Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Jan. 31, 2020 | Jun. 30, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Entity File Number | 1-3579 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Entity Registrant Name | PITNEY BOWES INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 06-0495050 | ||
Entity Address, Address Line One | 3001 Summer Street, | ||
Entity Address, City or Town | Stamford, | ||
Entity Address, State or Province | CT | ||
Entity Address, Postal Zip Code | 06926 | ||
City Area Code | (203) | ||
Local Phone Number | 356-5000 | ||
Title of 12(b) Security | Common Stock, $1 par value per share | ||
Trading Symbol | PBI | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 732 | ||
Entity Common Stock, Shares Outstanding | 171,147,940 | ||
Entity Central Index Key | 0000078814 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Revenue: | ||||
Total revenue | $ 3,205,125 | $ 3,211,522 | $ 2,784,007 | |
Costs and expenses: | ||||
Selling, general and administrative | 1,003,989 | 1,002,935 | 1,029,494 | |
Research and development | 51,258 | 58,523 | 60,857 | |
Restructuring charges and asset impairments, net | 69,606 | 25,899 | 44,849 | |
Interest expense, net | 110,910 | 115,381 | 117,984 | |
Other components of net pension and postretirement cost | (4,225) | 22,425 | 5,413 | |
Other expense | 24,306 | 7,964 | 3,856 | |
Total costs and expenses | 3,177,983 | 3,023,401 | 2,590,309 | |
Total | 27,142 | 188,121 | 193,698 | |
(Benefit) provision for income taxes | (13,007) | 6,416 | 13,659 | |
Income from continuing operations | 40,149 | 181,705 | 180,039 | |
Income from discontinued operations, net of tax | 154,460 | 60,106 | 63,489 | |
Net income | $ 194,609 | $ 241,811 | $ 243,528 | |
Basic earnings per share attributable to common stockholders: | ||||
Continuing operations (in dollars per share) | [1] | $ 0.23 | $ 0.97 | $ 0.97 |
Discontinued operations (in dollars per share) | [1] | 0.88 | 0.32 | 0.34 |
Net income (in dollars per share) | [1] | 1.10 | 1.29 | 1.31 |
Diluted earnings per share attributable to common stockholders: | ||||
Continuing operations (in dollars per share) | [1] | 0.23 | 0.96 | 0.96 |
Discontinued operations (in dollars per share) | [1] | 0.87 | 0.32 | 0.34 |
Net income (in dollars per share) | [1] | $ 1.10 | $ 1.28 | $ 1.30 |
Business services | ||||
Revenue: | ||||
Total from contracts with customers | $ 1,710,801 | $ 1,566,470 | $ 1,071,021 | |
Total revenue | 1,710,801 | 1,566,470 | 1,071,021 | |
Costs and expenses: | ||||
Cost of products and sales | 1,389,569 | 1,233,105 | 770,018 | |
Support services | ||||
Revenue: | ||||
Total from contracts with customers | 506,187 | 552,472 | 581,474 | |
Total revenue | 506,187 | 552,472 | 581,474 | |
Costs and expenses: | ||||
Cost of products and sales | 162,300 | 178,495 | 173,555 | |
Financing | ||||
Revenue: | ||||
Total from contracts with customers | 0 | 0 | 0 | |
Total revenue | 368,090 | 394,557 | 406,395 | |
Costs and expenses: | ||||
Cost of products and sales | 44,648 | 44,376 | 46,178 | |
Equipment sales | ||||
Revenue: | ||||
Total from contracts with customers | 80,562 | 88,616 | 119,416 | |
Total revenue | 352,104 | 395,652 | 400,704 | |
Costs and expenses: | ||||
Cost of equipment sales | 244,210 | 236,160 | 238,062 | |
Supplies | ||||
Revenue: | ||||
Total from contracts with customers | 187,287 | 218,304 | 231,412 | |
Total revenue | 187,287 | 218,304 | 231,412 | |
Costs and expenses: | ||||
Cost of products and sales | 49,882 | 60,960 | 66,302 | |
Financing | ||||
Revenue: | ||||
Total from contracts with customers | 0 | 0 | 0 | |
Total revenue | 80,656 | 84,067 | 93,001 | |
Costs and expenses: | ||||
Cost of products and sales | $ 31,530 | $ 37,178 | $ 33,741 | |
[1] | The sum of the earnings per share amounts may not equal the totals due to rounding. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 194,609 | $ 241,811 | $ 243,528 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translations, net of tax of $3,071 in 2019 and $(4,992) in 2018 | 75,319 | (52,299) | 103,624 |
Net unrealized gain on cash flow hedges, net of tax of $49, $232, and $678, respectively | 146 | 684 | 1,079 |
Net unrealized gain (loss) on available for sale securities, net of tax of $1,970, $(1,545), and $944, respectively | 5,910 | (5,002) | 1,477 |
Adjustments to pension and postretirement plans, net of tax of ($1,270), $(13,508), and $3,089, respectively | (845) | (46,170) | 12,185 |
Amortization of pension and postretirement costs, net of tax of $9,497, $21,675, and $13,936, respectively | 28,288 | 64,999 | 26,828 |
Other comprehensive income (loss), net of tax | 108,818 | (37,788) | 145,193 |
Comprehensive income | $ 303,427 | $ 204,023 | $ 388,721 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translations, tax expense (benefit) | $ 3,071 | $ (4,992) | |
Net unrealized gain on cash flow hedges, tax | 49 | 232 | $ 678 |
Net unrealized loss on investment securities, tax | 1,970 | (1,545) | 944 |
Adjustments to pension and postretirement plans, tax benefit (expense) | (1,270) | (13,508) | 3,089 |
Amortization of pension and postretirement costs, tax | $ 9,497 | $ 21,675 | $ 13,936 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 924,442 | $ 867,262 |
Short-term investments | 115,879 | 59,391 |
Accounts and other receivables (net of allowance of $17,830 and $17,443 respectively) | 373,471 | 371,797 |
Short-term finance receivables (net of allowance of $12,556 and $12,418, respectively) | 629,643 | 653,236 |
Inventories | 68,251 | 62,279 |
Current income taxes | 5,565 | 5,947 |
Other current assets and prepayments | 101,601 | 74,782 |
Assets of discontinued operations | 17,229 | 602,823 |
Total current assets | 2,236,081 | 2,697,517 |
Property, plant and equipment, net | 376,177 | 398,501 |
Rental property and equipment, net | 41,225 | 46,228 |
Long-term finance receivables (net of allowance of $7,095 and $7,804, respectively) | 625,487 | 635,908 |
Goodwill | 1,324,179 | 1,332,351 |
Intangible assets, net | 190,640 | 213,200 |
Operating lease assets | 200,752 | 152,554 |
Noncurrent income taxes | 71,903 | 65,001 |
Other assets | 400,456 | 397,159 |
Total assets | 5,466,900 | 5,938,419 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 1,384,808 | 1,348,127 |
Current operating lease liabilities | 36,060 | 35,208 |
Current portion of long-term debt | 20,108 | 199,535 |
Advance billings | 101,920 | 116,862 |
Current income taxes | 17,083 | 15,284 |
Liabilities of discontinued operations | 9,713 | 174,798 |
Total current liabilities | 1,569,692 | 1,889,814 |
Long-term debt | 2,719,614 | 3,066,073 |
Deferred taxes on income | 274,435 | 253,560 |
Tax uncertainties and other income tax liabilities | 38,834 | 39,548 |
Noncurrent operating lease liabilities | 177,711 | 125,294 |
Other noncurrent liabilities | 400,518 | 462,288 |
Total liabilities | 5,180,804 | 5,836,577 |
Commitments and contingencies (See Note 16) | ||
Stockholders' equity: | ||
Cumulative preferred stock, $50 par value, 4% convertible | 0 | 1 |
Cumulative preference stock, no par value, $2.12 convertible | 0 | 396 |
Common stock, $1 par value (480,000,000 shares authorized; 323,337,912 shares issued) | 323,338 | 323,338 |
Additional paid-in capital | 98,748 | 121,475 |
Retained earnings | 5,438,930 | 5,279,682 |
Accumulated other comprehensive loss | (840,143) | (948,961) |
Treasury stock, at cost (152,888,969 and 135,662,830 shares, respectively) | (4,734,777) | (4,674,089) |
Total stockholders’ equity | 286,096 | 101,842 |
Total liabilities and stockholders’ equity | $ 5,466,900 | $ 5,938,419 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Financial Position [Abstract] | ||
Accounts receivable allowance | $ 17,830 | $ 17,443 |
Short-term finance receivables allowance | 12,556 | 12,418 |
Long-term finance receivables allowance | $ 7,095 | $ 7,804 |
Preferred stock, par value (in dollars per share) | $ 50 | $ 50 |
Preferred stock, dividend rate | 4.00% | 4.00% |
Preference stock, dividend (in dollars per share) | $ 2.12 | $ 2.12 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, authorized (in shares) | 480,000,000 | 480,000,000 |
Common stock issued (in shares) | 323,337,912 | 323,337,912 |
Treasury stock (in shares) | 152,888,969 | 135,662,830 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Cash flows from operating activities: | |||
Net income | $ 194,609 | $ 241,811 | $ 243,528 |
Income from discontinued operations, net of tax | (154,460) | (60,106) | (63,489) |
Restructuring payments | (27,148) | (52,730) | (26,080) |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 159,142 | 148,464 | 126,790 |
Stock-based compensation | 23,149 | 21,042 | 24,389 |
Restructuring charges and asset impairments, net | 69,606 | 25,899 | 44,849 |
Loss on sale of businesses | 17,683 | 0 | 0 |
Pension plan settlement | 0 | 31,329 | 0 |
Deferred tax provision (benefit) | 4,931 | 64,065 | (1,414) |
Changes in operating assets and liabilities, net of acquisitions/divestitures: | |||
Decrease (increase) in accounts and other receivables | 8,318 | (44,031) | (7,165) |
Decrease in finance receivables | 25,638 | 53,280 | 147,836 |
Increase in inventories | (5,588) | (1,441) | (213) |
Increase in other current assets and prepayments | (27,096) | (9,881) | (3,131) |
Increase (decrease) in accounts payable and accrued liabilities | 11,492 | (2,758) | (18,651) |
Decrease in current and noncurrent income taxes | (40,119) | (28,127) | (23,516) |
Decrease in advance billings | (10,361) | (19,802) | (33,665) |
Change in net operating lease assets and liabilities | 6,398 | 346 | 14,840 |
Other, net | (13,259) | (16,565) | (23,508) |
Net cash provided by operating activities: continuing operations | 242,935 | 350,795 | 401,400 |
Net cash provided by (used in) operating activities: discontinued operations | 9,272 | (7,916) | 52,758 |
Net cash provided by operating activities | 252,207 | 342,879 | 454,158 |
Cash flows from investing activities: | |||
Purchases of available-for-sale securities | (57,194) | (81,527) | (125,055) |
Proceeds from sales/maturities of available-for-sale securities | 108,548 | 175,820 | 113,501 |
Net change in short-term and other investments | (78,814) | 11,838 | (8,285) |
Capital expenditures | (137,253) | (137,810) | (118,247) |
Reserve account deposits | 16,341 | 21,008 | 10,954 |
Acquisitions, net of cash acquired | (22,100) | (10,484) | (482,853) |
Other investing activities | (10,091) | (4,250) | (5,750) |
Net cash used in investing activities: continuing operations | (180,563) | (25,405) | (615,735) |
Net cash provided by (used in) investing activities: discontinued operations | 670,130 | 334,532 | (5,630) |
Net cash provided by (used in) investing activities | 489,567 | 309,127 | (621,365) |
Cash flows from financing activities: | |||
Proceeds from issuance of long-term debt | 389,986 | 0 | 1,436,660 |
Principal payments of long-term debt | (930,189) | (570,180) | (964,550) |
Dividends paid to stockholders | (35,361) | (140,498) | (139,490) |
Common stock repurchases | (105,000) | 0 | 0 |
Other financing activities | (6,076) | (55,741) | 35,127 |
Net cash (used in) provided by financing activities | (686,640) | (766,419) | 367,747 |
Effect of exchange rate changes on cash and cash equivalents | 2,046 | (25,381) | 43,959 |
Increase (decrease) in cash and cash equivalents | 57,180 | (139,794) | 244,499 |
Cash and cash equivalents at beginning of period | 867,262 | 1,009,021 | 764,522 |
Cash and cash equivalents at end of period | 924,442 | 869,227 | 1,009,021 |
Less cash and cash equivalents of discontinued operations | 0 | 1,965 | 0 |
Cash and cash equivalents of continuing operations at end of period | 924,442 | 867,262 | 1,009,021 |
Cash interest paid | 157,709 | 171,120 | 169,279 |
Cash income tax payments, net of refunds | $ 27,109 | $ 25,906 | $ 53,247 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Preferred stock | Preference stock | Common Stock | Additional Paid-in Capital | Retained earnings | Accumulated other comprehensive loss | Treasury stock |
Balance at Dec. 31, 2016 | $ (103,660) | $ 1 | $ 483 | $ 323,338 | $ 148,125 | $ 5,107,734 | $ (940,133) | $ (4,743,208) |
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income | 243,528 | 243,528 | ||||||
Other comprehensive income (loss) | 145,193 | 145,193 | ||||||
Cash dividends | ||||||||
Common ($0.20 per share) | (139,454) | (139,454) | ||||||
Preference | (36) | (36) | ||||||
Issuances of common stock | (1,978) | (33,316) | 31,338 | |||||
Conversions to common stock | 0 | (42) | (831) | 873 | ||||
Stock-based compensation | 24,389 | 24,389 | ||||||
Balance at Dec. 31, 2017 | 30,553 | 1 | 441 | 323,338 | 138,367 | 5,074,343 | (794,940) | (4,710,997) |
Increase (Decrease) in Stockholders' Equity | ||||||||
Cumulative effect of accounting changes | (116,233) | |||||||
Net income | 241,811 | 241,811 | ||||||
Other comprehensive income (loss) | (37,788) | (37,788) | ||||||
Cash dividends | ||||||||
Common ($0.20 per share) | (140,466) | (140,466) | ||||||
Preference | (32) | (32) | ||||||
Issuances of common stock | (1,071) | (37,030) | 35,959 | |||||
Conversions to common stock | (45) | (904) | 949 | |||||
Stock-based compensation | 21,042 | 21,042 | ||||||
Balance at Dec. 31, 2018 | 101,842 | 1 | 396 | 323,338 | 121,475 | 5,279,682 | (948,961) | (4,674,089) |
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income | 194,609 | 194,609 | ||||||
Other comprehensive income (loss) | 108,818 | 108,818 | ||||||
Cash dividends | ||||||||
Common ($0.20 per share) | (35,353) | (35,353) | ||||||
Preference | (8) | (8) | ||||||
Issuances of common stock | (1,684) | (43,062) | 41,378 | |||||
Conversions to common stock | 0 | (130) | (2,804) | 2,934 | ||||
Redemption of preferred/preference stock | (277) | (1) | (266) | (10) | ||||
Stock-based compensation | 23,149 | 23,149 | ||||||
Repurchase of common stock | (105,000) | (105,000) | ||||||
Balance at Dec. 31, 2019 | $ 286,096 | $ 0 | $ 0 | $ 323,338 | $ 98,748 | $ 5,438,930 | $ (840,143) | $ (4,734,777) |
Consolidated Statement of Sto_2
Consolidated Statement of Stockholders' Equity (Deficit) (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Common stock cash paid (USD per share) | $ 0.20 | $ 0.75 | $ 0.75 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying Consolidated Financial Statements of Pitney Bowes Inc. and its wholly owned subsidiaries (we, us, our, or the company) 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. Effective January 1, 2019, we adopted Accounting Standards Codification (ASC) 842, Leases (ASC 842) , using the modified retrospective transition approach with a cumulative effect adjustment. Prior periods have been recast to conform to the current period presentation. Discontinued operations includes the Software Solutions business, sold in December 2019 and the Production Mail business, sold in July 2018. All prior periods have been recast to report these operations as discontinued operations. See Note 4 for further details. We recast our segment reporting to combine North America Mailing and International Mailing into the Sending Technology Solutions (SendTech Solutions) segment to reflect how we manage these operations and the products and services provided to our clients. Additionally, we sold the direct operations and moved to a dealer model in six smaller international markets within SendTech Solutions (Market Exits) and recognized a pre-tax loss of $18 million in other expense. In connection with the sale, we recognized a receivable for the transfer of the lease portfolio in these international markets of $24 million . This receivable is included in other receivables. Based on their nature, we determined that certain costs previously classified as research and development and cost of business services should be classified in other line items within costs and expenses. Accordingly, the classification of these costs are reflected as such in the income statements for the years ended December 31, 2018 and 2017. For the year ended December 31, 2018, the reclassification of these costs reduced research and development expense and cost of business services by $29 million and $13 million , respectively, and increased selling, general and administrative expense and cost of equipment sales by $30 million and $12 million , respectively. For the year ended December 31, 2017, the reclassification of these costs reduced research and development expense and cost of business services by $15 million and $3 million , respectively, and increased selling, general and administrative expense and cost of equipment sales by $11 million and $7 million , respectively. Additionally, for the year ended December 31, 2018, cost of equipment sales and cost of rentals were reduced by $5 million and $3 million , respectively, and cost of support services was increased by $8 million . For the year ended December 31, 2017, both cost of equipment sales and cost of rentals were reduced by $3 million and cost of support services increased by $6 million . The December 31, 2018 balance sheet reflects the correction to the classification of assets and liabilities by reducing short-term finance receivables and advance billings by $106 million and $6 million , respectively, and increasing long-term finance receivables by $100 million . Effective January 1, 2018, we adopted ASU 2014-09, Revenue from Contracts with Customers using the modified retrospective method and recognized a $9 million cumulative effect adjustment to retained earnings at the date of the initial application. Additionally in 2018, we adopted ASU 2016-06, Income Taxes: Intra-entity Transfers of Assets other than Inventory and recognized a $3 million cumulative effect adjustment to retained earnings and ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income with a cumulative effect adjustment to reclassify $116 million from AOCI to opening retained earnings. For more information, refer to our Annual Report on Form 10-K filed with the SEC on February 20, 2019. Use of Estimates The preparation of 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, goodwill and intangible asset impairment review, deferred tax asset valuation allowance, income tax reserves, revenue recognition for multiple element arrangements, pension and other postretirement costs, allowance for doubtful accounts and credit losses, residual values of leased assets, useful lives of long-lived and intangible assets, restructuring costs, the allocation of purchase price to assets and liabilities acquired in business combinations, stock-based compensation expense and loss contingencies. Actual results could differ from those estimates and assumptions. Cash Equivalents and Investments Cash equivalents include interest-earning investments with maturities of three months or less at the date of purchase. Short-term investments include investments with original maturities of greater than three months and remaining maturities of less than one year from the reporting date. Investments with maturities greater than one year from the reporting date are recorded as other assets. Investment securities classified as available-for-sale are recorded at fair value with unrealized holding gains and losses, net of tax, recorded in accumulated other comprehensive income (AOCI). Purchase premiums and discounts are amortized using the effective interest method over the term of the security. Gains and losses on the sale of available-for-sale securities are recorded on the trade date using the specific identification method. 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. Accounts and Other Receivables and Allowance for Doubtful Accounts Accounts receivable are generally due within 30 days after the invoice date. Accounts receivable are written off against the allowance after all collection efforts have been exhausted and management deems the account to be uncollectible. We provide an allowance for doubtful accounts based on historical loss experience, the age of the receivables, specific troubled accounts and other currently available information. We believe that our accounts receivable credit risk is low because of the geographic and industry diversification of our clients and small account balances for most of our clients. We continually evaluate the adequacy of the allowance for doubtful accounts and make adjustments as necessary. Accounts and other receivables includes other receivables of $91 million at December 31, 2019 and $75 million at December 31, 2018. Finance Receivables and Allowance for Credit Losses Finance receivables are composed of sales-type lease receivables and unsecured revolving loan receivables. We provide an allowance for credit losses based on historical loss experience, the nature and volume of our portfolios, specific troubled accounts, prevailing economic conditions and our ability to manage the collateral. We continually evaluate the adequacy of the allowance for credit losses and make adjustments as necessary. We establish credit approval limits based on the credit quality of the client and the type of equipment financed. We discontinue financing 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. Revenue recognition is resumed when the client's payments reduce the account aging to less than 60 days past due. Finance receivables 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 low because of the geographic and industry diversification of our clients and small account balances for most of our clients. 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 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 50 years for buildings, 10 to 20 years for building improvements, up to 3 years for internal use software development costs, 3 to 12 years for machinery and equipment and 4 to 6 years for rental equipment. Major improvements that add to the 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 their 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. Intangible Assets Finite-lived intangible assets are amortized using the straight-line method over their estimated useful lives of up to 10 years. Research and Development Costs Research and development costs include engineering costs related to research and development activities and are expensed as incurred. Impairment Review for Long-lived and Finite-Lived Intangible Assets Long-lived assets and finite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. The estimated undiscounted future cash flows expected to result from the use and eventual disposition of the asset is compared to the asset's carrying value. The fair value of the asset is determined using probability weighted expected cash flow estimates, derived from our long-term business plans and historical experience, quoted market prices when available and appraisals, as appropriate. If the estimated undiscounted cash flows are less than the asset's carrying value, an impairment charge is recorded to reduce the assets carrying value to its fair value. Impairment Review for Goodwill Goodwill is tested annually for impairment at the reporting unit level during the fourth quarter or sooner if circumstances indicate an impairment may exist. The impairment test for goodwill determines the fair value of each reporting unit and compares it to the reporting unit's carrying value, including goodwill. If the fair value of a reporting unit is less than its carrying value an impairment loss is recognized for the difference, not to exceed the carrying amount of goodwill. Retirement Plans Net periodic benefit cost includes current service cost, interest cost, expected return on plan assets and the amortization of actuarial gains and losses. Actuarial gains and losses arise from actual results that differ from previous assumptions and changes in assumptions. The expected return on plan assets is based on a market-related valuation of plan assets where differences between the actual and expected return on plan assets are recognized over a five-year period. Actuarial gains and losses are recognized in other comprehensive income, net of tax, and amortized to benefit cost primarily over the life expectancy of plan participants. The funded status of pension and other postretirement benefit plans is recognized in the consolidated balance sheets. Stock-based Compensation We primarily issue restricted stock units, non-qualified stock options and performance stock units under our stock award plans. Compensation expense for stock-based awards is measured based on the estimated fair value of the awards expected to vest and recognized on a straight-line basis over the requisite service period. The fair value of stock awards is estimated based on the fair value of our common stock on the grant date, less the present value of expected dividends or using the Black-Scholes valuation model or Monte Carlo simulation model. We believe that the valuation techniques and underlying assumptions are appropriate in estimating the fair value of stock awards. The majority of stock-based compensation expense is recorded in selling, general and administrative expense. Forfeitures are estimated at the time of grant to recognize expense for those awards that are expected to vest and are based on our historical forfeiture rates. Revenue Recognition We derive revenue from multiple sources including sales, rentals, financing and services. Certain transactions are consummated at the same time and can therefore generate revenue from multiple sources. The most common form of these transactions involves a sale or noncancelable lease of equipment, meter services and an equipment maintenance agreement. We are required to determine whether each product and service within the contract should be treated as a separate performance obligation (unit of accounting) for revenue recognition purposes. For contracts that include multiple performance obligations, the transaction price is allocated based on relative standalone selling prices (SSP) which are a range of selling prices that we would sell a good or service to a customer on a separate basis. SSP are established for each performance obligation at the inception of the contract and can be observable prices or estimated. The allocation of the transaction price to the various performance obligations impacts the timing of revenue recognition, but does not change the total revenue recognized. More specifically, revenue related to our offerings is recognized as follows: Business services Business services revenue includes revenue from mail processing services and ecommerce solutions. These services represent a series of distinct services that are similar in nature and revenue is recognized as the services are provided. We review third party relationships and record revenue on a gross basis when we act as a principal in a transaction and on a net basis when we act as an agent between a client and vendor. In determining whether we are acting as principal or agent, we consider several factors such as whether we are the primary obligor to the client, have control over pricing or have inventory risk. Support services Support services revenue includes revenue from equipment service contracts, subscriptions and meter services. Revenue is allocated to these services using selling prices charged in standalone replacement and renewal transactions. Since we have a stand-ready obligation to provide these services over the entire contract term, revenue is recognized on a straight-line basis over the term of the agreement. Financing We provide financing for our products primarily through sales-type leases. We also provide revolving lines of credit for the purchase of postage and supplies. We record financing income over the lease term using the effective interest method. Financing revenue also includes amounts related to sales-type leases that customers have extended or renewed for an additional term. Revenue for these contracts is recognized over the term of the modified lease using the effective interest method. We believe that our sales-type lease portfolio contains only normal collection risk. Equipment residual values are determined at the inception of the lease using estimates of fair value at the end of the lease term. Fair value estimates are based primarily on historical renewal experience, used equipment markets, competition and technological changes. We evaluate residual values on an annual basis or sooner if circumstances warrant. Declines in estimated residual values considered "other-than-temporary" are recognized immediately. Increases in estimated future residual values are not recognized until the equipment is remarketed. Equipment sales We sell and lease equipment directly to customers and to distributors (re-sellers) throughout the world. The amount of revenue allocated to the equipment is based on a range of observable selling prices in standalone transactions. Revenue from the sale of equipment under sales-type leases is recognized as control of the equipment transfers to the customer, which is upon shipment for self-installed products and upon installation or customer acceptance for other products. Revenue from the direct sale of equipment is recognized as control of the equipment transfers to the customer, which is upon delivery for self-installed products and upon installation or customer acceptance for other products. We do not typically offer any rights of return. Supplies Supplies revenue is generally recognized upon delivery. Rentals Rentals revenue includes revenue from mailing equipment that does not meet the criteria to be accounted for as a sales-type lease. We may invoice in advance for rentals according to the terms of the agreement. We initially defer these advanced billings and recognize rentals revenue on a straight-line basis over the rental period. Revenue generated from financing clients for the continued use of equipment subsequent to the expiration of the original lease is recognized as rentals revenue. Shipping and Handling Shipping and handling costs are recognized as incurred and recorded in cost of revenues. Deferred Charges Certain incremental costs to obtain a contract are capitalized if we expect the benefit of those costs to be realized over a period greater than one year. These costs primarily relate to sales commission on multi-year equipment. These costs are amortized in a manner consistent with the timing of the related revenue over the contract performance period or longer, if renewals are expected and the renewal commission is not commensurate with the initial commission. Unamortized contract costs at December 31, 2019 and December 31, 2018 were $26 million and $20 million , respectively, and are included in other assets. Amortization expense for the year ended December 31, 2019 and 2018 was $7 million and $9 million , respectively. Restructuring Charges Costs associated with restructuring actions primarily include employee severance and other employee separation costs. These costs are recognized when a liability is incurred, which is generally upon communication to the affected employees, and the amount to be paid is both probable and reasonably estimable. Severance accruals are based on company policy, historical experience and negotiated settlements. Derivative Instruments In the normal course of business, we are exposed to the impact of changes in foreign currency exchange rates and interest rates. We limit these risks by following established risk management policies and procedures, including the use of derivatives. We use derivative instruments to limit the effects of currency exchange rate fluctuations on financial results and manage the related cost of debt. We do not use derivatives for trading or speculative purposes. We record 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 only with financial institutions that meet stringent credit requirements. We regularly review our credit exposure balances and the creditworthiness of our counterparties. We have not seen a material change in the creditworthiness of our 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. 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 of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date of such change. A valuation allowance is provided when it is more likely than not that a deferred tax asset will not be realized. In estimating the necessity and amount of a valuation allowance, we consider all available evidence for each jurisdiction including historical operating results, estimates of future taxable income and the feasibility of ongoing tax planning strategies. We adjust the valuation allowance through income tax expense when new information becomes available that would alter our determination of the amount of deferred tax assets that will ultimately be realized. Earnings per Share Basic earnings per share is computed based on the weighted-average number of common shares outstanding during the year. Diluted earnings per share is computed based on the weighted-average number of common shares plus the dilutive effect of common stock equivalents. 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 New Accounting Pronouncements - Standards Adopted in 2019 On January 1, 2019, we adopted ASC 842 using the modified retrospective transition approach of applying the standard at the beginning of the earliest comparative period presented in the financial statements. We recognized a cumulative effect adjustment at January 1, 2017 to reduce retained earnings by $137 million and recast prior period financial statements. See Notes 7 and 17 for more information. From a lessor perspective, the standard simplifies the accounting for lease modifications and aligns accounting of lease contracts with revenue recognition guidance. We continue to classify leases as sales-type or operating, with the determination affecting both the pattern and classification of income recognition. There were changes in the timing and classification of revenue related to contract modifications. There were also changes related to the definition of a leased asset, which requires us to account for two lease components as a single lease component. Under prior guidance, one of the components was generally accounted for as a sales-type lease and the second as an operating lease. Under ASC 842, the two components are generally accounted for as sales-type leases and certain income and costs previously recognized over the life of the lease are now accelerated. From a lessee perspective, the standard requires us to recognize right-of-use assets and lease liabilities for real estate and equipment operating leases and to provide new disclosures about our leasing activities. We elected the short-term lease recognition exemption and did not recognize right-of-use assets or lease liabilities for leases with a term less than 12 months. We also elected the practical expedient to not separate lease and non-lease components for our lessee portfolio. On January 1, 2019, we also adopted Accounting Standards Update (ASU) 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities , which shortens the amortization period for certain callable debt securities held at a premium, requiring the premium to be amortized to the earliest call date. The adoption of this standard did not have a material impact on our consolidated financial statements. In July 2019, we prospectively adopted ASU 2018-15, Intangibles - Goodwill and Other-Internal-Use Software. The ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The adoption of this standard did not have a material impact on our consolidated financial statements. New Accounting Pronouncements - Standards Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses . The ASU sets forth a current expected credit loss model, which requires companies to measure expected credit losses for all financial instruments held at the reporting date based on historical experience, current conditions and reasonably supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. We have implemented internal controls and accounting policies to facilitate the preparation of financial information that will be required under the new standard. This standard is effective beginning January 1, 2020. We will adopt the standard using the modified retrospective transition approach with a cumulative effect adjustment at January 1, 2020 to retained earnings. We do not expect the cumulative effect adjustment, or the impact of this standard on an ongoing basis, will be material to our financial statements. