (5.9) | (5.9) | ||||||||||||||
Other current liabilities | 12.9 | 12.9 | 12.9 | ||||||||||||||
Pensions and other benefits | 15.6 | 15.6 | 15.6 | ||||||||||||||
Other noncurrent liabilities | 65.4 | 65.4 | 65.4 | ||||||||||||||
Total liabilities assumed | 81.8 | 81.8 | 81.8 | ||||||||||||||
Redeemable noncontrolling interests | (46.8) | (46.8) | (46.8) | ||||||||||||||
Fair value of noncontrolling interest | (21.2) | (21.2) | (21.2) | ||||||||||||||
Total identifiable net assets acquired, including noncontrolling interest | (71.6) | (71.6) | (71.6) | ||||||||||||||
Business Combination Consideration Transferred Net Of Cash Acquired | (6) | (6) | (6) | ||||||||||||||
Goodwill | $ 65.6 | $ 65.6 | $ 65.6 |
Redeemable Noncontrolling Int62
Redeemable Noncontrolling Interests (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Redeemable Noncontrolling Interests [Abstract] | ||
Redeemable noncontrolling interests | $ 44.1 | $ 0 |
Redeemable Noncontrolling Interest, Increase from Business Combination | $ 44.1 |
Earnings (Loss) Per Share (Deta
Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Income (loss) used in basic and diluted earnings (loss) per share | ||||||||||||
Income (loss) from continuing operations, net of tax | $ (73.4) | $ (97.2) | $ (20.8) | $ 20.7 | $ 31.7 | $ 18.3 | $ 19.7 | $ (10.2) | $ (170.7) | $ 59.5 | $ 107.3 | |
Net income attributable to noncontrolling interests, net of tax | 4.4 | 0.5 | 0.8 | 0.3 | 1.7 | 1.1 | 1.8 | (2.9) | 6 | 1.7 | 2.6 | |
Income (loss) before discontinued operations, net of tax | (176.7) | 57.8 | 104.7 | |||||||||
Income (loss) from discontinued operations, net of tax | 143.7 | 15.9 | 9.7 | |||||||||
Net income (loss) attributable to Diebold Nixdorf, Incorporated | $ (77.8) | $ (102.3) | $ (21.1) | $ 168.2 | $ 32.6 | $ 21.7 | $ 22.2 | $ (2.8) | $ (33) | $ 73.7 | $ 114.4 | |
Denominator | ||||||||||||
Weighted-average number of common shares used in basic earnings (loss) per share | 75.1 | 70.9 | 65.2 | 65.1 | 65 | 65 | 64.9 | 64.7 | 69.1 | 64.9 | 64.5 | |
Effect of dilutive shares (1) (shares) | [1] | 0 | 0.7 | 0.7 | ||||||||
Weighted-average number of shares used in diluted earnings (loss) per share (shares) | 75.1 | 70.9 | 65.2 | 65.7 | 65.7 | 65.6 | 65.6 | 64.7 | 69.1 | 65.6 | 65.2 | |
Basic earnings (loss) per share | ||||||||||||
Income (loss) before discontinued operations, net of tax | $ (1.04) | $ (1.38) | $ (0.33) | $ 0.31 | $ 0.46 | $ 0.26 | $ 0.27 | $ (0.11) | $ (2.56) | $ 0.89 | $ 1.62 | |
Income (loss) from discontinued operations, net of tax | 0 | (0.06) | 0.01 | 2.27 | 0.04 | 0.07 | 0.07 | 0.07 | 2.08 | 0.24 | 0.15 | |
Net (loss) income attributable to Diebold, Incorporated (USD per share) | (1.04) | (1.44) | (0.32) | 2.58 | 0.50 | 0.33 | 0.34 | (0.04) | (0.48) | 1.13 | 1.77 | |
Diluted earnings (loss) per share | ||||||||||||
Income (loss) before discontinued operations, net of tax | (1.04) | (1.38) | (0.33) | 0.31 | 0.46 | 0.26 | 0.27 | (0.11) | (2.56) | 0.88 | 1.61 | |
Income (loss) from discontinued operations, net of tax | 0 | (0.06) | 0.01 | 2.25 | 0.04 | 0.07 | 0.07 | 0.07 | 2.08 | 0.24 | 0.15 | |
Net (loss) income attributable to Diebold, Incorporated | $ (1.04) | $ (1.44) | $ (0.32) | $ 2.56 | $ 0.50 | $ 0.33 | $ 0.34 | $ (0.04) | $ (0.48) | $ 1.12 | $ 1.76 | |
Anti-dilutive shares | ||||||||||||
Anti-dilutive shares not used in calculating diluted weighted-average shares (shares) | 2.1 | 1.5 | 1.1 | |||||||||
Incremental shares, excluded from dilutive calculation, due to resulting in operating loss | 0.6 | |||||||||||
[1] | Incremental shares of 0.6 were excluded from the computation of diluted loss per share for the year ended December 31, 2016 because their effect is anti-dilutive due to the loss from continuing operations. |
Accumulated Other Comprehensi64
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Beginning Balance | $ (318.1) | $ (190.5) | ||
Other comprehensive (loss) income before reclassifications (1) | (23) | $ (131.3) | ||
Amounts reclassified from AOCI | (0.2) | 3.7 | ||
Net current period other comprehensive income (loss) | (23.2) | (127.6) | ||
Ending Balance | (341.3) | (318.1) | ||
Translation | ||||
Beginning Balance | (215.6) | (74.9) | ||
Other comprehensive (loss) income before reclassifications (1) | [1] | (35.6) | (140.7) | |
Amounts reclassified from AOCI | 0 | 0 | ||
Net current period other comprehensive income (loss) | (35.6) | (140.7) | ||
Ending Balance | (251.2) | (215.6) | ||
Other comprehensive (loss) income before reclassifications within the translation component, amount excluded | (3.2) | 0.6 | ||
Foreign Currency Hedges | ||||
Beginning Balance | 5 | (1.4) | ||
Other comprehensive (loss) income before reclassifications (1) | (10.7) | 6.4 | ||
Amounts reclassified from AOCI | 0 | 0 | ||
Net current period other comprehensive income (loss) | (10.7) | 6.4 | ||
Ending Balance | (5.7) | 5 | ||
Interest Rate Hedges | ||||
Beginning Balance | (0.1) | (0.5) | ||
Other comprehensive (loss) income before reclassifications (1) | 4.9 | 0.8 | ||
Amounts reclassified from AOCI | (0.2) | (0.4) | ||
Net current period other comprehensive income (loss) | 4.7 | 0.4 | ||
Ending Balance | 4.6 | (0.1) | ||
Pension and Other Post-Retirement Benefits | ||||
Beginning Balance | (107.8) | (114) | ||
Other comprehensive (loss) income before reclassifications (1) | 18.5 | 2.1 | ||
Amounts reclassified from AOCI | 0 | 4.1 | ||
Net current period other comprehensive income (loss) | 18.5 | 6.2 | ||
Ending Balance | (89.3) | (107.8) | ||
Other | ||||
Beginning Balance | 0.4 | $ 0.3 | ||
Other comprehensive (loss) income before reclassifications (1) | (0.1) | 0.1 | ||
Amounts reclassified from AOCI | 0 | 0 | ||
Net current period other comprehensive income (loss) | (0.1) | 0.1 | ||
Ending Balance | $ 0.3 | $ 0.4 | ||
[1] | Other comprehensive income (loss) before reclassifications within the translation component excludes (gains)/losses of $(3.2) and $0.6 and translation attributable to noncontrolling interests for December 31, 2016 and 2015, respectively. |
Accumulated Other Comprehensi65
Accumulated Other Comprehensive Loss Reclassification Adjustment (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Interest expense | $ (101.4) | $ (32.5) | $ (31.4) | |
Derivatives, reclassification adjustment for amounts recognized in net income, tax | 0 | (0.2) | (0.1) | |
Net prior service benefit amortization, tax | 0 | 0.1 | 0.1 | |
Net actuarial loss amortization recognized during the year, tax | (1.8) | (2.7) | (1.2) | |
Net prior service benefit amortization due to curtailment, tax | 0 | 0 | 0 | |
Net actuarial losses recognized due to curtailment, tax | 1.5 | 0 | 0 | |
Interest income | 21.5 | 26 | 34.5 | |
Available for sale securities, reclassification adjustment for amounts recognized in net income, tax | 0 | 0 | 0 | |
Total reclassifications for the period | 0.2 | (3.7) | ||
Currency impact, tax | 0.4 | 0 | $ 0 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Amortization of prior service cost | [1] | 0 | (0.1) | |
Recognized net actuarial loss | [1] | (4) | (4.2) | |
Curtailment loss | [1] | 3.3 | 0 | |
Defined Benefit Plan Currency Impact | (0.7) | 0 | ||
Total reclassifications for the period | (0.2) | 3.7 | ||
Interest Rate Hedges | ||||
Total reclassifications for the period | 0.2 | 0.4 | ||
Interest Rate Hedges | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Interest expense | (0.2) | (0.4) | ||
Derivatives, reclassification adjustment for amounts recognized in net income, tax | 0 | 0.2 | ||
Pension and Other Post-Retirement Benefits | ||||
Total reclassifications for the period | 0 | (4.1) | ||
Pension and Other Post-Retirement Benefits | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Net prior service benefit amortization, tax | 0 | 0.1 | ||
Prior service cost occurring during the year, tax | 0 | |||
Net actuarial loss amortization recognized during the year, tax | (1.8) | (2.7) | ||
Net prior service benefit amortization due to curtailment, tax | 1.5 | |||
Net actuarial losses recognized due to curtailment, tax | 0 | 0 | ||
Amounts reclassified from AOCI | 0 | 4.1 | ||
Currency impact, tax | 0.4 | 0 | ||
Unrealized Gain on Securities, Net | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Available for sale securities, reclassification adjustment for amounts recognized in net income, tax | $ 0 | $ 0 | ||
[1] | Pension and other post-retirement benefits AOCI components are included in the computation of net periodic benefit cost (refer to note 15 to the consolidated financial statements). |
Share-Based Compensation and 66
Share-Based Compensation and Equity (Textuals) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Dividends, per share, cash paid | $ 0.96 | $ 1.15 | $ 1.15 | |
Number of Shares Authorized | 8,300,000 | |||
Number of Shares Available for Grant | 4,100,000 | |||
Aggregate intrinsic value of options exercised | $ 0.7 | $ 2.1 | ||
Weighted-average grant-date fair value of stock options granted | $ 5.37 | $ 7.04 | $ 6.75 | |
Total fair value of stock options vested | $ 2.6 | $ 2.7 | $ 1.8 | |
Issuance of common shares | $ 0.3 | $ 3.5 | $ 14.6 | |
Document Period End Date | Dec. 31, 2016 | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expiration period | 10 years | |||
Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number Of Common Shares Issued Per Award | 1 | |||
Granted, Weighted-average grant-date fair value | $ 26.77 | [1] | $ 32.74 | $ 35.25 |
Total fair value of deferred shares vested | $ 7.2 | $ 6.4 | $ 4.4 | |
Restricted Stock Units [Member] | One year vest [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 1 year | |||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number Of Common Shares Issued Per Award | 1 | |||
Granted, Weighted-average grant-date fair value | $ 26.99 | $ 32.50 | $ 38.07 | |
Total fair value of deferred shares vested | $ 3.1 | $ 5.1 | $ 0 | |
Performance Shares [Member] | Three year graded vest [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
Director Deferred Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number Of Common Shares Issued Per Award | 1 | |||
Granted, Weighted-average grant-date fair value | $ 29.73 | |||
Aggregate intrinsic value of deferred shares released | $ 0.2 | 0.2 | $ 0.1 | |
Total fair value of deferred shares vested | $ 0.2 | $ 0 | $ 0.9 | |
Minimum | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 1 year | |||
Minimum | Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
Minimum | Restricted Stock Units [Member] | One year vest [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted, Weighted-average grant-date fair value | $ 27.42 | |||
Minimum | Director Deferred Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 6 months | |||
Maximum | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 5 years | |||
Maximum | Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 7 years | |||
Maximum | Director Deferred Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 12 months | |||
[1] | (1) The RSUs granted during the year ended December 31, 2016 include 41 thousand 1-year RSUs to non-employee directors under the 1991 Plan. These RSUs have a weighted-average grant-date fair value of $27.42 |
Share-Based Compensation and 67
Share-Based Compensation and Equity - Share-based Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Document Period End Date | Dec. 31, 2016 | ||
Pre-tax compensation expense | $ 22.2 | $ 12.4 | $ 21.5 |
Tax benefit | (7) | (3.8) | (7.2) |
Stock option expense, net of tax | 15.2 | 8.6 | 14.3 |
Stock Options [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Pre-tax compensation expense | 2.7 | 3.6 | 2.7 |
Tax benefit | (0.9) | (1.3) | (1) |
Stock option expense, net of tax | 1.8 | 2.3 | 1.7 |
Restricted Stock Units [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Pre-tax compensation expense | 10.7 | 8.6 | 6 |
Tax benefit | (3.1) | (2.4) | (1.9) |
Stock option expense, net of tax | 7.6 | 6.2 | 4.1 |
Performance Shares [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Pre-tax compensation expense | 8.8 | 0.2 | 12.5 |
Tax benefit | (3) | (0.1) | (4.2) |
Stock option expense, net of tax | 5.8 | 0.1 | 8.3 |
Director Deferred Shares [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Pre-tax compensation expense | 0 | 0 | 0.3 |
Tax benefit | 0 | 0 | (0.1) |
Stock option expense, net of tax | $ 0 | $ 0 | $ 0.2 |
Share-Based Compensation and 68
Share-Based Compensation and Equity - Unrecognized Compensation Costs (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |
Unrecognized Cost | $ 22.4 |
Stock Options [Member] | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |
Unrecognized Cost | $ 2.6 |
Weighted-Average Period | 1 year 73 days |
Restricted Stock Units [Member] | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |
Unrecognized Cost | $ 14.5 |
Weighted-Average Period | 1 year 110 days |
Performance Shares [Member] | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |
Unrecognized Cost | $ 5.3 |
Weighted-Average Period | 1 year 255 days |
Share-Based Compensation and 69
Share-Based Compensation and Equity - Fair Value Assumptions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Document Period End Date | Dec. 31, 2016 | ||
Expected life (in years) | 6 years | 6 years | 5 years |
Weighted-average volatility | 28.00% | 31.00% | 31.00% |
Risk free interest rate, Minimum | 1.50% | 1.50% | 1.47% |
Risk free interest rate, Maximum | 1.50% | 1.50% | 1.66% |
Dividends, per share, cash paid | $ 0.96 | $ 1.15 | $ 1.15 |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend yield | 3.10% | 3.12% | 3.59% |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend yield | 3.10% | 3.12% | 3.59% |
Share-Based Compensation and 70
Share-Based Compensation and Equity - Stock Option Activity (Details) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2016USD ($)$ / sharesshares | ||
Options outstanding and exercisable under the Company's 1991 Equity and Performance Incentive Plan | ||
Outstanding, Shares, beginning balance | shares | 1.7 | |
Expired or forfeited, Shares | shares | (0.4) | |
Exercised, Shares | shares | 0.1 | |
Granted, Shares | shares | 0.5 | |
Outstanding, Shares, ending balance | shares | 1.7 | |
Options exercisable, Shares | shares | 0.9 | |
Options vested and expected to vest, Shares | shares | 1.6 | [1] |
Outstanding, weighted average exercise price, beginning balance | $ / shares | $ 34.21 | |
Expired or forfeited, weighted average exercise price | $ / shares | 35.59 | |
Exercised, weighted average exercise price | $ / shares | 26.85 | |
Granted, Weighted average exercise price | $ / shares | 27.39 | |
Outstanding, weighted average exercise price, ending balance | $ / shares | 31.98 | |
Options exercisable, Weighted average exercise price | $ / shares | 33.99 | |
Options vested and expected to vest, weighted average exercise price | $ / shares | $ 32.07 | [1] |
Outstanding, Weighted Average Remaining Contractual Term | 7 years | |
Option exercisable, Weighted average remaining contractual term | 6 years | |
Options vested and expected to vest, weighted average remaining contractual term | 7 years | |
Outstanding, Aggregate Intrinsic Value | $ | $ 0 | [2] |
Option exercisable, aggregate Intrinsic Value | $ | 0 | [2] |
Options vested and expected to vest, aggregate intrinsic value | $ | $ 0 | [1],[2] |
[1] | The expected to vest options are the result of applying the pre-vesting forfeiture rate assumption to total outstanding non-vested options. | |
[2] | The aggregate intrinsic value represents the total pre-tax intrinsic value (the difference between the Company’s closing share price on the last trading day of the year in 2016 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 December 31, 2016. The amount of aggregate intrinsic value will change based on the fair market value of the Company’s common shares. |
Share-Based Compensation and 71
Share-Based Compensation and Equity - Restricted Stock Unit Activity (Details) - Restricted Stock Units [Member] - $ / shares shares in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Restricted Stock Units | |||||
Unvested, Shares, Beginning balance | 900 | ||||
Forfeited, Shares | (100) | ||||
Vested, Shares | (200) | ||||
Granted, Shares | [1] | 600 | |||
Unvested, Shares, Ending balance | 1,200 | 900 | |||
Unvested, Weighted-average grant-date fair value, Beginning balance | $ 32.53 | ||||
Forfeited, Weighted-average grant-date fair value | 31.40 | ||||
Vested, Weighted-average grant-date fair value | 31.62 | ||||
Granted, Weighted-average grant-date fair value | 26.77 | [1] | $ 32.74 | $ 35.25 | |
Unvested, Weighted-average grant-date fair value, Ending balance | $ 29.50 | $ 32.53 | |||
