Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 14, 2014 | |
Document And Entity Information [Abstract] | ' | ' | ' | ' |
Document Type | '10-K | ' | ' | ' |
Document Period End Date | 31-Dec-13 | 31-Dec-12 | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Entity Registrant Name | 'PITNEY BOWES INC /DE/ | ' | ' | ' |
Entity Central Index Key | '0000078814 | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' | ' |
Entity Well Known Seasoned Issuer | 'Yes | ' | ' | ' |
Entity Public Float | $2,962,474,793 | ' | ' | ' |
Document Fiscal Year Focus | '2013 | '2012 | '2011 | ' |
Document Fiscal Period Focus | 'Q4 | ' | ' | ' |
Entity Common Stock Shares Outstanding | ' | ' | ' | 202,535,480 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue: | ' | ' | ' |
Equipment sales | $889,101 | $870,537 | $938,297 |
Supplies | 289,808 | 283,459 | 307,762 |
Software | 398,664 | 412,762 | 426,606 |
Rentals | 522,008 | 551,607 | 601,517 |
Financing | 460,786 | 495,130 | 547,269 |
Support services | 677,742 | 707,582 | 723,945 |
Business services | 631,292 | 593,987 | 579,945 |
Total revenue | 3,869,401 | 3,915,064 | 4,125,341 |
Cost and expenses: | ' | ' | ' |
Cost of equipment sales | 439,205 | 402,056 | 414,280 |
Cost of supplies | 91,155 | 87,564 | 97,371 |
Cost of software | 110,653 | 115,388 | 118,701 |
Cost of rentals | 105,463 | 115,356 | 138,600 |
Financing interest expense | 81,096 | 81,140 | 87,698 |
Cost of support services | 419,656 | 440,039 | 452,579 |
Cost of business services | 449,932 | 396,295 | 399,754 |
Selling, general and administrative | 1,432,401 | 1,503,104 | 1,587,437 |
Research and development | 110,412 | 114,250 | 129,155 |
Restructuring charges and asset impairments, net | 84,344 | 17,176 | 118,630 |
Other interest expense | 114,740 | 115,228 | 115,363 |
Interest income | -5,472 | -7,982 | -5,795 |
Other expense (income), net | 32,639 | 1,138 | -19,918 |
Total costs and expenses | 3,466,224 | 3,380,752 | 3,633,855 |
Income from continuing operations before income taxes | 403,177 | 534,312 | 491,486 |
Provision for income taxes | 83,069 | 120,252 | 35,518 |
Income from continuing operations | 320,108 | 414,060 | 455,968 |
Income (loss) from discontinued operations, net of tax | -158,898 | 49,479 | 179,887 |
Net income before attribution of noncontrolling interests | 161,210 | 463,539 | 635,855 |
Noncontrolling Interest in Net Income (Loss) Preferred Unit Holders, Redeemable | 18,375 | 18,376 | 18,375 |
Net income - Pitney Bowes Inc. | 142,835 | 445,163 | 617,480 |
Amounts attributable to common stockholders: | ' | ' | ' |
Net income from continuing operations | 301,733 | 395,684 | 437,593 |
Income (loss) from discontinued operations, net of tax | -158,898 | 49,479 | 179,887 |
Net income - Pitney Bowes Inc. | $142,835 | $445,163 | $617,480 |
Basic earnings per share attributable to common stockholders (1): | ' | ' | ' |
Continuing operations | $1.50 | $1.97 | $2.17 |
Discontinued operations | ($0.79) | $0.25 | $0.89 |
Net income - Pitney Bowes Inc. | $0.71 | $2.22 | $3.06 |
Diluted earnings per share attributable to common stockholders (1): | ' | ' | ' |
Continuing operations | $1.49 | $1.96 | $2.16 |
Discontinued operations | ($0.78) | $0.25 | $0.89 |
Net income - Pitney Bowes Inc. | $0.70 | $2.21 | $3.05 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net income - Pitney Bowes Inc. | $142,835 | $445,163 | $617,480 |
Other comprehensive income, net of tax: | ' | ' | ' |
Foreign currency translations | -46,236 | -2,702 | -53,569 |
Net unrealized gain (loss) on cash flow hedges, net of tax of $429, $1,278 and $837, respectively | 1,397 | 661 | 2,007 |
Net unrealized loss on investment securities, net of tax of $81, $1,855 and $505, respectively | -6,282 | 126 | 2,948 |
Adjustments to pension and postretirement plans, net of tax (benefit)/expense of $(38,934), $(93,251) and $(17,183), respectively | 122,023 | -70,232 | -173,699 |
Amortization of pension and postretirement costs, net of tax of $28,701, $19,601 and $16,028, respectively | 35,755 | 52,579 | 34,474 |
Other comprehensive loss | 106,657 | -19,568 | -187,839 |
Comprehensive income - Pitney Bowes Inc. | 249,492 | 425,595 | 429,641 |
Preferred stock dividends of subsidiaries attributable to noncontrolling interests | -18,375 | -18,376 | -18,375 |
Total comprehensive income | $267,867 | $443,971 | $448,016 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (Unaudited) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net unrealized gain (loss) on cash flow hedges, tax | $894 | $429 | $1,278 |
Net unrealized loss on investment securities, tax | -3,689 | 81 | 1,885 |
Adjustments to pension and postretirement plans, tax | 64,316 | -38,934 | -93,251 |
Amortization of pension and postretirement costs, tax | $19,228 | $21,876 | $19,652 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $907,806 | $913,276 |
Short-term investments | 31,128 | 36,611 |
Accounts receivable (net of allowance of $20,219 and $25,667, respectively | 469,800 | 728,250 |
Short-term finance receivables (net of allowance of $25,484 and $45,583, respectively | 1,102,921 | 1,188,292 |
Inventories | 103,580 | 179,678 |
Current income taxes | 28,934 | 51,836 |
Other current assets and prepayments | 147,067 | 114,184 |
Assets Held-for-sale, Current | 46,976 | 0 |
Total current assets | 2,838,212 | 3,212,127 |
Property, plant and equipment, net | 245,171 | 385,377 |
Rental property and equipment, net | 226,146 | 241,192 |
Long-term finance receivables (net of allowance of $14,610 and $17,847, respectively | 962,363 | 1,026,489 |
Investment in leveraged leases | 34,410 | 34,546 |
Goodwill | 1,734,871 | 2,136,138 |
Intangible assets, net | 120,387 | 166,214 |
Non-current income taxes | 73,751 | 94,434 |
Other assets | 537,397 | 563,374 |
Total assets | 6,772,708 | 7,859,891 |
Current liabilities: | ' | ' |
Accounts payable and accrued liabilities | 1,644,582 | 1,809,226 |
Current income taxes | 157,340 | 240,681 |
Current portion of long-term obligations | 0 | 375,000 |
Advance billings | 425,833 | 452,130 |
Total current liabilities | 2,227,755 | 2,877,037 |
Deferred taxes on income | 60,667 | 69,222 |
Tax uncertainties and other income tax liabilities | 186,452 | 145,881 |
Long-term debt | 3,346,295 | 3,642,375 |
Other non-current liabilities | 466,766 | 718,375 |
Total liabilities | 6,287,935 | 7,452,890 |
Noncontrolling interests (Preferred stockholders' equity in subsidiaries) | 296,370 | 296,370 |
Stockholders' equity (deficit): | ' | ' |
Cumulative preferred stock, $50 par value, 4% convertible | 4 | 4 |
Cumulative preference stock, no par value, $2.12 convertible | 591 | 648 |
Common stock, $1 par value (480,000,000 shares authorized; 323,337,912 shares issued) | 323,338 | 323,338 |
Additional paid-in capital | 196,977 | 223,847 |
Retained earnings | 4,698,791 | 4,744,802 |
Accumulated other comprehensive loss | -574,556 | -681,213 |
Treasury stock, at cost (123,130,405 and 123,586,842 shares, respectively) | -4,456,742 | -4,500,795 |
Total Pitney Bowes Inc. stockholders' equity (deficit) | 188,403 | 110,631 |
Total liabilities, noncontrolling interests and stockholders' equity (deficit) | $6,772,708 | $7,859,891 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Accounts receivable allowance | $13,149 | $20,219 |
Short-term finance receivables | 24,340 | 25,484 |
Long-term finance receivables | $12,609 | $14,610 |
Preferred stock, par value | $50 | $50 |
Preferred stock, dividend rate | 4.00% | 4.00% |
Preference stock, par value | $0 | $0 |
Preference stock, dividend, dollar value' per share | $2.12 | $2.12 |
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 480,000,000 | 480,000,000 |
Common stock, shares issued | 323,337,912 | 323,337,912 |
Treasury stock, shares | 121,255,390 | 122,453,865 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income before attribution of non-controlling interests | $161,210 | $463,539 | $635,855 |
Restructuring payments | -59,520 | -74,718 | -107,002 |
Special pension plan contributions | 0 | -95,000 | -123,000 |
Tax payments related to sale of leveraged lease assets | -75,545 | -114,128 | 0 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Restructuring charges and asset impairments | 86,175 | 33,351 | 148,151 |
Goodwill impairment | 101,415 | 18,315 | 130,150 |
Depreciation and amortization | 211,243 | 255,556 | 272,142 |
Loss on sale of businesses | 42,450 | 0 | 0 |
Gain on sale of leveraged lease assets, net of tax | 0 | -12,886 | 26,689 |
Stock-based compensation | 14,921 | 18,227 | 18,692 |
Proceeds from settlement of derivative instruments | 8,059 | 0 | 0 |
Deferred tax (benefit) provision | -33,770 | -92,999 | 34,358 |
Changes in operating assets and liabilities: | ' | ' | ' |
(Increase) decrease in accounts receivables | 58,980 | -3,068 | -58,951 |
(Increase) decrease in finance receivables | 123,587 | 147,165 | -190,153 |
(Increase) decrease in inventories | 67,188 | -599 | 12,830 |
(Increase) decrease in other current assets and prepayments | 3,172 | -3,131 | -16,905 |
Increase (decrease) in accounts payable and accrued liabilities | -95,843 | -47,023 | -13,086 |
Increase (decrease) in current and non-current income taxes | 6,322 | 116,013 | -257,631 |
Increase (decrease) in advance billings | -16,450 | 3,767 | -12,854 |
Increase (decrease) in other operating capital, net | 21,230 | 47,807 | 3,278 |
Net cash provided by operating activities | 624,824 | 660,188 | 948,987 |
Cash flows from investing activities: | ' | ' | ' |
Purchases of available-for-sale investment securities | 376,652 | 367,745 | -406,114 |
Purchases of investment securities | -14,847 | 7,142 | -6,749 |
Proceeds from sales/maturities of investment securities | 382,638 | 359,266 | 302,785 |
Capital expenditures | -137,512 | -176,586 | -155,980 |
Proceeds from sale of businesses | 389,680 | 0 | 0 |
Proceeds from sale of leveraged lease assets | 0 | 105,506 | 101,784 |
Net investment in external financing | -2,156 | -1,667 | -2,677 |
Reserve account deposits | -20,104 | 1,636 | 35,354 |
Proceeds from sale of facility | 0 | 0 | 683 |
Net cash used in investing activities | 250,741 | -86,732 | -117,416 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of long-term debt | 411,613 | 340,000 | 0 |
Principal payments on long-term obligations | 1,079,207 | 550,000 | 0 |
Decrease in notes payable, net | 0 | 0 | -50,000 |
Proceeds from issuance of common stock | -6,753 | 9,314 | 12,934 |
Dividends paid to stockholders | -188,846 | -300,578 | 299,579 |
Dividends paid to noncontrolling interests | -18,375 | -18,376 | 18,375 |
Stock repurchases | 0 | 0 | -99,997 |
Net cash used in financing activities | -868,062 | -519,640 | -455,017 |
Effect of exchange rate changes on cash and cash equivalents | -12,973 | 3,222 | -4,679 |
Increase in cash and cash equivalents | -5,470 | 57,038 | 371,875 |
Cash and cash equivalents at beginning of period | 913,276 | 856,238 | 484,363 |
Cash and cash equivalents at end of period | 907,806 | 913,276 | 856,238 |
Cash interest paid | 199,505 | 190,892 | 202,159 |
Cash income tax payments, net of refunds | $224,432 | $206,285 | $44,528 |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (USD $) | Total | Preferred stock | Preference stock | Common stock | Additional Paid-in Capital | Retained earnings | Accumulated other comprehensive loss | Treasury stock |
In Thousands, unless otherwise specified | ||||||||
Balance at at Dec. 31, 2010 | ($96,581) | $4 | $752 | $323,338 | $250,928 | $4,282,316 | ($473,806) | ($4,480,113) |
Net income - Pitney Bowes Inc. | 617,480 | ' | ' | ' | ' | 617,480 | ' | ' |
Other comprehensive loss | -187,839 | ' | ' | ' | ' | ' | -187,839 | ' |
Cash dividends | ' | ' | ' | ' | ' | ' | ' | ' |
Common ($1.46 per share) | -299,521 | ' | ' | ' | ' | -299,521 | ' | ' |
Preference | -58 | ' | ' | ' | ' | 58 | ' | ' |
Issuances of common stock | 8,582 | ' | ' | ' | -27,283 | ' | ' | 35,865 |
Conversions to common stock | 0 | ' | -93 | ' | -2,009 | ' | ' | 2,102 |
Stock-based compensation | 18,948 | ' | ' | ' | 18,948 | ' | ' | ' |
Repurchase of common stock | -99,997 | ' | ' | ' | ' | ' | ' | 99,997 |
Balance at at Dec. 31, 2011 | -38,986 | 4 | 659 | 323,338 | 240,584 | 4,600,217 | -661,645 | -4,542,143 |
Document Period End Date | 31-Dec-12 | ' | ' | ' | ' | ' | ' | ' |
Net income - Pitney Bowes Inc. | 445,163 | ' | ' | ' | ' | 445,163 | ' | ' |
Other comprehensive loss | -19,568 | ' | ' | ' | ' | ' | -19,568 | ' |
Cash dividends | ' | ' | ' | ' | ' | ' | ' | ' |
Common ($1.46 per share) | -300,527 | ' | ' | ' | ' | -300,527 | ' | ' |
Preference | -51 | ' | ' | ' | ' | 51 | ' | ' |
Issuances of common stock | 6,373 | ' | ' | ' | -34,727 | ' | ' | 41,100 |
Conversions to common stock | 0 | ' | -11 | ' | -237 | ' | ' | 248 |
Stock-based compensation | 18,227 | ' | ' | ' | 18,227 | ' | ' | ' |
Repurchase of common stock | 0 | ' | ' | ' | ' | ' | ' | ' |
Balance at at Dec. 31, 2012 | 110,631 | 4 | 648 | 323,338 | 223,847 | 4,744,802 | -681,213 | -4,500,795 |
Document Period End Date | 31-Dec-13 | ' | ' | ' | ' | ' | ' | ' |
Net income - Pitney Bowes Inc. | 142,835 | ' | ' | ' | ' | 142,835 | ' | ' |
Other comprehensive loss | 106,657 | ' | ' | ' | ' | ' | 106,657 | ' |
Cash dividends | ' | ' | ' | ' | ' | ' | ' | ' |
Common ($1.46 per share) | -188,800 | ' | ' | ' | ' | -188,800 | ' | ' |
Preference | -46 | ' | ' | ' | ' | 46 | ' | ' |
Issuances of common stock | 2,205 | ' | ' | ' | -40,569 | ' | ' | 42,774 |
Conversions to common stock | 0 | ' | -57 | ' | -1,222 | ' | ' | 1,279 |
Stock-based compensation | 14,921 | ' | ' | ' | 14,921 | ' | ' | ' |
Repurchase of common stock | 0 | ' | ' | ' | ' | ' | ' | ' |
Balance at at Dec. 31, 2013 | $188,403 | $4 | $591 | $323,338 | $196,977 | $4,698,791 | ($574,556) | ($4,456,742) |
Consolidated_Statement_of_Stoc1
Consolidated Statement of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | $894 | $429 | $1,278 |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Tax | $19,228 | $21,876 | $19,652 |
Summary_of_Accounting_Policies
Summary of Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Accounting Policies | ' |
Summary of Significant Accounting Policies | |
Basis of Presentation | |
The accompanying Consolidated Financial Statements include the accounts of Pitney Bowes Inc. (we, us, our, or the company) and its wholly owned subsidiaries. The Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). Intercompany transactions and balances have been eliminated. Certain prior year amounts have been reclassified to conform to the current year presentation. | |
During the year, we sold our International Management Services business (PBMSi), North America Management Services business (PBMS NA), Nordic furniture business and International Mailing Services business (IMS). Further, we made certain organizational changes and realigned our business units and segment reporting to reflect the clients we serve, the solutions we offer, and how we manage, review, analyze and measure our operations. Our historical results have been recast to present the operating results of divested businesses as discontinued operations and our segment results have been recast to conform to our new segment reporting. The cash flows from discontinued operations are not separately stated or classified in the accompanying Consolidated Statements of Cash Flows. | |
Use of Estimates | |
The preparation of our financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and accompanying disclosures, including the disclosure of contingent assets and liabilities. These estimates and assumptions are based on management's best knowledge of current events, historical experience and other information available when the financial statements are prepared. These estimates include, but are not limited to, revenue recognition for multiple element arrangements, goodwill and intangible asset impairment review, allowance for doubtful accounts and credit losses, residual values of leased assets, useful lives of long-lived and intangible assets, restructuring costs, pensions and other postretirement costs, income tax reserves, deferred tax asset valuation allowance and loss contingencies. Actual results could differ from those estimates and assumptions. | |
Cash Equivalents and Short-Term Investments | |
Cash equivalents include short-term, liquid investments with maturities of three months or less at the date of purchase. Short-term investments include investments with a maturity of greater than three months but less than one year from the reporting date. | |
Investment Securities | |
Investment securities that management has the positive intent and ability to hold to maturity are classified as held-to-maturity and are carried at amortized cost. Investment securities not classified as held-to-maturity are classified as available-for-sale and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss), net of tax. Purchase premiums and discounts are recognized in interest income using the effective interest method over the terms of the securities. Gains and losses on the sale of available-for-sale securities are recorded on the trade date and are determined using the specific identification method. Investment securities are recorded on the Consolidated Balance Sheets as cash and cash equivalents, short-term investments and other assets depending on the type of investment and maturity. | |
Accounts Receivable and Allowance for Doubtful Accounts | |
We estimate our accounts receivable risks and provide an allowance for doubtful accounts accordingly. We evaluate the adequacy of the allowance based on historical loss experience, aging of receivables, adverse situations that may affect a customer's ability to pay and prevailing economic conditions and make adjustments to the allowance as necessary. This evaluation is inherently subjective and actual results may differ significantly from estimated reserves. Accounts receivable are generally due within 30 days after the invoice date. Accounts deemed uncollectible are written off against the allowance after all collection efforts have been exhausted and management deems the account to be uncollectible. We believe that our accounts receivable credit risk is limited because of our large number of customers, small account balances for most of our customers and customer geographic and industry diversification. | |
Finance Receivables and Allowance for Credit Losses | |
Finance receivables are composed of sales-type lease receivables and unsecured revolving loan receivables. We estimate our finance receivable risks and provide an allowance for credit losses accordingly. We evaluate the adequacy of the allowance for credit losses based on historical loss experience, the nature and volume of our portfolios, adverse situations that may affect a customer's ability to pay, prevailing economic conditions and our ability to manage the collateral and make adjustments to the allowance as necessary. This evaluation is inherently subjective and actual results may differ significantly from estimated reserves. | |
We establish credit approval limits based on the credit quality of the customer and the type of equipment financed. Our policy is to discontinue revenue recognition for lease receivables that are more than 120 days past due and for unsecured loan receivables that are more than 90 days past due. We resume revenue recognition when customer payments reduce the account balance aging to 60 days or less past due. Finance receivables deemed uncollectible are written off against the allowance after all collection efforts have been exhausted and management deems the account to be uncollectible. We believe that our finance receivable credit risk is limited because of our large number of customers, small account balances for most of our customers and customer geographic and industry diversification. | |
Inventories | |
Inventories are stated at the lower of cost or market. Cost is determined on the last-in, first-out (LIFO) basis for most U.S. inventories and on the first-in, first-out (FIFO) basis for most non-U.S. inventories. | |
Fixed Assets and Depreciation | |
Property, plant and equipment and rental equipment are stated at cost and depreciated principally using the straight-line method over their estimated useful lives, which are up to 50 years for buildings, three to 15 years for machinery and equipment, four to six years for rental equipment and three to five years for computer equipment. Major improvements which add to productive capacity or extend the life of an asset are capitalized while repairs and maintenance are charged to expense as incurred. Leasehold improvements are amortized over the shorter of the estimated useful life or the remaining lease term. | |
Fully depreciated assets are retained in fixed assets and accumulated depreciation until they are removed from service. In the case of disposals, assets and related accumulated depreciation are removed from the accounts and the net amounts, less proceeds from disposal, are included in earnings. | |
Software Development Costs | |
We capitalize certain costs of software developed for internal use. Capitalized costs include purchased materials and services, payroll and personnel-related costs and interest costs. The cost of internally developed software is amortized on a straight-line basis over its estimated useful life, principally three to 10 years. | |
Costs incurred for the development of software to be sold, leased or otherwise marketed are expensed as incurred until technological feasibility has been established, at which time such costs are capitalized until the product is available for general release to the public. Capitalized software development costs include purchased materials and services and payroll and personnel-related costs attributable to programmers, software engineers, quality control and field certifiers. Capitalized software development costs are amortized generally on a straight-line basis over the product's estimated useful life, principally three to five years. Software development costs capitalized were $4 million in both 2013 and 2012. Amortization of capitalized software development costs was $8 million, $10 million and $10 million for the years ended December 31, 2013, 2012 and 2011, respectively. At December 31, 2013 and 2012, capitalized software development costs included in other assets were $5 million and $9 million, respectively. | |
Research and Development Costs | |
Research and product development costs, which primarily included personnel-related costs, are expensed as incurred. These costs include engineering costs related to research and product development activities. | |
During 2013, we determined that certain research and development costs should have been classified as cost of software. Accordingly, the Consolidated Statements of Income for the years ended December 31, 2012 and 2011 have been revised to reflect the correct classification, resulting in a decrease in research and development expenses and a corresponding increase in cost of software of $23 million and $20 million, respectively. This revision did not impact previously reported total costs and expenses, net income or earnings per share amounts and was not material to any of our previously issued financial statements. | |
Business Combinations | |
We account for business combinations using the acquisition method of accounting, which requires that the assets acquired and liabilities assumed be recorded at the date of acquisition at their respective fair values. The fair value of intangible assets is estimated using a cost, market or income approach. Goodwill represents the excess of the purchase price over the estimated fair values of net tangible and intangible assets acquired. Finite-lived intangible assets are amortized over their estimated useful lives, principally three to 15 years, using either the straight-line method or an accelerated attrition method. Operating results of acquired companies are included in the consolidated financial statements from the date of acquisition. | |
Impairment Review for Long-lived Assets | |
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. The related estimated future undiscounted cash flows expected to result from the use of the asset and its eventual disposition is compared to the carrying amount. If the sum of the expected cash flows is less than the carrying amount, an impairment charge is recorded for an amount by which the carrying amount exceeds the fair value of the asset. The fair value of the impaired asset is determined using probability weighted expected cash flow estimates, quoted market prices when available and appraisals, as appropriate. We derive cash flow estimates from our long-term business plans and historical experience. | |
Impairment Review for Goodwill and Intangible Assets | |
Goodwill is tested annually for impairment during the fourth quarter or sooner when circumstances indicate an impairment may exist, at the reporting unit level. A reporting unit is the operating segment, or a business that is one level below that operating segment. Reporting units are aggregated as a single reporting unit if they have similar economic characteristics. Goodwill is tested for impairment using a two-step approach. In the first step, the fair value of each reporting unit is determined and compared to the reporting unit's carrying value, including goodwill. If the fair value of a reporting unit is less than its carrying value, the second step of the goodwill impairment test is performed to measure the amount of impairment, if any. In the second step, the fair value of the reporting unit is allocated to the assets and liabilities of the reporting unit as if it had been acquired in a business combination and the purchase price was equivalent to the fair value of the reporting unit. The excess of the fair value of the reporting unit over the amounts assigned to its assets and liabilities is referred to as the implied fair value of goodwill. The implied fair value of the reporting unit's goodwill is then compared to the actual carrying value of goodwill. If the implied fair value of goodwill is less than the carrying value of goodwill, an impairment loss is recognized for the difference. The fair value of a reporting unit is determined based on a combination of various techniques, including the present value of future cash flows, multiples of competitors and multiples from sales of like businesses. | |
Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. The related estimated future undiscounted cash flows expected to result from the use of the asset and its eventual disposition is compared to the carrying amount. If the sum of the expected cash flows is less than the carrying amount, an impairment charge is recorded. The impairment charge is measured as the amount by which the carrying amount exceeds the fair value of the asset. The fair value of the asset is determined using probability weighted expected cash flow estimates, quoted market prices when available and appraisals, as appropriate. | |
Retirement Plans | |
Actual pension plan results that differ from our assumptions and estimates are accumulated and amortized over the life expectancy of inactive plan participants and affect future pension cost. Net periodic pension cost includes current service cost, interest cost and return on plan assets. Net pension cost is also based on a market-related valuation of plan assets where differences between the actual and expected return on plan assets are amortized to pension cost over a five-year period. We recognize the funded status of pension and other postretirement benefit plans in the Consolidated Balance Sheets. Gains and losses, prior service costs and credits and any remaining transition amounts that have not yet been recognized in net periodic benefit cost are recognized in accumulated other comprehensive income, net of tax, until they are amortized as a component of net periodic benefit cost. | |
Stock-based Compensation | |
We measure compensation expense for stock-based awards based on the estimated fair value of the awards expected to vest (net of estimated forfeitures) and recognize the expense on a straight-line basis over the employee requisite service period. We estimate the fair value of stock awards using a Black-Scholes valuation model or a Monte Carlo simulation model for those awards that contain a market condition. We believe that the valuation techniques and the approach utilized to develop the underlying assumptions are appropriate in estimating the fair value of our stock awards. Estimates of fair value are not intended to predict actual future events or the value ultimately realized by employees and subsequent events are not indicative of the reasonableness of the original estimates of fair value. | |
Revenue Recognition | |
We derive revenue from multiple sources including sales, rentals, financing and services. Certain transactions are consummated at the same time and generate revenue from multiple sources. The most common form of these transactions involves the sale or non-cancelable lease of equipment, a meter rental and an equipment maintenance agreement. In these multiple element arrangements, revenue is allocated to each of the elements based on relative “selling prices” and the selling price for each of the elements is determined based on vendor specific objective evidence. We establish vendor specific objective evidence of selling prices for our products and services based on the prices charged for each element when sold separately in standalone transactions. The allocation of relative selling price to the various elements impacts the timing of revenue recognition, but does not change the total revenue recognized. Revenue is allocated to the meter rental and equipment maintenance agreement elements using their respective selling prices charged in standalone and renewal transactions. For a sale transaction, revenue is allocated to the equipment based on a range of selling prices in standalone transactions. For a lease transaction, revenue is allocated to the equipment based on the present value of the remaining minimum lease payments. The amount allocated to equipment is compared to the range of selling prices in standalone transactions during the period to ensure the allocated equipment amount approximates average selling prices. More specifically, revenue related to our offerings is recognized as follows: | |
Sales Revenue | |
Sales of Equipment | |
We sell equipment directly to our customers and to distributors (re-sellers) throughout the world. We recognize revenue from these sales when the risks and rewards of ownership transfer to the customer, which is generally upon shipment or acceptance by the customer. We recognize revenue from the sale of equipment under sales-type leases as equipment revenue at the inception of the lease. We do not typically offer any rights of return or stock balancing rights. Sales revenue from customized equipment, mail creation equipment and shipping products is generally recognized when installed. | |
Sales of Supplies | |
Revenue related to supplies is recognized at the point of title transfer, which is generally upon delivery. | |
Standalone Software Sales and Integration Services | |
We recognize revenue from standalone software licenses upon delivery of the product when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed and determinable and collectability is probable. For software licenses that are included in a lease contract, we recognize revenue upon shipment of the software unless the lease contract specifies that the license expires at the end of the lease or the price of the software is deemed not fixed or determinable based on historical evidence of similar software leases. In these instances, revenue is recognized on a straight-line basis over the term of the lease contract. We recognize revenue from software requiring integration services at the point of customer acceptance. We recognize revenue related to off-the-shelf perpetual software licenses upon transfer of title, which is generally upon shipment. | |
Rentals Revenue | |
We rent equipment, primarily postage meters and mailing equipment, under short-term rental agreements. Rental revenue includes revenue from the subscription for digital meter services. We may invoice in advance for postage meter rentals according to the terms of the agreement. We initially defer these advanced billings and recognize rental revenue on a straight-line basis over the invoice period. Revenues generated from financing customers for the continued use of equipment subsequent to the expiration of the original lease term are classified within rentals revenue. | |
We defer certain initial direct costs incurred in consummating a transaction and recognize these costs over the expected term of the agreement. Initial direct costs amortized in 2013, 2012 and 2011 were $11 million, $13 million and $19 million, respectively. Initial direct costs deferred at December 31, 2013 and 2012 were $26 million. These costs are included in rental property and equipment, net on our Consolidated Balance Sheets. | |
During the year, we determined that certain revenue previously reported as rentals revenue included a service component and should have been classified as support services revenue. Accordingly, the Consolidated Statements of Income for the years ended December 31, 2012 and 2011 have been revised to reflect the correct classification, resulting in a decrease in rentals revenue and corresponding increase in support services revenue of $19 million and $21 million, respectively. This revision did not impact previously reported revenue, net income or earnings per share amounts and was not material to any of our previously issued financial statements. | |
Financing Revenue | |
We provide lease financing for our products primarily through sales-type leases. We also provide revolving lines of credit to our customers for the purchase of postage and related supplies. We believe that our sales-type lease portfolio contains only normal collection risk. Accordingly, we record the fair value of equipment as sales revenue, the cost of equipment as cost of sales and the minimum lease payments plus the estimated residual value as finance receivables. The difference between the finance receivable and the equipment fair value is recorded as unearned income and is amortized as income over the lease term using the interest method. | |
Equipment residual values are determined at inception of the lease using estimates of equipment fair value at the end of the lease term. Estimates of future equipment fair value are based primarily on our historical experience. We also consider forecasted supply and demand for our various products, product retirement and future product launch plans, end of lease customer behavior, regulatory changes, remanufacturing strategies, used equipment markets, if any, competition and technological changes. We evaluate residual values on an annual basis or as changes to the above considerations occur. | |
Support Services Revenue | |
We provide support services for our equipment primarily through maintenance contracts. Revenue related to these agreements is recognized on a straight-line basis over the term of the agreement. | |
Business Services Revenue | |
Business services revenue includes revenue from mail services and marketing services. Mail services include the preparation, sortation and aggregation of mail to earn postal discounts and expedite delivery and e-commerce solutions for cross border transactions. Marketing services include direct mail marketing services. Revenue for these services is recognized as the services are provided. | |
Shipping and Handling | |
Shipping and handling costs are recognized as incurred and recorded in cost of revenues. | |
Product Warranties | |
We provide product warranties in conjunction with the sale of certain products, generally for a period of 90 days from the date of installation. We estimate our liability for product warranties based on historical claims experience and other currently available evidence. Our product warranty liability at December 31, 2013 and 2012 was not material. | |
Deferred Marketing Costs | |
We capitalize certain direct mail, telemarketing, internet and retail marketing costs associated with the acquisition of new customers and recognize these costs over the expected revenue stream ranging from five to nine years. Deferred marketing costs expensed in 2013, 2012 and 2011 were $27 million, $30 million and $34 million, respectively. Deferred marketing costs included in other assets in the Consolidated Balance Sheets were $59 million and $73 million at December 31, 2013 and 2012, respectively. We review individual marketing programs for impairment on a quarterly basis or as circumstances warrant. | |
Restructuring Charges | |
Costs associated with exit or disposal activities, including lease termination costs and employee severance costs associated with restructuring, are recognized when they are incurred. The cost and related liability for one-time benefit arrangements is recognized when they are both probable and reasonably estimable. | |
Derivative Instruments | |
In the normal course of business, we are exposed to the impact of changes in interest rates and foreign currency exchange rates. We limit these risks by following established risk management policies and procedures, including the use of derivatives. We use derivative instruments to manage the related cost of debt and to limit the effects of foreign exchange rate fluctuations on financial results. Derivative instruments typically consist of interest-rate swaps, forward contracts and currency swaps depending upon the underlying exposure. We do not use derivatives for trading or speculative purposes. | |
We record our derivative instruments at fair value and the accounting for changes in fair value depends on the intended use of the derivative, the resulting designation and the effectiveness of the instrument in offsetting the risk exposure it is designed to hedge. To qualify as a hedge, a derivative must be highly effective in offsetting the risk designated for hedging purposes. The hedge relationship must be formally documented at inception, detailing the particular risk management objective and strategy for the hedge. The effectiveness of the hedge relationship is evaluated on a retrospective and prospective basis. | |
The use of derivative instruments exposes us to counterparty credit risk. To mitigate such risks, we enter into contracts with only those financial institutions that meet stringent credit requirements. We regularly review our credit exposure balances as well as the creditworthiness of our counterparties. We have not seen a material change in the creditworthiness of those banks acting as derivative counterparties. | |
Income Taxes | |
We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the carrying amounts of assets and liabilities and their respective tax bases. A valuation allowance is provided when it is more likely than not that a deferred tax asset will not be realized. The ultimate realization of deferred tax assets depends on the generation of future taxable income during the period in which related temporary differences become deductible. We consider the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in this assessment. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date of such change. | |
Earnings per Share | |
Basic earnings per share is based on the weighted-average number of common shares outstanding during the year. Diluted earnings per share also includes the dilutive effect of outstanding stock options, market stock units, restricted stock, preference stock, preferred stock and stock purchase plans. | |
Translation of Non-U.S. Currency Amounts | |
In general, the functional currency of our foreign operations is the local currency. Assets and liabilities of subsidiaries operating outside the U.S. are translated at rates in effect at the end of the period and revenue and expenses are translated at average monthly rates during the period. Net deferred translation gains and losses are included as a component of accumulated other comprehensive income. | |
Loss Contingencies | |
In the ordinary course of business, we are routinely defendants in, or party to, a number of pending and threatened legal actions. On a quarterly basis, we review the status of each significant matter and assess the potential financial exposure. If the potential loss from any claim or legal action is considered probable and can be reasonably estimated, we establish a liability for the estimated loss. The assessment of the ultimate outcome of each claim or legal action and the determination of the potential financial exposure requires significant judgment. Estimates of potential liabilities for claims or legal actions are based only on information that is available at that time. As additional information becomes available, we may revise our estimates, and these revisions could have a material impact on our results of operations and financial position. Legal fees are expensed as incurred. | |
New Accounting Pronouncements | |
In January 2013, the Financial Accounting Standards Board issued Accounting Standards Update No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities (ASU 2013-01). ASU 2013-01 requires an entity to disclose gross and net information about transactions that are (1) offset in the financial statements or (2) subject to an enforceable master netting arrangement or similar agreement, regardless of whether the transactions are actually offset in the statement of financial position. The disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. The amounts impacting our disclosure were immaterial at December 31, 2013 and 2012. | |
In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (ASU 2013-02). ASU 2013-02 requires an entity to present either parenthetically on the face of the financial statements, or in the notes, significant amounts reclassified from each component of accumulated other comprehensive income and the income statement line items affected by the reclassification. The new standard is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. The adoption of this standard resulted in additional disclosures, but did not impact our financial condition, results of operations or cash flows. | |
In March 2013, the Financial Accounting Standards Board issued Accounting Standards Update No. 2013-05, Foreign Currency Matters (ASU 2013-05). ASU 2013-05 resolves diversity in practice regarding the release into net income of the cumulative translation adjustment upon derecognition of a subsidiary or a group of assets within a foreign entity. The new guidance is effective for fiscal years beginning January 1, 2014. We do not expect the application of this new guidance will have a material impact on our financial condition or results of operations. | |
In July 2013, the Financial Accounting Standards Board issued Accounting Standards Update No. 2013-11, Income Taxes (Topic 740) - Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward or Tax Credit Carryforward Exists (ASU 2013-11). ASU 2013-11 provides explicit guidance regarding the presentation in the statement of financial position of an unrecognized tax benefit when a net operating loss carryforward or a tax credit carryfoward exists. The new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. We do not expect the application of this new guidance will have a material impact on our financial position. |
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Raw materials and work in process | $ | 33,920 | $ | 66,221 | ||||
Supplies and service parts | 48,165 | 72,551 | ||||||
Finished products | 38,515 | 68,335 | ||||||
Inventory at FIFO cost | 120,600 | 207,107 | ||||||
Excess of FIFO cost over LIFO cost | (17,020 | ) | (27,429 | ) | ||||
Total inventory, net | $ | 103,580 | $ | 179,678 | ||||
Finance_Assets
Finance Assets | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||
Finance Assets | ' | |||||||||||||||||||||||
Finance Assets | ||||||||||||||||||||||||
Finance Receivables | ||||||||||||||||||||||||
Finance receivables are comprised of sales-type lease receivables and unsecured revolving loan receivables. Sales-type lease receivables are generally due in monthly, quarterly or semi-annual installments over periods ranging from three to five years. Loan receivables arise primarily from financing services offered to our customers for postage and related supplies. Loan receivables are generally due each month; however, customers may rollover outstanding balances. | ||||||||||||||||||||||||
Finance receivables at December 31, 2013 and 2012 consisted of the following: | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
North America | International | Total | North America | International | Total | |||||||||||||||||||
Sales-type lease receivables | ||||||||||||||||||||||||
Gross finance receivables | $ | 1,456,420 | $ | 456,759 | $ | 1,913,179 | $ | 1,581,711 | $ | 461,510 | $ | 2,043,221 | ||||||||||||
Unguaranteed residual values | 121,339 | 21,553 | 142,892 | 148,664 | 21,025 | 169,689 | ||||||||||||||||||
Unearned income | (299,396 | ) | (101,311 | ) | (400,707 | ) | (316,030 | ) | (104,258 | ) | (420,288 | ) | ||||||||||||
Allowance for credit losses | (14,165 | ) | (9,703 | ) | (23,868 | ) | (16,979 | ) | (8,662 | ) | (25,641 | ) | ||||||||||||
Net investment in sales-type lease receivables | 1,264,198 | 367,298 | 1,631,496 | 1,397,366 | 369,615 | 1,766,981 | ||||||||||||||||||
Loan receivables | ||||||||||||||||||||||||
Loan receivables | 397,815 | 49,054 | 446,869 | 414,960 | 47,293 | 462,253 | ||||||||||||||||||
Allowance for credit losses | (11,165 | ) | (1,916 | ) | (13,081 | ) | (12,322 | ) | (2,131 | ) | (14,453 | ) | ||||||||||||
Net investment in loan receivables | 386,650 | 47,138 | 433,788 | 402,638 | 45,162 | 447,800 | ||||||||||||||||||
Net investment in finance receivables | $ | 1,650,848 | $ | 414,436 | $ | 2,065,284 | $ | 1,800,004 | $ | 414,777 | $ | 2,214,781 | ||||||||||||
Loan receivables are due in less than one year. Maturities of gross sales-type lease finance receivables at December 31, 2013 were as follows: | ||||||||||||||||||||||||
Sales-type Lease Receivables | ||||||||||||||||||||||||
North America | International | Total | ||||||||||||||||||||||
2014 | $ | 653,699 | $ | 163,361 | $ | 817,060 | ||||||||||||||||||
2015 | 407,850 | 135,496 | 543,346 | |||||||||||||||||||||
2016 | 243,598 | 88,134 | 331,732 | |||||||||||||||||||||
2017 | 113,614 | 49,026 | 162,640 | |||||||||||||||||||||
2018 | 31,406 | 18,806 | 50,212 | |||||||||||||||||||||
Thereafter | 6,253 | 1,936 | 8,189 | |||||||||||||||||||||
Total | $ | 1,456,420 | $ | 456,759 | $ | 1,913,179 | ||||||||||||||||||
Allowance for Credit Losses | ||||||||||||||||||||||||
Activity in the allowance for credit losses for finance receivables for the years ended December 31, 2013, 2012 and 2011 was as follows: | ||||||||||||||||||||||||
Sales-type Lease Receivables | Loan Receivables | |||||||||||||||||||||||
North | International | North | International | Total | ||||||||||||||||||||
America | America | |||||||||||||||||||||||
Balance at December 31, 2010 | $ | 27,792 | $ | 13,318 | $ | 26,208 | $ | 2,112 | $ | 69,430 | ||||||||||||||
Amounts charged to expense | 13,726 | 5,087 | 7,631 | 1,610 | 28,054 | |||||||||||||||||||
Accounts written off | (12,857 | ) | (6,366 | ) | (13,567 | ) | (1,264 | ) | (34,054 | ) | ||||||||||||||
Balance at December 31, 2011 | 28,661 | 12,039 | 20,272 | 2,458 | 63,430 | |||||||||||||||||||
Amounts charged to expense | 2,276 | 994 | 3,278 | 903 | 7,451 | |||||||||||||||||||
Accounts written off | (13,958 | ) | (4,371 | ) | (11,228 | ) | (1,230 | ) | (30,787 | ) | ||||||||||||||
Balance at December 31, 2012 | 16,979 | 8,662 | 12,322 | 2,131 | 40,094 | |||||||||||||||||||
Amounts charged to expense | 4,584 | 4,553 | 9,663 | 1,254 | 20,054 | |||||||||||||||||||