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Disaggregated Revenue The following tables disaggregate our revenue by source and timing of recognition: Year Ended December 31, 2019 Global Ecommerce Presort Services SendTech Solutions Revenue from products and services Revenue from leasing transactions and financing Total consolidated revenue Revenue from products and services Business services $ 1,151,510 $ 529,588 $ 29,703 $ 1,710,801 $ — $ 1,710,801 Support services — — 506,187 506,187 — 506,187 Financing — — — — 368,090 368,090 Equipment sales — — 80,562 80,562 271,542 352,104 Supplies — — 187,287 187,287 — 187,287 Rentals — — — — 80,656 80,656 Subtotal 1,151,510 529,588 803,739 2,484,837 $ 720,288 $ 3,205,125 Revenue from leasing transactions and financing Financing — — 368,090 368,090 Equipment sales — — 271,542 271,542 Rentals — — 80,656 80,656 Total revenue $ 1,151,510 $ 529,588 $ 1,524,027 $ 3,205,125 Timing of revenue recognition from products and services Products/services transferred at a point in time $ — $ — $ 334,046 $ 334,046 Products/services transferred over time 1,151,510 529,588 469,693 2,150,791 Total $ 1,151,510 $ 529,588 $ 803,739 $ 2,484,837 Year Ended December 31, 2018 Global Ecommerce Presort Services SendTech Solutions Revenue from products and services Revenue from leasing transactions and financing Total consolidated revenue Revenue from products and services Business services $ 1,022,862 $ 515,795 $ 27,813 $ 1,566,470 $ — $ 1,566,470 Support services — — 552,472 552,472 — 552,472 Financing — — — — 394,557 394,557 Equipment sales — — 88,616 88,616 307,036 395,652 Supplies — — 218,304 218,304 — 218,304 Rentals — — — — 84,067 84,067 Subtotal 1,022,862 515,795 887,205 2,425,862 $ 785,660 $ 3,211,522 Revenue from leasing transactions and financing Financing — — 394,557 394,557 Equipment sales — — 307,036 307,036 Rentals — — 84,067 84,067 Total revenue $ 1,022,862 $ 515,795 $ 1,672,865 $ 3,211,522 Timing of revenue recognition from products and services Products/services transferred at a point in time $ — $ — $ 386,844 $ 386,844 Products/services transferred over time 1,022,862 515,795 500,361 2,039,018 Total $ 1,022,862 $ 515,795 $ 887,205 $ 2,425,862 Year Ended December 31, 2017 Global Ecommerce Presort Services SendTech Solutions Revenue from products and services Revenue from leasing transactions and financing Total consolidated revenue Revenue from products and services Business services $ 551,678 $ 497,901 $ 21,442 $ 1,071,021 $ — $ 1,071,021 Support services 564 — 580,910 581,474 — 581,474 Financing — — — — 406,395 406,395 Equipment sales — — 119,416 119,416 281,288 400,704 Supplies — — 231,412 231,412 — 231,412 Rentals — — — — 93,001 93,001 Subtotal 552,242 497,901 953,180 2,003,323 $ 780,684 $ 2,784,007 Revenue from leasing transactions and financing Financing — — 406,395 406,395 Equipment sales — — 281,288 281,288 Rentals — — 93,001 93,001 Total revenue $ 552,242 $ 497,901 $ 1,733,864 $ 2,784,007 Timing of revenue recognition from products and services Products/services transferred at a point in time $ — $ — $ 421,470 $ 421,470 Products/services transferred over time 552,242 497,901 531,710 1,581,853 Total $ 552,242 $ 497,901 $ 953,180 $ 2,003,323 Our performance obligations are as follows: Business services includes providing mail processing services, cross-border solutions, shipping solutions and fulfillment, delivery and return services. Revenue is recognized over time as the services are provided. Contract terms for these services range from one to five years followed by annual renewal periods. Support services includes providing maintenance, professional, meter and other subscription services for our mailing equipment. Contract terms range from one year to five years, depending on the term of the lease contract for the related equipment. Revenue for maintenance, subscription and meter services is recognized ratably over the contract period and revenue for professional services is recognized when services are provided. Equipment sales generally include the sale of mailing equipment, excluding sales-type leases. We recognize revenue upon delivery for self-install equipment and upon acceptance or installation for other equipment. We provide a warranty that our equipment is free of defects and meets stated specifications. The warranty is not considered a separate performance obligation. Supplies revenue is recognized upon delivery. Revenue from leasing transactions and financing includes revenue from sales-type leases, operating leases, finance income and late fees. Advance Billings from Contracts with Customers Balance Sheet Location December 31, 2019 December 31, 2018 Increase/ (decrease) Advance billings, current Advance billings $ 92,464 $ 111,829 $ (19,365 ) Advance billings, noncurrent Other noncurrent liabilities $ 1,245 $ 1,985 $ (740 ) Advance billings are recorded when cash payments are due in advance of our performance. Items in advance billings primarily relate to support services on mailing equipment. Revenue is recognized ratably over the contract term. The net decrease in advance billings at December 31, 2019 is due to revenue recognized during the period in excess of advance billings. Revenue recognized during the period includes $112 million of advance billings at the beginning of the period, partially offset by advance billings in the year. Future Performance Obligations Future performance obligations include revenue streams bundled with our leasing contracts, primarily maintenance, meter services and other subscription services. The transaction prices allocated to future performance obligations will be recognized as follows: 2020 2021 2022-2024 Total SendTech Solutions $ 288,689 $ 223,759 $ 261,947 $ 774,395 The table above does not include revenue related to performance obligations for contracts with terms less than 12 months and expected consideration for those performance obligations where revenue is recognized based on the amount billable to the customer. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Our reportable segments are Global Ecommerce, Presort Services and SendTech Solutions. Global Ecommerce and Presort Services comprise the Commerce Services reporting group. The principal products and services of each reportable segment are as follows: Global Ecommerce: Includes the revenue and related expenses from products and services that facilitate domestic retail and ecommerce shipping solutions, including fulfillment and returns, and global cross-border ecommerce transactions. Presort Services : Includes revenue and related expenses from sortation services to qualify large volumes of First Class Mail, Marketing Mail and Bound and Packet Mail (Marketing Mail Flats and Bound Printed Matter) for postal worksharing discounts. SendTech Solutions: Includes the revenue and related expenses from sending technology solutions for physical mailing, digital mailing and shipping, financing, services, supplies and other applications to help simplify and save on the sending, tracking and receiving of letters and packages. Management measures segment profitability and performance using segment earnings before interest and taxes (EBIT). Segment EBIT is calculated by deducting from segment revenue the related costs and expenses attributable to the segment. Segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, asset impairment charges and other items not allocated to a particular business segment. Management believes that it provides investors a useful measure of operating performance and underlying trends of the business. Segment EBIT may not be indicative of our overall consolidated performance and therefore, should be read in conjunction with our consolidated results of operations. The following tables provide information about our reportable segments and reconciliation of segment EBIT to net income. Revenues Years Ended December 31, 2019 2018 2017 Global Ecommerce $ 1,151,510 $ 1,022,862 $ 552,242 Presort Services 529,588 515,795 497,901 Commerce Services 1,681,098 1,538,657 1,050,143 SendTech Solutions 1,524,027 1,672,865 1,733,864 Total revenue $ 3,205,125 $ 3,211,522 $ 2,784,007 Geographic data: United States $ 2,745,928 $ 2,679,300 $ 2,262,249 Outside United States 459,197 532,222 521,758 Total revenue $ 3,205,125 $ 3,211,522 $ 2,784,007 EBIT Years Ended December 31, 2019 2018 2017 Global Ecommerce $ (70,146 ) $ (32,379 ) $ (17,899 ) Presort Services 70,693 73,768 97,506 Commerce Services 547 41,389 79,607 SendTech Solutions 490,322 558,959 553,266 Total segment EBIT 490,869 600,348 632,873 Reconciling items: Interest, net (155,558 ) (159,757 ) (164,162 ) Unallocated corporate expenses (211,529 ) (185,919 ) (219,924 ) Restructuring charges and asset impairments, net (69,606 ) (25,899 ) (44,849 ) Pension settlement — (31,329 ) — Loss on Market Exits (17,683 ) — — Transaction costs (2,728 ) (1,359 ) (6,384 ) Loss on extinguishment of debt (6,623 ) (7,964 ) (3,856 ) Benefit (provision) for income taxes 13,007 (6,416 ) (13,659 ) Income from continuing operations 40,149 181,705 180,039 Income from discontinued operations, net of tax 154,460 60,106 63,489 Net income $ 194,609 $ 241,811 $ 243,528 Depreciation and amortization Years Ended December 31, 2019 2018 2017 Global Ecommerce $ 68,385 $ 61,046 $ 36,786 Presort Services 29,440 26,838 26,541 Commerce Services 97,825 87,884 63,327 SendTech Solutions 39,758 39,104 39,359 Total for reportable segments 137,583 126,988 102,686 Corporate 21,559 21,476 24,104 Total depreciation and amortization $ 159,142 $ 148,464 $ 126,790 Capital expenditures Years Ended December 31, 2019 2018 2017 Global Ecommerce $ 53,374 $ 46,073 $ 26,810 Presort Services 27,394 42,531 20,860 Commerce Services 80,768 88,604 47,670 SendTech Solutions 32,276 24,648 40,445 Total for reportable segments 113,044 113,252 88,115 Corporate 24,209 24,558 30,132 Total capital expenditures $ 137,253 $ 137,810 $ 118,247 Assets December 31, 2019 2018 2017 Global Ecommerce $ 1,102,313 $ 1,023,732 $ 1,016,045 Presort Services 524,817 431,512 387,701 Commerce Services 1,627,130 1,455,244 1,403,746 SendTech Solutions 2,152,734 2,325,797 2,454,094 Total for reportable segments 3,779,864 3,781,041 3,857,840 Cash and cash equivalents 924,442 867,262 1,009,021 Short-term investments 115,879 59,391 48,988 Assets of discontinued operations 17,229 602,823 923,012 Other corporate assets 629,486 627,902 795,745 Consolidated assets $ 5,466,900 $ 5,938,419 $ 6,634,606 Identifiable long-lived assets: United States $ 399,234 $ 424,706 $ 389,944 Outside United States 18,168 20,023 26,696 Total $ 417,402 $ 444,729 $ 416,640 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations In December 2019, we completed the sale of the Software Solutions business, with the exception of the software business in Australia, which closed in January 2020, to an affiliate of Syncsort Incorporated for approximately $700 million , subject to certain adjustments. The operating results of the Software Solutions business are now reported as discontinued operations. Discontinued operations also includes the Production Mail business that was sold in July 2018. Selected financial information of discontinued operations is as follows: Year Ended December 31, 2019 Software Solutions Production Mail Total Revenue $ 272,565 $ — $ 272,565 Earnings (loss) from discontinued operations $ 22,160 $ (663 ) $ 21,497 Gain (loss) on sale 195,957 (14,644 ) 181,313 Income (loss) from discontinued operations before taxes $ 218,117 $ (15,307 ) 202,810 Tax provision 48,350 Income from discontinued operations, net of tax $ 154,460 Year Ended December 31, 2018 Software Solutions Production Mail Total Revenue $ 340,855 $ 211,542 $ 552,397 Earnings from discontinued operations $ 49,587 $ 18,952 $ 68,539 Gain on sale — 60,611 60,611 Income from discontinued operations before taxes $ 49,587 $ 79,563 129,150 Tax provision 69,044 Income from discontinued operations, net of tax $ 60,106 Year Ended December 31, 2017 Software Solutions Production Mail Total Revenue $ 331,624 $ 426,676 $ 758,300 Income from discontinued operations before taxes $ 34,386 $ 61,074 95,460 Tax provision 31,971 Income from discontinued operations, net of tax $ 63,489 The major categories of assets and liabilities included in assets of discontinued operations and liabilities of discontinued operations are as follows: December 31, 2019 December 31, 2018 Cash and cash equivalents $ — $ 1,965 Accounts and other receivables, net 3,241 85,399 Inventories — 855 Other current assets and prepayments 2,550 26,121 Property, plant and equipment, net 152 12,140 Rental property and equipment, net — 179 Goodwill (1) 9,562 434,160 Intangible assets, net — 13,937 Operating lease assets — 4,234 Other assets 1,724 23,833 Assets of discontinued operations $ 17,229 $ 602,823 Accounts payable and accrued liabilities $ 4,340 $ 44,917 Current operating lease liabilities — 2,000 Advance billings 5,373 113,110 Noncurrent operating lease liabilities — 1,943 Other noncurrent liabilities — 12,828 Liabilities of discontinued operations $ 9,713 $ 174,798 (1) Goodwill amount at December 31, 2018 is net of accumulated impairment charges of $148 million . |
Earnings per Share (EPS)
Earnings per Share (EPS) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings per Share (EPS) | Earnings per Share (EPS) The calculations of basic and diluted earnings per share are presented below. The sum of earnings per share amounts may not equal the totals due to rounding. Years Ended December 31, 2019 2018 2017 Numerator: Income from continuing operations $ 40,149 $ 181,705 $ 180,039 Income from discontinued operations, net of tax 154,460 60,106 63,489 Net income (numerator for diluted EPS) 194,609 241,811 243,528 Less: Preference stock dividend 8 32 36 Income attributable to common stockholders (numerator for basic EPS) $ 194,601 $ 241,779 $ 243,492 Denominator: Weighted-average shares used in basic EPS 176,251 187,277 186,332 Dilutive effect of common stock equivalents 1,198 1,105 1,103 Weighted-average shares used in diluted EPS 177,449 188,382 187,435 Basic earnings per share: Continuing operations $ 0.23 $ 0.97 $ 0.97 Discontinued operations 0.88 0.32 0.34 Net income $ 1.10 $ 1.29 $ 1.31 Diluted earnings per share: Continuing operations $ 0.23 $ 0.96 $ 0.96 Discontinued operations 0.87 0.32 0.34 Net income $ 1.10 $ 1.28 $ 1.30 Anti-dilutive options excluded from diluted earnings per share: 15,751 12,089 10,267 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following: December 31, 2019 2018 Raw materials $ 13,514 $ 8,229 Supplies and service parts 21,840 21,841 Finished products 36,969 36,692 Inventory at FIFO cost, net 72,323 66,762 Excess of FIFO cost over LIFO cost (4,072 ) (4,483 ) Total inventory, net $ 68,251 $ 62,279 |
Finance Assets and Lessor Opera
Finance Assets and Lessor Operating Leases | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Finance Assets and Lessor Operating Leases | Finance Assets and Lessor Operating Leases Finance Assets 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 clients for postage and supplies. Most loan receivables are generally due each month; however, customers may rollover outstanding balances. Interest is recognized on loan receivables using the effective interest method and related annual fees are initially deferred and recognized ratably over the annual period covered. Client acquisition costs are expensed as incurred. Finance receivables consisted of the following: December 31, 2019 December 31, 2018 North America International Total North America International Total Sales-type lease receivables Gross finance receivables $ 1,055,852 $ 224,202 $ 1,280,054 $ 1,110,898 $ 242,036 $ 1,352,934 Unguaranteed residual values 41,934 11,789 53,723 52,637 12,772 65,409 Unearned income (319,281 ) (65,888 ) (385,169 ) (383,453 ) (55,113 ) (438,566 ) Allowance for credit losses (10,920 ) (2,085 ) (13,005 ) (10,253 ) (2,355 ) (12,608 ) Net investment in sales-type lease receivables 767,585 168,018 935,603 769,829 197,340 967,169 Loan receivables Loan receivables 298,247 27,926 326,173 300,319 29,270 329,589 Allowance for credit losses (5,906 ) (740 ) (6,646 ) (6,777 ) (837 ) (7,614 ) Net investment in loan receivables 292,341 27,186 319,527 293,542 28,433 321,975 Net investment in finance receivables $ 1,059,926 $ 195,204 $ 1,255,130 $ 1,063,371 $ 225,773 $ 1,289,144 Maturities of gross loan receivables and gross sales-type lease receivables at December 31, 2019 were as follows: Sales-type Lease Receivables Loan Receivables North America International Total North America International Total 2020 $ 422,688 $ 88,282 $ 510,970 $ 265,091 $ 27,926 $ 293,017 2021 300,669 64,001 364,670 11,295 — 11,295 2022 195,533 42,421 237,954 9,778 — 9,778 2023 102,765 22,042 124,807 4,649 — 4,649 2024 33,309 6,549 39,858 6,341 — 6,341 Thereafter 888 907 1,795 1,093 — 1,093 Total $ 1,055,852 $ 224,202 $ 1,280,054 $ 298,247 $ 27,926 $ 326,173 Allowance for Credit Losses Activity in the allowance for credit losses was as follows: Sales-type Lease Receivables Loan Receivables North America International North America International Total Balance at December 31, 2016 $ 8,247 $ 2,647 $ 8,517 $ 1,089 $ 20,500 Amounts charged to expense 7,544 1,280 6,273 510 15,607 Accounts written off (8,070 ) (1,133 ) (7,692 ) (579 ) (17,474 ) Balance at December 31, 2017 7,721 2,794 7,098 1,020 18,633 Amounts charged to expense 7,928 1,315 6,825 532 16,600 Accounts written off (5,396 ) (1,754 ) (7,146 ) (715 ) (15,011 ) Balance at December 31, 2018 10,253 2,355 6,777 837 20,222 Amounts charged to expense 5,672 1,157 4,746 569 12,144 Accounts written off (5,005 ) (1,427 ) (5,617 ) (666 ) (12,715 ) Balance at December 31, 2019 $ 10,920 $ 2,085 $ 5,906 $ 740 $ 19,651 Aging of Receivables The aging of gross finance receivables was as follows: December 31, 2019 Sales-type Lease Receivables Loan Receivables North America International North America International Total 1 - 90 days $ 1,032,912 $ 220,819 $ 294,001 $ 27,697 $ 1,575,429 > 90 days 22,940 3,383 4,246 229 30,798 Total $ 1,055,852 $ 224,202 $ 298,247 $ 27,926 $ 1,606,227 Past due amounts > 90 days Still accruing interest $ 4,835 $ 1,081 $ 2,094 $ 121 $ 8,131 Not accruing interest 18,105 2,302 2,152 108 22,667 Total $ 22,940 $ 3,383 $ 4,246 $ 229 $ 30,798 December 31, 2018 Sales-type Lease Receivables Loan Receivables North America International North America International Total 1 - 90 days $ 1,069,290 $ 238,114 $ 294,126 $ 29,079 $ 1,630,609 > 90 days 41,608 3,922 6,193 191 51,914 Total $ 1,110,898 $ 242,036 $ 300,319 $ 29,270 $ 1,682,523 Past due amounts > 90 days Still accruing interest $ 7,917 $ 1,111 $ 1,769 $ 72 $ 10,869 Not accruing interest 33,691 2,811 4,424 119 41,045 Total $ 41,608 $ 3,922 $ 6,193 $ 191 $ 51,914 Credit Quality The extension 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, given that 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 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. Some accounts are not scored; however, 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 may become delinquent in the next 12 month period. • 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, 2019 2018 Sales-type lease receivables Low $ 837,386 $ 922,414 Medium 161,204 131,650 High 21,041 22,110 Not Scored 36,221 34,724 Total $ 1,055,852 $ 1,110,898 Loan receivables Low $ 216,295 $ 238,620 Medium 63,302 43,952 High 5,140 5,947 Not Scored 13,510 11,800 Total $ 298,247 $ 300,319 Lease Income Lease income from sales-type leases was as follows: Years Ended December 31, 2019 2018 2017 Profit recognized at commencement (1) $ 142,353 $ 171,938 $ 157,375 Interest income 229,719 245,751 253,224 Total lease income from sales-type leases $ 372,072 $ 417,689 $ 410,599 (1) Lease contracts do not include variable lease payments. Lessor Operating Leases We also lease mailing equipment under operating leases with terms of one to five years. Maturities of these operating leases are as follows: 2020 $ 33,903 2021 17,158 2022 7,836 2023 5,369 2024 1,072 Total $ 65,338 |
Fixed Assets
Fixed Assets | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | Fixed Assets Fixed assets consisted of the following: December 31, 2019 2018 Land $ 9,333 $ 9,333 Machinery and equipment 606,420 559,419 Capitalized software 410,171 401,602 Buildings and improvements 191,108 186,048 1,217,032 1,156,402 Accumulated depreciation (840,855 ) (757,901 ) Property, plant and equipment, net $ 376,177 $ 398,501 Rental property and equipment $ 151,195 $ 132,605 Accumulated depreciation (109,970 ) (86,377 ) Rental property and equipment, net $ 41,225 $ 46,228 Depreciation expense was $123 million , $110 million and $99 million for the years ended December 31, 2019 , 2018 and 2017 |
Acquisitions, Intangible Assets
Acquisitions, Intangible Assets and Goodwill | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Acquisitions, Intangible Assets and Goodwill | Acquisitions, Intangible Assets and Goodwill Acquisitions In October 2017, we acquired Newgistics for $471 million , net of cash acquired. The results of Newgistics are included in our consolidated operating results from the date of acquisition. Our consolidated revenue for the year ended December 31, 2017 includes $140 million from Newgistics. On a pro forma basis, had we acquired Newgistics on January 1, 2017, revenue would have been $341 million higher for the year ended December 31, 2017. The impact on earnings would not have been material. Intangible Assets Intangible assets consisted of the following: December 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 265,665 $ (88,550 ) $ 177,115 $ 338,320 $ (149,539 ) $ 188,781 Software & technology 31,600 (19,999 ) 11,601 54,297 (35,325 ) 18,972 Trademarks & other 13,324 (11,400 ) 1,924 22,305 (16,858 ) 5,447 Total intangible assets, net $ 310,589 $ (119,949 ) $ 190,640 $ 414,922 $ (201,722 ) $ 213,200 Amortization expense was $36 million , $39 million and $28 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. The future amortization expense for intangible assets at December 31, 2019 is as follows: 2020 $ 33,429 2021 29,972 2022 29,026 2023 26,188 2024 26,188 Thereafter 45,837 Total $ 190,640 Actual amortization expense may differ from the amounts above due to, among other things, fluctuations in foreign currency exchange rates, acquisitions, divestitures and impairment charges. Goodwill Changes in the carrying amount of goodwill by reporting segment are shown in the tables below. December 31, 2018 Acquisitions/ dispositions Other (1) December 31, 2019 Global Ecommerce $ 609,431 $ — $ — $ 609,431 Presort Services 207,465 5,064 — 212,529 Commerce Services 816,896 5,064 — 821,960 SendTech Solutions 515,455 (10,490 ) (2,746 ) 502,219 Total goodwill $ 1,332,351 $ (5,426 ) $ (2,746 ) $ 1,324,179 December 31, 2017 Acquisitions Other (1) December 31, 2018 Global Ecommerce $ 602,461 $ 7,623 $ (653 ) $ 609,431 Presort Services 204,781 2,684 — 207,465 Commerce Services 807,242 10,307 (653 ) 816,896 SendTech Solutions 527,108 — (11,653 ) 515,455 Total goodwill $ 1,334,350 $ 10,307 $ (12,306 ) $ 1,332,351 (1) Primarily represents foreign currency translation adjustments. |
Fair Value Measurements and Der
Fair Value Measurements and Derivative Instruments | 12 Months Ended |
Dec. 31, 2019 | |
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. 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 its placement within the fair value hierarchy. 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, 2019 and 2018 . December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Investment securities Money market funds / commercial paper $ 161,441 $ 240,364 $ — $ 401,805 Equity securities — 21,979 — 21,979 Commingled fixed income securities 1,656 18,404 — 20,060 Government and related securities 64,572 17,478 — 82,050 Corporate debt securities — 72,149 — 72,149 Mortgage-backed / asset-backed securities — 66,339 — 66,339 Derivatives Foreign exchange contracts — 3,256 — 3,256 Total assets $ 227,669 $ 439,969 $ — $ 667,638 Liabilities: Derivatives Foreign exchange contracts $ — $ (1,402 ) $ — $ (1,402 ) Total liabilities $ — $ (1,402 ) $ — $ (1,402 ) December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Investment securities Money market funds / commercial paper $ 220,756 $ 391,891 $ — $ 612,647 Equity securities — 19,133 — 19,133 Commingled fixed income securities 1,570 20,141 — 21,711 Government and related securities 98,790 9,787 — 108,577 Corporate debt securities — 56,938 — 56,938 Mortgage-backed / asset-backed securities — 98,334 — 98,334 Derivatives Foreign exchange contracts — 2,031 — 2,031 Total assets $ 321,116 $ 598,255 $ — $ 919,371 Liabilities: Derivatives Foreign exchange contracts $ — $ (735 ) $ — $ (735 ) Total liabilities $ — $ (735 ) $ — $ (735 ) 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 stocks. These mutual funds are classified as Level 2. • Commingled Fixed Income Securities: Commingled fixed income securities are comprised of 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. Fair value is based on the 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 mutual funds 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. • Government and Related Securities: 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 are classified as Level 2 where fair value is determined using quoted market prices for similar securities or benchmarking model derived prices to quoted market prices and trade data for identical or comparable securities. • Corporate Debt Securities: Corporate debt securities are valued using recently executed comparable transactions, market price quotations or bond spreads 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 or on external price/spread data. These securities are classified as Level 2. Available-For-Sale Securities Available-for-sale securities consisted of the following: December 31, 2019 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Government and related securities $ 80,732 $ 1,358 $ (114 ) $ 81,976 Corporate debt securities 70,426 2,009 (286 ) 72,149 Commingled fixed income securities 1,675 — (19 ) 1,656 Mortgage-backed / asset-backed securities 65,679 960 (300 ) 66,339 Total $ 218,512 $ 4,327 $ (719 ) $ 222,120 December 31, 2018 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Government and related securities $ 109,776 $ 47 $ (1,336 ) $ 108,487 Corporate debt securities 58,714 4 (1,780 ) 56,938 Commingled fixed income securities 1,637 — (67 ) 1,570 Mortgage-backed / asset-backed securities 100,186 167 (2,019 ) 98,334 Total $ 270,313 $ 218 $ (5,202 ) $ 265,329 Investment securities in a loss position were as follows: December 31, 2019 December 31, 2018 Fair Value Gross unrealized losses Fair Value Gross unrealized losses Greater than 12 continuous months $ 9,227 $ 136 $ 177,331 $ 4,355 Less than 12 continuous months 52,521 583 48,318 847 Total $ 61,748 $ 719 $ 225,649 $ 5,202 We have not recognized an other-than-temporary impairment on any of the investment securities in an unrealized loss position because we have the ability and intent to hold these securities until recovery of the unrealized losses and expect to receive the stated principal and interest at maturity. At December 31, 2019 , scheduled maturities of available-for-sale securities were as follows: Amortized cost Estimated fair value Within 1 year $ 35,393 $ 35,495 After 1 year through 5 years 49,647 50,426 After 5 years through 10 years 59,265 60,345 After 10 years 74,207 75,854 Total $ 218,512 $ 222,120 The actual maturities may not coincide with scheduled maturities as certain securities contain early redemption features and/or allow for the prepayment of obligations with or without penalty. Held-to-Maturity Securities Held-to-maturity securities at December 31, 2019, include $383 million of time deposits scheduled to mature within six months . Due to the short-term nature of these investments, they are recorded at cost as it approximates fair value. Derivative Instruments Foreign Exchange Contracts We enter into foreign exchange contracts to mitigate the currency risk associated with anticipated inventory purchases 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 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, 2019 and 2018 , outstanding contracts associated with these anticipated transactions had a notional amount of $7 million and $8 million , respectively. The valuation of foreign exchange derivatives is based on a market approach using observable market inputs, such as foreign currency spot and forward rates and yield curves. Interest Rate Swaps We had an interest rate swap with a notional amount of $300 million to mitigate the interest rate risk associated with $300 million of variable-rate term loans. This swap matured in September 2018. While outstanding, the swap was designated as a cash flow hedge and the effective portion of the gain or loss on the cash flow hedge was included in AOCI in the period that the change in fair value occurred and reclassified to earnings in the period that the hedged item was recorded in earnings. The fair value of our derivative instruments at December 31, 2019 and 2018 was as follows: December 31, Designation of Derivatives Balance Sheet Location 2019 2018 Derivatives designated as hedging instruments Foreign exchange contracts Other current assets and prepayments $ 207 $ 61 Accounts payable and accrued liabilities (56 ) (104 ) Derivatives not designated as hedging instruments Foreign exchange contracts Other current assets and prepayments 3,049 1,970 Accounts payable and accrued liabilities (1,346 ) (631 ) Total derivative assets 3,256 2,031 Total derivative liabilities (1,402 ) (735 ) Total net derivative asset $ 1,854 $ 1,296 The amounts included in AOCI at December 31, 2019 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, 2019 and 2018 : Years Ended December 31, Derivative Gain (Loss) Recognized in AOCI (Effective Portion) Location of Gain (Loss) (Effective Portion) Gain (Loss) Reclassified from AOCI to Earnings (Effective Portion) Derivative Instrument 2019 2018 2019 2018 Foreign exchange contracts $ 371 $ 106 Revenue $ 72 $ 11 Cost of sales 104 51 Interest rate swap $ — $ (1,776 ) Interest Expense — — $ 176 $ 62 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. All outstanding contracts at December 31, 2019 mature over the next three months. The following represents the mark-to-market adjustment on our non-designated derivative instruments for the years ended December 31, 2019 and 2018 : Years Ended December 31, Derivative Gain (Loss) Recognized in Earnings Derivatives Instrument Location of Derivative Gain (Loss) 2019 2018 Foreign exchange contracts Selling, general and administrative expense $ 5,154 $ (33,453 ) Credit-Risk-Related Contingent Features Certain derivative instruments contain credit-risk-related contingent features that could require us to post collateral based on our long-term senior unsecured debt ratings and the net fair value of our derivatives. At December 31, 2019 , we were not required to post any collateral. 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. 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, 2019 and 2018 was as follows: December 31, 2019 2018 Carrying value $ 2,739,722 $ 3,265,608 Fair value $ 2,572,794 $ 3,003,678 |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information | 12 Months Ended |
Dec. 31, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplemental Balance Sheet Information | Supplemental Balance Sheet Information The following table shows selected balance sheet information: December 31, 2019 2018 Other assets: Long-term investments $ 288,963 $ 311,417 Pension asset 20,403 14,502 Contract costs 26,048 20,420 Other 65,042 50,820 Total $ 400,456 $ 397,159 Accounts payable and accrued liabilities: Accounts payable $ 282,125 $ 280,936 Reserve account deposits 591,118 574,777 Customer deposits 115,889 125,574 Employee related liabilities 219,995 208,840 Other 175,681 158,000 Total $ 1,384,808 $ 1,348,127 Other noncurrent liabilities: Pension liability $ 214,742 $ 276,563 Postretirement medical benefits 147,972 149,463 Other 37,804 36,262 Total $ 400,518 $ 462,288 |
Restructuring Charges and Asset
Restructuring Charges and Asset Impairments | 12 Months Ended |
Dec. 31, 2019 | |
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: Severance and benefits costs Other exit costs Total Balance at December 31, 2017 $ 42,151 $ 1,569 $ 43,720 Expenses, net 18,426 6,033 24,459 Cash payments (46,936 ) (5,794 ) (52,730 ) Balance at December 31, 2018 13,641 1,808 15,449 Expenses, net 22,794 911 23,705 Cash payments (24,498 ) (2,650 ) (27,148 ) Balance at December 31, 2019 $ 11,937 $ 69 $ 12,006 The majority of the remaining restructuring reserves are expected to be paid over the next 12 - 24 months . Asset impairments Asset impairment charges were $46 million , $1 million , and $4 million in 2019 , 2018 , and 2017 , respectively. Asset impairment charges in 2019 primarily include $39 million |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt December 31, Interest rate 2019 2018 Notes due September 2020 4.125% — 300,000 Notes due October 2021 4.125% 600,000 600,000 Notes due May 2022 4.625% 400,000 400,000 Notes due April 2023 5.20% 400,000 400,000 Notes due March 2024 4.625% 500,000 500,000 Notes due January 2037 5.25% 35,841 35,841 Notes due March 2043 6.70% 425,000 425,000 Term loans Variable 400,000 630,000 Other debt 5,108 5,297 Principal amount 2,765,949 3,296,138 Less: unamortized costs, net 26,227 30,530 Total debt 2,739,722 3,265,608 Less: current portion long-term debt 20,108 199,535 Long-term debt $ 2,719,614 $ 3,066,073 During 2019, we repaid all term loans outstanding at the beginning of the year and secured a new five-year $400 million secured term loan, scheduled to mature November 2024 (the 2024 Term Loan). The term loan bears interest at LIBOR plus 1.75% and resets monthly. Interest at December 31, 2019 was 3.55% . We also redeemed the $300 million September 2020 Notes. Finally, we replaced our $1 billion revolving credit facility scheduled to mature in January 2021 with a $500 million secured credit facility that expires in November 2024 (the Credit Facility). As of December 31, 2019 we had not drawn upon the Credit Facility. The Credit Facility contains financial covenants of which we were in compliance with at December 31, 2019. A $6 million loss was incurred on the early redemption of debt and is recorded in other expense. Interest rates on certain notes are subject to adjustment based on changes in our credit ratings. In April 2019, Moody's lowered our corporate credit rating from Ba1 to Ba2. As a result, the interest rates on the May 2022 notes, September 2020 notes, October 2021 notes and April 2023 notes increased 0.25% during the year. In November 2019, Moody's and Standard and Poor's lowered the credit rating of our unsecured notes and the interest rates on the October 2021 notes, May 2022 notes and April 2023 notes will increase an additional 0.50% in the second quarter of 2020. Annual maturities of outstanding debt at December 31, 2019 are as follows: 2020 $ 20,108 2021 620,000 2022 430,000 2023 440,000 2024 795,000 Thereafter 460,841 Total $ 2,765,949 In December 2019, we obtained commitments for a five-year $650 million term loan, and in February 2020, we obtained lender commitments for an additional $200 million . The combined commitment amount of $850 million is scheduled to mature January 2025 (the 2025 Term Loan). On February 10, 2020, we announced a cash tender offer to purchase up to $950 million aggregate principal amount of the October 2021 Notes, the May 2022 Notes, the April 2023 Notes and the March 2024 Notes (collectively, the Notes). On February 19, 2020, we funded the 2025 Term Loan and will use the net proceeds and the remaining proceeds from the sale of the Software Solutions business to redeem the Notes on or around February 24, 2020. The 2025 Term Loan bears interest at LIBOR plus 5.5% and resets monthly. |
Retirement Plans and Postretire