One year vest [Member] | |||||
Restricted Stock Units | |||||
Granted, Shares | 41 | ||||
Minimum | One year vest [Member] | |||||
Restricted Stock Units | |||||
Granted, Weighted-average grant-date fair value | $ 27.42 | ||||
[1] | (1) The RSUs granted during the year ended December 31, 2016 include 41 thousand 1-year RSUs to non-employee directors under the 1991 Plan. These RSUs have a weighted-average grant-date fair value of $27.42 |
Share-Based Compensation and 72
Share-Based Compensation and Equity - Performance Shares Activity (Details) - Performance Shares [Member] - $ / shares shares in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Performance Shares | ||||
Unvested, Shares, Beginning balance | [1] | 0.8 | ||
Forfeited, Shares | (0.2) | |||
Vested, Shares | 0.1 | |||
Granted, Shares | 0.6 | |||
Unvested, Shares, Ending balance | [1] | 1.2 | 0.8 | |
Unvested, Weighted-average grant-date fair value, Beginning balance | [1] | $ 34.06 | ||
Forfeited, Weighted-average grant-date fair value | 30.39 | |||
Vested, Weighted-average grant-date fair value | $ 29.52 | |||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Other Activity In Period | 0.1 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Other Activity in Period, Weighted Average Grant Date Fair Value | $ 34.75 | |||
Granted, Weighted-average grant-date fair value | 26.99 | $ 32.50 | $ 38.07 | |
Unvested, Weighted-average grant-date fair value, Ending balance | [1] | $ 31.77 | $ 34.06 | |
[1] | Non-vested performance shares are based on a maximum potential payout. Actual shares vested at the end of the performance period may be less than the maximum potential payout level depending on achievement of the performance objectives, as determined by the Board of Directors. |
Share-Based Compensation and 73
Share-Based Compensation and Equity - Director Deferred Shares Activity (Details) - Director Deferred Shares [Member] - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-employee director deferred shares vested and outstanding | 0.1 | ||
Granted, Weighted-average grant-date fair value | $ 29.73 | ||
Aggregate intrinsic value of deferred shares released | $ 0.2 | $ 0.2 | $ 0.1 |
Total fair value of deferred shares vested | $ 0.2 | $ 0 | $ 0.9 |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 6 months | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 12 months |
Share-Based Compensation and 74
Share-Based Compensation and Equity Share-Based Compensation and Equity - Non-Employee Share-based Compensation (Details) - $ / shares shares in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2005 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected life (in years) | 6 years | 6 years | 5 years | |
Non-employee Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of securities called by warrants or rights | 0.1 | |||
Exercise price | $ 46 | |||
Warrants issued grant date fair value | $ 14.66 | |||
Risk free interest rate | 4.45% | |||
Expected dividend yield | 1.63% | |||
Expected volatility rate | 30.00% | |||
Expected life (in years) | 6 years |
Income Taxes - (Loss) Income Fr
Income Taxes - (Loss) Income From Continuing Operatings (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | |||
Domestic | $ (215.2) | $ (56.6) | $ (15.3) |
Foreign | (23.1) | 102.4 | 170 |
Income (loss) from continuing operations before taxes | $ (238.3) | $ 45.8 | $ 154.7 |
Income Taxes - Provision_(Benef
Income Taxes - Provision/(Benefit) For Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current | |||
U.S. federal | $ (67.2) | $ (2) | $ 0.3 |
Foreign | 54 | 38.2 | 61.5 |
State and local | (10.6) | (0.6) | 0 |
Total current | (23.8) | 35.6 | 61.8 |
Deferred | |||
U.S. federal | 3.6 | (38.3) | (2.6) |
Foreign | (50.2) | (11.1) | (9.4) |
State and local | 2.8 | 0.1 | (2.4) |
Total deferred | (43.8) | (49.3) | (14.4) |
Income tax (benefit) expense | $ (67.6) | $ (13.7) | $ 47.4 |
Income Taxes - Income Tax Recon
Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Statutory tax expense (benefit) | $ (83.4) | $ 16 | $ 54.1 |
Brazil non-taxable incentive | (5.8) | (4.2) | (15.5) |
Valuation allowance | 14.9 | (0.7) | 9.5 |
Brazil tax goodwill amortization | 0 | 0 | (1.5) |
Foreign tax rate differential | (10) | (19.4) | (14.9) |
Foreign subsidiary earnings | 13.7 | (9.1) | 14.6 |
Accrual adjustments | 1.1 | 1.5 | 2.2 |
Business tax credits | (0.7) | (1.4) | (2.4) |
Non-deductible (non-taxable) items | 2.3 | 4.2 | 0 |
Other | 0.3 | (0.6) | 1.3 |
Income tax (benefit) expense | $ (67.6) | $ (13.7) | $ 47.4 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at January 1 | $ 13.1 | $ 15 |
Increases (decreases) related to prior year tax positions | (0.4) | |
Increases related to current year tax positions | 34.8 | |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 2.5 | 0.9 |
Settlements | (3.4) | (0.2) |
Reduction due to lapse of applicable statute of limitations | (3.8) | (2.2) |
Balance at December 31 | $ 43.2 | $ 13.1 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Accrued expenses | $ 74.5 | $ 40.8 |
Warranty accrual | 19.7 | 22 |
Deferred compensation | 16.2 | 14 |
Allowance for doubtful accounts | 10.3 | 11.9 |
Inventories | 26.1 | 12.7 |
Deferred revenue | 19.1 | 20.1 |
Pension and post-retirement benefits | 92.3 | 70.4 |
Tax credits | 52.1 | 62.5 |
Net operating loss carryforwards | 88.4 | 58.5 |
Capital loss carryforwards | 1.8 | 1.9 |
State deferred taxes | 17.1 | 16.3 |
Other | 0.5 | 12.1 |
Deferred Tax Assets, Gross | 418.1 | 343.2 |
Valuation allowance | (87.8) | (63.9) |
Net deferred tax assets | 330.3 | 279.3 |
Deferred tax liabilities | ||
Property, plant and equipment | 39.7 | 20.5 |
Goodwill and intangible assets | 271.5 | 17.6 |
Partnership interest | 3.7 | 7.7 |
Undistributed earnings | 6.5 | 7.3 |
Net deferred tax liabilities | 321.4 | 53.1 |
Net deferred tax asset | $ 8.9 | $ 226.2 |
Income Taxes Income Taxes - Def
Income Taxes Income Taxes - Deferred Taxes By Balance Sheet Account (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Deferred income taxes - current assets | $ 0 | $ 168.8 |
Deferred income taxes - long-term assets | 309.5 | 65.3 |
Other current liabilities | 0 | (6) |
Deferred income taxes - long-term liabilities | (300.6) | (1.9) |
Net deferred tax asset | $ 8.9 | $ 226.2 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosures [Line Items] | |||
Income Tax Effects Allocated Directly to Equity | $ (1.8) | $ 5.4 | $ (38.5) |
Federal Statutory Income Tax Rate | 35.00% | ||
Effective Income Tax Rate Reconciliation, Percent | (28.40%) | (29.90%) | |
Foreign subsidiary earnings | $ 13.7 | $ (9.1) | 14.6 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Research and Development, Amount | 5.6 | ||
Income tax penalties and interest accrued | 7.6 | 7.2 | |
Operating loss carryforwards | 523.1 | ||
Net loss carryforward, deferred tax asset | 88.4 | 58.5 | |
Operating loss carryforwards, set to expire | 333.8 | ||
Operating loss carryforwards, no expiration | 189.3 | ||
Tax credit carryforwards, foreign | 46.5 | ||
Tax credit carryforwards, general business | 5.6 | ||
Deferred tax asset, change in amount | 23.9 | 24.1 | |
Valuation Allowances and Reserves, Reserves of Businesses Acquired | 9.1 | ||
Deferred tax liability not recognized, amount of unrecognized deferred tax liability | 523.3 | ||
Unrecognized Tax Benefits, Income Tax Penalties Expense | 2.1 | ||
Income tax expense | $ 93.9 | 9.6 | 6.2 |
Minimum | |||
Income Tax Disclosures [Line Items] | |||
Recognition of tax positions, likelihood of being realized upon settlement | 50.00% | ||
Valuation Allowance of Deferred Tax Assets [Member] | |||
Income Tax Disclosures [Line Items] | |||
Income Tax Effects Allocated Directly to Equity | $ 7.7 | (20.4) | $ (9.2) |
High Taxed Foreign Earnings [Member] | |||
Income Tax Disclosures [Line Items] | |||
Foreign subsidiary earnings | $ 13 | ||
Diebold Nixdorf AG | |||
Income Tax Disclosures [Line Items] | |||
Unrecognized Tax Benefits, Increase Resulting from Acquisition | $ 28.5 |
Investments (Details)
Investments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Short-term investments | ||
Fair Value | $ 64.1 | $ 39.9 |
Long-term investments | ||
Cost Basis | 94.7 | 85.2 |
Certificates of deposit | ||
Short-term investments | ||
Cost Basis | 64.1 | 39.9 |
Unrealized Gain | 0 | 0 |
Fair Value | 64.1 | 39.9 |
Assets held in rabbi trusts | ||
Long-term investments | ||
Cost Basis | 7.9 | 9.3 |
Unrealized Gain | 0.6 | 0 |
Fair Value | $ 8.5 | $ 9.3 |
Investments (Textuals) (Details
Investments (Textuals) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||
Interest Rate Derivative Assets, at Fair Value | $ 8.4 | ||
Investments (Textuals) | |||
Realized gain (losses) from sale of securities | 0 | $ 0 | |
Proceeds from sale of investments | 0 | 0 | $ 39.6 |
Cash surrender value of insurance contracts | $ 77.8 | $ 75.9 | |
Aisino-Wincor Retail And Banking Systems (Shanghai) Co.,Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Equity Method Investment, Ownership Percentage | 43.60% | ||
Inspur (Suzhou) Financial Technology Service Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Equity Method Investment, Ownership Percentage | 40.00% |
Finance Lease Receivables - Com
Finance Lease Receivables - Components of Finance Lease Receivables (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finance lease receivables sold | $ 7.4 | $ 10.6 | $ 22 |
Allowance for credit losses | (4.4) | (4.6) | (4.5) |
Finance Leases Portfolio Segment [Member] | |||
Gross minimum lease receivable | 63.3 | 76 | |
Allowance for credit losses | (0.3) | (0.5) | $ (0.4) |
Estimated unguaranteed residual values | 3.7 | 5.2 | |
Total Minimum Payments to be Received And Unguaranteed Residual Values | 66.7 | 80.7 | |
Unearned interest income | (2.9) | (4.4) | |
Unearned residuals | (0.1) | (1.4) | |
Unearned Interest Income and Residuals | (3) | (5.8) | |
Total | $ 63.7 | $ 74.9 |
Finance Lease Receivables - Min
Finance Lease Receivables - Minimum Lease Receivbales Schedule (Details) $ in Millions | Dec. 31, 2016USD ($) |
2,017 | $ 39.5 |
2,018 | 8.9 |
2,019 | 6.1 |
2,020 | 4.1 |
2,021 | 2.4 |
Thereafter | 2.3 |
Total | $ 63.3 |
Allowance for Credit Losses - S
Allowance for Credit Losses - Summary of Allowance for Credit Losses (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for credit losses and recorded investment in financing receivables | ||
Beginning balance | $ 4.6 | $ 4.5 |
Provision for credit losses | 0.2 | |
Write-offs | (0.2) | (0.1) |
Ending balance | 4.4 | 4.6 |
Finance Leases [Member] | ||
Allowance for credit losses and recorded investment in financing receivables | ||
Beginning balance | 0.5 | 0.4 |
Provision for credit losses | 0.2 | |
Write-offs | (0.2) | (0.1) |
Ending balance | 0.3 | 0.5 |
Notes Receivable [Member] | ||
Allowance for credit losses and recorded investment in financing receivables | ||
Beginning balance | 4.1 | 4.1 |
Provision for credit losses | 0 | |
Write-offs | 0 | 0 |
Ending 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 | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | $ 4 | $ 3.1 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 0.1 | 0.1 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | $ 3.9 | $ 3 |
Allowance for Credit Losses (Te
Allowance for Credit Losses (Textuals) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for credit losses (Textuals) | |||
Allowance for credit losses, individually evaluated for impairment | $ 4.4 | $ 4.6 | |
The recorded investment in past-due finance lease receivables on nonaccrual status | 0.4 | 0.7 | |
Allowance for credit losses | $ 4.4 | 4.6 | $ 4.5 |
Minimum | |||
Allowance for credit losses (Textuals) | |||
Period required for considering financing receivable as non accrual status | 60 days | ||
Period for placing financing receivables on non-accrual status | 89 days | ||
Past Due Period Of Financing Receivable Accruing Interest | 90 days | ||
Maximum | |||
Allowance for credit losses (Textuals) | |||
Period required for considering financing receivable as non accrual status | 89 days | ||
Finance Leases Financing Receivable [Member] | |||
Allowance for credit losses (Textuals) | |||
Individually evaluated for impairment | $ 62.2 | 75.3 | |
Allowance for credit losses | 0.3 | 0.5 | 0.4 |
Impaired financing receivable, related allowance | 4.1 | ||
Notes Receivable [Member] | |||
Allowance for credit losses (Textuals) | |||
Individually evaluated for impairment | 20.7 | 22.5 | |
Allowance for credit losses | 4.1 | 4.1 | $ 4.1 |
Brazil | Finance Leases Financing Receivable [Member] | |||
Allowance for credit losses (Textuals) | |||
Individually evaluated for impairment | 30.3 | $ 58.8 | |
Diebold Nixdorf AG | Finance Leases Financing Receivable [Member] | |||
Allowance for credit losses (Textuals) | |||
Individually evaluated for impairment | 22.8 | ||
Diebold Nixdorf AG | Notes Receivable [Member] | |||
Allowance for credit losses (Textuals) | |||
Individually evaluated for impairment | $ 11.7 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Major classes of inventories | ||
Finished goods | $ 330.5 | $ 145.8 |
Service parts | 235.2 | 155.7 |
Raw materials and work in process | 172 | 67.8 |
Total inventories | $ 737.7 | 369.3 |
Prior Period Adjustment Related To Current Presentation [Member] | ||
Major classes of inventories | ||
Total inventories | $ 19.7 |
Property, Plant and Equipment90
Property, Plant and Equipment (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment at cost | $ 864 | $ 864 | $ 609 | $ 604.8 | |
Less accumulated depreciation and amortization | 477 | 477 | 433.7 | ||
Total property plant and equipment, net | 387 | 387 | 175.3 | 165.7 | |
Depreciation | 61.8 | 40.7 | 48.2 | ||
Impairment of assets | 9.8 | 9.8 | 18.9 | $ 2.1 | |
Land and land improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment at cost | 16.9 | 16.9 | 6.1 | ||
Buildings and building improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment at cost | 129.8 | 129.8 | 57.7 | ||
Machinery, tools and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment at cost | 121 | 121 | 83.5 | ||
Leasehold improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment at cost | [1] | 29.4 | 29.4 | 22.1 | |
Computer equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment at cost | 133.8 | 133.8 | 58.4 | ||
Computer software | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment at cost | 224.7 | 224.7 | 188.4 | ||
Furniture and fixtures | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment at cost | 75 | 75 | 62 | ||
Tooling | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment at cost | 123.1 | 123.1 | 104.5 | ||
Construction in progress | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment at cost | $ 10.3 | $ 10.3 | $ 26.3 | ||
Maximum | Land and land improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful life, minimum (years) | P15Y | ||||
Maximum | Building and Building Improvements [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful life, minimum (years) | P30Y | ||||
Maximum | Machinery, tools and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful life, minimum (years) | P12Y | ||||
Maximum | Leasehold improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful life, minimum (years) | [1] | P10Y | |||
Maximum | Computer equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful life, minimum (years) | P3Y | ||||
Maximum | Computer software | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful life, minimum (years) | P10Y | ||||
Maximum | Furniture and fixtures | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful life, minimum (years) | P8Y | ||||
Maximum | Tooling | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful life, minimum (years) | P5Y | ||||
Minimum | Land and land improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful life, minimum (years) | P0Y | ||||
Minimum | Building and Building Improvements [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful life, minimum (years) | P15Y | ||||
Minimum | Machinery, tools and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful life, minimum (years) | P5Y | ||||
Minimum | Computer software | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful life, minimum (years) | P5Y | ||||
Minimum | Furniture and fixtures | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful life, minimum (years) | P5Y | ||||
Minimum | Tooling | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful life, minimum (years) | P3Y | ||||
[1] | The estimated useful life for leasehold improvements is the lesser of 10 years or the term of the lease. |
Goodwill and Other Assets (Deta
Goodwill and Other Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | ||||
