Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Mar. 13, 2023 | |
Document Information [Line Items] | ||
Title of 12(b) Security | Common Shares $1.25 Par Value | |
Entity Central Index Key | 0000028823 | |
Current Fiscal Year End Date | --12-31 | |
Document Type | 10-K | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2022 | |
Document Annual Report | true | |
Document Transition Report | false | |
Entity File Number | 1-4879 | |
Entity Registrant Name | Diebold Nixdorf, Incorporated | |
Entity Incorporation, State or Country Code | OH | |
Entity Tax Identification Number | 34-0183970 | |
Entity Address, Address Line One | 50 Executive Parkway, P.O. Box 2520 | |
Entity Address, City or Town | Hudson | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 44236-1605 | |
City Area Code | 330 | |
Local Phone Number | 490-4000 | |
Trading Symbol | DBD | |
Security Exchange Name | NYSE | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Public Float | $ 179,428,945 | |
Entity Common Stock, Shares Outstanding | 79,610,478 | |
ICFR Auditor Attestation Flag | true | |
Auditor Name | KPMG LLP | |
Auditor Location | Cleveland, OH | |
Auditor Firm ID | 185 | |
Entity Filer Category | Accelerated Filer |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash, cash equivalents, and restricted cash | $ 319.1 | $ 388.9 |
Trade receivables, less allowances for doubtful accounts of $34.5 and $35.3, respectively | 612.2 | 595.2 |
Inventories | 588.1 | 544.2 |
Prepaid expenses | 50.5 | 48.2 |
Current assets held for sale | 7.9 | 73.4 |
Other current assets | 168.5 | 203.1 |
Total current assets | 1,770.9 | 1,887.3 |
Securities and other investments | 7.6 | 11 |
Property, plant and equipment, net | 120.7 | 138.1 |
Deferred income taxes | 0 | 95.7 |
Goodwill | 702.3 | 743.6 |
Other intangible assets, net | 257.6 | 347.5 |
Right-of-use operating lease assets | 108.5 | 152.4 |
Other assets | 97.4 | 131.6 |
Total assets | 3,065 | 3,507.2 |
Current liabilities | ||
Notes payable | 24 | 47.1 |
Accounts payable | 611.6 | 706.3 |
Deferred revenue | 453.2 | 322.4 |
Payroll and other benefits liabilities | 107.9 | 186.5 |
Current liabilities held for sale | 6.8 | 20.3 |
Operating lease liabilities | 39 | 54.5 |
Other current liabilities | 362.4 | 412.3 |
Total current liabilities | 1,604.9 | 1,749.4 |
Long-term debt | 2,585.8 | 2,245.6 |
Pensions, post-retirement and other benefits | 40.6 | 104.2 |
Long-term operating lease liabilities | 76.7 | 103 |
Deferred income taxes | 96.6 | 105.5 |
Other liabilities | 31.5 | 36.5 |
Redeemable noncontrolling interests | 0 | 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, (95,779,719 and 94,599,742 issued shares, 79,103,450 and 78,352,333 outstanding shares, respectively) | 119.8 | 118.3 |
Additional capital | 831.5 | 819.6 |
Retained earnings (accumulated deficit) | (1,406.7) | (822.4) |
Treasury shares, at cost (16,676,269 and 16,247,409 shares, respectively) | (585.6) | (582.1) |
Accumulated other comprehensive loss | (360) | (378.5) |
Warrants and Rights Outstanding | 20.1 | 0 |
Total Diebold Nixdorf, Incorporated shareholders' equity | (1,380.9) | (845.1) |
Noncontrolling interests | 9.8 | 8.1 |
Total equity | (1,371.1) | (837) |
Total liabilities and equity | 3,065 | 3,507.2 |
Fair value measured on recurring basis, investments | 24.6 | 34.3 |
Customer Relationships [Member] | ||
Current assets | ||
Other intangible assets, net | 213.6 | 301.7 |
Other intangible assets, net | ||
Current assets | ||
Other intangible assets, net | $ 44 | $ 45.8 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 0 | $ 0 |
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 | 95,779,719 | 94,599,742 |
Common stock, shares outstanding | 79,103,450 | 78,352,333 |
Treasury stock, shares | 16,676,269 | 16,247,409 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net sales | |||
Net sales | $ 3,460.7 | $ 3,905.2 | $ 3,902.3 |
Cost of sales | |||
Cost of sales | 2,703.4 | 2,861.8 | 2,867.3 |
Gross profit | 757.3 | 1,043.4 | 1,035 |
Selling and administrative expense | 741.6 | 775.6 | 858.6 |
Research, development and engineering expense | (120.7) | (126.3) | (133.4) |
Impairment of assets | 111.8 | 1.3 | 7.5 |
Gain (Loss) on Disposition of Assets | (5.1) | (3.1) | (11.5) |
Total operating expense | (969) | (906.3) | 1,011 |
Operating profit (loss) | (211.7) | 137.1 | 24 |
Other income (expense) | |||
Interest income | 10 | 6.1 | 6.8 |
Interest expense | (199.2) | (195.3) | (266.8) |
Foreign exchange loss, net | (7.8) | (2) | (14.4) |
Miscellaneous, net | 2.2 | 3.4 | 6.8 |
Gains (Losses) on Restructuring of Debt | (32.1) | 0 | (25.9) |
Loss before taxes | (438.6) | (50.7) | (269.5) |
Income tax expense (benefit) | 149.2 | 27.7 | (1) |
Equity in earnings (loss) of unconsolidated subsidiaries, net | 2.2 | 0.3 | 0.7 |
Net loss | (585.6) | (78.1) | (267.8) |
Net income (loss) income attributable to noncontrolling interests | (4.2) | 0.7 | 1.3 |
Net loss attributable to Diebold Nixdorf, Incorporated | $ (581.4) | $ (78.8) | $ (269.1) |
Weighted-average number of common shares used in basic and diluted earnings (loss) per share (1) | 79 | 78.3 | 77.6 |
Service [Member] | |||
Net sales | |||
Net sales | $ 2,098.9 | $ 2,303.6 | $ 2,364.4 |
Cost of sales | |||
Cost of sales | 1,480.8 | 1,577.3 | 1,666.2 |
Product [Member] | |||
Net sales | |||
Net sales | 1,361.8 | 1,601.6 | 1,537.9 |
Cost of sales | |||
Cost of sales | $ 1,222.6 | $ 1,284.5 | $ 1,201.1 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net loss | $ (585.6) | $ (78.1) | $ (267.8) |
Interest rate hedges: | |||
Net loss recognized in other comprehensive income (net of tax of $0.7, $3.4 and $(5.9), respectively) | 5.5 | 8.6 | (16.3) |
Less: reclassification adjustments for amounts recognized in net (loss) income (net of tax of $0.1, $0.8 and $(1.8), respectively) | 0.6 | 2.1 | (5) |
Total interest rate hedges, net of tax | 4.9 | 6.5 | (11.3) |
Pension and other post-retirement benefits: | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, after Tax | 2.4 | 0 | 0.5 |
Net actuarial gains recognized during the year (net of tax of $0.0, $23.2 and $1.5, respectively) | 38.5 | 76 | 6.1 |
Net actuarial gains (losses) occurring during the year (net of tax of $0.0, $2.0 and $(3.9), respectively) | 2.3 | 7.5 | (9.7) |
Net actuarial gains (losses) recognized due to settlement (net of tax of $0.0, $(0.4) and $0.3, respectively) | 10.2 | (0.7) | 0.8 |
Acquired benefit plans and other (net of tax of $0.0, $0.0 and $0.0, respectively) | 0 | 0.1 | 0.2 |
Currency impact (net of tax of $0.0, $(0.4) and $0.5, respectively) | (1.4) | (0.6) | 1.8 |
Total pension and other postretirement benefits, net of tax | 52 | 82.3 | (0.3) |
Other | 2.8 | (0.9) | (0.8) |
Other comprehensive income (loss), net of tax | 24.4 | 35 | (39.2) |
Comprehensive loss | (561.2) | (43.1) | (307) |
Less: comprehensive income (loss) attributable to noncontrolling interests | 1.7 | 1.3 | (0.3) |
Comprehensive loss attributable to Diebold Nixdorf, Incorporated | (562.9) | (44.4) | (306.7) |
Translation adjustment | |||
Other comprehensive income (loss), net of tax: | |||
Translation adjustment (net of tax of $(3.0), $(6.6) and $(10.2), respectively) | (35.3) | (53.6) | (26.8) |
Foreign currency hedges | |||
Other comprehensive income (loss), net of tax: | |||
Foreign currency hedges (net of tax of $0.0, $0.0 and $(0.3), respectively) | $ 0 | $ 0.7 | $ 0 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivatives, reclassification adjustment for amounts recognized in net income, tax | $ 0.7 | $ 3.4 | $ (5.9) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | (0.1) | (0.8) | 1.8 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, Tax | 0 | 0 | (0.2) |
Net actuarial loss recognized during the year, tax | 0 | (23.2) | (1.5) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Costs Arising During Period, Tax | 0 | 0 | 0 |
Net actuarial (gains) losses occurring during the year, tax | 0 | (2) | 3.9 |
Net actuarial losses recognized due to settlement, tax | 0 | 0.4 | (0.3) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Newly Accounted Plans | 0 | 0 | 0 |
Currency impact, tax | 0 | 0.4 | (0.5) |
Translation adjustment | |||
Translation adjustment and foreign currency hedges, tax | (3) | 6.6 | (10.2) |
Foreign currency hedges | |||
Translation adjustment and foreign currency hedges, tax | $ 0 | $ 0 | $ (0.3) |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Millions, $ in Millions | Total | Common Shares | Additional Capital | Retained Earnings | Treasury Shares | Accumulated Other Comprehensive Income (Loss) | Total Diebold Nixdorf, Incorporated Shareholders' Equity | Non-controlling Interests | Warrant |
Balance (shares) at Dec. 31, 2019 | 92.2 | ||||||||
Balance at Dec. 31, 2019 | $ (506.3) | $ 115.3 | $ 773.9 | $ (472.3) | $ (571.9) | $ (375.3) | $ (530.3) | $ 24 | |
Net loss | (267.8) | (269.1) | (269.1) | 1.3 | |||||
Other Comprehensive Income (Loss), Net of Tax | (39.2) | (37.6) | (37.6) | (1.6) | |||||
Restricted stock units issued, shares | 1.3 | ||||||||
Share-based compensation issued | 0 | $ 1.6 | (1.6) | 0 | |||||
Share-based compensation expense | 14.9 | 14.9 | 14.9 | ||||||
Treasury shares | (4.8) | (4.8) | (4.8) | ||||||
Reclassification From Noncontrolling Interests To Redeemable Noncontrolling Interests | 0.7 | 0.7 | 0.7 | 0 | |||||
Distributions to noncontrolling interest holders, net | (0.9) | 0 | |||||||
Balance (shares) at Dec. 31, 2020 | 93.5 | ||||||||
Balance at Dec. 31, 2020 | (831.7) | $ 116.9 | 787.9 | (742.3) | (576.7) | (412.9) | (827.1) | (4.6) | |
Net loss | (78.1) | (78.8) | (78.8) | 0.7 | |||||
Other Comprehensive Income (Loss), Net of Tax | 35 | 34.4 | 34.4 | 0.6 | |||||
Restricted stock units issued, shares | 1.1 | ||||||||
Share-based compensation issued | 0.1 | $ 1.4 | (1.3) | 0.1 | |||||
Share-based compensation expense | 13.8 | 13.8 | 13.8 | ||||||
Treasury shares | (5.4) | (5.4) | (5.4) | ||||||
Reclassification From Noncontrolling Interests To Redeemable Noncontrolling Interests | 31.9 | 19.2 | 19.2 | 12.7 | |||||
Distributions to noncontrolling interest holders, net | (2.6) | (1.3) | |||||||
Balance (shares) at Dec. 31, 2021 | 94.6 | ||||||||
Balance at Dec. 31, 2021 | (837) | $ 118.3 | 819.6 | (822.4) | (582.1) | (378.5) | (845.1) | 8.1 | |
Warrants and Rights Outstanding | 0 | ||||||||
Net loss | (585.6) | (581.4) | (581.4) | (4.2) | |||||
Other Comprehensive Income (Loss), Net of Tax | 24.4 | 18.5 | 18.5 | 5.9 | |||||
Restricted stock units issued, shares | 1.2 | ||||||||
Share-based compensation issued | 0 | $ 1.5 | (1.5) | 0 | |||||
Share-based compensation expense | 13.4 | 13.4 | 13.4 | ||||||
Treasury shares | (3.5) | (3.5) | (3.5) | ||||||
DistributionToNoncontrollingInterestAndEmployeeShareTrusts | (2.9) | (2.9) | (2.9) | 0 | |||||
Balance (shares) at Dec. 31, 2022 | 95.8 | ||||||||
Balance at Dec. 31, 2022 | (1,371.1) | $ 119.8 | $ 831.5 | $ (1,406.7) | $ (585.6) | $ (360) | (1,380.9) | $ 9.8 | |
Warrants and Rights Outstanding | $ 20.1 | $ 20.1 | $ 20.1 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parentheticals) - $ / shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | |||
Treasury shares | 0.4 | 0.4 | 0.5 |
Common Shares, $1.25 Par Value | $ 1.25 | $ 1.25 | $ 1.25 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flow from operating activities: | |||
Net loss | $ (585.6) | $ (78.1) | $ (267.8) |
Adjustments to reconcile net loss to cash provided (used) by operating activities: | |||
Depreciation | 29.8 | 46.4 | 73.7 |
Cost, Amortization | 26.6 | 24.5 | 23.8 |
AmortizationAcquiredIntangibleAssets | 69.6 | 78.2 | 82.9 |
Amortization of Debt Issuance Costs | 15.5 | 17.3 | 45.4 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 10.1 | 0 | 0 |
Share-based compensation | 13.4 | 13.8 | 14.9 |
Debt prepayment costs | 0 | 0 | 67.2 |
Impairment of assets | 111.8 | 1.3 | 7.5 |
Deferred income taxes | 92.9 | (12.6) | (27.1) |
Other Noncash Income (Expense) | 3.1 | 0 | (12.3) |
Gain (Loss) on Disposition of Assets | (5.1) | (3.1) | (11.5) |
Changes in certain assets and liabilities | |||
Trade receivables | (49.4) | 16.4 | (19.7) |
Inventories | (74.5) | (84.8) | (14.8) |
Increase (Decrease) in Property and Other Taxes Payable | 17.5 | (15.2) | 0.9 |
Accounts payable | (66.5) | 241.4 | 10.6 |
Deferred revenue | 140.6 | (9.1) | 20.2 |
Increase (Decrease) in Employee Related Liabilities | (72.5) | (19.4) | (1.3) |
Increase (Decrease) in Obligation, Pension and Other Postretirement Benefits | (19.5) | (13) | (14.7) |
Income taxes | 2 | (5.3) | (23.1) |
Restructuring | 9.4 | (25.4) | 18 |
Warranty liability | (7.3) | 0.3 | (5.6) |
Certain other assets and liabilities | (49.8) | (56.5) | 27.8 |
Net cash provided (used) by operating activities | (387.9) | 123.3 | 18 |
Cash flow from investing activities: | |||
Proceeds from Divestiture of Businesses, Net of Cash Divested | 10.5 | 1.1 | (37) |
Proceeds from Life Insurance Policy | 0 | 0 | 15.6 |
Proceeds from maturities of investments | 414.1 | 287.7 | 214.6 |
Payments to Acquire Investments | 401.3 | 288.4 | 241.3 |
Proceeds from Sale of Productive Assets | 6 | 1.7 | 10.2 |
Capital expenditures | (24.4) | (20.2) | (27.5) |
Payments to Develop Software | (28.7) | (31.1) | (17.2) |
Net cash provided (used) by investing activities | (23.8) | (49.2) | (82.6) |
Cash flow from financing activities: | |||
Debt issuance costs | (15.7) | 0 | (26.4) |
Payment for Debt Extinguishment or Debt Prepayment Cost | 0 | (67.2) | |
Revolving credit facility borrowings (repayments), net | 121 | 0.9 | 60.1 |
Other debt borrowings | 386.1 | 11.2 | 1,107.8 |
Other debt repayments | (131) | (19.4) | (1,049.9) |
(Distributions to) / Contributions from noncontrolling interest holders | 2.8 | 11.4 | 0.9 |
Issuance of common shares | 0 | ||
Other | (7.8) | (7.7) | (6.6) |
Net cash provided (used) by financing activities | 349.8 | (3.6) | 16.9 |
Effect of exchange rate changes on cash and cash equivalents | (8.2) | (5.7) | (3.2) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (70.1) | 64.8 | (50.9) |
Add: Cash included in assets held for sale at beginning of year | 3.1 | 2.7 | 97.2 |
Less: Cash included in assets held for sale at end of year | 2.8 | 3.1 | 2.7 |
Cash, cash equivalents and restricted cash at the beginning of the year | 388.9 | 324.5 | 280.9 |
Cash, cash equivalents and restricted cash at the end of the year | 319.1 | 388.9 | 324.5 |
Cash paid for | |||
Income taxes | 33.1 | 42.3 | 43.8 |
Interest | $ 231.6 | $ 175.1 | $ 138.1 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
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, including common control transfers among subsidiaries of the Company. Use of Estimates in Preparation of Consolidated Financial Statements. The preparation of the accompanying consolidated financial statements in conformity with 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, 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. Reclassifications. The Company has reclassified the presentation of certain prior-year information to conform to the current presentation. International Operations. The financial statements of the Company’s international operations are measured using local currencies as their functional currencies, with the exception of certain financial results from Argentina, Singapore, El Salvador, and Switzerland, which have a functional currency other than local currency. These operations used either United States dollar (USD) or euro as their functional currency depending on the concentration of USD or euro transactions and distinct financial information. 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 (loss). 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 all 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. Assets and liabilities are reclassified as held for sale in the period the held for sale criteria are met. As of December 31, 2022, the Company had $7.9 and $6.8 of current assets and liabilities held for sale, respectively, related to a non-core retail business in Europe. As of December 31, 2021, the Company had $73.4 and $20.3 of current assets and liabilities held for sale, respectively, primarily related to non-core businesses in Europe. Revenue Recognition. Refer to Note 21 of the consolidated financial statements. Cost of Sales. Cost of sales for services 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. Cost of sales for products 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 sales for products also includes the cost to distribute products to customers, inbound freight costs, internal transfer costs, warehousing costs and other shipping and handling activity. Property, plant and equipment and long-lived assets. Property, plant and equipment and long-lived assets are recorded at historical cost, including interest where applicable. Impairment of property, plant and equipment and 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. Depreciation and Amortization. Depreciation of property, plant and equipment is computed using the straight-line method based on the estimated useful life for each asset class. 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 software development, is computed using the straight-line method over the life of the asset. 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. Advertising Costs. Advertising costs are expensed as incurred and were $8.5, $7.1 and $7.2 in 2022, 2021 and 2020, respectively. Research, Development and Engineering. Research, development and engineering costs are expensed as incurred and were $120.7, $126.3 and $133.4 for the years ended December 31, 2022, 2021 and 2020, respectively. This excludes certain software development costs of $28.7, $31.1, and $17.2 in 2022, 2021 and 2020, respectively, which are capitalized after technological feasibility of the software is established. 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, Cash Equivalents and Restricted Cash. The Company considers highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. The Company had $9.1 and $0.0 of restricted cash at December 31, 2022 and 2021, respectively. 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 allows for 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. 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 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. 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 Unobservable inputs for which there is little or no market data. Net asset value Fair value of investments categorized as NAV 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. 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 the 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 7 of the consolidated financial statements) is derived from investments in a mix of money market, fixed income and equity funds. The related deferred compensation liability is also 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. 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. Refer to Note 19 of the consolidated financial statements for further details of assets and liabilities subject to fair value measurement. Trade Receivables. The Company records the lifetime expected loss on uncollectible trade receivables based on historical loss experience as a percentage of sales and makes adjustments as necessary based on current trends. The Company will also record periodic adjustments for 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. The following table summarizes the Company’s allowances for doubtful accounts: 2022 2021 2020 Balance at January 1 $ 35.3 $ 37.5 $ 42.2 Charged to costs and expenses 14.0 9.8 10.1 Charged to other accounts (1) (0.1) — (1.2) Deductions (2) (14.7) (12.0) (13.6) Balance at December 31 $ 34.5 $ 35.3 $ 37.5 (1) Includes n et effects of foreign currency translation (2) Uncollectible accounts written-off, net of recoveries. Financing Receivables. The Company records the lifetime expected loss on uncollectible 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, payment patterns and historical loss experience with consideration given to current trends. After all efforts at collection have been unsuccessful, the account is deemed uncollectible and is written off. Inventories. The Company primarily values inventories using average or standard costing utilizing lower of cost or net realizable value. The standard costs approximate costs determined on a first in, first out basis. 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 products 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. Goodwill. Goodwill is the cost in excess of the net assets of acquired businesses. The Company tests all existing goodwill at least annually for impairment on a reporting unit basis. The annual goodwill impairment test was performed as of October 31 for all periods presented. The Company tests for interim 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. 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 that 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, an impairment test is used to identify potential goodwill impairment and measure the amount of any impairment loss to be recognized. The Company compares the fair value of each reporting unit with its carrying value and recognizes an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The fair value of the reporting units is determined based upon a combination of the income 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 fair value of the reporting unit is 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. The techniques used in the Company's quantitative assessment 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. Assumptions, which include Level 3 inputs, relate to revenue growth, material and operating costs, and discount rate. 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. Contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines, 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. Pensions 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. The Company periodically reviews 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 or directly by the plan administrator. Other post-retirement benefits are not funded and the Company’s policy is to pay these benefits as they become due. 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, the Company recognizes 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. Noncontrolling Interests . Noncontrolling interests represent the portion of profit or loss, net assets and comprehensive income that is not allocable to the Company. Noncontrolling interests with redemption features, such as put rights, that are not solely within the Company’s control are considered redeemable noncontrolling interests. Redeemable noncontrolling interests are presented outside of equity on the Company's consolidated balance sheets. The balance of redeemable noncontrolling interests is reported at the greater of its carrying value or its maximum redemption value at each reporting date. Refer to Note 12 of the consolidated financial statements for more information. Related Party Transactions. The Company has certain strategic alliances that are not consolidated. The Company's strategic alliances are not significant subsidiaries and are accounted for under the equity method of investments. The Company owns 48.1 percent of Inspur (Suzhou) Financial Information Technology Co., Ltd (Inspur JV) and 49.0 percent of Aisino-Wincor Retail & Banking Systems (Shanghai) Co., Ltd (Aisino JV) as of December 31, 2022. The Company engages in transactions with these entities in the ordinary course of business. As of December 31, 2022, the Company had accounts receivable and accounts payable balances with these affiliates of $18.9 and $25.7, respectively, which is included in trade receivables, less allowances for doubtful accounts and accounts payable, respectively, on the consolidated balance sheets. Recently Adopted Accounting Guidance In August 2018, the Financial Accounting Standards Board (FASB) issued guidance on a company's accounting for implementation fees paid in a cloud computing service contract arrangement that addresses which implementation costs to capitalize as an asset and which costs to expense. Capitalized implementation fees are to be expensed over the term of the cloud computing arrangement, and the expense is required to be recognized in the same line item in the income statement as the associated hosting service expenses. The entity is also required to present the capitalized implementation fees on the balance sheet in the same line item as it would present a prepayment for hosting service fees associated with the cloud computing arrangement. Cash payments for cloud computing arrangements (CCA) implementation costs are classified as cash outflows from operating activities. The effects of the adoption of the ASUs listed below did not significantly impact the Company's financial statements: Standards Adopted Description Effective ASU 2021-05 Leases (Topic 842) Lessors - Certain Leases with Variable Lease Payments This Accounting Standard Update (ASU) modifies a lessor's lease classification requirements for leases with variable lease payments. The adoption of this ASU did not have a significant impact on the Company's consolidated financial statements. January 1, 2022 ASU 2021-04 Earnings Per Share (Topic 260), Debt— Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity This ASU was designed to provide clarification on accounting for the modification or exchanges of freestanding equity-classified call options that remain equity classified after modification or exchange.The adoption of this ASU did not have a significant impact on the Company's consolidated financial statements. January 1, 2022 ASU 2021-08 Business Combinations (Topic 805) Accounting for Contract Assets and Contract Liabilities from Contracts with Customers The ASU is designed improve consistency related to the recognition of contract assets and liabilities from revenue contracts in a business combination. The adoption of this ASU did not have a significant impact on the Company's consolidated financial statements. January 1, 2022 ASU 2021-10 Government Assistance (Topic 832) Disclosures by Business Entities about Government Assistance This guidance improves the transparency of financial reporting by adding requirements for disclosures related to government assistance. The adoption of this ASU did not have a significant impact on the Company's consolidated financial statements. January 1, 2022 Recently Issued Accounting Guidance The following ASUs were recently issued by the FASB, which could significantly impact the Company's financial statements: Standards Pending Adoption Description Effective/Adoption Date Anticipated Impact ASU 2020-04 Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting The standard provides optional expedients and exceptions for applying GAAP to contracts, hedges and other transaction that will be impacted by reference rate reform. March 12, 2020 through December 31, 2024 The Company is currently assessing the impact this ASU will have on its consolidated financial statements. The ASU allows for early adoption in any year end after issuance of the update. ASU 2022-06 Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848 The standard defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. December 31, 2024 The Company does not expect this ASU will have a significant impact on its consolidated financial statements. ASU 2022-04 Liabilities-Supplier Finance Programs The standard improves the transparency of financial reporting by adding requirements for disclosures related supplier finance programs. January 1, 2023 The Company does not expect this ASU will have a significant impact on its consolidated financial statements. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2022 | |
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; however, because the Company is in a net loss position, dilutive shares of 1.5, 1.2 and 1.2 for the years ended December 31, 2022, 2021 and 2020, respectively, are excluded from the shares used in the computation of diluted earnings (loss) per share. 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: 2022 2021 2020 Numerator Income (loss) used in basic and diluted loss per share Net loss $ (585.6) $ (78.1) $ (267.8) Net income (loss) income attributable to noncontrolling interests (4.2) 0.7 1.3 Net loss attributable to Diebold Nixdorf, Incorporated $ (581.4) $ (78.8) $ (269.1) Denominator Weighted-average number of common shares used in basic and diluted earnings (loss) per share (1) 79.0 78.3 77.6 Net loss per share attributable to Diebold Nixdorf, Incorporated Basic and diluted loss per share $ (7.36) $ (1.01) $ (3.47) (1) Shares of 4.2 , 3.9 and 2.4 for the years ended December 31, 2022, 2021 and 2020, respectively, are excluded from the computation of diluted earnings (loss) per share because the effects are anti-dilutive, irrespective of the net loss position. |
Share-Based Compensation and Eq
Share-Based Compensation and Equity | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION AND EQUITY | SHARE-BASED COMPENSATION AND EQUITY Dividends. In May 2018, the Company announced the decision of its Board of Directors to reallocate future dividend funds towards debt reduction and other capital resource needs. Accordingly, the Company has not paid a dividend since 2018. Share-Based Compensation Cost. The Company recognizes costs resulting from all share-based payment transactions based on the fair 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. To cover the exercise and/or vesting of its share-based payments, the Company uses a combination of new shares from its authorized, unissued share pool and its treasury shares. The number of common shares that may be issued pursuant to the 2017 Equity and Performance Incentive Plan (the 2017 Plan) was 15.9, of which 7.1 shares were available for issuance at December 31, 2022. The following table summarizes the components of the Company’s employee and non-employee directors share-based compensation programs recognized as selling and administrative expense for the years ended December 31: 2022 2021 2020 Stock options Pre-tax compensation expense $ 0.3 $ 1.5 $ 1.7 Tax benefit — (0.4) (0.5) Stock option expense, net of tax $ 0.3 $ 1.1 $ 1.2 RSU's Pre-tax compensation expense $ 13.6 $ 8.7 $ 8.9 Tax benefit (1.6) (2.2) (2.2) RSU expense, net of tax $ 12.0 $ 6.5 $ 6.7 Performance shares Pre-tax compensation expense $ (0.5) $ 3.6 $ 4.3 Tax benefit — (1.0) (1.0) Performance share expense, net of tax $ (0.5) $ 2.6 $ 3.3 Total share-based compensation Pre-tax compensation expense $ 13.4 $ 13.8 $ 14.9 Tax benefit (1.6) (3.6) (3.7) Total share-based compensation, net of tax $ 11.8 $ 10.2 $ 11.2 The following table summarizes information related to unrecognized share-based compensation costs as of December 31, 2022: Unrecognized Weighted-Average Period (years) Stock options $ — 0.1 RSUs 6.4 1.2 Performance shares 0.1 0.8 $ 6.5 SHARE-BASED COMPENSATION AWARDS Stock options, RSUs and performance shares have been issued to officers and other management employees under the Company’s Amended and Restated 1991 Equity and Performance Incentive Plan (as amended and restated as of February 12, 2014) (the 1991 Plan) and the 2017 Plan. Certain awards have accelerated vesting clauses upon retirement, which results in either immediate or accelerated expense. Stock Options In previous years, stock options were granted to employees that generally vest after a period of one year to three years and have a term of ten years from the issuance date. No stock options were granted in 2022 or 2021. Option exercise prices typically 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: 2022 2021 2020 Expected life (in years) 0 0 5 Weighted-average volatility — % — % 64 % Risk-free interest rate — % — % 0.49-1.47% Expected dividend yield — % — % — % The Company uses historical data to estimate the expected life within the valuation model. Expected volatility is based on historical volatility of the price of the Company’s common shares over the expected life of the equity instrument. 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, 2022 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, 2022 2.6 $ 13.45 Expired or forfeited (1.1) $ 8.79 Granted — $ — Outstanding at December 31, 2022 1.5 $ 16.81 5 $ — Options exercisable at December 31, 2022 1.5 $ 16.91 5 $ — (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 2022 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, 2022. The amount of aggregate intrinsic value will change based on the fair market value of the Company’s common shares. The aggregate intrinsic value of options exercised was minimal for the years ended December 31, 2022, 2021 and 2020. The weighted-average, grant-date fair value of stock options granted for the year ended December 31, 2020 was $6.05. 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 either cliff vest after one year or vest per annum over a three-year period. Non-vested employee RSUs are forfeited upon termination unless the Board of Directors determines otherwise. Non-vested RSUs outstanding as of December 31, 2022 and changes during the year ended were as follows: Number of Weighted-Average Non-vested at January 1, 2022 1.6 $ 10.87 Forfeited (0.5) $ 9.78 Vested (1.2) $ 9.36 Granted 2.3 $ 6.57 Non-vested at December 31, 2022 2.2 $ 7.53 The weighted-average grant-date fair value of RSUs granted for the years ended December 31, 2022, 2021 and 2020 was $6.57, $13.71 and $10.64, respectively. The total fair value of RSUs vested during the years ended December 31, 2022, 2021 and 2020 was $11.0, $10.3 and $12.7, 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 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 period of four years as well as performance objectives that are assessed annually over a period of four years. No shares are vested unless certain performance threshold objectives are met. Non-vested performance shares outstanding as of December 31, 2022 and changes during the year ended were as follows: Number of Weighted-Average Non-vested at January 1, 2022 (1) 2.2 $ 10.57 Forfeited (1.5) $ 17.75 Vested (0.2) $ 13.45 Granted 0.9 $ 7.28 Non-vested at December 31, 2022 1.4 $ 0.30 (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, 2022 and 2021 was $7.28 and $13.73, respectively. No performance shares were granted in 2020. The total fair value of performance shares vested during the years ended December 31, 2022, 2021 and 2020 was $2.0, $0.0 and $1.2, respectively. Liability Awards In addition to the equity awards described above, the Company has certain performance and service based awards that will be settled in cash and are accounted for as liabilities. The total compensation expense for these awards was $(4.7), $7.1 and $21.4 for the years ended December 31, 2022, 2021 and 2020, respectively. These awards vest ratably over a three-year period. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The following table presents components of loss from operations before taxes for the years ended December 31: 2022 2021 2020 Domestic $ (413.2) $ (168.3) $ (293.8) Foreign (25.4) 117.6 24.3 Total $ (438.6) $ (50.7) $ (269.5) The following table presents the components of income tax expense (benefit) for the years ended December 31: 2022 2021 2020 Current U.S. federal $ 8.5 $ 3.5 $ 3.5 Foreign 43.3 38.2 14.6 State and local 4.0 (1.2) 0.4 Total current 55.8 40.5 18.5 Deferred U.S. federal 62.5 (1.7) 7.1 Foreign 22.4 (11.4) (22.6) State and local 8.5 0.3 (4.0) Total deferred 93.4 (12.8) (19.5) Income tax expense (benefit) $ 149.2 $ 27.7 $ (1.0) Income tax expense (benefit) attributable to loss from operations before taxes differed from the amounts computed by applying the U.S. federal income tax rate of 21 percent to pre-tax loss from operations. The following table presents these differences for the years ended December 31: 2022 2021 2020 Statutory tax benefit $ (92.1) $ (10.6) $ (56.6) State and local taxes (net of federal tax benefit) (17.6) (0.6) (3.6) Brazil non-taxable incentive (4.6) (4.3) (5.2) Valuation allowances 209.8 33.8 32.5 Goodwill impairment 9.3 — — Foreign tax rate differential (4.6) 2.2 (6.1) Tax on unremitted foreign earnings 4.2 0.7 1.8 Change to uncertain tax positions 1.8 (9.2) (23.9) U.S. taxed foreign income 17.1 6.9 8.7 Non-deductible (non-taxable) items 15.5 0.7 12.2 Termination of company owned life insurance — — 35.1 Return to provision 3.3 (0.8) (9.6) Withholding tax and other taxes 5.4 8.7 4.6 Other 1.7 0.2 9.1 Income tax expense (benefit) $ 149.2 $ 27.7 $ (1.0) The effective tax rate for 2022 was (34.0) percent. Tax expense items contributing to the difference from the U.S. federal income tax rate included valuation allowances, U.S. tax on foreign income, non-deductible expenses, goodwill impairments, withholding taxes, changes to uncertain tax position accruals and other items. These items were partially offset by benefits of utilization of U.S. foreign tax credits, nontaxable incentives, and foreign rate differential. The effective tax rate for 2021 was (54.6) percent. Tax expense items contributing to the difference from the U.S. federal income tax rate included valuation allowances related to certain foreign and U.S. tax attributes for which realization does not meet the more likely than not criteria, U.S. tax on foreign income, withholding taxes, non-deductible expenses and other items. These items were partially offset by benefits related to settling certain open tax years in Germany and the U.S. and other changes to uncertain tax position accruals, non-taxable incentives, and other items. The effective tax rate for 2020 was 0.4 percent. Tax expense items contributing to the difference from the U.S. federal income tax rate included U.S. tax on foreign income, valuation allowances related to certain foreign and U.S. tax attributes for which realization does not meet the more likely than not criteria, non-deductible expenses, and the tax effects of terminating certain company-owned life insurance policies. These items were partially offset by tax credits, benefits related to settling certain open tax years in Germany and the U.S., changes to uncertain tax position accruals, and benefit related to regulations issued in 2020 related to US tax reform. 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 more likely than not of being realized upon settlement. Details of the unrecognized tax benefits are as follows: 2022 2021 2020 Balance at January 1 $ 55.1 $ 36.8 $ 50.9 Increases (decreases) related to prior year tax positions, net (1.7) 42.1 0.9 Increases related to current year tax positions — — — Settlements (0.7) (23.3) (7.7) Reductions due to lapse of applicable statute of limitations (0.6) (0.5) (7.3) Balance at December 31 $ 52.1 $ 55.1 $ 36.8 Of the Company's $52.1 unrecognized tax benefits, if recognized, $12.1 would affect the Company's effective tax rate. The remaining $40.0 relates to a prior year tax return position, which if recognized, would be offset by changes in valuation allowances and have no effect on the Company's effective tax rate. The Company classifies interest expense and penalties related to the underpayment of income taxes in the consolidated financial statements as income tax expense. As of December 31, 2022 and 2021, accrued interest and penalties related to unrecognized tax benefits totaled $1.3 and $1.7, respectively. Within the next 12 months, no material changes to our unrecognized tax benefits are expected for currently reserved positions. Tax years prior to 2018 are closed by statute for U.S. federal tax purposes. The Company is subject to tax examination in various U.S. state jurisdictions for tax years 2012 to the present. In addition, the Company is subject to a German tax audit for tax years 2018-2019, and other various foreign jurisdictions for tax years 2013 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: 2022 2021 Deferred tax assets Accrued expenses $ 51.9 $ 50.8 Warranty accrual 12.3 12.4 Deferred compensation 3.0 3.9 Allowances for doubtful accounts 5.0 8.0 Inventories 18.5 19.6 Deferred revenue 28.1 19.8 Pensions, post-retirement and other benefits 48.6 48.8 Deferred finance charges 108.3 — Tax credits — 67.2 Net operating loss carryforwards 179.4 150.7 Capital loss carryforwards 1.3 1.1 State deferred taxes 28.0 8.6 Lease liability 28.9 34.5 Other 22.8 18.8 536.1 444.2 Valuation allowances (468.3) (261.8) Net deferred tax assets $ 67.8 $ 182.4 Deferred tax liabilities Property, plant and equipment, net $ 10.3 $ 12.9 Goodwill and intangible assets 88.2 112.6 Undistributed earnings 34.4 32.2 Right-of-use assets 31.5 34.5 Net deferred tax liabilities 164.4 192.2 Net deferred tax (liability) asset $ (96.6) $ (9.8) Deferred income taxes reported in the consolidated balance sheets as of December 31 are as follows: 2022 2021 Deferred income taxes - assets $ — $ 95.7 Deferred income taxes - liabilities (96.6) (105.5) Net deferred tax (liabilities) assets $ (96.6) $ (9.8) As of December 31, 2022, the Company had domestic and international net operating loss (NOL) carryforwards of $918.0, resulting in an NOL deferred tax asset of $179.4. Of these NOL carryforwards, $454.9 expire at various times between 2023 and 2043 and $463.2 does not expire. The Company recorded a valuation allowance to reflect the estimated amount of certain U.S., 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, 2022 and 2021 was an increase of $206.5 and $32.3, respectively. The 2022 valuation allowance increase was driven primarily by the Company's going concern assessment. Of the total 2022 net increase of $206.5, the Company recorded $209.8 to tax expense, approximately ($3.3) was recorded to shareholder’s equity. For the years ended December 31, 2022 and 2021, provisions were made for foreign withholding taxes and estimated foreign income taxes 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 $994.9 of undistributed earnings at December 31, 2022 in foreign subsidiaries and corporate joint ventures that were 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. The Company’s undistributed earnings in foreign subsidiaries that are deemed permanently reinvested increased compared to the prior-year amount and was primarily impacted by current year income. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Major classes of inventories are summarized as follows: 2022 2021 Raw materials and work in process $ 200.6 $ 194.1 Finished goods 229.4 180.3 Total product inventories 430.0 374.4 Service parts 158.1 169.8 Total inventories $ 588.1 $ 544.2 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 2021 Land and land improvements (1) $ 10.0 $ 10.6 Buildings and building improvements 15-30 68.3 69.1 Machinery, tools and equipment 5-12 81.8 85.2 Leasehold improvements (2) 10 17.1 24.2 Computer equipment 3 101.1 105.6 Computer software 5-10 127.8 129.0 Furniture and fixtures 5-8 54.6 59.7 Tooling 3-5 134.7 141.2 Construction in progress 4.6 7.8 Total property plant and equipment, at cost $ 600.1 $ 632.4 Less accumulated depreciation and amortization 479.4 494.3 Total property plant and equipment, net $ 120.7 $ 138.1 (1) Estimated useful life for land and land improvements is perpetual and 15 years, respectively. (2) The estimated useful life for leasehold improvements is the lesser of 10 years or the term of the lease. During 2022, 2021 and 2020, depreciation expense, computed on a straight-line basis over the estimated useful lives of the related assets, was $29.8, $46.4 and $73.7, respectively. In the second quarter of 2021, the Company sold assets located at the Hamilton, Ohio facility for proceeds of approximately $1.7, which resulted in a gain on sale of $0.4. In the fourth quarter of 2020, the Company sold its former headquarters building in North Canton, Ohio for proceeds of $7.2, which resulted in a gain on sale of $0.6. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS | INVESTMENTS The Company’s investments, primarily in Brazil, consist of certificates of deposit that are recorded at fair value based upon quoted market prices. Changes in fair value are recognized in interest income, determined using the specific identification method, and were minimal. There were no gains from the sale of securities or proceeds from the sale of securities prior to the maturity date for the year ended December 31, 2022. 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 enable 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 19 of the consolidated financial statements), 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 subject to fair value measurement consist of the following: Cost Basis Unrealized Gain Fair Value As of December 31, 2022 Short-term investments Certificates of deposit $ 24.6 $ — $ 24.6 Long-term investments Assets held in a rabbi trust $ 4.3 $ 0.1 $ 4.4 As of December 31, 2021 Short-term investments Certificates of deposit $ 34.3 $ — $ 34.3 Long-term investments: Assets held in a rabbi trust $ 5.4 $ 1.6 $ 7.0 Securities and other investments also includes cash surrender value of insurance contracts of $3.2 and $4.0 as of December 31, 2022 and 2021, respectively. |