Retirement Plans and Postretirement Medical Benefits | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Retirement Plans and Postretirement Medical Benefits | Retirement Plans and Postretirement Medical Benefits We provide certain retirement benefits to our U.S. employees hired prior to January 1, 2005 and to eligible employees outside the U.S. under various defined benefit retirement plans. Benefit accruals under most of our significant defined benefit plans have been frozen. We also provide certain employer subsidized health care and employer provided life insurance benefits in the U.S. and Canada to eligible retirees and their dependents. Employees hired before January 1, 2005 in the U.S. and April 1, 2005 in Canada become eligible for retiree medical benefits after reaching age 55 and with the completion of the required service period. The cost of these benefits is recognized over the period the employee provides credited service to the company. Retirement Plans The benefit obligations and funded status of defined benefit pension plans are as follows: United States Foreign 2019 2018 2019 2018 Accumulated benefit obligation $ 1,612,551 $ 1,500,691 $ 745,658 $ 659,628 Projected benefit obligation Benefit obligation - beginning of year $ 1,501,140 $ 1,727,737 $ 662,644 $ 751,373 Service cost 83 92 1,543 2,159 Interest cost 63,171 61,490 17,853 18,089 Plan participants' contributions — — 6 7 Actuarial loss (gain) 160,390 (124,298 ) 68,385 (41,995 ) Foreign currency changes — — 25,452 (40,559 ) Plan amendments — — — 9,009 Settlements and curtailments (6,684 ) (82,273 ) (2,682 ) (6,703 ) Benefits paid (105,046 ) (81,608 ) (26,259 ) (28,736 ) Benefit obligation - end of year $ 1,613,054 $ 1,501,140 $ 746,942 $ 662,644 Fair value of plan assets Fair value of plan assets - beginning of year $ 1,327,034 $ 1,557,907 $ 562,517 $ 632,710 Actual return on plan assets 261,579 (73,745 ) 98,006 (17,043 ) Company contributions 10,135 6,753 10,085 10,939 Plan participants' contributions — — 6 7 Settlements and curtailments (6,684 ) (82,273 ) (1,773 ) — Foreign currency changes — — 25,726 (35,360 ) Benefits paid (105,046 ) (81,608 ) (26,259 ) (28,736 ) Fair value of plan assets - end of year $ 1,487,018 $ 1,327,034 $ 668,308 $ 562,517 Amounts recognized in the Consolidated Balance Sheets Noncurrent asset $ 383 $ 277 $ 20,020 $ 14,225 Current liability (9,019 ) (10,975 ) (1,313 ) (1,197 ) Noncurrent liability (117,401 ) (163,408 ) (97,341 ) (113,155 ) Funded status $ (126,037 ) $ (174,106 ) $ (78,634 ) $ (100,127 ) Information provided in the table below is only for pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2019 and 2018 : United States Foreign 2019 2018 2019 2018 Projected benefit obligation $ 1,612,745 $ 1,500,680 $ 615,288 $ 540,798 Accumulated benefit obligation $ 1,612,241 $ 1,500,231 $ 614,293 $ 538,666 Fair value of plan assets $ 1,486,325 $ 1,326,296 $ 516,634 $ 426,446 Pretax amounts recognized in AOCI consist of: United States Foreign 2019 2018 2019 2018 Net actuarial loss $ 772,850 $ 809,836 $ 315,319 $ 318,474 Prior service (credit) cost (270 ) (330 ) 8,317 8,496 Transition asset — — (11 ) (17 ) Total $ 772,580 $ 809,506 $ 323,625 $ 326,953 The components of net periodic benefit cost (income) for defined benefit pension plans were as follows: United States Foreign 2019 2018 2017 2019 2018 2017 Service cost $ 83 $ 92 $ 132 $ 1,543 $ 2,159 $ 2,274 Interest cost 63,171 61,490 68,611 17,853 18,089 18,836 Expected return on plan assets (92,726 ) (101,087 ) (97,656 ) (34,363 ) (35,687 ) (32,242 ) Amortization of net transition asset — — — (6 ) (7 ) (8 ) Amortization of prior service (credit) cost (60 ) (60 ) (60 ) 243 (71 ) (71 ) Amortization of net actuarial loss 26,146 31,298 28,954 6,337 7,264 8,052 Special termination benefits — — — — 208 — Settlements and curtailments 2,381 44,665 — 397 (13 ) — Net periodic benefit (income) cost $ (1,005 ) $ 36,398 $ (19 ) $ (7,996 ) $ (8,058 ) $ (3,159 ) In connection with the disposition of the Production Mail Business and certain other actions, a pre-tax, non-cash pension settlement charge of $45 million for the U.S. pension plans was incurred in 2018. We recognized $32 million of this charge in other components of net pension and postretirement cost and the remaining $13 million in income from discontinued operations, net of tax. Other changes in plan assets and benefit obligations for defined benefit pension plans recognized in other comprehensive income were as follows: United States Foreign 2019 2018 2019 2018 Net actuarial (gain) loss $ (8,459 ) $ 50,534 $ 3,643 $ 3,824 Plan amendment — — — 9,009 Amortization of net actuarial loss (26,146 ) (31,298 ) (6,337 ) (7,264 ) Amortization of prior service credit (cost) 60 60 (243 ) 71 Net transition asset — — 6 7 Settlements and curtailments (2,381 ) (44,665 ) (397 ) 13 Total recognized in other comprehensive income $ (36,926 ) $ (25,369 ) $ (3,328 ) $ 5,660 Weighted-average actuarial assumptions used to determine end of year benefit obligations and net periodic benefit cost for defined benefit pension plans include: 2019 2018 2017 United States Used to determine benefit obligations Discount rate 3.34% 4.34% 3.69% Rate of compensation increase N/A N/A N/A Used to determine net periodic benefit cost Discount rate 4.34% 3.69% 4.20% Expected return on plan assets 6.75% 7.00% 6.75% Rate of compensation increase N/A N/A N/A Foreign Used to determine benefit obligations Discount rate 0.65 % - 2.95% 0.75 % - 3.55% 0.65 % - 3.35% Rate of compensation increase 1.50 % - 2.50% 1.50 % - 2.50% 1.50 % - 2.50% Used to determine net periodic benefit cost Discount rate 0.75 % - 3.55% 0.65 % - 3.35% 0.70 % - 3.65% Expected return on plan assets 4.25 % - 6.25% 3.75 % - 6.25% 3.75 % - 6.25% Rate of compensation increase 1.50 % - 2.50% 1.50 % - 3.25% 1.50 % - 3.30% 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 pool of corporate long-term, high-quality fixed income debt instruments available as of the measurement date. The discount rate for our largest foreign plan, the U.K. Qualified Pension Plan (the U.K. Plan), is determined by using a model that discounts 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 target asset allocation of our global pension plans, adjusted for historical and expected experience of active portfolio management results, when compared to the benchmark returns. During 2020 , we estimate making contributions of $9 million to our U.S. pension plans and $10 million to our foreign pension plans. 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 an expected rate of return. Pension plan assets are invested in accordance with our strategic asset allocation policy to achieve these objectives. Pension plan assets are exposed to various risks, such as interest rate, market and credit risks. 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. We do not have any significant concentrations of credit risk within the plan assets. Investment objectives and investment managers are reviewed periodically. Target and actual asset allocations for the U.S. pension plans were as follows: Target allocation Percent of Plan Assets at December 31, 2020 2019 2018 Asset category Equities 30 % 30 % 26 % Fixed income 63 % 63 % 64 % Real estate 5 % 5 % 7 % Private equity 2 % 2 % 3 % Total 100 % 100 % 100 % 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. Investment strategies vary by country and plan, with each strategy tailored to achieve the expected rate of return within an appropriate risk level, depending upon the liability profile of plan participants, local funding requirements, investment markets and restrictions. The U.K. Plan comprises 77% of the total foreign pension plan 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 an expected rate of return. Plan assets are invested in accordance with our strategic asset allocation policy to achieve these objectives. Pension plan assets are exposed to various risks, such as interest rate, market and credit risks. 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 currency exposure. We do not have any significant concentrations of credit risk within the plan assets. Investment objectives and investment managers are reviewed periodically. Target and actual asset allocations for the U.K. Plan were as follows: Target Allocation Percent of Plan Assets at December 31, 2020 2019 2018 Asset category Equities 30 % 35 % 38 % Fixed income 50 % 46 % 41 % Real estate 10 % 9 % 10 % Diversified growth 10 % 9 % 10 % Cash — % 1 % 1 % Total 100 % 100 % 100 % The target asset allocation used to manage the investment portfolios 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 $516 million and $426 million at December 31, 2019 and 2018 , respectively, and the expected long-term weighted average rate of return on these plan assets was 6.25% in both 2019 and 2018 . Fair Value Measurements of Plan Assets The following tables show the U.S. and foreign pension plans' assets: United States Pension Plans December 31, 2019 Level 1 Level 2 Level 3 Total Money market funds $ — $ 4,917 $ — $ 4,917 Equity securities — 265,832 — 265,832 Commingled fixed income securities — 275,335 — 275,335 Government and related securities 292,506 15,764 — 308,270 Corporate debt securities — 528,425 — 528,425 Mortgage-backed securities /asset-backed securities — 51,770 — 51,770 Private equity — — 23,608 23,608 Real estate — — 71,337 71,337 Securities lending collateral — 106,886 — 106,886 Total plan assets at fair value $ 292,506 $ 1,248,929 $ 94,945 $ 1,636,380 Securities lending payable (106,886 ) Cash 9,409 Other (51,885 ) Fair value of plan assets $ 1,487,018 December 31, 2018 Level 1 Level 2 Level 3 Total Money market funds $ 3,498 $ 5,759 $ — $ 9,257 Equity securities 110,840 109,864 — 220,704 Commingled fixed income securities — 281,258 — 281,258 Government and related securities 258,535 16,144 — 274,679 Corporate debt securities — 435,285 — 435,285 Mortgage-backed securities /asset-backed securities — 23,474 — 23,474 Private equity — — 32,750 32,750 Real estate — — 96,877 96,877 Securities lending collateral — 117,603 — 117,603 Total plan assets at fair value $ 372,873 $ 989,387 $ 129,627 $ 1,491,887 Securities lending payable (117,603 ) Cash 11,341 Other (58,591 ) Fair value of plan assets $ 1,327,034 Foreign Plans December 31, 2019 Level 1 Level 2 Level 3 Total Money market funds $ — $ 8,734 $ — $ 8,734 Equity securities — 222,554 — 222,554 Commingled fixed income securities — 264,131 — 264,131 Government and related securities — 43,405 — 43,405 Corporate debt securities — 34,528 — 34,528 Real estate — — 45,335 45,335 Diversified growth funds — — 47,621 47,621 Total plan assets at fair value $ — $ 573,352 $ 92,956 $ 666,308 Cash 1,516 Other 484 Fair value of plan assets $ 668,308 December 31, 2018 Level 1 Level 2 Level 3 Total Money market funds $ — $ 11,172 $ — $ 11,172 Equity securities — 194,914 — 194,914 Commingled fixed income securities — 198,902 — 198,902 Government and related securities — 40,055 — 40,055 Corporate debt securities — 29,996 — 29,996 Real estate — — 42,143 42,143 Diversified growth funds — — 40,766 40,766 Total plan assets at fair value $ — $ 475,039 $ 82,909 $ 557,948 Cash 3,903 Other 666 Fair value of plan assets $ 562,517 The following information relates to our classification of investments into the fair value hierarchy: • 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. • Equity Securities: include U.S. and foreign stocks, American Depository Receipts, preferred stock and commingled funds. There are no shares of our common stock included in the plan assets of our pension plans. • Commingled Fixed Income Securities: mutual funds that invest in fixed income securities of the U.S. government and its agencies, corporate debt, mortgage-backed securities and asset-backed securities. Fair value 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. • Government and Related 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. Fair value is based on benchmarking model derived prices to quoted market prices and trade data for identical comparable securities. • Corporate Debt Securities : comprised of both investment grade debt and high-yield debt. Fair value is determined using recently executed transactions, market price quotations where observable, or bond spreads. • Mortgage-Backed Securities / Asset-Backed Securities : mortgage-backed securities (MBS) are comprised of agency-backed MBS, non-agency MBS, collateralized mortgage obligations, commercial MBS and commingled funds. Asset-backed securities (ABS) 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, external price/spread data or broker quotes. • Private Equity : comprised of units in fund-of-funds investment vehicles. Fund-of-funds consist of various private equity investments and are used in an effort to gain greater diversification. Investments are valued in accordance with the most appropriate valuation techniques. • Real Estate: include units in open-ended commingled real estate funds. Investments are valued in accordance with the most appropriate valuation techniques. • Diversified Growth Funds: comprised of units in commingled diversified growth funds. Investments are valued based on the net asset value (NAV) per unit as reported by the fund manager. • Securities Lending Fund: 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. 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: United States Pension Plans Private equity Real estate Total Balance at December 31, 2017 $ 38,362 $ 91,352 $ 129,714 Realized gains 8,264 1,001 9,265 Unrealized (losses) gains (1,409 ) 4,462 3,053 Net purchases, sales and settlements (12,467 ) 62 (12,405 ) Balance at December 31, 2018 32,750 96,877 129,627 Realized gains 5,625 14,876 20,501 Unrealized losses (5,288 ) (12,517 ) (17,805 ) Net purchases, sales and settlements (9,479 ) (27,899 ) (37,378 ) Balance at December 31, 2019 $ 23,608 $ 71,337 $ 94,945 Foreign Pension Plans Real estate Diversified growth funds Total Balance at December 31, 2017 $ 41,601 $ 44,024 $ 85,625 Unrealized gains (losses) 1,317 (4,948 ) (3,631 ) Net purchases, sales and settlements 1,653 4,090 5,743 Foreign currency (2,428 ) (2,400 ) (4,828 ) Balance at December 31, 2018 42,143 40,766 82,909 Unrealized (losses) gains (799 ) 4,954 4,155 Net purchases, sales and settlements 1,618 107 1,725 Other 687 — 687 Foreign currency 1,686 1,794 3,480 Balance at December 31, 2019 $ 45,335 $ 47,621 $ 92,956 Nonpension Postretirement Benefits The benefit obligation and funded status for nonpension postretirement benefit plans are as follows: 2019 2018 Benefit obligation Benefit obligation - beginning of year $ 166,476 $ 188,841 Service cost 967 1,405 Interest cost 6,584 6,640 Plan participants' contributions 3,003 3,200 Actuarial loss (gain) 6,930 (11,304 ) Foreign currency changes 674 (1,177 ) Curtailment — (533 ) Benefits paid (20,530 ) (20,596 ) Benefit obligation - end of year (1) $ 164,104 $ 166,476 Fair value of plan assets Fair value of plan assets - beginning of year $ — $ — Company contribution 17,527 17,396 Plan participants' contributions 3,003 3,200 Benefits paid (20,530 ) (20,596 ) Fair value of plan assets - end of year $ — $ — Amounts recognized in the Consolidated Balance Sheets Current liability $ (16,132 ) $ (17,013 ) Non-current liability (147,972 ) (149,463 ) Funded status $ (164,104 ) $ (166,476 ) (1) The benefit obligation for U.S. nonpension postretirement plans was $150 million and $154 million at December 31, 2019 and 2018 , respectively. Pretax amounts recognized in AOCI consist of: 2019 2018 Net actuarial loss $ 33,272 $ 28,368 Prior service cost 502 823 Total $ 33,774 $ 29,191 The components of net periodic benefit cost for nonpension postretirement benefit plans were as follows: 2019 2018 2017 Service cost $ 967 $ 1,405 $ 1,727 Interest cost 6,584 6,640 7,100 Amortization of prior service cost 321 304 297 Amortization of net actuarial loss 2,026 3,048 3,600 Curtailment — 246 — Net periodic benefit cost $ 9,898 $ 11,643 $ 12,724 Other changes in plan assets and benefit obligation for nonpension postretirement benefit plans recognized in other comprehensive income were as follows: 2019 2018 Net actuarial loss (gain) $ 6,931 $ (11,837 ) Curtailment — (246 ) Amortization of net actuarial loss (2,026 ) (3,048 ) Amortization of prior service cost (321 ) (304 ) Total recognized in other comprehensive income $ 4,584 $ (15,435 ) The weighted-average discount rates used to determine end of year benefit obligation and net periodic pension cost include: 2019 2018 2017 Discount rate used to determine benefit obligation U.S. 3.20 % 4.20 % 3.55 % Canada 3.00 % 3.60 % 3.35 % Discount rate used to determine net period benefit cost U.S. 4.20 % 3.55 % 3.90 % Canada 3.60 % 3.35 % 3.65 % The assumed health care cost trend rate used in measuring the accumulated postretirement benefit obligation for the U.S. plan was 6.5% for 2019 and 7.0% for 2018 . The assumed health care trend rate is 7.0% for 2020 and will gradually decline to 5.0% by the year 2028 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. Estimated Future Benefit Payments The following benefit payments, which reflect expected future service, are expected to be paid. Pension Benefits Nonpension Benefits 2020 $ 131,577 $ 16,129 2021 125,439 15,480 2022 124,142 14,756 2023 124,559 13,592 2024 121,767 12,500 Thereafter 600,327 53,101 $ 1,227,811 $ 125,558 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 $28 million in 2019 and $31 million in 2018 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income from continuing operations before taxes consisted of the following: Years Ended December 31, 2019 2018 2017 U.S. $ 910 $ 109,393 $ 135,636 International 26,232 78,728 58,062 Total $ 27,142 $ 188,121 $ 193,698 The (benefit) provision for income taxes from continuing operations consisted of the following: Years Ended December 31, 2019 2018 2017 U.S. Federal: Current $ (18,789 ) $ (56,743 ) $ 25,774 Deferred 11,577 61,514 (23,863 ) (7,212 ) 4,771 1,911 U.S. State and Local: Current (9,142 ) (12,214 ) (3,022 ) Deferred 8,043 866 13,426 (1,099 ) (11,348 ) 10,404 International: Current 9,993 11,308 (7,679 ) Deferred (14,689 ) 1,685 9,023 (4,696 ) 12,993 1,344 Total current (17,938 ) (57,649 ) 15,073 Total deferred 4,931 64,065 (1,414 ) Total (benefit) provision for income taxes $ (13,007 ) $ 6,416 $ 13,659 Effective tax rate (47.9 )% 3.4 % 7.1 % The effective tax rate for 2019 includes benefits of $23 million from the release of a foreign valuation allowance and $9 million from the resolution of certain tax examinations. The effective tax rate for 2019 also includes a tax of $3 million on the $18 million book loss from Market Exits, primarily due to nondeductible basis differences. The effective tax rate for 2018 includes tax benefits of $ 37 million related to true-ups from the Tax Cuts and Jobs Act of 2017 and $ 17 million from the resolution of certain tax examinations. The effective tax rate for 2017 includes provisional tax benefits of $39 million from the Tax Cuts and Jobs Act of 2017 and $ 30 million from the resolution of tax examinations. A reconciliation of income taxes computed at the federal statutory rate and our provision for income taxes consist of the following: Years Ended December 31, 2019 2018 2017 Federal statutory provision $ 5,700 $ 39,505 $ 67,794 State and local income taxes (1) (868 ) 1,292 3,739 Impact of foreign operations taxed at rates other than the U.S. statutory rate (2) (18,541 ) (2,483 ) (12,054 ) Accrual/release of uncertain tax amounts related to foreign operations 191 (4,595 ) (17,919 ) U.S. tax impacts of foreign income in the U.S. 5,587 5,854 1,750 Tax incentives/credits/exempt income (5,437 ) 3,526 (14,587 ) Unrealized stock compensation benefits 2,176 1,941 3,778 Remeasurement of U.S. deferred taxes — (13,121 ) (108,176 ) U.S. tax on unremitted earnings — (23,711 ) 90,916 Other, net (3) (1,815 ) (1,792 ) (1,582 ) (Benefit) provision for income taxes $ (13,007 ) $ 6,416 $ 13,659 (1) Includes release of tax uncertainties of $(3) million , $(9) million and $(3) million for the years ended December 31, 2019, 2018 and 2017, respectively. (2) Includes foreign valuation allowance release of $23 million and $3 million tax on Market Exits for the year ended December 31, 2019. (3) Includes $1 million benefit related to interest for the year ended December 31, 2019. Deferred tax liabilities and assets consisted of the following: December 31, 2019 2018 Deferred tax liabilities: Depreciation $ (69,222 ) $ (71,757 ) Deferred profit (for tax purposes) on sale to finance subsidiary (30,791 ) (41,951 ) Lease revenue and related depreciation (174,083 ) (149,176 ) Intangible assets (88,024 ) (98,707 ) Other (24,941 ) (34,425 ) Gross deferred tax liabilities (387,061 ) (396,016 ) Deferred tax assets: Nonpension postretirement benefits 41,015 42,422 Pension 43,763 60,063 Inventory and equipment capitalization 2,735 6,042 Restructuring charges 2,944 5,064 Long-term incentives 12,929 11,517 Net operating loss 82,673 106,029 Tax credit carry forwards 64,430 64,148 Tax uncertainties gross-up 6,577 6,692 Other 38,247 46,623 Gross deferred tax assets 295,313 348,600 Less: Valuation allowance (110,781 ) (142,496 ) Net deferred tax assets 184,532 206,104 Total deferred taxes, net $ (202,529 ) $ (189,912 ) A valuation allowance is recognized to reduce 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 will more-likely-than-not expire unutilized. We have net operating loss carryforwards of $162 million as of December 31, 2019 , of which $145 million can be carried forward indefinitely and the remainder expire over the next 20 years. In addition, we have tax credit carryforwards of $64 million , of which $52 million can be carried forward indefinitely and the remainder expire over the next 13 years. As of December 31, 2019, we assert that we are no longer permanently reinvested in $421 million of post-1986 earnings generated from non-U.S. subsidiaries, which were subject to the deemed repatriation toll charge under the Act. We continue to be permanently reinvested in our remaining undistributed earnings of $261 million as well as other outside basis differences. While a determination of the full liability that would be incurred if these earnings were repatriated is not practical, we have estimated the withholding taxes would be approximately $3 million . Uncertain Tax Positions A reconciliation of the amount of unrecognized tax benefits is as follows: 2019 2018 2017 Balance at beginning of year $ 71,458 $ 89,767 $ 124,728 Increases from prior period positions 510 88 528 Decreases from prior period positions (9,711 ) (15,145 ) (31,470 ) Increases from current period positions 5,052 6,001 5,951 Decreases relating to settlements with tax authorities (2,626 ) (4,844 ) (6,953 ) Reductions from lapse of applicable statute of limitations (4,381 ) (4,409 ) (3,017 ) Balance at end of year $ 60,302 $ 71,458 $ 89,767 The amount of the unrecognized tax benefits at December 31, 2019 , 2018 and 2017 that would affect the effective tax rate if recognized was $54 million , $65 million and $74 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 15% of our unrecognized tax benefits. We recognize interest and penalties related to uncertain tax positions in our provision for income taxes. We recognized interest and penalties of $(1) million , $(1) million and $(4) million related to uncertain tax positions in the provision for income taxes for the years ended December 31, 2019 , 2018 and 2017 respectively. We had $3 million and $4 million accrued for the payment of interest and penalties at December 31, 2019 and 2018 , 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. and other global taxing jurisdictions in which we have operations. The IRS examinations of our consolidated U.S. income tax returns for tax years prior to 2017 are closed to audit; however, various post-2011 U.S. state and local tax returns are still subject to examination. In Canada, the examination of our tax filings prior to 2015 are closed to audit. Other significant jurisdictions include France (closed through 2014), Germany (closed through 2016) and the U.K. (closed through 2016, except for an item under appeal). We also have other less significant tax filings currently 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. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [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 management's opinion, it is not reasonably possible that the potential liability, if any, that may result from these actions, either individually or collectively, will have a material effect on our financial position, results of operations or cash flows. However, as litigation is inherently unpredictable, there can be no assurances in this regard. In August 2018, the Company, certain of its directors, officers and several banks who served as underwriters, were named as defendants in City of Livonia Retiree Health and Disability Benefits Plan v. Pitney Bowes Inc. et al. , a putative class action lawsuit filed in Connecticut state court. The complaint asserts claims under the Securities Act of 1933, as amended, on behalf of those who purchased notes issued by the Company in connection with a September 13, 2017 offering, alleging, among other things, that the Company failed to make certain disclosures relating to components of its third quarter 2017 performance at the time of the notes offering. The complaint seeks compensatory damages and other relief. On October 24, 2019, the court granted the defendants' motions to strike the complaint for failure to state a claim, and the time for plaintiff to appeal or amend the complaint has expired. In addition, in December 2018 and then in February 2019, certain of the Company’s officers and directors were named as defendants in two virtually identical derivative actions purportedly brought on behalf of the Company, Clem v. Lautenbach et al. and Devolin v. Lautenbach et al. These two actions, both filed by the same counsel in Connecticut state court, allege, among other things, breaches of fiduciary duty relating to these same disclosures, and seek compensatory damages and other relief derivatively for the benefit of the Company. Defendants have moved to dismiss these actions; given that the defendants have prevailed in the Livonia action, plaintiffs in these cases have conceded that these cases should be dismissed. |
Leased Assets and Liabilities
Leased Assets and Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leased Assets and Liabilities | Leased Assets and Liabilities We lease real estate and equipment under operating and finance lease agreements. Our leases have terms of up to 15 years , and may include an option to extend the lease for up to 5 years . At lease commencement, a lease liability and corresponding right-of-use asset is recognized. Lease liabilities represent the present value of future lease payments over the expected lease term, including options to extend or terminate the lease when it is reasonably certain those options will be exercised. Lease payments include all fixed payments and variable payments tied to an index. Variable payments excluded from the right-of-use asset and lease liability primarily include common area maintenance charges, property taxes, insurance and mileage. The present value of our lease liability is determined using our incremental borrowing rate at lease inception. Information regarding operating and financing leases are as follows: Leases Balance Sheet Location December 31, 2019 December 31, 2018 Assets Operating Operating lease assets $ 200,752 $ 152,554 Finance Property, plant and equipment, net 10,443 10,683 Total leased assets $ 211,195 $ 163,237 Liabilities Operating Current operating lease liabilities $ 36,060 $ 35,208 Noncurrent operating lease liabilities 177,711 125,294 Finance Accounts payable and accrued liabilities 2,879 2,708 Other noncurrent liabilities 7,927 7,054 Total lease liabilities $ 224,577 $ 170,264 Years Ended December 31, Lease Cost 2019 2018 2017 Operating lease expense $ 48,503 $ 43,727 $ 41,676 Finance lease expense Amortization of leased assets 3,372 2,697 2,295 Interest on lease liabilities 700 527 465 Variable lease expense 23,188 21,864 20,838 Sublease income (1,948 ) (1,735 ) (736 ) Total expense $ 73,815 $ 67,080 $ 64,538 Operating lease expense includes immaterial amounts related to leases with terms of 12 months or less. Future Lease Payments Operating Leases Finance Leases Total 2020 $ 47,632 $ 3,525 $ 51,157 2021 42,244 3,133 45,377 2022 33,945 2,560 36,505 2023 27,122 1,899 29,021 2024 23,165 1,042 24,207 Thereafter 97,867 277 98,144 Total 271,975 12,436 284,411 Less: present value discount 58,204 1,630 59,834 Lease liability $ 213,771 $ 10,806 $ 224,577 At December 31, 2019, there were no operating leases signed but not yet commenced. Lease Term and Discount Rate December 31, 2019 December 31, 2018 Weighted-average remaining lease term Operating leases 7.7 years 7.2 years Finance leases 3.9 years 4.1 years Weighted-average discount rate Operating leases 6.1% 4.5% Finance leases 6.8% 6.2% Years Ended December 31, Cash Flow Information 2019 2018 2017 Operating cash outflows - operating leases $ 44,252 $ 40,599 $ 39,192 Operating cash outflows - finance leases $ 700 $ 527 $ 465 Financing cash outflows - finance leases $ 3,096 $ 2,564 $ 2,185 Leased assets obtained in exchange for new lease obligations Operating leases $ 87,160 $ 36,260 $ 33,788 Finance leases $ 4,072 $ 5,715 $ 3,325 |
Leased Assets and Liabilities | Leased Assets and Liabilities We lease real estate and equipment under operating and finance lease agreements. Our leases have terms of up to 15 years , and may include an option to extend the lease for up to 5 years . At lease commencement, a lease liability and corresponding right-of-use asset is recognized. Lease liabilities represent the present value of future lease payments over the expected lease term, including options to extend or terminate the lease when it is reasonably certain those options will be exercised. Lease payments include all fixed payments and variable payments tied to an index. Variable payments excluded from the right-of-use asset and lease liability primarily include common area maintenance charges, property taxes, insurance and mileage. The present value of our lease liability is determined using our incremental borrowing rate at lease inception. Information regarding operating and financing leases are as follows: Leases Balance Sheet Location December 31, 2019 December 31, 2018 Assets Operating Operating lease assets $ 200,752 $ 152,554 Finance Property, plant and equipment, net 10,443 10,683 Total leased assets $ 211,195 $ 163,237 Liabilities Operating Current operating lease liabilities $ 36,060 $ 35,208 Noncurrent operating lease liabilities 177,711 125,294 Finance Accounts payable and accrued liabilities 2,879 2,708 Other noncurrent liabilities 7,927 7,054 Total lease liabilities $ 224,577 $ 170,264 Years Ended December 31, Lease Cost 2019 2018 2017 Operating lease expense $ 48,503 $ 43,727 $ 41,676 Finance lease expense Amortization of leased assets 3,372 2,697 2,295 Interest on lease liabilities 700 527 465 Variable lease expense 23,188 21,864 20,838 Sublease income (1,948 ) (1,735 ) (736 ) Total expense $ 73,815 $ 67,080 $ 64,538 Operating lease expense includes immaterial amounts related to leases with terms of 12 months or less. Future Lease Payments Operating Leases Finance Leases Total 2020 $ 47,632 $ 3,525 $ 51,157 2021 42,244 3,133 45,377 2022 33,945 2,560 36,505 2023 27,122 1,899 29,021 2024 23,165 1,042 24,207 Thereafter 97,867 277 98,144 Total 271,975 12,436 284,411 Less: present value discount 58,204 1,630 59,834 Lease liability $ 213,771 $ 10,806 $ 224,577 At December 31, 2019, there were no operating leases signed but not yet commenced. Lease Term and Discount Rate December 31, 2019 December 31, 2018 Weighted-average remaining lease term Operating leases 7.7 years 7.2 years Finance leases 3.9 years 4.1 years Weighted-average discount rate Operating leases 6.1% 4.5% Finance leases 6.8% 6.2% Years Ended December 31, Cash Flow Information 2019 2018 2017 Operating cash outflows - operating leases $ 44,252 $ 40,599 $ 39,192 Operating cash outflows - finance leases $ 700 $ 527 $ 465 Financing cash outflows - finance leases $ 3,096 $ 2,564 $ 2,185 Leased assets obtained in exchange for new lease obligations Operating leases $ 87,160 $ 36,260 $ 33,788 Finance leases $ 4,072 $ 5,715 $ 3,325 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity Common and Treasury Stock The following table summarizes the changes in shares of Common Stock outstanding and Treasury Stock: Common Stock Outstanding Treasury Stock Balance at December 31, 2016 185,668,718 137,669,194 Issuance of common stock 881,480 (881,480 ) Conversions to common stock 53,540 (53,540 ) Balance at December 31, 2017 186,603,738 136,734,174 Issuance of common stock 1,043,809 (1,043,809 ) Conversions to common stock 27,535 (27,535 ) Balance at December 31, 2018 187,675,082 135,662,830 Repurchases of common stock (18,595,315 ) 18,595,315 Issuance of common stock 1,276,797 (1,276,797 ) Conversions to common stock 92,379 (92,379 ) Balance at December 31, 2019 170,448,943 152,888,969 Preferred and Preference Stock In June 2019, we redeemed all outstanding shares of the 4% Convertible Cumulative Preferred Stock and the $2.12 Convertible Preference Stock . At December 31, 2019 , 37,116,835 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Reclassifications out of accumulated other comprehensive loss were as follows: Amounts Reclassified from AOCI (a) Years Ended December 31, 2019 2018 2017 Gain (loss) on cash flow hedges Revenue $ 72 $ 11 $ (179 ) Cost of sales 104 51 (32 ) Interest expense — (1,183 ) (2,028 ) Loss on extinguishment of debt — (1,267 ) — Total before tax 176 (2,388 ) (2,239 ) Tax provision (benefit) 44 (941 ) (872 ) Net of tax $ 132 $ (1,447 ) $ (1,367 ) Gain (loss) on available for sale securities Interest income (expense) $ 1,079 $ 3,244 $ (520 ) Tax provision (benefit) 270 821 (201 ) Net of tax $ 809 $ 2,423 $ (319 ) Pension and Postretirement Benefit Plans (b) Transition asset $ 6 $ 7 $ 8 Prior service costs (504 ) (173 ) (166 ) Actuarial losses (34,509 ) (41,610 ) (40,606 ) Settlement (2,778 ) (44,898 ) — Total before tax (37,785 ) (86,674 ) (40,764 ) Tax benefit (9,497 ) (21,675 ) (13,936 ) Net of tax $ (28,288 ) $ (64,999 ) $ (26,828 ) (a) Amounts in parentheses indicate reductions to income and increases to other comprehensive income. (b) Reclassified from accumulated other comprehensive loss to other components of net pension and postretirement cost. These amounts are included in net periodic costs for defined benefit pension plans and nonpension postretirement benefit plans (see Note 14 for additional details). Changes in accumulated other comprehensive income (loss) were as follows: Cash flow hedges Available-for-sale securities Pension and postretirement benefit plans Foreign currency adjustments Total Balance January 1, 2017 $ (1,485 ) $ 120 $ (787,813 ) $ (150,955 ) $ (940,133 ) Other comprehensive loss before reclassifications (a) (288 ) 1,158 12,185 103,624 116,679 Amounts reclassified from accumulated other comprehensive loss (a), (b) 1,367 319 26,828 — 28,514 Net other comprehensive income (loss) 1,079 1,477 39,013 103,624 145,193 Balance at December 31, 2017 (406 ) 1,597 (748,800 ) (47,331 ) (794,940 ) Cumulative effect of accounting change (87 ) 344 (116,490 ) — (116,233 ) Restated balance at December 31, 2017 (493 ) 1,941 (865,290 ) (47,331 ) (911,173 ) Other comprehensive loss before reclassifications (a) (763 ) (2,579 ) (46,170 ) (52,299 ) (101,811 ) Amounts reclassified from accumulated other comprehensive loss (a), (b) 1,447 (2,423 ) 64,999 — 64,023 Net other comprehensive income (loss) 684 (5,002 ) 18,829 (52,299 ) (37,788 ) Balance at December 31, 2018 191 (3,061 ) (846,461 ) (99,630 ) (948,961 ) Other comprehensive loss before reclassifications (a) 278 6,719 (845 ) 75,319 81,471 Amounts reclassified from accumulated other comprehensive loss (a), (b) (132 ) (809 ) 28,288 — 27,347 Net other comprehensive loss 146 5,910 27,443 75,319 108,818 Balance at December 31, 2019 $ 337 $ 2,849 $ (819,018 ) $ (24,311 ) $ (840,143 ) (a) Amounts are net of tax. Amounts in parentheses indicate debits to AOCI. (b) See table above for additional details of these reclassifications. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation Plans | Stock-Based Compensation Plans We have a long-term incentive program whereby eligible employees may be granted restricted stock units, non-qualified stock options and performance stock units. The Executive Compensation Committee of the Board of Directors administers these plans. We settle stock awards with treasury shares. At December 31, 2019 , there were 16,668,426 shares available for future grants under our long-term incentive program. Restricted Stock Units Restricted stock units (RSUs) entitle the holder to shares of common stock as the units vest, typically over a three -year service period. The following table summarizes information about RSUs: 2019 2018 Shares Weighted average grant date fair value Shares Weighted average grant date fair value Outstanding - beginning of the year 3,228,339 $ 13.33 2,651,053 $ 14.16 Granted 3,113,886 6.56 1,754,098 12.36 Vested (1,360,219 ) 11.90 (963,010 ) 11.41 Forfeited (501,159 ) 8.71 (213,802 ) 13.26 Outstanding - end of the year 4,480,847 $ 9.51 3,228,339 $ 13.33 The fair value of RSUs is determined based on the stock price on the grant date less the present value of expected dividends. At December 31, 2019 , there was $13 million of unrecognized compensation cost related to RSUs that is expected to be recognized over a weighted-average period of 1.6 years . The intrinsic value of RSUs outstanding at December 31, 2019 was $18 million . The intrinsic value of RSUs vested during 2019 , 2018 and 2017 was $16 million , $17 million and $26 million , respectively. The fair value of RSUs vested during 2019 , 2018 and 2017 was $18 million , $18 million and $14 million , respectively. During 2017 , we granted 1,995,473 RSUs at a weighted average fair value of $13.24 . In 2019 and 2018 , we granted 155,709 and 131,420 RSUs, respectively, to non-employee directors. These RSUs vest one year from the grant date. Performance Stock Units Performance stock units (PSUs) are stock awards where the number of shares ultimately received by the employee is conditional upon the attainment of certain performance targets as well as total shareholder return relative to peer companies. PSUs vest at the end of a three -year service period and the actual number of shares awarded may range from 0% to 200% of the target award. However, the final determination of the number of shares to be issued is made by our Board of Directors, who may reduce, but not increase, the number of shares to be awarded (negative discretion). PSUs are accounted for as variable awards until the end of the service period when the grant date is established. The following table summarizes share information about PSUs: 2019 2018 Shares Weighted average grant date fair value Shares Weighted average grant date fair value Outstanding - beginning of the year 1,653,004 $ 13.08 1,145,025 $ 13.43 Granted 1,368,182 6.60 733,148 12.64 Vested — — (91,493 ) 12.21 Forfeited (242,824 ) 9.65 (133,676 ) 14.26 Outstanding - end of the year 2,778,362 $ 10.09 1,653,004 $ 13.08 Share-based compensation expense for PSUs is recognized ratably over the service period based on the number shares expected to be awarded and the fair value of an award. The fair value of PSUs is determined using a Monte Carlo simulation model. Due to the variability of these awards, significant fluctuations in share-based compensation expense for PSUs recognized from one period to the next are possible. Stock Options Stock options are granted at an exercise price equal to or greater than the stock price of our common stock on the grant date. Options vest ratably over three years and expire ten years from the grant date. At December 31, 2019 , there was $3 million of unrecognized compensation cost related to stock options that is expected to be recognized over a weighted-average period of 1.4 years . The intrinsic value of options outstanding and options exercisable at December 31, 2019 was not significant. There were no stock option exercises in 2019 , 2018 or 2017 . The following table summarizes information about stock option activity: 2019 2018 Shares Per share weighted average exercise prices Shares Per share weighted average exercise prices Options outstanding - beginning of the year 13,593,156 $ 15.30 10,495,039 $ 21.67 Granted 869,297 6.57 4,932,467 8.47 Canceled (533,921 ) 11.06 (258,509 ) 13.09 Expired (1,105,848 ) 24.75 (1,575,841 ) 36.86 Options outstanding - end of the year 12,822,684 $ 14.08 13,593,156 $ 15.30 Options exercisable - end of the year 7,288,614 $ 18.49 6,824,433 $ 20.23 The following table provides additional information about stock options outstanding and exercisable at December 31, 2019 : 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 $4.32 - $8.55 3,855,770 $ 6.18 9.0 years — $ — — $12.64 - $19.45 6,001,756 14.36 6.6 years 4,323,456 14.86 6.2 years $21.54 - $26.07 2,965,158 23.77 1.6 years 2,965,158 23.77 1.6 years 12,822,684 $ 14.08 6.2 years 7,288,614 $ 18.49 4.3 years The fair value of stock options is determined using a Black-Scholes valuation model and requires assumptions be made regarding the expected stock price volatility, risk-free interest rate, life of the award and dividend yield. The 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 life of the award. The expected life of the award and expected dividend yield are based on historical experience. The following table lists the weighted average of assumptions used to calculate the fair value of stock options granted: Years Ended December 31, 2019 2018 2017 Expected dividend yield 3.0 % 9.9 % 5.7 % Expected stock price volatility 41.5 % 37.8 % 29.7 % Risk-free interest rate 2.5 % 2.8 % 2.3 % Expected life 5 years 7 years 7 years Weighted-average fair value per option granted $1.98 $1.26 $2.00 Fair value of options granted $1,722 $6,229 $5,107 Employee Stock Purchase Plan (ESPP) We maintain a non-compensatory ESPP 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 258,838 shares and 218,424 shares in 2019 and 2018 , respectively. We have reserved 2,293,166 |