Goodwill | $ 1,289 | $ 1,289 | $ 452.2 | $ 428.8 |
Accumulated impairment losses | (290.7) | (290.7) | (290.7) | (290.7) |
Beginning balance | 161.5 | 138.1 | ||
Goodwill acquired | 882.6 | 39.7 | ||
Impairment loss | 0 | |||
Goodwill, Purchase Accounting Adjustments | (0.5) | |||
Currency translation adjustment | (45.3) | (16.3) | ||
Ending balance | $ 998.3 | $ 998.3 | 161.5 | 138.1 |
Percentage of fair value in excess of carrying amount | 100.00% | 100.00% | ||
Impairment of assets | $ 9.8 | $ 9.8 | 18.9 | 2.1 |
North America Segment | ||||
Goodwill [Line Items] | ||||
Goodwill | 114 | 114 | 112.7 | 76.4 |
Accumulated impairment losses | (13.2) | (13.2) | (13.2) | (13.2) |
Beginning balance | 99.5 | 63.2 | ||
Goodwill acquired | 0 | 39.7 | ||
Goodwill, Purchase Accounting Adjustments | (0.5) | |||
Currency translation adjustment | 1.8 | (3.4) | ||
Ending balance | 100.8 | 100.8 | 99.5 | 63.2 |
Asia Pacific Segment | ||||
Goodwill [Line Items] | ||||
Goodwill | 37.2 | 37.2 | 37.6 | 40 |
Accumulated impairment losses | 0 | 0 | 0 | 0 |
Beginning balance | 37.6 | 40 | ||
Goodwill acquired | 0 | 0 | ||
Goodwill, Purchase Accounting Adjustments | 0 | |||
Currency translation adjustment | (0.4) | (2.4) | ||
Ending balance | 37.2 | 37.2 | 37.6 | 40 |
Asia Pacific Segment | Asia Pacific Reporting Unit [Member] | ||||
Goodwill [Line Items] | ||||
Amount of fair value in excess of carrying amount | $ 56.1 | $ 56.1 | ||
Percentage of fair value in excess of carrying amount | 21.50% | 21.50% | ||
EMEA Segment | ||||
Goodwill [Line Items] | ||||
Goodwill | $ 168.7 | $ 168.7 | 168.7 | 168.7 |
Accumulated impairment losses | (168.7) | (168.7) | (168.7) | (168.7) |
Beginning balance | 0 | 0 | ||
Goodwill acquired | 0 | 0 | ||
Goodwill, Purchase Accounting Adjustments | 0 | |||
Currency translation adjustment | 0 | 0 | ||
Ending balance | 0 | 0 | 0 | 0 |
Latin America Segment | ||||
Goodwill [Line Items] | ||||
Goodwill | 137.4 | 137.4 | 133.2 | 143.7 |
Accumulated impairment losses | (108.8) | (108.8) | (108.8) | (108.8) |
Beginning balance | 24.4 | 34.9 | ||
Goodwill acquired | 0 | 0 | ||
Goodwill, Purchase Accounting Adjustments | 0 | |||
Currency translation adjustment | 4.2 | (10.5) | ||
Ending balance | 28.6 | 28.6 | 24.4 | 34.9 |
Latin America Segment | Latin America Reporting Unit [Member] | ||||
Goodwill [Line Items] | ||||
Amount of fair value in excess of carrying amount | $ 65.8 | $ 65.8 | ||
Percentage of fair value in excess of carrying amount | 18.30% | 18.30% | ||
Unallocated [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 0 | 0 | ||
Accumulated impairment losses | $ 0 | $ 0 | 0 | 0 |
Beginning balance | 0 | 0 | ||
Goodwill acquired | 882.6 | 0 | ||
Goodwill, Purchase Accounting Adjustments | 0 | |||
Currency translation adjustment | (50.9) | 0 | ||
Ending balance | $ 831.7 | $ 831.7 | $ 0 | $ 0 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Dec. 31, 2016 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||||||
Document Period End Date | Dec. 31, 2016 | ||||||
Goodwill, Purchase Accounting Adjustments | $ (0.5) | ||||||
Gross Carrying Amount | $ 906.4 | 906.4 | $ 154.2 | ||||
Accumulated Amortization | (133.5) | (133.5) | (86.7) | ||||
Net Carrying Amount | 772.9 | 772.9 | 67.5 | ||||
Impairment of internally-developed software | $ 9.1 | ||||||
Amortization expense on capitalized software | 24.4 | 14.5 | $ 18.3 | ||||
Impairment of assets | 9.8 | 9.8 | 18.9 | $ 2.1 | |||
North America Segment | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Goodwill, Purchase Accounting Adjustments | (0.5) | ||||||
Software and Software Development Costs [Member] | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Gross Carrying Amount | 151 | 151 | 92.4 | ||||
Accumulated Amortization | (53.2) | (53.2) | (48.5) | ||||
Net Carrying Amount | 97.8 | 97.8 | 43.9 | ||||
Technology-Based Intangible Assets [Member] | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Gross Carrying Amount | 48.4 | 48.4 | 1.1 | ||||
Accumulated Amortization | (9.7) | (9.7) | (0.6) | ||||
Net Carrying Amount | 38.7 | 38.7 | 0.5 | ||||
Customer-Related Intangible Assets [Member] | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Gross Carrying Amount | 621.7 | 621.7 | 1.8 | ||||
Accumulated Amortization | (25.4) | (25.4) | (0.3) | ||||
Net Carrying Amount | 596.3 | 596.3 | 1.5 | ||||
Other intangibles | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Gross Carrying Amount | 85.3 | 85.3 | 58.9 | ||||
Accumulated Amortization | (45.2) | (45.2) | (37.3) | ||||
Net Carrying Amount | $ 40.1 | $ 40.1 | 21.6 | ||||
VENEZUELA | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Impairment of assets | $ (1) | $ 10.3 | $ 9.3 | ||||
Write-off of uncollectible accounts receivable | $ 0.4 |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Notes payable – current | |||
Term Loan B Facility - Euro | $ 9.4 | $ 19.2 | |
Loans Payable, Current | 63.1 | 0 | |
Other | 3.4 | 1.3 | |
Notes payable | 106.9 | 32 | |
Long-term debt | |||
Revolving credit facility | 0 | 168 | |
2006 Senior Notes | 225 | ||
Other | 0.8 | 1.6 | |
Other | 1,753.1 | 613.1 | |
Debt Issuance Costs, Noncurrent, Net | (61.7) | (6.9) | |
Revolving debt borrowings (repayments), net | (178) | 155.8 | $ 2 |
Other debt borrowings | 1,837.7 | 135.8 | 157.6 |
repayments of other debt | 662.5 | 168.7 | $ 175.5 |
Long-term debt | 1,691.4 | 606.2 | |
2006SeniorNotes [Member] | |||
Long-term debt | |||
2006 Senior Notes | 0 | 225 | |
repayments of other debt | 225 | 9.9 | |
December 2015 Term Loan [Member] | |||
Notes payable – current | |||
Unsecured Debt, Current | 17.3 | 11.5 | |
Long-term debt | |||
Long-term debt | 201.3 | 218.5 | |
repayments of other debt | 11.5 | 2.9 | |
Uncommitted Line of Credit [Member] | |||
Long-term debt | |||
Other debt borrowings | 56.6 | 135.8 | |
repayments of other debt | 222.6 | 155.9 | |
Senior Notes Due 2024 [Member] | |||
Long-term debt | |||
2006 Senior Notes | 400 | 0 | |
Other debt borrowings | 393 | 0 | |
Term Loan B EUR [Member] | |||
Notes payable – current | |||
Unsecured Debt, Current | 3.7 | 0 | |
Long-term debt | |||
Long-term debt | 363.5 | 0 | |
Other debt borrowings | 398.1 | 0 | |
repayments of other debt | 0.9 | 0 | |
Term Loan B USD [Member] | |||
Notes payable – current | |||
Unsecured Debt, Current | 10 | 0 | |
Long-term debt | |||
Long-term debt | 787.5 | 0 | |
Other debt borrowings | 990 | 0 | |
repayments of other debt | $ 202.5 | $ 0 | |
2016 Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | ||
Long-term debt | |||
2006 Senior Notes | $ 400 |
Debt (Textuals) (Details)
Debt (Textuals) (Details) € in Millions, $ in Millions | May 02, 2016USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2013USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016EUR (€) | Dec. 31, 2016USD ($) | Apr. 30, 2016EUR (€) | Mar. 31, 2006USD ($) | |
Debt Instruments [Line Items] | ||||||||||||||
Debt Instrument, Covenant Description | Mandatory prepayments are required if the outstanding revolving loans or facility letters of credit exceed the aggregate revolving credit commitments, including due to currency fluctuations if difference is greater than 105 percent, the excess loans must be repaid or facility letters of credit must be cash collateralized. Voluntary prepayments require one business day notice for floating rate loans in $1.0 or multiples thereof and three business days for euro currency rate loans in $5.0 or $1.0 multiples thereof. There is a prepayment premium with respect to the Term B Facility only. Until May 6, 2017, if there is a repricing event, where the Term B Facility is refinanced or amended to reduce the yield, there is a prepayment premium of 1.00 percent refinanced or amended. Other mandatory prepayments include incurrence of new debt outside what is allowed in the Credit Agreement, sale of certain assets beyond a de-minimis exception amount and depending on the net debt leverage, a percentage of "Excess Cash Flows" as defined in the Credit Agreement beginning with 2017 cash flows. | |||||||||||||
Senior Notes, Noncurrent | $ 225 | |||||||||||||
Fees to creditors | $ 39.2 | 6 | $ 1.4 | |||||||||||
Long-term Debt, Fiscal Year Maturity | ||||||||||||||
2,016 | $ 0 | |||||||||||||
2,017 | 37.6 | |||||||||||||
2,018 | 42.4 | |||||||||||||
2,019 | 163.2 | |||||||||||||
2,020 | 1,509.9 | |||||||||||||
Long-term debt | 606.2 | 1,691.4 | ||||||||||||
Interest expense | $ 85.7 | $ 23.4 | $ 22.4 | |||||||||||
Debt Instrument, Covenant Compliance | As of December 31, 2015, the Company was in compliance with the financial and other covenants in its debt agreements | |||||||||||||
June 2015 Revolving Credit Facility [Member] | ||||||||||||||
Debt Instruments [Line Items] | ||||||||||||||
Borrowing capacity under credit facility | 520 | |||||||||||||
December 2015 Revolving Credit Facility [Member] | ||||||||||||||
Debt Instruments [Line Items] | ||||||||||||||
Borrowing capacity under credit facility | 520 | |||||||||||||
Line of Credit [Member] | ||||||||||||||
Debt Instruments [Line Items] | ||||||||||||||
Line of credit facility expiration period | 5 years | |||||||||||||
Industrial development revenue bonds [Member] | ||||||||||||||
Long-term Debt, Fiscal Year Maturity | ||||||||||||||
Debt instrument maturity period | 20 years | |||||||||||||
December 2015 Term Loan [Member] | ||||||||||||||
Debt Instruments [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate Terms | LIBOR + 1.75% | |||||||||||||
Delayed Draw Term Loan A [Member] | ||||||||||||||
Debt Instruments [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate Terms | LIBOR + 1.75% | |||||||||||||
Term Loan B USD [Member] | ||||||||||||||
Debt Instruments [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate Terms | [1] | LIBOR(i) + 4.50% | ||||||||||||
Unsecured Debt | 1,000 | |||||||||||||
Term Loan B EUR [Member] | ||||||||||||||
Debt Instruments [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate Terms | EURIBOR(ii) + 4.25% | |||||||||||||
Unsecured Debt | € | € 350 | € 350 | ||||||||||||
Term Loan B [Member] | ||||||||||||||
Debt Instruments [Line Items] | ||||||||||||||
Expected Percent Funded Of Par | 99.00% | |||||||||||||
2016 Senior Notes [Member] | ||||||||||||||
Debt Instruments [Line Items] | ||||||||||||||
Senior Notes, Noncurrent | $ 400 | |||||||||||||
Long-term Debt, Fiscal Year Maturity | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | 8.50% | ||||||||||||
2006SeniorNotes [Member] | ||||||||||||||
Debt Instruments [Line Items] | ||||||||||||||
Issuance of Senior Notes, Principal amount | $ 300 | |||||||||||||
Long-term Debt, Fiscal Year Maturity | ||||||||||||||
Repayments of Long-term Debt | $ 50 | $ 175 | $ 75 | |||||||||||
Long Term Debt Make Whole Premium | $ 3.9 | |||||||||||||
Revolving Credit Facility [Member] | ||||||||||||||
Debt Instruments [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate Terms | LIBOR + 1.75% | |||||||||||||
Amount available under credit facility | $ 520 | |||||||||||||
Weighted average interest rate on credit facility borrowings outstanding | 2.33% | 2.56% | 2.56% | |||||||||||
Uncommitted Line of Credit [Member] | ||||||||||||||
Debt Instruments [Line Items] | ||||||||||||||
Borrowing capacity under credit facility | $ 208 | |||||||||||||
Weighted average interest rate on outstanding borrowings | 5.66% | 9.87% | 9.87% | |||||||||||
Amount available under credit facility | $ 198.6 | |||||||||||||
Line of credit facility expiration period | 1 year | |||||||||||||
Initial Borrowing Capacity [Member] | June 2015 Term Loan [Member] | ||||||||||||||
Debt Instruments [Line Items] | ||||||||||||||
Unsecured Debt | 230 | |||||||||||||
Initial Borrowing Capacity [Member] | December 2015 Term Loan [Member] | ||||||||||||||
Debt Instruments [Line Items] | ||||||||||||||
Unsecured Debt | 230 | |||||||||||||
Initial Borrowing Capacity [Member] | Delayed Draw Term Loan A [Member] | ||||||||||||||
Debt Instruments [Line Items] | ||||||||||||||
Unsecured Debt | 250 | |||||||||||||
Senior Notes Due 2024 [Member] | ||||||||||||||
Debt Instruments [Line Items] | ||||||||||||||
Senior Notes, Noncurrent | $ 0 | $ 400 | ||||||||||||
Minimum | ||||||||||||||
Debt Instruments [Line Items] | ||||||||||||||
Adjusted EBITDA To Net Interest Expense Coverage Ratio | 3 | 3 | ||||||||||||
Minimum | Term Loan B USD [Member] | ||||||||||||||
Debt Instruments [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate Terms | LIBOR with a floor of 0.75 percent | |||||||||||||
Minimum | Term Loan B EUR [Member] | ||||||||||||||
Debt Instruments [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate Terms | EURIBOR with a floor of 0.75 percent | |||||||||||||
Maximum | ||||||||||||||
Debt Instruments [Line Items] | ||||||||||||||
Net Debt To EBITDA Leverage Ratio | 4.50 | 4.50 | ||||||||||||
Maximum | Subsequent Event [Member] | ||||||||||||||
Debt Instruments [Line Items] | ||||||||||||||
Net Debt To EBITDA Leverage Ratio | 3.75 | 4 | 4.25 | |||||||||||
[1] | LIBOR with a floor of 0.75 percent. |
Benefit Plans Benefit Plans - S
Benefit Plans Benefit Plans - Summary of Benefit Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Defined Benefit Plan Disclosure [Line Items] | |||||
Document Period End Date | Dec. 31, 2016 | ||||
Pension Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | $ (30.1) | $ 0 | |||
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets | 524.2 | 0 | |||
Defined Benefit Plan, Curtailments | 4.6 | 0 | |||
Change in benefit obligation | |||||
Benefit obligation at beginning of year | 546.4 | 578 | |||
Service cost | 9 | 3.7 | $ 2.9 | ||
Interest cost | 27.4 | 23.8 | 23 | ||
Actuarial (gain) loss | (33) | (29.6) | |||
Plan participant contributions | 0.9 | 0 | |||
Medicare retiree drug subsidy reimbursements | 0 | 0 | |||
Benefits paid | (35.1) | (29.3) | |||
Benefit obligation at end of year | 1,101.4 | 546.4 | 578 | ||
Change in plan assets | |||||
Fair value of plan assets at beginning of year | 347.9 | 364.2 | |||
Actual return on plan assets | 18.1 | (0.6) | |||
Employer contributions | 8.7 | 13.6 | |||
Plan participant contributions | 0.9 | 0 | |||
Benefits paid | (35.1) | (29.3) | |||
Fair value of plan assets at end of year | 834.6 | 347.9 | 364.2 | ||
Funded status | (266.8) | (198.5) | |||
Amounts recognized in balance sheets | |||||
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 15.7 | 0 | |||
Current liabilities | 6.8 | 3.5 | |||
Noncurrent liabilities | [1] | 275.7 | 195 | ||
Unrecognized net actuarial loss | [2] | (142.3) | (167.5) | ||
Unrecognized prior service cost (benefit) | (0.1) | [2] | (0.1) | ||
Net amount recognized | 124.4 | 30.9 | |||
Change in accumulated other comprehensive income | |||||
Balance at beginning of year | (167.6) | (176.2) | |||
Prior service credit recognized during the year | 0 | 0 | |||
Net actuarial losses recognized during the year | 5.6 | 6.6 | |||
Net actuarial gains (losses) occurring during the year | 25.5 | 2 | |||
Balance at end of year | (142.4) | (167.6) | (176.2) | ||
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | (34.7) | (0.2) | |||
Acquired benefit plans | 625.1 | 0 | |||
Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, before Tax | (4.8) | 0 | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Foreign Currency Impact, Before Tax | (1.1) | 0 | |||
Other Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | 0 | 0 | |||
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets | 0 | 0 | |||
Defined Benefit Plan, Curtailments | 0 | 0 | |||
Change in benefit obligation | |||||
Benefit obligation at beginning of year | 12.7 | 14.5 | |||
Service cost | 0 | 0 | 0 | ||
Interest cost | 0.5 | 0.6 | 0.6 | ||
Actuarial (gain) loss | (1.3) | (1.4) | |||
Plan participant contributions | 0 | 0.1 | |||
Medicare retiree drug subsidy reimbursements | 0 | 0.2 | |||
Benefits paid | (1.1) | (1.3) | |||
Benefit obligation at end of year | 10.8 | 12.7 | 14.5 | ||
Change in plan assets | |||||
Fair value of plan assets at beginning of year | 0 | 0 | |||
Actual return on plan assets | 0 | 0 | |||
Employer contributions | 1.1 | 1.2 | |||
Plan participant contributions | 0 | 0.1 | |||
Benefits paid | (1.1) | (1.3) | |||
Fair value of plan assets at end of year | 0 | 0 | 0 | ||
Funded status | (10.8) | (12.7) | |||
Amounts recognized in balance sheets | |||||
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 0 | 0 | |||
Current liabilities | 1.1 | 1.2 | |||
Noncurrent liabilities | [1] | 9.7 | 11.3 | ||
Unrecognized net actuarial loss | [2] | (1.1) | (2.5) | ||
Unrecognized prior service cost (benefit) | 0 | 0.1 | |||
Net amount recognized | 9.7 | 10.1 | |||
Change in accumulated other comprehensive income | |||||