Accounts written off | (7,398 | ) | (3,512 | ) | (10,820 | ) | (1,469 | ) | (23,199 | ) | ||||||||||||||
Balance at December 31, 2013 | $ | 14,165 | $ | 9,703 | $ | 11,165 | $ | 1,916 | $ | 36,949 | ||||||||||||||
Aging of Receivables | ||||||||||||||||||||||||
The aging of finance receivables at December 31, 2013 and 2012 was as follows: | ||||||||||||||||||||||||
Sales-type Lease Receivables | Loan Receivables | |||||||||||||||||||||||
North | International | North | International | Total | ||||||||||||||||||||
America | America | |||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
< 31 days | $ | 1,383,253 | $ | 425,923 | $ | 379,502 | $ | 42,573 | $ | 2,231,251 | ||||||||||||||
> 30 days and < 61 days | 32,102 | 11,760 | 10,464 | 4,391 | 58,717 | |||||||||||||||||||
> 60 days and < 91 days | 20,830 | 5,724 | 3,330 | 1,363 | 31,247 | |||||||||||||||||||
> 90 days and < 121 days | 6,413 | 3,979 | 1,809 | 311 | 12,512 | |||||||||||||||||||
> 120 days | 13,822 | 9,373 | 2,710 | 416 | 26,321 | |||||||||||||||||||
Total | $ | 1,456,420 | $ | 456,759 | $ | 397,815 | $ | 49,054 | $ | 2,360,048 | ||||||||||||||
Past due amounts > 90 days | ||||||||||||||||||||||||
Still accruing interest | $ | 6,413 | $ | 3,979 | $ | — | $ | — | $ | 10,392 | ||||||||||||||
Not accruing interest | 13,822 | 9,373 | 4,519 | 727 | 28,441 | |||||||||||||||||||
Total | $ | 20,235 | $ | 13,352 | $ | 4,519 | $ | 727 | $ | 38,833 | ||||||||||||||
Sales-type Lease Receivables | Loan Receivables | |||||||||||||||||||||||
North | International | North | International | Total | ||||||||||||||||||||
America | America | |||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
< 31 days | $ | 1,497,797 | $ | 435,780 | $ | 392,108 | $ | 45,324 | $ | 2,371,009 | ||||||||||||||
> 30 days and < 61 days | 37,348 | 9,994 | 12,666 | 1,368 | 61,376 | |||||||||||||||||||
> 60 days and < 91 days | 24,059 | 5,198 | 4,577 | 285 | 34,119 | |||||||||||||||||||
> 90 days and < 121 days | 6,665 | 3,327 | 2,319 | 179 | 12,490 | |||||||||||||||||||
> 120 days | 15,842 | 7,211 | 3,290 | 137 | 26,480 | |||||||||||||||||||
Total | $ | 1,581,711 | $ | 461,510 | $ | 414,960 | $ | 47,293 | $ | 2,505,474 | ||||||||||||||
Past due amounts > 90 days | ||||||||||||||||||||||||
Still accruing interest | $ | 6,665 | $ | 3,327 | $ | — | $ | — | $ | 9,992 | ||||||||||||||
Not accruing interest | 15,842 | 7,211 | 5,609 | 316 | 28,978 | |||||||||||||||||||
Total | $ | 22,507 | $ | 10,538 | $ | 5,609 | $ | 316 | $ | 38,970 | ||||||||||||||
Credit Quality | ||||||||||||||||||||||||
The extension of credit and management of credit lines to new and existing clients uses a combination of an automated credit score, where available, and a detailed manual review of the client's financial condition and, when applicable, payment history. Once credit is granted, the payment performance of the client is managed through automated collections processes and is supplemented with direct follow up should an account become delinquent. We have robust automated collections and extensive portfolio management processes. The portfolio management processes ensure that our global strategy is executed, collection resources are allocated appropriately and enhanced tools and processes are implemented as needed. | ||||||||||||||||||||||||
We use a third party to score the majority of the North America portfolio on a quarterly basis using a commercial credit score. We do not use a third party to score our International portfolio because the cost to do so is prohibitive, it is a localized process and there is no single credit score model that covers all countries. | ||||||||||||||||||||||||
The table below shows the North America portfolio at December 31, 2013 and 2012 by relative risk class (low, medium, high) based on the relative scores of the accounts within each class. The relative scores are determined based on a number of factors, including the company type, ownership structure, payment history and financial information. A fourth class is shown for accounts that are not scored. Absence of a score is not indicative of the credit quality of the account. The degree of risk, as defined by the third party, refers to the relative risk that an account in the next 12 month period may become delinquent. | ||||||||||||||||||||||||
• | Low risk accounts are companies with very good credit scores and are considered to approximate the top 30% of all commercial borrowers. | |||||||||||||||||||||||
• | Medium risk accounts are companies with average to good credit scores and are considered to approximate the middle 40% of all commercial borrowers. | |||||||||||||||||||||||
• | High risk accounts are companies with poor credit scores, are delinquent or are at risk of becoming delinquent and are considered to approximate the bottom 30% of all commercial borrowers. | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Sales-type lease receivables | ||||||||||||||||||||||||
Risk Level | ||||||||||||||||||||||||
Low | $ | 1,081,853 | $ | 1,016,413 | ||||||||||||||||||||
Medium | 244,379 | 450,432 | ||||||||||||||||||||||
High | 51,851 | 43,658 | ||||||||||||||||||||||
Not Scored | 78,337 | 71,208 | ||||||||||||||||||||||
Total | $ | 1,456,420 | $ | 1,581,711 | ||||||||||||||||||||
Loan receivables | ||||||||||||||||||||||||
Risk Level | ||||||||||||||||||||||||
Low | $ | 279,607 | $ | 254,567 | ||||||||||||||||||||
Medium | 95,524 | 136,069 | ||||||||||||||||||||||
High | 11,511 | 14,624 | ||||||||||||||||||||||
Not Scored | 11,173 | 9,700 | ||||||||||||||||||||||
Total | $ | 397,815 | $ | 414,960 | ||||||||||||||||||||
Troubled Debt | ||||||||||||||||||||||||
We maintain a program for U.S. clients in our North America loan portfolio who are experiencing financial difficulties, but are able to make reduced payments over an extended period of time. Upon acceptance into the program, the client’s credit line is closed and interest accrual is suspended. There is generally no forgiveness of debt or reduction of balances owed. The balance of loans in this program, related loan loss allowance and write-offs are insignificant to the overall portfolio. | ||||||||||||||||||||||||
Leveraged Leases | ||||||||||||||||||||||||
Our investment in leveraged lease assets consisted of the following: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Rental receivables | $ | 61,721 | $ | 83,254 | ||||||||||||||||||||
Unguaranteed residual values | 13,235 | 14,177 | ||||||||||||||||||||||
Principal and interest on non-recourse loans | (35,449 | ) | (55,092 | ) | ||||||||||||||||||||
Unearned income | (5,097 | ) | (7,793 | ) | ||||||||||||||||||||
Investment in leveraged leases | 34,410 | 34,546 | ||||||||||||||||||||||
Less: deferred taxes related to leveraged leases | (15,078 | ) | (19,372 | ) | ||||||||||||||||||||
Net investment in leveraged leases | $ | 19,332 | $ | 15,174 | ||||||||||||||||||||
Fixed_Assets
Fixed Assets | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Fixed Assets [Abstract] | ' | |||||||
Fixed Assets | ' | |||||||
Fixed Assets | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Land | $ | 6,797 | $ | 22,064 | ||||
Buildings | 176,200 | 349,061 | ||||||
Machinery and equipment | 918,075 | 1,299,475 | ||||||
1,101,072 | 1,670,600 | |||||||
Accumulated depreciation | (855,901 | ) | (1,285,223 | ) | ||||
Property, plant and equipment, net | $ | 245,171 | $ | 385,377 | ||||
Rental property and equipment | $ | 537,128 | $ | 580,243 | ||||
Accumulated depreciation | (310,982 | ) | (339,051 | ) | ||||
Rental property and equipment, net | $ | 226,146 | $ | 241,192 | ||||
Depreciation expense was $158 million, $177 million and $195 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||
During 2013, we entered into an agreement to sell our corporate headquarters building and certain surrounding parcels of land. We recorded a non-cash impairment charge of $26 million to write-down the carrying value of the building to its fair value. The fair value of the building was determined based on the estimated selling price less the costs to sell. The inputs used to determine the fair value were classified as Level 3. The impairment charge was included as restructuring charges and asset impairments in the Consolidated Statements of Income. We expect to close on the sale by mid-2014. At December 31, 2013, the carrying value of our corporate headquarters building and surrounding land were classified as assets held for sale in the Consolidated Balance Sheets. |
Intangible_Assets_and_Goodwill
Intangible Assets and Goodwill | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Intangible Assets and Goodwill | ' | |||||||||||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||||||||||||
Intangible assets | ||||||||||||||||||||||||
Intangible assets at December 31, 2013 and 2012 consisted of the following: | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||||||||||
Customer relationships | $ | 354,373 | $ | (251,388 | ) | $ | 102,985 | $ | 407,901 | $ | (269,100 | ) | $ | 138,801 | ||||||||||
Supplier relationships | 29,000 | (25,013 | ) | 3,987 | 29,000 | (22,113 | ) | 6,887 | ||||||||||||||||
Software & technology | 167,009 | (155,009 | ) | 12,000 | 169,632 | (151,628 | ) | 18,004 | ||||||||||||||||
Trademarks & trade names | 35,366 | (33,985 | ) | 1,381 | 35,078 | (32,615 | ) | 2,463 | ||||||||||||||||
Non-compete agreements | 7,407 | (7,373 | ) | 34 | 7,471 | (7,412 | ) | 59 | ||||||||||||||||
Total intangible assets | $ | 593,155 | $ | (472,768 | ) | $ | 120,387 | $ | 649,082 | $ | (482,868 | ) | $ | 166,214 | ||||||||||
Amortization expense for intangible assets was $37 million, $41 million and $49 million for the years ended December 31, 2013, 2012 and 2011, respectively. The future amortization expense for intangible assets as of December 31, 2013 was as follows: | ||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||
2014 | $ | 34,437 | ||||||||||||||||||||||
2015 | 30,439 | |||||||||||||||||||||||
2016 | 23,037 | |||||||||||||||||||||||
2017 | 11,374 | |||||||||||||||||||||||
2018 | 10,547 | |||||||||||||||||||||||
Thereafter | 10,553 | |||||||||||||||||||||||
Total | $ | 120,387 | ||||||||||||||||||||||
Actual amortization expense may differ from the amounts above due to, among other things, fluctuations in foreign currency exchange rates, impairments, future acquisitions and accelerated amortization. | ||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
The changes in the carrying amount of goodwill, by reporting segment, for the years ended December 31, 2013 and 2012 are shown in the tables below. Prior year amounts have been recast for the change in reporting segments. | ||||||||||||||||||||||||
Gross value before accumulated impairment | Accumulated impairment | December 31, 2012 | Impairment | Other (1) | December 31, 2013 | |||||||||||||||||||
North America Mailing | $ | 355,874 | $ | — | $ | 355,874 | $ | — | $ | 4,054 | $ | 359,928 | ||||||||||||
International Mailing | 182,746 | — | 182,746 | — | (485 | ) | 182,261 | |||||||||||||||||
Small & Medium Business Solutions | 538,620 | — | 538,620 | — | 3,569 | 542,189 | ||||||||||||||||||
Production Mail | 120,881 | — | 120,881 | — | (2,821 | ) | 118,060 | |||||||||||||||||
Presort Services | 195,140 | — | 195,140 | — | — | 195,140 | ||||||||||||||||||
Enterprise Business Solutions | 316,021 | — | 316,021 | — | (2,821 | ) | 313,200 | |||||||||||||||||
Digital Commerce Solutions | 876,436 | — | 876,436 | — | 3,046 | 879,482 | ||||||||||||||||||
Total reportable segments | 1,731,077 | — | 1,731,077 | — | 3,794 | 1,734,871 | ||||||||||||||||||
Discontinued operations | 553,526 | (148,465 | ) | 405,061 | (101,415 | ) | (303,646 | ) | — | |||||||||||||||
Total goodwill | $ | 2,284,603 | $ | (148,465 | ) | $ | 2,136,138 | $ | (101,415 | ) | $ | (299,852 | ) | $ | 1,734,871 | |||||||||
Gross value before accumulated impairment | Accumulated impairment | December 31, 2011 | Impairment | Other (1) | December 31, 2012 | |||||||||||||||||||
North America Mailing | $ | 352,897 | $ | — | $ | 352,897 | $ | — | $ | 2,977 | $ | 355,874 | ||||||||||||
International Mailing | 187,904 | — | 187,904 | — | (5,158 | ) | 182,746 | |||||||||||||||||
Small & Medium Business Solutions | 540,801 | — | 540,801 | — | (2,181 | ) | 538,620 | |||||||||||||||||
Production Mail | 117,351 | — | 117,351 | — | 3,530 | 120,881 | ||||||||||||||||||
Presort Services | 195,140 | — | 195,140 | — | — | 195,140 | ||||||||||||||||||
Enterprise Business Solutions | 312,491 | — | 312,491 | — | 3,530 | 316,021 | ||||||||||||||||||
Digital Commerce Solutions | 871,596 | — | 871,596 | — | 4,840 | 876,436 | ||||||||||||||||||
Total reportable segments | 1,724,888 | — | 1,724,888 | — | 6,189 | 1,731,077 | ||||||||||||||||||
Discontinued operations | 552,350 | (130,150 | ) | 422,200 | (18,315 | ) | 1,176 | 405,061 | ||||||||||||||||
Total goodwill | $ | 2,277,238 | $ | (130,150 | ) | $ | 2,147,088 | $ | (18,315 | ) | $ | 7,365 | $ | 2,136,138 | ||||||||||
-1 | Primarily represents foreign currency translation adjustments for the period. For discontinued operations in 2013, the adjustment primarily represents the write-off of remaining goodwill upon the sale of the Management Services business. |
Accounts_Payable_and_Accrued_L
Accounts Payable and Accrued Liabilities | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounts Payable and Accrued Liabilities [Abstract] | ' | |||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ' | |||||||
. Accounts Payable and Accrued Liabilities | ||||||||
Accounts payable and accrued liabilities consisted of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Accounts payable | $ | 270,067 | $ | 362,938 | ||||
Customer deposits | 672,440 | 698,770 | ||||||
Employee related liabilities | 332,072 | 356,188 | ||||||
Miscellaneous other | 370,003 | 391,330 | ||||||
Accounts payable and accrued liabilities | $ | 1,644,582 | $ | 1,809,226 | ||||
Accounts Payable and Accrued Liabilities | ' | |||||||
Accounts payable and accrued liabilities consisted of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Accounts payable | $ | 270,067 | $ | 362,938 | ||||
Customer deposits | 672,440 | 698,770 | ||||||
Employee related liabilities | 332,072 | 356,188 | ||||||
Miscellaneous other | 370,003 | 391,330 | ||||||
Accounts payable and accrued liabilities | $ | 1,644,582 | $ | 1,809,226 | ||||
Debt
Debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt | ' | ||||||||
. Debt | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Term loans | $ | 230,000 | $ | 230,000 | |||||
3.88% | notes due 2013 | — | 375,000 | ||||||
4.88% | notes due 2014 (1) | — | 450,000 | ||||||
5.00% | notes due 2015 (1) | 274,879 | 400,000 | ||||||
4.75% | notes due 2016 (1) | 370,914 | 500,000 | ||||||
5.75% | notes due 2017 | 500,000 | 500,000 | ||||||
5.60% | notes due Mar 2018 | 250,000 | 250,000 | ||||||
4.75% | notes due May 2018 | 350,000 | 350,000 | ||||||
6.25% | notes due 2019 | 300,000 | 300,000 | ||||||
5.25% | notes due 2022 (2) | 110,000 | 110,000 | ||||||
5.25% | notes due 2037 (3) | 500,000 | 500,000 | ||||||
6.70% | notes due 2043 (4) | 425,000 | — | ||||||
Other (5) | 35,502 | 52,375 | |||||||
Total debt | 3,346,295 | 4,017,375 | |||||||
Current portion long-term debt | — | 375,000 | |||||||
Long-term debt | $ | 3,346,295 | $ | 3,642,375 | |||||
Term loans bear interest at the applicable London Interbank Offered Rate (LIBOR) plus 2.25% or Prime Rate plus 1.25%, at our option. Interest is payable and resets quarterly and the loans mature in 2015 and 2016. | |||||||||
-1 | During the first quarter 2013, we completed a cash tender offer (the Tender Offer) for a portion of our 4.875% Notes due 2014 (2014 Notes), our 5.0% Notes due 2015, and our 4.75% Notes due 2016 (the Subject Notes). Holders who validly tendered their notes received the principal amount of the notes tendered, all accrued and unpaid interest and a premium amount. An aggregate $405 million of the Subject Notes were tendered. Subsequently, in the fourth quarter of 2013, we redeemed the remaining outstanding 2014 Notes that were scheduled to mature August 2014 through the exercise of a make-whole provision. In connection with the Tender Offer and the early redemption of the 2014 Notes, we recognized an aggregate net loss of $33 million. | ||||||||
At December 31, 2012, we had interest rate swap agreements with an aggregate notional value of $450 million that effectively converted the fixed rate interest payments on the 2014 Notes into variable interest rates. In connection with the Tender Offer, we unwound a portion of these interest rate swap agreements, and in connection with redemption of the remaining outstanding notes in the fourth quarter of 2013, we unwound the remaining interest rate swap agreements. At December 31, 2013, we had no interest rate swaps outstanding. | |||||||||
-2 | These notes may be redeemed, at our option, in whole or in part, at any time on or after November 27, 2015 at par plus accrued interest. | ||||||||
-3 | These notes may be redeemed by bondholders, in whole or in part, at par plus accrued interest, in January 2017. | ||||||||
-4 | During the first quarter of 2013, we issued $425 million of 6.7% fixed rate notes. Interest is payable quarterly. The notes mature in 2043, but may be redeemed, at our option, in whole or in part, at any time on or after March 7, 2018 at par plus accrued and unpaid interest. We used the net proceeds from the notes to fund the Tender Offer. | ||||||||
-5 | Other consists of the unamortized net proceeds received from unwinding of interest rate swaps, debt discounts and premiums and the mark-to-market adjustment of interest rate swaps, if applicable. | ||||||||
There were no outstanding commercial paper borrowings at December 31, 2013 or 2012. As of December 31, 2013, we had not drawn upon our $1.0 billion credit facility. The credit facility expires in April 2016. | |||||||||
Annual maturities of outstanding debt at December 31, 2013 are as follows: | |||||||||
2014 | $ | — | |||||||
2015 | 324,879 | ||||||||
2016 | 550,914 | ||||||||
2017 | 500,000 | ||||||||
2018 | 600,000 | ||||||||
Thereafter | 1,335,000 | ||||||||
Total | $ | 3,310,793 | |||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
Income from continuing operations before taxes consisted of the following: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
U.S. | $ | 288,660 | $ | 387,987 | $ | 384,602 | ||||||
International | 114,517 | 146,325 | 106,884 | |||||||||
Total | $ | 403,177 | $ | 534,312 | $ | 491,486 | ||||||
The provision for income taxes from continuing operations consisted of the following: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
U.S. Federal: | ||||||||||||
Current | $ | 78,315 | $ | 151,984 | $ | (93,791 | ) | |||||
Deferred | (19,754 | ) | 16,136 | 135,305 | ||||||||
58,561 | 168,120 | 41,514 | ||||||||||
U.S. State and Local: | ||||||||||||
Current | 5,359 | (2,604 | ) | 27,385 | ||||||||
Deferred | (8,026 | ) | (26,273 | ) | (15,546 | ) | ||||||
(2,667 | ) | (28,877 | ) | 11,839 | ||||||||
International: | ||||||||||||
Current | 33,165 | 63,871 | 67,566 | |||||||||
Deferred | (5,990 | ) | (82,862 | ) | (85,401 | ) | ||||||
27,175 | (18,991 | ) | (17,835 | ) | ||||||||
Total current | 116,839 | 213,251 | 1,160 | |||||||||
Total deferred | (33,770 | ) | (92,999 | ) | 34,358 | |||||||
Total provision for income taxes | $ | 83,069 | $ | 120,252 | $ | 35,518 | ||||||
Effective tax rate | 20.6 | % | 22.5 | % | 7.2 | % | ||||||
The effective tax rate for 2013 includes tax benefits of $13 million from an affiliate reorganization, $17 million from tax planning initiatives, $5 million from the adjustment of non-U.S. tax accounts from prior periods and $4 million from the retroactive effect of 2013 U.S. tax legislation. | ||||||||||||
The effective tax rate for 2012 includes tax benefits of $32 million from the sale of non-U.S. leveraged lease assets and $47 million from the resolution of U.S. tax examinations and tax accruals of $43 million for the repatriation of additional non-U.S. earnings that arose as a result of one-time events including the sale of leveraged lease assets and Canadian tax law changes. | ||||||||||||
The effective tax rate for 2011 includes tax benefits of $90 million from the IRS tax settlements and $34 million from the sale of non-U.S. leveraged lease assets. | ||||||||||||
The items accounting for the difference between income taxes computed at the federal statutory rate and our provision for income taxes consist of the following: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Federal statutory provision | $ | 141,118 | $ | 187,009 | $ | 172,020 | ||||||
State and local income taxes | (1,733 | ) | (2,071 | ) | 12,079 | |||||||
Impact of non-U.S. leveraged lease asset sales | — | (30,367 | ) | (31,423 | ) | |||||||
Other impact of foreign operations | (29,865 | ) | 21,100 | (13,337 | ) | |||||||
Tax exempt income/reimbursement | (1,672 | ) | (1,992 | ) | (2,674 | ) | ||||||
Federal income tax credits/incentives | (10,282 | ) | (8,918 | ) | (10,741 | ) | ||||||
Unrealized stock compensation benefits | 2,292 | 3,456 | 3,538 | |||||||||
Resolution of U.S. tax examinations | (3,853 | ) | (47,380 | ) | (94,225 | ) | ||||||
Outside basis differences | (13,214 | ) | — | — | ||||||||
Other, net | 278 | (585 | ) | 281 | ||||||||
Provision for income taxes | $ | 83,069 | $ | 120,252 | $ | 35,518 | ||||||
Other impacts of foreign operations include income of foreign affiliates taxed at rates other than the 35% U.S. statutory rate, the accrual or release of tax uncertainty amounts related to foreign operations, the tax impacts of foreign earnings repatriation and the U.S. foreign tax credit impacts of other foreign income taxed in the U.S. | ||||||||||||
Deferred tax liabilities and assets consisted of the following: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax liabilities: | ||||||||||||
Depreciation | $ | (54,023 | ) | $ | (65,205 | ) | ||||||
Deferred profit (for tax purposes) on sale to finance subsidiary | (142,114 | ) | (157,279 | ) | ||||||||
Lease revenue and related depreciation | (249,998 | ) | (306,612 | ) | ||||||||
Amortizable intangibles | (79,852 | ) | (104,156 | ) | ||||||||
Other | (73,077 | ) | (35,157 | ) | ||||||||
Deferred tax liabilities | (599,064 | ) | (668,409 | ) | ||||||||
Deferred tax assets: | ||||||||||||
Nonpension postretirement benefits | 99,628 | 119,002 | ||||||||||
Pension | 43,301 | 117,509 | ||||||||||
Inventory and equipment capitalization | 22,824 | 26,778 | ||||||||||
Restructuring charges | 26,837 | 20,793 | ||||||||||
Long-term incentives | 28,880 | 35,056 | ||||||||||
Net operating loss | 143,839 | 152,617 | ||||||||||
Tax credit carry forwards | 48,617 | 41,518 | ||||||||||
Tax uncertainties gross-up | 35,298 | 28,492 | ||||||||||
Other | 147,709 | 89,406 | ||||||||||
Valuation allowance | (122,780 | ) | (142,176 | ) | ||||||||
Deferred tax assets | 474,153 | 488,995 | ||||||||||
Total deferred taxes, net | $ | (124,911 | ) | $ | (179,414 | ) | ||||||
The above amounts are classified as current or long-term in the Consolidated Balance Sheets in accordance with the asset or liability to which they related or based on the expected timing of the reversal. A valuation allowance was recognized to reduce the total deferred tax assets to an amount that will more-likely-than-not be realized. The valuation allowance relates primarily to certain foreign, state and local net operating loss and tax credit carryforwards that are more likely than not to expire unutilized. | ||||||||||||
We have net operating loss carry forwards of $292 million as of December 31, 2013, of which, $260 million can be carried forward indefinitely and the remainder expire over the next 15 years In addition, we have tax credit carry forwards of $49 million that expire over the next 15 years. | ||||||||||||
As of December 31, 2013 we have not provided for income taxes on $700 million of cumulative undistributed earnings of subsidiaries outside the U.S. as these earnings will be either indefinitely reinvested or remitted substantially free of additional tax; however, we estimate that withholding taxes on such remittances would be $3 million. Determination of the liability that would be incurred if these earnings were remitted to the U.S. is not practicable as there is a significant amount of uncertainty with respect to determining the amount of foreign tax credits and other indirect tax consequences that may arise from the distribution of these earnings. | ||||||||||||
Uncertain Tax Positions | ||||||||||||
A reconciliation of the amount of unrecognized tax benefits is as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at beginning of year | $ | 146,905 | $ | 198,635 | $ | 531,790 | ||||||
Increases from prior period positions | 15,777 | 11,811 | 67,065 | |||||||||
Decreases from prior period positions | (6,908 | ) | (17,985 | ) | (140,107 | ) | ||||||
Increases from current period positions | 23,549 | 28,255 | 28,686 | |||||||||
Decreases relating to settlements with tax authorities | (482 | ) | (1,948 | ) | (18,204 | ) | ||||||
Reductions from lapse of applicable statute of limitations | (10,440 | ) | (71,863 | ) | (270,595 | ) | ||||||
Balance at end of year | $ | 168,401 | $ | 146,905 | $ | 198,635 | ||||||
The amount of the unrecognized tax benefits at December 31, 2013, 2012 and 2011 that would affect the effective tax rate if recognized was $144 million, $123 million and $160 million, respectively. | ||||||||||||
On a regular basis, we conclude tax return examinations, statutes of limitations expire, and court decisions interpret tax law. We regularly assess tax uncertainties in light of these developments. As a result, it is reasonably possible that the amount of our unrecognized tax benefits will decrease in the next 12 months, and we expect this change could be up to 20% of our unrecognized tax benefits. We recognize interest and penalties related to uncertain tax positions in our provision for income taxes or discontinued operations as appropriate. During the years ended December 31, 2013, 2012 and 2011, we recorded interest and penalties of $27 million, $(28) million and $(83) million, respectively. We had $37 million and $11 million accrued for the payment of interest and penalties at December 31, 2013 and 2012, respectively. | ||||||||||||
Other Tax Matters | ||||||||||||
As is the case with other large corporations, our tax returns are examined each year by tax authorities in the U.S., other countries and local jurisdictions in which we have operations. Except for issues arising out of certain partnership investments, the IRS examinations of tax years prior to 2009 are closed to audit. Other than the pending application of legal principles to specific issues arising in earlier years, only post-2007 Canadian tax years are subject to examination. Other significant tax filings subject to examination include various post-2004 U.S. state and local, post-2007 German, and post-2011 French and U.K. tax filings. We have other less significant tax filings currently under examination or subject to examination. | ||||||||||||
We regularly assess the likelihood of tax adjustments in each of the tax jurisdictions in which we have operations and account for the related financial statement implications. We believe we have established tax reserves that are appropriate given the possibility of tax adjustments. However, determining the appropriate level of tax reserves requires judgment regarding the uncertain application of tax law and the possibility of tax adjustments. Future changes in tax reserve requirements could have a material impact, positive or negative, on our results of operations, financial position and cash flows. | ||||||||||||
On August 27, 2012, the United States Court of Appeals for the Third Circuit overturned a prior Tax Court decision and ruled in favor of the IRS and adverse to the Historic Boardwalk Hall LLC, a partnership in which we had made an investment in the year 2000. In January 2014, the Tax Court entered an order to implement the rulings of the Third Circuit. Under the terms of the partnership agreement, we are indemnified against any payments we may be required to make. However, the potential for a difference in the timing of payments which may be due to taxing authorities and the timing of receipts due to us under the partnership agreement may cause fluctuations in our cash flows in future periods. Further, if we do not recover under the indemnification provisions of the partnership agreement, the amount of tax and interest due as a result of this matter could be as much as $100 million. |
Noncontrolling_Interests_Prefe
Noncontrolling Interests (Preferred Stockholders' Equity in Subsidiaries) | 12 Months Ended |
Dec. 31, 2013 | |
Noncontrolling Interest [Abstract] | ' |
Noncontrolling Interests (Preferred Stockholders' Equity in Subsidiaries) | ' |
Noncontrolling Interests (Preferred Stockholders’ Equity in Subsidiaries) | |
Pitney Bowes International Holdings, Inc. (PBIH), a subsidiary, has 300,000 shares, or $300 million, of outstanding perpetual voting preferred stock (the Preferred Stock) held by certain institutional investors. The holders of the Preferred Stock are entitled as a group to 25% of the combined voting power of all classes of capital stock of PBIH. All outstanding common stock of PBIH, representing the remaining 75% of the combined voting power of all classes of capital stock, is owned directly or indirectly by the company. The Preferred Stock is entitled to cumulative dividends at a rate of 6.125% through 2016 after which it becomes callable and, if it remains outstanding, will yield a dividend that increases by 50% every six months thereafter. No dividends were in arrears at December 31, 2013 or December 31, 2012. There was no change in the carrying value of noncontrolling interests during the years ended December 31, 2013 or 2012. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Stockholders' Equity Note [Abstract] | ' | |||||
Stockholders' Equity | ' | |||||
Stockholders' Equity | ||||||
Preferred Stock | ||||||
We have two classes of Preferred Stock issued and outstanding: the 4% Preferred Stock (the Preferred Stock) and the $2.12 Preference Stock (the Preference Stock). The Preferred Stock is entitled to cumulative dividends of $2 per year and can be converted into 24.24 shares of common stock, subject to adjustment in certain events. The Preferred Stock is redeemable at our option at a price of $50 per share, plus dividends accrued through the redemption date. We are authorized to issue 600,000 shares of Preferred Stock. At December 31, 2013 and 2012, there were 74 shares and 85 shares outstanding, respectively. There are no unpaid dividends in arrears. | ||||||
The Preference Stock is entitled to cumulative dividends of $2.12 per year and can be converted into 16.53 shares of common stock, subject to adjustment in certain events. The Preference Stock is redeemable at our option at a price of $28 per share. We are authorized to issue 5,000,000 shares of Preference Stock. At December 31, 2013 and 2012, there were 21,838 shares and 23,928 shares outstanding, respectively. There are no unpaid dividends in arrears. | ||||||
Common Stock | ||||||
We have 480,000,000 shares of common stock authorized and 323,337,912 shares were issued at December 31, 2013 and 2012. At December 31, 2013, 39,810,385 shares were reserved for issuance under our stock plans, dividend reinvestment program and for the conversion of the Preferred Stock and Preference Stock. The following table summarizes the changes in Common Stock and Treasury Stock: | ||||||
Treasury | Common Stock | |||||
Balance at December 31, 2010 | 119,906,910 | 203,431,002 | ||||
Repurchases of common stock | 4,692,200 | (4,692,200 | ) | |||
Issuance of common stock | (963,448 | ) | 963,448 | |||
Conversions to common stock | (48,820 | ) | 48,820 | |||
Balance at December 31, 2011 | 123,586,842 | 199,751,070 | ||||
Issuance of common stock | (1,118,089 | ) | 1,118,089 | |||
Conversions to common stock | (14,888 | ) | 14,888 | |||
Balance at December 31, 2012 | 122,453,865 | 200,884,047 | ||||
Issuance of common stock | (1,163,668 | ) | 1,163,668 | |||
Conversions to common stock | (34,807 | ) | 34,807 | |||
Balance at December 31, 2013 | 121,255,390 | 202,082,522 | ||||
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Stock Plans [Abstract] | ' | ||||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||||
12. Stock-Based Compensation | |||||||||||||||||||
The following table shows stock-based compensation expense included in the Consolidated Statements of Income: | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Cost of equipment sales | $ | 886 | $ | 1,212 | $ | 1,292 | |||||||||||||
Cost of support services | 382 | 522 | 557 | ||||||||||||||||
Cost of business services | 527 | 721 | 770 | ||||||||||||||||
Selling, general and administrative | 11,099 | 15,176 | 15,689 | ||||||||||||||||
Research and development | 435 | 596 | 640 | ||||||||||||||||
Discontinued operations (1) | 1,592 | — | — | ||||||||||||||||
Stock-based compensation expense | 14,921 | 18,227 | 18,948 | ||||||||||||||||
Tax benefit | (5,759 | ) | (6,061 | ) | (6,170 | ) | |||||||||||||
Stock-based compensation expense, net of tax | $ | 9,162 | $ | 12,166 | $ | 12,778 | |||||||||||||
(1) Amount represents the expense related to the immediate vesting of RSUs and stock options held by employees of PBMS upon the sale of the business. | |||||||||||||||||||
Stock Plans | |||||||||||||||||||
We have a long-term incentive program whereby eligible employees may be granted restricted stock units, non-qualified stock options, other stock-based awards, cash or any combination thereof. The Executive Compensation Committee of the Board of Directors administers these plans. We settle employee stock compensation awards with treasury shares. At December 31, 2013, there were 19,180,600 shares available for future grants under our long-term incentive program. | |||||||||||||||||||
Restricted Stock Units | |||||||||||||||||||
Restricted stock units are granted to employees and entitle the holder to shares of common stock as the units vest, typically over a four year service period. The fair value of the units is determined on the grant date based on the stock price on the grant date less the present value of expected dividends. The following table summarizes information about restricted stock units during 2013 and 2012: | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Shares | Weighted average grant date fair value | Shares | Weighted average grant date fair value | ||||||||||||||||
Restricted stock units outstanding at beginning of the year | 1,909,160 | $ | 17.68 | 1,629,055 | $ | 22.33 | |||||||||||||
Granted | 1,365,798 | 10.37 | 999,381 | 14.72 | |||||||||||||||
Vested | (1,049,572 | ) | 17.52 | (598,543 | ) | 22.27 | |||||||||||||
Forfeited | (284,074 | ) | 13.33 | (120,733 | ) | 18.75 | |||||||||||||
Restricted stock units outstanding at end of the year | 1,941,312 | $ | 13.19 | 1,909,160 | $ | 17.68 | |||||||||||||
At December 31, 2013, there was $12 million of unrecognized compensation cost related to restricted stock units that is expected to be recognized over a weighted-average period of 2.2 years. The intrinsic value of restricted stock units outstanding at December 31, 2013 was $45 million. The intrinsic value of restricted stock units vested during 2013, 2012 and 2011 was $15 million, $11 million and $13 million, respectively. The fair value of restricted stock units vested during 2013, 2012 and 2011 was $18 million, $13 million and $15 million, respectively. | |||||||||||||||||||
Market Stock Units | |||||||||||||||||||
Each market stock unit award entitles the holder to receive a number of shares, adjusted for the attainment of certain performance and market conditions. The award vests at the end of a three-year performance period and the actual number of shares the recipient receives may range from 50% to 200% of the shares awarded. The expense for these awards, net of estimated forfeitures, is recorded over the performance period based on the fair value of the award, which was determined on the grant date using a Monte Carlo simulation model. There were no market stock units awarded during 2013. | |||||||||||||||||||
The following table summarizes information about market stock units during 2013 and 2012: | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Shares | Weighted average grant date fair value | Shares | Weighted average grant date fair value | ||||||||||||||||
Market stock units outstanding at beginning of the year | 198,145 | $ | 17.91 | — | $ | — | |||||||||||||
Granted | — | — | 205,013 | 17.91 | |||||||||||||||
Forfeited | (9,718 | ) | 17.91 | (6,868 | ) | 17.91 | |||||||||||||
Market stock units outstanding at the end of the year | 188,427 | $ | 17.91 | 198,145 | $ | 17.91 | |||||||||||||
The fair value of market stock units granted in 2012 was determined based on the following assumptions: | |||||||||||||||||||
Expected dividend yield | 6.7 | % | |||||||||||||||||
Expected stock price volatility | 29.7 | % | |||||||||||||||||
Risk-free interest rate | 0.4 | % | |||||||||||||||||
At December 31, 2013, there was less than $1 million of unrecognized compensation cost related to market stock units that is expected to be recognized over a weighted-average period of 1.1 years. The intrinsic value of market stock units outstanding at December 31, 2013 was $4 million. | |||||||||||||||||||
Stock Options | |||||||||||||||||||
We may also grant stock options to certain officers and employees at an exercise price equal to the stock price of our common stock on the grant date. Options vest ratably over three or four years and expire ten years from the date of grant. | |||||||||||||||||||
The following table summarizes information about stock option activity during 2013 and 2012: | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Shares | Per share weighted average exercise prices | Shares | Per share weighted average exercise prices | ||||||||||||||||
Options outstanding at beginning of the year | 13,653,245 | $ | 35.28 | 14,471,464 | $ | 36.42 | |||||||||||||
Granted | 800,000 | 21.93 | 600,000 | 15.71 | |||||||||||||||
Exercised | (35,461 | ) | 22.09 | — | — | ||||||||||||||
Canceled | (628,731 | ) | 32.93 | (525,361 | ) | 36.15 | |||||||||||||
Expired | (1,392,159 | ) | 32.39 | (892,858 | ) | 40.2 | |||||||||||||
Options outstanding at the end of the year | 12,396,894 | $ | 34.9 | 13,653,245 | $ | 35.28 | |||||||||||||
Options exercisable at the end of the year | 10,864,753 | $ | 36.84 | 11,762,341 | $ | 37.44 | |||||||||||||
At December 31, 2013, there was $1 million of unrecognized compensation cost related to stock options that is expected to be recognized over a weighted-average period of 2.8 years. The intrinsic value of options outstanding and options exercisable at December 31, 2013 was $7 million and $3 million, respectively. The intrinsic value of options exercised during 2013 was not material. | |||||||||||||||||||
The following table summarizes information about stock options outstanding and exercisable at December 31, 2013: | |||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||
Range of per share exercise prices | Shares | Per share weighted-average exercise price | Weighted-average remaining contractual life | Shares | Per share weighted-average exercise price | Weighted-average remaining contractual life | |||||||||||||
$13.39 - $22.99 | 2,401,807 | $ | 20.32 | 7.6 years | 1,411,807 | $ | 21.42 | 6.6 years | |||||||||||
$23.00 - $30.99 | 2,462,402 | 25.32 | 6.3 years | 1,920,261 | 25.28 | 5.9 years | |||||||||||||
$31.00 - $38.99 | 1,535,814 | 36.86 | 4.1 years | 1,535,814 | 36.86 | 4.1 years | |||||||||||||
$39.00 - $48.03 | 5,996,871 | 44.16 | 1.4 years | 5,996,871 | 44.16 | 1.4 years | |||||||||||||
12,396,894 | $ | 34.9 | 3.9 years | 10,864,753 | $ | 36.84 | 3.3 years | ||||||||||||
We estimate the fair value of stock options using a Black-Scholes valuation model. Key input assumptions used to estimate the fair value of stock options include the volatility of our stock price, a risk-free interest rate, the expected dividend yield of our stock and expected life of the award. Expected stock price volatility is based on historical price changes of our stock. The risk-free interest rate is based on U.S. treasuries with a term equal to the expected option term. The expected life of the award and expected dividend yield are based on historical experience. The fair value of stock options granted during the year was determined using the following assumptions: | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Expected dividend yield | 7.7 | % | 9.3 | % | 6.1 | % | |||||||||||||
Expected stock price volatility | 29.5 | % | 30 | % | 26.1 | % | |||||||||||||
Risk-free interest rate | 1.8 | % | 1.2 | % | 3.3 | % | |||||||||||||
Expected life | 7.9 years | 7.9 years | 7.4 years | ||||||||||||||||
Weighted-average fair value per option granted | $0.88 | $0.48 | $3.45 | ||||||||||||||||
The fair value of stock options granted during 2013, 2012 and 2011 was $1 million, less than $1 million and $5 million, respectively. | |||||||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||||||
We maintain a non-compensatory Employee Stock Purchase Plan that enables substantially all U.S. and Canadian employees to purchase shares of our common stock at an offering price of 95% of the average market price on the offering date. At no time will the exercise price be less than the lowest price permitted under Section 423 of the Internal Revenue Code. Employees purchased 222,159 shares and 291,859 shares in 2013 and 2012, respectively. We have reserved 4,594,776 common shares for future purchase under the ESPP. | |||||||||||||||||||
Directors' Stock Plan | |||||||||||||||||||
Each non-employee director is granted shares of restricted stock on an annual basis. In 2013 and 2012, we granted 19,800 shares and 26,653 shares to non-employee directors, respectively. |
Fair_Value_Measurements_and_De
Fair Value Measurements and Derivative Instruments | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||
Fair Value Measurements and Derivative Instruments | ' | ||||||||||||||||||
Fair Value Measurements and Derivative Instruments | |||||||||||||||||||
We measure certain financial assets and liabilities at fair value on a recurring basis. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. An entity is required to classify certain assets and liabilities measured at fair value based on the following fair value hierarchy that prioritizes the inputs used to measure fair value: | |||||||||||||||||||
Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities. | |||||||||||||||||||
Level 2 – Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||||||||||
Level 3 – Unobservable inputs that are supported by little or no market activity, may be derived from internally developed methodologies based on management's best estimate of fair value and that are significant to the fair value of the asset or liability. | |||||||||||||||||||
The following tables show, by level within the fair value hierarchy, our financial assets and liabilities that are accounted for at fair value on a recurring basis at December 31, 2013 and 2012. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect their placement within the fair value hierarchy. | |||||||||||||||||||
December 31, 2013 | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Assets: | |||||||||||||||||||
Investment securities | |||||||||||||||||||
Money market funds / commercial paper | $ | 403,706 | $ | 224,440 | $ | — | $ | 628,146 | |||||||||||
Equity securities | — | 26,536 | — | 26,536 | |||||||||||||||
Commingled fixed income securities | — | 24,695 | — | 24,695 | |||||||||||||||
Debt securities - U.S. and foreign governments, agencies and municipalities | 122,783 | 17,653 | — | 140,436 | |||||||||||||||
Debt securities - corporate | — | 38,264 | — | 38,264 | |||||||||||||||
Mortgage-backed / asset-backed securities | — | 164,598 | — | 164,598 | |||||||||||||||
Derivatives | |||||||||||||||||||
Foreign exchange contracts | — | 1,358 | — | 1,358 | |||||||||||||||
Total assets | $ | 526,489 | $ | 497,544 | $ | — | $ | 1,024,033 | |||||||||||
Liabilities: | |||||||||||||||||||
Investment securities | |||||||||||||||||||
Mortgage-backed securities | $ | — | $ | (4,445 | ) | $ | — | $ | (4,445 | ) | |||||||||
Derivatives | |||||||||||||||||||
Foreign exchange contracts | — | (3,009 | ) | — | (3,009 | ) | |||||||||||||
Total liabilities | $ | — | $ | (7,454 | ) | $ | — | $ | (7,454 | ) | |||||||||
December 31, 2012 | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Assets: | |||||||||||||||||||
Investment securities | |||||||||||||||||||
Money market funds / commercial paper | $ | 581,648 | $ | 34,369 | $ | — | $ | 616,017 | |||||||||||
Equity securities | — | 25,106 | — | 25,106 | |||||||||||||||
Commingled fixed income securities | — | 29,359 | — | 29,359 | |||||||||||||||
Debt securities - U.S. and foreign governments, agencies and municipalities | 124,221 | 18,908 | — | 143,129 | |||||||||||||||
Debt securities - corporate | — | 43,926 | — | 43,926 | |||||||||||||||
Mortgage-backed / asset-backed securities | — | 162,375 | — | 162,375 | |||||||||||||||
Derivatives | |||||||||||||||||||
Interest rate swaps | — | 10,117 | — | 10,117 | |||||||||||||||
Foreign exchange contracts | — | 2,582 | — | 2,582 | |||||||||||||||
Total assets | $ | 705,869 | $ | 326,742 | $ | — | $ | 1,032,611 | |||||||||||
Liabilities: | |||||||||||||||||||
Derivatives | |||||||||||||||||||
Foreign exchange contracts | $ | — | $ | (1,174 | ) | $ | — | $ | (1,174 | ) | |||||||||
Total liabilities | $ | — | $ | (1,174 | ) | $ | — | $ | (1,174 | ) | |||||||||
Investment Securities | |||||||||||||||||||
The valuation of investment securities is based on the market approach using inputs that are observable, or can be corroborated by observable data, in an active marketplace. The following information relates to our classification into the fair value hierarchy: | |||||||||||||||||||
• | Money Market Funds / Commercial Paper: Money market funds typically invest in government securities, certificates of deposit, commercial paper and other highly liquid, low risk securities. Money market funds are principally used for overnight deposits and are classified as Level 1 when unadjusted quoted prices in active markets are available and as Level 2 when they are not actively traded on an exchange. Direct investments in commercial paper are not listed on an exchange in an active market and are classified as Level 2. | ||||||||||||||||||
• | Equity Securities: Equity securities are comprised of mutual funds investing in U.S. and foreign common stock. These mutual funds are classified as Level 2 as they are not separately listed on an exchange. | ||||||||||||||||||
• | Commingled Fixed Income Securities: Mutual funds that invest in a variety of fixed income securities including securities of the U.S. government and its agencies, corporate debt, mortgage-backed securities and asset-backed securities. The value of the funds is based on the market value of the underlying investments owned by each fund, minus its liabilities, divided by the number of shares outstanding, as reported by the fund manager. These commingled funds are not listed on an exchange in an active market and are classified as Level 2. | ||||||||||||||||||
• | Debt Securities – U.S. and Foreign Governments, Agencies and Municipalities: Debt securities are classified as Level 1 where active, high volume trades for identical securities exist. Valuation adjustments are not applied to these securities. Debt securities valued using quoted market prices for similar securities or benchmarking model derived prices to quoted market prices and trade data for identical or comparable securities are classified as Level 2. | ||||||||||||||||||
