Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-03579 | |
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 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 175,493,000 | |
Entity Central Index Key | 0000078814 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Common stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $1 par value per share | |
Trading Symbol | PBI | |
Security Exchange Name | NYSE | |
6.70% Notes due 2043 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 6.7% Notes due 2043 | |
Trading Symbol | PBI.PRB | |
Security Exchange Name | NYSE |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Loss - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Revenue | $ 915,197 | $ 796,268 | |
Costs and expenses: | |||
Selling, general and administrative | 238,102 | 248,633 | |
Research and development | 11,316 | 12,116 | |
Restructuring charges | 2,889 | 3,817 | |
Goodwill impairment | 0 | 198,169 | |
Interest expense, net | 25,158 | 25,883 | |
Other components of net pension and postretirement expense (income) | 350 | (151) | |
Other expense, net | 51,394 | 33,487 | |
Total costs and expenses | 956,844 | 1,024,845 | |
Loss from continuing operations before taxes | (41,647) | (228,577) | |
Benefit for income taxes | (13,992) | (10,030) | |
Loss from continuing operations | (27,655) | (218,547) | |
(Loss) income from discontinued operations, net of tax | (3,886) | 10,064 | |
Net loss | $ (31,541) | $ (208,483) | |
Basic earnings (loss) per share: | |||
Continuing operations (in dollars per share) | $ (0.16) | $ (1.28) | |
Discontinued operations (in dollars per share) | (0.02) | 0.06 | |
Net (loss) income (in dollars per share) | (0.18) | [1] | (1.22) |
Diluted earnings (loss) per share: | |||
Continuing operations (in dollars per share) | (0.16) | (1.28) | |
Discontinued operations (in dollars per share) | (0.02) | 0.06 | |
Net (loss) income (in dollars per share) | $ (0.18) | $ (1.22) | |
Business services | |||
Revenue from contracts with customers | $ 570,454 | $ 444,379 | |
Revenue | 570,454 | 444,379 | |
Costs and expenses: | |||
Cost of products and sales | 499,534 | 374,665 | |
Support services | |||
Revenue from contracts with customers | 118,697 | 122,015 | |
Revenue | 118,697 | 122,015 | |
Costs and expenses: | |||
Cost of products and sales | 36,717 | 39,760 | |
Financing | |||
Revenue from contracts with customers | 0 | 0 | |
Revenue | 77,812 | 89,078 | |
Costs and expenses: | |||
Cost of products and sales | 11,886 | 12,489 | |
Equipment sales | |||
Revenue from contracts with customers | 19,118 | 17,130 | |
Revenue | 86,803 | 76,273 | |
Costs and expenses: | |||
Cost of equipment sales | 61,840 | 57,359 | |
Supplies | |||
Revenue from contracts with customers | 42,224 | 45,709 | |
Revenue | 42,224 | 45,709 | |
Costs and expenses: | |||
Cost of products and sales | 11,211 | 12,240 | |
Rentals | |||
Revenue from contracts with customers | 0 | 0 | |
Revenue | 19,207 | 18,814 | |
Costs and expenses: | |||
Cost of products and sales | $ 6,447 | $ 6,378 | |
[1] | The sum of the earnings per share amounts may not equal the totals due to rounding. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (31,541) | $ (208,483) |
Other comprehensive loss, net of tax: | ||
Foreign currency translation, net of tax of $(13) and $(2,817), respectively | (14,258) | (27,735) |
Net unrealized gain (loss) on cash flow hedges, net of tax of $1,601 and $(58), respectively | 4,830 | (174) |
Net unrealized (loss) gain on investment securities, net of tax of $(2,956) and $434, respectively | (8,916) | 1,308 |
Amortization of pension and postretirement costs, net of tax of $3,208 and $2,650, respectively | 9,937 | 8,870 |
Other comprehensive loss, net of tax | (8,407) | (17,731) |
Comprehensive loss | $ (39,948) | $ (226,214) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Foreign currency translation, tax | $ (13) | $ (2,817) |
Net unrealized gain (loss) on cash flow hedges, tax | 1,601 | (58) |
Net unrealized gain on investment securities, tax | (2,956) | 434 |
Amortization of pension and postretirement costs, tax | $ 3,208 | $ 2,650 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 680,727 | $ 921,450 |
Short-term investments, reported at fair value | 16,200 | 18,974 |
Accounts and other receivables (net of allowance of $20,480 and $18,899, respectively) | 327,755 | 389,240 |
Short-term finance receivables (net of allowance of $17,866 and $18,012, respectively) | 551,061 | 568,050 |
Inventories | 63,680 | 65,845 |
Current income taxes | 44,288 | 23,219 |
Other current assets and prepayments | 124,394 | 120,145 |
Total current assets | 1,808,105 | 2,106,923 |
Property, plant and equipment, net | 405,226 | 391,280 |
Rental property and equipment, net | 37,708 | 38,435 |
Long-term finance receivables (net of allowance of $17,608 and $17,857 respectively) | 597,012 | 605,292 |
Goodwill | 1,144,064 | 1,152,285 |
Intangible assets, net | 152,265 | 159,839 |
Operating lease assets | 196,843 | 201,916 |
Noncurrent income taxes | 68,732 | 72,653 |
Other assets (includes $383,214 and $355,799, respectively, reported at fair value) | 531,226 | 491,514 |
Total assets | 4,941,181 | 5,220,137 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 820,286 | 880,616 |
Customer deposits at Pitney Bowes Bank | 589,406 | 617,200 |
Current operating lease liabilities | 39,587 | 39,182 |
Current portion of long-term debt | 19,972 | 216,032 |
Advance billings | 118,166 | 114,550 |
Current income taxes | 6,839 | 2,880 |
Total current liabilities | 1,594,256 | 1,870,460 |
Long-term debt | 2,418,885 | 2,348,361 |
Deferred taxes on income | 282,192 | 279,451 |
Tax uncertainties and other income tax liabilities | 37,936 | 38,163 |
Noncurrent operating lease liabilities | 174,798 | 180,292 |
Other noncurrent liabilities | 413,951 | 437,015 |
Total liabilities | 4,922,018 | 5,153,742 |
Commitments and contingencies (See Note 14) | ||
Stockholders’ equity: | ||
Common stock, $1 par value (480,000,000 shares authorized; 323,337,912 shares issued) | 323,338 | 323,338 |
Additional paid-in capital | 15,269 | 68,502 |
Retained earnings | 5,161,029 | 5,201,195 |
Accumulated other comprehensive loss | (847,538) | (839,131) |
Treasury stock, at cost (149,600,577 and 151,362,724 shares, respectively) | (4,632,935) | (4,687,509) |
Total stockholders’ equity | 19,163 | 66,395 |
Total liabilities and stockholders’ equity | $ 4,941,181 | $ 5,220,137 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 20,480 | $ 18,899 |
Short-term finance receivables allowance | 17,866 | 18,012 |
Long-term finance receivables allowance | 17,608 | 17,857 |
Other assets, fair value | $ 383,214 | $ 355,799 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 480,000,000 | 480,000,000 |
Common stock, shares issued (in shares) | 323,337,912 | 323,337,912 |
Treasury stock (in shares) | 149,600,577 | 151,362,724 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (31,541) | $ (208,483) |
Loss (income) from discontinued operations, net of tax | 3,886 | (10,064) |
Restructuring payments | (3,955) | (6,047) |
Adjustments to reconcile net loss to net cash from operating activities: | ||
Depreciation and amortization | 39,594 | 40,719 |
Allowance for credit losses | 3,992 | 15,926 |
Stock-based compensation | 5,221 | 1,521 |
Restructuring charges | 2,889 | 3,817 |
Amortization of debt fees | 2,644 | 2,300 |
Goodwill impairment | 0 | 198,169 |
Loss on debt refinancing | 51,394 | 36,987 |
Changes in operating assets and liabilities, net of acquisitions/divestitures: | ||
Accounts and other receivables | 57,642 | 7,182 |
Finance receivables | 27,714 | 17,772 |
Inventories | 1,900 | (4,815) |
Other current assets and prepayments | (7,153) | (7,969) |
Accounts payable and accrued liabilities | (54,022) | (104,556) |
Current and noncurrent income taxes | (17,291) | 10,797 |
Advance billings | 4,267 | (4,148) |
Pension and retiree medical liabilities | (24,775) | (28,961) |
Other, net | 3,518 | 10,303 |
Net cash from operating activities - continuing operations | 65,924 | (29,550) |
Net cash from operating activities - discontinued operations | 0 | (37,805) |
Net cash from operating activities | 65,924 | (67,355) |
Cash flows from investing activities: | ||
Capital expenditures | (43,328) | (25,778) |
Purchases of investment securities | (64,473) | (107,312) |
Proceeds from sales/maturities of investment securities | 28,008 | 104,222 |
Net investment in loan receivables | (7,316) | 1,071 |
Acquisitions, net of cash acquired | 0 | (1,281) |
Other investing activities | 0 | 8,081 |
Net cash from investing activities - continuing operations | (87,109) | (20,997) |
Net cash from investing activities - discontinued operations | 0 | (2,502) |
Net cash from investing activities - continuing operations | (87,109) | (23,499) |
Cash flows from financing activities: | ||
Proceeds from the issuance of debt, net of discount | 1,195,500 | 816,544 |
Principal payments of debt | (1,327,315) | (932,600) |
Premiums and fees paid to refinance debt | (44,418) | (32,645) |
Dividends paid to stockholders | (8,625) | (8,523) |
Decrease in customer deposits at Pitney Bowes Bank | (27,794) | (888) |
Other financing activities | (5,648) | (2,372) |
Net cash from financing activities | (218,300) | (160,484) |
Effect of exchange rate changes on cash and cash equivalents | (1,238) | (10,032) |
Change in cash and cash equivalents | (240,723) | (261,370) |
Cash and cash equivalents at beginning of period | 921,450 | 924,442 |
Cash and cash equivalents at end of period | $ 680,727 | $ 663,072 |
Description of Business and Bas
Description of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | Description of Business and Basis of Presentation Description of Business Pitney Bowes Inc. (we, us, our, or the company) is a global technology company providing commerce solutions that power billions of transactions. Clients around the world rely on the accuracy and precision delivered by our equipment, solutions, analytics, and application programming interface technology in the areas of ecommerce fulfillment, shipping and returns, cross-border ecommerce, office mailing and shipping, presort services and financing. For more information about us, our products, services and solutions, visit www.pitneybowes.com . Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and the instructions to Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In addition, the December 31, 2020 Condensed Consolidated Balance Sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. In management's opinion, all adjustments, consisting only of normal recurring adjustments, considered necessary to fairly state our financial position, results of operations and cash flows for the periods presented have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2021, particularly in light of the coronavirus pandemic (COVID-19) and its effect on global businesses and economies. These statements should be read in conjunction with the financial statements and notes thereto included in our Annual Report to Stockholders on Form 10-K for the year ended December 31, 2020 (2020 Annual Report). In the fourth quarter 2020, we determined that based on their nature, certain cash flows from loan receivables classified as cash flows from operating activities should have been classified as investment in loans receivables within cash flows from investing activities. It was also determined that certain investment purchases and maturities that were previously reported on a net basis should have been reported on a gross basis. Finally, previously reported cash flows from investing activities resulting from changes in customer deposits at the Pitney Bowes Bank (the Bank) are now reported as cash flows from financing activities. These adjustments were not material to the previously issued 2020 interim financial statements; however, the cash flow statement for the period ended March 31, 2020 has been revised and the impact on our previously issued interim Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2020 is as follows: Three Months Ended March 31, 2020 (unaudited) As Previously Reported Adjustments As Revised Cash flows from operating activities Changes in finance receivables $ 18,843 $ (1,071) $ 17,772 Net cash from operating activities: continuing operations $ (28,479) $ (1,071) $ (29,550) Net cash from operating activities $ (66,284) $ (1,071) $ (67,355) Cash flows from investing activities Purchases of investment securities $ (67,312) $ (40,000) $ (107,312) Proceeds from sales/maturities of investment securities $ 24,102 $ 80,120 $ 104,222 Net change in short-term and other investing activities $ 48,431 $ (48,431) $ — Net investment in loan receivables $ — $ 1,071 $ 1,071 Customer deposits at the Bank $ (888) $ 888 $ — Other investing activities $ (230) $ 8,311 $ 8,081 Net cash from investing activities: continuing operations $ (22,956) $ 1,959 $ (20,997) Net cash from investing activities $ (25,458) $ 1,959 $ (23,499) Cash flows from financing activities Customer deposits at the Bank $ — $ (888) $ (888) Net cash from financing activities $ (159,596) $ (888) $ (160,484) Risks and Uncertainties The effects of COVID-19 on global economies and businesses continues to impact how we conduct business and our operating results, financial position and cash flows. Its impact on our business remains unpredictable and accordingly, we are not able to reasonably estimate the full extent of the impact of COVID-19 on our operating results, financial position and cash flows. Accounting Pronouncements Adopted in 2021 In January 2021 we adopted ASU 2019-12, Simplifying the Accounting for Income Taxes . The ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles and also clarifies and amends existing guidance. The adoption of this standard did not have a material impact on our consolidated financial statements. Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Disaggregated Revenue The following tables disaggregate our revenue by source and timing of recognition: Three Months Ended March 31, 2021 Global Ecommerce Presort Services SendTech Solutions Revenue from products and services Revenue from leasing transactions and financing Total consolidated revenue Major products/service lines Business services $ 413,086 $ 143,126 $ 14,242 $ 570,454 $ — $ 570,454 Support services — — 118,697 118,697 — 118,697 Financing — — — — 77,812 77,812 Equipment sales — — 19,118 19,118 67,685 86,803 Supplies — — 42,224 42,224 — 42,224 Rentals — — — — 19,207 19,207 Subtotal 413,086 143,126 194,281 750,493 $ 164,704 $ 915,197 Revenue from leasing transactions and financing Financing — — 77,812 77,812 Equipment sales — — 67,685 67,685 Rentals — — 19,207 19,207 Total revenue $ 413,086 $ 143,126 $ 358,985 $ 915,197 Timing of revenue recognition from products and services Products/services transferred at a point in time $ — $ — $ 77,538 $ 77,538 Products/services transferred over time 413,086 143,126 116,743 672,955 Total $ 413,086 $ 143,126 $ 194,281 $ 750,493 Three Months Ended March 31, 2020 Global Ecommerce Presort Services SendTech Solutions Revenue from products and services Revenue from leasing transactions and financing Total consolidated revenue Major products/service lines Business services $ 292,323 $ 140,720 $ 11,336 $ 444,379 $ — $ 444,379 Support services — — 122,015 122,015 — 122,015 Financing — — — — 89,078 89,078 Equipment sales — — 17,130 17,130 59,143 76,273 Supplies — — 45,709 45,709 — 45,709 Rentals — — — — 18,814 18,814 Subtotal 292,323 140,720 196,190 629,233 $ 167,035 $ 796,268 Revenue from leasing transactions and financing Financing — — 89,078 89,078 Equipment sales — — 59,143 59,143 Rentals — — 18,814 18,814 Total revenue $ 292,323 $ 140,720 $ 363,225 $ 796,268 Timing of revenue recognition from products and services Products/services transferred at a point in time $ — $ — $ 78,374 $ 78,374 Products/services transferred over time 292,323 140,720 117,816 550,859 Total $ 292,323 $ 140,720 $ 196,190 $ 629,233 Our performance obligations for revenue from products and services are as follows: Business services includes providing mail processing services, shipping subscription solutions, fulfillment, delivery and return services and cross-border solutions. Revenue for shipping subscription solutions is recognized ratably over the contract period as the client obtains equal benefit from these services through the period. Revenue for mail processing services, fulfillment, delivery and return services and cross-border solutions is recognized over time using an output method based on the number of parcels or mail pieces either processed or delivered, depending on the service type, since that measure best depicts the value of goods and services transferred to the client over the contract period. Contract terms for these services range from one to five years followed by annual renewal periods. Support services includes providing maintenance, professional and subscription services for our mailing equipment and professional services for our digital delivery services. Contract terms range from one Equipment sales, excluding sales-type leases, generally includes the sale of mailing and shipping equipment. 