Balance at beginning of year | (2.6) | (4.1) | |||
Prior service credit recognized during the year | 0 | (0.2) | |||
Net actuarial losses recognized during the year | 0.2 | 0.3 | |||
Net actuarial gains (losses) occurring during the year | 1.3 | 1.4 | |||
Balance at end of year | (1.1) | (2.6) | $ (4.1) | ||
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | 0 | 0 | |||
Acquired benefit plans | 0 | 0 | |||
Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, before Tax | 0 | 0 | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Foreign Currency Impact, Before Tax | $ 0 | $ 0 | |||
[1] | Included in the consolidated balance sheets in pensions and other benefits and other post-retirement benefits are international plans. | ||||
[2] | Represents amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost. |
Benefit Plans - Components of N
Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Document Period End Date | Dec. 31, 2016 | ||
Pension Benefits | |||
Components of net periodic benefit cost | |||
Service cost | $ 9 | $ 3.7 | $ 2.9 |
Interest cost | 27.4 | 23.8 | 23 |
Expected return on plan assets | (30.5) | (27) | (25.8) |
Amortization of prior service cost | 0 | 0 | (0.2) |
Recognized net actuarial loss | 5.5 | 6.6 | 3 |
Curtailment loss | (4.6) | 0 | 0 |
Net periodic pension benefit cost | 6.8 | 7.1 | 2.9 |
Other Benefits | |||
Components of net periodic benefit cost | |||
Service cost | 0 | 0 | 0 |
Interest cost | 0.5 | 0.6 | 0.6 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost | 0 | (0.2) | (0.2) |
Recognized net actuarial loss | 0.2 | 0.3 | 0.2 |
Curtailment loss | 0 | 0 | 0 |
Net periodic pension benefit cost | $ 0.7 | $ 0.7 | $ 0.6 |
Benefit Plans Benefit Plans - A
Benefit Plans Benefit Plans - Accumulated Benefit Obligation In Excess of Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Document Period End Date | Dec. 31, 2016 | |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 1,101.4 | $ 546.4 |
Accumulated benefit obligation | 1,092.7 | 546.1 |
Fair value of plan assets | $ 834.6 | $ 347.9 |
Benefit Plans Benefit Plans -98
Benefit Plans Benefit Plans - Assumptions Used (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Document Period End Date | Dec. 31, 2016 | |
Pension Benefits | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount rate | 2.94% | 4.62% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 2.77% | 4.21% |
Expected long-term return on plan assets | 4.19% | 7.75% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 2.52% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 2.49% | |
Other Benefits | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount rate | 4.62% | 4.62% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 4.62% | 4.21% |
Benefit Plans Benefit Plans - H
Benefit Plans Benefit Plans - Health Care Cost Trends (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | ||
Document Period End Date | Dec. 31, 2016 | |
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ||
Healthcare cost trend rate assumed for next year | 7.00% | 7.00% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.00% | 5.00% |
Year that rate reaches ultimate trend rate | 2,025 | 2,020 |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ||
Effect on total of service and interest cost, One Percentage-Point Increase | $ 0 | |
Effect on total of service and interest cost, One Percentage-Point Decrease | 0 | |
Effect on postretirement benefit obligation, One Percentage-Point Increase | 0.7 | |
Effect on postretirement benefit obligation, One Percentage-Point Decrease | $ (0.6) |
Benefit Plans Benefit Plans 100
Benefit Plans Benefit Plans - Allocation of Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Acquired benefit plans | $ 625.1 | $ 0 | |
Target Allocation | 100.00% | ||
Actual Allocation | 100.00% | 100.00% | |
Fair value of plan assets | $ 834.6 | $ 347.9 | $ 364.2 |
Fair value of plan assets at end of year | 347.9 | ||
Pension Benefits | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 248.6 | ||
Fair value of plan assets at end of year | 82.2 | ||
Pension Benefits | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 308 | ||
Fair value of plan assets at end of year | 212.4 | ||
Pension Benefits | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 278 | ||
Fair value of plan assets at end of year | 53.3 | ||
Pension Benefits | Other Alternative Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 229.9 | ||
Pension Benefits | Other Alternative Investments [Member] | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Pension Benefits | Other Alternative Investments [Member] | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Pension Benefits | Other Alternative Investments [Member] | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 229.9 | ||
Pension Benefits | Other common collective trusts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 148.4 | 143.4 | |
Pension Benefits | Other common collective trusts | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 148.4 | 143.4 | |
Pension Benefits | US Treasury and Government [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7.7 | 3.3 | |
Pension Benefits | US Treasury and Government [Member] | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7.7 | 3.3 | |
Pension Benefits | Cash and other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 95.7 | 3.4 | |
Pension Benefits | Cash and other | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 95.7 | 3.4 | |
Pension Benefits | Money Market Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 89.8 | 14.7 | |
Pension Benefits | Money Market Funds [Member] | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 89.8 | 14.7 | |
Pension Benefits | Other Debt Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6.9 | 0.5 | |
Pension Benefits | Other Debt Obligations [Member] | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6.9 | 0.5 | |
Pension Benefits | Foreign Government Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 16.5 | 17.8 | |
Pension Benefits | Foreign Government Debt Securities [Member] | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 16.5 | 17.8 | |
Pension Benefits | International corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 77.3 | ||
Pension Benefits | International corporate bonds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 77.3 | ||
Pension Benefits | U.S. corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 44.8 | 47.4 | |
Pension Benefits | U.S. corporate bonds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 44.8 | 47.4 | |
Pension Benefits | Multi-strategy hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 20.4 | 17.2 | |
Pension Benefits | Multi-strategy hedge funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2.1 | ||
Pension Benefits | Multi-strategy hedge funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 18.3 | 17.2 | |
Pension Benefits | Private equity funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 11.7 | 16.5 | |
Pension Benefits | Private equity funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 11.7 | 16.5 | |
Pension Benefits | Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 22.4 | 19.6 | |
Pension Benefits | Real estate | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4.3 | ||
Pension Benefits | Real estate | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 18.1 | $ 19.6 | |
Equity securities | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 45.00% | ||
Actual Allocation | 45.00% | 45.00% | |
Debt securities | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 40.00% | ||
Actual Allocation | 41.00% | 39.00% | |
Real estate | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 5.00% | ||
Actual Allocation | 5.00% | 6.00% | |
Other | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 10.00% | ||
Actual Allocation | 9.00% | 10.00% | |
U.S. small cap core | Pension Benefits | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 16.9 | $ 16.9 | |
U.S. small cap core | Pension Benefits | Equity securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 16.9 | 16.9 | |
U.S. mid cap value | Pension Benefits | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.1 | 13.2 | |
U.S. mid cap value | Pension Benefits | Equity securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.1 | 13.2 | |
International developed markets | Pension Benefits | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 46.1 | 34 | |
International developed markets | Pension Benefits | Equity securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 46.1 | $ 34 | |
Special Situation Private Equity and Debt Funds [Member] | Private equity funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual Allocation | 26.00% | 25.00% | |
Venture Private Equity Funds [Member] | Private equity funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual Allocation | 31.00% | 25.00% | |
Buyout Private Equity Funds [Member] | Private equity funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual Allocation | 43.00% | 50.00% |
Benefit Plans Benefit Plans - C
Benefit Plans Benefit Plans - Change in Plan Assets Unobservable Inputs (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Document Period End Date | Dec. 31, 2016 | |
Pension Benefits | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance, January 1 | $ 53.3 | $ 54.1 |
Dispositions | (8.3) | (6.1) |
Realized and unrealized gain, net | 2.5 | 5.3 |
Balance, December 31 | 278 | 53.3 |
Acquisition | $ 230.5 | $ 0 |
Benefit Plans Benefit Plans - F
Benefit Plans Benefit Plans - Future Benefit Payments (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Amount of net prior service credit | $ 0 |
Amount of net loss | 5.6 |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year [Abstract] | |
2,017 | 52 |
2,018 | 52.8 |
2,019 | 53.9 |
2,020 | 53.9 |
2,021 | 53.8 |
2022-2026 | 276.5 |
Other Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Amount of net prior service credit | 0 |
Amount of net loss | 0.1 |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year [Abstract] | |
2017, gross | 1.2 |
2018, gross | 1.1 |
2019, gross | 1.1 |
2020, gross | 1 |
2021, gross | 1 |
2022-2026, gross | 4.2 |
2017, net | 1 |
2018, net | 1 |
2019, net | 1 |
2020, net | 0.9 |
2021, net | 0.9 |
2022-2026, net | $ 3.8 |
Benefit Plans Benefit Plans - D
Benefit Plans Benefit Plans - Defined Contribution Plans (Details) - Employee Contributions First Six Percent [Member] | 12 Months Ended |
Dec. 31, 2016 | |
Defined Contribution Plan [Line Items] | |
Participant Contribution Percentage | 6.00% |
Effective January 1, 2012 to December 31, 2013 [Member] | Subsequent to July 1, 2003 Hire Date [Member] | |
Defined Contribution Plan [Line Items] | |
Retirement savings plan basic match | 60.00% |
Effective January 1, 2014 to December 31, 2015 [Member] | Prior to July 1, 2003 Hire Date [Member] | |
Defined Contribution Plan [Line Items] | |
Retirement savings plan basic match | 60.00% |
Effective January 1, 2014 to December 31, 2015 [Member] | Subsequent to July 1, 2003 Hire Date [Member] | |
Defined Contribution Plan [Line Items] | |
Retirement savings plan basic match | 60.00% |
Benefit Plans Benefit Plans - T
Benefit Plans Benefit Plans - Textuals (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2013USD ($) | Dec. 31, 2016USD ($)years | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Healthcare cost trend rate assumed for next year | 7.00% | 7.00% | ||
Year that rate reaches ultimate trend rate | 2,025 | 2,020 | ||
Expected rate of return period | 20 years | |||
Cost recognized | $ 8.3 | $ 9.5 | $ 8.7 | |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 26.7 | |||
Document Period End Date | Dec. 31, 2016 | |||
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets | $ 524.2 | $ 0 | ||
Actual allocation percentage | 100.00% | 100.00% | ||
Curtailment loss | $ 4.6 | $ 0 | 0 | |
Discount rate | 2.94% | 4.62% | ||
Actuarial loss (gain) | $ 33 | $ 29.6 | ||
Employer contributions | 8.7 | 13.6 | ||
Post-retirement | 52 | |||
Other Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets | 0 | 0 | ||
Curtailment loss | $ 0 | $ 0 | 0 | |
Discount rate | 4.62% | 4.62% | ||
Actuarial loss (gain) | $ 1.3 | $ 1.4 | ||
Employer contributions | 1.1 | 1.2 | ||
2017, gross | $ 1.2 | |||
Other common collective trusts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan Asset Underlying Investment Redemption Notice | 1 day | |||
Multi-strategy hedge funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan Assets Redemptions per Period | years | 0.5 | |||
Plan Asset Underlying Investment Redemption Notice | 95 days | |||
Private equity funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 5.5 | $ 5.5 | ||
Real estate | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan Assets Redemptions per Period | years | 0.25 | |||
Plan Asset Underlying Investment Redemption Notice | 45 days | |||
Voluntary Early Retirement Program [Member] | Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Curtailment loss | $ 8.7 | |||
Settlements, plan assets | (138.5) | |||
Reduction to plan assets for anticipated lump sum payments in next fiscal year | $ 15.8 | |||
Pension Expense | 67.6 | |||
Settlement loss | 20.2 | |||
Special termination benefits | $ 38.7 | |||
Residential [Member] | Real estate | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual allocation percentage | 20.00% | 20.00% | ||
Long Short Equity [Member] | Multi-strategy hedge funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual allocation percentage | 43.00% | 53.00% | ||
Buyout Private Equity Funds [Member] | Private equity funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual allocation percentage | 43.00% | 50.00% | ||
Special Situation Private Equity and Debt Funds [Member] | Private equity funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual allocation percentage | 26.00% | 25.00% | ||
Venture Private Equity Funds [Member] | Private equity funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual allocation percentage | 31.00% | 25.00% | ||
Arbitrage and Event Investments [Member] | Multi-strategy hedge funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual allocation percentage | 50.00% | 40.00% | ||
Directional Trading, Fixed Income and Other Investments [Member] | Multi-strategy hedge funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual allocation percentage | 7.00% | 7.00% | ||
Retail [Member] | Real estate | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual allocation percentage | 25.00% | 24.00% | ||
Industrial, Cash and Other [Member] | Real estate | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual allocation percentage | 16.00% | 8.00% | ||
Office [Member] | Real estate | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual allocation percentage | 39.00% | 48.00% | ||
Debt securities | Other common collective trusts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual allocation percentage | 60.00% | 59.00% | ||
Collateralized Mortgage Backed Securities [Member] | Other common collective trusts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual allocation percentage | 22.00% | 25.00% | ||
Corporate Debt Securities [Member] | Other common collective trusts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual allocation percentage | 58.00% | 45.00% | ||
Fixed income securities | US Treasury and Government [Member] | Other common collective trusts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual allocation percentage | 20.00% | 30.00% | ||
Equity Securities [Member] | Russell 1000 Fund Large Cap Index Funds [Member] | Other common collective trusts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual allocation percentage | 40.00% | 41.00% |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Operating Leased Assets [Line Items] | ||||
2,017 | $ 88.6 | |||
2,018 | 55.5 | |||
2,019 | 35.9 | |||
2,020 | 19.3 | |||
2,021 | 15.3 | |||
Thereafter | 15.6 | |||
Total Due | 230.2 | |||
Rent expense | 84.3 | $ 67.7 | $ 72.2 | |
Real Estate | ||||
Operating Leased Assets [Line Items] | ||||
2,017 | 55.7 | |||
2,018 | 37 | |||
2,019 | 26.7 | |||
2,020 | 17 | |||
2,021 | 13.6 | |||
Thereafter | 15.6 | |||
Total Due | 165.6 | |||
Vehicles and Equipment | ||||
Operating Leased Assets [Line Items] | ||||
2,017 | [1] | 32.9 | ||
2,018 | [1] | 18.5 | ||
2,019 | [1] | 9.2 | ||
2,020 | [1] | 2.3 | ||
2,021 | [1] | 1.7 | ||
Thereafter | [1] | 0 | ||
Total Due | [1] | $ 64.6 | ||
Minimum | Vehicles and Equipment | ||||
Operating Leased Assets [Line Items] | ||||
Term of operating lease | 36 months | |||
Maximum | Vehicles and Equipment | ||||
Operating Leased Assets [Line Items] | ||||
Term of operating lease | 60 months | |||
