COVER PAGE
COVER PAGE - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2021 | Jan. 31, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2021 | ||
Entity File Number | 1-3579 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2 | ||
Entity Common Stock, Shares Outstanding | 174,855,086 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant's proxy statement to be filed within 120 days after our fiscal year end in connection with the Annual Meeting of Stockholders to be held May 2, 2022, are incorporated by reference in Part III of this Form 10-K. | ||
Annual Report | true | ||
Transition Report | false | ||
Entity Central Index Key | 0000078814 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock, $1 par value per share | ||
Trading Symbol | PBI | ||
Security Exchange Name | NYSE | ||
6.7% Notes due 2043 | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 6.7% Notes due 2043 | ||
Trading Symbol | PBI.PRB | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Firm ID | 238 |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Stamford, Connecticut |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Revenue: | ||||
Total revenue | $ 3,673,561,000 | $ 3,554,075,000 | $ 3,205,125,000 | |
Costs and expenses: | ||||
Selling, general and administrative | 924,163,000 | 963,323,000 | 1,003,989,000 | |
Research and development | 46,777,000 | 38,384,000 | 51,258,000 | |
Restructuring charges and asset impairments | 19,003,000 | 20,712,000 | 69,606,000 | |
Goodwill impairment | 0 | 198,169,000 | 0 | |
Interest expense, net | 96,886,000 | 105,753,000 | 110,910,000 | |
Other components of net pension and postretirement cost (income) | 1,010,000 | (1,708,000) | (4,225,000) | |
Other expense, net | 41,574,000 | 8,151,000 | 24,306,000 | |
Total costs and expenses | 3,680,976,000 | 3,737,444,000 | 3,178,393,000 | |
(Loss) income from continuing operations before income taxes | (7,415,000) | (183,369,000) | 26,732,000 | |
(Benefit) provision for income taxes | (10,922,000) | 7,122,000 | (13,127,000) | |
Income (loss) from continuing operations | 3,507,000 | (190,491,000) | 39,859,000 | |
(Loss) income from discontinued operations, net of tax | (4,858,000) | 10,115,000 | 154,460,000 | |
Net (loss) income | $ (1,351,000) | $ (180,376,000) | $ 194,319,000 | |
Basic earnings per share attributable to common stockholders: | ||||
Continuing operations (in dollars per share) | [1] | $ 0.02 | $ (1.11) | $ 0.23 |
Discontinued operations (in dollars per share) | [1] | (0.03) | 0.06 | 0.88 |
Net income (in dollars per share) | [1] | (0.01) | (1.05) | 1.10 |
Diluted earnings per share attributable to common stockholders: | ||||
Continuing operations (in dollars per share) | [1] | 0.02 | (1.11) | 0.22 |
Discontinued operations (in dollars per share) | [1] | (0.03) | 0.06 | 0.87 |
Net income (in dollars per share) | [1] | $ (0.01) | $ (1.05) | $ 1.10 |
Business services | ||||
Revenue: | ||||
Total revenue | $ 2,334,674,000 | $ 2,191,306,000 | $ 1,710,801,000 | |
Costs and expenses: | ||||
Cost of products and sales | 2,034,477,000 | 1,904,078,000 | 1,389,569,000 | |
Support services | ||||
Revenue: | ||||
Total revenue | 460,888,000 | 473,292,000 | 506,187,000 | |
Costs and expenses: | ||||
Cost of products and sales | 149,706,000 | 149,988,000 | 162,300,000 | |
Financing | ||||
Revenue: | ||||
Total revenue | 294,418,000 | 341,034,000 | 368,090,000 | |
Costs and expenses: | ||||
Cost of products and sales | 47,059,000 | 48,162,000 | 44,648,000 | |
Equipment sales | ||||
Revenue: | ||||
Total revenue | 350,138,000 | 314,882,000 | 352,104,000 | |
Costs and expenses: | ||||
Cost of equipment sales | 251,914,000 | 235,153,000 | 244,620,000 | |
Supplies | ||||
Revenue: | ||||
Total revenue | 159,438,000 | 159,282,000 | 187,287,000 | |
Costs and expenses: | ||||
Cost of products and sales | 43,980,000 | 41,679,000 | 49,882,000 | |
Rentals | ||||
Revenue: | ||||
Total revenue | 74,005,000 | 74,279,000 | 80,656,000 | |
Costs and expenses: | ||||
Cost of products and sales | $ 24,427,000 | $ 25,600,000 | $ 31,530,000 | |
[1] | The sum of the earnings per share amounts may not equal the totals due to rounding. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net (loss) income | $ (1,351) | $ (180,376) | $ 194,319 |
Other comprehensive income, net of tax: | |||
Foreign currency translations, net of tax of $(767), $2,374 and $3,071, respectively | (34,168) | 37,252 | 75,319 |
Net unrealized gain (loss) on cash flow hedges, net of tax of $1,738, $(583) and $49, respectively | 5,214 | (1,748) | 146 |
Net unrealized (loss) gain on available for sale securities, net of tax of $(2,217), $(816) and $1,970, respectively | (6,651) | (2,447) | 5,910 |
Adjustments to pension and postretirement plans, net of tax of $17,986, $(20,440) and $(1,270), respectively | 54,618 | (70,623) | (845) |
Amortization of pension and postretirement costs, net of tax of $12,755, $11,930 and $9,497, respectively | 39,806 | 38,578 | 28,288 |
Other comprehensive income, net of tax | 58,819 | 1,012 | 108,818 |
Comprehensive income (loss) | $ 57,468 | $ (179,364) | $ 303,137 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translations, tax expense (benefit) | $ (767) | $ 2,374 | $ 3,071 |
Net unrealized (loss) gain on cash flow hedges, tax | 1,738 | (583) | 49 |
Net unrealized (loss) gain on investment securities, tax | (2,217) | (816) | 1,970 |
Adjustments to pension and postretirement plans, tax benefit (expense) | 17,986 | (20,440) | (1,270) |
Amortization of pension and postretirement costs, tax | $ 12,755 | $ 11,930 | $ 9,497 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 732,480 | $ 921,450 |
Short-term investments (includes $2,658 and $18,974, respectively, reported at fair value) | 14,440 | 18,974 |
Accounts and other receivables (net of allowance of $11,168 and $18,899 respectively) | 334,630 | 389,240 |
Short-term finance receivables (net of allowance of $12,812 and $18,012, respectively) | 560,680 | 568,050 |
Inventories | 78,588 | 71,480 |
Current income taxes | 13,894 | 23,219 |
Other current assets and prepayments | 157,341 | 120,145 |
Total current assets | 1,892,053 | 2,112,558 |
Property, plant and equipment, net | 429,162 | 391,280 |
Rental property and equipment, net | 34,774 | 38,435 |
Long-term finance receivables (net of allowance of $13,406 and $17,857, respectively) | 587,427 | 605,292 |
Goodwill | 1,135,103 | 1,152,285 |
Intangible assets, net | 132,442 | 159,839 |
Operating lease assets | 208,428 | 201,916 |
Noncurrent income taxes | 68,398 | 71,244 |
Other assets (includes $318,754 and $355,799, respectively, reported at fair value) | 471,084 | 491,514 |
Total assets | 4,958,871 | 5,224,363 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 922,543 | 880,616 |
Customer deposits at the Bank | 632,062 | 617,200 |
Current operating lease liabilities | 40,299 | 39,182 |
Current portion of long-term debt | 24,739 | 216,032 |
Advance billings | 99,280 | 114,550 |
Current income taxes | 9,017 | 2,880 |
Total current liabilities | 1,727,940 | 1,870,460 |
Long-term debt | 2,299,099 | 2,348,361 |
Deferred taxes on income | 286,445 | 279,451 |
Tax uncertainties and other income tax liabilities | 31,935 | 38,163 |
Noncurrent operating lease liabilities | 192,092 | 180,292 |
Other noncurrent liabilities | 308,728 | 437,015 |
Total liabilities | 4,846,239 | 5,153,742 |
Commitments and contingencies (See Note 16) | ||
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 | 2,485 | 68,502 |
Retained earnings | 5,169,270 | 5,205,421 |
Accumulated other comprehensive loss | (780,312) | (839,131) |
Treasury stock, at cost (148,606,517 and 151,362,724 shares, respectively) | (4,602,149) | (4,687,509) |
Total stockholders’ equity | 112,632 | 70,621 |
Total liabilities and stockholders’ equity | $ 4,958,871 | $ 5,224,363 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Short-term investments | $ 2,658 | $ 18,974 |
Accounts receivable allowance | 11,168 | 18,899 |
Short-term finance receivables allowance | 12,812 | 18,012 |
Long-term finance receivables allowance | 13,406 | 17,857 |
Other assets | $ 318,754 | $ 355,799 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, authorized (in shares) | 480,000,000 | 480,000,000 |
Common stock issued (in shares) | 323,337,912 | 323,337,912 |
Treasury stock (in shares) | 148,606,517 | 151,362,724 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net (loss) income | $ (1,351,000) | $ (180,376,000) | $ 194,319,000 |
Loss (income) from discontinued operations, net of tax | 4,858,000 | (10,115,000) | (154,460,000) |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation and amortization | 162,859,000 | 160,625,000 | 159,142,000 |
Allowance for credit losses | 7,808,000 | 42,193,000 | 28,488,000 |
Stock-based compensation | 20,862,000 | 17,476,000 | 23,149,000 |
Amortization of debt fees | 7,163,000 | 10,871,000 | 10,482,000 |
Loss on debt refinancing | 56,209,000 | 36,987,000 | 6,623,000 |
Loss on debt refinancing | 19,003,000 | 20,712,000 | 69,606,000 |
Restructuring payments | (21,990,000) | (20,014,000) | (27,148,000) |
Pension contributions and retiree medical payments | (27,534,000) | (31,828,000) | (37,747,000) |
(Gain) loss on sale of assets/businesses | (11,635,000) | (21,969,000) | 17,683,000 |
Goodwill impairment | 0 | 198,169,000 | 0 |
Deferred tax (benefit) provision | (19,883,000) | 15,280,000 | 4,811,000 |
Changes in operating assets and liabilities, net of acquisitions/divestitures: | |||
Accounts and other receivables | 37,503,000 | (47,236,000) | (8,027,000) |
Finance receivables | 20,934,000 | 70,505,000 | 29,171,000 |
Inventories | (8,008,000) | 1,582,000 | (5,178,000) |
Other current assets and prepayments | (1,184,000) | (19,581,000) | (27,096,000) |
Accounts payable and accrued liabilities | 57,780,000 | 94,851,000 | 22,081,000 |
Current and noncurrent income taxes | 2,971,000 | 8,622,000 | (40,119,000) |
Advance billings | (14,029,000) | 11,009,000 | (10,361,000) |
Other, net | 9,179,000 | (17,879,000) | 3,192,000 |
Net cash from operating activities: continuing operations | 301,515,000 | 339,884,000 | 258,611,000 |
Net cash from operating activities: discontinued operations | 0 | (37,912,000) | 9,272,000 |
Net cash from operating activities | 301,515,000 | 301,972,000 | 267,883,000 |
Cash flows from investing activities: | |||
Capital expenditures | (184,042,000) | (104,987,000) | (137,253,000) |
Purchases of investment securities | (74,923,000) | (596,841,000) | (137,194,000) |
Proceeds from sales/maturities of investment securities | 97,358,000 | 576,536,000 | 108,548,000 |
Net investment in loan receivables | (6,288,000) | (4,174,000) | (15,676,000) |
Proceeds from sale of assets/businesses, net of cash sold | 29,413,000 | 58,248,000 | 0 |
Acquisitions, net of cash acquired | (14,996,000) | (6,608,000) | (22,100,000) |
Other investing activities | 0 | 4,636,000 | (8,905,000) |
Net cash from investing activities: continuing operations | (153,478,000) | (73,190,000) | (212,580,000) |
Net cash from investing activities: discontinued operations | (1,773,000) | (2,502,000) | 670,130,000 |
Net cash from investing activities | (155,251,000) | (75,692,000) | 457,550,000 |
Cash flows from financing activities: | |||
Proceeds from the issuance of debt, net of discount | 1,195,500,000 | 916,544,000 | 389,986,000 |
Principal payments of debt | (1,445,734,000) | (1,105,650,000) | (930,189,000) |
Premiums and fees to refinance debt | (50,763,000) | (32,645,000) | (4,704,000) |
Dividends paid to stockholders | (34,800,000) | (34,291,000) | (35,361,000) |
Customer deposits at the Bank | 14,862,000 | 26,082,000 | 16,341,000 |
Common stock repurchases | 0 | 0 | (105,000,000) |
Other financing activities | (9,436,000) | (5,411,000) | (1,372,000) |
Net cash from financing activities | (330,371,000) | (235,371,000) | (670,299,000) |
Effect of exchange rate changes on cash and cash equivalents | (4,863,000) | 6,099,000 | 2,046,000 |
Change in cash and cash equivalents | (188,970,000) | (2,992,000) | 57,180,000 |
Cash and cash equivalents at beginning of period | 921,450,000 | 924,442,000 | 867,262,000 |
Cash and cash equivalents at end of period | $ 732,480,000 | $ 921,450,000 | $ 924,442,000 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Cumulative effect of accounting change | Preferred stock | Preference stock | Common Stock | Additional Paid-in Capital | Retained earnings | Retained earningsCumulative effect of accounting change | Accumulated other comprehensive loss | Accumulated other comprehensive lossCumulative effect of accounting change | Treasury stock |
Beginning balance at Dec. 31, 2018 | $ 101,842 | $ 3,348 | $ 1 | $ 396 | $ 323,338 | $ 121,475 | $ 5,279,682 | $ 3,348 | $ (948,961) | $ 0 | $ (4,674,089) |
Increase (Decrease) in Stockholders' Equity | |||||||||||
Net (loss) income | 194,319 | 194,319 | |||||||||
Other comprehensive income | 108,818 | 108,818 | |||||||||
Cash dividends | |||||||||||
Common | (35,353) | (35,353) | |||||||||
Preference | (8) | (8) | |||||||||
Issuance of treasury stock | (1,684) | (43,062) | 41,378 | ||||||||
Conversions to common stock | 0 | (130) | (2,804) | 2,934 | |||||||
Redemption of preferred/preference stock | (277) | (1) | (266) | (10) | |||||||
Stock-based compensation | 23,149 | 23,149 | |||||||||
Repurchase of common stock | (105,000) | (105,000) | |||||||||
Ending balance at Dec. 31, 2019 | 289,154 | $ (21,900) | 0 | 0 | 323,338 | 98,748 | 5,441,988 | $ (21,900) | (840,143) | (4,734,777) | |
Increase (Decrease) in Stockholders' Equity | |||||||||||
Net (loss) income | (180,376) | (180,376) | |||||||||
Other comprehensive income | 1,012 | 1,012 | |||||||||
Cash dividends | |||||||||||
Common | (34,291) | (34,291) | |||||||||
Issuance of treasury stock | (454) | (47,722) | 47,268 | ||||||||
Stock-based compensation | 17,476 | 17,476 | |||||||||
Ending balance at Dec. 31, 2020 | 70,621 | 0 | 0 | 323,338 | 68,502 | 5,205,421 | (839,131) | (4,687,509) | |||
Increase (Decrease) in Stockholders' Equity | |||||||||||
Net (loss) income | (1,351) | (1,351) | |||||||||
Other comprehensive income | 58,819 | 58,819 | |||||||||
Cash dividends | |||||||||||
Common | (34,800) | (34,800) | |||||||||
Issuance of treasury stock | (1,519) | (86,879) | 85,360 | ||||||||
Stock-based compensation | 20,862 | 20,862 | |||||||||
Ending balance at Dec. 31, 2021 | $ 112,632 | $ 0 | $ 0 | $ 323,338 | $ 2,485 | $ 5,169,270 | $ (780,312) | $ (4,602,149) |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||
Common stock cash paid (USD per share) | $ 0.20 | $ 0.20 | $ 0.20 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying Consolidated Financial Statements of Pitney Bowes Inc. and its wholly owned subsidiaries (we, us, our, or the company) have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). Intercompany transactions and balances have been eliminated. Certain prior year amounts have been reclassified to conform to the current year presentation. Effective October 1, 2021, we elected to adopt the FIFO inventory valuation methodology where we had previously valued inventory on a last-in, first-out (LIFO) basis. We believe that the FIFO basis provides a better matching of revenues and expenses, more closely resembles the physical flow of inventory, provides a consistent valuation methodology throughout our locations and improves comparability with industry peers. We retrospectively applied this change in accounting principle and recorded a cumulative effect adjustment to increase the 2019 opening inventory balance by $4 million and retained earnings by $3 million (net of tax). Financial statements for the years ended December 31, 2020 and 2019 and at December 31, 2020 have been recast and the impact on our previously issued financial statements is presented in the following tables. Had we not elected to adopt the FIFO inventory valuation methodology, 2021 cost of equipment sales would have been approximately $2 million higher and inventory would have been approximately $2 million lower. Year Ended December 31, 2020 Consolidated Statement of Income (Loss) As Previously Reported Adjustments As Revised Cost of equipment sales $ 236,716 $ (1,563) $ 235,153 Total costs and expenses $ 3,739,007 $ (1,563) $ 3,737,444 (Loss) income from continuing operations before income taxes $ (184,932) $ 1,563 $ (183,369) (Benefit) provision for income taxes $ 6,727 $ 395 $ 7,122 Income (loss) from continuing operations $ (191,659) $ 1,168 $ (190,491) Net (loss) income $ (181,544) $ 1,168 $ (180,376) Basic (loss) earnings per share - continuing operations $ (1.12) $ 0.01 $ (1.11) Basic (loss) earnings per share $ (1.06) $ 0.01 $ (1.05) Diluted (loss) earnings per share - continuing operations $ (1.12) $ 0.01 $ (1.11) Diluted (loss) earnings per share $ (1.06) $ 0.01 $ (1.05) Year Ended December 31, 2019 Consolidated Statement of Income (Loss) As Previously Reported Adjustments As Revised Cost of equipment sales $ 244,210 $ 410 $ 244,620 Total costs and expenses $ 3,177,983 $ 410 $ 3,178,393 (Loss) income from continuing operations before income taxes $ 27,142 $ (410) $ 26,732 (Benefit) provision for income taxes $ (13,007) $ (120) $ (13,127) Income (loss) from continuing operations $ 40,149 $ (290) $ 39,859 Net (loss) income $ 194,609 $ (290) $ 194,319 Basic (loss) earnings per share - continuing operations $ 0.23 $ — $ 0.23 Basic (loss) earnings per share $ 1.10 $ — $ 1.10 Diluted (loss) earnings per share - continuing operations $ 0.23 $ (0.01) $ 0.22 Diluted (loss) earnings per share $ 1.10 $ — $ 1.10 December 31, 2020 Consolidated Balance Sheet As Previously Reported Adjustments As Revised Inventories $ 65,845 $ 5,635 $ 71,480 Total current assets $ 2,106,923 $ 5,635 $ 2,112,558 Noncurrent income taxes $ 72,653 $ (1,409) $ 71,244 Total assets $ 5,220,137 $ 4,226 $ 5,224,363 Retained earnings $ 5,201,195 $ 4,226 $ 5,205,421 Total stockholders' equity $ 66,395 $ 4,226 $ 70,621 Total liabilities and stockholders' equity $ 5,220,137 $ 4,226 $ 5,224,363 Year Ended December 31, 2020 Consolidated Statement of Cash Flows As Previously Reported Adjustments As Revised Net (loss) income $ (181,544) $ 1,168 $ (180,376) Deferred tax (benefit) provision $ 14,885 $ 395 $ 15,280 (Increase) decrease in inventories $ 3,145 $ (1,563) $ 1,582 Year Ended December 31, 2019 Consolidated Statement of Cash Flows As Previously Reported Adjustments As Revised Net (loss) income $ 194,609 $ (290) $ 194,319 Deferred tax (benefit) provision $ 4,931 $ (120) $ 4,811 (Increase) decrease in inventories $ (5,588) $ 410 $ (5,178) Use of Estimates The preparation of financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and accompanying disclosures, including the disclosure of contingent assets and liabilities. These estimates and assumptions are based on management's best knowledge of current events, historical experience and other information available when the financial statements are prepared. These estimates include, but are not limited to, goodwill and intangible asset impairment review, deferred tax asset valuation allowance, income tax reserves, revenue recognition for multiple element arrangements, pension and other postretirement costs, allowance for credit losses, residual values of leased assets, useful lives of long-lived and intangible assets, restructuring costs, the allocation of purchase price to assets and liabilities acquired in business combinations, stock-based compensation expense and loss contingencies. Actual results could differ from those estimates and assumptions. Cash Equivalents Cash equivalents include interest-earning investments with maturities of three months or less at the date of purchase. Marketable Securities Marketable investment securities are classified as available-for-sale or hold-to-maturity. 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. Purchase premiums and discounts are amortized using the effective interest method over the term of the security. Gains and losses on the sale of available-for-sale securities are recorded on the trade date using the specific identification method. There were no unrealized losses due to credit losses charged to earnings in 2021, 2020, or 2019. Investment securities that management has the positive intent and ability to hold to maturity are classified as held-to-maturity and are carried at amortized cost. Accounts and Other Receivables and Allowance for Credit Losses Accounts receivable are generally due within 30 days after the invoice date. We provide an allowance for credit losses based on historical loss experience, the age of the receivables, specific troubled accounts and other currently available information. Accounts receivable are written off against the allowance after all collection efforts have been exhausted and management deems the account to be uncollectible, or when they are 365 days past due, if sooner. We believe that our accounts receivable credit risk is low because of the geographic and industry diversification of our clients and small account balances for most of our clients. We continually evaluate the adequacy of the allowance for credit losses and adjust as necessary. Finance Receivables and Allowance for Credit Losses Finance receivables are comprised of sales-type leases, secured loans and unsecured loans. Sales-type leases and secured loans are from financing options provided to clients for Pitney Bowes equipment or leasing of other manufacturers' equipment and are generally due in installments over periods ranging from three We provide 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 and current economic conditions and outlook based on reasonable and supportable forecasts. We continually evaluate the adequacy of the allowance for credit losses and adjust as necessary. Credit approval limits are established based on the credit quality of the client and the type of equipment financed. We cease financing revenue recognition for lease receivables that are more than 120 days past due and for unsecured loan receivables that are more than 90 days past due. Revenue recognition is resumed when the client's payments reduce the account aging to less than 60 days past due. Finance receivables are written off against the allowance after all collection efforts have been exhausted and management deems the account to be uncollectible. We believe that our finance receivable credit risk is low because of the geographic and industry diversification of our clients and small account balances for most of our clients. Inventories Inventories are stated at the lower of cost, determined on the first-in, first-out (FIFO) basis or net realizable value. Fixed Assets Property, plant and equipment and rental equipment are stated at cost and depreciated principally using the straight-line method over their estimated useful lives, which are 50 years for buildings, 10 to 20 years for building improvements, up to 3 years for internal use software development costs, 3 to 12 years for machinery and equipment and 4 to 6 years for rental equipment. Major improvements that add to the productive capacity or extend the life of an asset are capitalized while repairs and maintenance are charged to expense. Leasehold improvements are amortized over the shorter of their estimated useful life or the remaining lease term. Fully depreciated assets are retained in fixed assets and accumulated depreciation until they are removed from service. Intangible Assets Finite-lived intangible assets are amortized using the straight-line method over their estimated useful lives of up to 10 years. Deferred Costs Certain incremental costs to obtain a contract are capitalized if we expect the benefit of those costs to be realized over a period greater than one year. These costs primarily relate to sales commissions on multi-year equipment and Global Ecommerce contracts and are amortized in a manner consistent with the timing of the related revenue over the contract performance period or longer, if renewals are expected and the renewal commission is not commensurate with the initial commission. Unamortized deferred costs at December 31, 2021 and December 31, 2020, included in other assets, were $48 million and $40 million, respectively. Amortization expense for these costs for the years ended December 31, 2021, 2020 and 2019 was $18 million, $10 million and $7 million, respectively. Revenue Recognition We derive revenue from multiple sources including sales, rentals, financing and services. Certain transactions are consummated at the same time and can therefore generate revenue from multiple sources. The most common form of these transactions involves a sale or noncancelable lease of equipment, meter services and an equipment maintenance agreement. We determine whether each product and service within the contract should be treated as a separate performance obligation (unit of accounting) for revenue recognition purposes. For contracts that include multiple performance obligations, the transaction price is allocated based on relative