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 and operating leases, finance income, late fees and investment income, gains and losses at Pitney Bowes Bank. Advance Billings from Contracts with Customers Balance sheet location March 31, 2021 December 31, 2020 Increase/ (decrease) Advance billings, current Advance billings $ 110,786 $ 106,498 $ 4,288 Advance billings, noncurrent Other noncurrent liabilities $ 1,341 $ 1,277 $ 64 Advance billings are recorded when cash payments are due in advance of our performance. Revenue is recognized ratably over the contract term. Items in advance billings primarily relate to support services on mailing equipment. Revenue recognized during the period includes $74 million of advance billings at the beginning of the period. Advance billings, current at March 31, 2021 and December 31, 2020 also includes $7 million and $8 million, respectively, from leasing transactions. Future Performance Obligations Future performance obligations include revenue streams bundled with our leasing contracts, primarily maintenance and subscription services. The transaction prices allocated to future performance obligations will be recognized as follows: Remainder of 2021 2022 2023-2026 Total SendTech Solutions $ 215,628 $ 227,979 $ 272,008 $ 715,615 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 | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Our reportable segments are Global Ecommerce, Presort Services and Sending Technology Solutions (SendTech Solutions). The principal products and services of each reportable segment are as follows: Global Ecommerce: Includes the revenue and related expenses from domestic parcel services, cross-border solutions and digital delivery services. Presort Services : Includes revenue and related expenses from sortation services to qualify large volumes of First Class Mail, Marketing Mail, Marketing Mail Flats and Bound Printed Matter for postal worksharing discounts. SendTech Solutions: Includes the revenue and related expenses from physical and digital mailing and shipping technology solutions, financing, services, supplies and other applications to help simplify and save on the sending, tracking and receiving of letters, parcels and flats. 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 loss. Revenue Three Months Ended March 31, 2021 2020 Global Ecommerce $ 413,086 $ 292,323 Presort Services 143,126 140,720 SendTech Solutions 358,985 363,225 Total revenue $ 915,197 $ 796,268 EBIT Three Months Ended March 31, 2021 2020 Global Ecommerce $ (26,376) $ (29,475) Presort Services 19,051 15,695 SendTech Solutions 114,470 106,562 Total segment EBIT 107,145 92,782 Reconciliation of Segment EBIT to net loss: Unallocated corporate expenses (57,465) (43,722) Restructuring charges (2,889) (3,817) Interest expense, net (37,044) (38,372) Goodwill impairment — (198,169) Loss on debt refinancing (51,394) (36,987) Transaction costs — (292) Benefit for income taxes 13,992 10,030 Loss from continuing operations (27,655) (218,547) (Loss) income from discontinued operations, net of tax (3,886) 10,064 Net loss $ (31,541) $ (208,483) |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Mar. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued OperationsDiscontinued operations for the quarter ended March 31, 2021 includes a tax charge related to the sale of our Production Mail business in 2018. Discontinued operations for the quarter ended March 31, 2020 primarily includes the gain on the sale of our software business in Australia. |
Earnings per Share (EPS)
Earnings per Share (EPS) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per Share (EPS) | Earnings per Share (EPS) Three Months Ended March 31, 2021 2020 Numerator: Loss from continuing operations $ (27,655) $ (218,547) (Loss) income from discontinued operations, net of tax (3,886) 10,064 Net loss $ (31,541) $ (208,483) Denominator: Weighted-average shares used in basic EPS 172,856 170,912 Dilutive effect of common stock equivalents (1) — — Weighted-average shares used in diluted EPS 172,856 170,912 Basic loss per share (2) : Continuing operations $ (0.16) $ (1.28) Discontinued operations (0.02) 0.06 Net loss $ (0.18) $ (1.22) Diluted loss per share (2) : Continuing operations $ (0.16) $ (1.28) Discontinued operations (0.02) 0.06 Net loss $ (0.18) $ (1.22) Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive: 6,440 17,617 (1) Due to the net loss for the three months ended March 31, 2021 and 2020, common stock equivalents of 5,804 and 1,554, respectively, were also excluded from the calculation of diluted earnings per share as the impact would have been anti-dilutive. (2) The sum of the earnings per share amounts may not equal the totals due to rounding. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories are stated at the lower of cost or market. Cost is determined on the last-in, first-out (LIFO) basis, the first-in, first-out (FIFO) basis or average cost. Inventories consisted of the following: March 31, December 31, Raw materials $ 17,879 $ 16,570 Supplies and service parts 25,749 24,061 Finished products 25,687 30,849 Inventory at FIFO cost 69,315 71,480 Excess of FIFO cost over LIFO cost (5,635) (5,635) Total inventory, net $ 63,680 $ 65,845 |
Finance Assets and Lessor Opera
Finance Assets and Lessor Operating Leases | 3 Months Ended |
Mar. 31, 2021 | |
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 installments over periods ranging from three Finance receivables consisted of the following: March 31, 2021 December 31, 2020 North America International Total North America International Total Sales-type lease receivables Gross finance receivables $ 975,272 $ 192,273 $ 1,167,545 $ 994,985 $ 211,944 $ 1,206,929 Unguaranteed residual values 37,463 11,667 49,130 36,405 12,140 48,545 Unearned income (265,497) (60,413) (325,910) (275,359) (61,686) (337,045) Allowance for credit losses (22,998) (5,606) (28,604) (22,917) (6,006) (28,923) Net investment in sales-type lease receivables 724,240 137,921 862,161 733,114 156,392 889,506 Loan receivables Loan receivables 269,797 22,985 292,782 268,690 22,092 290,782 Allowance for credit losses (6,407) (463) (6,870) (6,484) (462) (6,946) Net investment in loan receivables 263,390 22,522 285,912 262,206 21,630 283,836 Net investment in finance receivables $ 987,630 $ 160,443 $ 1,148,073 $ 995,320 $ 178,022 $ 1,173,342 Maturities of gross sales-type lease receivables and gross loan receivables at March 31, 2021 were as follows: Sales-type Lease Receivables Loan Receivables North America International Total North America International Total Remaining for year ending December 31, 2021 $ 297,596 $ 47,488 $ 345,084 $ 219,009 $ 22,985 $ 241,994 Year ending December 31, 2022 308,902 65,636 374,538 16,057 — 16,057 Year ending December 31, 2023 204,090 42,223 246,313 10,325 — 10,325 Year ending December 31, 2024 110,774 22,887 133,661 12,722 — 12,722 Year ending December 31, 2025 46,934 10,250 57,184 9,470 — 9,470 Thereafter 6,976 3,789 10,765 2,214 — 2,214 Total $ 975,272 $ 192,273 $ 1,167,545 $ 269,797 $ 22,985 $ 292,782 Aging of Receivables The aging of gross finance receivables was as follows: March 31, 2021 Sales-type Lease Receivables Loan Receivables North International North International Total Past due amounts 0 - 90 days $ 956,358 $ 191,298 $ 265,004 $ 22,812 $ 1,435,472 Past due amounts > 90 days 18,914 975 4,793 173 24,855 Total $ 975,272 $ 192,273 $ 269,797 $ 22,985 $ 1,460,327 Past due amounts > 90 days Still accruing interest $ 3,853 $ 189 $ 1,466 $ 66 $ 5,574 Not accruing interest 15,061 786 3,327 107 19,281 Total $ 18,914 $ 975 $ 4,793 $ 173 $ 24,855 December 31, 2020 Sales-type Lease Receivables Loan Receivables North International North International Total Past due amounts 0 - 90 days $ 972,266 $ 208,968 $ 264,484 $ 21,932 $ 1,467,650 Past due amounts > 90 days 22,719 2,976 4,206 160 30,061 Total $ 994,985 $ 211,944 $ 268,690 $ 22,092 $ 1,497,711 Past due amounts > 90 days Still accruing interest $ 5,128 $ 463 $ 1,797 $ 59 $ 7,447 Not accruing interest 17,591 2,513 2,409 101 22,614 Total $ 22,719 $ 2,976 $ 4,206 $ 160 $ 30,061 Allowance for Credit Losses We estimate an allowance for credit losses based on historical loss experience, the nature of our portfolios, adverse situations that may affect a client's ability to pay, current conditions, management forecasts and independent economic forecasts. Credit losses are estimated at the portfolio level based on asset type and geographic market. Historical loss experience is based on actual loss rates over the average term of the asset of five years for sales-type lease receivables and three years for loan receivables (including accrued interest). The assumptions used in determining an estimate of credit losses are inherently subjective and actual results may differ significantly from estimated reserves. We establish credit approval limits based on the credit quality of the client and the type of equipment financed. Our policy is to discontinue revenue recognition for lease receivables that are more than 120 days past due and for loan receivables that are more than 90 days past due. We resume revenue recognition when the client's payments reduce the account aging to less than 60 days past due. Finance receivables deemed uncollectible are written off against the allowance after all collection efforts have been exhausted and management deems the account to be uncollectible. However, 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. Activity in the allowance for credit losses for finance receivables was as follows: Sales-type Lease Receivables Loan Receivables North International North International Total Balance at January 1, 2021 $ 22,917 $ 6,006 $ 6,484 $ 462 $ 35,869 Amounts charged to expense 154 61 763 4 982 Write-offs (1,024) (371) (1,833) (3) (3,231) Recoveries 935 29 991 — 1,955 Other 16 (119) 2 — (101) Balance at March 31, 2021 $ 22,998 $ 5,606 $ 6,407 $ 463 $ 35,474 Sales-type Lease Receivables Loan Receivables North International North International Total Balance at December 31, 2019 $ 10,920 $ 2,085 $ 5,906 $ 740 $ 19,651 Cumulative effect of accounting change 9,271 1,750 (1,116) (402) 9,503 Amounts charged to expense 6,892 1,345 4,006 403 12,646 Write-offs (1,618) (248) (2,058) (104) (4,028) Recoveries 592 31 691 — 1,314 Other (124) (80) (7) (7) (218) Balance at March 31, 2020 $ 25,933 $ 4,883 $ 7,422 $ 630 $ 38,868 Credit Quality The extension of credit and management of credit lines to new and existing clients uses a combination of a client's credit score, where available, and a detailed manual review of their financial condition and payment history or an automated process for certain small dollar applications. 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 to 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 proprietary commercial credit score. The relative scores are determined based on a number of factors, including financial information, payment history, company type and ownership structure. We stratify the third party's credit scores of our clients into low, medium and high-risk accounts. Due to timing and other issues, our entire portfolio may not be scored at period end. We report these amounts as "Not Scored"; however, absence of a score is not indicative of the credit quality of the account. The third-party credit score is used to predict the payment behaviors of our clients and the probability that an account will become greater than 90 days past due during the subsequent 12-month period. • Low risk accounts are companies with very good credit scores and a predicted delinquency rate of less than 5%. • Medium risk accounts are companies with average to good credit scores and a predicted delinquency rate between 5% and 10%. • High risk accounts are companies with poor credit scores, are delinquent or are at risk of becoming delinquent. The predicted delinquency rate would be greater than 10%. The table below shows the gross sales-type lease receivable and loan receivable balances by relative risk class and year of origination based on the relative scores of the accounts within each class as of March 31, 2021 and December 30, 2020. Sales Type Lease Receivables Loan Receivables Total 2021 2020 2019 2018 2017 Prior Low $ 78,458 $ 235,018 $ 207,236 $ 144,994 $ 70,678 $ 31,481 $ 180,586 $ 948,451 Medium 13,409 46,999 46,899 31,959 16,268 7,235 74,966 237,735 High 1,497 5,248 5,142 3,402 1,792 1,024 5,127 23,232 Not Scored 23,202 61,983 58,732 38,207 23,214 13,468 32,103 250,909 Total $ 116,566 $ 349,248 $ 318,009 $ 218,562 $ 111,952 $ 53,208 $ 292,782 $ 1,460,327 Sales Type Lease Receivables Loan Receivables Total 2020 2019 2018 2017 2016 Prior Low $ 256,573 $ 228,344 $ 165,244 $ 87,346 $ 30,518 $ 12,249 $ 192,971 $ 973,245 Medium 50,785 49,946 37,168 21,388 6,470 2,375 61,625 229,757 High 6,182 5,396 3,782 1,974 1,051 143 4,518 23,046 Not Scored 80,854 77,362 48,704 24,291 7,813 971 31,668 271,663 Total $ 394,394 $ 361,048 $ 254,898 $ 134,999 $ 45,852 $ 15,738 $ 290,782 $ 1,497,711 The majority of the Not Scored amounts above is within our International portfolio. We do not use a third party to score our International portfolio because the cost to do so is prohibitive as there is no single credit score model that covers all countries. Approximately 80% of credit applications are approved or denied through the automated review process. All other credit applications are manually reviewed by obtaining client financial information, credit reports and other available financial information. Lease Income Lease income from sales-type leases was as follows: Three Months Ended March 31, 2021 2020 Profit recognized at commencement (1) $ 32,265 $ 29,908 Interest income 48,496 53,806 Total lease income from sales-type leases $ 80,761 $ 83,714 (1) Lease contracts do not include variable lease payments. The disclosure of total lease income from sales-type leases for the three months ended March 31, 2020 has been revised from $63 million to $84 million. The revision did not have any impact on our Condensed Consolidated Statement of Loss. Lessor Operating Leases We also lease mailing equipment under operating leases with terms of one Remaining for year ending December 31, 2021 $ 25,005 Year ending December 31, 2022 20,449 Year ending December 31, 2023 9,175 Year ending December 31, 2024 7,692 Year ending December 31, 2025 2,499 Thereafter 37 Total $ 64,857 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | Intangible Assets and Goodwill Intangible Assets Intangible assets consisted of the following: March 31, 2021 December 31, 2020 Gross Accumulated Net Gross Accumulated Net Customer relationships $ 268,199 $ (121,634) $ 146,565 $ 268,199 $ (115,010) $ 153,189 Software & technology 19,000 (13,300) 5,700 19,000 (12,350) 6,650 Total intangible assets $ 287,199 $ (134,934) $ 152,265 $ 287,199 $ (127,360) $ 159,839 Amortization expense for the three months ended March 31, 2021 and 2020 was $8 million and $9 million, respectively. Future amortization expense as of March 31, 2021 is shown in the table below. Actual amortization expense may differ due to, among other things, fluctuations in foreign currency exchange rates, impairments, acquisitions and accelerated amortization. Remaining for year ending December 31, 2021 $ 22,721 Year ending December 31, 2022 29,315 Year ending December 31, 2023 26,465 Year ending December 31, 2024 26,465 Year ending December 31, 2025 19,805 Thereafter 27,494 Total $ 152,265 Goodwill Changes in the carrying value of goodwill, by reporting segment, are shown in the table below. Gross value before accumulated impairment Accumulated impairment December 31, 2020 Currency impact March 31, Global Ecommerce $ 609,431 $ (198,169) $ 411,262 $ — $ 411,262 Presort Services 220,992 — 220,992 — 220,992 SendTech Solutions 520,031 — 520,031 (8,221) 511,810 Total goodwill $ 1,350,454 $ (198,169) $ 1,152,285 $ (8,221) $ 1,144,064 |