Goodwill and Other Assets
Goodwill and Other Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER ASSETS | GOODWILL AND INTANGIBLE ASSETS In the second quarter of 2022, the Company reorganized its reportable segments in connection with the new and simplified operating model implemented by the recently appointed Chief Executive Officer. This organizational change is described in further detail in Note 19 of the consolidated financial statements, and is consistent with how the Chief Executive Officer, the chief operating decision maker (CODM), makes key operating decisions, allocates resources, and assesses the performance of the business. Prior to reorganization, the Company had four reporting units: Eurasia Banking, Americas Banking, EMEA Retail, and Rest of World Retail. The Company's new reporting units, determined in accordance with ASC 350, "Intangibles - goodwill and other", are the same as the operating and reportable segments, which are global Banking and global Retail. The Banking reporting unit is the summation of the legacy Eurasia Banking and Americas Banking reporting units and Retail is the summation of the legacy EMEA Retail and Rest of World Retail reporting units. The new segmentation aligns with the Company's focus on standard and centralized global product and service offerings that support our customer base, which is largely comprised of global financial institutions and retailers. Further the simplified organization does not have regional leaders reporting to the CODM, and operating metrics other than net sales will not be allocated or analyzed on a regional basis largely due to the centralization of our manufacturing and procurement functions. As of April 30, 2022 and as a result of the reporting unit change, we performed an interim quantitative goodwill impairment test for both our old and new reporting units using a combination of the income valuation and market approach methodology. The determination of the fair value of the reporting unit requires significant estimates and assumptions, including significant unobservable inputs. The key inputs included, but were not limited to, discount rates, terminal growth rates, market multiple data from selected guideline public companies, management’s internal forecasts which include numerous assumptions such as projected net sales, gross profit, sales mix, operating and capital expenditures and earnings before interest and taxes margins, among others. No impairment resulted from the quantitative interim goodwill impairment test under either the legacy or new reporting unit structure. Management determined that the fair value of Eurasia Banking had a cushion of approximately 10 percent when compared to its carrying amounts prior to the change. The other legacy reporting units had significant excess fair value or cushion when compared to its carrying amount. Under the new reporting unit structure, Banking had a cushion of approximately 130 percent and Retail had a cushion of approximately 110 percent. Changes in certain assumptions or the Company's failure to execute on the current plan could have a significant impact to the estimated fair value of the reporting units. In addition to the quantitative goodwill impairment test, the Company also performed a reassignment of the goodwill to the new reporting units using a relative fair value allocation approach required by Accounting Standards Codification (ASC) 350. The results of that reassignment are included in the summary below. Legacy Reporting Units New Reporting Unit Eurasia Banking Americas Banking Banking Retail Total Goodwill $ 590.4 $ 444.7 $ — $ 236.2 $ 1,271.3 Accumulated impairment losses (291.7) (122.0) — (57.2) (470.9) Balance at January 1, 2021 $ 298.7 $ 322.7 $ — $ 179.0 $ 800.4 Divestitures — — — (3.3) (3.3) Currency translation adjustment (29.0) (4.6) — (19.9) (53.5) Goodwill $ 561.4 $ 440.1 $ — $ 213.0 $ 1,214.5 Impairment — — — — — Accumulated impairment losses (291.7) (122.0) — (57.2) (470.9) Balance at December 31, 2021 $ 269.7 $ 318.1 $ — $ 155.8 $ 743.6 Currency translation adjustment (6.3) (1.0) — (4.4) (11.7) Goodwill $ 555.1 $ 439.1 $ — $ 208.6 $ 1,202.8 Currency translation adjustment — — (18.6) (11.0) (29.6) Goodwill reassignment (555.1) (439.1) 922.2 72.0 — Goodwill — — 903.6 269.6 1,173.2 Accumulated impairment reassignment 291.7 122.0 (413.7) — Accumulated impairment losses — — (413.7) (57.2) (470.9) Balance at December 31, 2022 $ — $ — $ 489.9 $ 212.4 $ 702.3 Goodwill. In the fourth quarter of 2022 and in connection with the annual goodwill impairment test, the Company performed a quantitative assessment prescribed by ASC 350 using a combination of the income valuation and market approach methodology. The determination of the fair value of the reporting unit requires significant estimates and assumptions, including significant unobservable inputs. The key inputs included, but were not limited to, discount rates, terminal growth rates, market multiple data from selected guideline public companies, management’s internal forecasts which include numerous assumptions such as projected net sales, gross profit, sales mix, operating and capital expenditures and earnings before interest and taxes margins, among others. No impairment resulted from the quantitative annual goodwill impairment test as both reporting units had substantial excess of fair value over carrying value. Intangible Assets. Intangible assets consists of net capitalized software development costs, patents, trademarks and other intangible assets. Where applicable, intangible 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. The following summarizes information on intangible assets by major category: December 31, 2022 December 31, 2021 Weighted-average remaining useful lives Gross Accumulated Net Gross Accumulated Net Customer relationships, net 3.2 years $ 662.3 $ (448.7) $ 213.6 $ 703.3 $ (401.6) $ 301.7 Capitalized software development 2.1 years 245.2 (202.7) 42.5 228.1 (184.9) 43.2 Development costs non-software 0.7 years 48.7 (48.7) — 51.8 (51.6) 0.2 Other 5.0 years 48.7 (47.2) 1.5 50.8 (48.4) 2.4 Other intangible assets, net 342.6 (298.6) 44.0 330.7 (284.9) 45.8 Total $ 1,004.9 $ (747.3) $ 257.6 $ 1,034.0 $ (686.5) $ 347.5 Costs incurred for the development of external-use software that will be sold, leased or otherwise marketed are capitalized when technological feasibility has been established. These costs are included within other intangible assets and are typically amortized on a straight-line basis over the estimated useful lives, which typically do not exceed three years. Amortization begins when the product is available for general release. Costs capitalized include third-party labor, direct labor and related overhead costs. Costs incurred prior to technological feasibility or after general release are expensed as incurred. The Company performs at least annual reviews to ensure that unamortized program costs remain recoverable from future revenue. If future revenue does not support the unamortized program costs, the amount by which the unamortized capitalized cost of a software product exceeds the net realizable value is written off. The following table identifies the activity relating to total capitalized software development: 2022 2021 2020 Beginning balance as of January 1 $ 43.2 $ 38.0 $ 46.0 Capitalization 28.7 31.1 17.2 Amortization (14.1) (23.3) (27.2) Impairment (9.8) — — CTA, transferred to held-for-sale, other (5.5) (2.6) 2.0 Ending balance as of December 31 $ 42.5 $ 43.2 $ 38.0 The Company's total amortization expense, excluding deferred financing costs, was $96.2, $102.7 and $106.7 for the years ended December 31, 2022, 2021 and 2020, respectively. The expected annual amortization expense is as follows: Estimated amortization 2023 $ 88.4 2024 84.2 2025 60.5 2026 19.8 2027 0.3 $ 253.2 |
Guarantees and Product Warranti
Guarantees and Product Warranties | 12 Months Ended |
Dec. 31, 2022 | |
Guarantees and Product Warranties [Abstract] | |
GUARANTEES AND PRODUCT WARRANTIES | PRODUCT WARRANTIESThe 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: 2022 2021 Balance at January 1 $ 36.3 $ 38.6 Current period accruals 19.5 24.4 Current period settlements (26.4) (24.4) Currency translation (1.1) (2.3) Balance at December 31 $ 28.3 $ 36.3 |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING AND OTHER CHARGES | RESTRUCTURING In the fourth quarter of 2021, the Company completed the execution of a multi-year restructuring and transformation program called DN Now. On a cumulative basis, $218.9 of expenses were incurred through December 31, 2021. These costs consisted of $200.2 of severance charges with the remainder related to costs of personnel transitioning out of the organization, and consulting fees paid to third-party organizations who assisted with our transition to a shared service model. In the second quarter of 2022, the Company announced a new initiative to streamline operations, drive efficiencies and digitize processes, targeting annualized cost savings of more than $150.0 by the end of 2023. Throughout 2022, the Company incurred $124.2 of restructuring and transformation costs. The most significant of these costs was $54.9 and $7.6, recorded in the second and fourth quarters of 2022, respectively, that was accrued for severance payments under an ongoing severance benefit program. Consistent with DN Now, other than severance, the remainder of the expenses incurred primarily relate to transitioning personnel and consultant fees in relation to the transformation process. In connection with the latest restructuring initiative, several facilities have been identified for closure, which resulted in a $5.4 impairment of right-of-use assets and related leasehold improvements and furniture and fixtures recorded during the second quarter of 2022. In connection with the organizational simplification and related portfolio optimization, $4.1 of German capitalized software was impaired in the third quarter of 2022. The following table summarizes the impact of the Company’s restructuring and transformation charges, excluding the aforementioned impairments, on the consolidated statements of operations for the years ended December 31: 2022 2021 2020 Cost of sales - services $ 7.7 $ 13.0 $ 14.1 Cost of sales - products 13.1 2.4 8.2 Selling and administrative expense 94.4 13.1 52.9 Research, development and engineering expense 9.0 (0.3) 6.4 Total $ 124.2 $ 28.2 $ 81.6 The following table summarizes the Company’s restructuring severance accrual balance and related activity: Balance at January 1, 2020 $ 42.6 Liabilities incurred 81.6 Liabilities paid/settled (61.3) Balance at December 31, 2020 $ 62.9 Liabilities incurred 15.4 Liabilities paid/settled (43.0) Balance at December 31, 2021 $ 35.3 Liabilities incurred 62.5 Liabilities paid/settled (53.6) Balance at December 31, 2022 $ 44.2 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Outstanding debt balances were as follows: December 31, 2022 2021 Notes payable – current Uncommitted lines of credit $ 0.9 $ 1.6 Revolving Facility — 35.9 2023 Term Loan B Facility - USD 12.9 4.8 2023 Term Loan B Facility - Euro 5.1 4.7 2025 Extended Term Loan B Facility - USD 5.3 — 2025 Extended Term Loan B Facility - EUR 1.1 — Other 1.7 0.3 27.0 47.3 Short-term deferred financing fees (3.0) (0.2) $ 24.0 $ 47.1 Long-term debt Revolving Facility $ — $ 25.0 2023 Term Loan B Facility - USD — $ 381.0 2023 Term Loan B Facility - EUR — 375.6 2024 Senior Notes 72.1 400.0 2025 Senior Secured Notes - USD 2.7 700.0 2025 Senior Secured Notes - EUR 4.7 396.4 2026 Asset Backed Loan (ABL) 182.0 — 2025 Extended Term Loan B Facility - USD 529.5 — 2025 Extended Term Loan B Facility - EUR 95.5 — 2026 2L Notes 333.6 — 2025 Exchanged Senior Secured Notes - USD 718.1 — 2025 Exchanged Senior Secured Notes - EUR 379.7 — 2025 Superpriority Term Loans 400.6 — Other 6.3 4.2 2,724.8 2,282.2 Long-term deferred financing fees (139.0) (36.6) $ 2,585.8 $ 2,245.6 On March 11, 2022, the Company entered into the eleventh and most recent amendment to its Existing Credit Agreement, to amend the financial covenants with respect to its "Total Net Leverage Ratio". On December 29, 2022 (the “Settlement Date”), the Company completed a series of transactions with certain key financial stakeholders to refinance certain debt with near-term maturities and provide the Company with new capital. The transactions and related material definitive agreements entered into by the Company are described below. 2024 Senior Notes On the Settlement Date, the Company completed a private exchange offer and consent solicitation with respect to the outstanding 8.50% Senior Notes due 2024, which included (i) a private offer to certain eligible holders to exchange any and all 2024 Senior Notes for units (the “Units”) consisting of (a) new 8.50%/12.50% Senior Secured PIK Toggle Notes due 2026 issued by the Company (the “2L Notes”) and (b) a number of warrants (the “New Warrants” and, together with the Units and the New Notes, the “New Securities”) to purchase common shares, par value $1.25 per share, of the Company (“Common Shares”) and (ii) a related consent solicitation to adopt certain proposed amendments to the indenture governing the 2024 Senior Notes (the “2024 Senior Notes Indenture”) to eliminate certain of the covenants, restrictive provisions and events of default intended to protect holders, among other things, from such indenture (collectively, the “2024 Exchange Offer and Consent Solicitation”). Pursuant to the 2024 Exchange Offer and Consent Solicitation, the Company accepted $327.9 in aggregate principal amount of the 2024 Senior Notes (representing 81.97% of the aggregate principal amount outstanding of the 2024 Senior Notes) tendered for exchange and issued $333.6 in aggregate principal amount of Units consisting of $333.6 in aggregate principal amount of 2L Notes and 15,813,847 New Warrants to purchase up to 15,813,847 Common Shares. Each New Warrant will initially represent the right to purchase one Common Share, at an exercise price of $0.01 per share. The New Warrants will, in the aggregate and upon exercise, be exercisable for up to 15,813,847 Common Shares (representing 19.99% of the Common Shares outstanding on the business day immediately preceding the Settlement Date), subject to adjustment. Unless earlier cancelled in accordance with their terms, New Warrants can be exercised at any time on and after April 1, 2024 and prior to December 30, 2027 (or, if such day is not a business day, the next succeeding day that is a business day). No cash will be payable by a warrantholder in respect of the exercise price for a New Warrant upon exercise. If a Termination Event (as defined in the agreement governing the Units) occurs with respect to any Units prior to April 1, 2024, the New Warrants forming part of such Units will automatically terminate and become void without further legal effect and will be cancelled for no further consideration. The 2L Notes are the Company’s senior secured obligations and are guaranteed by the Company’s material subsidiaries in the United States, Belgium, Canada, Germany, France, Italy, the Netherlands, Poland, Spain, Sweden and the United Kingdom (the “Specified Jurisdictions”), in each case, subject to agreed guaranty and security principles and certain exclusions. The obligations of the Company and the guarantors are secured (i) on a second-priority basis by certain Non-ABL Priority Collateral (as defined below) held by the Company and those guarantors that are organized in the United States, (ii) on a third-priority basis by certain other Non-ABL Priority Collateral held by the Company and the guarantors and (iii) on a fourth-priority basis by the ABL Priority Collateral (as defined below). The 2L Notes will mature on October 15, 2026 and bear interest at a fixed rate of 8.50% per annum through July 15, 2025, after which interest will accrue at the rate of 8.50% (if paid in cash) or 12.50% (if paid in the form of PIK Interest (as defined in the New indenture governing the 2L Notes (the “2L Notes Indenture”)), subject to the applicable interest period determination election made for each applicable interest period after such date. Interest on the 2L Notes will be payable on January 15 and July 15 of each year, commencing on July 15, 2023. Interest will accrue from the Settlement Date. The 2L Notes will be redeemable at the Company’s option, in whole or in part, at any time at 100% of their principal amount, together with accrued and unpaid interest, subject to certain restrictions. Upon the occurrence of specific kinds of changes of control, the Company will be required to make an offer to repurchase some or all of the 2L Notes at 101% of their principal amount, plus accrued and unpaid interest to, but excluding, the repurchase date, subject to certain restrictions. Further, if the Company or its subsidiaries sell assets, under certain circumstances, the Company will be required to use the net proceeds from such sales to make an offer to purchase New Notes at an offer price in cash in an amount equal to 100% of the principal amount of the New Notes plus accrued and unpaid interest to, but excluding, the repurchase date, subject to certain restrictions. The 2L Notes Indenture contains covenants that, among other things, restrict the ability of the Company and its subsidiaries to incur additional indebtedness and guarantee indebtedness, pay dividends, prepay, redeem or repurchase certain debt, incur liens and to merge, consolidate or sell assets. The Company is required to raise equity capital prior to the maturity date of the 2024 Senior Notes in an amount necessary to repurchase, redeem, prepay or pay in full the Excess Stub Notes. 2025 Senior Secured Notes On the Settlement Date, the Company also completed the private exchange offers and consent solicitations with respect to the outstanding 9.375% Senior Secured Notes due 2025 issued by the Company (the “2025 USD Senior Notes”) and the outstanding 9.000% Senior Secured Notes due 2025 issued by Diebold Nixdorf Dutch Holding B.V. (the “Dutch Issuer”), a direct and wholly owned subsidiary of the Company (the “2025 EUR Senior Notes”, and together with the 2025 USD Senior Notes, the “2025 Senior Notes”), which included (i) private offers to certain eligible holders to exchange (a) any and all 2025 USD Senior Notes for new senior secured notes (the “New 2025 USD Senior Notes”) having the same terms as the 2025 USD Senior Notes, other than the issue date, the first interest payment date, the first date from which interest will accrue and other than with respect to CUSIP and ISIN numbers and (b) any and all 2025 EUR Senior Notes for new senior secured notes (the “New 2025 EUR Senior Notes” and, together with the New 2025 USD Senior Notes, the “New 2025 Notes”) having the same terms as the 2025 EUR Senior Notes, other than the issue date, the first interest payment date, the first date from which interest will accrue and other than with respect to ISIN numbers and common codes and (ii) related consent solicitations to enter into supplemental indentures with respect to (a) the indenture governing the 2025 USD Senior Notes, dated as of July 20, 2020 (the “2025 USD Senior Notes Indenture”), and (b) the indenture governing the 2025 EUR Senior Notes, dated as of July 20, 2020 (the “2025 EUR Senior Notes Indenture” and, together with the 2025 USD Senior Notes Indenture, the “2025 Senior Notes Indentures”), in order to amend certain provisions of the 2025 Senior Notes Indentures to, among other things, permit the refinancing transactions set forth in the Transaction Support Agreement, dated as of October 20, 2022 (as amended, the “Transaction Support Agreement”), among the Company, certain of its subsidiaries and certain creditors (collectively, the “2025 Exchange Offers and Consent Solicitations” and, together with the 2024 Exchange Offer and Consent Solicitation, the “Exchange Offers and Consent Solicitations”). The 2025 Exchange Offers and Consent Solicitations were completed on the terms and subject to the conditions set forth in the Offering Memorandum and Consent Solicitation Statement, dated as of November 28, 2022 (as amended, the “2025 Offering Memorandum”), and the related eligibility letter. Pursuant to the 2025 Exchange Offers and Consent Solicitations, the Company accepted $697.3 in aggregate principal amount of the 2025 USD Senior Notes (representing 99.61% of the aggregate principal amount of the outstanding 2025 USD Senior Notes) tendered for exchange and issued $718.1 in aggregate principal amount of the New 2025 USD Senior Notes. The Dutch Issuer accepted €345.6 in aggregate principal amount of the 2025 EUR Senior Notes (representing 98.75% of the aggregate principal amount of the outstanding 2025 EUR Senior Notes) tendered for exchange and issued €356.0 aggregate principal amount of the New 2025 EUR Senior Notes. In addition, eligible holders received payment in cash for accrued and unpaid interest on the 2025 Senior Notes that were accepted for exchange. The New 2025 USD Senior Notes are the Company’s senior secured obligations. The New 2025 USD Senior Notes and the 2025 USD Senior Notes that remain outstanding are guaranteed by the Company’s material subsidiaries in the Specified Jurisdictions, in each case, subject to agreed guaranty and security principles and certain exclusions. The obligations of the Company and the guarantors are secured (i) on a first-priority basis, ranking pari passu with the Superpriority Facility (as defined below), the 2025 EUR Senior Notes, the New 2025 EUR Senior Notes and the Existing Term Loans (as defined below) (excluding released liens), by certain Non-ABL Priority Collateral held by the Company and those guarantors that are organized in the United States, (ii) on a second-priority basis by certain other Non-ABL Priority Collateral held by the Company and the guarantors and (iii) on a third-priority basis by the ABL Priority Collateral. The New 2025 USD Senior Notes will mature on July 15, 2025 and bear interest at a rate of 9.375% per year from the Settlement Date. Interest on the New 2025 USD Senior Notes will be payable on January 15 and July 15 of each year, commencing on January 15, 2023. The New 2025 USD Senior Notes will be redeemable at the Company’s option, in whole or in part, upon not less than 15 nor more than 60 days’ notice mailed or otherwise sent to each holder, at 104.688% of their principal amount prior to July 15, 2023, 102.344% prior to July 15, 2024 and 100% thereafter, together with accrued and unpaid interest, if any, to, but excluding, the date of redemption, subject to certain restrictions. Upon the occurrence of specific kinds of changes of control, the Company will be required to make an offer to repurchase some or all of the New 2025 USD Senior Notes at 101% of their principal amount, plus accrued and unpaid interest to, but excluding, the repurchase date, subject to certain restrictions. Further, if the Company or its subsidiaries sell assets, under certain circumstances, the Company will be required to use the net proceeds from such sales to make an offer to purchase the New 2025 USD Senior Notes at an offer price in cash in an amount equal to 100% of the principal amount of the New 2025 USD Senior Notes plus accrued and unpaid interest to, but excluding, the repurchase date, subject to certain restrictions. The New 2025 EUR Senior Notes are the Dutch Issuer’s senior secured obligations. The New 2025 EUR Senior Notes and the 2025 EUR Senior Notes that remain outstanding are guaranteed by the Company and the Company’s material subsidiaries (other than the Dutch Issuer) in the Specified Jurisdictions, in each case, subject to agreed guaranty and security principles and certain exclusions. The obligations of the Dutch Issuer and the guarantors are secured (i) on a first-priority basis, ranking pari passu with the Superpriority Facility, the 2025 USD Senior Notes, the New 2025 USD Senior Notes and the Existing Term Loans (excluding released liens), by certain Non-ABL Priority Collateral held by the Company and those guarantors that are organized in the United States, (ii) on a second-priority basis by certain other Non-ABL Priority Collateral held by the Company and the guarantors and (iii) on a third-priority basis by the ABL Priority Collateral. The New 2025 EUR Senior Notes will mature on July 15, 2025 and bear interest at a rate of 9.000% per year from the Settlement Date. Interest on the New 2025 EUR Senior Notes will be payable on January 15 and July 15 of each year, commencing on January 15, 2023. The New 2025 EUR Senior Notes will be redeemable at the Dutch Issuer’s option, in whole or in part, upon not less than 15 nor more than 60 days’ notice mailed or otherwise sent to each holder, at 104.500% of their principal amount prior to July 15, 2023, 102.250% prior to July 15, 2024 and 100% thereafter, together with accrued and unpaid interest, if any, to, but excluding, the date of redemption, subject to certain restrictions. Upon the occurrence of specific kinds of changes of control, the Dutch Issuer will be required to make an offer to repurchase some or all of the New 2025 EUR Senior Notes at 101% of their principal amount, plus accrued and unpaid interest to, but excluding, the repurchase date, subject to certain restrictions. Further, if the Dutch Issuer or its subsidiaries sell assets, under certain circumstances, the Dutch Issuer will be required to use the net proceeds from such sales to make an offer to purchase the New 2025 EUR Senior Notes at an offer price in cash in an amount equal to 100% of the principal amount of the New 2025 EUR Senior Notes plus accrued and unpaid interest to, but excluding, the repurchase date, subject to certain restrictions. The Twelfth Amendment to the Existing Credit Agreement On the Settlement Date, the Company entered into a twelfth amendment (the “Twelfth Amendment”) to the Credit Agreement, dated as of November 23, 2015 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Existing Credit Agreement”). The Twelfth Amendment, among other things, (i) permits the Exchange Offers and Consent Solicitations, the Term Loan Exchange (as defined below), the Superpriority Facility (as defined below), the ABL Facility and certain other related transactions (together, the “Refinancing Transactions”), (ii) removes substantially all negative covenants and mandatory prepayment provisions from the Existing Credit Agreement and (iii) directs the collateral agent under the Existing Credit Agreement to release the liens on certain current-asset collateral securing the ABL Facility on a first-priority basis (the “ABL Priority Collateral”) and certain other collateral securing the Company’s obligations under the Existing Credit Agreement and the Company’s existing subsidiary guarantors’ obligations under the related guarantees (in each case, to the extent permitted, including under applicable law). Superpriority Facility On the Settlement Date, the Company and Diebold Nixdorf Holding Germany GmbH (the “Superpriority Borrower”) entered into a Credit Agreement (the “Superpriority Credit Agreement”), providing for a superpriority secured term loan facility of $400 (the “Superpriority Facility”). On the Settlement Date, the Superpriority Borrower borrowed the full $400 of term loans available (the "Superpriority Term Loans"). The proceeds of the borrowing under the Superpriority Facility were or will be used, respectively, (i) on the Settlement Date, to repay the New Term Loans (as defined below) in an amount equal to 15% of the principal amount of Existing Term Loans (as defined below) that participated in the Term Loan Exchange (the “Initial New Term Loan Paydown”), (ii) on December 31, 2023, to repay the New Term Loans in an amount equal to 5% of the principal amount (at the time of the Term Loan Exchange) of Existing Term Loans that participated in the Term Loan Exchange, subject to satisfaction of certain liquidity conditions, (iii) solely in the event that the repayment in (ii) is not made as a result of such liquidity conditions not being satisfied, on December 31, 2024, to repay the New Term Loans in an amount equal to 5% of the principal amount (at the time of the Term Loan Exchange) of Existing Term Loans that participated in the Term Loan Exchange, subject to satisfaction of the same liquidity condition measured on a pro forma basis on December 31, 2024 and (iv) for general corporate purposes (excluding making payments on any other funded indebtedness). The Superpriority Term Loans will mature on July 15, 2025. The Superpriority Term Loans bear interest equal to (i) in the case of Term Benchmark Loans (as defined in the Superpriority Credit Agreement), the Adjusted Term SOFR Rate (as defined in the Superpriority Credit Agreement and subject to a 4.0% floor) plus a 0.10% credit spread adjustment plus an applicable margin of 6.40% and (ii) in the case of Floating Rate Loans (as defined in the Superpriority Credit Agreement), the Alternate Base Rate (as defined in the Superpriority Credit Agreement and subject to a 5.0% floor) plus an applicable margin of 5.40%. Interest accrued on the Superpriority Loans is payable (i) in the case of Term Benchmark Loans, on the last day of the applicable Interest Period (as defined in the Superpriority Credit Agreement) (provided that, if the Interest Period is longer than three months, interest is also payable on the last day of each three-month interval during such Interest Period), on any date on which the Term Benchmark Loans are repaid, and at maturity, and (ii) in the case of Floating Rate Loans, on the last business day of each March, June, September and December occurring after the Settlement Date, beginning with March 31, 2023, and at maturity. Pursuant to the Transaction Support Agreement, the Superpriority Borrower paid a fee to the lenders under the Superpriority Facility in an amount equal to 6.40% per annum of such lenders’ commitments (the “Ticking Fee”), which began accruing on December 20, 2022 until the Settlement Date. The total amount of the Ticking Fee paid to all lenders was $0.6, and was paid in the form of additional Superpriority Term Loans on the Settlement Date. The obligations of the Superpriority Borrower under the Superpriority Facility are guaranteed, subject to certain exclusions and agreed guaranty and security principles, by the Company and the Company’s material subsidiaries in the Specified Jurisdictions and secured (i) on a first-priority basis by substantially all assets (subject to agreed guaranty and security principles and certain exclusions) other than the ABL Priority Collateral (the “Non-ABL Priority Collateral”) held by the Superpriority Borrower and those guarantors that are organized outside the United States and certain Non-ABL Priority Collateral held by the Company and those guarantors that are organized in the United States, (ii) on a first-priority basis, ranking pari passu with the New Term Loans, the 2025 Senior Notes, the New 2025 Notes and the Existing Term Loans (excluding released liens), by certain Non-ABL Priority Collateral held by the Company and those guarantors that are organized in the United States and (iii) on a second-priority basis by the ABL Priority Collateral. The Superpriority Borrower may prepay the Superpriority Term Loans at any time; provided that voluntary prepayments and certain mandatory prepayments made (i) prior to December 29, 2024 must be accompanied by a customary make-whole premium and (ii) on or after December 29, 2024 must be accompanied by a premium of 5.00% of the aggregate principal amount of the Superpriority Term Loans being prepaid. The Superpriority Credit Agreement additionally provides that the Superpriority Borrower is required to prepay the Superpriority Term Loans in certain circumstances, including (i) in connection with asset sales, where mandatory prepayments must be made with the proceeds of such asset sales and accompanied by a premium of 1.00% of the aggregate principal amount of the loans being prepaid, and (ii) in connection with change of control and certain other transformative transactions, where prepayments must be accompanied by a premium of 5.00% of the aggregate principal amount of the loans being prepaid. Amounts borrowed and repaid under the Superpriority Facility may not be reborrowed. The Superpriority Credit Agreement contains affirmative and negative covenants customary for facilities of its type, including, but not limited to, delivery of financial information, limitations on mergers, consolidations and fundamental changes, limitations on sales of assets, limitations on investments and acquisitions, limitations on liens, limitations on transactions with affiliates, limitations on indebtedness, limitations on negative pledge clauses, limitations on restrictions on subsidiary distributions, limitations on restricted payments and limitations on certain payments of indebtedness. The Superpriority Credit Agreement contains restrictions on making repayments of certain junior indebtedness prior to their maturity, subject to certain specified repayment conditions. The Superpriority Credit Agreement provides for certain customary events of default, including, but not limited to, nonpayment of principal, interest, fees or other amounts, breach of covenants, cross default and cross acceleration to material indebtedness, voluntary and involuntary bankruptcy or insolvency proceedings, unpaid material judgments and change of control. Term Loans On December 16, 2022, the Company made an offer to (i) each of the lenders (collectively, the “Existing Dollar Term Lenders”) holding certain dollar term loans (the “Existing Dollar Term Loans”) under the Existing Credit Agreement providing for the opportunity to exchange all (but not less than all) of the principal amount of its Existing Dollar Term Loans for the same principal amount of Dollar Term Loans (the “New Dollar Term Loans”) as defined in and made pursuant to the New Term Loan Credit Agreement (as defined below), plus the Transaction Premium (as defined in the Twelfth Amendment), and (ii) each of the lenders (collectively, the “Existing Euro Term Lenders” and together with the Existing Dollar Term Lenders, the “Existing Term Lenders”) holding certain euro term loans (the “Existing Euro Term Loans” and together with the Existing Dollar Term Loans, the “Existing Term Loans”; the loan facility for the Existing Term Loans, the “Existing Term Loan Facility”) providing for the opportunity to exchange all (but not less than all) of the principal amount of its Existing Euro Term Loans for either (a) the same principal amount of Euro Term Loans (the “New Euro Term Loans” and together with the New Dollar Term Loans, the “New Term Loans”; the loan facility for the New Term Loans, the “New Term Loan Facility”) as defined in and made pursuant to the New Term Loan Credit Agreement or (b) the same principal amount of New Dollar Term Loans (with the exchange rate used for such conversion of the existing principal amount denominated in euros to the equivalent new principal amount denominated in dollars determined by reference to the WMR 4pm London Mid Spot Rate published by Refinitiv at 4:00 p.m. (London Time) on the date that was two business days prior to the Settlement Date), in each case, plus the Transaction Premium (collectively, clauses (i) and (ii), the “Term Loan Exchange Offer” and the exchange pursuant to the Term Loan Exchange Offer, the “Term Loan Exchange”). On the Settlement Date, the Company completed the Term Loan Exchange whereby approximately 96.6% of the aggregate principal amount of Existing Dollar Term Loans and approximately 98.6% of the