• | Debt Securities – Corporate: Corporate debt securities are valued using recently executed transactions, market price quotations where observable, or bond spreads. The spread data used are for the same maturity as the security. These securities are classified as Level 2. | ||||||||||||||||||
• | Mortgage-Backed Securities / Asset-Backed Securities: These securities are valued based on external pricing indices. When external index pricing is not observable, these securities are valued based on external price/spread data. These securities are classified as Level 2. | ||||||||||||||||||
Available-For-Sale Securities | |||||||||||||||||||
At December 31, 2013 and 2012, available-for-sale securities consisted of the following: | |||||||||||||||||||
December 31, 2013 | |||||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | ||||||||||||||||
U.S. and foreign governments, agencies and municipalities | 121,803 | 999 | (3,372 | ) | 119,430 | ||||||||||||||
Corporate | 37,901 | 935 | (572 | ) | 38,264 | ||||||||||||||
Mortgage-backed / asset-backed securities | 165,664 | 1,570 | (2,636 | ) | 164,598 | ||||||||||||||
Total | $ | 325,368 | $ | 3,504 | $ | (6,580 | ) | $ | 322,292 | ||||||||||
December 31, 2012 | |||||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | ||||||||||||||||
U.S. and foreign governments, agencies and municipalities | 127,807 | 3,972 | (56 | ) | 131,723 | ||||||||||||||
Corporate | 41,095 | 2,851 | (20 | ) | 43,926 | ||||||||||||||
Mortgage-backed / asset-backed securities | 162,180 | 3,340 | (3,145 | ) | 162,375 | ||||||||||||||
Total | $ | 331,082 | $ | 10,163 | $ | (3,221 | ) | $ | 338,024 | ||||||||||
Gross unrealized losses on investment securities that were in a loss position for greater than 12 months were $1 million at December 31, 2013 and less than $1 million at December 31, 2012. We have not recognized an other-than-temporary impairment on any of the investment securities in an unrealized loss position because we do not intend to sell these securities, it is more likely than not that we will not be required to sell these securities before recovery of the unrealized losses and we expect to receive the contractual principal and interest on these investment securities. | |||||||||||||||||||
At December 31, 2013, the amortized cost and estimated fair value of available-for-sale securities have scheduled maturities as follows: | |||||||||||||||||||
Amortized cost | Estimated fair value | ||||||||||||||||||
Within 1 year | $ | 41,853 | $ | 41,932 | |||||||||||||||
After 1 year through 5 years | 46,869 | 47,284 | |||||||||||||||||
After 5 years through 10 years | 67,160 | 66,140 | |||||||||||||||||
After 10 years | 169,486 | 166,936 | |||||||||||||||||
Total | $ | 325,368 | $ | 322,292 | |||||||||||||||
The expected payments on mortgage-backed and asset-backed securities may not coincide with their contractual maturities as borrowers have the right to prepay obligations with or without prepayment penalties. | |||||||||||||||||||
We have not experienced any write-offs in our investment portfolio. The majority of our mortgage-backed securities are either guaranteed or supported by the U.S. government. We have no investments in inactive markets that would warrant a possible change in our pricing methods or classification within the fair value hierarchy. Further, we have no investments in auction rate securities. | |||||||||||||||||||
Derivative Instruments | |||||||||||||||||||
The valuation of foreign exchange derivatives is based on a market approach using observable market inputs, such as forward rates. The valuation of interest rate swaps is based on an income approach using a model with inputs that are observable or that can be derived from or corroborated by observable market data. As required by the fair value measurements guidance, we also incorporate counterparty credit risk and our credit risk into the fair value measurement of our derivative assets and liabilities, respectively. We derive credit risk from observable data related to credit default swaps. | |||||||||||||||||||
The fair value of our derivative instruments at December 31, 2013 and 2012 was as follows: | |||||||||||||||||||
December 31, | |||||||||||||||||||
Designation of Derivatives | Balance Sheet Location | 2013 | 2012 | ||||||||||||||||
Derivatives designated as | Other current assets and prepayments: | ||||||||||||||||||
hedging instruments | |||||||||||||||||||
Foreign exchange contracts | $ | 546 | $ | 78 | |||||||||||||||
Other assets: | |||||||||||||||||||
Interest rate swaps | — | 10,117 | |||||||||||||||||
Accounts payable and accrued liabilities: | |||||||||||||||||||
Foreign exchange contracts | (526 | ) | (320 | ) | |||||||||||||||
Derivatives not designated as | Other current assets and prepayments: | ||||||||||||||||||
hedging instruments | |||||||||||||||||||
Foreign exchange contracts | 812 | 2,504 | |||||||||||||||||
Accounts payable and accrued liabilities: | |||||||||||||||||||
Foreign exchange contracts | (2,483 | ) | (854 | ) | |||||||||||||||
Total derivative assets | 1,358 | 12,699 | |||||||||||||||||
Total derivative liabilities | (3,009 | ) | (1,174 | ) | |||||||||||||||
Total net derivative (liability) asset | $ | (1,651 | ) | $ | 11,525 | ||||||||||||||
Interest Rate Swaps | |||||||||||||||||||
Derivatives designated as fair value hedges include interest rate swaps related to fixed rate debt. Changes in the fair value of both the derivative and item being hedged are recognized in earnings. The following represents the results of fair value hedging relationships for the years ended December 31, 2013 and 2012: | |||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
Derivative Gain | Hedged Item Expense | ||||||||||||||||||
Recognized in Earnings | Recognized in Earnings | ||||||||||||||||||
Derivative Instrument | Location of Gain (Loss) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Interest rate swaps | Interest expense | $ | 3,798 | $ | 9,994 | $ | (11,883 | ) | $ | (31,137 | ) | ||||||||
Foreign Exchange Contracts | |||||||||||||||||||
We enter into foreign currency exchange contracts to mitigate the currency risk associated with the anticipated purchase of inventory between affiliates and from third parties. These contracts are designated as cash flow hedges. The effective portion of the gain or loss on cash flow hedges is included in accumulated other comprehensive income (AOCI) in the period that the change in fair value occurs and is reclassified to earnings in the period that the hedged item is recorded in earnings. At December 31, 2013 and 2012, we had outstanding contracts associated with these anticipated transactions with a notional amount of $26 million and $25 million, respectively. The fair value of these contracts was a net asset of less than $1 million at December 31, 2013 and a net liability of less than $1 million at December 31, 2012. | |||||||||||||||||||
The amounts included in AOCI at December 31, 2013 will be recognized in earnings within the next 12 months. No amount of ineffectiveness was recorded in earnings for these designated cash flow hedges. | |||||||||||||||||||
The following represents the results of cash flow hedging relationships for the years ended December 31, 2013 and 2012: | |||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
Derivative Gain (Loss) | Location of Gain (Loss) | Gain (Loss) Reclassified | |||||||||||||||||
Recognized in AOCI | (Effective Portion) | from AOCI to Earnings | |||||||||||||||||
(Effective Portion) | (Effective Portion) | ||||||||||||||||||
Derivative Instrument | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Foreign exchange contracts | $ | 241 | $ | (2,055 | ) | Revenue | $ | (835 | ) | $ | 1,298 | ||||||||
Cost of sales | 332 | (185 | ) | ||||||||||||||||
$ | (503 | ) | $ | 1,113 | |||||||||||||||
We also enter into foreign exchange contracts to minimize the impact of exchange rate fluctuations on short-term intercompany loans and related interest that are denominated in a foreign currency. The revaluation of the intercompany loans and interest and the mark-to-market adjustment on the derivatives are both recorded in earnings. The fair value of these contracts was a net liability of $2 million at December 31, 2013 and a net asset of $2 million at December 31, 2012. All outstanding contracts at December 31, 2013 mature within one year. | |||||||||||||||||||
The following represents the results of our non-designated derivative instruments for the years ended December 31, 2013 and 2012: | |||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
Derivative Gain (Loss) | |||||||||||||||||||
Recognized in Earnings | |||||||||||||||||||
Derivatives Instrument | Location of Derivative Gain (Loss) | 2013 | 2012 | ||||||||||||||||
Foreign exchange contracts | Selling, general and administrative expense | $ | (16,574 | ) | $ | (4,254 | ) | ||||||||||||
Credit-Risk-Related Contingent Features | |||||||||||||||||||
Certain derivative instruments contain credit-risk-related contingent features that would require us to post collateral based on a combination of our long-term senior unsecured debt ratings and the net fair value of our derivatives. At December 31, 2013, the maximum amount of collateral that we would have been required to post had the credit-risk-related contingent features been triggered was $2 million. | |||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||
Our financial instruments include cash and cash equivalents, investment securities, accounts receivable, loan receivables, derivative instruments, accounts payable and debt. The carrying value for cash and cash equivalents, accounts receivable, loans receivable, and accounts payable approximate fair value because of the short maturity of these instruments. | |||||||||||||||||||
The fair value of our debt is estimated based on recently executed transactions and market price quotations. The inputs used to determine the fair value of our debt were classified as Level 2 in the fair value hierarchy. The carrying value and estimated fair value of our debt at December 31, 2013 and 2012 was as follows: | |||||||||||||||||||
December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Carrying value | $ | 3,346,295 | $ | 4,017,375 | |||||||||||||||
Fair value | $ | 3,539,022 | $ | 4,200,970 | |||||||||||||||
Restructuring_Charges_and_Asse
Restructuring Charges and Asset Impairments | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||
Restructuring Charges and Asset Impairments | ' | |||||||||||||||||||
Restructuring Charges and Asset Impairments | ||||||||||||||||||||
The table below shows the activity in our restructuring reserves for the years ended December 31, 2013, 2012 and 2011 and includes amounts for both continuing operations and discontinued operations. | ||||||||||||||||||||
Severance and benefits costs | Pension and | Asset | Other exit | Total | ||||||||||||||||
Retiree | impairments | costs | ||||||||||||||||||
Medical | ||||||||||||||||||||
Balance at December 31, 2010 | $ | 101,639 | $ | — | $ | — | $ | 11,561 | $ | 113,200 | ||||||||||
Expenses, net | 101,043 | 8,178 | 13,528 | 12,471 | 135,220 | |||||||||||||||
Gain on sale of facility | — | — | (601 | ) | — | (601 | ) | |||||||||||||
Cash payments | (97,646 | ) | — | 601 | (9,957 | ) | (107,002 | ) | ||||||||||||
Non-cash charges | — | (8,178 | ) | (13,528 | ) | — | (21,706 | ) | ||||||||||||
Balance at December 31, 2011 | 105,036 | — | — | 14,075 | 119,111 | |||||||||||||||
Expenses, net | 24,992 | — | — | (1,627 | ) | 23,365 | ||||||||||||||
Cash payments | (67,488 | ) | — | — | (7,230 | ) | (74,718 | ) | ||||||||||||
Balance at December 31, 2012 | 62,540 | — | — | 5,218 | 67,758 | |||||||||||||||
Expenses, net | 48,373 | 1,964 | 71 | 9,961 | 60,369 | |||||||||||||||
Cash payments | (52,355 | ) | — | — | (7,165 | ) | (59,520 | ) | ||||||||||||
Non-cash charges | — | (1,964 | ) | (71 | ) | — | (2,035 | ) | ||||||||||||
Balance at December 31, 2013 | $ | 58,558 | $ | — | $ | — | $ | 8,014 | $ | 66,572 | ||||||||||
In 2013, we initiated actions designed to further enhance our responsiveness to changing market conditions, streamline our business operations, reduce our cost structure and create long-term flexibility to invest in growth. These actions resulted in restructuring charges of $67 million. Restructuring charges also include the reversal of $7 million based on a review of our remaining obligations under prior programs. The majority of the remaining restructuring reserves are expected to be paid over the next 12-24 months. Due to certain international labor laws and long-term lease agreements, some payments will extend beyond 24 months. We expect to fund these payments from cash flows from operations. | ||||||||||||||||||||
During 2012, we took actions to further streamline our business operations and reduce our cost structure. These actions consisted primarily of workforce reductions and resulted in a pre-tax restructuring charge of $38 million. Restructuring charges are net of reversals of $15 million for changes in estimated reserves for prior period programs. | ||||||||||||||||||||
Restructuring charges in 2011 represent charges taken in connection with a series of strategic transformation initiatives announced in 2009. These initiatives were designed to transform and enhance the way we operate as a global company, enhance our responsiveness to changing market conditions and create improved processes and systems and were implemented over a three year period through 2011. | ||||||||||||||||||||
Asset Impairments | ||||||||||||||||||||
During 2013, we recorded a non-cash impairment charge of $26 million related to an agreement to sell our corporate headquarters building (see Note 3). |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Notes To Condensed Consolidated Financial Statements [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
In the ordinary course of business, we are routinely defendants in, or party to, a number of pending and threatened legal actions. These may involve litigation by or against us relating to, among other things, contractual rights under vendor, insurance or other contracts; intellectual property or patent rights; equipment, service, payment or other disputes with clients; or disputes with employees. Some of these actions may be brought as a purported class action on behalf of a purported class of employees, clients or others. | |
In December 2013, we received a Civil Investigative Demand (CID) from the Department of Justice (DOJ) pursuant to the False Claims Act requesting documents and information relating to compliance with certain postal regulatory requirements in our Presort Services business. We had previously provided information to the DOJ in response to letter requests and continue to provide information in response to the CID and other requests from the DOJ. Given the current stage of this inquiry, we cannot provide an estimate of any possible losses or range of loss and we cannot yet predict the ultimate outcome of this matter or its impact, if any, on our business, financial condition or results of operations. |
Leases
Leases | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Leases [Abstract] | ' | |||
Leases | ' | |||
Leases | ||||
We lease office facilities, sales and service offices, equipment and other properties under operating lease agreements extending from three to eight years. Certain leases require us to pay property taxes, insurance and routine maintenance and include renewal options and escalation clauses. Rental expense was $67 million, $68 million and $78 million in 2013, 2012 and 2011, respectively. Future minimum lease payments under non-cancelable operating leases at December 31, 2013 were as follows: | ||||
Years ending December 31, | ||||
2014 | $ | 55,908 | ||
2015 | 43,089 | |||
2016 | 30,246 | |||
2017 | 21,234 | |||
2018 | 15,660 | |||
Thereafter | 35,115 | |||
Total minimum lease payments | $ | 201,252 | ||
Segment_Information
Segment Information | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Segment Information | ' | |||||||||||
Segment Information | ||||||||||||
During the year, we sold certain businesses and realigned our segment reporting to reflect the clients we serve, the solutions we offer, and how we manage, review, analyze and measure our operations (See Note 1). Our historical results have been recast to present the operating results of divested businesses as discontinued operations and our segment results have been recast to conform to our new segment reporting. The principal products and services of each of our reporting segments are as follows: | ||||||||||||
Small & Medium Business Solutions: | ||||||||||||
North America Mailing: Includes the revenue and related expenses from the sale, rental and financing of mailing equipment and supplies for small and medium size businesses to efficiently create mail and evidence postage in the U.S. and Canada. | ||||||||||||
International Mailing: Includes the revenue and related expenses from the sale, rental and financing of mailing equipment and supplies for small and medium size businesses to efficiently create mail and evidence postage in areas outside North America. | ||||||||||||
Enterprise Business Solutions: | ||||||||||||
Production Mail: Includes the worldwide revenue and related expenses from the sale, support and other professional services of our high-speed sorting and production print equipment and production mail systems to large enterprise clients to process inbound and outbound mail. | ||||||||||||
Presort Services: Includes revenue and related expenses from presort mail services for our large enterprise clients to qualify large mail volumes for postal worksharing discounts. | ||||||||||||
Digital Commerce Solutions: | ||||||||||||
Digital Commerce Solutions: Includes the worldwide revenue and related expenses from (i) the sale and support services of non-equipment-based mailing, client relationship and communication and location intelligence software; (ii) direct marketing services for targeted clients; (iii) our cross-border e-commerce solutions; and (iv) our digital mail delivery service offering. | ||||||||||||
Revenue and segment earnings before interest and taxes (EBIT) for our reportable segments for the years ended December 31, 2013, 2012 and 2011 are presented in the tables below. Segment EBIT is determined by deducting from segment revenue the related costs and expenses attributable to the segment. Segment EBIT excludes interest, taxes, general corporate expenses not allocated to a particular business segment, restructuring charges and impairment charges, which are recognized on a consolidated basis. Management uses segment EBIT to measure profitability and performance at the segment level. Management believes segment EBIT provides investors with an analysis of the company's operating performance and underlying trends of the businesses. Segment EBIT may not be indicative of our overall consolidated performance and therefore, should be read in conjunction with our consolidated results of operations. | ||||||||||||
Revenues | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
North America Mailing | $ | 1,723,304 | $ | 1,818,952 | $ | 1,961,198 | ||||||
International Mailing | 608,156 | 607,644 | 659,052 | |||||||||
Small & Medium Business Solutions | 2,331,460 | 2,426,596 | 2,620,250 | |||||||||
Production Mail | 511,544 | 480,718 | 511,595 | |||||||||
Presort Services | 430,469 | 429,804 | 396,853 | |||||||||
Enterprise Business Solutions | 942,013 | 910,522 | 908,448 | |||||||||
Digital Commerce Solutions | 595,928 | 577,946 | 596,643 | |||||||||
Total revenue | $ | 3,869,401 | $ | 3,915,064 | $ | 4,125,341 | ||||||
EBIT | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
North America Mailing | $ | 675,389 | $ | 688,665 | $ | 727,999 | ||||||
International Mailing | 71,502 | 76,139 | 93,243 | |||||||||
Small & Medium Business Solutions | 746,891 | 764,804 | 821,242 | |||||||||
Production Mail | 55,000 | 48,981 | 52,817 | |||||||||
Software | — | — | — | |||||||||
Management Services | — | — | — | |||||||||
Presort Services | 83,259 | 106,170 | 100,718 | |||||||||
Marketing Services | — | — | — | |||||||||
Enterprise Business Solutions | 138,259 | 155,151 | 153,535 | |||||||||
Digital Commerce Solutions | ||||||||||||
Digital Commerce Solutions | 42,837 | 37,513 | 46,419 | |||||||||
Total EBIT | 927,987 | 957,468 | 1,021,196 | |||||||||
Reconciling items: | ||||||||||||
Interest, net (1) | (190,364 | ) | (188,386 | ) | (197,266 | ) | ||||||
Corporate and other expenses | (217,463 | ) | (216,456 | ) | (233,732 | ) | ||||||
Restructuring charges and asset impairments | (84,344 | ) | (17,176 | ) | (118,630 | ) | ||||||
Other (expense) income | (32,639 | ) | (1,138 | ) | 19,918 | |||||||
Income from continuing operations before income taxes | $ | 403,177 | $ | 534,312 | $ | 491,486 | ||||||
-1 | Includes financing interest expense, other interest expense and interest income. | |||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Depreciation and amortization: | ||||||||||||
North America Mailing | $ | 81,238 | $ | 104,957 | $ | 123,252 | ||||||
International Mailing | 29,515 | 26,804 | 29,961 | |||||||||
Small & Medium Business Solutions | 110,753 | 131,761 | 153,213 | |||||||||
Production Mail | 15,740 | 12,227 | 10,682 | |||||||||
Presort Services | 29,999 | 26,753 | 25,389 | |||||||||
Enterprise Business Solutions | 45,739 | 38,980 | 36,071 | |||||||||
Digital Commerce Solutions | 24,361 | 30,167 | 39,540 | |||||||||
Total for reportable segments | 180,853 | 200,908 | 228,824 | |||||||||
Reconciliation to consolidated amount: | ||||||||||||
Discontinued operations | 16,338 | 37,863 | 28,662 | |||||||||
Unallocated amount | 14,052 | 16,785 | 14,656 | |||||||||
Consolidated depreciation and amortization | $ | 211,243 | $ | 255,556 | $ | 272,142 | ||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Capital expenditures: | ||||||||||||
North America Mailing | $ | 57,973 | $ | 78,511 | $ | 57,308 | ||||||
International Mailing | 25,386 | 29,642 | 13,905 | |||||||||
Small & Medium Business Solutions | 83,359 | 108,153 | 71,213 | |||||||||
Production Mail | 2,875 | 12,339 | 11,419 | |||||||||
Presort Services | 12,512 | 17,220 | 34,931 | |||||||||
Enterprise Business Solutions | 15,387 | 29,559 | 46,350 | |||||||||
Digital Commerce Solutions | 25,562 | 4,794 | 5,413 | |||||||||
Total for reportable segments | 124,308 | 142,506 | 122,976 | |||||||||
Reconciliation to consolidated amount: | ||||||||||||
Discontinued operations | 8,328 | 32,849 | 18,909 | |||||||||
Unallocated amount | 4,876 | 1,231 | 14,095 | |||||||||
Consolidated capital expenditures | $ | 137,512 | $ | 176,586 | $ | 155,980 | ||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Assets: | ||||||||||||
North America Mailing | $ | 2,974,025 | $ | 3,101,959 | $ | 3,350,457 | ||||||
International Mailing | 856,073 | 866,620 | 783,610 | |||||||||
Small & Medium Business Solutions | 3,830,098 | 3,968,579 | 4,134,067 | |||||||||
Production Mail | 305,428 | 386,338 | 482,265 | |||||||||
Presort Services | 343,206 | 369,405 | 395,299 | |||||||||
Enterprise Business Solutions | 648,634 | 755,743 | 877,564 | |||||||||
Digital Commerce Solutions | 1,137,129 | 1,179,219 | 1,191,854 | |||||||||
Total for reportable segments | 5,615,861 | 5,903,541 | 6,203,485 | |||||||||
Reconciliation to consolidated amount: | ||||||||||||
Discontinued operations | — | 727,732 | 752,450 | |||||||||
Cash and cash equivalents | 907,806 | 913,276 | 856,238 | |||||||||
Short-term investments | 31,128 | 36,611 | 12,971 | |||||||||
Other corporate assets | 217,913 | 278,731 | 321,960 | |||||||||
Consolidated assets | $ | 6,772,708 | $ | 7,859,891 | $ | 8,147,104 | ||||||
Geographic Data | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenue: | ||||||||||||
United States | $ | 2,654,301 | $ | 2,669,074 | $ | 2,781,692 | ||||||
Outside United States | 1,215,100 | 1,245,990 | 1,343,649 | |||||||||
Total | $ | 3,869,401 | $ | 3,915,064 | $ | 4,125,341 | ||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Identifiable long-lived assets: | ||||||||||||
United States | $ | 2,210,510 | $ | 2,831,810 | $ | 2,749,101 | ||||||
Outside United States | 781,313 | 836,346 | 910,048 | |||||||||
Total | $ | 2,991,823 | $ | 3,668,156 | $ | 3,659,149 | ||||||
Notes
(Notes) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Notes To Condensed Consolidated Financial Statements [Abstract] | ' | |||||||||||||||||||||||
Pensions and Other Benefit Programs | ' | |||||||||||||||||||||||
Retirement Plans and Postretirement Medical Benefits | ||||||||||||||||||||||||
We have several defined benefit retirement plans. Benefits are primarily based on employees' compensation and years of service. Our contributions are determined based on the funding requirements of U.S. federal and other governmental laws and regulations. We use a measurement date of December 31 for all of our retirement plans. U.S. employees hired after January 1, 2005, Canadian employees hired after April 1, 2005 and U.K. employees hired after July 1, 2005 are not eligible for our defined benefit retirement plans. | ||||||||||||||||||||||||
Benefit accruals for those participants in our two largest U.S. pension plans with less than 16 years of service as of March 31, 2013 were frozen on March 31, 2013. Benefit accruals for all participants in our U.K. pension plans were frozen during 2013. Benefit accruals for those participants in our two largest U.S. pension plans with 16 or more years of service as of March 31, 2013 and all participants in our Canadian pension plans, will be frozen effective December 31, 2014. | ||||||||||||||||||||||||
The benefit obligations and funded status of defined benefit pension plans are as follows: | ||||||||||||||||||||||||
United States | Foreign | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Accumulated benefit obligation | $ | 1,611,457 | $ | 1,802,811 | $ | 659,602 | $ | 648,439 | ||||||||||||||||
Projected benefit obligation | ||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 1,822,677 | $ | 1,707,390 | $ | 663,826 | $ | 581,904 | ||||||||||||||||
Service cost | 13,981 | 18,939 | 6,272 | 7,763 | ||||||||||||||||||||
Interest cost | 74,370 | 81,040 | 27,365 | 27,793 | ||||||||||||||||||||
Plan participants' contributions | — | — | 496 | 1,106 | ||||||||||||||||||||
Actuarial (gain) loss | (154,996 | ) | 145,641 | (1,224 | ) | 45,537 | ||||||||||||||||||
Foreign currency changes | — | — | (204 | ) | 22,115 | |||||||||||||||||||
Settlement / curtailment | (3,275 | ) | 6 | (86 | ) | (1,489 | ) | |||||||||||||||||
Special termination benefits | 548 | — | 935 | 601 | ||||||||||||||||||||
Benefits paid | (130,714 | ) | (130,339 | ) | (24,607 | ) | (21,504 | ) | ||||||||||||||||
Benefit obligation at end of year | 1,622,591 | 1,822,677 | 672,773 | 663,826 | ||||||||||||||||||||
Fair value of plan assets available for benefits | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 1,583,932 | 1,426,536 | 509,331 | 438,848 | ||||||||||||||||||||
Actual return on plan assets | 60,569 | 193,696 | 62,777 | 44,928 | ||||||||||||||||||||
Company contributions | 9,892 | 94,039 | 14,509 | 30,089 | ||||||||||||||||||||
Plan participants' contributions | — | — | 496 | 1,106 | ||||||||||||||||||||
Settlement / curtailment | — | — | — | (1,489 | ) | |||||||||||||||||||
Foreign currency changes | — | — | (1,428 | ) | 17,353 | |||||||||||||||||||
Benefits paid | (130,714 | ) | (130,339 | ) | (24,607 | ) | (21,504 | ) | ||||||||||||||||
Fair value of plan assets at end of year | 1,523,679 | 1,583,932 | 561,078 | 509,331 | ||||||||||||||||||||
Funded status | $ | (98,912 | ) | $ | (238,745 | ) | $ | (111,695 | ) | $ | (154,495 | ) | ||||||||||||
Amounts recognized in Consolidated Balance Sheets | ||||||||||||||||||||||||
Non-current asset | $ | 195 | $ | 175 | $ | 11,951 | $ | 530 | ||||||||||||||||
Current liability | (18,097 | ) | (7,456 | ) | (1,051 | ) | (967 | ) | ||||||||||||||||
Non-current liability | (81,010 | ) | (231,464 | ) | (122,595 | ) | (154,058 | ) | ||||||||||||||||
Net amount recognized | $ | (98,912 | ) | $ | (238,745 | ) | $ | (111,695 | ) | $ | (154,495 | ) | ||||||||||||
Information provided in the table below is only for pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2013 and 2012: | ||||||||||||||||||||||||
United States | Foreign | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Projected benefit obligation | $ | 1,621,164 | $ | 1,821,300 | $ | 544,875 | $ | 660,110 | ||||||||||||||||
Accumulated benefit obligation | $ | 1,610,029 | $ | 1,801,433 | $ | 532,774 | $ | 645,361 | ||||||||||||||||
Fair value of plan assets | $ | 1,522,057 | $ | 1,582,379 | $ | 421,229 | $ | 505,084 | ||||||||||||||||
Pretax amounts recognized in AOCI consists of: | ||||||||||||||||||||||||
United States | Foreign | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Net actuarial loss | $ | 733,943 | $ | 879,323 | $ | 200,000 | $ | 243,765 | ||||||||||||||||
Prior service (credit) cost | (135 | ) | 1,229 | (863 | ) | (751 | ) | |||||||||||||||||
Transition asset | — | — | (59 | ) | (68 | ) | ||||||||||||||||||
Total | $ | 733,808 | $ | 880,552 | $ | 199,078 | $ | 242,946 | ||||||||||||||||
The estimated amounts that will be amortized from AOCI into net periodic benefit cost in 2014 are as follows: | ||||||||||||||||||||||||
United States | Foreign | |||||||||||||||||||||||
Net actuarial loss | $ | 24,642 | $ | 8,249 | ||||||||||||||||||||
Prior service cost (credit) | 9 | (61 | ) | |||||||||||||||||||||
Transition asset | — | (9 | ) | |||||||||||||||||||||
Total | $ | 24,651 | $ | 8,179 | ||||||||||||||||||||
The components of net periodic benefit cost for defined benefit pension plans were as follows: | ||||||||||||||||||||||||
United States | Foreign | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Service cost | $ | 13,981 | $ | 18,939 | $ | 19,450 | $ | 6,272 | $ | 7,763 | $ | 7,310 | ||||||||||||
Interest cost | 74,370 | 81,040 | 87,738 | 27,365 | 27,793 | 28,329 | ||||||||||||||||||
Expected return on plan assets | (107,608 | ) | (121,623 | ) | (123,058 | ) | (34,769 | ) | (32,299 | ) | (31,784 | ) | ||||||||||||
Amortization of net transition asset | — | — | — | (9 | ) | (10 | ) | (10 | ) | |||||||||||||||
Amortization of prior service cost | 380 | 803 | 147 | 112 | 112 | 170 | ||||||||||||||||||
Amortization of net actuarial loss | 32,494 | 52,957 | 37,522 | 14,445 | 14,103 | 11,135 | ||||||||||||||||||
Special termination benefits | 548 | — | 1,489 | 935 | 601 | 277 | ||||||||||||||||||
Settlement / curtailment | 2,638 | (48 | ) | 3,036 | — | 444 | 274 | |||||||||||||||||
Net periodic benefit cost | $ | 16,803 | $ | 32,068 | $ | 26,324 | $ | 14,351 | $ | 18,507 | $ | 15,701 | ||||||||||||
Other changes in plan assets and benefit obligations for defined benefit pension plans recognized in other comprehensive income were as follows: | ||||||||||||||||||||||||
United States | Foreign | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Net actuarial (gain) loss | $ | (111,232 | ) | $ | 73,701 | $ | (29,320 | ) | $ | 32,596 | ||||||||||||||
Prior service credit | — | (127 | ) | — | — | |||||||||||||||||||
Amortization of net actuarial loss | (32,494 | ) | (52,957 | ) | (14,445 | ) | (14,103 | ) | ||||||||||||||||
Amortization of prior service cost | (380 | ) | (803 | ) | (112 | ) | (112 | ) | ||||||||||||||||
Net transition asset | — | — | 9 | 10 | ||||||||||||||||||||
Settlement / curtailment | (2,638 | ) | 48 | — | (444 | ) | ||||||||||||||||||
Total recognized in other comprehensive income | $ | (146,744 | ) | $ | 19,862 | $ | (43,868 | ) | $ | 17,947 | ||||||||||||||
Weighted-average actuarial assumptions used to determine end of year benefit obligations and net periodic benefit cost for defined benefit pension plans include: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
United States | ||||||||||||||||||||||||
Used to determine benefit obligations | ||||||||||||||||||||||||
Discount rate | 4.95% | 4.05% | 4.95% | |||||||||||||||||||||
Rate of compensation increase | 3.50% | 3.50% | 3.50% | |||||||||||||||||||||
Used to determine net periodic benefit cost | ||||||||||||||||||||||||
Discount rate | 4.05% | 4.95% | 5.60% | |||||||||||||||||||||
Expected return on plan assets | 7.25% | 7.75% | 8.00% | |||||||||||||||||||||
Rate of compensation increase | 3.50% | 3.50% | 3.50% | |||||||||||||||||||||
Foreign | ||||||||||||||||||||||||
Used to determine benefit obligations | ||||||||||||||||||||||||
Discount rate | 1.45 | % | - | 4.60% | 1.95 | % | - | 4.65% | 1.8 | % | - | 6.10% | ||||||||||||
Rate of compensation increase | 1.5 | % | - | 3.50% | 1.5 | % | - | 3.50% | 2.1 | % | - | 4.60% | ||||||||||||
Used to determine net periodic benefit cost | ||||||||||||||||||||||||
Discount rate | 1.95 | % | - | 4.65% | 1.8 | % | - | 6.10% | 2 | % | - | 5.50% | ||||||||||||
Expected return on plan assets | 3.5 | % | - | 7.50% | 3.25 | % | - | 7.50% | 4 | % | - | 7.75% | ||||||||||||
Rate of compensation increase | 1.5 | % | - | 3.50% | 2.1 | % | - | 4.60% | 2.1 | % | - | 5.50% | ||||||||||||
A discount rate is used to determine the present value of our future benefit obligations. The discount rate for our U.S. pension and postretirement medical benefit plans is determined by matching the expected cash flows associated with our benefit obligations to a yield curve based on long-term, high-quality fixed income debt instruments available as of the measurement date. For the U.K. retirement benefit plan, our largest foreign plan, the discount rate is determined by discounting each year's estimated benefit payments by an applicable spot rate, derived from a yield curve created from a large number of high-quality corporate bonds. For our other smaller foreign pension plans, the discount rate is selected based on high-quality fixed income indices available in the country in which the plan is domiciled. | ||||||||||||||||||||||||
The expected return on plan assets is based on historical and expected rates of return for current and planned asset classes in the plans' investment portfolio after analyzing historical experience and future expectations of the returns and volatility of the various asset classes. The overall expected rate of return for the portfolio is based on the asset allocation at the end of the year for our U.S. pension plans and the target asset allocation for our international pension plans, adjusted for historical and expected experience of active portfolio management results, when compared to the benchmark returns. When assessing the expected future returns for the portfolio, management places more emphasis on the expected future returns than historical returns. | ||||||||||||||||||||||||
Investment Strategy and Asset Allocation - U.S. Pension Plans | ||||||||||||||||||||||||
The investment strategy of our U.S. pension plans is to maximize returns within reasonable and prudent levels of risk, to achieve and maintain full funding of the accumulated benefit obligation and the actuarial liabilities and to earn a nominal rate of return of at least 7.0%. The fund has established a strategic asset allocation policy to achieve these objectives. Investments are diversified across asset classes and within each class to reduce the risk of large losses and are periodically rebalanced. Derivatives, such as swaps, options, forwards and futures contracts may be used for market exposure, to alter risk/return characteristics and to manage foreign currency exposure. Investments within the private equity and real estate portfolios are comprised of limited partnership units in primary and secondary fund of funds and units in open-ended commingled real estate funds, respectively. These types of investment vehicles are used in an effort to gain greater asset diversification. We do not have any significant concentrations of credit risk within the plan assets. The pension plans' liabilities, investment objectives and investment managers are reviewed periodically. | ||||||||||||||||||||||||
The target asset allocation for 2014 and the actual asset allocations at December 31, 2013 and 2012, for the U.S. pension plans are as follows: | ||||||||||||||||||||||||
Target allocation | Percent of Plan Assets at December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Asset category | ||||||||||||||||||||||||
U.S. equities | 11 | % | 16 | % | 14 | % | ||||||||||||||||||
Non-U.S. equities | 11 | % | 14 | % | 15 | % | ||||||||||||||||||
Fixed income | 68 | % | 60 | % | 61 | % | ||||||||||||||||||
Real estate | 2 | % | 4 | % | 4 | % | ||||||||||||||||||
Private equity | 8 | % | 6 | % | 6 | % | ||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||||||||||||||
The target asset allocation used to manage the investment portfolio is based on the broad asset categories shown above. The plan asset categories presented in the fair value hierarchy are subsets of the broad asset categories. | ||||||||||||||||||||||||
Investment Strategy and Asset Allocation - Foreign Pension Plans | ||||||||||||||||||||||||
Our foreign pension plan assets are managed by outside investment managers and monitored regularly by local trustees and our corporate personnel. The investment strategies adopted by our foreign plans vary by country and plan, with each strategy tailored to achieve the expected rate of return within an acceptable or appropriate level of risk, depending upon the liability profile of plan participants, local funding requirements, investment markets and restrictions. The U.K. plan represents 74% of the non-U.S. pension assets. The U.K. pension plan's investment strategy is to maximize returns within reasonable and prudent levels of risk, to achieve and maintain full funding of the accumulated benefit obligation and the actuarial liabilities and to earn a nominal rate of return of at least 7.5%. The fund has established a strategic asset allocation policy to achieve these objectives. Investments are diversified across asset classes and within each class to minimize the risk of large losses and are periodically rebalanced. Derivatives, such as swaps, options, forwards and futures contracts may be used for market exposure, to alter risk/return characteristics and to manage foreign currency exposure. We do not have any significant concentrations of credit risk within the plan assets. The pension plans' liabilities, investment objectives and investment managers are reviewed periodically. | ||||||||||||||||||||||||
The target asset allocation for 2014 and the actual asset allocations at December 31, 2013 and 2012, for the U.K. pension plan are as follows: | ||||||||||||||||||||||||
Target Allocation | Percent of Plan Assets at December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Asset category | ||||||||||||||||||||||||
U.K. equities | 30 | % | 33 | % | 32 | % | ||||||||||||||||||
Non-U.K. equities | 35 | % | 35 | % | 31 | % | ||||||||||||||||||
Fixed income | 35 | % | 31 | % | 36 | % | ||||||||||||||||||
Cash | — | % | 1 | % | 1 | % | ||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||||||||||||||
The target asset allocation used to manage the investment portfolio is based on the broad asset categories shown above. The plan asset categories presented in the fair value hierarchy are subsets of the broad asset categories. | ||||||||||||||||||||||||
The fair value of the U.K. plan assets was $414 million and $370 million at December 31, 2013 and 2012, respectively, and the expected long-term weighted average rate of return on these plan assets was 7.38% in 2013 and 7.25% in 2012. | ||||||||||||||||||||||||
Fair Value Measurements of Plan Assets | ||||||||||||||||||||||||
The following tables show, by level within the fair value hierarchy, the financial assets and liabilities that are accounted for at fair value on a recurring basis at December 31, 2013 and 2012, respectively, for the U.S. and foreign pension plans. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect placement within the fair value hierarchy levels. | ||||||||||||||||||||||||
United States Pension Plans | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Money market funds | $ | — | $ | 30,374 | $ | — | $ | 30,374 | ||||||||||||||||
Equity securities | 279,988 | 165,303 | — | 445,291 | ||||||||||||||||||||
Commingled fixed income securities | — | 209,674 | — | 209,674 | ||||||||||||||||||||
Debt securities - U.S. and foreign governments, agencies and municipalities | 43,390 | 30,477 | — | 73,867 | ||||||||||||||||||||
Debt securities - corporate | — | 568,567 | — | 568,567 | ||||||||||||||||||||
Mortgage-backed securities | — | 31,738 | 2,634 | 34,372 | ||||||||||||||||||||
Asset-backed securities | — | 625 | — | 625 | ||||||||||||||||||||
Private equity | — | — | 87,470 | 87,470 | ||||||||||||||||||||
Real estate | — | — | 67,917 | 67,917 | ||||||||||||||||||||
Securities lending collateral (1) | — | 6,602 | — | 6,602 | ||||||||||||||||||||
Total plan assets at fair value | $ | 323,378 | $ | 1,043,360 | $ | 158,021 | $ | 1,524,759 | ||||||||||||||||
Securities lending payable (1) | (6,602 | ) | ||||||||||||||||||||||
Cash | 634 | |||||||||||||||||||||||
Other | 4,888 | |||||||||||||||||||||||
Fair value of plan assets available for benefits | $ | 1,523,679 | ||||||||||||||||||||||
(1) Securities lending collateral is offset by a corresponding securities lending payable amount. | ||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Money market funds | $ | — | $ | 17,363 | $ | — | $ | 17,363 | ||||||||||||||||
Equity securities | 250,303 | 203,766 | — | 454,069 | ||||||||||||||||||||
Commingled fixed income securities | — | 200,899 | — | 200,899 | ||||||||||||||||||||
Debt securities - U.S. and foreign governments, agencies and municipalities | 53,984 | 35,461 | — | 89,445 | ||||||||||||||||||||
Debt securities - corporate | — | 621,691 | — | 621,691 | ||||||||||||||||||||
Mortgage-backed securities | — | 39,552 | 3,191 | 42,743 | ||||||||||||||||||||
Asset-backed securities | — | 547 | — | 547 | ||||||||||||||||||||
Private equity | — | — | 91,805 | 91,805 | ||||||||||||||||||||
Real estate | — | — | 63,168 | 63,168 | ||||||||||||||||||||
Securities lending collateral (1) | — | 104,375 | — | 104,375 | ||||||||||||||||||||
Total plan assets at fair value | $ | 304,287 | $ | 1,223,654 | $ | 158,164 | $ | 1,686,105 | ||||||||||||||||
Securities lending payable (1) | (104,375 | ) | ||||||||||||||||||||||
Cash | 618 | |||||||||||||||||||||||
Other | 1,584 | |||||||||||||||||||||||
Fair value of plan assets available for benefits | $ | 1,583,932 | ||||||||||||||||||||||
(1) Securities lending collateral is offset by a corresponding securities lending payable amount. | ||||||||||||||||||||||||
Foreign Plans | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Money market funds | $ | — | $ | 6,058 | $ | — | $ | 6,058 | ||||||||||||||||
Equity securities | 109,403 | 257,046 | — | 366,449 | ||||||||||||||||||||
Commingled fixed income securities | — | 104,070 | — | 104,070 | ||||||||||||||||||||
Debt securities - U.S. and foreign governments, agencies and municipalities | — | 60,204 | — | 60,204 | ||||||||||||||||||||
Debt securities - corporate | — | 17,944 | — | 17,944 | ||||||||||||||||||||
Total plan assets at fair value | $ | 109,403 | $ | 445,322 | $ | — | $ | 554,725 | ||||||||||||||||
Cash | 5,285 | |||||||||||||||||||||||
Other | 1,068 | |||||||||||||||||||||||
Fair value of plan assets available for benefits | $ | 561,078 | ||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Money market funds | $ | — | $ | 7,130 | $ | — | $ | 7,130 | ||||||||||||||||
Equity securities | 96,442 | 213,662 | — | 310,104 | ||||||||||||||||||||
Commingled fixed income securities | — | 157,332 | — | 157,332 | ||||||||||||||||||||
Debt securities - U.S. and foreign governments, agencies and municipalities | — | 18,937 | — | 18,937 | ||||||||||||||||||||
Debt securities - corporate | — | 6,935 | — | 6,935 | ||||||||||||||||||||
Total plan assets at fair value | $ | 96,442 | $ | 403,996 | $ | — | $ | 500,438 | ||||||||||||||||
Cash | 4,414 | |||||||||||||||||||||||
Other | 4,479 | |||||||||||||||||||||||
Fair value of plan assets available for benefits | $ | 509,331 | ||||||||||||||||||||||
The following information relates to our classification of investments into the fair value hierarchy: | ||||||||||||||||||||||||
• | Money Market Funds: Money market funds typically invest in government securities, certificates of deposit, commercial paper of companies and other highly liquid, low risk securities. Money market funds are principally used for overnight deposits. The money market funds are classified as Level 2 since they are not actively traded on an exchange. | |||||||||||||||||||||||
• | Equity Securities: Equity securities include U.S. and foreign common stock, American Depository Receipts, preferred stock and commingled funds. Equity securities classified as Level 1 are valued using active, high volume trades for identical securities. Equity securities classified as Level 2 represent those not listed on an exchange in an active market. These securities are valued based on quoted market prices of similar securities. | |||||||||||||||||||||||
• | Commingled Fixed Income Securities: Mutual funds that invest in a variety of fixed income securities including securities of the U.S. government and its agencies, corporate debt, mortgage-backed securities and asset-backed securities. Value of the funds is based on the net asset value (NAV) per unit as reported by the fund manager. NAV is based on the market value of the underlying investments owned by each fund, minus its liabilities, divided by the number of shares outstanding. Commingled fixed income securities are not listed on an active exchange and are classified as Level 2. | |||||||||||||||||||||||
• | Debt Securities - U.S. and Foreign Governments, Agencies and Municipalities: Government securities include treasury notes and bonds, foreign government issues, U.S. government sponsored agency debt and commingled funds. Municipal debt securities include general obligation securities and revenue-backed securities. Debt securities classified as Level 1 are valued using active, high volume trades for identical securities. Debt securities classified as Level 2 are valued through benchmarking model derived prices to quoted market prices and trade data for identical or comparable securities. | |||||||||||||||||||||||
• | Corporate Debt Securities: Investments are comprised of both investment grade debt (≥BBB-) and high-yield debt (≤BBB-). The fair value of corporate debt securities is valued using recently executed transactions, market price quotations where observable, or bond spreads. The spread data used are for the same maturity as the security. These securities are classified as Level 2. | |||||||||||||||||||||||
• | Mortgage-Backed Securities (MBS): Investments are comprised of agency-backed MBS, non-agency MBS, collateralized mortgage obligations, commercial MBS, and commingled funds. These securities are valued based on external pricing indices. When external index pricing is not observable, MBS are valued based on external price/spread data. If neither pricing method is available, broker quotes are utilized. When inputs are observable and supported by an active market, MBS are classified as Level 2 and when inputs are unobservable, MBS are classified as Level 3. | |||||||||||||||||||||||
• | Asset-Backed Securities (ABS): Investments are primarily comprised of credit card receivables, auto loan receivables, student loan receivables, and Small Business Administration loans. These securities are valued based on external pricing indices or external price/spread data and are classified as Level 2. | |||||||||||||||||||||||
• | Private Equity: Investments are comprised of units in fund-of-fund investment vehicles. Fund-of-funds consist of various private equity investments and are used in an effort to gain greater diversification. The investments are valued in accordance with the most appropriate valuation techniques, and are classified as Level 3 due to the unobservable inputs used to determine a fair value. | |||||||||||||||||||||||