standalone selling prices (SSP), which are a range of selling prices that we would sell a product or service to a customer on a separate basis. SSP are established for each performance obligation at the inception of the contract and can be observable prices or estimated. The allocation of the transaction price to the various performance obligations impacts the timing of revenue recognition, but does not change the total revenue recognized. More specifically, revenue related to our offerings is recognized as follows: Business services Business services includes fulfillment, delivery and return services, cross-border solutions, mail processing services and shipping subscription solutions, Revenue for fulfillment, delivery and return services, cross-border solutions and mail processing services 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. Revenue for shipping subscription solutions is recognized ratably over the contract period as the client obtains equal benefit from these services through the period. We review third party relationships and record revenue on a gross basis when we act as a principal in a transaction and on a net basis when we act as an agent between a client and vendor. In determining whether we are acting as principal or agent, we consider several factors such as whether we are the primary obligor to the client or have control over pricing. Support services Support services revenue includes revenue from maintenance, professional and subscription services for our mailing equipment and professional services for our digital delivery services. Revenue is allocated to these services using selling prices charged in standalone replacement and renewal transactions. Revenue for maintenance and subscription services is recognized ratably over the contract period and revenue for professional services is recognized when services are provided. Financing We provide financing for our products primarily through sales-type leases and revolving lines of credit for the purchase of postage and supplies. Financing revenue also includes finance income, late fees and investment income, gains and losses at the Bank. We record financing income over the lease term using the effective interest method. Financing revenue also includes amounts related to sales-type leases that customers have extended or renewed for an additional term. Revenue for these contracts is recognized over the term of the modified lease using the effective interest method. We believe that our sales-type lease portfolio contains only normal collection risk. Equipment residual values are determined at the inception of the lease using management's best estimate of fair value at the end of the lease term. Fair value estimates are determined based on historical renewal experience, used equipment markets, competition and technological changes. We evaluate residual values on an annual basis or sooner if circumstances warrant. Declines in estimated residual values considered "other-than-temporary" are recognized immediately. Increases in estimated future residual values are not recognized until the equipment is remarketed. Equipment sales We sell and lease equipment directly to customers and to distributors (re-sellers) throughout the world. The amount of revenue allocated to the equipment is based on a range of observable selling prices in standalone transactions. Revenue from the sale of equipment under sales-type leases is recognized as control of the equipment transfers to the customer, which is upon shipment for self-installed products and upon installation or customer acceptance for other products. Revenue from the direct sale of equipment is recognized as control of the equipment transfers to the customer, which is upon delivery for self-installed products and upon installation or customer acceptance for other products. We do not typically offer any rights of return. Supplies Supplies revenue includes revenue from supplies for our mailing equipment and is recognized upon delivery. Rentals Rentals revenue includes revenue from mailing equipment that does not meet the criteria to be accounted for as a sales-type lease. We may invoice in advance for rentals according to the terms of the agreement. Advanced billings are initially deferred and recognized on a straight-line basis over the billing period. Revenue generated from financing clients for the continued use of equipment subsequent to the expiration of the original lease is recognized as rentals revenue. Shipping and Handling Shipping and handling costs are recognized as costs of revenue as incurred. Research and Development Costs Research and development costs are charged to expense as incurred. Costs include research, development and engineering activities relating to the development of new products and solutions and enhancements of existing products and solutions. Costs primarily include salaries, benefits and other employee-related expenses, materials, contract services, information systems and facilities and equipment costs. Restructuring Charges Costs associated with restructuring actions primarily include employee severance and related separation costs and contract termination costs, primarily real estate leases. Employee severance and related costs are recognized when a liability is incurred, which is generally upon communication to the affected employees, and the amount to be paid is both probable and reasonably estimable. Severance accruals are based on company policy, historical experience and negotiated settlements. Contract termination costs for real estate leases are recognized as incurred. Stock-based Compensation We primarily issue restricted stock units and non-qualified stock options under our stock award plans. Compensation expense for stock-based awards is measured based on the estimated fair value of the awards expected to vest and recognized ratably over the requisite service period. The fair value of restricted stock units is estimated based on the fair value of our common stock on the grant date, less the present value of expected dividends. The fair value of non-qualified stock options is determined using the Black-Scholes valuation model. We believe that these valuation techniques and the underlying assumptions are appropriate in estimating the fair value of stock awards. Forfeitures are estimated at the time of grant to recognize expense for those awards that are expected to vest and are based on our historical forfeiture rates. Stock-based compensation expense is recognized primarily in selling, general and administrative expense. Retirement Plans Net periodic benefit cost includes current service cost, interest cost, expected return on plan assets and the amortization of actuarial gains and losses. Actuarial gains and losses arise from actual results that differ from previous assumptions and changes in assumptions. The expected return on plan assets is based on a market-related valuation of plan assets where differences between the actual and expected return on plan assets are recognized over a five-year period. Actuarial gains and losses are recognized in other comprehensive loss, net of tax, and amortized to benefit cost primarily over the life expectancy of plan participants. The funded status of pension and other postretirement benefit plans is recognized in the consolidated balance sheets. Impairment Review Long-lived assets and finite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. The estimated undiscounted future cash flows expected to result from the use and eventual disposition of the asset is compared to the asset's carrying value. The fair value of the asset is determined using probability weighted expected cash flow estimates, derived from our long-term business plans and historical experience, quoted market prices when available and appraisals, as appropriate. Goodwill is tested annually for impairment at the reporting unit level during the fourth quarter or sooner if circumstances indicate an impairment may exist. The impairment test for goodwill determines the fair value of each reporting unit and compares it to the reporting unit's carrying value, including goodwill. If the fair value of a reporting unit exceeds the carrying value of the net assets assigned to that reporting unit, goodwill is not impaired and no further testing is required. If the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, the goodwill impairment loss is calculated as the difference between these amounts, limited to the amount of goodwill allocated to the reporting unit. During the fourth quarter of 2021, we performed our annual goodwill impairment test to assess the recoverability of the carrying value of goodwill and determined that the fair value of each reporting unit exceeded its carrying value and no impairment was recorded. Derivative Instruments In the normal course of business, we are exposed to the impact of changes in foreign currency exchange rates and interest rates. We limit these risks by following established risk management policies and procedures, including the use of derivatives. We use derivative instruments to limit the effects of currency exchange rate fluctuations on financial results and manage the related cost of debt. We do not use derivatives for trading or speculative purposes. Derivative instruments are measured at fair value and reported as assets and liabilities on the consolidated balance sheets, as applicable. The accounting for changes in fair value depends on the intended use of the derivative, the resulting designation and the effectiveness of the instrument in offsetting the risk exposure it is designed to hedge. To qualify as a hedge, a derivative must be highly effective in offsetting the risk designated for hedging purposes. The hedge relationship must be formally documented at inception, detailing the particular risk management objective and strategy for the hedge. The effectiveness of the hedge relationship is evaluated on a retrospective and prospective basis. The use of derivative instruments exposes us to counterparty credit risk. To mitigate such risks, we only enter into agreements with financial institutions that meet stringent credit requirements. We regularly review our credit exposure and the creditworthiness of our counterparties. We have not seen a material change in the creditworthiness of our derivative counterparties. Income Taxes We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date of such change. A valuation allowance is provided when it is more likely than not that a deferred tax asset will not be realized. In estimating the necessity and amount of a valuation allowance, we consider all available evidence for each jurisdiction, including historical operating results, estimates of future taxable income and the feasibility of ongoing tax planning strategies. We adjust the valuation allowance through income tax expense when new information becomes available that would alter our determination of the amount of deferred tax assets that will ultimately be realized. Earnings per Share Basic earnings per share is computed based on the weighted-average number of common shares outstanding during the year. Diluted earnings per share is computed based on the weighted-average number of common shares outstanding during the year plus the dilutive effect of common stock equivalents. Translation of Non-U.S. Currency Amounts In general, the functional currency of our foreign operations is the local currency. Assets and liabilities of subsidiaries operating outside the U.S. are translated at rates in effect at the end of the period and revenue and expenses are translated at average monthly rates during the period. Net deferred translation gains and losses are included as a component of accumulated other comprehensive loss. Loss Contingencies In the ordinary course of business, we are routinely defendants in, or party to, a number of pending and threatened legal actions. On a quarterly basis, we review the status of each significant matter and assess the potential financial exposure. If the potential loss from any claim or legal action is considered probable and can be reasonably estimated, we establish a liability for the estimated loss. The assessment of the ultimate outcome of each claim or legal action and the determination of the potential financial exposure requires significant judgment. Estimates of potential liabilities for claims or legal actions are based only on information that is available at that time. As additional information becomes available, we may revise our estimates, and these revisions could have a material impact on our results of operations and financial position. Legal fees are expensed as incurred. New Accounting Pronouncements New Accounting Pronouncements - Standards Adopted in 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. In December 2021, we adopted ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . The ASU requires that an entity (the acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606. The adoption of this standard did not have a material impact on our consolidated financial statements. New Accounting Pronouncements - Standards 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. The transition to new reference interest rates will require certain contracts to be modified and the ASU is intended to provide temporary optional expedients and exceptions to U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The accommodations provided by the ASU are effective through December 31, 2022 and may be applied at the beginning of any interim period within that time frame. We have matched LIBOR-based debt with LIBOR based interest rate swaps and have elected to apply the practical expedient related to probability and the assessment of the effectiveness for future LIBOR-indexed cash flows, which assumes that the debt instrument will use the same index rate as its corresponding interest rate swap once a new reference rate is established to replace LIBOR. We may apply other expedients as additional reference rate changes occur. We continue to assess the impact of this standard on our consolidated financial statements. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Disaggregated Revenue The following tables disaggregate our revenue by source and timing of recognition: Year Ended December 31, 2021 Global Ecommerce Presort Services SendTech Solutions Revenue from products and services Revenue from leasing transactions and financing Total consolidated revenue Revenue from products and services Business services $ 1,702,580 $ 573,480 $ 58,614 $ 2,334,674 $ — $ 2,334,674 Support services — — 460,888 460,888 — 460,888 Financing — — — — 294,418 294,418 Equipment sales — — 91,015 91,015 259,123 350,138 Supplies — — 159,438 159,438 — 159,438 Rentals — — — — 74,005 74,005 Subtotal 1,702,580 573,480 769,955 3,046,015 $ 627,546 $ 3,673,561 Revenue from leasing transactions and financing Financing — — 294,418 294,418 Equipment sales — — 259,123 259,123 Rentals — — 74,005 74,005 Total revenue $ 1,702,580 $ 573,480 $ 1,397,501 $ 3,673,561 Timing of revenue recognition from products and services Products/services transferred at a point in time $ — $ — $ 318,077 $ 318,077 Products/services transferred over time 1,702,580 573,480 451,878 2,727,938 Total $ 1,702,580 $ 573,480 $ 769,955 $ 3,046,015 Year Ended December 31, 2020 Global Ecommerce Presort Services SendTech Solutions Revenue from products and services Revenue from leasing transactions and financing Total consolidated revenue Revenue from products and services Business services $ 1,618,897 $ 521,212 $ 51,197 $ 2,191,306 $ — $ 2,191,306 Support services — — 473,292 473,292 — 473,292 Financing — — — — 341,034 341,034 Equipment sales — — 74,660 74,660 240,222 314,882 Supplies — — 159,282 159,282 — 159,282 Rentals — — — — 74,279 74,279 Subtotal 1,618,897 521,212 758,431 2,898,540 $ 655,535 $ 3,554,075 Revenue from leasing transactions and financing Financing — — 341,034 341,034 Equipment sales — — 240,222 240,222 Rentals — — 74,279 74,279 Total revenue $ 1,618,897 $ 521,212 $ 1,413,966 $ 3,554,075 Timing of revenue recognition from products and services Products/services transferred at a point in time $ — $ — $ 293,648 $ 293,648 Products/services transferred over time 1,618,897 521,212 464,783 2,604,892 Total $ 1,618,897 $ 521,212 $ 758,431 $ 2,898,540 Year Ended December 31, 2019 Global Ecommerce Presort Services SendTech Solutions Revenue from products and services Revenue from leasing transactions and financing Total consolidated revenue Revenue from products and services Business services $ 1,151,510 $ 529,588 $ 29,703 $ 1,710,801 $ — $ 1,710,801 Support services — — 506,187 506,187 — 506,187 Financing — — — — 368,090 368,090 Equipment sales — — 80,562 80,562 271,542 352,104 Supplies — — 187,287 187,287 — 187,287 Rentals — — — — 80,656 80,656 Subtotal 1,151,510 529,588 803,739 2,484,837 $ 720,288 $ 3,205,125 Revenue from leasing transactions and financing Financing — — 368,090 368,090 Equipment sales — — 271,542 271,542 Rentals — — 80,656 80,656 Total revenue $ 1,151,510 $ 529,588 $ 1,524,027 $ 3,205,125 Timing of revenue recognition from products and services Products/services transferred at a point in time $ — $ — $ 334,046 $ 334,046 Products/services transferred over time 1,151,510 529,588 469,693 2,150,791 Total $ 1,151,510 $ 529,588 $ 803,739 $ 2,484,837 Our performance obligations for revenue from products and services are as follows: Business services includes fulfillment, delivery and return services, cross-border solutions, mail processing services and shipping subscription solutions. Revenue for fulfillment, delivery and return services, cross-border solutions and mail processing services 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 Support services includes providing maintenance, professional and subscription services for our equipment and digital mailing and shipping technology solutions. Contract terms range from one Equipment sales generally includes the sale of mailing and shipping equipment, excluding sales-type leases. We recognize revenue upon delivery for self-install equipment and upon acceptance or installation for other equipment. We provide a warranty that the equipment is free of defects and meets stated specifications. The warranty is not considered a separate performance obligation. Supplies revenue includes revenue from supplies for our mailing equipment and 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 the Bank. Advance Billings from Contracts with Customers Balance Sheet Location December 31, 2021 December 31, 2020 Increase/ (decrease) Advance billings, current Advance billings $ 92,926 $ 106,498 $ (13,572) Advance billings, noncurrent Other noncurrent liabilities $ 1,109 $ 1,277 $ (168) 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 twelve months ended December 31, 2021 includes $106 million of advance billings at the beginning of the period. Advance billings, current at December 31, 2021 and 2020 also includes $6 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: 2022 2023 2024-2026 Total SendTech Solutions $ 276,314 $ 196,265 $ 213,395 $ 685,974 The table above does not include revenue for performance obligations under contracts with terms less than 12 months or revenue for performance obligations where revenue is recognized based on the amount billable to the customer. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Our reportable segments are Global Ecommerce, Presort Services and 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 the 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 and goodwill impairment charges and other items not allocated to a particular business segment. Costs related to shared assets are allocated to the relevant segments. 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) income. As a result of change from LIFO to FIFO inventory valuation discussed in Note 1, SendTech Solutions EBIT for 2020 and 2019 has also been recast. Revenue Years Ended December 31, 2021 2020 2019 Global Ecommerce $ 1,702,580 $ 1,618,897 $ 1,151,510 Presort Services 573,480 521,212 529,588 SendTech Solutions 1,397,501 1,413,966 1,524,027 Total revenue $ 3,673,561 $ 3,554,075 $ 3,205,125 Geographic data: United States $ 3,114,905 $ 3,112,285 $ 2,745,928 Outside United States 558,656 441,790 459,197 Total revenue $ 3,673,561 $ 3,554,075 $ 3,205,125 EBIT Years Ended December 31, 2021 2020 2019 Global Ecommerce $ (98,673) $ (82,894) $ (70,146) Presort Services 79,721 55,799 70,693 SendTech Solutions 429,415 442,648 489,912 Total segment EBIT 410,463 415,553 490,459 Reconciling items: Interest, net (143,945) (153,915) (155,558) Unallocated corporate expenses (207,774) (200,406) (211,529) Restructuring charges and asset impairments (19,003) (20,712) (69,606) Goodwill impairment — (198,169) — Loss on debt refinancing (56,209) (36,987) (6,623) Gain (loss) on sale of assets/businesses 11,635 11,908 (17,683) Transaction costs (2,582) (641) (2,728) Benefit (provision) for income taxes 10,922 (7,122) 13,127 Income (loss) from continuing operations 3,507 (190,491) 39,859 (Loss) income from discontinued operations, net of tax (4,858) 10,115 154,460 Net (loss) income $ (1,351) $ (180,376) $ 194,319 Depreciation and amortization Years Ended December 31, 2021 2020 2019 Global Ecommerce $ 79,128 $ 69,676 $ 68,385 Presort Services 27,243 31,769 29,440 SendTech Solutions 29,950 34,316 39,758 Total for reportable segments 136,321 135,761 137,583 Corporate 26,538 24,864 21,559 Total depreciation and amortization $ 162,859 $ 160,625 $ 159,142 Capital expenditures Years Ended December 31, 2021 2020 2019 Global Ecommerce $ 89,488 $ 46,427 $ 53,374 Presort Services 36,628 15,795 27,394 SendTech Solutions 26,028 28,823 32,276 Total for reportable segments 152,144 91,045 113,044 Corporate 31,898 13,942 24,209 Total capital expenditures $ 184,042 $ 104,987 $ 137,253 Assets December 31, 2021 2020 2019 Global Ecommerce $ 1,032,434 $ 994,554 $ 1,102,313 Presort Services 479,392 523,690 524,817 SendTech Solutions 2,013,361 2,071,028 2,156,806 Total for reportable segments 3,525,187 3,589,272 3,783,936 Cash and cash equivalents 732,480 921,450 924,442 Short-term investments 14,440 18,974 115,879 Assets of discontinued operations — — 17,229 Long-term investments 333,052 364,212 238,882 Other corporate assets 353,712 330,455 389,590 Consolidated assets $ 4,958,871 $ 5,224,363 $ 5,469,958 Identifiable long-lived assets: United States $ 658,070 $ 613,990 $ 596,694 Outside United States 14,294 17,641 21,460 Total $ 672,364 $ 631,631 $ 618,154 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations Discontinued operations includes net working capital and other adjustments relating to the sale of Software Solutions business in 2019 (except for the software business in Australia, which closed in January 2020), and the Production Mail business in 2018. Discontinued operations for the year ended December 31, 2021 also includes a tax charge related to the sale of the Production Mail business. Discontinued operations for the year ended December 31, 2019 also includes the operating results of the Software Solutions business. Selected financial information of discontinued operations is as follows: Year Ended December 31, 2021 Software Solutions Production Mail Total Loss on sale $ (1,827) $ — $ (1,827) Tax provision 3,031 Loss from discontinued operations, net of tax $ (4,858) Year Ended December 31, 2020 Software Solutions Production Mail Total Gain (loss) on sale $ 7,972 $ (167) $ 7,805 Tax benefit (2,310) Income from discontinued operations, net of tax $ 10,115 Year Ended December 31, 2019 Software Solutions Production Mail Total Revenue $ 272,565 $ — $ 272,565 Earnings (loss) from discontinued operations $ 22,160 $ (663) $ 21,497 Gain (loss) on sale 195,957 (14,644) 181,313 Income (loss) from discontinued operations before taxes $ 218,117 $ (15,307) 202,810 Tax provision 48,350 Income from discontinued operations, net of tax $ 154,460 |
Earnings per Share (EPS)
Earnings per Share (EPS) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per Share (EPS) | Earnings per Share (EPS) The calculations of basic and diluted earnings per share are presented below. The sum of earnings per share amounts may not equal the totals due to rounding. Years Ended December 31, 2021 2020 2019 Numerator: Income (loss) from continuing operations $ 3,507 $ (190,491) $ 39,859 (Loss) income from discontinued operations, net of tax (4,858) 10,115 154,460 Net (loss) income (numerator for diluted EPS) (1,351) (180,376) 194,319 Less: Preference stock dividend — — 8 (Loss) income attributable to common stockholders (numerator for basic EPS) $ (1,351) $ (180,376) $ 194,311 Denominator: Weighted-average shares used in basic EPS 173,914 171,519 176,251 Dilutive effect of common stock equivalents (1) 5,191 — 1,198 Weighted-average shares used in diluted EPS 179,105 171,519 177,449 Basic (loss) earnings per share: Continuing operations $ 0.02 $ (1.11) $ 0.23 Discontinued operations (0.03) 0.06 0.88 Net (loss) income $ (0.01) $ (1.05) $ 1.10 Diluted (loss) earnings per share: Continuing operations $ 0.02 $ (1.11) $ 0.22 Discontinued operations (0.03) 0.06 0.87 Net (loss) income $ (0.01) $ (1.05) $ 1.10 Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive: 6,514 11,626 15,751 (1) Due to the loss from continuing operations for the year ended December 31, 2020, common stock equivalents of 2,483 were excluded from the calculation of diluted earnings per share as the impact would have been anti-dilutive. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following: December 31, 2021 2020 Raw materials $ 22,352 $ 16,570 Supplies and service parts 26,076 24,061 Finished products 30,160 30,849 Total inventory, net $ 78,588 $ 71,480 |