[1] | The Company leases vehicles with contractual terms of 36 to 60 months that are cancellable after 12 months without penalty. Future minimum lease payments reflect only the minimum payments during the initial 12-month non-cancellable term. |
Guarantees and Product Warra106
Guarantees and Product Warranties (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Guarantees and Product Warranties (Textuals) | ||
Maximum future payment obligations | $ 183.3 | $ 89.9 |
Standby letters of credit | 28 | 30 |
Liability associated with Standby letters of credit | 0 | 0 |
Changes in warranty liability balance | ||
Balance at January 1 | 73.6 | 113.3 |
Current period accruals | 51.2 | 35.7 |
Current period settlements | (73.5) | (49.1) |
Standard and Extended Product Warranty Accrual, Additions from Business Acquisition | 43.8 | 0 |
Currency translation | (4.3) | 26.3 |
Balance at December 31 | $ 99.4 | $ 73.6 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Details) BRL in Millions, $ in Millions | 12 Months Ended | 24 Months Ended | |
Dec. 31, 2016USD ($) | Dec. 31, 2009BRL | Dec. 31, 2015USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |||
Purchase obligation, due within one year | $ 16.3 | ||
Purchase obligation purchased during period | 20.9 | ||
Brazilian Federal Indirect Tax Assessment [Member] | |||
Loss Contingencies [Line Items] | |||
Damages sought | BRL | BRL 270 | ||
Range of possible loss, portion not accrued | 125.9 | ||
Thailand Customs Matter [Member] | |||
Loss Contingencies [Line Items] | |||
Range of possible loss, portion not accrued | 24 | ||
Indirect Tax Liability [Member] | |||
Loss Contingencies [Line Items] | |||
Accrual, at carrying aalue | 7.3 | $ 7.5 | |
Range of possible loss, portion not accrued | $ 172.9 |
Derivative Instruments and H108
Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments Gain Loss [Line Items] | ||||
Document Period End Date | Dec. 31, 2016 | |||
Interest expense | $ (101.4) | $ (32.5) | $ (31.4) | |
Gain (loss) recognized on non-designated derivative instruments: | ||||
Gain (loss) recognized on non-designated derivative instruments, total | 8.5 | 13.5 | 14.8 | |
Miscellaneous, net | 3.5 | 3.7 | (1.6) | |
Foreign exchange gain (loss), net | (2.1) | (10) | (11.8) | |
Increase (Decrease) in Derivative Assets and Liabilities | 9.3 | 7 | 0 | |
Interest Rate Swap | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Interest expense | (5.1) | (4.2) | (6.3) | |
Foreign Exchange Option [Member] | ||||
Gain (loss) recognized on non-designated derivative instruments: | ||||
Miscellaneous, net | 35.6 | 7 | 0 | |
Increase (Decrease) in Derivative Assets and Liabilities | $ (7) | 35.6 | ||
Foreign Exchange Forward and Cash Flow Hedges [Member] | ||||
Gain (loss) recognized on non-designated derivative instruments: | ||||
Miscellaneous, net | 0 | 0 | ||
Foreign exchange gain (loss), net | 4.4 | $ 10.7 | $ 21.1 | |
Increase (Decrease) in Derivative Assets and Liabilities | $ (26.4) |
Derivative Instruments and H109
Derivative Instruments and Hedging Activities (Textuals) (Details) € in Millions, £ in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016EUR (€) | Dec. 31, 2016USD ($) | Dec. 31, 2015EUR (€) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016GBP (£) | Nov. 30, 2016USD ($) | Aug. 15, 2016EUR (€) | Apr. 30, 2016EUR (€) | Apr. 29, 2016EUR (€) | Apr. 29, 2016USD ($) | Nov. 23, 2015EUR (€) | Nov. 23, 2015USD ($) | Mar. 31, 2006USD ($) | |
Derivative [Line Items] | ||||||||||||||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ 22.8 | |||||||||||||||||
Number of foreign currency option contracts | 2 | 2 | ||||||||||||||||
Derivative Instruments and Hedging Activities (Textuals) | ||||||||||||||||||
Fair value of investment hedge contracts | $ 1 | $ 1 | $ (0.3) | |||||||||||||||
Document Period End Date | Dec. 31, 2016 | Dec. 31, 2016 | ||||||||||||||||
Derivatives used in net investment hedge, increase (decrease), gross of tax | $ (13.3) | 10.4 | ||||||||||||||||
Fair value of non-designated foreign exchange forward contracts | 0.9 | 0.9 | 2.6 | |||||||||||||||
Notional amount of pay-fixed receive-variable interest rate swaps | € 1,416 | $ 1,547.1 | $ 200 | |||||||||||||||
Interest expense | 101.4 | 32.5 | $ 31.4 | |||||||||||||||
Gain on interest rate cash flow hedges, pretax | 0 | 1.1 | ||||||||||||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 8.5 | 13.5 | 14.8 | |||||||||||||||
Proceeds from sale of foreign currency option and forward contracts, net | 16.2 | 0 | 0 | |||||||||||||||
Increase (Decrease) in Derivative Assets and Liabilities | 9.3 | 7 | 0 | |||||||||||||||
Net income recognized in other comprehensive income (net of tax of $3.0, $(0.3) and $(0.4), respectively) | 4.9 | 0.8 | 0.7 | |||||||||||||||
Currency Forward Agreements EUR to USD [Member] | ||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||
Derivative Amount Not Hedged | $ 16.4 | |||||||||||||||||
Number of foreign currency option contracts | 18 | 18 | 18 | |||||||||||||||
Derivative Instruments and Hedging Activities (Textuals) | ||||||||||||||||||
Notional amount of pay-fixed receive-variable interest rate swaps | € 48.4 | $ 54 | ||||||||||||||||
Interest Rate Swap | ||||||||||||||||||
Derivative Instruments and Hedging Activities (Textuals) | ||||||||||||||||||
Notional amount of pay-fixed receive-variable interest rate swaps | $ 400 | |||||||||||||||||
Interest expense | 5.1 | 4.2 | $ 6.3 | |||||||||||||||
Currency Forward Agreements EUR to GBP [Member] | ||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||
Derivative Amount Not Hedged | £ | £ 9.4 | |||||||||||||||||
Number of foreign currency option contracts | 13 | 13 | 13 | |||||||||||||||
Derivative Instruments and Hedging Activities (Textuals) | ||||||||||||||||||
Notional amount of pay-fixed receive-variable interest rate swaps | € 45 | £ 36.7 | ||||||||||||||||
Foreign Exchange Option [Member] | ||||||||||||||||||
Derivative Instruments and Hedging Activities (Textuals) | ||||||||||||||||||
Derivative, Average Foreign Currency Option Strike Price | 1.09 | 1.09 | 1.09 | |||||||||||||||
Proceeds from sale of foreign currency option and forward contracts, net | 42.6 | |||||||||||||||||
Increase (Decrease) in Derivative Assets and Liabilities | (7) | 35.6 | ||||||||||||||||
Foreign Exchange Forward and Cash Flow Hedges [Member] | ||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||
Number of foreign currency option contracts | 1 | 1 | ||||||||||||||||
Derivative Instruments and Hedging Activities (Textuals) | ||||||||||||||||||
Notional amount of pay-fixed receive-variable interest rate swaps | € 713 | $ 820.9 | ||||||||||||||||
Increase (Decrease) in Derivative Assets and Liabilities | (26.4) | |||||||||||||||||
Derivative, Forward Exchange Rate | 1.1514 | 1.1514 | ||||||||||||||||
Derivative, Cost of Hedge Net of Cash Received | $ 792.6 | |||||||||||||||||
Term Loan B EUR [Member] | ||||||||||||||||||
Derivative Instruments and Hedging Activities (Textuals) | ||||||||||||||||||
Unsecured Debt | € | € 350 | € 350 | ||||||||||||||||
Devalue Of Euro Against USD By Ten Percent [Member] | Cash Flow Hedging [Member] | ||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | € | 3.9 | |||||||||||||||||
Revalue Of Euro Against USD By Ten Percent [Member] | Cash Flow Hedging [Member] | ||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | € | 4.8 | |||||||||||||||||
Devalue Of Euro Against GBP By Ten Percent [Member] | Cash Flow Hedging [Member] | ||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | € | 4.6 | |||||||||||||||||
Revalue Of Euro Against GBP By Ten Percent [Member] | Cash Flow Hedging [Member] | ||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | € | 5.6 | |||||||||||||||||
Diebold Nixdorf AG | ||||||||||||||||||
Derivative Instruments and Hedging Activities (Textuals) | ||||||||||||||||||
Cash paid | 995.3 | € 1,162.2 | ||||||||||||||||
Diebold Nixdorf AG | Interest Rate Swap | ||||||||||||||||||
Derivative Instruments and Hedging Activities (Textuals) | ||||||||||||||||||
Notional amount of pay-fixed receive-variable interest rate swaps | € | € 50 | |||||||||||||||||
Derivative, Fixed Interest Rate | 2.974% | 2.974% | 2.974% | |||||||||||||||
Interest Rate Derivatives, at Fair Value, Net | € | € (6.3) | € (7.9) | ||||||||||||||||
Fair Value, Measurements, Recurring | Interest Rate Swap | ||||||||||||||||||
Derivative Instruments and Hedging Activities (Textuals) | ||||||||||||||||||
Derivative Asset | 0 | 0 | $ 8.4 | |||||||||||||||
Fair Value, Measurements, Recurring | Foreign Exchange Option [Member] | ||||||||||||||||||
Derivative Instruments and Hedging Activities (Textuals) | ||||||||||||||||||
Derivative Asset | $ 7 | 7 | ||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest Rate Hedges | ||||||||||||||||||
Derivative Instruments and Hedging Activities (Textuals) | ||||||||||||||||||
Interest expense | $ 0.2 | $ 0.4 | ||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest Rate Hedges | Subsequent Event [Member] | ||||||||||||||||||
Derivative Instruments and Hedging Activities (Textuals) | ||||||||||||||||||
Interest expense | $ 0.8 | |||||||||||||||||
Cash Flow Hedging [Member] | ||||||||||||||||||
Derivative Instruments and Hedging Activities (Textuals) | ||||||||||||||||||
Net income recognized in other comprehensive income (net of tax of $3.0, $(0.3) and $(0.4), respectively) | € | € 1.6 |
Fair Value of Assets and Lia110
Fair Value of Assets and Liabilities - Fair Value Measurements (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Document Period End Date | Dec. 31, 2016 | |
Fair Value, Measurements, Recurring | ||
Fair value assets measured on recurring basis | ||
Total | $ 88.2 | $ 59.7 |
Fair value liabilities measured on recurring basis | ||
Total | 23.1 | 10.8 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair value assets measured on recurring basis | ||
Total | 72.6 | 49.2 |
Fair value liabilities measured on recurring basis | ||
Total | 8.5 | 9.3 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair value assets measured on recurring basis | ||
Total | 15.6 | 10.5 |
Fair value liabilities measured on recurring basis | ||
Total | 14.6 | 1.5 |
Foreign exchange forward contracts | Fair Value, Measurements, Recurring | ||
Fair value assets measured on recurring basis | ||
Foreign exchange forward contracts | 7.2 | 3.5 |
Fair value liabilities measured on recurring basis | ||
Fair value Liabilities measured on recurring basis- Derivatives | 7.7 | 1.5 |
Foreign exchange forward contracts | Fair Value, Measurements, Recurring | Level 1 | ||
Fair value assets measured on recurring basis | ||
Foreign exchange forward contracts | 0 | 0 |
Fair value liabilities measured on recurring basis | ||
Fair value Liabilities measured on recurring basis- Derivatives | 0 | 0 |
Foreign exchange forward contracts | Fair Value, Measurements, Recurring | Level 2 | ||
Fair value assets measured on recurring basis | ||
Foreign exchange forward contracts | 7.2 | 3.5 |
Fair value liabilities measured on recurring basis | ||
Fair value Liabilities measured on recurring basis- Derivatives | 7.7 | 1.5 |
Interest Rate Swap | Fair Value, Measurements, Recurring | ||
Fair value assets measured on recurring basis | ||
Foreign exchange forward contracts | 8.4 | 0 |
Fair value liabilities measured on recurring basis | ||
Fair value Liabilities measured on recurring basis- Derivatives | 6.9 | 0 |
Interest Rate Swap | Fair Value, Measurements, Recurring | Level 1 | ||
Fair value assets measured on recurring basis | ||
Foreign exchange forward contracts | 0 | 0 |
Fair value liabilities measured on recurring basis | ||
Fair value Liabilities measured on recurring basis- Derivatives | 0 | 0 |
Interest Rate Swap | Fair Value, Measurements, Recurring | Level 2 | ||
Fair value assets measured on recurring basis | ||
Foreign exchange forward contracts | 8.4 | 0 |
Fair value liabilities measured on recurring basis | ||
Fair value Liabilities measured on recurring basis- Derivatives | 6.9 | 0 |
Certificates of deposit | Fair Value, Measurements, Recurring | ||
Fair value assets measured on recurring basis | ||
Fair value measured on recurring basis, investments | 64.1 | 39.9 |
Certificates of deposit | Fair Value, Measurements, Recurring | Level 1 | ||
Fair value assets measured on recurring basis | ||
Fair value measured on recurring basis, investments | 64.1 | 39.9 |
Certificates of deposit | Fair Value, Measurements, Recurring | Level 2 | ||
Fair value assets measured on recurring basis | ||
Fair value measured on recurring basis, investments | 0 | 0 |
Foreign Exchange Option [Member] | Fair Value, Measurements, Recurring | ||
Fair value assets measured on recurring basis | ||
Foreign exchange forward contracts | 0 | 7 |
Foreign Exchange Option [Member] | Fair Value, Measurements, Recurring | Level 1 | ||
Fair value assets measured on recurring basis | ||
Foreign exchange forward contracts | 0 | 0 |
Foreign Exchange Option [Member] | Fair Value, Measurements, Recurring | Level 2 | ||
Fair value assets measured on recurring basis | ||
Foreign exchange forward contracts | 0 | 7 |
Assets held in rabbi trusts | ||
Fair value assets measured on recurring basis | ||
Fair value measured on recurring basis, investments | 8.5 | 9.3 |
Assets held in rabbi trusts | Fair Value, Measurements, Recurring | ||
Fair value assets measured on recurring basis | ||
Assets held in rabbi trusts | 8.5 | 9.3 |
Fair value liabilities measured on recurring basis | ||
Deferred compensation | 8.5 | 9.3 |
Assets held in rabbi trusts | Fair Value, Measurements, Recurring | Level 1 | ||
Fair value assets measured on recurring basis | ||
Assets held in rabbi trusts | 8.5 | 9.3 |
Fair value liabilities measured on recurring basis | ||
Deferred compensation | 8.5 | 9.3 |
Assets held in rabbi trusts | Fair Value, Measurements, Recurring | Level 2 | ||
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 Lia111
Fair Value of Assets and Liabilities - Summary of Liabilities Recorded at Carrying Value (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Fair value and carrying value of the Company's debt instruments | ||
Notes payable - Fair value | $ 106.9 | $ 32 |
Notes payable - Carrying value | 106.9 | 32 |
Line of Credit Fair Value | 0 | 168 |
Long-term Line of Credit | 0 | 168 |
Senior Notes, Noncurrent | 225 | |
Other Long Term Debt Fair Value | 0.8 | 1.6 |
Other Long-term Debt, Noncurrent | 0.8 | 1.6 |
Debt Issuance Costs Noncurrent Net Fair Value | (61.7) | (6.9) |
Debt Issuance Costs, Noncurrent, Net | (61.7) | (6.9) |
Long-term debt - Fair Value | 1,717.4 | 606.2 |
Long-term debt - Carrying value | 1,691.4 | 606.2 |
Total debt instruments - Fair value | 1,824.3 | 638.2 |
Total debt instruments - Carrying value | 1,798.3 | 638.2 |
December 2015 Term Loan [Member] | ||
Fair value and carrying value of the Company's debt instruments | ||
Unsecured Long Term Debt Noncurrent Fair Value | 201.3 | 218.5 |
Long-term debt | 201.3 | 218.5 |
Term Loan B USD [Member] | ||
Fair value and carrying value of the Company's debt instruments | ||
Unsecured Long Term Debt Noncurrent Fair Value | 787.5 | 0 |
Long-term debt | 787.5 | 0 |
Term Loan B EUR [Member] | ||
Fair value and carrying value of the Company's debt instruments | ||
Unsecured Long Term Debt Noncurrent Fair Value | 363.5 | 0 |
Long-term debt | 363.5 | 0 |
Senior Notes Due 2024 [Member] | ||
Fair value and carrying value of the Company's debt instruments | ||
Senior Notes Noncurrent Fair Value | 426 | 0 |
Senior Notes, Noncurrent | 400 | 0 |
2006SeniorNotes [Member] | ||
Fair value and carrying value of the Company's debt instruments | ||
Senior Notes Noncurrent Fair Value | 0 | 225 |
Senior Notes, Noncurrent | $ 0 | $ 225 |
Fair Value of Assets and Lia112
Fair Value of Assets and Liabilities (Textuals) (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Nov. 23, 2015 | |
Derivative [Line Items] | |||
Fair Value Transfers Between Levels Amount | $ 0 | $ 0 | |
Number of interest rate swap contracts | 2 |
Restructuring and Other Char113
Restructuring and Other Charges - Restructuring Charges By Statement of Operations Account (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring Cost and Reserve [Line Items] | |||
Document Period End Date | Dec. 31, 2016 | ||
Schedule of restructuring and related costs | |||
Restructuring Charges | $ 59.4 | $ 21.2 | $ 11.6 |
Cost of sales - services | |||
Schedule of restructuring and related costs | |||
Restructuring Charges | 18.4 | 3.1 | 0.5 |
Cost of sales - products | |||
Schedule of restructuring and related costs | |||
Restructuring Charges | 7.1 | 1.4 | 1.2 |
Selling and administrative expense | |||