• | Real Estate: Investments include units in open-ended commingled real estate funds. Properties that comprise these funds are valued in accordance with the most appropriate valuation techniques, and are classified as Level 3 due to the unobservable inputs used to determine a fair value. | |||||||||||||||||||||||
• | Securities Lending Fund: Investment represents a commingled fund through our custodian's securities lending program. The U.S. pension plan lends securities that are held within the plan to other banks and/or brokers, and receives collateral, typically cash. This collateral is invested in a short-term fixed income securities commingled fund. The commingled fund is not listed or traded on an exchange and is classified as Level 2. This amount invested in the fund is offset by a corresponding liability reflected in the U.S. pension plan's net assets available for benefits. | |||||||||||||||||||||||
Level 3 Gains and Losses | ||||||||||||||||||||||||
The following table summarizes the changes in the fair value of Level 3 assets for the years ended December 31, 2013 and 2012: | ||||||||||||||||||||||||
Mortgage-backed securities | Private equity | Real estate | Total | |||||||||||||||||||||
Balance at December 31, 2011 | $ | 3,702 | $ | 88,870 | $ | 57,918 | $ | 150,490 | ||||||||||||||||
Realized (losses) gains | (3 | ) | (13 | ) | 1,780 | 1,764 | ||||||||||||||||||
Unrealized (losses) gains | (20 | ) | 742 | 5,711 | 6,433 | |||||||||||||||||||
Net purchases, sales and settlements | (488 | ) | 2,206 | (2,241 | ) | (523 | ) | |||||||||||||||||
Balance at December 31, 2012 | 3,191 | 91,805 | 63,168 | 158,164 | ||||||||||||||||||||
Realized (losses) gains | — | (1,591 | ) | 1,939 | 348 | |||||||||||||||||||
Unrealized gains | 205 | 2,190 | 5,182 | 7,577 | ||||||||||||||||||||
Net purchases, sales and settlements | (762 | ) | (4,934 | ) | (2,372 | ) | (8,068 | ) | ||||||||||||||||
Balance at December 31, 2013 | $ | 2,634 | $ | 87,470 | $ | 67,917 | $ | 158,021 | ||||||||||||||||
There are no shares of our common stock included in the plan assets of our pension plans. | ||||||||||||||||||||||||
During 2014, we anticipate making total contributions of $18 million to our U.S. pension plans and $22 million to our foreign pension plans. We will reassess our funding alternatives as the year progresses. | ||||||||||||||||||||||||
Nonpension Postretirement Benefits | ||||||||||||||||||||||||
We provide certain health care and life insurance benefits in the U.S. and Canada to eligible retirees and their dependents. The cost of these benefits is recognized over the period the employee provides credited service to the company. Employees hired before January 1, 2005 in the U.S. and before April 1, 2005 in Canada become eligible for retiree health care benefits after reaching age 55 or in the case of employees of Pitney Bowes Management Services after reaching age 60 and with the completion of the required service period. U.S. employees hired on or after January 1, 2005 and Canadian employees hired on or after April 1, 2005, are not eligible for retiree health care benefits. | ||||||||||||||||||||||||
The benefit obligation and funded status for nonpension postretirement benefit plans are as follows: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Benefit obligation | ||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 282,857 | $ | 285,828 | ||||||||||||||||||||
Service cost | 3,684 | 3,563 | ||||||||||||||||||||||
Interest cost | 9,503 | 11,187 | ||||||||||||||||||||||
Plan participants' contributions | 4,313 | 9,547 | ||||||||||||||||||||||
Actuarial (gain) loss | (30,051 | ) | 4,150 | |||||||||||||||||||||
Foreign currency changes | (1,693 | ) | 697 | |||||||||||||||||||||
Plan amendment | — | 8,501 | ||||||||||||||||||||||
Curtailment | (4,839 | ) | — | |||||||||||||||||||||
Benefits paid | (32,621 | ) | (40,616 | ) | ||||||||||||||||||||
Benefit obligation at end of year (1) | $ | 231,153 | $ | 282,857 | ||||||||||||||||||||
-1 | The benefit obligation for the U.S. nonpension postretirement plans was $208 million and $256 million at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Fair value of plan assets | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | — | $ | — | ||||||||||||||||||||
Company contribution | 28,308 | 31,069 | ||||||||||||||||||||||
Plan participants' contributions | 4,313 | 9,547 | ||||||||||||||||||||||
Benefits paid | (32,621 | ) | (40,616 | ) | ||||||||||||||||||||
Fair value of plan assets at end of year | $ | — | $ | — | ||||||||||||||||||||
Funded status | $ | (231,153 | ) | $ | (282,857 | ) | ||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets | ||||||||||||||||||||||||
Current liability | $ | (23,668 | ) | $ | (25,483 | ) | ||||||||||||||||||
Non-current liability | (207,485 | ) | (257,374 | ) | ||||||||||||||||||||
Net amount recognized | $ | (231,153 | ) | $ | (282,857 | ) | ||||||||||||||||||
Pretax amounts recognized in AOCI consist of: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Net actuarial loss | $ | 68,120 | $ | 109,962 | ||||||||||||||||||||
Prior service cost | 2,516 | 5,564 | ||||||||||||||||||||||
Total | $ | 70,636 | $ | 115,526 | ||||||||||||||||||||
The components of net periodic benefit cost for nonpension postretirement benefit plans were as follows: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Service cost | $ | 3,684 | $ | 3,563 | $ | 3,328 | ||||||||||||||||||
Interest cost | 9,503 | 11,187 | 13,528 | |||||||||||||||||||||
Amortization of prior service cost (credit) | 128 | (1,724 | ) | (2,504 | ) | |||||||||||||||||||
Amortization of net actuarial loss | 7,433 | 8,214 | 7,666 | |||||||||||||||||||||
Curtailment | 2,920 | — | 2,839 | |||||||||||||||||||||
Special termination benefits | — | — | 300 | |||||||||||||||||||||
Net periodic benefit cost | $ | 23,668 | $ | 21,240 | $ | 25,157 | ||||||||||||||||||
Other changes in plan assets and benefit obligation for nonpension postretirement benefit plans recognized in other comprehensive income were as follows: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Net actuarial gain | $ | (34,890 | ) | $ | (195 | ) | ||||||||||||||||||
Amortization of net actuarial (loss) gain | (7,433 | ) | 4,631 | |||||||||||||||||||||
Amortization of prior service (cost) credit | (128 | ) | 1,724 | |||||||||||||||||||||
Curtailment | (2,920 | ) | — | |||||||||||||||||||||
Other adjustments | 481 | (651 | ) | |||||||||||||||||||||
Total recognized in other comprehensive income | $ | (44,890 | ) | $ | 5,509 | |||||||||||||||||||
The estimated amounts that will be amortized from AOCI into net periodic benefit cost in 2014 are as follows: | ||||||||||||||||||||||||
Net actuarial loss | $ | 6,092 | ||||||||||||||||||||||
Prior service cost | 160 | |||||||||||||||||||||||
Total | $ | 6,252 | ||||||||||||||||||||||
The weighted-average discount rates used to determine end of year benefit obligation and net periodic pension cost include: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Discount rate used to determine benefit obligation | ||||||||||||||||||||||||
U.S. | 4.4 | % | 3.65 | % | 4.5 | % | ||||||||||||||||||
Canada | 4.65 | % | 3.9 | % | 4.15 | % | ||||||||||||||||||
Discount rate used to determine net period benefit cost | ||||||||||||||||||||||||
U.S. | 3.65 | % | 4.5 | % | 5.15 | % | ||||||||||||||||||
Canada | 3.9 | % | 4.15 | % | 5.15 | % | ||||||||||||||||||
The assumed health care cost trend rate used in measuring the accumulated postretirement benefit obligation for the U.S. plan was 7.0% for 2013 and 7.5% for 2012. The assumed health care trend rate is 6.5% for 2014 and will gradually decline to 5.0% by the year 2017 and remain at that level thereafter. Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A 1% change in the assumed health care cost trend rates would have the following effects: | ||||||||||||||||||||||||
1% Increase | 1% Decrease | |||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 517 | $ | (451 | ) | |||||||||||||||||||
Effect on postretirement benefit obligation | $ | 8,284 | $ | (7,662 | ) | |||||||||||||||||||
Estimated Future Benefit Payments | ||||||||||||||||||||||||
Benefit payments expected to be paid, which reflect expected future service, are shown in the table below. Nonpension benefit payments are net of expected Medicare Part D subsidy. | ||||||||||||||||||||||||
Pension Benefits | Nonpension Benefits | |||||||||||||||||||||||
Years ending December 31, | ||||||||||||||||||||||||
2014 | $ | 166,952 | $ | 23,669 | ||||||||||||||||||||
2015 | 125,225 | 22,570 | ||||||||||||||||||||||
2016 | 124,045 | 21,561 | ||||||||||||||||||||||
2017 | 127,236 | 20,612 | ||||||||||||||||||||||
2018 | 128,739 | 19,708 | ||||||||||||||||||||||
2019 - 2022 | 673,039 | 87,457 | ||||||||||||||||||||||
$ | 1,345,236 | $ | 195,577 | |||||||||||||||||||||
Savings Plans | ||||||||||||||||||||||||
We offer voluntary defined contribution plans to our U.S. employees designed to help them accumulate additional savings for retirement. We provide a core contribution to all employees, regardless if they participate in the plan, and match a portion of each participating employees' contribution, based on eligible pay. Total contributions to our defined contribution plans were $32 million in 2013 and $30 million in 2012. |
Earnings_per_Share
Earnings per Share | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Notes To Condensed Consolidated Financial Statements [Abstract] | ' | |||||||||||
Earnings per Share | ' | |||||||||||
Earnings per Share | ||||||||||||
The calculations of basic and diluted earnings per share are presented below. The amounts below have been revised from the amounts previously filed to reflect the results of PBMS, the Nordic furniture business and IMS as discontinued operations (see Note 19). The sum of earnings per share amounts may not equal the totals due to rounding. | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Numerator: | ||||||||||||
Amounts attributable to common stockholders: | ||||||||||||
Income from continuing operations | $ | 301,733 | $ | 395,684 | $ | 437,593 | ||||||
(Loss) income from discontinued operations | (158,898 | ) | 49,479 | 179,887 | ||||||||
Net income (numerator for diluted EPS) | 142,835 | 445,163 | 617,480 | |||||||||
Less: Preference stock dividend | (46 | ) | (51 | ) | (58 | ) | ||||||
Income attributable to common stockholders (numerator for basic EPS) | $ | 142,789 | $ | 445,112 | $ | 617,422 | ||||||
Denominator (in thousands): | ||||||||||||
Weighted-average shares used in basic EPS | 201,614 | 200,389 | 201,976 | |||||||||
Effect of dilutive shares: | ||||||||||||
Preferred stock | 2 | 2 | 2 | |||||||||
Preference stock | 381 | 398 | 445 | |||||||||
Stock plans | 960 | 577 | 343 | |||||||||
Weighted-average shares used in diluted EPS | 202,957 | 201,366 | 202,766 | |||||||||
Basic earnings per share: | ||||||||||||
Continuing operations | $ | 1.5 | $ | 1.97 | $ | 2.17 | ||||||
Discontinued operations | (0.79 | ) | 0.25 | 0.89 | ||||||||
Net income - Pitney Bowes Inc. | $ | 0.71 | $ | 2.22 | $ | 3.06 | ||||||
Diluted earnings per share: | ||||||||||||
Continuing operations | $ | 1.49 | $ | 1.96 | $ | 2.16 | ||||||
Discontinued operations | (0.78 | ) | 0.25 | 0.89 | ||||||||
Net income - Pitney Bowes Inc. | $ | 0.7 | $ | 2.21 | $ | 3.05 | ||||||
Anti-dilutive options excluded from diluted earnings per share (in thousands): | 12,448 | 13,801 | 14,016 | |||||||||
Quarterly_Financial_Data_unaud
Quarterly Financial Data (unaudited) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Quarterly Financial Data (unaudited) | ' | |||||||||||||||||||
Quarterly Financial Data (unaudited) | ||||||||||||||||||||
The following table sets forth selected unaudited quarterly data for the years ended December 31, 2013 and 2012. The amounts in the tables below have been revised from the amounts previously filed to reflect the results of PBMS, the Nordic furniture business and IMS as discontinued operations (see Note 19). The sum of the quarterly earnings per share amounts may not equal the quarterly total or annual amount due to rounding. | ||||||||||||||||||||
First | Second Quarter | Third Quarter | Fourth Quarter | Total | ||||||||||||||||
Quarter | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Revenue | $ | 929,012 | $ | 970,416 | $ | 938,786 | $ | 1,031,187 | $ | 3,869,401 | ||||||||||
Cost and expenses | 843,475 | 857,167 | 846,145 | 919,437 | 3,466,224 | |||||||||||||||
Income from continuing operations before income taxes | 85,537 | 113,249 | 92,641 | 111,750 | 403,177 | |||||||||||||||
Provision for income taxes | 18,769 | 25,391 | 11,370 | 27,539 | 83,069 | |||||||||||||||
Income from continuing operations | 66,768 | 87,858 | 81,271 | 84,211 | 320,108 | |||||||||||||||
Income (loss) from discontinued operations | 5,332 | (92,497 | ) | (82,204 | ) | 10,471 | (158,898 | ) | ||||||||||||
Net income (loss) before attribution of noncontrolling interests | 72,100 | (4,639 | ) | (933 | ) | 94,682 | 161,210 | |||||||||||||
Less: Preferred stock dividends of subsidiaries attributable to noncontrolling interests | 4,594 | 4,594 | 4,594 | 4,593 | 18,375 | |||||||||||||||
Net income (loss) - Pitney Bowes Inc. | $ | 67,506 | $ | (9,233 | ) | $ | (5,527 | ) | $ | 90,089 | $ | 142,835 | ||||||||
Amounts attributable to common stockholders: | ||||||||||||||||||||
Income from continuing operations | $ | 62,174 | $ | 83,264 | $ | 76,677 | $ | 79,618 | $ | 301,733 | ||||||||||
Income (loss) from discontinued operations | 5,332 | (92,497 | ) | (82,204 | ) | 10,471 | (158,898 | ) | ||||||||||||
Net income - Pitney Bowes Inc. | $ | 67,506 | $ | (9,233 | ) | $ | (5,527 | ) | $ | 90,089 | $ | 142,835 | ||||||||
Basic earnings per share attributable to common stockholders: | ||||||||||||||||||||
Continuing operations | $ | 0.31 | $ | 0.41 | $ | 0.38 | $ | 0.39 | $ | 1.5 | ||||||||||
Discontinued operations | 0.03 | (0.46 | ) | (0.41 | ) | 0.05 | (0.79 | ) | ||||||||||||
Net income (loss) - Pitney Bowes Inc. | $ | 0.34 | $ | (0.05 | ) | $ | (0.03 | ) | $ | 0.45 | $ | 0.71 | ||||||||
Diluted earnings per share attributable to common stockholders: | ||||||||||||||||||||
Continuing operations | $ | 0.31 | $ | 0.41 | $ | 0.38 | $ | 0.39 | $ | 1.49 | ||||||||||
Discontinued operations | 0.03 | (0.46 | ) | (0.40 | ) | 0.05 | (0.78 | ) | ||||||||||||
Net income (loss) - Pitney Bowes Inc. | $ | 0.33 | $ | (0.05 | ) | $ | (0.03 | ) | $ | 0.44 | $ | 0.7 | ||||||||
First | Second Quarter | Third Quarter | Fourth Quarter | Total | ||||||||||||||||
Quarter | ||||||||||||||||||||
2012 | ||||||||||||||||||||
Revenue | $ | 975,101 | $ | 974,658 | $ | 949,789 | $ | 1,015,516 | $ | 3,915,064 | ||||||||||
Cost and expenses | 832,017 | 832,413 | 826,659 | 889,663 | 3,380,752 | |||||||||||||||
Income from continuing operations before income taxes | 143,084 | 142,245 | 123,130 | 125,853 | 534,312 | |||||||||||||||
Provision for income taxes | 8,813 | 45,705 | 30,590 | 35,144 | 120,252 | |||||||||||||||
Income from continuing operations | 134,271 | 96,540 | 92,540 | 90,709 | 414,060 | |||||||||||||||
Income (loss) from discontinued operations | 28,993 | 7,677 | (11,413 | ) | 24,222 | 49,479 | ||||||||||||||
Net income before attribution of noncontrolling interests | 163,264 | 104,217 | 81,127 | 114,931 | 463,539 | |||||||||||||||
Less: Preferred stock dividends of subsidiaries attributable to noncontrolling interests | 4,594 | 4,594 | 4,594 | 4,594 | 18,376 | |||||||||||||||
Net income - Pitney Bowes Inc. | $ | 158,670 | $ | 99,623 | $ | 76,533 | $ | 110,337 | $ | 445,163 | ||||||||||
Amounts attributable to common stockholders: | ||||||||||||||||||||
Income from continuing operations | $ | 129,677 | $ | 91,946 | $ | 87,946 | $ | 86,115 | $ | 395,684 | ||||||||||
Income (loss) from discontinued operations | 28,993 | 7,677 | (11,413 | ) | 24,222 | 49,479 | ||||||||||||||
Net income - Pitney Bowes Inc. | $ | 158,670 | $ | 99,623 | $ | 76,533 | $ | 110,337 | $ | 445,163 | ||||||||||
Basic earnings per share attributable to common stockholders: | ||||||||||||||||||||
Continuing operations | $ | 0.65 | $ | 0.46 | $ | 0.44 | $ | 0.43 | $ | 1.97 | ||||||||||
Discontinued operations | 0.14 | 0.04 | (0.06 | ) | 0.12 | 0.25 | ||||||||||||||
Net income - Pitney Bowes Inc. | $ | 0.79 | $ | 0.5 | $ | 0.38 | $ | 0.55 | $ | 2.22 | ||||||||||
Diluted earnings per share attributable to common stockholders: | ||||||||||||||||||||
Continuing operations | $ | 0.65 | $ | 0.46 | $ | 0.44 | $ | 0.43 | $ | 1.96 | ||||||||||
Discontinued operations | 0.14 | 0.04 | (0.06 | ) | 0.12 | 0.25 | ||||||||||||||
Net income - Pitney Bowes Inc. | $ | 0.79 | $ | 0.5 | $ | 0.38 | $ | 0.55 | $ | 2.21 | ||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accumulated Other Comprehensive Loss [Abstract] | ' | |||||||||||
Accumulated Other Comprehensive Income Loss [Text Block] | ' | |||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||
Reclassifications out of accumulated other comprehensive loss for the years ended December 31, 2013, 2012 and 2011 was as follows: | ||||||||||||
Amount Reclassified from AOCI (a) | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Gains (losses) on cash flow hedges | ||||||||||||
Revenue | $ | (835 | ) | $ | 1,298 | $ | (166 | ) | ||||
Cost of sales | 332 | (185 | ) | (719 | ) | |||||||
Interest expense | (2,028 | ) | (2,028 | ) | (2,028 | ) | ||||||
Total before tax | (2,531 | ) | (915 | ) | (2,913 | ) | ||||||
Tax benefit | 987 | 358 | 1,135 | |||||||||
Net of tax | $ | (1,544 | ) | $ | (557 | ) | $ | (1,778 | ) | |||
Unrealized gains (losses) on available for sale securities | ||||||||||||
Interest income | $ | (1,140 | ) | $ | 1,768 | $ | 168 | |||||
Tax benefit (provision) | 422 | (654 | ) | (62 | ) | |||||||
Net of tax | $ | (718 | ) | $ | 1,114 | $ | 106 | |||||
Pension and Postretirement Benefit Plans (b) | ||||||||||||
Transition credit | $ | 9 | $ | 10 | $ | 10 | ||||||
Prior service (costs) credit | (620 | ) | 809 | 2,187 | ||||||||
Actuarial losses | (54,372 | ) | (75,274 | ) | (56,323 | ) | ||||||
Total before tax | (54,983 | ) | (74,455 | ) | (54,126 | ) | ||||||
Tax benefit | 19,228 | 21,876 | 19,652 | |||||||||
Net of tax | $ | (35,755 | ) | $ | (52,579 | ) | $ | (34,474 | ) | |||
(a) Amounts in parentheses indicate debits (reductions) to income. | ||||||||||||
(b) | These items are included in the computation of net periodic costs of defined benefit pension plans and nonpension postretirement benefit plans (see Note 18 for additional details). |
Summary_of_Accounting_Policies1
Summary of Accounting Policies Summary of Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying Consolidated Financial Statements include the accounts of Pitney Bowes Inc. (we, us, our, or the company) and its wholly owned subsidiaries. The Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). Intercompany transactions and balances have been eliminated. Certain prior year amounts have been reclassified to conform to the current year presentation. | |
During the year, we sold our International Management Services business (PBMSi), North America Management Services business (PBMS NA), Nordic furniture business and International Mailing Services business (IMS). Further, we made certain organizational changes and realigned our business units and segment reporting to reflect the clients we serve, the solutions we offer, and how we manage, review, analyze and measure our operations. Our historical results have been recast to present the operating results of divested businesses as discontinued operations and our segment results have been recast to conform to our new segment reporting. The cash flows from discontinued operations are not separately stated or classified in the accompanying Consolidated Statements of Cash Flows. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of our financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and accompanying disclosures, including the disclosure of contingent assets and liabilities. These estimates and assumptions are based on management's best knowledge of current events, historical experience and other information available when the financial statements are prepared. These estimates include, but are not limited to, revenue recognition for multiple element arrangements, goodwill and intangible asset impairment review, allowance for doubtful accounts and credit losses, residual values of leased assets, useful lives of long-lived and intangible assets, restructuring costs, pensions and other postretirement costs, income tax reserves, deferred tax asset valuation allowance and loss contingencies. Actual results could differ from those estimates and assumptions. | |
Cash Equivalents and Short-Term Investments | ' |
Cash Equivalents and Short-Term Investments | |
Cash equivalents include short-term, liquid investments with maturities of three months or less at the date of purchase. Short-term investments include investments with a maturity of greater than three months but less than one year from the reporting date. | |
Accounts Receivable and Allowance for Doubtful Accounts | ' |
Accounts Receivable and Allowance for Doubtful Accounts | |
We estimate our accounts receivable risks and provide an allowance for doubtful accounts accordingly. We evaluate the adequacy of the allowance based on historical loss experience, aging of receivables, adverse situations that may affect a customer's ability to pay and prevailing economic conditions and make adjustments to the allowance as necessary. This evaluation is inherently subjective and actual results may differ significantly from estimated reserves. Accounts receivable are generally due within 30 days after the invoice date. Accounts deemed uncollectible are written off against the allowance after all collection efforts have been exhausted and management deems the account to be uncollectible. We believe that our accounts receivable credit risk is limited because of our large number of customers, small account balances for most of our customers and customer geographic and industry diversification. | |
Finance Receivables and Allowance for Credit Losses | ' |
Finance Receivables and Allowance for Credit Losses | |
Finance receivables are composed of sales-type lease receivables and unsecured revolving loan receivables. We estimate our finance receivable risks and provide an allowance for credit losses accordingly. We evaluate the adequacy of the allowance for credit losses based on historical loss experience, the nature and volume of our portfolios, adverse situations that may affect a customer's ability to pay, prevailing economic conditions and our ability to manage the collateral and make adjustments to the allowance as necessary. This evaluation is inherently subjective and actual results may differ significantly from estimated reserves. | |
We establish credit approval limits based on the credit quality of the customer and the type of equipment financed. Our policy is to discontinue revenue recognition for lease receivables that are more than 120 days past due and for unsecured loan receivables that are more than 90 days past due. We resume revenue recognition when customer payments reduce the account balance aging to 60 days or less past due. Finance receivables deemed uncollectible are written off against the allowance after all collection efforts have been exhausted and management deems the account to be uncollectible. We believe that our finance receivable credit risk is limited because of our large number of customers, small account balances for most of our customers and customer geographic and industry diversification. | |
Inventories | ' |
Inventories | |
Inventories are stated at the lower of cost or market. Cost is determined on the last-in, first-out (LIFO) basis for most U.S. inventories and on the first-in, first-out (FIFO) basis for most non-U.S. inventories. | |
Fixed Assets and Depreciation | ' |
Fixed Assets and Depreciation | |
Property, plant and equipment and rental equipment are stated at cost and depreciated principally using the straight-line method over their estimated useful lives, which are up to 50 years for buildings, three to 15 years for machinery and equipment, four to six years for rental equipment and three to five years for computer equipment. Major improvements which add to productive capacity or extend the life of an asset are capitalized while repairs and maintenance are charged to expense as incurred. Leasehold improvements are amortized over the shorter of the estimated useful life or the remaining lease term. | |
Fully depreciated assets are retained in fixed assets and accumulated depreciation until they are removed from service. In the case of disposals, assets and related accumulated depreciation are removed from the accounts and the net amounts, less proceeds from disposal, are included in earnings. | |
Sofware Development Costs and Research and Development Costs | ' |
Software Development Costs | |
We capitalize certain costs of software developed for internal use. Capitalized costs include purchased materials and services, payroll and personnel-related costs and interest costs. The cost of internally developed software is amortized on a straight-line basis over its estimated useful life, principally three to 10 years. | |
Costs incurred for the development of software to be sold, leased or otherwise marketed are expensed as incurred until technological feasibility has been established, at which time such costs are capitalized until the product is available for general release to the public. Capitalized software development costs include purchased materials and services and payroll and personnel-related costs attributable to programmers, software engineers, quality control and field certifiers. Capitalized software development costs are amortized generally on a straight-line basis over the product's estimated useful life, principally three to five years. Software development costs capitalized were $4 million in both 2013 and 2012. Amortization of capitalized software development costs was $8 million, $10 million and $10 million for the years ended December 31, 2013, 2012 and 2011, respectively. At December 31, 2013 and 2012, capitalized software development costs included in other assets were $5 million and $9 million, respectively. | |
Research and Development Costs | |
Research and product development costs, which primarily included personnel-related costs, are expensed as incurred. These costs include engineering costs related to research and product development activities. | |
During 2013, we determined that certain research and development costs should have been classified as cost of software. Accordingly, the Consolidated Statements of Income for the years ended December 31, 2012 and 2011 have been revised to reflect the correct classification, resulting in a decrease in research and development expenses and a corresponding increase in cost of software of $23 million and $20 million, respectively. This revision did not impact previously reported total costs and expenses, net income or earnings per share amounts and was not material to any of our previously issued financial statements. | |
Business Combinations | ' |
Business Combinations | |
We account for business combinations using the acquisition method of accounting, which requires that the assets acquired and liabilities assumed be recorded at the date of acquisition at their respective fair values. The fair value of intangible assets is estimated using a cost, market or income approach. Goodwill represents the excess of the purchase price over the estimated fair values of net tangible and intangible assets acquired. Finite-lived intangible assets are amortized over their estimated useful lives, principally three to 15 years, using either the straight-line method or an accelerated attrition method. | |
Impairment Review for Long-lived Assets | ' |
Impairment Review for Long-lived Assets | |
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. The related estimated future undiscounted cash flows expected to result from the use of the asset and its eventual disposition is compared to the carrying amount. If the sum of the expected cash flows is less than the carrying amount, an impairment charge is recorded for an amount by which the carrying amount exceeds the fair value of the asset. The fair value of the impaired asset is determined using probability weighted expected cash flow estimates, quoted market prices when available and appraisals, as appropriate. We derive cash flow estimates from our long-term business plans and historical experience. | |
Impairment Review for Goodwill and Intangible Assets | ' |
Impairment Review for Goodwill and Intangible Assets | |
Goodwill is tested annually for impairment during the fourth quarter or sooner when circumstances indicate an impairment may exist, at the reporting unit level. A reporting unit is the operating segment, or a business that is one level below that operating segment. Reporting units are aggregated as a single reporting unit if they have similar economic characteristics. Goodwill is tested for impairment using a two-step approach. In the first step, the fair value of each reporting unit is determined and compared to the reporting unit's carrying value, including goodwill. If the fair value of a reporting unit is less than its carrying value, the second step of the goodwill impairment test is performed to measure the amount of impairment, if any. In the second step, the fair value of the reporting unit is allocated to the assets and liabilities of the reporting unit as if it had been acquired in a business combination and the purchase price was equivalent to the fair value of the reporting unit. The excess of the fair value of the reporting unit over the amounts assigned to its assets and liabilities is referred to as the implied fair value of goodwill. The implied fair value of the reporting unit's goodwill is then compared to the actual carrying value of goodwill. If the implied fair value of goodwill is less than the carrying value of goodwill, an impairment loss is recognized for the difference. The fair value of a reporting unit is determined based on a combination of various techniques, including the present value of future cash flows, multiples of competitors and multiples from sales of like businesses. | |
Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. The related estimated future undiscounted cash flows expected to result from the use of the asset and its eventual disposition is compared to the carrying amount. If the sum of the expected cash flows is less than the carrying amount, an impairment charge is recorded. The impairment charge is measured as the amount by which the carrying amount exceeds the fair value of the asset. The fair value of the asset is determined using probability weighted expected cash flow estimates, quoted market prices when available and appraisals, as appropriate. | |
Retirement Plans | ' |
Retirement Plans | |
Actual pension plan results that differ from our assumptions and estimates are accumulated and amortized over the life expectancy of inactive plan participants and affect future pension cost. Net periodic pension cost includes current service cost, interest cost and return on plan assets. Net pension cost is also based on a market-related valuation of plan assets where differences between the actual and expected return on plan assets are amortized to pension cost over a five-year period. We recognize the funded status of pension and other postretirement benefit plans in the Consolidated Balance Sheets. Gains and losses, prior service costs and credits and any remaining transition amounts that have not yet been recognized in net periodic benefit cost are recognized in accumulated other comprehensive income, net of tax, until they are amortized as a component of net periodic benefit cost. | |
Stock-based Compensation | ' |
Stock-based Compensation | |
We measure compensation expense for stock-based awards based on the estimated fair value of the awards expected to vest (net of estimated forfeitures) and recognize the expense on a straight-line basis over the employee requisite service period. We estimate the fair value of stock awards using a Black-Scholes valuation model or a Monte Carlo simulation model for those awards that contain a market condition. We believe that the valuation techniques and the approach utilized to develop the underlying assumptions are appropriate in estimating the fair value of our stock awards. Estimates of fair value are not intended to predict actual future events or the value ultimately realized by employees and subsequent events are not indicative of the reasonableness of the original estimates of fair value. | |
Revenue Recognition | ' |
Revenue Recognition | |
We derive revenue from multiple sources including sales, rentals, financing and services. Certain transactions are consummated at the same time and generate revenue from multiple sources. The most common form of these transactions involves the sale or non-cancelable lease of equipment, a meter rental and an equipment maintenance agreement. In these multiple element arrangements, revenue is allocated to each of the elements based on relative “selling prices” and the selling price for each of the elements is determined based on vendor specific objective evidence. We establish vendor specific objective evidence of selling prices for our products and services based on the prices charged for each element when sold separately in standalone transactions. The allocation of relative selling price to the various elements impacts the timing of revenue recognition, but does not change the total revenue recognized. Revenue is allocated to the meter rental and equipment maintenance agreement elements using their respective selling prices charged in standalone and renewal transactions. For a sale transaction, revenue is allocated to the equipment based on a range of selling prices in standalone transactions. For a lease transaction, revenue is allocated to the equipment based on the present value of the remaining minimum lease payments. The amount allocated to equipment is compared to the range of selling prices in standalone transactions during the period to ensure the allocated equipment amount approximates average selling prices. More specifically, revenue related to our offerings is recognized as follows: | |
Sales Revenue | |
Sales of Equipment | |
We sell equipment directly to our customers and to distributors (re-sellers) throughout the world. We recognize revenue from these sales when the risks and rewards of ownership transfer to the customer, which is generally upon shipment or acceptance by the customer. We recognize revenue from the sale of equipment under sales-type leases as equipment revenue at the inception of the lease. We do not typically offer any rights of return or stock balancing rights. Sales revenue from customized equipment, mail creation equipment and shipping products is generally recognized when installed. | |
Sales of Supplies | |
Revenue related to supplies is recognized at the point of title transfer, which is generally upon delivery. | |
Standalone Software Sales and Integration Services | |
We recognize revenue from standalone software licenses upon delivery of the product when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed and determinable and collectability is probable. For software licenses that are included in a lease contract, we recognize revenue upon shipment of the software unless the lease contract specifies that the license expires at the end of the lease or the price of the software is deemed not fixed or determinable based on historical evidence of similar software leases. In these instances, revenue is recognized on a straight-line basis over the term of the lease contract. We recognize revenue from software requiring integration services at the point of customer acceptance. We recognize revenue related to off-the-shelf perpetual software licenses upon transfer of title, which is generally upon shipment. | |
Rentals Revenue | |
We rent equipment, primarily postage meters and mailing equipment, under short-term rental agreements. Rental revenue includes revenue from the subscription for digital meter services. We may invoice in advance for postage meter rentals according to the terms of the agreement. We initially defer these advanced billings and recognize rental revenue on a straight-line basis over the invoice period. Revenues generated from financing customers for the continued use of equipment subsequent to the expiration of the original lease term are classified within rentals revenue. | |
We defer certain initial direct costs incurred in consummating a transaction and recognize these costs over the expected term of the agreement. Initial direct costs amortized in 2013, 2012 and 2011 were $11 million, $13 million and $19 million, respectively. Initial direct costs deferred at December 31, 2013 and 2012 were $26 million. These costs are included in rental property and equipment, net on our Consolidated Balance Sheets. | |
During the year, we determined that certain revenue previously reported as rentals revenue included a service component and should have been classified as support services revenue. Accordingly, the Consolidated Statements of Income for the years ended December 31, 2012 and 2011 have been revised to reflect the correct classification, resulting in a decrease in rentals revenue and corresponding increase in support services revenue of $19 million and $21 million, respectively. This revision did not impact previously reported revenue, net income or earnings per share amounts and was not material to any of our previously issued financial statements. | |
Financing Revenue | |
We provide lease financing for our products primarily through sales-type leases. We also provide revolving lines of credit to our customers for the purchase of postage and related supplies. We believe that our sales-type lease portfolio contains only normal collection risk. Accordingly, we record the fair value of equipment as sales revenue, the cost of equipment as cost of sales and the minimum lease payments plus the estimated residual value as finance receivables. The difference between the finance receivable and the equipment fair value is recorded as unearned income and is amortized as income over the lease term using the interest method. | |
Equipment residual values are determined at inception of the lease using estimates of equipment fair value at the end of the lease term. Estimates of future equipment fair value are based primarily on our historical experience. We also consider forecasted supply and demand for our various products, product retirement and future product launch plans, end of lease customer behavior, regulatory changes, remanufacturing strategies, used equipment markets, if any, competition and technological changes. We evaluate residual values on an annual basis or as changes to the above considerations occur. | |
Support Services Revenue | |
We provide support services for our equipment primarily through maintenance contracts. Revenue related to these agreements is recognized on a straight-line basis over the term of the agreement. | |
Business Services Revenue | |
Business services revenue includes revenue from mail services and marketing services. Mail services include the preparation, sortation and aggregation of mail to earn postal discounts and expedite delivery and e-commerce solutions for cross border transactions. Marketing services include direct mail marketing services. Revenue for these services is recognized as the services are provided. | |
Shipping and Handling | ' |
Shipping and Handling | |
Shipping and handling costs are recognized as incurred and recorded in cost of revenues. | |
Product Warranties | ' |
Product Warranties | |
We provide product warranties in conjunction with the sale of certain products, generally for a period of 90 days from the date of installation. We estimate our liability for product warranties based on historical claims experience and other currently available evidence. Our product warranty liability at December 31, 2013 and 2012 was not material. | |
Deferred Marketing Costs | ' |
Deferred Marketing Costs | |
We capitalize certain direct mail, telemarketing, internet and retail marketing costs associated with the acquisition of new customers and recognize these costs over the expected revenue stream ranging from five to nine years. Deferred marketing costs expensed in 2013, 2012 and 2011 were $27 million, $30 million and $34 million, respectively. Deferred marketing costs included in other assets in the Consolidated Balance Sheets were $59 million and $73 million at December 31, 2013 and 2012, respectively. We review individual marketing programs for impairment on a quarterly basis or as circumstances warrant. | |
Restructuring Charges | ' |
Restructuring Charges | |
Costs associated with exit or disposal activities, including lease termination costs and employee severance costs associated with restructuring, are recognized when they are incurred. The cost and related liability for one-time benefit arrangements is recognized when they are both probable and reasonably estimable. | |
Derivative Instruments | ' |
Derivative Instruments | |
In the normal course of business, we are exposed to the impact of changes in interest rates and foreign currency exchange rates. We limit these risks by following established risk management policies and procedures, including the use of derivatives. We use derivative instruments to manage the related cost of debt and to limit the effects of foreign exchange rate fluctuations on financial results. Derivative instruments typically consist of interest-rate swaps, forward contracts and currency swaps depending upon the underlying exposure. We do not use derivatives for trading or speculative purposes. | |
We record our derivative instruments at fair value and the accounting for changes in fair value depends on the intended use of the derivative, the resulting designation and the effectiveness of the instrument in offsetting the risk exposure it is designed to hedge. To qualify as a hedge, a derivative must be highly effective in offsetting the risk designated for hedging purposes. The hedge relationship must be formally documented at inception, detailing the particular risk management objective and strategy for the hedge. The effectiveness of the hedge relationship is evaluated on a retrospective and prospective basis. | |
The use of derivative instruments exposes us to counterparty credit risk. To mitigate such risks, we enter into contracts with only those financial institutions that meet stringent credit requirements. We regularly review our credit exposure balances as well as the creditworthiness of our counterparties. We have not seen a material change in the creditworthiness of those banks acting as derivative counterparties. | |
Income Taxes | ' |
Income Taxes | |
We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the carrying amounts of assets and liabilities and their respective tax bases. A valuation allowance is provided when it is more likely than not that a deferred tax asset will not be realized. The ultimate realization of deferred tax assets depends on the generation of future taxable income during the period in which related temporary differences become deductible. We consider the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in this assessment. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date of such change. | |
Earnings per Share | ' |
Earnings per Share | |
Basic earnings per share is based on the weighted-average number of common shares outstanding during the year. Diluted earnings per share also includes the dilutive effect of outstanding stock options, market stock units, restricted stock, preference stock, preferred stock and stock purchase plans. | |
Translation of Non-U.S. Currency Amounts | ' |
Translation of Non-U.S. Currency Amounts | |
In general, the functional currency of our foreign operations is the local currency. Assets and liabilities of subsidiaries operating outside the U.S. are translated at rates in effect at the end of the period and revenue and expenses are translated at average monthly rates during the period. Net deferred translation gains and losses are included as a component of accumulated other comprehensive income. | |
Commitments and Contingencies, Policy [Policy Text Block] | ' |
Loss Contingencies | |
In the ordinary course of business, we are routinely defendants in, or party to, a number of pending and threatened legal actions. On a quarterly basis, we review the status of each significant matter and assess the potential financial exposure. If the potential loss from any claim or legal action is considered probable and can be reasonably estimated, we establish a liability for the estimated loss. The assessment of the ultimate outcome of each claim or legal action and the determination of the potential financial exposure requires significant judgment. Estimates of potential liabilities for claims or legal actions are based only on information that is available at that time. As additional information becomes available, we may revise our estimates, and these revisions could have a material impact on our results of operations and financial position. Legal fees are expensed as incurred. | |
New Accounting Pronouncements | '{S|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjEzNjYwOTZjYWQxNTQyN2M5Mjc4MjJmZGJlNTdjMDdhfFRleHRTZWxlY3Rpb246RTY2MkZBQTBDMjJBRTMxODJCMjkyRDE4MUY0M0VFOTMM} |
Statement Of Cash Flow [Policy Text Block] | ' |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventory Components | ' | |||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Raw materials and work in process | $ | 33,920 | $ | 66,221 | ||||
Supplies and service parts | 48,165 | 72,551 | ||||||
Finished products | 38,515 | 68,335 | ||||||
Inventory at FIFO cost | 120,600 | 207,107 | ||||||
Excess of FIFO cost over LIFO cost | (17,020 | ) | (27,429 | ) | ||||
Total inventory, net | $ | 103,580 | $ | 179,678 | ||||
Finance_Assets_Tables
Finance Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||
Financing Receivables | ' | |||||||||||||||||||||||
Finance receivables at December 31, 2013 and 2012 consisted of the following: | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
North America | International | Total | North America | International | Total | |||||||||||||||||||
Sales-type lease receivables | ||||||||||||||||||||||||
Gross finance receivables | $ | 1,456,420 | $ | 456,759 | $ | 1,913,179 | $ | 1,581,711 | $ | 461,510 | $ | 2,043,221 | ||||||||||||
Unguaranteed residual values | 121,339 | 21,553 | 142,892 | 148,664 | 21,025 | 169,689 | ||||||||||||||||||
Unearned income | (299,396 | ) | (101,311 | ) | (400,707 | ) | (316,030 | ) | (104,258 | ) | (420,288 | ) | ||||||||||||
Allowance for credit losses | (14,165 | ) | (9,703 | ) | (23,868 | ) | (16,979 | ) | (8,662 | ) | (25,641 | ) | ||||||||||||
Net investment in sales-type lease receivables | 1,264,198 | 367,298 | 1,631,496 | 1,397,366 | 369,615 | 1,766,981 | ||||||||||||||||||
Loan receivables | ||||||||||||||||||||||||
Loan receivables | 397,815 | 49,054 | 446,869 | 414,960 | 47,293 | 462,253 | ||||||||||||||||||
Allowance for credit losses | (11,165 | ) | (1,916 | ) | (13,081 | ) | (12,322 | ) | (2,131 | ) | (14,453 | ) | ||||||||||||
Net investment in loan receivables | 386,650 | 47,138 | 433,788 | 402,638 | 45,162 | 447,800 | ||||||||||||||||||
Net investment in finance receivables | $ | 1,650,848 | $ | 414,436 | $ | 2,065,284 | $ | 1,800,004 | $ | 414,777 | $ | 2,214,781 | ||||||||||||
Schedule of Financing Receivables, Minimum Payments [Table Text Block] | ' | |||||||||||||||||||||||
Loan receivables are due in less than one year. Maturities of gross sales-type lease finance receivables at December 31, 2013 were as follows: | ||||||||||||||||||||||||