Finance Assets and Lessor Opera
Finance Assets and Lessor Operating Leases | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Finance Assets and Lessor Operating Leases | Finance Assets and Lessor Operating Leases Finance Assets All finance receivables are in our SendTech segment. We segregate our finance receivables into a North America portfolio and International portfolio. Finance receivables consisted of the following: December 31, 2021 December 31, 2020 North America International Total North America International Total Sales-type lease receivables Gross finance receivables $ 958,440 $ 187,831 $ 1,146,271 $ 994,985 $ 211,944 $ 1,206,929 Unguaranteed residual values 37,896 10,717 48,613 36,405 12,140 48,545 Unearned income (246,381) (56,643) (303,024) (275,359) (61,686) (337,045) Allowance for credit losses (19,546) (3,246) (22,792) (22,917) (6,006) (28,923) Net investment in sales-type lease receivables 730,409 138,659 869,068 733,114 156,392 889,506 Loan receivables Loan receivables 262,310 20,155 282,465 268,690 22,092 290,782 Allowance for credit losses (3,259) (167) (3,426) (6,484) (462) (6,946) Net investment in loan receivables 259,051 19,988 279,039 262,206 21,630 283,836 Net investment in finance receivables $ 989,460 $ 158,647 $ 1,148,107 $ 995,320 $ 178,022 $ 1,173,342 Maturities of finance receivables at December 31, 2021 were as follows: Sales-type Lease Receivables Loan Receivables North America International Total North America International Total 2022 $ 379,948 $ 75,525 $ 455,473 $ 226,322 $ 20,155 $ 246,477 2023 276,501 53,695 330,196 15,383 — 15,383 2024 177,005 32,799 209,804 12,278 — 12,278 2025 93,071 17,958 111,029 6,880 — 6,880 2026 31,092 6,508 37,600 1,447 — 1,447 Thereafter 823 1,346 2,169 — — — Total $ 958,440 $ 187,831 $ 1,146,271 $ 262,310 $ 20,155 $ 282,465 Allowance for Credit Losses Activity in the allowance for credit losses on finance receivables was as follows: Sales-type Lease Receivables Loan Receivables North International North International Total Balance at December 31, 2018 $ 10,253 $ 2,355 $ 6,777 $ 837 $ 20,222 Amounts charged to expense 5,672 1,157 4,746 569 12,144 Write-offs (6,971) (1,505) (8,971) (849) (18,296) Recoveries 1,717 181 3,519 9 5,426 Other 249 (103) (165) 174 155 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 10,789 2,902 8,158 555 22,404 Write-offs (7,609) (1,068) (9,955) (551) (19,183) Recoveries 2,070 194 3,474 4 5,742 Other (2,524) 143 17 116 (2,248) Balance at December 31, 2020 22,917 6,006 6,484 462 35,869 Amounts charged to expense 648 (1,788) (426) 19 (1,547) Write-offs (7,120) (846) (6,045) (302) (14,313) Recoveries 3,097 173 3,245 3 6,518 Other 4 (299) 1 (15) (309) Balance at December 31, 2021 $ 19,546 $ 3,246 $ 3,259 $ 167 $ 26,218 Aging of Receivables The aging of gross finance receivables was as follows: December 31, 2021 Sales-type Lease Receivables Loan Receivables North International North International Total Amounts 0 - 90 days $ 950,138 $ 185,057 $ 258,514 $ 20,018 $ 1,413,727 Amounts > 90 days 8,302 2,774 3,796 137 15,009 Total $ 958,440 $ 187,831 $ 262,310 $ 20,155 $ 1,428,736 Amounts > 90 days Still accruing interest $ 4,964 $ 682 $ — $ — $ 5,646 Not accruing interest 3,338 2,092 3,796 137 9,363 Total $ 8,302 $ 2,774 $ 3,796 $ 137 $ 15,009 December 31, 2020 Sales-type Lease Receivables Loan Receivables North International North International Total Amounts 0 - 90 days $ 972,266 $ 208,968 $ 264,484 $ 21,932 $ 1,467,650 Amounts > 90 days 22,719 2,976 4,206 160 30,061 Total $ 994,985 $ 211,944 $ 268,690 $ 22,092 $ 1,497,711 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 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, a detailed manual review of their financial condition and payment history or an automated process. 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 and enhanced tools and processes are implemented as needed. Over 85% of our finance receivables are within our North American portfolio. We use a third party to score the majority of this 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%. 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. Accordingly, the entire International portfolio is reported in the Not Scored category. This portfolio comprises approximately 15% of our total finance receivables. Most of our International credit applications are small dollar applications (i.e. below $50 thousand) and are subjected to an automated review process. Larger credit applications are manually reviewed, which includes obtaining client financial information, credit reports and other available information. 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 December 31, 2021 and 2020. Sales Type Lease Receivables Loan Receivables Total 2021 2020 2019 2018 2017 Prior Low $ 274,191 $ 195,421 $ 162,479 $ 95,661 $ 33,698 $ 14,862 $ 192,161 $ 968,473 Medium 43,403 34,955 31,038 17,895 6,981 3,619 55,708 193,599 High 5,474 5,017 4,044 2,708 849 889 4,822 23,803 Not Scored 45,644 54,097 47,973 33,998 19,161 12,214 29,774 242,861 Total $ 368,712 $ 289,490 $ 245,534 $ 150,262 $ 60,689 $ 31,584 $ 282,465 $ 1,428,736 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 Lease Income Lease income from sales-type leases, excluding variable lease payments, was as follows: Years Ended December 31, 2021 2020 2019 Profit recognized at commencement $ 127,469 $ 117,359 $ 146,923 Interest income 186,532 206,517 229,719 Total lease income from sales-type leases $ 314,001 $ 323,876 $ 376,642 Lessor Operating Leases We also lease mailing equipment under operating leases with terms of one 2022 $ 22,782 2023 13,607 2024 16,444 2025 4,185 2026 902 Thereafter 59 Total $ 57,979 |
Fixed Assets
Fixed Assets | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | Fixed Assets Fixed assets consisted of the following: December 31, 2021 2020 Land $ — $ 9,333 Machinery and equipment 707,843 617,748 Capitalized software 488,837 443,400 Buildings and improvements 126,456 203,788 1,323,136 1,274,269 Accumulated depreciation (893,974) (882,989) Property, plant and equipment, net $ 429,162 $ 391,280 Rental property and equipment $ 125,967 $ 145,954 Accumulated depreciation (91,193) (107,519) Rental property and equipment, net $ 34,774 $ 38,435 Depreciation expense was $132 million, $127 million and $123 million for the years ended December 31, 2021, 2020 and 2019, respectively. In November 2021, we entered into an agreement to sell our Shelton, Connecticut facility and simultaneously entered into a ten year lease agreement. This transaction did not close as of December 31, 2021, and accordingly, the net book value for the building and land of $36 million was classified as assets held-for-sale in other current assets and prepayments in the December 31, 2021 Consolidated Balance Sheet. See also Note 21 Subsequent Events. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | Intangible Assets and Goodwill Intangible Assets Intangible assets consisted of the following: December 31, 2021 December 31, 2020 Gross Accumulated Net Gross Accumulated Net Customer relationships $ 268,187 $ (141,492) $ 126,695 $ 268,199 $ (115,010) $ 153,189 Software & technology 21,981 (16,234) 5,747 19,000 (12,350) 6,650 Total intangible assets, net $ 290,168 $ (157,726) $ 132,442 $ 287,199 $ (127,360) $ 159,839 Amortization expense was $30 million, $33 million and $36 million for the years ended December 31, 2021, 2020 and 2019, respectively. Future amortization expense for intangible assets at December 31, 2021 is as follows: 2022 $ 29,812 2023 26,962 2024 26,962 2025 20,302 2026 14,148 Thereafter 14,256 Total $ 132,442 Actual amortization expense may differ from the amounts above due to, among other things, fluctuations in foreign currency exchange rates, acquisitions, divestitures and impairment charges. Goodwill Changes in the carrying amount of goodwill by reporting segment are shown in the tables below. Goodwill before accumulated impairment Accumulated impairment December 31, 2020 Acquisitions/dispositions FX Impact December 31, 2021 Global Ecommerce $ 609,431 $ (198,169) $ 411,262 $ (16,200) $ — $ 395,062 Presort Services 220,992 — 220,992 — — 220,992 SendTech Solutions 520,031 — 520,031 13,804 (14,786) 519,049 Total goodwill $ 1,350,454 $ (198,169) $ 1,152,285 $ (2,396) $ (14,786) $ 1,135,103 December 31, 2019 Acquisitions Impairment FX Impact December 31, 2020 Global Ecommerce $ 609,431 $ — $ (198,169) $ — $ 411,262 Presort Services 212,529 8,463 — — 220,992 SendTech Solutions 502,219 — — 17,812 520,031 Total goodwill $ 1,324,179 $ 8,463 $ (198,169) $ 17,812 $ 1,152,285 |
Fair Value Measurements and Der
Fair Value Measurements and Derivative Instruments | 12 Months Ended |
Dec. 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. December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Investment securities Money market funds $ 88,705 $ 338,043 $ — $ 426,748 Equity securities — 29,356 — 29,356 Commingled fixed income securities 1,692 16,815 — 18,507 Government and related securities 9,790 25,439 — 35,229 Corporate debt securities — 65,167 — 65,167 Mortgage-backed / asset-backed securities — 172,018 — 172,018 Derivatives Interest rate swap — 3,103 — 3,103 Foreign exchange contracts — 2,474 — 2,474 Total assets $ 100,187 $ 652,415 $ — $ 752,602 Liabilities: Derivatives Foreign exchange contracts $ — $ (304) $ — $ (304) Total liabilities $ — $ (304) $ — $ (304) 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 swaps $ — $ (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 a 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 on 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 a market approach using observable market inputs, such as foreign currency spot and forward rates and yield curves. 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 consisted of the following: December 31, 2021 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Government and related securities $ 36,160 $ 81 $ (1,012) $ 35,229 Corporate debt securities 67,906 259 (2,998) 65,167 Commingled fixed income securities 1,725 — (33) 1,692 Mortgage-backed / asset-backed securities 176,559 144 (4,685) 172,018 Total $ 282,350 $ 484 $ (8,728) $ 274,106 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: December 31, 2021 December 31, 2020 Fair Value Gross unrealized losses Fair Value Gross unrealized losses Greater than 12 continuous months Government and related securities $ 16,018 $ 579 $ — $ — Corporate debt securities 51,385 2,658 — — Mortgage-backed / asset-backed securities 135,441 4,057 2,369 76 Total $ 202,844 $ 7,294 $ 2,369 $ 76 Less than 12 continuous months Government and related securities $ 15,438 $ 433 $ 8,500 $ 78 Corporate debt securities 8,859 339 39,313 355 Commingled fixed income securities 1,692 33 — — Mortgage-backed / asset-backed securities 30,754 629 84,454 639 Total $ 56,743 $ 1,434 $ 132,267 $ 1,072 At December 31, 2021, approximately 37% of total securities in the investment portfolio were in a net loss position. Our allowance for credit losses on available-for-sale investment securities is not significant, but we believe it is adequate as our investments are primarily in highly liquid U.S. government and agency securities, high grade corporate bonds and municipal bonds. 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 expect to receive the stated principal and interest at maturity. At December 31, 2021, scheduled maturities of available-for-sale securities were as follows: Amortized cost Estimated fair value Within 1 year $ 2,430 $ 2,405 After 1 year through 5 years 14,811 14,544 After 5 years through 10 years 75,630 72,616 After 10 years 189,479 184,541 Total $ 282,350 $ 274,106 The actual maturities may not coincide with scheduled maturities as certain securities contain early redemption features and/or allow for the prepayment of obligations with or without penalty. Held-to-Maturity Securities Held-to-maturity securities at December 31, 2021 and 2020 totaled $20 million and $75 million, respectively. Derivative Instruments Foreign Exchange Contracts We enter into foreign exchange contracts to mitigate the currency risk associated with anticipated inventory purchases between affiliates and from third parties. These contracts are designated as cash flow hedges. The effective portion of the gain or loss on cash flow hedges is included in 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. At December 31, 2021 and 2020, outstanding contracts associated with these anticipated transactions had a notional amount of $1 million and $8 million, respectively. Interest Rate Swaps We enter into interest rate swaps to manage the cost of debt. At December 31, 2021, we had outstanding interest rate swap agreements with a notional value of $200 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. At December 31, 2020, we had interest rate swap agreements with a notional value of $500 million that was terminated during 2021. The fair value of our derivative instruments was as follows: December 31, Designation of Derivatives Balance Sheet Location 2021 2020 Derivatives designated as hedging instruments Foreign exchange contracts Other current assets and prepayments $ 21 $ 96 Accounts payable and accrued liabilities (10) (112) Interest rate swaps Other assets (Other noncurrent liabilities) 3,103 (2,163) Derivatives not designated as hedging instruments Foreign exchange contracts Other current assets and prepayments 2,453 3,680 Accounts payable and accrued liabilities (294) (1,848) Total derivative assets 5,577 3,776 Total derivative liabilities (304) (4,123) Total net derivative asset (liability) $ 5,273 $ (347) The amounts included in AOCL at December 31, 2021 will be recognized in earnings within the next 12 months. No amount of ineffectiveness was recorded in earnings for these designated cash flow hedges. The following represents the results of cash flow hedging relationships: Years Ended December 31, Derivative Gain (Loss) Location of Gain (Loss) Gain (Loss) Reclassified Derivative Instrument 2021 2020 2021 2020 Foreign exchange contracts $ 198 $ (317) Revenue $ 289 $ (161) Cost of sales (117) 11 Interest rate swaps 5,266 (2,163) Interest Expense (366) — $ 5,464 $ (2,480) $ (194) $ (150) We also enter into foreign exchange contracts to minimize the impact of exchange rate fluctuations on short-term intercompany loans and related interest that are denominated in a foreign currency. The revaluation of the intercompany loans and interest and the mark-to-market adjustment on the derivatives are both recorded in earnings. All outstanding contracts at December 31, 2021 mature over the next three months. The following represents the mark-to-market adjustment on our non-designated derivative instruments: Years Ended December 31, Derivative Gain (Loss) Derivatives Instrument Location of Derivative Gain (Loss) 2021 2020 Foreign exchange contracts Selling, general and administrative expense $ (4,540) $ 5,298 Fair Value of Financial Instruments Our financial instruments include cash and cash equivalents, investment securities, accounts receivable, loan receivables, derivative instruments, accounts payable and debt. The carrying value for cash and cash equivalents, accounts receivable, loans receivable, held-to-maturity investment securities and accounts payable approximate fair value. The fair value of available-for-sale investment securities and derivative instruments are presented above. The fair value of our debt is estimated based on recently executed transactions and market price quotations. The inputs used to determine the fair value of our debt were classified as Level 2 in the fair value hierarchy. The carrying value and estimated fair value of our debt was as follows: December 31, 2021 2020 Carrying value $ 2,323,838 $ 2,564,393 Fair value $ 2,355,894 $ 2,479,895 |
Supplemental Financial Statemen
Supplemental Financial Statement Information | 12 Months Ended |
Dec. 31, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplemental Financial Statement Information | Supplemental Financial Statement Information Activity in the allowance for credit losses on accounts receivable is presented below. Balance at beginning of year Cumulative effect of accounting change Amounts charged to expense Write-offs, recoveries and other Balance at end of year Accounts and other receivables Other assets 2021 $ 35,344 $ — $ 9,355 $ (15,520) $ 29,179 $ 11,168 $ 18,011 2020 $ 17,830 $ 15,336 $ 19,789 $ (17,611) $ 35,344 $ 18,899 $ 16,445 2019 $ 17,443 $ — $ 16,345 $ (15,958) $ 17,830 $ 17,830 $ — Other expense, net consisted of the following: Years Ended December 31, 2021 2020 2019 Loss on refinancing of debt $ 56,209 $ 36,987 $ 6,623 Insurance proceeds (3,000) (16,928) — (Gain) loss on sale of assets/businesses (11,635) (11,908) 17,683 Other expense, net $ 41,574 $ 8,151 $ 24,306 Supplemental cash flow information is as follows: Years Ended December 31, 2021 2020 2019 Purchases of property and equipment in accounts payable $ 5,305 $ 16,098 $ 1,301 Cash interest paid $ 124,084 $ 151,857 $ 157,709 Cash income tax payments, net of refunds $ 4,337 $ 20,185 $ 27,109 Selected balance sheet information is as follows: December 31, 2021 2020 Other assets: Long-term investments $ 333,052 $ 364,212 Other (net of allowance of $18,011 and $16,445, respectively) 138,032 127,302 Total $ 471,084 $ 491,514 Accounts payable and accrued liabilities: Accounts payable $ 310,993 $ 295,173 Customer deposits 185,528 165,774 Employee related liabilities 233,876 232,236 Other 192,146 187,433 Total $ 922,543 $ 880,616 Other noncurrent liabilities: Pension liabilities $ 115,457 $ 235,439 Postretirement medical benefits 126,675 153,838 Other 66,596 47,738 Total $ 308,728 $ 437,015 |
Restructuring Charges and Asset
Restructuring Charges and Asset Impairments | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges and Asset Impairments | Restructuring Charges and Asset Impairments Activity in our restructuring reserves was as follows: Severance and other exit costs Balance at December 31, 2019 $ 12,006 Expenses, net 20,712 Cash payments (20,014) Noncash activity (2,641) Balance at December 31, 2020 10,063 Expenses, net 19,003 Cash payments (21,990) Noncash activity (1,329) Balance at December 31, 2021 $ 5,747 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt December 31, Interest rate 2021 2020 Notes due October 2021 4.875% — 152,588 Notes due May 2022 5.625% — 148,792 Notes due April 2023 6.20% 90,259 271,000 Notes due March 2024 4.625% 242,603 374,000 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% 370,500 380,000 Term loan due January 2025 LIBOR + 5.5% — 818,125 Term loan due March 2028 LIBOR + 4.0% 446,625 — Other debt 3,685 4,900 Principal amount 2,364,513 2,610,246 Less: unamortized costs, net 40,675 45,853 Total debt 2,323,838 2,564,393 Less: current portion long-term debt 24,739 216,032 Long-term debt $ 2,299,099 $ 2,348,361 In 2021, we issued a $400 million 6.875% unsecured note due March 2027, a $350 million 7.25% unsecured note due March 2029 and entered into a seven-year $450 million secured term loan maturing March 2028. We redeemed all the outstanding October 2021 notes and an aggregate $363 million of the May 2022 notes, April 2023 notes and March 2024 notes under a tender offer, the remaining balance of the May 2022 notes and the remaining balance of the January 2025 term loan. We also extended the maturities of our $500 million secured revolving credit facility and our $380 million secured term loan from November 2024 to March 2026. A $56 million pre-tax loss was incurred on the refinancing of debt. The credit agreement that governs the revolving credit facility and term loans contains financial and non-financial covenants. At December 31, 2021, we were in compliance with all covenants and there were no outstanding borrowings under the revolving credit facility. We also terminated interest rate swap agreements with an aggregate notional value of $500 million and entered into new interest rate swap agreements with an aggregate notional amount of $200 million. Under the terms of the new swap agreements, we pay fixed-rate interest of 0.56% and receive variable-rate interest based on one-month LIBOR. The variable interest rate under the term loans and the swaps reset monthly. We received $2 million from the termination of the $500 million interest rate swap agreements, which was recorded in AOCL and will be recognized ratably in income through 2024. At December 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%. Annual maturities of outstanding principal at December 31, 2021 are as follows: 2022 $ 24,739 2023 119,748 2024 281,560 2025 42,500 2026 261,000 Thereafter 1,634,966 Total $ 2,364,513 |
Retirement Plans and Postretire