Schedule of restructuring and related costs | |||
Restructuring Charges | 28.8 | 16.1 | 0 |
Research, development and engineering expense | |||
Schedule of restructuring and related costs | |||
Restructuring Charges | $ 5.1 | $ 0.6 | $ 9.9 |
Restructuring and Other Char114
Restructuring and Other Charges - Restructuring Charges By Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring Cost and Reserve [Line Items] | |||
Document Period End Date | Dec. 31, 2016 | ||
Restructuring Charges | $ 59.4 | $ 21.2 | $ 11.6 |
Severance | Corporate and Other [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 20.6 | 9.9 | 3.3 |
Severance | North America Segment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 2.8 | 0.7 | 0.8 |
Severance | Asia Pacific Segment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 7.8 | 1.2 | 0.4 |
Severance | EMEA Segment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 17 | 3.8 | 0.5 |
Severance | Latin America Segment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 11.2 | $ 5.6 | $ 6.6 |
Restructuring and Other Char115
Restructuring and Other Charges - Restructuring Charges By Plan (Details) $ in Millions | Dec. 31, 2016USD ($) |
Severance | Global Realigment Plan | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | $ 105 |
Severance | Global Realigment Plan | North America Segment | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 8.9 |
Severance | Global Realigment Plan | Latin America Segment | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 24.3 |
Severance | Global Realigment Plan | Corporate and Other [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 60.5 |
Severance | Global Realigment Plan | Asia Pacific Segment | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 4.6 |
Severance | Global Realigment Plan | EMEA Segment | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 6.7 |
Severance | Integration Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 42.8 |
Severance | Integration Plan [Member] | North America Segment | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 2.4 |
Severance | Integration Plan [Member] | Latin America Segment | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 6.8 |
Severance | Integration Plan [Member] | Corporate and Other [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 16.7 |
Severance | Integration Plan [Member] | Asia Pacific Segment | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 2.1 |
Severance | Integration Plan [Member] | EMEA Segment | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 14.8 |
Severance | Delta Program [Member] [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 3.2 |
Severance | Delta Program [Member] [Member] | North America Segment | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 0 |
Severance | Delta Program [Member] [Member] | Latin America Segment | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 0.3 |
Severance | Delta Program [Member] [Member] | Corporate and Other [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 1.8 |
Severance | Delta Program [Member] [Member] | Asia Pacific Segment | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 0 |
Severance | Delta Program [Member] [Member] | EMEA Segment | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 1.1 |
Severance | Strategic Alliance Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 5.7 |
Severance | Strategic Alliance Plan [Member] | North America Segment | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 0 |
Severance | Strategic Alliance Plan [Member] | Latin America Segment | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 0 |
Severance | Strategic Alliance Plan [Member] | Corporate and Other [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 0 |
Severance | Strategic Alliance Plan [Member] | Asia Pacific Segment | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 5.7 |
Severance | Strategic Alliance Plan [Member] | EMEA Segment | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 0 |
Other | Global Realigment Plan | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 3.5 |
Other | Global Realigment Plan | North America Segment | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 2 |
Other | Global Realigment Plan | Latin America Segment | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 0 |
Other | Global Realigment Plan | Corporate and Other [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 0 |
Other | Global Realigment Plan | Asia Pacific Segment | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | 0.6 |
Other | Global Realigment Plan | EMEA Segment | |
Restructuring Cost and Reserve [Line Items] | |
Costs incurred to date | $ 0.9 |
Restructuring and Other Char116
Restructuring and Other Charges - Restructuring Reserve Activity (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring accrual balances and related activity | |||
Balance at beginning of period | $ 4.7 | $ 7.6 | $ 31.7 |
Liabilities incurred | 59.4 | 21.2 | 11.6 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Restructuring Liabilities | 45.5 | ||
Liabilities paid/settled | (19.7) | (24.1) | (35.7) |
Balance at end of period | $ 89.9 | $ 4.7 | $ 7.6 |
Restructuring and Other Char117
Restructuring and Other Charges (Textuals) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Aug. 15, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | $ 59.4 | $ 21.2 | $ 11.6 | ||
Document Period End Date | Dec. 31, 2016 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Restructuring Liabilities | $ 45.5 | ||||
Other Nonrecurring Expense | $ 118.9 | 21.1 | |||
Indirect Taxes | 5.8 | ||||
Equity Method Investment Majority Interest Ownership Percentage | 60.00% | ||||
Global Realigment Plan | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | $ 7.7 | $ 21.2 | 11.6 | ||
Integration Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 42.8 | ||||
Restructuring and Related Cost, Expected Cost | 130 | ||||
Delta Program [Member] [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 3.2 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Restructuring Liabilities | $ 45.5 | ||||
Strategic Alliance Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 5.7 | ||||
Restructuring and Related Cost, Expected Cost | $ 1 | ||||
Subsequent Event [Member] | Integration Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Anticipated Annual Synergies | $ 160 | ||||
Eras Subsidiary [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Gain (loss) on disposal | $ 13.7 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Summary of Segment Information | ||||||||||||
Revenue summary by segment | $ 1,243.4 | $ 983.3 | $ 580 | $ 509.6 | $ 610.4 | $ 589.6 | $ 644.5 | $ 574.8 | $ 3,316.3 | $ 2,419.3 | $ 2,734.8 | |
Segment operating profit | (159.8) | 58.6 | 165 | |||||||||
Impairment of assets | (9.8) | (9.8) | (18.9) | (2.1) | ||||||||
Restructuring charges | (59.4) | (21.2) | (11.6) | |||||||||
Other income (expense) | (78.5) | (12.8) | (10.3) | |||||||||
Depreciation, Depletion and Amortization | 134.8 | 64 | 73.4 | |||||||||
Property, plant and equipment at cost | 864 | 609 | 864 | 609 | 604.8 | |||||||
Operating Segments [Member] | ||||||||||||
Summary of Segment Information | ||||||||||||
Revenue summary by segment | 3,316.3 | 2,419.3 | 2,734.8 | |||||||||
Intersegment revenues | 218.2 | 255 | 210.9 | |||||||||
Segment operating profit | 436 | 405.9 | 462.8 | |||||||||
Depreciation, Depletion and Amortization | 48.3 | 26.6 | 32.4 | |||||||||
Property, plant and equipment at cost | 407.2 | 251.1 | 407.2 | 251.1 | 284.4 | |||||||
Operating Segments [Member] | North America Segment | ||||||||||||
Summary of Segment Information | ||||||||||||
Revenue summary by segment | 1,118.2 | 1,094.5 | 1,091.4 | |||||||||
Intersegment revenues | 52.1 | 81.4 | 68.4 | |||||||||
Segment operating profit | 214.3 | 250.1 | 266.3 | |||||||||
Depreciation, Depletion and Amortization | 9.8 | 9.7 | 8.7 | |||||||||
Property, plant and equipment at cost | 111 | 110.7 | 111 | 110.7 | 120.6 | |||||||
Operating Segments [Member] | Asia Pacific Segment | ||||||||||||
Summary of Segment Information | ||||||||||||
Revenue summary by segment | 470 | 439.6 | 500.3 | |||||||||
Intersegment revenues | 80.7 | 99.7 | 85.4 | |||||||||
Segment operating profit | 52.6 | 63.1 | 66.4 | |||||||||
Depreciation, Depletion and Amortization | 8.7 | 6.9 | 7.7 | |||||||||
Property, plant and equipment at cost | 58.9 | 53.3 | 58.9 | 53.3 | 46.9 | |||||||
Operating Segments [Member] | EMEA Segment | ||||||||||||
Summary of Segment Information | ||||||||||||
Revenue summary by segment | 1,181.2 | 393.1 | 421.2 | |||||||||
Intersegment revenues | 84.6 | 73.4 | 56.6 | |||||||||
Segment operating profit | 115.8 | 55.3 | 61.4 | |||||||||
Depreciation, Depletion and Amortization | 23.4 | 3.1 | 4 | |||||||||
Property, plant and equipment at cost | 178.2 | 35.2 | 178.2 | 35.2 | 38.2 | |||||||
Operating Segments [Member] | Latin America Segment | ||||||||||||
Summary of Segment Information | ||||||||||||
Revenue summary by segment | 546.9 | 492.1 | 721.9 | |||||||||
Intersegment revenues | 0.8 | 0.5 | 0.5 | |||||||||
Segment operating profit | 53.3 | 37.4 | 68.7 | |||||||||
Depreciation, Depletion and Amortization | 6.4 | 6.9 | 12 | |||||||||
Property, plant and equipment at cost | 59.1 | 51.9 | 59.1 | 51.9 | 78.7 | |||||||
Corporate, Non-Segment [Member] | ||||||||||||
Summary of Segment Information | ||||||||||||
Corporate charges not allocated back to segments | [1] | (277.3) | (270.8) | (296.6) | ||||||||
Depreciation, Depletion and Amortization | [1] | 86.5 | 37.4 | 41 | ||||||||
Property, plant and equipment at cost | [1] | $ 456.8 | $ 357.9 | 456.8 | 357.9 | 320.4 | ||||||
Segment Reconciling Items [Member] | ||||||||||||
Summary of Segment Information | ||||||||||||
Impairment of assets | (9.8) | (18.9) | (2.1) | |||||||||
Restructuring charges | (59.4) | (21.2) | (11.6) | |||||||||
Net non-routine income (expense) | (249.3) | (36.4) | 12.5 | |||||||||
Corporate And Reconciling Items [Member] | ||||||||||||
Summary of Segment Information | ||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | $ (595.8) | $ (347.3) | $ (297.8) | |||||||||
[1] | Corporate charges not allocated to segments include headquarter based costs associated with manufacturing administration, procurement, human resources, compensation and benefits, finance and accounting, global development/engineering, global strategy/mergers and acquisitions, global information technology, tax, treasury and legal. |
Segment Information Revenue By
Segment Information Revenue By Service/Product Solution (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Segment Reporting Information [Line Items] | ||||||||||||
Property, plant and equipment at cost | $ 864 | $ 609 | $ 864 | $ 609 | $ 604.8 | |||||||
Services | 1,907.9 | 1,394.2 | 1,432.8 | |||||||||
Products | 1,408.4 | 1,025.1 | 1,302 | |||||||||
Revenue summary by segment | 1,243.4 | $ 983.3 | $ 580 | $ 509.6 | 610.4 | $ 589.6 | $ 644.5 | $ 574.8 | 3,316.3 | 2,419.3 | 2,734.8 | |
Financial self-service | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Services | 1,504 | 1,185 | 1,219.9 | |||||||||
Products | 1,022.5 | 923.7 | 977.3 | |||||||||
Revenue summary by segment | 2,526.5 | 2,108.7 | 2,197.2 | |||||||||
Retail [Member] [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Services | 202.5 | 0 | 0 | |||||||||
Products | 235.6 | 0 | 0 | |||||||||
Revenue summary by segment | 438.1 | 0 | 0 | |||||||||
Security | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Services | 201.4 | 209.3 | 212.9 | |||||||||
Products | 72 | 83.5 | 99.5 | |||||||||
Revenue summary by segment | 273.4 | 292.8 | 312.4 | |||||||||
Brazil | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue summary by segment | 78.3 | 17.8 | 225.2 | |||||||||
Operating Segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Property, plant and equipment at cost | 407.2 | 251.1 | 407.2 | 251.1 | 284.4 | |||||||
Revenue summary by segment | 3,316.3 | 2,419.3 | 2,734.8 | |||||||||
Corporate, Non-Segment [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Property, plant and equipment at cost | [1] | 456.8 | 357.9 | 456.8 | 357.9 | 320.4 | ||||||
North America Segment | Operating Segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Property, plant and equipment at cost | 111 | 110.7 | 111 | 110.7 | 120.6 | |||||||
Revenue summary by segment | 1,118.2 | 1,094.5 | 1,091.4 | |||||||||
Asia Pacific Segment | Operating Segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Property, plant and equipment at cost | 58.9 | 53.3 | 58.9 | 53.3 | 46.9 | |||||||
Revenue summary by segment | 470 | 439.6 | 500.3 | |||||||||
EMEA Segment | Operating Segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Property, plant and equipment at cost | 178.2 | 35.2 | 178.2 | 35.2 | 38.2 | |||||||
Revenue summary by segment | 1,181.2 | 393.1 | 421.2 | |||||||||
Latin America Segment | Operating Segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Property, plant and equipment at cost | $ 59.1 | $ 51.9 | 59.1 | 51.9 | 78.7 | |||||||
Revenue summary by segment | $ 546.9 | $ 492.1 | $ 721.9 | |||||||||
[1] | Corporate charges not allocated to segments include headquarter based costs associated with manufacturing administration, procurement, human resources, compensation and benefits, finance and accounting, global development/engineering, global strategy/mergers and acquisitions, global information technology, tax, treasury and legal. |
Segment Information (Textuals)
Segment Information (Textuals) (Details) | 12 Months Ended | ||
Dec. 31, 2016segments | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting [Abstract] | |||
Number of reportable segments | 4 | ||
Number of customers that account for greater than 10% of revenue | 0 | 0 | 0 |
Segment Information Geographica
Segment Information Geographical Revenue and Long-Lived Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Property, plant and equipment, net | $ 387 | $ 175.3 | $ 387 | $ 175.3 | $ 165.7 | ||||||
Net sales | 1,243.4 | $ 983.3 | $ 580 | $ 509.6 | 610.4 | $ 589.6 | $ 644.5 | $ 574.8 | 3,316.3 | 2,419.3 | 2,734.8 |
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Property, plant and equipment, net | 111.2 | 130.4 | 111.2 | 130.4 | 116.5 | ||||||
Net sales | 1,020.1 | 1,014.3 | 1,035.9 | ||||||||
GERMANY | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Property, plant and equipment, net | 199.7 | 0 | 199.7 | 0 | 0 | ||||||
Brazil | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Property, plant and equipment, net | 18.4 | 12.9 | 18.4 | 12.9 | 17.2 | ||||||
Net sales | 263 | 211.5 | 482.5 | ||||||||
China | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 175.2 | 279 | 314.2 | ||||||||
Other international | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Property, plant and equipment, net | $ 57.7 | $ 32 | 57.7 | 32 | 32 | ||||||
Net sales | $ 1,858 | $ 914.5 | $ 902.2 |
Divestitures (Details)
Divestitures (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Disposal Group, Including Discontinued Operations, Allowance For Doubtful Accounts Receivable, Current | $ 4 | $ 2.1 | $ 4 | $ 2.1 | |||||||||
Anticipated Equity Method Investment Majority Ownership Percentage | 51.00% | 51.00% | |||||||||||
Equity Method Investment Majority Interest Ownership Percentage | 60.00% | 60.00% | |||||||||||
Cost of sales | |||||||||||||
Income tax (benefit) expense | $ 93.9 | 9.6 | $ 6.2 | ||||||||||
Income (loss) from discontinued operations, net of tax | $ 0 | $ (4.6) | $ 0.5 | $ 147.8 | 2.6 | $ 4.5 | $ 4.3 | $ 4.5 | 143.7 | 15.9 | 9.7 | ||
Income (loss) from discontinued operations, net of tax | 143.7 | 15.9 | 9.7 | ||||||||||
Current assets held for sale | 0 | 148.2 | 0 | 148.2 | |||||||||
LIABILITIES | |||||||||||||
Current liabilities held for sale | 0 | 49.4 | 0 | 49.4 | |||||||||
Impairment of assets | $ 9.8 | $ 9.8 | 18.9 | 2.1 | |||||||||
Aevi International GmbH And Diebold Nixdorf AG China Subsidiaries [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Proceeds from Divestiture of Businesses | 27.7 | ||||||||||||
Diebold Nixdorf AG China Subsidiaries [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | $ 44.7 | ||||||||||||
Aisino Wincor Joint Venture [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Equity Method Investment, Ownership Percentage | 43.60% | 43.60% | |||||||||||
NA Electronic Security [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Proceeds from Divestiture of Businesses | 350 | ||||||||||||
Divestiture Agreed Upon Contingent Payment | 10.00% | 10.00% | |||||||||||
Divestiture Credit For Transition Services | $ 6 | $ 6 | |||||||||||
Divestiture Credit For Transition Services Quarterly Payment | 5 | 5 | |||||||||||