Sales-type Lease Receivables | ||||||||||||||||||||||||
North America | International | Total | ||||||||||||||||||||||
2014 | $ | 653,699 | $ | 163,361 | $ | 817,060 | ||||||||||||||||||
2015 | 407,850 | 135,496 | 543,346 | |||||||||||||||||||||
2016 | 243,598 | 88,134 | 331,732 | |||||||||||||||||||||
2017 | 113,614 | 49,026 | 162,640 | |||||||||||||||||||||
2018 | 31,406 | 18,806 | 50,212 | |||||||||||||||||||||
Thereafter | 6,253 | 1,936 | 8,189 | |||||||||||||||||||||
Total | $ | 1,456,420 | $ | 456,759 | $ | 1,913,179 | ||||||||||||||||||
Allowance For Credit Losses On Financing Receivables | ' | |||||||||||||||||||||||
Activity in the allowance for credit losses for finance receivables for the years ended December 31, 2013, 2012 and 2011 was as follows: | ||||||||||||||||||||||||
Sales-type Lease Receivables | Loan Receivables | |||||||||||||||||||||||
North | International | North | International | Total | ||||||||||||||||||||
America | America | |||||||||||||||||||||||
Balance at December 31, 2010 | $ | 27,792 | $ | 13,318 | $ | 26,208 | $ | 2,112 | $ | 69,430 | ||||||||||||||
Amounts charged to expense | 13,726 | 5,087 | 7,631 | 1,610 | 28,054 | |||||||||||||||||||
Accounts written off | (12,857 | ) | (6,366 | ) | (13,567 | ) | (1,264 | ) | (34,054 | ) | ||||||||||||||
Balance at December 31, 2011 | 28,661 | 12,039 | 20,272 | 2,458 | 63,430 | |||||||||||||||||||
Amounts charged to expense | 2,276 | 994 | 3,278 | 903 | 7,451 | |||||||||||||||||||
Accounts written off | (13,958 | ) | (4,371 | ) | (11,228 | ) | (1,230 | ) | (30,787 | ) | ||||||||||||||
Balance at December 31, 2012 | 16,979 | 8,662 | 12,322 | 2,131 | 40,094 | |||||||||||||||||||
Amounts charged to expense | 4,584 | 4,553 | 9,663 | 1,254 | 20,054 | |||||||||||||||||||
Accounts written off | (7,398 | ) | (3,512 | ) | (10,820 | ) | (1,469 | ) | (23,199 | ) | ||||||||||||||
Balance at December 31, 2013 | $ | 14,165 | $ | 9,703 | $ | 11,165 | $ | 1,916 | $ | 36,949 | ||||||||||||||
Past Due Financing Receivables | ' | |||||||||||||||||||||||
The aging of finance receivables at December 31, 2013 and 2012 was as follows: | ||||||||||||||||||||||||
Sales-type Lease Receivables | Loan Receivables | |||||||||||||||||||||||
North | International | North | International | Total | ||||||||||||||||||||
America | America | |||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
< 31 days | $ | 1,383,253 | $ | 425,923 | $ | 379,502 | $ | 42,573 | $ | 2,231,251 | ||||||||||||||
> 30 days and < 61 days | 32,102 | 11,760 | 10,464 | 4,391 | 58,717 | |||||||||||||||||||
> 60 days and < 91 days | 20,830 | 5,724 | 3,330 | 1,363 | 31,247 | |||||||||||||||||||
> 90 days and < 121 days | 6,413 | 3,979 | 1,809 | 311 | 12,512 | |||||||||||||||||||
> 120 days | 13,822 | 9,373 | 2,710 | 416 | 26,321 | |||||||||||||||||||
Total | $ | 1,456,420 | $ | 456,759 | $ | 397,815 | $ | 49,054 | $ | 2,360,048 | ||||||||||||||
Past due amounts > 90 days | ||||||||||||||||||||||||
Still accruing interest | $ | 6,413 | $ | 3,979 | $ | — | $ | — | $ | 10,392 | ||||||||||||||
Not accruing interest | 13,822 | 9,373 | 4,519 | 727 | 28,441 | |||||||||||||||||||
Total | $ | 20,235 | $ | 13,352 | $ | 4,519 | $ | 727 | $ | 38,833 | ||||||||||||||
Sales-type Lease Receivables | Loan Receivables | |||||||||||||||||||||||
North | International | North | International | Total | ||||||||||||||||||||
America | America | |||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
< 31 days | $ | 1,497,797 | $ | 435,780 | $ | 392,108 | $ | 45,324 | $ | 2,371,009 | ||||||||||||||
> 30 days and < 61 days | 37,348 | 9,994 | 12,666 | 1,368 | 61,376 | |||||||||||||||||||
> 60 days and < 91 days | 24,059 | 5,198 | 4,577 | 285 | 34,119 | |||||||||||||||||||
> 90 days and < 121 days | 6,665 | 3,327 | 2,319 | 179 | 12,490 | |||||||||||||||||||
> 120 days | 15,842 | 7,211 | 3,290 | 137 | 26,480 | |||||||||||||||||||
Total | $ | 1,581,711 | $ | 461,510 | $ | 414,960 | $ | 47,293 | $ | 2,505,474 | ||||||||||||||
Past due amounts > 90 days | ||||||||||||||||||||||||
Still accruing interest | $ | 6,665 | $ | 3,327 | $ | — | $ | — | $ | 9,992 | ||||||||||||||
Not accruing interest | 15,842 | 7,211 | 5,609 | 316 | 28,978 | |||||||||||||||||||
Total | $ | 22,507 | $ | 10,538 | $ | 5,609 | $ | 316 | $ | 38,970 | ||||||||||||||
Financing Receivable Credit Quality Indicators | ' | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Sales-type lease receivables | ||||||||||||||||||||||||
Risk Level | ||||||||||||||||||||||||
Low | $ | 1,081,853 | $ | 1,016,413 | ||||||||||||||||||||
Medium | 244,379 | 450,432 | ||||||||||||||||||||||
High | 51,851 | 43,658 | ||||||||||||||||||||||
Not Scored | 78,337 | 71,208 | ||||||||||||||||||||||
Total | $ | 1,456,420 | $ | 1,581,711 | ||||||||||||||||||||
Loan receivables | ||||||||||||||||||||||||
Risk Level | ||||||||||||||||||||||||
Low | $ | 279,607 | $ | 254,567 | ||||||||||||||||||||
Medium | 95,524 | 136,069 | ||||||||||||||||||||||
High | 11,511 | 14,624 | ||||||||||||||||||||||
Not Scored | 11,173 | 9,700 | ||||||||||||||||||||||
Total | $ | 397,815 | $ | 414,960 | ||||||||||||||||||||
Schedule Of Components Of Leveraged Lease Investments | ' | |||||||||||||||||||||||
Our investment in leveraged lease assets consisted of the following: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Rental receivables | $ | 61,721 | $ | 83,254 | ||||||||||||||||||||
Unguaranteed residual values | 13,235 | 14,177 | ||||||||||||||||||||||
Principal and interest on non-recourse loans | (35,449 | ) | (55,092 | ) | ||||||||||||||||||||
Unearned income | (5,097 | ) | (7,793 | ) | ||||||||||||||||||||
Investment in leveraged leases | 34,410 | 34,546 | ||||||||||||||||||||||
Less: deferred taxes related to leveraged leases | (15,078 | ) | (19,372 | ) | ||||||||||||||||||||
Net investment in leveraged leases | $ | 19,332 | $ | 15,174 | ||||||||||||||||||||
Fixed_Assets_Tables
Fixed Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Fixed Assets [Abstract] | ' | |||||||
Fixed Assets | ' | |||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Land | $ | 6,797 | $ | 22,064 | ||||
Buildings | 176,200 | 349,061 | ||||||
Machinery and equipment | 918,075 | 1,299,475 | ||||||
1,101,072 | 1,670,600 | |||||||
Accumulated depreciation | (855,901 | ) | (1,285,223 | ) | ||||
Property, plant and equipment, net | $ | 245,171 | $ | 385,377 | ||||
Rental property and equipment | $ | 537,128 | $ | 580,243 | ||||
Accumulated depreciation | (310,982 | ) | (339,051 | ) | ||||
Rental property and equipment, net | $ | 226,146 | $ | 241,192 | ||||
Intangible_Assets_and_Goodwill1
Intangible Assets and Goodwill (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Intangible Assets Disclosure | ' | |||||||||||||||||||||||
Intangible assets at December 31, 2013 and 2012 consisted of the following: | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||||||||||
Customer relationships | $ | 354,373 | $ | (251,388 | ) | $ | 102,985 | $ | 407,901 | $ | (269,100 | ) | $ | 138,801 | ||||||||||
Supplier relationships | 29,000 | (25,013 | ) | 3,987 | 29,000 | (22,113 | ) | 6,887 | ||||||||||||||||
Software & technology | 167,009 | (155,009 | ) | 12,000 | 169,632 | (151,628 | ) | 18,004 | ||||||||||||||||
Trademarks & trade names | 35,366 | (33,985 | ) | 1,381 | 35,078 | (32,615 | ) | 2,463 | ||||||||||||||||
Non-compete agreements | 7,407 | (7,373 | ) | 34 | 7,471 | (7,412 | ) | 59 | ||||||||||||||||
Total intangible assets | $ | 593,155 | $ | (472,768 | ) | $ | 120,387 | $ | 649,082 | $ | (482,868 | ) | $ | 166,214 | ||||||||||
Future Amortization | ' | |||||||||||||||||||||||
The future amortization expense for intangible assets as of December 31, 2013 was as follows: | ||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||
2014 | $ | 34,437 | ||||||||||||||||||||||
2015 | 30,439 | |||||||||||||||||||||||
2016 | 23,037 | |||||||||||||||||||||||
2017 | 11,374 | |||||||||||||||||||||||
2018 | 10,547 | |||||||||||||||||||||||
Thereafter | 10,553 | |||||||||||||||||||||||
Total | $ | 120,387 | ||||||||||||||||||||||
Schedule of Goodwill | ' | |||||||||||||||||||||||
The changes in the carrying amount of goodwill, by reporting segment, for the years ended December 31, 2013 and 2012 are shown in the tables below. Prior year amounts have been recast for the change in reporting segments. | ||||||||||||||||||||||||
Gross value before accumulated impairment | Accumulated impairment | December 31, 2012 | Impairment | Other (1) | December 31, 2013 | |||||||||||||||||||
North America Mailing | $ | 355,874 | $ | — | $ | 355,874 | $ | — | $ | 4,054 | $ | 359,928 | ||||||||||||
International Mailing | 182,746 | — | 182,746 | — | (485 | ) | 182,261 | |||||||||||||||||
Small & Medium Business Solutions | 538,620 | — | 538,620 | — | 3,569 | 542,189 | ||||||||||||||||||
Production Mail | 120,881 | — | 120,881 | — | (2,821 | ) | 118,060 | |||||||||||||||||
Presort Services | 195,140 | — | 195,140 | — | — | 195,140 | ||||||||||||||||||
Enterprise Business Solutions | 316,021 | — | 316,021 | — | (2,821 | ) | 313,200 | |||||||||||||||||
Digital Commerce Solutions | 876,436 | — | 876,436 | — | 3,046 | 879,482 | ||||||||||||||||||
Total reportable segments | 1,731,077 | — | 1,731,077 | — | 3,794 | 1,734,871 | ||||||||||||||||||
Discontinued operations | 553,526 | (148,465 | ) | 405,061 | (101,415 | ) | (303,646 | ) | — | |||||||||||||||
Total goodwill | $ | 2,284,603 | $ | (148,465 | ) | $ | 2,136,138 | $ | (101,415 | ) | $ | (299,852 | ) | $ | 1,734,871 | |||||||||
Gross value before accumulated impairment | Accumulated impairment | December 31, 2011 | Impairment | Other (1) | December 31, 2012 | |||||||||||||||||||
North America Mailing | $ | 352,897 | $ | — | $ | 352,897 | $ | — | $ | 2,977 | $ | 355,874 | ||||||||||||
International Mailing | 187,904 | — | 187,904 | — | (5,158 | ) | 182,746 | |||||||||||||||||
Small & Medium Business Solutions | 540,801 | — | 540,801 | — | (2,181 | ) | 538,620 | |||||||||||||||||
Production Mail | 117,351 | — | 117,351 | — | 3,530 | 120,881 | ||||||||||||||||||
Presort Services | 195,140 | — | 195,140 | — | — | 195,140 | ||||||||||||||||||
Enterprise Business Solutions | 312,491 | — | 312,491 | — | 3,530 | 316,021 | ||||||||||||||||||
Digital Commerce Solutions | 871,596 | — | 871,596 | — | 4,840 | 876,436 | ||||||||||||||||||
Total reportable segments | 1,724,888 | — | 1,724,888 | — | 6,189 | 1,731,077 | ||||||||||||||||||
Discontinued operations | 552,350 | (130,150 | ) | 422,200 | (18,315 | ) | 1,176 | 405,061 | ||||||||||||||||
Total goodwill | $ | 2,277,238 | $ | (130,150 | ) | $ | 2,147,088 | $ | (18,315 | ) | $ | 7,365 | $ | 2,136,138 | ||||||||||
Accounts_Payable_and_Accrued_L1
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounts Payable and Accrued Liabilities [Abstract] | ' | |||||||
Accounts Payable and Accrued Liabilities | ' | |||||||
Accounts payable and accrued liabilities consisted of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Accounts payable | $ | 270,067 | $ | 362,938 | ||||
Customer deposits | 672,440 | 698,770 | ||||||
Employee related liabilities | 332,072 | 356,188 | ||||||
Miscellaneous other | 370,003 | 391,330 | ||||||
Accounts payable and accrued liabilities | $ | 1,644,582 | $ | 1,809,226 | ||||
Debt_Debt_Tables
Debt Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Long-term Debt, Unclassified [Abstract] | ' | ||||||||
Schedule of Long-term Debt Instruments | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Term loans | $ | 230,000 | $ | 230,000 | |||||
3.88% | notes due 2013 | — | 375,000 | ||||||
4.88% | notes due 2014 (1) | — | 450,000 | ||||||
5.00% | notes due 2015 (1) | 274,879 | 400,000 | ||||||
4.75% | notes due 2016 (1) | 370,914 | 500,000 | ||||||
5.75% | notes due 2017 | 500,000 | 500,000 | ||||||
5.60% | notes due Mar 2018 | 250,000 | 250,000 | ||||||
4.75% | notes due May 2018 | 350,000 | 350,000 | ||||||
6.25% | notes due 2019 | 300,000 | 300,000 | ||||||
5.25% | notes due 2022 (2) | 110,000 | 110,000 | ||||||
5.25% | notes due 2037 (3) | 500,000 | 500,000 | ||||||
6.70% | notes due 2043 (4) | 425,000 | — | ||||||
Other (5) | 35,502 | 52,375 | |||||||
Total debt | 3,346,295 | 4,017,375 | |||||||
Current portion long-term debt | — | 375,000 | |||||||
Long-term debt | $ | 3,346,295 | $ | 3,642,375 | |||||
Schedule of Maturities of Long-term Debt | ' | ||||||||
2014 | $ | — | |||||||
2015 | 324,879 | ||||||||
2016 | 550,914 | ||||||||
2017 | 500,000 | ||||||||
2018 | 600,000 | ||||||||
Thereafter | 1,335,000 | ||||||||
Total | $ | 3,310,793 | |||||||
Income_Taxes_Income_Taxes_Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Components of income from continuing operations by US and International Table | ' | |||||||||||
Income from continuing operations before taxes consisted of the following: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
U.S. | $ | 288,660 | $ | 387,987 | $ | 384,602 | ||||||
International | 114,517 | 146,325 | 106,884 | |||||||||
Total | $ | 403,177 | $ | 534,312 | $ | 491,486 | ||||||
Components of Income Tax Expense (Benefit) Table | ' | |||||||||||
The provision for income taxes from continuing operations consisted of the following: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
U.S. Federal: | ||||||||||||
Current | $ | 78,315 | $ | 151,984 | $ | (93,791 | ) | |||||
Deferred | (19,754 | ) | 16,136 | 135,305 | ||||||||
58,561 | 168,120 | 41,514 | ||||||||||
U.S. State and Local: | ||||||||||||
Current | 5,359 | (2,604 | ) | 27,385 | ||||||||
Deferred | (8,026 | ) | (26,273 | ) | (15,546 | ) | ||||||
(2,667 | ) | (28,877 | ) | 11,839 | ||||||||
International: | ||||||||||||
Current | 33,165 | 63,871 | 67,566 | |||||||||
Deferred | (5,990 | ) | (82,862 | ) | (85,401 | ) | ||||||
27,175 | (18,991 | ) | (17,835 | ) | ||||||||
Total current | 116,839 | 213,251 | 1,160 | |||||||||
Total deferred | (33,770 | ) | (92,999 | ) | 34,358 | |||||||
Total provision for income taxes | $ | 83,069 | $ | 120,252 | $ | 35,518 | ||||||
Effective tax rate | 20.6 | % | 22.5 | % | 7.2 | % | ||||||
Reconciliation of statutory rate to effective rate | ' | |||||||||||
The items accounting for the difference between income taxes computed at the federal statutory rate and our provision for income taxes consist of the following: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Federal statutory provision | $ | 141,118 | $ | 187,009 | $ | 172,020 | ||||||
State and local income taxes | (1,733 | ) | (2,071 | ) | 12,079 | |||||||
Impact of non-U.S. leveraged lease asset sales | — | (30,367 | ) | (31,423 | ) | |||||||
Other impact of foreign operations | (29,865 | ) | 21,100 | (13,337 | ) | |||||||
Tax exempt income/reimbursement | (1,672 | ) | (1,992 | ) | (2,674 | ) | ||||||
Federal income tax credits/incentives | (10,282 | ) | (8,918 | ) | (10,741 | ) | ||||||
Unrealized stock compensation benefits | 2,292 | 3,456 | 3,538 | |||||||||
Resolution of U.S. tax examinations | (3,853 | ) | (47,380 | ) | (94,225 | ) | ||||||
Outside basis differences | (13,214 | ) | — | — | ||||||||
Other, net | 278 | (585 | ) | 281 | ||||||||
Provision for income taxes | $ | 83,069 | $ | 120,252 | $ | 35,518 | ||||||
Components of Deferred Tax Assets and Liabilities | ' | |||||||||||
Deferred tax liabilities and assets consisted of the following: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax liabilities: | ||||||||||||
Depreciation | $ | (54,023 | ) | $ | (65,205 | ) | ||||||
Deferred profit (for tax purposes) on sale to finance subsidiary | (142,114 | ) | (157,279 | ) | ||||||||
Lease revenue and related depreciation | (249,998 | ) | (306,612 | ) | ||||||||
Amortizable intangibles | (79,852 | ) | (104,156 | ) | ||||||||
Other | (73,077 | ) | (35,157 | ) | ||||||||
Deferred tax liabilities | (599,064 | ) | (668,409 | ) | ||||||||
Deferred tax assets: | ||||||||||||
Nonpension postretirement benefits | 99,628 | 119,002 | ||||||||||
Pension | 43,301 | 117,509 | ||||||||||
Inventory and equipment capitalization | 22,824 | 26,778 | ||||||||||
Restructuring charges | 26,837 | 20,793 | ||||||||||
Long-term incentives | 28,880 | 35,056 | ||||||||||
Net operating loss | 143,839 | 152,617 | ||||||||||
Tax credit carry forwards | 48,617 | 41,518 | ||||||||||
Tax uncertainties gross-up | 35,298 | 28,492 | ||||||||||
Other | 147,709 | 89,406 | ||||||||||
Valuation allowance | (122,780 | ) | (142,176 | ) | ||||||||
Deferred tax assets | 474,153 | 488,995 | ||||||||||
Total deferred taxes, net | $ | (124,911 | ) | $ | (179,414 | ) | ||||||
Tax Uncertainties Rollforward | ' | |||||||||||
A reconciliation of the amount of unrecognized tax benefits is as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at beginning of year | $ | 146,905 | $ | 198,635 | $ | 531,790 | ||||||
Increases from prior period positions | 15,777 | 11,811 | 67,065 | |||||||||
Decreases from prior period positions | (6,908 | ) | (17,985 | ) | (140,107 | ) | ||||||
Increases from current period positions | 23,549 | 28,255 | 28,686 | |||||||||
Decreases relating to settlements with tax authorities | (482 | ) | (1,948 | ) | (18,204 | ) | ||||||
Reductions from lapse of applicable statute of limitations | (10,440 | ) | (71,863 | ) | (270,595 | ) | ||||||
Balance at end of year | $ | 168,401 | $ | 146,905 | $ | 198,635 | ||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||||
Schedule of Stockholders Equity | ' | |||||||||||||||||||
The following table summarizes the changes in Common Stock and Treasury Stock: | ||||||||||||||||||||
Treasury | Common Stock | |||||||||||||||||||
Balance at December 31, 2010 | 119,906,910 | 203,431,002 | ||||||||||||||||||
Repurchases of common stock | 4,692,200 | (4,692,200 | ) | |||||||||||||||||
Issuance of common stock | (963,448 | ) | 963,448 | |||||||||||||||||
Conversions to common stock | (48,820 | ) | 48,820 | |||||||||||||||||
Balance at December 31, 2011 | 123,586,842 | 199,751,070 | ||||||||||||||||||
Issuance of common stock | (1,118,089 | ) | 1,118,089 | |||||||||||||||||
Conversions to common stock | (14,888 | ) | 14,888 | |||||||||||||||||
Balance at December 31, 2012 | 122,453,865 | 200,884,047 | ||||||||||||||||||
Issuance of common stock | (1,163,668 | ) | 1,163,668 | |||||||||||||||||
Conversions to common stock | (34,807 | ) | 34,807 | |||||||||||||||||
Balance at December 31, 2013 | 121,255,390 | 202,082,522 | ||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||
Changes in accumulated other comprehensive loss for the years ended December 31, 2013, 2012 and 2011 were as follows: | ||||||||||||||||||||
Gains (losses) on cash flow hedges | Unrealized gains (losses) on available for sale securities | Defined benefit pension plans and nonpension postretirement benefit plans | Foreign currency items | Total | ||||||||||||||||
Balance January 1, 2011 | $ | (10,445 | ) | $ | 1,439 | $ | (602,321 | ) | $ | 137,521 | $ | (473,806 | ) | |||||||
Other comprehensive income (loss) before reclassifications (a) | 229 | 3,054 | (173,699 | ) | (53,569 | ) | (223,985 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (a), (b) | 1,778 | (106 | ) | 34,474 | — | 36,146 | ||||||||||||||
Net other comprehensive income (loss) | 2,007 | 2,948 | (139,225 | ) | (53,569 | ) | (187,839 | ) | ||||||||||||
Balance at December 31, 2011 | (8,438 | ) | 4,387 | (741,546 | ) | 83,952 | (661,645 | ) | ||||||||||||
Other comprehensive income (loss) before reclassifications (a) | 104 | 1,240 | (70,232 | ) | (2,702 | ) | (71,590 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (a), (b) | 557 | (1,114 | ) | 52,579 | — | 52,022 | ||||||||||||||
Net other comprehensive income (loss) | 661 | 126 | (17,653 | ) | (2,702 | ) | (19,568 | ) | ||||||||||||
Balance at December 31, 2012 | (7,777 | ) | 4,513 | (759,199 | ) | 81,250 | (681,213 | ) | ||||||||||||
Other comprehensive income (loss) before reclassifications (a) | (147 | ) | (7,000 | ) | 122,023 | (39,489 | ) | 75,387 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (a), (b), (c) | 1,544 | 718 | 35,755 | (6,747 | ) | 31,270 | ||||||||||||||
Net other comprehensive income (loss) | 1,397 | (6,282 | ) | 157,778 | (46,236 | ) | 106,657 | |||||||||||||
Balance at December 31, 2013 | $ | (6,380 | ) | $ | (1,769 | ) | $ | (601,421 | ) | $ | 35,014 | $ | (574,556 | ) | ||||||
(a) Amounts are net of tax. Amounts in parentheses indicate debits to AOCI. | ||||||||||||||||||||
(b) See table above for additional details of these reclassifications. | ||||||||||||||||||||
(c) | Foreign currency item amount represents the recognition of deferred translation upon the sale of the U.K. IMS business and PBMSi. Amount was reclassified from accumulated other comprehensive loss and recorded as discontinued operations in the Consolidated Statements of Income. | |||||||||||||||||||
Reclassifications out of accumulated other comprehensive loss for the years ended December 31, 2013, 2012 and 2011 was as follows: | ||||||||||||||||||||
Amount Reclassified from AOCI (a) | ||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Gains (losses) on cash flow hedges | ||||||||||||||||||||
Revenue | $ | (835 | ) | $ | 1,298 | $ | (166 | ) | ||||||||||||
Cost of sales | 332 | (185 | ) | (719 | ) | |||||||||||||||
Interest expense | (2,028 | ) | (2,028 | ) | (2,028 | ) | ||||||||||||||
Total before tax | (2,531 | ) | (915 | ) | (2,913 | ) | ||||||||||||||
Tax benefit | 987 | 358 | 1,135 | |||||||||||||||||
Net of tax | $ | (1,544 | ) | $ | (557 | ) | $ | (1,778 | ) | |||||||||||
Unrealized gains (losses) on available for sale securities | ||||||||||||||||||||
Interest income | $ | (1,140 | ) | $ | 1,768 | $ | 168 | |||||||||||||
Tax benefit (provision) | 422 | (654 | ) | (62 | ) | |||||||||||||||
Net of tax | $ | (718 | ) | $ | 1,114 | $ | 106 | |||||||||||||
Pension and Postretirement Benefit Plans (b) | ||||||||||||||||||||
Transition credit | $ | 9 | $ | 10 | $ | 10 | ||||||||||||||
Prior service (costs) credit | (620 | ) | 809 | 2,187 | ||||||||||||||||
Actuarial losses | (54,372 | ) | (75,274 | ) | (56,323 | ) | ||||||||||||||
Total before tax | (54,983 | ) | (74,455 | ) | (54,126 | ) | ||||||||||||||
Tax benefit | 19,228 | 21,876 | 19,652 | |||||||||||||||||
Net of tax | $ | (35,755 | ) | $ | (52,579 | ) | $ | (34,474 | ) | |||||||||||
(a) Amounts in parentheses indicate debits (reductions) to income. | ||||||||||||||||||||
(b) | These items are included in the computation of net periodic costs of defined benefit pension plans and nonpension postretirement benefit plans (see Note 18 for additional details). |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Stock Plans [Abstract] | ' | ||||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ' | ||||||||||||||||||
The following table shows stock-based compensation expense included in the Consolidated Statements of Income: | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Cost of equipment sales | $ | 886 | $ | 1,212 | $ | 1,292 | |||||||||||||
Cost of support services | 382 | 522 | 557 | ||||||||||||||||
Cost of business services | 527 | 721 | 770 | ||||||||||||||||
Selling, general and administrative | 11,099 | 15,176 | 15,689 | ||||||||||||||||
Research and development | 435 | 596 | 640 | ||||||||||||||||
Discontinued operations (1) | 1,592 | — | — | ||||||||||||||||
Stock-based compensation expense | 14,921 | 18,227 | 18,948 | ||||||||||||||||
Tax benefit | (5,759 | ) | (6,061 | ) | (6,170 | ) | |||||||||||||
Stock-based compensation expense, net of tax | $ | 9,162 | $ | 12,166 | $ | 12,778 | |||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | ' | ||||||||||||||||||
The following table summarizes information about restricted stock units during 2013 and 2012: | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Shares | Weighted average grant date fair value | Shares | Weighted average grant date fair value | ||||||||||||||||
Restricted stock units outstanding at beginning of the year | 1,909,160 | $ | 17.68 | 1,629,055 | $ | 22.33 | |||||||||||||
Granted | 1,365,798 | 10.37 | 999,381 | 14.72 | |||||||||||||||
Vested | (1,049,572 | ) | 17.52 | (598,543 | ) | 22.27 | |||||||||||||
Forfeited | (284,074 | ) | 13.33 | (120,733 | ) | 18.75 | |||||||||||||
Restricted stock units outstanding at end of the year | 1,941,312 | $ | 13.19 | 1,909,160 | $ | 17.68 | |||||||||||||
The following table summarizes information about market stock units during 2013 and 2012: | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Shares | Weighted average grant date fair value | Shares | Weighted average grant date fair value | ||||||||||||||||
Market stock units outstanding at beginning of the year | 198,145 | $ | 17.91 | — | $ | — | |||||||||||||
Granted | — | — | 205,013 | 17.91 | |||||||||||||||
Forfeited | (9,718 | ) | 17.91 | (6,868 | ) | 17.91 | |||||||||||||
Market stock units outstanding at the end of the year | 188,427 | $ | 17.91 | 198,145 | $ | 17.91 | |||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | ||||||||||||||||||
The following table summarizes information about stock option activity during 2013 and 2012: | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Shares | Per share weighted average exercise prices | Shares | Per share weighted average exercise prices | ||||||||||||||||
Options outstanding at beginning of the year | 13,653,245 | $ | 35.28 | 14,471,464 | $ | 36.42 | |||||||||||||
Granted | 800,000 | 21.93 | 600,000 | 15.71 | |||||||||||||||
Exercised | (35,461 | ) | 22.09 | — | — | ||||||||||||||
Canceled | (628,731 | ) | 32.93 | (525,361 | ) | 36.15 | |||||||||||||
Expired | (1,392,159 | ) | 32.39 | (892,858 | ) | 40.2 | |||||||||||||
Options outstanding at the end of the year | 12,396,894 | $ | 34.9 | 13,653,245 | $ | 35.28 | |||||||||||||
Options exercisable at the end of the year | 10,864,753 | $ | 36.84 | 11,762,341 | $ | 37.44 | |||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | ' | ||||||||||||||||||
The following table summarizes information about stock options outstanding and exercisable at December 31, 2013: | |||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||
Range of per share exercise prices | Shares | Per share weighted-average exercise price | Weighted-average remaining contractual life | Shares | Per share weighted-average exercise price | Weighted-average remaining contractual life | |||||||||||||
$13.39 - $22.99 | 2,401,807 | $ | 20.32 | 7.6 years | 1,411,807 | $ | 21.42 | 6.6 years | |||||||||||
$23.00 - $30.99 | 2,462,402 | 25.32 | 6.3 years | 1,920,261 | 25.28 | 5.9 years | |||||||||||||
$31.00 - $38.99 | 1,535,814 | 36.86 | 4.1 years | 1,535,814 | 36.86 | 4.1 years | |||||||||||||
$39.00 - $48.03 | 5,996,871 | 44.16 | 1.4 years | 5,996,871 | 44.16 | 1.4 years | |||||||||||||
12,396,894 | $ | 34.9 | 3.9 years | 10,864,753 | $ | 36.84 | 3.3 years | ||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ' | ||||||||||||||||||
The fair value of stock options granted during the year was determined using the following assumptions: | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Expected dividend yield | 7.7 | % | 9.3 | % | 6.1 | % | |||||||||||||
Expected stock price volatility | 29.5 | % | 30 | % | 26.1 | % | |||||||||||||
Risk-free interest rate | 1.8 | % | 1.2 | % | 3.3 | % | |||||||||||||
Expected life | 7.9 years | 7.9 years | 7.4 years | ||||||||||||||||
Weighted-average fair value per option granted | $0.88 | $0.48 | $3.45 |
Fair_Value_Measurements_and_De1
Fair Value Measurements and Derivative Instruments (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||
December 31, 2013 | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Assets: | |||||||||||||||||||
Investment securities | |||||||||||||||||||
Money market funds / commercial paper | $ | 403,706 | $ | 224,440 | $ | — | $ | 628,146 | |||||||||||
Equity securities | — | 26,536 | — | 26,536 | |||||||||||||||
Commingled fixed income securities | — | 24,695 | — | 24,695 | |||||||||||||||
Debt securities - U.S. and foreign governments, agencies and municipalities | 122,783 | 17,653 | — | 140,436 | |||||||||||||||
Debt securities - corporate | — | 38,264 | — | 38,264 | |||||||||||||||
Mortgage-backed / asset-backed securities | — | 164,598 | — | 164,598 | |||||||||||||||
Derivatives | |||||||||||||||||||
Foreign exchange contracts | — | 1,358 | — | 1,358 | |||||||||||||||
Total assets | $ | 526,489 | $ | 497,544 | $ | — | $ | 1,024,033 | |||||||||||
Liabilities: | |||||||||||||||||||
Investment securities | |||||||||||||||||||
Mortgage-backed securities | $ | — | $ | (4,445 | ) | $ | — | $ | (4,445 | ) | |||||||||
Derivatives | |||||||||||||||||||
Foreign exchange contracts | — | (3,009 | ) | — | (3,009 | ) | |||||||||||||
Total liabilities | $ | — | $ | (7,454 | ) | $ | — | $ | (7,454 | ) | |||||||||
December 31, 2012 | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Assets: | |||||||||||||||||||
Investment securities | |||||||||||||||||||
Money market funds / commercial paper | $ | 581,648 | $ | 34,369 | $ | — | $ | 616,017 | |||||||||||
Equity securities | — | 25,106 | — | 25,106 | |||||||||||||||
Commingled fixed income securities | — | 29,359 | — | 29,359 | |||||||||||||||
Debt securities - U.S. and foreign governments, agencies and municipalities | 124,221 | 18,908 | — | 143,129 | |||||||||||||||
Debt securities - corporate | — | 43,926 | — | 43,926 | |||||||||||||||
Mortgage-backed / asset-backed securities | — | 162,375 | — | 162,375 | |||||||||||||||
Derivatives | |||||||||||||||||||
Interest rate swaps | — | 10,117 | — | 10,117 | |||||||||||||||
Foreign exchange contracts | — | 2,582 | — | 2,582 | |||||||||||||||
Total assets | $ | 705,869 | $ | 326,742 | $ | — | $ | 1,032,611 | |||||||||||
Liabilities: | |||||||||||||||||||
Derivatives | |||||||||||||||||||
Foreign exchange contracts | $ | — | $ | (1,174 | ) | $ | — | $ | (1,174 | ) | |||||||||
Total liabilities | $ | — | $ | (1,174 | ) | $ | — | $ | (1,174 | ) | |||||||||
Available-for-sale Securities [Table Text Block] | ' | ||||||||||||||||||
At December 31, 2013 and 2012, available-for-sale securities consisted of the following: | |||||||||||||||||||
December 31, 2013 | |||||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | ||||||||||||||||
U.S. and foreign governments, agencies and municipalities | 121,803 | 999 | (3,372 | ) | 119,430 | ||||||||||||||
Corporate | 37,901 | 935 | (572 | ) | 38,264 | ||||||||||||||
Mortgage-backed / asset-backed securities | 165,664 | 1,570 | (2,636 | ) | 164,598 | ||||||||||||||
Total | $ | 325,368 | $ | 3,504 | $ | (6,580 | ) | $ | 322,292 | ||||||||||
December 31, 2012 | |||||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | ||||||||||||||||
U.S. and foreign governments, agencies and municipalities | 127,807 | 3,972 | (56 | ) | 131,723 | ||||||||||||||
Corporate | 41,095 | 2,851 | (20 | ) | 43,926 | ||||||||||||||
Mortgage-backed / asset-backed securities | 162,180 | 3,340 | (3,145 | ) | 162,375 | ||||||||||||||
Total | $ | 331,082 | $ | 10,163 | $ | (3,221 | ) | $ | 338,024 | ||||||||||
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | ' | ||||||||||||||||||
At December 31, 2013, the amortized cost and estimated fair value of available-for-sale securities have scheduled maturities as follows: | |||||||||||||||||||
Amortized cost | Estimated fair value | ||||||||||||||||||
Within 1 year | $ | 41,853 | $ | 41,932 | |||||||||||||||
After 1 year through 5 years | 46,869 | 47,284 | |||||||||||||||||
After 5 years through 10 years | 67,160 | 66,140 | |||||||||||||||||
After 10 years | 169,486 | 166,936 | |||||||||||||||||
Total | $ | 325,368 | $ | 322,292 | |||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | ||||||||||||||||||
December 31, | |||||||||||||||||||
Designation of Derivatives | Balance Sheet Location | 2013 | 2012 | ||||||||||||||||
Derivatives designated as | Other current assets and prepayments: | ||||||||||||||||||
hedging instruments | |||||||||||||||||||
Foreign exchange contracts | $ | 546 | $ | 78 | |||||||||||||||
Other assets: | |||||||||||||||||||
Interest rate swaps | — | 10,117 | |||||||||||||||||
Accounts payable and accrued liabilities: | |||||||||||||||||||
Foreign exchange contracts | (526 | ) | (320 | ) | |||||||||||||||
Derivatives not designated as | Other current assets and prepayments: | ||||||||||||||||||
hedging instruments | |||||||||||||||||||
Foreign exchange contracts | 812 | 2,504 | |||||||||||||||||
Accounts payable and accrued liabilities: | |||||||||||||||||||
Foreign exchange contracts | (2,483 | ) | (854 | ) | |||||||||||||||
Total derivative assets | 1,358 | 12,699 | |||||||||||||||||
Total derivative liabilities | (3,009 | ) | (1,174 | ) | |||||||||||||||
Total net derivative (liability) asset | $ | (1,651 | ) | $ | 11,525 | ||||||||||||||
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | ' | ||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
Derivative Gain | Hedged Item Expense | ||||||||||||||||||
Recognized in Earnings | Recognized in Earnings | ||||||||||||||||||
Derivative Instrument | Location of Gain (Loss) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Interest rate swaps | Interest expense | $ | 3,798 | $ | 9,994 | $ | (11,883 | ) | $ | (31,137 | ) | ||||||||
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | ' | ||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
Derivative Gain (Loss) | Location of Gain (Loss) | Gain (Loss) Reclassified | |||||||||||||||||
Recognized in AOCI | (Effective Portion) | from AOCI to Earnings | |||||||||||||||||
(Effective Portion) | (Effective Portion) | ||||||||||||||||||
Derivative Instrument | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Foreign exchange contracts | $ | 241 | $ | (2,055 | ) | Revenue | $ | (835 | ) | $ | 1,298 | ||||||||
Cost of sales | 332 | (185 | ) | ||||||||||||||||
$ | (503 | ) | $ | 1,113 | |||||||||||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | ' | ||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
Derivative Gain (Loss) | |||||||||||||||||||
Recognized in Earnings | |||||||||||||||||||
Derivatives Instrument | Location of Derivative Gain (Loss) | 2013 | 2012 | ||||||||||||||||
Foreign exchange contracts | Selling, general and administrative expense | $ | (16,574 | ) | $ | (4,254 | ) | ||||||||||||
Fair Value, by Balance Sheet Grouping | ' | ||||||||||||||||||
December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Carrying value | $ | 3,346,295 | $ | 4,017,375 | |||||||||||||||
Fair value | $ | 3,539,022 | $ | 4,200,970 | |||||||||||||||
Restructuring_Charges_and_Asse1
Restructuring Charges and Asset Impairments (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost | ' | |||||||||||||||||||
ctivity in our restructuring reserves for the years ended December 31, 2013, 2012 and 2011 and includes amounts for both continuing operations and discontinued operations. | ||||||||||||||||||||
Severance and benefits costs | Pension and | Asset | Other exit | Total | ||||||||||||||||
Retiree | impairments | costs | ||||||||||||||||||
Medical | ||||||||||||||||||||
Balance at December 31, 2010 | $ | 101,639 | $ | — | $ | — | $ | 11,561 | $ | 113,200 | ||||||||||
Expenses, net | 101,043 | 8,178 | 13,528 | 12,471 | 135,220 | |||||||||||||||
Gain on sale of facility | — | — | (601 | ) | — | (601 | ) | |||||||||||||
Cash payments | (97,646 | ) | — | 601 | (9,957 | ) | (107,002 | ) | ||||||||||||
Non-cash charges | — | (8,178 | ) | (13,528 | ) | — | (21,706 | ) | ||||||||||||
Balance at December 31, 2011 | 105,036 | — | — | 14,075 | 119,111 | |||||||||||||||
Expenses, net | 24,992 | — | — | (1,627 | ) | 23,365 | ||||||||||||||
Cash payments | (67,488 | ) | — | — | (7,230 | ) | (74,718 | ) | ||||||||||||
Balance at December 31, 2012 | 62,540 | — | — | 5,218 | 67,758 | |||||||||||||||
Expenses, net | 48,373 | 1,964 | 71 | 9,961 | 60,369 | |||||||||||||||
Cash payments | (52,355 | ) | — | — | (7,165 | ) | (59,520 | ) | ||||||||||||
Non-cash charges | — | (1,964 | ) | (71 | ) | — | (2,035 | ) | ||||||||||||
Balance at December 31, 2013 | $ | 58,558 | $ | — | $ | — | $ | 8,014 | $ | 66,572 | ||||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Leases [Abstract] | ' | |||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | |||
Future minimum lease payments under non-cancelable operating leases at December 31, 2013 were as follows: | ||||
Years ending December 31, | ||||
2014 | $ | 55,908 | ||
2015 | 43,089 | |||
2016 | 30,246 | |||
2017 | 21,234 | |||
2018 | 15,660 | |||
Thereafter | 35,115 | |||
Total minimum lease payments | $ | 201,252 | ||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Reconciliation of Revenue From Segments to Consolidated Statements | ' | |||||||||||
Revenues | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
North America Mailing | $ | 1,723,304 | $ | 1,818,952 | $ | 1,961,198 | ||||||
International Mailing | 608,156 | 607,644 | 659,052 | |||||||||
Small & Medium Business Solutions | 2,331,460 | 2,426,596 | 2,620,250 | |||||||||
Production Mail | 511,544 | 480,718 | 511,595 | |||||||||
Presort Services | 430,469 | 429,804 | 396,853 | |||||||||
Enterprise Business Solutions | 942,013 | 910,522 | 908,448 | |||||||||
Digital Commerce Solutions | 595,928 | 577,946 | 596,643 | |||||||||
Total revenue | $ | 3,869,401 | $ | 3,915,064 | $ | 4,125,341 | ||||||
Reconciliation of EBIT From Segments to Consolidated Statements | ' | |||||||||||
EBIT | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
North America Mailing | $ | 675,389 | $ | 688,665 | $ | 727,999 | ||||||
International Mailing | 71,502 | 76,139 | 93,243 | |||||||||
Small & Medium Business Solutions | 746,891 | 764,804 | 821,242 | |||||||||
Production Mail | 55,000 | 48,981 | 52,817 | |||||||||
Software | — | — | — | |||||||||
Management Services | — | — | — | |||||||||
Presort Services | 83,259 | 106,170 | 100,718 | |||||||||
Marketing Services | — | — | — | |||||||||
Enterprise Business Solutions | 138,259 | 155,151 | 153,535 | |||||||||
Digital Commerce Solutions | ||||||||||||
Digital Commerce Solutions | 42,837 | 37,513 | 46,419 | |||||||||
Total EBIT | 927,987 | 957,468 | 1,021,196 | |||||||||
Reconciling items: | ||||||||||||
Interest, net (1) | (190,364 | ) | (188,386 | ) | (197,266 | ) | ||||||
Corporate and other expenses | (217,463 | ) | (216,456 | ) | (233,732 | ) | ||||||
Restructuring charges and asset impairments | (84,344 | ) | (17,176 | ) | (118,630 | ) | ||||||
Other (expense) income | (32,639 | ) | (1,138 | ) | 19,918 | |||||||
Income from continuing operations before income taxes | $ | 403,177 | $ | 534,312 | $ | 491,486 | ||||||
-1 | Includes financing interest expense, other interest expense and interest income. | |||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Depreciation and amortization: | ||||||||||||
North America Mailing | $ | 81,238 | $ | 104,957 | $ | 123,252 | ||||||
International Mailing | 29,515 | 26,804 | 29,961 | |||||||||
Small & Medium Business Solutions | 110,753 | 131,761 | 153,213 | |||||||||
Production Mail | 15,740 | 12,227 | 10,682 | |||||||||
Presort Services | 29,999 | 26,753 | 25,389 | |||||||||
Enterprise Business Solutions | 45,739 | 38,980 | 36,071 | |||||||||
Digital Commerce Solutions | 24,361 | 30,167 | 39,540 | |||||||||
Total for reportable segments | 180,853 | 200,908 | 228,824 | |||||||||
Reconciliation to consolidated amount: | ||||||||||||
Discontinued operations | 16,338 | 37,863 | 28,662 | |||||||||
Unallocated amount | 14,052 | 16,785 | 14,656 | |||||||||
Consolidated depreciation and amortization | $ | 211,243 | $ | 255,556 | $ | 272,142 | ||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Capital expenditures: | ||||||||||||
North America Mailing | $ | 57,973 | $ | 78,511 | $ | 57,308 | ||||||
International Mailing | 25,386 | 29,642 | 13,905 | |||||||||
Small & Medium Business Solutions | 83,359 | 108,153 | 71,213 | |||||||||
Production Mail | 2,875 | 12,339 | 11,419 | |||||||||
Presort Services | 12,512 | 17,220 | 34,931 | |||||||||
Enterprise Business Solutions | 15,387 | 29,559 | 46,350 | |||||||||
Digital Commerce Solutions | 25,562 | 4,794 | 5,413 | |||||||||
Total for reportable segments | 124,308 | 142,506 | 122,976 | |||||||||
Reconciliation to consolidated amount: | ||||||||||||
Discontinued operations | 8,328 | 32,849 | 18,909 | |||||||||
Unallocated amount | 4,876 | 1,231 | 14,095 | |||||||||
Consolidated capital expenditures | $ | 137,512 | $ | 176,586 | $ | 155,980 | ||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Assets: | ||||||||||||
North America Mailing | $ | 2,974,025 | $ | 3,101,959 | $ | 3,350,457 | ||||||
International Mailing | 856,073 | 866,620 | 783,610 | |||||||||
Small & Medium Business Solutions | 3,830,098 | 3,968,579 | 4,134,067 | |||||||||
Production Mail | 305,428 | 386,338 | 482,265 | |||||||||
Presort Services | 343,206 | 369,405 | 395,299 | |||||||||
Enterprise Business Solutions | 648,634 | 755,743 | 877,564 | |||||||||
Digital Commerce Solutions | 1,137,129 | 1,179,219 | 1,191,854 | |||||||||
Total for reportable segments | 5,615,861 | 5,903,541 | 6,203,485 | |||||||||
Reconciliation to consolidated amount: | ||||||||||||
Discontinued operations | — | 727,732 | 752,450 | |||||||||
Cash and cash equivalents | 907,806 | 913,276 | 856,238 | |||||||||
Short-term investments | 31,128 | 36,611 | 12,971 | |||||||||
Other corporate assets | 217,913 | 278,731 | 321,960 | |||||||||
Consolidated assets | $ | 6,772,708 | $ | 7,859,891 | $ | 8,147,104 | ||||||
Geographic Data | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenue: | ||||||||||||
United States | $ | 2,654,301 | $ | 2,669,074 | $ | 2,781,692 | ||||||
Outside United States | 1,215,100 | 1,245,990 | 1,343,649 | |||||||||
Total | $ | 3,869,401 | $ | 3,915,064 | $ | 4,125,341 | ||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Identifiable long-lived assets: | ||||||||||||
United States | $ | 2,210,510 | $ | 2,831,810 | $ | 2,749,101 | ||||||
Outside United States | 781,313 | 836,346 | 910,048 | |||||||||
Total | $ | 2,991,823 | $ | 3,668,156 | $ | 3,659,149 | ||||||
Tables
(Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||
Jun. 30, 2012 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||
Pension And Other Postretirement Benefits Disclosure (Tables) [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||||||||
Schedule Of Change In Benefit Obligation, Plan Assets And The Funded Status Of Defined Benefit Pension Plans [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||||
The benefit obligations and funded status of defined benefit pension plans are as follows: | ||||||||||||||||||||||||||||||||||||||||
United States | Foreign | |||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 1,611,457 | $ | 1,802,811 | $ | 659,602 | $ | 648,439 | ||||||||||||||||||||||||||||||||
Projected benefit obligation | ||||||||||||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 1,822,677 | $ | 1,707,390 | $ | 663,826 | $ | 581,904 | ||||||||||||||||||||||||||||||||
Service cost | 13,981 | 18,939 | 6,272 | 7,763 | ||||||||||||||||||||||||||||||||||||
Interest cost | 74,370 | 81,040 | 27,365 | 27,793 | ||||||||||||||||||||||||||||||||||||
Plan participants' contributions | — | — | 496 | 1,106 | ||||||||||||||||||||||||||||||||||||
Actuarial (gain) loss | (154,996 | ) | 145,641 | (1,224 | ) | 45,537 | ||||||||||||||||||||||||||||||||||
Foreign currency changes | — | — | (204 | ) | 22,115 | |||||||||||||||||||||||||||||||||||
Settlement / curtailment | (3,275 | ) | 6 | (86 | ) | (1,489 | ) | |||||||||||||||||||||||||||||||||
Special termination benefits | 548 | — | 935 | 601 | ||||||||||||||||||||||||||||||||||||
Benefits paid | (130,714 | ) | (130,339 | ) | (24,607 | ) | (21,504 | ) | ||||||||||||||||||||||||||||||||
Benefit obligation at end of year | 1,622,591 | 1,822,677 | 672,773 | 663,826 | ||||||||||||||||||||||||||||||||||||
Fair value of plan assets available for benefits | ||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 1,583,932 | 1,426,536 | 509,331 | 438,848 | ||||||||||||||||||||||||||||||||||||
Actual return on plan assets | 60,569 | 193,696 | 62,777 | 44,928 | ||||||||||||||||||||||||||||||||||||
Company contributions | 9,892 | 94,039 | 14,509 | 30,089 | ||||||||||||||||||||||||||||||||||||
Plan participants' contributions | — | — | 496 | 1,106 | ||||||||||||||||||||||||||||||||||||
Settlement / curtailment | — | — | — | (1,489 | ) | |||||||||||||||||||||||||||||||||||
Foreign currency changes | — | — | (1,428 | ) | 17,353 | |||||||||||||||||||||||||||||||||||
Benefits paid | (130,714 | ) | (130,339 | ) | (24,607 | ) | (21,504 | ) | ||||||||||||||||||||||||||||||||
Fair value of plan assets at end of year | 1,523,679 | 1,583,932 | 561,078 | 509,331 | ||||||||||||||||||||||||||||||||||||
Funded status | $ | (98,912 | ) | $ | (238,745 | ) | $ | (111,695 | ) | $ | (154,495 | ) | ||||||||||||||||||||||||||||
Amounts recognized in Consolidated Balance Sheets | ||||||||||||||||||||||||||||||||||||||||
Non-current asset | $ | 195 | $ | 175 | $ | 11,951 | $ | 530 | ||||||||||||||||||||||||||||||||
Current liability | (18,097 | ) | (7,456 | ) | (1,051 | ) | (967 | ) | ||||||||||||||||||||||||||||||||
Non-current liability | (81,010 | ) | (231,464 | ) | (122,595 | ) | (154,058 | ) | ||||||||||||||||||||||||||||||||
Net amount recognized | $ | (98,912 | ) | $ | (238,745 | ) | $ | (111,695 | ) | $ | (154,495 | ) | ||||||||||||||||||||||||||||
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||||
Information provided in the table below is only for pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2013 and 2012: | ||||||||||||||||||||||||||||||||||||||||
United States | Foreign | |||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 1,621,164 | $ | 1,821,300 | $ | 544,875 | $ | 660,110 | ||||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 1,610,029 | $ | 1,801,433 | $ | 532,774 | $ | 645,361 | ||||||||||||||||||||||||||||||||
Fair value of plan assets | $ | 1,522,057 | $ | 1,582,379 | $ | 421,229 | $ | 505,084 | ||||||||||||||||||||||||||||||||
Schedule of Costs of Retirement Plans [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||||
United States | Foreign | |||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Service cost | $ | 13,981 | $ | 18,939 | $ | 19,450 | $ | 6,272 | $ | 7,763 | $ | 7,310 | ||||||||||||||||||||||||||||
Interest cost | 74,370 | 81,040 | 87,738 | 27,365 | 27,793 | 28,329 | ||||||||||||||||||||||||||||||||||
Expected return on plan assets | (107,608 | ) | (121,623 | ) | (123,058 | ) | (34,769 | ) | (32,299 | ) | (31,784 | ) | ||||||||||||||||||||||||||||
Amortization of net transition asset | — | — | — | (9 | ) | (10 | ) | (10 | ) | |||||||||||||||||||||||||||||||
Amortization of prior service cost | 380 | 803 | 147 | 112 | 112 | 170 | ||||||||||||||||||||||||||||||||||
Amortization of net actuarial loss | 32,494 | 52,957 | 37,522 | 14,445 | 14,103 | 11,135 | ||||||||||||||||||||||||||||||||||
Special termination benefits | 548 | — | 1,489 | 935 | 601 | 277 | ||||||||||||||||||||||||||||||||||
Settlement / curtailment | 2,638 | (48 | ) | 3,036 | — | 444 | 274 | |||||||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 16,803 | $ | 32,068 | $ | 26,324 | $ | 14,351 | $ | 18,507 | $ | 15,701 | ||||||||||||||||||||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||||
Other changes in plan assets and benefit obligations for defined benefit pension plans recognized in other comprehensive income were as follows: | ||||||||||||||||||||||||||||||||||||||||
United States | Foreign | |||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||
Net actuarial (gain) loss | $ | (111,232 | ) | $ | 73,701 | $ | (29,320 | ) | $ | 32,596 | ||||||||||||||||||||||||||||||
Prior service credit | — | (127 | ) | — | — | |||||||||||||||||||||||||||||||||||
Amortization of net actuarial loss | (32,494 | ) | (52,957 | ) | (14,445 | ) | (14,103 | ) | ||||||||||||||||||||||||||||||||
Amortization of prior service cost | (380 | ) | (803 | ) | (112 | ) | (112 | ) | ||||||||||||||||||||||||||||||||
Net transition asset | — | — | 9 | 10 | ||||||||||||||||||||||||||||||||||||
Settlement / curtailment | (2,638 | ) | 48 | — | (444 | ) | ||||||||||||||||||||||||||||||||||
Total recognized in other comprehensive income | $ | (146,744 | ) | $ | 19,862 | $ | (43,868 | ) | $ | 17,947 | ||||||||||||||||||||||||||||||