aggregate principal amount of Existing Euro Term Loans, were exchanged into $626.0 (including a transaction premium of $18.2) in aggregate principal amount of New Dollar Term Loans, and €106.0 (including a transaction premium of € 3.1) in aggregate principal amount of New Euro Term Loans. Substantially concurrently with the completion of the Term Loan Exchange Offer, the Company prepaid $91.2 in aggregate principal amount of New Dollar Term Loans and €15.4 in aggregate principal amount of New Euro Term Loans, pursuant to the Initial New Term Loan Paydown and consistent with the Transaction Support Agreement. On December 31, 2023, the Company will prepay $30.4 in aggregate principal amount of the New Dollar Term Loans and €5.1 in aggregate principal amount of the New Euro Term Loans, subject to satisfaction of certain liquidity conditions. As a result of the Term Loan Exchange, the Company’s obligations in respect of the Existing Term Loans of each lender who participated in the Term Loan Exchange were discharged and deemed satisfied in full, and each such lender’s commitments with respect to the Existing Term Loans were canceled. The terms of the New Term Loans are governed by a Credit Agreement (the "New Term Loan Credit Agreement"), dated as of the Settlement Date, among the Company the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent, and GLAS America LLC, as collateral agent, which provides that the New Term Loans will mature on July 15, 2025. The New Term Loans bear interest at a rate equal to (i) in the case of Term Benchmark Loans (as defined in the New Term Loan Credit Agreement), (a) for New Dollar Term Loans, the Adjusted Term SOFR Rate (as defined in the New Term Loan Credit Agreement and subject to a 1.50% floor) plus a 0.10% credit spread adjustment plus an applicable margin of 5.25% and (b) for New Euro Term Loans, the Adjusted EURIBOR Rate (as defined in the New Term Loan Credit Agreement and subject to a 0.50% floor) plus an applicable margin of 5.50% and (ii) in the case of Floating Rate Loans (as defined in the New Term Loan Credit Agreement), the Alternate Base Rate (as defined in the New Term Loan Credit Agreement and subject to a 2.50% floor) plus an applicable margin of 4.25%. Interest accrued on the New Term Loans is payable (i) in the case of Term Benchmark Loans, on the last day of the applicable Interest Period (as defined in the New Term Loan Credit Agreement) (provided that, if the Interest Period is longer than three months, interest is also payable on the last day of each three month interval during such Interest Period), on any date on which the Term Benchmark Loans are repaid and at maturity, (ii) in the case of Floating Rate Loans, on the last business day of each March, June, September and December occurring after the Settlement Date, beginning with March 31, 2023, and at maturity. The obligations of the Company under the New Term Loan Credit Agreement are guaranteed, subject to certain exclusions and agreed guaranty and security principles, by the Company’s material subsidiaries in the Specified Jurisdictions and secured (i) on a first-priority basis, ranking pari passu with the Superpriority Facility, the 2025 Senior Notes, the New 2025 Notes and the Existing Term Loans (excluding released liens), by certain Non-ABL Priority Collateral held by the Company and those guarantors that are organized in the United States, (ii) on a second-priority basis by certain other Non-ABL Priority Collateral held by the guarantors that are organized outside the United States and (iii) on a third-priority basis by the ABL Priority Collateral. The New Term Loan Credit Agreement contains affirmative and negative covenants customary for facilities of its type, including, but not limited to, delivery of financial information, limitations on mergers, consolidations and fundamental changes, limitations on sales of assets, limitations on investments and acquisitions, limitations on liens, limitations on transactions with affiliates, limitations on indebtedness, limitations on negative pledge clauses, limitations on restrictions on subsidiary distributions, limitations on restricted payments and limitations on certain payments of indebtedness. The New Term Loan Credit Agreement provides that the Company may prepay the New Term Loans at any time without premium or penalty, subject to restrictions contained in the documentation governing the Company’s other indebtedness. The New Term Loan Credit Agreement additionally provides that the Company will be required to prepay the New Term Loans in certain circumstances (without premium), including with the proceeds of asset sales and in connection with change of control transactions. Once repaid, the New Term Loans may not be reborrowed. ABL Revolving Credit and Guaranty Agreements On the Settlement Date, the Company and subsidiary borrowers (together with the Company, the “ABL Borrowers”) entered into a Revolving Credit and Guaranty Agreement (the “ABL Credit Agreement”). The ABL Credit Agreement provides for an asset-based revolving credit facility (the “ABL Facility”) consisting of three Tranches (respectively, “Tranche A,” “Tranche B” and “Tranche C”) with a total commitment of up to $250, including a Tranche A commitment of up to $155, a Tranche B commitment of up to $25 and a Tranche C commitment of up to $70. Letters of credit are limited to the lesser of (i) $50 and (ii) the aggregate unused amount of the applicable lenders’ Tranche A commitments then in effect. Swing line loans are limited to the lesser (i) $50 and (ii) in respect of an applicable borrower, such borrower’s Tranche A available credit then in effect. Subject to currencies available under the applicable Tranche, loans under the ABL Facility may be denominated, depending on the Tranche being drawn, in U.S. Dollars, Canadian Dollars, Euros and Pounds Sterling. The ABL Facility replaced the commitments of the Company’s existing revolving credit lenders under the Existing Credit Agreement, which were repaid in full and terminated on the Settlement Date. On the Settlement Date, certain ABL Borrowers borrowed a total of $182 under the ABL Facility, consisting of $122 of Tranche A loans and $60 of Tranche C loans. The proceeds of borrowing under the ABL Facility were or will be used, as applicable, (i) to finance the Refinancing Transactions, including the repayment of revolving loans outstanding under the Existing Credit Agreement on the Settlement Date, (ii) to finance the ongoing working capital requirements of the ABL Borrowers and their respective subsidiaries and (iii) for other general corporate purposes. The ABL Facility will mature on July 20, 2026, subject to a springing maturity to a date that is 91 days prior to the maturity date of any indebtedness for borrowed money (other than any Existing Term Loans or 2024 Senior Notes that were not exchanged in connection with the Refinancing Transactions) in an aggregate principal amount of more than $25 incurred by the Company or any of its subsidiaries. Loans under the ABL Facility bear interest determined by reference to a benchmark rate plus a margin of between 1.50% and 3.00%, in each case, depending on the amount of excess availability, the currency of the loans and the type of loans under the ABL Facility. A commitment fee equal to 0.50% per annum of the average daily unused portion is also payable quarterly by the ABL Borrowers under the ABL Facility. The ABL Borrowers may borrow only up to the lesser of the level of the then-current borrowing base and the committed maximum borrowing capacity of $250, subject to certain sub-caps that are applicable under the ABL facility. The obligations of the ABL Borrower |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests (Notes) | 12 Months Ended |
Dec. 31, 2022 | |
Redeemable Noncontrolling Interests [Abstract] | |
Noncontrolling Interest Disclosure [Text Block] | NOTE 12: REDEEMABLE NONCONTROLLING INTERESTS Changes in redeemable noncontrolling interests were as follows: 2022 2021 2020 Balance at January 1 $ — $ 19.2 $ 20.9 Other comprehensive income — — — Redemption value adjustment — — (1.7) Redemption of shares — — — Termination of put option — (19.2) — Balance at December 31 $ — $ — $ 19.2 During the first quarter of 2021, the Company entered into an agreement whereby its ownership percentage in a certain consolidated but non-wholly owned subsidiary in Europe was reduced by means of capital contributions from noncontrolling shareholders totaling $12.7. Following entry into the agreement, the Company maintains a controlling interest in the subsidiary. As part of this agreement, the put option that could have required the Company to acquire the noncontrolling shares was irrevocably waived, reducing the redeemable noncontrolling interest to zero. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss (Notes) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2020 $ (256.7) $ (2.6) $ (6.1) $ (146.9) $ (0.6) $ (412.9) Other comprehensive income (loss) before reclassifications (1) (54.2) 0.7 8.6 7.0 (0.9) (38.8) Amounts reclassified from AOCI — — (2.1) 75.3 — 73.2 Net current period other comprehensive income (loss) (54.2) 0.7 6.5 82.3 (0.9) 34.4 Balance at December 31, 2021 $ (310.9) $ (1.9) $ 0.4 $ (64.6) $ (1.5) $ (378.5) Other comprehensive income (loss) before reclassifications (1) (41.2) — 5.5 0.9 2.8 (32.0) Amounts reclassified from AOCI — — (0.6) 51.1 — 50.5 Net current period other comprehensive income (loss) (41.2) — 4.9 52.0 2.8 18.5 Balance at December 31, 2022 $ (352.1) $ (1.9) $ 5.3 $ (12.6) $ 1.3 $ (360.0) (1) Other comprehensive income (loss) before reclassifications within the translation component excludes (gains)/losses of $(5.9) and $(0.6) of translation attributable to noncontrolling interests for December 31, 2022 and 2021, respectively. The following table summarizes the details about amounts reclassified from AOCI for the years ended December 31: 2022 2021 Amount Reclassified from AOCI Amount Reclassified from AOCI Affected Line Item in the Statement of Operations Interest rate hedges (net of tax of $0.1 and $0.8, respectively) $ (0.6) $ (2.1) Interest expense Pension and post-retirement benefits: Net prior service benefit amortization (net of tax of $0.0 and $0.0, respectively) 2.4 — (1) Net actuarial gains recognized during the year (net of tax of $0.0 and $23.2, respectively) 38.5 76.0 (1) Net actuarial gains (losses) recognized due to settlement (net of tax of $0.0 and $(0.4), respectively) 10.2 (0.7) (1) 51.1 75.3 Total reclassifications for the period $ 50.5 $ 73.2 (1) Pension and other post-retirement benefits AOCI components are included in the computation of net periodic benefit cost (refer to Note 15 of the consolidated financial statements |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Notes) | 12 Months Ended |
Dec. 31, 2022 | |
Divestitures [Abstract] | |
Acquisitions and Divestitures | ACQUISITIONS AND DIVESTITURES Divestitures In the first and second quarters of 2022, the Company received net proceeds of $5.8 and $4.7, respectively, from the German reverse vending business sale. The Company signed a divestiture agreement for its German reverse vending business in the fourth quarter of 2021, however the transaction had not closed as it was pending the regulatory process as of December 31, 2021. An impairment loss was recorded in 2021 related to this transaction for $1.3. In the third quarter of 2022, the Company received $3.5 in cash proceeds related to the sale of IT assets with no book value. In the fourth quarter of 2022, the Company received $2.7 in cash proceeds and recognized $1.9 of gain related to the sale of a building in Belgium. In the second quarter of 2021, the Company divested its Asia Pacific Electronic Security business, a non-core, wholly owned portion of the banking business. The sale resulted in a gain of approximately $1.0 and cash proceeds of $5.8. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | BENEFIT PLANS Qualified Retirement Benefits. The Company has a qualified retirement plan covering certain U.S. employees that has been closed to new participants since 2003 and frozen since December 2013. The Company has a number of non-U.S. defined benefit plans covering eligible employees located predominately in Europe, the most significant of which are German plans. Benefits for these plans are based primarily on each employee's final salary, with annual adjustments for inflation. The obligations in Germany consist of employer funded pension plans and deferred compensation plans. The employer funded pension plans 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. The Company has other defined benefit plans outside the U.S., which have not been mentioned here due to materiality. Supplemental Executive Retirement Benefits. The Company has non-qualified pension plans in the U.S. to provide supplemental retirement benefits to certain officers, which have also been frozen since December 2013. Benefits are payable at retirement based upon a percentage of the participant’s compensation, as defined. 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 U.S. Plans Non-U.S. Plans 2022 2021 2022 2021 2022 2021 Change in benefit obligation Benefit obligation at beginning of year $ 584.4 $ 620.1 $ 420.5 $ 468.7 $ 5.7 $ 13.7 Service cost — — 8.9 9.8 — 0.1 Interest cost 17.3 15.9 4.1 2.9 0.2 0.7 Actuarial gain (133.8) (24.0) (80.5) (5.4) (1.2) (8.0) Plan participant contributions — — 1.2 1.4 — — Benefits paid (25.7) (27.6) (6.5) (6.5) (0.5) (0.5) Plan amendments — — (2.4) (2.9) — — Settlements (82.4) — (24.6) (18.4) — — Foreign currency impact — — (22.9) (29.1) 0.1 (0.3) Acquired benefit plans and other — — (0.3) — — — Benefit obligation at end of year 359.8 584.4 297.5 420.5 4.3 5.7 Change in plan assets Fair value of plan assets at beginning of year 511.3 486.4 394.4 394.1 — — Actual return on plan assets (113.8) 48.9 (27.6) 41.6 — — Employer contributions 3.6 3.5 10.9 9.6 0.5 0.5 Plan participant contributions — — 1.2 1.4 — — Benefits paid (25.7) (27.5) (6.5) (6.5) (0.5) (0.5) Foreign currency impact — — (22.5) (27.5) — — Settlements (82.4) — (24.6) (18.3) — — Fair value of plan assets at end of year 293.0 511.3 325.3 394.4 — — Funded status $ (66.8) $ (73.1) $ 27.8 $ (26.1) $ (4.3) $ (5.7) Amounts recognized in balance sheets Noncurrent assets $ — $ — $ — $ — $ — $ — Current liabilities 3.5 3.5 3.1 3.3 0.5 0.6 Noncurrent liabilities (1) 63.3 69.6 (30.9) 22.7 3.8 5.1 Accumulated other comprehensive loss: Unrecognized net actuarial (loss) gain (2) (77.3) (94.9) 45.4 13.8 5.6 4.8 Unrecognized prior service (cost) benefit (2) — — 5.9 3.9 — Net amount recognized $ (10.5) $ (21.8) $ 23.5 $ 43.7 $ 9.9 $ 10.5 (1) Included in the consolidated balance sheets in pensions, post-retirement and other benefits. (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 U.S. Plans Non-U.S. Plans 2022 2021 2022 2021 2022 2021 Change in accumulated other comprehensive loss Balance at beginning of year $ (94.9) $ (154.5) $ 17.7 $ (3.8) $ 4.8 $ (3.8) Prior service credit/loss recognized during the year — — 2.4 — — — Net actuarial gains (losses) recognized during the year (1.1) 50.6 38.4 23.6 1.2 8.0 Net actuarial (losses) gains occurring during the year 4.4 9.0 (1.6) 0.3 (0.5) 0.2 Net actuarial losses recognized due to settlement 14.3 — (4.1) (1.1) — — Acquired benefit plans and other — — — (0.1) — 0.2 Foreign currency impact — — (1.5) (1.2) 0.1 0.2 Balance at end of year $ (77.3) $ (94.9) $ 51.3 $ 17.7 $ 5.6 $ 4.8 Retirement Benefits Other Benefits U.S. Plans Non-U.S. Plans 2022 2021 2020 2022 2021 2020 2022 2021 2020 Components of net periodic benefit cost Service cost $ — $ — $ 3.8 $ 8.9 $ 9.8 $ 9.8 $ — $ 0.1 $ 0.1 Interest cost 17.3 15.9 18.9 4.1 2.9 4.0 0.2 0.7 0.8 Recognition/establishment of Germany benefit obligation — — — — — — — — — Expected return on plan assets (21.2) (22.3) (25.4) (14.5) (14.5) (13.4) — — — Other Adjustments — — — — — 0.2 — — — Amortization of prior service cost — — — (0.4) (0.1) 2.8 — — — Recognized net actuarial (gain) loss 4.4 8.9 7.8 (1.6) 0.3 (0.6) (0.4) 0.2 0.4 Settlement (gain) loss 14.3 — — (4.1) (1.1) 1.1 — — — Net periodic benefit cost $ 14.8 $ 2.5 $ 5.1 $ (7.6) $ (2.7) $ 3.9 $ (0.2) $ 1.0 $ 1.3 The following table represents information for pension plans with an accumulated benefit obligation in excess of plan assets at December 31: U.S. Plans Non-U.S. Plans 2022 2021 2022 2021 Projected benefit obligation $ 359.8 $ 584.4 $ 189.2 $ 293.9 Accumulated benefit obligation $ 359.8 $ 584.4 $ 181.6 $ 282.3 Fair value of plan assets $ 293.0 $ 511.3 $ 51.7 $ 88.7 The following table represents the weighted-average assumptions used to determine benefit obligations at December 31: Pension Benefits Other Benefits U.S. Plans Non-U.S. Plans 2022 2021 2022 2021 2022 2021 Discount rate 5.59% 2.99% 4.92% 2.39% 6.84% 4.22% Rate of compensation increase N/A N/A 3.88% 3.89% 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 U.S. Plans Non-U.S. Plans 2022 2021 2022 2021 2022 2021 Discount rate 2.99% 2.62% 2.39% 1.90% 4.22% 5.19% Expected long-term return on plan assets 5.25% 6.05% 3.30% 3.32% N/A N/A Rate of compensation increase N/A N/A 3.89% 3.63% 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 2021, the Society of Actuaries released new mortality tables (Pri-2012) and projection scales resulting from recent studies measuring mortality rates for various groups of individuals. As of December 31, 2022, the Company used the Pri-2012 mortality tables and the MP-2021 mortality projection scales. The Pri-2012 mortality tables were also used in 2021. The following table represents assumed healthcare cost trend rates at December 31: 2022 2021 Healthcare cost trend rate assumed for next year 6.0% 5.6% Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.0% 4.0% Year that rate reaches ultimate trend rate 2046 2045 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 6.0 percent and 5.6 percent in 2022 and 2021, respectively, with an ultimate trend rate of 4.0 percent reached in 2046. Assumed healthcare cost trend rates have a modest effect on the amounts reported for the healthcare plans. A one-percentage-point change in assumed healthcare cost trend rates results in a minimal impact to total service and interest cost and post-retirement benefit obligation. 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. The following table summarizes the Company’s target allocation for these asset classes in 2023, 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, 2022 and 2021: U.S. Plans Non-U.S. Plans Target Actual Target Actual 2023 2022 2021 2023 2022 2021 Equity securities 41% 43% 46% 52% 52% 55% Debt securities 50% 48% 50% 26% 26% 25% Real estate 4% 7% 3% 8% 8% 12% Other 5% 2% 1% 14% 14% 8% Total 100% 100% 100% 100% 100% 100% The following table summarizes the fair value categorized into a three level hierarchy, as discussed in Note 1 of the consolidated financial statements, based upon the assumptions (inputs) of the Company’s plan assets as of December 31, 2022: U.S. Plans Non-U.S. Plans Fair Value Level 1 Level 2 NAV Fair Value Level 1 Level 2 NAV Cash and short-term investments $ 1.8 $ 1.8 $ — $ — $ 12.1 $ 11.4 $ — $ 0.7 Mutual funds 0.8 0.8 — — — — — — Equity securities U.S. small cap core — — — — — — — — International developed markets — — — — 170.4 167.5 — 2.9 Fixed income securities U.S. corporate bonds — — — — — — — — International corporate bonds — — — — 59.6 50.1 — 9.5 U.S. government — — — — — — — — Fixed and index funds — — — — 23.7 14.2 — 9.5 Common collective trusts Real estate (a) 20.1 — — 20.1 25.5 — 14.5 11.0 Other (b) 263.1 — — 263.1 16.8 — — 16.8 Alternative investments Private equity funds (c) 7.2 — — 7.2 — — — — Other alternative investments (d) — — — — 17.2 0.3 — 16.9 Fair value of plan assets at end of year $ 293.0 $ 2.6 $ — $ 290.4 $ 325.3 $ 243.5 $ 14.5 $ 67.3 The following table summarizes the fair value of the Company’s plan assets as of December 31, 2021: U.S. Plans Non-U.S. Plans Fair Value Level 1 Level 2 NAV Fair Value Level 1 Level 2 NAV Cash and short-term investments $ 2.5 $ 2.5 $ — $ — $ 19.7 $ 19.7 $ — $ — Other 0.5 0.5 — — — — — — Mutual funds 1.1 1.1 — — 0.7 — — 0.7 Equity securities U.S. small cap core — — — — — — — — International developed markets — — — — 216.8 214.6 — 2.2 Fixed income securities U.S. corporate bonds — — — — — — — — International corporate bonds — — — — 58.8 58.8 — — U.S. government — — — — — — — — Fixed and index funds — — — — 38.6 18.9 — 19.7 Common collective trusts Real estate (a) 17.2 — — 17.2 45.8 — 15.9 29.9 Other (b) 485.9 — — 485.9 — — — — Alternative investments Multi-strategy hedge funds — — — — — — — — Private equity funds (c) 4.1 — — 4.1 — — — — Other alternative investments (d) — — — — 14.0 0.4 — 13.6 Fair value of plan assets at end of year $ 511.3 $ 4.1 $ — $ 507.2 $ 394.4 $ 312.4 $ 15.9 $ 66.1 In 2022 and 2021, the 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. (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, 2022, investments in this CCT, for U.S. plans, included approximately 22 percent office, 27 percent residential, 10 percent retail and 41 percent industrial, cash and other. As of December 31, 2021, investments in this CCT, for U.S. plans, included approximately 31 percent office, 24 percent residential, 12 percent retail and 33 percent industrial, cash and other. Investments in the real estate CCT can be redeemed once per quarter subject to available cash, with a 30-day notice. (b) Other common collective trusts. At December 31, 2022, approximately 53 percent of the other CCTs are invested in fixed income securities including 36 percent in corporate bonds and 64 percent in U.S. Treasury and other. Approximately 19 percent of the other CCTs at December 31, 2022 are invested in Russell 1000 Fund large cap index funds, 16 percent in International Funds, and approximately 12 percent in funds, including emerging markets, real assets, and other funds. At December 31, 2021, approximately 52 percent of the other CCTs are invested in fixed-income securities, including approximately 42 percent in corporate bonds and 58 percent in U.S. Treasury and other. Approximately 20 percent of the other CCTs at December 31, 2021 are invested in Russell 1000 Fund large cap index funds, 15 percent in International Funds, and approximately 13 percent in funds, including emerging markets, real assets, and other funds. Investments in all common collective trust securities can be redeemed daily. (c) 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, 2022 and 2021, investments in these private equity funds include approximately 26 percent and 33 percent, respectively, in buyout private equity funds that usually invest in mature companies with established business plans, approximately 17 percent and 19 percent, respectively, in special situations private equity and debt funds that focus on niche investment strategies and approximately 24 percent and 29 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, 2022 and 2021 the Company had unfunded commitments of underlying funds $1.6 and $2.4, respectively. (d) 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 CTA. The following table represents the amortization amounts expected to be recognized during 2023: U.S. Pension Benefits Non-U.S. Pension Benefits Other Benefits Amount of net prior service credit $ — $ (0.7) $ — Amount of net loss (gain) $ 0.6 $ (3.7) $ (0.6) The Company contributed $15.0 to its retirement and other benefit plans, including contributions to the nonqualified plan and benefits paid from company assets. In 2022, the Company received a reimbursement of $17.0 from the CTA assets to the Company for benefits paid directly from company assets during the year ended December 31, 2022. The Company expects to contribute approximately $0.6 to its other post-retirement benefit plan and expects to contribute approximately $26.2 to its retirement plans, including the nonqualified plan, as well as benefits payments directly from the Company during the year ending December 31, 2023. The Company anticipates reimbursement of approximately $22 for certain benefits paid from its trustee in 2022. The following benefit payments, which reflect expected future service, are expected to be paid: U.S. Pension Benefits Non-U.S. Pension Benefits Other Benefits Other Benefits 2023 $ 22.5 $ 22.6 $ 0.6 $ 0.5 2024 $ 23.3 $ 18.9 $ 0.5 $ 0.5 2025 $ 24.2 $ 20.1 $ 0.5 $ 0.5 2026 $ 25.0 $ 20.9 $ 0.5 $ 0.5 2027 $ 25.7 $ 22.6 $ 0.5 $ 0.4 2028-2032 $ 132.8 $ 103.4 $ 1.9 $ 1.8 During 2022 the Company executed settlement agreements that reduced benefit obligations by $107.0 and resulted in non-cash expense of $10.1. These settlements included an agreement that the U.S. Pension Plan executed during the third quarter of 2022, which reduced benefit obligations by $82.4. As a result of the U.S. settlement, the Company recognized a non-cash expense of $14.3 which is reported in miscellaneous, net on the condensed consolidated statement of operations. 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. The Company match is determined by the Board of Directors and evaluated at least annually. Total Company match was $7.0, $7.4 and $6.9 for the years ended December 31, 2022, 2021 and 2020, respectively. The Company's basic match is 50 percent on the first 6 percent of a participant's qualified contributions, subject to IRS limits. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases, Operating and Financing Leases | LEASES The Company utilizes lease agreements to meet its operating needs. These leases support global staff via the use of office space, warehouses, vehicles and IT equipment. The Company utilizes both operating and finance leases in its portfolio of leased assets, however, the majority of these leases are classified as operating. A significant portion of the volume of the lease portfolio is in fleet vehicles and IT office equipment; however, real estate leases constitute a majority of the value of the right-of-use (ROU) assets. Lease agreements are utilized worldwide, with the largest location concentration in the United States, Germany and India. The Company made the following elections related to the January 1, 2019 adoption of ASU No. 2016-02, Leases: ● The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which allowed the Company to carry forward its ASC 840 assessment regarding definition of a lease, lease classification and initial direct costs. ● The practical expedient related to land easements is not applicable as the Company currently does not utilize any easements. ● The Company declined the hindsight practical expedient to determine the lease term and ROU asset impairment for existing leases. The decision to decline the hindsight practical expedient resulted in relying on assessments made under ASC 840 during transition and re-assessing under ASC 842 going forward. ● The Company declined the short-term lease exception, therefore recognizing all leases in the ROU asset and lease liability balances. Consistent with ASC 842 requirements, leases that are one month or less are not included in the balance. ● The Company elected to not separate non-lease components from lease components and, instead, to account for each separate lease component and the non-lease components associated with it as a single lease component, recognized on the balance sheet. This election has been made for all classes of underlying assets. ● The Company elected to use a grouping/portfolio approach on applying discount rates to leases at transition, for certain groups of leases where it was determined that using this approach would not differ materially from a lease-by-lease approach. The Company's lease population has initial lease terms ranging from less than one year to approximately fifteen years. Some leases include one or more options to renew, with renewal terms that can extend the lease term from six months to 15 years. The Company assesses these renewal/extension options using a threshold of reasonably certain, which is a high threshold and, therefore, the majority of its lease terms for accounting purposes do not include renewal periods. For leases where the Company is reasonably certain to renew, those optional periods are included within the lease term and, therefore, the measurement of the ROU asset and lease liability. Some of the vehicle and IT equipment leases also include options to purchase the leased asset, typically at end of term at fair market value. Some of the Company's leases include options to terminate the lease early. This allows the contract parties to terminate their obligations under the lease contract, sometimes in return for an agreed upon financial consideration. The terms and conditions of the termination options vary by contract, and for those leases where the Company is reasonably certain to use these options, the term and payments recognized in the measurement of ROU assets and lease liabilities has been updated accordingly. Additionally, there are several open-ended lease arrangements where the Company controls the option to continue or terminate the arrangement at any time after the first year. For these arrangements, the Company has analyzed a mix of historical use and future economic incentives to determine the reasonable expected holding period. This term is used for measurement of ROU assets and lease liabilities. The following table summarizes the weighted-average remaining lease terms and discount rates related to the Company's lease population: December 31, 2022 December 31, 2021 Weighted-average remaining lease terms (in years) Operating leases 5.8 4.0 Finance leases 3.1 3.3 Weighted-average discount rate Operating leases 15.4% 6.8% Finance leases 11.9% 6.2% Certain lease agreements include payments based on a variety of global indexes or rates. These payment amounts have been projected using the index or rate as of lease commencement or the transition date and measured in ROU assets and lease liabilities. Other leases contain variable payments that are based on actual usage of the underlying assets and, therefore, are not measured in assets or liabilities as the variable payments are not based on an index or a rate. For real estate leases, these payments are most often tied to non-committed maintenance or utilities charges, and for equipment leases, to actual output or hours in operation. These amounts typically become known when the invoice is received, which is when expense is recognized. In rare circumstances, the Company's lease agreements may contain residual value guarantees. The Company's lease agreements do not contain any restrictions or covenants, such as those relating to dividends or incurring additional financial obligations. As of December 31, 2022, the Company did not have any material leases that have not yet commenced but that create significant rights and obligations. The Company determines whether an arrangement is or includes a lease at contract inception. All contracts containing the right to use an underlying asset are reviewed to confirm that the contract meets the definition of a lease. ROU assets and liabilities are recognized at commencement date and initially measured based on the present value of lease payments over the defined lease term. As most leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. In order to apply the incremental borrowing rate, a rate table was developed to assign the appropriate rate to each lease based on lease term and currency of payments. For leases with large numbers of underlying assets, a portfolio approach with a collateralized rate was utilized. Assets were grouped based on similar lease terms and economic environments in a manner whereby the Company reasonably expects that the application does not differ materially from a lease-by-lease approach. The following table summarizes the components of lease expense for the years ended December 31: 2022 2021 2020 Lease expense Operating lease expense $ 75.7 $ 87.3 $ 93.6 Finance lease expense Amortization of ROU lease assets $ 4.1 $ 2.9 $ 1.5 Interest on lease liabilities $ 0.7 $ 0.9 $ 0.5 Variable lease expense $ 10.1 $ 7.8 $ 8.0 The following table summarizes the maturities of lease liabilities: Operating Finance 2023 $ 53.1 $ 4.9 2024 34.4 3.3 2025 20.0 1.7 2026 12.2 1.0 2027 8.9 0.6 Thereafter 29.1 0.2 Total 157.7 11.7 Less: Present value discount (42.0) (1.9) Lease liability $ 115.7 $ 9.8 The following table summarizes the cash flow information related to leases: December 31, 2022 December 31, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating - operating cash flows $ 76.2 $ 87.3 Finance - financing cash flows $ 4.3 $ 2.3 Finance - operating cash flows $ 0.7 $ 0.4 ROU lease assets obtained in the exchange for lease liabilities: Operating leases $ 28.1 $ 57.4 Finance leases $ 7.4 $ 4.5 The following table summarizes the balance sheet information related to leases: December 31, 2022 December 31, 2021 Assets Operating $ 108.5 $ 152.4 Finance 10.3 7.1 Total leased assets $ 118.8 $ 159.5 Current liabilities Operating $ 39.0 $ 54.5 Finance 4.1 2.5 Noncurrent liabilities Operating 76.7 103.0 Finance 5.7 4.1 Total lease liabilities $ 125.5 $ 164.1 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2022 | |
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 and manages certain economic risks, including interest rate and foreign exchange rate risk, through the use of derivative financial instruments. The Company's interest rate derivatives are used to manage interest expense on variable interest rate borrowings. The following table summarizes the gain (loss) recognized on derivative instruments: Derivative instrument Classification on consolidated statement of operations 2022 2021 2020 Interest rate swaps and non-designated hedges Interest expense $ (4.4) $ (8.4) $ (14.3) Foreign exchange forward contracts and cash flow hedges Net sales (0.1) — 1.2 Foreign exchange forward contracts and cash flow hedges Cost of sales (0.5) 0.1 — Foreign exchange forward contracts and cash flow hedges Foreign exchange gain (loss), net — (4.6) (30.9) Total $ (5.0) $ (12.9) $ (44.0) FOREIGN EXCHANGE 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. 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. 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 a minimal amount will be reclassified as a decrease to interest expense over the next year. In March 2020 and September 2019, the Company entered into multiple pay-fixed receive-variable interest rate swaps with aggregate notional amounts of $250.0 and $500.0, respectively. 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. The ineffective portion of the changes in fair value of the derivatives is recognized directly in earnings. As a result of the Company's refinancing activities in July 2020 (refer to Note 11 of the consolidated financial statements), the Company terminated $625.0 of interest rate hedges for a termination payout of $6.2. The Company does not use derivatives for trading or speculative purposes and currently does not have any additional derivatives that are not designated as hedges. |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF ASSETS AND LIABILITIES | FAIR VALUE OF ASSETS AND LIABILITIES Assets and Liabilities Recorded at Fair Value Assets and liabilities subject to fair value measurement by fair value level and recorded at fair value are as follows: Classification on consolidated balance sheets December 31, 2022 December 31, 2021 Fair Value Level 1 Level 2 Fair Value Level 1 Level 2 Assets Certificates of deposit Short-term investments $ 24.6 $ 24.6 $ — $ 34.3 $ 34.3 $ — Assets held in rabbi trusts Securities and other investments 4.4 4.4 — 7.0 7.0 — Foreign exchange forward contracts Other current assets — — — 0.1 — 0.1 Total $ 29.0 $ 29.0 $ — $ 41.4 $ 41.3 $ 0.1 Liabilities Foreign exchange forward contracts Other current liabilities $ — $ — $ — $ 0.1 $ — $ 0.1 Interest rate swaps - short term Other current liabilities — — — 2.8 — 2.8 Interest rate swaps - long term Other liabilities — — — — — Deferred compensation Other liabilities 4.4 4.4 — 7.0 7.0 — Total $ 4.4 $ 4.4 $ — $ 9.9 $ 7.0 $ 2.9 The Company uses the end of the period when determining the timing of transfers between levels. During each of the years ended December 31, 2022 and 2021, there were no transfers between levels. The carrying amount of the Company's revolving credit facility approximates fair value. The remaining debt had a carrying value of $2,557.6 and fair value of $1,819.7 at December 31, 2022, and a carrying value of $2,267.0 and fair value of $1,584.1 at December 31, 2021. Refer to Note 11 of the consolidated financial statements for further details surrounding long-term debt as of December 31, 2022. Additionally, the Company remeasures certain assets to fair value, using Level 3 measurements, as a result of the occurrence of triggering events. There was no significant assets or liabilities that were remeasured at fair value on a non-recurring basis during the periods presented. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Contractual Obligations At December 31, 2022, the Company's purchase commitments due within one year were minimal for materials and services through contract manufacturing agreements at negotiated prices. The amounts purchased under these obligations were minimal in 2022. The Company guarantees a fixed cost of certain products used in production to its strategic partners. Variations in the products costs are absorbed by the Company. 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, 2022, 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. 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, 2022 to be up to $51.4 for its material indirect tax matters. The aggregate risk related to indirect taxes is adjusted as the applicable statutes of limitations expire. Legal Contingencies At December 31, 2022, the Company was a party to several lawsuits that were incurred in the normal course of business, which neither individually nor in the aggregate were 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. In addition to these normal course of business litigation matters, the Company was a party to the proceedings described below: Diebold KGaA is a party to two separate appraisal proceedings (Spruchverfahren) in connection with the purchase of all shares in its former listed subsidiary, Diebold Nixdorf AG. Both proceedings are pending at the same Chamber for Commercial Matters (Kammer fur Hangelssachen) at the District Court (Landgericht) of Dortmund (Germany). The first appraisal proceeding relates to the Domination and Profit Loss Transfer Agreement (DPLTA) entered into by Diebold KGaA and former Diebold Nixdorf AG, which became effective on February 17, 2017. The DPLTA appraisal proceeding was filed by minority shareholders of Diebold Nixdorf AG challenging the adequacy of both the cash exit compensation of €55.02 per Diebold Nixdorf AG share (of which 6.9 shares were then outstanding) and the annual recurring compensation of €2.82 per Diebold Nixdorf AG share offered in connection with the DPLTA. The second appraisal proceeding relates to the cash merger squeeze-out of minority shareholders of Diebold Nixdorf AG in 2019. The squeeze-out appraisal proceeding was filed by former minority shareholders of Diebold Nixdorf AG challenging the adequacy of the cash exit compensation of €54.80 per Diebold Nixdorf AG share (of which 1.4 shares were then outstanding) in connection with the merger squeeze-out. In both appraisal proceedings, a court ruling would apply to all Diebold Nixdorf AG shares outstanding at the time when the DPLTA or the merger squeeze-out, respectively, became effective. Any cash compensation received by former Diebold Nixdorf AG shareholders in connection with the merger squeeze-out would be netted with any higher cash compensation such shareholder may still claim in connection with the DPLTA appraisal proceeding. In the second quarter of 2022, the District Court of Dortmund dismissed all claims to increase the cash compensation in the DPLTA appraisal proceedings. This first instance decision, however, is not final as some of the plaintiffs filed appeals. The Company believes that the compensation offered in connection with the DPLTA and the merger squeeze-out was in both cases fair and that the decision of the District Court of Dortmund in the DPLTA appraisal proceedings validates its position. German courts often adjudicate increases of the cash compensation to plaintiffs in varying amounts in connection with German appraisal proceedings. Therefore, the Company cannot rule out that a court may increase the cash compensation in these appraisal proceedings. The Company, however, is convinced that its defense in both appraisal proceedings is supported by strong sets of facts and the Company will continue to vigorously defend itself in these matters. Bank Guarantees, Standby Letters of Credit, and Surety Bonds |