Divestiture Credit For Transition Services Credit Against Payments | $ 1 | 1 | |||||||||||
Divestiture Payment Of Quarterly Transition Services | 5 | ||||||||||||
Divestiture Use Of Credit Against Payments Of Transition Services | 1 | ||||||||||||
Services | 16.3 | 221.5 | 204.8 | ||||||||||
Products | 8.5 | 127 | 111.4 | ||||||||||
Disposal Group, Including Discontinued Operation, Revenue | 24.8 | 348.5 | 316.2 | ||||||||||
Cost of sales | |||||||||||||
Services | 15.1 | 181.1 | 172.6 | ||||||||||
Disposal Group, Including Discontinued Operations, Cost Of Goods Sold | 6.9 | 102.2 | 90.5 | ||||||||||
Disposal Group, Including Discontinued Operations, Cost Of Goods And Services Sold | 22 | 283.3 | 263.1 | ||||||||||
Gross profit | 2.8 | 65.2 | 53.1 | ||||||||||
Selling and administrative expense | 4.8 | 39.7 | 37.2 | ||||||||||
Income (loss) from discontinued operations before taxes | (2) | 25.5 | 15.9 | ||||||||||
Income tax (benefit) expense | (0.7) | 9.6 | 6.2 | ||||||||||
Gain (loss) on sale of discontinued operations before taxes | 239.5 | 0 | 0 | ||||||||||
Income tax (benefit) expense | 94.5 | 0 | 0 | ||||||||||
Gain (loss) on sale of discontinued operations, net of tax | 145 | 0 | 0 | ||||||||||
Income (loss) from discontinued operations, net of tax | (1.3) | 15.9 | 9.7 | ||||||||||
Income (loss) from discontinued operations, net of tax | $ 143.7 | 15.9 | 9.7 | ||||||||||
Cash and cash equivalents | (1.5) | (1.5) | |||||||||||
Trade receivables, less allowances for doubtful accounts of $4.0 and $2.1, respectively | 75.6 | 75.6 | |||||||||||
Inventories | 29.1 | 29.1 | |||||||||||
Prepaid expenses | 0.9 | 0.9 | |||||||||||
Other current assets | 5 | 5 | |||||||||||
Current assets held for sale | 109.1 | 109.1 | |||||||||||
Property, plant and equipment, net | 5.2 | 5.2 | |||||||||||
Goodwill | 33.9 | 33.9 | |||||||||||
Assets held for sale | 148.2 | 148.2 | |||||||||||
LIABILITIES | |||||||||||||
Accounts payable | 24.8 | 24.8 | |||||||||||
Deferred revenue | 13.3 | 13.3 | |||||||||||
Payroll and other benefits liabilities | 6.6 | 6.6 | |||||||||||
Other current liabilities | 4.7 | 4.7 | |||||||||||
Current liabilities held for sale | 49.4 | 49.4 | |||||||||||
Other long-term liabilities | 0 | 0 | |||||||||||
Liabilities held for sale | $ 49.4 | 49.4 | |||||||||||
Eras Subsidiary [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Proceeds from Divestiture of Businesses | 1 | $ 20 | |||||||||||
LIABILITIES | |||||||||||||
Gain (loss) on disposal | $ 13.7 | ||||||||||||
VENEZUELA | |||||||||||||
LIABILITIES | |||||||||||||
Impairment of assets | $ (1) | $ 10.3 | $ 9.3 | ||||||||||
Write-off of uncollectible accounts receivable | $ 0.4 |
Related Party Transactions (Det
Related Party Transactions (Details) | Dec. 31, 2016 |
Inspur (Suzhou) Financial Technology Service Co Ltd [Member] | |
Related Party Transaction [Line Items] | |
Equity Method Investment, Ownership Percentage | 40.00% |
Aisino-Wincor Retail And Banking Systems (Shanghai) Co.,Ltd [Member] | |
Related Party Transaction [Line Items] | |
Equity Method Investment, Ownership Percentage | 43.60% |
Quarterly Financial Informat124
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Impairment of assets | $ 9.8 | $ 9.8 | $ 18.9 | $ 2.1 | ||||||||||
Devaluation Of Consolidated Entity Balance Sheet | $ 7.5 | $ 12.1 | 0 | 7.5 | 12.1 | |||||||||
Net sales | 1,243.4 | $ 983.3 | $ 580 | $ 509.6 | $ 610.4 | $ 589.6 | $ 644.5 | 574.8 | 3,316.3 | 2,419.3 | 2,734.8 | |||
Gross profit (loss) | 230.2 | 197.6 | 155.1 | 138.8 | 171.6 | 150.3 | 170.8 | 159.3 | 721.7 | 652 | 726.2 | |||
Income (loss) from continuing operations, net of tax | (73.4) | (97.2) | (20.8) | 20.7 | 31.7 | 18.3 | 19.7 | (10.2) | (170.7) | 59.5 | 107.3 | |||
Income (loss) from discontinued operations, net of tax | 0 | (4.6) | 0.5 | 147.8 | 2.6 | 4.5 | 4.3 | 4.5 | 143.7 | 15.9 | 9.7 | |||
Net income (loss) | (73.4) | (101.8) | (20.3) | 168.5 | 34.3 | 22.8 | 24 | (5.7) | (27) | 75.4 | 117 | |||
Net (loss) income attributable to noncontrolling interests | 4.4 | 0.5 | 0.8 | 0.3 | 1.7 | 1.1 | 1.8 | (2.9) | 6 | 1.7 | 2.6 | |||
Net income (loss) attributable to Diebold Nixdorf, Incorporated | $ (77.8) | $ (102.3) | $ (21.1) | $ 168.2 | $ 32.6 | $ 21.7 | $ 22.2 | $ (2.8) | $ (33) | $ 73.7 | $ 114.4 | |||
Basic earnings (loss) per share | ||||||||||||||
Income (loss) from continuing operations, net of tax | $ (1.04) | $ (1.38) | $ (0.33) | $ 0.31 | $ 0.46 | $ 0.26 | $ 0.27 | $ (0.11) | $ (2.56) | $ 0.89 | $ 1.62 | |||
Income from discontinued operations, net of tax | 0 | (0.06) | 0.01 | 2.27 | 0.04 | 0.07 | 0.07 | 0.07 | 2.08 | 0.24 | 0.15 | |||
Net (loss) income attributable to Diebold, Incorporated (USD per share) | (1.04) | (1.44) | (0.32) | 2.58 | 0.50 | 0.33 | 0.34 | (0.04) | (0.48) | 1.13 | 1.77 | |||
Diluted earnings (loss) per share | ||||||||||||||
Income (loss) before discontinued operations, net of tax | (1.04) | (1.38) | (0.33) | 0.31 | 0.46 | 0.26 | 0.27 | (0.11) | (2.56) | 0.88 | 1.61 | |||
Income (loss) from discontinued operations, net of tax | 0 | (0.06) | 0.01 | 2.25 | 0.04 | 0.07 | 0.07 | 0.07 | 2.08 | 0.24 | 0.15 | |||
Net (loss) income attributable to Diebold, Incorporated | $ (1.04) | $ (1.44) | $ (0.32) | $ 2.56 | $ 0.50 | $ 0.33 | $ 0.34 | $ (0.04) | $ (0.48) | $ 1.12 | $ 1.76 | |||
Basic weighted-average shares outstanding | 75.1 | 70.9 | 65.2 | 65.1 | 65 | 65 | 64.9 | 64.7 | 69.1 | 64.9 | 64.5 | |||
Diluted weighted-average shares outstanding | 75.1 | 70.9 | 65.2 | 65.7 | 65.7 | 65.6 | 65.6 | 64.7 | 69.1 | 65.6 | 65.2 | |||
Undistributed earnings | $ 6.5 | $ 7.3 | $ 6.5 | $ 7.3 | ||||||||||
Valuation allowance | $ 87.8 | $ 63.9 | 87.8 | $ 63.9 | ||||||||||
Impairment loss | $ 0 | |||||||||||||
Voluntary Early Retirement Program [Member] | Pension Benefits | ||||||||||||||
Diluted earnings (loss) per share | ||||||||||||||
Pension Expense | $ (67.6) | |||||||||||||
VENEZUELA | ||||||||||||||
Impairment of assets | $ (1) | $ 10.3 | $ 9.3 |
Supplemental Guarantor Infor125
Supplemental Guarantor Information (Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Cash and cash equivalents | $ 652.7 | $ 313.6 | $ 326.1 | $ 231.3 |
Short-term investments | 64.1 | 39.9 | ||
Trade receivables, net | 835.9 | 413.9 | ||
Intercompany receivables | 0 | 0 | ||
Inventories | 737.7 | 369.3 | ||
Deferred income taxes | 0 | 168.8 | ||
Prepaid expenses | 60.7 | 23.6 | ||
Refundable income taxes | 85.2 | 18 | ||
Current assets held for sale | 0 | 148.2 | ||
Other current assets | 183.3 | 148.3 | ||
Total current assets | 2,619.6 | 1,643.6 | ||
Securities and other investments | 94.7 | 85.2 | ||
Property, plant and equipment, net | 387 | 175.3 | 165.7 | |
Goodwill | 998.3 | 161.5 | 138.1 | |
Deferred income taxes | 309.5 | 65.3 | ||
Finance lease receivables | 25.2 | 36.5 | ||
Intangible assets, net | 772.9 | 67.5 | ||
Investment in subsidiary | 0 | |||
Other assets | 63.1 | 7.5 | ||
Assets | 5,270.3 | 2,242.4 | ||
Notes payable | 106.9 | 32 | ||
Accounts payable | 560.5 | 281.7 | ||
Intercompany payable | 0 | 0 | ||
Deferred revenue | 404.2 | 229.2 | ||
Payroll and other benefits liabilities | 172.5 | 76.5 | ||
Current liabilities held for sale | 0 | 49.4 | ||
Other current liabilities | 580.4 | 287 | ||
Total current liabilities | 1,824.5 | 955.8 | ||
Long-term debt | 1,691.4 | 606.2 | ||
Pensions and other benefits | 279.4 | 195.6 | ||
Post-retirement and other benefits | 17.8 | 18.7 | ||
Deferred income taxes | 300.6 | 1.9 | ||
Other liabilities | 87.7 | 28.7 | ||
Commitments and contingencies | ||||
Redeemable noncontrolling interests | 44.1 | 0 | ||
Total Diebold Nixdorf, Incorporated shareholders' equity | 591.4 | 412.4 | ||
Noncontrolling interests | 433.4 | 23.1 | ||
Total liabilities and equity | 5,270.3 | 2,242.4 | ||
Parent Company [Member] | ||||
Cash and cash equivalents | 138.4 | 20.3 | 14.7 | 4.1 |
Short-term investments | 0 | 0 | ||
Trade receivables, net | 119 | 140.4 | ||
Intercompany receivables | 883 | 828.8 | ||
Inventories | 110.5 | 115.9 | ||
Deferred income taxes | 0 | 103.7 | ||
Prepaid expenses | 14.7 | 16.4 | ||
Refundable income taxes | 0.3 | 0 | ||
Current assets held for sale | 139.2 | |||
Other current assets | 3.2 | 15.5 | ||
Total current assets | 1,269.1 | 1,380.2 | ||
Securities and other investments | 94.7 | 85.2 | ||
Property, plant and equipment, net | 102.7 | 121.1 | ||
Goodwill | 55.5 | 45.1 | ||
Deferred income taxes | 173.1 | 57.1 | ||
Finance lease receivables | 0 | 0 | ||
Intangible assets, net | 1.8 | 2.4 | ||
Investment in subsidiary | 2,619.6 | |||
Other assets | 2.9 | 1,404.6 | ||
Assets | 4,319.4 | 3,095.7 | ||
Notes payable | 30.9 | 21.5 | ||
Accounts payable | 101.6 | 131.9 | ||
Intercompany payable | 1,376.6 | 1,414.2 | ||
Deferred revenue | 114.7 | 102.7 | ||
Payroll and other benefits liabilities | 21 | 25.2 | ||
Current liabilities held for sale | 48.9 | |||
Other current liabilities | 156.1 | 116.3 | ||
Total current liabilities | 1,800.9 | 1,860.7 | ||
Long-term debt | 1,690.5 | 604.6 | ||
Pensions and other benefits | 199.3 | 193.5 | ||
Post-retirement and other benefits | 13.3 | 14.5 | ||
Deferred income taxes | 13.4 | 0 | ||
Other liabilities | 10.6 | 10 | ||
Redeemable noncontrolling interests | 0 | |||
Total Diebold Nixdorf, Incorporated shareholders' equity | 591.4 | 412.4 | ||
Noncontrolling interests | 0 | 0 | ||
Total liabilities and equity | 4,319.4 | 3,095.7 | ||
Guarantor Subsidiaries [Member] | ||||
Cash and cash equivalents | 2.3 | 7.9 | 2.5 | 2 |
Short-term investments | 0 | 0 | ||
Trade receivables, net | 0 | 4.3 | ||
Intercompany receivables | 783.7 | 733.6 | ||
Inventories | 16.2 | 17.8 | ||
Deferred income taxes | 0 | 11.2 | ||
Prepaid expenses | 0.8 | 0.7 | ||
Refundable income taxes | 25.4 | 8 | ||
Current assets held for sale | 0 | |||
Other current assets | 1.6 | 3.5 | ||
Total current assets | 830 | 787 | ||
Securities and other investments | 0 | 0 | ||
Property, plant and equipment, net | 9 | 10 | ||
Goodwill | 0 | 0 | ||
Deferred income taxes | 7.8 | 0 | ||
Finance lease receivables | 4.8 | 8.1 | ||
Intangible assets, net | 13.6 | 23.3 | ||
Investment in subsidiary | 0 | |||
Other assets | 0.1 | 0.2 | ||
Assets | 865.3 | 828.6 | ||
Notes payable | 1.3 | 1.3 | ||
Accounts payable | 1.1 | 1.2 | ||
Intercompany payable | 175.9 | 140.8 | ||
Deferred revenue | 0.7 | 3.6 | ||
Payroll and other benefits liabilities | 1.4 | 0.5 | ||
Current liabilities held for sale | 0 | |||
Other current liabilities | 3.9 | 2.6 | ||
Total current liabilities | 184.3 | 150 | ||
Long-term debt | 0.4 | 1.6 | ||
Pensions and other benefits | 0 | 0 | ||
Post-retirement and other benefits | 0 | 0 | ||
Deferred income taxes | 0 | 6.4 | ||
Other liabilities | 0 | 0 | ||
Redeemable noncontrolling interests | 0 | |||
Total Diebold Nixdorf, Incorporated shareholders' equity | 680.6 | 670.6 | ||
Noncontrolling interests | 0 | 0 | ||
Total liabilities and equity | 865.3 | 828.6 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Cash and cash equivalents | 512 | 285.4 | 308.9 | 225.2 |
Short-term investments | 64.1 | 39.9 | ||
Trade receivables, net | 717.5 | 269.2 | ||
Intercompany receivables | 480.1 | 539.1 | ||
Inventories | 611 | 235.6 | ||
Deferred income taxes | 0 | 53.9 | ||
Prepaid expenses | 45.2 | 6.5 | ||
Refundable income taxes | 84.9 | 18 | ||
Current assets held for sale | 9 | |||
Other current assets | 178.5 | 129.3 | ||
Total current assets | 2,693.3 | 1,585.9 | ||
Securities and other investments | 0 | 0 | ||
Property, plant and equipment, net | 275.3 | 44.2 | ||
Goodwill | 942.8 | 116.4 | ||
Deferred income taxes | 128.6 | 14.6 | ||
Finance lease receivables | 20.4 | 28.4 | ||
Intangible assets, net | 757.5 | 41.8 | ||
Investment in subsidiary | 9.3 | |||
Other assets | 60.1 | (7.3) | ||
Assets | 4,887.3 | 1,824 | ||
Notes payable | 74.7 | 9.2 | ||
Accounts payable | 458.4 | 148.6 | ||
Intercompany payable | 594.3 | 546.5 | ||
Deferred revenue | 288.8 | 122.9 | ||
Payroll and other benefits liabilities | 150.1 | 50.8 | ||
Current liabilities held for sale | 0.5 | |||
Other current liabilities | 445.8 | 176.1 | ||
Total current liabilities | 2,012.1 | 1,054.6 | ||
Long-term debt | 0.5 | 0 | ||
Pensions and other benefits | 80.1 | 2.1 | ||
Post-retirement and other benefits | 4.5 | 4.2 | ||
Deferred income taxes | 287.2 | 1.9 | ||
Other liabilities | 77.1 | 18.7 | ||
Redeemable noncontrolling interests | 44.1 | |||
Total Diebold Nixdorf, Incorporated shareholders' equity | 1,948.3 | 719.4 | ||
Noncontrolling interests | 433.4 | 23.1 | ||
Total liabilities and equity | 4,887.3 | 1,824 | ||
Reclassifications And Eliminations [Member] | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Short-term investments | 0 | 0 | ||
Trade receivables, net | (0.6) | 0 | ||
Intercompany receivables | (2,146.8) | (2,101.5) | ||
Inventories | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Prepaid expenses | 0 | 0 | ||
Refundable income taxes | (25.4) | (8) | ||
Current assets held for sale | 0 | |||
Other current assets | 0 | 0 | ||
Total current assets | (2,172.8) | (2,109.5) | ||
Securities and other investments | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Deferred income taxes | 0 | (6.4) | ||
Finance lease receivables | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Investment in subsidiary | (2,628.9) | |||
Other assets | 0 | (1,390) | ||
Assets | (4,801.7) | (3,505.9) | ||
Notes payable | 0 | 0 | ||
Accounts payable | (0.6) | 0 | ||
Intercompany payable | (2,146.8) | (2,101.5) | ||
Deferred revenue | 0 | 0 | ||
Payroll and other benefits liabilities | 0 | 0 | ||
Current liabilities held for sale | 0 | |||
Other current liabilities | (25.4) | (8) | ||
Total current liabilities | (2,172.8) | (2,109.5) | ||
Long-term debt | 0 | 0 | ||
Pensions and other benefits | 0 | 0 | ||
Post-retirement and other benefits | 0 | 0 | ||
Deferred income taxes | 0 | (6.4) | ||
Other liabilities | 0 | 0 | ||
Redeemable noncontrolling interests | 0 | |||
Total Diebold Nixdorf, Incorporated shareholders' equity | (2,628.9) | (1,390) | ||
Noncontrolling interests | 0 | 0 | ||
Total liabilities and equity | $ (4,801.7) | $ (3,505.9) |
Supplemental Guarantor Infor126
Supplemental Guarantor Information (Condensed Consolidation Statement of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net sales | $ 1,243.4 | $ 983.3 | $ 580 | $ 509.6 | $ 610.4 | $ 589.6 | $ 644.5 | $ 574.8 | $ 3,316.3 | $ 2,419.3 | $ 2,734.8 |
Cost of sales | 2,594.6 | 1,767.3 | 2,008.6 | ||||||||
Gross profit (loss) | 230.2 | 197.6 | 155.1 | 138.8 | 171.6 | 150.3 | 170.8 | 159.3 | 721.7 | 652 | 726.2 |
Selling and administrative expense | 761.2 | 488.2 | 478.4 | ||||||||
Research, development and engineering expense | 110.2 | 86.9 | 93.6 | ||||||||
Impairment of assets | 9.8 | 9.8 | 18.9 | 2.1 | |||||||
(Gain) loss on sale of assets, net | 0.3 | (0.6) | (12.9) | ||||||||
Total operating expense | 881.5 | 593.4 | 561.2 | ||||||||
Operating profit (loss) | (159.8) | 58.6 | 165 | ||||||||
Other income (expense) | |||||||||||
Interest income | 21.5 | 26 | 34.5 | ||||||||
Interest expense | (101.4) | (32.5) | (31.4) | ||||||||
Foreign exchange gain (loss), net | (2.1) | (10) | (11.8) | ||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Miscellaneous, net | 3.5 | 3.7 | (1.6) | ||||||||
Income (loss) from continuing operations before taxes | (238.3) | 45.8 | 154.7 | ||||||||
Income tax (benefit) expense | (67.6) | (13.7) | 47.4 | ||||||||
Income (loss) from continuing operations, net of tax | (73.4) | (97.2) | (20.8) | 20.7 | 31.7 | 18.3 | 19.7 | (10.2) | (170.7) | 59.5 | 107.3 |
Income (loss) from discontinued operations, net of tax | 0 | (4.6) | 0.5 | 147.8 | 2.6 | 4.5 | 4.3 | 4.5 | 143.7 | 15.9 | 9.7 |
Net income (loss) | (73.4) | (101.8) | (20.3) | 168.5 | 34.3 | 22.8 | 24 | (5.7) | (27) | 75.4 | 117 |
Net income attributable to noncontrolling interests, net of tax | 4.4 | 0.5 | 0.8 | 0.3 | 1.7 | 1.1 | 1.8 | (2.9) | 6 | 1.7 | 2.6 |
Net income (loss) attributable to Diebold Nixdorf, Incorporated | $ (77.8) | $ (102.3) | $ (21.1) | $ 168.2 | $ 32.6 | $ 21.7 | $ 22.2 | $ (2.8) | (33) | 73.7 | 114.4 |
Comprehensive income (loss) | (47) | (52.8) | (20.4) | ||||||||
Less: comprehensive income attributable to noncontrolling interests | 9.2 | 3.2 | 1.4 | ||||||||
Comprehensive income (loss) attributable to Diebold Nixdorf, Incorporated | (56.2) | (56) | (21.8) | ||||||||
Parent Company [Member] | |||||||||||
Net sales | 1,078.4 | 959.3 | 946 | ||||||||
Cost of sales | 822.6 | 645.7 | 610 | ||||||||
Gross profit (loss) | 255.8 | 313.6 | 336 | ||||||||
Selling and administrative expense | 309.2 | 268.5 | 265.9 | ||||||||
Research, development and engineering expense | 7.9 | 8.3 | 8.3 | ||||||||