Fair Value Measurements and Der
Fair Value Measurements and Derivative Instruments | 3 Months Ended |
Mar. 31, 2021 | |
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. March 31, 2021 Level 1 Level 2 Level 3 Total Assets: Investment securities Money market funds $ 39,573 $ 250,390 $ — $ 289,963 Equity securities — 28,100 — 28,100 Commingled fixed income securities 1,698 19,027 — 20,725 Government and related securities 26,228 25,396 — 51,624 Corporate debt securities — 65,950 — 65,950 Mortgage-backed / asset-backed securities — 231,863 — 231,863 Derivatives Interest rate swap — 4,117 — 4,117 Foreign exchange contracts — 1,117 — 1,117 Total assets $ 67,499 $ 625,960 $ — $ 693,459 Liabilities: Derivatives Foreign exchange contracts $ — $ (786) $ — $ (786) Total liabilities $ — $ (786) $ — $ (786) December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Investment securities Money market funds $ 73,228 $ 434,791 $ — $ 508,019 Equity securities — 26,583 — 26,583 Commingled fixed income securities 1,722 19,669 — 21,391 Government and related securities 16,776 16,757 — 33,533 Corporate debt securities — 71,433 — 71,433 Mortgage-backed / asset-backed securities — 220,678 — 220,678 Derivatives Foreign exchange contracts — 3,776 — 3,776 Total assets $ 91,726 $ 793,687 $ — $ 885,413 Liabilities: Derivatives Interest rate swap $ — $ (2,163) $ — $ (2,163) Foreign exchange contracts — (1,960) — (1,960) Total liabilities $ — $ (4,123) $ — $ (4,123) 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 within the fair value hierarchy: • Money Market Funds: 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. • 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 external price/spread data. These securities are classified as Level 2. Derivative Securities • Foreign Exchange Contracts: The valuation of foreign exchange derivatives is based on the market approach using observable market inputs, such as foreign currency spot and forward rates and yield curves. We have not seen a material change in the creditworthiness of those banks acting as derivative counterparties. These securities are classified as Level 2. • Interest Rate Swaps: The valuation of interest rate swaps is based on an income approach using inputs that are observable or that can be derived from, or corroborated by, observable market data. These securities are classified as Level 2. Available-For-Sale Securities Available-for-sale securities are predominantly held at the Pitney Bowes Bank. Investment securities classified as available-for-sale are recorded at fair value with changes in fair value due to market conditions (i.e., interest rates) recorded in accumulated other comprehensive loss (AOCL), and changes in fair value due to credit conditions recorded in earnings. There were no unrealized losses due to credit losses charged to earnings through the three months ended March 31, 2021. Available-for-sale securities consisted of the following: March 31, 2021 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Government and related securities $ 51,411 $ 42 $ (1,377) $ 50,076 Corporate debt securities 69,913 300 (4,263) 65,950 Commingled fixed income securities 1,712 — (14) 1,698 Mortgage-backed / asset-backed securities 237,827 303 (6,267) 231,863 Total $ 360,863 $ 645 $ (11,921) $ 349,587 December 31, 2020 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Government and related securities $ 31,882 $ 157 $ (78) $ 31,961 Corporate debt securities 71,174 614 (355) 71,433 Commingled fixed income securities 1,706 16 — 1,722 Mortgage-backed / asset-backed securities 220,659 734 (715) 220,678 Total $ 325,421 $ 1,521 $ (1,148) $ 325,794 Investment securities in a loss position were as follows: March 31, 2021 December 31, 2020 Fair Value Gross unrealized losses Fair Value Gross unrealized losses Less than 12 continuous months $ 312,002 $ 11,850 $ 132,267 $ 1,072 Greater than 12 continuous months 2,294 71 2,369 76 Total $ 314,296 $ 11,921 $ 134,636 $ 1,148 At March 31, 2021, 34% of the securities in the investment portfolio were in a loss position. We believe our allowance for credit losses on available-for-sale investment securities is adequate as our investments are primarily in highly liquid U.S. government and agency securities, high grade corporate bonds and municipal bonds. The majority of our mortgage-backed securities are either guaranteed or supported by the U.S. Government. We have not recognized an impairment on investment securities in an unrealized loss position because we have the ability and intent to hold these securities until recovery of the unrealized losses or we receive the stated principal and interest at maturity. Scheduled maturities of available-for-sale securities at March 31, 2021 were as follows: Amortized cost Estimated fair value Within 1 year $ 14,398 $ 14,401 After 1 year through 5 years 15,241 15,266 After 5 years through 10 years 66,618 63,185 After 10 years 264,606 256,735 Total $ 360,863 $ 349,587 The scheduled maturities of mortgage-backed and asset-backed securities may not coincide with the actual payment, as borrowers have the right to prepay obligations. Held-to-Maturity Securities Held-to-maturity securities at March 31, 2021 and December 31, 2020, include $25 million and $75 million, respectively, of short-term, highly liquid time deposits. Due to the short-term nature of these securities, the carrying value approximates fair value. 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 mitigate these exposures by following established risk management policies and procedures, including the use of derivatives. We use derivative instruments to limit the effects of exchange rate fluctuations on financial results and manage the 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 the 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. Foreign Exchange Contracts We enter into foreign exchange contracts to mitigate the currency risk associated with the anticipated purchase of inventory between affiliates and from third parties. These contracts are designated as cash flow hedges. The effective portion of the gain or loss on cash flow hedges is included in AOCL 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. No amount of ineffectiveness was recorded in earnings for these designated cash flow hedges. At March 31, 2021 and December 31, 2020, we had outstanding contracts associated with these anticipated transactions with notional amounts of $6 million and $8 million, respectively. Amounts included in AOCL at March 31, 2021 will be recognized in earnings within the next 12 months. Interest Rate Swaps We have interest rate swap agreements with an aggregate notional amount of $500 million that are designated as cash flow hedges. The fair value of the interest rate swaps is recorded as a derivative asset or liability at the end of each reporting period with the change in fair value reflected in AOCL. The fair value of derivative instruments was as follows: Designation of Derivatives Balance Sheet Location March 31, December 31, Derivatives designated as Foreign exchange contracts Other current assets and prepayments $ 214 $ 96 Accounts payable and accrued liabilities (71) (112) Interest rate swaps Other assets (Other noncurrent liabilities) 4,117 (2,163) Derivatives not designated as Foreign exchange contracts Other current assets and prepayments 903 3,680 Accounts payable and accrued liabilities (715) (1,848) Total derivative assets $ 5,234 $ 3,776 Total derivative liabilities (786) (4,123) Total net derivative asset (liability) $ 4,448 $ (347) Results of cash flow hedging relationships were as follows: Three Months Ended March 31, Derivative Gain (Loss) Location of Gain (Loss) Gain (Loss) Reclassified Derivative Instrument 2021 2020 2021 2020 Foreign exchange contracts $ 228 $ (160) Revenue $ 126 $ 61 Cost of sales (58) 10 Interest rate swap 6,280 — Interest expense — — $ 6,508 $ (160) $ 68 $ 71 We 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 intercompany loans and interest and the corresponding mark-to-market adjustment on derivatives are recorded in earnings. All outstanding contracts at March 31, 2021 mature within 12 months. The mark-to-market adjustments of non-designated derivative instruments were as follows: Three Months Ended March 31, Derivative Gain (Loss) Recognized in Earnings Derivatives Instrument Location of Derivative Gain (Loss) 2021 2020 Foreign exchange contracts Selling, general and administrative expense $ 553 $ (4,867) Fair Value of Financial Instruments Financial instruments not reported at fair value on a recurring basis include cash and cash equivalents, accounts receivable, loan receivables, 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 debt is estimated based on recently executed transactions and market price quotations. The inputs used to determine the fair value of debt are classified as Level 2 in the fair value hierarchy. The carrying value and estimated fair value of debt was as follows: March 31, 2021 December 31, 2020 Carrying value $ 2,438,857 $ 2,564,393 Fair value $ 2,426,062 $ 2,479,895 |
Restructuring Charges
Restructuring Charges | 3 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Restructuring Charges Activity in our restructuring reserves was as follows: Severance and other exit costs Balance at January 1, 2021 $ 10,063 Expenses, net 2,889 Cash payments (3,955) Noncash activity (227) Balance at March 31, 2021 $ 8,770 Balance at January 1, 2020 $ 12,006 Expenses, net 3,817 Cash payments (6,047) Noncash activity (763) Balance at March 31, 2020 $ 9,013 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt Total debt consisted of the following: Interest rate March 31, 2021 December 31, 2020 Notes due October 2021 4.875% $ — $ 152,588 Notes due May 2022 5.375% 72,873 148,792 Notes due April 2023 5.95% 96,667 271,000 Notes due March 2024 4.625% 267,952 374,000 Notes due March 2027 6.875% 400,000 — Notes due March 2029 7.25% 350,000 — Notes due January 2037 5.25% 35,841 35,841 Notes due March 2043 6.70% 425,000 425,000 Term loan due March 2026 LIBOR + 1.75% 380,000 380,000 Term loan due January 2025 LIBOR + 5.5% — 818,125 Term loan due March 2028 LIBOR + 4.0% 450,000 — Other debt 4,598 4,900 Principal amount 2,482,931 2,610,246 Less: unamortized costs, net 44,074 45,853 Total debt 2,438,857 2,564,393 Less: current portion long-term debt 19,972 216,032 Long-term debt $ 2,418,885 $ 2,348,361 During the first quarter of 2021, we issued a $400 million 6.875% unsecured note due March 2027 and a $350 million 7.25% unsecured note due March 2029. We also entered into a new seven-year $450 million secured term loan maturing March 2028. We redeemed the remaining $153 million balance of the October 2021 notes and, under a tender offer, redeemed an aggregate $356 million of the May 2022 notes, April 2023 notes and March 2024 notes. We also repaid the remaining $818 million balance of our term loan that was scheduled to mature in January 2025. We also amended our $500 million secured revolving credit facility and our March 2026 secured term loan to extend their maturities from November 2024 to March 2026. The credit agreement that governs the revolving credit facility and term loans contains financial and non-financial covenants. At March 31, 2021, we were in compliance with all covenants and there were no outstanding borrowings under the revolving credit facility. A $51 million pre-tax loss was incurred on the refinancing of debt. Interest rates on certain notes are subject to adjustment based on changes in our credit ratings. Due to a credit downgrade in February 2021, the interest rates on the May 2022 notes and the April 2023 notes will increase 0.25% in the second quarter of 2021. At March 31, 2021, the interest rate of the 2028 Term Loan was 4.1% and the interest rate on the 2026 Term Loan was 1.9%. |
Pensions and Other Benefit Prog
Pensions and Other Benefit Programs | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Pensions and Other Benefit Programs | Pensions and Other Benefit Programs The components of net periodic benefit cost (income) were as follows: Defined Benefit Pension Plans Nonpension Postretirement Benefit Plans United States Foreign Three Months Ended Three Months Ended Three Months Ended March 31, March 31, March 31, 2021 2020 2021 2020 2021 2020 Service cost $ 26 $ 26 $ 395 $ 399 $ 224 $ 217 Interest cost 10,745 13,179 2,961 3,518 961 1,245 Expected return on plan assets (19,478) (21,304) (7,984) (8,208) — — Amortization of transition credit — — — (1) — — Amortization of prior service (credit) cost (15) (15) 67 61 32 93 Amortization of net actuarial loss 9,638 8,198 2,345 2,059 1,078 736 Settlement — 389 — — — — Net periodic benefit cost (income) $ 916 $ 473 $ (2,216) $ (2,172) $ 2,295 $ 2,291 Contributions to benefit plans $ 1,015 $ 1,929 $ 8,696 $ 7,988 $ 3,519 $ 4,455 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rate for the three months ended March 31, 2021 was a benefit of 33.6% and includes benefits of $3 million from an affiliate reorganization and $2 million from the vesting of restricted stock, partially offset by a charge of $1 million for the write-off of deferred tax assets associated with the expiration of out-of-the-money stock options. The effective tax rate for the three months ended March 31, 2020 was a benefit of 4.4% and includes a benefit of $2 million on the $198 million goodwill impairment charge as the majority of this charge is nondeductible, a benefit of $2 million from the resolution of certain tax examinations and a charge of $3 million for the write-off of deferred tax assets associated with the expiration of out-of-the-money stock options and the vesting of restricted stock. As is the case with other large corporations, our tax returns are examined by tax authorities in the U.S. and other global taxing jurisdictions in which we have operations. As a result, it is reasonably possible that the amount of unrecognized tax benefits will decrease in the next 12 months, and this decrease could be up to 10% of our unrecognized tax benefits. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
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, customers or others. In management's opinion, as of March 31, 2021, the potential liability, if any, that may result from these actions, either individually or collectively, is not reasonably expected to 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. At March 31, 2021, we have entered into leases with aggregate lease payments of approximately $41 million and terms ranging from three |
Stockholders_ Equity
Stockholders’ Equity | 3 Months Ended |