Pretax amounts recognized in AOCI consists of: | ||||||||||||||||||||||||||||||||||||||||
United States | Foreign | |||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 733,943 | $ | 879,323 | $ | 200,000 | $ | 243,765 | ||||||||||||||||||||||||||||||||
Prior service (credit) cost | (135 | ) | 1,229 | (863 | ) | (751 | ) | |||||||||||||||||||||||||||||||||
Transition asset | — | — | (59 | ) | (68 | ) | ||||||||||||||||||||||||||||||||||
Total | $ | 733,808 | $ | 880,552 | $ | 199,078 | $ | 242,946 | ||||||||||||||||||||||||||||||||
The estimated amounts that will be amortized from AOCI into net periodic benefit cost in 2014 are as follows: | ||||||||||||||||||||||||||||||||||||||||
United States | Foreign | |||||||||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 24,642 | $ | 8,249 | ||||||||||||||||||||||||||||||||||||
Prior service cost (credit) | 9 | (61 | ) | |||||||||||||||||||||||||||||||||||||
Transition asset | — | (9 | ) | |||||||||||||||||||||||||||||||||||||
Total | $ | 24,651 | $ | 8,179 | ||||||||||||||||||||||||||||||||||||
Schedule Of Weighted Average Assumptions Used To Determine Net Periodic Benefit Costs [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||||
Weighted-average actuarial assumptions used to determine end of year benefit obligations and net periodic benefit cost for defined benefit pension plans include: | ||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||
United States | ||||||||||||||||||||||||||||||||||||||||
Used to determine benefit obligations | ||||||||||||||||||||||||||||||||||||||||
Discount rate | 4.95% | 4.05% | 4.95% | |||||||||||||||||||||||||||||||||||||
Rate of compensation increase | 3.50% | 3.50% | 3.50% | |||||||||||||||||||||||||||||||||||||
Used to determine net periodic benefit cost | ||||||||||||||||||||||||||||||||||||||||
Discount rate | 4.05% | 4.95% | 5.60% | |||||||||||||||||||||||||||||||||||||
Expected return on plan assets | 7.25% | 7.75% | 8.00% | |||||||||||||||||||||||||||||||||||||
Rate of compensation increase | 3.50% | 3.50% | 3.50% | |||||||||||||||||||||||||||||||||||||
Foreign | ||||||||||||||||||||||||||||||||||||||||
Used to determine benefit obligations | ||||||||||||||||||||||||||||||||||||||||
Discount rate | 1.45 | % | - | 4.60% | 1.95 | % | - | 4.65% | 1.8 | % | - | 6.10% | ||||||||||||||||||||||||||||
Rate of compensation increase | 1.5 | % | - | 3.50% | 1.5 | % | - | 3.50% | 2.1 | % | - | 4.60% | ||||||||||||||||||||||||||||
Used to determine net periodic benefit cost | ||||||||||||||||||||||||||||||||||||||||
Discount rate | 1.95 | % | - | 4.65% | 1.8 | % | - | 6.10% | 2 | % | - | 5.50% | ||||||||||||||||||||||||||||
Expected return on plan assets | 3.5 | % | - | 7.50% | 3.25 | % | - | 7.50% | 4 | % | - | 7.75% | ||||||||||||||||||||||||||||
Rate of compensation increase | 1.5 | % | - | 3.50% | 2.1 | % | - | 4.60% | 2.1 | % | - | 5.50% | ||||||||||||||||||||||||||||
Schedule Of Target Allocation And Percentage Of Plan Assets For Domestic Pension Plan [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||||
The target asset allocation for 2014 and the actual asset allocations at December 31, 2013 and 2012, for the U.S. pension plans are as follows: | ||||||||||||||||||||||||||||||||||||||||
Target allocation | Percent of Plan Assets at December 31, | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
Asset category | ||||||||||||||||||||||||||||||||||||||||
U.S. equities | 11 | % | 16 | % | 14 | % | ||||||||||||||||||||||||||||||||||
Non-U.S. equities | 11 | % | 14 | % | 15 | % | ||||||||||||||||||||||||||||||||||
Fixed income | 68 | % | 60 | % | 61 | % | ||||||||||||||||||||||||||||||||||
Real estate | 2 | % | 4 | % | 4 | % | ||||||||||||||||||||||||||||||||||
Private equity | 8 | % | 6 | % | 6 | % | ||||||||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||||||||||||||||||||||||||||||
Schedule Of Target Allocation And Percentage Of Plan Assets For Foreign Pension Plan [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||||
The target asset allocation for 2014 and the actual asset allocations at December 31, 2013 and 2012, for the U.K. pension plan are as follows: | ||||||||||||||||||||||||||||||||||||||||
Target Allocation | Percent of Plan Assets at December 31, | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
Asset category | ||||||||||||||||||||||||||||||||||||||||
U.K. equities | 30 | % | 33 | % | 32 | % | ||||||||||||||||||||||||||||||||||
Non-U.K. equities | 35 | % | 35 | % | 31 | % | ||||||||||||||||||||||||||||||||||
Fixed income | 35 | % | 31 | % | 36 | % | ||||||||||||||||||||||||||||||||||
Cash | — | % | 1 | % | 1 | % | ||||||||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||||||||||||||||||||||||||||||
Schedule Of Fair Value Measurement Of Plan Assets Domestic [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||||
United States Pension Plans | ||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||
Money market funds | $ | — | $ | 30,374 | $ | — | $ | 30,374 | ||||||||||||||||||||||||||||||||
Equity securities | 279,988 | 165,303 | — | 445,291 | ||||||||||||||||||||||||||||||||||||
Commingled fixed income securities | — | 209,674 | — | 209,674 | ||||||||||||||||||||||||||||||||||||
Debt securities - U.S. and foreign governments, agencies and municipalities | 43,390 | 30,477 | — | 73,867 | ||||||||||||||||||||||||||||||||||||
Debt securities - corporate | — | 568,567 | — | 568,567 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | — | 31,738 | 2,634 | 34,372 | ||||||||||||||||||||||||||||||||||||
Asset-backed securities | — | 625 | — | 625 | ||||||||||||||||||||||||||||||||||||
Private equity | — | — | 87,470 | 87,470 | ||||||||||||||||||||||||||||||||||||
Real estate | — | — | 67,917 | 67,917 | ||||||||||||||||||||||||||||||||||||
Securities lending collateral (1) | — | 6,602 | — | 6,602 | ||||||||||||||||||||||||||||||||||||
Total plan assets at fair value | $ | 323,378 | $ | 1,043,360 | $ | 158,021 | $ | 1,524,759 | ||||||||||||||||||||||||||||||||
Securities lending payable (1) | (6,602 | ) | ||||||||||||||||||||||||||||||||||||||
Cash | 634 | |||||||||||||||||||||||||||||||||||||||
Other | 4,888 | |||||||||||||||||||||||||||||||||||||||
Fair value of plan assets available for benefits | $ | 1,523,679 | ||||||||||||||||||||||||||||||||||||||
(1) Securities lending collateral is offset by a corresponding securities lending payable amount. | ||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||
Money market funds | $ | — | $ | 17,363 | $ | — | $ | 17,363 | ||||||||||||||||||||||||||||||||
Equity securities | 250,303 | 203,766 | — | 454,069 | ||||||||||||||||||||||||||||||||||||
Commingled fixed income securities | — | 200,899 | — | 200,899 | ||||||||||||||||||||||||||||||||||||
Debt securities - U.S. and foreign governments, agencies and municipalities | 53,984 | 35,461 | — | 89,445 | ||||||||||||||||||||||||||||||||||||
Debt securities - corporate | — | 621,691 | — | 621,691 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | — | 39,552 | 3,191 | 42,743 | ||||||||||||||||||||||||||||||||||||
Asset-backed securities | — | 547 | — | 547 | ||||||||||||||||||||||||||||||||||||
Private equity | — | — | 91,805 | 91,805 | ||||||||||||||||||||||||||||||||||||
Real estate | — | — | 63,168 | 63,168 | ||||||||||||||||||||||||||||||||||||
Securities lending collateral (1) | — | 104,375 | — | 104,375 | ||||||||||||||||||||||||||||||||||||
Total plan assets at fair value | $ | 304,287 | $ | 1,223,654 | $ | 158,164 | $ | 1,686,105 | ||||||||||||||||||||||||||||||||
Securities lending payable (1) | (104,375 | ) | ||||||||||||||||||||||||||||||||||||||
Cash | 618 | |||||||||||||||||||||||||||||||||||||||
Other | 1,584 | |||||||||||||||||||||||||||||||||||||||
Fair value of plan assets available for benefits | $ | 1,583,932 | ||||||||||||||||||||||||||||||||||||||
(1) Securities lending collateral is offset by a corresponding securities lending payable amount. | ||||||||||||||||||||||||||||||||||||||||
Schedule Of Fair Value Measurement Of Plan Assets Foreign [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||||
Foreign Plans | ||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||
Money market funds | $ | — | $ | 6,058 | $ | — | $ | 6,058 | ||||||||||||||||||||||||||||||||
Equity securities | 109,403 | 257,046 | — | 366,449 | ||||||||||||||||||||||||||||||||||||
Commingled fixed income securities | — | 104,070 | — | 104,070 | ||||||||||||||||||||||||||||||||||||
Debt securities - U.S. and foreign governments, agencies and municipalities | — | 60,204 | — | 60,204 | ||||||||||||||||||||||||||||||||||||
Debt securities - corporate | — | 17,944 | — | 17,944 | ||||||||||||||||||||||||||||||||||||
Total plan assets at fair value | $ | 109,403 | $ | 445,322 | $ | — | $ | 554,725 | ||||||||||||||||||||||||||||||||
Cash | 5,285 | |||||||||||||||||||||||||||||||||||||||
Other | 1,068 | |||||||||||||||||||||||||||||||||||||||
Fair value of plan assets available for benefits | $ | 561,078 | ||||||||||||||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||
Money market funds | $ | — | $ | 7,130 | $ | — | $ | 7,130 | ||||||||||||||||||||||||||||||||
Equity securities | 96,442 | 213,662 | — | 310,104 | ||||||||||||||||||||||||||||||||||||
Commingled fixed income securities | — | 157,332 | — | 157,332 | ||||||||||||||||||||||||||||||||||||
Debt securities - U.S. and foreign governments, agencies and municipalities | — | 18,937 | — | 18,937 | ||||||||||||||||||||||||||||||||||||
Debt securities - corporate | — | 6,935 | — | 6,935 | ||||||||||||||||||||||||||||||||||||
Total plan assets at fair value | $ | 96,442 | $ | 403,996 | $ | — | $ | 500,438 | ||||||||||||||||||||||||||||||||
Cash | 4,414 | |||||||||||||||||||||||||||||||||||||||
Other | 4,479 | |||||||||||||||||||||||||||||||||||||||
Fair value of plan assets available for benefits | $ | 509,331 | ||||||||||||||||||||||||||||||||||||||
Schedule Of Changes In Fair Value Of Level 3 Assets Domestic [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||||
The following table summarizes the changes in the fair value of Level 3 assets for the years ended December 31, 2013 and 2012: | ||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Private equity | Real estate | Total | |||||||||||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 3,702 | $ | 88,870 | $ | 57,918 | $ | 150,490 | ||||||||||||||||||||||||||||||||
Realized (losses) gains | (3 | ) | (13 | ) | 1,780 | 1,764 | ||||||||||||||||||||||||||||||||||
Unrealized (losses) gains | (20 | ) | 742 | 5,711 | 6,433 | |||||||||||||||||||||||||||||||||||
Net purchases, sales and settlements | (488 | ) | 2,206 | (2,241 | ) | (523 | ) | |||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | 3,191 | 91,805 | 63,168 | 158,164 | ||||||||||||||||||||||||||||||||||||
Realized (losses) gains | — | (1,591 | ) | 1,939 | 348 | |||||||||||||||||||||||||||||||||||
Unrealized gains | 205 | 2,190 | 5,182 | 7,577 | ||||||||||||||||||||||||||||||||||||
Net purchases, sales and settlements | (762 | ) | (4,934 | ) | (2,372 | ) | (8,068 | ) | ||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 2,634 | $ | 87,470 | $ | 67,917 | $ | 158,021 | ||||||||||||||||||||||||||||||||
Schedule Of Change In Benefit Obligation, Plan Assets And The Funded Status Of Nonpension Benefit Plans [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||||
The benefit obligation and funded status for nonpension postretirement benefit plans are as follows: | ||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
Benefit obligation | ||||||||||||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 282,857 | $ | 285,828 | ||||||||||||||||||||||||||||||||||||
Service cost | 3,684 | 3,563 | ||||||||||||||||||||||||||||||||||||||
Interest cost | 9,503 | 11,187 | ||||||||||||||||||||||||||||||||||||||
Plan participants' contributions | 4,313 | 9,547 | ||||||||||||||||||||||||||||||||||||||
Actuarial (gain) loss | (30,051 | ) | 4,150 | |||||||||||||||||||||||||||||||||||||
Foreign currency changes | (1,693 | ) | 697 | |||||||||||||||||||||||||||||||||||||
Plan amendment | — | 8,501 | ||||||||||||||||||||||||||||||||||||||
Curtailment | (4,839 | ) | — | |||||||||||||||||||||||||||||||||||||
Benefits paid | (32,621 | ) | (40,616 | ) | ||||||||||||||||||||||||||||||||||||
Benefit obligation at end of year (1) | $ | 231,153 | $ | 282,857 | ||||||||||||||||||||||||||||||||||||
-1 | The benefit obligation for the U.S. nonpension postretirement plans was $208 million and $256 million at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
Fair value of plan assets | ||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
Company contribution | 28,308 | 31,069 | ||||||||||||||||||||||||||||||||||||||
Plan participants' contributions | 4,313 | 9,547 | ||||||||||||||||||||||||||||||||||||||
Benefits paid | (32,621 | ) | (40,616 | ) | ||||||||||||||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
Funded status | $ | (231,153 | ) | $ | (282,857 | ) | ||||||||||||||||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets | ||||||||||||||||||||||||||||||||||||||||
Current liability | $ | (23,668 | ) | $ | (25,483 | ) | ||||||||||||||||||||||||||||||||||
Non-current liability | (207,485 | ) | (257,374 | ) | ||||||||||||||||||||||||||||||||||||
Net amount recognized | $ | (231,153 | ) | $ | (282,857 | ) | ||||||||||||||||||||||||||||||||||
Pretax amounts recognized in AOCI consist of: | ||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 68,120 | $ | 109,962 | ||||||||||||||||||||||||||||||||||||
Prior service cost | 2,516 | 5,564 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 70,636 | $ | 115,526 | ||||||||||||||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures | ' | ' | ||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||
Service cost | $ | 3,684 | $ | 3,563 | $ | 3,328 | ||||||||||||||||||||||||||||||||||
Interest cost | 9,503 | 11,187 | 13,528 | |||||||||||||||||||||||||||||||||||||
Amortization of prior service cost (credit) | 128 | (1,724 | ) | (2,504 | ) | |||||||||||||||||||||||||||||||||||
Amortization of net actuarial loss | 7,433 | 8,214 | 7,666 | |||||||||||||||||||||||||||||||||||||
Curtailment | 2,920 | — | 2,839 | |||||||||||||||||||||||||||||||||||||
Special termination benefits | — | — | 300 | |||||||||||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 23,668 | $ | 21,240 | $ | 25,157 | ||||||||||||||||||||||||||||||||||
Schedule Of Other Changes For Postretirement Benefit Plans Recognized In Other Comprehensive Income [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||||
Other changes in plan assets and benefit obligation for nonpension postretirement benefit plans recognized in other comprehensive income were as follows: | ||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
Net actuarial gain | $ | (34,890 | ) | $ | (195 | ) | ||||||||||||||||||||||||||||||||||
Amortization of net actuarial (loss) gain | (7,433 | ) | 4,631 | |||||||||||||||||||||||||||||||||||||
Amortization of prior service (cost) credit | (128 | ) | 1,724 | |||||||||||||||||||||||||||||||||||||
Curtailment | (2,920 | ) | — | |||||||||||||||||||||||||||||||||||||
Other adjustments | 481 | (651 | ) | |||||||||||||||||||||||||||||||||||||
Total recognized in other comprehensive income | $ | (44,890 | ) | $ | 5,509 | |||||||||||||||||||||||||||||||||||
The estimated amounts that will be amortized from AOCI into net periodic benefit cost in 2014 are as follows: | ||||||||||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 6,092 | ||||||||||||||||||||||||||||||||||||||
Prior service cost | 160 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 6,252 | ||||||||||||||||||||||||||||||||||||||
Schedule Of Weighted Average Assumptions Used To Determine Net Periodic Costs For Postretirement Benefits [Table Text Blcok] | ' | ' | ||||||||||||||||||||||||||||||||||||||
The weighted-average discount rates used to determine end of year benefit obligation and net periodic pension cost include: | ||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||
Discount rate used to determine benefit obligation | ||||||||||||||||||||||||||||||||||||||||
U.S. | 4.4 | % | 3.65 | % | 4.5 | % | ||||||||||||||||||||||||||||||||||
Canada | 4.65 | % | 3.9 | % | 4.15 | % | ||||||||||||||||||||||||||||||||||
Discount rate used to determine net period benefit cost | ||||||||||||||||||||||||||||||||||||||||
U.S. | 3.65 | % | 4.5 | % | 5.15 | % | ||||||||||||||||||||||||||||||||||
Canada | 3.9 | % | 4.15 | % | 5.15 | % | ||||||||||||||||||||||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||||
A 1% change in the assumed health care cost trend rates would have the following effects: | ||||||||||||||||||||||||||||||||||||||||
1% Increase | 1% Decrease | |||||||||||||||||||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 517 | $ | (451 | ) | |||||||||||||||||||||||||||||||||||
Effect on postretirement benefit obligation | $ | 8,284 | $ | (7,662 | ) | |||||||||||||||||||||||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||||
Nonpension benefit payments are net of expected Medicare Part D subsidy. | ||||||||||||||||||||||||||||||||||||||||
Pension Benefits | Nonpension Benefits | |||||||||||||||||||||||||||||||||||||||
Years ending December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | $ | 166,952 | $ | 23,669 | ||||||||||||||||||||||||||||||||||||
2015 | 125,225 | 22,570 | ||||||||||||||||||||||||||||||||||||||
2016 | 124,045 | 21,561 | ||||||||||||||||||||||||||||||||||||||
2017 | 127,236 | 20,612 | ||||||||||||||||||||||||||||||||||||||
2018 | 128,739 | 19,708 | ||||||||||||||||||||||||||||||||||||||
2019 - 2022 | 673,039 | 87,457 | ||||||||||||||||||||||||||||||||||||||
$ | 1,345,236 | $ | 195,577 | |||||||||||||||||||||||||||||||||||||
Discontinued_Operations_and_As
Discontinued Operations and Assets Held for Sale Discontinued Operations (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | |||||||||||||||||||
The following tables show selected financial information included in discontinued operations: | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
PBMS | IMS | Nordic furniture business | Capital Services | Total | ||||||||||||||||
Revenue | $ | 639,237 | $ | 23,036 | $ | 37,785 | $ | — | $ | 700,058 | ||||||||||
Loss from operations | $ | (118,017 | ) | $ | (3,057 | ) | $ | (4,037 | ) | $ | — | $ | (125,111 | ) | ||||||
Gain (loss) on sale | 5,126 | (2,717 | ) | 4,562 | — | 6,971 | ||||||||||||||
(Loss) income before taxes | (112,891 | ) | (5,774 | ) | 525 | — | (118,140 | ) | ||||||||||||
Tax provision (benefit) | 41,384 | (1,064 | ) | 149 | 289 | 40,758 | ||||||||||||||
(Loss) income from discontinued operations | $ | (154,275 | ) | $ | (4,710 | ) | $ | 376 | $ | (289 | ) | $ | (158,898 | ) | ||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
PBMS | IMS | Nordic furniture business | Capital Services | Total | ||||||||||||||||
Revenue | $ | 920,958 | $ | 135,222 | $ | 67,994 | $ | — | $ | 1,124,174 | ||||||||||
Income (loss) before taxes | $ | 67,458 | $ | (40,084 | ) | $ | 2,839 | $ | — | $ | 30,213 | |||||||||
Tax provision (benefit) | 29,255 | (15,003 | ) | 794 | (34,312 | ) | (19,266 | ) | ||||||||||||
(Loss) income from discontinued operations | $ | 38,203 | $ | (25,081 | ) | $ | 2,045 | $ | 34,312 | $ | 49,479 | |||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
PBMS | IMS | Nordic furniture business | Capital Services | Total | ||||||||||||||||
Revenue | $ | 948,891 | $ | 155,378 | $ | 48,341 | $ | — | $ | 1,152,610 | ||||||||||
Loss from operations before taxes | $ | (10,279 | ) | $ | (72,260 | ) | $ | 5,334 | $ | 3,695 | $ | (73,510 | ) | |||||||
Tax provision (benefit) | 30,599 | (23,025 | ) | 1,493 | (262,464 | ) | (253,397 | ) | ||||||||||||
(Loss) income from discontinued operations | $ | (40,878 | ) | $ | (49,235 | ) | $ | 3,841 | $ | 266,159 | $ | 179,887 | ||||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share (Tables) [Abstract] | ' | |||||||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | ' | |||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Numerator: | ||||||||||||
Amounts attributable to common stockholders: | ||||||||||||
Income from continuing operations | $ | 301,733 | $ | 395,684 | $ | 437,593 | ||||||
(Loss) income from discontinued operations | (158,898 | ) | 49,479 | 179,887 | ||||||||
Net income (numerator for diluted EPS) | 142,835 | 445,163 | 617,480 | |||||||||
Less: Preference stock dividend | (46 | ) | (51 | ) | (58 | ) | ||||||
Income attributable to common stockholders (numerator for basic EPS) | $ | 142,789 | $ | 445,112 | $ | 617,422 | ||||||
Denominator (in thousands): | ||||||||||||
Weighted-average shares used in basic EPS | 201,614 | 200,389 | 201,976 | |||||||||
Effect of dilutive shares: | ||||||||||||
Preferred stock | 2 | 2 | 2 | |||||||||
Preference stock | 381 | 398 | 445 | |||||||||
Stock plans | 960 | 577 | 343 | |||||||||
Weighted-average shares used in diluted EPS | 202,957 | 201,366 | 202,766 | |||||||||
Basic earnings per share: | ||||||||||||
Continuing operations | $ | 1.5 | $ | 1.97 | $ | 2.17 | ||||||
Discontinued operations | (0.79 | ) | 0.25 | 0.89 | ||||||||
Net income - Pitney Bowes Inc. | $ | 0.71 | $ | 2.22 | $ | 3.06 | ||||||
Diluted earnings per share: | ||||||||||||
Continuing operations | $ | 1.49 | $ | 1.96 | $ | 2.16 | ||||||
Discontinued operations | (0.78 | ) | 0.25 | 0.89 | ||||||||
Net income - Pitney Bowes Inc. | $ | 0.7 | $ | 2.21 | $ | 3.05 | ||||||
Anti-dilutive options excluded from diluted earnings per share (in thousands): | 12,448 | 13,801 | 14,016 | |||||||||
Quarterly_Financial_Data_unaud1
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||||||
The following table sets forth selected unaudited quarterly data for the years ended December 31, 2013 and 2012. The amounts in the tables below have been revised from the amounts previously filed to reflect the results of PBMS, the Nordic furniture business and IMS as discontinued operations (see Note 19). The sum of the quarterly earnings per share amounts may not equal the quarterly total or annual amount due to rounding. | ||||||||||||||||||||
First | Second Quarter | Third Quarter | Fourth Quarter | Total | ||||||||||||||||
Quarter | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Revenue | $ | 929,012 | $ | 970,416 | $ | 938,786 | $ | 1,031,187 | $ | 3,869,401 | ||||||||||
Cost and expenses | 843,475 | 857,167 | 846,145 | 919,437 | 3,466,224 | |||||||||||||||
Income from continuing operations before income taxes | 85,537 | 113,249 | 92,641 | 111,750 | 403,177 | |||||||||||||||
Provision for income taxes | 18,769 | 25,391 | 11,370 | 27,539 | 83,069 | |||||||||||||||
Income from continuing operations | 66,768 | 87,858 | 81,271 | 84,211 | 320,108 | |||||||||||||||
Income (loss) from discontinued operations | 5,332 | (92,497 | ) | (82,204 | ) | 10,471 | (158,898 | ) | ||||||||||||
Net income (loss) before attribution of noncontrolling interests | 72,100 | (4,639 | ) | (933 | ) | 94,682 | 161,210 | |||||||||||||
Less: Preferred stock dividends of subsidiaries attributable to noncontrolling interests | 4,594 | 4,594 | 4,594 | 4,593 | 18,375 | |||||||||||||||
Net income (loss) - Pitney Bowes Inc. | $ | 67,506 | $ | (9,233 | ) | $ | (5,527 | ) | $ | 90,089 | $ | 142,835 | ||||||||
Amounts attributable to common stockholders: | ||||||||||||||||||||
Income from continuing operations | $ | 62,174 | $ | 83,264 | $ | 76,677 | $ | 79,618 | $ | 301,733 | ||||||||||
Income (loss) from discontinued operations | 5,332 | (92,497 | ) | (82,204 | ) | 10,471 | (158,898 | ) | ||||||||||||
Net income - Pitney Bowes Inc. | $ | 67,506 | $ | (9,233 | ) | $ | (5,527 | ) | $ | 90,089 | $ | 142,835 | ||||||||
Basic earnings per share attributable to common stockholders: | ||||||||||||||||||||
Continuing operations | $ | 0.31 | $ | 0.41 | $ | 0.38 | $ | 0.39 | $ | 1.5 | ||||||||||
Discontinued operations | 0.03 | (0.46 | ) | (0.41 | ) | 0.05 | (0.79 | ) | ||||||||||||
Net income (loss) - Pitney Bowes Inc. | $ | 0.34 | $ | (0.05 | ) | $ | (0.03 | ) | $ | 0.45 | $ | 0.71 | ||||||||
Diluted earnings per share attributable to common stockholders: | ||||||||||||||||||||
Continuing operations | $ | 0.31 | $ | 0.41 | $ | 0.38 | $ | 0.39 | $ | 1.49 | ||||||||||
Discontinued operations | 0.03 | (0.46 | ) | (0.40 | ) | 0.05 | (0.78 | ) | ||||||||||||
Net income (loss) - Pitney Bowes Inc. | $ | 0.33 | $ | (0.05 | ) | $ | (0.03 | ) | $ | 0.44 | $ | 0.7 | ||||||||
First | Second Quarter | Third Quarter | Fourth Quarter | Total | ||||||||||||||||
Quarter | ||||||||||||||||||||
2012 | ||||||||||||||||||||
Revenue | $ | 975,101 | $ | 974,658 | $ | 949,789 | $ | 1,015,516 | $ | 3,915,064 | ||||||||||
Cost and expenses | 832,017 | 832,413 | 826,659 | 889,663 | 3,380,752 | |||||||||||||||
Income from continuing operations before income taxes | 143,084 | 142,245 | 123,130 | 125,853 | 534,312 | |||||||||||||||
Provision for income taxes | 8,813 | 45,705 | 30,590 | 35,144 | 120,252 | |||||||||||||||
Income from continuing operations | 134,271 | 96,540 | 92,540 | 90,709 | 414,060 | |||||||||||||||
Income (loss) from discontinued operations | 28,993 | 7,677 | (11,413 | ) | 24,222 | 49,479 | ||||||||||||||
Net income before attribution of noncontrolling interests | 163,264 | 104,217 | 81,127 | 114,931 | 463,539 | |||||||||||||||
Less: Preferred stock dividends of subsidiaries attributable to noncontrolling interests | 4,594 | 4,594 | 4,594 | 4,594 | 18,376 | |||||||||||||||
Net income - Pitney Bowes Inc. | $ | 158,670 | $ | 99,623 | $ | 76,533 | $ | 110,337 | $ | 445,163 | ||||||||||
Amounts attributable to common stockholders: | ||||||||||||||||||||
Income from continuing operations | $ | 129,677 | $ | 91,946 | $ | 87,946 | $ | 86,115 | $ | 395,684 | ||||||||||
Income (loss) from discontinued operations | 28,993 | 7,677 | (11,413 | ) | 24,222 | 49,479 | ||||||||||||||
Net income - Pitney Bowes Inc. | $ | 158,670 | $ | 99,623 | $ | 76,533 | $ | 110,337 | $ | 445,163 | ||||||||||
Basic earnings per share attributable to common stockholders: | ||||||||||||||||||||
Continuing operations | $ | 0.65 | $ | 0.46 | $ | 0.44 | $ | 0.43 | $ | 1.97 | ||||||||||
Discontinued operations | 0.14 | 0.04 | (0.06 | ) | 0.12 | 0.25 | ||||||||||||||
Net income - Pitney Bowes Inc. | $ | 0.79 | $ | 0.5 | $ | 0.38 | $ | 0.55 | $ | 2.22 | ||||||||||
Diluted earnings per share attributable to common stockholders: | ||||||||||||||||||||
Continuing operations | $ | 0.65 | $ | 0.46 | $ | 0.44 | $ | 0.43 | $ | 1.96 | ||||||||||
Discontinued operations | 0.14 | 0.04 | (0.06 | ) | 0.12 | 0.25 | ||||||||||||||
Net income - Pitney Bowes Inc. | $ | 0.79 | $ | 0.5 | $ | 0.38 | $ | 0.55 | $ | 2.21 | ||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Accumulated Other Comprehensive Loss [Abstract] | ' | |||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||||||
Changes in accumulated other comprehensive loss for the years ended December 31, 2013, 2012 and 2011 were as follows: | ||||||||||||||||||||
Gains (losses) on cash flow hedges | Unrealized gains (losses) on available for sale securities | Defined benefit pension plans and nonpension postretirement benefit plans | Foreign currency items | Total | ||||||||||||||||
Balance January 1, 2011 | $ | (10,445 | ) | $ | 1,439 | $ | (602,321 | ) | $ | 137,521 | $ | (473,806 | ) | |||||||
Other comprehensive income (loss) before reclassifications (a) | 229 | 3,054 | (173,699 | ) | (53,569 | ) | (223,985 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (a), (b) | 1,778 | (106 | ) | 34,474 | — | 36,146 | ||||||||||||||
Net other comprehensive income (loss) | 2,007 | 2,948 | (139,225 | ) | (53,569 | ) | (187,839 | ) | ||||||||||||
Balance at December 31, 2011 | (8,438 | ) | 4,387 | (741,546 | ) | 83,952 | (661,645 | ) | ||||||||||||
Other comprehensive income (loss) before reclassifications (a) | 104 | 1,240 | (70,232 | ) | (2,702 | ) | (71,590 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (a), (b) | 557 | (1,114 | ) | 52,579 | — | 52,022 | ||||||||||||||
Net other comprehensive income (loss) | 661 | 126 | (17,653 | ) | (2,702 | ) | (19,568 | ) | ||||||||||||
Balance at December 31, 2012 | (7,777 | ) | 4,513 | (759,199 | ) | 81,250 | (681,213 | ) | ||||||||||||
Other comprehensive income (loss) before reclassifications (a) | (147 | ) | (7,000 | ) | 122,023 | (39,489 | ) | 75,387 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (a), (b), (c) | 1,544 | 718 | 35,755 | (6,747 | ) | 31,270 | ||||||||||||||
Net other comprehensive income (loss) | 1,397 | (6,282 | ) | 157,778 | (46,236 | ) | 106,657 | |||||||||||||
Balance at December 31, 2013 | $ | (6,380 | ) | $ | (1,769 | ) | $ | (601,421 | ) | $ | 35,014 | $ | (574,556 | ) | ||||||
(a) Amounts are net of tax. Amounts in parentheses indicate debits to AOCI. | ||||||||||||||||||||
(b) See table above for additional details of these reclassifications. | ||||||||||||||||||||
(c) | Foreign currency item amount represents the recognition of deferred translation upon the sale of the U.K. IMS business and PBMSi. Amount was reclassified from accumulated other comprehensive loss and recorded as discontinued operations in the Consolidated Statements of Income. | |||||||||||||||||||
Reclassifications out of accumulated other comprehensive loss for the years ended December 31, 2013, 2012 and 2011 was as follows: | ||||||||||||||||||||
Amount Reclassified from AOCI (a) | ||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Gains (losses) on cash flow hedges | ||||||||||||||||||||
Revenue | $ | (835 | ) | $ | 1,298 | $ | (166 | ) | ||||||||||||
Cost of sales | 332 | (185 | ) | (719 | ) | |||||||||||||||
Interest expense | (2,028 | ) | (2,028 | ) | (2,028 | ) | ||||||||||||||
Total before tax | (2,531 | ) | (915 | ) | (2,913 | ) | ||||||||||||||
Tax benefit | 987 | 358 | 1,135 | |||||||||||||||||
Net of tax | $ | (1,544 | ) | $ | (557 | ) | $ | (1,778 | ) | |||||||||||
Unrealized gains (losses) on available for sale securities | ||||||||||||||||||||
Interest income | $ | (1,140 | ) | $ | 1,768 | $ | 168 | |||||||||||||
Tax benefit (provision) | 422 | (654 | ) | (62 | ) | |||||||||||||||
Net of tax | $ | (718 | ) | $ | 1,114 | $ | 106 | |||||||||||||
Pension and Postretirement Benefit Plans (b) | ||||||||||||||||||||
Transition credit | $ | 9 | $ | 10 | $ | 10 | ||||||||||||||
Prior service (costs) credit | (620 | ) | 809 | 2,187 | ||||||||||||||||
Actuarial losses | (54,372 | ) | (75,274 | ) | (56,323 | ) | ||||||||||||||
Total before tax | (54,983 | ) | (74,455 | ) | (54,126 | ) | ||||||||||||||
Tax benefit | 19,228 | 21,876 | 19,652 | |||||||||||||||||
Net of tax | $ | (35,755 | ) | $ | (52,579 | ) | $ | (34,474 | ) | |||||||||||
(a) Amounts in parentheses indicate debits (reductions) to income. | ||||||||||||||||||||
(b) | These items are included in the computation of net periodic costs of defined benefit pension plans and nonpension postretirement benefit plans (see Note 18 for additional details). |
Summary_of_Accounting_Policies2
Summary of Accounting Policies Summary of Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Capitalized Software Development Costs [Abstract] | ' | ' | ' |
Capitalized Computer Software Additions | $4 | ' | ' |
Capitalized Computer Software Amortization | 8 | 10 | 10 |
Capitalized Software Development Costs For Software Sold To Customers | 5 | 9 | ' |
Deferred Costs, Leasing, Net [Abstract] | ' | ' | ' |
Amortization of Deferred Leasing Fees | 11 | 13 | 19 |
Deferred Costs, Leasing, Net, Noncurrent | 26 | ' | ' |
Marketing and Advertising Expense [Abstract] | ' | ' | ' |
Other Deferred Cost, Amortization Expense | 27 | 30 | 34 |
Deferred Advertising Costs | 59 | 73 | ' |
Prior Period Reclassification Adjustment Expense | ' | 23 | 20 |
Prior Period Reclassification Adjustment Revenue | ' | $19 | $21 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials and work in process | $33,920 | $66,221 |
Supplies and service parts | 48,165 | 72,551 |
Finished products | 38,515 | 68,335 |
Inventory at FIFO cost | 120,600 | 207,107 |
Excess of FIFO cost over LIFO cost | -17,020 | -27,429 |
Total inventory, net | $103,580 | $179,678 |
Finance_Assets_Details
Finance Assets (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Finance Leases And Loans Receivables [Line Items] | ' | ' | ' |
Capital Leases, Net Investment in Sales Type Leases, Minimum Payments to be Received | $1,913,179 | $2,043,221 | ' |
Sales-type Lease Receivables | ' | ' | ' |
Unguaranteed residual values | 142,892 | 169,689 | ' |
Unearned income | -400,707 | -420,288 | ' |
Allowance for credit losses | -23,868 | -25,641 | ' |
Net investment in sales-type lease receivables | 1,631,496 | 1,766,981 | ' |
Loan Receivables | ' | ' | ' |
Loan receivable | 446,869 | 462,253 | ' |
Allowance for credit losses | -13,081 | -14,453 | ' |
Net investment in loan receivables | 433,788 | 447,800 | ' |
Net investment in finance receivables | 2,065,284 | 2,214,781 | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Balance Beginning | 40,094 | 63,430 | 69,430 |
Amounts charged to expense | 20,054 | 7,451 | 28,054 |
Accounts written off | -23,199 | -30,787 | -34,054 |
Balance Closing | 36,949 | 40,094 | 63,430 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ' |
Less than 31 days past due | 2,231,251 | 2,371,009 | ' |
Greater than 30 days and Less than 61 days | 58,717 | 61,376 | ' |
Greater than 60 days and Less than 91 days | 31,247 | 34,119 | ' |
Greater than 90 days and Less than 121 days | 12,512 | 12,490 | ' |
Greater than 120 days | 26,321 | 26,480 | ' |
Notes, Loans and Financing Receivable, Gross | 2,360,048 | 2,505,474 | ' |
Past Due Amounts 90 Days [Abstract] | ' | ' | ' |
Still accruing interest | 10,392 | 9,992 | ' |
Not accruing interest | 28,441 | 28,978 | ' |
Total | 38,833 | 38,970 | ' |
North America | ' | ' | ' |
Sales-type Lease Receivables | ' | ' | ' |
Net investment in sales-type lease receivables | 1,264,198 | 1,397,366 | ' |
Loan Receivables | ' | ' | ' |
Net investment in loan receivables | 386,650 | 402,638 | ' |
Net investment in finance receivables | 1,650,848 | 1,800,004 | ' |
International | ' | ' | ' |
Sales-type Lease Receivables | ' | ' | ' |
Net investment in sales-type lease receivables | 367,298 | 369,615 | ' |
Loan Receivables | ' | ' | ' |
Net investment in loan receivables | 47,138 | 45,162 | ' |
Net investment in finance receivables | 414,436 | 414,777 | ' |
Sales-type lease receivables | ' | ' | ' |
Finance Leases And Loans Receivables [Line Items] | ' | ' | ' |
Capital Leases, Net Investment in Sales Type Leases, Minimum Payments to be Received | 1,456,420 | 1,581,711 | ' |
Capital Leases, Future Minimum Payments Due, Current | 817,060 | ' | ' |
Capital Leases, Future Minimum Payments, Receivable in Two Years | 543,346 | ' | ' |
Capital Leases, Future Minimum Payments, Receivable in Three Years | 331,732 | ' | ' |
Capital Leases, Future Minimum Payments, Receivable in Four Years | 162,640 | ' | ' |
Capital Leases, Future Minimum Payments, Receivable in Five Years | 50,212 | ' | ' |
Capital Leases, Future Minimum Payments, Receivable Due Thereafter | 8,189 | ' | ' |
Sales-type Lease Receivables | ' | ' | ' |
Gross finance receivables | 1,913,179 | ' | ' |
Sales-type lease receivables | North America | ' | ' | ' |
Finance Leases And Loans Receivables [Line Items] | ' | ' | ' |
Capital Leases, Net Investment in Sales Type Leases, Minimum Payments to be Received | 1,456,420 | 1,581,711 | ' |
Capital Leases, Future Minimum Payments Due, Current | 653,699 | ' | ' |
Capital Leases, Future Minimum Payments, Receivable in Two Years | 407,850 | ' | ' |
Capital Leases, Future Minimum Payments, Receivable in Three Years | 243,598 | ' | ' |
Capital Leases, Future Minimum Payments, Receivable in Four Years | 113,614 | ' | ' |
Capital Leases, Future Minimum Payments, Receivable in Five Years | 31,406 | ' | ' |
Capital Leases, Future Minimum Payments, Receivable Due Thereafter | 6,253 | ' | ' |
Sales-type Lease Receivables | ' | ' | ' |
Gross finance receivables | 1,456,420 | ' | ' |
Unguaranteed residual values | 121,339 | 148,664 | ' |
Unearned income | -299,396 | -316,030 | ' |
Allowance for credit losses | -14,165 | -16,979 | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Balance Beginning | 16,979 | 28,661 | 27,792 |
Amounts charged to expense | 4,584 | 2,276 | 13,726 |
Accounts written off | -7,398 | -13,958 | -12,857 |
Balance Closing | 14,165 | 16,979 | 28,661 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ' |
Less than 31 days past due | 1,383,253 | 1,497,797 | ' |
Greater than 30 days and Less than 61 days | 32,102 | 37,348 | ' |
Greater than 60 days and Less than 91 days | 20,830 | 24,059 | ' |
Greater than 90 days and Less than 121 days | 6,413 | 6,665 | ' |
Greater than 120 days | 13,822 | 15,842 | ' |
Past Due Amounts 90 Days [Abstract] | ' | ' | ' |
Still accruing interest | 6,413 | 6,665 | ' |
Not accruing interest | 13,822 | 15,842 | ' |
Total | 20,235 | 22,507 | ' |
Sales-type lease receivables | International | ' | ' | ' |
Finance Leases And Loans Receivables [Line Items] | ' | ' | ' |
Capital Leases, Net Investment in Sales Type Leases, Minimum Payments to be Received | 456,759 | 461,510 | ' |
Capital Leases, Future Minimum Payments Due, Current | 163,361 | ' | ' |
Capital Leases, Future Minimum Payments, Receivable in Two Years | 135,496 | ' | ' |
Capital Leases, Future Minimum Payments, Receivable in Three Years | 88,134 | ' | ' |
Capital Leases, Future Minimum Payments, Receivable in Four Years | 49,026 | ' | ' |
Capital Leases, Future Minimum Payments, Receivable in Five Years | 18,806 | ' | ' |
Capital Leases, Future Minimum Payments, Receivable Due Thereafter | 1,936 | ' | ' |
Sales-type Lease Receivables | ' | ' | ' |
Gross finance receivables | 456,759 | ' | ' |
Unguaranteed residual values | 21,553 | 21,025 | ' |
Unearned income | -101,311 | -104,258 | ' |
Allowance for credit losses | -9,703 | -8,662 | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Balance Beginning | 8,662 | 12,039 | 13,318 |
Amounts charged to expense | 4,553 | 994 | 5,087 |
Accounts written off | -3,512 | -4,371 | -6,366 |
Balance Closing | 9,703 | 8,662 | 12,039 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ' |
Less than 31 days past due | 425,923 | 435,780 | ' |
Greater than 30 days and Less than 61 days | 11,760 | 9,994 | ' |
Greater than 60 days and Less than 91 days | 5,724 | 5,198 | ' |
Greater than 90 days and Less than 121 days | 3,979 | 3,327 | ' |
Greater than 120 days | 9,373 | 7,211 | ' |
Past Due Amounts 90 Days [Abstract] | ' | ' | ' |
Still accruing interest | 3,979 | 3,327 | ' |
Not accruing interest | 9,373 | 7,211 | ' |
Total | 13,352 | 10,538 | ' |
Loan receivables | ' | ' | ' |
Loan Receivables | ' | ' | ' |
Loan receivable | 397,815 | 414,960 | ' |
Loan receivables | North America | ' | ' | ' |
Loan Receivables | ' | ' | ' |
Loan receivable | 397,815 | 414,960 | ' |
Allowance for credit losses | -11,165 | -12,322 | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Balance Beginning | 12,322 | 20,272 | 26,208 |
Amounts charged to expense | 9,663 | 3,278 | 7,631 |
Accounts written off | -10,820 | -11,228 | -13,567 |
Balance Closing | 11,165 | 12,322 | 20,272 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ' |
Less than 31 days past due | 379,502 | 392,108 | ' |
Greater than 30 days and Less than 61 days | 10,464 | 12,666 | ' |
Greater than 60 days and Less than 91 days | 3,330 | 4,577 | ' |
Greater than 90 days and Less than 121 days | 1,809 | 2,319 | ' |
Greater than 120 days | 2,710 | 3,290 | ' |
Past Due Amounts 90 Days [Abstract] | ' | ' | ' |
Still accruing interest | 0 | 0 | ' |
Not accruing interest | 4,519 | 5,609 | ' |
Total | 4,519 | 5,609 | ' |
Loan receivables | International | ' | ' | ' |
Loan Receivables | ' | ' | ' |
Loan receivable | 49,054 | 47,293 | ' |
Allowance for credit losses | -1,916 | -2,131 | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Balance Beginning | 2,131 | 2,458 | 2,112 |
Amounts charged to expense | 1,254 | 903 | 1,610 |
Accounts written off | -1,469 | -1,230 | -1,264 |
Balance Closing | 1,916 | 2,131 | 2,458 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ' |
Less than 31 days past due | 42,573 | 45,324 | ' |
Greater than 30 days and Less than 61 days | 4,391 | 1,368 | ' |
Greater than 60 days and Less than 91 days | 1,363 | 285 | ' |
Greater than 90 days and Less than 121 days | 311 | 179 | ' |
Greater than 120 days | 416 | 137 | ' |
Past Due Amounts 90 Days [Abstract] | ' | ' | ' |
Still accruing interest | 0 | 0 | ' |
Not accruing interest | 727 | 316 | ' |
Total | 727 | 316 | ' |
Risk Level, Low | ' | ' | ' |
Past Due Amounts 90 Days [Abstract] | ' | ' | ' |
Approximate percentage of portfolio | 30.00% | ' | ' |
Risk Level, Low | Sales-type lease receivables | ' | ' | ' |
Finance Leases And Loans Receivables [Line Items] | ' | ' | ' |
Capital Leases, Net Investment in Sales Type Leases, Minimum Payments to be Received | 1,081,853 | 1,016,413 | ' |
Risk Level, Low | Loan receivables | ' | ' | ' |
Loan Receivables | ' | ' | ' |
Loan receivable | 279,607 | 254,567 | ' |
Risk Level, Medium | ' | ' | ' |
Past Due Amounts 90 Days [Abstract] | ' | ' | ' |
Approximate percentage of portfolio | 40.00% | ' | ' |
Risk Level, Medium | Sales-type lease receivables | ' | ' | ' |
Finance Leases And Loans Receivables [Line Items] | ' | ' | ' |
Capital Leases, Net Investment in Sales Type Leases, Minimum Payments to be Received | 244,379 | 450,432 | ' |
Risk Level, Medium | Loan receivables | ' | ' | ' |
Loan Receivables | ' | ' | ' |
Loan receivable | 95,524 | 136,069 | ' |
Risk Level, High | ' | ' | ' |
Past Due Amounts 90 Days [Abstract] | ' | ' | ' |
Approximate percentage of portfolio | 30.00% | ' | ' |
Risk Level, High | Sales-type lease receivables | ' | ' | ' |
Finance Leases And Loans Receivables [Line Items] | ' | ' | ' |
Capital Leases, Net Investment in Sales Type Leases, Minimum Payments to be Received | 51,851 | 43,658 | ' |
Risk Level, High | Loan receivables | ' | ' | ' |
Loan Receivables | ' | ' | ' |
Loan receivable | 11,511 | 14,624 | ' |
Risk Level, Not Scored | Sales-type lease receivables | ' | ' | ' |
Finance Leases And Loans Receivables [Line Items] | ' | ' | ' |
Capital Leases, Net Investment in Sales Type Leases, Minimum Payments to be Received | 78,337 | 71,208 | ' |
Risk Level, Not Scored | Loan receivables | ' | ' | ' |
Loan Receivables | ' | ' | ' |
Loan receivable | $11,173 | $9,700 | ' |
Fixed_Assets_Details
Fixed Assets (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Asset Impairment Charges | $26,000,000 | ' | ' |
Property Plant and Equipment Gross | ' | ' | ' |
Land | 6,797,000 | 22,064,000 | ' |
Buildings | 176,200,000 | 349,061,000 | ' |
Machinery and equipment | 918,075,000 | 1,299,475,000 | ' |
Property, Plant and Equipment, Gross | 1,101,072,000 | 1,670,600,000 | ' |
Accumulated depreciation | -855,901,000 | -1,285,223,000 | ' |
Property, plant and equipment, net | 245,171,000 | 385,377,000 | ' |
Rental Property And Equipment | ' | ' | ' |
Rental property and equipment | 537,128,000 | 580,243,000 | ' |
Accumulated depreciation | -310,982,000 | -339,051,000 | ' |
Rental property and equipment, net | 226,146,000 | 241,192,000 | ' |
Depreciation expense | $158,000,000 | $177,000,000 | $195,000,000 |
Finance_Assets_Finance_Assets_
Finance Assets Finance Assets 2 (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Rental receivables | $61,721 | $83,254 |
Unguaranteed residual values | 13,235 | 14,177 |
Principal and interest on non-recourse loans | -35,449 | -55,092 |
Unearned income | -5,097 | -7,793 |
Investment in leveraged leases | 34,410 | 34,546 |
Less: Deferred taxes related to leveraged leases | -15,078 | -19,372 |
Net investment in leveraged leases | $19,332 | $15,174 |
Intangible_Assets_and_Goodwill2
Intangible Assets and Goodwill (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Finite lived intangible assets | ' | ' | ' |
Total | $120,387,000 | ' | $120,387,000 |
Amortization expense for intangible assets | 37,000,000 | 41,000,000 | 49,000,000 |
Customer Relationships | ' | ' | ' |
Finite lived intangible assets | ' | ' | ' |
Gross Carrying Amount | 354,373,000 | 407,901,000 | 354,373,000 |
Accumulated Amortization | -251,388,000 | -269,100,000 | -251,388,000 |
Total | 102,985,000 | 138,801,000 | 102,985,000 |
Supplier Relationships | ' | ' | ' |
Finite lived intangible assets | ' | ' | ' |
Gross Carrying Amount | 29,000,000 | 29,000,000 | 29,000,000 |
Accumulated Amortization | -25,013,000 | -22,113,000 | -25,013,000 |
Total | 3,987,000 | 6,887,000 | 3,987,000 |
Software & Technology | ' | ' | ' |
Finite lived intangible assets | ' | ' | ' |
Gross Carrying Amount | 167,009,000 | 169,632,000 | 167,009,000 |
Accumulated Amortization | -155,009,000 | -151,628,000 | -155,009,000 |
Total | 12,000,000 | 18,004,000 | 12,000,000 |
Trademark & trade names | ' | ' | ' |
Finite lived intangible assets | ' | ' | ' |
Gross Carrying Amount | 35,366,000 | 35,078,000 | 35,366,000 |
Accumulated Amortization | -33,985,000 | -32,615,000 | -33,985,000 |
Total | 1,381,000 | 2,463,000 | 1,381,000 |
Non-compete agreements | ' | ' | ' |
Finite lived intangible assets | ' | ' | ' |
Gross Carrying Amount | 7,407,000 | 7,471,000 | 7,407,000 |
Accumulated Amortization | -7,373,000 | -7,412,000 | -7,373,000 |
Total | 34,000 | 59,000 | 34,000 |
Total intangible assets | ' | ' | ' |
Finite lived intangible assets | ' | ' | ' |
Gross Carrying Amount | 593,155,000 | 649,082,000 | 593,155,000 |
Accumulated Amortization | -472,768,000 | -482,868,000 | -472,768,000 |
Total | $120,387,000 | $166,214,000 | $120,387,000 |
Intangible_Assets_and_Goodwill3
Intangible Assets and Goodwill 2 (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Finite lived intangible assets future amortization expense | ' |
2013 | $34,437 |
2014 | 30,439 |
2015 | 23,037 |
2016 | 11,374 |
2017 | 10,547 |
Thereafter | 10,553 |
Total | $120,387 |
Intangible_Assets_and_Goodwill4
Intangible Assets and Goodwill 3 (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | |||||
Impairment of Intangible Assets (Excluding Goodwill) | ' | ' | $26,000,000 | ' | ' | |||||
Goodwill, Gross | ' | 2,284,603,000 | ' | 2,284,603,000 | 2,277,238,000 | |||||
Goodwill, Impairment Loss | 101,415,000 | 18,315,000 | ' | ' | ' | |||||
Goodwill [Roll Forward] | ' | ' | ' | ' | ' | |||||
Goodwill, beginning period | ' | ' | 2,136,138,000 | ' | ' | |||||
Goodwill, Impaired, Accumulated Impairment Loss | ' | -148,465,000 | ' | -148,465,000 | -130,150,000 | |||||
Other | -299,852,000 | [1] | 7,365,000 | [1] | ' | ' | ' | |||
Goodwill, ending period | 1,734,871,000 | 2,136,138,000 | 1,734,871,000 | 2,136,138,000 | 2,147,088,000 | |||||
Discontinued Operations [Member] | ' | ' | ' | ' | ' | |||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | |||||
Impairment of Intangible Assets (Excluding Goodwill) | ' | ' | 15,000,000 | 17,000,000 | 17,000,000 | |||||
Goodwill, Gross | ' | 553,526,000 | ' | 553,526,000 | 552,350,000 | |||||
Goodwill, Impairment Loss | 101,415,000 | 18,315,000 | -101,000,000 | -18,000,000 | -130,150,000 | |||||
Goodwill [Roll Forward] | ' | ' | ' | ' | ' | |||||
Goodwill, beginning period | ' | ' | 405,061,000 | 422,200,000 | ' | |||||
Goodwill, Impaired, Accumulated Impairment Loss | ' | -148,465,000 | ' | -148,465,000 | -130,150,000 | |||||
Other | -303,646,000 | [1] | 1,176,000 | [1] | ' | ' | ' | |||
Goodwill, ending period | 0 | 405,061,000 | 0 | 405,061,000 | 422,200,000 | |||||
Continuing Operations [Member] | ' | ' | ' | ' | ' | |||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | |||||
Goodwill, Gross | ' | 1,731,077,000 | ' | 1,731,077,000 | 1,724,888,000 | |||||
Goodwill, Impairment Loss | 0 | 0 | ' | ' | 0 | |||||
Goodwill [Roll Forward] | ' | ' | ' | ' | ' | |||||
Goodwill, Impaired, Accumulated Impairment Loss | ' | 0 | ' | 0 | ' | |||||
Other | 3,794,000 | [1] | 6,189,000 | [1] | ' | ' | ' | |||
Goodwill, ending period | 1,734,871,000 | 1,731,077,000 | 1,734,871,000 | 1,731,077,000 | 1,724,888,000 | |||||
North America Mailing | ' | ' | ' | ' | ' | |||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | |||||