Revenue Recognition and Deferre
Revenue Recognition and Deferred Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue from Contract with Customer | NOTE 21: REVENUE RECOGNITION Revenue is measured based on consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The amount of consideration can vary depending on discounts, rebates, refunds, credits, price concessions, incentives, performance bonuses, penalties, or other similar items contained in the contract with the customer of which generally these variable consideration components represents minimal amount of net sales. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. The Company's payment terms vary depending on the individual contracts and are generally fixed fee. The Company recognizes advance payments and billings in excess of revenue recognized as deferred revenue. In certain contracts where services are provided prior to billing, the Company recognizes a contract asset within trade receivables and other current assets. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and that are collected by the Company from a customer are excluded from revenue. The Company recognizes shipping and handling fees billed when products are shipped or delivered to a customer and includes such amounts in net sales. Although infrequent, shipping and handling associated with outbound freight after control over a product has transferred to a customer is not a separate performance obligation, rather it is accounted for as a fulfillment cost. Third-party freight payments are recorded in cost of sales. The Company includes a warranty in connection with certain contracts with customers, which are not considered to be separate performance obligations. The Company provides its customers a manufacturer’s warranty, and records, at the time of the sale, a corresponding estimated liability for potential warranty costs. For additional information on product warranty refer to Note 9 of the consolidated financial statements. The Company also has extended warranty and service contracts available for its customers, which are recognized as separate performance obligations. Revenue is recognized on these contracts ratably as the Company has a stand-ready obligation to provide services when or as needed by the customer. This input method is the most accurate assessment of progress toward completion the Company can apply. Nature of goods and services Product revenue is recognized at the point in time that the customer obtains control of the product, which could be upon delivery or upon completion of installation services, depending on contract terms. The Company’s software licenses are functional in nature (the IP has significant stand-alone functionality); as such, the revenue recognition of distinct software license sales is at the point in time that the customer obtains control of the rights granted by the license. Professional services integrate the commercial solution with the customer's existing infrastructure and helps define the optimal user experience, improve business processes, refine existing staffing models and deploy technology to meet branch and store automation objectives. Revenue from professional services are recognized over time, because the customer simultaneously receives and consumes the benefits of the Company’s performance as the services are performed or when the Company’s performance creates an asset with no alternative use and the Company has an enforceable right to payment for performance completed to date. Generally revenue will be recognized using an input measure, typically costs incurred. The typical contract length for service is generally one year and is billed and paid in advance except for installations, among others. Services may be sold separately or in bundled packages. For bundled packages, the Company accounts for individual services separately if they are distinct. A distinct service is separately identifiable from other items in the bundled package if a customer can benefit from it on its own or with other resources that are readily available to the customer. The consideration (including any discounts) is allocated between separate services or distinct obligations in a bundle based on their stand-alone selling prices. The stand-alone selling prices are determined based on the prices at which the Company separately sells the products or services. For items that are not sold separately, the Company estimates stand-alone selling prices using the cost plus expected margin approach. Revenue on service contracts is recognized ratably over time, generally using an input measure, as the customer simultaneously receives and consumes the benefits of the Company’s performance as the services are performed. In some circumstances, when global service supply chain services are not included in a term contract and rather billed as they occur, revenue on these billed work services are recognized at a point in time as transfer of control occurs. The following is a description of principal solutions offered within the Company's two main customer segments that generate the Company's revenue. Banking Products. Products for banking customers consist of cash recyclers and dispensers, intelligent deposit terminals, teller automation tools and kiosk technologies, as well as physical security solutions. The Company provides its banking customers front-end applications for consumer connection points and back-end platforms that manage channel transactions, operations and integration and facilitate omnichannel transactions, endpoint monitoring, remote asset management, customer marketing, merchandise management and analytics. These offerings include highly configurable, API enabled software that automates legacy banking transactions across channels. Services. The Company provides its banking customers product-related services which include proactive monitoring, rapid resolution of incidents through remote service capabilities or an on-site visit and professional services.. First and second line maintenance, preventive maintenance and on-demand services keep the distributed assets of the Company's customers up and running through a standardized incident management process. Managed services and outsourcing consists of the end-to-end business processes, solution management, upgrades and transaction processing. The Company also provides a full array of cash management services, which optimizes the availability and cost of physical currency across the enterprise through efficient forecasting, inventory and replenishment processes. Retail Products. The retail product portfolio includes modular, integrated and mobile POS and SCO terminals that meet evolving automation and omnichannel requirements of consumers. Supplementing the POS system is a broad range of peripherals, including printers, scales and mobile scanners, as well as the cash management portfolio which offers a wide range of banknote and coin processing systems. Also in the portfolio, the Company provides SCO terminals and ordering kiosks which facilitate an efficient and user-friendly purchasing experience. The Company’s hybrid product line can alternate from an attended operator to self-checkout with the press of a button as traffic conditions warrant throughout the business day. The Company's platform software is installed within retail data centers to facilitate omnichannel transactions, endpoint monitoring, remote asset management, customer marketing, merchandise management and analytics. Services. The Company provides its retail customers product-related services which include on-demand services and professional services. Diebold Nixdorf AllConnect Services for retailers include maintenance and availability services to continuously improve retail self-service fleet availability and performance. These include: total implementation services to support both current and new store concepts; managed mobility services to centralize asset management and ensure effective, tailored mobile capability; monitoring and advanced analytics providing operational insights to support new growth opportunities; and store life-cycle management to proactively monitors store IT endpoints and enable improved management of internal and external suppliers and delivery organizations. Refer to Note 24 of the consolidated financial statements for additional information regarding the Company's reportable operating segments, disaggregation of net sales by segments and product solutions, net sales by geographical region and disaggregation by timing of revenue recognition. Timing of revenue recognition A performance obligation is a contractual promise to transfer a distinct good or service to the customer. A contract's transaction price is allocated to each distinct performance obligation and is recognized as revenue when (point in time) or as (over time) the performance obligation is satisfied. The following table represents the percentage of revenue recognized either at a point in time or over time as of December 31: Timing of revenue recognition 2022 2021 Products transferred at a point in time 39% 41% Products and services transferred over time 61% 59% Net sales 100% 100% Contract balances The following table provides 2022 and 2021 information about receivables and deferred revenue, which represent contract liabilities from contracts with customers: 2022 2021 Contract balance information Trade Receivables Contract liabilities Trade Receivables Contract liabilities Balance at January 1 $ 595.2 $ 322.4 $ 646.9 $ 346.8 Balance at December 31 $ 612.2 $ 453.2 $ 595.2 $ 322.4 Contract assets are minimal for the periods presented. The amount of revenue recognized in 2022 and 2021 from performance obligations satisfied (or partially satisfied) in previous periods, mainly due to the changes in the estimate of variable consideration and contract modifications was de minimis. As of January 1, 2022, the Company had $322.4 of unrecognized deferred revenue constituting the remaining performance obligations that are either unsatisfied or partially unsatisfied. During 2022, the Company recognized revenue of $252.5 related to the Company's deferred revenue balance at January 1, 2022. Contract assets are the rights to consideration in exchange for goods or services that the Company has transferred to a customer when that right is conditional on something other than the passage of time. Contract assets of the Company primarily relate to the Company's rights to consideration for goods shipped and services provided but not contractually billable at the reporting date. The contract assets are reclassified into the receivables balance when the rights to receive payment become unconditional. Contract liabilities are 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, contract liabilities are recorded as advanced payments for products and other deliverables that are billed to and collected from customers prior to revenue being recognizable. Transaction price and variable consideration The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring goods or services to a customer, excluding amounts collected on behalf of third parties. This consideration can include fixed and variable amounts and is determined at contract inception and updated each reporting period for any changes in circumstances. The transaction price also considers variable consideration, time value of money and the measurement of any non-cash consideration, all of which are estimated at contract inception and updated at each reporting date for any changes in circumstances. Once the variable consideration is identified, the Company estimates the amount of the variable consideration to include in the transaction price by using one of two methods, expected value (probability weighted methodology) or most likely amount (when there are only two possible outcomes). The Company chooses the method expected to better predict the amount of consideration to which it will be entitled and applies the method consistently to similar contracts. Generally, the Company applies the expected value method when assessing variable consideration including returns and refunds. The Company also applies the ‘as invoiced’ practical expedient in ASC paragraph 606-10-55-18 related to performance obligations satisfied over time, which permits the Company to recognize revenue in the amount to which it has a right to invoice the customer if that amount corresponds directly with the value to the customer of the Company’s performance completed to date. Service revenues that are recognized ratably are primarily contracts that include first and second line maintenance. Service revenues that are recognized using input measures include primarily preventative maintenance. The ‘as invoiced’ practical expedient relates to the on-demand service revenue which is generally not under contract. Transaction price allocated to the remaining performance obligations As of December 31, 2022, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $1,400. The Company generally expects to recognize revenue on the remaining performance obligations over the next twelve to eighteen months. The Company enters into service agreements with cancellable terms after a certain period without penalty. Unsatisfied obligations reflect only the obligation during the initial term. The Company applies the practical expedient in ASC paragraph 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less. Cost to obtain and cost to fulfill a contract The Company has minimal cost to obtain or fulfill contracts for customers for the periods presented. The Company pays commissions to the sales force based on multiple factors including but not limited to order entry, revenue recognition and portfolio growth. These incremental commission fees paid to the sales force meet the criteria to be considered a cost to obtain a contract, as they are directly attributable to a contract, incremental and management expects the fees are recoverable. The Company applies the practical expedient and recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. The costs that are not capitalized are included in cost of sales. The costs related to contracts with greater than a one-year term are immaterial and continue to be recognized in cost of sales. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION During the second quarter of 2022, the Company appointed a new Chief Executive Officer and announced an organizational simplification initiative. In connection with those events, the Company's reportable segments are no longer Americas Banking, Eurasia Banking and Retail, and instead the reportable operating segments are the following: Banking and Retail. Under the simplified organization and related restructuring discussed in Note 8 of the consolidated financial statements, the Company does not have regionally focused direct reports to the CODM, and the CODM analyzes Banking and Retail on a global basis and not based on regional profitability metrics. The Company's new reportable segment information below directly aligns with how the recently appointed Chief Executive Officer, who is also the CODM, regularly reviews results to make decisions, allocate resources and assess performance. The new Banking segment's sales and cost of sales are the summation of the legacy Americas Banking and Eurasia Banking's sales and cost of sales. The Company will continually consider its operating structure and the information subject to regular review. Segment operating profit (loss) as disclosed herein is consistent with the segment profit or loss measure used by the CODM and does not include corporate charges, amortization of acquired intangible assets, asset impairment, restructuring and transformation charges, the results of the held-for-sale European retail business, or other non-routine, unusual or infrequently occurring items, as the CODM does not regularly review and use such financial measures to make decisions, allocate resources and assess performance. Segment revenue represents revenues from sales to external customers. Segment operating profit is defined as revenues less expenses directly attributable to the segments. The Company does not allocate to its segments certain operating expenses which are managed at the headquarters level; that are not used in the management of the segments, not segment-specific, and impractical to allocate. In some cases the allocation of corporate charges has changed from the legacy structure to the new structure, but prior periods have been recast to conform to the new presentation. Segment operating profit reconciles to consolidated income (loss) before income taxes by deducting items that are not attributed to the segments and which are managed independently of segment results. Assets are not allocated to segments, and thus are not included in the assessment of segment performance, and consequently, we do not disclose total assets and depreciation and amortization expense by reportable operating segment. The following tables represent information regarding the Company’s segment information and provides a reconciliation between segment operating profit and the consolidated income (loss) before income taxes for the years ended December 31: 2022 2021 2020 Net sales summary by segment Banking $ 2,422.4 $ 2,711.1 $ 2,850.5 Retail 1,018.2 1,194.1 1,051.8 Held for sale non-core European retail business (7) 20.1 — — Total Revenue $ 3,460.7 $ 3,905.2 $ 3,902.3 Segment operating profit Banking $ 310.8 $ 440.6 $ 537.2 Retail 134.0 164.6 115.6 Total segment operating profit $ 444.8 $ 605.2 $ 652.8 Corporate charges not allocated to segments (1) $ (247.3) $ (272.5) $ (297.4) Impairment of assets (2) (111.8) (1.3) (7.5) Amortization of Wincor Nixdorf purchase accounting intangible assets (3) (69.6) (78.2) (82.9) Restructuring and transformation expenses (4) (124.2) (98.9) (181.8) Refinancing related costs (5) (32.0) — — Net non-routine expense (6) (42.6) (17.2) (59.2) Held for sale non-core European retail business (7) (29.0) — — (656.5) (468.1) (628.8) Operating profit (loss) (211.7) 137.1 24.0 Other income (expense) (226.9) (187.8) (293.5) Loss before taxes $ (438.6) $ (50.7) $ (269.5) (1) Corporate charges not allocated to segments include headquarter-based costs associated with procurement, human resources, compensation and benefits, finance and accounting, global development/engineering, global strategy/mergers and acquisitions, global IT, tax, treasury and legal. (2) Charges were taken in the first quarter of 2022 related to the North American ERP and certain assets in Ukraine, Russia, and Belarus; in the second quarter of 2022 related to facility closures; in the third quarter related to German capitalized software; and in the fourth quarter of 2022 related to assets at the held for sale non-core European retail business. (3) The amortization of purchase accounting intangible assets is not included in the segment results used by the CODM to make decisions, allocate resources or assess performance. (4) Refer to Note 8 of the consolidated financial statements for further information. Consistent with the historical reportable segment structure, restructuring and transformation costs are not assigned to the segments, and are separately analyzed by the CODM. (5) Refinancing related costs are fees earned by our advisors and the advisors of our potential lenders that do not qualify for capitalization. (6) Net non-routine expense consists of items that the Company has determined are non-routine in nature and not allocated to the reportable operating segments as they are not included in the measure used by the CODM to make decisions, allocate resources and assess performance. (7) Held for sale non-core European retail business represents the revenue and operating profit, excluding impairment which is captured separately, of a business that has been classified as held for sale for all of the periods presented, but which was removed in 2022 from the retail segment's information used by the CODM to make decisions, assess performance and allocate resources, and now is individually analyzed. This change and timing thereof aligns with the build-out of a data center that makes the entity capable of operating autonomously and is consistent with material provided in connection with our refinancing effort which are exclusive of this entity. The following table presents information regarding the Company’s segment net sales by service and product solution: 2022 2021 2020 Banking Services $ 1,548.1 $ 1,681.2 $ 1,781.9 Products 874.3 1,029.9 1,068.6 Total Banking $ 2,422.4 $ 2,711.1 $ 2,850.5 Retail Services $ 540.9 $ 622.4 $ 582.6 Products 477.3 571.7 469.2 Total Retail $ 1,018.2 $ 1,194.1 $ 1,051.8 Held for sale non-core European retail business (7) Services $ 9.9 $ — $ — Products 10.2 — — 20.1 — — Total Revenue $ 3,460.7 $ 3,905.2 $ 3,902.3 The Company had no customers that accounted for more than 10 percent of total net sales in 2022, 2021 and 2020. Below is a summary of net sales by point of origin for the years ended December 31: 2022 2021 2020 Americas United States $ 861.4 $ 893.1 $ 974.7 Other Americas 600.0 530.1 502.9 Total Americas Revenue 1,461.4 1,423.2 1,477.6 EMEA Germany 522.8 768.2 764.3 Other EMEA 1,173.2 1,356.3 1,282.0 Total EMEA Revenue 1,696.0 2,124.5 2,046.3 APAC Total APAC Revenue 303.3 357.5 378.4 Total Revenue $ 3,460.7 $ 3,905.2 $ 3,902.3 Below is a summary of property, plant and equipment, net and right-of-use operating lease assets by geographical location as of December 31: 2022 2021 Property, plant and equipment, net United States $ 24.4 $ 19.4 Germany 80.5 96.9 Other international 15.8 21.8 Total property, plant and equipment, net $ 120.7 $ 138.1 Right-of-use operating lease assets United States $ 34.9 $ 49.1 Other international 73.6 103.3 Total right-of-use operating lease assets $ 108.5 $ 152.4 |
Research and Development
Research and Development | 12 Months Ended |
Dec. 31, 2022 | |
Research and Development [Abstract] | |
Research, Development, and Computer Software Disclosure | CLOUD IMPLEMENTATION At December 31, 2021, the Company had capitalized $50.7 of cloud implementation costs, which are presented in the Other assets caption of the condensed consolidated balance sheet. During the first quarter of 2022, the Company impaired $38.4 of capitalized cloud implementation costs related to a cloud-based North American enterprise resource planning (ERP) system, which was intended to replace the on premise ERP currently in use. In connection with the executive transition that took place in the first quarter of 2022 and the culmination of related process optimization workshops in March 2022, the Company made the decision to indefinitely suspend the cloud-based North America ERP implementation, which was going to require significant additional investment before it could function as well as our current North America ERP, and to instead focus the Company's ERP implementation efforts on the distribution subsidiaries, which can better leverage the standardization and simplification initiatives connected with the cloud-based implementation. As a result of the completed process optimization walkthroughs, the Company determined that the customizations already built for the North America ERP should not be leveraged at the distribution subsidiaries which require more streamlined and scalable process flows. At December 31, 2022, the Company had a net book value of capitalized cloud implementation costs of $19.0, which relates to a combination of the distribution subsidiary ERP and corporate tools to support business operations. |
Unusual or Infrequently Occurri
Unusual or Infrequently Occurring Items | 12 Months Ended |
Dec. 31, 2022 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Unusual or Infrequent Items, or Both, Disclosure | WAR IN UKRAINE The Company has a Russian distribution subsidiary that generated approximately $45.0 in revenue and $5.0 in operating profit in 2021. Due to the economic sanctions levied on and developing economic conditions in Russia, the Company is making progress towards liquidating the distribution subsidiary. Additionally, the Company had distribution partners in Russia, Ukraine and Belarus that generated approximately $35.0 in revenue and $5.0 in gross profit in 2021. Due to the Russian incursion into Ukraine and the related economic sanctions, the prospect of re-establishing revenue from these relationships is currently uncertain. Based on the circumstances outlined above, the Company recorded an impairment charge of $16.8 in the first quarter of 2022, inclusive of trade receivables from customers in the region that are doubtful of being collected, inventory specifically for customers in the region and various other assets that are not recoverable. The War in Ukraine has had implications on logistic routes, which is one of several macroeconomic conditions that is negatively impacting our supply chain. We are not particularly reliant on specific suppliers based in the affected areas, but circumvention has impacted lead times of inbound product. Management has identified elevated cybersecurity risk related to the matter, and has implemented mitigation strategies. The net cost of these risks in addition to the aforementioned liquidation, management of economic sanctions, humanitarian efforts and other related expenditures offset with certain recoveries was approximately $4.5 during the year ended December 31, 2022. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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, including common control transfers among subsidiaries of the Company. |
Use of Estimates in Preparation of Consolidated Financial Statements | The preparation of the accompanying consolidated financial statements in conformity with 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, 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. |
Reclassification | The Company has reclassified the presentation of certain prior-year information to conform to the current presentation. |
International Operations | The financial statements of the Company’s international operations are measured using local currencies as their functional currencies, with the exception of certain financial results from Argentina, Singapore, El Salvador, and Switzerland, which have a functional currency other than local currency. These operations used either United States dollar (USD) or euro as their functional currency depending on the concentration of USD or euro transactions and distinct financial information. 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 (loss). |
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 all 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. Assets and liabilities are reclassified as held for sale in the period the held for sale criteria are met. As of December 31, 2022, the Company had $7.9 and $6.8 of current assets and liabilities held for sale, respectively, related to a non-core retail business in Europe. As of December 31, 2021, the Company had $73.4 and $20.3 of current assets and liabilities held for sale, respectively, primarily related to non-core businesses in Europe. |
Revenue Recognition | Refer to Note 21 of the consolidated financial statements. |
Cost of Sales | Cost of sales for services 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. Cost of sales for products 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 sales for products also includes the cost to distribute products to customers, inbound freight costs, internal transfer costs, warehousing costs and other shipping and handling activity. |
Property, Plant and Equipment and Long-lived Assets | Property, plant and equipment and long-lived assets are recorded at historical cost, including interest where applicable. Impairment of property, plant and equipment and 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. |
Depreciation, Depletion, and Amortization | Depreciation of property, plant and equipment is computed using the straight-line method based on the estimated useful life for each asset class. 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 software development, is computed using the straight-line method over the life of the asset. 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. |
Advertising Costs | Advertising costs are expensed as incurred and were $8.5, $7.1 and $7.2 in 2022, 2021 and 2020, respectively. |
Research, Development and Engineering Costs | Research, development and engineering costs are expensed as incurred and were $120.7, $126.3 and $133.4 for the years ended December 31, 2022, 2021 and 2020, respectively. This excludes certain software development costs of $28.7, $31.1, and $17.2 in 2022, 2021 and 2020, respectively, which are capitalized after technological feasibility of the software is established. |
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. The Company had $9.1 and $0.0 of restricted cash at December 31, 2022 and 2021, respectively. |
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 allows for 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. 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 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. 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 Unobservable inputs for which there is little or no market data. Net asset value Fair value of investments categorized as NAV 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. 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 the 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 7 of the consolidated financial statements) is derived from investments in a mix of money market, fixed income and equity funds. The related deferred compensation liability is also 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. 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. Refer to Note 19 of the consolidated financial statements for further details of assets and liabilities subject to fair value measurement. |
Trade Receivables | The Company records the lifetime expected loss on uncollectible trade receivables based on historical loss experience as a percentage of sales and makes adjustments as necessary based on current trends. The Company will also record periodic adjustments for 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. The following table summarizes the Company’s allowances for doubtful accounts: 2022 2021 2020 Balance at January 1 $ 35.3 $ 37.5 $ 42.2 Charged to costs and expenses 14.0 9.8 10.1 Charged to other accounts (1) (0.1) — (1.2) Deductions (2) (14.7) (12.0) (13.6) Balance at December 31 $ 34.5 $ 35.3 $ 37.5 (1) Includes n et effects of foreign currency translation (2) Uncollectible accounts written-off, net of recoveries. |
Financing Receivable | The Company records the lifetime expected loss on uncollectible 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, payment patterns and historical loss experience with consideration given to current trends. After all efforts at collection have been unsuccessful, the account is deemed uncollectible and is written off. |
Inventories | The Company primarily values inventories using average or standard costing utilizing lower of cost or net realizable value. The standard costs approximate costs determined on a first in, first out basis. 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 products to the lower of cost or net realizable value. |
Goodwill | Goodwill is the cost in excess of the net assets of acquired businesses. The Company tests all existing goodwill at least annually for impairment on a reporting unit basis. The annual goodwill impairment test was performed as of October 31 for all periods presented. The Company tests for interim 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. 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 that 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, an impairment test is used to identify potential goodwill impairment and measure the amount of any impairment loss to be recognized. The Company compares the fair value of each reporting unit with its carrying value and recognizes an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The fair value of the reporting units is determined based upon a combination of the income 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 fair value of the reporting unit is 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. |
Contingencies | Liabilities for loss contingencies arising from claims, assessments, litigation, fines, 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. The Company periodically reviews 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 or directly by the plan administrator. Other post-retirement benefits are not funded and the Company’s policy is to pay these benefits as they become due.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, the Company recognizes 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. |
Noncontrolling Interests and Redeemable Noncontrolling Interests | Noncontrolling interests represent the portion of profit or loss, net assets and comprehensive income that is not allocable to the Company. Noncontrolling interests with redemption features, such as put rights, that are not solely within the Company’s control are considered redeemable noncontrolling interests. Redeemable noncontrolling interests are presented outside of equity on the Company's consolidated balance sheets. The balance of redeemable noncontrolling interests is reported at the greater of its carrying value or its maximum redemption value at each reporting date. Refer to Note 12 of the consolidated financial statements for more information. |
Related Party Transactions, Policy | The Company has certain strategic alliances that are not consolidated. The Company's strategic alliances are not significant subsidiaries and are accounted for under the equity method of investments. The Company owns 48.1 percent of Inspur (Suzhou) Financial Information Technology Co., Ltd (Inspur JV) and 49.0 percent of Aisino-Wincor Retail & Banking Systems (Shanghai) Co., Ltd (Aisino JV) as of December 31, 2022. The Company engages in transactions with these entities in the ordinary course of business. As of December 31, 2022, the Company had accounts receivable and accounts payable balances with these affiliates of $18.9 and $25.7, respectively, which is included in trade receivables, less allowances for doubtful accounts and accounts payable, respectively, on the consolidated balance sheets. |
New Accounting Pronouncements, Policy | Recently Adopted Accounting Guidance In August 2018, the Financial Accounting Standards Board (FASB) issued guidance on a company's accounting for implementation fees paid in a cloud computing service contract arrangement that addresses which implementation costs to capitalize as an asset and which costs to expense. Capitalized implementation fees are to be expensed over the term of the cloud computing arrangement, and the expense is required to be recognized in the same line item in the income statement as the associated hosting service expenses. The entity is also required to present the capitalized implementation fees on the balance sheet in the same line item as it would present a prepayment for hosting service fees associated with the cloud computing arrangement. Cash payments for cloud computing arrangements (CCA) implementation costs are classified as cash outflows from operating activities. The effects of the adoption of the ASUs listed below did not significantly impact the Company's financial statements: Standards Adopted Description Effective ASU 2021-05 Leases (Topic 842) Lessors - Certain Leases with Variable Lease Payments This Accounting Standard Update (ASU) modifies a lessor's lease classification requirements for leases with variable lease payments. The adoption of this ASU did not have a significant impact on the Company's consolidated financial statements. January 1, 2022 ASU 2021-04 Earnings Per Share (Topic 260), Debt— Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity This ASU was designed to provide clarification on accounting for the modification or exchanges of freestanding equity-classified call options that remain equity classified after modification or exchange.The adoption of this ASU did not have a significant impact on the Company's consolidated financial statements. January 1, 2022 ASU 2021-08 Business Combinations (Topic 805) Accounting for Contract Assets and Contract Liabilities from Contracts with Customers The ASU is designed improve consistency related to the recognition of contract assets and liabilities from revenue contracts in a business combination. The adoption of this ASU did not have a significant impact on the Company's consolidated financial statements. January 1, 2022 ASU 2021-10 Government Assistance (Topic 832) Disclosures by Business Entities about Government Assistance This guidance improves the transparency of financial reporting by adding requirements for disclosures related to government assistance. The adoption of this ASU did not have a significant impact on the Company's consolidated financial statements. January 1, 2022 Recently Issued Accounting Guidance The following ASUs were recently issued by the FASB, which could significantly impact the Company's financial statements: Standards Pending Adoption Description Effective/Adoption Date Anticipated Impact ASU 2020-04 Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting The standard provides optional expedients and exceptions for applying GAAP to contracts, hedges and other transaction that will be impacted by reference rate reform. March 12, 2020 through December 31, 2024 The Company is currently assessing the impact this ASU will have on its consolidated financial statements. The ASU allows for early adoption in any year end after issuance of the update. ASU 2022-06 Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848 The standard defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. December 31, 2024 The Company does not expect this ASU will have a significant impact on its consolidated financial statements. ASU 2022-04 Liabilities-Supplier Finance Programs The standard improves the transparency of financial reporting by adding requirements for disclosures related supplier finance programs. January 1, 2023 The Company does not expect this ASU will have a significant impact on its consolidated financial statements. |
Revenue From Contracts with Customers 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. |
Revenue from Customer with Contract Shipping | 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. |
Share-Based Compensation and _2
Share-Based Compensation and Equity Share-Based Compensation and Equity (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Compensation and Equity Policy [Abstract] | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | The Company recognizes costs resulting from all share-based payment transactions based on the fair 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. To cover the exercise and/or vesting of its share-based payments, the Company uses a combination of new shares from its authorized, unissued share pool and its treasury shares. |
Leases Leases (Policies)