Retirement Plans and Postretirement Medical Benefits | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Retirement Plans and Postretirement Medical Benefits | Retirement Plans and Postretirement Medical Benefits Retirement Plans We provide retirement benefits to eligible employees in the U.S. and outside the U.S. under various defined benefit retirement plans. Benefit accruals under most of our significant defined benefit plans have been frozen. The benefit obligations and funded status of defined benefit pension plans are as follows: United States Foreign 2021 2020 2021 2020 Accumulated benefit obligation $ 1,609,125 $ 1,729,515 $ 762,558 $ 829,413 Projected benefit obligation Benefit obligation - beginning of year $ 1,729,959 $ 1,613,054 $ 830,674 $ 746,942 Service cost 102 86 1,528 1,650 Interest cost 42,434 52,103 11,811 13,379 Actuarial (gain) loss (53,133) 185,306 (37,197) 76,006 Foreign currency changes — — (10,747) 29,128 Settlements and curtailments (1,429) (3,854) — (15,171) Benefits paid (108,425) (116,736) (25,601) (21,260) Benefit obligation - end of year $ 1,609,508 $ 1,729,959 $ 770,468 $ 830,674 Fair value of plan assets Fair value of plan assets - beginning of year $ 1,601,786 $ 1,487,018 $ 742,639 $ 668,308 Actual return on plan assets 51,828 225,812 17,929 78,120 Company contributions 5,397 9,546 9,686 9,674 Settlements and curtailments (1,429) (3,854) — (15,171) Foreign currency changes — — (7,210) 22,968 Benefits paid (108,425) (116,736) (25,601) (21,260) Fair value of plan assets - end of year $ 1,549,157 $ 1,601,786 $ 737,443 $ 742,639 Amounts recognized in the Consolidated Balance Sheets Noncurrent asset $ — $ 465 $ 29,309 $ 26,053 Current liability (5,883) (5,843) (1,345) (1,444) Noncurrent liability (54,468) (122,795) (60,989) (112,644) Funded status $ (60,351) $ (128,173) $ (33,025) $ (88,035) Information provided in the table below is only for pension plans with an accumulated benefit obligation in excess of plan assets: United States Foreign 2021 2020 2021 2020 Projected benefit obligation $ 1,609,508 $ 1,729,638 $ 59,859 $ 691,909 Accumulated benefit obligation $ 1,609,125 $ 1,729,194 $ 59,352 $ 690,887 Fair value of plan assets $ 1,549,157 $ 1,601,000 $ — $ 577,821 Pretax amounts recognized in AOCI consist of: United States Foreign 2021 2020 2021 2020 Net actuarial loss $ 716,585 $ 783,211 $ 301,913 $ 334,520 Prior service (credit) cost (149) (209) 7,804 8,072 Transition asset — — (7) (7) Total $ 716,436 $ 783,002 $ 309,710 $ 342,585 The components of net periodic benefit cost (income) for defined benefit pension plans were as follows: United States Foreign 2021 2020 2019 2021 2020 2019 Service cost $ 102 $ 86 $ 83 $ 1,528 $ 1,650 $ 1,543 Interest cost 42,434 52,103 63,171 11,811 13,379 17,853 Expected return on plan assets (77,119) (84,719) (92,726) (31,869) (34,391) (34,363) Amortization of net transition asset — — — — (4) (6) Amortization of prior service (credit) cost (60) (60) (60) 268 245 243 Amortization of net actuarial loss 38,233 32,490 26,146 9,350 7,842 6,337 Settlements and curtailments 551 1,364 2,381 — 5,060 397 Net periodic benefit cost (income) $ 4,141 $ 1,264 $ (1,005) $ (8,912) $ (6,219) $ (7,996) Other changes in plan assets and benefit obligations for defined benefit pension plans recognized in other comprehensive income were as follows: United States Foreign 2021 2020 2021 2020 Net actuarial (gain) loss $ (27,842) $ 44,216 $ (23,257) $ 32,103 Amortization of net actuarial loss (38,233) (32,490) (9,350) (7,842) Amortization of prior service credit (cost) 60 60 (268) (245) Net transition asset — — — 4 Settlements and curtailments (551) (1,364) — (5,060) Total recognized in other comprehensive income $ (66,566) $ 10,422 $ (32,875) $ 18,960 Weighted-average actuarial assumptions used to determine year end benefit obligations and net periodic benefit cost for defined benefit pension plans include: 2021 2020 2019 United States Used to determine benefit obligations Discount rate 2.85% 2.54% 3.34% Rate of compensation increase N/A N/A N/A Used to determine net periodic benefit cost Discount rate 2.54% 3.34% 4.34% Expected return on plan assets 5.60% 6.25% 6.75% Rate of compensation increase N/A N/A N/A Foreign Used to determine benefit obligations Discount rate 0.85 % - 2.85% 0.70 % - 2.40% 0.65 % - 2.95% Rate of compensation increase 1.50 % - 3.65% 1.50 % - 2.50% 1.50 % - 2.50% Used to determine net periodic benefit cost Discount rate 0.70 % - 2.40% 0.65 % - 2.95% 0.75 % - 3.55% Expected return on plan assets 3.50 % - 5.75% 4.25 % - 6.00% 4.25 % - 6.25% Rate of compensation increase 1.50 % - 2.50% 1.50 % - 2.50% 1.50 % - 2.50% A discount rate is used to determine the present value of our future benefit obligations. The discount rate for our U.S. pension and postretirement medical benefit plans is determined by matching the expected cash flows associated with our benefit obligations to a pool of corporate long-term, high-quality fixed income debt instruments available as of the measurement date. The discount rate for our largest foreign plan, the U.K. Qualified Pension Plan (the U.K. Plan), is determined using a model that discounts each year's estimated benefit payments by an applicable spot rate derived from a yield curve created from a large number of high quality corporate bonds. For our other smaller foreign pension plans, the discount rate is selected based on high-quality fixed income indices available in the country in which the plan is domiciled. The expected return on plan assets is based on the target asset allocation for the applicable pension plan and expected rates of return for various asset classes in the investment portfolio after analyzing historical experience and future expectations of returns and volatility of the asset classes. Investment Strategy and Asset Allocation The investment strategy for our pension plans is to maximize returns within reasonable and prudent risk levels, achieve and maintain full funding of the accumulated benefit obligation and the actuarial liabilities and earn the expected rate of return while adhering to local regulations and restrictions. Pension plan assets are invested in accordance with our strategic asset allocation policy. Pension plan assets are exposed to various risks, including interest rate risks, market risks and credit risks. Investments are diversified across asset classes and within each class to reduce the risk of large losses and are periodically rebalanced. Derivatives, such as swaps, options, forwards and futures contracts may be used for market exposure, to alter risk/return characteristics and to manage foreign currency exposure. We do not have any significant concentrations of credit risk within the plan assets. U.S. Pension Plans Investment objectives and investment managers are reviewed periodically. Target and actual asset allocations for the U.S. pension plans were as follows: Target allocation Percent of Plan Assets at December 31, 2022 2021 2020 Asset category Equities 20 % 18 % 33 % Multi-asset credit 3 % 3 % — % Fixed income 70 % 73 % 62 % Real estate 6 % 5 % 4 % Private equity 1 % 1 % 1 % Total 100 % 100 % 100 % Foreign Pension Plans Our foreign pension plan assets are managed by outside investment managers and monitored regularly by local trustees and our corporate personnel. Target and actual asset allocations for the U.K. Plan, which comprises 79% of the total foreign pension plan assets, were as follows: Target Allocation Percent of Plan Assets at December 31, 2022 2021 2020 Asset category Global equities 10 % 12 % 22 % Fixed income 70 % 69 % 60 % Real estate 10 % 9 % 8 % Diversified growth 10 % 9 % 9 % Cash — % 1 % 1 % Total 100 % 100 % 100 % Fair Value Measurements of Plan Assets The following tables show the U.S. and foreign pension plans' assets, by level within the fair value hierarchy. The plan asset categories presented in the following tables are subsets of the broader asset allocation categories. United States Pension Plans December 31, 2021 Level 1 Level 2 Level 3 Total Money market funds $ — $ 3,725 $ — $ 3,725 Equity securities — 195,037 — 195,037 Commingled fixed income securities — 229,300 — 229,300 Government and related securities 202,416 26,582 — 228,998 Corporate debt securities — 771,529 — 771,529 Mortgage-backed /asset-backed securities — 12,486 — 12,486 Real estate — — 77,494 77,494 Securities lending collateral — 145,855 — 145,855 Total plan assets at fair value $ 202,416 $ 1,384,514 $ 77,494 $ 1,664,424 Securities lending payable (145,855) Investments valued at NAV 16,820 Cash 20,569 Other (6,801) Fair value of plan assets $ 1,549,157 December 31, 2020 Level 1 Level 2 Level 3 Total Money market funds $ — $ 14,442 $ — $ 14,442 Equity securities — 323,311 — 323,311 Commingled fixed income securities — 264,896 — 264,896 Government and related securities 322,851 22,549 — 345,400 Corporate debt securities — 586,998 — 586,998 Mortgage-backed /asset-backed securities — 45,861 — 45,861 Real estate — — 69,347 69,347 Securities lending collateral — 151,049 — 151,049 Total plan assets at fair value $ 322,851 $ 1,409,106 $ 69,347 $ 1,801,304 Securities lending payable (151,049) Investments valued at NAV 17,132 Cash 15,449 Other (81,050) Fair value of plan assets $ 1,601,786 Foreign Plans December 31, 2021 Level 1 Level 2 Level 3 Total Money market funds $ — $ 8,577 $ — $ 8,577 Equity securities — 96,596 — 96,596 Commingled fixed income securities — 431,845 — 431,845 Government and related securities — 46,522 — 46,522 Corporate debt securities — 33,583 — 33,583 Real estate — 7,168 52,491 59,659 Diversified growth funds — — 52,169 52,169 Total plan assets at fair value $ — $ 624,291 $ 104,660 $ 728,951 Cash 7,966 Other 526 Fair value of plan assets $ 737,443 December 31, 2020 Level 1 Level 2 Level 3 Total Money market funds $ — $ 10,072 $ — $ 10,072 Equity securities — 166,683 — 166,683 Commingled fixed income securities — 379,656 — 379,656 Government and related securities — 46,268 — 46,268 Corporate debt securities — 37,002 — 37,002 Real estate — — 45,275 45,275 Diversified growth funds — — 50,750 50,750 Total plan assets at fair value $ — $ 639,681 $ 96,025 $ 735,706 Cash 6,448 Other 485 Fair value of plan assets $ 742,639 The following information relates to our classification of investments into the fair value hierarchy: • Money Market Funds: Money market funds typically invest in government securities, certificates of deposit, commercial paper 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 on external price/spread data. These securities are classified as Level 2. • Real Estate: include units in open-ended commingled real estate funds. Funds that are valued and traded on a daily basis in an active market are classified as Level 2. Investments that are valued on an annual basis by certified appraisers are classified as Level 3. The valuation techniques used to value Level 3 investments include the cost approach, sales-comparison method and the income approach. • Diversified Growth Funds: comprised of units in commingled diversified growth funds that comprise a mix of different asset classes. The underlying investments may not be listed on an exchange in an active market or traded on a daily basis and may fall into all three fair value categories. Accordingly, these securities are classified as Level 3. • Securities Lending Fund: represents a commingled fund through our custodian's securities lending program. The U.S. pension plan lends securities that are held within the plan to other banks and/or brokers, and receives collateral, typically cash. This collateral is invested in a commingled fund that invests in short-term fixed income securities. This investment is classified as Level 2. This amount invested in the fund is offset by a corresponding liability reflected in the U.S. pension plan's net assets available for benefits. Investments Valued at Net Asset Value (NAV) Represents investments in private equity limited partnerships that are measured at fair value using the Net Asset Value (NAV) per share as a practical expedient and are not categorized in the fair value hierarchy. There is no active market for these investments and the pension plan receives a proportionate share of the gains, losses and expenses in accordance with the partnership agreements. There is a remaining unfunded commitment of $8 million at December 31, 2021. These investments comprise 1.1% of total U.S. Pension Fund assets at both December 31, 2021 and 2020. Level 3 Gains and Losses The following table summarizes the changes in the fair value of Level 3 assets: U.S. Plans Foreign Plans Real estate Real estate Diversified Growth Funds Balance at December 31, 2019 $ 71,337 $ 45,335 $ 47,621 Realized gains 1,554 — — Unrealized losses (3,360) (2,134) 1,493 Net purchases, sales and settlements (184) 1,221 56 Foreign currency and other — 853 1,580 Balance at December 31, 2020 69,347 45,275 50,750 Realized gains 1,791 — — Unrealized gains 6,958 6,357 1,995 Net purchases, sales and settlements (602) 1,663 — Foreign currency and other — (804) (576) Balance at December 31, 2021 $ 77,494 $ 52,491 $ 52,169 Postretirement Medical Benefits We provide certain employer subsidized health care and employer provided life insurance benefits in the U.S. and Canada to eligible retirees and their dependents. The cost of these benefits is recognized over the period the employee provides credited service to the company. The benefit obligation and funded status for postretirement medical benefit plans are as follows: 2021 2020 Benefit obligation Benefit obligation - beginning of year $ 169,210 $ 164,104 Service cost 909 885 Interest cost 3,755 4,993 Actuarial (gain) loss (22,305) 11,496 Foreign currency changes 123 340 Benefits paid, net (12,176) (12,608) Benefit obligation - end of year (1) $ 139,516 $ 169,210 Fair value of plan assets Fair value of plan assets - beginning of year $ — $ — Company contribution 12,176 12,608 Benefits paid, net (12,176) (12,608) Fair value of plan assets - end of year $ — $ — Amounts recognized in the Consolidated Balance Sheets Current liability $ (12,841) $ (15,372) Non-current liability (126,675) (153,838) Funded status $ (139,516) $ (169,210) (1) The benefit obligation for U.S. postretirement medical benefits plan was $126 million and $153 million at December 31, 2021 and 2020, respectively. Pretax amounts recognized in AOCI consist of: 2021 2020 Net actuarial loss $ 15,175 $ 41,570 Prior service cost — 129 Total $ 15,175 $ 41,699 The components of net periodic benefit cost for postretirement medical benefit plans were as follows: 2021 2020 2019 Service cost $ 909 $ 885 $ 967 Interest cost 3,755 4,993 6,584 Amortization of prior service cost 129 373 321 Amortization of net actuarial loss 4,090 3,198 2,026 Net periodic benefit cost $ 8,883 $ 9,449 $ 9,898 Other changes in benefit obligation for postretirement medical benefit plans recognized in other comprehensive income were as follows: 2021 2020 Net actuarial (gain) loss $ (22,305) $ 11,496 Amortization of net actuarial loss (4,090) (3,198) Amortization of prior service cost (129) (373) Total recognized in other comprehensive income $ (26,524) $ 7,925 The weighted-average discount rates used to determine end of year benefit obligation and net periodic pension cost include: 2021 2020 2019 Discount rate used to determine benefit obligation U.S. 2.80 % 2.35 % 3.20 % Canada 2.90 % 2.50 % 3.00 % Discount rate used to determine net period benefit cost U.S. 2.35 % 3.20 % 4.20 % Canada 2.50 % 3.00 % 3.60 % The assumed health care cost trend rate used in measuring the accumulated postretirement benefit obligation for the U.S. plan was 6.8% and 7.0% for 2021 and 2020, respectively. The assumed health care trend rate is 6.50% for 2022 and will gradually decline to 5.0% by the year 2028 and remain at that level thereafter. Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. Estimated Future Benefit Payments The following benefit payments, which reflect expected future service, are expected to be paid. Pension Benefits Postretirement Medical Benefits 2022 $ 130,497 $ 12,854 2023 131,204 12,338 2024 124,812 11,819 2025 125,765 11,299 2026 123,679 10,778 Thereafter 601,374 45,383 $ 1,237,331 $ 104,471 During 2022, we estimate making contributions of $6 million to our U.S. pension plans and $10 million to our foreign pension plans. Savings Plans We offer voluntary defined contribution plans to our U.S. employees designed to help them accumulate additional savings for retirement. We provide a core contribution to all employees, regardless if they participate in the plan, and match a portion of each participating employees' contribution, based on eligible pay. Total contributions to our defined contribution plans were $27 million in 2021 and $28 million in 2020. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income (loss) from continuing operations before taxes consisted of the following: Years Ended December 31, 2021 2020 2019 U.S. $ (85,258) $ (243,760) $ 500 International 77,843 60,391 26,232 Total $ (7,415) $ (183,369) $ 26,732 The provision (benefit) for income taxes from continuing operations consisted of the following: Years Ended December 31, 2021 2020 2019 U.S. Federal: Current $ (7,419) $ (10,582) $ (18,789) Deferred (13,825) 6,516 11,500 (21,244) (4,066) (7,289) U.S. State and Local: Current 5,401 (2,569) (9,142) Deferred (5,827) 4,100 8,000 (426) 1,531 (1,142) International: Current 10,979 4,993 9,993 Deferred (231) 4,664 (14,689) 10,748 9,657 (4,696) Total current 8,961 (8,158) (17,938) Total deferred (19,883) 15,280 4,811 Total (benefit) provision for income taxes $ (10,922) $ 7,122 $ (13,127) Effective tax rate 147.3 % (3.9) % (49.1) % The effective tax rate for 2021 includes benefits of $7 million from the resolution of tax matters, $5 million due to tax legislation in the U.K., $3 million from an affiliate reorganization and $2 million from the vesting of restricted stock, partially offset by charges of $6 million on the pre-tax gain of $10 million from the sale of a business as the tax basis was lower than the book basis and $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 2020 includes a $12 million charge for the surrender of company owned life insurance policies, a $5 million benefit for the correction of tax balances in certain domestic and international tax jurisdictions, a $3 million benefit due to regulations enacted into law, a $2 million benefit for the carryback of net operating losses resulting from the CARES Act and a benefit of $2 million on the $198 million goodwill impairment charge as the majority of this charge is nondeductible. The effective tax rate for 2019 includes benefits of $23 million from the release of a foreign valuation allowance and $9 million from the resolution of certain tax examinations. The effective tax rate for 2019 also includes a tax of $3 million on the $18 million book loss from the disposition of operations in certain international markets, primarily due to nondeductible basis differences. A reconciliation of income taxes computed at the federal statutory rate and our provision for income taxes consist of the following: Years Ended December 31, 2021 2020 2019 Federal statutory provision $ (1,558) $ (38,507) $ 5,613 State and local income taxes (1) (336) 1,209 (901) Impact of foreign operations taxed at rates other than the U.S. statutory rate (2) (2,220) (3,345) (18,541) Accrual/release of uncertain tax amounts related to foreign operations (7,288) 1,802 191 U.S. tax impacts of foreign income in the U.S. 4,441 (2,300) 5,587 CARES Act carryback benefit (2,270) (1,646) — Tax incentives/credits/exempt income (500) (750) (5,437) Unrealized stock compensation benefits (505) 2,312 2,176 Surrender of company-owned life insurance policies — 10,313 — Goodwill impairment — 40,328 — Other, net (3) (686) (2,294) (1,815) (Benefit) provision for income taxes $ (10,922) $ 7,122 $ (13,127) (1) Includes a charge of $2 million for the surrender of company-owned life insurance for the year ended December 31, 2020. (2) Includes a benefit of $5 million for a deferred rate change for the year ended December 31, 2021, a benefit of $3 million for tax balance corrections and a deferred tax rate change benefit of $2 million for the year ended December 31, 2020 and a foreign valuation allowance release of $23 million and a $3 million tax on the disposition of operations in certain international markets for the year ended December 31, 2019. (3) Includes a $3 million benefit from an affiliate reorganization and charge of $3 million related to the sale of a business for the year ended December 31, 2021, as well as a $2 million benefit related to tax balance corrections and a $1 million charge related to interest for the year ended December 31, 2020. Deferred tax liabilities and assets consisted of the following: December 31, 2021 2020 Deferred tax liabilities: Depreciation $ (85,544) $ (69,900) Deferred profit (for tax purposes) on sale to finance subsidiary (26,745) (28,101) Lease revenue and related depreciation (202,862) (190,852) Intangible assets (76,672) (81,816) Operating lease liability (46,496) (50,071) Other (25,438) (27,865) Gross deferred tax liabilities (463,757) (448,605) Deferred tax assets: Postretirement medical benefits 34,681 42,423 Pension 20,472 48,385 Operating lease asset 52,271 54,538 Inventory and equipment capitalization 1,866 3,903 Restructuring charges 1,548 2,022 Long-term incentives 12,308 12,905 Net operating loss 113,025 82,823 Tax credit carry forwards 65,931 64,070 Tax uncertainties gross-up 6,929 6,656 Other 58,457 42,079 Gross deferred tax assets 367,488 359,804 Less: Valuation allowance (121,778) (116,543) Net deferred tax assets 245,710 243,261 Total deferred taxes, net $ (218,047) $ (205,344) The valuation allowance relates primarily to certain foreign, state and local net operating loss and tax credit carryforwards that will more-likely-than-not expire unutilized. We have a federal net operating loss carryforward of $157 million as of December 31, 2021, the majority of which has an indefinite carryforward period. We have net operating loss carryforwards in international jurisdictions of $163 million as of December 31, 2021, of which $150 million can be carried forward indefinitely and the remainder expire over the next 20 years. We also have net operating loss carryforwards in most states totaling $1.1 billion that will expire over the next 20 years. In addition, we have tax credit carryforwards of $66 million, of which $51 million can be carried forward indefinitely and the remainder expire over the next 11 years. As of December 31, 2021, we assert that we are permanently reinvested in our pre-1987 and post-2017 undistributed earnings of $264 million as well as all other outside basis differences. While a determination of the full liability that would be incurred if these earnings were repatriated is not practicable, we have estimated the withholding taxes would be approximately $2 million. Uncertain Tax Positions A reconciliation of the amount of unrecognized tax benefits is as follows: 2021 2020 2019 Balance at beginning of year $ 50,064 $ 60,302 $ 71,458 Increases from prior period positions 3,016 2,147 510 Decreases from prior period positions (4,247) (47) (9,711) Increases from current period positions 492 3,472 5,052 Decreases relating to settlements with tax authorities (1,270) (12,508) (2,626) Reductions from lapse of applicable statute of limitations (2,983) (3,302) (4,381) Balance at end of year $ 45,072 $ 50,064 $ 60,302 The amount of the unrecognized tax benefits at December 31, 2021, 2020 and 2019 that would affect the effective tax rate if recognized was $39 million, $44 million and $54 million, respectively. On a regular basis, we conclude tax return examinations, statutes of limitations expire, and court decisions interpret tax law. We regularly assess tax uncertainties in light of these developments. As a result, it is reasonably possible that the amount of our unrecognized tax benefits will decrease in the next 12 months, and we expect this change could be up to 10% of our unrecognized tax benefits. We recognize interest and penalties related to uncertain tax positions in our provision for income taxes. Amounts included in our provision for income taxes related to interest and penalties on uncertain tax positions for each of the years ended December 31, 2021, 2020 and 2019 were not significant. We had approximately $4 million accrued for the payment of interest and penalties at both December 31, 2021 and 2020. Other Tax Matters The Internal Revenue Service examinations of our consolidated U.S. income tax returns for tax years prior to 2018 are closed to audit; however, various post-2016 U.S. state and local tax returns are still subject to examination, with some states in appeals from 2011. For our significant non-U.S. jurisdictions, Canada is closed to examination through 2016 except for a specific issue arising in earlier years, France is closed through 2019, Germany is closed through 2016 and the U.K. is closed through 2018. We also have other less significant tax filings currently subject to examination. We regularly assess the likelihood of tax adjustments in each of the tax jurisdictions in which we have operations and account for the related financial statement implications. We believe we have established tax reserves that are appropriate given the possibility of tax adjustments. However, determining the appropriate level of tax reserves requires judgment regarding the uncertain application of tax law and the possibility of tax adjustments. Future changes in tax reserve requirements could have a material impact, positive or negative, on our results of operations, financial position and cash flows. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and ContingenciesIn the ordinary course of business, we are routinely defendants in, or party to, a number of pending and threatened legal actions. These may involve litigation by or against us relating to, among other things, contractual rights under vendor, insurance or other contracts; intellectual property or patent rights; equipment, service, payment or other disputes with clients; or disputes with employees. Some of these actions may be brought as a purported class action on behalf of a purported class of employees, clients or others. In management's opinion, it is not reasonably possible that the potential liability, if any, that may result from these actions, either individually or collectively, will have a material effect on our financial position, results of operations or cash flows. However, as litigation is inherently unpredictable, there can be no assurances in this regard. |
Leased Assets and Liabilities
Leased Assets and Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leased Assets and Liabilities | Leased Assets and Liabilities We lease real estate and equipment under operating and finance lease agreements. Our leases have terms of up to 15 years, and may include an option to extend the lease for up to 5 years. At lease commencement, a lease liability and corresponding right-of-use asset is recognized. Lease liabilities represent the present value of future lease payments over the expected lease term, including options to extend or terminate the lease when it is reasonably certain those options will be exercised. Lease payments include all fixed payments and variable payments tied to an index, but exclude costs such as common area maintenance charges, property taxes, insurance and mileage. The present value of our lease liability is determined using our incremental borrowing rate at lease commencement. Information regarding operating and financing leases are as follows: Leases Balance Sheet Location December 31, 2021 December 31, 2020 Assets Operating Operating lease assets $ 208,428 $ 201,916 Finance Property, plant and equipment, net 46,770 23,973 Total leased assets $ 255,198 $ 225,889 Liabilities Operating Current operating lease liabilities $ 40,299 $ 39,182 Noncurrent operating lease liabilities 192,092 180,292 Finance Accounts payable and accrued liabilities 10,694 4,714 Other noncurrent liabilities 39,535 18,862 Total lease liabilities $ 282,620 $ 243,050 Years Ended December 31, Lease Cost 2021 2020 2019 Operating lease expense $ 62,269 $ 54,718 $ 48,503 Finance lease expense Amortization of leased assets 9,191 3,792 3,372 Interest on lease liabilities 2,826 949 700 Variable lease expense 33,924 21,413 23,188 Sublease income (1,761) (979) (1,948) Total expense $ 106,449 $ 79,893 $ 73,815 Operating lease expense includes immaterial amounts related to leases with terms of 12 months or less. Future Lease Payments Operating Leases Finance Leases Total 2022 $ 53,380 $ 13,444 $ 66,824 2023 46,776 11,226 58,002 2024 41,731 9,889 51,620 2025 34,202 8,280 42,482 2026 29,406 6,751 36,157 Thereafter 80,900 9,357 90,257 Total 286,395 58,947 345,342 Less: present value discount 54,004 8,718 62,722 Lease liability $ 232,391 $ 50,229 $ 282,620 Future lease payments exclude $21 million of payments for leases signed but not yet commenced at December 31, 2021. Lease Term and Discount Rate December 31, 2021 December 31, 2020 Weighted-average remaining lease term Operating leases 6.7 years 7.2 years Finance leases 5.5 years 5.6 years Weighted-average discount rate Operating leases 6.5% 7.1% Finance leases 6% 7.1% Years Ended December 31, Cash Flow Information 2021 2020 2019 Operating cash outflows - operating leases $ 59,748 $ 52,565 $ 44,252 Operating cash outflows - finance leases $ 2,826 $ 949 $ 700 Financing cash outflows - finance leases $ 7,707 $ 4,223 $ 3,096 Leased assets obtained in exchange for new lease obligations Operating leases $ 48,662 $ 38,641 $ 87,160 Finance leases $ 30,840 $ 17,741 $ 4,072 |