Impairment of assets | 0 | 0 | 0 | ||||||||
(Gain) loss on sale of assets, net | 0.3 | 0.3 | (12) | ||||||||
Total operating expense | 317.4 | 277.1 | 262.2 | ||||||||
Operating profit (loss) | (61.6) | 36.5 | 73.8 | ||||||||
Other income (expense) | |||||||||||
Interest income | 2.3 | 0.2 | 0.9 | ||||||||
Interest expense | (100) | (30.3) | (27.3) | ||||||||
Foreign exchange gain (loss), net | (3.2) | 4 | (0.4) | ||||||||
Equity in earnings of subsidiaries | (60.5) | 29.4 | (459.6) | ||||||||
Miscellaneous, net | 2.7 | (9.3) | 530.6 | ||||||||
Income (loss) from continuing operations before taxes | (220.3) | 30.5 | 118 | ||||||||
Income tax (benefit) expense | (52.1) | (28.3) | 13.6 | ||||||||
Income (loss) from continuing operations, net of tax | (168.2) | 58.8 | 104.4 | ||||||||
Income (loss) from discontinued operations, net of tax | 135.2 | 14.9 | 10 | ||||||||
Net income (loss) | (33) | 73.7 | 114.4 | ||||||||
Net income attributable to noncontrolling interests, net of tax | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to Diebold Nixdorf, Incorporated | (33) | 73.7 | 114.4 | ||||||||
Comprehensive income (loss) | (56.2) | (53.9) | (21.9) | ||||||||
Less: comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to Diebold Nixdorf, Incorporated | (56.2) | (53.9) | (21.9) | ||||||||
Guarantor Subsidiaries [Member] | |||||||||||
Net sales | 85 | 171.4 | 217.8 | ||||||||
Cost of sales | 92 | 181.2 | 229 | ||||||||
Gross profit (loss) | (7) | (9.8) | (11.2) | ||||||||
Selling and administrative expense | 11.5 | 10.6 | 11.2 | ||||||||
Research, development and engineering expense | 45.7 | 59.3 | 64.8 | ||||||||
Impairment of assets | 5.1 | 9.1 | 0 | ||||||||
(Gain) loss on sale of assets, net | (0.1) | 0 | 0.9 | ||||||||
Total operating expense | 62.2 | 79 | 76.9 | ||||||||
Operating profit (loss) | (69.2) | (88.8) | (88.1) | ||||||||
Other income (expense) | |||||||||||
Interest income | 0.6 | 1 | 1.7 | ||||||||
Interest expense | (0.1) | (0.2) | (0.3) | ||||||||
Foreign exchange gain (loss), net | (0.1) | (0.5) | 0 | ||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Miscellaneous, net | 7.8 | 13.2 | 22.4 | ||||||||
Income (loss) from continuing operations before taxes | (61) | (75.3) | (64.3) | ||||||||
Income tax (benefit) expense | (28.6) | (12.1) | (17.8) | ||||||||
Income (loss) from continuing operations, net of tax | (32.4) | (63.2) | (46.5) | ||||||||
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 | ||||||||
Net income (loss) | (32.4) | (63.2) | (46.5) | ||||||||
Net income attributable to noncontrolling interests, net of tax | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to Diebold Nixdorf, Incorporated | (32.4) | (63.2) | (46.5) | ||||||||
Comprehensive income (loss) | (32.4) | (63.2) | (46.5) | ||||||||
Less: comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to Diebold Nixdorf, Incorporated | (32.4) | (63.2) | (46.5) | ||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Net sales | 2,236.1 | 1,458.4 | 1,788 | ||||||||
Cost of sales | 1,762.3 | 1,109.2 | 1,384.1 | ||||||||
Gross profit (loss) | 473.8 | 349.2 | 403.9 | ||||||||
Selling and administrative expense | 440.5 | 209.1 | 201.3 | ||||||||
Research, development and engineering expense | 56.6 | 19.3 | 20.5 | ||||||||
Impairment of assets | 4.7 | 9.8 | 2.1 | ||||||||
(Gain) loss on sale of assets, net | 0.1 | (0.9) | (1.8) | ||||||||
Total operating expense | 501.9 | 237.3 | 222.1 | ||||||||
Operating profit (loss) | (28.1) | 111.9 | 181.8 | ||||||||
Other income (expense) | |||||||||||
Interest income | 18.6 | 24.8 | 31.9 | ||||||||
Interest expense | (1.3) | (2) | (3.8) | ||||||||
Foreign exchange gain (loss), net | 1.2 | (13.5) | (11.4) | ||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Miscellaneous, net | (7) | 51.3 | (554.7) | ||||||||
Income (loss) from continuing operations before taxes | (16.6) | 172.5 | (356.2) | ||||||||
Income tax (benefit) expense | 13.1 | 26.7 | 51.6 | ||||||||
Income (loss) from continuing operations, net of tax | (29.7) | 145.8 | (407.8) | ||||||||
Income (loss) from discontinued operations, net of tax | 8.5 | 1 | (0.3) | ||||||||
Net income (loss) | (21.2) | 146.8 | (408.1) | ||||||||
Net income attributable to noncontrolling interests, net of tax | 6 | 1.7 | 2.6 | ||||||||
Net income (loss) attributable to Diebold Nixdorf, Incorporated | (27.2) | 145.1 | (410.7) | ||||||||
Comprehensive income (loss) | (55.7) | 0.2 | (488.1) | ||||||||
Less: comprehensive income attributable to noncontrolling interests | 9.2 | 3.2 | 1.4 | ||||||||
Comprehensive income (loss) attributable to Diebold Nixdorf, Incorporated | (64.9) | (3) | (489.5) | ||||||||
Reclassifications And Eliminations [Member] | |||||||||||
Net sales | (83.2) | (169.8) | (217) | ||||||||
Cost of sales | (82.3) | (168.8) | (214.5) | ||||||||
Gross profit (loss) | (0.9) | (1) | (2.5) | ||||||||
Selling and administrative expense | 0 | 0 | 0 | ||||||||
Research, development and engineering expense | 0 | 0 | 0 | ||||||||
Impairment of assets | 0 | 0 | 0 | ||||||||
(Gain) loss on sale of assets, net | 0 | 0 | 0 | ||||||||
Total operating expense | 0 | 0 | 0 | ||||||||
Operating profit (loss) | (0.9) | (1) | (2.5) | ||||||||
Other income (expense) | |||||||||||
Interest income | 0 | 0 | 0 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Foreign exchange gain (loss), net | 0 | 0 | 0 | ||||||||
Equity in earnings of subsidiaries | 60.5 | (29.4) | 459.6 | ||||||||
Miscellaneous, net | 0 | (51.5) | 0.1 | ||||||||
Income (loss) from continuing operations before taxes | 59.6 | (81.9) | 457.2 | ||||||||
Income tax (benefit) expense | 0 | 0 | 0 | ||||||||
Income (loss) from continuing operations, net of tax | 59.6 | (81.9) | 457.2 | ||||||||
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 | ||||||||
Net income (loss) | 59.6 | (81.9) | 457.2 | ||||||||
Net income attributable to noncontrolling interests, net of tax | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to Diebold Nixdorf, Incorporated | 59.6 | (81.9) | 457.2 | ||||||||
Comprehensive income (loss) | 97.3 | 64.1 | 536.1 | ||||||||
Less: comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to Diebold Nixdorf, Incorporated | $ 97.3 | $ 64.1 | $ 536.1 |
Supplemental Guarantor Infor127
Supplemental Guarantor Information (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net cash provided by operating activities | $ 28.4 | $ 36.7 | $ 186.9 |
Payments for acquisitions, net of cash acquired | (884.6) | (59.4) | (11.7) |
Proceeds from maturities of investments | 225 | 176.1 | 477.4 |
Proceeds from sale of investments | 0 | 0 | 39.6 |
Proceeds from sale of foreign currency option and forward contracts, net | 16.2 | 0 | 0 |
Payments for purchases of investments | (243.5) | (125.5) | (428.7) |
Proceeds from divestitures and the sale of assets | 31.3 | 5 | 18.4 |
Capital expenditures | (39.5) | (52.3) | (60.1) |
Increase in certain other assets | (28.2) | (6.3) | (19.8) |
Capital contributions and loans paid | 0 | 0 | 0 |
Proceeds from intercompany loans | 0 | 0 | 0 |
Net cash provided (used) by investing activities - continuing operations | (923.3) | (62.4) | 15.1 |
Net cash provided (used) by investing activities - discontinued operations | 361.9 | (2.5) | (1.3) |
Net cash provided (used) by investing activities | (561.4) | (64.9) | 13.8 |
Dividends paid | (64.6) | (75.6) | (74.9) |
Debt issuance costs | (39.2) | (6) | (1.4) |
Revolving debt borrowings (repayments), net | (178) | 155.8 | 2 |
Other debt borrowings | 1,837.7 | 135.8 | 157.6 |
Other debt repayments | (662.5) | (168.7) | (175.5) |
Distributions to noncontrolling interest holders | (10.2) | (0.1) | (2.2) |
Excess tax benefits from share-based compensation | 0.3 | 0.5 | 0.5 |
Issuance of common shares | 0.3 | 3.5 | 14.6 |
Repurchase of common shares | (2.2) | (3) | (1.9) |
Capital contributions received and loans incurred | 0 | 0 | 0 |
Payments on intercompany loans | 0 | 0 | 0 |
Net cash provided (used) by financing activities | 881.6 | 42.2 | (81.2) |
Effect of exchange rate changes on cash | (8) | (23.9) | (28.2) |
Increase (decrease) in cash and cash equivalents | 340.6 | (9.9) | 91.3 |
Add: Cash overdraft included in assets held for sale at beginning of year | (1.5) | (4.1) | (0.6) |
Less: Cash overdraft included in assets held for sale at end of year | 0 | (1.5) | (4.1) |
Cash and cash equivalents at the beginning of the year | 313.6 | 326.1 | 231.3 |
Cash and cash equivalents at the end of the year | 652.7 | 313.6 | 326.1 |
Parent Company [Member] | |||
Net cash provided by operating activities | (147.2) | 1.1 | 154.6 |
Payments for acquisitions, net of cash acquired | (995.2) | 0 | 0 |
Proceeds from maturities of investments | (1.9) | (2.1) | 2.3 |
Proceeds from sale of investments | 0 | ||
Proceeds from sale of foreign currency option and forward contracts, net | 16.2 | ||
Payments for purchases of investments | 0 | 0 | 4 |
Proceeds from divestitures and the sale of assets | 0 | 0 | 0 |
Capital expenditures | (9.2) | (34.9) | (44.1) |
Increase in certain other assets | 0.5 | (6.5) | (14.4) |
Capital contributions and loans paid | (270.2) | (205.4) | (233.7) |
Proceeds from intercompany loans | 106.4 | 173 | 184.8 |
Net cash provided (used) by investing activities - continuing operations | (1,153.4) | (75.9) | (109.1) |
Net cash provided (used) by investing activities - discontinued operations | 361.9 | (2.5) | (1.3) |
Net cash provided (used) by investing activities | (791.5) | (78.4) | (110.4) |
Dividends paid | (64.6) | (75.6) | (74.9) |
Debt issuance costs | (39.2) | (6) | (1.4) |
Revolving debt borrowings (repayments), net | (178) | 180.8 | 26 |
Other debt borrowings | 1,781.3 | 0 | 0 |
Other debt repayments | (439.6) | (14.8) | 0 |
Distributions to noncontrolling interest holders | 0 | 0.1 | 0 |
Excess tax benefits from share-based compensation | 0.3 | 0.5 | 0.5 |
Issuance of common shares | 0.3 | 3.5 | 14.6 |
Repurchase of common shares | (2.2) | (3) | (1.9) |
Capital contributions received and loans incurred | 0 | 0 | 0 |
Payments on intercompany loans | 0 | 0 | 0 |
Net cash provided (used) by financing activities | 1,058.3 | 85.5 | (37.1) |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Increase (decrease) in cash and cash equivalents | 119.6 | 8.2 | 7.1 |
Add: Cash overdraft included in assets held for sale at beginning of year | (1.5) | (4.1) | (0.6) |
Less: Cash overdraft included in assets held for sale at end of year | 0 | (1.5) | (4.1) |
Cash and cash equivalents at the beginning of the year | 20.3 | 14.7 | 4.1 |
Cash and cash equivalents at the end of the year | 138.4 | 20.3 | 14.7 |
Guarantor Subsidiaries [Member] | |||
Net cash provided by operating activities | (43.2) | (26.2) | (3.5) |
Payments for acquisitions, net of cash acquired | 0 | 0 | 0 |
Proceeds from maturities of investments | 0 | 0 | 0 |
Proceeds from sale of investments | 0 | ||
Proceeds from sale of foreign currency option and forward contracts, net | 0 | ||
Payments for purchases of investments | 0 | 0 | 0 |
Proceeds from divestitures and the sale of assets | 0 | 3.5 | 0 |
Capital expenditures | (1) | (5.9) | (1.4) |
Increase in certain other assets | (6.8) | (6.6) | (15.6) |
Capital contributions and loans paid | 0 | 0 | 0 |
Proceeds from intercompany loans | 0 | 0 | 0 |
Net cash provided (used) by investing activities - continuing operations | (7.8) | (9) | (17) |
Net cash provided (used) by investing activities - discontinued operations | 0 | 0 | 0 |
Net cash provided (used) by investing activities | (7.8) | (9) | (17) |
Dividends paid | 0 | 0 | 0 |
Debt issuance costs | 0 | 0 | 0 |
Revolving debt borrowings (repayments), net | 0 | 0 | 0 |
Other debt borrowings | 0 | 0 | (0.3) |
Other debt repayments | (1.2) | (0.8) | 0.2 |
Distributions to noncontrolling interest holders | 0 | 0 | 0 |
Excess tax benefits from share-based compensation | 0 | 0 | 0 |
Issuance of common shares | 0 | 0 | 0 |
Repurchase of common shares | 0 | 0 | 0 |
Capital contributions received and loans incurred | 133.3 | 179.3 | 177.7 |
Payments on intercompany loans | (86.7) | (137.9) | (156.6) |
Net cash provided (used) by financing activities | 45.4 | 40.6 | 21 |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Increase (decrease) in cash and cash equivalents | (5.6) | 5.4 | 0.5 |
Add: Cash overdraft included in assets held for sale at beginning of year | 0 | 0 | 0 |
Less: Cash overdraft included in assets held for sale at end of year | 0 | 0 | 0 |
Cash and cash equivalents at the beginning of the year | 7.9 | 2.5 | 2 |
Cash and cash equivalents at the end of the year | 2.3 | 7.9 | 2.5 |
Non-Guarantor Subsidiaries [Member] | |||
Net cash provided by operating activities | 232.6 | 97.5 | 132.6 |
Payments for acquisitions, net of cash acquired | 110.6 | (59.4) | (11.7) |
Proceeds from maturities of investments | 226.9 | 178.2 | 475.1 |
Proceeds from sale of investments | 39.6 | ||
Proceeds from sale of foreign currency option and forward contracts, net | 0 | ||
Payments for purchases of investments | (243.5) | (125.5) | (424.7) |
Proceeds from divestitures and the sale of assets | 31.3 | 1.5 | 18.4 |
Capital expenditures | (29.3) | (11.5) | (14.6) |
Increase in certain other assets | (21.9) | 6.8 | 10.2 |
Capital contributions and loans paid | (1,119.3) | (3.8) | (10.1) |
Proceeds from intercompany loans | 0 | 0 | 0 |
Net cash provided (used) by investing activities - continuing operations | (1,045.2) | (13.7) | 82.2 |
Net cash provided (used) by investing activities - discontinued operations | 0 | 0 | 0 |
Net cash provided (used) by investing activities | (1,045.2) | (13.7) | 82.2 |
Dividends paid | (13.8) | (35.7) | (96.8) |
Debt issuance costs | 0 | 0 | 0 |
Revolving debt borrowings (repayments), net | 0 | (25) | (24) |
Other debt borrowings | 56.4 | 135.8 | 157.9 |
Other debt repayments | (221.7) | (153.1) | (175.7) |
Distributions to noncontrolling interest holders | (10.2) | (0.2) | (2.2) |
Excess tax benefits from share-based compensation | 0 | 0 | 0 |
Issuance of common shares | 0 | 0 | 0 |
Repurchase of common shares | 0 | 0 | 0 |
Capital contributions received and loans incurred | 1,256.2 | 29.9 | 66.1 |
Payments on intercompany loans | (19.7) | (35.1) | (28.2) |
Net cash provided (used) by financing activities | 1,047.2 | (83.4) | (102.9) |
Effect of exchange rate changes on cash | (8) | (23.9) | (28.2) |
Increase (decrease) in cash and cash equivalents | 226.6 | (23.5) | 83.7 |
Add: Cash overdraft included in assets held for sale at beginning of year | 0 | 0 | 0 |
Less: Cash overdraft included in assets held for sale at end of year | 0 | 0 | 0 |
Cash and cash equivalents at the beginning of the year | 285.4 | 308.9 | 225.2 |
Cash and cash equivalents at the end of the year | 512 | 285.4 | 308.9 |
Reclassifications And Eliminations [Member] | |||
Net cash provided by operating activities | (13.8) | (35.7) | (96.8) |
Payments for acquisitions, net of cash acquired | 0 | 0 | 0 |
Proceeds from maturities of investments | 0 | 0 | 0 |
Proceeds from sale of investments | 0 | ||
Proceeds from sale of foreign currency option and forward contracts, net | 0 | ||
Payments for purchases of investments | 0 | 0 | 0 |
Proceeds from divestitures and the sale of assets | 0 | 0 | 0 |
Capital expenditures | 0 | 0 | 0 |
Increase in certain other assets | 0 | 0 | 0 |
Capital contributions and loans paid | 1,389.5 | 209.2 | 243.8 |
Proceeds from intercompany loans | (106.4) | (173) | (184.8) |
Net cash provided (used) by investing activities - continuing operations | 1,283.1 | 36.2 | 59 |
Net cash provided (used) by investing activities - discontinued operations | 0 | 0 | 0 |
Net cash provided (used) by investing activities | 1,283.1 | 36.2 | 59 |
Dividends paid | 13.8 | 35.7 | 96.8 |
Debt issuance costs | 0 | 0 | 0 |
Revolving debt borrowings (repayments), net | 0 | 0 | 0 |
Other debt borrowings | 0 | 0 | 0 |
Other debt repayments | 0 | 0 | 0 |
Distributions to noncontrolling interest holders | 0 | 0 | 0 |
Excess tax benefits from share-based compensation | 0 | 0 | 0 |
Issuance of common shares | 0 | 0 | 0 |
Repurchase of common shares | 0 | 0 | 0 |
Capital contributions received and loans incurred | (1,389.5) | (209.2) | (243.8) |
Payments on intercompany loans | 106.4 | 173 | 184.8 |
Net cash provided (used) by financing activities | (1,269.3) | (0.5) | 37.8 |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Add: Cash overdraft included in assets held for sale at beginning of year | 0 | 0 | 0 |
Less: Cash overdraft included in assets held for sale at end of year | 0 | 0 | 0 |
Cash and cash equivalents at the beginning of the year | 0 | 0 | 0 |
Cash and cash equivalents at the end of the year | $ 0 | $ 0 | $ 0 |