Leases Leases (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lessee, Leases [Policy Text Block] | The Company made the following elections related to the January 1, 2019 adoption of ASU No. 2016-02, Leases: ● The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which allowed the Company to carry forward its ASC 840 assessment regarding definition of a lease, lease classification and initial direct costs. ● The practical expedient related to land easements is not applicable as the Company currently does not utilize any easements. ● The Company declined the hindsight practical expedient to determine the lease term and ROU asset impairment for existing leases. The decision to decline the hindsight practical expedient resulted in relying on assessments made under ASC 840 during transition and re-assessing under ASC 842 going forward. ● The Company declined the short-term lease exception, therefore recognizing all leases in the ROU asset and lease liability balances. Consistent with ASC 842 requirements, leases that are one month or less are not included in the balance. ● The Company elected to not separate non-lease components from lease components and, instead, to account for each separate lease component and the non-lease components associated with it as a single lease component, recognized on the balance sheet. This election has been made for all classes of underlying assets. ● The Company elected to use a grouping/portfolio approach on applying discount rates to leases at transition, for certain groups of leases where it was determined that using this approach would not differ materially from a lease-by-lease approach. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Significant Accounting Policies [Abstract] | |
Contract with Customer, Asset and Liability [Table Text Block] | Contract balances The following table provides 2022 and 2021 information about receivables and deferred revenue, which represent contract liabilities from contracts with customers: 2022 2021 Contract balance information Trade Receivables Contract liabilities Trade Receivables Contract liabilities Balance at January 1 $ 595.2 $ 322.4 $ 646.9 $ 346.8 Balance at December 31 $ 612.2 $ 453.2 $ 595.2 $ 322.4 |
Accounts Receivable, Allowance for Credit Loss | The following table summarizes the Company’s allowances for doubtful accounts: 2022 2021 2020 Balance at January 1 $ 35.3 $ 37.5 $ 42.2 Charged to costs and expenses 14.0 9.8 10.1 Charged to other accounts (1) (0.1) — (1.2) Deductions (2) (14.7) (12.0) (13.6) Balance at December 31 $ 34.5 $ 35.3 $ 37.5 (1) Includes n et effects of foreign currency translation (2) Uncollectible accounts written-off, net of recoveries. |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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: 2022 2021 2020 Numerator Income (loss) used in basic and diluted loss per share Net loss $ (585.6) $ (78.1) $ (267.8) Net income (loss) income attributable to noncontrolling interests (4.2) 0.7 1.3 Net loss attributable to Diebold Nixdorf, Incorporated $ (581.4) $ (78.8) $ (269.1) Denominator Weighted-average number of common shares used in basic and diluted earnings (loss) per share (1) 79.0 78.3 77.6 Net loss per share attributable to Diebold Nixdorf, Incorporated Basic and diluted loss per share $ (7.36) $ (1.01) $ (3.47) (1) Shares of 4.2 , 3.9 and 2.4 for the years ended December 31, 2022, 2021 and 2020, respectively, are excluded from the computation of diluted earnings (loss) per share because the effects are anti-dilutive, irrespective of the net loss position. |
Share-Based Compensation and _3
Share-Based Compensation and Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [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 directors share-based compensation programs recognized as selling and administrative expense for the years ended December 31: 2022 2021 2020 Stock options Pre-tax compensation expense $ 0.3 $ 1.5 $ 1.7 Tax benefit — (0.4) (0.5) Stock option expense, net of tax $ 0.3 $ 1.1 $ 1.2 RSU's Pre-tax compensation expense $ 13.6 $ 8.7 $ 8.9 Tax benefit (1.6) (2.2) (2.2) RSU expense, net of tax $ 12.0 $ 6.5 $ 6.7 Performance shares Pre-tax compensation expense $ (0.5) $ 3.6 $ 4.3 Tax benefit — (1.0) (1.0) Performance share expense, net of tax $ (0.5) $ 2.6 $ 3.3 Total share-based compensation Pre-tax compensation expense $ 13.4 $ 13.8 $ 14.9 Tax benefit (1.6) (3.6) (3.7) Total share-based compensation, net of tax $ 11.8 $ 10.2 $ 11.2 |
Schedule of Unrecognized Compensation Cost, Nonvested Awards | The following table summarizes information related to unrecognized share-based compensation costs as of December 31, 2022: Unrecognized Weighted-Average Period (years) Stock options $ — 0.1 RSUs 6.4 1.2 Performance shares 0.1 0.8 $ 6.5 |
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: 2022 2021 2020 Expected life (in years) 0 0 5 Weighted-average volatility — % — % 64 % Risk-free interest rate — % — % 0.49-1.47% Expected dividend yield — % — % — % |
Options outstanding and exercisable under the Company's 1991 Equity and Performance Incentive Plan | Options outstanding and exercisable as of December 31, 2022 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, 2022 2.6 $ 13.45 Expired or forfeited (1.1) $ 8.79 Granted — $ — Outstanding at December 31, 2022 1.5 $ 16.81 5 $ — Options exercisable at December 31, 2022 1.5 $ 16.91 5 $ — (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 2022 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, 2022. The amount of aggregate intrinsic value will change based on the fair market value of the Company’s common shares. |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | Non-vested RSUs outstanding as of December 31, 2022 and changes during the year ended were as follows: Number of Weighted-Average Non-vested at January 1, 2022 1.6 $ 10.87 Forfeited (0.5) $ 9.78 Vested (1.2) $ 9.36 Granted 2.3 $ 6.57 Non-vested at December 31, 2022 2.2 $ 7.53 |
Schedule of Nonvested Performance-based Units Activity | Non-vested performance shares outstanding as of December 31, 2022 and changes during the year ended were as follows: Number of Weighted-Average Non-vested at January 1, 2022 (1) 2.2 $ 10.57 Forfeited (1.5) $ 17.75 Vested (0.2) $ 13.45 Granted 0.9 $ 7.28 Non-vested at December 31, 2022 1.4 $ 0.30 (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, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | The following table presents components of loss from operations before taxes for the years ended December 31: 2022 2021 2020 Domestic $ (413.2) $ (168.3) $ (293.8) Foreign (25.4) 117.6 24.3 Total $ (438.6) $ (50.7) $ (269.5) |
Schedule of Components of Income Tax Expense (Benefit) | The following table presents the components of income tax expense (benefit) for the years ended December 31: 2022 2021 2020 Current U.S. federal $ 8.5 $ 3.5 $ 3.5 Foreign 43.3 38.2 14.6 State and local 4.0 (1.2) 0.4 Total current 55.8 40.5 18.5 Deferred U.S. federal 62.5 (1.7) 7.1 Foreign 22.4 (11.4) (22.6) State and local 8.5 0.3 (4.0) Total deferred 93.4 (12.8) (19.5) Income tax expense (benefit) $ 149.2 $ 27.7 $ (1.0) |
Schedule of Effective Income Tax Rate Reconciliation | Income tax expense (benefit) attributable to loss from operations before taxes differed from the amounts computed by applying the U.S. federal income tax rate of 21 percent to pre-tax loss from operations. The following table presents these differences for the years ended December 31: 2022 2021 2020 Statutory tax benefit $ (92.1) $ (10.6) $ (56.6) State and local taxes (net of federal tax benefit) (17.6) (0.6) (3.6) Brazil non-taxable incentive (4.6) (4.3) (5.2) Valuation allowances 209.8 33.8 32.5 Goodwill impairment 9.3 — — Foreign tax rate differential (4.6) 2.2 (6.1) Tax on unremitted foreign earnings 4.2 0.7 1.8 Change to uncertain tax positions 1.8 (9.2) (23.9) U.S. taxed foreign income 17.1 6.9 8.7 Non-deductible (non-taxable) items 15.5 0.7 12.2 Termination of company owned life insurance — — 35.1 Return to provision 3.3 (0.8) (9.6) Withholding tax and other taxes 5.4 8.7 4.6 Other 1.7 0.2 9.1 Income tax expense (benefit) $ 149.2 $ 27.7 $ (1.0) |
Summary of Income Tax Contingencies | Details of the unrecognized tax benefits are as follows: 2022 2021 2020 Balance at January 1 $ 55.1 $ 36.8 $ 50.9 Increases (decreases) related to prior year tax positions, net (1.7) 42.1 0.9 Increases related to current year tax positions — — — Settlements (0.7) (23.3) (7.7) Reductions due to lapse of applicable statute of limitations (0.6) (0.5) (7.3) Balance at December 31 $ 52.1 $ 55.1 $ 36.8 |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company's deferred tax assets and liabilities at December 31 are as follows: 2022 2021 Deferred tax assets Accrued expenses $ 51.9 $ 50.8 Warranty accrual 12.3 12.4 Deferred compensation 3.0 3.9 Allowances for doubtful accounts 5.0 8.0 Inventories 18.5 19.6 Deferred revenue 28.1 19.8 Pensions, post-retirement and other benefits 48.6 48.8 Deferred finance charges 108.3 — Tax credits — 67.2 Net operating loss carryforwards 179.4 150.7 Capital loss carryforwards 1.3 1.1 State deferred taxes 28.0 8.6 Lease liability 28.9 34.5 Other 22.8 18.8 536.1 444.2 Valuation allowances (468.3) (261.8) Net deferred tax assets $ 67.8 $ 182.4 Deferred tax liabilities Property, plant and equipment, net $ 10.3 $ 12.9 Goodwill and intangible assets 88.2 112.6 Undistributed earnings 34.4 32.2 Right-of-use assets 31.5 34.5 Net deferred tax liabilities 164.4 192.2 Net deferred tax (liability) asset $ (96.6) $ (9.8) |
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: 2022 2021 Deferred income taxes - assets $ — $ 95.7 Deferred income taxes - liabilities (96.6) (105.5) Net deferred tax (liabilities) assets $ (96.6) $ (9.8) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Major classes of inventories | 2022 2021 Raw materials and work in process $ 200.6 $ 194.1 Finished goods 229.4 180.3 Total product inventories 430.0 374.4 Service parts 158.1 169.8 Total inventories $ 588.1 $ 544.2 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 2021 Land and land improvements (1) $ 10.0 $ 10.6 Buildings and building improvements 15-30 68.3 69.1 Machinery, tools and equipment 5-12 81.8 85.2 Leasehold improvements (2) 10 17.1 24.2 Computer equipment 3 101.1 105.6 Computer software 5-10 127.8 129.0 Furniture and fixtures 5-8 54.6 59.7 Tooling 3-5 134.7 141.2 Construction in progress 4.6 7.8 Total property plant and equipment, at cost $ 600.1 $ 632.4 Less accumulated depreciation and amortization 479.4 494.3 Total property plant and equipment, net $ 120.7 $ 138.1 (1) Estimated useful life for land and land improvements is perpetual and 15 years, respectively. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation | Cost Basis Unrealized Gain Fair Value As of December 31, 2022 Short-term investments Certificates of deposit $ 24.6 $ — $ 24.6 Long-term investments Assets held in a rabbi trust $ 4.3 $ 0.1 $ 4.4 As of December 31, 2021 Short-term investments Certificates of deposit $ 34.3 $ — $ 34.3 Long-term investments: Assets held in a rabbi trust $ 5.4 $ 1.6 $ 7.0 |
Goodwill and Other Assets (Tabl
Goodwill and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | In addition to the quantitative goodwill impairment test, the Company also performed a reassignment of the goodwill to the new reporting units using a relative fair value allocation approach required by Accounting Standards Codification (ASC) 350. The results of that reassignment are included in the summary below. Legacy Reporting Units New Reporting Unit Eurasia Banking Americas Banking Banking Retail Total Goodwill $ 590.4 $ 444.7 $ — $ 236.2 $ 1,271.3 Accumulated impairment losses (291.7) (122.0) — (57.2) (470.9) Balance at January 1, 2021 $ 298.7 $ 322.7 $ — $ 179.0 $ 800.4 Divestitures — — — (3.3) (3.3) Currency translation adjustment (29.0) (4.6) — (19.9) (53.5) Goodwill $ 561.4 $ 440.1 $ — $ 213.0 $ 1,214.5 Impairment — — — — — Accumulated impairment losses (291.7) (122.0) — (57.2) (470.9) Balance at December 31, 2021 $ 269.7 $ 318.1 $ — $ 155.8 $ 743.6 Currency translation adjustment (6.3) (1.0) — (4.4) (11.7) Goodwill $ 555.1 $ 439.1 $ — $ 208.6 $ 1,202.8 Currency translation adjustment — — (18.6) (11.0) (29.6) Goodwill reassignment (555.1) (439.1) 922.2 72.0 — Goodwill — — 903.6 269.6 1,173.2 Accumulated impairment reassignment 291.7 122.0 (413.7) — Accumulated impairment losses — — (413.7) (57.2) (470.9) Balance at December 31, 2022 $ — $ — $ 489.9 $ 212.4 $ 702.3 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The following summarizes information on intangible assets by major category: December 31, 2022 December 31, 2021 Weighted-average remaining useful lives Gross Accumulated Net Gross Accumulated Net Customer relationships, net 3.2 years $ 662.3 $ (448.7) $ 213.6 $ 703.3 $ (401.6) $ 301.7 Capitalized software development 2.1 years 245.2 (202.7) 42.5 228.1 (184.9) 43.2 Development costs non-software 0.7 years 48.7 (48.7) — 51.8 (51.6) 0.2 Other 5.0 years 48.7 (47.2) 1.5 50.8 (48.4) 2.4 Other intangible assets, net 342.6 (298.6) 44.0 330.7 (284.9) 45.8 Total $ 1,004.9 $ (747.3) $ 257.6 $ 1,034.0 $ (686.5) $ 347.5 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The expected annual amortization expense is as follows: Estimated amortization 2023 $ 88.4 2024 84.2 2025 60.5 2026 19.8 2027 0.3 $ 253.2 |
Schedule of Capitalized Software Development | The following table identifies the activity relating to total capitalized software development: 2022 2021 2020 Beginning balance as of January 1 $ 43.2 $ 38.0 $ 46.0 Capitalization 28.7 31.1 17.2 Amortization (14.1) (23.3) (27.2) Impairment (9.8) — — CTA, transferred to held-for-sale, other (5.5) (2.6) 2.0 Ending balance as of December 31 $ 42.5 $ 43.2 $ 38.0 |
Guarantees and Product Warran_2
Guarantees and Product Warranties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Guarantees and Product Warranties [Abstract] | |
Changes in warranty liability balance | 2022 2021 Balance at January 1 $ 36.3 $ 38.6 Current period accruals 19.5 24.4 Current period settlements (26.4) (24.4) Currency translation (1.1) (2.3) Balance at December 31 $ 28.3 $ 36.3 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs | The following table summarizes the impact of the Company’s restructuring and transformation charges, excluding the aforementioned impairments, on the consolidated statements of operations for the years ended December 31: 2022 2021 2020 Cost of sales - services $ 7.7 $ 13.0 $ 14.1 Cost of sales - products 13.1 2.4 8.2 Selling and administrative expense 94.4 13.1 52.9 Research, development and engineering expense 9.0 (0.3) 6.4 Total $ 124.2 $ 28.2 $ 81.6 |
Restructuring accrual balances and related activity | The following table summarizes the Company’s restructuring severance accrual balance and related activity: Balance at January 1, 2020 $ 42.6 Liabilities incurred 81.6 Liabilities paid/settled (61.3) Balance at December 31, 2020 $ 62.9 Liabilities incurred 15.4 Liabilities paid/settled (43.0) Balance at December 31, 2021 $ 35.3 Liabilities incurred 62.5 Liabilities paid/settled (53.6) Balance at December 31, 2022 $ 44.2 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Outstanding Debt Balances | Outstanding debt balances were as follows: December 31, 2022 2021 Notes payable – current Uncommitted lines of credit $ 0.9 $ 1.6 Revolving Facility — 35.9 2023 Term Loan B Facility - USD 12.9 4.8 2023 Term Loan B Facility - Euro 5.1 4.7 2025 Extended Term Loan B Facility - USD 5.3 — 2025 Extended Term Loan B Facility - EUR 1.1 — Other 1.7 0.3 27.0 47.3 Short-term deferred financing fees (3.0) (0.2) $ 24.0 $ 47.1 Long-term debt Revolving Facility $ — $ 25.0 2023 Term Loan B Facility - USD — $ 381.0 2023 Term Loan B Facility - EUR — 375.6 2024 Senior Notes 72.1 400.0 2025 Senior Secured Notes - USD 2.7 700.0 2025 Senior Secured Notes - EUR 4.7 396.4 2026 Asset Backed Loan (ABL) 182.0 — 2025 Extended Term Loan B Facility - USD 529.5 — 2025 Extended Term Loan B Facility - EUR 95.5 — 2026 2L Notes 333.6 — 2025 Exchanged Senior Secured Notes - USD 718.1 — 2025 Exchanged Senior Secured Notes - EUR 379.7 — 2025 Superpriority Term Loans 400.6 — Other 6.3 4.2 2,724.8 2,282.2 Long-term deferred financing fees (139.0) (36.6) $ 2,585.8 $ 2,245.6 On March 11, 2022, the Company entered into the eleventh and most recent amendment to its Existing Credit Agreement, to amend the financial covenants with respect to its "Total Net Leverage Ratio". On December 29, 2022 (the “Settlement Date”), the Company completed a series of transactions with certain key financial stakeholders to refinance certain debt with near-term maturities and provide the Company with new capital. The transactions and related material definitive agreements entered into by the Company are described below. 2024 Senior Notes On the Settlement Date, the Company completed a private exchange offer and consent solicitation with respect to the outstanding 8.50% Senior Notes due 2024, which included (i) a private offer to certain eligible holders to exchange any and all 2024 Senior Notes for units (the “Units”) consisting of (a) new 8.50%/12.50% Senior Secured PIK Toggle Notes due 2026 issued by the Company (the “2L Notes”) and (b) a number of warrants (the “New Warrants” and, together with the Units and the New Notes, the “New Securities”) to purchase common shares, par value $1.25 per share, of the Company (“Common Shares”) and (ii) a related consent solicitation to adopt certain proposed amendments to the indenture governing the 2024 Senior Notes (the “2024 Senior Notes Indenture”) to eliminate certain of the covenants, restrictive provisions and events of default intended to protect holders, among other things, from such indenture (collectively, the “2024 Exchange Offer and Consent Solicitation”). Pursuant to the 2024 Exchange Offer and Consent Solicitation, the Company accepted $327.9 in aggregate principal amount of the 2024 Senior Notes (representing 81.97% of the aggregate principal amount outstanding of the 2024 Senior Notes) tendered for exchange and issued $333.6 in aggregate principal amount of Units consisting of $333.6 in aggregate principal amount of 2L Notes and 15,813,847 New Warrants to purchase up to 15,813,847 Common Shares. Each New Warrant will initially represent the right to purchase one Common Share, at an exercise price of $0.01 per share. The New Warrants will, in the aggregate and upon exercise, be exercisable for up to 15,813,847 Common Shares (representing 19.99% of the Common Shares outstanding on the business day immediately preceding the Settlement Date), subject to adjustment. Unless earlier cancelled in accordance with their terms, New Warrants can be exercised at any time on and after April 1, 2024 and prior to December 30, 2027 (or, if such day is not a business day, the next succeeding day that is a business day). No cash will be payable by a warrantholder in respect of the exercise price for a New Warrant upon exercise. If a Termination Event (as defined in the agreement governing the Units) occurs with respect to any Units prior to April 1, 2024, the New Warrants forming part of such Units will automatically terminate and become void without further legal effect and will be cancelled for no further consideration. The 2L Notes are the Company’s senior secured obligations and are guaranteed by the Company’s material subsidiaries in the United States, Belgium, Canada, Germany, France, Italy, the Netherlands, Poland, Spain, Sweden and the United Kingdom (the “Specified Jurisdictions”), in each case, subject to agreed guaranty and security principles and certain exclusions. The obligations of the Company and the guarantors are secured (i) on a second-priority basis by certain Non-ABL Priority Collateral (as defined below) held by the Company and those guarantors that are organized in the United States, (ii) on a third-priority basis by certain other Non-ABL Priority Collateral held by the Company and the guarantors and (iii) on a fourth-priority basis by the ABL Priority Collateral (as defined below). The 2L Notes will mature on October 15, 2026 and bear interest at a fixed rate of 8.50% per annum through July 15, 2025, after which interest will accrue at the rate of 8.50% (if paid in cash) or 12.50% (if paid in the form of PIK Interest (as defined in the New indenture governing the 2L Notes (the “2L Notes Indenture”)), subject to the applicable interest period determination election made for each applicable interest period after such date. Interest on the 2L Notes will be payable on January 15 and July 15 of each year, commencing on July 15, 2023. Interest will accrue from the Settlement Date. The 2L Notes will be redeemable at the Company’s option, in whole or in part, at any time at 100% of their principal amount, together with accrued and unpaid interest, subject to certain restrictions. Upon the occurrence of specific kinds of changes of control, the Company will be required to make an offer to repurchase some or all of the 2L Notes at 101% of their principal amount, plus accrued and unpaid interest to, but excluding, the repurchase date, subject to certain restrictions. Further, if the Company or its subsidiaries sell assets, under certain circumstances, the Company will be required to use the net proceeds from such sales to make an offer to purchase New Notes at an offer price in cash in an amount equal to 100% of the principal amount of the New Notes plus accrued and unpaid interest to, but excluding, the repurchase date, subject to certain restrictions. The 2L Notes Indenture contains covenants that, among other things, restrict the ability of the Company and its subsidiaries to incur additional indebtedness and guarantee indebtedness, pay dividends, prepay, redeem or repurchase certain debt, incur liens and to merge, consolidate or sell assets. The Company is required to raise equity capital prior to the maturity date of the 2024 Senior Notes in an amount necessary to repurchase, redeem, prepay or pay in full the Excess Stub Notes. 2025 Senior Secured Notes On the Settlement Date, the Company also completed the private exchange offers and consent solicitations with respect to the outstanding 9.375% Senior Secured Notes due 2025 issued by the Company (the “2025 USD Senior Notes”) and the outstanding 9.000% Senior Secured Notes due 2025 issued by Diebold Nixdorf Dutch Holding B.V. (the “Dutch Issuer”), a direct and wholly owned subsidiary of the Company (the “2025 EUR Senior Notes”, and together with the 2025 USD Senior Notes, the “2025 Senior Notes”), which included (i) private offers to certain eligible holders to exchange (a) any and all 2025 USD Senior Notes for new senior secured notes (the “New 2025 USD Senior Notes”) having the same terms as the 2025 USD Senior Notes, other than the issue date, the first interest payment date, the first date from which interest will accrue and other than with respect to CUSIP and ISIN numbers and (b) any and all 2025 EUR Senior Notes for new senior secured notes (the “New 2025 EUR Senior Notes” and, together with the New 2025 USD Senior Notes, the “New 2025 Notes”) having the same terms as the 2025 EUR Senior Notes, other than the issue date, the first interest payment date, the first date from which interest will accrue and other than with respect to ISIN numbers and common codes and (ii) related consent solicitations to enter into supplemental indentures with respect to (a) the indenture governing the 2025 USD Senior Notes, dated as of July 20, 2020 (the “2025 USD Senior Notes Indenture”), and (b) the indenture governing the 2025 EUR Senior Notes, dated as of July 20, 2020 (the “2025 EUR Senior Notes Indenture” and, together with the 2025 USD Senior Notes Indenture, the “2025 Senior Notes Indentures”), in order to amend certain provisions of the 2025 Senior Notes Indentures to, among other things, permit the refinancing transactions set forth in the Transaction Support Agreement, dated as of October 20, 2022 (as amended, the “Transaction Support Agreement”), among the Company, certain of its subsidiaries and certain creditors (collectively, the “2025 Exchange Offers and Consent Solicitations” and, together with the 2024 Exchange Offer and Consent Solicitation, the “Exchange Offers and Consent Solicitations”). The 2025 Exchange Offers and Consent Solicitations were completed on the terms and subject to the conditions set forth in the Offering Memorandum and Consent Solicitation Statement, dated as of November 28, 2022 (as amended, the “2025 Offering Memorandum”), and the related eligibility letter. Pursuant to the 2025 Exchange Offers and Consent Solicitations, the Company accepted $697.3 in aggregate principal amount of the 2025 USD Senior Notes (representing 99.61% of the aggregate principal amount of the outstanding 2025 USD Senior Notes) tendered for exchange and issued $718.1 in aggregate principal amount of the New 2025 USD Senior Notes. The Dutch Issuer accepted €345.6 in aggregate principal amount of the 2025 EUR Senior Notes (representing 98.75% of the aggregate principal amount of the outstanding 2025 EUR Senior Notes) tendered for exchange and issued €356.0 aggregate principal amount of the New 2025 EUR Senior Notes. In addition, eligible holders received payment in cash for accrued and unpaid interest on the 2025 Senior Notes that were accepted for exchange. The New 2025 USD Senior Notes are the Company’s senior secured obligations. The New 2025 USD Senior Notes and the 2025 USD Senior Notes that remain outstanding are guaranteed by the Company’s material subsidiaries in the Specified Jurisdictions, in each case, subject to agreed guaranty and security principles and certain exclusions. The obligations of the Company and the guarantors are secured (i) on a first-priority basis, ranking pari passu with the Superpriority Facility (as defined below), the 2025 EUR Senior Notes, the New 2025 EUR Senior Notes and the Existing Term Loans (as defined below) (excluding released liens), by certain Non-ABL Priority Collateral held by the Company and those guarantors that are organized in the United States, (ii) on a second-priority basis by certain other Non-ABL Priority Collateral held by the Company and the guarantors and (iii) on a third-priority basis by the ABL Priority Collateral. The New 2025 USD Senior Notes will mature on July 15, 2025 and bear interest at a rate of 9.375% per year from the Settlement Date. Interest on the New 2025 USD Senior Notes will be payable on January 15 and July 15 of each year, commencing on January 15, 2023. The New 2025 USD Senior Notes will be redeemable at the Company’s option, in whole or in part, upon not less than 15 nor more than 60 days’ notice mailed or otherwise sent to each holder, at 104.688% of their principal amount prior to July 15, 2023, 102.344% prior to July 15, 2024 and 100% thereafter, together with accrued and unpaid interest, if any, to, but excluding, the date of redemption, subject to certain restrictions. Upon the occurrence of specific kinds of changes of control, the Company will be required to make an offer to repurchase some or all of the New 2025 USD Senior Notes at 101% of their principal amount, plus accrued and unpaid interest to, but excluding, the repurchase date, subject to certain restrictions. Further, if the Company or its subsidiaries sell assets, under certain circumstances, the Company will be required to use the net proceeds from such sales to make an offer to purchase the New 2025 USD Senior Notes at an offer price in cash in an amount equal to 100% of the principal amount of the New 2025 USD Senior Notes plus accrued and unpaid interest to, but excluding, the repurchase date, subject to certain restrictions. The New 2025 EUR Senior Notes are the Dutch Issuer’s senior secured obligations. The New 2025 EUR Senior Notes and the 2025 EUR Senior Notes that remain outstanding are guaranteed by the Company and the Company’s material subsidiaries (other than the Dutch Issuer) in the Specified Jurisdictions, in each case, subject to agreed guaranty and security principles and certain exclusions. The obligations of the Dutch Issuer and the guarantors are secured (i) on a first-priority basis, ranking pari passu with the Superpriority Facility, the 2025 USD Senior Notes, the New 2025 USD Senior Notes and the Existing Term Loans (excluding released liens), by certain Non-ABL Priority Collateral held by the Company and those guarantors that are organized in the United States, (ii) on a second-priority basis by certain other Non-ABL Priority Collateral held by the Company and the guarantors and (iii) on a third-priority basis by the ABL Priority Collateral. The New 2025 EUR Senior Notes will mature on July 15, 2025 and bear interest at a rate of 9.000% per year from the Settlement Date. Interest on the New 2025 EUR Senior Notes will be payable on January 15 and July 15 of each year, commencing on January 15, 2023. The New 2025 EUR Senior Notes will be redeemable at the Dutch Issuer’s option, in whole or in part, upon not less than 15 nor more than 60 days’ notice mailed or otherwise sent to each holder, at 104.500% of their principal amount prior to July 15, 2023, 102.250% prior to July 15, 2024 and 100% thereafter, together with accrued and unpaid interest, if any, to, but excluding, the date of redemption, subject to certain restrictions. Upon the occurrence of specific kinds of changes of control, the Dutch Issuer will be required to make an offer to repurchase some or all of the New 2025 EUR Senior Notes at 101% of their principal amount, plus accrued and unpaid interest to, but excluding, the repurchase date, subject to certain restrictions. Further, if the Dutch Issuer or its subsidiaries sell assets, under certain circumstances, the Dutch Issuer will be required to use the net proceeds from such sales to make an offer to purchase the New 2025 EUR Senior Notes at an offer price in cash in an amount equal to 100% of the principal amount of the New 2025 EUR Senior Notes plus accrued and unpaid interest to, but excluding, the repurchase date, subject to certain restrictions. The Twelfth Amendment to the Existing Credit Agreement On the Settlement Date, the Company entered into a twelfth amendment (the “Twelfth Amendment”) to the Credit Agreement, dated as of November 23, 2015 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Existing Credit Agreement”). The Twelfth Amendment, among other things, (i) permits the Exchange Offers and Consent Solicitations, the Term Loan Exchange (as defined below), the Superpriority Facility (as defined below), the ABL Facility and certain other related transactions (together, the “Refinancing Transactions”), (ii) removes substantially all negative covenants and mandatory prepayment provisions from the Existing Credit Agreement and (iii) directs the collateral agent under the Existing Credit Agreement to release the liens on certain current-asset collateral securing the ABL Facility on a first-priority basis (the “ABL Priority Collateral”) and certain other collateral securing the Company’s obligations under the Existing Credit Agreement and the Company’s existing subsidiary guarantors’ obligations under the related guarantees (in each case, to the extent permitted, including under applicable law). Superpriority Facility On the Settlement Date, the Company and Diebold Nixdorf Holding Germany GmbH (the “Superpriority Borrower”) entered into a Credit Agreement (the “Superpriority Credit Agreement”), providing for a superpriority secured term loan facility of $400 (the “Superpriority Facility”). On the Settlement Date, the Superpriority Borrower borrowed the full $400 of term loans available (the "Superpriority Term Loans"). The proceeds of the borrowing under the Superpriority Facility were or will be used, respectively, (i) on the Settlement Date, to repay the New Term Loans (as defined below) in an amount equal to 15% of the principal amount of Existing Term Loans (as defined below) that participated in the Term Loan Exchange (the “Initial New Term Loan Paydown”), (ii) on December 31, 2023, to repay the New Term Loans in an amount equal to 5% of the principal amount (at the time of the Term Loan Exchange) of Existing Term Loans that participated in the Term Loan Exchange, subject to satisfaction of certain liquidity conditions, (iii) solely in the event that the repayment in (ii) is not made as a result of such liquidity conditions not being satisfied, on December 31, 2024, to repay the New Term Loans in an amount equal to 5% of the principal amount (at the time of the Term Loan Exchange) of Existing Term Loans that participated in the Term Loan Exchange, subject to satisfaction of the same liquidity condition measured on a pro forma basis on December 31, 2024 and (iv) for general corporate purposes (excluding making payments on any other funded indebtedness). The Superpriority Term Loans will mature on July 15, 2025. The Superpriority Term Loans bear interest equal to (i) in the case of Term Benchmark Loans (as defined in the Superpriority Credit Agreement), the Adjusted Term SOFR Rate (as defined in the Superpriority Credit Agreement and subject to a 4.0% floor) plus a 0.10% credit spread adjustment plus an applicable margin of 6.40% and (ii) in the case of Floating Rate Loans (as defined in the Superpriority Credit Agreement), the Alternate Base Rate (as defined in the Superpriority Credit Agreement and subject to a 5.0% floor) plus an applicable margin of 5.40%. Interest accrued on the Superpriority Loans is payable (i) in the case of Term Benchmark Loans, on the last day of the applicable Interest Period (as defined in the Superpriority Credit Agreement) (provided that, if the Interest Period is longer than three months, interest is also payable on the last day of each three-month interval during such Interest Period), on any date on which the Term Benchmark Loans are repaid, and at maturity, and (ii) in the case of Floating Rate Loans, on the last business day of each March, June, September and December occurring after the Settlement Date, beginning with March 31, 2023, and at maturity. Pursuant to the Transaction Support Agreement, the Superpriority Borrower paid a fee to the lenders under the Superpriority Facility in an amount equal to 6.40% per annum of such lenders’ commitments (the “Ticking Fee”), which began accruing on December 20, 2022 until the Settlement Date. The total amount of the Ticking Fee paid to all lenders was $0.6, and was paid in the form of additional Superpriority Term Loans on the Settlement Date. The obligations of the Superpriority Borrower under the Superpriority Facility are guaranteed, subject to certain exclusions and agreed guaranty and security principles, by the Company and the Company’s material subsidiaries in the Specified Jurisdictions and secured (i) on a first-priority basis by substantially all assets (subject to agreed guaranty and security principles and certain exclusions) other than the ABL Priority Collateral (the “Non-ABL Priority Collateral”) held by the Superpriority Borrower and those guarantors that are organized outside the United States and certain Non-ABL Priority Collateral held by the Company and those guarantors that are organized in the United States, (ii) on a first-priority basis, ranking pari passu with the New Term Loans, the 2025 Senior Notes, the New 2025 Notes and the Existing Term Loans (excluding released liens), by certain Non-ABL Priority Collateral held by the Company and those guarantors that are organized in the United States and (iii) on a second-priority basis by the ABL Priority Collateral. The Superpriority Borrower may prepay the Superpriority Term Loans at any time; provided that voluntary prepayments and certain mandatory prepayments made (i) prior to December 29, 2024 must be accompanied by a customary make-whole premium and (ii) on or after December 29, 2024 must be accompanied by a premium of 5.00% of the aggregate principal amount of the Superpriority Term Loans being prepaid. The Superpriority Credit Agreement additionally provides that the Superpriority Borrower is required to prepay the Superpriority Term Loans in certain circumstances, including (i) in connection with asset sales, where mandatory prepayments must be made with the proceeds of such asset sales and accompanied by a premium of 1.00% of the aggregate principal amount of the loans being prepaid, and (ii) in connection with change of control and certain other transformative transactions, where prepayments must be accompanied by a premium of 5.00% of the aggregate principal amount of the loans being prepaid. Amounts borrowed and repaid under the Superpriority Facility may not be reborrowed. The Superpriority Credit Agreement contains affirmative and negative covenants customary for facilities of its type, including, but not limited to, delivery of financial information, limitations on mergers, consolidations and fundamental changes, limitations on sales of assets, limitations on investments and acquisitions, limitations on liens, limitations on transactions with affiliates, limitations on indebtedness, limitations on negative pledge clauses, limitations on restrictions on subsidiary distributions, limitations on restricted payments and limitations on certain payments of indebtedness. The Superpriority Credit Agreement contains restrictions on making repayments of certain junior indebtedness prior to their maturity, subject to certain specified repayment conditions. The Superpriority Credit Agreement provides for certain customary events of default, including, but not limited to, nonpayment of principal, interest, fees or other amounts, breach of covenants, cross default and cross acceleration to material indebtedness, voluntary and involuntary bankruptcy or insolvency proceedings, unpaid material judgments and change of control. Term Loans On December 16, 2022, the Company made an offer to (i) each of the lenders (collectively, the “Existing Dollar Term Lenders”) holding certain dollar term loans (the “Existing Dollar Term Loans”) under the Existing Credit Agreement providing for the opportunity to exchange all (but not less than all) of the principal amount of its Existing Dollar Term Loans for the same principal amount of Dollar Term Loans (the “New Dollar Term Loans”) as defined in and made pursuant to the New Term Loan Credit Agreement (as defined below), plus the Transaction Premium (as defined in the Twelfth Amendment), and (ii) each of the lenders (collectively, the “Existing Euro Term Lenders” and together with the Existing Dollar Term Lenders, the “Existing Term Lenders”) holding certain euro term loans (the “Existing Euro Term Loans” and together with the Existing Dollar Term Loans, the “Existing Term Loans”; the loan facility for the Existing Term Loans, the “Existing Term Loan Facility”) providing for the opportunity to exchange all (but not less than all) of the principal amount of its Existing Euro Term Loans for either (a) the same principal amount of Euro Term Loans (the “New Euro Term Loans” and together with the New Dollar Term Loans, the “New Term Loans”; the loan facility for the New Term Loans, the “New Term Loan Facility”) as defined in and made pursuant to the New Term Loan Credit Agreement or (b) the same principal amount of New Dollar Term Loans (with the exchange rate used for such conversion of the existing principal amount denominated in euros to the equivalent new principal amount denominated in dollars determined by reference to the WMR 4pm London Mid Spot Rate published by Refinitiv at 4:00 p.m. (London Time) on the date that was two business days prior to the Settlement Date), in each case, plus the Transaction Premium (collectively, clauses (i) and (ii), the “Term Loan Exchange Offer” and the exchange pursuant to the Term Loan Exchange Offer, the “Term Loan Exchange”). On the Settlement Date, the Company completed the Term Loan Exchange whereby approximately 96.6% of the aggregate principal amount of Existing Dollar Term Loans and approximately 98.6% of the aggregate principal amount of Existing Euro Term Loans, were exchanged into $626.0 (including a transaction premium of $18.2) in aggregate principal amount of New Dollar Term Loans, and €106.0 (including a transaction premium of € 3.1) in aggregate principal amount of New Euro Term Loans. Substantially concurrently with the completion of the Term Loan Exchange Offer, the Company prepaid $91.2 in aggregate principal amount of New Dollar Term Loans and €15.4 in aggregate principal amount of New Euro Term Loans, pursuant to the Initial New Term Loan Paydown and consistent with the Transaction Support Agreement. On December 31, 2023, the Company will prepay $30.4 in aggregate principal amount of the New Dollar Term Loans and €5.1 in aggregate principal amount of the New Euro Term Loans, subject to satisfaction of certain liquidity conditions. As a result of the Term Loan Exchange, the Company’s obligations in respect of the Existing Term Loans of each lender who participated in the Term Loan Exchange were discharged and deemed satisfied in full, and each such lender’s commitments with respect to the Existing Term Loans were