Quarterly Financial Data (unaud
Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Quarterly Financial Data (unaudited) | Quarterly Financial Data (unaudited) Beginning in the third quarter of 2019, Software Solutions was presented as a discontinued operation. Accordingly, amounts previously reported for the first and second quarters of 2019 and 2018 have been recast from what was previously reported in our quarterly filings on Form 10-Q. First Quarter Second Quarter Third Quarter Fourth Quarter Total 2019 Revenue $ 795,084 $ 788,573 $ 790,125 $ 831,343 $ 3,205,125 Cost of revenue 467,187 468,227 467,805 518,920 1,922,139 Operating expenses 322,620 287,312 341,870 304,042 1,255,844 Income (loss) from continuing operations before income taxes 5,277 33,034 (19,550 ) 8,381 27,142 Provision (benefit) for income taxes 7,820 3,724 (24,895 ) 344 (13,007 ) (Loss) income from continuing operations (2,543 ) 29,310 5,345 8,037 40,149 (Loss) income from discontinued operations (116 ) (5,613 ) (8,470 ) 168,659 154,460 Net (loss) income $ (2,659 ) $ 23,697 $ (3,125 ) $ 176,696 $ 194,609 Basic (loss) earnings per share (1) Continuing operations $ (0.01 ) $ 0.17 $ 0.03 $ 0.05 $ 0.23 Discontinued operations — (0.03 ) (0.05 ) 0.99 0.88 Net income $ (0.01 ) $ 0.13 $ (0.02 ) $ 1.04 $ 1.10 Diluted (loss) earnings per share (1) Continuing operations $ (0.01 ) $ 0.16 $ 0.03 $ 0.05 $ 0.23 Discontinued operations — (0.03 ) (0.05 ) 0.98 0.87 Net income $ (0.01 ) $ 0.13 $ (0.02 ) $ 1.03 $ 1.10 First Quarter Second Quarter Third Quarter Fourth Quarter Total 2018 Revenue $ 820,289 $ 773,538 $ 760,281 $ 857,414 $ 3,211,522 Cost of revenues 444,032 426,818 419,311 500,113 1,790,274 Operating expenses 310,300 308,077 295,782 318,968 1,233,127 Income from continuing operations before income taxes 65,957 38,643 45,188 38,333 188,121 Provision (benefit) for income taxes 17,498 2,205 (2,468 ) (10,819 ) 6,416 Income from continuing operations 48,459 36,438 47,656 49,152 181,705 Income from discontinued operations 11,511 15,157 32,621 817 60,106 Net income $ 59,970 $ 51,595 $ 80,277 $ 49,969 $ 241,811 Basic earnings per share (1) : Continuing operations $ 0.26 $ 0.19 $ 0.25 $ 0.26 $ 0.97 Discontinued operations 0.06 0.08 0.17 — 0.32 Net income $ 0.32 $ 0.28 $ 0.43 $ 0.27 $ 1.29 Diluted earnings per share (1): Continuing operations $ 0.26 $ 0.19 $ 0.25 $ 0.26 $ 0.96 Discontinued operations 0.06 0.08 0.17 — 0.32 Net income $ 0.32 $ 0.27 $ 0.43 $ 0.26 $ 1.28 (1) The sum of earnings per share amounts may not equal the totals due to rounding. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts and Reserves | Description Balance at beginning of year Additions charged to expense Deductions Balance at end of year Allowance for doubtful accounts 2019 $ 17,443 $ 16,345 $ (15,958 ) $ 17,830 2018 $ 14,319 $ 9,770 $ (6,646 ) $ 17,443 2017 $ 13,506 $ 7,426 $ (6,613 ) $ 14,319 Valuation allowance for deferred tax asset 2019 $ 142,496 $ 5,324 $ (37,038 ) $ 110,782 2018 $ 178,156 $ 3,682 $ (39,342 ) $ 142,496 2017 $ 127,095 $ 53,782 $ (2,721 ) $ 178,156 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying Consolidated Financial Statements of Pitney Bowes Inc. and its wholly owned subsidiaries (we, us, our, or the company) 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. Effective January 1, 2019, we adopted Accounting Standards Codification (ASC) 842, Leases (ASC 842) , using the modified retrospective transition approach with a cumulative effect adjustment. Prior periods have been recast to conform to the current period presentation. Discontinued operations includes the Software Solutions business, sold in December 2019 and the Production Mail business, sold in July 2018. All prior periods have been recast to report these operations as discontinued operations. See Note 4 for further details. We recast our segment reporting to combine North America Mailing and International Mailing into the Sending Technology Solutions (SendTech Solutions) segment to reflect how we manage these operations and the products and services provided to our clients. Additionally, we sold the direct operations and moved to a dealer model in six smaller international markets within SendTech Solutions (Market Exits) and recognized a pre-tax loss of $18 million in other expense. In connection with the sale, we recognized a receivable for the transfer of the lease portfolio in these international markets of $24 million . This receivable is included in other receivables. Based on their nature, we determined that certain costs previously classified as research and development and cost of business services should be classified in other line items within costs and expenses. Accordingly, the classification of these costs are reflected as such in the income statements for the years ended December 31, 2018 and 2017. For the year ended December 31, 2018, the reclassification of these costs reduced research and development expense and cost of business services by $29 million and $13 million , respectively, and increased selling, general and administrative expense and cost of equipment sales by $30 million and $12 million , respectively. For the year ended December 31, 2017, the reclassification of these costs reduced research and development expense and cost of business services by $15 million and $3 million , respectively, and increased selling, general and administrative expense and cost of equipment sales by $11 million and $7 million , respectively. Additionally, for the year ended December 31, 2018, cost of equipment sales and cost of rentals were reduced by $5 million and $3 million , respectively, and cost of support services was increased by $8 million . For the year ended December 31, 2017, both cost of equipment sales and cost of rentals were reduced by $3 million and cost of support services increased by $6 million . The December 31, 2018 balance sheet reflects the correction to the classification of assets and liabilities by reducing short-term finance receivables and advance billings by $106 million and $6 million , respectively, and increasing long-term finance receivables by $100 million . Effective January 1, 2018, we adopted ASU 2014-09, Revenue from Contracts with Customers using the modified retrospective method and recognized a $9 million cumulative effect adjustment to retained earnings at the date of the initial application. Additionally in 2018, we adopted ASU 2016-06, Income Taxes: Intra-entity Transfers of Assets other than Inventory and recognized a $3 million cumulative effect adjustment to retained earnings and ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income with a cumulative effect adjustment to reclassify $116 million from AOCI to opening retained earnings. For more information, refer to our Annual Report on Form 10-K filed with the SEC on February 20, 2019. |
Use of Estimates | Use of Estimates The preparation of 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, goodwill and intangible asset impairment review, deferred tax asset valuation allowance, income tax reserves, revenue recognition for multiple element arrangements, pension and other postretirement costs, allowance for doubtful accounts and credit losses, residual values of leased assets, useful lives of long-lived and intangible assets, restructuring costs, the allocation of purchase price to assets and liabilities acquired in business combinations, stock-based compensation expense and loss contingencies. Actual results could differ from those estimates and assumptions. |
Cash Equivalents and Investments | Cash Equivalents and Investments Cash equivalents include interest-earning investments with maturities of three months or less at the date of purchase. Short-term investments include investments with original maturities of greater than three months and remaining maturities of less than one year from the reporting date. Investments with maturities greater than one year from the reporting date are recorded as other assets. Investment securities classified as available-for-sale are recorded at fair value with unrealized holding gains and losses, net of tax, recorded in accumulated other comprehensive income (AOCI). Purchase premiums and discounts are amortized using the effective interest method over the term of the security. Gains and losses on the sale of available-for-sale securities are recorded on the trade date using the specific identification method. 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 | Investment securities classified as available-for-sale are recorded at fair value with unrealized holding gains and losses, net of tax, recorded in accumulated other comprehensive income (AOCI). Purchase premiums and discounts are amortized using the effective interest method over the term of the security. Gains and losses on the sale of available-for-sale securities are recorded on the trade date using the specific identification method. 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. |
Accounts and Other Receivables and Allowance for Doubtful Accounts | Accounts and Other Receivables and Allowance for Doubtful Accounts Accounts receivable are generally due within 30 days after the invoice date. |
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 provide an allowance for credit losses based on historical loss experience, the nature and volume of our portfolios, specific troubled accounts, prevailing economic conditions and our ability to manage the collateral. We continually evaluate the adequacy of the allowance for credit losses and make adjustments as necessary. |
Inventories | Inventories |
Fixed Assets | Fixed Assets 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 50 years for buildings, 10 to 20 years for building improvements, up to 3 years for internal use software development costs, 3 to 12 years for machinery and equipment and 4 to 6 years for rental equipment. Major improvements that add to the 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 their 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. |
Intangible Assets | Intangible Assets Finite-lived intangible assets are amortized using the straight-line method over their estimated useful lives of up to 10 years. |
Research and Development Costs | Research and Development Costs Research and development costs include engineering costs related to research and development activities and are expensed as incurred. |
Impairment Review for Long-lived and Finite-Lived Intangible Assets | Impairment Review for Long-lived and Finite-Lived Intangible Assets Long-lived assets and finite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. The estimated undiscounted future cash flows expected to result from the use and eventual disposition of the asset is compared to the asset's carrying value. The fair value of the asset is determined using probability weighted expected cash flow estimates, derived from our long-term business plans and historical experience, quoted market prices when available and appraisals, as appropriate. If the estimated undiscounted cash flows are less than the asset's carrying value, an impairment charge is recorded to reduce the assets carrying value to its fair value. |
Impairment Review for Goodwill | Impairment Review for Goodwill Goodwill is tested annually for impairment at the reporting unit level during the fourth quarter or sooner if circumstances indicate an impairment may exist. The impairment test for goodwill determines the fair value of each reporting unit and compares it to the reporting unit's carrying value, including goodwill. If the fair value of a reporting unit is less than its carrying value an impairment loss is recognized for the difference, not to exceed the carrying amount of goodwill. |
Retirement Plans | Retirement Plans Net periodic benefit cost includes current service cost, interest cost, expected return on plan assets and the amortization of actuarial gains and losses. Actuarial gains and losses arise from actual results that differ from previous assumptions and changes in assumptions. The expected return on plan assets is based on a market-related valuation of plan assets where differences between the actual and expected return on plan assets are recognized over a five-year period. Actuarial gains and losses are recognized in other comprehensive income, net of tax, and amortized to benefit cost primarily over the life expectancy of plan participants. The funded status of pension and other postretirement benefit plans is recognized in the consolidated balance sheets. |
Stock-based Compensation | Stock-based Compensation We primarily issue restricted stock units, non-qualified stock options and performance stock units under our stock award plans. Compensation expense for stock-based awards is measured based on the estimated fair value of the awards expected to vest and recognized on a straight-line basis over the requisite service period. The fair value of stock awards is estimated based on the fair value of our common stock on the grant date, less the present value of expected dividends or using the Black-Scholes valuation model or Monte Carlo simulation model. We believe that the valuation techniques and underlying assumptions are appropriate in estimating the fair value of stock awards. The majority of stock-based compensation expense is recorded in selling, general and administrative expense. Forfeitures are estimated at the time of grant to recognize expense for those awards that are expected to vest and are based on our historical forfeiture rates. |
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 can therefore generate revenue from multiple sources. The most common form of these transactions involves a sale or noncancelable lease of equipment, meter services and an equipment maintenance agreement. We are required to determine whether each product and service within the contract should be treated as a separate performance obligation (unit of accounting) for revenue recognition purposes. For contracts that include multiple performance obligations, the transaction price is allocated based on relative standalone selling prices (SSP) which are a range of selling prices that we would sell a good or service to a customer on a separate basis. SSP are established for each performance obligation at the inception of the contract and can be observable prices or estimated. The allocation of the transaction price to the various performance obligations impacts the timing of revenue recognition, but does not change the total revenue recognized. More specifically, revenue related to our offerings is recognized as follows: Business services Business services revenue includes revenue from mail processing services and ecommerce solutions. These services represent a series of distinct services that are similar in nature and revenue is recognized as the services are provided. We review third party relationships and record revenue on a gross basis when we act as a principal in a transaction and on a net basis when we act as an agent between a client and vendor. In determining whether we are acting as principal or agent, we consider several factors such as whether we are the primary obligor to the client, have control over pricing or have inventory risk. Support services Support services revenue includes revenue from equipment service contracts, subscriptions and meter services. Revenue is allocated to these services using selling prices charged in standalone replacement and renewal transactions. Since we have a stand-ready obligation to provide these services over the entire contract term, revenue is recognized on a straight-line basis over the term of the agreement. Financing We provide financing for our products primarily through sales-type leases. We also provide revolving lines of credit for the purchase of postage and supplies. We record financing income over the lease term using the effective interest method. Financing revenue also includes amounts related to sales-type leases that customers have extended or renewed for an additional term. Revenue for these contracts is recognized over the term of the modified lease using the effective interest method. We believe that our sales-type lease portfolio contains only normal collection risk. Equipment residual values are determined at the inception of the lease using estimates of fair value at the end of the lease term. Fair value estimates are based primarily on historical renewal experience, used equipment markets, competition and technological changes. We evaluate residual values on an annual basis or sooner if circumstances warrant. Declines in estimated residual values considered "other-than-temporary" are recognized immediately. Increases in estimated future residual values are not recognized until the equipment is remarketed. Equipment sales We sell and lease equipment directly to customers and to distributors (re-sellers) throughout the world. The amount of revenue allocated to the equipment is based on a range of observable selling prices in standalone transactions. Revenue from the sale of equipment under sales-type leases is recognized as control of the equipment transfers to the customer, which is upon shipment for self-installed products and upon installation or customer acceptance for other products. Revenue from the direct sale of equipment is recognized as control of the equipment transfers to the customer, which is upon delivery for self-installed products and upon installation or customer acceptance for other products. We do not typically offer any rights of return. Supplies Supplies revenue is generally recognized upon delivery. Rentals Rentals revenue includes revenue from mailing equipment that does not meet the criteria to be accounted for as a sales-type lease. We may invoice in advance for rentals according to the terms of the agreement. We initially defer these advanced billings and recognize rentals revenue on a straight-line basis over the rental period. Revenue generated from financing clients for the continued use of equipment subsequent to the expiration of the original lease is recognized as rentals revenue. Shipping and Handling Shipping and handling costs are recognized as incurred and recorded in cost of revenues. |
Restructuring Charges | Restructuring Charges Costs associated with restructuring actions primarily include employee severance and other employee separation costs. These costs are recognized when a liability is incurred, which is generally upon communication to the affected employees, and the amount to be paid is both probable and reasonably estimable. Severance accruals are based on company policy, historical experience and negotiated settlements. |
Derivative Instruments | Derivative Instruments In the normal course of business, we are exposed to the impact of changes in foreign currency exchange rates and interest rates. We limit these risks by following established risk management policies and procedures, including the use of derivatives. We use derivative instruments to limit the effects of currency exchange rate fluctuations on financial results and manage the related cost of debt. We do not use derivatives for trading or speculative purposes. We record 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 only with financial institutions that meet stringent credit requirements. We regularly review our credit exposure balances and the creditworthiness of our counterparties. We have not seen a material change in the creditworthiness of our 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. 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 of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date of such change. A valuation allowance is provided when it is more likely than not that a deferred tax asset will not be realized. In estimating the necessity and amount of a valuation allowance, we consider all available evidence for each jurisdiction including historical operating results, estimates of future taxable income and the feasibility of ongoing tax planning strategies. We adjust the valuation allowance through income tax expense when new information becomes available that would alter our determination of the amount of deferred tax assets that will ultimately be realized. |
Earnings per Share | Earnings per Share Basic earnings per share is computed based on the weighted-average number of common shares outstanding during the year. Diluted earnings per share is computed based on the weighted-average number of common shares plus the dilutive effect of common stock equivalents. |
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. |
Loss Contingencies | 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 | New Accounting Pronouncements New Accounting Pronouncements - Standards Adopted in 2019 On January 1, 2019, we adopted ASC 842 using the modified retrospective transition approach of applying the standard at the beginning of the earliest comparative period presented in the financial statements. We recognized a cumulative effect adjustment at January 1, 2017 to reduce retained earnings by $137 million and recast prior period financial statements. See Notes 7 and 17 for more information. From a lessor perspective, the standard simplifies the accounting for lease modifications and aligns accounting of lease contracts with revenue recognition guidance. We continue to classify leases as sales-type or operating, with the determination affecting both the pattern and classification of income recognition. There were changes in the timing and classification of revenue related to contract modifications. There were also changes related to the definition of a leased asset, which requires us to account for two lease components as a single lease component. Under prior guidance, one of the components was generally accounted for as a sales-type lease and the second as an operating lease. Under ASC 842, the two components are generally accounted for as sales-type leases and certain income and costs previously recognized over the life of the lease are now accelerated. From a lessee perspective, the standard requires us to recognize right-of-use assets and lease liabilities for real estate and equipment operating leases and to provide new disclosures about our leasing activities. We elected the short-term lease recognition exemption and did not recognize right-of-use assets or lease liabilities for leases with a term less than 12 months. We also elected the practical expedient to not separate lease and non-lease components for our lessee portfolio. On January 1, 2019, we also adopted Accounting Standards Update (ASU) 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities , which shortens the amortization period for certain callable debt securities held at a premium, requiring the premium to be amortized to the earliest call date. The adoption of this standard did not have a material impact on our consolidated financial statements. In July 2019, we prospectively adopted ASU 2018-15, Intangibles - Goodwill and Other-Internal-Use Software. The ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The adoption of this standard did not have a material impact on our consolidated financial statements. New Accounting Pronouncements - Standards Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses . The ASU sets forth a current expected credit loss model, which requires companies to measure expected credit losses for all financial instruments held at the reporting date based on historical experience, current conditions and reasonably supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. We have implemented internal controls and accounting policies to facilitate the preparation of financial information that will be required under the new standard. This standard is effective beginning January 1, 2020. We will adopt the standard using the modified retrospective transition approach with a cumulative effect adjustment at January 1, 2020 to retained earnings. We do not expect the cumulative effect adjustment, or the impact of this standard on an ongoing basis, will be material to our financial statements. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables disaggregate our revenue by source and timing of recognition: Year Ended December 31, 2019 Global Ecommerce Presort Services SendTech Solutions Revenue from products and services Revenue from leasing transactions and financing Total consolidated revenue Revenue from products and services Business services $ 1,151,510 $ 529,588 $ 29,703 $ 1,710,801 $ — $ 1,710,801 Support services — — 506,187 506,187 — 506,187 Financing — — — — 368,090 368,090 Equipment sales — — 80,562 80,562 271,542 352,104 Supplies — — 187,287 187,287 — 187,287 Rentals — — — — 80,656 80,656 Subtotal 1,151,510 529,588 803,739 2,484,837 $ 720,288 $ 3,205,125 Revenue from leasing transactions and financing Financing — — 368,090 368,090 Equipment sales — — 271,542 271,542 Rentals — — 80,656 80,656 Total revenue $ 1,151,510 $ 529,588 $ 1,524,027 $ 3,205,125 Timing of revenue recognition from products and services Products/services transferred at a point in time $ — $ — $ 334,046 $ 334,046 Products/services transferred over time 1,151,510 529,588 469,693 2,150,791 Total $ 1,151,510 $ 529,588 $ 803,739 $ 2,484,837 Year Ended December 31, 2018 Global Ecommerce Presort Services SendTech Solutions Revenue from products and services Revenue from leasing transactions and financing Total consolidated revenue Revenue from products and services Business services $ 1,022,862 $ 515,795 $ 27,813 $ 1,566,470 $ — $ 1,566,470 Support services — — 552,472 552,472 — 552,472 Financing — — — — 394,557 394,557 Equipment sales — — 88,616 88,616 307,036 395,652 Supplies — — 218,304 218,304 — 218,304 Rentals — — — — 84,067 84,067 Subtotal 1,022,862 515,795 887,205 2,425,862 $ 785,660 $ 3,211,522 Revenue from leasing transactions and financing Financing — — 394,557 394,557 Equipment sales — — 307,036 307,036 Rentals — — 84,067 84,067 Total revenue $ 1,022,862 $ 515,795 $ 1,672,865 $ 3,211,522 Timing of revenue recognition from products and services Products/services transferred at a point in time $ — $ — $ 386,844 $ 386,844 Products/services transferred over time 1,022,862 515,795 500,361 2,039,018 Total $ 1,022,862 $ 515,795 $ 887,205 $ 2,425,862 Year Ended December 31, 2017 Global Ecommerce Presort Services SendTech Solutions Revenue from products and services Revenue from leasing transactions and financing Total consolidated revenue Revenue from products and services Business services $ 551,678 $ 497,901 $ 21,442 $ 1,071,021 $ — $ 1,071,021 Support services 564 — 580,910 581,474 — 581,474 Financing — — — — 406,395 406,395 Equipment sales — — 119,416 119,416 281,288 400,704 Supplies — — 231,412 231,412 — 231,412 Rentals — — — — 93,001 93,001 Subtotal 552,242 497,901 953,180 2,003,323 $ 780,684 $ 2,784,007 Revenue from leasing transactions and financing Financing — — 406,395 406,395 Equipment sales — — 281,288 281,288 Rentals — — 93,001 93,001 Total revenue $ 552,242 $ 497,901 $ 1,733,864 $ 2,784,007 Timing of revenue recognition from products and services Products/services transferred at a point in time $ — $ — $ 421,470 $ 421,470 Products/services transferred over time 552,242 497,901 531,710 1,581,853 Total $ 552,242 $ 497,901 $ 953,180 $ 2,003,323 |
Contract Assets and Advance Billings | Advance Billings from Contracts with Customers Balance Sheet Location December 31, 2019 December 31, 2018 Increase/ (decrease) Advance billings, current Advance billings $ 92,464 $ 111,829 $ (19,365 ) Advance billings, noncurrent Other noncurrent liabilities $ 1,245 $ 1,985 $ (740 ) |
Future Performance Obligations | The transaction prices allocated to future performance obligations will be recognized as follows: 2020 2021 2022-2024 Total SendTech Solutions $ 288,689 $ 223,759 $ 261,947 $ 774,395 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue From Segments to Consolidated Statements | The following tables provide information about our reportable segments and reconciliation of segment EBIT to net income. Revenues Years Ended December 31, 2019 2018 2017 Global Ecommerce $ 1,151,510 $ 1,022,862 $ 552,242 Presort Services 529,588 515,795 497,901 Commerce Services 1,681,098 1,538,657 1,050,143 SendTech Solutions 1,524,027 1,672,865 1,733,864 Total revenue $ 3,205,125 $ 3,211,522 $ 2,784,007 Geographic data: United States $ 2,745,928 $ 2,679,300 $ 2,262,249 Outside United States 459,197 532,222 521,758 Total revenue $ 3,205,125 $ 3,211,522 $ 2,784,007 |
Reconciliation of EBIT From Segments to Consolidated Statements | EBIT Years Ended December 31, 2019 2018 2017 Global Ecommerce $ (70,146 ) $ (32,379 ) $ (17,899 ) Presort Services 70,693 73,768 97,506 Commerce Services 547 41,389 79,607 SendTech Solutions 490,322 558,959 553,266 Total segment EBIT 490,869 600,348 632,873 Reconciling items: Interest, net (155,558 ) (159,757 ) (164,162 ) Unallocated corporate expenses (211,529 ) (185,919 ) (219,924 ) Restructuring charges and asset impairments, net (69,606 ) (25,899 ) (44,849 ) Pension settlement — (31,329 ) — Loss on Market Exits (17,683 ) — — Transaction costs (2,728 ) (1,359 ) (6,384 ) Loss on extinguishment of debt (6,623 ) (7,964 ) (3,856 ) Benefit (provision) for income taxes 13,007 (6,416 ) (13,659 ) Income from continuing operations 40,149 181,705 180,039 Income from discontinued operations, net of tax 154,460 60,106 63,489 Net income $ 194,609 $ 241,811 $ 243,528 |
Reconciliation of Depreciation and Amortization from Segments to Consolidated | Depreciation and amortization Years Ended December 31, 2019 2018 2017 Global Ecommerce $ 68,385 $ 61,046 $ 36,786 Presort Services 29,440 26,838 26,541 Commerce Services 97,825 87,884 63,327 SendTech Solutions 39,758 39,104 39,359 Total for reportable segments 137,583 126,988 102,686 Corporate 21,559 21,476 24,104 Total depreciation and amortization $ 159,142 $ 148,464 $ 126,790 |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated | Capital expenditures Years Ended December 31, 2019 2018 2017 Global Ecommerce $ 53,374 $ 46,073 $ 26,810 Presort Services 27,394 42,531 20,860 Commerce Services 80,768 88,604 47,670 SendTech Solutions 32,276 24,648 40,445 Total for reportable segments 113,044 113,252 88,115 Corporate 24,209 24,558 30,132 Total capital expenditures $ 137,253 $ 137,810 $ 118,247 |
Reconciliation of Assets from Segment to Consolidated | Assets December 31, 2019 2018 2017 Global Ecommerce $ 1,102,313 $ 1,023,732 $ 1,016,045 Presort Services 524,817 431,512 387,701 Commerce Services 1,627,130 1,455,244 1,403,746 SendTech Solutions 2,152,734 2,325,797 2,454,094 Total for reportable segments 3,779,864 3,781,041 3,857,840 Cash and cash equivalents 924,442 867,262 1,009,021 Short-term investments 115,879 59,391 48,988 Assets of discontinued operations 17,229 602,823 923,012 Other corporate assets 629,486 627,902 795,745 Consolidated assets $ 5,466,900 $ 5,938,419 $ 6,634,606 |
Long-Lived Assets in Individual Foreign Countries by Country | Identifiable long-lived assets: United States $ 399,234 $ 424,706 $ 389,944 Outside United States 18,168 20,023 26,696 Total $ 417,402 $ 444,729 $ 416,640 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Financial information and Assets and Liabilities | The major categories of assets and liabilities included in assets of discontinued operations and liabilities of discontinued operations are as follows: December 31, 2019 December 31, 2018 Cash and cash equivalents $ — $ 1,965 Accounts and other receivables, net 3,241 85,399 Inventories — 855 Other current assets and prepayments 2,550 26,121 Property, plant and equipment, net 152 12,140 Rental property and equipment, net — 179 Goodwill (1) 9,562 434,160 Intangible assets, net — 13,937 Operating lease assets — 4,234 Other assets 1,724 23,833 Assets of discontinued operations $ 17,229 $ 602,823 Accounts payable and accrued liabilities $ 4,340 $ 44,917 Current operating lease liabilities — 2,000 Advance billings 5,373 113,110 Noncurrent operating lease liabilities — 1,943 Other noncurrent liabilities — 12,828 Liabilities of discontinued operations $ 9,713 $ 174,798 (1) Goodwill amount at December 31, 2018 is net of accumulated impairment charges of $148 million . Selected financial information of discontinued operations is as follows: Year Ended December 31, 2019 Software Solutions Production Mail Total Revenue $ 272,565 $ — $ 272,565 Earnings (loss) from discontinued operations $ 22,160 $ (663 ) $ 21,497 Gain (loss) on sale 195,957 (14,644 ) 181,313 Income (loss) from discontinued operations before taxes $ 218,117 $ (15,307 ) 202,810 Tax provision 48,350 Income from discontinued operations, net of tax $ 154,460 Year Ended December 31, 2018 Software Solutions Production Mail Total Revenue $ 340,855 $ 211,542 $ 552,397 Earnings from discontinued operations $ 49,587 $ 18,952 $ 68,539 Gain on sale — 60,611 60,611 Income from discontinued operations before taxes $ 49,587 $ 79,563 129,150 Tax provision 69,044 Income from discontinued operations, net of tax $ 60,106 Year Ended December 31, 2017 Software Solutions Production Mail Total Revenue $ 331,624 $ 426,676 $ 758,300 Income from discontinued operations before taxes $ 34,386 $ 61,074 95,460 Tax provision 31,971 Income from discontinued operations, net of tax $ 63,489 |