Leased Assets and Liabilities | Leased Assets and Liabilities We lease real estate and equipment under operating and finance lease agreements. Our leases have terms of up to 15 years, and may include an option to extend the lease for up to 5 years. At lease commencement, a lease liability and corresponding right-of-use asset is recognized. Lease liabilities represent the present value of future lease payments over the expected lease term, including options to extend or terminate the lease when it is reasonably certain those options will be exercised. Lease payments include all fixed payments and variable payments tied to an index, but exclude costs such as common area maintenance charges, property taxes, insurance and mileage. The present value of our lease liability is determined using our incremental borrowing rate at lease commencement. Information regarding operating and financing leases are as follows: Leases Balance Sheet Location December 31, 2021 December 31, 2020 Assets Operating Operating lease assets $ 208,428 $ 201,916 Finance Property, plant and equipment, net 46,770 23,973 Total leased assets $ 255,198 $ 225,889 Liabilities Operating Current operating lease liabilities $ 40,299 $ 39,182 Noncurrent operating lease liabilities 192,092 180,292 Finance Accounts payable and accrued liabilities 10,694 4,714 Other noncurrent liabilities 39,535 18,862 Total lease liabilities $ 282,620 $ 243,050 Years Ended December 31, Lease Cost 2021 2020 2019 Operating lease expense $ 62,269 $ 54,718 $ 48,503 Finance lease expense Amortization of leased assets 9,191 3,792 3,372 Interest on lease liabilities 2,826 949 700 Variable lease expense 33,924 21,413 23,188 Sublease income (1,761) (979) (1,948) Total expense $ 106,449 $ 79,893 $ 73,815 Operating lease expense includes immaterial amounts related to leases with terms of 12 months or less. Future Lease Payments Operating Leases Finance Leases Total 2022 $ 53,380 $ 13,444 $ 66,824 2023 46,776 11,226 58,002 2024 41,731 9,889 51,620 2025 34,202 8,280 42,482 2026 29,406 6,751 36,157 Thereafter 80,900 9,357 90,257 Total 286,395 58,947 345,342 Less: present value discount 54,004 8,718 62,722 Lease liability $ 232,391 $ 50,229 $ 282,620 Future lease payments exclude $21 million of payments for leases signed but not yet commenced at December 31, 2021. Lease Term and Discount Rate December 31, 2021 December 31, 2020 Weighted-average remaining lease term Operating leases 6.7 years 7.2 years Finance leases 5.5 years 5.6 years Weighted-average discount rate Operating leases 6.5% 7.1% Finance leases 6% 7.1% Years Ended December 31, Cash Flow Information 2021 2020 2019 Operating cash outflows - operating leases $ 59,748 $ 52,565 $ 44,252 Operating cash outflows - finance leases $ 2,826 $ 949 $ 700 Financing cash outflows - finance leases $ 7,707 $ 4,223 $ 3,096 Leased assets obtained in exchange for new lease obligations Operating leases $ 48,662 $ 38,641 $ 87,160 Finance leases $ 30,840 $ 17,741 $ 4,072 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity The following table summarizes the changes in shares of Common Stock outstanding and Treasury Stock: Common Stock Outstanding Treasury Stock Balance at December 31, 2018 187,675,082 135,662,830 Repurchases of common stock (18,595,315) 18,595,315 Issuance of treasury stock 1,276,797 (1,276,797) Conversions to common stock 92,379 (92,379) Balance at December 31, 2019 170,448,943 152,888,969 Issuance of treasury stock 1,526,245 (1,526,245) Balance at December 31, 2020 171,975,188 151,362,724 Issuance of treasury stock 2,756,207 (2,756,207) Balance at December 31, 2021 174,731,395 148,606,517 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Reclassifications out of accumulated other comprehensive loss were as follows: Gain (Loss) Reclassified from AOCL (a) Years Ended December 31, 2021 2020 2019 Cash flow hedges Revenue $ 289 $ (161) $ 72 Cost of sales (117) 11 104 Interest expense (366) — — Total before tax (194) (150) 176 Tax (benefit) provision (49) (37) 44 Net of tax $ (145) $ (113) $ 132 Available for sale securities Financing revenue $ (6) $ 10,124 $ 1,079 Selling, general and administrative expense (7) 231 — Total before tax (13) 10,355 1,079 Tax (benefit) provision (2) 2,589 270 Net of tax $ (11) $ 7,766 $ 809 Pension and Postretirement Benefit Plans (b) Transition asset $ — $ 4 $ 6 Prior service costs (337) (558) (504) Actuarial losses (51,673) (43,530) (34,509) Settlement (551) (6,424) (2,778) Total before tax (52,561) (50,508) (37,785) Tax benefit (12,755) (11,930) (9,497) Net of tax $ (39,806) $ (38,578) $ (28,288) (a) Amounts in parentheses indicate reductions to income and increases to other comprehensive income. (b) Reclassified from accumulated other comprehensive loss to other components of net pension and postretirement cost. These amounts are included in net periodic costs for defined benefit pension plans and postretirement medical benefit plans (see Note 14 for additional details). Changes in accumulated other comprehensive loss, net of tax, were as follows: Cash flow hedges Available-for-sale securities Pension and postretirement benefit plans Foreign currency adjustments Total Balance at December 31, 2018 $ 191 $ (3,061) $ (846,461) $ (99,630) $ (948,961) Other comprehensive loss before reclassifications 278 6,719 (845) 75,319 81,471 Amounts reclassified from accumulated other comprehensive loss (132) (809) 28,288 — 27,347 Net other comprehensive income 146 5,910 27,443 75,319 108,818 Balance at December 31, 2019 337 2,849 (819,018) (24,311) (840,143) Other comprehensive (loss) income before reclassifications (1,861) 5,319 (70,623) 37,252 (29,913) Amounts reclassified from accumulated other comprehensive loss 113 (7,766) 38,578 — 30,925 Net other comprehensive (loss) income (1,748) (2,447) (32,045) 37,252 1,012 Balance at December 31, 2020 (1,411) 402 (851,063) 12,941 (839,131) Other comprehensive income (loss) before reclassifications 5,069 (6,662) 54,618 (34,168) 18,857 Amounts reclassified from accumulated other comprehensive loss 145 11 39,806 — 39,962 Net other comprehensive income (loss) 5,214 (6,651) 94,424 (34,168) 58,819 Balance at December 31, 2021 $ 3,803 $ (6,249) $ (756,639) $ (21,227) $ (780,312) |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation Plans | Stock-Based Compensation Plans We may grant restricted stock units, non-qualified stock options and performance stock units to eligible employees. All stock-based awards are approved by the Executive Compensation Committee of the Board of Directors. We settle stock awards with treasury shares. At December 31, 2021, there were 119,940,056 shares available for future grants. Restricted Stock Units Restricted stock units (RSUs) typically vest ratably over a three-year service period and entitle the holder to shares of common stock as the units vest. The following table summarizes information about RSUs: 2021 2020 Shares Weighted average fair value Shares Weighted average fair value Outstanding - beginning of the year 6,560,372 $ 6.27 4,480,847 $ 9.51 Granted 2,100,126 8.36 4,123,544 3.92 Vested (2,504,189) 6.72 (1,486,371) 9.65 Forfeited (418,016) 6.61 (557,648) 5.06 Outstanding - end of the year 5,738,293 $ 6.95 6,560,372 $ 6.27 The fair value of RSUs is determined based on the stock price on the grant date less the present value of expected dividends. At December 31, 2021, there was $9 million of unrecognized compensation cost related to RSUs that is expected to be recognized over a weighted-average period of 1.6 years. The intrinsic value of RSUs outstanding at December 31, 2021 was $38 million. The fair value of RSUs vested during 2021, 2020 and 2019 was $22 million, $6 million and $8 million, respectively. During 2019, we granted 3,113,886 RSUs at a weighted average fair value of $6.56. In 2021 and 2020, we granted 121,455 and 282,131 RSUs, respectively, to non-employee directors. These RSUs vest one year from the grant date. Performance Stock Units Performance stock units (PSUs) are stock awards where the number of shares ultimately received by the employee is conditional upon the attainment of certain performance targets and total shareholder return relative to peer companies. PSUs vest at the end of a three-year service period and the actual number of shares awarded may range from 0% to 200% of the target award. The final determination of the number of shares to be issued is made by the Board of Directors, who may reduce, but not increase, the number of shares to be awarded (negative discretion). PSUs are accounted for as variable awards until the end of the service period when the grant date is established. The following table summarizes share information about PSUs: 2021 2020 Shares Weighted average fair value Shares Weighted average fair value Outstanding - beginning of the year 1,730,002 $ 9.31 2,778,362 $ 10.09 Vested (287,109) 9.33 (303,460) 4.00 Forfeited (433,802) 9.33 (744,900) 11.57 Outstanding - end of the year 1,009,091 $ 6.60 1,730,002 $ 9.31 Share-based compensation expense for PSUs is recognized ratably over the service period based on the number shares expected to be awarded and the fair value of an award. The fair value of PSUs is determined using a Monte Carlo simulation model. Due to the variability of these awards, significant fluctuations in share-based compensation expense for PSUs recognized from one period to the next are possible. During 2019, we granted 1,368,182 PSUs at an initial award date fair value of $6.60. Stock Options Stock options are granted at an exercise price equal to or greater than the stock price of our common stock on the grant date. Options vest ratably over three years and expire ten years from the grant date. At December 31, 2021, there was $2 million of unrecognized compensation cost related to stock options that is expected to be recognized over a weighted-average period of 1.4 years. The intrinsic value of options outstanding at December 31, 2021 was $7 million and the intrinsic value of options exercisable was not significant. The following table summarizes information about stock option activity: 2021 2020 Shares Per share weighted average exercise prices Shares Per share weighted average exercise prices Options outstanding - beginning of the year 12,814,365 $ 11.81 12,822,684 $ 14.08 Granted 737,842 8.48 2,801,982 3.98 Exercised (777,429) 6.11 (33,501) 6.82 Canceled (604,101) 11.71 (1,653,126) 10.09 Expired (1,050,608) 25.85 (1,123,674) 22.09 Options outstanding - end of the year 11,120,069 $ 10.65 12,814,365 $ 11.81 Options exercisable - end of the year 8,853,859 $ 11.94 7,027,974 $ 16.76 There were no stock option exercises in 2019. The following table provides additional information about stock options outstanding and exercisable at December 31, 2021: Options Outstanding Options Exercisable Range of per share exercise prices Shares Per share weighted-average exercise price Weighted-average remaining contractual life Shares Per share weighted-average exercise price Weighted-average remaining contractual life $3.98 - $8.76 5,460,787 $ 5.65 7.7 years 3,194,577 $ 5.69 7.2 years $12.64 - $16.88 4,857,128 $ 14.40 4.5 years 4,857,128 $ 14.40 4.5 years $17.20 - $23.94 802,154 $ 21.93 1.2 years 802,154 $ 21.93 1.2 years 11,120,069 $ 10.64 5.8 years 8,853,859 $ 11.94 5.2 years The fair value of stock options is determined using a Black-Scholes valuation model and requires assumptions be made regarding the expected stock price volatility, risk-free interest rate, life of the award and dividend yield. The expected stock price volatility is based on historical price changes of our stock. The risk-free interest rate is based on U.S. Treasuries with a term equal to the expected life of the award. The expected life of the award and expected dividend yield are based on historical experience. The following table lists the weighted average of assumptions used to calculate the fair value of stock options granted: Years Ended December 31, 2021 2020 2019 Expected dividend yield 2.4 % 5.0 % 3.0 % Expected stock price volatility 70.0 % 43.0 % 41.5 % Risk-free interest rate 1.1 % 1.5 % 2.5 % Expected life 7 years 7 years 5 years Weighted-average fair value per option granted $4.53 $1.01 $1.98 Fair value of options granted $3,342 $2,830 $1,722 Employee Stock Purchase Plan (ESPP) |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent EventIn February 2022, we closed on the sale and leaseback of our Shelton, Connecticut office building and received net proceeds, after fees and expenses, of $51Â million and will recognize a pre-tax gain of $14Â million. Total base lease payments under the leaseback agreement will be approximately $41Â million over the ten year lease term. |
Quarterly Financial Data (unaud
Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Quarterly Financial Data (unaudited) | Quarterly Financial Data (unaudited) Effective October 1, 2021, we elected to adopt the FIFO inventory valuation methodology where we had previously valued inventory on the LIFO basis. Accordingly, amounts previously reported for all quarters of 2020 and the first, second and third quarters of 2021 have been recast from what was previously reported in our quarterly filings on Form 10-Q and annual filing on Form 10-K. First Second Quarter Third Quarter Fourth Quarter Total 2021 Revenue $ 915,197 $ 899,203 $ 875,449 $ 983,712 $ 3,673,561 Cost of revenue 627,635 610,307 601,582 712,039 2,551,563 Operating expenses 329,209 263,105 266,897 270,202 1,129,413 (Loss) income from continuing operations before income taxes (41,647) 25,791 6,970 1,471 (7,415) (Benefit) provision for income taxes (13,992) 4,915 (1,525) (320) (10,922) (Loss) income from continuing operations (27,655) 20,876 8,495 1,791 3,507 Income (loss) from discontinued operations (3,886) (1,020) 572 (524) (4,858) Net (loss) income $ (31,541) $ 19,856 $ 9,067 $ 1,267 $ (1,351) Basic (loss) earnings per share (1) Continuing operations $ (0.16) $ 0.12 $ 0.05 $ 0.01 $ 0.02 Discontinued operations (0.02) (0.01) — — (0.03) Net (loss) income $ (0.18) $ 0.11 $ 0.05 $ 0.01 $ (0.01) Diluted (loss) earnings per share (1) Continuing operations $ (0.16) $ 0.12 $ 0.05 $ 0.01 $ 0.02 Discontinued operations (0.02) (0.01) — — (0.03) Net (loss) income $ (0.18) $ 0.11 $ 0.05 $ 0.01 $ (0.01) First Second Quarter Third Quarter Fourth Quarter Total 2020 Revenue $ 796,268 $ 837,492 $ 891,898 $ 1,028,417 $ 3,554,075 Cost of revenues 502,891 565,532 608,242 727,995 2,404,660 Operating expenses 521,954 255,477 272,380 282,973 1,332,784 Income (loss) from continuing operations before income taxes (228,577) 16,483 11,276 17,449 (183,369) Provision (benefit) for income taxes (10,026) 16,957 541 (350) 7,122 (Loss) income from continuing operations (218,551) (474) 10,735 17,799 (190,491) (Loss) income from discontinued operations 10,064 (3,032) 616 2,467 10,115 Net (loss) income $ (208,487) $ (3,506) $ 11,351 $ 20,266 $ (180,376) Basic (loss) earnings per share (1) : Continuing operations $ (1.28) $ — $ 0.06 $ 0.10 $ (1.11) Discontinued operations 0.06 (0.02) — 0.01 0.06 Net (loss) income $ (1.22) $ (0.02) $ 0.07 $ 0.12 $ (1.05) Diluted (loss) earnings per share (1): Continuing operations $ (1.28) $ — $ 0.06 $ 0.10 $ (1.11) Discontinued operations 0.06 (0.02) — 0.01 0.06 Net (loss) income $ (1.22) $ (0.02) $ 0.06 $ 0.11 $ (1.05) (1) The sum of earnings per share amounts may not equal the totals due to rounding. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts and Reserves | Description Balance at beginning of year Additions charged to expense Deductions Balance at end of year Valuation allowance for deferred tax asset 2021 $ 116,543 $ 7,490 $ (2,255) $ 121,778 2020 $ 110,781 $ 23,150 $ (17,388) $ 116,543 2019 $ 142,496 $ 5,324 $ (37,039) $ 110,781 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying Consolidated Financial Statements of Pitney Bowes Inc. and its wholly owned subsidiaries (we, us, our, or the company) have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). Intercompany transactions and balances have been eliminated. Certain prior year amounts have been reclassified to conform to the current year presentation. Effective October 1, 2021, we elected to adopt the FIFO inventory valuation methodology where we had previously valued inventory on a last-in, first-out (LIFO) basis. We believe that the FIFO basis provides a better matching of revenues and expenses, more closely resembles the physical flow of inventory, provides a consistent valuation methodology throughout our locations and improves comparability with industry peers. We retrospectively applied this change in accounting principle and recorded a cumulative effect adjustment to increase the 2019 opening inventory balance by $4 million and retained earnings by $3 million (net of tax). Financial statements for the years ended December 31, 2020 and 2019 and at December 31, 2020 have been recast and the impact on our previously issued financial statements is presented in the following tables. Had we not elected to adopt the FIFO inventory valuation methodology, 2021 cost of equipment sales would have been approximately $2 million higher and inventory would have been approximately $2 million lower. Year Ended December 31, 2020 Consolidated Statement of Income (Loss) As Previously Reported Adjustments As Revised Cost of equipment sales $ 236,716 $ (1,563) $ 235,153 Total costs and expenses $ 3,739,007 $ (1,563) $ 3,737,444 (Loss) income from continuing operations before income taxes $ (184,932) $ 1,563 $ (183,369) (Benefit) provision for income taxes $ 6,727 $ 395 $ 7,122 Income (loss) from continuing operations $ (191,659) $ 1,168 $ (190,491) Net (loss) income $ (181,544) $ 1,168 $ (180,376) Basic (loss) earnings per share - continuing operations $ (1.12) $ 0.01 $ (1.11) Basic (loss) earnings per share $ (1.06) $ 0.01 $ (1.05) Diluted (loss) earnings per share - continuing operations $ (1.12) $ 0.01 $ (1.11) Diluted (loss) earnings per share $ (1.06) $ 0.01 $ (1.05) Year Ended December 31, 2019 Consolidated Statement of Income (Loss) As Previously Reported Adjustments As Revised Cost of equipment sales $ 244,210 $ 410 $ 244,620 Total costs and expenses $ 3,177,983 $ 410 $ 3,178,393 (Loss) income from continuing operations before income taxes $ 27,142 $ (410) $ 26,732 (Benefit) provision for income taxes $ (13,007) $ (120) $ (13,127) Income (loss) from continuing operations $ 40,149 $ (290) $ 39,859 Net (loss) income $ 194,609 $ (290) $ 194,319 Basic (loss) earnings per share - continuing operations $ 0.23 $ — $ 0.23 Basic (loss) earnings per share $ 1.10 $ — $ 1.10 Diluted (loss) earnings per share - continuing operations $ 0.23 $ (0.01) $ 0.22 Diluted (loss) earnings per share $ 1.10 $ — $ 1.10 December 31, 2020 Consolidated Balance Sheet As Previously Reported Adjustments As Revised Inventories $ 65,845 $ 5,635 $ 71,480 Total current assets $ 2,106,923 $ 5,635 $ 2,112,558 Noncurrent income taxes $ 72,653 $ (1,409) $ 71,244 Total assets $ 5,220,137 $ 4,226 $ 5,224,363 Retained earnings $ 5,201,195 $ 4,226 $ 5,205,421 Total stockholders' equity $ 66,395 $ 4,226 $ 70,621 Total liabilities and stockholders' equity $ 5,220,137 $ 4,226 $ 5,224,363 Year Ended December 31, 2020 Consolidated Statement of Cash Flows As Previously Reported Adjustments As Revised Net (loss) income $ (181,544) $ 1,168 $ (180,376) Deferred tax (benefit) provision $ 14,885 $ 395 $ 15,280 (Increase) decrease in inventories $ 3,145 $ (1,563) $ 1,582 Year Ended December 31, 2019 Consolidated Statement of Cash Flows As Previously Reported Adjustments As Revised Net (loss) income $ 194,609 $ (290) $ 194,319 Deferred tax (benefit) provision $ 4,931 $ (120) $ 4,811 (Increase) decrease in inventories $ (5,588) $ 410 $ (5,178) |
Use of Estimates | Use of EstimatesThe preparation of financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and accompanying disclosures, including the disclosure of contingent assets and liabilities. These estimates and assumptions are based on management's best knowledge of current events, historical experience and other information available when the financial statements are prepared. These estimates include, but are not limited to, goodwill and intangible asset impairment review, deferred tax asset valuation allowance, income tax reserves, revenue recognition for multiple element arrangements, pension and other postretirement costs, allowance for credit losses, residual values of leased assets, useful lives of long-lived and intangible assets, restructuring costs, the allocation of purchase price to assets and liabilities acquired in business combinations, stock-based compensation expense and loss contingencies. Actual results could differ from those estimates and assumptions. |
Cash Equivalents | Cash Equivalents Cash equivalents include interest-earning investments with maturities of three months or less at the date of purchase. |
Marketable Securities | Marketable Securities Marketable investment securities are classified as available-for-sale or hold-to-maturity. 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. Purchase premiums and discounts are amortized using the effective interest method over the term of the security. Gains and losses on the sale of available-for-sale securities are recorded on the trade date using the specific identification method. There were no unrealized losses due to credit losses charged to earnings in 2021, 2020, or 2019. |
Accounts and Other Receivables and Allowance for Credit Losses | Accounts and Other Receivables and Allowance for Credit Losses Accounts receivable are generally due within 30 days after the invoice date. We provide an allowance for credit losses based on historical loss experience, the age of the receivables, specific troubled accounts and other currently available information. |
Finance Receivables and Allowance for Credit Losses | Finance Receivables and Allowance for Credit Losses Finance receivables are comprised of sales-type leases, secured loans and unsecured loans. Sales-type leases and secured loans are from financing options provided to clients for Pitney Bowes equipment or leasing of other manufacturers' equipment and are generally due in installments over periods ranging from three We provide 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 and current economic conditions and outlook based on reasonable and supportable forecasts. We continually evaluate the adequacy of the allowance for credit losses and adjust as necessary. |
Inventories | InventoriesInventories are stated at the lower of cost, determined on the first-in, first-out (FIFO) basis or net realizable value. |
Fixed Assets | Fixed Assets Property, plant and equipment and rental equipment are stated at cost and depreciated principally using the straight-line method over their estimated useful lives, which are 50 years for buildings, 10 to 20 years for building improvements, up to 3 years for internal use software development costs, 3 to 12 years for machinery and equipment and 4 to 6 years for rental equipment. Major improvements that add to the productive capacity or extend the life of an asset are capitalized while repairs and maintenance are charged to expense. Leasehold improvements are amortized over the shorter of their estimated useful life or the remaining lease term. Fully depreciated assets are retained in fixed assets and accumulated depreciation until they are removed from service. |
Intangible Assets | Intangible Assets Finite-lived intangible assets are amortized using the straight-line method over their estimated useful lives of up to 10 years. Deferred Costs |