canceled. The terms of the New Term Loans are governed by a Credit Agreement (the "New Term Loan Credit Agreement"), dated as of the Settlement Date, among the Company the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent, and GLAS America LLC, as collateral agent, which provides that the New Term Loans will mature on July 15, 2025. The New Term Loans bear interest at a rate equal to (i) in the case of Term Benchmark Loans (as defined in the New Term Loan Credit Agreement), (a) for New Dollar Term Loans, the Adjusted Term SOFR Rate (as defined in the New Term Loan Credit Agreement and subject to a 1.50% floor) plus a 0.10% credit spread adjustment plus an applicable margin of 5.25% and (b) for New Euro Term Loans, the Adjusted EURIBOR Rate (as defined in the New Term Loan Credit Agreement and subject to a 0.50% floor) plus an applicable margin of 5.50% and (ii) in the case of Floating Rate Loans (as defined in the New Term Loan Credit Agreement), the Alternate Base Rate (as defined in the New Term Loan Credit Agreement and subject to a 2.50% floor) plus an applicable margin of 4.25%. Interest accrued on the New Term Loans is payable (i) in the case of Term Benchmark Loans, on the last day of the applicable Interest Period (as defined in the New Term Loan Credit Agreement) (provided that, if the Interest Period is longer than three months, interest is also payable on the last day of each three month interval during such Interest Period), on any date on which the Term Benchmark Loans are repaid and at maturity, (ii) in the case of Floating Rate Loans, on the last business day of each March, June, September and December occurring after the Settlement Date, beginning with March 31, 2023, and at maturity. The obligations of the Company under the New Term Loan Credit Agreement are guaranteed, subject to certain exclusions and agreed guaranty and security principles, by the Company’s material subsidiaries in the Specified Jurisdictions and secured (i) on a first-priority basis, ranking pari passu with the Superpriority Facility, the 2025 Senior Notes, the New 2025 Notes and the Existing Term Loans (excluding released liens), by certain Non-ABL Priority Collateral held by the Company and those guarantors that are organized in the United States, (ii) on a second-priority basis by certain other Non-ABL Priority Collateral held by the guarantors that are organized outside the United States and (iii) on a third-priority basis by the ABL Priority Collateral. The New Term Loan Credit Agreement contains affirmative and negative covenants customary for facilities of its type, including, but not limited to, delivery of financial information, limitations on mergers, consolidations and fundamental changes, limitations on sales of assets, limitations on investments and acquisitions, limitations on liens, limitations on transactions with affiliates, limitations on indebtedness, limitations on negative pledge clauses, limitations on restrictions on subsidiary distributions, limitations on restricted payments and limitations on certain payments of indebtedness. The New Term Loan Credit Agreement provides that the Company may prepay the New Term Loans at any time without premium or penalty, subject to restrictions contained in the documentation governing the Company’s other indebtedness. The New Term Loan Credit Agreement additionally provides that the Company will be required to prepay the New Term Loans in certain circumstances (without premium), including with the proceeds of asset sales and in connection with change of control transactions. Once repaid, the New Term Loans may not be reborrowed. ABL Revolving Credit and Guaranty Agreements On the Settlement Date, the Company and subsidiary borrowers (together with the Company, the “ABL Borrowers”) entered into a Revolving Credit and Guaranty Agreement (the “ABL Credit Agreement”). The ABL Credit Agreement provides for an asset-based revolving credit facility (the “ABL Facility”) consisting of three Tranches (respectively, “Tranche A,” “Tranche B” and “Tranche C”) with a total commitment of up to $250, including a Tranche A commitment of up to $155, a Tranche B commitment of up to $25 and a Tranche C commitment of up to $70. Letters of credit are limited to the lesser of (i) $50 and (ii) the aggregate unused amount of the applicable lenders’ Tranche A commitments then in effect. Swing line loans are limited to the lesser (i) $50 and (ii) in respect of an applicable borrower, such borrower’s Tranche A available credit then in effect. Subject to currencies available under the applicable Tranche, loans under the ABL Facility may be denominated, depending on the Tranche being drawn, in U.S. Dollars, Canadian Dollars, Euros and Pounds Sterling. The ABL Facility replaced the commitments of the Company’s existing revolving credit lenders under the Existing Credit Agreement, which were repaid in full and terminated on the Settlement Date. On the Settlement Date, certain ABL Borrowers borrowed a total of $182 under the ABL Facility, consisting of $122 of Tranche A loans and $60 of Tranche C loans. The proceeds of borrowing under the ABL Facility were or will be used, as applicable, (i) to finance the Refinancing Transactions, including the repayment of revolving loans outstanding under the Existing Credit Agreement on the Settlement Date, (ii) to finance the ongoing working capital requirements of the ABL Borrowers and their respective subsidiaries and (iii) for other general corporate purposes. The ABL Facility will mature on July 20, 2026, subject to a springing maturity to a date that is 91 days prior to the maturity date of any indebtedness for borrowed money (other than any Existing Term Loans or 2024 Senior Notes that were not exchanged in connection with the Refinancing Transactions) in an aggregate principal amount of more than $25 incurred by the Company or any of its subsidiaries. Loans under the ABL Facility bear interest determined by reference to a benchmark rate plus a margin of between 1.50% and 3.00%, in each case, depending on the amount of excess availability, the currency of the loans and the type of loans under the ABL Facility. A commitment fee equal to 0.50% per annum of the average daily unused portion is also payable quarterly by the ABL Borrowers under the ABL Facility. The ABL Borrowers may borrow only up to the lesser of the level of the then-current borrowing base and the committed maximum borrowing capacity of $250, subject to certain sub-caps that are applicable under the ABL facility. The obligations of the ABL Borrowers und |
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, 2022 2021 Revolving credit facility borrowings $ 693.9 $ 590.9 Revolving credit facility repayments $ (572.9) $ (590.1) Proceeds from 2025 Superpriority Term Loans 370.0 — International short-term uncommitted lines of credit and other borrowings 16.1 11.2 Other debt borrowings $ 386.1 $ 11.2 Payments on Term Loan B Facility - USD under the Credit Agreement (95.4) (4.8) Payments on Term Loan B Facility - Euro under the Credit Agreement (20.2) (4.8) International short-term uncommitted lines of credit and other repayments (15.4) (9.8) Other debt repayments $ (131.0) $ (19.4) |
Schedule of Maturities of Long-term Debt | Maturities of long-term debt as of December 31, 2022 are as follows: Maturities of Debt (1) 2023 $ 25.8 2024 84.8 2025 2,124.4 2026 594.3 $ 2,829.3 1. Total debt maturities will differ from the schedule of debt instruments above due to PIK (paid-in-kind) interest associated with the 2L Notes that will increase the carrying value of this instrument over the term of the loan. |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Redeemable Noncontrolling Interests [Abstract] | |
Redeemable Noncontrolling Interest [Table Text Block] | Changes in redeemable noncontrolling interests were as follows: 2022 2021 2020 Balance at January 1 $ — $ 19.2 $ 20.9 Other comprehensive income — — — Redemption value adjustment — — (1.7) Redemption of shares — — — Termination of put option — (19.2) — Balance at December 31 $ — $ — $ 19.2 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2020 $ (256.7) $ (2.6) $ (6.1) $ (146.9) $ (0.6) $ (412.9) Other comprehensive income (loss) before reclassifications (1) (54.2) 0.7 8.6 7.0 (0.9) (38.8) Amounts reclassified from AOCI — — (2.1) 75.3 — 73.2 Net current period other comprehensive income (loss) (54.2) 0.7 6.5 82.3 (0.9) 34.4 Balance at December 31, 2021 $ (310.9) $ (1.9) $ 0.4 $ (64.6) $ (1.5) $ (378.5) Other comprehensive income (loss) before reclassifications (1) (41.2) — 5.5 0.9 2.8 (32.0) Amounts reclassified from AOCI — — (0.6) 51.1 — 50.5 Net current period other comprehensive income (loss) (41.2) — 4.9 52.0 2.8 18.5 Balance at December 31, 2022 $ (352.1) $ (1.9) $ 5.3 $ (12.6) $ 1.3 $ (360.0) |
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: 2022 2021 Amount Reclassified from AOCI Amount Reclassified from AOCI Affected Line Item in the Statement of Operations Interest rate hedges (net of tax of $0.1 and $0.8, respectively) $ (0.6) $ (2.1) Interest expense Pension and post-retirement benefits: Net prior service benefit amortization (net of tax of $0.0 and $0.0, respectively) 2.4 — (1) Net actuarial gains recognized during the year (net of tax of $0.0 and $23.2, respectively) 38.5 76.0 (1) Net actuarial gains (losses) recognized due to settlement (net of tax of $0.0 and $(0.4), respectively) 10.2 (0.7) (1) 51.1 75.3 Total reclassifications for the period $ 50.5 $ 73.2 (1) Pension and other post-retirement benefits AOCI components are included in the computation of net periodic benefit cost (refer to Note 15 of the consolidated financial statements |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [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 U.S. Plans Non-U.S. Plans 2022 2021 2022 2021 2022 2021 Change in benefit obligation Benefit obligation at beginning of year $ 584.4 $ 620.1 $ 420.5 $ 468.7 $ 5.7 $ 13.7 Service cost — — 8.9 9.8 — 0.1 Interest cost 17.3 15.9 4.1 2.9 0.2 0.7 Actuarial gain (133.8) (24.0) (80.5) (5.4) (1.2) (8.0) Plan participant contributions — — 1.2 1.4 — — Benefits paid (25.7) (27.6) (6.5) (6.5) (0.5) (0.5) Plan amendments — — (2.4) (2.9) — — Settlements (82.4) — (24.6) (18.4) — — Foreign currency impact — — (22.9) (29.1) 0.1 (0.3) Acquired benefit plans and other — — (0.3) — — — Benefit obligation at end of year 359.8 584.4 297.5 420.5 4.3 5.7 Change in plan assets Fair value of plan assets at beginning of year 511.3 486.4 394.4 394.1 — — Actual return on plan assets (113.8) 48.9 (27.6) 41.6 — — Employer contributions 3.6 3.5 10.9 9.6 0.5 0.5 Plan participant contributions — — 1.2 1.4 — — Benefits paid (25.7) (27.5) (6.5) (6.5) (0.5) (0.5) Foreign currency impact — — (22.5) (27.5) — — Settlements (82.4) — (24.6) (18.3) — — Fair value of plan assets at end of year 293.0 511.3 325.3 394.4 — — Funded status $ (66.8) $ (73.1) $ 27.8 $ (26.1) $ (4.3) $ (5.7) Amounts recognized in balance sheets Noncurrent assets $ — $ — $ — $ — $ — $ — Current liabilities 3.5 3.5 3.1 3.3 0.5 0.6 Noncurrent liabilities (1) 63.3 69.6 (30.9) 22.7 3.8 5.1 Accumulated other comprehensive loss: Unrecognized net actuarial (loss) gain (2) (77.3) (94.9) 45.4 13.8 5.6 4.8 Unrecognized prior service (cost) benefit (2) — — 5.9 3.9 — Net amount recognized $ (10.5) $ (21.8) $ 23.5 $ 43.7 $ 9.9 $ 10.5 (1) Included in the consolidated balance sheets in pensions, post-retirement and other benefits. (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 U.S. Plans Non-U.S. Plans 2022 2021 2022 2021 2022 2021 Change in accumulated other comprehensive loss Balance at beginning of year $ (94.9) $ (154.5) $ 17.7 $ (3.8) $ 4.8 $ (3.8) Prior service credit/loss recognized during the year — — 2.4 — — — Net actuarial gains (losses) recognized during the year (1.1) 50.6 38.4 23.6 1.2 8.0 Net actuarial (losses) gains occurring during the year 4.4 9.0 (1.6) 0.3 (0.5) 0.2 Net actuarial losses recognized due to settlement 14.3 — (4.1) (1.1) — — Acquired benefit plans and other — — — (0.1) — 0.2 Foreign currency impact — — (1.5) (1.2) 0.1 0.2 Balance at end of year $ (77.3) $ (94.9) $ 51.3 $ 17.7 $ 5.6 $ 4.8 |
Schedule of Net Benefit Costs | Retirement Benefits Other Benefits U.S. Plans Non-U.S. Plans 2022 2021 2020 2022 2021 2020 2022 2021 2020 Components of net periodic benefit cost Service cost $ — $ — $ 3.8 $ 8.9 $ 9.8 $ 9.8 $ — $ 0.1 $ 0.1 Interest cost 17.3 15.9 18.9 4.1 2.9 4.0 0.2 0.7 0.8 Recognition/establishment of Germany benefit obligation — — — — — — — — — Expected return on plan assets (21.2) (22.3) (25.4) (14.5) (14.5) (13.4) — — — Other Adjustments — — — — — 0.2 — — — Amortization of prior service cost — — — (0.4) (0.1) 2.8 — — — Recognized net actuarial (gain) loss 4.4 8.9 7.8 (1.6) 0.3 (0.6) (0.4) 0.2 0.4 Settlement (gain) loss 14.3 — — (4.1) (1.1) 1.1 — — — Net periodic benefit cost $ 14.8 $ 2.5 $ 5.1 $ (7.6) $ (2.7) $ 3.9 $ (0.2) $ 1.0 $ 1.3 |
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: U.S. Plans Non-U.S. Plans 2022 2021 2022 2021 Projected benefit obligation $ 359.8 $ 584.4 $ 189.2 $ 293.9 Accumulated benefit obligation $ 359.8 $ 584.4 $ 181.6 $ 282.3 Fair value of plan assets $ 293.0 $ 511.3 $ 51.7 $ 88.7 |
Schedule of Assumptions Used | The following table represents the weighted-average assumptions used to determine benefit obligations at December 31: Pension Benefits Other Benefits U.S. Plans Non-U.S. Plans 2022 2021 2022 2021 2022 2021 Discount rate 5.59% 2.99% 4.92% 2.39% 6.84% 4.22% Rate of compensation increase N/A N/A 3.88% 3.89% 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 U.S. Plans Non-U.S. Plans 2022 2021 2022 2021 2022 2021 Discount rate 2.99% 2.62% 2.39% 1.90% 4.22% 5.19% Expected long-term return on plan assets 5.25% 6.05% 3.30% 3.32% N/A N/A Rate of compensation increase N/A N/A 3.89% 3.63% N/A N/A |
Schedule of Health Care Cost Trend Rates | The following table represents assumed healthcare cost trend rates at December 31: 2022 2021 Healthcare cost trend rate assumed for next year 6.0% 5.6% Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.0% 4.0% Year that rate reaches ultimate trend rate 2046 2045 |
Schedule of Allocation of Plan Assets | The following table summarizes the Company’s target allocation for these asset classes in 2023, 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, 2022 and 2021: U.S. Plans Non-U.S. Plans Target Actual Target Actual 2023 2022 2021 2023 2022 2021 Equity securities 41% 43% 46% 52% 52% 55% Debt securities 50% 48% 50% 26% 26% 25% Real estate 4% 7% 3% 8% 8% 12% Other 5% 2% 1% 14% 14% 8% Total 100% 100% 100% 100% 100% 100% The following table summarizes the fair value categorized into a three level hierarchy, as discussed in Note 1 of the consolidated financial statements, based upon the assumptions (inputs) of the Company’s plan assets as of December 31, 2022: U.S. Plans Non-U.S. Plans Fair Value Level 1 Level 2 NAV Fair Value Level 1 Level 2 NAV Cash and short-term investments $ 1.8 $ 1.8 $ — $ — $ 12.1 $ 11.4 $ — $ 0.7 Mutual funds 0.8 0.8 — — — — — — Equity securities U.S. small cap core — — — — — — — — International developed markets — — — — 170.4 167.5 — 2.9 Fixed income securities U.S. corporate bonds — — — — — — — — International corporate bonds — — — — 59.6 50.1 — 9.5 U.S. government — — — — — — — — Fixed and index funds — — — — 23.7 14.2 — 9.5 Common collective trusts Real estate (a) 20.1 — — 20.1 25.5 — 14.5 11.0 Other (b) 263.1 — — 263.1 16.8 — — 16.8 Alternative investments Private equity funds (c) 7.2 — — 7.2 — — — — Other alternative investments (d) — — — — 17.2 0.3 — 16.9 Fair value of plan assets at end of year $ 293.0 $ 2.6 $ — $ 290.4 $ 325.3 $ 243.5 $ 14.5 $ 67.3 The following table summarizes the fair value of the Company’s plan assets as of December 31, 2021: U.S. Plans Non-U.S. Plans Fair Value Level 1 Level 2 NAV Fair Value Level 1 Level 2 NAV Cash and short-term investments $ 2.5 $ 2.5 $ — $ — $ 19.7 $ 19.7 $ — $ — Other 0.5 0.5 — — — — — — Mutual funds 1.1 1.1 — — 0.7 — — 0.7 Equity securities U.S. small cap core — — — — — — — — International developed markets — — — — 216.8 214.6 — 2.2 Fixed income securities U.S. corporate bonds — — — — — — — — International corporate bonds — — — — 58.8 58.8 — — U.S. government — — — — — — — — Fixed and index funds — — — — 38.6 18.9 — 19.7 Common collective trusts Real estate (a) 17.2 — — 17.2 45.8 — 15.9 29.9 Other (b) 485.9 — — 485.9 — — — — Alternative investments Multi-strategy hedge funds — — — — — — — — Private equity funds (c) 4.1 — — 4.1 — — — — Other alternative investments (d) — — — — 14.0 0.4 — 13.6 Fair value of plan assets at end of year $ 511.3 $ 4.1 $ — $ 507.2 $ 394.4 $ 312.4 $ 15.9 $ 66.1 In 2022 and 2021, the 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. (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, 2022, investments in this CCT, for U.S. plans, included approximately 22 percent office, 27 percent residential, 10 percent retail and 41 percent industrial, cash and other. As of December 31, 2021, investments in this CCT, for U.S. plans, included approximately 31 percent office, 24 percent residential, 12 percent retail and 33 percent industrial, cash and other. Investments in the real estate CCT can be redeemed once per quarter subject to available cash, with a 30-day notice. (b) Other common collective trusts. At December 31, 2022, approximately 53 percent of the other CCTs are invested in fixed income securities including 36 percent in corporate bonds and 64 percent in U.S. Treasury and other. Approximately 19 percent of the other CCTs at December 31, 2022 are invested in Russell 1000 Fund large cap index funds, 16 percent in International Funds, and approximately 12 percent in funds, including emerging markets, real assets, and other funds. At December 31, 2021, approximately 52 percent of the other CCTs are invested in fixed-income securities, including approximately 42 percent in corporate bonds and 58 percent in U.S. Treasury and other. Approximately 20 percent of the other CCTs at December 31, 2021 are invested in Russell 1000 Fund large cap index funds, 15 percent in International Funds, and approximately 13 percent in funds, including emerging markets, real assets, and other funds. Investments in all common collective trust securities can be redeemed daily. (c) 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, 2022 and 2021, investments in these private equity funds include approximately 26 percent and 33 percent, respectively, in buyout private equity funds that usually invest in mature companies with established business plans, approximately 17 percent and 19 percent, respectively, in special situations private equity and debt funds that focus on niche investment strategies and approximately 24 percent and 29 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, 2022 and 2021 the Company had unfunded commitments of underlying funds $1.6 and $2.4, respectively. (d) 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 CTA. |
Schedule of Amounts Expected To Be Recognized in Other Comprehensive Income (Loss) | The following table represents the amortization amounts expected to be recognized during 2023: U.S. Pension Benefits Non-U.S. Pension Benefits Other Benefits Amount of net prior service credit $ — $ (0.7) $ — Amount of net loss (gain) $ 0.6 $ (3.7) $ (0.6) |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, are expected to be paid: U.S. Pension Benefits Non-U.S. Pension Benefits Other Benefits Other Benefits 2023 $ 22.5 $ 22.6 $ 0.6 $ 0.5 2024 $ 23.3 $ 18.9 $ 0.5 $ 0.5 2025 $ 24.2 $ 20.1 $ 0.5 $ 0.5 2026 $ 25.0 $ 20.9 $ 0.5 $ 0.5 2027 $ 25.7 $ 22.6 $ 0.5 $ 0.4 2028-2032 $ 132.8 $ 103.4 $ 1.9 $ 1.8 During 2022 the Company executed settlement agreements that reduced benefit obligations by $107.0 and resulted in non-cash expense of $10.1. These settlements included an agreement that the U.S. Pension Plan executed during the third quarter of 2022, which reduced benefit obligations by $82.4. As a result of the U.S. settlement, the Company recognized a non-cash expense of $14.3 which is reported in miscellaneous, net on the condensed consolidated statement of operations. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The following table summarizes the weighted-average remaining lease terms and discount rates related to the Company's lease population: December 31, 2022 December 31, 2021 Weighted-average remaining lease terms (in years) Operating leases 5.8 4.0 Finance leases 3.1 3.3 Weighted-average discount rate Operating leases 15.4% 6.8% Finance leases 11.9% 6.2% The following table summarizes the components of lease expense for the years ended December 31: 2022 2021 2020 Lease expense Operating lease expense $ 75.7 $ 87.3 $ 93.6 Finance lease expense Amortization of ROU lease assets $ 4.1 $ 2.9 $ 1.5 Interest on lease liabilities $ 0.7 $ 0.9 $ 0.5 Variable lease expense $ 10.1 $ 7.8 $ 8.0 |
Finance Lease, Liability, Maturity [Table Text Block] | The following table summarizes the maturities of lease liabilities: Operating Finance 2023 $ 53.1 $ 4.9 2024 34.4 3.3 2025 20.0 1.7 2026 12.2 1.0 2027 8.9 0.6 Thereafter 29.1 0.2 Total 157.7 11.7 Less: Present value discount (42.0) (1.9) Lease liability $ 115.7 $ 9.8 |
Schedule Of Supplemental Cash Flow Information Related To Leases [Table Text Block] | The following table summarizes the cash flow information related to leases: December 31, 2022 December 31, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating - operating cash flows $ 76.2 $ 87.3 Finance - financing cash flows $ 4.3 $ 2.3 Finance - operating cash flows $ 0.7 $ 0.4 ROU lease assets obtained in the exchange for lease liabilities: Operating leases $ 28.1 $ 57.4 Finance leases $ 7.4 $ 4.5 |
Schedule Of Supplemental Balance Sheet Information Related To Leases [Table Text Block] | The following table summarizes the balance sheet information related to leases: December 31, 2022 December 31, 2021 Assets Operating $ 108.5 $ 152.4 Finance 10.3 7.1 Total leased assets $ 118.8 $ 159.5 Current liabilities Operating $ 39.0 $ 54.5 Finance 4.1 2.5 Noncurrent liabilities Operating 76.7 103.0 Finance 5.7 4.1 Total lease liabilities $ 125.5 $ 164.1 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Gain (loss) recognized on non-designated derivative instruments | Derivative instrument Classification on consolidated statement of operations 2022 2021 2020 Interest rate swaps and non-designated hedges Interest expense $ (4.4) $ (8.4) $ (14.3) Foreign exchange forward contracts and cash flow hedges Net sales (0.1) — 1.2 Foreign exchange forward contracts and cash flow hedges Cost of sales (0.5) 0.1 — Foreign exchange forward contracts and cash flow hedges Foreign exchange gain (loss), net — (4.6) (30.9) Total $ (5.0) $ (12.9) $ (44.0) |
Fair Value of Assets and Liab_2
Fair Value of Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Recorded at Fair Market Value | Assets and liabilities subject to fair value measurement by fair value level and recorded at fair value are as follows: Classification on consolidated balance sheets December 31, 2022 December 31, 2021 Fair Value Level 1 Level 2 Fair Value Level 1 Level 2 Assets Certificates of deposit Short-term investments $ 24.6 $ 24.6 $ — $ 34.3 $ 34.3 $ — Assets held in rabbi trusts Securities and other investments 4.4 4.4 — 7.0 7.0 — Foreign exchange forward contracts Other current assets — — — 0.1 — 0.1 Total $ 29.0 $ 29.0 $ — $ 41.4 $ 41.3 $ 0.1 Liabilities Foreign exchange forward contracts Other current liabilities $ — $ — $ — $ 0.1 $ — $ 0.1 Interest rate swaps - short term Other current liabilities — — — 2.8 — 2.8 Interest rate swaps - long term Other liabilities — — — — — Deferred compensation Other liabilities 4.4 4.4 — 7.0 7.0 — Total $ 4.4 $ 4.4 $ — $ 9.9 $ 7.0 $ 2.9 |
Fair value and carrying value of the Company's debt instruments | The carrying amount of the Company's revolving credit facility approximates fair value. The remaining debt had a carrying value of $2,557.6 and fair value of $1,819.7 at December 31, 2022, and a carrying value of $2,267.0 and fair value of $1,584.1 at December 31, 2021. |
Revenue Recognition and Defer_2
Revenue Recognition and Deferred Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Timing of revenue recognition A performance obligation is a contractual promise to transfer a distinct good or service to the customer. A contract's transaction price is allocated to each distinct performance obligation and is recognized as revenue when (point in time) or as (over time) the performance obligation is satisfied. The following table represents the percentage of revenue recognized either at a point in time or over time as of December 31: Timing of revenue recognition 2022 2021 Products transferred at a point in time 39% 41% Products and services transferred over time 61% 59% Net sales 100% 100% |
Contract with Customer, Asset and Liability [Table Text Block] | Contract balances The following table provides 2022 and 2021 information about receivables and deferred revenue, which represent contract liabilities from contracts with customers: 2022 2021 Contract balance information Trade Receivables Contract liabilities Trade Receivables Contract liabilities Balance at January 1 $ 595.2 $ 322.4 $ 646.9 $ 346.8 Balance at December 31 $ 612.2 $ 453.2 $ 595.2 $ 322.4 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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) before income taxes for the years ended December 31: 2022 2021 2020 Net sales summary by segment Banking $ 2,422.4 $ 2,711.1 $ 2,850.5 Retail 1,018.2 1,194.1 1,051.8 Held for sale non-core European retail business (7) 20.1 — — Total Revenue $ 3,460.7 $ 3,905.2 $ 3,902.3 Segment operating profit Banking $ 310.8 $ 440.6 $ 537.2 Retail 134.0 164.6 115.6 Total segment operating profit $ 444.8 $ 605.2 $ 652.8 Corporate charges not allocated to segments (1) $ (247.3) $ (272.5) $ (297.4) Impairment of assets (2) (111.8) (1.3) (7.5) Amortization of Wincor Nixdorf purchase accounting intangible assets (3) (69.6) (78.2) (82.9) Restructuring and transformation expenses (4) (124.2) (98.9) (181.8) Refinancing related costs (5) (32.0) — — Net non-routine expense (6) (42.6) (17.2) (59.2) Held for sale non-core European retail business (7) (29.0) — — (656.5) (468.1) (628.8) Operating profit (loss) (211.7) 137.1 24.0 Other income (expense) (226.9) (187.8) (293.5) Loss before taxes $ (438.6) $ (50.7) $ (269.5) (1) Corporate charges not allocated to segments include headquarter-based costs associated with procurement, human resources, compensation and benefits, finance and accounting, global development/engineering, global strategy/mergers and acquisitions, global IT, tax, treasury and legal. (2) Charges were taken in the first quarter of 2022 related to the North American ERP and certain assets in Ukraine, Russia, and Belarus; in the second quarter of 2022 related to facility closures; in the third quarter related to German capitalized software; and in the fourth quarter of 2022 related to assets at the held for sale non-core European retail business. (3) The amortization of purchase accounting intangible assets is not included in the segment results used by the CODM to make decisions, allocate resources or assess performance. (4) Refer to Note 8 of the consolidated financial statements for further information. Consistent with the historical reportable segment structure, restructuring and transformation costs are not assigned to the segments, and are separately analyzed by the CODM. (5) Refinancing related costs are fees earned by our advisors and the advisors of our potential lenders that do not qualify for capitalization. (6) Net non-routine expense consists of items that the Company has determined are non-routine in nature and not allocated to the reportable operating segments as they are not included in the measure used by the CODM to make decisions, allocate resources and assess performance. (7) Held for sale non-core European retail business represents the revenue and operating profit, excluding impairment which is captured separately, of a business that has been classified as held for sale for all of the periods presented, but which was removed in 2022 from the retail segment's information used by the CODM to make decisions, assess performance and allocate resources, and now is individually analyzed. This change and timing thereof aligns with the build-out of a data center that makes the entity capable of operating autonomously and is consistent with material provided in connection with our refinancing effort which are exclusive of this entity. |
Revenue from External Customers by Products and Services | The following table presents information regarding the Company’s segment net sales by service and product solution: 2022 2021 2020 Banking Services $ 1,548.1 $ 1,681.2 $ 1,781.9 Products 874.3 1,029.9 1,068.6 Total Banking $ 2,422.4 $ 2,711.1 $ 2,850.5 Retail Services $ 540.9 $ 622.4 $ 582.6 Products 477.3 571.7 469.2 Total Retail $ 1,018.2 $ 1,194.1 $ 1,051.8 Held for sale non-core European retail business (7) Services $ 9.9 $ — $ — Products 10.2 — — 20.1 — — Total Revenue $ 3,460.7 $ 3,905.2 $ 3,902.3 |
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: 2022 2021 2020 Americas United States $ 861.4 $ 893.1 $ 974.7 Other Americas 600.0 530.1 502.9 Total Americas Revenue 1,461.4 1,423.2 1,477.6 EMEA Germany 522.8 768.2 764.3 Other EMEA 1,173.2 1,356.3 1,282.0 Total EMEA Revenue 1,696.0 2,124.5 2,046.3 APAC Total APAC Revenue 303.3 357.5 378.4 Total Revenue $ 3,460.7 $ 3,905.2 $ 3,902.3 Below is a summary of property, plant and equipment, net and right-of-use operating lease assets by geographical location as of December 31: 2022 2021 Property, plant and equipment, net United States $ 24.4 $ 19.4 Germany 80.5 96.9 Other international 15.8 21.8 Total property, plant and equipment, net $ 120.7 $ 138.1 Right-of-use operating lease assets United States $ 34.9 $ 49.1 Other international 73.6 103.3 Total right-of-use operating lease assets $ 108.5 $ 152.4 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Prior Period Adjustment [Abstract] | |||
Impairment of assets | $ 111.8 | $ 1.3 | $ 7.5 |
Net loss attributable to Diebold Nixdorf, Incorporated | 581.4 | 78.8 | 269.1 |
Other current assets | 168.5 | 203.1 | |
Goodwill | 702.3 | 743.6 | 800.4 |
Deferred income taxes | 0 | 95.7 | |
Current assets held for sale | 7.9 | 73.4 | |
Current liabilities held for sale | 6.8 | 20.3 | |
Trade receivables, net | 612.2 | 595.2 | 646.9 |
Deferred revenue | 453.2 | 322.4 | 346.8 |
Revenue, Remaining Performance Obligation, Amount | 1,400 | ||
Advertising expense | 8.5 | 7.1 | 7.2 |
Research, development and engineering expense | 120.7 | 126.3 | 133.4 |
Restricted Cash and Cash Equivalents | $ (9.1) | ||
Expected rate of return period | 20 years | ||
Amortization of unrecognized net gain (loss) | 5% | ||
Cash equivalents, maturity period | 3 months | ||
Accounts Receivable, Related Parties | $ 18.9 | ||
Accounts Payable, Related Parties | 25.7 | ||
Equity in earnings (loss) of unconsolidated subsidiaries, net | 2.2 | 0.3 | 0.7 |
Balance at January 1 | 35.3 | 37.5 | 42.2 |
Charged to costs and expenses | 14 | 9.8 | 10.1 |
Charged to other accounts (1) | (0.1) | 0 | (1.2) |
Deductions (2) | (14.7) | (12) | (13.6) |
Balance at December 31 | $ 34.5 | $ 35.3 | $ 37.5 |
Aisino-Wincor Retail And Banking Systems (Shanghai) Co.,Ltd [Member] | |||
Prior Period Adjustment [Abstract] | |||
Equity Method Investment, Ownership Percentage | 49% | ||
Inspur (Suzhou) Financial Technology Service Co Ltd [Member] | |||
Prior Period Adjustment [Abstract] | |||
Equity Method Investment, Ownership Percentage | 48.10% | ||
Minimum | |||
Prior Period Adjustment [Abstract] | |||
Past Due Period Of Financing Receivable Accruing Interest | 90 days |
Earnings (Loss) Per Share (Deta
Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income (loss) used in basic and diluted loss per share | |||
Net loss | $ (585.6) | $ (78.1) | $ (267.8) |
Net income (loss) income attributable to noncontrolling interests | (4.2) | 0.7 | 1.3 |
Net loss attributable to Diebold Nixdorf, Incorporated | $ (581.4) | $ (78.8) | $ (269.1) |
Denominator | |||
Weighted-average number of common shares used in basic and diluted earnings (loss) per share (1) | 79 | 78.3 | 77.6 |
Net loss per share attributable to Diebold Nixdorf, Incorporated | |||
Basic and diluted loss per share | $ (7.36) | $ (1.01) | $ (3.47) |
Anti-dilutive shares | |||
Anti-dilutive shares not used in calculating diluted weighted-average shares (shares) | 4.2 | 3.9 | 2.4 |
Incremental shares, excluded from dilutive calculation, due to resulting in operating loss | 1.5 | 1.2 | 1.2 |
Share-Based Compensation and _4
Share-Based Compensation and Equity - Share-based Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Pre-tax compensation expense | $ 13.4 | $ 13.8 | $ 14.9 |
Tax benefit | (1.6) | (3.6) | (3.7) |
Total share-based compensation, net of tax | 11.8 | 10.2 | 11.2 |
Stock Options [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Pre-tax compensation expense | 0.3 | 1.5 | 1.7 |
Tax benefit | 0 | (0.4) | (0.5) |
Total share-based compensation, net of tax | 0.3 | 1.1 | 1.2 |
Restricted Stock Units [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Pre-tax compensation expense | 13.6 | 8.7 | 8.9 |
Tax benefit | (1.6) | (2.2) | (2.2) |
Total share-based compensation, net of tax | 12 | 6.5 | 6.7 |
Performance Shares [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Pre-tax compensation expense | (0.5) | 3.6 | 4.3 |
Tax benefit | 0 | (1) | (1) |
Total share-based compensation, net of tax | $ (0.5) | $ 2.6 | $ 3.3 |
Share-Based Compensation and _5
Share-Based Compensation and Equity - Unrecognized Compensation Costs (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |
Unrecognized Cost | $ 6.5 |
Stock Options [Member] | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |
Unrecognized Cost | $ 0 |
Weighted-Average Period | 1 month 6 days |
Restricted Stock Units [Member] | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |
Unrecognized Cost | $ 6.4 |
Weighted-Average Period | 1 year 2 months 12 days |
Performance Shares [Member] | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |
Unrecognized Cost | $ 0.1 |
Weighted-Average Period | 9 months 18 days |
Share-Based Compensation and _6
Share-Based Compensation and Equity - Fair Value Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life (in years) | 0 years | 0 years | 5 years |
Weighted-average volatility | 0% | 0% | 64% |
Risk free interest rate, Minimum | 0% | 0% | 0.49% |
Risk free interest rate, Maximum | 0% | 0% | 1.47% |
Expected dividend yield | 0% | 0% | 0% |
Share-Based Compensation and _7
Share-Based Compensation and Equity - Stock Option Activity (Details) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) $ / shares shares | ||
Options outstanding and exercisable under the Company's 1991 Equity and Performance Incentive Plan | ||
Outstanding, Shares, beginning balance | shares | 2.6 | |
Expired or forfeited, Shares | shares | (1.1) | |
Granted, Shares | shares | 0 | |
Outstanding, Shares, ending balance | shares | 1.5 | |
Options exercisable, Shares | shares | 1.5 | |
Outstanding, weighted average exercise price, beginning balance | $ / shares | $ 13.45 | |
Expired or forfeited, weighted average exercise price | $ / shares | 8.79 | |
Granted, Weighted average exercise price | $ / shares | 0 | |
Outstanding, weighted average exercise price, ending balance | $ / shares | 16.81 | |
Options exercisable, Weighted average exercise price | $ / shares | $ 16.91 | |
Outstanding, Weighted Average Remaining Contractual Term | 5 years | |
Option exercisable, Weighted average remaining contractual term | 5 years | |
Outstanding, Aggregate Intrinsic Value | $ | $ 0 | [1] |
Option exercisable, aggregate Intrinsic Value | $ | $ 0 | [1] |
[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 2022 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, 2022. The amount of aggregate intrinsic value will change based on the fair market value of the Company’s common shares. |
Share-Based Compensation and _8
Share-Based Compensation and Equity - Restricted Stock Unit Activity (Details) - Restricted Stock Units [Member] - $ / shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted Stock Units | |||
Unvested, Shares, Beginning balance | 1.6 | ||
Forfeited, Shares | (0.5) | ||
Vested, Shares | (1.2) | ||
Granted, Shares | 2.3 | ||
Unvested, Shares, Ending balance | 2.2 | 1.6 | |
Unvested, Weighted-average grant-date fair value, Beginning balance | $ 10.87 | ||
Forfeited, Weighted-average grant-date fair value | 9.78 | ||
Vested, Weighted-average grant-date fair value | 9.36 | ||
Granted, Weighted-average grant-date fair value | 6.57 | $ 13.71 | $ 10.64 |
Unvested, Weighted-average grant-date fair value, Ending balance | $ 7.53 | $ 10.87 |
Share-Based Compensation and _9
Share-Based Compensation and Equity - Performance Shares Activity (Details) - Performance Shares [Member] - $ / shares shares in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | |||
Performance Shares | ||||
Unvested, Shares, Beginning balance | [1] | 2.2 | ||
Forfeited, Shares | (1.5) | |||
Vested, Shares | (0.2) | |||
Granted, Shares | 0.9 | |||
Unvested, Shares, Ending balance | 1.4 | 2.2 | [1] | |
Unvested, Weighted-average grant-date fair value, Beginning balance | [1] | $ 10.57 | ||
Forfeited, Weighted-average grant-date fair value | 17.75 | |||
Vested, Weighted-average grant-date fair value | 13.45 | |||
Granted, Weighted-average grant-date fair value | 7.28 | $ 13.73 | ||
Unvested, Weighted-average grant-date fair value, Ending balance | [1] | $ 0.30 | $ 10.57 | |
[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_10
Share-Based Compensation and Equity (Textuals) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares Authorized | 15,900,000 | ||
Number of Shares Available for Grant | 7,100,000 | ||
Weighted-average grant-date fair value of stock options granted | $ 6.05 | ||
Issuance of common shares | $ 0 | ||
CashBasedLiabilityAwardsExpense | $ (4.7) | $ 7.1 | $ 21.4 |
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 | $ 6.57 | $ 13.71 | $ 10.64 |
Total fair value of deferred shares vested | $ 11 | $ 10.3 | $ 12.7 |
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 | $ 7.28 | $ 13.73 | |
Total fair value of deferred shares vested | $ 2 | $ 0 | $ 1.2 |
Performance Shares [Member] | Three year graded vest [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 4 years | 4 years | |
Minimum | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 1 year | ||
Maximum | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years |
Income Taxes - (Loss) Income Fr
Income Taxes - (Loss) Income From Continuing Operatings (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | |||
Domestic | $ (413.2) | $ (168.3) | $ (293.8) |
Foreign | (25.4) | 117.6 | 24.3 |
Loss before taxes | $ (438.6) | $ (50.7) | $ (269.5) |
Income Taxes - Provision_(Benef
Income Taxes - Provision/(Benefit) For Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current | |||
U.S. federal | $ 8.5 | $ 3.5 | $ 3.5 |
Foreign | 43.3 | 38.2 | 14.6 |
State and local | 4 | (1.2) | 0.4 |
Total current | 55.8 | 40.5 | 18.5 |
Deferred | |||
U.S. federal | 62.5 | (1.7) | 7.1 |
Foreign | 22.4 | (11.4) | (22.6) |
State and local | 8.5 | 0.3 | (4) |
Total deferred | 93.4 | (12.8) | (19.5) |
Income tax expense (benefit) | $ 149.2 | $ 27.7 | $ (1) |
Income Taxes - Income Tax Recon
Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Statutory tax benefit | $ (92.1) | $ (10.6) | $ (56.6) |
State and local taxes (net of federal tax benefit) | (17.6) | (0.6) | (3.6) |
Brazil non-taxable incentive | (4.6) | (4.3) | (5.2) |
Valuation allowances | 209.8 | 33.8 | 32.5 |
Goodwill impairment | 9.3 | 0 | 0 |
Foreign tax rate differential | (4.6) | 2.2 | (6.1) |
Tax on unremitted foreign earnings | 4.2 | 0.7 | 1.8 |
Change to uncertain tax positions | 1.8 | (9.2) | (23.9) |
U.S. taxed foreign income | 17.1 | 6.9 | 8.7 |
Non-deductible (non-taxable) items | 15.5 | 0.7 | 12.2 |
EffectiveIncomeTaxRateReconciliationTerminationOfCompanyOwnedLifeInsuranceContractsAmount | 0 | 0 | 35.1 |
Return to provision | 3.3 | (0.8) | (9.6) |
Withholding tax and other taxes | 5.4 | 8.7 | 4.6 |
Other | 1.7 | 0.2 | 9.1 |
Income tax expense (benefit) | $ 149.2 | $ 27.7 | $ (1) |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at January 1 | $ 55.1 | $ 36.8 | $ 50.9 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | (1.7) | (42.1) | |