Mar. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Stockholders’ Equity | Stockholders’ Equity Changes in stockholders’ equity were as follows: Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Treasury stock Total equity Balance at January 1, 2021 $ 323,338 $ 68,502 $ 5,201,195 $ (839,131) $ (4,687,509) $ 66,395 Net loss — — (31,541) — — (31,541) Other comprehensive loss — — — (8,407) — (8,407) Dividends paid ($0.05 per common share) — — (8,625) — — (8,625) Issuance of common stock — (58,454) — — 54,574 (3,880) Stock-based compensation expense — 5,221 — — — 5,221 Balance at March 31, 2021 $ 323,338 $ 15,269 $ 5,161,029 $ (847,538) $ (4,632,935) $ 19,163 Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Treasury stock Total equity Balance at December 31, 2019 $ 323,338 $ 98,748 $ 5,438,930 $ (840,143) $ (4,734,777) $ 286,096 Cumulative effect of accounting change — — (21,900) — — (21,900) Net loss — — (208,483) — — (208,483) Other comprehensive loss — — — (17,731) — (17,731) Dividends paid ($0.05 per common share) — — (8,523) — — (8,523) Issuance of common stock — (30,716) — — 29,166 (1,550) Stock-based compensation expense — 1,521 — — — 1,521 Balance at March 31, 2020 $ 323,338 $ 69,553 $ 5,200,024 $ (857,874) $ (4,705,611) $ 29,430 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Reclassifications out of AOCL were as follows: Gain (Loss) Reclassified from AOCL Three Months Ended March 31, 2021 2020 Cash flow hedges Revenue $ 126 $ 61 Cost of sales (58) 10 Total before tax 68 71 Income tax provision 17 17 Net of tax $ 51 $ 54 Available-for-sale securities Financing revenue $ (1) $ 284 Selling, general and administrative expense 42 — Total before tax 41 284 Income tax provision 10 71 Net of tax $ 31 $ 213 Pension and postretirement benefit plans Transition credit $ — $ 1 Prior service costs (84) (139) Actuarial losses (13,061) (10,993) Settlement — (389) Total before tax (13,145) (11,520) Income tax benefit (3,208) (2,650) Net of tax $ (9,937) $ (8,870) Changes in AOCL were as follows: Cash flow hedges Available for sale securities Pension and postretirement benefit plans Foreign currency adjustments Total Balance at January 1, 2021 $ (1,411) $ 402 $ (851,063) $ 12,941 $ (839,131) Other comprehensive income (loss) before reclassifications (1) 4,881 (8,885) — (14,258) (18,262) Reclassifications into earnings (1) (51) (31) 9,937 — 9,855 Net other comprehensive income (loss) 4,830 (8,916) 9,937 (14,258) (8,407) Balance at March 31, 2021 $ 3,419 $ (8,514) $ (841,126) $ (1,317) $ (847,538) Cash flow hedges Available for sale securities Pension and postretirement benefit plans Foreign currency adjustments Total Balance at January 1, 2020 $ 337 $ 2,849 $ (819,018) $ (24,311) $ (840,143) Other comprehensive (loss) income before reclassifications (1) (120) 1,521 — (27,735) (26,334) Reclassifications into earnings (1) (54) (213) 8,870 — 8,603 Net other comprehensive (loss) income (174) 1,308 8,870 (27,735) (17,731) Balance at March 31, 2020 $ 163 $ 4,157 $ (810,148) $ (52,046) $ (857,874) |
Supplemental Financial Statemen
Supplemental Financial Statement Information | 3 Months Ended |
Mar. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Supplemental Financial Statement Information | Supplemental Financial Statement Information Activity in the allowance for credit losses on accounts receivables for the three months ended March 31, 2021 and 2020 is presented below. See Note 7 for additional information pertaining to our finance receivables. Balance at beginning of year Cumulative effect of accounting change Amounts charged to expense Write-offs, recoveries and other Balance at end of period Accounts and other receivables Other assets March 31, 2021 $ 35,344 $ — $ 3,011 $ (1,314) $ 37,041 $ 20,480 $ 16,561 March 31, 2020 $ 17,830 $ 15,336 $ 3,280 $ (7,002) $ 29,444 $ 29,444 $ — Other expense, net consisted of the following: Three Months Ended March 31, 2021 2020 Loss on debt refinancing $ 51,394 $ 36,987 Insurance proceeds — (3,500) Other expense, net $ 51,394 $ 33,487 Supplemental cash flow information is as follows: Three Months Ended March 31, 2021 2020 Cash interest paid $ 39,658 $ 44,891 Cash income tax payments, net of refunds $ 2,641 $ 13,270 Finance leased assets obtained in exchange for new lease obligations $ 9,477 $ 2,399 |
Description of Business and B_2
Description of Business and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Accounting Pronouncements Adopted and Accounting Pronouncements Not Yet Adopted | Accounting Pronouncements Adopted in 2021 In January 2021 we adopted ASU 2019-12, Simplifying the Accounting for Income Taxes . The ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles and also clarifies and amends existing guidance. The adoption of this standard did not have a material impact on our consolidated financial statements. Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. |
Description of Business and B_3
Description of Business and Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments | These adjustments were not material to the previously issued 2020 interim financial statements; however, the cash flow statement for the period ended March 31, 2020 has been revised and the impact on our previously issued interim Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2020 is as follows: Three Months Ended March 31, 2020 (unaudited) As Previously Reported Adjustments As Revised Cash flows from operating activities Changes in finance receivables $ 18,843 $ (1,071) $ 17,772 Net cash from operating activities: continuing operations $ (28,479) $ (1,071) $ (29,550) Net cash from operating activities $ (66,284) $ (1,071) $ (67,355) Cash flows from investing activities Purchases of investment securities $ (67,312) $ (40,000) $ (107,312) Proceeds from sales/maturities of investment securities $ 24,102 $ 80,120 $ 104,222 Net change in short-term and other investing activities $ 48,431 $ (48,431) $ — Net investment in loan receivables $ — $ 1,071 $ 1,071 Customer deposits at the Bank $ (888) $ 888 $ — Other investing activities $ (230) $ 8,311 $ 8,081 Net cash from investing activities: continuing operations $ (22,956) $ 1,959 $ (20,997) Net cash from investing activities $ (25,458) $ 1,959 $ (23,499) Cash flows from financing activities Customer deposits at the Bank $ — $ (888) $ (888) Net cash from financing activities $ (159,596) $ (888) $ (160,484) |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables disaggregate our revenue by source and timing of recognition: Three Months Ended March 31, 2021 Global Ecommerce Presort Services SendTech Solutions Revenue from products and services Revenue from leasing transactions and financing Total consolidated revenue Major products/service lines Business services $ 413,086 $ 143,126 $ 14,242 $ 570,454 $ — $ 570,454 Support services — — 118,697 118,697 — 118,697 Financing — — — — 77,812 77,812 Equipment sales — — 19,118 19,118 67,685 86,803 Supplies — — 42,224 42,224 — 42,224 Rentals — — — — 19,207 19,207 Subtotal 413,086 143,126 194,281 750,493 $ 164,704 $ 915,197 Revenue from leasing transactions and financing Financing — — 77,812 77,812 Equipment sales — — 67,685 67,685 Rentals — — 19,207 19,207 Total revenue $ 413,086 $ 143,126 $ 358,985 $ 915,197 Timing of revenue recognition from products and services Products/services transferred at a point in time $ — $ — $ 77,538 $ 77,538 Products/services transferred over time 413,086 143,126 116,743 672,955 Total $ 413,086 $ 143,126 $ 194,281 $ 750,493 Three Months Ended March 31, 2020 Global Ecommerce Presort Services SendTech Solutions Revenue from products and services Revenue from leasing transactions and financing Total consolidated revenue Major products/service lines Business services $ 292,323 $ 140,720 $ 11,336 $ 444,379 $ — $ 444,379 Support services — — 122,015 122,015 — 122,015 Financing — — — — 89,078 89,078 Equipment sales — — 17,130 17,130 59,143 76,273 Supplies — — 45,709 45,709 — 45,709 Rentals — — — — 18,814 18,814 Subtotal 292,323 140,720 196,190 629,233 $ 167,035 $ 796,268 Revenue from leasing transactions and financing Financing — — 89,078 89,078 Equipment sales — — 59,143 59,143 Rentals — — 18,814 18,814 Total revenue $ 292,323 $ 140,720 $ 363,225 $ 796,268 Timing of revenue recognition from products and services Products/services transferred at a point in time $ — $ — $ 78,374 $ 78,374 Products/services transferred over time 292,323 140,720 117,816 550,859 Total $ 292,323 $ 140,720 $ 196,190 $ 629,233 |
Contract Assets and Advance Billings | Advance Billings from Contracts with Customers Balance sheet location March 31, 2021 December 31, 2020 Increase/ (decrease) Advance billings, current Advance billings $ 110,786 $ 106,498 $ 4,288 Advance billings, noncurrent Other noncurrent liabilities $ 1,341 $ 1,277 $ 64 |
Future Performance Obligations | The transaction prices allocated to future performance obligations will be recognized as follows: Remainder of 2021 2022 2023-2026 Total SendTech Solutions $ 215,628 $ 227,979 $ 272,008 $ 715,615 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 loss. Revenue Three Months Ended March 31, 2021 2020 Global Ecommerce $ 413,086 $ 292,323 Presort Services 143,126 140,720 SendTech Solutions 358,985 363,225 Total revenue $ 915,197 $ 796,268 |
Reconciliation of EBIT from Segments to Consolidated | EBIT Three Months Ended March 31, 2021 2020 Global Ecommerce $ (26,376) $ (29,475) Presort Services 19,051 15,695 SendTech Solutions 114,470 106,562 Total segment EBIT 107,145 92,782 Reconciliation of Segment EBIT to net loss: Unallocated corporate expenses (57,465) (43,722) Restructuring charges (2,889) (3,817) Interest expense, net (37,044) (38,372) Goodwill impairment — (198,169) Loss on debt refinancing (51,394) (36,987) Transaction costs — (292) Benefit for income taxes 13,992 10,030 Loss from continuing operations (27,655) (218,547) (Loss) income from discontinued operations, net of tax (3,886) 10,064 Net loss $ (31,541) $ (208,483) |
Earnings per Share (EPS) (Table
Earnings per Share (EPS) (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | Three Months Ended March 31, 2021 2020 Numerator: Loss from continuing operations $ (27,655) $ (218,547) (Loss) income from discontinued operations, net of tax (3,886) 10,064 Net loss $ (31,541) $ (208,483) Denominator: Weighted-average shares used in basic EPS 172,856 170,912 Dilutive effect of common stock equivalents (1) — — Weighted-average shares used in diluted EPS 172,856 170,912 Basic loss per share (2) : Continuing operations $ (0.16) $ (1.28) Discontinued operations (0.02) 0.06 Net loss $ (0.18) $ (1.22) Diluted loss per share (2) : Continuing operations $ (0.16) $ (1.28) Discontinued operations (0.02) 0.06 Net loss $ (0.18) $ (1.22) Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive: 6,440 17,617 (1) Due to the net loss for the three months ended March 31, 2021 and 2020, common stock equivalents of 5,804 and 1,554, respectively, were also excluded from the calculation of diluted earnings per share as the impact would have been anti-dilutive. (2) The sum of the earnings per share amounts may not equal the totals due to rounding. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventory Components | Inventories consisted of the following: March 31, December 31, Raw materials $ 17,879 $ 16,570 Supplies and service parts 25,749 24,061 Finished products 25,687 30,849 Inventory at FIFO cost 69,315 71,480 Excess of FIFO cost over LIFO cost (5,635) (5,635) Total inventory, net $ 63,680 $ 65,845 |
Finance Assets and Lessor Ope_2
Finance Assets and Lessor Operating Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Financing Receivables | Finance receivables consisted of the following: March 31, 2021 December 31, 2020 North America International Total North America International Total Sales-type lease receivables Gross finance receivables $ 975,272 $ 192,273 $ 1,167,545 $ 994,985 $ 211,944 $ 1,206,929 Unguaranteed residual values 37,463 11,667 49,130 36,405 12,140 48,545 Unearned income (265,497) (60,413) (325,910) (275,359) (61,686) (337,045) Allowance for credit losses (22,998) (5,606) (28,604) (22,917) (6,006) (28,923) Net investment in sales-type lease receivables 724,240 137,921 862,161 733,114 156,392 889,506 Loan receivables Loan receivables 269,797 22,985 292,782 268,690 22,092 290,782 Allowance for credit losses (6,407) (463) (6,870) (6,484) (462) (6,946) Net investment in loan receivables 263,390 22,522 285,912 262,206 21,630 283,836 Net investment in finance receivables $ 987,630 $ 160,443 $ 1,148,073 $ 995,320 $ 178,022 $ 1,173,342 |
Sales-type Lease Maturity | Maturities of gross sales-type lease receivables and gross loan receivables at March 31, 2021 were as follows: Sales-type Lease Receivables Loan Receivables North America International Total North America International Total Remaining for year ending December 31, 2021 $ 297,596 $ 47,488 $ 345,084 $ 219,009 $ 22,985 $ 241,994 Year ending December 31, 2022 308,902 65,636 374,538 16,057 — 16,057 Year ending December 31, 2023 204,090 42,223 246,313 10,325 — 10,325 Year ending December 31, 2024 110,774 22,887 133,661 12,722 — 12,722 Year ending December 31, 2025 46,934 10,250 57,184 9,470 — 9,470 Thereafter 6,976 3,789 10,765 2,214 — 2,214 Total $ 975,272 $ 192,273 $ 1,167,545 $ 269,797 $ 22,985 $ 292,782 |
Loan Receivable Maturity | Maturities of gross sales-type lease receivables and gross loan receivables at March 31, 2021 were as follows: Sales-type Lease Receivables Loan Receivables North America International Total North America International Total Remaining for year ending December 31, 2021 $ 297,596 $ 47,488 $ 345,084 $ 219,009 $ 22,985 $ 241,994 Year ending December 31, 2022 308,902 65,636 374,538 16,057 — 16,057 Year ending December 31, 2023 204,090 42,223 246,313 10,325 — 10,325 Year ending December 31, 2024 110,774 22,887 133,661 12,722 — 12,722 Year ending December 31, 2025 46,934 10,250 57,184 9,470 — 9,470 Thereafter 6,976 3,789 10,765 2,214 — 2,214 Total $ 975,272 $ 192,273 $ 1,167,545 $ 269,797 $ 22,985 $ 292,782 |
Past Due Financing Receivables | The aging of gross finance receivables was as follows: March 31, 2021 Sales-type Lease Receivables Loan Receivables North International North International Total Past due amounts 0 - 90 days $ 956,358 $ 191,298 $ 265,004 $ 22,812 $ 1,435,472 Past due amounts > 90 days 18,914 975 4,793 173 24,855 Total $ 975,272 $ 192,273 $ 269,797 $ 22,985 $ 1,460,327 Past due amounts > 90 days Still accruing interest $ 3,853 $ 189 $ 1,466 $ 66 $ 5,574 Not accruing interest 15,061 786 3,327 107 19,281 Total $ 18,914 $ 975 $ 4,793 $ 173 $ 24,855 December 31, 2020 Sales-type Lease Receivables Loan Receivables North International North International Total Past due amounts 0 - 90 days $ 972,266 $ 208,968 $ 264,484 $ 21,932 $ 1,467,650 Past due amounts > 90 days 22,719 2,976 4,206 160 30,061 Total $ 994,985 $ 211,944 $ 268,690 $ 22,092 $ 1,497,711 Past due amounts > 90 days Still accruing interest $ 5,128 $ 463 $ 1,797 $ 59 $ 7,447 Not accruing interest 17,591 2,513 2,409 101 22,614 Total $ 22,719 $ 2,976 $ 4,206 $ 160 $ 30,061 |
Allowance for Credit Losses on Financing Receivables | Activity in the allowance for credit losses for finance receivables was as follows: Sales-type Lease Receivables Loan Receivables North International North International Total Balance at January 1, 2021 $ 22,917 $ 6,006 $ 6,484 $ 462 $ 35,869 Amounts charged to expense 154 61 763 4 982 Write-offs (1,024) (371) (1,833) (3) (3,231) Recoveries 935 29 991 — 1,955 Other 16 (119) 2 — (101) Balance at March 31, 2021 $ 22,998 $ 5,606 $ 6,407 $ 463 $ 35,474 Sales-type Lease Receivables Loan Receivables North International North International Total Balance at December 31, 2019 $ 10,920 $ 2,085 $ 5,906 $ 740 $ 19,651 Cumulative effect of accounting change 9,271 1,750 (1,116) (402) 9,503 Amounts charged to expense 6,892 1,345 4,006 403 12,646 Write-offs (1,618) (248) (2,058) (104) (4,028) Recoveries 592 31 691 — 1,314 Other (124) (80) (7) (7) (218) Balance at March 31, 2020 $ 25,933 $ 4,883 $ 7,422 $ 630 $ 38,868 |
Financing Receivable Credit Quality Indicators | The table below shows the gross sales-type lease receivable and loan receivable balances by relative risk class and year of origination based on the relative scores of the accounts within each class as of March 31, 2021 and December 30, 2020. Sales Type Lease Receivables Loan Receivables Total 2021 2020 2019 2018 2017 Prior Low $ 78,458 $ 235,018 $ 207,236 $ 144,994 $ 70,678 $ 31,481 $ 180,586 $ 948,451 Medium 13,409 46,999 46,899 31,959 16,268 7,235 74,966 237,735 High 1,497 5,248 5,142 3,402 1,792 1,024 5,127 23,232 Not Scored 23,202 61,983 58,732 38,207 23,214 13,468 32,103 250,909 Total $ 116,566 $ 349,248 $ 318,009 $ 218,562 $ 111,952 $ 53,208 $ 292,782 $ 1,460,327 Sales Type Lease Receivables Loan Receivables Total 2020 2019 2018 2017 2016 Prior Low $ 256,573 $ 228,344 $ 165,244 $ 87,346 $ 30,518 $ 12,249 $ 192,971 $ 973,245 Medium 50,785 49,946 37,168 21,388 6,470 2,375 61,625 229,757 High 6,182 5,396 3,782 1,974 1,051 143 4,518 23,046 Not Scored 80,854 77,362 48,704 24,291 7,813 971 31,668 271,663 Total $ 394,394 $ 361,048 $ 254,898 $ 134,999 $ 45,852 $ 15,738 $ 290,782 $ 1,497,711 |
Sales-type Lease, Lease Income | Lease income from sales-type leases was as follows: Three Months Ended March 31, 2021 2020 Profit recognized at commencement (1) $ 32,265 $ 29,908 Interest income 48,496 53,806 Total lease income from sales-type leases $ 80,761 $ 83,714 (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 Remaining for year ending December 31, 2021 $ 25,005 Year ending December 31, 2022 20,449 Year ending December 31, 2023 9,175 Year ending December 31, 2024 7,692 Year ending December 31, 2025 2,499 Thereafter 37 Total $ 64,857 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible assets consisted of the following: March 31, 2021 December 31, 2020 Gross Accumulated Net Gross Accumulated Net Customer relationships $ 268,199 $ (121,634) $ 146,565 $ 268,199 $ (115,010) $ 153,189 Software & technology 19,000 (13,300) 5,700 19,000 (12,350) 6,650 Total intangible assets $ 287,199 $ (134,934) $ 152,265 $ 287,199 $ (127,360) $ 159,839 |