Revenue Recognition | Revenue Recognition We derive revenue from multiple sources including sales, rentals, financing and services. Certain transactions are consummated at the same time and can therefore generate revenue from multiple sources. The most common form of these transactions involves a sale or noncancelable lease of equipment, meter services and an equipment maintenance agreement. We determine whether each product and service within the contract should be treated as a separate performance obligation (unit of accounting) for revenue recognition purposes. For contracts that include multiple performance obligations, the transaction price is allocated based on relative standalone selling prices (SSP), which are a range of selling prices that we would sell a product or service to a customer on a separate basis. SSP are established for each performance obligation at the inception of the contract and can be observable prices or estimated. The allocation of the transaction price to the various performance obligations impacts the timing of revenue recognition, but does not change the total revenue recognized. More specifically, revenue related to our offerings is recognized as follows: Business services Business services includes fulfillment, delivery and return services, cross-border solutions, mail processing services and shipping subscription solutions, Revenue for fulfillment, delivery and return services, cross-border solutions and mail processing services 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. Revenue for shipping subscription solutions is recognized ratably over the contract period as the client obtains equal benefit from these services through the period. We review third party relationships and record revenue on a gross basis when we act as a principal in a transaction and on a net basis when we act as an agent between a client and vendor. In determining whether we are acting as principal or agent, we consider several factors such as whether we are the primary obligor to the client or have control over pricing. Support services Support services revenue includes revenue from maintenance, professional and subscription services for our mailing equipment and professional services for our digital delivery services. Revenue is allocated to these services using selling prices charged in standalone replacement and renewal transactions. Revenue for maintenance and subscription services is recognized ratably over the contract period and revenue for professional services is recognized when services are provided. Financing We provide financing for our products primarily through sales-type leases and revolving lines of credit for the purchase of postage and supplies. Financing revenue also includes finance income, late fees and investment income, gains and losses at the Bank. We record financing income over the lease term using the effective interest method. Financing revenue also includes amounts related to sales-type leases that customers have extended or renewed for an additional term. Revenue for these contracts is recognized over the term of the modified lease using the effective interest method. We believe that our sales-type lease portfolio contains only normal collection risk. Equipment residual values are determined at the inception of the lease using management's best estimate of fair value at the end of the lease term. Fair value estimates are determined based on historical renewal experience, used equipment markets, competition and technological changes. We evaluate residual values on an annual basis or sooner if circumstances warrant. Declines in estimated residual values considered "other-than-temporary" are recognized immediately. Increases in estimated future residual values are not recognized until the equipment is remarketed. Equipment sales We sell and lease equipment directly to customers and to distributors (re-sellers) throughout the world. The amount of revenue allocated to the equipment is based on a range of observable selling prices in standalone transactions. Revenue from the sale of equipment under sales-type leases is recognized as control of the equipment transfers to the customer, which is upon shipment for self-installed products and upon installation or customer acceptance for other products. Revenue from the direct sale of equipment is recognized as control of the equipment transfers to the customer, which is upon delivery for self-installed products and upon installation or customer acceptance for other products. We do not typically offer any rights of return. Supplies Supplies revenue includes revenue from supplies for our mailing equipment and is recognized upon delivery. Rentals Rentals revenue includes revenue from mailing equipment that does not meet the criteria to be accounted for as a sales-type lease. We may invoice in advance for rentals according to the terms of the agreement. Advanced billings are initially deferred and recognized on a straight-line basis over the billing period. Revenue generated from financing clients for the continued use of equipment subsequent to the expiration of the original lease is recognized as rentals revenue. Shipping and Handling Shipping and handling costs are recognized as costs of revenue as incurred. |
Research and Development Costs | Research and Development Costs Research and development costs are charged to expense as incurred. Costs include research, development and engineering activities relating to the development of new products and solutions and enhancements of existing products and solutions. Costs primarily |
Restructuring Charges | Restructuring Charges Costs associated with restructuring actions primarily include employee severance and related separation costs and contract termination costs, primarily real estate leases. Employee severance and related costs are recognized when a liability is incurred, which is generally upon communication to the affected employees, and the amount to be paid is both probable and reasonably estimable. Severance accruals are based on company policy, historical experience and negotiated settlements. Contract termination costs for real estate leases are recognized as incurred. |
Stock-based Compensation | Stock-based Compensation We primarily issue restricted stock units and non-qualified stock options under our stock award plans. Compensation expense for stock-based awards is measured based on the estimated fair value of the awards expected to vest and recognized ratably over the requisite service period. The fair value of restricted stock units is estimated based on the fair value of our common stock on the grant date, less the present value of expected dividends. The fair value of non-qualified stock options is determined using the Black-Scholes valuation model. We believe that these valuation techniques and the underlying assumptions are appropriate in estimating the fair value of stock awards. Forfeitures are estimated at the time of grant to recognize expense for those awards that are expected to vest and are based on our historical forfeiture rates. Stock-based compensation expense is recognized primarily in selling, general and administrative expense. |
Retirement Plans | Retirement PlansNet periodic benefit cost includes current service cost, interest cost, expected return on plan assets and the amortization of actuarial gains and losses. Actuarial gains and losses arise from actual results that differ from previous assumptions and changes in assumptions. The expected return on plan assets is based on a market-related valuation of plan assets where differences between the actual and expected return on plan assets are recognized over a five-year period. Actuarial gains and losses are recognized in other comprehensive loss, net of tax, and amortized to benefit cost primarily over the life expectancy of plan participants. The funded status of pension and other postretirement benefit plans is recognized in the consolidated balance sheets. |
Impairment Review | Impairment Review Long-lived assets and finite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. The estimated undiscounted future cash flows expected to result from the use and eventual disposition of the asset is compared to the asset's carrying value. The fair value of the asset is determined using probability weighted expected cash flow estimates, derived from our long-term business plans and historical experience, quoted market prices when available and appraisals, as appropriate. |
Impairment Review for Goodwill | Goodwill is tested annually for impairment at the reporting unit level during the fourth quarter or sooner if circumstances indicate an impairment may exist. The impairment test for goodwill determines the fair value of each reporting unit and compares it to the reporting unit's carrying value, including goodwill. If the fair value of a reporting unit exceeds the carrying value of the net assets assigned to that reporting unit, goodwill is not impaired and no further testing is required. If the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, the goodwill impairment loss is calculated as the difference between these amounts, limited to the amount of goodwill allocated to the reporting unit. During the fourth quarter of 2021, we performed our annual goodwill impairment test to assess the recoverability of the carrying value of goodwill and determined that the fair value of each reporting unit exceeded its carrying value and no impairment was recorded. |
Derivative Instruments | Derivative Instruments In the normal course of business, we are exposed to the impact of changes in foreign currency exchange rates and interest rates. We limit these risks by following established risk management policies and procedures, including the use of derivatives. We use derivative instruments to limit the effects of currency exchange rate fluctuations on financial results and manage the related cost of debt. We do not use derivatives for trading or speculative purposes. Derivative instruments are measured at fair value and reported as assets and liabilities on the consolidated balance sheets, as applicable. The accounting for changes in fair value depends on the intended use of the derivative, the resulting designation and the effectiveness of the instrument in offsetting the risk exposure it is designed to hedge. To qualify as a hedge, a derivative must be highly effective in offsetting the risk designated for hedging purposes. The hedge relationship must be formally documented at inception, detailing the particular risk management objective and strategy for the hedge. The effectiveness of the hedge relationship is evaluated on a retrospective and prospective basis. |
Income Taxes | Income Taxes We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date of such change. A valuation allowance is provided when it is more likely than not that a deferred tax asset will not be realized. In estimating the necessity and amount of a valuation allowance, we consider all available evidence for each jurisdiction, including historical operating results, estimates of future taxable income and the feasibility of ongoing tax planning strategies. We adjust the valuation allowance through income tax expense when new information becomes available that would alter our determination of the amount of deferred tax assets that will ultimately be realized. |
Earnings per Share | Earnings per Share Basic earnings per share is computed based on the weighted-average number of common shares outstanding during the year. Diluted earnings per share is computed based on the weighted-average number of common shares outstanding during the year plus the dilutive effect of common stock equivalents. |
Translation of Non-U.S. Currency Amounts | Translation of Non-U.S. Currency AmountsIn general, the functional currency of our foreign operations is the local currency. Assets and liabilities of subsidiaries operating outside the U.S. are translated at rates in effect at the end of the period and revenue and expenses are translated at average monthly rates during the period. Net deferred translation gains and losses are included as a component of accumulated other comprehensive loss. |
Loss Contingencies | Loss Contingencies In the ordinary course of business, we are routinely defendants in, or party to, a number of pending and threatened legal actions. On a quarterly basis, we review the status of each significant matter and assess the potential financial exposure. If the potential loss from any claim or legal action is considered probable and can be reasonably estimated, we establish a liability for the estimated loss. The assessment of the ultimate outcome of each claim or legal action and the determination of the potential financial exposure requires significant judgment. Estimates of potential liabilities for claims or legal actions are based only on information that is available at that time. As additional information becomes available, we may revise our estimates, and these revisions could have a material impact on our results of operations and financial position. Legal fees are expensed as incurred. |
New Accounting Pronouncements | New Accounting Pronouncements New Accounting Pronouncements - Standards Adopted in 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. In December 2021, we adopted ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . The ASU requires that an entity (the acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606. The adoption of this standard did not have a material impact on our consolidated financial statements. New Accounting Pronouncements - Standards 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. The transition to new reference interest rates will require certain contracts to be modified and the ASU is intended to provide temporary optional expedients and exceptions to U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The accommodations provided by the ASU are effective through December 31, 2022 and may be applied at the beginning of any interim period within that time frame. We have matched LIBOR-based debt with LIBOR based interest rate swaps and have elected to apply the practical expedient related to probability and the assessment of the effectiveness for future LIBOR-indexed cash flows, which assumes that the debt instrument will use the same index rate as its corresponding interest rate swap once a new reference rate is established to replace LIBOR. We may apply other expedients as additional reference rate changes occur. We continue to assess the impact of this standard on our consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments | Financial statements for the years ended December 31, 2020 and 2019 and at December 31, 2020 have been recast and the impact on our previously issued financial statements is presented in the following tables. Had we not elected to adopt the FIFO inventory valuation methodology, 2021 cost of equipment sales would have been approximately $2 million higher and inventory would have been approximately $2 million lower. Year Ended December 31, 2020 Consolidated Statement of Income (Loss) As Previously Reported Adjustments As Revised Cost of equipment sales $ 236,716 $ (1,563) $ 235,153 Total costs and expenses $ 3,739,007 $ (1,563) $ 3,737,444 (Loss) income from continuing operations before income taxes $ (184,932) $ 1,563 $ (183,369) (Benefit) provision for income taxes $ 6,727 $ 395 $ 7,122 Income (loss) from continuing operations $ (191,659) $ 1,168 $ (190,491) Net (loss) income $ (181,544) $ 1,168 $ (180,376) Basic (loss) earnings per share - continuing operations $ (1.12) $ 0.01 $ (1.11) Basic (loss) earnings per share $ (1.06) $ 0.01 $ (1.05) Diluted (loss) earnings per share - continuing operations $ (1.12) $ 0.01 $ (1.11) Diluted (loss) earnings per share $ (1.06) $ 0.01 $ (1.05) Year Ended December 31, 2019 Consolidated Statement of Income (Loss) As Previously Reported Adjustments As Revised Cost of equipment sales $ 244,210 $ 410 $ 244,620 Total costs and expenses $ 3,177,983 $ 410 $ 3,178,393 (Loss) income from continuing operations before income taxes $ 27,142 $ (410) $ 26,732 (Benefit) provision for income taxes $ (13,007) $ (120) $ (13,127) Income (loss) from continuing operations $ 40,149 $ (290) $ 39,859 Net (loss) income $ 194,609 $ (290) $ 194,319 Basic (loss) earnings per share - continuing operations $ 0.23 $ — $ 0.23 Basic (loss) earnings per share $ 1.10 $ — $ 1.10 Diluted (loss) earnings per share - continuing operations $ 0.23 $ (0.01) $ 0.22 Diluted (loss) earnings per share $ 1.10 $ — $ 1.10 December 31, 2020 Consolidated Balance Sheet As Previously Reported Adjustments As Revised Inventories $ 65,845 $ 5,635 $ 71,480 Total current assets $ 2,106,923 $ 5,635 $ 2,112,558 Noncurrent income taxes $ 72,653 $ (1,409) $ 71,244 Total assets $ 5,220,137 $ 4,226 $ 5,224,363 Retained earnings $ 5,201,195 $ 4,226 $ 5,205,421 Total stockholders' equity $ 66,395 $ 4,226 $ 70,621 Total liabilities and stockholders' equity $ 5,220,137 $ 4,226 $ 5,224,363 Year Ended December 31, 2020 Consolidated Statement of Cash Flows As Previously Reported Adjustments As Revised Net (loss) income $ (181,544) $ 1,168 $ (180,376) Deferred tax (benefit) provision $ 14,885 $ 395 $ 15,280 (Increase) decrease in inventories $ 3,145 $ (1,563) $ 1,582 Year Ended December 31, 2019 Consolidated Statement of Cash Flows As Previously Reported Adjustments As Revised Net (loss) income $ 194,609 $ (290) $ 194,319 Deferred tax (benefit) provision $ 4,931 $ (120) $ 4,811 (Increase) decrease in inventories $ (5,588) $ 410 $ (5,178) |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables disaggregate our revenue by source and timing of recognition: Year Ended December 31, 2021 Global Ecommerce Presort Services SendTech Solutions Revenue from products and services Revenue from leasing transactions and financing Total consolidated revenue Revenue from products and services Business services $ 1,702,580 $ 573,480 $ 58,614 $ 2,334,674 $ — $ 2,334,674 Support services — — 460,888 460,888 — 460,888 Financing — — — — 294,418 294,418 Equipment sales — — 91,015 91,015 259,123 350,138 Supplies — — 159,438 159,438 — 159,438 Rentals — — — — 74,005 74,005 Subtotal 1,702,580 573,480 769,955 3,046,015 $ 627,546 $ 3,673,561 Revenue from leasing transactions and financing Financing — — 294,418 294,418 Equipment sales — — 259,123 259,123 Rentals — — 74,005 74,005 Total revenue $ 1,702,580 $ 573,480 $ 1,397,501 $ 3,673,561 Timing of revenue recognition from products and services Products/services transferred at a point in time $ — $ — $ 318,077 $ 318,077 Products/services transferred over time 1,702,580 573,480 451,878 2,727,938 Total $ 1,702,580 $ 573,480 $ 769,955 $ 3,046,015 Year Ended December 31, 2020 Global Ecommerce Presort Services SendTech Solutions Revenue from products and services Revenue from leasing transactions and financing Total consolidated revenue Revenue from products and services Business services $ 1,618,897 $ 521,212 $ 51,197 $ 2,191,306 $ — $ 2,191,306 Support services — — 473,292 473,292 — 473,292 Financing — — — — 341,034 341,034 Equipment sales — — 74,660 74,660 240,222 314,882 Supplies — — 159,282 159,282 — 159,282 Rentals — — — — 74,279 74,279 Subtotal 1,618,897 521,212 758,431 2,898,540 $ 655,535 $ 3,554,075 Revenue from leasing transactions and financing Financing — — 341,034 341,034 Equipment sales — — 240,222 240,222 Rentals — — 74,279 74,279 Total revenue $ 1,618,897 $ 521,212 $ 1,413,966 $ 3,554,075 Timing of revenue recognition from products and services Products/services transferred at a point in time $ — $ — $ 293,648 $ 293,648 Products/services transferred over time 1,618,897 521,212 464,783 2,604,892 Total $ 1,618,897 $ 521,212 $ 758,431 $ 2,898,540 Year Ended December 31, 2019 Global Ecommerce Presort Services SendTech Solutions Revenue from products and services Revenue from leasing transactions and financing Total consolidated revenue Revenue from products and services Business services $ 1,151,510 $ 529,588 $ 29,703 $ 1,710,801 $ — $ 1,710,801 Support services — — 506,187 506,187 — 506,187 Financing — — — — 368,090 368,090 Equipment sales — — 80,562 80,562 271,542 352,104 Supplies — — 187,287 187,287 — 187,287 Rentals — — — — 80,656 80,656 Subtotal 1,151,510 529,588 803,739 2,484,837 $ 720,288 $ 3,205,125 Revenue from leasing transactions and financing Financing — — 368,090 368,090 Equipment sales — — 271,542 271,542 Rentals — — 80,656 80,656 Total revenue $ 1,151,510 $ 529,588 $ 1,524,027 $ 3,205,125 Timing of revenue recognition from products and services Products/services transferred at a point in time $ — $ — $ 334,046 $ 334,046 Products/services transferred over time 1,151,510 529,588 469,693 2,150,791 Total $ 1,151,510 $ 529,588 $ 803,739 $ 2,484,837 |
Contract Assets and Advance Billings | Advance Billings from Contracts with Customers Balance Sheet Location December 31, 2021 December 31, 2020 Increase/ (decrease) Advance billings, current Advance billings $ 92,926 $ 106,498 $ (13,572) Advance billings, noncurrent Other noncurrent liabilities $ 1,109 $ 1,277 $ (168) |
Future Performance Obligations | The transaction prices allocated to future performance obligations will be recognized as follows: 2022 2023 2024-2026 Total SendTech Solutions $ 276,314 $ 196,265 $ 213,395 $ 685,974 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 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) income. As a result of change from LIFO to FIFO inventory valuation discussed in Note 1, SendTech Solutions EBIT for 2020 and 2019 has also been recast. Revenue Years Ended December 31, 2021 2020 2019 Global Ecommerce $ 1,702,580 $ 1,618,897 $ 1,151,510 Presort Services 573,480 521,212 529,588 SendTech Solutions 1,397,501 1,413,966 1,524,027 Total revenue $ 3,673,561 $ 3,554,075 $ 3,205,125 Geographic data: United States $ 3,114,905 $ 3,112,285 $ 2,745,928 Outside United States 558,656 441,790 459,197 Total revenue $ 3,673,561 $ 3,554,075 $ 3,205,125 |
Reconciliation of EBIT From Segments to Consolidated Statements | EBIT Years Ended December 31, 2021 2020 2019 Global Ecommerce $ (98,673) $ (82,894) $ (70,146) Presort Services 79,721 55,799 70,693 SendTech Solutions 429,415 442,648 489,912 Total segment EBIT 410,463 415,553 490,459 Reconciling items: Interest, net (143,945) (153,915) (155,558) Unallocated corporate expenses (207,774) (200,406) (211,529) Restructuring charges and asset impairments (19,003) (20,712) (69,606) Goodwill impairment — (198,169) — Loss on debt refinancing (56,209) (36,987) (6,623) Gain (loss) on sale of assets/businesses 11,635 11,908 (17,683) Transaction costs (2,582) (641) (2,728) Benefit (provision) for income taxes 10,922 (7,122) 13,127 Income (loss) from continuing operations 3,507 (190,491) 39,859 (Loss) income from discontinued operations, net of tax (4,858) 10,115 154,460 Net (loss) income $ (1,351) $ (180,376) $ 194,319 |
Reconciliation of Depreciation and Amortization from Segments to Consolidated | Depreciation and amortization Years Ended December 31, 2021 2020 2019 Global Ecommerce $ 79,128 $ 69,676 $ 68,385 Presort Services 27,243 31,769 29,440 SendTech Solutions 29,950 34,316 39,758 Total for reportable segments 136,321 135,761 137,583 Corporate 26,538 24,864 21,559 Total depreciation and amortization $ 162,859 $ 160,625 $ 159,142 |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated | Capital expenditures Years Ended December 31, 2021 2020 2019 Global Ecommerce $ 89,488 $ 46,427 $ 53,374 Presort Services 36,628 15,795 27,394 SendTech Solutions 26,028 28,823 32,276 Total for reportable segments 152,144 91,045 113,044 Corporate 31,898 13,942 24,209 Total capital expenditures $ 184,042 $ 104,987 $ 137,253 |
Reconciliation of Assets from Segment to Consolidated | Assets December 31, 2021 2020 2019 Global Ecommerce $ 1,032,434 $ 994,554 $ 1,102,313 Presort Services 479,392 523,690 524,817 SendTech Solutions 2,013,361 2,071,028 2,156,806 Total for reportable segments 3,525,187 3,589,272 3,783,936 Cash and cash equivalents 732,480 921,450 924,442 Short-term investments 14,440 18,974 115,879 Assets of discontinued operations — — 17,229 Long-term investments 333,052 364,212 238,882 Other corporate assets 353,712 330,455 389,590 Consolidated assets $ 4,958,871 $ 5,224,363 $ 5,469,958 |
Long-Lived Assets in Individual Foreign Countries by Country | Identifiable long-lived assets: United States $ 658,070 $ 613,990 $ 596,694 Outside United States 14,294 17,641 21,460 Total $ 672,364 $ 631,631 $ 618,154 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Financial information and Assets and Liabilities | Selected financial information of discontinued operations is as follows: Year Ended December 31, 2021 Software Solutions Production Mail Total Loss on sale $ (1,827) $ — $ (1,827) Tax provision 3,031 Loss from discontinued operations, net of tax $ (4,858) Year Ended December 31, 2020 Software Solutions Production Mail Total Gain (loss) on sale $ 7,972 $ (167) $ 7,805 Tax benefit (2,310) Income from discontinued operations, net of tax $ 10,115 Year Ended December 31, 2019 Software Solutions Production Mail Total Revenue $ 272,565 $ — $ 272,565 Earnings (loss) from discontinued operations $ 22,160 $ (663) $ 21,497 Gain (loss) on sale 195,957 (14,644) 181,313 Income (loss) from discontinued operations before taxes $ 218,117 $ (15,307) 202,810 Tax provision 48,350 Income from discontinued operations, net of tax $ 154,460 |