Increases related to current year tax positions | 0 | 0 | 0 |
Settlements | (0.7) | (23.3) | (7.7) |
Reductions due to lapse of applicable statute of limitations | (0.6) | (0.5) | (7.3) |
Balance at December 31 | 52.1 | 55.1 | 36.8 |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | 0.9 | ||
Income Tax Disclosure [Line Items] | |||
Unrecognized Tax Benefits | 52.1 | $ 55.1 | $ 36.8 |
Unrecognized Tax Benefit Impact on ETR | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at December 31 | 12.1 | ||
Income Tax Disclosure [Line Items] | |||
Unrecognized Tax Benefits | 12.1 | ||
Unrecognized Tax Benefit PY Offset by VA | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at December 31 | 40 | ||
Income Tax Disclosure [Line Items] | |||
Unrecognized Tax Benefits | $ 40 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Accrued expenses | $ 51.9 | $ 50.8 |
Warranty accrual | 12.3 | 12.4 |
Deferred compensation | 3 | 3.9 |
Allowances for doubtful accounts | 5 | 8 |
Inventories | 18.5 | 19.6 |
Deferred revenue | 28.1 | 19.8 |
Pensions, post-retirement and other benefits | 48.6 | 48.8 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Restructuring Charges | 108.3 | 0 |
Tax credits | 0 | 67.2 |
Net operating loss carryforwards | 179.4 | 150.7 |
Capital loss carryforwards | 1.3 | 1.1 |
State deferred taxes | 28 | 8.6 |
Lease liability | 28.9 | 34.5 |
Other | 22.8 | 18.8 |
Deferred Tax Assets, Gross | 536.1 | 444.2 |
Valuation allowances | (468.3) | (261.8) |
Net deferred tax assets | 67.8 | 182.4 |
Deferred tax liabilities | ||
Property, plant and equipment, net | 10.3 | 12.9 |
Goodwill and intangible assets | 88.2 | 112.6 |
Undistributed earnings | 34.4 | 32.2 |
Right-of-use assets | 31.5 | 34.5 |
Deferred Tax Liabilities, Gross | 164.4 | 192.2 |
Net deferred tax (liability) | $ (96.6) | $ (9.8) |
Income Taxes Income Taxes - Def
Income Taxes Income Taxes - Deferred Taxes By Balance Sheet Account (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
Deferred income taxes - assets | $ 0 | $ 95.7 |
Deferred income taxes - liabilities | (96.6) | (105.5) |
Net deferred tax (liability) | $ (96.6) | $ (9.8) |
Income Taxes (Textuals) (Detail
Income Taxes (Textuals) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosures [Line Items] | |||
Federal Statutory Income Tax Rate | 21% | 21% | 21% |
U.S. taxed foreign income | $ 17.1 | $ 6.9 | $ 8.7 |
Effective Income Tax Rate Reconciliation, Percent | 0.40% | ||
Foreign tax expense (benefit) | 43.3 | $ 38.2 | 14.6 |
Income tax penalties and interest accrued | 1.3 | 1.7 | |
Operating loss carryforwards | 918 | ||
Net loss carryforward, deferred tax asset | 179.4 | 150.7 | |
Operating loss carryforwards, set to expire | 454.9 | ||
Operating loss carryforwards, no expiration | 463.2 | ||
Deferred tax asset, change in amount | 206.5 | 32.3 | |
Income Tax Expense (Benefit) | 149.2 | 27.7 | (1) |
Deferred tax liability not recognized, amount of unrecognized deferred tax liability | 994.9 | ||
Other | 1.7 | $ 0.2 | $ 9.1 |
U.S. Foreign And State Authority | |||
Income Tax Disclosures [Line Items] | |||
Income Tax Effects Allocated Directly to Equity | 3.3 | ||
Income Tax Expense (Benefit) | $ 209.8 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Inventory, Finished Goods, Net of Reserves | $ 229.4 | $ 180.3 |
Service parts | 158.1 | 169.8 |
Inventory, Work in Process and Raw Materials, Net of Reserves | 200.6 | 194.1 |
Inventories | $ 588.1 | $ 544.2 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment at cost | $ 600,100,000 | $ 632,400,000 | ||
Less accumulated depreciation and amortization | 494,300,000 | |||
Total property plant and equipment, net | 120,700,000 | 138,100,000 | ||
Depreciation | 29,800,000 | 46,400,000 | $ 73,700,000 | |
Gain (Loss) on Disposition of Assets | 5,100,000 | 3,100,000 | $ 11,500,000 | |
Asia Pacific Business Held for Sale | ||||
Property, Plant and Equipment [Line Items] | ||||
Proceeds from Divestiture of Businesses | 5,800,000 | |||
Gain (Loss) on Disposition of Business | 1,000,000 | |||
Mayfair North Canton Office | ||||
Property, Plant and Equipment [Line Items] | ||||
Proceeds from Divestiture of Businesses | 7.2 | |||
Gain (Loss) on Disposition of Assets | 0.6 | |||
Hamilton, Ohio Assets Sold | ||||
Property, Plant and Equipment [Line Items] | ||||
Proceeds from Divestiture of Businesses | 1.7 | |||
Gain (Loss) on Disposition of Assets | 400,000 | |||
Land and land improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment at cost | [1] | 10,000,000 | 10,600,000 | |
Building and building improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment at cost | 68,300,000 | 69,100,000 | ||
Machinery, tools and equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment at cost | 81,800,000 | 85,200,000 | ||
Leasehold improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment at cost | [2] | 17,100,000 | 24,200,000 | |
Computer equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment at cost | 101,100,000 | 105,600,000 | ||
Computer software | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment at cost | 127,800,000 | 129,000,000 | ||
Furniture and fixtures | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment at cost | 54,600,000 | 59,700,000 | ||
Tooling | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment at cost | 134,700,000 | 141,200,000 | ||
Construction in progress | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment at cost | $ 4,600,000 | $ 7,800,000 | ||
Maximum | Land and land improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful life, minimum (years) | 15 | |||
Maximum | Building and building improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful life, minimum (years) | 30 | |||
Maximum | Machinery, tools and equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful life, minimum (years) | 12 | |||
Maximum | Leasehold improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful life, minimum (years) | [2] | 10 | ||
Maximum | Computer equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful life, minimum (years) | 3 | |||
Maximum | Computer software | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful life, minimum (years) | 10 | |||
Maximum | Furniture and fixtures | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful life, minimum (years) | 8 | |||
Maximum | Tooling | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful life, minimum (years) | 5 | |||
Minimum | Land and land improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful life, minimum (years) | 0 | |||
Minimum | Building and building improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful life, minimum (years) | 15 | |||
Minimum | Machinery, tools and equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful life, minimum (years) | 5 | |||
Minimum | Computer equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful life, minimum (years) | 3 | |||
Minimum | Computer software | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful life, minimum (years) | 5 | |||
Minimum | Furniture and fixtures | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful life, minimum (years) | 5 | |||
Minimum | Tooling | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful life, minimum (years) | 3 | |||
[1]Estimated useful life for land and land improvements is perpetual and 15 years, respectively.[2]The estimated useful life for leasehold improvements is the lesser of 10 years or the term of the lease. |
Investments (Details)
Investments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Long-term investments | ||
Cost Basis | $ 7.6 | $ 11 |
Fair Value | 24.6 | 34.3 |
Certificates of Deposit [Member] | ||
Long-term investments | ||
Fair Value | 24.6 | 34.3 |
Certificates of Deposit [Member] | Fair Value, Measurements, Recurring | ||
Long-term investments | ||
Fair Value | 24.6 | 34.3 |
Certificates of Deposit [Member] | ||
Long-term investments | ||
Unrealized Gain | 0 | 0 |
Assets held in rabbi trusts | ||
Long-term investments | ||
Cost Basis | 4.3 | 5.4 |
Unrealized Gain | 0.1 | 1.6 |
Fair Value | $ 4.4 | $ 7 |
Investments (Textuals) (Details
Investments (Textuals) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Cash surrender value of insurance contracts | $ 3.2 | $ 4 | |
Interest Rate Derivative Assets, at Fair Value | 0 | ||
Accounts Receivable, Related Parties | 18.9 | ||
Accounts Payable, Related Parties | 25.7 | ||
Equity in earnings (loss) of unconsolidated subsidiaries, net | 2.2 | 0.3 | $ 0.7 |
Gain (Loss) on Disposition of Assets | 5.1 | 3.1 | 11.5 |
Proceeds from Life Insurance Policy | 0 | 0 | 15.6 |
Miscellaneous, net | $ 2.2 | $ 3.4 | $ 6.8 |
Investments - Components of Fin
Investments - Components of Finance Lease Receivables (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance lease receivables sold | $ 1.6 | $ 1.9 | $ 5 |
Finance Leases Financing Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for credit losses | (0.2) | (0.3) | |
Capital Leases Net Investment In Sales Type Leases Minimum Payments To Be Received And Unguaranteed Residual Values | 28 | 39.3 | |
Unearned interest income | (1.5) | (1.2) | |
Unearned residuals | 0 | 0 | |
Capital Leases Net Investment In Sales Type Leases Unearned Interest Income And Residuals | 1.5 | 1.2 | |
Total | $ 26.5 | $ 38.1 |
Investments - Allowance for Cre
Investments - Allowance for Credit Losses (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Finance Leases Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | $ 26.7 | $ 38.4 |
Notes Receivable [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | $ 0.5 | $ 0.6 |
Minimum [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Past Due Period Of Financing Receivable Accruing Interest | 90 days |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Line Items] | |||
Goodwill | $ 1,173.2 | $ 1,214.5 | $ 1,271.3 |
Accumulated impairment losses | (470.9) | (470.9) | (470.9) |
Beginning balance | 743.6 | 800.4 | |
Goodwill, Written off Related to Sale of Business Unit | (3.3) | ||
Currency translation adjustment | (29.6) | (53.5) | |
Ending balance | 702.3 | 743.6 | |
Impairment | 0 | ||
Pre-Segment Change | |||
Goodwill [Line Items] | |||
Goodwill | 1,202.8 | ||
Currency translation adjustment | (11.7) | ||
Eurasia Banking Segment [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 555.1 | 561.4 | 590.4 |
Accumulated impairment losses | (291.7) | (291.7) | (291.7) |
Beginning balance | 269.7 | 298.7 | |
Goodwill, Written off Related to Sale of Business Unit | 0 | ||
Transferred to assets held for sale | 555.1 | ||
Currency translation adjustment | (6.3) | (29) | |
Ending balance | 0 | 269.7 | |
Impairment | 0 | ||
Americas Banking Segment [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 439.1 | 440.1 | 444.7 |
Accumulated impairment losses | (122) | (122) | (122) |
Beginning balance | 318.1 | 322.7 | |
Goodwill, Written off Related to Sale of Business Unit | 0 | ||
Transferred to assets held for sale | 439.1 | ||
Currency translation adjustment | (1) | (4.6) | |
Ending balance | 0 | 318.1 | |
Impairment | 0 | ||
Retail Segment [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 269.6 | 213 | 236.2 |
Accumulated impairment losses | (57.2) | (57.2) | $ (57.2) |
Beginning balance | 155.8 | 179 | |
Goodwill, Written off Related to Sale of Business Unit | (3.3) | ||
Transferred to assets held for sale | (72) | ||
Currency translation adjustment | (11) | (19.9) | |
Ending balance | 212.4 | 155.8 | |
Impairment | 0 | ||
Retail Segment [Member] | Pre-Segment Change | |||
Goodwill [Line Items] | |||
Goodwill | 208.6 | ||
Currency translation adjustment | (4.4) | ||
Banking Segment | |||
Goodwill [Line Items] | |||
Goodwill | 903.6 | ||
Accumulated impairment losses | 413.7 | ||
Beginning balance | 489.9 | ||
Transferred to assets held for sale | (922.2) | ||
Currency translation adjustment | $ (18.6) | ||
Ending balance | $ 489.9 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Gross Carrying Amount | $ 1,004.9 | $ 1,034 | ||
Accumulated Amortization | (747.3) | (686.5) | ||
Net Carrying Amount | 257.6 | 347.5 | ||
Amortization expense on capitalized software | (14.1) | (23.3) | $ (27.2) | |
Impairment of assets | (111.8) | (1.3) | (7.5) | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 88.4 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 84.2 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 60.5 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 19.8 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 0.3 | |||
Finite-Lived Intangible Assets, Net | 253.2 | |||
Payments to Develop Software | $ (28.7) | (31.1) | (17.2) | |
Customer-Related Intangible Assets [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years 2 months 12 days | |||
Gross Carrying Amount | $ 662.3 | 703.3 | ||
Accumulated Amortization | (448.7) | (401.6) | ||
Net Carrying Amount | $ 213.6 | 301.7 | ||
Software and Software Development Costs [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years 1 month 6 days | |||
Gross Carrying Amount | $ 245.2 | 228.1 | ||
Accumulated Amortization | (202.7) | (184.9) | ||
Net Carrying Amount | 42.5 | 43.2 | 38 | $ 46 |
Impairment of assets | (9.8) | 0 | 0 | |
Finite-Lived Intangible Assets, Translation and Purchase Accounting Adjustments | $ (5.5) | (2.6) | $ 2 | |
Technology-Based Intangible Assets [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 months 12 days | |||
Gross Carrying Amount | $ 48.7 | 51.8 | ||
Accumulated Amortization | (48.7) | (51.6) | ||
Net Carrying Amount | $ 0 | 0.2 | ||
Other Intangible Assets, Net [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||
Gross Carrying Amount | $ 48.7 | 50.8 | ||
Accumulated Amortization | (47.2) | (48.4) | ||
Net Carrying Amount | 1.5 | 2.4 | ||
Other intangible asset, net [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross Carrying Amount | 342.6 | 330.7 | ||
Accumulated Amortization | (298.6) | (284.9) | ||
Net Carrying Amount | $ 44 | $ 45.8 |
Guarantees and Product Warran_3
Guarantees and Product Warranties (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Guarantees and Product Warranties (Textuals) | ||
Maximum future payment obligations | $ 173.2 | $ 155.6 |
Standby letters of credit | 24 | 24 |
Liability associated with Standby letters of credit | 0 | 0 |
Changes in warranty liability balance | ||
Balance at January 1 | 36.3 | 38.6 |
Current period accruals | 19.5 | 24.4 |
Current period settlements | (26.4) | (24.4) |
Currency translation | (1.1) | (2.3) |
Balance at December 31 | $ 28.3 | $ 36.3 |
Restructuring - Restructuring C
Restructuring - Restructuring Charges By Statement of Operations Account (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of restructuring and related costs | |||
Restructuring Charges | $ 124.2 | $ 28.2 | $ 81.6 |
Cost of sales - services | |||
Schedule of restructuring and related costs | |||
Restructuring Charges | 7.7 | 13 | 14.1 |
Cost of sales - products | |||
Schedule of restructuring and related costs | |||
Restructuring Charges | 13.1 | 2.4 | 8.2 |
Selling and administrative expense | |||
Schedule of restructuring and related costs | |||
Restructuring Charges | 94.4 | 13.1 | 52.9 |
Research, development and engineering expense | |||
Schedule of restructuring and related costs | |||
Restructuring Charges | $ 9 | $ (0.3) | $ 6.4 |
Restructuring - Restructuring_2
Restructuring - Restructuring Charges By Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 124.2 | $ 28.2 | $ 81.6 |
Restructuring (Textuals) (Detai
Restructuring (Textuals) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 124.2 | $ 28.2 | $ 81.6 |
Restructuring - Restructuring R
Restructuring - Restructuring Reserve Activity (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restructuring accrual balances and related activity | |||
Balance at beginning of period | $ 35.3 | $ 62.9 | $ 42.6 |
Liabilities incurred | 81.6 | ||
Liabilities paid/settled | (53.6) | (43) | (61.3) |
Balance at end of period | $ 44.2 | $ 35.3 | $ 62.9 |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Notes payable – current | ||
Other | $ 1.7 | $ 0.3 |
Short-Term Debt Excluding Debt Issuance Costs | 27 | 47.3 |
Debt Issuance Costs, Net | (3) | (0.2) |
Notes payable | 24 | 47.1 |
Long-term debt | ||
Long-term deferred financing fees | 6.3 | 4.2 |
Long-term debt excluding debt issuance costs | 2,724.8 | 2,282.2 |
Debt Issuance Costs, Net | 139 | 36.6 |
Long-term debt | 2,585.8 | 2,245.6 |
Term Loan B USD [Member] | ||
Notes payable – current | ||
Unsecured Debt, Current | 12.9 | 4.8 |
Long-term debt | ||
Long-term debt | 0 | 381 |
Term Loan B EUR [Member] | ||
Notes payable – current | ||
Unsecured Debt, Current | 5.1 | 4.7 |
Long-term debt | ||
Long-term debt | 0 | 375.6 |
Senior Notes Due 2024 [Member] | ||
Long-term debt | ||
Senior Notes, Noncurrent | 72.1 | 400 |
SeniorNotesDue2025USD | ||
Long-term debt | ||
Senior Notes, Noncurrent | 2.7 | 700 |
Senior Notes Due 2025 EUR | ||
Long-term debt | ||
Senior Notes, Noncurrent | 4.7 | 396.4 |
2023 Revolving Credit Commitments | ||
Long-term debt | ||
2023 Term Loan B Facility - USD | 0 | 25 |
Extended Term B Loan - USD | ||
Notes payable – current | ||
Unsecured Debt, Current | 5.3 | 0 |
Long-term debt | ||
Long-term debt | 529.5 | 0 |
Extended Term B Loan - EUR | ||
Notes payable – current | ||
Unsecured Debt, Current | 1.1 | 0 |
Long-term debt | ||
Long-term debt | 95.5 | 0 |
ABL - Asset Backed Loan - 2026 | ||
Long-term debt | ||
2023 Term Loan B Facility - USD | 182 | 0 |
Exchanged Senior Secured Notes Due 2025 USD | ||
Long-term debt | ||
Senior Notes, Noncurrent | 718.1 | 0 |
Exchanged Senior Secured Notes Due 2025 EUR | ||
Long-term debt | ||
Senior Notes, Noncurrent | 379.7 | 0 |
2L Notes - 2024 | ||
Long-term debt | ||
Senior Notes, Noncurrent | 333.6 | 0 |
Super Senior Notes - 2025 | ||
Long-term debt | ||
Senior Notes, Noncurrent | $ 400.6 | $ 0 |
Debt (Textuals) (Details)
Debt (Textuals) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Debt Instruments [Line Items] | ||||
Repayments of Other Debt | $ 131 | $ 19.4 | $ 1,049.9 | |
Other debt borrowings | 386.1 | 11.2 | 1,107.8 | |
Proceeds from lines of credit | 693.9 | 590.9 | ||
Fees to creditors | 15.7 | 0 | 26.4 | |
Interest expense | 187.9 | 180 | $ 269.7 | |
Repayments of Lines of Credit | (572.9) | (590.1) | ||
Other Long-term Debt, Current | 1.7 | 0.3 | ||
Short-Term Debt Excluding Debt Issuance Costs | 27 | 47.3 | ||
Debt Issuance Costs, Net | (3) | (0.2) | ||
Notes payable | 24 | 47.1 | ||
Other Long-Term Debt, Noncurrent | 6.3 | 4.2 | ||
Long-term debt excluding debt issuance costs | 2,724.8 | 2,282.2 | ||
Debt Issuance Costs, Net | (139) | (36.6) | ||
Long-term debt | 2,585.8 | 2,245.6 | ||
2023 Revolving Credit Commitments | ||||
Debt Instruments [Line Items] | ||||
Line of Credit, Current | 0 | 35.9 | ||
Long-term Line of Credit | 0 | 25 | ||
Term Loan B USD [Member] | ||||
Debt Instruments [Line Items] | ||||
Unsecured Long-term Debt, Noncurrent | 0 | 381 | ||
Repayments of Other Debt | $ 95.4 | 4.8 | ||
Debt Instrument, Interest Rate Terms | [1] | LIBOR + 2.75% | ||
Unsecured Debt, Current | $ 12.9 | 4.8 | ||
Long-term debt | 0 | 381 | ||
Term Loan B EUR [Member] | ||||
Debt Instruments [Line Items] | ||||
Unsecured Long-term Debt, Noncurrent | 0 | 375.6 | ||
Repayments of Other Debt | $ 20.2 | 4.8 | ||
Debt Instrument, Interest Rate Terms | [2] | EURIBOR + 3.00% | ||
Unsecured Debt, Current | $ 5.1 | 4.7 | ||
Long-term debt | 0 | 375.6 | ||
Extended Term B Loan - USD | ||||
Debt Instruments [Line Items] | ||||
Unsecured Long-term Debt, Noncurrent | $ 529.5 | 0 | ||
Debt Instrument, Interest Rate Terms | SOFR + 5.35 | |||
Unsecured Debt, Current | $ 5.3 | 0 | ||
Long-term debt | 529.5 | 0 | ||
Extended Term B Loan - EUR | ||||
Debt Instruments [Line Items] | ||||
Unsecured Long-term Debt, Noncurrent | $ 95.5 | 0 | ||
Debt Instrument, Interest Rate Terms | EURIBOR + 5.60 | |||
Unsecured Debt, Current | $ 1.1 | 0 | ||
Long-term debt | 95.5 | 0 | ||
Senior Notes Due 2024 [Member] | ||||
Debt Instruments [Line Items] | ||||
Senior Notes, Noncurrent | $ 72.1 | 400 | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | |||
SeniorNotesDue2025USD | ||||
Debt Instruments [Line Items] | ||||
Senior Notes, Noncurrent | $ 2.7 | 700 | ||
Debt Instrument, Interest Rate, Stated Percentage | 9.38% | |||
Senior Notes Due 2025 EUR | ||||
Debt Instruments [Line Items] | ||||
Senior Notes, Noncurrent | $ 4.7 | 396.4 | ||
Debt Instrument, Interest Rate, Stated Percentage | 9% | |||
ABL - Asset Backed Loan - 2026 | ||||
Debt Instruments [Line Items] | ||||
Debt Instrument, Interest Rate Terms | SOFR + 2.50-3.00 | |||
Long-term Line of Credit | $ 182 | 0 | ||
2L Notes - 2024 | ||||
Debt Instruments [Line Items] | ||||
Senior Notes, Noncurrent | $ 333.6 | 0 | ||
Debt Instrument, Interest Rate Terms | 8.50% / 12.50% PIK | |||
Exchanged Senior Secured Notes Due 2025 USD | ||||
Debt Instruments [Line Items] | ||||
Senior Notes, Noncurrent | $ 718.1 | 0 | ||
Debt Instrument, Interest Rate, Stated Percentage | 9.38% | |||
Exchanged Senior Secured Notes Due 2025 EUR | ||||
Debt Instruments [Line Items] | ||||
Senior Notes, Noncurrent | $ 379.7 | 0 | ||
Debt Instrument, Interest Rate, Stated Percentage | 9% | |||
Super Senior Notes - 2025 | ||||
Debt Instruments [Line Items] | ||||
Other debt borrowings | $ 370 | 0 | ||
Senior Notes, Noncurrent | $ 400.6 | 0 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | |||
Uncommitted Line of Credit [Member] | ||||
Debt Instruments [Line Items] | ||||
Repayments of Other Debt | $ 15.4 | 9.8 | ||
Other debt borrowings | 16.1 | 11.2 | ||
Line of Credit, Current | $ 0.9 | $ 1.6 | ||
[1] Financing and Replacement Facilities Interest Rate Maturity/Termination Dates Initial Term (Years) Term Loan B Facility - USD (i) LIBOR + 2.75% November 2023 7.5 Term Loan B Facility - Euro (iii) EURIBOR + 3.00% November 2023 7.5 2024 Senior Notes 8.50% April 2024 8 2025 Senior Secured Notes - USD 9.38% July 2025 5 2025 Senior Secured Notes - EUR 9.00% July 2025 5 ABL (iii) SOFR + 2.50-3.00% July 2026 3.5 Extended Term B USD (iv) SOFR + 5.35% July 2025 2.5 Extended Term B EUR (v) EURIBOR + 5.60% July 2025 2.5 2L Notes 8.50% / 12.50% PIK October 2026 3.8 Exchanged USD Senior Secured Notes 9.38% July 2025 2.5 Exchanged EUR Senior Secured Notes 9.00% July 2025 2.5 Superpriority Term Loans (vi) SOFR + 6.50% July 2025 2.5 (i) LIBOR with a floor of 0.0 percent (iii) SOFR with a floor of 0.0 percent (iv) SOFR with a floor of 1.5 percent (v) EURIBOR with a floor of 0.5 percent (vi) SOFR with a floor of 4.0 percent |
Debt Debt - Cash Flow Informati
Debt Debt - Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Debt Instrument [Line Items] | ||||
Proceeds from (Repayments of) Lines of Credit | $ 121 | $ 0.9 | $ 60.1 | |
Proceeds from Other Debt | 386.1 | 11.2 | 1,107.8 | |
Repayments of Other Debt | 131 | 19.4 | $ 1,049.9 | |
Proceeds from lines of credit | 693.9 | 590.9 | ||
Repayments of Lines of Credit | (572.9) | $ (590.1) | ||
Uncommitted Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Borrowing capacity under credit facility | $ 25.9 | |||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 11.02% | 3.24% | ||
Line of credit facility expiration period | 1 year | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25 | |||
Uncommitted Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from Other Debt | 16.1 | $ 11.2 | ||
Repayments of Other Debt | 15.4 | 9.8 | ||
Term Loan B USD [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Other Debt | $ 95.4 | 4.8 | ||
Debt Instrument, Interest Rate Terms | [1] | LIBOR + 2.75% | ||
Term Loan B EUR [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Other Debt | $ 20.2 | 4.8 | ||
Debt Instrument, Interest Rate Terms | [2] | EURIBOR + 3.00% | ||
SeniorNotesDue2025USD | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 9.38% | |||
Senior Notes Due 2025 EUR | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 9% | |||
Senior Notes Due 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | |||
ABL - Asset Backed Loan - 2026 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate Terms | SOFR + 2.50-3.00 | |||
Extended Term B Loan - USD | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate Terms | SOFR + 5.35 | |||
Extended Term B Loan - EUR | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate Terms | EURIBOR + 5.60 | |||
Exchanged Senior Secured Notes Due 2025 USD | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 9.38% | |||
Exchanged Senior Secured Notes Due 2025 EUR | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 9% | |||
Super Senior Notes - 2025 | ||||
Debt Instrument [Line Items] | ||||
Proceeds from Other Debt | $ 370 | $ 0 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | |||
2L Notes - 2024 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate Terms | 8.50% / 12.50% PIK | |||
[1] Financing and Replacement Facilities Interest Rate Maturity/Termination Dates Initial Term (Years) Term Loan B Facility - USD (i) LIBOR + 2.75% November 2023 7.5 Term Loan B Facility - Euro (iii) EURIBOR + 3.00% November 2023 7.5 2024 Senior Notes 8.50% April 2024 8 2025 Senior Secured Notes - USD 9.38% July 2025 5 2025 Senior Secured Notes - EUR 9.00% July 2025 5 ABL (iii) SOFR + 2.50-3.00% July 2026 3.5 Extended Term B USD (iv) SOFR + 5.35% July 2025 2.5 Extended Term B EUR (v) EURIBOR + 5.60% July 2025 2.5 2L Notes 8.50% / 12.50% PIK October 2026 3.8 Exchanged USD Senior Secured Notes 9.38% July 2025 2.5 Exchanged EUR Senior Secured Notes 9.00% July 2025 2.5 Superpriority Term Loans (vi) SOFR + 6.50% July 2025 2.5 (i) LIBOR with a floor of 0.0 percent (iii) SOFR with a floor of 0.0 percent (iv) SOFR with a floor of 1.5 percent (v) EURIBOR with a floor of 0.5 percent (vi) SOFR with a floor of 4.0 percent |
Debt Maturities of Long-Term De
Debt Maturities of Long-Term Debt (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2020 | $ 25.8 |
2021 | 84.8 |
2022 | 2,124.4 |
2023 | 594.3 |
Debt Excluding Debt Issuance Costs | $ 2,829.3 |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interests (Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | May 13, 2019 € / shares | Feb. 17, 2017 € / shares | |
Redeemable Noncontrolling Interest [Line Items] | |||||
Balance at January 1 | $ 0 | $ 19.2 | $ 20.9 | ||
Other comprehensive income | 0 | 0 | 0 | ||
Redemption value adjustment | 0 | 0 | (1.7) | ||
Redemption of shares | 0 | 0 | 0 | ||
Balance at December 31 | $ 0 | 0 | 19.2 | ||
Reclassification From Noncontrolling Interests To Redeemable Noncontrolling Interests | $ (31.9) | $ (0.7) | |||
Diebold Nixdorf AG | Domination and Profit and Loss Transfer Agreement [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Business Acquisition, Share Price | € / shares | € 54.80 | € 55.02 | |||
Recurring Cash Compensation Per Share Net Of Tax | € / shares | € 2.82 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Beginning Balance | $ (378.5) | $ (412.9) | |
Other comprehensive (loss) income before reclassifications (1) | (32) | (38.8) | |
Amounts reclassified from AOCI | 50.5 | 73.2 | |
Net current period other comprehensive income (loss) | 18.5 | 34.4 | |
Ending Balance | (360) | (378.5) | |
Translation | |||
Beginning Balance | (310.9) | (256.7) | |
Other comprehensive (loss) income before reclassifications (1) | [1] | (41.2) | (54.2) |
Amounts reclassified from AOCI | 0 | 0 | |
Net current period other comprehensive income (loss) | (41.2) | (54.2) | |
Ending Balance | (352.1) | (310.9) | |
Other comprehensive (loss) income before reclassifications within the translation component, amount excluded | (5.9) | (0.6) | |
Foreign Currency Hedges | |||
Beginning Balance | (1.9) | (2.6) | |
Other comprehensive (loss) income before reclassifications (1) | 0 | 0.7 | |
Amounts reclassified from AOCI | 0 | 0 | |
Net current period other comprehensive income (loss) | 0 | 0.7 | |
Ending Balance | (1.9) | (1.9) | |
Interest Rate Hedges | |||
Beginning Balance | 0.4 | (6.1) | |
Other comprehensive (loss) income before reclassifications (1) | 5.5 | 8.6 | |
Amounts reclassified from AOCI | (0.6) | (2.1) | |
Net current period other comprehensive income (loss) | 4.9 | 6.5 | |
Ending Balance | 5.3 | 0.4 | |
Pension and Other Post-Retirement Benefits | |||
Beginning Balance | (64.6) | (146.9) | |
Other comprehensive (loss) income before reclassifications (1) | 0.9 | 7 | |
Amounts reclassified from AOCI | 51.1 | 75.3 | |
Net current period other comprehensive income (loss) | 52 | 82.3 | |
Ending Balance | (12.6) | (64.6) | |
Other | |||
Beginning Balance | (1.5) | (0.6) | |
Other comprehensive (loss) income before reclassifications (1) | 2.8 | (0.9) | |
Amounts reclassified from AOCI | 0 | 0 | |
Net current period other comprehensive income (loss) | 2.8 | (0.9) | |
Ending Balance | $ 1.3 | $ (1.5) | |
[1]Other comprehensive income (loss) before reclassifications within the translation component excludes (gains)/losses of $(5.9) and $(0.6) of translation attributable to noncontrolling interests for December 31, 2022 and 2021, respectively. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss Reclassification Adjustment (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Interest expense | $ (199.2) | $ (195.3) | $ (266.8) | |
Net actuarial gains (losses) recognized due to settlement (net of tax of $0.0 and $(0.4), respectively) | (10.2) | 0.7 | (0.8) | |
Currency impact | 1.4 | 0.6 | (1.8) | |
Total reclassifications for the period | 50.5 | 73.2 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | (0.7) | (3.4) | 5.9 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, Tax | 0 | 0 | (0.2) | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | 0 | 23.2 | 1.5 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Adjustment for Settlement or Curtailment Gain (Loss), Tax | 0 | 0.4 | (0.3) | |
Other Comprehensive (Income) Loss, Currency Impact, Tax | 0 | 0.4 | $ (0.5) | |
Interest Rate Hedges | ||||
Total reclassifications for the period | (0.6) | (2.1) | ||
Interest Rate Hedges | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Interest expense | (0.6) | (2.1) | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | (0.1) | (0.8) | ||
Pension and Other Post-Retirement Benefits | ||||
Total reclassifications for the period | 51.1 | 75.3 | ||
Pension and Other Post-Retirement Benefits | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Amortization of prior service cost | 2.4 | 0 | ||
Net actuarial gains recognized during the year (net of tax of $0.0 and $23.2, respectively) | [1] | 38.5 | 76 | |
Net actuarial gains (losses) recognized due to settlement (net of tax of $0.0 and $(0.4), respectively) | [1] | 10.2 | (0.7) | |
Amounts reclassified from AOCI | 51.1 | 75.3 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, Tax | 0 | 0 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | 0 | (23.4) | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Adjustment for Settlement or Curtailment Gain (Loss), Tax | 0 | (0.4) | ||
Other Comprehensive (Income) Loss, Currency Impact, 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 of the consolidated financial statements |
Acquisitions and Divestitures_2
Acquisitions and Divestitures (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Impairment of assets | $ 111,800,000 | $ 1,300,000 | $ 7,500,000 |
Gain (Loss) on Disposition of Assets | 5,100,000 | 3,100,000 | 11,500,000 |
Payments for Repurchase of Redeemable Noncontrolling Interest | 0 | 0 | $ 0 |
Asia Pacific Business Held for Sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from Divestiture of Businesses | 5,800,000 | ||
Gain (Loss) on Disposition of Business | 1,000,000 | ||
Hamilton, Ohio Assets Sold | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from Divestiture of Businesses | 1.7 | ||
Gain (Loss) on Disposition of Assets | 400,000 | ||
Prosystems IT GmbH Divestiture | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from Divestiture of Businesses | 4,700,000 | ||
Gain (Loss) on Disposition of Business | 3,900,000 | ||
Reverse Vending Business Divestiture (Pop) | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from Divestiture of Businesses | 5,800,000 | ||
Impairment of assets | $ 1,300,000 | ||
Sale of IT Asset - IP Address | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from Divestiture of Businesses | 3,500,000 | ||
Belgian Building Disposal - CP | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from Divestiture of Businesses | 2,700,000 | ||
Gain (Loss) on Disposition of Business | 1,900,000 | ||
Reverse Vending Business Divestiture (Pop-Q2) | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from Divestiture of Businesses | $ 4,700,000 |
Benefit Plans Benefit Plans - S
Benefit Plans Benefit Plans - Summary of Benefit Plan (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Change in plan assets | ||||
Settlements | $ (107) | |||
Change in accumulated other comprehensive income | ||||
Acquired benefit plans and other | 0 | $ 0.1 | $ 0.2 | |
Pension Benefits | ||||
Change in plan assets | ||||
Employer contributions | 15 | |||
Other Benefits | ||||
Change in benefit obligation | ||||
Benefit obligation at beginning of year | 5.7 | 13.7 | ||
Service cost | 0 | 0.1 | 0.1 | |
Interest cost | 0.2 | 0.7 | 0.8 | |
Actuarial loss (gain) | 1.2 | 8 | ||
Plan participant contributions | 0 | 0 | ||
Benefits paid | (0.5) | (0.5) | ||
Plan amendments | 0 | 0 | ||
Settlements | 0 | 0 | ||
Recognition/establishment of Germany benefit obligation | 0 | 0 | 0 | |
Foreign currency impact | 0.1 | (0.3) | ||
Acquired benefit plans and other | 0 | 0 | ||
Benefit obligation at end of year | 4.3 | 5.7 | 13.7 | |
Change in plan assets | ||||
Fair value of plan assets at beginning of year | 0 | 0 | ||
Actual return on plan assets | 0 | 0 | ||
Employer contributions | 0.5 | 0.5 | ||
Plan participant contributions | 0 | 0 | ||
Benefits paid | (0.5) | (0.5) | ||
Foreign currency impact | 0 | 0 | ||
Settlements | 0 | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | 0 | |
Funded status | (4.3) | (5.7) | ||
Amounts recognized in balance sheets | ||||
Assets for Plan Benefits, Defined Benefit Plan | 0 | 0 | ||
Current liabilities | 0.5 | 0.6 | ||
Noncurrent liabilities | [1] | (3.8) | (5.1) | |
Unrecognized net actuarial loss | [2] | 5.6 | 4.8 | |
Unrecognized prior service cost (benefit) | [2] | 0 | ||
Net amount recognized | 9.9 | 10.5 | ||
Change in accumulated other comprehensive income | ||||
Balance at beginning of year | 4.8 | (3.8) | ||
Prior service credit/loss recognized during the year | 0 | 0 | ||
Net actuarial gains (losses) recognized during the year | 1.2 | 8 | ||
Net actuarial (losses) gains occurring during the year | (0.5) | 0.2 | ||
Net actuarial losses recognized due to settlement | 0 | 0 | ||
Acquired benefit plans and other | 0 | 0.2 | ||
Foreign currency impact | 0.1 | 0.2 | ||
Balance at end of year | 5.6 | 4.8 | (3.8) | |
Foreign Plan [Member] | Pension Benefits | ||||
Change in benefit obligation | ||||
Benefit obligation at beginning of year | 420.5 | 468.7 | ||
Service cost | 8.9 | 9.8 | 9.8 | |
Interest cost | 4.1 | 2.9 | 4 | |
Actuarial loss (gain) | 80.5 | 5.4 | ||
Plan participant contributions | 1.2 | 1.4 | ||
Benefits paid | (6.5) | (6.5) | ||
Plan amendments | (2.4) | (2.9) | ||
Settlements | (24.6) | (18.4) | ||
Recognition/establishment of Germany benefit obligation | 0 | 0 | 0 | |
Foreign currency impact | (22.9) | (29.1) | ||
Acquired benefit plans and other | (0.3) | 0 | ||
Benefit obligation at end of year | 297.5 | 420.5 | 468.7 | |
Change in plan assets | ||||
Fair value of plan assets at beginning of year | 394.4 | 394.1 | ||
Actual return on plan assets | (27.6) | 41.6 | ||
Employer contributions | 10.9 | 9.6 | ||
Plan participant contributions | 1.2 | 1.4 | ||
Benefits paid | (6.5) | (6.5) | ||
Foreign currency impact | (22.5) | (27.5) | ||
Settlements | (24.6) | (18.3) | ||
Fair value of plan assets at end of year | 325.3 | 394.4 | 394.1 | |
Funded status | 27.8 | (26.1) | ||
Amounts recognized in balance sheets | ||||
Assets for Plan Benefits, Defined Benefit Plan | 0 | 0 | ||
Current liabilities | 3.1 | 3.3 | ||
Noncurrent liabilities | [1] | (30.9) | (22.7) | |
Unrecognized net actuarial loss | [2] | 45.4 | 13.8 | |
Unrecognized prior service cost (benefit) | [2] | 5.9 | 3.9 | |
Net amount recognized | 23.5 | 43.7 | ||
Change in accumulated other comprehensive income | ||||
Balance at beginning of year | 17.7 | (3.8) | ||
Prior service credit/loss recognized during the year | 2.4 | 0 | ||
Net actuarial gains (losses) recognized during the year | 38.4 | 23.6 | ||
Net actuarial (losses) gains occurring during the year | (1.6) | 0.3 | ||
Net actuarial losses recognized due to settlement | (4.1) | (1.1) | ||
Acquired benefit plans and other | 0 | (0.1) | ||
Foreign currency impact | (1.5) | (1.2) | ||
Balance at end of year | 51.3 | 17.7 | (3.8) | |
U.S. Plans | Pension Benefits | ||||
Change in benefit obligation | ||||
Benefit obligation at beginning of year | 584.4 | 620.1 | ||
Service cost | 0 | 0 | 3.8 | |
Interest cost | 17.3 | 15.9 | 18.9 | |
Actuarial loss (gain) | (133.8) | (24) | ||
Plan participant contributions | 0 | 0 | ||
Benefits paid | (25.7) | (27.6) | ||
Plan amendments | 0 | 0 | ||
Settlements | (82.4) | 0 | ||
Recognition/establishment of Germany benefit obligation | 0 | 0 | 0 | |
Foreign currency impact | 0 | 0 | ||
Acquired benefit plans and other | 0 | 0 | ||
Benefit obligation at end of year | 359.8 | 584.4 | 620.1 | |
Change in plan assets | ||||
Fair value of plan assets at beginning of year | 511.3 | 486.4 | ||
Actual return on plan assets | (113.8) | 48.9 | ||
Employer contributions | 3.6 | 3.5 | ||
Plan participant contributions | 0 | 0 | ||
Benefits paid | (25.7) | (27.5) | ||
Foreign currency impact | 0 | 0 | ||
Settlements | (82.4) | 0 | ||
Fair value of plan assets at end of year | 293 | 511.3 | 486.4 | |
Funded status | (66.8) | (73.1) | ||
Amounts recognized in balance sheets | ||||
Assets for Plan Benefits, Defined Benefit Plan | 0 | 0 | ||
Current liabilities | 3.5 | 3.5 | ||
Noncurrent liabilities | [1] | (63.3) | (69.6) | |
Unrecognized net actuarial loss | [2] | (77.3) | (94.9) | |
Unrecognized prior service cost (benefit) | [2] | 0 | 0 | |
Net amount recognized | (10.5) | (21.8) | ||
Change in accumulated other comprehensive income | ||||
Balance at beginning of year | (94.9) | (154.5) | ||
Prior service credit/loss recognized during the year | 0 | 0 | ||
Net actuarial gains (losses) recognized during the year | (1.1) | 50.6 | ||
Net actuarial (losses) gains occurring during the year | 4.4 | 9 | ||
Net actuarial losses recognized due to settlement | 14.3 | 0 | ||
Acquired benefit plans and other | 0 | 0 | ||
Foreign currency impact | 0 | 0 | ||
Balance at end of year | $ (77.3) | $ (94.9) | $ (154.5) | |
[1]Included in the consolidated balance sheets in pensions, post-retirement and other benefits[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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Components of net periodic benefit cost | |||
Settlement loss | $ 10.1 | $ 0 | $ 0 |
Other Benefits | |||
Components of net periodic benefit cost | |||
Service cost | 0 | 0.1 | 0.1 |
Interest cost | 0.2 | 0.7 | 0.8 |
Recognition/establishment of Germany benefit obligation | 0 | 0 | 0 |
Expected return on plan assets | 0 | 0 | 0 |
Defined Benefit Plan, Other Cost (Credit) | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 |
Recognized net actuarial loss | (0.4) | 0.2 | 0.4 |
Settlement loss | 0 | 0 | 0 |
Net periodic pension benefit cost | (0.2) | 1 | 1.3 |
Prior service credit/loss recognized during the year | 0 | 0 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 1.2 | 8 | |
Foreign Plan [Member] | Pension Benefits | |||
Components of net periodic benefit cost | |||
Service cost | 8.9 | 9.8 | 9.8 |
Interest cost | 4.1 | 2.9 | 4 |
Recognition/establishment of Germany benefit obligation | 0 | 0 | 0 |
Expected return on plan assets | (14.5) | (14.5) | (13.4) |
Defined Benefit Plan, Other Cost (Credit) | 0 | 0 | 0.2 |
Amortization of prior service cost | (0.4) | (0.1) | 2.8 |
Recognized net actuarial loss | (1.6) | 0.3 | (0.6) |
Settlement loss | (4.1) | (1.1) | 1.1 |
Net periodic pension benefit cost | (7.6) | (2.7) | 3.9 |
Prior service credit/loss recognized during the year | 2.4 | 0 | |
Defined Benefit Plan, Expected Amortization of Prior Service Cost (Credit), Next Fiscal Year | (0.7) | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 38.4 | 23.6 | |
U.S. Plans | |||
Components of net periodic benefit cost | |||