Amortization Expense In Future Periods | Future amortization expense as of March 31, 2021 is shown in the table below. Actual amortization expense may differ due to, among other things, fluctuations in foreign currency exchange rates, impairments, acquisitions and accelerated amortization. Remaining for year ending December 31, 2021 $ 22,721 Year ending December 31, 2022 29,315 Year ending December 31, 2023 26,465 Year ending December 31, 2024 26,465 Year ending December 31, 2025 19,805 Thereafter 27,494 Total $ 152,265 |
Schedule of Goodwill | Changes in the carrying value of goodwill, by reporting segment, are shown in the table below. Gross value before accumulated impairment Accumulated impairment December 31, 2020 Currency impact March 31, Global Ecommerce $ 609,431 $ (198,169) $ 411,262 $ — $ 411,262 Presort Services 220,992 — 220,992 — 220,992 SendTech Solutions 520,031 — 520,031 (8,221) 511,810 Total goodwill $ 1,350,454 $ (198,169) $ 1,152,285 $ (8,221) $ 1,144,064 |
Fair Value Measurements and D_2
Fair Value Measurements and Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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. March 31, 2021 Level 1 Level 2 Level 3 Total Assets: Investment securities Money market funds $ 39,573 $ 250,390 $ — $ 289,963 Equity securities — 28,100 — 28,100 Commingled fixed income securities 1,698 19,027 — 20,725 Government and related securities 26,228 25,396 — 51,624 Corporate debt securities — 65,950 — 65,950 Mortgage-backed / asset-backed securities — 231,863 — 231,863 Derivatives Interest rate swap — 4,117 — 4,117 Foreign exchange contracts — 1,117 — 1,117 Total assets $ 67,499 $ 625,960 $ — $ 693,459 Liabilities: Derivatives Foreign exchange contracts $ — $ (786) $ — $ (786) Total liabilities $ — $ (786) $ — $ (786) December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Investment securities Money market funds $ 73,228 $ 434,791 $ — $ 508,019 Equity securities — 26,583 — 26,583 Commingled fixed income securities 1,722 19,669 — 21,391 Government and related securities 16,776 16,757 — 33,533 Corporate debt securities — 71,433 — 71,433 Mortgage-backed / asset-backed securities — 220,678 — 220,678 Derivatives Foreign exchange contracts — 3,776 — 3,776 Total assets $ 91,726 $ 793,687 $ — $ 885,413 Liabilities: Derivatives Interest rate swap $ — $ (2,163) $ — $ (2,163) Foreign exchange contracts — (1,960) — (1,960) Total liabilities $ — $ (4,123) $ — $ (4,123) |
Schedule of Available-for-sale Securities Reconciliation | Available-for-sale securities consisted of the following: March 31, 2021 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Government and related securities $ 51,411 $ 42 $ (1,377) $ 50,076 Corporate debt securities 69,913 300 (4,263) 65,950 Commingled fixed income securities 1,712 — (14) 1,698 Mortgage-backed / asset-backed securities 237,827 303 (6,267) 231,863 Total $ 360,863 $ 645 $ (11,921) $ 349,587 December 31, 2020 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Government and related securities $ 31,882 $ 157 $ (78) $ 31,961 Corporate debt securities 71,174 614 (355) 71,433 Commingled fixed income securities 1,706 16 — 1,722 Mortgage-backed / asset-backed securities 220,659 734 (715) 220,678 Total $ 325,421 $ 1,521 $ (1,148) $ 325,794 |
Schedule of Unrealized Holding Losses | Investment securities in a loss position were as follows: March 31, 2021 December 31, 2020 Fair Value Gross unrealized losses Fair Value Gross unrealized losses Less than 12 continuous months $ 312,002 $ 11,850 $ 132,267 $ 1,072 Greater than 12 continuous months 2,294 71 2,369 76 Total $ 314,296 $ 11,921 $ 134,636 $ 1,148 |
Available-for-sale Securities | Scheduled maturities of available-for-sale securities at March 31, 2021 were as follows: Amortized cost Estimated fair value Within 1 year $ 14,398 $ 14,401 After 1 year through 5 years 15,241 15,266 After 5 years through 10 years 66,618 63,185 After 10 years 264,606 256,735 Total $ 360,863 $ 349,587 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The fair value of derivative instruments was as follows: Designation of Derivatives Balance Sheet Location March 31, December 31, Derivatives designated as Foreign exchange contracts Other current assets and prepayments $ 214 $ 96 Accounts payable and accrued liabilities (71) (112) Interest rate swaps Other assets (Other noncurrent liabilities) 4,117 (2,163) Derivatives not designated as Foreign exchange contracts Other current assets and prepayments 903 3,680 Accounts payable and accrued liabilities (715) (1,848) Total derivative assets $ 5,234 $ 3,776 Total derivative liabilities (786) (4,123) Total net derivative asset (liability) $ 4,448 $ (347) |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | Results of cash flow hedging relationships were as follows: Three Months Ended March 31, Derivative Gain (Loss) Location of Gain (Loss) Gain (Loss) Reclassified Derivative Instrument 2021 2020 2021 2020 Foreign exchange contracts $ 228 $ (160) Revenue $ 126 $ 61 Cost of sales (58) 10 Interest rate swap 6,280 — Interest expense — — $ 6,508 $ (160) $ 68 $ 71 |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | All outstanding contracts at March 31, 2021 mature within 12 months. The mark-to-market adjustments of non-designated derivative instruments were as follows: Three Months Ended March 31, Derivative Gain (Loss) Recognized in Earnings Derivatives Instrument Location of Derivative Gain (Loss) 2021 2020 Foreign exchange contracts Selling, general and administrative expense $ 553 $ (4,867) |
Fair Value, by Balance Sheet Grouping | The carrying value and estimated fair value of debt was as follows: March 31, 2021 December 31, 2020 Carrying value $ 2,438,857 $ 2,564,393 Fair value $ 2,426,062 $ 2,479,895 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost | Activity in our restructuring reserves was as follows: Severance and other exit costs Balance at January 1, 2021 $ 10,063 Expenses, net 2,889 Cash payments (3,955) Noncash activity (227) Balance at March 31, 2021 $ 8,770 Balance at January 1, 2020 $ 12,006 Expenses, net 3,817 Cash payments (6,047) Noncash activity (763) Balance at March 31, 2020 $ 9,013 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Total debt consisted of the following: Interest rate March 31, 2021 December 31, 2020 Notes due October 2021 4.875% $ — $ 152,588 Notes due May 2022 5.375% 72,873 148,792 Notes due April 2023 5.95% 96,667 271,000 Notes due March 2024 4.625% 267,952 374,000 Notes due March 2027 6.875% 400,000 — Notes due March 2029 7.25% 350,000 — Notes due January 2037 5.25% 35,841 35,841 Notes due March 2043 6.70% 425,000 425,000 Term loan due March 2026 LIBOR + 1.75% 380,000 380,000 Term loan due January 2025 LIBOR + 5.5% — 818,125 Term loan due March 2028 LIBOR + 4.0% 450,000 — Other debt 4,598 4,900 Principal amount 2,482,931 2,610,246 Less: unamortized costs, net 44,074 45,853 Total debt 2,438,857 2,564,393 Less: current portion long-term debt 19,972 216,032 Long-term debt $ 2,418,885 $ 2,348,361 |
Pensions and Other Benefit Pr_2
Pensions and Other Benefit Programs (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | The components of net periodic benefit cost (income) were as follows: Defined Benefit Pension Plans Nonpension Postretirement Benefit Plans United States Foreign Three Months Ended Three Months Ended Three Months Ended March 31, March 31, March 31, 2021 2020 2021 2020 2021 2020 Service cost $ 26 $ 26 $ 395 $ 399 $ 224 $ 217 Interest cost 10,745 13,179 2,961 3,518 961 1,245 Expected return on plan assets (19,478) (21,304) (7,984) (8,208) — — Amortization of transition credit — — — (1) — — Amortization of prior service (credit) cost (15) (15) 67 61 32 93 Amortization of net actuarial loss 9,638 8,198 2,345 2,059 1,078 736 Settlement — 389 — — — — Net periodic benefit cost (income) $ 916 $ 473 $ (2,216) $ (2,172) $ 2,295 $ 2,291 Contributions to benefit plans $ 1,015 $ 1,929 $ 8,696 $ 7,988 $ 3,519 $ 4,455 |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders Equity | Changes in stockholders’ equity were as follows: Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Treasury stock Total equity Balance at January 1, 2021 $ 323,338 $ 68,502 $ 5,201,195 $ (839,131) $ (4,687,509) $ 66,395 Net loss — — (31,541) — — (31,541) Other comprehensive loss — — — (8,407) — (8,407) Dividends paid ($0.05 per common share) — — (8,625) — — (8,625) Issuance of common stock — (58,454) — — 54,574 (3,880) Stock-based compensation expense — 5,221 — — — 5,221 Balance at March 31, 2021 $ 323,338 $ 15,269 $ 5,161,029 $ (847,538) $ (4,632,935) $ 19,163 Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Treasury stock Total equity Balance at December 31, 2019 $ 323,338 $ 98,748 $ 5,438,930 $ (840,143) $ (4,734,777) $ 286,096 Cumulative effect of accounting change — — (21,900) — — (21,900) Net loss — — (208,483) — — (208,483) Other comprehensive loss — — — (17,731) — (17,731) Dividends paid ($0.05 per common share) — — (8,523) — — (8,523) Issuance of common stock — (30,716) — — 29,166 (1,550) Stock-based compensation expense — 1,521 — — — 1,521 Balance at March 31, 2020 $ 323,338 $ 69,553 $ 5,200,024 $ (857,874) $ (4,705,611) $ 29,430 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Reclassification out of Accumulated Other Comprehensive Income | Reclassifications out of AOCL were as follows: Gain (Loss) Reclassified from AOCL Three Months Ended March 31, 2021 2020 Cash flow hedges Revenue $ 126 $ 61 Cost of sales (58) 10 Total before tax 68 71 Income tax provision 17 17 Net of tax $ 51 $ 54 Available-for-sale securities Financing revenue $ (1) $ 284 Selling, general and administrative expense 42 — Total before tax 41 284 Income tax provision 10 71 Net of tax $ 31 $ 213 Pension and postretirement benefit plans Transition credit $ — $ 1 Prior service costs (84) (139) Actuarial losses (13,061) (10,993) Settlement — (389) Total before tax (13,145) (11,520) Income tax benefit (3,208) (2,650) Net of tax $ (9,937) $ (8,870) |
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in AOCL were as follows: Cash flow hedges Available for sale securities Pension and postretirement benefit plans Foreign currency adjustments Total Balance at January 1, 2021 $ (1,411) $ 402 $ (851,063) $ 12,941 $ (839,131) Other comprehensive income (loss) before reclassifications (1) 4,881 (8,885) — (14,258) (18,262) Reclassifications into earnings (1) (51) (31) 9,937 — 9,855 Net other comprehensive income (loss) 4,830 (8,916) 9,937 (14,258) (8,407) Balance at March 31, 2021 $ 3,419 $ (8,514) $ (841,126) $ (1,317) $ (847,538) Cash flow hedges Available for sale securities Pension and postretirement benefit plans Foreign currency adjustments Total Balance at January 1, 2020 $ 337 $ 2,849 $ (819,018) $ (24,311) $ (840,143) Other comprehensive (loss) income before reclassifications (1) (120) 1,521 — (27,735) (26,334) Reclassifications into earnings (1) (54) (213) 8,870 — 8,603 Net other comprehensive (loss) income (174) 1,308 8,870 (27,735) (17,731) Balance at March 31, 2020 $ 163 $ 4,157 $ (810,148) $ (52,046) $ (857,874) |
Supplemental Financial Statem_2
Supplemental Financial Statement Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Accounting Standards Update | Activity in the allowance for credit losses on accounts receivables for the three months ended March 31, 2021 and 2020 is presented below. See Note 7 for additional information pertaining to our finance receivables. Balance at beginning of year Cumulative effect of accounting change Amounts charged to expense Write-offs, recoveries and other Balance at end of period Accounts and other receivables Other assets March 31, 2021 $ 35,344 $ — $ 3,011 $ (1,314) $ 37,041 $ 20,480 $ 16,561 March 31, 2020 $ 17,830 $ 15,336 $ 3,280 $ (7,002) $ 29,444 $ 29,444 $ — |
Schedule of Other (Income) Expense | Other expense, net consisted of the following: Three Months Ended March 31, 2021 2020 Loss on debt refinancing $ 51,394 $ 36,987 Insurance proceeds — (3,500) Other expense, net $ 51,394 $ 33,487 |
Schedule of Cash Flow Supplemental Information | Supplemental cash flow information is as follows: Three Months Ended March 31, 2021 2020 Cash interest paid $ 39,658 $ 44,891 Cash income tax payments, net of refunds $ 2,641 $ 13,270 Finance leased assets obtained in exchange for new lease obligations $ 9,477 $ 2,399 |
Description of Business and B_4
Description of Business and Basis of Presentation (Error Correction) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Finance receivables | $ 27,714 | $ 17,772 |
Net cash from operating activities - continuing operations | 65,924 | (29,550) |
Net cash from operating activities | 65,924 | (67,355) |
Purchases of investment securities | (64,473) | (107,312) |
Proceeds from sales/maturities of investment securities | 28,008 | 104,222 |
Net change in short-term and other investing activities | (7,316) | 1,071 |
Net investment in loan receivables | 1,071 | |
Other investing activities | 0 | 8,081 |
Net cash from investing activities - continuing operations | (87,109) | (20,997) |
Net cash from investing activities | (87,109) | (23,499) |
Customer deposits at the Bank | (888) | |
Net cash from financing activities | $ (218,300) | (160,484) |
As Previously Reported | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Finance receivables | 18,843 | |
Net cash from operating activities - continuing operations | (28,479) | |
Net cash from operating activities | (66,284) | |
Purchases of investment securities | (67,312) | |
Proceeds from sales/maturities of investment securities | 24,102 | |
Net change in short-term and other investing activities | 48,431 | |
Customer deposits at the Bank | (888) | |
Other investing activities | (230) | |
Net cash from investing activities - continuing operations | (22,956) | |
Net cash from investing activities | (25,458) | |
Net cash from financing activities | (159,596) | |
Adjustments | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Finance receivables | (1,071) | |
Net cash from operating activities - continuing operations | (1,071) | |
Net cash from operating activities | (1,071) | |
Purchases of investment securities | (40,000) | |
Proceeds from sales/maturities of investment securities | 80,120 | |
Net change in short-term and other investing activities | (48,431) | |
Net investment in loan receivables | 1,071 | |
Customer deposits at the Bank | 888 | |
Other investing activities | 8,311 | |
Net cash from investing activities - continuing operations | 1,959 | |
Net cash from investing activities | 1,959 | |
Customer deposits at the Bank | (888) | |
Net cash from financing activities | $ (888) |
Revenue (Disaggregates of Reven
Revenue (Disaggregates of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from leasing transactions and financing | $ 915,197 | $ 796,268 |
Total consolidated revenue | 915,197 | 796,268 |
ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 750,493 | 629,233 |
Products/services transferred at a point in time | ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 77,538 | 78,374 |
Products/services transferred over time | ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 672,955 | 550,859 |
Sales And Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 750,493 | 629,233 |
Revenue from leasing transactions and financing | 164,704 | 167,035 |
Total consolidated revenue | 915,197 | 796,268 |
Business services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 570,454 | 444,379 |
Revenue from leasing transactions and financing | 0 | 0 |
Total consolidated revenue | 570,454 | 444,379 |
Support services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 118,697 | 122,015 |
Revenue from leasing transactions and financing | 0 | 0 |
Total consolidated revenue | 118,697 | 122,015 |
Financing | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Revenue from leasing transactions and financing | 77,812 | 89,078 |
Total consolidated revenue | 77,812 | 89,078 |
Equipment sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 19,118 | 17,130 |