Earnings per Share (EPS) (Table
Earnings per Share (EPS) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | The calculations of basic and diluted earnings per share are presented below. The sum of earnings per share amounts may not equal the totals due to rounding. Years Ended December 31, 2021 2020 2019 Numerator: Income (loss) from continuing operations $ 3,507 $ (190,491) $ 39,859 (Loss) income from discontinued operations, net of tax (4,858) 10,115 154,460 Net (loss) income (numerator for diluted EPS) (1,351) (180,376) 194,319 Less: Preference stock dividend — — 8 (Loss) income attributable to common stockholders (numerator for basic EPS) $ (1,351) $ (180,376) $ 194,311 Denominator: Weighted-average shares used in basic EPS 173,914 171,519 176,251 Dilutive effect of common stock equivalents (1) 5,191 — 1,198 Weighted-average shares used in diluted EPS 179,105 171,519 177,449 Basic (loss) earnings per share: Continuing operations $ 0.02 $ (1.11) $ 0.23 Discontinued operations (0.03) 0.06 0.88 Net (loss) income $ (0.01) $ (1.05) $ 1.10 Diluted (loss) earnings per share: Continuing operations $ 0.02 $ (1.11) $ 0.22 Discontinued operations (0.03) 0.06 0.87 Net (loss) income $ (0.01) $ (1.05) $ 1.10 Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive: 6,514 11,626 15,751 (1) Due to the loss from continuing operations for the year ended December 31, 2020, common stock equivalents of 2,483 were excluded from the calculation of diluted earnings per share as the impact would have been anti-dilutive. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventory Components | Inventories consisted of the following: December 31, 2021 2020 Raw materials $ 22,352 $ 16,570 Supplies and service parts 26,076 24,061 Finished products 30,160 30,849 Total inventory, net $ 78,588 $ 71,480 |
Finance Assets and Lessor Ope_2
Finance Assets and Lessor Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Financing Receivables | Finance receivables consisted of the following: December 31, 2021 December 31, 2020 North America International Total North America International Total Sales-type lease receivables Gross finance receivables $ 958,440 $ 187,831 $ 1,146,271 $ 994,985 $ 211,944 $ 1,206,929 Unguaranteed residual values 37,896 10,717 48,613 36,405 12,140 48,545 Unearned income (246,381) (56,643) (303,024) (275,359) (61,686) (337,045) Allowance for credit losses (19,546) (3,246) (22,792) (22,917) (6,006) (28,923) Net investment in sales-type lease receivables 730,409 138,659 869,068 733,114 156,392 889,506 Loan receivables Loan receivables 262,310 20,155 282,465 268,690 22,092 290,782 Allowance for credit losses (3,259) (167) (3,426) (6,484) (462) (6,946) Net investment in loan receivables 259,051 19,988 279,039 262,206 21,630 283,836 Net investment in finance receivables $ 989,460 $ 158,647 $ 1,148,107 $ 995,320 $ 178,022 $ 1,173,342 |
Sales-type Lease Maturity | Maturities of finance receivables at December 31, 2021 were as follows: Sales-type Lease Receivables Loan Receivables North America International Total North America International Total 2022 $ 379,948 $ 75,525 $ 455,473 $ 226,322 $ 20,155 $ 246,477 2023 276,501 53,695 330,196 15,383 — 15,383 2024 177,005 32,799 209,804 12,278 — 12,278 2025 93,071 17,958 111,029 6,880 — 6,880 2026 31,092 6,508 37,600 1,447 — 1,447 Thereafter 823 1,346 2,169 — — — Total $ 958,440 $ 187,831 $ 1,146,271 $ 262,310 $ 20,155 $ 282,465 |
Loan Receivable Maturity | Maturities of finance receivables at December 31, 2021 were as follows: Sales-type Lease Receivables Loan Receivables North America International Total North America International Total 2022 $ 379,948 $ 75,525 $ 455,473 $ 226,322 $ 20,155 $ 246,477 2023 276,501 53,695 330,196 15,383 — 15,383 2024 177,005 32,799 209,804 12,278 — 12,278 2025 93,071 17,958 111,029 6,880 — 6,880 2026 31,092 6,508 37,600 1,447 — 1,447 Thereafter 823 1,346 2,169 — — — Total $ 958,440 $ 187,831 $ 1,146,271 $ 262,310 $ 20,155 $ 282,465 |
Allowance For Credit Losses On Financing Receivables | Activity in the allowance for credit losses on finance receivables was as follows: Sales-type Lease Receivables Loan Receivables North International North International Total Balance at December 31, 2018 $ 10,253 $ 2,355 $ 6,777 $ 837 $ 20,222 Amounts charged to expense 5,672 1,157 4,746 569 12,144 Write-offs (6,971) (1,505) (8,971) (849) (18,296) Recoveries 1,717 181 3,519 9 5,426 Other 249 (103) (165) 174 155 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 10,789 2,902 8,158 555 22,404 Write-offs (7,609) (1,068) (9,955) (551) (19,183) Recoveries 2,070 194 3,474 4 5,742 Other (2,524) 143 17 116 (2,248) Balance at December 31, 2020 22,917 6,006 6,484 462 35,869 Amounts charged to expense 648 (1,788) (426) 19 (1,547) Write-offs (7,120) (846) (6,045) (302) (14,313) Recoveries 3,097 173 3,245 3 6,518 Other 4 (299) 1 (15) (309) Balance at December 31, 2021 $ 19,546 $ 3,246 $ 3,259 $ 167 $ 26,218 |
Past Due Financing Receivables | The aging of gross finance receivables was as follows: December 31, 2021 Sales-type Lease Receivables Loan Receivables North International North International Total Amounts 0 - 90 days $ 950,138 $ 185,057 $ 258,514 $ 20,018 $ 1,413,727 Amounts > 90 days 8,302 2,774 3,796 137 15,009 Total $ 958,440 $ 187,831 $ 262,310 $ 20,155 $ 1,428,736 Amounts > 90 days Still accruing interest $ 4,964 $ 682 $ — $ — $ 5,646 Not accruing interest 3,338 2,092 3,796 137 9,363 Total $ 8,302 $ 2,774 $ 3,796 $ 137 $ 15,009 December 31, 2020 Sales-type Lease Receivables Loan Receivables North International North International Total Amounts 0 - 90 days $ 972,266 $ 208,968 $ 264,484 $ 21,932 $ 1,467,650 Amounts > 90 days 22,719 2,976 4,206 160 30,061 Total $ 994,985 $ 211,944 $ 268,690 $ 22,092 $ 1,497,711 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 |
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 December 31, 2021 and 2020. Sales Type Lease Receivables Loan Receivables Total 2021 2020 2019 2018 2017 Prior Low $ 274,191 $ 195,421 $ 162,479 $ 95,661 $ 33,698 $ 14,862 $ 192,161 $ 968,473 Medium 43,403 34,955 31,038 17,895 6,981 3,619 55,708 193,599 High 5,474 5,017 4,044 2,708 849 889 4,822 23,803 Not Scored 45,644 54,097 47,973 33,998 19,161 12,214 29,774 242,861 Total $ 368,712 $ 289,490 $ 245,534 $ 150,262 $ 60,689 $ 31,584 $ 282,465 $ 1,428,736 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, excluding variable lease payments, was as follows: Years Ended December 31, 2021 2020 2019 Profit recognized at commencement $ 127,469 $ 117,359 $ 146,923 Interest income 186,532 206,517 229,719 Total lease income from sales-type leases $ 314,001 $ 323,876 $ 376,642 |
Lessor, Payments to be Received | We also lease mailing equipment under operating leases with terms of one 2022 $ 22,782 2023 13,607 2024 16,444 2025 4,185 2026 902 Thereafter 59 Total $ 57,979 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | Fixed assets consisted of the following: December 31, 2021 2020 Land $ — $ 9,333 Machinery and equipment 707,843 617,748 Capitalized software 488,837 443,400 Buildings and improvements 126,456 203,788 1,323,136 1,274,269 Accumulated depreciation (893,974) (882,989) Property, plant and equipment, net $ 429,162 $ 391,280 Rental property and equipment $ 125,967 $ 145,954 Accumulated depreciation (91,193) (107,519) Rental property and equipment, net $ 34,774 $ 38,435 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure | Intangible assets consisted of the following: December 31, 2021 December 31, 2020 Gross Accumulated Net Gross Accumulated Net Customer relationships $ 268,187 $ (141,492) $ 126,695 $ 268,199 $ (115,010) $ 153,189 Software & technology 21,981 (16,234) 5,747 19,000 (12,350) 6,650 Total intangible assets, net $ 290,168 $ (157,726) $ 132,442 $ 287,199 $ (127,360) $ 159,839 |
Future Amortization | Future amortization expense for intangible assets at December 31, 2021 is as follows: 2022 $ 29,812 2023 26,962 2024 26,962 2025 20,302 2026 14,148 Thereafter 14,256 Total $ 132,442 |
Schedule of Goodwill | Changes in the carrying amount of goodwill by reporting segment are shown in the tables below. Goodwill before accumulated impairment Accumulated impairment December 31, 2020 Acquisitions/dispositions FX Impact December 31, 2021 Global Ecommerce $ 609,431 $ (198,169) $ 411,262 $ (16,200) $ — $ 395,062 Presort Services 220,992 — 220,992 — — 220,992 SendTech Solutions 520,031 — 520,031 13,804 (14,786) 519,049 Total goodwill $ 1,350,454 $ (198,169) $ 1,152,285 $ (2,396) $ (14,786) $ 1,135,103 December 31, 2019 Acquisitions Impairment FX Impact December 31, 2020 Global Ecommerce $ 609,431 $ — $ (198,169) $ — $ 411,262 Presort Services 212,529 8,463 — — 220,992 SendTech Solutions 502,219 — — 17,812 520,031 Total goodwill $ 1,324,179 $ 8,463 $ (198,169) $ 17,812 $ 1,152,285 |
Fair Value Measurements and D_2
Fair Value Measurements and Derivative Instruments (Tables) | 12 Months Ended |
Dec. 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. December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Investment securities Money market funds $ 88,705 $ 338,043 $ — $ 426,748 Equity securities — 29,356 — 29,356 Commingled fixed income securities 1,692 16,815 — 18,507 Government and related securities 9,790 25,439 — 35,229 Corporate debt securities — 65,167 — 65,167 Mortgage-backed / asset-backed securities — 172,018 — 172,018 Derivatives Interest rate swap — 3,103 — 3,103 Foreign exchange contracts — 2,474 — 2,474 Total assets $ 100,187 $ 652,415 $ — $ 752,602 Liabilities: Derivatives Foreign exchange contracts $ — $ (304) $ — $ (304) Total liabilities $ — $ (304) $ — $ (304) 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 swaps $ — $ (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: December 31, 2021 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Government and related securities $ 36,160 $ 81 $ (1,012) $ 35,229 Corporate debt securities 67,906 259 (2,998) 65,167 Commingled fixed income securities 1,725 — (33) 1,692 Mortgage-backed / asset-backed securities 176,559 144 (4,685) 172,018 Total $ 282,350 $ 484 $ (8,728) $ 274,106 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 | Investment securities in a loss position were as follows: December 31, 2021 December 31, 2020 Fair Value Gross unrealized losses Fair Value Gross unrealized losses Greater than 12 continuous months Government and related securities $ 16,018 $ 579 $ — $ — Corporate debt securities 51,385 2,658 — — Mortgage-backed / asset-backed securities 135,441 4,057 2,369 76 Total $ 202,844 $ 7,294 $ 2,369 $ 76 Less than 12 continuous months Government and related securities $ 15,438 $ 433 $ 8,500 $ 78 Corporate debt securities 8,859 339 39,313 355 Commingled fixed income securities 1,692 33 — — Mortgage-backed / asset-backed securities 30,754 629 84,454 639 Total $ 56,743 $ 1,434 $ 132,267 $ 1,072 |
Available-For-Sale Securities | At December 31, 2021, scheduled maturities of available-for-sale securities were as follows: Amortized cost Estimated fair value Within 1 year $ 2,430 $ 2,405 After 1 year through 5 years 14,811 14,544 After 5 years through 10 years 75,630 72,616 After 10 years 189,479 184,541 Total $ 282,350 $ 274,106 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The fair value of our derivative instruments was as follows: December 31, Designation of Derivatives Balance Sheet Location 2021 2020 Derivatives designated as hedging instruments Foreign exchange contracts Other current assets and prepayments $ 21 $ 96 Accounts payable and accrued liabilities (10) (112) Interest rate swaps Other assets (Other noncurrent liabilities) 3,103 (2,163) Derivatives not designated as hedging instruments Foreign exchange contracts Other current assets and prepayments 2,453 3,680 Accounts payable and accrued liabilities (294) (1,848) Total derivative assets 5,577 3,776 Total derivative liabilities (304) (4,123) Total net derivative asset (liability) $ 5,273 $ (347) |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following represents the results of cash flow hedging relationships: Years Ended December 31, Derivative Gain (Loss) Location of Gain (Loss) Gain (Loss) Reclassified Derivative Instrument 2021 2020 2021 2020 Foreign exchange contracts $ 198 $ (317) Revenue $ 289 $ (161) Cost of sales (117) 11 Interest rate swaps 5,266 (2,163) Interest Expense (366) — $ 5,464 $ (2,480) $ (194) $ (150) |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following represents the mark-to-market adjustment on our non-designated derivative instruments: Years Ended December 31, Derivative Gain (Loss) Derivatives Instrument Location of Derivative Gain (Loss) 2021 2020 Foreign exchange contracts Selling, general and administrative expense $ (4,540) $ 5,298 |
Fair Value, by Balance Sheet Grouping | The carrying value and estimated fair value of our debt was as follows: December 31, 2021 2020 Carrying value $ 2,323,838 $ 2,564,393 Fair value $ 2,355,894 $ 2,479,895 |
Supplemental Financial Statem_2
Supplemental Financial Statement Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Accounting Standards Update | Activity in the allowance for credit losses on accounts receivable is presented below. Balance at beginning of year Cumulative effect of accounting change Amounts charged to expense Write-offs, recoveries and other Balance at end of year Accounts and other receivables Other assets 2021 $ 35,344 $ — $ 9,355 $ (15,520) $ 29,179 $ 11,168 $ 18,011 2020 $ 17,830 $ 15,336 $ 19,789 $ (17,611) $ 35,344 $ 18,899 $ 16,445 2019 $ 17,443 $ — $ 16,345 $ (15,958) $ 17,830 $ 17,830 $ — |
Schedule of Other (Income) Expense | Other expense, net consisted of the following: Years Ended December 31, 2021 2020 2019 Loss on refinancing of debt $ 56,209 $ 36,987 $ 6,623 Insurance proceeds (3,000) (16,928) — (Gain) loss on sale of assets/businesses (11,635) (11,908) 17,683 Other expense, net $ 41,574 $ 8,151 $ 24,306 |
Schedule of Supplemental Cash Flow Information | Supplemental cash flow information is as follows: Years Ended December 31, 2021 2020 2019 Purchases of property and equipment in accounts payable $ 5,305 $ 16,098 $ 1,301 Cash interest paid $ 124,084 $ 151,857 $ 157,709 Cash income tax payments, net of refunds $ 4,337 $ 20,185 $ 27,109 |
Balance Sheet Information | Selected balance sheet information is as follows: December 31, 2021 2020 Other assets: Long-term investments $ 333,052 $ 364,212 Other (net of allowance of $18,011 and $16,445, respectively) 138,032 127,302 Total $ 471,084 $ 491,514 Accounts payable and accrued liabilities: Accounts payable $ 310,993 $ 295,173 Customer deposits 185,528 165,774 Employee related liabilities 233,876 232,236 Other 192,146 187,433 Total $ 922,543 $ 880,616 Other noncurrent liabilities: Pension liabilities $ 115,457 $ 235,439 Postretirement medical benefits 126,675 153,838 Other 66,596 47,738 Total $ 308,728 $ 437,015 |
Restructuring Charges and Ass_2
Restructuring Charges and Asset Impairments (Tables) | 12 Months Ended |
Dec. 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 December 31, 2019 $ 12,006 Expenses, net 20,712 Cash payments (20,014) Noncash activity (2,641) Balance at December 31, 2020 10,063 Expenses, net 19,003 Cash payments (21,990) Noncash activity (1,329) Balance at December 31, 2021 $ 5,747 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | December 31, Interest rate 2021 2020 Notes due October 2021 4.875% — 152,588 Notes due May 2022 5.625% — 148,792 Notes due April 2023 6.20% 90,259 271,000 Notes due March 2024 4.625% 242,603 374,000 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% 370,500 380,000 Term loan due January 2025 LIBOR + 5.5% — 818,125 Term loan due March 2028 LIBOR + 4.0% 446,625 — Other debt 3,685 4,900 Principal amount 2,364,513 2,610,246 Less: unamortized costs, net 40,675 45,853 Total debt 2,323,838 2,564,393 Less: current portion long-term debt 24,739 216,032 Long-term debt $ 2,299,099 $ 2,348,361 |
Schedule of Maturities of Long-term Debt | Annual maturities of outstanding principal at December 31, 2021 are as follows: 2022 $ 24,739 2023 119,748 2024 281,560 2025 42,500 2026 261,000 Thereafter 1,634,966 Total $ 2,364,513 |
Retirement Plans and Postreti_2
Retirement Plans and Postretirement Medical Benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Change in Benefit Obligation, Plan Assets and the Funded Status of Defined Benefit Pension Plans | The benefit obligations and funded status of defined benefit pension plans are as follows: United States Foreign 2021 2020 2021 2020 Accumulated benefit obligation $ 1,609,125 $ 1,729,515 $ 762,558 $ 829,413 Projected benefit obligation Benefit obligation - beginning of year $ 1,729,959 $ 1,613,054 $ 830,674 $ 746,942 Service cost 102 86 1,528 1,650 Interest cost 42,434 52,103 11,811 13,379 Actuarial (gain) loss (53,133) 185,306 (37,197) 76,006 Foreign currency changes — — (10,747) 29,128 Settlements and curtailments (1,429) (3,854) — (15,171) Benefits paid (108,425) (116,736) (25,601) (21,260) Benefit obligation - end of year $ 1,609,508 $ 1,729,959 $ 770,468 $ 830,674 Fair value of plan assets Fair value of plan assets - beginning of year $ 1,601,786 $ 1,487,018 $ 742,639 $ 668,308 Actual return on plan assets 51,828 225,812 17,929 78,120 Company contributions 5,397 9,546 9,686 9,674 Settlements and curtailments (1,429) (3,854) — (15,171) Foreign currency changes — — (7,210) 22,968 Benefits paid (108,425) (116,736) (25,601) (21,260) Fair value of plan assets - end of year $ 1,549,157 $ 1,601,786 $ 737,443 $ 742,639 Amounts recognized in the Consolidated Balance Sheets Noncurrent asset $ — $ 465 $ 29,309 $ 26,053 Current liability (5,883) (5,843) (1,345) (1,444) Noncurrent liability (54,468) (122,795) (60,989) (112,644) Funded status $ (60,351) $ (128,173) $ (33,025) $ (88,035) |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | Information provided in the table below is only for pension plans with an accumulated benefit obligation in excess of plan assets: United States Foreign 2021 2020 2021 2020 Projected benefit obligation $ 1,609,508 $ 1,729,638 $ 59,859 $ 691,909 Accumulated benefit obligation $ 1,609,125 $ 1,729,194 $ 59,352 $ 690,887 Fair value of plan assets $ 1,549,157 $ 1,601,000 $ — $ 577,821 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Pretax amounts recognized in AOCI consist of: United States Foreign 2021 2020 2021 2020 Net actuarial loss $ 716,585 $ 783,211 $ 301,913 $ 334,520 Prior service (credit) cost (149) (209) 7,804 8,072 Transition asset — — (7) (7) Total $ 716,436 $ 783,002 $ 309,710 $ 342,585 Other changes in plan assets and benefit obligations for defined benefit pension plans recognized in other comprehensive income were as follows: United States Foreign 2021 2020 2021 2020 Net actuarial (gain) loss $ (27,842) $ 44,216 $ (23,257) $ 32,103 Amortization of net actuarial loss (38,233) (32,490) (9,350) (7,842) Amortization of prior service credit (cost) 60 60 (268) (245) Net transition asset — — — 4 Settlements and curtailments (551) (1,364) — (5,060) Total recognized in other comprehensive income $ (66,566) $ 10,422 $ (32,875) $ 18,960 Other changes in benefit obligation for postretirement medical benefit plans recognized in other comprehensive income were as follows: 2021 2020 Net actuarial (gain) loss $ (22,305) $ 11,496 Amortization of net actuarial loss (4,090) (3,198) Amortization of prior service cost (129) (373) Total recognized in other comprehensive income $ (26,524) $ 7,925 |
Schedule of Costs of Retirement Plans | The components of net periodic benefit cost (income) for defined benefit pension plans were as follows: United States Foreign 2021 2020 2019 2021 2020 2019 Service cost $ 102 $ 86 $ 83 $ 1,528 $ 1,650 $ 1,543 Interest cost 42,434 52,103 63,171 11,811 13,379 17,853 Expected return on plan assets (77,119) (84,719) (92,726) (31,869) (34,391) (34,363) Amortization of net transition asset — — — — (4) (6) Amortization of prior service (credit) cost (60) (60) (60) 268 245 243 Amortization of net actuarial loss 38,233 32,490 26,146 9,350 7,842 6,337 Settlements and curtailments 551 1,364 2,381 — 5,060 397 Net periodic benefit cost (income) $ 4,141 $ 1,264 $ (1,005) $ (8,912) $ (6,219) $ (7,996) The components of net periodic benefit cost for postretirement medical benefit plans were as follows: 2021 2020 2019 Service cost $ 909 $ 885 $ 967 Interest cost 3,755 4,993 6,584 Amortization of prior service cost 129 373 321 Amortization of net actuarial loss 4,090 3,198 2,026 Net periodic benefit cost $ 8,883 $ 9,449 $ 9,898 |
Schedule of Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | Weighted-average actuarial assumptions used to determine year end benefit obligations and net periodic benefit cost for defined benefit pension plans include: 2021 2020 2019 United States Used to determine benefit obligations Discount rate 2.85% 2.54% 3.34% Rate of compensation increase N/A N/A N/A Used to determine net periodic benefit cost Discount rate 2.54% 3.34% 4.34% Expected return on plan assets 5.60% 6.25% 6.75% Rate of compensation increase N/A N/A N/A Foreign Used to determine benefit obligations Discount rate 0.85 % - 2.85% 0.70 % - 2.40% 0.65 % - 2.95% Rate of compensation increase 1.50 % - 3.65% 1.50 % - 2.50% 1.50 % - 2.50% Used to determine net periodic benefit cost Discount rate 0.70 % - 2.40% 0.65 % - 2.95% 0.75 % - 3.55% Expected return on plan assets 3.50 % - 5.75% 4.25 % - 6.00% 4.25 % - 6.25% Rate of compensation increase 1.50 % - 2.50% 1.50 % - 2.50% 1.50 % - 2.50% The weighted-average discount rates used to determine end of year benefit obligation and net periodic pension cost include: 2021 2020 2019 Discount rate used to determine benefit obligation U.S. 2.80 % 2.35 % 3.20 % Canada 2.90 % 2.50 % 3.00 % Discount rate used to determine net period benefit cost U.S. 2.35 % 3.20 % 4.20 % Canada 2.50 % 3.00 % 3.60 % |
Schedule of Target Allocation and Percentage of Plan Assets for Domestic Pension Plan | Target and actual asset allocations for the U.S. pension plans were as follows: Target allocation Percent of Plan Assets at December 31, 2022 2021 2020 Asset category Equities 20 % 18 % 33 % Multi-asset credit 3 % 3 % — % Fixed income 70 % 73 % 62 % Real estate 6 % 5 % 4 % Private equity 1 % 1 % 1 % Total 100 % 100 % 100 % |
Schedule of Target Allocation and Percentage of Plan Assets for Foreign Pension Plan | were as follows: Target Allocation Percent of Plan Assets at December 31, 2022 2021 2020 Asset category Global equities 10 % 12 % 22 % Fixed income 70 % 69 % 60 % Real estate 10 % 9 % 8 % Diversified growth 10 % 9 % 9 % Cash — % 1 % 1 % Total 100 % 100 % 100 % |
Schedule of Fair Value Measurement of Plan Assets | The following tables show the U.S. and foreign pension plans' assets, by level within the fair value hierarchy. The plan asset categories presented in the following tables are subsets of the broader asset allocation categories. United States Pension Plans December 31, 2021 Level 1 Level 2 Level 3 Total Money market funds $ — $ 3,725 $ — $ 3,725 Equity securities — 195,037 — 195,037 Commingled fixed income securities — 229,300 — 229,300 Government and related securities 202,416 26,582 — 228,998 Corporate debt securities — 771,529 — 771,529 Mortgage-backed /asset-backed securities — 12,486 — 12,486 Real estate — — 77,494 77,494 Securities lending collateral — 145,855 — 145,855 Total plan assets at fair value $ 202,416 $ 1,384,514 $ 77,494 $ 1,664,424 Securities lending payable (145,855) Investments valued at NAV 16,820 Cash 20,569 Other (6,801) Fair value of plan assets $ 1,549,157 December 31, 2020 Level 1 Level 2 Level 3 Total Money market funds $ — $ 14,442 $ — $ 14,442 Equity securities — 323,311 — 323,311 Commingled fixed income securities — 264,896 — 264,896 Government and related securities 322,851 22,549 — 345,400 Corporate debt securities — 586,998 — 586,998 Mortgage-backed /asset-backed securities — 45,861 — 45,861 Real estate — — 69,347 69,347 Securities lending collateral — 151,049 — 151,049 Total plan assets at fair value $ 322,851 $ 1,409,106 $ 69,347 $ 1,801,304 Securities lending payable (151,049) Investments valued at NAV 17,132 Cash 15,449 Other (81,050) Fair value of plan assets $ 1,601,786 Foreign Plans December 31, 2021 Level 1 Level 2 Level 3 Total Money market funds $ — $ 8,577 $ — $ 8,577 Equity securities — 96,596 — 96,596 Commingled fixed income securities — 431,845 — 431,845 Government and related securities — 46,522 — 46,522 Corporate debt securities — 33,583 — 33,583 Real estate — 7,168 52,491 59,659 Diversified growth funds — — 52,169 52,169 Total plan assets at fair value $ — $ 624,291 $ 104,660 $ 728,951 Cash 7,966 Other 526 Fair value of plan assets $ 737,443 December 31, 2020 Level 1 Level 2 Level 3 Total Money market funds $ — $ 10,072 $ — $ 10,072 Equity securities — 166,683 — 166,683 Commingled fixed income securities — 379,656 — 379,656 Government and related securities — 46,268 — 46,268 Corporate debt securities — 37,002 — 37,002 Real estate — — 45,275 45,275 Diversified growth funds — — 50,750 50,750 Total plan assets at fair value $ — $ 639,681 $ 96,025 $ 735,706 Cash 6,448 Other 485 Fair value of plan assets $ 742,639 |