Settlement loss | 14.3 | ||
U.S. Plans | Pension Benefits | |||
Components of net periodic benefit cost | |||
Service cost | 0 | 0 | 3.8 |
Interest cost | 17.3 | 15.9 | 18.9 |
Recognition/establishment of Germany benefit obligation | 0 | 0 | 0 |
Expected return on plan assets | (21.2) | (22.3) | (25.4) |
Defined Benefit Plan, Other Cost (Credit) | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 |
Recognized net actuarial loss | 4.4 | 8.9 | 7.8 |
Settlement loss | 0 | 0 | |
Net periodic pension benefit cost | 14.8 | 2.5 | $ 5.1 |
Prior service credit/loss recognized during the year | 0 | 0 | |
Defined Benefit Plan, Expected Amortization of Prior Service Cost (Credit), Next Fiscal Year | 0 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | $ (1.1) | $ 50.6 |
Benefit Plans Benefit Plans - A
Benefit Plans Benefit Plans - Accumulated Benefit Obligation In Excess of Plan Assets (Details) - Pension Benefits - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 189.2 | $ 293.9 |
Accumulated benefit obligation | 181.6 | 282.3 |
Fair value of plan assets | 51.7 | 88.7 |
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 359.8 | 584.4 |
Accumulated benefit obligation | 359.8 | 584.4 |
Fair value of plan assets | $ 293 | $ 511.3 |
Benefit Plans Benefit Plans -_2
Benefit Plans Benefit Plans - Assumptions Used (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Other Benefits | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount rate | 6.84% | 4.22% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 4.22% | 5.19% |
Foreign Plan [Member] | Pension Benefits | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount rate | 4.92% | 2.39% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 2.39% | 1.90% |
Expected long-term return on plan assets | 3.30% | 3.32% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.88% | 3.89% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 3.89% | 3.63% |
U.S. Plans | Pension Benefits | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount rate | 5.59% | 2.99% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 2.99% | 2.62% |
Expected long-term return on plan assets | 5.25% | 6.05% |
Benefit Plans Benefit Plans - H
Benefit Plans Benefit Plans - Health Care Cost Trends (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ||
Healthcare cost trend rate assumed for next year | 6% | 5.60% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4% | 4% |
Year that rate reaches ultimate trend rate | 2046 | 2045 |
Benefit Plans Benefit Plans -_3
Benefit Plans Benefit Plans - Allocation of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Private equity funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 1.6 | $ 2.4 | ||
Foreign Plan [Member] | Asset-backed Securities, Securitized Loans and Receivables | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | |||
Foreign Plan [Member] | Asset-backed Securities, Securitized Loans and Receivables | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | |||
Foreign Plan [Member] | Asset-backed Securities, Securitized Loans and Receivables | NAV | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | $ 0 | |||
Foreign Plan [Member] | Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target | 100% | |||
Actual | 100% | 100% | ||
Fair value of plan assets | $ 325.3 | $ 394.4 | $ 394.1 | |
Foreign Plan [Member] | Pension Benefits | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 243.5 | 312.4 | ||
Foreign Plan [Member] | Pension Benefits | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 14.5 | 15.9 | ||
Foreign Plan [Member] | Pension Benefits | NAV | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 67.3 | 66.1 | ||
Foreign Plan [Member] | Pension Benefits | Cash and short-term investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 12.1 | 19.7 | ||
Foreign Plan [Member] | Pension Benefits | Cash and short-term investments | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 11.4 | 19.7 | ||
Foreign Plan [Member] | Pension Benefits | Cash and short-term investments | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Foreign Plan [Member] | Pension Benefits | Cash and short-term investments | NAV | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0.7 | 0 | ||
Foreign Plan [Member] | Pension Benefits | Mutual funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0.7 | ||
Foreign Plan [Member] | Pension Benefits | Mutual funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Foreign Plan [Member] | Pension Benefits | Mutual funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Foreign Plan [Member] | Pension Benefits | Mutual funds | NAV | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0.7 | ||
Foreign Plan [Member] | Pension Benefits | U.S. small cap core | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | |||
Foreign Plan [Member] | Pension Benefits | U.S. small cap core | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Foreign Plan [Member] | Pension Benefits | U.S. small cap core | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Foreign Plan [Member] | Pension Benefits | U.S. small cap core | NAV | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Foreign Plan [Member] | Pension Benefits | U.S. corporate bonds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Foreign Plan [Member] | Pension Benefits | U.S. corporate bonds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Foreign Plan [Member] | Pension Benefits | U.S. corporate bonds | NAV | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Foreign Plan [Member] | Pension Benefits | International corporate bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 59.6 | 58.8 | ||
Foreign Plan [Member] | Pension Benefits | International corporate bonds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 50.1 | 58.8 | ||
Foreign Plan [Member] | Pension Benefits | International corporate bonds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Foreign Plan [Member] | Pension Benefits | International corporate bonds | NAV | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 9.5 | 0 | ||
Foreign Plan [Member] | Pension Benefits | U.S. government | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | |||
Foreign Plan [Member] | Pension Benefits | U.S. government | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Foreign Plan [Member] | Pension Benefits | U.S. government | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Foreign Plan [Member] | Pension Benefits | U.S. government | NAV | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Foreign Plan [Member] | Pension Benefits | Fixed and index funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 23.7 | 38.6 | ||
Foreign Plan [Member] | Pension Benefits | Fixed and index funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 14.2 | 18.9 | ||
Foreign Plan [Member] | Pension Benefits | Fixed and index funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Foreign Plan [Member] | Pension Benefits | Fixed and index funds | NAV | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 9.5 | 19.7 | ||
Foreign Plan [Member] | Pension Benefits | Real estate | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 25.5 | 45.8 | ||
Foreign Plan [Member] | Pension Benefits | Real estate | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Foreign Plan [Member] | Pension Benefits | Real estate | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 14.5 | 15.9 | ||
Foreign Plan [Member] | Pension Benefits | Real estate | NAV | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 11 | 29.9 | ||
Foreign Plan [Member] | Pension Benefits | Other common collective trusts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 16.8 | |||
Foreign Plan [Member] | Pension Benefits | Other common collective trusts | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Foreign Plan [Member] | Pension Benefits | Other common collective trusts | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Foreign Plan [Member] | Pension Benefits | Other common collective trusts | NAV | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 16.8 | 0 | ||
Foreign Plan [Member] | Pension Benefits | Multi-strategy hedge funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | |||
Foreign Plan [Member] | Pension Benefits | Multi-strategy hedge funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | |||
Foreign Plan [Member] | Pension Benefits | Multi-strategy hedge funds | NAV | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | |||
Foreign Plan [Member] | Pension Benefits | Private equity funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Foreign Plan [Member] | Pension Benefits | Private equity funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Foreign Plan [Member] | Pension Benefits | Private equity funds | NAV | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Foreign Plan [Member] | Pension Benefits | Other Alternative Investments [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 17.2 | 14 | ||
Foreign Plan [Member] | Pension Benefits | Other Alternative Investments [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0.3 | 0.4 | ||
Foreign Plan [Member] | Pension Benefits | Other Alternative Investments [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Foreign Plan [Member] | Pension Benefits | Other Alternative Investments [Member] | NAV | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 16.9 | 13.6 | ||
Foreign Plan [Member] | Pension Benefits | International developed markets | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 170.4 | 216.8 | ||
Foreign Plan [Member] | Pension Benefits | International developed markets | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 167.5 | 214.6 | ||
Foreign Plan [Member] | Pension Benefits | International developed markets | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Foreign Plan [Member] | Pension Benefits | International developed markets | NAV | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | $ 2.9 | $ 2.2 | ||
Foreign Plan [Member] | Real estate | Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target | 8% | |||
Actual | 8% | 12% | ||
Foreign Plan [Member] | Equity securities | Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target | 52% | |||
Actual | 52% | 55% | ||
Foreign Plan [Member] | Debt securities | Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target | 26% | |||
Actual | 26% | 25% | ||
Foreign Plan [Member] | Other | Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target | 14% | |||
Actual | 14% | 8% | ||
U.S. Plans | Asset-backed Securities, Securitized Loans and Receivables | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | $ 0 | |||
U.S. Plans | Asset-backed Securities, Securitized Loans and Receivables | NAV | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | $ 0 | |||
U.S. Plans | Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target | 100% | |||
Actual | 100% | 100% | ||
Fair value of plan assets | $ 293 | $ 511.3 | $ 486.4 | |
U.S. Plans | Pension Benefits | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 2.6 | 4.1 | ||
U.S. Plans | Pension Benefits | NAV | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 290.4 | 507.2 | ||
U.S. Plans | Pension Benefits | Cash and short-term investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1.8 | 2.5 | ||
U.S. Plans | Pension Benefits | Cash and short-term investments | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1.8 | 2.5 | ||
U.S. Plans | Pension Benefits | Cash and short-term investments | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. Plans | Pension Benefits | Cash and short-term investments | NAV | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. Plans | Pension Benefits | Mutual funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0.8 | 1.1 | ||
U.S. Plans | Pension Benefits | Mutual funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0.8 | 1.1 | ||
U.S. Plans | Pension Benefits | Mutual funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. Plans | Pension Benefits | Mutual funds | NAV | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. Plans | Pension Benefits | U.S. small cap core | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. Plans | Pension Benefits | U.S. small cap core | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. Plans | Pension Benefits | U.S. small cap core | NAV | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. Plans | Pension Benefits | U.S. corporate bonds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. Plans | Pension Benefits | U.S. corporate bonds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. Plans | Pension Benefits | U.S. corporate bonds | NAV | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. Plans | Pension Benefits | International corporate bonds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. Plans | Pension Benefits | International corporate bonds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. Plans | Pension Benefits | International corporate bonds | NAV | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. Plans | Pension Benefits | U.S. government | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. Plans | Pension Benefits | U.S. government | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. Plans | Pension Benefits | U.S. government | NAV | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. Plans | Pension Benefits | Fixed and index funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. Plans | Pension Benefits | Fixed and index funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. Plans | Pension Benefits | Fixed and index funds | NAV | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. Plans | Pension Benefits | Real estate | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 20.1 | 17.2 | ||
U.S. Plans | Pension Benefits | Real estate | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. Plans | Pension Benefits | Real estate | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. Plans | Pension Benefits | Real estate | NAV | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 20.1 | 17.2 | ||
U.S. Plans | Pension Benefits | Other common collective trusts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 263.1 | 485.9 | ||
U.S. Plans | Pension Benefits | Other common collective trusts | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. Plans | Pension Benefits | Other common collective trusts | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. Plans | Pension Benefits | Other common collective trusts | NAV | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 263.1 | 485.9 | ||
U.S. Plans | Pension Benefits | Multi-strategy hedge funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | |||
U.S. Plans | Pension Benefits | Multi-strategy hedge funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | |||
U.S. Plans | Pension Benefits | Multi-strategy hedge funds | NAV | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | |||
U.S. Plans | Pension Benefits | Private equity funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 7.2 | 4.1 | ||
U.S. Plans | Pension Benefits | Private equity funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. Plans | Pension Benefits | Private equity funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. Plans | Pension Benefits | Private equity funds | NAV | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 7.2 | 4.1 | ||
U.S. Plans | Pension Benefits | Other Alternative Investments [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. Plans | Pension Benefits | Other Alternative Investments [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. Plans | Pension Benefits | Other Alternative Investments [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. Plans | Pension Benefits | Other Alternative Investments [Member] | NAV | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. Plans | Pension Benefits | International developed markets | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. Plans | Pension Benefits | International developed markets | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. Plans | Pension Benefits | International developed markets | NAV | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | $ 0 | 0 | ||
U.S. Plans | Pension Benefits | Asset-backed Securities, Securitized Loans and Receivables | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0.5 | |||
U.S. Plans | Pension Benefits | Asset-backed Securities, Securitized Loans and Receivables | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | $ 0.5 | |||
U.S. Plans | Real estate | Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target | 4% | |||
Actual | 7% | 3% | ||
U.S. Plans | Equity securities | Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target | 41% | |||
Actual | 43% | 46% | ||
U.S. Plans | Debt securities | Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target | 50% | |||
Actual | 48% | 50% | ||
U.S. Plans | Other | Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target | 5% | |||
Actual | 2% | 1% | ||
Office [Member] | Real estate | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual | 22% | 31% | ||
Industrial, Cash and Other [Member] | Real estate | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual | 41% | 33% | ||
Russell 1000 Fund Large Cap Index Funds [Member] | Other common collective trusts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual | 20% | |||
Buyout Private Equity Funds [Member] | Private equity funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual | 26% | 33% | ||
Special Situation Private Equity and Debt Funds [Member] | Private equity funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual | 17% | 19% | ||
Venture Private Equity Funds [Member] | Private equity funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual | 24% | 29% | ||
Residential [Member] | Real estate | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual | 27% | 24% | ||
Corporate Debt Securities [Member] | Other common collective trusts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual | 36% | 42% |
Benefit Plans Benefit Plans - F
Benefit Plans Benefit Plans - Future Benefit Payments (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Other Benefits | |
Defined Benefit Plan, Expected Amortization, Next Fiscal Year [Abstract] | |
2021, gross | $ 0.6 |
2022, gross | 0.5 |
2023, gross | 0.5 |
2024, gross | 0.5 |
2025, gross | 0.5 |
2026-2029, gross | 1.9 |
2021, net | 0.5 |
2022, net | 0.5 |
2023, net | 0.5 |
2024, net | 0.5 |
2025, net | 0.4 |
2026-2029, net | 1.8 |
Foreign Plan [Member] | Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Amount of net loss (gain) | (3.7) |
Defined Benefit Plan, Expected Amortization, Next Fiscal Year [Abstract] | |
2021 | 22.6 |
2022 | 18.9 |
2023 | 20.1 |
2024 | 20.9 |
2025 | 22.6 |
2026-2029 | 103.4 |
Defined Benefit Plan, Expected Amortization of Prior Service Cost (Credit), Next Fiscal Year | (0.7) |
Other International [Member] | Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Amount of net loss (gain) | (0.6) |
Defined Benefit Plan, Expected Amortization, Next Fiscal Year [Abstract] | |
Defined Benefit Plan, Expected Amortization of Prior Service Cost (Credit), Next Fiscal Year | 0 |
U.S. Plans | Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Amount of net loss (gain) | 0.6 |
Defined Benefit Plan, Expected Amortization, Next Fiscal Year [Abstract] | |
2021 | 22.5 |
2022 | 23.3 |
2023 | 24.2 |
2024 | 25 |
2025 | 25.7 |
2026-2029 | 132.8 |
Defined Benefit Plan, Expected Amortization of Prior Service Cost (Credit), Next Fiscal Year | $ 0 |
Benefit Plans Benefit Plans - T
Benefit Plans Benefit Plans - Textuals (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 USD ($) years | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2023 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement loss | $ 10.1 | $ 0 | $ 0 | |
Settlements, plan assets | $ (107) | |||
Healthcare cost trend rate assumed for next year | 6% | 5.60% | ||
Year that rate reaches ultimate trend rate | 2046 | 2045 | ||
Expected rate of return period | 20 years | |||
Cost recognized | $ 7 | $ 7.4 | 6.9 | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 26.2 | |||
Defined Benefits Plan, Expected Future Reimbursement from CTA, Net Fiscal Year | 22 | |||
U.S. Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement loss | 14.3 | |||
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | 15 | |||
Benefit Plan, Plan Assets, Reimbursement from CTA | $ 17 | |||
Pension Benefits | U.S. Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement loss | $ 0 | 0 | ||
Actual allocation percentage | 100% | 100% | ||
Discount rate | 5.59% | 2.99% | ||
Actuarial loss (gain) | $ (133.8) | $ (24) | ||
Settlements, plan assets | (82.4) | 0 | ||
Employer contributions | 3.6 | 3.5 | ||
Post-retirement | 22.5 | |||
Settlements | (82.4) | 0 | ||
Pension Benefits | Foreign Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement loss | $ (4.1) | $ (1.1) | 1.1 | |
Actual allocation percentage | 100% | 100% | ||
Discount rate | 4.92% | 2.39% | ||
Actuarial loss (gain) | $ 80.5 | $ 5.4 | ||
Settlements, plan assets | (24.6) | (18.3) | ||
Employer contributions | 10.9 | 9.6 | ||
Post-retirement | 22.6 | |||
Settlements | (24.6) | (18.4) | ||
Other Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement loss | $ 0 | $ 0 | $ 0 | |
Discount rate | 6.84% | 4.22% | ||
Actuarial loss (gain) | $ 1.2 | $ 8 | ||
Settlements, plan assets | 0 | 0 | ||
Employer contributions | 0.5 | 0.5 | ||
2021, gross | 0.6 | |||
Settlements | $ 0 | 0 | ||
Other common collective trusts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan Asset Underlying Investment Redemption Notice | 0 years | |||
Multi-strategy hedge funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan Assets Redemptions per Period | years | 0.5 | |||
Plan Asset Underlying Investment Redemption Notice | 3 months 18 days | |||
Private equity funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 2.4 | $ 1.6 | ||
Real estate | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan Assets Redemptions per Period | years | 0.25 | |||
Plan Asset Underlying Investment Redemption Notice | 1 month 6 days | |||
Fixed Income Securities [Member] | Other common collective trusts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual allocation percentage | 52% | 53% | ||
Retail [Member] | Real estate | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual allocation percentage | 10% | 12% | ||
Corporate Debt Securities [Member] | Other common collective trusts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual allocation percentage | 42% | 36% | ||
US Treasury and Government [Member] | Other common collective trusts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual allocation percentage | 58% | 64% | ||
Residential [Member] | Real estate | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual allocation percentage | 27% | 24% | ||
Buyout Private Equity Funds [Member] | Private equity funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual allocation percentage | 33% | 26% | ||
Office [Member] | Real estate | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual allocation percentage | 22% | 31% | ||
Industrial, Cash and Other [Member] | Real estate | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual allocation percentage | 41% | 33% |
Benefit Plans Benefit Plans - D
Benefit Plans Benefit Plans - Defined Contribution Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Contribution Plan [Line Items] | |||
Defined Contribution Plan, Cost | $ 7 | $ 7.4 | $ 6.9 |
Retirement savings plan basic match | 50% | ||
Employee Contributions First Six Percent [Member] | |||
Defined Contribution Plan [Line Items] | |||
Participant Contribution Percentage | 6% |
Leases Leases (Details)
Leases Leases (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 9 months 18 days | 4 years |
Finance Lease, Weighted Average Remaining Lease Term | 3 years 1 month 6 days | 3 years 3 months 18 days |
Operating Lease, Weighted Average Discount Rate, Percent | 15.40% | 6.80% |
Finance Lease, Weighted Average Discount Rate, Percent | 11.90% | 6.20% |
Minimum [Member] | ||
Lessee, Finance Lease, Renewal Term | 6 months | |
Maximum [Member] | ||
Lessee, Finance Lease, Renewal Term | 15 years |
Leases Components of Lease Expe
Leases Components of Lease Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Components of Lease Expense [Abstract] | |||
Operating Lease, Expense | $ 75.7 | $ 87.3 | $ 93.6 |
Finance Lease, Right-of-Use Asset, Amortization | 4.1 | 2.9 | 1.5 |
Finance Lease, Interest Expense | 0.7 | 0.9 | 0.5 |
Variable Lease, Cost | $ 10.1 | $ 7.8 | $ 8 |
Leases Maturities of Lease Liab
Leases Maturities of Lease Liabilities (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Maturities of Lease Liabilities [Abstract] | |
2021 | $ 53.1 |
2022 | 34.4 |
2023 | 20 |
2024 | 12.2 |
2025 | 8.9 |
Thereafter | 29.1 |
Total | 157.7 |
Less: Present value discount | (42) |
Lease liability | 115.7 |
2021 | 4.9 |
2022 | 3.3 |
2023 | 1.7 |
2024 | 1 |
2025 | 0.6 |
Thereafter | 0.2 |
Total | 11.7 |
Less: Present value discount | $ (1.9) |
Lease liability | Other Liabilities |
Leases Supplemental Cash Flow I
Leases Supplemental Cash Flow Information Related To Leases (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Supplemental Cash Flow Information Related To Leases [Abstract] | ||
Operating - operating cash flows | $ 76.2 | $ 87.3 |
Finance - financing cash flows | 4.3 | 2.3 |
Finance - operating cash flows | 0.7 | 0.4 |
Operating leases | 28.1 | 57.4 |
Finance leases | $ 7.4 | $ 4.5 |
Leases Supplemental Balance She
Leases Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Right-of-use operating lease assets | $ 108.5 | $ 152.4 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | 10.3 | 7.1 |
Total leased assets | 118.8 | 159.5 |
Operating lease liabilities | 39 | $ 54.5 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other current liabilities | |
Finance Lease, Liability, Current | 4.1 | |
Long-term operating lease liabilities | 76.7 | $ 103 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other liabilities | |
Finance Lease, Liability, Noncurrent | 5.7 | |
Total lease liabilities | $ 125.5 | $ 164.1 |
Finance Lease Receivables (Deta
Finance Lease Receivables (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year One | $ 8.7 | |
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year Two | 5 | |
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year Three | 5.1 | |
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year Four | 4.6 | |
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year Five | 3.7 | |
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, after Year Five | 1 | |
Finance Leases Portfolio Segment [Member] | ||
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received | 28.1 | $ 39.5 |
Sales-type Lease, Unguaranteed Residual Asset | $ 0.1 | $ 0.1 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 29, 2019 | |
Gain (loss) recognized on non-designated derivative instruments: | |||||
Interest expense | $ (199.2) | $ (195.3) | $ (266.8) | ||
Net sales | 3,460.7 | 3,905.2 | 3,902.3 | ||
Cost of sales | (2,703.4) | (2,861.8) | (2,867.3) | ||
Foreign exchange loss, net | (7.8) | (2) | (14.4) | ||
Gain (loss) recognized on non-designated derivative instruments, total | (5) | (12.9) | (44) | ||
Interest Rate Swap | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Notional amount | $ 250 | $ 500 | |||
Gain (loss) recognized on non-designated derivative instruments: | |||||
Interest expense | (4.4) | (8.4) | (14.3) | ||
Foreign Exchange Forward and Cash Flow Hedges [Member] | |||||
Gain (loss) recognized on non-designated derivative instruments: | |||||
Net sales | (0.1) | 0 | 1.2 | ||
Cost of sales | (0.5) | (0.1) | 0 | ||
Foreign exchange loss, net | $ 0 | $ (4.6) | $ (30.9) |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Textuals) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jul. 20, 2020 | Dec. 31, 2019 | Sep. 29, 2019 | |
Derivative Instruments and Hedging Activities (Textuals) | ||||||
Interest expense | $ 199.2 | $ 195.3 | $ 266.8 | |||
Notional Amount of Derivatives Early Terminated | $ 625 | |||||
Payment for Termination of Interest Rate Derivative Instruments | 6.2 | |||||
Interest Rate Swap | ||||||
Derivative Instruments and Hedging Activities (Textuals) | ||||||
Notional amount of pay-fixed receive-variable interest rate swaps | $ 250 | $ 500 | ||||
Interest expense | $ 4.4 | $ 8.4 | $ 14.3 |
Fair Value of Assets and Liab_3
Fair Value of Assets and Liabilities - Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Fair value assets measured on recurring basis | ||
Fair value measured on recurring basis, investments | $ 24.6 | $ 34.3 |
Fair Value, Measurements, Recurring | ||
Fair value assets measured on recurring basis | ||
Total | 29 | 41.4 |
Fair value liabilities measured on recurring basis | ||
Total | 4.4 | 9.9 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair value assets measured on recurring basis | ||
Total | 29 | 41.3 |
Fair value liabilities measured on recurring basis | ||
Total | 4.4 | 7 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | ||
Fair value assets measured on recurring basis | ||
Total | 0.1 | |
Fair value liabilities measured on recurring basis | ||
Total | 0 | 2.9 |
Foreign exchange forward contracts | Fair Value, Measurements, Recurring | ||
Fair value assets measured on recurring basis | ||
Foreign exchange forward contracts | 0 | 0.1 |
Fair value liabilities measured on recurring basis | ||
Fair value Liabilities measured on recurring basis- Derivatives | 0 | 0.1 |
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 | Fair Value, Inputs, Level 2 [Member] | ||
Fair value assets measured on recurring basis | ||
Foreign exchange forward contracts | 0 | 0.1 |
Fair value liabilities measured on recurring basis | ||
Fair value Liabilities measured on recurring basis- Derivatives | 0 | 0.1 |
Interest Rate Swap | Fair Value, Measurements, Recurring | ||
Fair value liabilities measured on recurring basis | ||
Fair value Liabilities measured on recurring basis- Derivatives | 0 | 2.8 |
Interest Rate Swap | Fair Value, Measurements, Recurring | Level 1 | ||
Fair value liabilities measured on recurring basis | ||
Fair value Liabilities measured on recurring basis- Derivatives | 0 | 0 |
Interest Rate Swap | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | ||
Fair value liabilities measured on recurring basis | ||
Fair value Liabilities measured on recurring basis- Derivatives | 0 | 2.8 |
Certificates of deposit | ||
Fair value assets measured on recurring basis | ||
Fair value measured on recurring basis, investments | 24.6 | 34.3 |
Certificates of deposit | Fair Value, Measurements, Recurring | ||
Fair value assets measured on recurring basis | ||
Fair value measured on recurring basis, investments | 24.6 | 34.3 |
Certificates of deposit | Fair Value, Measurements, Recurring | Level 1 | ||
Fair value assets measured on recurring basis | ||
Fair value measured on recurring basis, investments | 24.6 | 34.3 |
Certificates of deposit | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | ||
Fair value assets measured on recurring basis | ||
Fair value measured on recurring basis, investments | 0 | 0 |
Assets held in rabbi trusts | ||
Fair value assets measured on recurring basis | ||
Fair value measured on recurring basis, investments | 4.4 | 7 |
Assets held in rabbi trusts | Fair Value, Measurements, Recurring | ||
Fair value assets measured on recurring basis | ||
Assets held in rabbi trusts | 4.4 | 7 |
Fair value liabilities measured on recurring basis | ||
Deferred compensation | 4.4 | 7 |
Assets held in rabbi trusts | Fair Value, Measurements, Recurring | Level 1 | ||
Fair value assets measured on recurring basis | ||
Assets held in rabbi trusts | 4.4 | 7 |
Fair value liabilities measured on recurring basis | ||
Deferred compensation | 4.4 | 7 |
Assets held in rabbi trusts | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | ||
Fair value assets measured on recurring basis | ||
Assets held in rabbi trusts | 0 | 0 |
Fair value liabilities measured on recurring basis | ||
Deferred compensation | $ 0 | $ 0 |
Fair Value of Assets and Liab_4
Fair Value of Assets and Liabilities - Summary of Liabilities Recorded at Carrying Value (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Senior Notes Due 2024 [Member] | ||
Fair value and carrying value of the Company's debt instruments | ||
Senior Notes, Noncurrent | $ 72.1 | $ 400 |
SeniorNotesDue2025USD | ||
Fair value and carrying value of the Company's debt instruments | ||
Senior Notes, Noncurrent | 2.7 | 700 |
Senior Notes Due 2025 EUR | ||
Fair value and carrying value of the Company's debt instruments | ||
Senior Notes, Noncurrent | $ 4.7 | $ 396.4 |
Fair Value of Assets and Liab_5
Fair Value of Assets and Liabilities (Textuals) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | ||
Fair Value Transfers Between Levels Amount | $ 0 | $ 0 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Details) shares in Millions, $ in Millions | May 13, 2019 € / shares shares | Feb. 17, 2017 € / shares shares | Dec. 31, 2022 USD ($) |
Loss Contingencies [Line Items] | |||
Shares Repurchased Of Redeemable Noncontrolling Interest | shares | 1.4 | 6.9 | |
Indirect Tax Liability [Member] | |||
Loss Contingencies [Line Items] | |||
Range of possible loss, portion not accrued | $ | $ 51.4 | ||
Diebold Nixdorf AG | Domination and Profit and Loss Transfer Agreement [Member] | |||
Loss Contingencies [Line Items] | |||
Business Acquisition, Share Price | € 54.80 | € 55.02 | |
Recurring Cash Compensation Per Share Net Of Tax | € 2.82 |
Revenue Recognition and Defer_3
Revenue Recognition and Deferred Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Revenue Arrangement [Line Items] | ||
Net Sales | 100% | 100% |
Revenue, Remaining Performance Obligation, Amount | $ 1,400 | |
Transferred at Point in Time [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Net Sales | 39% | 41% |
Transferred over Time [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Net Sales | 61% | 59% |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Summary of Segment Information | |||
Net sales | $ 3,460.7 | $ 3,905.2 | $ 3,902.3 |
Impairment of assets | (111.8) | (1.3) | (7.5) |
AmortizationAcquiredIntangibleAssets | 69.6 | 78.2 | 82.9 |
Gains (Losses) on Restructuring of Debt | (32.1) | 0 | (25.9) |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | (656.5) | (468.1) | (628.8) |
Miscellaneous, net | (226.9) | (187.8) | (293.5) |
Income (loss) from continuing operations before taxes | (438.6) | (50.7) | (269.5) |
Operating Income (Loss) | (211.7) | 137.1 | 24 |
Restructuring Charges | 124.2 | 28.2 | 81.6 |
Retail Segment [Member] | |||
Summary of Segment Information | |||
Net sales | 1,018.2 | 1,194.1 | 1,051.8 |
Banking Segment | |||
Summary of Segment Information | |||
Net sales | 2,422.4 | 2,711.1 | 2,850.5 |
HFS Segment | |||
Summary of Segment Information | |||
Net sales | 20.1 | 0 | 0 |
Segment Reconciling Items [Member] | |||
Summary of Segment Information | |||
Impairment of assets | 111.8 | 1.3 | 7.5 |
AmortizationAcquiredIntangibleAssets | (69.6) | (78.2) | (82.9) |
Gains (Losses) on Restructuring of Debt | (32) | 0 | 0 |
Other Nonrecurring (Income) Expense | (42.6) | (17.2) | (59.2) |
Restructuring Charges | (124.2) | (98.9) | (181.8) |
Operating Segments [Member] | |||
Summary of Segment Information | |||
Operating Income (Loss) | 444.8 | 605.2 | 652.8 |
Operating Segments [Member] | Retail Segment [Member] | |||
Summary of Segment Information | |||
Operating Income (Loss) | 134 | 164.6 | 115.6 |
Operating Segments [Member] | Banking Segment | |||
Summary of Segment Information | |||
Operating Income (Loss) | 310.8 | 440.6 | 537.2 |
Corporate, Non-Segment [Member] | |||
Summary of Segment Information | |||
Operating Income (Loss) | (247.3) | (272.5) | (297.4) |
Consolidation, Eliminations [Member] | |||
Summary of Segment Information | |||
Operating Income (Loss) | $ (29) | $ 0 | $ 0 |
Segment Information Revenue By
Segment Information Revenue By Service/Product Solution (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Net Sales | 100% | 100% | |
Net sales summary by segment | $ 3,460.7 | $ 3,905.2 | $ 3,902.3 |
Service [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales summary by segment | 2,098.9 | 2,303.6 | 2,364.4 |
Product [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales summary by segment | 1,361.8 | 1,601.6 | 1,537.9 |
Retail Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales summary by segment | 1,018.2 | 1,194.1 | 1,051.8 |
Retail Segment [Member] | Service [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales summary by segment | 540.9 | 622.4 | 582.6 |
Retail Segment [Member] | Product [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales summary by segment | 477.3 | 571.7 | 469.2 |
Banking Segment | |||
Segment Reporting Information [Line Items] | |||
Net sales summary by segment | 2,422.4 | 2,711.1 | 2,850.5 |
Banking Segment | Service [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales summary by segment | 1,548.1 | 1,681.2 | 1,781.9 |
Banking Segment | Product [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales summary by segment | 874.3 | 1,029.9 | 1,068.6 |
HFS Segment | |||
Segment Reporting Information [Line Items] | |||
Net sales summary by segment | 20.1 | 0 | 0 |
HFS Segment | Service [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales summary by segment | 9.9 | 0 | 0 |
HFS Segment | Product [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales summary by segment | $ 10.2 | $ 0 | $ 0 |
Segment Information Geographica
Segment Information Geographical Revenue and Long-Lived Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | $ 3,460.7 | $ 3,905.2 | $ 3,902.3 |
Property, plant and equipment, net | 120.7 | 138.1 | |
Right-of-use operating lease assets | 108.5 | 152.4 | |
U.S. Plans | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 861.4 | 893.1 | 974.7 |
Property, plant and equipment, net | 24.4 | 19.4 | |
Right-of-use operating lease assets | 34.9 | 49.1 | |
Non-US | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 600 | 530.1 | 502.9 |
Property, plant and equipment, net | 15.8 | 21.8 | |
Right-of-use operating lease assets | 73.6 | 103.3 | |
Americas [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 1,461.4 | 1,423.2 | 1,477.6 |
GERMANY | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 522.8 | 768.2 | 764.3 |
Property, plant and equipment, net | 80.5 | 96.9 | |
Europe | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 1,173.2 | 1,356.3 | 1,282 |
EMEA [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 1,696 | 2,124.5 | 2,046.3 |
Asia Pacific [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | $ 303.3 | $ 357.5 | $ 378.4 |
Research and Development (Detai
Research and Development (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Research and Development [Abstract] | ||
Capitalized Computer Software, Net | $ 19 | $ 50.7 |
Capitalized Computer Software, Impairments | 38.4 | |
Capitalized Computer Software, Additions | $ 2.5 | $ 0.8 |
Unusual or Infrequently Occur_2
Unusual or Infrequently Occurring Items (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Unusual or Infrequent Items, or Both [Abstract] | |||
Net sales | $ 3,460,700,000 | $ 3,905,200,000 | $ 3,902,300,000 |
Operating Income (Loss) | (211,700,000) | 137,100,000 | 24,000,000 |
Gross Profit | 757,300,000 | 1,043,400,000 | 1,035,000,000 |
Impairment of assets | 111,800,000 | 1,300,000 | 7,500,000 |
Unusual or Infrequent Item, or Both [Line Items] | |||
Operating Income (Loss) | (211,700,000) | 137,100,000 | 24,000,000 |
Gross Profit | 757,300,000 | 1,043,400,000 | 1,035,000,000 |
Net sales | 3,460,700,000 | 3,905,200,000 | 3,902,300,000 |
Impairment of assets | 111,800,000 | 1,300,000 | $ 7,500,000 |
UKRAINE | |||
Unusual or Infrequent Items, or Both [Abstract] | |||
Net sales | 35 | ||
Gross Profit | 5 | ||
Unusual or Infrequent Item, or Both [Line Items] | |||
Communications and Information Technology | 4.5 | ||
Gross Profit | 5 | ||
Net sales | 35 | ||
RUSSIAN FEDERATION | |||
Unusual or Infrequent Items, or Both [Abstract] | |||
Net sales | 45 | ||
Operating Income (Loss) | 5 | ||
Impairment of assets | 16.8 | ||
Unusual or Infrequent Item, or Both [Line Items] | |||
Operating Income (Loss) | 5 | ||
Net sales | $ 45 | ||
Impairment of assets | $ 16.8 |