Earnings per Share (EPS) (Table
Earnings per Share (EPS) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | The calculations of basic and diluted earnings per share are presented below. The sum of earnings per share amounts may not equal the totals due to rounding. Years Ended December 31, 2019 2018 2017 Numerator: Income from continuing operations $ 40,149 $ 181,705 $ 180,039 Income from discontinued operations, net of tax 154,460 60,106 63,489 Net income (numerator for diluted EPS) 194,609 241,811 243,528 Less: Preference stock dividend 8 32 36 Income attributable to common stockholders (numerator for basic EPS) $ 194,601 $ 241,779 $ 243,492 Denominator: Weighted-average shares used in basic EPS 176,251 187,277 186,332 Dilutive effect of common stock equivalents 1,198 1,105 1,103 Weighted-average shares used in diluted EPS 177,449 188,382 187,435 Basic earnings per share: Continuing operations $ 0.23 $ 0.97 $ 0.97 Discontinued operations 0.88 0.32 0.34 Net income $ 1.10 $ 1.29 $ 1.31 Diluted earnings per share: Continuing operations $ 0.23 $ 0.96 $ 0.96 Discontinued operations 0.87 0.32 0.34 Net income $ 1.10 $ 1.28 $ 1.30 Anti-dilutive options excluded from diluted earnings per share: 15,751 12,089 10,267 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventory Components | Inventories consisted of the following: December 31, 2019 2018 Raw materials $ 13,514 $ 8,229 Supplies and service parts 21,840 21,841 Finished products 36,969 36,692 Inventory at FIFO cost, net 72,323 66,762 Excess of FIFO cost over LIFO cost (4,072 ) (4,483 ) Total inventory, net $ 68,251 $ 62,279 |
Finance Assets and Lessor Ope_2
Finance Assets and Lessor Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Financing Receivables | Finance receivables consisted of the following: December 31, 2019 December 31, 2018 North America International Total North America International Total Sales-type lease receivables Gross finance receivables $ 1,055,852 $ 224,202 $ 1,280,054 $ 1,110,898 $ 242,036 $ 1,352,934 Unguaranteed residual values 41,934 11,789 53,723 52,637 12,772 65,409 Unearned income (319,281 ) (65,888 ) (385,169 ) (383,453 ) (55,113 ) (438,566 ) Allowance for credit losses (10,920 ) (2,085 ) (13,005 ) (10,253 ) (2,355 ) (12,608 ) Net investment in sales-type lease receivables 767,585 168,018 935,603 769,829 197,340 967,169 Loan receivables Loan receivables 298,247 27,926 326,173 300,319 29,270 329,589 Allowance for credit losses (5,906 ) (740 ) (6,646 ) (6,777 ) (837 ) (7,614 ) Net investment in loan receivables 292,341 27,186 319,527 293,542 28,433 321,975 Net investment in finance receivables $ 1,059,926 $ 195,204 $ 1,255,130 $ 1,063,371 $ 225,773 $ 1,289,144 |
Schedule of Financing Receivables, Minimum Payments | Maturities of gross loan receivables and gross sales-type lease receivables at December 31, 2019 were as follows: Sales-type Lease Receivables Loan Receivables North America International Total North America International Total 2020 $ 422,688 $ 88,282 $ 510,970 $ 265,091 $ 27,926 $ 293,017 2021 300,669 64,001 364,670 11,295 — 11,295 2022 195,533 42,421 237,954 9,778 — 9,778 2023 102,765 22,042 124,807 4,649 — 4,649 2024 33,309 6,549 39,858 6,341 — 6,341 Thereafter 888 907 1,795 1,093 — 1,093 Total $ 1,055,852 $ 224,202 $ 1,280,054 $ 298,247 $ 27,926 $ 326,173 |
Allowance For Credit Losses On Financing Receivables | Activity in the allowance for credit losses was as follows: Sales-type Lease Receivables Loan Receivables North America International North America International Total Balance at December 31, 2016 $ 8,247 $ 2,647 $ 8,517 $ 1,089 $ 20,500 Amounts charged to expense 7,544 1,280 6,273 510 15,607 Accounts written off (8,070 ) (1,133 ) (7,692 ) (579 ) (17,474 ) Balance at December 31, 2017 7,721 2,794 7,098 1,020 18,633 Amounts charged to expense 7,928 1,315 6,825 532 16,600 Accounts written off (5,396 ) (1,754 ) (7,146 ) (715 ) (15,011 ) Balance at December 31, 2018 10,253 2,355 6,777 837 20,222 Amounts charged to expense 5,672 1,157 4,746 569 12,144 Accounts written off (5,005 ) (1,427 ) (5,617 ) (666 ) (12,715 ) Balance at December 31, 2019 $ 10,920 $ 2,085 $ 5,906 $ 740 $ 19,651 |
Past Due Financing Receivables | The aging of gross finance receivables was as follows: December 31, 2019 Sales-type Lease Receivables Loan Receivables North America International North America International Total 1 - 90 days $ 1,032,912 $ 220,819 $ 294,001 $ 27,697 $ 1,575,429 > 90 days 22,940 3,383 4,246 229 30,798 Total $ 1,055,852 $ 224,202 $ 298,247 $ 27,926 $ 1,606,227 Past due amounts > 90 days Still accruing interest $ 4,835 $ 1,081 $ 2,094 $ 121 $ 8,131 Not accruing interest 18,105 2,302 2,152 108 22,667 Total $ 22,940 $ 3,383 $ 4,246 $ 229 $ 30,798 December 31, 2018 Sales-type Lease Receivables Loan Receivables North America International North America International Total 1 - 90 days $ 1,069,290 $ 238,114 $ 294,126 $ 29,079 $ 1,630,609 > 90 days 41,608 3,922 6,193 191 51,914 Total $ 1,110,898 $ 242,036 $ 300,319 $ 29,270 $ 1,682,523 Past due amounts > 90 days Still accruing interest $ 7,917 $ 1,111 $ 1,769 $ 72 $ 10,869 Not accruing interest 33,691 2,811 4,424 119 41,045 Total $ 41,608 $ 3,922 $ 6,193 $ 191 $ 51,914 |
Financing Receivable Credit Quality Indicators | The table below shows the North America portfolio 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. Some accounts are not scored; however, 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 may become delinquent in the next 12 month period. • 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, 2019 2018 Sales-type lease receivables Low $ 837,386 $ 922,414 Medium 161,204 131,650 High 21,041 22,110 Not Scored 36,221 34,724 Total $ 1,055,852 $ 1,110,898 Loan receivables Low $ 216,295 $ 238,620 Medium 63,302 43,952 High 5,140 5,947 Not Scored 13,510 11,800 Total $ 298,247 $ 300,319 |
Sales-type Lease, Lease Income | Lease income from sales-type leases was as follows: Years Ended December 31, 2019 2018 2017 Profit recognized at commencement (1) $ 142,353 $ 171,938 $ 157,375 Interest income 229,719 245,751 253,224 Total lease income from sales-type leases $ 372,072 $ 417,689 $ 410,599 (1) Lease contracts do not include variable lease payments. |
Lessor, Payments to be Received | We also lease mailing equipment under operating leases with terms of one to five years. Maturities of these operating leases are as follows: 2020 $ 33,903 2021 17,158 2022 7,836 2023 5,369 2024 1,072 Total $ 65,338 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | Fixed assets consisted of the following: December 31, 2019 2018 Land $ 9,333 $ 9,333 Machinery and equipment 606,420 559,419 Capitalized software 410,171 401,602 Buildings and improvements 191,108 186,048 1,217,032 1,156,402 Accumulated depreciation (840,855 ) (757,901 ) Property, plant and equipment, net $ 376,177 $ 398,501 Rental property and equipment $ 151,195 $ 132,605 Accumulated depreciation (109,970 ) (86,377 ) Rental property and equipment, net $ 41,225 $ 46,228 |
Acquisitions, Intangible Asse_2
Acquisitions, Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure | Intangible assets consisted of the following: December 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 265,665 $ (88,550 ) $ 177,115 $ 338,320 $ (149,539 ) $ 188,781 Software & technology 31,600 (19,999 ) 11,601 54,297 (35,325 ) 18,972 Trademarks & other 13,324 (11,400 ) 1,924 22,305 (16,858 ) 5,447 Total intangible assets, net $ 310,589 $ (119,949 ) $ 190,640 $ 414,922 $ (201,722 ) $ 213,200 |
Future Amortization | The future amortization expense for intangible assets at December 31, 2019 is as follows: 2020 $ 33,429 2021 29,972 2022 29,026 2023 26,188 2024 26,188 Thereafter 45,837 Total $ 190,640 |
Schedule of Goodwill | Changes in the carrying amount of goodwill by reporting segment are shown in the tables below. December 31, 2018 Acquisitions/ dispositions Other (1) December 31, 2019 Global Ecommerce $ 609,431 $ — $ — $ 609,431 Presort Services 207,465 5,064 — 212,529 Commerce Services 816,896 5,064 — 821,960 SendTech Solutions 515,455 (10,490 ) (2,746 ) 502,219 Total goodwill $ 1,332,351 $ (5,426 ) $ (2,746 ) $ 1,324,179 December 31, 2017 Acquisitions Other (1) December 31, 2018 Global Ecommerce $ 602,461 $ 7,623 $ (653 ) $ 609,431 Presort Services 204,781 2,684 — 207,465 Commerce Services 807,242 10,307 (653 ) 816,896 SendTech Solutions 527,108 — (11,653 ) 515,455 Total goodwill $ 1,334,350 $ 10,307 $ (12,306 ) $ 1,332,351 (1) Primarily represents foreign currency translation adjustments. |
Fair Value Measurements and D_2
Fair Value Measurements and Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | 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, 2019 and 2018 . December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Investment securities Money market funds / commercial paper $ 161,441 $ 240,364 $ — $ 401,805 Equity securities — 21,979 — 21,979 Commingled fixed income securities 1,656 18,404 — 20,060 Government and related securities 64,572 17,478 — 82,050 Corporate debt securities — 72,149 — 72,149 Mortgage-backed / asset-backed securities — 66,339 — 66,339 Derivatives Foreign exchange contracts — 3,256 — 3,256 Total assets $ 227,669 $ 439,969 $ — $ 667,638 Liabilities: Derivatives Foreign exchange contracts $ — $ (1,402 ) $ — $ (1,402 ) Total liabilities $ — $ (1,402 ) $ — $ (1,402 ) December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Investment securities Money market funds / commercial paper $ 220,756 $ 391,891 $ — $ 612,647 Equity securities — 19,133 — 19,133 Commingled fixed income securities 1,570 20,141 — 21,711 Government and related securities 98,790 9,787 — 108,577 Corporate debt securities — 56,938 — 56,938 Mortgage-backed / asset-backed securities — 98,334 — 98,334 Derivatives Foreign exchange contracts — 2,031 — 2,031 Total assets $ 321,116 $ 598,255 $ — $ 919,371 Liabilities: Derivatives Foreign exchange contracts $ — $ (735 ) $ — $ (735 ) Total liabilities $ — $ (735 ) $ — $ (735 ) |
Schedule of Available-for-sale Securities Reconciliation | Available-for-sale securities consisted of the following: December 31, 2019 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Government and related securities $ 80,732 $ 1,358 $ (114 ) $ 81,976 Corporate debt securities 70,426 2,009 (286 ) 72,149 Commingled fixed income securities 1,675 — (19 ) 1,656 Mortgage-backed / asset-backed securities 65,679 960 (300 ) 66,339 Total $ 218,512 $ 4,327 $ (719 ) $ 222,120 December 31, 2018 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Government and related securities $ 109,776 $ 47 $ (1,336 ) $ 108,487 Corporate debt securities 58,714 4 (1,780 ) 56,938 Commingled fixed income securities 1,637 — (67 ) 1,570 Mortgage-backed / asset-backed securities 100,186 167 (2,019 ) 98,334 Total $ 270,313 $ 218 $ (5,202 ) $ 265,329 |
Investment Securities in a Loss Position | Investment securities in a loss position were as follows: December 31, 2019 December 31, 2018 Fair Value Gross unrealized losses Fair Value Gross unrealized losses Greater than 12 continuous months $ 9,227 $ 136 $ 177,331 $ 4,355 Less than 12 continuous months 52,521 583 48,318 847 Total $ 61,748 $ 719 $ 225,649 $ 5,202 |
Available-For-Sale Securities | At December 31, 2019 , scheduled maturities of available-for-sale securities were as follows: Amortized cost Estimated fair value Within 1 year $ 35,393 $ 35,495 After 1 year through 5 years 49,647 50,426 After 5 years through 10 years 59,265 60,345 After 10 years 74,207 75,854 Total $ 218,512 $ 222,120 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The fair value of our derivative instruments at December 31, 2019 and 2018 was as follows: December 31, Designation of Derivatives Balance Sheet Location 2019 2018 Derivatives designated as hedging instruments Foreign exchange contracts Other current assets and prepayments $ 207 $ 61 Accounts payable and accrued liabilities (56 ) (104 ) Derivatives not designated as hedging instruments Foreign exchange contracts Other current assets and prepayments 3,049 1,970 Accounts payable and accrued liabilities (1,346 ) (631 ) Total derivative assets 3,256 2,031 Total derivative liabilities (1,402 ) (735 ) Total net derivative asset $ 1,854 $ 1,296 |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following represents the results of cash flow hedging relationships for the years ended December 31, 2019 and 2018 : Years Ended December 31, Derivative Gain (Loss) Recognized in AOCI (Effective Portion) Location of Gain (Loss) (Effective Portion) Gain (Loss) Reclassified from AOCI to Earnings (Effective Portion) Derivative Instrument 2019 2018 2019 2018 Foreign exchange contracts $ 371 $ 106 Revenue $ 72 $ 11 Cost of sales 104 51 Interest rate swap $ — $ (1,776 ) Interest Expense — — $ 176 $ 62 |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following represents the mark-to-market adjustment on our non-designated derivative instruments for the years ended December 31, 2019 and 2018 : Years Ended December 31, Derivative Gain (Loss) Recognized in Earnings Derivatives Instrument Location of Derivative Gain (Loss) 2019 2018 Foreign exchange contracts Selling, general and administrative expense $ 5,154 $ (33,453 ) |
Fair Value, by Balance Sheet Grouping | The carrying value and estimated fair value of our debt at December 31, 2019 and 2018 was as follows: December 31, 2019 2018 Carrying value $ 2,739,722 $ 3,265,608 Fair value $ 2,572,794 $ 3,003,678 |
Supplemental Balance Sheet In_2
Supplemental Balance Sheet Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Information | The following table shows selected balance sheet information: December 31, 2019 2018 Other assets: Long-term investments $ 288,963 $ 311,417 Pension asset 20,403 14,502 Contract costs 26,048 20,420 Other 65,042 50,820 Total $ 400,456 $ 397,159 Accounts payable and accrued liabilities: Accounts payable $ 282,125 $ 280,936 Reserve account deposits 591,118 574,777 Customer deposits 115,889 125,574 Employee related liabilities 219,995 208,840 Other 175,681 158,000 Total $ 1,384,808 $ 1,348,127 Other noncurrent liabilities: Pension liability $ 214,742 $ 276,563 Postretirement medical benefits 147,972 149,463 Other 37,804 36,262 Total $ 400,518 $ 462,288 |
Restructuring Charges and Ass_2
Restructuring Charges and Asset Impairments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost | The table below shows the activity in our restructuring reserves: Severance and benefits costs Other exit costs Total Balance at December 31, 2017 $ 42,151 $ 1,569 $ 43,720 Expenses, net 18,426 6,033 24,459 Cash payments (46,936 ) (5,794 ) (52,730 ) Balance at December 31, 2018 13,641 1,808 15,449 Expenses, net 22,794 911 23,705 Cash payments (24,498 ) (2,650 ) (27,148 ) Balance at December 31, 2019 $ 11,937 $ 69 $ 12,006 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | December 31, Interest rate 2019 2018 Notes due September 2020 4.125% — 300,000 Notes due October 2021 4.125% 600,000 600,000 Notes due May 2022 4.625% 400,000 400,000 Notes due April 2023 5.20% 400,000 400,000 Notes due March 2024 4.625% 500,000 500,000 Notes due January 2037 5.25% 35,841 35,841 Notes due March 2043 6.70% 425,000 425,000 Term loans Variable 400,000 630,000 Other debt 5,108 5,297 Principal amount 2,765,949 3,296,138 Less: unamortized costs, net 26,227 30,530 Total debt 2,739,722 3,265,608 Less: current portion long-term debt 20,108 199,535 Long-term debt $ 2,719,614 $ 3,066,073 |
Schedule of Maturities of Long-term Debt | Annual maturities of outstanding debt at December 31, 2019 are as follows: 2020 $ 20,108 2021 620,000 2022 430,000 2023 440,000 2024 795,000 Thereafter 460,841 Total $ 2,765,949 |
Retirement Plans and Postreti_2
Retirement Plans and Postretirement Medical Benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of Change in Benefit Obligation, Plan Assets and the Funded Status of Defined Benefit Pension Plans | The benefit obligations and funded status of defined benefit pension plans are as follows: United States Foreign 2019 2018 2019 2018 Accumulated benefit obligation $ 1,612,551 $ 1,500,691 $ 745,658 $ 659,628 Projected benefit obligation Benefit obligation - beginning of year $ 1,501,140 $ 1,727,737 $ 662,644 $ 751,373 Service cost 83 92 1,543 2,159 Interest cost 63,171 61,490 17,853 18,089 Plan participants' contributions — — 6 7 Actuarial loss (gain) 160,390 (124,298 ) 68,385 (41,995 ) Foreign currency changes — — 25,452 (40,559 ) Plan amendments — — — 9,009 Settlements and curtailments (6,684 ) (82,273 ) (2,682 ) (6,703 ) Benefits paid (105,046 ) (81,608 ) (26,259 ) (28,736 ) Benefit obligation - end of year $ 1,613,054 $ 1,501,140 $ 746,942 $ 662,644 Fair value of plan assets Fair value of plan assets - beginning of year $ 1,327,034 $ 1,557,907 $ 562,517 $ 632,710 Actual return on plan assets 261,579 (73,745 ) 98,006 (17,043 ) Company contributions 10,135 6,753 10,085 10,939 Plan participants' contributions — — 6 7 Settlements and curtailments (6,684 ) (82,273 ) (1,773 ) — Foreign currency changes — — 25,726 (35,360 ) Benefits paid (105,046 ) (81,608 ) (26,259 ) (28,736 ) Fair value of plan assets - end of year $ 1,487,018 $ 1,327,034 $ 668,308 $ 562,517 Amounts recognized in the Consolidated Balance Sheets Noncurrent asset $ 383 $ 277 $ 20,020 $ 14,225 Current liability (9,019 ) (10,975 ) (1,313 ) (1,197 ) Noncurrent liability (117,401 ) (163,408 ) (97,341 ) (113,155 ) Funded status $ (126,037 ) $ (174,106 ) $ (78,634 ) $ (100,127 ) |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | Information provided in the table below is only for pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2019 and 2018 : United States Foreign 2019 2018 2019 2018 Projected benefit obligation $ 1,612,745 $ 1,500,680 $ 615,288 $ 540,798 Accumulated benefit obligation $ 1,612,241 $ 1,500,231 $ 614,293 $ 538,666 Fair value of plan assets $ 1,486,325 $ 1,326,296 $ 516,634 $ 426,446 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Pretax amounts recognized in AOCI consist of: United States Foreign 2019 2018 2019 2018 Net actuarial loss $ 772,850 $ 809,836 $ 315,319 $ 318,474 Prior service (credit) cost (270 ) (330 ) 8,317 8,496 Transition asset — — (11 ) (17 ) Total $ 772,580 $ 809,506 $ 323,625 $ 326,953 Other changes in plan assets and benefit obligation for nonpension postretirement benefit plans recognized in other comprehensive income were as follows: 2019 2018 Net actuarial loss (gain) $ 6,931 $ (11,837 ) Curtailment — (246 ) Amortization of net actuarial loss (2,026 ) (3,048 ) Amortization of prior service cost (321 ) (304 ) Total recognized in other comprehensive income $ 4,584 $ (15,435 ) Other changes in plan assets and benefit obligations for defined benefit pension plans recognized in other comprehensive income were as follows: United States Foreign 2019 2018 2019 2018 Net actuarial (gain) loss $ (8,459 ) $ 50,534 $ 3,643 $ 3,824 Plan amendment — — — 9,009 Amortization of net actuarial loss (26,146 ) (31,298 ) (6,337 ) (7,264 ) Amortization of prior service credit (cost) 60 60 (243 ) 71 Net transition asset — — 6 7 Settlements and curtailments (2,381 ) (44,665 ) (397 ) 13 Total recognized in other comprehensive income $ (36,926 ) $ (25,369 ) $ (3,328 ) $ 5,660 |
Schedule of Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | The weighted-average discount rates used to determine end of year benefit obligation and net periodic pension cost include: 2019 2018 2017 Discount rate used to determine benefit obligation U.S. 3.20 % 4.20 % 3.55 % Canada 3.00 % 3.60 % 3.35 % Discount rate used to determine net period benefit cost U.S. 4.20 % 3.55 % 3.90 % Canada 3.60 % 3.35 % 3.65 % Weighted-average actuarial assumptions used to determine end of year benefit obligations and net periodic benefit cost for defined benefit pension plans include: 2019 2018 2017 United States Used to determine benefit obligations Discount rate 3.34% 4.34% 3.69% Rate of compensation increase N/A N/A N/A Used to determine net periodic benefit cost Discount rate 4.34% 3.69% 4.20% Expected return on plan assets 6.75% 7.00% 6.75% Rate of compensation increase N/A N/A N/A Foreign Used to determine benefit obligations Discount rate 0.65 % - 2.95% 0.75 % - 3.55% 0.65 % - 3.35% Rate of compensation increase 1.50 % - 2.50% 1.50 % - 2.50% 1.50 % - 2.50% Used to determine net periodic benefit cost Discount rate 0.75 % - 3.55% 0.65 % - 3.35% 0.70 % - 3.65% Expected return on plan assets 4.25 % - 6.25% 3.75 % - 6.25% 3.75 % - 6.25% Rate of compensation increase 1.50 % - 2.50% 1.50 % - 3.25% 1.50 % - 3.30% |
Schedule of Target Allocation and Percentage of Plan Assets for Domestic Pension Plan | Target and actual asset allocations for the U.S. pension plans were as follows: Target allocation Percent of Plan Assets at December 31, 2020 2019 2018 Asset category Equities 30 % 30 % 26 % Fixed income 63 % 63 % 64 % Real estate 5 % 5 % 7 % Private equity 2 % 2 % 3 % Total 100 % 100 % 100 % |
Schedule of Target Allocation and Percentage of Plan Assets for Foreign Pension Plan | Target and actual asset allocations for the U.K. Plan were as follows: Target Allocation Percent of Plan Assets at December 31, 2020 2019 2018 Asset category Equities 30 % 35 % 38 % Fixed income 50 % 46 % 41 % Real estate 10 % 9 % 10 % Diversified growth 10 % 9 % 10 % Cash — % 1 % 1 % Total 100 % 100 % 100 % |
Schedule of Fair Value Measurement of Plan Assets | Foreign Plans December 31, 2019 Level 1 Level 2 Level 3 Total Money market funds $ — $ 8,734 $ — $ 8,734 Equity securities — 222,554 — 222,554 Commingled fixed income securities — 264,131 — 264,131 Government and related securities — 43,405 — 43,405 Corporate debt securities — 34,528 — 34,528 Real estate — — 45,335 45,335 Diversified growth funds — — 47,621 47,621 Total plan assets at fair value $ — $ 573,352 $ 92,956 $ 666,308 Cash 1,516 Other 484 Fair value of plan assets $ 668,308 December 31, 2018 Level 1 Level 2 Level 3 Total Money market funds $ — $ 11,172 $ — $ 11,172 Equity securities — 194,914 — 194,914 Commingled fixed income securities — 198,902 — 198,902 Government and related securities — 40,055 — 40,055 Corporate debt securities — 29,996 — 29,996 Real estate — — 42,143 42,143 Diversified growth funds — — 40,766 40,766 Total plan assets at fair value $ — $ 475,039 $ 82,909 $ 557,948 Cash 3,903 Other 666 Fair value of plan assets $ 562,517 The following tables show the U.S. and foreign pension plans' assets: United States Pension Plans December 31, 2019 Level 1 Level 2 Level 3 Total Money market funds $ — $ 4,917 $ — $ 4,917 Equity securities — 265,832 — 265,832 Commingled fixed income securities — 275,335 — 275,335 Government and related securities 292,506 15,764 — 308,270 Corporate debt securities — 528,425 — 528,425 Mortgage-backed securities /asset-backed securities — 51,770 — 51,770 Private equity — — 23,608 23,608 Real estate — — 71,337 71,337 Securities lending collateral — 106,886 — 106,886 Total plan assets at fair value $ 292,506 $ 1,248,929 $ 94,945 $ 1,636,380 Securities lending payable (106,886 ) Cash 9,409 Other (51,885 ) Fair value of plan assets $ 1,487,018 December 31, 2018 Level 1 Level 2 Level 3 Total Money market funds $ 3,498 $ 5,759 $ — $ 9,257 Equity securities 110,840 109,864 — 220,704 Commingled fixed income securities — 281,258 — 281,258 Government and related securities 258,535 16,144 — 274,679 Corporate debt securities — 435,285 — 435,285 Mortgage-backed securities /asset-backed securities — 23,474 — 23,474 Private equity — — 32,750 32,750 Real estate — — 96,877 96,877 Securities lending collateral — 117,603 — 117,603 Total plan assets at fair value $ 372,873 $ 989,387 $ 129,627 $ 1,491,887 Securities lending payable (117,603 ) Cash 11,341 Other (58,591 ) Fair value of plan assets $ 1,327,034 |
Schedule of Changes in Fair Value of Level 3 Assets Domestic | The following table summarizes the changes in the fair value of Level 3 assets: United States Pension Plans Private equity Real estate Total Balance at December 31, 2017 $ 38,362 $ 91,352 $ 129,714 Realized gains 8,264 1,001 9,265 Unrealized (losses) gains (1,409 ) 4,462 3,053 Net purchases, sales and settlements (12,467 ) 62 (12,405 ) Balance at December 31, 2018 32,750 96,877 129,627 Realized gains 5,625 14,876 20,501 Unrealized losses (5,288 ) (12,517 ) (17,805 ) Net purchases, sales and settlements (9,479 ) (27,899 ) (37,378 ) Balance at December 31, 2019 $ 23,608 $ 71,337 $ 94,945 Foreign Pension Plans Real estate Diversified growth funds Total Balance at December 31, 2017 $ 41,601 $ 44,024 $ 85,625 Unrealized gains (losses) 1,317 (4,948 ) (3,631 ) Net purchases, sales and settlements 1,653 4,090 5,743 Foreign currency (2,428 ) (2,400 ) (4,828 ) Balance at December 31, 2018 42,143 40,766 82,909 Unrealized (losses) gains (799 ) 4,954 4,155 Net purchases, sales and settlements 1,618 107 1,725 Other 687 — 687 Foreign currency 1,686 1,794 3,480 Balance at December 31, 2019 $ 45,335 $ 47,621 $ 92,956 |
Schedule of Change in Benefit Obligation, Plan Assets and the Funded Status of Nonpension Benefit Plans | The benefit obligation and funded status for nonpension postretirement benefit plans are as follows: 2019 2018 Benefit obligation Benefit obligation - beginning of year $ 166,476 $ 188,841 Service cost 967 1,405 Interest cost 6,584 6,640 Plan participants' contributions 3,003 3,200 Actuarial loss (gain) 6,930 (11,304 ) Foreign currency changes 674 (1,177 ) Curtailment — (533 ) Benefits paid (20,530 ) (20,596 ) Benefit obligation - end of year (1) $ 164,104 $ 166,476 Fair value of plan assets Fair value of plan assets - beginning of year $ — $ — Company contribution 17,527 17,396 Plan participants' contributions 3,003 3,200 Benefits paid (20,530 ) (20,596 ) Fair value of plan assets - end of year $ — $ — Amounts recognized in the Consolidated Balance Sheets Current liability $ (16,132 ) $ (17,013 ) Non-current liability (147,972 ) (149,463 ) Funded status $ (164,104 ) $ (166,476 ) (1) The benefit obligation for U.S. nonpension postretirement plans was $150 million and $154 million at December 31, 2019 and 2018 , respectively. Pretax amounts recognized in AOCI consist of: 2019 2018 Net actuarial loss $ 33,272 $ 28,368 Prior service cost 502 823 Total $ 33,774 $ 29,191 |
Schedule of Costs of Retirement Plans | The components of net periodic benefit cost (income) for defined benefit pension plans were as follows: United States Foreign 2019 2018 2017 2019 2018 2017 Service cost $ 83 $ 92 $ 132 $ 1,543 $ 2,159 $ 2,274 Interest cost 63,171 61,490 68,611 17,853 18,089 18,836 Expected return on plan assets (92,726 ) (101,087 ) (97,656 ) (34,363 ) (35,687 ) (32,242 ) Amortization of net transition asset — — — (6 ) (7 ) (8 ) Amortization of prior service (credit) cost (60 ) (60 ) (60 ) 243 (71 ) (71 ) Amortization of net actuarial loss 26,146 31,298 28,954 6,337 7,264 8,052 Special termination benefits — — — — 208 — Settlements and curtailments 2,381 44,665 — 397 (13 ) — Net periodic benefit (income) cost $ (1,005 ) $ 36,398 $ (19 ) $ (7,996 ) $ (8,058 ) $ (3,159 ) The components of net periodic benefit cost for nonpension postretirement benefit plans were as follows: 2019 2018 2017 Service cost $ 967 $ 1,405 $ 1,727 Interest cost 6,584 6,640 7,100 Amortization of prior service cost 321 304 297 Amortization of net actuarial loss 2,026 3,048 3,600 Curtailment — 246 — Net periodic benefit cost $ 9,898 $ 11,643 $ 12,724 |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, are expected to be paid. Pension Benefits Nonpension Benefits 2020 $ 131,577 $ 16,129 2021 125,439 15,480 2022 124,142 14,756 2023 124,559 13,592 2024 121,767 12,500 Thereafter 600,327 53,101 $ 1,227,811 $ 125,558 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Components of Income before Tax, Domestic and Foreign | Income from continuing operations before taxes consisted of the following: Years Ended December 31, 2019 2018 2017 U.S. $ 910 $ 109,393 $ 135,636 International 26,232 78,728 58,062 Total $ 27,142 $ 188,121 $ 193,698 |
Components of Income Tax Expense (Benefit) | The (benefit) provision for income taxes from continuing operations consisted of the following: Years Ended December 31, 2019 2018 2017 U.S. Federal: Current $ (18,789 ) $ (56,743 ) $ 25,774 Deferred 11,577 61,514 (23,863 ) (7,212 ) 4,771 1,911 U.S. State and Local: Current (9,142 ) (12,214 ) (3,022 ) Deferred 8,043 866 13,426 (1,099 ) (11,348 ) 10,404 International: Current 9,993 11,308 (7,679 ) Deferred (14,689 ) 1,685 9,023 (4,696 ) 12,993 1,344 Total current (17,938 ) (57,649 ) 15,073 Total deferred 4,931 64,065 (1,414 ) Total (benefit) provision for income taxes $ (13,007 ) $ 6,416 $ 13,659 Effective tax rate (47.9 )% 3.4 % 7.1 % |
Reconciliation of Effective Income Tax Rate Reconciliation | A reconciliation of income taxes computed at the federal statutory rate and our provision for income taxes consist of the following: Years Ended December 31, 2019 2018 2017 Federal statutory provision $ 5,700 $ 39,505 $ 67,794 State and local income taxes (1) (868 ) 1,292 3,739 Impact of foreign operations taxed at rates other than the U.S. statutory rate (2) (18,541 ) (2,483 ) (12,054 ) Accrual/release of uncertain tax amounts related to foreign operations 191 (4,595 ) (17,919 ) U.S. tax impacts of foreign income in the U.S. 5,587 5,854 1,750 Tax incentives/credits/exempt income (5,437 ) 3,526 (14,587 ) Unrealized stock compensation benefits 2,176 1,941 3,778 Remeasurement of U.S. deferred taxes — (13,121 ) (108,176 ) U.S. tax on unremitted earnings — (23,711 ) 90,916 Other, net (3) (1,815 ) (1,792 ) (1,582 ) (Benefit) provision for income taxes $ (13,007 ) $ 6,416 $ 13,659 (1) Includes release of tax uncertainties of $(3) million , $(9) million and $(3) million for the years ended December 31, 2019, 2018 and 2017, respectively. (2) Includes foreign valuation allowance release of $23 million and $3 million tax on Market Exits for the year ended December 31, 2019. (3) Includes $1 million benefit related to interest for the year ended December 31, 2019. |
Components of Deferred Tax Assets and Liabilities | Deferred tax liabilities and assets consisted of the following: December 31, 2019 2018 Deferred tax liabilities: Depreciation $ (69,222 ) $ (71,757 ) Deferred profit (for tax purposes) on sale to finance subsidiary (30,791 ) (41,951 ) Lease revenue and related depreciation (174,083 ) (149,176 ) Intangible assets (88,024 ) (98,707 ) Other (24,941 ) (34,425 ) Gross deferred tax liabilities (387,061 ) (396,016 ) Deferred tax assets: Nonpension postretirement benefits 41,015 42,422 Pension 43,763 60,063 Inventory and equipment capitalization 2,735 6,042 Restructuring charges 2,944 5,064 Long-term incentives 12,929 11,517 Net operating loss 82,673 106,029 Tax credit carry forwards 64,430 64,148 Tax uncertainties gross-up 6,577 6,692 Other 38,247 46,623 Gross deferred tax assets 295,313 348,600 Less: Valuation allowance (110,781 ) (142,496 ) Net deferred tax assets 184,532 206,104 Total deferred taxes, net $ (202,529 ) $ (189,912 ) |
Tax Uncertainties Roll Forward | A reconciliation of the amount of unrecognized tax benefits is as follows: 2019 2018 2017 Balance at beginning of year $ 71,458 $ 89,767 $ 124,728 Increases from prior period positions 510 88 528 Decreases from prior period positions (9,711 ) (15,145 ) (31,470 ) Increases from current period positions 5,052 6,001 5,951 Decreases relating to settlements with tax authorities (2,626 ) (4,844 ) (6,953 ) Reductions from lapse of applicable statute of limitations (4,381 ) (4,409 ) (3,017 ) Balance at end of year $ 60,302 $ 71,458 $ 89,767 |
Leased Assets and Liabilities (
Leased Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of operating and finance lease assets and liabilities | Leases Balance Sheet Location December 31, 2019 December 31, 2018 Assets Operating Operating lease assets $ 200,752 $ 152,554 Finance Property, plant and equipment, net 10,443 10,683 Total leased assets $ 211,195 $ 163,237 Liabilities Operating Current operating lease liabilities $ 36,060 $ 35,208 Noncurrent operating lease liabilities 177,711 125,294 Finance Accounts payable and accrued liabilities 2,879 2,708 Other noncurrent liabilities 7,927 7,054 Total lease liabilities $ 224,577 $ 170,264 |
Schedule of components of lease expense | Years Ended December 31, Lease Cost 2019 2018 2017 Operating lease expense $ 48,503 $ 43,727 $ 41,676 Finance lease expense Amortization of leased assets 3,372 2,697 2,295 Interest on lease liabilities 700 527 465 Variable lease expense 23,188 21,864 20,838 Sublease income (1,948 ) (1,735 ) (736 ) Total expense $ 73,815 $ 67,080 $ 64,538 |
Schedule of future payments of finance lease liabilities | Future Lease Payments Operating Leases Finance Leases Total 2020 $ 47,632 $ 3,525 $ 51,157 2021 42,244 3,133 45,377 2022 33,945 2,560 36,505 2023 27,122 1,899 29,021 2024 23,165 1,042 24,207 Thereafter 97,867 277 98,144 Total 271,975 12,436 284,411 Less: present value discount 58,204 1,630 59,834 Lease liability $ 213,771 $ 10,806 $ 224,577 |
Schedule of future payments of operating lease liabilities | Operating lease expense includes immaterial amounts related to leases with terms of 12 months or less. Future Lease Payments Operating Leases Finance Leases Total 2020 $ 47,632 $ 3,525 $ 51,157 2021 42,244 3,133 45,377 2022 33,945 2,560 36,505 2023 27,122 1,899 29,021 2024 23,165 1,042 24,207 Thereafter 97,867 277 98,144 Total 271,975 12,436 284,411 Less: present value discount 58,204 1,630 59,834 Lease liability $ 213,771 $ 10,806 $ 224,577 |
Schedule of weighted-average remaining lease terms and weighted-average discount rates | At December 31, 2019, there were no operating leases signed but not yet commenced. Lease Term and Discount Rate December 31, 2019 December 31, 2018 Weighted-average remaining lease term Operating leases 7.7 years 7.2 years Finance leases 3.9 years 4.1 years Weighted-average discount rate Operating leases 6.1% 4.5% Finance leases 6.8% 6.2% |
Schedule of supplemental cash flow information | Years Ended December 31, Cash Flow Information 2019 2018 2017 Operating cash outflows - operating leases $ 44,252 $ 40,599 $ 39,192 Operating cash outflows - finance leases $ 700 $ 527 $ 465 Financing cash outflows - finance leases $ 3,096 $ 2,564 $ 2,185 Leased assets obtained in exchange for new lease obligations Operating leases $ 87,160 $ 36,260 $ 33,788 Finance leases $ 4,072 $ 5,715 $ 3,325 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders Equity | The following table summarizes the changes in shares of Common Stock outstanding and Treasury Stock: Common Stock Outstanding Treasury Stock Balance at December 31, 2016 185,668,718 137,669,194 Issuance of common stock 881,480 (881,480 ) Conversions to common stock 53,540 (53,540 ) Balance at December 31, 2017 186,603,738 136,734,174 Issuance of common stock 1,043,809 (1,043,809 ) Conversions to common stock 27,535 (27,535 ) Balance at December 31, 2018 187,675,082 135,662,830 Repurchases of common stock (18,595,315 ) 18,595,315 Issuance of common stock 1,276,797 (1,276,797 ) Conversions to common stock 92,379 (92,379 ) Balance at December 31, 2019 170,448,943 152,888,969 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Reclassification out of Accumulated Other Comprehensive Income | Reclassifications out of accumulated other comprehensive loss were as follows: Amounts Reclassified from AOCI (a) Years Ended December 31, 2019 2018 2017 Gain (loss) on cash flow hedges Revenue $ 72 $ 11 $ (179 ) Cost of sales 104 51 (32 ) Interest expense — (1,183 ) (2,028 ) Loss on extinguishment of debt — (1,267 ) — Total before tax 176 (2,388 ) (2,239 ) Tax provision (benefit) 44 (941 ) (872 ) Net of tax $ 132 $ (1,447 ) $ (1,367 ) Gain (loss) on available for sale securities Interest income (expense) $ 1,079 $ 3,244 $ (520 ) Tax provision (benefit) 270 821 (201 ) Net of tax $ 809 $ 2,423 $ (319 ) Pension and Postretirement Benefit Plans (b) Transition asset $ 6 $ 7 $ 8 Prior service costs (504 ) (173 ) (166 ) Actuarial losses (34,509 ) (41,610 ) (40,606 ) Settlement (2,778 ) (44,898 ) — Total before tax (37,785 ) (86,674 ) (40,764 ) Tax benefit (9,497 ) (21,675 ) (13,936 ) Net of tax $ (28,288 ) $ (64,999 ) $ (26,828 ) (a) Amounts in parentheses indicate reductions to income and increases to other comprehensive income. (b) Reclassified from accumulated other comprehensive loss to other components of net pension and postretirement cost. These amounts are included in net periodic costs for defined benefit pension plans and nonpension postretirement benefit plans (see Note 14 for additional details). |