Goodwill, Gross | ' | 355,874,000 | ' | 355,874,000 | 352,897,000 | |||||
Goodwill, Impairment Loss | 0 | 0 | ' | ' | 0 | |||||
Goodwill [Roll Forward] | ' | ' | ' | ' | ' | |||||
Goodwill, Impaired, Accumulated Impairment Loss | ' | 0 | ' | 0 | ' | |||||
Other | 4,054,000 | [1] | 2,977,000 | [1] | ' | ' | ' | |||
Goodwill, ending period | 359,928,000 | 355,874,000 | 359,928,000 | 355,874,000 | 352,897,000 | |||||
International Mailing | ' | ' | ' | ' | ' | |||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | |||||
Goodwill, Gross | ' | 182,746,000 | ' | 182,746,000 | 187,904,000 | |||||
Goodwill, Impairment Loss | 0 | 0 | ' | ' | 0 | |||||
Goodwill [Roll Forward] | ' | ' | ' | ' | ' | |||||
Goodwill, Impaired, Accumulated Impairment Loss | ' | 0 | ' | 0 | ' | |||||
Other | -485,000 | [1] | -5,158,000 | [1] | ' | ' | ' | |||
Goodwill, ending period | 182,261,000 | 182,746,000 | 182,261,000 | 182,746,000 | 187,904,000 | |||||
Small & Medium Business Solutions | ' | ' | ' | ' | ' | |||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | |||||
Goodwill, Gross | ' | 538,620,000 | ' | 538,620,000 | 540,801,000 | |||||
Goodwill, Impairment Loss | 0 | 0 | ' | ' | 0 | |||||
Goodwill [Roll Forward] | ' | ' | ' | ' | ' | |||||
Goodwill, Impaired, Accumulated Impairment Loss | ' | 0 | ' | 0 | ' | |||||
Other | 3,569,000 | [1] | -2,181,000 | [1] | ' | ' | ' | |||
Goodwill, ending period | 542,189,000 | 538,620,000 | 542,189,000 | 538,620,000 | 540,801,000 | |||||
Production Mail | ' | ' | ' | ' | ' | |||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | |||||
Goodwill, Gross | ' | 120,881,000 | ' | 120,881,000 | 117,351,000 | |||||
Goodwill, Impairment Loss | 0 | 0 | ' | ' | 0 | |||||
Goodwill [Roll Forward] | ' | ' | ' | ' | ' | |||||
Goodwill, Impaired, Accumulated Impairment Loss | ' | 0 | ' | 0 | ' | |||||
Other | -2,821,000 | [1] | 3,530,000 | [1] | ' | ' | ' | |||
Goodwill, ending period | 118,060,000 | 120,881,000 | 118,060,000 | 120,881,000 | 117,351,000 | |||||
Presort Services | ' | ' | ' | ' | ' | |||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | |||||
Goodwill, Gross | ' | 195,140,000 | [2] | ' | 195,140,000 | [2] | 195,140,000 | [2] | ||
Goodwill, Impairment Loss | 0 | [2] | 0 | [2] | ' | ' | 0 | [2] | ||
Goodwill [Roll Forward] | ' | ' | ' | ' | ' | |||||
Goodwill, Impaired, Accumulated Impairment Loss | ' | 0 | [2] | ' | 0 | [2] | ' | |||
Other | 0 | [1],[2] | 0 | [1],[2] | ' | ' | ' | |||
Goodwill, ending period | 195,140,000 | [2] | 195,140,000 | [2] | 195,140,000 | [2] | 195,140,000 | [2] | 195,140,000 | [2] |
Enterprise Business Solutions | ' | ' | ' | ' | ' | |||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | |||||
Goodwill, Gross | ' | 316,021,000 | ' | 316,021,000 | 312,491,000 | |||||
Goodwill, Impairment Loss | 0 | 0 | ' | ' | 0 | |||||
Goodwill [Roll Forward] | ' | ' | ' | ' | ' | |||||
Goodwill, Impaired, Accumulated Impairment Loss | ' | 0 | ' | 0 | ' | |||||
Other | -2,821,000 | [1] | 3,530,000 | ' | ' | ' | ||||
Goodwill, ending period | 313,200,000 | 316,021,000 | 313,200,000 | 316,021,000 | 312,491,000 | |||||
Digital Commerce Solutions [Member] | ' | ' | ' | ' | ' | |||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | |||||
Goodwill, Gross | ' | 876,436,000 | ' | 876,436,000 | 871,596,000 | |||||
Goodwill, Impairment Loss | 0 | 0 | ' | ' | 0 | [2] | ||||
Goodwill [Roll Forward] | ' | ' | ' | ' | ' | |||||
Goodwill, Impaired, Accumulated Impairment Loss | ' | 0 | ' | 0 | ' | |||||
Other | 3,046,000 | [1] | 4,840,000 | [1] | ' | ' | ' | |||
Goodwill, ending period | $879,482,000 | $876,436,000 | $879,482,000 | $876,436,000 | $871,596,000 | |||||
[1] | Primarily represents foreign currency translation adjustments for the period. | |||||||||
[2] | (1)Primarily represents foreign currency translation adjustments for the period. For discontinued operations in 2013, the adjustment primarily represents the write-off of remaining goodwill upon the sale of the Management Services business. |
Accounts_Payable_and_Accrued_L2
Accounts Payable and Accrued Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts Payable and Accrued Liabilities [Abstract] | ' | ' |
Accounts payable | $270,067 | $362,938 |
Customer deposits | 672,440 | 698,770 |
Employee related liabilities | 332,072 | 356,188 |
Miscellaneous other | 370,003 | 391,330 |
Accounts payable and accrued liabilities | $1,644,582 | $1,809,226 |
Debt_Details
Debt (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Debt Instrument [Line Items] | ' | ' | ' | ||
Other Nonrecurring (Income) Expense | $32,639,000 | $1,138,000 | ($19,918,000) | ||
Document Period End Date | 31-Dec-13 | 31-Dec-12 | ' | ||
Document Fiscal Year Focus | '2013 | '2012 | '2011 | ||
Debt Instrument, Unamortized Discount (Premium), Net | 35,502,000 | [1] | 52,375,000 | [1] | ' |
Total Debt | 3,346,295,000 | 4,017,375,000 | ' | ||
Debt, Current | 0 | 375,000,000 | ' | ||
Long-term Debt, Current Maturities | 3,346,295,000 | 3,642,375,000 | ' | ||
Derivative, Notional Amount | 450,000,000 | ' | ' | ||
Maturities of Long-term Debt [Abstract] | ' | ' | ' | ||
2013 | 0 | ' | ' | ||
2014 | 324,879,000 | ' | ' | ||
2015 | 550,914,000 | ' | ' | ||
2016 | 500,000,000 | ' | ' | ||
2017 | 600,000,000 | ' | ' | ||
Thereafter | 1,335,000,000 | ' | ' | ||
Total | 3,310,793,000 | ' | ' | ||
Line of Credit Facility, Remaining Borrowing Capacity | 1,000,000,000 | ' | ' | ||
Term loans | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Debt Instrument, Face Amount | 230,000,000 | 230,000,000 | ' | ||
Notes due 2013 | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.88% | ' | ' | ||
Debt Instrument, Face Amount | 0 | 375,000,000 | ' | ||
Notes due 2014 | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.88% | ' | ' | ||
Debt Instrument, Face Amount | 0 | [2] | 450,000,000 | [2] | ' |
Notes due 2015 | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ' | ' | ||
Debt Instrument, Face Amount | 274,879,000 | 400,000,000 | ' | ||
Notes due 2016 | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | ' | ' | ||
Debt Instrument, Face Amount | 370,914,000 | 500,000,000 | ' | ||
Notes due 2017 | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | ' | ' | ||
Debt Instrument, Face Amount | 500,000,000 | 500,000,000 | ' | ||
Notes due 2019 | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | ' | ' | ||
Debt Instrument, Face Amount | 300,000,000 | 300,000,000 | ' | ||
Notes due 2022 | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | ' | ' | ||
Debt Instrument, Face Amount | 110,000,000 | [3] | 110,000,000 | [3] | ' |
Notes due 2037 | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | ' | ' | ||
Debt Instrument, Face Amount | 500,000,000 | [4] | 500,000,000 | [4] | ' |
Debt Due 2043 [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.70% | ' | ' | ||
Debt Instrument, Face Amount | 425,000,000 | [4] | 0 | [4] | ' |
Prime Rate | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ' | ' | ||
Prime Rate | Notes due 2018 | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | ' | ' | ||
Debt Instrument, Face Amount | 350,000,000 | 350,000,000 | ' | ||
LIBOR | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ' | ' | ||
LIBOR | Notes due 2018 | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.60% | ' | ' | ||
Debt Instrument, Face Amount | $250,000,000 | $250,000,000 | ' | ||
[1] | During the first quarter of 2013, we issued $425 million of 6.7% fixed rate notes. Interest is payable quarterly. The notes mature in 2043, but may be redeemed, at our option, in whole or in part, at any time on or after March 7, 2018 at par plus accrued and unpaid interest. We used the net proceeds from the notes to fund the Tender Offer. | ||||
[2] | During the first quarter 2013, we completed a cash tender offer (the Tender Offer) for a portion of our 4.875% Notes due 2014 (2014 Notes), our 5.0% Notes due 2015, and our 4.75% Notes due 2016 (the Subject Notes). Holders who validly tendered their notes received the principal amount of the notes tendered, all accrued and unpaid interest and a premium amount. An aggregate $405 million of the Subject Notes were tendered. Subsequently, in the fourth quarter of 2013, we redeemed the remaining outstanding 2014 Notes that were scheduled to mature August 2014 through the exercise of a make-whole provision. In connection with the Tender Offer and the early redemption of the 2014 Notes, we recognized an aggregate net loss of $33 million.At December 31, 2012, we had interest rate swap agreements with an aggregate notional value of $450 million that effectively converted the fixed rate interest payments on the 2014 Notes into variable interest rates. In connection with the Tender Offer, we unwound a portion of these interest rate swap agreements, and in connection with redemption of the remaining outstanding notes in the fourth quarter of 2013, we unwound the remaining interest rate swap agreements. At December 31, 2013, we had no interest rate swaps outstanding. | ||||
[3] | These notes may be redeemed, at our option, in whole or in part, at any time on or after November 27, 2015 at par plus accrued interest. | ||||
[4] | These notes may be redeemed by bondholders, in whole or in part, at par plus accrued interest, in January 2017. |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $144,000,000 | ' | ' | ' | $123,000,000 | ' | ' | ' | $144,000,000 | $123,000,000 | $160,000,000 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 0.2 | ' | ' | ' | ' | ' | ' | ' | 0.2 | ' | ' |
Tax Benefit From An Affiliate Reorganization | ' | ' | ' | ' | ' | ' | ' | ' | 13,000,000 | ' | ' |
Income Tax Reconciliation Tax Planning Initiatives | ' | ' | ' | ' | ' | ' | ' | ' | 17,000,000 | ' | ' |
Extinguishment of Debt, Amount | ' | ' | ' | ' | ' | ' | ' | ' | 405,000,000 | ' | ' |
U.S. | ' | ' | ' | ' | ' | ' | ' | ' | 288,660,000 | 387,987,000 | 384,602,000 |
International | ' | ' | ' | ' | ' | ' | ' | ' | 114,517,000 | 146,325,000 | 106,884,000 |
Income from continuing operations before income taxes | 111,750,000 | 92,641,000 | 113,249,000 | 85,537,000 | 125,853,000 | 123,130,000 | 142,245,000 | 143,084,000 | 403,177,000 | 534,312,000 | 491,486,000 |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
U.S. Federal: Current | ' | ' | ' | ' | ' | ' | ' | ' | 78,315,000 | 151,984,000 | -93,791,000 |
U.S. Federal: Deferred | ' | ' | ' | ' | ' | ' | ' | ' | -19,754,000 | 16,136,000 | 135,305,000 |
U.S. Federal: Total | ' | ' | ' | ' | ' | ' | ' | ' | 58,561,000 | 168,120,000 | 41,514,000 |
U.S. State and Local: Current | ' | ' | ' | ' | ' | ' | ' | ' | 5,359,000 | -2,604,000 | 27,385,000 |
U.S. State and Local: Deferred | ' | ' | ' | ' | ' | ' | ' | ' | -8,026,000 | -26,273,000 | -15,546,000 |
U.S. State and Local: Total | ' | ' | ' | ' | ' | ' | ' | ' | -2,667,000 | -28,877,000 | 11,839,000 |
International: Current | ' | ' | ' | ' | ' | ' | ' | ' | 33,165,000 | 63,871,000 | 67,566,000 |
International: Deferred | ' | ' | ' | ' | ' | ' | ' | ' | -5,990,000 | -82,862,000 | -85,401,000 |
International: Total | ' | ' | ' | ' | ' | ' | ' | ' | 27,175,000 | -18,991,000 | -17,835,000 |
Total current | ' | ' | ' | ' | ' | ' | ' | ' | 116,839,000 | 213,251,000 | 1,160,000 |
Total deferred | ' | ' | ' | ' | ' | ' | ' | ' | -33,770,000 | -92,999,000 | 34,358,000 |
Total provision for income taxes | 27,539,000 | 11,370,000 | 25,391,000 | 18,769,000 | 35,144,000 | 30,590,000 | 45,705,000 | 8,813,000 | 83,069,000 | 120,252,000 | 35,518,000 |
Effective tax rate | ' | ' | ' | ' | ' | ' | ' | ' | 20.60% | 22.51% | 7.23% |
Tax benefit related to foreign tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,000,000 | 90,000,000 |
Tax Accrual For Repatriation Of Foreign Earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43,000,000 | ' |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal statutory provision | ' | ' | ' | ' | ' | ' | ' | ' | 141,118,000 | 187,009,000 | 172,020,000 |
State and local income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -1,733,000 | -2,071,000 | 12,079,000 |
Income Tax Reconciliation, Non US Leveraged Lease Asset Sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -30,367,000 | -31,423,000 |
Tax Benefit From Sale Of Non U S Leverage Lease | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,000,000 | 34,000,000 |
Impact of foreign operations | ' | ' | ' | ' | ' | ' | ' | ' | -29,865,000 | 21,100,000 | -13,337,000 |
Tax exempt income/reimbursement | ' | ' | ' | ' | ' | ' | ' | ' | -1,672,000 | -1,992,000 | -2,674,000 |
Federal income tax credits/incentives | ' | ' | ' | ' | ' | ' | ' | ' | -10,282,000 | -8,918,000 | -10,741,000 |
Unrealized stock compensation benefits | ' | ' | ' | ' | ' | ' | ' | ' | 2,292,000 | 3,456,000 | 3,538,000 |
Income Tax Reconciliation Settlement With Taxing Authorities | ' | ' | ' | ' | ' | ' | ' | ' | -3,853,000 | -47,380,000 | -94,225,000 |
Outside basis differences | -13,214,000 | ' | ' | ' | 0 | ' | ' | ' | -13,214,000 | 0 | 0 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' |
Provision for income taxes | 27,539,000 | 11,370,000 | 25,391,000 | 18,769,000 | 35,144,000 | 30,590,000 | 45,705,000 | 8,813,000 | 83,069,000 | 120,252,000 | 35,518,000 |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' |
Deferred Tax Liabilities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax liabilities: Depreciation | -54,023,000 | ' | ' | ' | -65,205,000 | ' | ' | ' | -54,023,000 | -65,205,000 | ' |
Deferred tax liabilities: Deferred profit (for tax purposes) on sale to finance subsidiary | -142,114,000 | ' | ' | ' | -157,279,000 | ' | ' | ' | -142,114,000 | -157,279,000 | ' |
Deferred tax liabilities: Lease revenue and related depreciation | -249,998,000 | ' | ' | ' | -306,612,000 | ' | ' | ' | -249,998,000 | -306,612,000 | ' |
Deferred tax liabilities: Amortizable intangibles | -79,852,000 | ' | ' | ' | -104,156,000 | ' | ' | ' | -79,852,000 | -104,156,000 | ' |
Deferred tax liabilities: Other | -73,077,000 | ' | ' | ' | -35,157,000 | ' | ' | ' | -73,077,000 | -35,157,000 | ' |
Deferred tax liabilities | -599,064,000 | ' | ' | ' | -668,409,000 | ' | ' | ' | -599,064,000 | -668,409,000 | ' |
Deferred Tax Assets, Net [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax assets: Nonpension postretirement benefits | 99,628,000 | ' | ' | ' | 119,002,000 | ' | ' | ' | 99,628,000 | 119,002,000 | ' |
Deferred tax assets: Pension | 43,301,000 | ' | ' | ' | 117,509,000 | ' | ' | ' | 43,301,000 | 117,509,000 | ' |
Deferred tax assets: Inventory and equipment capitalization | 22,824,000 | ' | ' | ' | 26,778,000 | ' | ' | ' | 22,824,000 | 26,778,000 | ' |
Deferred tax assets: Restructuring charges | 26,837,000 | ' | ' | ' | 20,793,000 | ' | ' | ' | 26,837,000 | 20,793,000 | ' |
Deferred tax assets: Long-term incentives | 28,880,000 | ' | ' | ' | 35,056,000 | ' | ' | ' | 28,880,000 | 35,056,000 | ' |
Deferred tax assets: Net operating loss and tax dredit carry forwards | 143,839,000 | ' | ' | ' | 152,617,000 | ' | ' | ' | 143,839,000 | 152,617,000 | ' |
Deferred Tax Assets, Tax Credit Carryforwards | 48,617,000 | ' | ' | ' | 41,518,000 | ' | ' | ' | 48,617,000 | 41,518,000 | ' |
Deferred tax assets: Tax uncertainties gross-up | 35,298,000 | ' | ' | ' | 28,492,000 | ' | ' | ' | 35,298,000 | 28,492,000 | ' |
Deferred tax assets: Other | 147,709,000 | ' | ' | ' | 89,406,000 | ' | ' | ' | 147,709,000 | 89,406,000 | ' |
Deferred tax assets: Valuation allowance | -122,780,000 | ' | ' | ' | -142,176,000 | ' | ' | ' | -122,780,000 | -142,176,000 | ' |
Deferred tax assets | 474,153,000 | ' | ' | ' | 488,995,000 | ' | ' | ' | 474,153,000 | 488,995,000 | ' |
Total deferred taxes, net | -124,911,000 | ' | ' | ' | -179,414,000 | ' | ' | ' | -124,911,000 | -179,414,000 | ' |
Operating Loss Carryforwards | 292,000,000 | ' | ' | ' | ' | ' | ' | ' | 292,000,000 | ' | ' |
Operating Loss Carryforwards Not Subject to Expiration | 260,000,000 | ' | ' | ' | ' | ' | ' | ' | 260,000,000 | ' | ' |
Tax Credit Carryforward, Expiration Date | ' | ' | ' | ' | ' | ' | ' | ' | 1-Jan-15 | ' | ' |
Cumulative Undistributed Earnings of Foreign Subsidiaries | 700,000,000 | ' | ' | ' | ' | ' | ' | ' | 700,000,000 | ' | ' |
Withholding Taxes On Undistributed Earnings of Foreign Subsidiaries | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of year | ' | ' | ' | 146,905,000 | ' | ' | ' | 198,635,000 | 146,905,000 | 198,635,000 | 531,790,000 |
Increases from prior period positions | ' | ' | ' | ' | ' | ' | ' | ' | 15,777,000 | 11,811,000 | 67,065,000 |
Decreases from prior period positions | ' | ' | ' | ' | ' | ' | ' | ' | -6,908,000 | -17,985,000 | -140,107,000 |
Increases from current period positions | ' | ' | ' | ' | ' | ' | ' | ' | 23,549,000 | 28,255,000 | 28,686,000 |
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities | ' | ' | ' | ' | ' | ' | ' | ' | -482,000 | -1,948,000 | -18,204,000 |
Reductions from lapse of applicable statute of limitations | ' | ' | ' | ' | ' | ' | ' | ' | -10,440,000 | -71,863,000 | -270,595,000 |
Balance at end of year | 168,401,000 | ' | ' | ' | 146,905,000 | ' | ' | ' | 168,401,000 | 146,905,000 | 198,635,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 27,000,000 | -28,000,000 | -83,000,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 37,000,000 | ' | ' | ' | 11,000,000 | ' | ' | ' | 37,000,000 | 11,000,000 | ' |
Loss Contingency, Range of Possible Loss, Portion Not Accrued | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | ' | ' | ' | ' | ' | ' | ' | ' | $278,000 | ($585,000) | $281,000 |
Noncontrolling_Interests_Prefe1
Noncontrolling Interests (Preferred Stockholders' Equity in Subsidiaries) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Noncontrolling Interest [Line Items] | ' | ' |
Preferred Stock, Value, Issued | $4 | $4 |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 25.00% | ' |
Noncontrolling Interest, Ownership Percentage by Parent | 75.00% | ' |
Preferred Stock, Dividend Rate, Percentage | 4.00% | 4.00% |
Redeemable Preferred Stock Member | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Shares, Outstanding | 300,000 | ' |
Preferred Stock, Value, Issued | $300,000 | ' |
Preferred Stock, Dividend Rate, Percentage | 6.13% | ' |
Preferred stock-perpetual voting, dividend increase percentage each interval once shares become callable | 50.00% | ' |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | ' |
Accumulated other comprehensive loss | ($574,556) | ($681,213) | ($661,645) | ($473,806) |
Shareholder's Deficit Paragrah [Abstract] | ' | ' | ' | ' |
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $2 | ' | ' | ' |
Preferred Stock, Shares Issued upon Conversion | 0 | ' | ' | ' |
Preferred Stock, Redemption Price Per Share | $50 | ' | ' | ' |
Preferred Stock, Shares Authorized | 600,000 | ' | ' | ' |
Document Period End Date | 31-Dec-13 | 31-Dec-12 | ' | ' |
Document Fiscal Year Focus | '2013 | '2012 | '2011 | ' |
Preference Stock, Dividend Rate, Per-Dollar-Amount | $2.12 | $2.12 | ' | ' |
Preference Stock, Shares Issued upon Conversion | 0 | ' | ' | ' |
Preference Stock Shares Authorized | 5,000,000 | ' | ' | ' |
Preference Stock, Redemption Price Per Share | $28 | ' | ' | ' |
Common Stock, Shares Authorized | 480,000,000 | 480,000,000 | ' | ' |
Common Stock, Shares, Issued | 323,337,912 | 323,337,912 | ' | ' |
Common Stock, Capital Shares Reserved for Issuance Under Dividend Reinvestment And Other Plans | 39,810,385 | ' | ' | ' |
Preferred Stock | ' | ' | ' | ' |
Shareholder's Deficit Paragrah [Abstract] | ' | ' | ' | ' |
Shares, Outstanding | 74 | 85 | ' | ' |
Preference Stock | ' | ' | ' | ' |
Shareholder's Deficit Paragrah [Abstract] | ' | ' | ' | ' |
Shares, Outstanding | 21,838 | 23,928 | ' | ' |
Common Stock | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Common Stock, Shares, Outstanding | 202,082,522 | 200,884,047 | 199,751,070 | 203,431,002 |
Repurchase of common stock | ' | ' | -4,692,200 | ' |
Issuance of common stock | 1,163,668 | 1,118,089 | 963,448 | ' |
Conversions to common stock | 34,807 | 14,888 | 48,820 | ' |
Shareholder's Deficit Paragrah [Abstract] | ' | ' | ' | ' |
Common Stock, Shares, Issued | 323,337,912 | ' | ' | ' |
Treasury Stock | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Common Stock, Shares, Outstanding | 121,255,390 | 122,453,865 | 123,586,842 | 119,906,910 |
Repurchase of common stock | ' | ' | 4,692,200 | ' |
Issuance of common stock | -1,163,668 | -1,118,089 | -963,448 | ' |
Conversions to common stock | -34,807 | -14,888 | -48,820 | ' |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Document Period End Date | 31-Dec-13 | 31-Dec-12 | ' |
Document Fiscal Year Focus | '2013 | '2012 | '2011 |
Stock Granted, Value, Share-based Compensation, Gross | $1,000,000 | $1,000,000 | $5,000,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '3 years 11 months | ' | ' |
Common Stock, Shares, Issued | 323,337,912 | 323,337,912 | ' |
Pre-tax stock-based compensation | 14,921,000 | 18,227,000 | 18,948,000 |
Income Tax | -5,759,000 | -6,061,000 | -6,170,000 |
Stock-based compensation expense, net of tax | 9,162,000 | 12,166,000 | 12,778,000 |
Unrecognized compensation costs [Abstract] | ' | ' | ' |
Shares Available for future grants | 19,180,600 | ' | ' |
Summary information about restricted stock unit transactions [Roll Forward] | ' | ' | ' |
Unrecognized Compensation Cost | 1,000,000 | ' | ' |
Weighted Average Period | '1 year 1 month | ' | ' |
Intrinsic Value of restricted stock outstanding | 45,000,000 | ' | ' |
Intrinisic value of restricted stock vested | 15,000,000 | 11,000,000 | 13,000,000 |
Stock Options Transactions Weighted Average Price per Share [Roll Forward] | ' | ' | ' |
Closing Balance | $34.90 | ' | ' |
Options exercisable at the end of the year | $36.84 | ' | ' |
Stock Options Transactions Shares [Roll Forward] | ' | ' | ' |
Closing Balance | 12,396,894 | ' | ' |
Options exercisable at the end of the year | 10,864,753 | ' | ' |
Options Outstanding number of shares | 12,396,894 | ' | ' |
Options Oustanding Per Share Weighted Average Exercise Price | $34.90 | ' | ' |
Options exercisable number of shares | 10,864,753 | ' | ' |
Options exercisable Per share Weighted Average Exercise Price | $36.84 | ' | ' |
Weighted average remaining contractual life of the options exercisable | '3 years 4 months | ' | ' |
The fair value of stock options granted and related assumptions [Abstract] | ' | ' | ' |
Expected dividend yield | 6.70% | ' | ' |
Expected stock price volatility | 29.70% | ' | ' |
Employee Stock Ownership Plan Esop Disclosures [Abstract] | ' | ' | ' |
Granted Rights to purchase shares | 222,159 | 291,859 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 18,000,000 | 13,000,000 | 15,000,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Market Stock Units, Outstanding, Intrinsic Value | 4,000,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 7,000,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 3,000,000 | ' | ' |
Directors Plan [Member] | ' | ' | ' |
Summary information about restricted stock unit transactions [Roll Forward] | ' | ' | ' |
Annual grant of restricted common stock to non employee directors | 19,800 | 26,653 | ' |
US ESPP | ' | ' | ' |
Employee Stock Ownership Plan Esop Disclosures [Abstract] | ' | ' | ' |
Employee Stock Purchase Plan Discounted Offering Price Of Commons Stock | 95.00% | ' | ' |
Grant Rights to purchase maximum number of common stock | 4,594,776 | ' | ' |
Range Of Per Share $13.39 To $22.99 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '7 years 7 months | ' | ' |
Stock Options Transactions Weighted Average Price per Share [Roll Forward] | ' | ' | ' |
Closing Balance | $20.32 | ' | ' |
Options exercisable at the end of the year | $21.42 | ' | ' |
Stock Options Transactions Shares [Roll Forward] | ' | ' | ' |
Closing Balance | 2,401,807 | ' | ' |
Options exercisable at the end of the year | 1,411,807 | ' | ' |
Options Outstanding number of shares | 2,401,807 | ' | ' |
Options Oustanding Per Share Weighted Average Exercise Price | $20.32 | ' | ' |
Options exercisable number of shares | 1,411,807 | ' | ' |
Options exercisable Per share Weighted Average Exercise Price | $21.42 | ' | ' |
Weighted average remaining contractual life of the options exercisable | '6 years 7 months | ' | ' |
Range Of Per Share $23.00 To $30.99 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '6 years 4 months | ' | ' |
Stock Options Transactions Weighted Average Price per Share [Roll Forward] | ' | ' | ' |
Closing Balance | $25.32 | ' | ' |
Options exercisable at the end of the year | $25.28 | ' | ' |
Stock Options Transactions Shares [Roll Forward] | ' | ' | ' |
Closing Balance | 2,462,402 | ' | ' |
Options exercisable at the end of the year | 1,920,261 | ' | ' |
Options Outstanding number of shares | 2,462,402 | ' | ' |
Options Oustanding Per Share Weighted Average Exercise Price | $25.32 | ' | ' |
Options exercisable number of shares | 1,920,261 | ' | ' |
Options exercisable Per share Weighted Average Exercise Price | $25.28 | ' | ' |
Weighted average remaining contractual life of the options exercisable | '5 years 11 months | ' | ' |
Range Of Per Share $31.00 To $38.99 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '4 years 1 month | ' | ' |
Stock Options Transactions Weighted Average Price per Share [Roll Forward] | ' | ' | ' |
Closing Balance | $36.86 | ' | ' |
Options exercisable at the end of the year | $36.86 | ' | ' |
Stock Options Transactions Shares [Roll Forward] | ' | ' | ' |
Closing Balance | 1,535,814 | ' | ' |
Options exercisable at the end of the year | 1,535,814 | ' | ' |
Options Outstanding number of shares | 1,535,814 | ' | ' |
Options Oustanding Per Share Weighted Average Exercise Price | $36.86 | ' | ' |
Options exercisable number of shares | 1,535,814 | ' | ' |
Options exercisable Per share Weighted Average Exercise Price | $36.86 | ' | ' |
Weighted average remaining contractual life of the options exercisable | '4 years 1 month | ' | ' |
Range Of Per Share $39.00 To $48.03 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '1 year 5 months | ' | ' |
Stock Options Transactions Weighted Average Price per Share [Roll Forward] | ' | ' | ' |
Closing Balance | $44.16 | ' | ' |
Options exercisable at the end of the year | $44.16 | ' | ' |
Stock Options Transactions Shares [Roll Forward] | ' | ' | ' |
Closing Balance | 5,996,871 | ' | ' |
Options exercisable at the end of the year | 5,996,871 | ' | ' |
Options Outstanding number of shares | 5,996,871 | ' | ' |
Options Oustanding Per Share Weighted Average Exercise Price | $44.16 | ' | ' |
Options exercisable number of shares | 5,996,871 | ' | ' |
Options exercisable Per share Weighted Average Exercise Price | $44.16 | ' | ' |
Weighted average remaining contractual life of the options exercisable | '1 year 5 months | ' | ' |
Cost of equipment sales | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Pre-tax stock-based compensation | 886,000 | 1,212,000 | 1,292,000 |
Cost of support services | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Pre-tax stock-based compensation | 382,000 | 522,000 | 557,000 |
Cost of business services | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Pre-tax stock-based compensation | 527,000 | 721,000 | 770,000 |
Selling, general and administrative | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Pre-tax stock-based compensation | 11,099,000 | 15,176,000 | 15,689,000 |
Research and development expense | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Pre-tax stock-based compensation | 435,000 | 596,000 | 640,000 |
Preference Stock | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares, Outstanding | 21,838 | 23,928 | ' |
Preferred Stock | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares, Outstanding | 74 | 85 | ' |
Common Stock | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Common Stock, Shares, Issued | 323,337,912 | ' | ' |
Market Stock Units [Member] | ' | ' | ' |
Summary information about restricted stock unit transactions [Roll Forward] | ' | ' | ' |
Restricted stock units outstanding beginning | 198,145 | 0 | ' |
Annual grant of restricted common stock to non employee directors | 0 | 205,013 | ' |
Forfeited | 9,718 | 6,868 | ' |
Restricted stock units outstanding ending | 188,427 | 198,145 | ' |
Summary information about restricted stock unit weighted average grant date fair value [Roll Forward] | ' | ' | ' |
Restricted stock units weighted average grant date fair value - Beginning | $17.91 | $0 | ' |
Granted weighted average grant date fair value | $0 | $17.91 | ' |
Forfeited weighted average grant date fair value | $17.91 | $17.91 | ' |
Restricted stock units weighted average grant date fair value - Ending | $17.91 | $17.91 | ' |
The fair value of stock options granted and related assumptions [Abstract] | ' | ' | ' |
Risk-free interest rate | 0.40% | ' | ' |
Restricted Stock [Member] | ' | ' | ' |
Summary information about restricted stock unit transactions [Roll Forward] | ' | ' | ' |
Restricted stock units outstanding beginning | 1,909,160 | 1,629,055 | ' |
Annual grant of restricted common stock to non employee directors | 1,365,798 | 999,381 | ' |
Vested | 1,049,572 | 598,543 | ' |
Forfeited | 284,074 | 120,733 | ' |
Restricted stock units outstanding ending | 1,941,312 | 1,909,160 | ' |
Unrecognized Compensation Cost | 12,000,000 | ' | ' |
Weighted Average Period | '2 years 2 months | ' | ' |
Summary information about restricted stock unit weighted average grant date fair value [Roll Forward] | ' | ' | ' |
Restricted stock units weighted average grant date fair value - Beginning | $17.68 | $22.33 | ' |
Granted weighted average grant date fair value | $10.37 | $14.72 | ' |
Vested weighted average grant date fair value | $17.52 | $22.27 | ' |
Forfeited weighted average grant date fair value | $13.33 | $18.75 | ' |
Restricted stock units weighted average grant date fair value - Ending | $13.19 | $17.68 | ' |
Stock Compensation Plan [Member] | ' | ' | ' |
Summary information about restricted stock unit transactions [Roll Forward] | ' | ' | ' |
Unrecognized Compensation Cost | 1,000,000 | ' | ' |
Weighted Average Period | '2 years 9 months 18 days | ' | ' |
Stock Options Transactions Weighted Average Price per Share [Roll Forward] | ' | ' | ' |
Opening Balance | $35.28 | $36.42 | ' |
Granted | $21.93 | $15.71 | ' |
Exercised | $22.09 | $0 | ' |
Canceled | $32.93 | $36.15 | ' |
Forfeited | $32.39 | $40.20 | ' |
Closing Balance | $34.90 | $35.28 | $36.42 |
Options exercisable at the end of the year | $36.84 | $37.44 | ' |
Stock Options Transactions Shares [Roll Forward] | ' | ' | ' |
Opening Balance | 13,653,245 | 14,471,464 | ' |
Granted | 800,000 | 600,000 | ' |
Exercised | 35,000 | 0 | ' |
Canceled | 628,731 | 525,361 | ' |
Forfeited | 1,392,159 | 892,858 | ' |
Closing Balance | 12,396,894 | 13,653,245 | 14,471,464 |
Options exercisable at the end of the year | 10,864,753 | 11,762,341 | ' |
Options Outstanding number of shares | 12,396,894 | 13,653,245 | 14,471,464 |
Options Oustanding Per Share Weighted Average Exercise Price | $34.90 | $35.28 | $36.42 |
Options exercisable number of shares | 10,864,753 | 11,762,341 | ' |
Options exercisable Per share Weighted Average Exercise Price | $36.84 | $37.44 | ' |
The fair value of stock options granted and related assumptions [Abstract] | ' | ' | ' |
Expected dividend yield | 7.68% | 9.32% | 6.10% |
Expected stock price volatility | 29.49% | 30.03% | 26.10% |
Risk-free interest rate | 1.83% | 1.21% | 3.30% |
Expected life | '7 years 11 months | '7 years 11 months | '7 years 5 months |
Weighted-average fair value per option granted | $0.88 | $0.48 | $3.45 |
Discontinued Operations [Member] | Research and development expense | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Pre-tax stock-based compensation | $1,592,000 | $0 | $0 |
Fair_Value_Measurements_and_De2
Fair Value Measurements and Derivative Instruments (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | $1,000,000 | $1,000,000 | ' |
Document Period End Date | 31-Dec-13 | 31-Dec-12 | ' |
Additional Collateral, Aggregate Fair Value | 2,000,000 | ' | ' |
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net | ' | 2,000,000 | ' |
Document Fiscal Year Focus | '2013 | '2012 | '2011 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | -1,000,000 | 1,000,000 | ' |
Level 1 | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Money market funds / commercial paper | 403,706,000 | 581,648,000 | ' |
Equity securities | 0 | 0 | ' |
Commingled fixed income securities | 0 | 0 | ' |
Debt securities - U.S. and foreign governments, agencies and municipalities | 122,783,000 | 124,221,000 | ' |
Debt securities - corporate | 0 | 0 | ' |
Mortgage-back / asset-back securities | 0 | 0 | ' |
Interest rate swaps | ' | 0 | ' |
Foreign exchange contracts | 0 | 0 | ' |
Total assets | 526,489,000 | 705,869,000 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 0 | ' | ' |
Foreign exchange contracts | 0 | 0 | ' |
Total liabilities | 0 | 0 | ' |
Level 2 | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Money market funds / commercial paper | 224,440,000 | 34,369,000 | ' |
Equity securities | 26,536,000 | 25,106,000 | ' |
Commingled fixed income securities | 24,695,000 | 29,359,000 | ' |
Debt securities - U.S. and foreign governments, agencies and municipalities | 17,653,000 | 18,908,000 | ' |
Debt securities - corporate | 38,264,000 | 43,926,000 | ' |
Mortgage-back / asset-back securities | 164,598,000 | 162,375,000 | ' |
Interest rate swaps | ' | 10,117,000 | ' |
Foreign exchange contracts | 1,358,000 | 2,582,000 | ' |
Total assets | 497,544,000 | 326,742,000 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | -4,445,000 | ' | ' |
Foreign exchange contracts | -3,009,000 | -1,174,000 | ' |
Total liabilities | -7,454,000 | -1,174,000 | ' |
Level 3 | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Money market funds / commercial paper | 0 | 0 | ' |
Equity securities | 0 | 0 | ' |
Commingled fixed income securities | 0 | 0 | ' |
Debt securities - U.S. and foreign governments, agencies and municipalities | 0 | 0 | ' |
Debt securities - corporate | 0 | 0 | ' |
Mortgage-back / asset-back securities | 0 | 0 | ' |
Interest rate swaps | ' | 0 | ' |
Foreign exchange contracts | 0 | 0 | ' |
Total assets | 0 | 0 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 0 | ' | ' |
Foreign exchange contracts | 0 | 0 | ' |
Total liabilities | 0 | 0 | ' |
Total | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Money market funds / commercial paper | 628,146,000 | 616,017,000 | ' |
Equity securities | 26,536,000 | 25,106,000 | ' |
Commingled fixed income securities | 24,695,000 | 29,359,000 | ' |
Debt securities - U.S. and foreign governments, agencies and municipalities | 140,436,000 | 143,129,000 | ' |
Debt securities - corporate | 38,264,000 | 43,926,000 | ' |
Mortgage-back / asset-back securities | 164,598,000 | 162,375,000 | ' |
Interest rate swaps | ' | 10,117,000 | ' |
Foreign exchange contracts | 1,358,000 | 2,582,000 | ' |
Total assets | 1,024,033,000 | 1,032,611,000 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | -4,445,000 | ' | ' |
Foreign exchange contracts | -3,009,000 | -1,174,000 | ' |
Total liabilities | -7,454,000 | -1,174,000 | ' |
Carrying value | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Long-term debt | -3,346,295,000 | -4,017,375,000 | ' |
Fair value | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Long-term debt | ($3,539,022,000) | ($4,200,970,000) | ' |
Fair_Value_Measurements_and_De3
Fair Value Measurements and Derivative Instruments 2 (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net | ' | ' | ' | ' | $2,000,000 | ' | ' | ' | ' | $2,000,000 | ' |
Document Fiscal Year Focus | ' | ' | ' | ' | ' | ' | ' | ' | '2013 | '2012 | '2011 |
Fair Value Asset Derivatives Designated Foreign Exchange Contracts | 546,000 | ' | ' | ' | 78,000 | ' | ' | ' | 546,000 | 78,000 | ' |
Fair Value Asset Derivatives Designated Interest Rate Swaps | 0 | ' | ' | ' | 10,117,000 | ' | ' | ' | 0 | 10,117,000 | ' |
Fair Value Liability Derivatives Designated Foreign Exchange Contracts | -526,000 | ' | ' | ' | -320,000 | ' | ' | ' | -526,000 | -320,000 | ' |
Derivative Asset Not Designated As Hedging Instruments Fair Value | 812,000 | ' | ' | ' | 2,504,000 | ' | ' | ' | 812,000 | 2,504,000 | ' |
Derivative Liability Not Designated Foreign Exchange Contracts | -2,483,000 | ' | ' | ' | -854,000 | ' | ' | ' | -2,483,000 | -854,000 | ' |
Derivative Assets | 1,358,000 | ' | ' | ' | 12,699,000 | ' | ' | ' | 1,358,000 | 12,699,000 | ' |
Derivative Liabilities | -3,009,000 | ' | ' | ' | -1,174,000 | ' | ' | ' | -3,009,000 | -1,174,000 | ' |
Derivative Assets Liabilities At Fair Value Net | -1,651,000 | ' | ' | ' | 11,525,000 | ' | ' | ' | -1,651,000 | 11,525,000 | ' |
Derivative gain (loss) recognized in interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 3,798,000 | 9,994,000 | ' |
Hedged item income (expense) recognized in interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -11,883,000 | -31,137,000 | ' |
Total notional amount of outstanding contracts in cash flow hedging relationships | 450,000,000 | ' | ' | ' | ' | ' | ' | ' | 450,000,000 | ' | ' |
Derivative gain (loss) recognized in OCI for hedges recorded to revenue (effective portion) | ' | ' | ' | ' | ' | ' | ' | ' | 241,000 | -2,055,000 | ' |
Cash Flow Hedge Gain (Loss) Reclassified to Revenue, Net | -1,031,187,000 | -938,786,000 | -970,416,000 | -929,012,000 | -1,015,516,000 | -949,789,000 | -974,658,000 | -975,101,000 | -3,869,401,000 | -3,915,064,000 | -4,125,341,000 |
Derivative gain (loss) recognized in income | ' | ' | ' | ' | ' | ' | ' | ' | -16,574,000 | -4,254,000 | ' |
Foreign Exchange Contract Intercompany [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Flow Hedge Gain (Loss) Reclassified to Revenue, Net | ' | ' | ' | ' | ' | ' | ' | ' | -835,000 | 1,298,000 | -166,000 |
Derivative gain (loss) reclassified from AOCI to income for hedges recorded to cost of sales (effective portion) | ' | ' | ' | ' | ' | ' | ' | ' | 332,000 | -185,000 | -719,000 |
Derivative gain (loss) reclassified from AOCI to income for hedges (effective portion) | ' | ' | ' | ' | ' | ' | ' | ' | -503,000 | 1,113,000 | ' |
Cash Flow Hedging [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total notional amount of outstanding contracts in cash flow hedging relationships | $26,000,000 | ' | ' | ' | $25,000,000 | ' | ' | ' | $26,000,000 | $25,000,000 | ' |
Fair_Value_Measurements_and_De4
Fair Value Measurements and Derivative Instruments Available For Sale Securities (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Document Period End Date | 31-Dec-13 | 31-Dec-12 |
Amortized cost within 1 year | $41,853 | ' |
Estimated fair value within 1 year | 41,932 | ' |
Amortized cost after 1 year through 5 years | 46,869 | ' |
Estimated fair value after 1 year through 5 years | 47,284 | ' |
Amortized cost after 5 years through 10 years | 67,160 | ' |
Estimated fair value after 5 years through 10 years | 66,140 | ' |
Amortized cost after 10 years | 169,486 | ' |
Estimated fair value after 10 years | 166,936 | ' |
Amortized cost total | 325,368 | ' |
Available-for-sale Securities, Amortized Cost Basis | 325,368 | 331,082 |
Available-for-sale Securities, Gross Unrealized Gains | 3,504 | 10,163 |
Available-for-sale Securities, Gross Unrealized Losses | -6,580 | -3,221 |
Available-for-sale Securities | 322,292 | 338,024 |
US Treasury and Government [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 121,803 | 127,807 |
Available-for-sale Securities, Gross Unrealized Gains | 999 | 3,972 |
Available-for-sale Securities, Gross Unrealized Losses | -3,372 | -56 |
Available-for-sale Securities | 119,430 | 131,723 |
Corporate Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 37,901 | 41,095 |
Available-for-sale Securities, Gross Unrealized Gains | 935 | 2,851 |
Available-for-sale Securities, Gross Unrealized Losses | -572 | -20 |
Available-for-sale Securities | 38,264 | 43,926 |
Collateralized Mortgage Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 165,664 | 162,180 |
Available-for-sale Securities, Gross Unrealized Gains | 1,570 | 3,340 |
Available-for-sale Securities, Gross Unrealized Losses | -2,636 | -3,145 |
Available-for-sale Securities | $164,598 | $162,375 |
Restructuring_Charges_and_Asse2
Restructuring Charges and Asset Impairments (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restructuring and Related Cost [Line Items] | ' | ' | ' |
Restructuring Charges, Including Discontinued Operations | $60,369,000 | $23,365,000 | $135,220,000 |
Restructuring Costs [Abstract] | ' | ' | ' |
Restructuring Reserve, Beginning Balance | 67,758,000 | 119,111,000 | 113,200,000 |
Gain on sale of facility | ' | ' | -601,000 |
Cash payments | -59,520,000 | -74,718,000 | -107,002,000 |
Non-cash charges | -2,035,000 | ' | -21,706,000 |
Restructuring Reserve, Ending Balance | 66,572,000 | 67,758,000 | 119,111,000 |
Expense, net | 67,000,000 | 38,000,000 | ' |
Restructuring Reserve, Accrual Adjustment | 7,000,000 | 15,000,000 | ' |
Asset Impairment Charges | 26,000,000 | ' | ' |
Severance and benefits costs | ' | ' | ' |
Restructuring and Related Cost [Line Items] | ' | ' | ' |
Restructuring Charges, Including Discontinued Operations | 48,373,000 | 24,992,000 | 101,043,000 |
Restructuring Costs [Abstract] | ' | ' | ' |
Restructuring Reserve, Beginning Balance | 62,540,000 | 105,036,000 | 101,639,000 |
Gain on sale of facility | ' | ' | 0 |
Cash payments | -52,355,000 | -67,488,000 | -97,646,000 |
Non-cash charges | 0 | ' | 0 |
Restructuring Reserve, Ending Balance | 58,558,000 | 62,540,000 | 105,036,000 |
Pension and Retiree Medical | ' | ' | ' |
Restructuring and Related Cost [Line Items] | ' | ' | ' |
Restructuring Charges, Including Discontinued Operations | 1,964,000 | 0 | 8,178,000 |
Restructuring Costs [Abstract] | ' | ' | ' |
Restructuring Reserve, Beginning Balance | 0 | 0 | 0 |
Gain on sale of facility | ' | ' | 0 |
Cash payments | 0 | 0 | 0 |
Non-cash charges | -1,964,000 | ' | -8,178,000 |
Restructuring Reserve, Ending Balance | 0 | 0 | 0 |
Asset impairments | ' | ' | ' |
Restructuring and Related Cost [Line Items] | ' | ' | ' |
Restructuring Charges, Including Discontinued Operations | 71,000 | 0 | 13,528,000 |
Restructuring Costs [Abstract] | ' | ' | ' |
Restructuring Reserve, Beginning Balance | 0 | 0 | 0 |
Gain on sale of facility | ' | ' | -601,000 |
Cash payments | 0 | 0 | 601,000 |
Non-cash charges | -71,000 | ' | -13,528,000 |
Restructuring Reserve, Ending Balance | 0 | 0 | 0 |
Other exit costs | ' | ' | ' |
Restructuring and Related Cost [Line Items] | ' | ' | ' |
Restructuring Charges, Including Discontinued Operations | 9,961,000 | -1,627,000 | 12,471,000 |
Restructuring Costs [Abstract] | ' | ' | ' |
Restructuring Reserve, Beginning Balance | 5,218,000 | 14,075,000 | 11,561,000 |
Gain on sale of facility | ' | ' | 0 |
Cash payments | -7,165,000 | -7,230,000 | -9,957,000 |
Non-cash charges | 0 | ' | 0 |
Restructuring Reserve, Ending Balance | $8,014,000 | $5,218,000 | $14,075,000 |
Leases_Details
Leases (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Leases [Abstract] | ' | ' | ' |
Rental expense | $67,000,000 | $68,000,000 | $78,000,000 |
2013 | 55,908,000 | ' | ' |
2014 | 43,089,000 | ' | ' |
2015 | 30,246,000 | ' | ' |
2016 | 21,234,000 | ' | ' |
2017 | 15,660,000 | ' | ' |
Thereafter | 35,115,000 | ' | ' |
Total minimum lease payments | $201,252,000 | ' | ' |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | $211,243 | $255,556 | $272,142 | ' | |||
Long-Lived Assets | 2,991,823 | ' | ' | ' | 3,668,156 | ' | ' | ' | 2,991,823 | 3,668,156 | 3,659,149 | ' | |||
Assets | 6,772,708 | ' | ' | ' | 7,859,891 | ' | ' | ' | 6,772,708 | 7,859,891 | 8,147,104 | ' | |||
Segment reporting information profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenue | 1,031,187 | 938,786 | 970,416 | 929,012 | 1,015,516 | 949,789 | 974,658 | 975,101 | 3,869,401 | 3,915,064 | 4,125,341 | ' | |||
EBIT | 927,987 | ' | ' | ' | 957,468 | ' | ' | ' | ' | ' | 1,021,196 | ' | |||
Reconciling items: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cash and cash equivalents | 907,806 | ' | ' | ' | 913,276 | ' | ' | ' | 907,806 | 913,276 | 856,238 | 484,363 | |||
Short-term investments | 31,128 | ' | ' | ' | 36,611 | ' | ' | ' | 31,128 | 36,611 | 12,971 | ' | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 137,512 | 176,586 | 155,980 | ' | |||
Corporate and other expenses | 217,463 | ' | ' | ' | 216,456 | ' | ' | ' | ' | ' | 233,732 | ' | |||
Restructuring charges and asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | 84,344 | 17,176 | 118,630 | ' | |||
Goodwill impairment | 101,415 | ' | ' | ' | 18,315 | ' | ' | ' | ' | ' | ' | ' | |||
Income from continuing operations before income taxes | 111,750 | 92,641 | 113,249 | 85,537 | 125,853 | 123,130 | 142,245 | 143,084 | 403,177 | 534,312 | 491,486 | ' | |||
United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Long-Lived Assets | 2,210,510 | ' | ' | ' | 2,831,810 | ' | ' | ' | 2,210,510 | 2,831,810 | 2,749,101 | ' | |||
Segment reporting information profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 2,654,301 | 2,669,074 | 2,781,692 | ' | |||
Outside United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Long-Lived Assets | 781,313 | ' | ' | ' | 836,346 | ' | ' | ' | 781,313 | 836,346 | 910,048 | ' | |||
Segment reporting information profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,215,100 | 1,245,990 | 1,343,649 | ' | |||
Total for reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 180,853 | 200,908 | 228,824 | ' | |||
Assets | 5,615,861 | ' | ' | ' | 5,903,541 | ' | ' | ' | 5,615,861 | 5,903,541 | 6,203,485 | ' | |||
Reconciling items: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 124,308 | 142,506 | 122,976 | ' | |||
Small & Medium Business Solutions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 110,753 | 131,761 | 153,213 | ' | |||
Assets | 3,830,098 | ' | ' | ' | 3,968,579 | ' | ' | ' | 3,830,098 | 3,968,579 | 4,134,067 | ' | |||
Segment reporting information profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 2,331,460 | 2,426,596 | 2,620,250 | ' | |||
EBIT | ' | ' | ' | ' | ' | ' | ' | ' | 746,891 | 764,804 | 821,242 | ' | |||
Reconciling items: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 83,359 | 108,153 | 71,213 | ' | |||
Goodwill impairment | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | |||
North America Mailing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 81,238 | 104,957 | 123,252 | ' | |||
Assets | 2,974,025 | ' | ' | ' | 3,101,959 | ' | ' | ' | 2,974,025 | 3,101,959 | 3,350,457 | ' | |||
Segment reporting information profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenue | 1,723,304 | ' | ' | ' | 1,818,952 | ' | ' | ' | ' | ' | 1,961,198 | ' | |||
EBIT | 675,389 | ' | ' | ' | 688,665 | ' | ' | ' | ' | ' | 727,999 | ' | |||
Reconciling items: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 57,973 | 78,511 | 57,308 | ' | |||
Goodwill impairment | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | |||
International Mailing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 29,515 | 26,804 | 29,961 | ' | |||
Assets | 856,073 | ' | ' | ' | 866,620 | ' | ' | ' | 856,073 | 866,620 | 783,610 | ' | |||
Segment reporting information profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenue | 608,156 | ' | ' | ' | 607,644 | ' | ' | ' | ' | ' | 659,052 | ' | |||
EBIT | 71,502 | ' | ' | ' | 76,139 | ' | ' | ' | ' | ' | 93,243 | ' | |||
Reconciling items: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 25,386 | 29,642 | 13,905 | ' | |||
Goodwill impairment | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | |||
Enterprise Business Solutions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 45,739 | 38,980 | 36,071 | ' | |||
Assets | 648,634 | ' | ' | ' | 755,743 | ' | ' | ' | 648,634 | 755,743 | 877,564 | ' | |||
Segment reporting information profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 942,013 | 910,522 | 908,448 | ' | |||
EBIT | ' | ' | ' | ' | ' | ' | ' | ' | 138,259 | 155,151 | 153,535 | ' | |||