Revenue from leasing transactions and financing | 67,685 | 59,143 |
Total consolidated revenue | 86,803 | 76,273 |
Supplies | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 42,224 | 45,709 |
Revenue from leasing transactions and financing | 0 | 0 |
Total consolidated revenue | 42,224 | 45,709 |
Rentals | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Revenue from leasing transactions and financing | 19,207 | 18,814 |
Total consolidated revenue | 19,207 | 18,814 |
Global Ecommerce | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from leasing transactions and financing | 413,086 | 292,323 |
Global Ecommerce | ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 413,086 | 292,323 |
Global Ecommerce | Products/services transferred at a point in time | ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Global Ecommerce | Products/services transferred over time | ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 413,086 | 292,323 |
Global Ecommerce | Sales And Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 413,086 | 292,323 |
Global Ecommerce | Business services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 413,086 | 292,323 |
Global Ecommerce | Support services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Global Ecommerce | Financing | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Revenue from leasing transactions and financing | 0 | 0 |
Global Ecommerce | Equipment sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Revenue from leasing transactions and financing | 0 | 0 |
Global Ecommerce | Supplies | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Global Ecommerce | Rentals | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Revenue from leasing transactions and financing | 0 | 0 |
Presort Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from leasing transactions and financing | 143,126 | 140,720 |
Presort Services | ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 143,126 | 140,720 |
Presort Services | Products/services transferred at a point in time | ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Presort Services | Products/services transferred over time | ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 143,126 | 140,720 |
Presort Services | Sales And Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 143,126 | 140,720 |
Presort Services | Business services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 143,126 | 140,720 |
Presort Services | Support services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Presort Services | Financing | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Revenue from leasing transactions and financing | 0 | 0 |
Presort Services | Equipment sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Revenue from leasing transactions and financing | 0 | 0 |
Presort Services | Supplies | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Presort Services | Rentals | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Revenue from leasing transactions and financing | 0 | 0 |
SendTech Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from leasing transactions and financing | 358,985 | 363,225 |
SendTech Solutions | ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 194,281 | 196,190 |
SendTech Solutions | Products/services transferred at a point in time | ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 77,538 | 78,374 |
SendTech Solutions | Products/services transferred over time | ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 116,743 | 117,816 |
SendTech Solutions | Sales And Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 194,281 | 196,190 |
SendTech Solutions | Business services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 14,242 | 11,336 |
SendTech Solutions | Support services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 118,697 | 122,015 |
SendTech Solutions | Financing | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Revenue from leasing transactions and financing | 77,812 | 89,078 |
SendTech Solutions | Equipment sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 19,118 | 17,130 |
Revenue from leasing transactions and financing | 67,685 | 59,143 |
SendTech Solutions | Supplies | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 42,224 | 45,709 |
SendTech Solutions | Rentals | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Revenue from leasing transactions and financing | $ 19,207 | $ 18,814 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Advanced billings, revenue recognized | $ 74 | |
Lease transactions | $ 7 | $ 8 |
Expected timing of satisfaction period | 12 months | |
Business services | Minimum | ||
Disaggregation of Revenue [Line Items] | ||
Period of recognition | 1 year | |
Business services | Maximum | ||
Disaggregation of Revenue [Line Items] | ||
Period of recognition | 5 years |
Revenue (Contract Assets and Ad
Revenue (Contract Assets and Advance Billings) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Advance billings, current | $ 110,786 | $ 106,498 |
Advance billings, noncurrent | 1,341 | $ 1,277 |
Increase/ (decrease) | ||
Advance billings, current | 4,288 | |
Advance billings, noncurrent | $ 64 |
Revenue (Future Performance Obl
Revenue (Future Performance Obligations) (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Revenue from Contract with Customer [Abstract] | |
Future performance obligations | $ 715,615 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Revenue from Contract with Customer [Abstract] | |
Future performance obligations | $ 215,628 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction period | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Future performance obligations | $ 227,979 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Future performance obligations | $ 272,008 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction period | 3 years |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment reporting information profit (loss) | ||
Revenue | $ 915,197 | $ 796,268 |
Reconciliation of Segment EBIT to net loss: | ||
Expenses, net | 2,889 | 3,817 |
Restructuring charges | (2,889) | (3,817) |
Interest expense, net | (25,158) | (25,883) |
Goodwill impairment | 0 | (198,169) |
Loss on debt refinancing | (51,394) | (36,987) |
Benefit for income taxes | 13,992 | 10,030 |
Loss from continuing operations | (27,655) | (218,547) |
(Loss) income from discontinued operations, net of tax | (3,886) | 10,064 |
Net loss | (31,541) | (208,483) |
Operating Segments | ||
Segment reporting information profit (loss) | ||
EBIT | 107,145 | 92,782 |
Segment Reconciling Items | ||
Reconciliation of Segment EBIT to net loss: | ||
Unallocated corporate expenses | (57,465) | (43,722) |
Expenses, net | 2,889 | 3,817 |
Restructuring charges | (2,889) | (3,817) |
Interest expense, net | (37,044) | (38,372) |
Goodwill impairment | 0 | (198,169) |
Loss on debt refinancing | (51,394) | (36,987) |
Transaction costs | 0 | (292) |
Benefit for income taxes | 13,992 | 10,030 |
Digital Commerce Solutions | Global Ecommerce | ||
Segment reporting information profit (loss) | ||
Revenue from contracts with customers | 413,086 | 292,323 |
EBIT | (26,376) | (29,475) |
Reconciliation of Segment EBIT to net loss: | ||
Goodwill impairment | (198,169) | |
Digital Commerce Solutions | Presort Services | ||
Segment reporting information profit (loss) | ||
Revenue from contracts with customers | 143,126 | 140,720 |
EBIT | 19,051 | 15,695 |
Reconciliation of Segment EBIT to net loss: | ||
Goodwill impairment | 0 | |
SendTech Solutions | ||
Segment reporting information profit (loss) | ||
Revenue from contracts with customers | 358,985 | 363,225 |
Reconciliation of Segment EBIT to net loss: | ||
Goodwill impairment | 0 | |
SendTech Solutions | Operating Segments | ||
Segment reporting information profit (loss) | ||
EBIT | $ 114,470 | $ 106,562 |
Earnings per Share (EPS) (Detai
Earnings per Share (EPS) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Earnings Per Share [Abstract] | |||
Loss from continuing operations | $ (27,655) | $ (218,547) | |
Numerator: | |||
(Loss) income from discontinued operations, net of tax | (3,886) | 10,064 | |
Net loss | $ (31,541) | $ (208,483) | |
Denominator: | |||
Weighted-average shares used in basic EPS (in shares) | 172,856,000 | 170,912,000 | |
Dilutive effect of common stock equivalents (in shares) | 0 | 0 | |
Weighted-average shares used in diluted EPS (in shares) | 172,856,000 | 170,912,000 | |
Basic earnings (loss) per share: | |||
Continuing operations (in dollars per share) | $ (0.16) | $ (1.28) | |
Discontinued operations (in dollars per share) | (0.02) | 0.06 | |
Net (loss) income (in dollars per share) | (0.18) | [1] | (1.22) |
Diluted earnings (loss) per share: | |||
Continuing operations (in dollars per share) | (0.16) | (1.28) | |
Discontinued operations (in dollars per share) | (0.02) | 0.06 | |
Net (loss) income (in dollars per share) | $ (0.18) | $ (1.22) | |
Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive (in shares) | 6,440,000 | 17,617,000 | |
Dilutive effect of common stock equivalents | 5,804 | 1,554,000 | |
[1] | The sum of the earnings per share amounts may not equal the totals due to rounding. |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 17,879 | $ 16,570 |
Supplies and service parts | 25,749 | 24,061 |
Finished products | 25,687 | 30,849 |
Inventory at FIFO cost | 69,315 | 71,480 |
Excess of FIFO cost over LIFO cost | (5,635) | (5,635) |
Total inventory, net | $ 63,680 | $ 65,845 |
Finance Assets and Lessor Ope_3
Finance Assets and Lessor Operating Leases (Finance Receivables) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for credit losses | $ (35,474) | $ (35,869) | $ (38,868) | $ (19,651) |
Net investment in receivables | 1,148,073 | 1,173,342 | ||
North America | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Net investment in receivables | 987,630 | 995,320 | ||
International | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Net investment in receivables | 160,443 | 178,022 | ||
Sales-type lease receivables | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross finance receivables | 1,167,545 | 1,206,929 | ||
Unguaranteed residual values | 49,130 | 48,545 | ||
Unearned income | (325,910) | (337,045) | ||
Allowance for credit losses | (28,604) | (28,923) | ||
Net investment in receivables | 862,161 | 889,506 | ||
Sales-type lease receivables | North America | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross finance receivables | 975,272 | 994,985 | ||
Unguaranteed residual values | 37,463 | 36,405 | ||
Unearned income | (265,497) | (275,359) | ||
Allowance for credit losses | (22,998) | (22,917) | (25,933) | (10,920) |
Net investment in receivables | 724,240 | 733,114 | ||
Sales-type lease receivables | International | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross finance receivables | 192,273 | 211,944 | ||
Unguaranteed residual values | 11,667 | 12,140 | ||
Unearned income | (60,413) | (61,686) | ||
Allowance for credit losses | (5,606) | (6,006) | (4,883) | (2,085) |
Net investment in receivables | 137,921 | 156,392 | ||
Loan receivables | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross finance receivables | 292,782 | 290,782 | ||
Allowance for credit losses | (6,870) | (6,946) | ||
Net investment in receivables | 285,912 | 283,836 | ||
Loan receivables | North America | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross finance receivables | 269,797 | 268,690 | ||
Allowance for credit losses | (6,407) | (6,484) | (7,422) | (5,906) |
Net investment in receivables | 263,390 | 262,206 | ||
Loan receivables | International | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross finance receivables | 22,985 | 22,092 | ||
Allowance for credit losses | (463) | (462) | $ (630) | $ (740) |
Net investment in receivables | $ 22,522 | $ 21,630 | ||
Minimum | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Lease period | 3 years | |||
Maximum | ||||
Accounts, Notes, Loans and Financing Receivable [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 | Mar. 31, 2021USD ($) |
Sales-type Lease Receivables | |
Remaining for year ending December 31, 2021 | $ 345,084 |
Year ending December 31, 2022 | 374,538 |
Year ending December 31, 2023 | 246,313 |
Year ending December 31, 2024 | 133,661 |
Year ending December 31, 2025 | 57,184 |
Thereafter | 10,765 |
Total | 1,167,545 |
Loan Receivables | |
Remaining for year ending December 31, 2021 | 241,994 |
Year ending December 31, 2022 | 16,057 |
Year ending December 31, 2023 | 10,325 |
Year ending December 31, 2024 | 12,722 |
Year ending December 31, 2025 | 9,470 |
Thereafter | 2,214 |
Total | 292,782 |
North America | |
Sales-type Lease Receivables | |
Remaining for year ending December 31, 2021 | 297,596 |
Year ending December 31, 2022 | 308,902 |
Year ending December 31, 2023 | 204,090 |
Year ending December 31, 2024 | 110,774 |
Year ending December 31, 2025 | 46,934 |
Thereafter | 6,976 |
Total | 975,272 |
Loan Receivables | |
Remaining for year ending December 31, 2021 | 219,009 |
Year ending December 31, 2022 | 16,057 |
Year ending December 31, 2023 | 10,325 |
Year ending December 31, 2024 | 12,722 |
Year ending December 31, 2025 | 9,470 |
Thereafter | 2,214 |
Total | 269,797 |
International | |
Sales-type Lease Receivables | |
Remaining for year ending December 31, 2021 | 47,488 |
Year ending December 31, 2022 | 65,636 |
Year ending December 31, 2023 | 42,223 |
Year ending December 31, 2024 | 22,887 |
Year ending December 31, 2025 | 10,250 |
Thereafter | 3,789 |
Total | 192,273 |
Loan Receivables | |
Remaining for year ending December 31, 2021 | 22,985 |
Year ending December 31, 2022 | 0 |
Year ending December 31, 2023 | 0 |
Year ending December 31, 2024 | 0 |
Year ending December 31, 2025 | 0 |
Thereafter | 0 |
Total | $ 22,985 |
Finance Assets and Lessor Ope_5
Finance Assets and Lessor Operating Leases (Aging of Receivables) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Total | $ 1,460,327 | $ 1,497,711 |
Still accruing interest | 5,574 | 7,447 |
Not accruing interest | 19,281 | 22,614 |
Total | 24,855 | 30,061 |
1 - 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 1,435,472 | 1,467,650 |
Greater than 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 24,855 | 30,061 |
Sales-type lease receivables | North America | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 975,272 | 994,985 |
Still accruing interest | 3,853 | 5,128 |
Not accruing interest | 15,061 | 17,591 |
Total | 18,914 | 22,719 |
Sales-type lease receivables | North America | 1 - 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 956,358 | 972,266 |
Sales-type lease receivables | North America | Greater than 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 18,914 | 22,719 |
Sales-type lease receivables | International | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 192,273 | 211,944 |
Still accruing interest | 189 | 463 |
Not accruing interest | 786 | 2,513 |
Total | 975 | 2,976 |
Sales-type lease receivables | International | 1 - 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 191,298 | 208,968 |
Sales-type lease receivables | International | Greater than 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 975 | 2,976 |
Loan receivables | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 292,782 | 290,782 |
Loan receivables | North America | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 269,797 | 268,690 |
Still accruing interest | 1,466 | 1,797 |
Not accruing interest | 3,327 | 2,409 |
Total | 4,793 | 4,206 |
Loan receivables | North America | 1 - 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 265,004 | 264,484 |
Loan receivables | North America | Greater than 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 4,793 | 4,206 |
Loan receivables | International | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 22,985 | 22,092 |
Still accruing interest | 66 | 59 |
Not accruing interest | 107 | 101 |
Total | 173 | 160 |
Loan receivables | International | 1 - 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 22,812 | 21,932 |
Loan receivables | International | Greater than 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | $ 173 | $ 160 |
Finance Assets and Lessor Ope_6
Finance Assets and Lessor Operating Leases (Allowance for Credit Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Revenue recognition resume period (less than) | 60 days | |