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive income (loss) were as follows: Cash flow hedges Available-for-sale securities Pension and postretirement benefit plans Foreign currency adjustments Total Balance January 1, 2017 $ (1,485 ) $ 120 $ (787,813 ) $ (150,955 ) $ (940,133 ) Other comprehensive loss before reclassifications (a) (288 ) 1,158 12,185 103,624 116,679 Amounts reclassified from accumulated other comprehensive loss (a), (b) 1,367 319 26,828 — 28,514 Net other comprehensive income (loss) 1,079 1,477 39,013 103,624 145,193 Balance at December 31, 2017 (406 ) 1,597 (748,800 ) (47,331 ) (794,940 ) Cumulative effect of accounting change (87 ) 344 (116,490 ) — (116,233 ) Restated balance at December 31, 2017 (493 ) 1,941 (865,290 ) (47,331 ) (911,173 ) Other comprehensive loss before reclassifications (a) (763 ) (2,579 ) (46,170 ) (52,299 ) (101,811 ) Amounts reclassified from accumulated other comprehensive loss (a), (b) 1,447 (2,423 ) 64,999 — 64,023 Net other comprehensive income (loss) 684 (5,002 ) 18,829 (52,299 ) (37,788 ) Balance at December 31, 2018 191 (3,061 ) (846,461 ) (99,630 ) (948,961 ) Other comprehensive loss before reclassifications (a) 278 6,719 (845 ) 75,319 81,471 Amounts reclassified from accumulated other comprehensive loss (a), (b) (132 ) (809 ) 28,288 — 27,347 Net other comprehensive loss 146 5,910 27,443 75,319 108,818 Balance at December 31, 2019 $ 337 $ 2,849 $ (819,018 ) $ (24,311 ) $ (840,143 ) (a) Amounts are net of tax. Amounts in parentheses indicate debits to AOCI. (b) See table above for additional details of these reclassifications. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | The following table summarizes information about RSUs: 2019 2018 Shares Weighted average grant date fair value Shares Weighted average grant date fair value Outstanding - beginning of the year 3,228,339 $ 13.33 2,651,053 $ 14.16 Granted 3,113,886 6.56 1,754,098 12.36 Vested (1,360,219 ) 11.90 (963,010 ) 11.41 Forfeited (501,159 ) 8.71 (213,802 ) 13.26 Outstanding - end of the year 4,480,847 $ 9.51 3,228,339 $ 13.33 |
Schedule of Share-based Compensation, Performance Stock Units Award Activity | The following table summarizes share information about PSUs: 2019 2018 Shares Weighted average grant date fair value Shares Weighted average grant date fair value Outstanding - beginning of the year 1,653,004 $ 13.08 1,145,025 $ 13.43 Granted 1,368,182 6.60 733,148 12.64 Vested — — (91,493 ) 12.21 Forfeited (242,824 ) 9.65 (133,676 ) 14.26 Outstanding - end of the year 2,778,362 $ 10.09 1,653,004 $ 13.08 |
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes information about stock option activity: 2019 2018 Shares Per share weighted average exercise prices Shares Per share weighted average exercise prices Options outstanding - beginning of the year 13,593,156 $ 15.30 10,495,039 $ 21.67 Granted 869,297 6.57 4,932,467 8.47 Canceled (533,921 ) 11.06 (258,509 ) 13.09 Expired (1,105,848 ) 24.75 (1,575,841 ) 36.86 Options outstanding - end of the year 12,822,684 $ 14.08 13,593,156 $ 15.30 Options exercisable - end of the year 7,288,614 $ 18.49 6,824,433 $ 20.23 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | The following table provides additional information about stock options outstanding and exercisable at December 31, 2019 : 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 $4.32 - $8.55 3,855,770 $ 6.18 9.0 years — $ — — $12.64 - $19.45 6,001,756 14.36 6.6 years 4,323,456 14.86 6.2 years $21.54 - $26.07 2,965,158 23.77 1.6 years 2,965,158 23.77 1.6 years 12,822,684 $ 14.08 6.2 years 7,288,614 $ 18.49 4.3 years |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table lists the weighted average of assumptions used to calculate the fair value of stock options granted: Years Ended December 31, 2019 2018 2017 Expected dividend yield 3.0 % 9.9 % 5.7 % Expected stock price volatility 41.5 % 37.8 % 29.7 % Risk-free interest rate 2.5 % 2.8 % 2.3 % Expected life 5 years 7 years 7 years Weighted-average fair value per option granted $1.98 $1.26 $2.00 Fair value of options granted $1,722 $6,229 $5,107 |
Quarterly Financial Data (una_2
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Quarterly Financial Information | First Quarter Second Quarter Third Quarter Fourth Quarter Total 2019 Revenue $ 795,084 $ 788,573 $ 790,125 $ 831,343 $ 3,205,125 Cost of revenue 467,187 468,227 467,805 518,920 1,922,139 Operating expenses 322,620 287,312 341,870 304,042 1,255,844 Income (loss) from continuing operations before income taxes 5,277 33,034 (19,550 ) 8,381 27,142 Provision (benefit) for income taxes 7,820 3,724 (24,895 ) 344 (13,007 ) (Loss) income from continuing operations (2,543 ) 29,310 5,345 8,037 40,149 (Loss) income from discontinued operations (116 ) (5,613 ) (8,470 ) 168,659 154,460 Net (loss) income $ (2,659 ) $ 23,697 $ (3,125 ) $ 176,696 $ 194,609 Basic (loss) earnings per share (1) Continuing operations $ (0.01 ) $ 0.17 $ 0.03 $ 0.05 $ 0.23 Discontinued operations — (0.03 ) (0.05 ) 0.99 0.88 Net income $ (0.01 ) $ 0.13 $ (0.02 ) $ 1.04 $ 1.10 Diluted (loss) earnings per share (1) Continuing operations $ (0.01 ) $ 0.16 $ 0.03 $ 0.05 $ 0.23 Discontinued operations — (0.03 ) (0.05 ) 0.98 0.87 Net income $ (0.01 ) $ 0.13 $ (0.02 ) $ 1.03 $ 1.10 First Quarter Second Quarter Third Quarter Fourth Quarter Total 2018 Revenue $ 820,289 $ 773,538 $ 760,281 $ 857,414 $ 3,211,522 Cost of revenues 444,032 426,818 419,311 500,113 1,790,274 Operating expenses 310,300 308,077 295,782 318,968 1,233,127 Income from continuing operations before income taxes 65,957 38,643 45,188 38,333 188,121 Provision (benefit) for income taxes 17,498 2,205 (2,468 ) (10,819 ) 6,416 Income from continuing operations 48,459 36,438 47,656 49,152 181,705 Income from discontinued operations 11,511 15,157 32,621 817 60,106 Net income $ 59,970 $ 51,595 $ 80,277 $ 49,969 $ 241,811 Basic earnings per share (1) : Continuing operations $ 0.26 $ 0.19 $ 0.25 $ 0.26 $ 0.97 Discontinued operations 0.06 0.08 0.17 — 0.32 Net income $ 0.32 $ 0.28 $ 0.43 $ 0.27 $ 1.29 Diluted earnings per share (1): Continuing operations $ 0.26 $ 0.19 $ 0.25 $ 0.26 $ 0.96 Discontinued operations 0.06 0.08 0.17 — 0.32 Net income $ 0.32 $ 0.27 $ 0.43 $ 0.26 $ 1.28 (1) The sum of earnings per share amounts may not equal the totals due to rounding. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019USD ($)market | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 01, 2019USD ($) | Jan. 01, 2018USD ($) | |
Property, Plant and Equipment [Line Items] | |||||
Other receivables | $ 91,000 | $ 75,000 | |||
Research and development | 51,258 | 58,523 | $ 60,857 | ||
Selling, general and administrative | 1,003,989 | 1,002,935 | 1,029,494 | ||
Decrease in short-term finance receivables | 629,643 | 653,236 | |||
Increase in long-term finance receivables | 625,487 | 635,908 | |||
Deferred Charges | |||||
Unamortized contract costs | 26,048 | 20,420 | |||
Amortization expense | 7,000 | 9,000 | |||
New Accounting Pronouncements | |||||
Retained earnings | $ 5,438,930 | 5,279,682 | |||
ASU 2014-09 | |||||
New Accounting Pronouncements | |||||
Retained earnings | $ 9,000 | ||||
ASU 2016-06 | |||||
New Accounting Pronouncements | |||||
Retained earnings | 3,000 | ||||
ASU 2018-02 | |||||
New Accounting Pronouncements | |||||
Retained earnings | 116,000 | ||||
ASU 2016-02 | |||||
New Accounting Pronouncements | |||||
Retained earnings | $ (137,000) | ||||
Maximum | |||||
Intangible assets | |||||
Finite-lived intangible assets, estimated useful lives | 10 years | ||||
Buildings | |||||
Fixed Assets | |||||
Estimated useful lives | 50 years | ||||
Building improvements | Minimum | |||||
Fixed Assets | |||||
Estimated useful lives | 10 years | ||||
Building improvements | Maximum | |||||
Fixed Assets | |||||
Estimated useful lives | 20 years | ||||
Software development costs | Minimum | |||||
Fixed Assets | |||||
Estimated useful lives | 3 years | ||||
Machinery and equipment | Minimum | |||||
Fixed Assets | |||||
Estimated useful lives | 3 years | ||||
Machinery and equipment | Maximum | |||||
Fixed Assets | |||||
Estimated useful lives | 12 years | ||||
Rental equipment | Minimum | |||||
Fixed Assets | |||||
Estimated useful lives | 4 years | ||||
Rental equipment | Maximum | |||||
Fixed Assets | |||||
Estimated useful lives | 6 years | ||||
Disposed of by Sale | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of smaller markets sold | market | 6 | ||||
Loss on sale | $ 181,313 | 60,611 | |||
Other receivables | 24,000 | ||||
Rentals | |||||
Property, Plant and Equipment [Line Items] | |||||
Cost of products and sales | 31,530 | 37,178 | 33,741 | ||
Support services | |||||
Property, Plant and Equipment [Line Items] | |||||
Cost of products and sales | 162,300 | 178,495 | 173,555 | ||
Adjustment | |||||
Property, Plant and Equipment [Line Items] | |||||
Research and development | (29,000) | (15,000) | |||
Cost of products and sales | (13,000) | (3,000) | |||
Selling, general and administrative | (30,000) | (11,000) | |||
Decrease in short-term finance receivables | 106,000 | ||||
Decrease in advance billings | 6,000 | ||||
Increase in long-term finance receivables | 100,000 | ||||
Adjustment | Equipment Sales | |||||
Property, Plant and Equipment [Line Items] | |||||
Cost of products and sales | (12,000) | (7,000) | |||
Adjustment | Equipment Sales | Income Statement Adjustment | |||||
Property, Plant and Equipment [Line Items] | |||||
Cost of products and sales | (5,000) | (3,000) | |||
Adjustment | Rentals | Income Statement Adjustment | |||||
Property, Plant and Equipment [Line Items] | |||||
Cost of products and sales | (3,000) | ||||
Adjustment | Support services | Income Statement Adjustment | |||||
Property, Plant and Equipment [Line Items] | |||||
Cost of products and sales | 8,000 | $ 6,000 | |||
Other Assets | |||||
Deferred Charges | |||||
Unamortized contract costs | 26,000 | $ 20,000 | |||
Other Expense | Disposed of by Sale | |||||
Property, Plant and Equipment [Line Items] | |||||
Loss on sale | $ 18,000 |
Revenue (Disaggregates of Reven
Revenue (Disaggregates of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from leasing transactions and financing | $ 3,205,125 | $ 3,211,522 | $ 2,784,007 | ||||||||
Revenue | $ 831,343 | $ 790,125 | $ 788,573 | $ 795,084 | $ 857,414 | $ 760,281 | $ 773,538 | $ 820,289 | 3,205,125 | 3,211,522 | 2,784,007 |
ASC 606 | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 2,484,837 | 2,425,862 | 2,003,323 | ||||||||
Products/services transferred at a point in time | ASC 606 | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 334,046 | 386,844 | 421,470 | ||||||||
Products/services transferred over time | ASC 606 | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 2,150,791 | 2,039,018 | 1,581,853 | ||||||||
Business services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 1,710,801 | 1,566,470 | 1,071,021 | ||||||||
Revenue from leasing transactions and financing | 0 | 0 | 0 | ||||||||
Revenue | 1,710,801 | 1,566,470 | 1,071,021 | ||||||||
Support services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 506,187 | 552,472 | 581,474 | ||||||||
Revenue from leasing transactions and financing | 0 | 0 | 0 | ||||||||
Revenue | 506,187 | 552,472 | 581,474 | ||||||||
Financing | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 0 | 0 | 0 | ||||||||
Revenue from leasing transactions and financing | 368,090 | 394,557 | 406,395 | ||||||||
Revenue | 368,090 | 394,557 | 406,395 | ||||||||
Equipment sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 80,562 | 88,616 | 119,416 | ||||||||
Revenue from leasing transactions and financing | 271,542 | 307,036 | 281,288 | ||||||||
Revenue | 352,104 | 395,652 | 400,704 | ||||||||
Supplies | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 187,287 | 218,304 | 231,412 | ||||||||
Revenue from leasing transactions and financing | 0 | 0 | 0 | ||||||||
Revenue | 187,287 | 218,304 | 231,412 | ||||||||
Rentals | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 0 | 0 | 0 | ||||||||
Revenue from leasing transactions and financing | 80,656 | 84,067 | 93,001 | ||||||||
Revenue | 80,656 | 84,067 | 93,001 | ||||||||
Sales And Services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 2,484,837 | 2,425,862 | 2,003,323 | ||||||||
Revenue from leasing transactions and financing | 720,288 | 785,660 | 780,684 | ||||||||
Revenue | 3,205,125 | 3,211,522 | 2,784,007 | ||||||||
Global Ecommerce | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from leasing transactions and financing | 1,151,510 | 1,022,862 | 552,242 | ||||||||
Global Ecommerce | ASC 606 | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 1,151,510 | 1,022,862 | 552,242 | ||||||||
Global Ecommerce | Products/services transferred at a point in time | ASC 606 | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 0 | 0 | 0 | ||||||||
Global Ecommerce | Products/services transferred over time | ASC 606 | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 1,151,510 | 1,022,862 | 552,242 | ||||||||
Global Ecommerce | Business services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 1,151,510 | 1,022,862 | 551,678 | ||||||||
Global Ecommerce | Support services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 0 | 0 | 564 | ||||||||
Global Ecommerce | Financing | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 0 | 0 | 0 | ||||||||
Revenue from leasing transactions and financing | 0 | 0 | 0 | ||||||||
Global Ecommerce | Equipment sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 0 | 0 | 0 | ||||||||
Revenue from leasing transactions and financing | 0 | 0 | 0 | ||||||||
Global Ecommerce | Supplies | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 0 | 0 | 0 | ||||||||
Global Ecommerce | Rentals | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 0 | 0 | 0 | ||||||||
Revenue from leasing transactions and financing | 0 | 0 | 0 | ||||||||
Global Ecommerce | Sales And Services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 1,151,510 | 1,022,862 | 552,242 | ||||||||
Presort Services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from leasing transactions and financing | 529,588 | 515,795 | 497,901 | ||||||||
Presort Services | ASC 606 | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 529,588 | 515,795 | 497,901 | ||||||||
Presort Services | Products/services transferred at a point in time | ASC 606 | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 0 | 0 | 0 | ||||||||
Presort Services | Products/services transferred over time | ASC 606 | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 529,588 | 515,795 | 497,901 | ||||||||
Presort Services | Business services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 529,588 | 515,795 | 497,901 | ||||||||
Presort Services | Support services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 0 | 0 | 0 | ||||||||
Presort Services | Financing | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 0 | 0 | 0 | ||||||||
Revenue from leasing transactions and financing | 0 | 0 | 0 | ||||||||
Presort Services | Equipment sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 0 | 0 | 0 | ||||||||
Revenue from leasing transactions and financing | 0 | 0 | 0 | ||||||||
Presort Services | Supplies | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 0 | 0 | 0 | ||||||||
Presort Services | Rentals | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 0 | 0 | 0 | ||||||||
Revenue from leasing transactions and financing | 0 | 0 | 0 | ||||||||
Presort Services | Sales And Services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 529,588 | 515,795 | 497,901 | ||||||||
SendTech Solutions | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from leasing transactions and financing | 1,524,027 | 1,672,865 | 1,733,864 | ||||||||
SendTech Solutions | ASC 606 | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 803,739 | 887,205 | 953,180 | ||||||||
SendTech Solutions | Products/services transferred at a point in time | ASC 606 | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 334,046 | 386,844 | 421,470 | ||||||||
SendTech Solutions | Products/services transferred over time | ASC 606 | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 469,693 | 500,361 | 531,710 | ||||||||
SendTech Solutions | Business services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 29,703 | 27,813 | 21,442 | ||||||||
SendTech Solutions | Support services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 506,187 | 552,472 | 580,910 | ||||||||
SendTech Solutions | Financing | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 0 | 0 | 0 | ||||||||
Revenue from leasing transactions and financing | 368,090 | 394,557 | 406,395 | ||||||||
SendTech Solutions | Equipment sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 80,562 | 88,616 | 119,416 | ||||||||
Revenue from leasing transactions and financing | 271,542 | 307,036 | 281,288 | ||||||||
SendTech Solutions | Supplies | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 187,287 | 218,304 | 231,412 | ||||||||
SendTech Solutions | Rentals | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 0 | 0 | 0 | ||||||||
Revenue from leasing transactions and financing | 80,656 | 84,067 | 93,001 | ||||||||
SendTech Solutions | Sales And Services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | $ 803,739 | $ 887,205 | $ 953,180 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Advanced billings, revenue recognized | $ 112 |
Expected timing of satisfaction period | 12 months |
Support services | Minimum | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Period of recognition | 1 year |
Support services | Maximum | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Period of recognition | 5 years |
Business services | Minimum | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Period of recognition | 1 year |
Business services | Maximum | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Period of recognition | 5 years |
Revenue (Advance Billings) (Det
Revenue (Advance Billings) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | ||
Advance billings, current | $ 92,464 | $ 111,829 |
Advance billings, noncurrent | 1,245 | $ 1,985 |
Increase (decrease) | ||
Advance billings, current | (19,365) | |
Advance billings, noncurrent | $ (740) |
Revenue (Future Performance Obl
Revenue (Future Performance Obligations) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | Sending Technology Solutions | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future performance obligations | $ 288,689 |
Expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Sending Technology Solutions | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future performance obligations | $ 223,759 |
Expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Sending Technology Solutions | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future performance obligations | $ 774,395 |
Expected timing of satisfaction period | 3 years |
Segment Information (Revenues)
Segment Information (Revenues) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 831,343 | $ 790,125 | $ 788,573 | $ 795,084 | $ 857,414 | $ 760,281 | $ 773,538 | $ 820,289 | $ 3,205,125 | $ 3,211,522 | $ 2,784,007 |
United States | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 2,745,928 | 2,679,300 | 2,262,249 | ||||||||
Outside United States | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 459,197 | 532,222 | 521,758 | ||||||||
Commerce Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total from contracts with customers | 1,681,098 | 1,538,657 | 1,050,143 | ||||||||
Commerce Services | Global Ecommerce | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total from contracts with customers | 1,151,510 | 1,022,862 | 552,242 | ||||||||
Commerce Services | Presort Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total from contracts with customers | 529,588 | 515,795 | 497,901 | ||||||||
SendTech Solutions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total from contracts with customers | $ 1,524,027 | $ 1,672,865 | $ 1,733,864 |
Segment Information (EBIT) (Det
Segment Information (EBIT) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciling items: | |||||||||||
Restructuring charges and asset impairments, net | $ (69,606) | $ (25,899) | $ (44,849) | ||||||||
Loss on extinguishment of debt | (24,306) | (7,964) | (3,856) | ||||||||
(Benefit) provision for income taxes | $ (344) | $ 24,895 | $ (3,724) | $ (7,820) | $ 10,819 | $ 2,468 | $ (2,205) | $ (17,498) | 13,007 | (6,416) | (13,659) |
Income from continuing operations | 40,149 | 181,705 | 180,039 | ||||||||
Income from discontinued operations, net of tax | $ 168,659 | $ (8,470) | $ (5,613) | $ (116) | $ 817 | $ 32,621 | $ 15,157 | $ 11,511 | 154,460 | 60,106 | 63,489 |
Net income | 194,609 | 241,811 | 243,528 | ||||||||
Commerce Services | Global Ecommerce | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
EBIT | (70,146) | (32,379) | (17,899) | ||||||||
Commerce Services | Presort Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
EBIT | 70,693 | 73,768 | 97,506 | ||||||||
Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
EBIT | 490,869 | 600,348 | 632,873 | ||||||||
Operating Segments | Commerce Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
EBIT | 547 | 41,389 | 79,607 | ||||||||
Operating Segments | SendTech Solutions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
EBIT | 490,322 | 558,959 | 553,266 | ||||||||
Reconciling Items | |||||||||||
Reconciling items: | |||||||||||
Interest, net | (155,558) | (159,757) | (164,162) | ||||||||
Unallocated corporate expenses | (211,529) | (185,919) | (219,924) | ||||||||
Restructuring charges and asset impairments, net | (69,606) | (25,899) | (44,849) | ||||||||
Pension settlement | 0 | (31,329) | 0 | ||||||||
Loss on Market Exits | (17,683) | 0 | 0 | ||||||||
Transaction costs | (2,728) | (1,359) | (6,384) | ||||||||
Loss on extinguishment of debt | $ (6,623) | $ (7,964) | $ (3,856) |
Segment Information (Depreciati
Segment Information (Depreciation and Amortization) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 159,142 | $ 148,464 | $ 126,790 |
Digital Commerce Solutions | Global Ecommerce | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 68,385 | 61,046 | 36,786 |
Digital Commerce Solutions | Presort Services | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 29,440 | 26,838 | 26,541 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 21,559 | 21,476 | 24,104 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 137,583 | 126,988 | 102,686 |
Operating Segments | Digital Commerce Solutions | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 97,825 | 87,884 | 63,327 |
Operating Segments | SendTech Solutions | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 39,758 | $ 39,104 | $ 39,359 |
Segment Information (Capital Ex
Segment Information (Capital Expenditures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 137,253 | $ 137,810 | $ 118,247 |
Commerce Services | Global Ecommerce | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 53,374 | 46,073 | 26,810 |
Commerce Services | Presort Services | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 27,394 | 42,531 | 20,860 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 24,209 | 24,558 | 30,132 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 113,044 | 113,252 | 88,115 |
Operating Segments | Commerce Services | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 80,768 | 88,604 | 47,670 |
Operating Segments | SendTech Solutions | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 32,276 | $ 24,648 | $ 40,445 |
Segment Information (Assets) (D
Segment Information (Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Segment Reporting Information [Line Items] | |||
Assets | $ 5,466,900 | $ 5,938,419 | $ 6,634,606 |
Cash and cash equivalents | 924,442 | 867,262 | |
Identifiable long-lived assets | 417,402 | 444,729 | 416,640 |
United States | |||
Segment Reporting Information [Line Items] | |||
Identifiable long-lived assets | 399,234 | 424,706 | 389,944 |
Outside United States | |||
Segment Reporting Information [Line Items] | |||
Identifiable long-lived assets | 18,168 | 20,023 | 26,696 |
Commerce Services | Global Ecommerce | |||
Segment Reporting Information [Line Items] | |||
Assets | 1,102,313 | 1,023,732 | 1,016,045 |
Commerce Services | Presort Services | |||
Segment Reporting Information [Line Items] | |||
Assets | 524,817 | 431,512 | 387,701 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Assets | 3,779,864 | 3,781,041 | 3,857,840 |
Operating Segments | Commerce Services | |||
Segment Reporting Information [Line Items] | |||
Assets | 1,627,130 | 1,455,244 | 1,403,746 |
Operating Segments | SendTech Solutions | |||
Segment Reporting Information [Line Items] | |||
Assets | 2,152,734 | 2,325,797 | 2,454,094 |
Reconciling Items | |||
Segment Reporting Information [Line Items] | |||
Cash and cash equivalents | 924,442 | 867,262 | 1,009,021 |
Short-term investments | 115,879 | 59,391 | 48,988 |
Assets of discontinued operations | 17,229 | 602,823 | 923,012 |
Other corporate assets | $ 629,486 | $ 627,902 | $ 795,745 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) $ in Millions | Dec. 02, 2019USD ($) |
DMT | Disposed of by Sale | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Proceeds from sale of businesses, net of cash transferred | $ 700 |
Discontinued Operations (Financ
Discontinued Operations (Financial Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Income from discontinued operations, net of tax | $ 168,659 | $ (8,470) | $ (5,613) | $ (116) | $ 817 | $ 32,621 | $ 15,157 | $ 11,511 | $ 154,460 | $ 60,106 | $ 63,489 |
Disposed of by Sale | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Revenue | 272,565 | 552,397 | 758,300 | ||||||||
Earnings (loss) from discontinued operations | 21,497 | 68,539 | |||||||||
Gain (loss) on sale | 181,313 | 60,611 | |||||||||
Income (loss) from discontinued operations before taxes | 202,810 | 129,150 | 95,460 | ||||||||
Tax provision | 48,350 | 69,044 | 31,971 | ||||||||
Income from discontinued operations, net of tax | 154,460 | 60,106 | 63,489 | ||||||||
Software Solutions | Disposed of by Sale | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Revenue | 272,565 | 340,855 | 331,624 | ||||||||
Earnings (loss) from discontinued operations | 22,160 | 49,587 | |||||||||
Gain (loss) on sale | 195,957 | 0 | |||||||||
Income (loss) from discontinued operations before taxes | 218,117 | 49,587 | 34,386 | ||||||||
Production Mail | Disposed of by Sale | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Revenue | 0 | 211,542 | 426,676 | ||||||||
Earnings (loss) from discontinued operations | (663) | 18,952 | |||||||||
Gain (loss) on sale | (14,644) | 60,611 | |||||||||
Income (loss) from discontinued operations before taxes | $ (15,307) | $ 79,563 | $ 61,074 |
Discontinued Operations (Assets
Discontinued Operations (Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cash and cash equivalents | $ 0 | $ 1,965 | $ 0 |
DMT | Disposed of by Sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cash and cash equivalents | 0 | 1,965 | |
Accounts and other receivables, net | 3,241 | 85,399 | |
Inventories | 0 | 855 | |
Other current assets and prepayments | 2,550 | 26,121 | |
Property, plant and equipment, net | 152 | 12,140 | |
Rental property and equipment, net | 0 | 179 | |
Goodwill | 9,562 | 434,160 | |
Intangible assets, net | 0 | 13,937 | |
Operating lease assets | 0 | 4,234 | |
Other assets | 1,724 | 23,833 | |
Assets of discontinued operations | 17,229 | 602,823 | |
Accounts payable and accrued liabilities | 4,340 | 44,917 | |
Current operating lease liabilities | 0 | 2,000 | |
Advance billings | 5,373 | 113,110 | |
Noncurrent operating lease liabilities | 0 | 1,943 | |
Other noncurrent liabilities | 0 | 12,828 | |
Liabilities of discontinued operations | $ 9,713 | 174,798 | |
Accumulated impairment charges | $ 148,000 |
Earnings per Share (EPS) (Detai
Earnings per Share (EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Numerator: | ||||||||||||||
Income from continuing operations | $ 40,149 | $ 181,705 | $ 180,039 | |||||||||||
Income from discontinued operations, net of tax | $ 168,659 | $ (8,470) | $ (5,613) | $ (116) | $ 817 | $ 32,621 | $ 15,157 | $ 11,511 | 154,460 | 60,106 | 63,489 | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 194,609 | 241,811 | 243,528 | |||||||||||
Less: Preference stock dividend | 8 | 32 | 36 | |||||||||||
Income attributable to common stockholders (numerator for basic EPS) | $ 194,601 | $ 241,779 | $ 243,492 | |||||||||||
Denominator: | ||||||||||||||
Weighted-average shares used in basic EPS (in shares) | 176,251 | 187,277 | 186,332 | |||||||||||
Dilutive effect of common stock equivalents (shares) | 1,198 | 1,105 | 1,103 | |||||||||||
Weighted-average shares used in diluted EPS (in shares) | 177,449 | 188,382 | 187,435 | |||||||||||
Basic earnings per share | ||||||||||||||
Continuing operations (in dollars per share) | $ 0.05 | $ 0.03 | $ 0.17 | $ (0.01) | $ 0.26 | $ 0.25 | $ 0.19 | $ 0.26 | $ 0.23 | [1] | $ 0.97 | [1] | $ 0.97 | [1] |
Discontinued operations (in dollars per share) | 0.99 | (0.05) | (0.03) | 0 | 0 | 0.17 | 0.08 | 0.06 | 0.88 | [1] | 0.32 | [1] | 0.34 | [1] |
Net income (in dollars per share) | 1.04 | (0.02) | 0.13 | (0.01) | 0.27 | 0.43 | 0.28 | 0.32 | 1.10 | [1] | 1.29 | [1] | 1.31 | [1] |
Diluted earnings per share | ||||||||||||||
Continuing operations (in dollars per share) | 0.05 | 0.03 | 0.16 | (0.01) | 0.26 | 0.25 | 0.19 | 0.26 | 0.23 | [1] | 0.96 | [1] | 0.96 | [1] |
Discontinued operations (in dollars per share) | 0.98 | (0.05) | (0.03) | 0 | 0 | 0.17 | 0.08 | 0.06 | 0.87 | [1] | 0.32 | [1] | 0.34 | [1] |
Net income (in dollars per share) | $ 1.03 | $ (0.02) | $ 0.13 | $ (0.01) | $ 0.26 | $ 0.43 | $ 0.27 | $ 0.32 | $ 1.10 | [1] | $ 1.28 | [1] | $ 1.30 | [1] |
Anti-dilutive options excluded from diluted earnings per share (in shares) | 15,751 | 12,089 | 10,267 | |||||||||||
[1] | The sum of the earnings per share amounts may not equal the totals due to rounding. |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 13,514 | $ 8,229 |
Supplies and service parts | 21,840 | 21,841 |
Finished products | 36,969 | 36,692 |
Inventory at FIFO cost, net | 72,323 | 66,762 |
Excess of FIFO cost over LIFO cost | (4,072) | (4,483) |
Total inventory, net | $ 68,251 | $ 62,279 |
Finance Assets and Lessor Ope_3
Finance Assets and Lessor Operating Leases (Finance Receivables) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Past Due [Line Items] | ||
Net investment in receivables | $ 1,255,130 | $ 1,289,144 |
North America | ||
Financing Receivable, Past Due [Line Items] | ||
Net investment in receivables | 1,059,926 | 1,063,371 |
International | ||
Financing Receivable, Past Due [Line Items] | ||
Net investment in receivables | 195,204 | 225,773 |
Sales-type lease receivables | ||
Financing Receivable, Past Due [Line Items] | ||
Receivables | 1,280,054 | 1,352,934 |
Unguaranteed residual values | 53,723 | 65,409 |
Unearned income | (385,169) | (438,566) |
Allowance for credit losses | (13,005) | (12,608) |
Net investment in receivables | 935,603 | 967,169 |
Sales-type lease receivables | North America | ||
Financing Receivable, Past Due [Line Items] | ||
Receivables | 1,055,852 | 1,110,898 |
Unguaranteed residual values | 41,934 | 52,637 |
Unearned income | (319,281) | (383,453) |
Allowance for credit losses | (10,920) | (10,253) |
Net investment in receivables | 767,585 | 769,829 |
Sales-type lease receivables | International | ||
Financing Receivable, Past Due [Line Items] | ||
Receivables | 224,202 | 242,036 |
Unguaranteed residual values | 11,789 | 12,772 |
Unearned income | (65,888) | (55,113) |
Allowance for credit losses | (2,085) | (2,355) |
Net investment in receivables | 168,018 | 197,340 |
Loan receivables | ||
Financing Receivable, Past Due [Line Items] | ||
Receivables | 326,173 | 329,589 |
Allowance for credit losses | (6,646) | (7,614) |
Net investment in receivables | 319,527 | 321,975 |
Loan receivables | North America | ||
Financing Receivable, Past Due [Line Items] | ||
Receivables | 298,247 | 300,319 |
Allowance for credit losses | (5,906) | (6,777) |
Net investment in receivables | 292,341 | 293,542 |
Loan receivables | International | ||
Financing Receivable, Past Due [Line Items] | ||
Receivables | 27,926 | 29,270 |
Allowance for credit losses | (740) | (837) |
Net investment in receivables | $ 27,186 | $ 28,433 |
Minimum | ||
Financing Receivable, Past Due [Line Items] | ||
Lease period | 3 years | |
Maximum | ||
Financing Receivable, Past Due [Line Items] | ||
Lease period | 5 years |
Finance Assets and Lessor Ope_4
Finance Assets and Lessor Operating Leases (Sales-type Lease and Loan Receivables) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Sales-type lease receivables | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
2020 | $ 510,970 |
2021 | 364,670 |
2022 | 237,954 |
2023 | 124,807 |
2024 | 39,858 |
Thereafter | 1,795 |
Total | 1,280,054 |
Sales-type lease receivables | North America | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
2020 | 422,688 |
2021 | 300,669 |
2022 | 195,533 |
2023 | 102,765 |
2024 | 33,309 |
Thereafter | 888 |
Total | 1,055,852 |
Sales-type lease receivables | International | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
2020 | 88,282 |
2021 | 64,001 |
2022 | 42,421 |
2023 | 22,042 |
2024 | 6,549 |
Thereafter | 907 |
Total | 224,202 |
Loan Receivables | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
2020 | 293,017 |
2021 | 11,295 |
2022 | 9,778 |
2023 | 4,649 |
2024 | 6,341 |
Thereafter | 1,093 |
Total | 326,173 |
Loan Receivables | North America | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
2020 | 265,091 |
2021 | 11,295 |
2022 | 9,778 |
2023 | 4,649 |
2024 | 6,341 |
Thereafter | 1,093 |
Total | 298,247 |
Loan Receivables | International | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
2020 | 27,926 |
2021 | 0 |
2022 | 0 |
2023 | 0 |
2024 | 0 |
Thereafter | 0 |
Total | $ 27,926 |
Finance Assets and Lessor Ope_5
Finance Assets and Lessor Operating Leases (Allowance for Credit Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for Credit Losses | |||
Balance at | $ 20,222 | $ 18,633 | $ 20,500 |
Amounts charged to expense | 12,144 | 16,600 | 15,607 |
Accounts written off | (12,715) | (15,011) | (17,474) |
Balance at | 19,651 | 20,222 | 18,633 |
Sales-type lease receivables | North America | |||
Allowance for Credit Losses | |||
Balance at | 10,253 | 7,721 | 8,247 |
Amounts charged to expense | 5,672 | 7,928 | 7,544 |
Accounts written off | (5,005) | (5,396) | (8,070) |
Balance at | 10,920 | 10,253 | 7,721 |
Sales-type lease receivables | International | |||
Allowance for Credit Losses | |||
Balance at | 2,355 | 2,794 | 2,647 |
Amounts charged to expense | 1,157 | 1,315 | 1,280 |
Accounts written off | (1,427) | (1,754) | (1,133) |
Balance at | 2,085 | 2,355 | 2,794 |
Loan receivables | North America | |||
Allowance for Credit Losses | |||
Balance at | 6,777 | 7,098 | 8,517 |
Amounts charged to expense | 4,746 | 6,825 | 6,273 |
Accounts written off | (5,617) | (7,146) | (7,692) |
Balance at | 5,906 | 6,777 | 7,098 |
Loan receivables | International | |||
Allowance for Credit Losses | |||
Balance at | 837 | 1,020 | 1,089 |
Amounts charged to expense | 569 | 532 | 510 |
Accounts written off | (666) | (715) | (579) |
Balance at | $ 740 | $ 837 | $ 1,020 |
Finance Assets and Lessor Ope_6
Finance Assets and Lessor Operating Leases (Aging of Receivables) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Past Due [Line Items] | ||
Total | $ 1,606,227 | $ 1,682,523 |
1 - 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Aging of receivables | 1,575,429 | 1,630,609 |
Greater Than 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Aging of receivables | 30,798 | 51,914 |
Still accruing interest | 8,131 | 10,869 |
Not accruing interest | 22,667 | 41,045 |
North America | Sales-type lease receivables | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,055,852 | 1,110,898 |