Reconciling items: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 15,387 | 29,559 | 46,350 | ' | |||
Goodwill impairment | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | |||
Production Mail | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 15,740 | 12,227 | 10,682 | ' | |||
Assets | 305,428 | ' | ' | ' | 386,338 | ' | ' | ' | 305,428 | 386,338 | 482,265 | ' | |||
Segment reporting information profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenue | 511,544 | ' | ' | ' | 480,718 | ' | ' | ' | ' | ' | 511,595 | ' | |||
EBIT | 55,000 | ' | ' | ' | 48,981 | ' | ' | ' | ' | ' | 52,817 | ' | |||
Reconciling items: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 2,875 | 12,339 | 11,419 | ' | |||
Goodwill impairment | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | |||
Software | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment reporting information profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
EBIT | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | |||
Management Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment reporting information profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
EBIT | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | |||
Presort Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 29,999 | 26,753 | 25,389 | ' | |||
Assets | 343,206 | ' | ' | ' | 369,405 | ' | ' | ' | 343,206 | 369,405 | 395,299 | ' | |||
Segment reporting information profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenue | 430,469 | ' | ' | ' | 429,804 | ' | ' | ' | ' | ' | 396,853 | ' | |||
EBIT | 83,259 | ' | ' | ' | 106,170 | ' | ' | ' | ' | ' | 100,718 | ' | |||
Reconciling items: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 12,512 | 17,220 | 34,931 | ' | |||
Goodwill impairment | 0 | [1] | ' | ' | ' | 0 | [1] | ' | ' | ' | ' | ' | 0 | [1] | ' |
Marketing Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment reporting information profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
EBIT | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | |||
Digital Commerce Solutions [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 24,361 | 30,167 | 39,540 | ' | |||
Assets | 1,137,129 | ' | ' | ' | 1,179,219 | ' | ' | ' | 1,137,129 | 1,179,219 | 1,191,854 | ' | |||
Segment reporting information profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenue | 595,928 | ' | ' | ' | 577,946 | ' | ' | ' | ' | ' | 596,643 | ' | |||
EBIT | 42,837 | ' | ' | ' | 37,513 | ' | ' | ' | ' | ' | 46,419 | ' | |||
Reconciling items: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 25,562 | 4,794 | 5,413 | ' | |||
Goodwill impairment | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | [1] | ' | ||
Discontinued Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 16,338 | 37,863 | 28,662 | ' | |||
Assets | 0 | ' | ' | ' | 727,732 | ' | ' | ' | 0 | 727,732 | 752,450 | ' | |||
Reconciling items: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 8,328 | 32,849 | 18,909 | ' | |||
Other corporate assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 14,052 | 16,785 | 14,656 | ' | |||
Assets | 217,913 | ' | ' | ' | 278,731 | ' | ' | ' | 217,913 | 278,731 | 321,960 | ' | |||
Reconciling items: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | $4,876 | $1,231 | $14,095 | ' | |||
[1] | (1)Primarily represents foreign currency translation adjustments for the period. For discontinued operations in 2013, the adjustment primarily represents the write-off of remaining goodwill upon the sale of the Management Services business. |
Retirement_Plans_and_Postretir
Retirement Plans and Postretirement Medical Benefits (Benefit Obligations and Funded Status) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Document Fiscal Year Focus | ' | '2013 | '2012 | '2011 |
Defined Benefit Plan Historical Health Care Trend Rate | 7.50% | 7.00% | 7.50% | ' |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | ' | 6.50% | ' | ' |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | ' | 5.00% | ' | ' |
Nominal Rate of Return on Pension Plan | ' | 7.38% | 7.25% | ' |
Defined Contribution Plan, Cost Recognized | ' | $32,000,000 | $30,000,000 | ' |
Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Nominal Rate of Return on Pension Plan | ' | 7.25% | 7.75% | 8.00% |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | ' | 0 | 0 | ' |
Defined Benefit Plan, Benefit Obligation | 282,857,000 | 231,153,000 | 282,857,000 | 285,828,000 |
Defined Benefit Plan, Service Cost | ' | 3,684,000 | 3,563,000 | 3,328,000 |
Defined Benefit Plan, Interest Cost | ' | 9,503,000 | 11,187,000 | 13,528,000 |
Defined Benefit Plan, Contributions by Plan Participants | ' | 4,313,000 | 9,547,000 | ' |
Gross Benefits Paid Postretirement | ' | -32,621,000 | -40,616,000 | ' |
Defined Benefit Plan, Actuarial Net (Gains) Losses | ' | -30,051,000 | 4,150,000 | ' |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Benefit Obligation | ' | -1,693,000 | 697,000 | ' |
Defined Benefit Plan, Plan Amendments | ' | 0 | 8,501,000 | ' |
Defined Benefit Plan, Curtailments | ' | -4,839,000 | 0 | ' |
Defined Benefit Plan, Special Termination Benefits | ' | 0 | 0 | 300,000 |
Defined Benefit Plan, Benefits Paid | ' | -32,621,000 | -40,616,000 | ' |
Defined Benefit Plan, Contributions by Employer | ' | 28,308,000 | 31,069,000 | ' |
Defined Benefit Plan, Funded Status of Plan | -282,857,000 | -231,153,000 | -282,857,000 | ' |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | -25,483,000 | -23,668,000 | -25,483,000 | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | -257,374,000 | -207,485,000 | -257,374,000 | ' |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | -282,857,000 | -231,153,000 | -282,857,000 | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Nominal Rate of Return on Pension Plan | ' | 7.00% | ' | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | ' | 18,000,000 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Defined Benefit Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | ' | 1,583,932,000 | 1,426,536,000 | ' |
Defined Benefit Plan, Contributions by Plan Participants | ' | 0 | 0 | ' |
Defined Benefit Plan, Curtailments | ' | 0 | 0 | ' |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | ' | 0 | 0 | ' |
Defined Benefit Plan, Benefits Paid | ' | -130,714,000 | -130,339,000 | ' |
Defined Benefit Plan, Actual Return on Plan Assets | ' | 60,569,000 | 193,696,000 | ' |
Defined Benefit Plan, Contributions by Employer | ' | 9,892,000 | 94,039,000 | ' |
Defined Benefit Plan, Funded Status of Plan | -238,745,000 | -98,912,000 | -238,745,000 | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 175,000 | 195,000 | 175,000 | ' |
Defined Benefit Plan, Accumulated Benefit Obligation | 1,802,811,000 | 1,611,457,000 | 1,802,811,000 | ' |
Defined Benefit Plan, Benefit Obligation | 1,822,677,000 | 1,622,591,000 | 1,822,677,000 | 1,707,390,000 |
Defined Benefit Plan, Service Cost | ' | 13,981,000 | 18,939,000 | 19,450,000 |
Defined Benefit Plan, Interest Cost | ' | 74,370,000 | 81,040,000 | 87,738,000 |
Defined Benefit Plan, Contributions by Plan Participants | ' | 0 | 0 | ' |
Defined Benefit Plan, Actuarial Net (Gains) Losses | ' | -154,996,000 | 145,641,000 | ' |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Benefit Obligation | ' | 0 | 0 | ' |
Defined Benefit Plan, Curtailments | ' | -3,275,000 | 6,000 | ' |
Defined Benefit Plan, Special Termination Benefits | ' | 548,000 | 0 | ' |
Defined Benefit Plan, Benefits Paid | ' | -130,714,000 | -130,339,000 | ' |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | -7,456,000 | -18,097,000 | -7,456,000 | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | -231,464,000 | -81,010,000 | -231,464,000 | ' |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | -238,745,000 | -98,912,000 | -238,745,000 | ' |
Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Nominal Rate of Return on Pension Plan | ' | 7.50% | ' | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | ' | 22,000,000 | ' | ' |
Foreign Pension Plans, Defined Benefit [Member] | Defined Benefit Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | ' | 509,331,000 | 438,848,000 | ' |
Defined Benefit Plan, Contributions by Plan Participants | ' | 496,000 | 1,106,000 | ' |
Defined Benefit Plan, Curtailments | ' | 0 | -1,489,000 | ' |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | ' | -1,428,000 | 17,353,000 | ' |
Defined Benefit Plan, Benefits Paid | ' | -24,607,000 | -21,504,000 | ' |
Defined Benefit Plan, Actual Return on Plan Assets | ' | 62,777,000 | 44,928,000 | ' |
Defined Benefit Plan, Contributions by Employer | ' | 14,509,000 | 30,089,000 | ' |
Defined Benefit Plan, Funded Status of Plan | -154,495,000 | -111,695,000 | -154,495,000 | ' |
Foreign Pension Plans, Defined Benefit [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 530,000 | 11,951,000 | 530,000 | ' |
Defined Benefit Plan, Accumulated Benefit Obligation | 648,439,000 | 659,602,000 | 648,439,000 | ' |
Defined Benefit Plan, Benefit Obligation | 663,826,000 | 672,773,000 | 663,826,000 | 581,904,000 |
Defined Benefit Plan, Service Cost | 7,763,000 | 6,272,000 | 7,763,000 | 7,310,000 |
Defined Benefit Plan, Interest Cost | 27,793,000 | 27,365,000 | 27,793,000 | 28,329,000 |
Defined Benefit Plan, Contributions by Plan Participants | ' | 496,000 | 1,106,000 | ' |
Defined Benefit Plan, Actuarial Net (Gains) Losses | ' | -1,224,000 | 45,537,000 | ' |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Benefit Obligation | ' | -204,000 | 22,115,000 | ' |
Defined Benefit Plan, Curtailments | ' | -86,000 | -1,489,000 | ' |
Defined Benefit Plan, Special Termination Benefits | ' | 935,000 | 601,000 | ' |
Defined Benefit Plan, Benefits Paid | ' | -24,607,000 | -21,504,000 | ' |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | -967,000 | -1,051,000 | -967,000 | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | -154,058,000 | -122,595,000 | -154,058,000 | ' |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | ($154,495,000) | ($111,695,000) | ($154,495,000) | ' |
Retirement_Plans_and_Postretir1
Retirement Plans and Postretirement Medical Benefits (Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Document Fiscal Year Focus | '2013 | '2012 | '2011 |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.38% | 7.25% | ' |
Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.25% | 7.75% | 8.00% |
UK Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | 414,000 | 370,000 | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | 1,621,164 | 1,821,300 | ' |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | 1,610,029 | 1,801,433 | ' |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | 1,522,057 | 1,582,379 | ' |
Foreign Pension Plans, Defined Benefit [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | 544,875 | 660,110 | ' |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | 532,774 | 645,361 | ' |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | 421,229 | 505,084 | ' |
Retirement_Plans_and_Postretir2
Retirement Plans and Postretirement Medical Benefits (Pretax Amounts Recognized in AOCI) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Document Fiscal Year Focus | '2013 | '2012 | '2011 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 68,120 | 109,962 | ' |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | 2,516 | 5,564 | ' |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | 70,636 | 115,526 | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 733,943 | 879,323 | ' |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | -135 | 1,229 | ' |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Transition Assets (Obligations), before Tax | 0 | 0 | ' |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | 733,808 | 880,552 | ' |
Foreign Pension Plans, Defined Benefit [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 200,000 | 243,765 | ' |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | -863 | -751 | ' |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Transition Assets (Obligations), before Tax | -59 | -68 | ' |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | 199,078 | 242,946 | ' |
Retirement_Plans_and_Postretir3
Retirement Plans and Postretirement Medical Benefits (Estimated Amounts to be Amortized from AOCI into Net Periodic Benefit) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Defined Benefit Plan, Amortization of Net Gains (Losses) | $6,092 |
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit) | 160 |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | 6,252 |
United States Pension Plans of US Entity, Defined Benefit [Member] | Pension Plans, Defined Benefit [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Defined Benefit Plan, Amortization of Net Gains (Losses) | 24,642 |
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit) | 9 |
Defined Benefit Plan, Amortization of Net Transition Asset (Obligation) | 0 |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | 24,651 |
Foreign Pension Plans, Defined Benefit [Member] | Pension Plans, Defined Benefit [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Defined Benefit Plan, Amortization of Net Gains (Losses) | 8,249 |
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit) | -61 |
Defined Benefit Plan, Amortization of Net Transition Asset (Obligation) | -9 |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | $8,179 |
Retirement_Plans_and_Postretir4
Retirement Plans and Postretirement Medical Benefits (Components of Net Periodic Benefit Cost for Defined Benefit Pension Plans) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Document Fiscal Year Focus | ' | ' | '2013 | '2012 | '2011 |
Defined Benefit Plan, Amortization of Transition Obligations (Assets) | ' | ' | ($9) | ($10) | ($10) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | ' | ' | 620 | -809 | -2,187 |
Defined Benefit Plan, Amortization of Gains (Losses) | ' | ' | -54,372 | -75,274 | -56,323 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Defined Benefit Plan, Service Cost | ' | ' | 3,684 | 3,563 | 3,328 |
Defined Benefit Plan, Interest Cost | ' | ' | 9,503 | 11,187 | 13,528 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | ' | ' | 128 | -1,724 | -2,504 |
Defined Benefit Plan, Amortization of Gains (Losses) | ' | ' | 7,433 | 8,214 | 7,666 |
Defined Benefit Plan, Net Periodic Benefit Cost | ' | ' | 23,668 | 21,240 | 25,157 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | ' | ' | 2,920 | 0 | 2,839 |
Defined Benefit Plan, Special Termination Benefits | ' | ' | 0 | 0 | 300 |
United States Pension Plans of US Entity, Defined Benefit [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Defined Benefit Plan, Service Cost | ' | ' | 13,981 | 18,939 | 19,450 |
Defined Benefit Plan, Interest Cost | ' | ' | 74,370 | 81,040 | 87,738 |
Defined Benefit Plan, Expected Return on Plan Assets | ' | ' | 107,608 | 121,623 | 123,058 |
Defined Benefit Plan, Amortization of Transition Obligations (Assets) | ' | ' | 0 | 0 | 0 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | ' | ' | 380 | 803 | 147 |
Defined Benefit Plan, Amortization of Gains (Losses) | ' | ' | -32,494 | -52,957 | -37,522 |
Defined Benefit Plan, Other Costs | ' | ' | 548 | 0 | 1,489 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | ' | ' | 2,638 | -48 | 3,036 |
Defined Benefit Plan, Net Periodic Benefit Cost | ' | ' | 16,803 | 32,068 | 26,324 |
Defined Benefit Plan, Special Termination Benefits | ' | ' | 548 | 0 | ' |
Foreign Pension Plans, Defined Benefit [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Defined Benefit Plan, Service Cost | ' | 7,763 | 6,272 | 7,763 | 7,310 |
Defined Benefit Plan, Interest Cost | ' | 27,793 | 27,365 | 27,793 | 28,329 |
Defined Benefit Plan, Expected Return on Plan Assets | ' | 32,299 | 34,769 | ' | 31,784 |
Defined Benefit Plan, Amortization of Transition Obligations (Assets) | ' | ' | -9 | -10 | -10 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | ' | 112 | 112 | ' | 170 |
Defined Benefit Plan, Amortization of Gains (Losses) | ' | -14,103 | -14,445 | ' | -11,135 |
Defined Benefit Plan, Other Costs | ' | 601 | 935 | ' | 277 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | ' | 444 | 0 | ' | 274 |
Defined Benefit Plan, Net Periodic Benefit Cost | 18,507 | ' | 14,351 | ' | 15,701 |
Defined Benefit Plan, Special Termination Benefits | ' | ' | $935 | $601 | ' |
Retirement_Plans_and_Postretir5
Retirement Plans and Postretirement Medical Benefits (Other Changes in Plan Assets and Benefit Obligations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Document Fiscal Year Focus | ' | '2013 | '2012 | '2011 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | ' | ($34,890) | ($195) | ' |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | ' | -7,433 | 4,631 | ' |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Recognized in Net Periodic Benefit Cost, before Tax | ' | -128 | 1,724 | ' |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | ' | -2,920 | 0 | ' |
Adjustment For Actual Medicare Premium | ' | 481 | -651 | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | ' | 44,890 | -5,509 | ' |
Foreign Pension Plans, Defined Benefit [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | ' | -29,320 | 32,596 | ' |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Recognized in Net Periodic Benefit Cost, before Tax | ' | 0 | 0 | ' |
Defined Benefit Plan, Recognized Net (Gain) Loss Due to Settlements | ' | -14,445 | -14,103 | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Arising During Period, before Tax | ' | 112 | 112 | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Transition Asset (Obligation), before Tax | ' | -9 | -10 | ' |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 444 | 0 | ' | 274 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | ' | -43,868 | 17,947 | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | ' | -111,232 | 73,701 | ' |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Recognized in Net Periodic Benefit Cost, before Tax | ' | 0 | 127 | ' |
Defined Benefit Plan, Recognized Net (Gain) Loss Due to Settlements | ' | -32,494 | -52,957 | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Arising During Period, before Tax | ' | 380 | 803 | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Transition Asset (Obligation), before Tax | ' | 0 | 0 | ' |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | ' | 2,638 | -48 | 3,036 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | ' | ($146,744) | $19,862 | ' |
Retirement_Plans_and_Postretir6
Retirement Plans and Postretirement Medical Benefits (Weighted-Average Actuarial Assumptions) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Document Fiscal Year Focus | '2013 | '2012 | '2011 |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.38% | 7.25% | ' |
Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.95% | 4.05% | 4.95% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.50% | 3.50% | 3.50% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.05% | 4.95% | 5.60% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.25% | 7.75% | 8.00% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 3.50% | 3.50% | 3.50% |
United States Pension Plans of US Entity, Defined Benefit [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.40% | 3.65% | 4.50% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.65% | 4.50% | 5.15% |
Canada Pension Plans Defined Benefit [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.65% | 3.90% | 4.15% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.90% | 4.15% | 5.15% |
Minimum [Member] | Foreign Pension Plans, Defined Benefit [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 1.45% | 1.95% | 1.80% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 1.50% | 1.50% | 2.10% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 1.95% | 1.80% | 2.00% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 3.50% | 3.25% | 4.00% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 1.50% | 2.10% | 2.10% |
Maximum [Member] | Foreign Pension Plans, Defined Benefit [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.60% | 4.65% | 6.10% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.50% | 3.50% | 4.60% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.65% | 6.10% | 5.50% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.50% | 7.50% | 7.75% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 3.50% | 4.60% | 5.50% |
Retirement_Plans_and_Postretir7
Retirement Plans and Postretirement Medical Benefits (Target Asset Allocation) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Document Fiscal Year Focus | '2013 | '2012 | '2011 |
UK Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan Weighted Target Asset Allocations | 100.00% | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% | ' |
UK Plan [Member] | UK Equities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan Weighted Target Asset Allocations | ' | 32.00% | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 30.00% | 33.00% | ' |
UK Plan [Member] | Non UK Equities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan Weighted Target Asset Allocations | ' | 31.00% | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 35.00% | 35.00% | ' |
UK Plan [Member] | Fixed Income [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan Weighted Target Asset Allocations | ' | 36.00% | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 35.00% | 31.00% | ' |
UK Plan [Member] | Cash [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan Weighted Target Asset Allocations | ' | 1.00% | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 0.00% | 1.00% | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan Weighted Target Asset Allocations | 100.00% | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | US Equities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan Weighted Target Asset Allocations | ' | 14.00% | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 11.00% | 16.00% | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Non US Equities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan Weighted Target Asset Allocations | ' | 15.00% | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 11.00% | 14.00% | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Fixed Income [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan Weighted Target Asset Allocations | ' | 61.00% | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 68.00% | 60.00% | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Real Estate [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan Weighted Target Asset Allocations | ' | 4.00% | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 2.00% | 4.00% | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Private Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan Weighted Target Asset Allocations | ' | 6.00% | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 8.00% | 6.00% | ' |
Retirement_Plans_and_Postretir8
Retirement Plans and Postretirement Medical Benefits (Fair Value Measurements of Plan Assets) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Document Period End Date | 31-Dec-13 | 31-Dec-12 | ' | ' |
Other Asset, Liability Related to Pension Plan Assets | $907,806 | $913,276 | $856,238 | $484,363 |
Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 554,725 | 500,438 | ' | ' |
Other Asset, Liability Related to Pension Plan Assets | 5,285 | 4,414 | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 1,068 | 4,479 | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 561,078 | 509,331 | ' | ' |
Foreign Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 109,403 | 96,442 | ' | ' |
Foreign Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 445,322 | 403,996 | ' | ' |
Foreign Pension Plans, Defined Benefit [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 | ' | ' |
Foreign Pension Plans, Defined Benefit [Member] | Money Market Funds [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 6,058 | 7,130 | ' | ' |
Foreign Pension Plans, Defined Benefit [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 | ' | ' |
Foreign Pension Plans, Defined Benefit [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 6,058 | 7,130 | ' | ' |
Foreign Pension Plans, Defined Benefit [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 | ' | ' |
Foreign Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 366,449 | 310,104 | ' | ' |
Foreign Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 109,403 | 96,442 | ' | ' |
Foreign Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 257,046 | 213,662 | ' | ' |
Foreign Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 | ' | ' |
Foreign Pension Plans, Defined Benefit [Member] | Fixed Income Investments [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 104,070 | 157,332 | ' | ' |
Foreign Pension Plans, Defined Benefit [Member] | Fixed Income Investments [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 | ' | ' |
Foreign Pension Plans, Defined Benefit [Member] | Fixed Income Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 104,070 | 157,332 | ' | ' |
Foreign Pension Plans, Defined Benefit [Member] | Fixed Income Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 | ' | ' |
Foreign Pension Plans, Defined Benefit [Member] | Debt Securities [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 60,204 | 18,937 | ' | ' |
Foreign Pension Plans, Defined Benefit [Member] | Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 | ' | ' |
Foreign Pension Plans, Defined Benefit [Member] | Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 60,204 | 18,937 | ' | ' |
Foreign Pension Plans, Defined Benefit [Member] | Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 | ' | ' |
Foreign Pension Plans, Defined Benefit [Member] | Corporate Debt Securities [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 17,944 | 6,935 | ' | ' |
Foreign Pension Plans, Defined Benefit [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 | ' | ' |
Foreign Pension Plans, Defined Benefit [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 17,944 | 6,935 | ' | ' |
Foreign Pension Plans, Defined Benefit [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 1,524,759 | 1,686,105 | ' | ' |
Cash and Cash Equivalents, at Carrying Value | -6,602 | -104,375 | ' | ' |
Other Asset, Liability Related to Pension Plan Assets | 634 | 618 | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 4,888 | 1,584 | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 1,523,679 | 1,583,932 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 323,378 | 304,287 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 1,043,360 | 1,223,654 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 158,021 | 158,164 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Money Market Funds [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 30,374 | 17,363 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 30,374 | 17,363 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Equity Securities [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 445,291 | 454,069 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 279,988 | 250,303 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 165,303 | 203,766 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Fixed Income Investments [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 209,674 | 200,899 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Fixed Income Investments [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Fixed Income Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 209,674 | 200,899 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Fixed Income Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Debt Securities [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 73,867 | 89,445 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 43,390 | 53,984 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 30,477 | 35,461 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Corporate Debt Securities [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 568,567 | 621,691 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 568,567 | 621,691 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Mortgage Backed Securities, Other [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 34,372 | 42,743 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Mortgage Backed Securities, Other [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Mortgage Backed Securities, Other [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 31,738 | 39,552 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Mortgage Backed Securities, Other [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 2,634 | 3,191 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Asset-backed Securities [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 625 | 547 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 625 | 547 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Private Equity Funds [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 87,470 | 91,805 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Private Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Private Equity Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Private Equity Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 87,470 | 91,805 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Real Estate [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 67,917 | 63,168 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Real Estate [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Real Estate [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 67,917 | 63,168 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Securities Lending Fund [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 6,602 | 104,375 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Securities Lending Fund [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Securities Lending Fund [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | 6,602 | 104,375 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Securities Lending Fund [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Assets, Fair Value Disclosure | $0 | $0 | ' | ' |
Retirement_Plans_and_Postretir9
Retirement Plans and Postretirement Medical Benefits (Level 3 Gains and Losses) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $158,021 | $158,164 | $150,490 |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | 348 | 1,764 | ' |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 7,577 | 6,433 | ' |
Defined Benefit Plan, Purchases, Sales, and Settlements | -8,068 | -523 | ' |
Mortgage Backed Securities, Other [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 2,634 | 3,191 | 3,702 |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | 0 | -3 | ' |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 205 | -20 | ' |
Defined Benefit Plan, Purchases, Sales, and Settlements | -762 | -488 | ' |
Private Equity Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 87,470 | 91,805 | 88,870 |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | -1,591 | -13 | ' |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 2,190 | 742 | ' |
Defined Benefit Plan, Purchases, Sales, and Settlements | -4,934 | 2,206 | ' |
Real Estate [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 67,917 | 63,168 | 57,918 |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | 1,939 | 1,780 | ' |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 5,182 | 5,711 | ' |
Defined Benefit Plan, Purchases, Sales, and Settlements | ($2,372) | ($2,241) | ' |
Recovered_Sheet1
Retirement Plans and Postretirement Medical Benefits (Effect of Change in the Assumed Health Care Cost Trend Rates) (Details) (Other Postretirement Benefit Plans, Defined Benefit [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | $517 |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | -451 |
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 8,284 |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | ($7,662) |
Recovered_Sheet2
Retirement Plans and Postretirement Medical Benefits (Nonpension Estimated Future Benefit Payments) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Pension Plans, Defined Benefit [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Defined Benefit Plan, Expected Future Benefit Payments in Year One | $166,952 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 125,225 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | 124,045 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | 127,236 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | 128,739 |
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | 673,039 |
DefinedBenefitPlanExpectedFutureBenefitPayments | 1,345,236 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Defined Benefit Plan, Expected Future Benefit Payments in Year One | 23,669 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 22,570 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | 21,561 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | 20,612 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | 19,708 |
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | 87,457 |
DefinedBenefitPlanExpectedFutureBenefitPayments | $195,577 |
Recovered_Sheet3
Retirement Plans and Postretirement Medical Benefits (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Document Period End Date | 31-Dec-13 | 31-Dec-12 | ' |
Defined Contribution Plan, Cost Recognized | $32,000,000 | $30,000,000 | ' |
Defined Benefit Plan Historical Health Care Trend Rate | 7.00% | 7.50% | ' |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.38% | 7.25% | ' |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 6.50% | ' | ' |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | ' | ' |
Document Fiscal Year Focus | '2013 | '2012 | '2011 |
UK Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | 414,000,000 | 370,000,000 | ' |
Percent of All Foreign Plan Assets | 74.00% | ' | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Benefit Obligation | 231,153,000 | 282,857,000 | 285,828,000 |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | 18,000,000 | ' | ' |
Nominal Rate of Return on Pension Plan | 7.00% | ' | ' |
Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | 22,000,000 | ' | ' |
Nominal Rate of Return on Pension Plan | 7.50% | ' | ' |
US Nonpension Plan [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Benefit Obligation | $208,000,000 | $256,000,000 | ' |
Recovered_Sheet4
Retirement Plans and Postretirement Medical Benefits Future Contributions (Details) (United States Pension Plans of US Entity, Defined Benefit [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $18 |
Discontinued_Operations_and_As1
Discontinued Operations and Assets Held for Sale (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | $700,058,000 | $1,124,174,000 | $1,152,610,000 |
Restructuring charges and asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | -84,344,000 | -17,176,000 | -118,630,000 |
Goodwill impairment | -101,415,000 | ' | ' | ' | -18,315,000 | ' | ' | ' | ' | ' | ' |
Loss before taxes | ' | ' | ' | ' | ' | ' | ' | ' | -125,111,000 | ' | ' |
Assets | 6,772,708,000 | ' | ' | ' | 7,859,891,000 | ' | ' | ' | 6,772,708,000 | 7,859,891,000 | 8,147,104,000 |
Liabilities | 6,287,935,000 | ' | ' | ' | 7,452,890,000 | ' | ' | ' | 6,287,935,000 | 7,452,890,000 | ' |
Asset Impairment Charges | ' | ' | ' | ' | ' | ' | ' | ' | 26,000,000 | ' | ' |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | ' | ' | ' | ' | ' | ' | ' | ' | 6,971,000 | ' | ' |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | ' | ' | ' | ' | ' | ' | ' | ' | -118,140,000 | 30,213,000 | -73,510,000 |
Discontinued Operation, Tax Effect of Discontinued Operation | ' | ' | ' | ' | ' | ' | ' | ' | 40,758,000 | -19,266,000 | -253,397,000 |
Income (loss) from discontinued operations, net of tax | 10,471,000 | -82,204,000 | -92,497,000 | 5,332,000 | 24,222,000 | -11,413,000 | 7,677,000 | 28,993,000 | -158,898,000 | 49,479,000 | 179,887,000 |
Management Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 639,237,000 | 920,958,000 | 948,891,000 |
Loss before taxes | ' | ' | ' | ' | ' | ' | ' | ' | -118,017,000 | ' | ' |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | ' | ' | ' | ' | ' | ' | ' | ' | 5,126,000 | ' | ' |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | ' | ' | ' | ' | ' | ' | ' | ' | -112,891,000 | 67,458,000 | -10,279,000 |
Discontinued Operation, Tax Effect of Discontinued Operation | ' | ' | ' | ' | ' | ' | ' | ' | 41,384,000 | 29,255,000 | 30,599,000 |
Income (loss) from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -154,275,000 | 38,203,000 | -40,878,000 |
Capital Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Loss before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 3,695,000 |
Discontinued Operation, Tax Effect of Discontinued Operation | ' | ' | ' | ' | ' | ' | ' | ' | 289,000 | -34,312,000 | -262,464,000 |
Income (loss) from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -289,000 | 34,312,000 | 266,159,000 |
Mail Services International [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 23,036,000 | 135,222,000 | 155,378,000 |
Goodwill impairment | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | 46,000,000 |
Loss before taxes | ' | ' | ' | ' | ' | ' | ' | ' | -3,057,000 | ' | ' |
Asset Impairment Charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | ' | ' | ' | ' | ' | ' | ' | ' | -2,717,000 | ' | ' |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | ' | ' | ' | ' | ' | ' | ' | ' | -5,774,000 | -40,084,000 | -72,260,000 |
Discontinued Operation, Tax Effect of Discontinued Operation | ' | ' | ' | ' | ' | ' | ' | ' | -1,064,000 | -15,003,000 | -23,025,000 |
Income (loss) from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -4,710,000 | -25,081,000 | -49,235,000 |
Management Services International [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 84,000,000 |
Asset Impairment Charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 |
Management Services North America [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill impairment | ' | ' | ' | ' | ' | ' | ' | ' | 98,000,000 | ' | ' |
Nordic Furniture Business [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 37,785,000 | 67,994,000 | 48,341,000 |
Goodwill impairment | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' |
Loss before taxes | ' | ' | ' | ' | ' | ' | ' | ' | -4,037,000 | ' | ' |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | ' | ' | ' | ' | ' | ' | ' | ' | 4,562,000 | ' | ' |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | ' | ' | ' | ' | ' | ' | ' | ' | 525,000 | 2,839,000 | 5,334,000 |
Discontinued Operation, Tax Effect of Discontinued Operation | ' | ' | ' | ' | ' | ' | ' | ' | 149,000 | 794,000 | 1,493,000 |
Income (loss) from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 376,000 | 2,045,000 | 3,841,000 |
Discontinued Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill impairment | -101,415,000 | ' | ' | ' | -18,315,000 | ' | ' | ' | 101,000,000 | 18,000,000 | 130,150,000 |
Asset Impairment Charges | ' | ' | ' | ' | ' | ' | ' | ' | $15,000,000 | $17,000,000 | $17,000,000 |
Earnings_per_Share_Details
Earnings per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Amounts attributable to common stockholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations | $79,618 | $76,677 | $83,264 | $62,174 | $86,115 | $87,946 | $91,946 | $129,677 | $301,733 | $395,684 | $437,593 |
Income (loss) from discontinued operations, net of tax | 10,471 | -82,204 | -92,497 | 5,332 | 24,222 | -11,413 | 7,677 | 28,993 | -158,898 | 49,479 | 179,887 |
Net Income (numerator for diluted EPS) | ' | ' | ' | ' | ' | ' | ' | ' | 142,835 | 445,163 | 617,480 |
Preferred Stock Dividends, Income Statement Impact | ' | ' | ' | ' | ' | ' | ' | ' | 46 | 51 | 58 |
Income attributable to common stockholders (numerator for basic EPS) | ' | ' | ' | ' | ' | ' | ' | ' | $142,789 | $445,112 | $617,422 |
Denominator (in thousands): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average shares used in basic EPS | ' | ' | ' | ' | ' | ' | ' | ' | 201,614 | 200,389 | 201,976 |
Effect of dilutive shares: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 2 | 2 |
Preference stock | ' | ' | ' | ' | ' | ' | ' | ' | 381 | 398 | 445 |
Stock Plans | ' | ' | ' | ' | ' | ' | ' | ' | 960 | 577 | 343 |
Weighted-average shares used in diluted EPS | ' | ' | ' | ' | ' | ' | ' | ' | 202,957 | 201,366 | 202,766 |
Earnings Per Share, Basic [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Continuing operations | $0.39 | $0.38 | $0.41 | $0.31 | $0.43 | $0.44 | $0.46 | $0.65 | $1.50 | $1.97 | $2.17 |
Discontinued operations | $0.05 | ($0.41) | ($0.46) | $0.03 | $0.12 | ($0.06) | $0.04 | $0.14 | ($0.79) | $0.25 | $0.89 |
Net income - Pitney Bowes Inc. | $0.45 | ($0.03) | ($0.05) | $0.34 | $0.55 | $0.38 | $0.50 | $0.79 | $0.71 | $2.22 | $3.06 |
Diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Continuing operations | $0.39 | $0.38 | $0.41 | $0.31 | $0.43 | $0.44 | $0.46 | $0.65 | $1.49 | $1.96 | $2.16 |
Discontinued operations | $0.05 | ($0.40) | ($0.46) | $0.03 | $0.12 | ($0.06) | $0.04 | $0.14 | ($0.78) | $0.25 | $0.89 |
Net income - Pitney Bowes Inc. | $0.44 | ($0.03) | ($0.05) | $0.33 | $0.55 | $0.38 | $0.50 | $0.79 | $0.70 | $2.21 | $3.05 |
Anti-dilutive shares (in thousands): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Anti-dilutive shares not used in calculating diluted weighted-average shares | ' | ' | ' | ' | ' | ' | ' | ' | 12,448 | 13,801 | 14,016 |
Quarterly_Financial_Data_unaud2
Quarterly Financial Data (unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Selected Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $1,031,187 | $938,786 | $970,416 | $929,012 | $1,015,516 | $949,789 | $974,658 | $975,101 | $3,869,401 | $3,915,064 | $4,125,341 |
Cost and expenses | 919,437 | 846,145 | 857,167 | 843,475 | 889,663 | 826,659 | 832,413 | 832,017 | 3,466,224 | 3,380,752 | 3,633,855 |
Income from continuing operations | 111,750 | 92,641 | 113,249 | 85,537 | 125,853 | 123,130 | 142,245 | 143,084 | 403,177 | 534,312 | 491,486 |
Provision (benefit) for income taxes | 27,539 | 11,370 | 25,391 | 18,769 | 35,144 | 30,590 | 45,705 | 8,813 | 83,069 | 120,252 | 35,518 |
Income from continuing operations | 84,211 | 81,271 | 87,858 | 66,768 | 90,709 | 92,540 | 96,540 | 134,271 | 320,108 | 414,060 | 455,968 |
Net income before attribution of noncontrolling interests | 94,682 | -933 | -4,639 | 72,100 | 114,931 | 81,127 | 104,217 | 163,264 | 161,210 | 463,539 | 635,855 |
Noncontrolling Interest in Net Income (Loss) Preferred Unit Holders, Redeemable | 4,593 | 4,594 | 4,594 | 4,594 | 4,594 | 4,594 | 4,594 | 4,594 | 18,375 | 18,376 | 18,375 |
Amounts attributable to common stockholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations | 79,618 | 76,677 | 83,264 | 62,174 | 86,115 | 87,946 | 91,946 | 129,677 | 301,733 | 395,684 | 437,593 |
Loss (gain) from discontinued operations | 10,471 | -82,204 | -92,497 | 5,332 | 24,222 | -11,413 | 7,677 | 28,993 | -158,898 | 49,479 | 179,887 |
Net income - Pitney Bowes Inc. | $90,089 | ($5,527) | ($9,233) | $67,506 | $110,337 | $76,533 | $99,623 | $158,670 | $142,835 | $445,163 | $617,480 |
Earnings Per Share, Basic [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Continuing operations | $0.39 | $0.38 | $0.41 | $0.31 | $0.43 | $0.44 | $0.46 | $0.65 | $1.50 | $1.97 | $2.17 |
Discontinued operations | $0.05 | ($0.41) | ($0.46) | $0.03 | $0.12 | ($0.06) | $0.04 | $0.14 | ($0.79) | $0.25 | $0.89 |
Net income - Pitney Bowes Inc. | $0.45 | ($0.03) | ($0.05) | $0.34 | $0.55 | $0.38 | $0.50 | $0.79 | $0.71 | $2.22 | $3.06 |
Diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Continuing operations | $0.39 | $0.38 | $0.41 | $0.31 | $0.43 | $0.44 | $0.46 | $0.65 | $1.49 | $1.96 | $2.16 |
Discontinued operations | $0.05 | ($0.40) | ($0.46) | $0.03 | $0.12 | ($0.06) | $0.04 | $0.14 | ($0.78) | $0.25 | $0.89 |
Net income - Pitney Bowes Inc. | $0.44 | ($0.03) | ($0.05) | $0.33 | $0.55 | $0.38 | $0.50 | $0.79 | $0.70 | $2.21 | $3.05 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($574,556) | ' | ' | ' | ($681,213) | ' | ' | ' | ($574,556) | ($681,213) | ($661,645) | ($473,806) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | 75,387 | -71,590 | -223,985 | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | 31,270 | 52,022 | 36,146 | ' |
Revenues | 1,031,187 | 938,786 | 970,416 | 929,012 | 1,015,516 | 949,789 | 974,658 | 975,101 | 3,869,401 | 3,915,064 | 4,125,341 | ' |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 114,740 | 115,228 | 115,363 | ' |
Income Tax Expense (Benefit) | 27,539 | 11,370 | 25,391 | 18,769 | 35,144 | 30,590 | 45,705 | 8,813 | 83,069 | 120,252 | 35,518 | ' |
Net income before attribution of noncontrolling interests | 94,682 | -933 | -4,639 | 72,100 | 114,931 | 81,127 | 104,217 | 163,264 | 161,210 | 463,539 | 635,855 | ' |
Defined Benefit Plan, Amortization of Transition Obligations (Assets) | ' | ' | ' | ' | ' | ' | ' | ' | 9 | 10 | 10 | ' |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | ' | ' | ' | ' | ' | ' | ' | ' | -620 | 809 | 2,187 | ' |
Defined Benefit Plan, Amortization of Gains (Losses) | ' | ' | ' | ' | ' | ' | ' | ' | -54,372 | -75,274 | -56,323 | ' |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments and Tax | ' | ' | ' | ' | ' | ' | ' | ' | -54,983 | -74,455 | -54,126 | ' |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | 35,755 | 52,579 | 34,474 | ' |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Tax | ' | ' | ' | ' | ' | ' | ' | ' | 19,228 | 21,876 | 19,652 | ' |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | 106,657 | -19,568 | -187,839 | ' |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -6,380 | ' | ' | ' | -7,777 | ' | ' | ' | -6,380 | -7,777 | -8,438 | -10,445 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | -147 | 104 | 229 | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | 1,544 | 557 | 1,778 | ' |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | 1,397 | 661 | 2,007 | ' |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -1,769 | ' | ' | ' | 4,513 | ' | ' | ' | -1,769 | 4,513 | 4,387 | 1,439 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | -7,000 | 1,240 | 3,054 | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | 718 | -1,114 | -106 | ' |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | -6,282 | 126 | 2,948 | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -601,421 | ' | ' | ' | -759,199 | ' | ' | ' | -601,421 | -759,199 | -741,546 | -602,321 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | 122,023 | -70,232 | -173,699 | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | 35,755 | 52,579 | 34,474 | ' |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | 157,778 | -17,653 | -139,225 | ' |
Accumulated Translation Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 35,014 | ' | ' | ' | 81,250 | ' | ' | ' | 35,014 | 81,250 | 83,952 | 137,521 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | -39,489 | -2,702 | -53,569 | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | -6,747 | 0 | 0 | ' |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | -46,236 | -2,702 | -53,569 | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 835 | -1,298 | 166 | ' |
Cost of Goods Sold | ' | ' | ' | ' | ' | ' | ' | ' | 332 | -185 | -719 | ' |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | -2,028 | -2,028 | -2,028 | ' |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | -2,531 | -915 | -2,913 | ' |
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 987 | 358 | 1,135 | ' |
Net income before attribution of noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -1,544 | -557 | -1,778 | ' |
Available-for-sale Securities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment Income, Net | ' | ' | ' | ' | ' | ' | ' | ' | -1,140 | 1,768 | 168 | ' |
Available-for-sale Securities [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 422 | -654 | -62 | ' |
Net income before attribution of noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ($718) | $1,114 | $106 | ' |