Allowance for Credit Losses | ||
Beginning Balance | $ 35,869 | $ 19,651 |
Amounts charged to expense | 982 | 12,646 |
Write-offs | (3,231) | (4,028) |
Recoveries | 1,955 | 1,314 |
Other | (101) | (218) |
Ending Balance | $ 35,474 | 38,868 |
Cumulative Effect | ||
Allowance for Credit Losses | ||
Beginning Balance | 9,503 | |
Sales-type lease receivables | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Average term | 5 years | |
Revenue recognition discontinuation period (more than) | 120 days | |
Allowance for Credit Losses | ||
Beginning Balance | $ 28,923 | |
Ending Balance | 28,604 | |
Sales-type lease receivables | North America | ||
Allowance for Credit Losses | ||
Beginning Balance | 22,917 | 10,920 |
Amounts charged to expense | 154 | 6,892 |
Write-offs | (1,024) | (1,618) |
Recoveries | 935 | 592 |
Other | 16 | (124) |
Ending Balance | 22,998 | 25,933 |
Sales-type lease receivables | North America | Cumulative Effect | ||
Allowance for Credit Losses | ||
Beginning Balance | 9,271 | |
Sales-type lease receivables | International | ||
Allowance for Credit Losses | ||
Beginning Balance | 6,006 | 2,085 |
Amounts charged to expense | 61 | 1,345 |
Write-offs | (371) | (248) |
Recoveries | 29 | 31 |
Other | (119) | (80) |
Ending Balance | $ 5,606 | 4,883 |
Sales-type lease receivables | International | Cumulative Effect | ||
Allowance for Credit Losses | ||
Beginning Balance | 1,750 | |
Loan receivables | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Average term | 3 years | |
Revenue recognition discontinuation period (more than) | 90 days | |
Allowance for Credit Losses | ||
Beginning Balance | $ 6,946 | |
Ending Balance | 6,870 | |
Loan receivables | North America | ||
Allowance for Credit Losses | ||
Beginning Balance | 6,484 | 5,906 |
Amounts charged to expense | 763 | 4,006 |
Write-offs | (1,833) | (2,058) |
Recoveries | 991 | 691 |
Other | 2 | (7) |
Ending Balance | 6,407 | 7,422 |
Loan receivables | North America | Cumulative Effect | ||
Allowance for Credit Losses | ||
Beginning Balance | (1,116) | |
Loan receivables | International | ||
Allowance for Credit Losses | ||
Beginning Balance | 462 | 740 |
Amounts charged to expense | 4 | 403 |
Write-offs | (3) | (104) |
Recoveries | 0 | 0 |
Other | 0 | (7) |
Ending Balance | $ 463 | 630 |
Loan receivables | International | Cumulative Effect | ||
Allowance for Credit Losses | ||
Beginning Balance | $ (402) |
Finance Assets and Lessor Ope_7
Finance Assets and Lessor Operating Leases (Credit Quality) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 1,460,327 | $ 1,497,711 |
Low | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Approximate percentage of portfolio | 5.00% | |
Total | $ 948,451 | 973,245 |
Medium | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 237,735 | 229,757 |
Medium | Minimum | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Approximate percentage of portfolio | 5.00% | |
Medium | Maximum | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Approximate percentage of portfolio | 10.00% | |
High | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Approximate percentage of portfolio | 10.00% | |
Total | $ 23,232 | 23,046 |
Not Scored | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 250,909 | 271,663 |
International | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Percent of applications approved or denied | 80.00% | |
Sales-type lease receivables | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | $ 116,566 | 394,394 |
2020 | 349,248 | 361,048 |
2019 | 318,009 | 254,898 |
2018 | 218,562 | 134,999 |
2017 | 111,952 | 45,852 |
Prior | 53,208 | 15,738 |
Sales-type lease receivables | Low | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 78,458 | 256,573 |
2020 | 235,018 | 228,344 |
2019 | 207,236 | 165,244 |
2018 | 144,994 | 87,346 |
2017 | 70,678 | 30,518 |
Prior | 31,481 | 12,249 |
Sales-type lease receivables | Medium | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 13,409 | 50,785 |
2020 | 46,999 | 49,946 |
2019 | 46,899 | 37,168 |
2018 | 31,959 | 21,388 |
2017 | 16,268 | 6,470 |
Prior | 7,235 | 2,375 |
Sales-type lease receivables | High | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 1,497 | 6,182 |
2020 | 5,248 | 5,396 |
2019 | 5,142 | 3,782 |
2018 | 3,402 | 1,974 |
2017 | 1,792 | 1,051 |
Prior | 1,024 | 143 |
Sales-type lease receivables | Not Scored | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 23,202 | 80,854 |
2020 | 61,983 | 77,362 |
2019 | 58,732 | 48,704 |
2018 | 38,207 | 24,291 |
2017 | 23,214 | 7,813 |
Prior | 13,468 | 971 |
Sales-type lease receivables | International | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 192,273 | 211,944 |
Loan receivables | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 292,782 | 290,782 |
Loan receivables | Low | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 180,586 | 192,971 |
Loan receivables | Medium | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 74,966 | 61,625 |
Loan receivables | High | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 5,127 | 4,518 |
Loan receivables | Not Scored | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 32,103 | 31,668 |
Loan receivables | International | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 22,985 | $ 22,092 |
Finance Assets and Lessor Ope_8
Finance Assets and Lessor Operating Leases (Lease Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Lessor, Lease, Description [Line Items] | ||
Profit recognized at commencement | $ 32,265 | $ 29,908 |
Interest income | 48,496 | 53,806 |
Total lease income from sales-type leases | $ 80,761 | 83,714 |
As Previously Reported | ||
Lessor, Lease, Description [Line Items] | ||
Total lease income from sales-type leases | $ 63,000 |
Finance Assets and Lessor Ope_9
Finance Assets and Lessor Operating Leases (Operating Leases) (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Lessor, Lease, Description [Line Items] | |
Remaining for year ending December 31, 2021 | $ 25,005 |
Year ending December 31, 2022 | 20,449 |
Year ending December 31, 2023 | 9,175 |
Year ending December 31, 2024 | 7,692 |
Year ending December 31, 2025 | 2,499 |
Thereafter | 37 |
Total | $ 64,857 |
Mailing Equipment | Minimum | |
Lessor, Lease, Description [Line Items] | |
Term | 1 year |
Mailing Equipment | Maximum | |
Lessor, Lease, Description [Line Items] | |
Term | 5 years |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill (Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Finite lived intangible assets | |||
Gross Carrying Amount | $ 287,199 | $ 287,199 | |
Accumulated Amortization | (134,934) | (127,360) | |
Net Carrying Amount | 152,265 | 159,839 | |
Amortization expense | 8,000 | $ 9,000 | |
Customer relationships | |||
Finite lived intangible assets | |||
Gross Carrying Amount | 268,199 | 268,199 | |
Accumulated Amortization | (121,634) | (115,010) | |
Net Carrying Amount | 146,565 | 153,189 | |
Software & technology | |||
Finite lived intangible assets | |||
Gross Carrying Amount | 19,000 | 19,000 | |
Accumulated Amortization | (13,300) | (12,350) | |
Net Carrying Amount | $ 5,700 | $ 6,650 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill (Future Amortization Expense) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Finite lived intangible assets future amortization expense | ||
Remaining for year ending December 31, 2021 | $ 22,721 | |
Year ending December 31, 2022 | 29,315 | |
Year ending December 31, 2023 | 26,465 | |
Year ending December 31, 2024 | 26,465 | |
Year ending December 31, 2025 | 19,805 | |
Thereafter | 27,494 | |
Net Carrying Amount | $ 152,265 | $ 159,839 |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill (Goodwill) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Goodwill | ||
Gross value before accumulated impairment | $ 1,350,454 | |
Accumulated impairment | $ 0 | (198,169) |
Beginning balance | 1,152,285 | |
Currency impact | (8,221) | |
Ending balance | 1,144,064 | |
Digital Commerce Solutions | Global Ecommerce | ||
Goodwill | ||
Gross value before accumulated impairment | 609,431 | |
Accumulated impairment | (198,169) | |
Beginning balance | 411,262 | |
Currency impact | 0 | |
Ending balance | 411,262 | |
Digital Commerce Solutions | Presort Services | ||
Goodwill | ||
Gross value before accumulated impairment | 220,992 | |
Accumulated impairment | 0 | |
Beginning balance | 220,992 | |
Currency impact | 0 | |
Ending balance | 220,992 | |
SendTech Solutions | ||
Goodwill | ||
Gross value before accumulated impairment | 520,031 | |
Accumulated impairment | $ 0 | |
Beginning balance | 520,031 | |
Currency impact | (8,221) | |
Ending balance | $ 511,810 |
Fair Value Measurements and D_3
Fair Value Measurements and Derivative Instruments (Assets and Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | $ 349,587 | $ 325,794 |
Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 289,963 | 508,019 |
Equity securities | 28,100 | 26,583 |
Mortgage-backed / asset-backed securities | 231,863 | 220,678 |
Total assets | 693,459 | 885,413 |
Liabilities | (786) | (4,123) |
Level 1 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 39,573 | 73,228 |
Equity securities | 0 | 0 |
Mortgage-backed / asset-backed securities | 0 | 0 |
Total assets | 67,499 | 91,726 |
Liabilities | 0 | 0 |
Level 2 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 250,390 | 434,791 |
Equity securities | 28,100 | 26,583 |
Mortgage-backed / asset-backed securities | 231,863 | 220,678 |
Total assets | 625,960 | 793,687 |
Liabilities | (786) | (4,123) |
Level 3 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 0 | 0 |
Equity securities | 0 | 0 |
Mortgage-backed / asset-backed securities | 0 | 0 |
Total assets | 0 | 0 |
Liabilities | 0 | 0 |
Interest rate swaps | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 4,117 | |
Derivative liabilities | (2,163) | |
Interest rate swaps | Level 1 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | |
Derivative liabilities | 0 | |
Interest rate swaps | Level 2 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 4,117 | |
Derivative liabilities | (2,163) | |
Interest rate swaps | Level 3 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | |
Derivative liabilities | 0 | |
Foreign exchange contracts | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 1,117 | 3,776 |
Derivative liabilities | (786) | (1,960) |
Foreign exchange contracts | Level 1 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Derivative liabilities | 0 | 0 |
Foreign exchange contracts | Level 2 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 1,117 | 3,776 |
Derivative liabilities | (786) | (1,960) |
Foreign exchange contracts | Level 3 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Derivative liabilities | 0 | 0 |
Commingled fixed income securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 1,698 | 1,722 |
Commingled fixed income securities | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 20,725 | 21,391 |
Commingled fixed income securities | Level 1 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 1,698 | 1,722 |
Commingled fixed income securities | Level 2 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 19,027 | 19,669 |
Commingled fixed income securities | Level 3 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 0 | 0 |
Government and related securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 50,076 | 31,961 |
Government and related securities | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 51,624 | 33,533 |
Government and related securities | Level 1 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 26,228 | 16,776 |
Government and related securities | Level 2 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 25,396 | 16,757 |
Government and related securities | Level 3 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 0 | 0 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 65,950 | 71,433 |
Corporate debt securities | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 65,950 | 71,433 |
Corporate debt securities | Level 1 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 0 | 0 |
Corporate debt securities | Level 2 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 65,950 | 71,433 |
Corporate debt securities | Level 3 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | $ 0 | $ 0 |
Fair Value Measurements and D_4
Fair Value Measurements and Derivative Instruments (Available-for-sale Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized cost | $ 360,863 | $ 325,421 |
Gross unrealized gains | 645 | 1,521 |
Gross unrealized losses | (11,921) | (1,148) |
Estimated fair value | 349,587 | 325,794 |
Government and related securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized cost | 51,411 | 31,882 |
Gross unrealized gains | 42 | 157 |
Gross unrealized losses | (1,377) | (78) |
Estimated fair value | 50,076 | 31,961 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized cost | 69,913 | 71,174 |
Gross unrealized gains | 300 | 614 |
Gross unrealized losses | (4,263) | (355) |
Estimated fair value | 65,950 | 71,433 |
Commingled fixed income securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized cost | 1,712 | 1,706 |
Gross unrealized gains | 0 | 16 |
Gross unrealized losses | (14) | 0 |
Estimated fair value | 1,698 | 1,722 |
Mortgage-backed / asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized cost | 237,827 | 220,659 |
Gross unrealized gains | 303 | 734 |
Gross unrealized losses | (6,267) | (715) |
Estimated fair value | $ 231,863 | $ 220,678 |
Fair Value Measurements and D_5
Fair Value Measurements and Derivative Instruments (Unrealized Holding Losses) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Less than 12 continuous months | $ 312,002 | $ 132,267 |
Greater than 12 continuous months | 2,294 | 2,369 |
Total | 314,296 | 134,636 |
Gross unrealized losses | ||
Less than 12 continuous months | 11,850 | 1,072 |
Greater than 12 continuous months | 71 | 76 |
Total | $ 11,921 | $ 1,148 |
Fair Value Measurements and D_6
Fair Value Measurements and Derivative Instruments (Narrative) (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Percentage of securities in loss position | 34.00% | |
Time deposits | $ 25,000,000 | $ 75,000,000 |
Foreign exchange contracts | ||
Derivative [Line Items] | ||
Derivative notional amount | 6,000,000 | $ 8,000,000 |
Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 500,000,000 |
Fair Value Measurements and D_7
Fair Value Measurements and Derivative Instruments (Available-for-sale Securities Maturities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Amortized cost | ||
Within 1 year | $ 14,398 | |
After 1 year through 5 years | 15,241 | |
After 5 years through 10 years | 66,618 | |
After 10 years | 264,606 | |
Amortized cost | 360,863 | $ 325,421 |
Estimated fair value | ||
Within 1 year | 14,401 | |
After 1 year through 5 years | 15,266 | |
After 5 years through 10 years | 63,185 | |
After 10 years | 256,735 | |
Total | $ 349,587 | $ 325,794 |
Fair Value Measurements and D_8
Fair Value Measurements and Derivative Instruments (Derivative Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Total net derivative asset (liability) | $ 4,448 | $ (347) |
Total derivative assets | ||
Derivative [Line Items] | ||
Total net derivative asset (liability) | 5,234 | 3,776 |
Total derivative liabilities | ||
Derivative [Line Items] | ||
Total net derivative asset (liability) | (786) | (4,123) |
Foreign exchange contracts | Derivatives designated as hedging instruments | Other current assets and prepayments | ||
Derivative [Line Items] | ||
Total net derivative asset (liability) | 214 | 96 |
Foreign exchange contracts | Derivatives designated as hedging instruments | Accounts payable and accrued liabilities | ||
Derivative [Line Items] | ||
Total net derivative asset (liability) | (71) | (112) |
Foreign exchange contracts | Derivatives not designated as hedging instruments | Other current assets and prepayments | ||
Derivative [Line Items] | ||
Total net derivative asset (liability) | 903 | 3,680 |
Foreign exchange contracts | Derivatives not designated as hedging instruments | Accounts payable and accrued liabilities | ||
Derivative [Line Items] | ||
Total net derivative asset (liability) | (715) | (1,848) |
Interest rate swaps | Derivatives designated as hedging instruments | Other assets (Other noncurrent liabilities) | ||
Derivative [Line Items] | ||