North America | Sales-type lease receivables | 1 - 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Aging of receivables | 1,032,912 | 1,069,290 |
North America | Sales-type lease receivables | Greater Than 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Aging of receivables | 22,940 | 41,608 |
Still accruing interest | 4,835 | 7,917 |
Not accruing interest | 18,105 | 33,691 |
North America | Loan receivables | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 298,247 | 300,319 |
North America | Loan receivables | 1 - 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Aging of receivables | 294,001 | 294,126 |
North America | Loan receivables | Greater Than 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Aging of receivables | 4,246 | 6,193 |
Still accruing interest | 2,094 | 1,769 |
Not accruing interest | 2,152 | 4,424 |
International | Sales-type lease receivables | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 224,202 | 242,036 |
International | Sales-type lease receivables | 1 - 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Aging of receivables | 220,819 | 238,114 |
International | Sales-type lease receivables | Greater Than 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Aging of receivables | 3,383 | 3,922 |
Still accruing interest | 1,081 | 1,111 |
Not accruing interest | 2,302 | 2,811 |
International | Loan receivables | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 27,926 | 29,270 |
International | Loan receivables | 1 - 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Aging of receivables | 27,697 | 29,079 |
International | Loan receivables | Greater Than 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Aging of receivables | 229 | 191 |
Still accruing interest | 121 | 72 |
Not accruing interest | $ 108 | $ 119 |
Finance Assets and Lessor Ope_7
Finance Assets and Lessor Operating Leases (Credit Quality) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Sales-type lease receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables | $ 1,280,054 | $ 1,352,934 |
Sales-type lease receivables | North America | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables | 1,055,852 | 1,110,898 |
Loan receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables | 326,173 | 329,589 |
Loan receivables | North America | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables | $ 298,247 | 300,319 |
Low | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Approximate percentage of portfolio | 30.00% | |
Low | Sales-type lease receivables | North America | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables | $ 837,386 | 922,414 |
Low | Loan receivables | North America | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables | $ 216,295 | 238,620 |
Medium | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Approximate percentage of portfolio | 40.00% | |
Medium | Sales-type lease receivables | North America | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables | $ 161,204 | 131,650 |
Medium | Loan receivables | North America | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables | $ 63,302 | 43,952 |
High | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Approximate percentage of portfolio | 30.00% | |
High | Sales-type lease receivables | North America | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables | $ 21,041 | 22,110 |
High | Loan receivables | North America | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables | 5,140 | 5,947 |
Not Scored | Sales-type lease receivables | North America | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables | 36,221 | 34,724 |
Not Scored | Loan receivables | North America | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables | $ 13,510 | $ 11,800 |
Finance Assets and Lessor Ope_8
Finance Assets and Lessor Operating Leases (Lease Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Receivables [Abstract] | |||
Profit recognized at commencement | $ 142,353 | $ 171,938 | $ 157,375 |
Interest income | 229,719 | 245,751 | 253,224 |
Total lease income from sales-type leases | $ 372,072 | $ 417,689 | $ 410,599 |
Finance Assets and Lessor Ope_9
Finance Assets and Lessor Operating Leases (Operating Leases) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Financing Receivable, Past Due [Line Items] | |
2020 | $ 33,903 |
2021 | 17,158 |
2022 | 7,836 |
2023 | 5,369 |
2024 | 1,072 |
Total | $ 65,338 |
Mailing Equipment | Maximum | |
Financing Receivable, Past Due [Line Items] | |
Term of operating leases | 5 years |
Mailing Equipment | Minimum | |
Financing Receivable, Past Due [Line Items] | |
Term of operating leases | 1 year |
Fixed Assets (Details)
Fixed Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 1,217,032 | $ 1,156,402 | |
Accumulated depreciation | (840,855) | (757,901) | |
Property, plant and equipment, net | 376,177 | 398,501 | |
Rental property and equipment | 151,195 | 132,605 | |
Accumulated depreciation | (109,970) | (86,377) | |
Rental property and equipment, net | 41,225 | 46,228 | |
Depreciation expense | 123,000 | 110,000 | $ 99,000 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 9,333 | 9,333 | |
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 606,420 | 559,419 | |
Capitalized software | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 410,171 | 401,602 | |
Buildings and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 191,108 | $ 186,048 |
Acquisitions, Intangible Asse_3
Acquisitions, Intangible Assets and Goodwill (Acquisitions) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | ||||
Acquisitions, net of cash acquired | $ 22,100 | $ 10,484 | $ 482,853 | |
Newgistics | ||||
Business Acquisition [Line Items] | ||||
Acquisitions, net of cash acquired | $ 471,000 | |||
Revenue | 140,000 | |||
Pro forma revenue | $ 341,000 |
Acquisitions, Intangible Asse_4
Acquisitions, Intangible Assets and Goodwill (Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite lived intangible assets | |||
Gross Carrying Amount | $ 310,589 | $ 414,922 | |
Accumulated Amortization | (119,949) | (201,722) | |
Net Carrying Amount | 190,640 | 213,200 | |
Amortization expense | 36,000 | 39,000 | $ 28,000 |
Customer relationships | |||
Finite lived intangible assets | |||
Gross Carrying Amount | 265,665 | 338,320 | |
Accumulated Amortization | (88,550) | (149,539) | |
Net Carrying Amount | 177,115 | 188,781 | |
Software & technology | |||
Finite lived intangible assets | |||
Gross Carrying Amount | 31,600 | 54,297 | |
Accumulated Amortization | (19,999) | (35,325) | |
Net Carrying Amount | 11,601 | 18,972 | |
Trademarks & other | |||
Finite lived intangible assets | |||
Gross Carrying Amount | 13,324 | 22,305 | |
Accumulated Amortization | (11,400) | (16,858) | |
Net Carrying Amount | $ 1,924 | $ 5,447 |
Acquisitions, Intangible Asse_5
Acquisitions, Intangible Assets and Goodwill (Future Amortization) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2020 | $ 33,429 | |
2021 | 29,972 | |
2022 | 29,026 | |
2023 | 26,188 | |
2024 | 26,188 | |
Thereafter | 45,837 | |
Net Carrying Amount | $ 190,640 | $ 213,200 |
Acquisitions, Intangible Asse_6
Acquisitions, Intangible Assets and Goodwill (Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill | ||
Balance at | $ 1,332,351 | $ 1,334,350 |
Acquisitions/ dispositions | (5,426) | 10,307 |
Other | (2,746) | (12,306) |
Balance at | 1,324,179 | 1,332,351 |
Commerce Services | ||
Goodwill | ||
Balance at | 816,896 | 807,242 |
Acquisitions/ dispositions | 5,064 | 10,307 |
Other | 0 | (653) |
Balance at | 821,960 | 816,896 |
Commerce Services | Global Ecommerce | ||
Goodwill | ||
Balance at | 609,431 | 602,461 |
Acquisitions/ dispositions | 0 | 7,623 |
Other | 0 | (653) |
Balance at | 609,431 | 609,431 |
Commerce Services | Presort Services | ||
Goodwill | ||
Balance at | 207,465 | 204,781 |
Acquisitions/ dispositions | 5,064 | 2,684 |
Other | 0 | 0 |
Balance at | 212,529 | 207,465 |
SendTech Solutions | ||
Goodwill | ||
Balance at | 515,455 | 527,108 |
Acquisitions/ dispositions | (10,490) | 0 |
Other | (2,746) | (11,653) |
Balance at | $ 502,219 | $ 515,455 |
Fair Value Measurements and D_3
Fair Value Measurements and Derivative Instruments (Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets | $ 667,638 | $ 919,371 |
Total liabilities | (1,402) | (735) |
Money market funds / commercial paper | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets | 401,805 | 612,647 |
Equity securities | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets | 21,979 | 19,133 |
Commingled fixed income securities | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets | 20,060 | 21,711 |
Government and related securities | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets | 82,050 | 108,577 |
Corporate debt securities | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets | 72,149 | 56,938 |
Mortgage-backed / asset-backed securities | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets | 66,339 | 98,334 |
Foreign exchange contracts | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets | 3,256 | 2,031 |
Total liabilities | (1,402) | (735) |
Level 1 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets | 227,669 | 321,116 |
Total liabilities | 0 | 0 |
Level 1 | Money market funds / commercial paper | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets | 161,441 | 220,756 |
Level 1 | Equity securities | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets | 0 | 0 |
Level 1 | Commingled fixed income securities | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets | 1,656 | 1,570 |
Level 1 | Government and related securities | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets | 64,572 | 98,790 |
Level 1 | Corporate debt securities | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets | 0 | 0 |
Level 1 | Mortgage-backed / asset-backed securities | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets | 0 | 0 |
Level 1 | Foreign exchange contracts | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Level 2 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets | 439,969 | 598,255 |
Total liabilities | (1,402) | (735) |
Level 2 | Money market funds / commercial paper | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets | 240,364 | 391,891 |
Level 2 | Equity securities | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets | 21,979 | 19,133 |
Level 2 | Commingled fixed income securities | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets | 18,404 | 20,141 |
Level 2 | Government and related securities | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets | 17,478 | 9,787 |
Level 2 | Corporate debt securities | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets | 72,149 | 56,938 |
Level 2 | Mortgage-backed / asset-backed securities | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets | 66,339 | 98,334 |
Level 2 | Foreign exchange contracts | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets | 3,256 | 2,031 |
Total liabilities | (1,402) | (735) |
Level 3 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Level 3 | Money market funds / commercial paper | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets | 0 | 0 |
Level 3 | Equity securities | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets | 0 | 0 |
Level 3 | Commingled fixed income securities | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets | 0 | 0 |
Level 3 | Government and related securities | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets | 0 | 0 |
Level 3 | Corporate debt securities | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets | 0 | 0 |
Level 3 | Mortgage-backed / asset-backed securities | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets | 0 | 0 |
Level 3 | Foreign exchange contracts | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total assets | 0 | 0 |
Total liabilities | $ 0 | $ 0 |
Fair Value Measurements and D_4
Fair Value Measurements and Derivative Instruments (Available-For-Sale Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | $ 218,512 | $ 270,313 |
Gross unrealized gains | 4,327 | 218 |
Gross unrealized losses | (719) | (5,202) |
Estimated fair value | 222,120 | 265,329 |
Government and related securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 80,732 | 109,776 |
Gross unrealized gains | 1,358 | 47 |
Gross unrealized losses | (114) | (1,336) |
Estimated fair value | 81,976 | 108,487 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 70,426 | 58,714 |
Gross unrealized gains | 2,009 | 4 |
Gross unrealized losses | (286) | (1,780) |
Estimated fair value | 72,149 | 56,938 |
Commingled fixed income securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 1,675 | 1,637 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (19) | (67) |
Estimated fair value | 1,656 | 1,570 |
Mortgage-backed / asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 65,679 | 100,186 |
Gross unrealized gains | 960 | 167 |
Gross unrealized losses | (300) | (2,019) |
Estimated fair value | $ 66,339 | $ 98,334 |
Fair Value Measurements and D_5
Fair Value Measurements and Derivative Instruments (Unrealized Holding Losses) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Disclosures [Abstract] | ||
Greater than 12 continuous months | $ 9,227 | $ 177,331 |
Less than 12 continuous months | 52,521 | 48,318 |
Total | 61,748 | 225,649 |
Gross unrealized losses | ||
Greater than 12 continuous months | 136 | 4,355 |
Less than 12 continuous months | 583 | 847 |
Total | $ 719 | $ 5,202 |
Fair Value Measurements and D_6
Fair Value Measurements and Derivative Instruments (Reconciliation) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Amortized cost | ||
Within 1 year | $ 35,393 | |
After 1 year through 5 years | 49,647 | |
After 5 years through 10 years | 59,265 | |
After 10 years | 74,207 | |
Amortized cost | 218,512 | $ 270,313 |
Estimated fair value | ||
Within 1 year | 35,495 | |
After 1 year through 5 years | 50,426 | |
After 5 years through 10 years | 60,345 | |
After 10 years | 75,854 | |
Total | $ 222,120 | $ 265,329 |
Fair Value Measurements and D_7
Fair Value Measurements and Derivative Instruments (Held-to-Maturity Securities and Derivative Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Time deposits | $ 383,000 | |
Total net derivative asset | 1,854 | $ 1,296 |
Total derivative assets | ||
Derivative [Line Items] | ||
Derivative asset | 3,256 | 2,031 |
Total derivative liabilities | ||
Derivative [Line Items] | ||
Derivative liability | (1,402) | (735) |
Foreign exchange contracts | Derivatives designated as hedging instruments | Other current assets and prepayments | ||
Derivative [Line Items] | ||
Derivative asset | 207 | 61 |
Foreign exchange contracts | Derivatives designated as hedging instruments | Accounts payable and accrued liabilities | ||
Derivative [Line Items] | ||
Derivative liability | (56) | (104) |
Foreign exchange contracts | Derivatives not designated as hedging instruments | Other current assets and prepayments | ||
Derivative [Line Items] | ||
Derivative asset | 3,049 | 1,970 |
Foreign exchange contracts | Derivatives not designated as hedging instruments | Accounts payable and accrued liabilities | ||
Derivative [Line Items] | ||
Derivative liability | (1,346) | (631) |
Cash Flow Hedging | ||
Derivative [Line Items] | ||
Total notional amount of outstanding contracts | 7,000 | $ 8,000 |
Cash Flow Hedging | Interest rate contract | ||
Derivative [Line Items] | ||
Total notional amount of outstanding contracts | $ 300,000 |
Fair Value Measurements and D_8
Fair Value Measurements and Derivative Instruments (Foreign Exchange Contracts) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | ||
Gain (Loss) Reclassified from AOCI to Earnings (Effective Portion) | $ 176 | $ 62 |
Foreign exchange contracts | ||
Derivative [Line Items] | ||
Derivative Gain (Loss) Recognized in AOCI (Effective Portion) | 371 | 106 |
Interest rate swap | ||
Derivative [Line Items] | ||
Derivative Gain (Loss) Recognized in AOCI (Effective Portion) | 0 | (1,776) |
Revenue | ||
Derivative [Line Items] | ||
Gain (Loss) Reclassified from AOCI to Earnings (Effective Portion) | 72 | 11 |
Cost of sales | ||
Derivative [Line Items] | ||
Gain (Loss) Reclassified from AOCI to Earnings (Effective Portion) | 104 | 51 |
Interest Expense | ||
Derivative [Line Items] | ||
Gain (Loss) Reclassified from AOCI to Earnings (Effective Portion) | 0 | 0 |
Selling, general and administrative expense | Foreign exchange contracts | ||
Derivative [Line Items] | ||
Derivative Gain (Loss) Recognized in Earnings | $ 5,154 | $ (33,453) |
Fair Value Measurements and D_9
Fair Value Measurements and Derivative Instruments (Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Carrying value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | $ 2,739,722 | $ 3,265,608 |
Fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | $ 2,572,794 | $ 3,003,678 |
Supplemental Balance Sheet In_3
Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Other assets: | ||
Long-term investments | $ 288,963 | $ 311,417 |
Other | 20,403 | 14,502 |
Contract costs | 26,048 | 20,420 |
Other | 65,042 | 50,820 |
Total | 400,456 | 397,159 |
Accounts payable and accrued liabilities: | ||
Accounts payable | 282,125 | 280,936 |
Reserve account deposits | 591,118 | 574,777 |
Customer deposits | 115,889 | 125,574 |
Employee related liabilities | 219,995 | 208,840 |
Other | 175,681 | 158,000 |
Total | 1,384,808 | 1,348,127 |
Other noncurrent liabilities: | ||
Pension liability | 214,742 | 276,563 |
Postretirement medical benefits | 147,972 | 149,463 |
Other | 37,804 | 36,262 |
Total | $ 400,518 | $ 462,288 |
Restructuring Charges and Ass_3
Restructuring Charges and Asset Impairments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Reserve | |||
Balance at | $ 15,449 | $ 43,720 | |
Expenses, net | 23,705 | 24,459 | |
Cash payments | (27,148) | (52,730) | $ (26,080) |
Balance at | 12,006 | 15,449 | 43,720 |
Asset impairment charges | 46,000 | 1,000 | 4,000 |
Write-off of capitalized software costs | $ 39,000 | ||
Minimum | |||
Restructuring Reserve | |||
Restructuring reserve, payment period | 12 months | ||
Maximum | |||
Restructuring Reserve | |||
Restructuring reserve, payment period | 24 months | ||
Severance and benefits costs | |||
Restructuring Reserve | |||
Balance at | $ 13,641 | 42,151 | |
Expenses, net | 22,794 | 18,426 | |
Cash payments | (24,498) | (46,936) | |
Balance at | 11,937 | 13,641 | 42,151 |
Other exit costs | |||
Restructuring Reserve | |||
Balance at | 1,808 | 1,569 | |
Expenses, net | 911 | 6,033 | |
Cash payments | (2,650) | (5,794) | |
Balance at | $ 69 | $ 1,808 | $ 1,569 |
Debt (Long-term Debt) (Details)
Debt (Long-term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Principal amount | $ 2,765,949 | $ 3,296,138 |
Less: unamortized costs, net | 26,227 | 30,530 |
Total debt | 2,739,722 | 3,265,608 |
Less: current portion long-term debt | 20,108 | 199,535 |
Long-term debt | $ 2,719,614 | 3,066,073 |
Notes due | Notes due September 2020 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.125% | |
Principal amount | $ 0 | 300,000 |
Notes due | Notes due October 2021 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.125% | |
Principal amount | $ 600,000 | 600,000 |
Notes due | Notes due May 2022 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.625% | |
Principal amount | $ 400,000 | 400,000 |
Notes due | Notes due April 2023 | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.20% | |
Principal amount | $ 400,000 | 400,000 |
Notes due | Notes due March 2024 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.625% | |
Principal amount | $ 500,000 | 500,000 |
Notes due | Notes due January 2037 | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.25% | |
Principal amount | $ 35,841 | 35,841 |
Notes due | Notes due March 2043 | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.70% | |
Principal amount | $ 425,000 | 425,000 |
Term loans | ||
Debt Instrument [Line Items] | ||
Principal amount | 400,000 | 630,000 |
Other debt | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 5,108 | $ 5,297 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | Feb. 18, 2020 | Dec. 31, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | Feb. 10, 2020 |
Notes due | |||||
Debt Instrument [Line Items] | |||||
Loss on extinguishment of debt | $ (6,000,000) | ||||
Notes due | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Purchase of debt | $ 950,000,000 | ||||
2024 Term Loan | Notes due | |||||
Debt Instrument [Line Items] | |||||
Debt term | 5 years | ||||
Face amount | $ 400,000,000 | $ 400,000,000 | |||
Interest rate during period | 3.55% | ||||
2024 Term Loan | LIBOR | Notes due | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.75% | ||||
2024 Term Loan | LIBOR | Notes due | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 5.50% | ||||
Notes due May 2022 | Notes due | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 4.625% | 4.625% | |||
Interest rate increase | 0.25% | ||||
Notes due May 2022 | Notes due | Forecast | |||||
Debt Instrument [Line Items] | |||||
Interest rate increase | 0.50% | ||||
Notes due September 2020 | Notes due | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 4.125% | 4.125% | |||
Debt redeemed | $ 300,000,000 | ||||
Interest rate increase | 0.25% | ||||
Credit Facility Due January 2021 | Revolving Credit Facility | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | 1,000,000,000 | $ 1,000,000,000 | |||
Credit Facility Due November 2024 | Revolving Credit Facility | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 500,000,000 | $ 500,000,000 | |||
Notes due October 2021 | Notes due | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 4.125% | 4.125% | |||
Interest rate increase | 0.25% | ||||
Notes due October 2021 | Notes due | Forecast | |||||
Debt Instrument [Line Items] | |||||
Interest rate increase | 0.50% | ||||
Notes due April 2023 | Notes due | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 5.20% | 5.20% | |||
Interest rate increase | 0.25% | ||||
Notes due April 2023 | Notes due | Forecast | |||||
Debt Instrument [Line Items] | |||||
Interest rate increase | 0.50% | ||||
Notes due March 2024 | Notes due | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 4.625% | 4.625% | |||
2025 Term Loan | Notes due | |||||
Debt Instrument [Line Items] | |||||
Debt term | 5 years | ||||
Face amount | $ 650,000,000 | $ 650,000,000 | |||
2025 Term Loan | Notes due | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Face amount | $ 850,000,000 | ||||
Increase In debt | $ 200,000,000 |
Debt (Maturities of Outstanding
Debt (Maturities of Outstanding Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
2020 | $ 20,108 | |
2021 | 620,000 | |
2022 | 430,000 | |
2023 | 440,000 | |
2024 | 795,000 | |
Thereafter | 460,841 | |
Total | $ 2,765,949 | $ 3,296,138 |
Retirement Plans and Postreti_3
Retirement Plans and Postretirement Medical Benefits (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||||||||||
Eligibility age for retiree medical benefits | 55 years | ||||||||||
Other components of net pension and postretirement cost | $ (4,225) | $ 22,425 | $ 5,413 | ||||||||
Income from discontinued operations, net of tax | $ 168,659 | $ (8,470) | $ (5,613) | $ (116) | $ 817 | $ 32,621 | $ 15,157 | $ 11,511 | $ 154,460 | 60,106 | $ 63,489 |
Percent of all foreign plan assets | 77.00% | ||||||||||
Fair value of plan assets | $ 516,000 | $ 426,000 | $ 516,000 | $ 426,000 | |||||||
Expected return on plan assets | 6.25% | 6.25% | |||||||||
Assumed health care cost trend rate | 6.50% | 7.00% | 6.50% | 7.00% | |||||||
Next year's assumed health care cost trend rate | 7.00% | 7.00% | |||||||||
Assumed health care cost trend rate decline | 5.00% | 5.00% | |||||||||
Total contributions to defined contribution plans | $ 28,000 | $ 31,000 | |||||||||
United States | |||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||
Next year's anticipated total contributions to pension plans | $ 9,000 | 9,000 | |||||||||
Fair value of plan assets | 1,486,325 | $ 1,326,296 | $ 1,486,325 | $ 1,326,296 | |||||||
Expected return on plan assets | 6.75% | 7.00% | 6.75% | ||||||||
United States | Pension Benefits | |||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||
Loss on sale of businesses | $ 45,000 | ||||||||||
Other components of net pension and postretirement cost | 32,000 | ||||||||||
Income from discontinued operations, net of tax | 13,000 | ||||||||||
Foreign | |||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||
Next year's anticipated total contributions to pension plans | 10,000 | 10,000 | |||||||||
Fair value of plan assets | $ 516,634 | $ 426,446 | $ 516,634 | $ 426,446 |
Retirement Plans and Postreti_4
Retirement Plans and Postretirement Medical Benefits (Benefit Obligations and Funded Status) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Amounts recognized in the Consolidated Balance Sheets | |||
Document Fiscal Year Focus | 2019 | ||
United States | |||
Fair value of plan assets | |||
Fair value of plan assets - beginning of year | $ 1,327,034 | ||
Fair value of plan assets - end of year | 1,487,018 | $ 1,327,034 | |
Foreign | |||
Fair value of plan assets | |||
Fair value of plan assets - beginning of year | 562,517 | ||
Fair value of plan assets - end of year | 668,308 | 562,517 | |
Pension Benefits | United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | 1,612,551 | 1,500,691 | |
Projected benefit obligation | |||
Benefit obligation - beginning of year | 1,501,140 | 1,727,737 | |
Service cost | 83 | 92 | $ 132 |
Interest cost | 63,171 | 61,490 | 68,611 |
Plan participants' contributions | 0 | 0 | |
Actuarial loss (gain) | 160,390 | (124,298) | |
Foreign currency changes | 0 | 0 | |
Plan amendments | 0 | 0 | |
Settlements and curtailments | (6,684) | (82,273) | |
Benefits paid | (105,046) | (81,608) | |
Benefit obligation - end of year | 1,613,054 | 1,501,140 | 1,727,737 |
Fair value of plan assets | |||
Fair value of plan assets - beginning of year | 1,327,034 | 1,557,907 | |
Actual return on plan assets | 261,579 | (73,745) | |
Company contributions | 10,135 | 6,753 | |
Plan participants' contributions | 0 | 0 | |
Settlements and curtailments | (6,684) | (82,273) | |
Foreign currency changes | 0 | 0 | |
Benefits paid | (105,046) | (81,608) | |
Fair value of plan assets - end of year | 1,487,018 | 1,327,034 | 1,557,907 |
Amounts recognized in the Consolidated Balance Sheets | |||
Noncurrent asset | 383 | 277 | |
Current liability | (9,019) | (10,975) | |
Noncurrent liability | (117,401) | (163,408) | |
Funded status | (126,037) | (174,106) | |
Pension Benefits | Foreign | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | 745,658 | 659,628 | |
Projected benefit obligation | |||
Benefit obligation - beginning of year | 662,644 | 751,373 | |
Service cost | 1,543 | 2,159 | 2,274 |
Interest cost | 17,853 | 18,089 | 18,836 |
Plan participants' contributions | 6 | 7 | |
Actuarial loss (gain) | 68,385 | (41,995) | |
Foreign currency changes | 25,452 | (40,559) | |
Plan amendments | 0 | 9,009 | |
Settlements and curtailments | (2,682) | (6,703) | |
Benefits paid | (26,259) | (28,736) | |
Benefit obligation - end of year | 746,942 | 662,644 | 751,373 |
Fair value of plan assets | |||
Fair value of plan assets - beginning of year | 562,517 | 632,710 | |
Actual return on plan assets | 98,006 | (17,043) | |
Company contributions | 10,085 | 10,939 | |
Plan participants' contributions | 6 | 7 | |
Settlements and curtailments | (1,773) | 0 | |
Foreign currency changes | 25,726 | (35,360) | |
Benefits paid | (26,259) | (28,736) | |
Fair value of plan assets - end of year | 668,308 | 562,517 | 632,710 |
Amounts recognized in the Consolidated Balance Sheets | |||
Noncurrent asset | 20,020 | 14,225 | |
Current liability | (1,313) | (1,197) | |
Noncurrent liability | (97,341) | (113,155) | |
Funded status | (78,634) | (100,127) | |
Nonpension postretirement benefit plans | |||
Projected benefit obligation | |||
Benefit obligation - beginning of year | 166,476 | 188,841 | |
Service cost | 967 | 1,405 | 1,727 |
Interest cost | 6,584 | 6,640 | 7,100 |
Plan participants' contributions | 3,003 | 3,200 | |
Actuarial loss (gain) | 6,930 | (11,304) | |
Foreign currency changes | 674 | (1,177) | |
Settlements and curtailments | 0 | (533) | |
Benefits paid | (20,530) | (20,596) | |
Benefit obligation - end of year | 164,104 | 166,476 | 188,841 |
Fair value of plan assets | |||
Fair value of plan assets - beginning of year | 0 | 0 | |
Company contributions | 17,527 | 17,396 | |
Plan participants' contributions | 3,003 | 3,200 | |
Benefits paid | (20,530) | (20,596) | |
Fair value of plan assets - end of year | 0 | 0 | $ 0 |
Amounts recognized in the Consolidated Balance Sheets | |||
Current liability | (16,132) | (17,013) | |
Noncurrent liability | (147,972) | (149,463) | |
Funded status | (164,104) | (166,476) | |
Nonpension postretirement benefit plans | United States | |||
Projected benefit obligation | |||
Benefit obligation - beginning of year | 154,000 | ||
Benefit obligation - end of year | $ 150,000 | $ 154,000 |
Retirement Plans and Postreti_5
Retirement Plans and Postretirement Medical Benefits (Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Document Fiscal Year Focus | 2019 | |
Fair value of plan assets | $ 516,000 | $ 426,000 |
United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 1,612,745 | 1,500,680 |
Accumulated benefit obligation | 1,612,241 | 1,500,231 |
Fair value of plan assets | 1,486,325 | 1,326,296 |
Foreign | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 615,288 | 540,798 |
Accumulated benefit obligation | 614,293 | 538,666 |
Fair value of plan assets | $ 516,634 | $ 426,446 |
Retirement Plans and Postreti_6
Retirement Plans and Postretirement Medical Benefits (Pretax Amounts Recognized in AOCI) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Document Fiscal Year Focus | 2019 | |
Nonpension postretirement benefit plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | $ 33,272 | $ 28,368 |
Prior service (credit) cost | 502 | 823 |
Total | 33,774 | 29,191 |
United States | Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | 772,850 | 809,836 |
Prior service (credit) cost | (270) | (330) |
Transition asset | 0 | 0 |
Total | 772,580 | 809,506 |
Foreign | Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | 315,319 | 318,474 |
Prior service (credit) cost | 8,317 | 8,496 |
Transition asset | (11) | (17) |
Total | $ 323,625 | $ 326,953 |
Retirement Plans and Postreti_7
Retirement Plans and Postretirement Medical Benefits (Components of Net Periodic Benefit Cost for Defined Benefit Pension Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Document Fiscal Year Focus | 2019 | ||
Nonpension postretirement benefit plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 967 | $ 1,405 | $ 1,727 |
Interest cost | 6,584 | 6,640 | 7,100 |
Amortization of prior service (credit) cost | 321 | 304 | 297 |
Amortization of net actuarial loss | 2,026 | 3,048 | 3,600 |
Curtailment | 0 | 246 | 0 |
Net periodic benefit (income) cost | 9,898 | 11,643 | 12,724 |
United States | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 83 | 92 | 132 |
Interest cost | 63,171 | 61,490 | 68,611 |
Expected return on plan assets | (92,726) | (101,087) | (97,656) |
Amortization of net transition asset | 0 | 0 | 0 |
Amortization of prior service (credit) cost | (60) | (60) | (60) |
Amortization of net actuarial loss | 26,146 | 31,298 | 28,954 |
Special termination benefits | 0 | 0 | 0 |
Settlements and curtailments | 2,381 | 44,665 | 0 |
Net periodic benefit (income) cost | (1,005) | 36,398 | (19) |
Foreign | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1,543 | 2,159 | 2,274 |
Interest cost | 17,853 | 18,089 | 18,836 |
Expected return on plan assets | (34,363) | (35,687) | (32,242) |
Amortization of net transition asset | (6) | (7) | (8) |
Amortization of prior service (credit) cost | 243 | (71) | (71) |
Amortization of net actuarial loss | 6,337 | 7,264 | 8,052 |
Special termination benefits | 0 | 208 | 0 |
Settlements and curtailments | 397 | (13) | 0 |
Net periodic benefit (income) cost | $ (7,996) | $ (8,058) | $ (3,159) |
Retirement Plans and Postreti_8
Retirement Plans and Postretirement Medical Benefits (Other Changes in Plan Assets and Benefit Obligations) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Document Fiscal Year Focus | 2019 | |
Nonpension postretirement benefit plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (gain) loss | $ 6,931 | $ (11,837) |
Amortization of net actuarial loss | (2,026) | (3,048) |
Amortization of prior service credit (cost) | (321) | (304) |
Settlements and curtailments | 0 | (246) |
Total recognized in other comprehensive income | 4,584 | (15,435) |
United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (gain) loss | (8,459) | 50,534 |
Plan amendment | 0 | 0 |
Amortization of net actuarial loss | (26,146) | (31,298) |
Amortization of prior service credit (cost) | 60 | 60 |
Net transition asset | 0 | 0 |
Settlements and curtailments | (2,381) | (44,665) |
Total recognized in other comprehensive income | (36,926) | (25,369) |
Foreign | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (gain) loss | 3,643 | 3,824 |
Plan amendment | 0 | 9,009 |
Amortization of net actuarial loss | (6,337) | (7,264) |
Amortization of prior service credit (cost) | (243) | 71 |
Net transition asset | 6 | 7 |
Settlements and curtailments | (397) | 13 |
Total recognized in other comprehensive income | $ (3,328) | $ 5,660 |
Retirement Plans and Postreti_9
Retirement Plans and Postretirement Medical Benefits (Weighted-Average Actuarial Assumptions) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Document Fiscal Year Focus | 2019 | ||
Expected return on plan assets | 6.25% | 6.25% | |
United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.34% | 4.34% | 3.69% |
Discount rate | 4.34% | 3.69% | 4.20% |
Expected return on plan assets | 6.75% | 7.00% | 6.75% |
Foreign | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 0.65% | 0.75% | 0.65% |
Discount rate | 0.75% | 0.65% | 0.70% |
Expected return on plan assets | 4.25% | 3.75% | 3.75% |
Rate of compensation increase | 1.50% | 1.50% | 1.50% |
Rate of compensation increase | 1.50% | 1.50% | 1.50% |
Foreign | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.95% | 3.55% | 3.35% |
Discount rate | 3.55% | 3.35% | 3.65% |
Expected return on plan assets | 6.25% | 6.25% | 6.25% |
Rate of compensation increase | 2.50% | 2.50% | 2.50% |
Rate of compensation increase | 2.50% | 3.25% | 3.30% |
Pension Benefits | United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.20% | 4.20% | 3.55% |
Discount rate | 4.20% | 3.55% | 3.90% |
Pension Benefits | Canada | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.00% | 3.60% | 3.35% |
Discount rate | 3.60% | 3.35% | 3.65% |
Retirement Plans and Postret_10
Retirement Plans and Postretirement Medical Benefits (Target Asset Allocation) (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Document Fiscal Year Focus | 2019 | |
United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 100.00% | |
Percent of Plan Assets | 100.00% | 100.00% |
United States | Equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 30.00% | |
Percent of Plan Assets | 30.00% | 26.00% |
United States | Fixed income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 63.00% | |
Percent of Plan Assets | 63.00% | 64.00% |
United States | Real estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 5.00% | |
Percent of Plan Assets | 5.00% | 7.00% |
United States | Private equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 2.00% | |
Percent of Plan Assets | 2.00% | 3.00% |
Foreign | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 100.00% | |
Percent of Plan Assets | 100.00% | 100.00% |
Foreign | Equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 30.00% | |
Percent of Plan Assets | 35.00% | 38.00% |
Foreign | Fixed income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 50.00% | |
Percent of Plan Assets | 46.00% | 41.00% |
Foreign | Real estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 10.00% | |
Percent of Plan Assets | 9.00% | 10.00% |
Foreign | Diversified growth | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 10.00% | |
Percent of Plan Assets | 9.00% | 10.00% |
Foreign | Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 0.00% | |
Percent of Plan Assets | 1.00% | 1.00% |
Retirement Plans and Postret_11
Retirement Plans and Postretirement Medical Benefits (Fair Value Measurements of Plan Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Document Fiscal Year Focus | 2019 | ||
Total assets | $ 667,638 | $ 919,371 | |
Cash and cash equivalents | 924,442 | 867,262 | |
Other | 20,403 | 14,502 | |
Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 227,669 | 321,116 | |
Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 439,969 | 598,255 | |
Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 0 | 0 | |
Diversified growth funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 47,621 | 40,766 | $ 44,024 |
United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Securities lending payable | (106,886) | (117,603) | |
Cash and cash equivalents | 9,409 | 11,341 | |
Other | (51,885) | (58,591) | |
Fair value of plan assets | 1,487,018 | 1,327,034 | |
United States | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 292,506 | 372,873 | |
United States | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,248,929 | 989,387 | |
United States | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 94,945 | 129,627 | |
United States | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,636,380 | 1,491,887 | |
United States | Money market funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 3,498 | |
United States | Money market funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,917 | 5,759 | |
United States | Money market funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Money market funds | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,917 | 9,257 | |
United States | Equities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 110,840 | |
United States | Equities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 265,832 | 109,864 | |
United States | Equities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Equities | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 265,832 | 220,704 | |
United States | Commingled fixed income securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Commingled fixed income securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 275,335 | 281,258 | |
United States | Commingled fixed income securities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Commingled fixed income securities | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 275,335 | 281,258 | |
United States | Government and related securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 292,506 | 258,535 | |
United States | Government and related securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 15,764 | 16,144 | |
United States | Government and related securities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Government and related securities | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 308,270 | 274,679 | |
United States | Corporate debt securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Corporate debt securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 528,425 | 435,285 | |
United States | Corporate debt securities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Corporate debt securities | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 528,425 | 435,285 | |
United States | Mortgage-backed securities /asset-backed securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Mortgage-backed securities /asset-backed securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 51,770 | 23,474 | |
United States | Mortgage-backed securities /asset-backed securities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Mortgage-backed securities /asset-backed securities | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 51,770 | 23,474 | |
United States | Private equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 23,608 | 32,750 | 38,362 |
United States | Private equity | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Private equity | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Private equity | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 23,608 | 32,750 | |
United States | Private equity | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 23,608 | 32,750 | |
United States | Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 71,337 | 96,877 | 91,352 |
United States | Real estate | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Real estate | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Real estate | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 71,337 | 96,877 | |
United States | Real estate | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 71,337 | 96,877 | |
United States | Securities lending collateral | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Securities lending collateral | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 106,886 | 117,603 | |
United States | Securities lending collateral | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Securities lending collateral | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 106,886 | 117,603 | |
Foreign | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Cash and cash equivalents | 1,516 | 3,903 | |
Other | 484 | 666 | |
Fair value of plan assets | 668,308 | 562,517 | |
Foreign | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 573,352 | 475,039 | |
Foreign | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 92,956 | 82,909 | |
Foreign | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 666,308 | 557,948 | |
Foreign | Money market funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign | Money market funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,734 | 11,172 | |
Foreign | Money market funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign | Money market funds | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,734 | 11,172 | |
Foreign | Equities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign | Equities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 222,554 | 194,914 | |
Foreign | Equities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign | Equities | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 222,554 | 194,914 | |
Foreign | Commingled fixed income securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign | Commingled fixed income securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 264,131 | 198,902 | |
Foreign | Commingled fixed income securities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign | Commingled fixed income securities | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 264,131 | 198,902 | |
Foreign | Government and related securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign | Government and related securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 43,405 | 40,055 | |
Foreign | Government and related securities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign | Government and related securities | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 43,405 | 40,055 | |
Foreign | Corporate debt securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign | Corporate debt securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 34,528 | 29,996 | |
Foreign | Corporate debt securities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign | Corporate debt securities | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 34,528 | 29,996 | |
Foreign | Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 45,335 | 42,143 | $ 41,601 |
Foreign | Real estate | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign | Real estate | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign | Real estate | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 45,335 | 42,143 | |
Foreign | Real estate | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 45,335 | 42,143 | |
Foreign | Diversified growth funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign | Diversified growth funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign | Diversified growth funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 47,621 | 40,766 | |
Foreign | Diversified growth funds | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 47,621 | $ 40,766 |
Retirement Plans and Postret_12
Retirement Plans and Postretirement Medical Benefits (Level 3 Gains and Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Diversified growth funds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value of plan assets - beginning of year | $ 40,766 | $ 44,024 |
Unrealized (losses) gains | 4,954 | (4,948) |
Net purchases, sales and settlements | 107 | 4,090 |
Other | 0 | |
Foreign currency | 1,794 | (2,400) |
Fair value of plan assets - end of year | 47,621 | 40,766 |
United States | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value of plan assets - beginning of year | 1,327,034 | |
Fair value of plan assets - end of year | 1,487,018 | 1,327,034 |
United States | Private Equity Funds And Defined Benefit Plan | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value of plan assets - beginning of year | 129,627 | 129,714 |
Realized gains | 20,501 | 9,265 |
Unrealized (losses) gains | (17,805) | 3,053 |
Net purchases, sales and settlements | (37,378) | (12,405) |
Fair value of plan assets - end of year | 94,945 | 129,627 |
United States | Private equity | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value of plan assets - beginning of year | 32,750 | 38,362 |
Realized gains | 5,625 | 8,264 |
Unrealized (losses) gains | (5,288) | (1,409) |
Net purchases, sales and settlements | (9,479) | (12,467) |
Fair value of plan assets - end of year | 23,608 | 32,750 |
United States | Real estate | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value of plan assets - beginning of year | 96,877 | 91,352 |
Realized gains | 14,876 | 1,001 |
Unrealized (losses) gains | (12,517) | 4,462 |
Net purchases, sales and settlements | (27,899) | 62 |
Fair value of plan assets - end of year | 71,337 | 96,877 |
Foreign | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value of plan assets - beginning of year | 562,517 | |
Fair value of plan assets - end of year | 668,308 | 562,517 |
Foreign | Private Equity Funds And Defined Benefit Plan | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value of plan assets - beginning of year | 82,909 | 85,625 |
Unrealized (losses) gains | 4,155 | (3,631) |
Net purchases, sales and settlements | 1,725 | 5,743 |
Other | 687 | |
Foreign currency | 3,480 | (4,828) |
Fair value of plan assets - end of year | 92,956 | 82,909 |
Foreign | Real estate | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value of plan assets - beginning of year | 42,143 | 41,601 |
Unrealized (losses) gains | (799) | 1,317 |
Net purchases, sales and settlements | 1,618 | 1,653 |
Other | 687 | |
Foreign currency | 1,686 | (2,428) |
Fair value of plan assets - end of year | $ 45,335 | $ 42,143 |
Retirement Plans and Postret_13
Retirement Plans and Postretirement Medical Benefits (Nonpension Estimated Future Benefit Payments) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | $ 131,577 |
2021 | 125,439 |
2022 | 124,142 |
2023 | 124,559 |
2024 | 121,767 |
Thereafter | 600,327 |
Total | 1,227,811 |
Nonpension benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | 16,129 |
2021 | 15,480 |
2022 | 14,756 |
2023 | 13,592 |
2024 | 12,500 |
Thereafter | 53,101 |
Total | $ 125,558 |
Income Taxes (Income From Conti
Income Taxes (Income From Continuing Operations Before Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||||||||
U.S. | $ 910 | $ 109,393 | $ 135,636 | ||||||||
International | 26,232 | 78,728 | 58,062 | ||||||||
Total | $ 8,381 | $ (19,550) | $ 33,034 | $ 5,277 | $ 38,333 | $ 45,188 | $ 38,643 | $ 65,957 | $ 27,142 | $ 188,121 | $ 193,698 |
Income Taxes (Provision for Inc
Income Taxes (Provision for Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
U.S. Federal: | |||||||||||
Current | $ (18,789) | $ (56,743) | $ 25,774 | ||||||||
Deferred | 11,577 | 61,514 | (23,863) | ||||||||
U.S. Federal: Total | (7,212) | 4,771 | 1,911 | ||||||||
U.S. State and Local: | |||||||||||
Current | (9,142) | (12,214) | (3,022) | ||||||||
Deferred | 8,043 | 866 | 13,426 | ||||||||
U.S. State and Local: Total | (1,099) | (11,348) | 10,404 | ||||||||
International: | |||||||||||
Current | 9,993 | 11,308 | (7,679) | ||||||||
Deferred | (14,689) | 1,685 | 9,023 | ||||||||
International: Total | (4,696) | 12,993 | 1,344 | ||||||||
Total current | (17,938) | (57,649) | 15,073 | ||||||||
Total deferred | 4,931 | 64,065 | (1,414) | ||||||||
(Benefit) provision for income taxes | $ 344 | $ (24,895) | $ 3,724 | $ 7,820 | $ (10,819) | $ (2,468) | $ 2,205 | $ 17,498 | $ (13,007) | $ 6,416 | $ 13,659 |
Effective tax rate | (47.90%) | 3.40% | 7.10% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Loss Carryforwards [Line Items] | |||
Change in deferred tax assets valuation allowance | $ (23,000) | ||
Tax benefits from IRS tax settlements and resolution of U.S. tax examinations | 9,000 | $ 17,000 | $ 30,000 |
Tax on Market Exits | 3,000 | ||
Loss on sale of businesses | 17,683 | 0 | 0 |
Income tax benefit from Tax Act | 37,000 | 39,000 | |
U.S. tax on unremitted earnings | 0 | (23,711) | 90,916 |
Net operating loss carryforwards | 162,000 | ||
Indefinite lived net operating loss carryforwards | $ 145,000 | ||
Operating loss carryforwards, expiration period | 20 years | ||
Tax credit carry forwards | $ 64,430 | 64,148 | |
Tax credit carry forward without expiration | 52,000 | ||
Foreign earnings reinvested | 421,000 | ||
Undistributed earnings | 261,000 | ||
Unrecognized tax benefits that would affect the effective tax rate if recognized | $ 54,000 | 65,000 | 74,000 |
Possible change to unrecognized tax benefits | 15.00% | ||
Interest and penalties | $ (1,000) | (1,000) | $ (4,000) |
Income tax interest and penalties accrued | 3,000 | $ 4,000 | |
Amount of unrecognized deferred tax liability | $ 3,000 | ||
Maximum | |||
Operating Loss Carryforwards [Line Items] | |||
Tax credit carryforwards, expiration period | 13 years |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||||||||||
Federal statutory provision | $ 5,700 | $ 39,505 | $ 67,794 | ||||||||
State and local income taxes | (868) | 1,292 | 3,739 | ||||||||
Impact of foreign operations taxed at rates other than the U.S. statutory rate (2) | (18,541) | (2,483) | (12,054) | ||||||||
Accrual/release of uncertain tax amounts related to foreign operations | 191 | (4,595) | (17,919) | ||||||||
U.S. tax impacts of foreign income in the U.S. | 5,587 | 5,854 | 1,750 | ||||||||
Tax incentives/credits/exempt income | (5,437) | 3,526 | (14,587) | ||||||||
Unrealized stock compensation benefits | 2,176 | 1,941 | 3,778 | ||||||||
Remeasurement of U.S. deferred taxes | 0 | (13,121) | (108,176) | ||||||||
U.S. tax on unremitted earnings | 0 | (23,711) | 90,916 | ||||||||
Other, net (3) | (1,815) | (1,792) | (1,582) | ||||||||
(Benefit) provision for income taxes | $ 344 | $ (24,895) | $ 3,724 | $ 7,820 | $ (10,819) | $ (2,468) | $ 2,205 | $ 17,498 | (13,007) | 6,416 | 13,659 |
Tax uncertainties | (3,000) | $ (9,000) | $ (3,000) | ||||||||
Change in deferred tax assets valuation allowance | (23,000) | ||||||||||
Tax on Market Exits | 3,000 | ||||||||||
Interest | $ 1,000 |
Income Taxes (Deferred Tax Liab
Income Taxes (Deferred Tax Liabilities and Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax liabilities: | ||
Depreciation | $ (69,222) | $ (71,757) |
Deferred profit (for tax purposes) on sale to finance subsidiary | (30,791) | (41,951) |
Lease revenue and related depreciation | (174,083) | (149,176) |
Intangible assets | (88,024) | (98,707) |
Other | (24,941) | (34,425) |
Gross deferred tax liabilities | (387,061) | (396,016) |
Deferred tax assets: | ||
Nonpension postretirement benefits | 41,015 | 42,422 |
Pension | 43,763 | 60,063 |
Inventory and equipment capitalization | 2,735 | 6,042 |
Restructuring charges | 2,944 | 5,064 |
Long-term incentives | 12,929 | 11,517 |
Net operating loss | 82,673 | 106,029 |
Tax credit carry forwards | 64,430 | 64,148 |
Tax uncertainties gross-up | 6,577 | 6,692 |
Other | 38,247 | 46,623 |
Gross deferred tax assets | 295,313 | 348,600 |
Less: Valuation allowance | (110,781) | (142,496) |
Net deferred tax assets | 184,532 | 206,104 |
Total deferred taxes, net | $ (202,529) | $ (189,912) |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits | |||
Balance at beginning of year | $ 71,458 | $ 89,767 | $ 124,728 |
Increases from prior period positions | 510 | 88 | 528 |
Decreases from prior period positions | (9,711) | (15,145) | (31,470) |
Increases from current period positions | 5,052 | 6,001 | 5,951 |
Decreases relating to settlements with tax authorities | (2,626) | (4,844) | (6,953) |
Reductions from lapse of applicable statute of limitations | (4,381) | (4,409) | (3,017) |
Balance at end of year | $ 60,302 | $ 71,458 | $ 89,767 |
Leased Assets and Liabilities_2
Leased Assets and Liabilities (Operating and Finance Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Assets | ||
Operating | $ 200,752 | $ 152,554 |
Finance | 10,443 | 10,683 |
Total leased assets | 211,195 | 163,237 |
Liabilities | ||
Current operating lease liabilities | 36,060 | 35,208 |
Noncurrent operating lease liabilities | 177,711 | 125,294 |
Accounts payable and accrued liabilities | 2,879 | 2,708 |
Other noncurrent liabilities | 7,927 | 7,054 |
Total lease liabilities | $ 224,577 | $ 170,264 |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Term of contract | 15 years | |
Option to extend | 5 years |
Leased Assets and Liabilities_3
Leased Assets and Liabilities (Lease Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Lease Cost | |||
Operating lease expense | $ 48,503 | $ 43,727 | $ 41,676 |
Finance lease expense | |||
Finance lease expense | 3,372 | 2,697 | 2,295 |
Amortization of leased assets | 700 | 527 | 465 |
Interest on lease liabilities | 23,188 | 21,864 | 20,838 |
Sublease income | (1,948) | (1,735) | (736) |
Total expense | $ 73,815 | $ 67,080 | $ 64,538 |
Leased Assets and Liabilities_4
Leased Assets and Liabilities (Lease Maturity) (Details) | Dec. 31, 2019USD ($) |
Operating Leases | |
2020 | $ 47,632,000 |
2021 | 42,244,000 |
2022 | 33,945,000 |
2023 | 27,122,000 |
2024 | 23,165,000 |
Thereafter | 97,867,000 |
Total | 271,975,000 |
Less: present value discount | 58,204,000 |
Lease liability | 213,771,000 |
Finance Leases | |
2020 | 3,525,000 |
2021 | 3,133,000 |
2022 | 2,560,000 |
2023 | 1,899,000 |
2024 | 1,042,000 |
Thereafter | 277,000 |
Total | 12,436,000 |
Less: present value discount | 1,630,000 |
Lease liability | 10,806,000 |
Total | |
2020 | 51,157,000 |
2021 | 45,377,000 |
2022 | 36,505,000 |
2023 | 29,021,000 |
2024 | 24,207,000 |
Thereafter | 98,144,000 |
Total | 284,411,000 |
Less: present value discount | 59,834,000 |
Lease liability | 224,577,000 |
Leases signed but not yet commenced | $ 0 |
Leased Assets and Liabilities_5
Leased Assets and Liabilities (Weighted-Average) (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Weighted-average remaining lease term | ||
Operating leases | 7 years 8 months 12 days | 7 years 2 months 12 days |
Finance leases | 3 years 10 months 24 days | 4 years 1 month 6 days |
Weighted-average discount rate | ||
Operating leases | 6.10% | 4.50% |
Finance leases | 6.80% | 6.20% |
Leased Assets and Liabilities_6
Leased Assets and Liabilities (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flow Information | |||
Operating cash outflows - operating leases | $ 44,252 | $ 40,599 | $ 39,192 |
Operating cash outflows - finance leases | 700 | 527 | 465 |
Financing cash outflows - finance leases | 3,096 | 2,564 | 2,185 |
Leased assets obtained in exchange for new lease obligations | |||
Operating leases | 87,160 | 36,260 | 33,788 |
Finance leases | $ 4,072 | $ 5,715 | $ 3,325 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - $ / shares | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock | ||||
Repurchases of common stock (shares) | (18,595,315) | |||
Preferred stock, dividend rate | 4.00% | 4.00% | 4.00% | |
Dividend rate (USD per share) | $ 2.12 | |||
Shares reserved for issuance under stock plans, dividend reinvestment program and conversion of Preferred and Preference Stock | 37,116,835 | |||
Common Stock | ||||
Stock | ||||
Shares outstanding (shares) | 187,675,082 | 186,603,738 | 185,668,718 | |
Issuance of common stock (shares) | 1,276,797 | 1,043,809 | 881,480 | |
Conversions to common stock (shares) | 92,379 | 27,535 | 53,540 | |
Shares outstanding (shares) | 170,448,943 | 187,675,082 | 186,603,738 | |
Treasury Stock | ||||
Stock | ||||
Shares outstanding (shares) | 135,662,830 | 136,734,174 | 137,669,194 | |
Issuance of common stock (shares) | 1,276,797 | 1,043,809 | 881,480 | |
Conversions to common stock (shares) | 92,379 | 27,535 | 53,540 | |
Shares outstanding (shares) | 152,888,969 | 135,662,830 | 136,734,174 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Revenue | $ 831,343 | $ 790,125 | $ 788,573 | $ 795,084 | $ 857,414 | $ 760,281 | $ 773,538 | $ 820,289 | $ 3,205,125 | $ 3,211,522 | $ 2,784,007 |
Interest expense | (110,910) | (115,381) | (117,984) | ||||||||
Tax provision (benefit) | (344) | 24,895 | (3,724) | (7,820) | 10,819 | 2,468 | (2,205) | (17,498) | 13,007 | (6,416) | (13,659) |
Net of tax | $ 176,696 | $ (3,125) | $ 23,697 | $ (2,659) | $ 49,969 | $ 80,277 | $ 51,595 | $ 59,970 | 194,609 | 241,811 | 243,528 |
Selling, general and administrative | (1,003,989) | (1,002,935) | (1,029,494) | ||||||||
Amounts Reclassified from AOCI | Cash flow hedges | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Revenue | 72 | 11 | (179) | ||||||||
Cost of sales | 104 | 51 | (32) | ||||||||
Interest expense | 0 | (1,183) | (2,028) | ||||||||
Loss on extinguishment of debt | 0 | (1,267) | 0 | ||||||||
Total before tax | 176 | (2,388) | (2,239) | ||||||||
Tax provision (benefit) | 44 | (941) | (872) | ||||||||
Net of tax | 132 | (1,447) | (1,367) | ||||||||
Amounts Reclassified from AOCI | Available-for-sale securities | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Interest expense | 1,079 | 3,244 | (520) | ||||||||
Tax provision (benefit) | 270 | 821 | (201) | ||||||||
Net of tax | 809 | 2,423 | (319) | ||||||||
Amounts Reclassified from AOCI | Pension and postretirement benefit plans | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Tax provision (benefit) | (9,497) | (21,675) | (13,936) | ||||||||
Net of tax | (28,288) | (64,999) | (26,828) | ||||||||
Amounts Reclassified from AOCI | Transition asset | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Selling, general and administrative | 6 | 7 | 8 | ||||||||
Amounts Reclassified from AOCI | Prior service costs | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Selling, general and administrative | (504) | (173) | (166) | ||||||||
Amounts Reclassified from AOCI | Actuarial losses | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Selling, general and administrative | (34,509) | (41,610) | (40,606) | ||||||||
Amounts Reclassified from AOCI | Settlement | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Selling, general and administrative | (2,778) | (44,898) | 0 | ||||||||
Amounts Reclassified from AOCI | Total before tax | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Total before tax | $ (37,785) | $ (86,674) | $ (40,764) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | Jan. 01, 2017 | |
Accumulated Other Comprehensive Income (Loss) | |||||
Balance | $ 101,842 | $ 30,553 | $ (103,660) | ||
Other comprehensive income (loss) before reclassifications | 81,471 | (101,811) | 116,679 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 27,347 | 64,023 | 28,514 | ||
Other comprehensive income (loss), net of tax | 108,818 | (37,788) | 145,193 | ||
Cumulative effect of accounting changes | $ (12,207) | $ (137,429) | |||
Balance | 286,096 | 101,842 | 30,553 | ||
Cash flow hedges | |||||
Accumulated Other Comprehensive Income (Loss) | |||||
Balance | 191 | (406) | (1,485) | ||
Other comprehensive income (loss) before reclassifications | 278 | (763) | (288) | ||
Amounts reclassified from accumulated other comprehensive income (loss) | (132) | 1,447 | 1,367 | ||
Other comprehensive income (loss), net of tax | 146 | 684 | 1,079 | ||
Cumulative effect of accounting changes | (87) | ||||
Restated balance at December 31, 2017 | (493) | ||||
Balance | 337 | 191 | (406) | ||
Available-for-sale securities | |||||
Accumulated Other Comprehensive Income (Loss) | |||||
Balance | (3,061) | 1,597 | 120 | ||
Other comprehensive income (loss) before reclassifications | 6,719 | (2,579) | 1,158 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | (809) | (2,423) | 319 | ||
Other comprehensive income (loss), net of tax | 5,910 | (5,002) | 1,477 | ||
Cumulative effect of accounting changes | 344 | ||||
Restated balance at December 31, 2017 | 1,941 | ||||
Balance | 2,849 | (3,061) | 1,597 | ||
Pension and postretirement benefit plans | |||||
Accumulated Other Comprehensive Income (Loss) | |||||
Balance | (846,461) | (748,800) | (787,813) | ||
Other comprehensive income (loss) before reclassifications | (845) | (46,170) | 12,185 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 28,288 | 64,999 | 26,828 | ||
Other comprehensive income (loss), net of tax | 27,443 | 18,829 | 39,013 | ||
Cumulative effect of accounting changes | (116,490) | ||||
Restated balance at December 31, 2017 | (865,290) | ||||
Balance | (819,018) | (846,461) | (748,800) | ||
Foreign currency adjustments | |||||
Accumulated Other Comprehensive Income (Loss) | |||||
Balance | (99,630) | (47,331) | (150,955) | ||
Other comprehensive income (loss) before reclassifications | 75,319 | (52,299) | 103,624 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 | ||
Other comprehensive income (loss), net of tax | 75,319 | (52,299) | 103,624 | ||
Cumulative effect of accounting changes | 0 | ||||
Restated balance at December 31, 2017 | (47,331) | ||||
Balance | (24,311) | (99,630) | (47,331) | ||
Accumulated other comprehensive loss | |||||
Accumulated Other Comprehensive Income (Loss) | |||||
Balance | (948,961) | (794,940) | (940,133) | ||
Cumulative effect of accounting changes | (116,233) | $ (116,233) | |||
Restated balance at December 31, 2017 | (911,173) | ||||
Balance | $ (840,143) | $ (948,961) | $ (794,940) |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for future grants | 16,668,426 | ||
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Unrecognized compensation cost | $ 13 | ||
Weighted average recognition period | 1 year 7 months 6 days | ||
Intrinsic value of units outstanding | $ 18 | ||
Intrinsic value of units vested | 16 | $ 17 | $ 26 |
Fair value of units vested | $ 18 | $ 18 | $ 14 |
Shares granted (in shares) | 3,113,886 | 1,754,098 | 1,995,473 |
Issued weighted average fair value (in dollars per shares) | $ 6.56 | $ 12.36 | $ 13.24 |
Restricted Stock Units | Directors' Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted (in shares) | 155,709 | 131,420 | |
Performance Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Shares granted (in shares) | 1,368,182 | 733,148 | |
Issued weighted average fair value (in dollars per shares) | $ 6.60 | $ 12.64 | |
Performance Stock Units | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of target number of awards granted | 0.00% | ||
Performance Stock Units | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of target number of awards granted | 200.00% | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost | $ 3 | ||
Weighted average recognition period | 1 year 4 months 24 days | ||
Expiration period | 10 years | ||
Options exercised (in shares) | 0 | 0 | 0 |
Stock Options | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Employee Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee stock purchase plan discounted offering price of commons stock | 95.00% | ||
Shares purchased under the Employee Stock Purchase Plan (in shares) | 258,838 | 218,424 | |
Shares reserved for future purchase under the ESPP (in shares) | 2,293,166 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans (Restricted Stock Units) (Details) - Restricted Stock Units - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Shares | |||
Units outstanding beginning (in shares) | 3,228,339 | 2,651,053 | |
Granted (in shares) | 3,113,886 | 1,754,098 | 1,995,473 |
Vested (in shares) | (1,360,219) | (963,010) | |
Forfeited (in shares) | (501,159) | (213,802) | |
Units outstanding ending (in shares) | 4,480,847 | 3,228,339 | 2,651,053 |
Weighted average grant date fair value | |||
Weighted average grant date fair value - Beginning (in dollars per shares) | $ 13.33 | $ 14.16 | |
Granted (in dollars per shares) | 6.56 | 12.36 | $ 13.24 |
Vested (in dollars per shares) | 11.90 | 11.41 | |
Forfeited (in dollars per shares) | 8.71 | 13.26 | |
Weighted average grant date fair value - Ending (in dollars per shares) | $ 9.51 | $ 13.33 | $ 14.16 |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans (Performance Stock Units) (Details) - Performance Stock Units - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Shares | ||
Units outstanding beginning (in shares) | 1,653,004 | 1,145,025 |
Granted (in shares) | 1,368,182 | 733,148 |
Vested (in shares) | 0 | (91,493) |
Forfeited (in shares) | (242,824) | (133,676) |
Units outstanding ending (in shares) | 2,778,362 | 1,653,004 |
Weighted average grant date fair value | ||
Weighted average grant date fair value - Beginning (in dollars per shares) | $ 13.08 | $ 13.43 |
Granted (in dollars per shares) | 6.60 | 12.64 |
Vested (in dollars per shares) | 0 | 12.21 |
Forfeited (in dollars per shares) | 9.65 | 14.26 |
Weighted average grant date fair value - Ending (in dollars per shares) | $ 10.09 | $ 13.08 |
Stock-Based Compensation Plan_5
Stock-Based Compensation Plans (Stock Option Activity) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Shares | ||
Closing Balance (in shares) | 12,822,684 | |
Options outstanding - end of the year (in shares) | 7,288,614 | |
Per share weighted average exercise prices | ||
Closing Balance (in dollars per shares) | $ 14.08 | |
Options exercisable - end of the year (in dollars per share) | $ 18.49 | |
Stock Options | ||
Shares | ||
Closing Balance (in shares) | 13,593,156 | 10,495,039 |
Granted (in shares) | 869,297 | 4,932,467 |
Canceled (in shares) | (533,921) | (258,509) |
Expired (in shares) | (1,105,848) | (1,575,841) |
Closing Balance (in shares) | 12,822,684 | 13,593,156 |
Options outstanding - end of the year (in shares) | 7,288,614 | 6,824,433 |
Per share weighted average exercise prices | ||
Opening Balance (in dollars per shares) | $ 15.30 | $ 21.67 |
Granted (in dollars per share) | 6.57 | 8.47 |
Canceled (in dollars per share) | 11.06 | 13.09 |
Expired (in dollars per share) | 24.75 | 36.86 |
Closing Balance (in dollars per shares) | 14.08 | 15.30 |
Options exercisable - end of the year (in dollars per share) | $ 18.49 | $ 20.23 |
Stock-Based Compensation Plan_6
Stock-Based Compensation Plans (Exercise Price Range) (Details) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding - Shares (in shares) | shares | 12,822,684 |
Options Outstanding - Per share weighted-average exercise price (in dollars per share) | $ 14.08 |
Options Outstanding - Weighted-average remaining contractual life | 6 years 1 month 27 days |
Options Exercisable - Shares (in shares) | shares | 7,288,614 |
Options Exercisable - Per share weighted-average exercise price (in dollars per share) | $ 18.49 |
Options Exercisable - Weighted-average remaining contractual life | 4 years 3 months 19 days |
$4.32 - $8.55 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of per share exercise prices, lower range (in dollars per share) | $ 4.32 |
Range of per share exercise prices, upper range (in dollars per share) | $ 8.55 |
Options Outstanding - Shares (in shares) | shares | 3,855,770 |
Options Outstanding - Per share weighted-average exercise price (in dollars per share) | $ 6.18 |
Options Outstanding - Weighted-average remaining contractual life | 8 years 11 months 26 days |
Options Exercisable - Shares (in shares) | shares | 0 |
Options Exercisable - Per share weighted-average exercise price (in dollars per share) | $ 0 |
$12.64 - $19.45 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of per share exercise prices, lower range (in dollars per share) | 12.64 |
Range of per share exercise prices, upper range (in dollars per share) | $ 19.45 |
Options Outstanding - Shares (in shares) | shares | 6,001,756 |
Options Outstanding - Per share weighted-average exercise price (in dollars per share) | $ 14.36 |
Options Outstanding - Weighted-average remaining contractual life | 6 years 7 months 9 days |
Options Exercisable - Shares (in shares) | shares | 4,323,456 |
Options Exercisable - Per share weighted-average exercise price (in dollars per share) | $ 14.86 |
Options Exercisable - Weighted-average remaining contractual life | 6 years 2 months 4 days |
$21.54 - $26.07 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of per share exercise prices, lower range (in dollars per share) | $ 21.54 |
Range of per share exercise prices, upper range (in dollars per share) | $ 26.07 |
Options Outstanding - Shares (in shares) | shares | 2,965,158 |
Options Outstanding - Per share weighted-average exercise price (in dollars per share) | $ 23.77 |
Options Outstanding - Weighted-average remaining contractual life | 1 year 6 months 25 days |
Options Exercisable - Shares (in shares) | shares | 2,965,158 |
Options Exercisable - Per share weighted-average exercise price (in dollars per share) | $ 23.77 |
Options Exercisable - Weighted-average remaining contractual life | 1 year 6 months 25 days |
Stock-Based Compensation Plan_7
Stock-Based Compensation Plans (Stock Options Assumptions) (Details) - Stock Options - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend yield | 3.00% | 9.90% | 5.70% |
Expected stock price volatility | 41.50% | 37.80% | 29.70% |
Risk-free interest rate | 2.50% | 2.80% | 2.30% |
Expected life | 5 years | 7 years | 7 years |
Weighted-average fair value per option granted | $ 1.98 | $ 1.26 | $ 2 |
Fair value of options granted | $ 1,722 | $ 6,229 | $ 5,107 |
Quarterly Financial Data (una_3
Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Selected Quarterly Financial Information [Abstract] | ||||||||||||||
Revenue | $ 831,343 | $ 790,125 | $ 788,573 | $ 795,084 | $ 857,414 | $ 760,281 | $ 773,538 | $ 820,289 | $ 3,205,125 | $ 3,211,522 | $ 2,784,007 | |||
Cost of revenue | 518,920 | 467,805 | 468,227 | 467,187 | 500,113 | 419,311 | 426,818 | 444,032 | 1,922,139 | 1,790,274 | ||||
Operating expenses | 304,042 | 341,870 | 287,312 | 322,620 | 318,968 | 295,782 | 308,077 | 310,300 | 1,255,844 | 1,233,127 | ||||
Total | 8,381 | (19,550) | 33,034 | 5,277 | 38,333 | 45,188 | 38,643 | 65,957 | 27,142 | 188,121 | 193,698 | |||
(Benefit) provision for income taxes | 344 | (24,895) | 3,724 | 7,820 | (10,819) | (2,468) | 2,205 | 17,498 | (13,007) | 6,416 | 13,659 | |||
Income from continuing operations | 8,037 | 5,345 | 29,310 | (2,543) | 49,152 | 47,656 | 36,438 | 48,459 | 40,149 | 181,705 | ||||
Income from discontinued operations, net of tax | 168,659 | (8,470) | (5,613) | (116) | 817 | 32,621 | 15,157 | 11,511 | 154,460 | 60,106 | 63,489 | |||
Net income - Pitney Bowes Inc. | $ 176,696 | $ (3,125) | $ 23,697 | $ (2,659) | $ 49,969 | $ 80,277 | $ 51,595 | $ 59,970 | $ 194,609 | $ 241,811 | $ 243,528 | |||
Basic earnings per share | ||||||||||||||
Continuing operations (in dollars per share) | $ 0.05 | $ 0.03 | $ 0.17 | $ (0.01) | $ 0.26 | $ 0.25 | $ 0.19 | $ 0.26 | $ 0.23 | [1] | $ 0.97 | [1] | $ 0.97 | [1] |
Discontinued operations (in dollars per share) | 0.99 | (0.05) | (0.03) | 0 | 0 | 0.17 | 0.08 | 0.06 | 0.88 | [1] | 0.32 | [1] | 0.34 | [1] |
Net income (in dollars per share) | 1.04 | (0.02) | 0.13 | (0.01) | 0.27 | 0.43 | 0.28 | 0.32 | 1.10 | [1] | 1.29 | [1] | 1.31 | [1] |
Diluted earnings per share | ||||||||||||||
Continuing operations (in dollars per share) | 0.05 | 0.03 | 0.16 | (0.01) | 0.26 | 0.25 | 0.19 | 0.26 | 0.23 | [1] | 0.96 | [1] | 0.96 | [1] |
Discontinued operations (in dollars per share) | 0.98 | (0.05) | (0.03) | 0 | 0 | 0.17 | 0.08 | 0.06 | 0.87 | [1] | 0.32 | [1] | 0.34 | [1] |
Net income (in dollars per share) | $ 1.03 | $ (0.02) | $ 0.13 | $ (0.01) | $ 0.26 | $ 0.43 | $ 0.27 | $ 0.32 | $ 1.10 | [1] | $ 1.28 | [1] | $ 1.30 | [1] |
[1] | The sum of the earnings per share amounts may not equal the totals due to rounding. |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for doubtful accounts | |||
Movement in Valuation Allowances and Reserves | |||
Balance at beginning of year | $ 17,443 | $ 14,319 | $ 13,506 |
Additions charged to expense | 16,345 | 9,770 | 7,426 |
Deductions | (15,958) | (6,646) | (6,613) |
Balance at end of year | 17,830 | 17,443 | 14,319 |
Valuation allowance for deferred tax asset | |||
Movement in Valuation Allowances and Reserves | |||
Balance at beginning of year | 142,496 | 178,156 | 127,095 |
Additions charged to expense | 5,324 | 3,682 | 53,782 |
Deductions | (37,038) | (39,342) | (2,721) |
Balance at end of year | $ 110,782 | $ 142,496 | $ 178,156 |
Uncategorized Items - pbi201912
Label | Element | Value |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 104,026,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (137,429,000) |