Total net derivative asset (liability) | $ 4,117 | $ (2,163) |
Fair Value Measurements and D_9
Fair Value Measurements and Derivative Instruments (Cash Flow Hedging Relationships) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative [Line Items] | ||
Derivative Gain (Loss) Recognized in AOCI (Effective Portion) | $ 6,508 | $ (160) |
Gain (Loss) Reclassified from AOCI to Earnings (Effective Portion) | 68 | 71 |
Foreign exchange contracts | ||
Derivative [Line Items] | ||
Derivative Gain (Loss) Recognized in AOCI (Effective Portion) | 228 | (160) |
Foreign exchange contracts | Revenue | ||
Derivative [Line Items] | ||
Gain (Loss) Reclassified from AOCI to Earnings (Effective Portion) | 126 | 61 |
Foreign exchange contracts | Cost of sales | ||
Derivative [Line Items] | ||
Gain (Loss) Reclassified from AOCI to Earnings (Effective Portion) | (58) | 10 |
Foreign exchange contracts | Selling, general and administrative expense | ||
Derivative [Line Items] | ||
Derivative Gain (Loss) Recognized in Earnings | 553 | (4,867) |
Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative Gain (Loss) Recognized in AOCI (Effective Portion) | 6,280 | 0 |
Interest rate swaps | Interest expense | ||
Derivative [Line Items] | ||
Gain (Loss) Reclassified from AOCI to Earnings (Effective Portion) | $ 0 | $ 0 |
Fair Value Measurements and _10
Fair Value Measurements and Derivative Instruments (Fair Value of Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Carrying value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | $ 2,438,857 | $ 2,564,393 |
Fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | $ 2,426,062 | $ 2,479,895 |
Restructuring Charges (Details)
Restructuring Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Restructuring Costs | ||
Expenses, net | $ 2,889 | $ 3,817 |
Cash payments | $ (3,955) | (6,047) |
Minimum | ||
Restructuring Costs | ||
Restructuring reserve, expected payment period | 12 months | |
Maximum | ||
Restructuring Costs | ||
Restructuring reserve, expected payment period | 24 months | |
Severance and other exit costs | ||
Restructuring Costs | ||
Balance Beginning | $ 10,063 | 12,006 |
Expenses, net | 2,889 | 3,817 |
Cash payments | (3,955) | (6,047) |
Noncash activity | (227) | (763) |
Balance Ending | $ 8,770 | $ 9,013 |
Debt (Schedule of Debt) (Detail
Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Principal amount | $ 2,482,931 | $ 2,610,246 |
Less: unamortized costs, net | 44,074 | 45,853 |
Total debt | 2,438,857 | 2,564,393 |
Less: current portion long-term debt | 19,972 | 216,032 |
Long-term debt | $ 2,418,885 | 2,348,361 |
Notes due | Notes due October 2021 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.875% | |
Principal amount | $ 0 | 152,588 |
Notes due | Notes due May 2022 | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.375% | |
Principal amount | $ 72,873 | 148,792 |
Notes due | Notes due April 2023 | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.95% | |
Principal amount | $ 96,667 | 271,000 |
Notes due | Notes due March 2024 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.625% | |
Principal amount | $ 267,952 | 374,000 |
Notes due | Notes due March 2027 | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.875% | |
Principal amount | $ 400,000 | 0 |
Notes due | Notes due March 2029 | ||
Debt Instrument [Line Items] | ||
Interest rate | 7.25% | |
Principal amount | $ 350,000 | 0 |
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 |
Notes due | Term loan due March 2026 | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.90% | |
Principal amount | $ 380,000 | 380,000 |
Notes due | Term loan due March 2026 | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.75% | |
Notes due | Term loan due January 2025 | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 0 | 818,125 |
Notes due | Term loan due January 2025 | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 5.50% | |
Notes due | Term loan due March 2028 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.10% | |
Principal amount | $ 450,000 | 0 |
Notes due | Term loan due March 2028 | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 4.00% | |
Other debt | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 4,598 | $ 4,900 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | 3 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||||
Principal amount | $ 2,482,931,000 | $ 2,610,246,000 | ||
Loss on debt refinancing | 51,394,000 | $ 36,987,000 | ||
Notes due | ||||
Debt Instrument [Line Items] | ||||
Loss on debt refinancing | 51,000,000 | |||
Line of credit | Revolving credit facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 500,000,000 | |||
Outstanding borrowings | $ 0 | |||
Notes due March 2027 | Notes due | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 400,000,000 | 0 | ||
Interest rate | 6.875% | |||
Notes due March 2029 | Notes due | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 350,000,000 | 0 | ||
Interest rate | 7.25% | |||
Term loan due March 2028 | Notes due | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 450,000,000 | 0 | ||
Interest rate | 4.10% | |||
Debt term | 7 years | |||
Notes due October 2021 | Notes due | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 0 | 152,588,000 | ||
Interest rate | 4.875% | |||
Debt redeemed | $ 153,000,000 | |||
Notes due May 2022 | Notes due | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 72,873,000 | 148,792,000 | ||
Interest rate | 5.375% | |||
Debt redeemed | $ 356,000,000 | |||
Notes due May 2022 | Notes due | Forecast | ||||
Debt Instrument [Line Items] | ||||
Increase in interest rate | 0.25% | |||
Notes due April 2023 | Notes due | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 96,667,000 | 271,000,000 | ||
Interest rate | 5.95% | |||
Debt redeemed | $ 356,000,000 | |||
Notes due April 2023 | Notes due | Forecast | ||||
Debt Instrument [Line Items] | ||||
Increase in interest rate | 0.25% | |||
Notes due March 2024 | Notes due | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 267,952,000 | 374,000,000 | ||
Interest rate | 4.625% | |||
Debt redeemed | $ 356,000,000 | |||
Term loan due March 2026 | Notes due | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 380,000,000 | 380,000,000 | ||
Interest rate | 1.90% | |||
Term loan due January 2025 | Notes due | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 0 | $ 818,125,000 | ||
Repayments of debt | $ 818,000,000 |
Pensions and Other Benefit Pr_3
Pensions and Other Benefit Programs (Components of Net Periodic Benefit Cost (Income)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Defined Benefit Pension Plans | United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 26 | $ 26 |
Interest cost | 10,745 | 13,179 |
Expected return on plan assets | (19,478) | (21,304) |
Amortization of transition credit | 0 | 0 |
Amortization of prior service (credit) cost | (15) | (15) |
Amortization of net actuarial loss | 9,638 | 8,198 |
Settlement | 0 | 389 |
Net periodic benefit cost (income) | 916 | 473 |
Contributions to benefit plans | 1,015 | 1,929 |
Defined Benefit Pension Plans | Foreign | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 395 | 399 |
Interest cost | 2,961 | 3,518 |
Expected return on plan assets | (7,984) | (8,208) |
Amortization of transition credit | 0 | (1) |
Amortization of prior service (credit) cost | 67 | 61 |
Amortization of net actuarial loss | 2,345 | 2,059 |
Settlement | 0 | 0 |
Net periodic benefit cost (income) | (2,216) | (2,172) |
Contributions to benefit plans | 8,696 | 7,988 |
Nonpension Postretirement Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 224 | 217 |
Interest cost | 961 | 1,245 |
Expected return on plan assets | 0 | 0 |
Amortization of transition credit | 0 | 0 |
Amortization of prior service (credit) cost | 32 | 93 |
Amortization of net actuarial loss | 1,078 | 736 |
Settlement | 0 | 0 |
Net periodic benefit cost (income) | 2,295 | 2,291 |
Contributions to benefit plans | $ 3,519 | $ 4,455 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate (percent) | 33.60% | 4.40% |
Benefit from reorganization | $ 3,000 | |
Benefit from windfall associated with the vesting of restricted stock | 2,000 | |
Deferred tax assets associated with the expiration of out-of-money vested stock options and the vesting of restricted stock | 1,000 | $ 3,000 |
Benefit from goodwill impairment | 2,000 | |
Goodwill impairment | $ 0 | 198,169 |
Tax benefit from resolution of settlement | $ 2,000 | |
Percent decrease in unrecognized benefits, reasonably possible (up to) | 10.00% |
Commitments and Contingencies D
Commitments and Contingencies Disclosure (Details) - Equipment - Digital Commerce Solutions $ in Millions | Mar. 31, 2021USD ($) |
Lessee, Lease, Description [Line Items] | |
Lease payments | $ 41 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Term of contract | 3 years |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Term of contract | 8 years |
Stockholders_ Equity (Details)
Stockholders’ Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2020 | |
Increase (Decrease) in Stockholders' Equity | |||
Balances, beginning of period | $ 66,395 | $ 286,096 | |
Net loss | (31,541) | (208,483) | |
Other comprehensive income | (8,407) | (17,731) | |
Dividends paid | (8,625) | (8,523) | |
Issuance of common stock | (3,880) | (1,550) | |
Stock-based compensation expense | 5,221 | 1,521 | |
Balances, end of period | $ 19,163 | 29,430 | $ 29,430 |
Dividends paid (USD per share) | $ 0.05 | $ 0.05 | |
Cumulative Effect | |||
Increase (Decrease) in Stockholders' Equity | |||
Balances, beginning of period | (21,900) | ||
Common stock | |||
Increase (Decrease) in Stockholders' Equity | |||
Balances, beginning of period | $ 323,338 | 323,338 | |
Balances, end of period | 323,338 | 323,338 | $ 323,338 |
Additional paid-in capital | |||
Increase (Decrease) in Stockholders' Equity | |||
Balances, beginning of period | 68,502 | 98,748 | |
Issuance of common stock | (58,454) | (30,716) | |
Stock-based compensation expense | 5,221 | 1,521 | |
Balances, end of period | 15,269 | 69,553 | 69,553 |
Retained earnings | |||
Increase (Decrease) in Stockholders' Equity | |||
Balances, beginning of period | 5,201,195 | 5,438,930 | |
Net loss | (31,541) | (208,483) | |
Dividends paid | (8,625) | (8,523) | |
Balances, end of period | 5,161,029 | 5,200,024 | 5,200,024 |
Accumulated other comprehensive loss | |||
Increase (Decrease) in Stockholders' Equity | |||
Balances, beginning of period | (839,131) | (840,143) | |
Other comprehensive income | (8,407) | (17,731) | |
Balances, end of period | (847,538) | (857,874) | (857,874) |
Treasury stock | |||
Increase (Decrease) in Stockholders' Equity | |||
Balances, beginning of period | (4,687,509) | (4,734,777) | |
Issuance of common stock | 54,574 | 29,166 | |
Balances, end of period | $ (4,632,935) | $ (4,705,611) | $ (4,705,611) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Reclassifications) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Revenue | $ 915,197 | $ 796,268 |
Selling, general and administrative | (238,102) | (248,633) |
Loss from continuing operations before taxes | (41,647) | (228,577) |
Income tax provision | 13,992 | 10,030 |
Net loss | (31,541) | (208,483) |
Reclassification out of Accumulated Other Comprehensive Loss | Cash flow hedges | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Revenue | 126 | 61 |
Cost of sales | (58) | 10 |
Loss from continuing operations before taxes | 68 | 71 |
Income tax provision | 17 | 17 |
Net loss | 51 | 54 |
Reclassification out of Accumulated Other Comprehensive Loss | Available for sale securities | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Revenue | (1) | 284 |
Selling, general and administrative | 42 | 0 |
Loss from continuing operations before taxes | 41 | 284 |
Income tax provision | 10 | 71 |
Net loss | 31 | 213 |
Reclassification out of Accumulated Other Comprehensive Loss | Pension and postretirement benefit plans | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Loss from continuing operations before taxes | (13,145) | (11,520) |
Income tax provision | (3,208) | (2,650) |
Net loss | (9,937) | (8,870) |
Reclassification out of Accumulated Other Comprehensive Loss | Transition credit | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Pension and postretirement benefit plans | 0 | 1 |
Reclassification out of Accumulated Other Comprehensive Loss | Prior service costs | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Pension and postretirement benefit plans | (84) | (139) |
Reclassification out of Accumulated Other Comprehensive Loss | Actuarial losses | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Pension and postretirement benefit plans | (13,061) | (10,993) |
Reclassification out of Accumulated Other Comprehensive Loss | Settlements | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Pension and postretirement benefit plans | $ 0 | $ (389) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss (Changes) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ||
Balances, beginning of period | $ 66,395 | $ 286,096 |
Other comprehensive income (loss) before reclassifications | (18,262) | (26,334) |
Reclassifications into earnings | 9,855 | 8,603 |
Other comprehensive loss, net of tax | (8,407) | (17,731) |
Balances, end of period | 19,163 | 29,430 |
Cash flow hedges | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ||
Balances, beginning of period | (1,411) | 337 |
Other comprehensive income (loss) before reclassifications | 4,881 | (120) |
Reclassifications into earnings | (51) | (54) |
Other comprehensive loss, net of tax | 4,830 | (174) |
Balances, end of period | 3,419 | 163 |
Available for sale securities | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ||
Balances, beginning of period | 402 | 2,849 |
Other comprehensive income (loss) before reclassifications | (8,885) | 1,521 |
Reclassifications into earnings | (31) | (213) |
Other comprehensive loss, net of tax | (8,916) | 1,308 |
Balances, end of period | (8,514) | 4,157 |
Pension and postretirement benefit plans | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ||
Balances, beginning of period | (851,063) | (819,018) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Reclassifications into earnings | 9,937 | 8,870 |
Other comprehensive loss, net of tax | 9,937 | 8,870 |
Balances, end of period | (841,126) | (810,148) |
Foreign currency adjustments | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ||
Balances, beginning of period | 12,941 | (24,311) |
Other comprehensive income (loss) before reclassifications | (14,258) | (27,735) |
Reclassifications into earnings | 0 | 0 |
Other comprehensive loss, net of tax | (14,258) | (27,735) |
Balances, end of period | (1,317) | (52,046) |
Total | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ||
Balances, beginning of period | (839,131) | (840,143) |
Other comprehensive loss, net of tax | (8,407) | (17,731) |
Balances, end of period | $ (847,538) | $ (857,874) |
Supplemental Financial Statem_3
Supplemental Financial Statement Information (Allowance for Credit on Losses for Accounts and Other Reveivables) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for doubtful accounts | $ 20,480 | $ 18,899 | ||
Allowance for credit losses | 3,992 | $ 15,926 | ||
Accounts and other receivables | 20,480 | 29,444 | ||
Other assets | 16,561 | 0 | ||
ASU 2016-13 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for doubtful accounts | 35,344 | 17,830 | $ 37,041 | $ 29,444 |
Allowance for credit losses | 3,011 | 3,280 | ||
Write-offs, recoveries and other | (1,314) | (7,002) | ||
ASU 2016-13 | Cumulative Effect | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for doubtful accounts | $ 0 | $ 15,336 |
Supplemental Financial Statem_4
Supplemental Financial Statement Information (Other Expense, Net) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Other Income and Expenses [Abstract] | ||
Loss on debt refinancing | $ 51,394 | $ 36,987 |
Insurance proceeds | 0 | (3,500) |
Other expense, net | $ 51,394 | $ 33,487 |
Supplemental Financial Statem_5
Supplemental Financial Statement Information (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Other Income and Expenses [Abstract] | ||
Cash interest paid | $ 39,658 | $ 44,891 |
Cash income tax payments, net of refunds | 2,641 | 13,270 |
Finance leased assets obtained in exchange for new lease obligations | $ 9,477 | $ 2,399 |