Schedule of Changes in Fair Value of Level 3 Assets Domestic | The following table summarizes the changes in the fair value of Level 3 assets: U.S. Plans Foreign Plans Real estate Real estate Diversified Growth Funds Balance at December 31, 2019 $ 71,337 $ 45,335 $ 47,621 Realized gains 1,554 — — Unrealized losses (3,360) (2,134) 1,493 Net purchases, sales and settlements (184) 1,221 56 Foreign currency and other — 853 1,580 Balance at December 31, 2020 69,347 45,275 50,750 Realized gains 1,791 — — Unrealized gains 6,958 6,357 1,995 Net purchases, sales and settlements (602) 1,663 — Foreign currency and other — (804) (576) Balance at December 31, 2021 $ 77,494 $ 52,491 $ 52,169 |
Schedule of Change in Benefit Obligation, Plan Assets and the Funded Status of Nonpension Benefit Plans | The benefit obligation and funded status for postretirement medical benefit plans are as follows: 2021 2020 Benefit obligation Benefit obligation - beginning of year $ 169,210 $ 164,104 Service cost 909 885 Interest cost 3,755 4,993 Actuarial (gain) loss (22,305) 11,496 Foreign currency changes 123 340 Benefits paid, net (12,176) (12,608) Benefit obligation - end of year (1) $ 139,516 $ 169,210 Fair value of plan assets Fair value of plan assets - beginning of year $ — $ — Company contribution 12,176 12,608 Benefits paid, net (12,176) (12,608) Fair value of plan assets - end of year $ — $ — Amounts recognized in the Consolidated Balance Sheets Current liability $ (12,841) $ (15,372) Non-current liability (126,675) (153,838) Funded status $ (139,516) $ (169,210) (1) The benefit obligation for U.S. postretirement medical benefits plan was $126 million and $153 million at December 31, 2021 and 2020, respectively. Pretax amounts recognized in AOCI consist of: 2021 2020 Net actuarial loss $ 15,175 $ 41,570 Prior service cost — 129 Total $ 15,175 $ 41,699 |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, are expected to be paid. Pension Benefits Postretirement Medical Benefits 2022 $ 130,497 $ 12,854 2023 131,204 12,338 2024 124,812 11,819 2025 125,765 11,299 2026 123,679 10,778 Thereafter 601,374 45,383 $ 1,237,331 $ 104,471 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Components of Income before Tax, Domestic and Foreign | ncome (loss) from continuing operations before taxes consisted of the following: Years Ended December 31, 2021 2020 2019 U.S. $ (85,258) $ (243,760) $ 500 International 77,843 60,391 26,232 Total $ (7,415) $ (183,369) $ 26,732 |
Components of Income Tax Expense (Benefit) | The provision (benefit) for income taxes from continuing operations consisted of the following: Years Ended December 31, 2021 2020 2019 U.S. Federal: Current $ (7,419) $ (10,582) $ (18,789) Deferred (13,825) 6,516 11,500 (21,244) (4,066) (7,289) U.S. State and Local: Current 5,401 (2,569) (9,142) Deferred (5,827) 4,100 8,000 (426) 1,531 (1,142) International: Current 10,979 4,993 9,993 Deferred (231) 4,664 (14,689) 10,748 9,657 (4,696) Total current 8,961 (8,158) (17,938) Total deferred (19,883) 15,280 4,811 Total (benefit) provision for income taxes $ (10,922) $ 7,122 $ (13,127) Effective tax rate 147.3 % (3.9) % (49.1) % |
Reconciliation of Effective Income Tax Rate Reconciliation | A reconciliation of income taxes computed at the federal statutory rate and our provision for income taxes consist of the following: Years Ended December 31, 2021 2020 2019 Federal statutory provision $ (1,558) $ (38,507) $ 5,613 State and local income taxes (1) (336) 1,209 (901) Impact of foreign operations taxed at rates other than the U.S. statutory rate (2) (2,220) (3,345) (18,541) Accrual/release of uncertain tax amounts related to foreign operations (7,288) 1,802 191 U.S. tax impacts of foreign income in the U.S. 4,441 (2,300) 5,587 CARES Act carryback benefit (2,270) (1,646) — Tax incentives/credits/exempt income (500) (750) (5,437) Unrealized stock compensation benefits (505) 2,312 2,176 Surrender of company-owned life insurance policies — 10,313 — Goodwill impairment — 40,328 — Other, net (3) (686) (2,294) (1,815) (Benefit) provision for income taxes $ (10,922) $ 7,122 $ (13,127) (1) Includes a charge of $2 million for the surrender of company-owned life insurance for the year ended December 31, 2020. (2) Includes a benefit of $5 million for a deferred rate change for the year ended December 31, 2021, a benefit of $3 million for tax balance corrections and a deferred tax rate change benefit of $2 million for the year ended December 31, 2020 and a foreign valuation allowance release of $23 million and a $3 million tax on the disposition of operations in certain international markets for the year ended December 31, 2019. |
Components of Deferred Tax Assets and Liabilities | Deferred tax liabilities and assets consisted of the following: December 31, 2021 2020 Deferred tax liabilities: Depreciation $ (85,544) $ (69,900) Deferred profit (for tax purposes) on sale to finance subsidiary (26,745) (28,101) Lease revenue and related depreciation (202,862) (190,852) Intangible assets (76,672) (81,816) Operating lease liability (46,496) (50,071) Other (25,438) (27,865) Gross deferred tax liabilities (463,757) (448,605) Deferred tax assets: Postretirement medical benefits 34,681 42,423 Pension 20,472 48,385 Operating lease asset 52,271 54,538 Inventory and equipment capitalization 1,866 3,903 Restructuring charges 1,548 2,022 Long-term incentives 12,308 12,905 Net operating loss 113,025 82,823 Tax credit carry forwards 65,931 64,070 Tax uncertainties gross-up 6,929 6,656 Other 58,457 42,079 Gross deferred tax assets 367,488 359,804 Less: Valuation allowance (121,778) (116,543) Net deferred tax assets 245,710 243,261 Total deferred taxes, net $ (218,047) $ (205,344) |
Tax Uncertainties Roll Forward | A reconciliation of the amount of unrecognized tax benefits is as follows: 2021 2020 2019 Balance at beginning of year $ 50,064 $ 60,302 $ 71,458 Increases from prior period positions 3,016 2,147 510 Decreases from prior period positions (4,247) (47) (9,711) Increases from current period positions 492 3,472 5,052 Decreases relating to settlements with tax authorities (1,270) (12,508) (2,626) Reductions from lapse of applicable statute of limitations (2,983) (3,302) (4,381) Balance at end of year $ 45,072 $ 50,064 $ 60,302 |
Leased Assets and Liabilities (
Leased Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of operating and finance lease assets and liabilities | Leases Balance Sheet Location December 31, 2021 December 31, 2020 Assets Operating Operating lease assets $ 208,428 $ 201,916 Finance Property, plant and equipment, net 46,770 23,973 Total leased assets $ 255,198 $ 225,889 Liabilities Operating Current operating lease liabilities $ 40,299 $ 39,182 Noncurrent operating lease liabilities 192,092 180,292 Finance Accounts payable and accrued liabilities 10,694 4,714 Other noncurrent liabilities 39,535 18,862 Total lease liabilities $ 282,620 $ 243,050 |
Schedule of components of lease expense | Years Ended December 31, Lease Cost 2021 2020 2019 Operating lease expense $ 62,269 $ 54,718 $ 48,503 Finance lease expense Amortization of leased assets 9,191 3,792 3,372 Interest on lease liabilities 2,826 949 700 Variable lease expense 33,924 21,413 23,188 Sublease income (1,761) (979) (1,948) Total expense $ 106,449 $ 79,893 $ 73,815 |
Schedule of future payments of finance lease liabilities | Future Lease Payments Operating Leases Finance Leases Total 2022 $ 53,380 $ 13,444 $ 66,824 2023 46,776 11,226 58,002 2024 41,731 9,889 51,620 2025 34,202 8,280 42,482 2026 29,406 6,751 36,157 Thereafter 80,900 9,357 90,257 Total 286,395 58,947 345,342 Less: present value discount 54,004 8,718 62,722 Lease liability $ 232,391 $ 50,229 $ 282,620 |
Schedule of future payments of operating lease liabilities | Operating lease expense includes immaterial amounts related to leases with terms of 12 months or less. Future Lease Payments Operating Leases Finance Leases Total 2022 $ 53,380 $ 13,444 $ 66,824 2023 46,776 11,226 58,002 2024 41,731 9,889 51,620 2025 34,202 8,280 42,482 2026 29,406 6,751 36,157 Thereafter 80,900 9,357 90,257 Total 286,395 58,947 345,342 Less: present value discount 54,004 8,718 62,722 Lease liability $ 232,391 $ 50,229 $ 282,620 |
Schedule of weighted-average remaining lease terms and weighted-average discount rates | Lease Term and Discount Rate December 31, 2021 December 31, 2020 Weighted-average remaining lease term Operating leases 6.7 years 7.2 years Finance leases 5.5 years 5.6 years Weighted-average discount rate Operating leases 6.5% 7.1% Finance leases 6% 7.1% |
Schedule of supplemental cash flow information | Years Ended December 31, Cash Flow Information 2021 2020 2019 Operating cash outflows - operating leases $ 59,748 $ 52,565 $ 44,252 Operating cash outflows - finance leases $ 2,826 $ 949 $ 700 Financing cash outflows - finance leases $ 7,707 $ 4,223 $ 3,096 Leased assets obtained in exchange for new lease obligations Operating leases $ 48,662 $ 38,641 $ 87,160 Finance leases $ 30,840 $ 17,741 $ 4,072 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders Equity | The following table summarizes the changes in shares of Common Stock outstanding and Treasury Stock: Common Stock Outstanding Treasury Stock Balance at December 31, 2018 187,675,082 135,662,830 Repurchases of common stock (18,595,315) 18,595,315 Issuance of treasury stock 1,276,797 (1,276,797) Conversions to common stock 92,379 (92,379) Balance at December 31, 2019 170,448,943 152,888,969 Issuance of treasury stock 1,526,245 (1,526,245) Balance at December 31, 2020 171,975,188 151,362,724 Issuance of treasury stock 2,756,207 (2,756,207) Balance at December 31, 2021 174,731,395 148,606,517 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Reclassification out of Accumulated Other Comprehensive Income | Reclassifications out of accumulated other comprehensive loss were as follows: Gain (Loss) Reclassified from AOCL (a) Years Ended December 31, 2021 2020 2019 Cash flow hedges Revenue $ 289 $ (161) $ 72 Cost of sales (117) 11 104 Interest expense (366) — — Total before tax (194) (150) 176 Tax (benefit) provision (49) (37) 44 Net of tax $ (145) $ (113) $ 132 Available for sale securities Financing revenue $ (6) $ 10,124 $ 1,079 Selling, general and administrative expense (7) 231 — Total before tax (13) 10,355 1,079 Tax (benefit) provision (2) 2,589 270 Net of tax $ (11) $ 7,766 $ 809 Pension and Postretirement Benefit Plans (b) Transition asset $ — $ 4 $ 6 Prior service costs (337) (558) (504) Actuarial losses (51,673) (43,530) (34,509) Settlement (551) (6,424) (2,778) Total before tax (52,561) (50,508) (37,785) Tax benefit (12,755) (11,930) (9,497) Net of tax $ (39,806) $ (38,578) $ (28,288) (a) Amounts in parentheses indicate reductions to income and increases to other comprehensive income. (b) Reclassified from accumulated other comprehensive loss to other components of net pension and postretirement cost. These amounts are included in net periodic costs for defined benefit pension plans and postretirement medical benefit plans (see Note 14 for additional details). |
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive loss, net of tax, were as follows: Cash flow hedges Available-for-sale securities Pension and postretirement benefit plans Foreign currency adjustments Total Balance at December 31, 2018 $ 191 $ (3,061) $ (846,461) $ (99,630) $ (948,961) Other comprehensive loss before reclassifications 278 6,719 (845) 75,319 81,471 Amounts reclassified from accumulated other comprehensive loss (132) (809) 28,288 — 27,347 Net other comprehensive income 146 5,910 27,443 75,319 108,818 Balance at December 31, 2019 337 2,849 (819,018) (24,311) (840,143) Other comprehensive (loss) income before reclassifications (1,861) 5,319 (70,623) 37,252 (29,913) Amounts reclassified from accumulated other comprehensive loss 113 (7,766) 38,578 — 30,925 Net other comprehensive (loss) income (1,748) (2,447) (32,045) 37,252 1,012 Balance at December 31, 2020 (1,411) 402 (851,063) 12,941 (839,131) Other comprehensive income (loss) before reclassifications 5,069 (6,662) 54,618 (34,168) 18,857 Amounts reclassified from accumulated other comprehensive loss 145 11 39,806 — 39,962 Net other comprehensive income (loss) 5,214 (6,651) 94,424 (34,168) 58,819 Balance at December 31, 2021 $ 3,803 $ (6,249) $ (756,639) $ (21,227) $ (780,312) |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | The following table summarizes information about RSUs: 2021 2020 Shares Weighted average fair value Shares Weighted average fair value Outstanding - beginning of the year 6,560,372 $ 6.27 4,480,847 $ 9.51 Granted 2,100,126 8.36 4,123,544 3.92 Vested (2,504,189) 6.72 (1,486,371) 9.65 Forfeited (418,016) 6.61 (557,648) 5.06 Outstanding - end of the year 5,738,293 $ 6.95 6,560,372 $ 6.27 |
Schedule of Share-based Compensation, Performance Stock Units Award Activity | The following table summarizes share information about PSUs: 2021 2020 Shares Weighted average fair value Shares Weighted average fair value Outstanding - beginning of the year 1,730,002 $ 9.31 2,778,362 $ 10.09 Vested (287,109) 9.33 (303,460) 4.00 Forfeited (433,802) 9.33 (744,900) 11.57 Outstanding - end of the year 1,009,091 $ 6.60 1,730,002 $ 9.31 |
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes information about stock option activity: 2021 2020 Shares Per share weighted average exercise prices Shares Per share weighted average exercise prices Options outstanding - beginning of the year 12,814,365 $ 11.81 12,822,684 $ 14.08 Granted 737,842 8.48 2,801,982 3.98 Exercised (777,429) 6.11 (33,501) 6.82 Canceled (604,101) 11.71 (1,653,126) 10.09 Expired (1,050,608) 25.85 (1,123,674) 22.09 Options outstanding - end of the year 11,120,069 $ 10.65 12,814,365 $ 11.81 Options exercisable - end of the year 8,853,859 $ 11.94 7,027,974 $ 16.76 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | The following table provides additional information about stock options outstanding and exercisable at December 31, 2021: Options Outstanding Options Exercisable Range of per share exercise prices Shares Per share weighted-average exercise price Weighted-average remaining contractual life Shares Per share weighted-average exercise price Weighted-average remaining contractual life $3.98 - $8.76 5,460,787 $ 5.65 7.7 years 3,194,577 $ 5.69 7.2 years $12.64 - $16.88 4,857,128 $ 14.40 4.5 years 4,857,128 $ 14.40 4.5 years $17.20 - $23.94 802,154 $ 21.93 1.2 years 802,154 $ 21.93 1.2 years 11,120,069 $ 10.64 5.8 years 8,853,859 $ 11.94 5.2 years |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table lists the weighted average of assumptions used to calculate the fair value of stock options granted: Years Ended December 31, 2021 2020 2019 Expected dividend yield 2.4 % 5.0 % 3.0 % Expected stock price volatility 70.0 % 43.0 % 41.5 % Risk-free interest rate 1.1 % 1.5 % 2.5 % Expected life 7 years 7 years 5 years Weighted-average fair value per option granted $4.53 $1.01 $1.98 Fair value of options granted $3,342 $2,830 $1,722 |
Quarterly Financial Data (una_2
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Quarterly Financial Information | First Second Quarter Third Quarter Fourth Quarter Total 2021 Revenue $ 915,197 $ 899,203 $ 875,449 $ 983,712 $ 3,673,561 Cost of revenue 627,635 610,307 601,582 712,039 2,551,563 Operating expenses 329,209 263,105 266,897 270,202 1,129,413 (Loss) income from continuing operations before income taxes (41,647) 25,791 6,970 1,471 (7,415) (Benefit) provision for income taxes (13,992) 4,915 (1,525) (320) (10,922) (Loss) income from continuing operations (27,655) 20,876 8,495 1,791 3,507 Income (loss) from discontinued operations (3,886) (1,020) 572 (524) (4,858) Net (loss) income $ (31,541) $ 19,856 $ 9,067 $ 1,267 $ (1,351) Basic (loss) earnings per share (1) Continuing operations $ (0.16) $ 0.12 $ 0.05 $ 0.01 $ 0.02 Discontinued operations (0.02) (0.01) — — (0.03) Net (loss) income $ (0.18) $ 0.11 $ 0.05 $ 0.01 $ (0.01) Diluted (loss) earnings per share (1) Continuing operations $ (0.16) $ 0.12 $ 0.05 $ 0.01 $ 0.02 Discontinued operations (0.02) (0.01) — — (0.03) Net (loss) income $ (0.18) $ 0.11 $ 0.05 $ 0.01 $ (0.01) First Second Quarter Third Quarter Fourth Quarter Total 2020 Revenue $ 796,268 $ 837,492 $ 891,898 $ 1,028,417 $ 3,554,075 Cost of revenues 502,891 565,532 608,242 727,995 2,404,660 Operating expenses 521,954 255,477 272,380 282,973 1,332,784 Income (loss) from continuing operations before income taxes (228,577) 16,483 11,276 17,449 (183,369) Provision (benefit) for income taxes (10,026) 16,957 541 (350) 7,122 (Loss) income from continuing operations (218,551) (474) 10,735 17,799 (190,491) (Loss) income from discontinued operations 10,064 (3,032) 616 2,467 10,115 Net (loss) income $ (208,487) $ (3,506) $ 11,351 $ 20,266 $ (180,376) Basic (loss) earnings per share (1) : Continuing operations $ (1.28) $ — $ 0.06 $ 0.10 $ (1.11) Discontinued operations 0.06 (0.02) — 0.01 0.06 Net (loss) income $ (1.22) $ (0.02) $ 0.07 $ 0.12 $ (1.05) Diluted (loss) earnings per share (1): Continuing operations $ (1.28) $ — $ 0.06 $ 0.10 $ (1.11) Discontinued operations 0.06 (0.02) — 0.01 0.06 Net (loss) income $ (1.22) $ (0.02) $ 0.06 $ 0.11 $ (1.05) (1) The sum of earnings per share amounts may not equal the totals due to rounding. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||||
Inventories | $ 78,588,000 | $ 78,588,000 | $ 71,480,000 | |
Retained earnings | 5,169,270,000 | 5,169,270,000 | 5,205,421,000 | |
Marketable Securities, Unrealized Gain (Loss) | $ 0 | 0 | $ 0 | |
Finite-lived intangible assets, estimated useful lives | 10 years | |||
Amortization expense | $ 18,000,000 | 10,000,000 | 7,000,000 | |
Recognition period | 5 years | |||
Impairment | 0 | $ 0 | 198,169,000 | 0 |
Equipment sales | ||||
Property, Plant and Equipment [Line Items] | ||||
Cost of equipment sales | 251,914,000 | 235,153,000 | 244,620,000 | |
Cumulative effect of accounting change | ||||
Property, Plant and Equipment [Line Items] | ||||
Inventories | 5,635,000 | 4,000,000 | ||
Retained earnings | 4,226,000 | 3,000,000 | ||
Cumulative effect of accounting change | Equipment sales | ||||
Property, Plant and Equipment [Line Items] | ||||
Cost of equipment sales | (1,563,000) | 410,000 | ||
Previously Reported | ||||
Property, Plant and Equipment [Line Items] | ||||
Inventories | 2,000,000 | 2,000,000 | 65,845,000 | |
Retained earnings | 5,201,195,000 | |||
Previously Reported | Equipment sales | ||||
Property, Plant and Equipment [Line Items] | ||||
Cost of equipment sales | $ 2,000,000 | 236,716,000 | $ 244,210,000 | |
Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Lease period | 3 years | |||
Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Lease period | 5 years | |||
Buildings | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives | 50 years | |||
Building improvements | Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives | 10 years | |||
Building improvements | Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives | 20 years | |||
Software development costs | Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives | 3 years | |||
Machinery and equipment | Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives | 3 years | |||
Machinery and equipment | Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives | 12 years | |||
Rental equipment | Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives | 4 years | |||
Rental equipment | Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives | 6 years | |||
Other Assets | ||||
Property, Plant and Equipment [Line Items] | ||||
Unamortized contract costs | $ 48,000,000 | $ 48,000,000 | $ 40,000,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Revised Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Total costs and expenses | $ 3,680,976 | $ 3,737,444 | $ 3,178,393 | ||||||||||||
(Loss) income from continuing operations before income taxes | $ 1,471 | $ 6,970 | $ 25,791 | $ (41,647) | $ 17,449 | $ 11,276 | $ 16,483 | $ (228,577) | (7,415) | (183,369) | 26,732 | ||||
(Benefit) provision for income taxes | (320) | (1,525) | 4,915 | (13,992) | (350) | 541 | 16,957 | (10,026) | (10,922) | 7,122 | (13,127) | ||||
Income (loss) from continuing operations | 3,507 | (190,491) | 39,859 | ||||||||||||
Net (loss) income | $ 1,267 | $ 9,067 | $ 19,856 | $ (31,541) | $ 20,266 | $ 11,351 | $ (3,506) | $ (208,487) | $ (1,351) | $ (180,376) | $ 194,319 | ||||
Basic (loss) earnings per share - continuing operations (in dollars per share) | $ 0.01 | $ 0.05 | $ 0.12 | $ (0.16) | $ 0.10 | $ 0.06 | $ 0 | $ (1.28) | $ 0.02 | [1] | $ (1.11) | [1] | $ 0.23 | [1] | |
Basic (loss) earnings per share (in dollars per share) | 0.01 | 0.05 | 0.11 | (0.18) | 0.12 | 0.07 | (0.02) | (1.22) | (0.01) | [1] | (1.05) | [1] | 1.10 | [1] | |
Diluted (loss) earnings per share - continuing operations (in dollars per share) | 0.01 | 0.05 | 0.12 | (0.16) | 0.10 | 0.06 | 0 | (1.28) | 0.02 | [1] | (1.11) | [1] | 0.22 | [1] | |
Diluted (loss) earnings per share (in dollars per share) | $ 0.01 | $ 0.05 | $ 0.11 | $ (0.18) | $ 0.11 | $ 0.06 | $ (0.02) | $ (1.22) | $ (0.01) | [1] | $ (1.05) | [1] | $ 1.10 | [1] | |
Inventories | $ 78,588 | $ 71,480 | $ 78,588 | $ 71,480 | |||||||||||
Total current assets | 1,892,053 | 2,112,558 | 1,892,053 | 2,112,558 | |||||||||||
Noncurrent income taxes | 68,398 | 71,244 | 68,398 | 71,244 | |||||||||||
Total assets | 4,958,871 | 5,224,363 | 4,958,871 | 5,224,363 | $ 5,469,958 | ||||||||||
Retained earnings | 5,169,270 | 5,205,421 | 5,169,270 | 5,205,421 | |||||||||||
Total stockholders' equity | 112,632 | 70,621 | 112,632 | 70,621 | 289,154 | $ 101,842 | |||||||||
Total liabilities and stockholders' equity | 4,958,871 | 5,224,363 | 4,958,871 | 5,224,363 | |||||||||||
Deferred tax (benefit) provision | (19,883) | 15,280 | 4,811 | ||||||||||||
(Increase) decrease in inventories | (8,008) | 1,582 | (5,178) | ||||||||||||
Equipment sales | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Cost of equipment sales | 251,914 | 235,153 | 244,620 | ||||||||||||
Previously Reported | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Total costs and expenses | 3,739,007 | 3,177,983 | |||||||||||||
(Loss) income from continuing operations before income taxes | (184,932) | 27,142 | |||||||||||||
(Benefit) provision for income taxes | 6,727 | (13,007) | |||||||||||||
Income (loss) from continuing operations | (191,659) | 40,149 | |||||||||||||
Net (loss) income | $ (181,544) | $ 194,609 | |||||||||||||
Basic (loss) earnings per share - continuing operations (in dollars per share) | $ (1.12) | $ 0.23 | |||||||||||||
Basic (loss) earnings per share (in dollars per share) | (1.06) | 1.10 | |||||||||||||
Diluted (loss) earnings per share - continuing operations (in dollars per share) | (1.12) | 0.23 | |||||||||||||
Diluted (loss) earnings per share (in dollars per share) | $ (1.06) | $ 1.10 | |||||||||||||
Inventories | $ 2,000 | 65,845 | 2,000 | $ 65,845 | |||||||||||
Total current assets | 2,106,923 | 2,106,923 | |||||||||||||
Noncurrent income taxes | 72,653 | 72,653 | |||||||||||||
Total assets | 5,220,137 | 5,220,137 | |||||||||||||
Retained earnings | 5,201,195 | 5,201,195 | |||||||||||||
Total stockholders' equity | 66,395 | 66,395 | |||||||||||||
Total liabilities and stockholders' equity | 5,220,137 | 5,220,137 | |||||||||||||
Deferred tax (benefit) provision | 14,885 | $ 4,931 | |||||||||||||
(Increase) decrease in inventories | 3,145 | (5,588) | |||||||||||||
Previously Reported | Equipment sales | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Cost of equipment sales | $ 2,000 | 236,716 | 244,210 | ||||||||||||
Cumulative effect of accounting change | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Total costs and expenses | (1,563) | 410 | |||||||||||||
(Loss) income from continuing operations before income taxes | 1,563 | (410) | |||||||||||||
(Benefit) provision for income taxes | 395 | (120) | |||||||||||||
Income (loss) from continuing operations | 1,168 | (290) | |||||||||||||
Net (loss) income | $ 1,168 | $ (290) | |||||||||||||
Basic (loss) earnings per share - continuing operations (in dollars per share) | $ 0.01 | $ 0 | |||||||||||||
Basic (loss) earnings per share (in dollars per share) | 0.01 | 0 | |||||||||||||
Diluted (loss) earnings per share - continuing operations (in dollars per share) | 0.01 | (0.01) | |||||||||||||
Diluted (loss) earnings per share (in dollars per share) | $ 0.01 | $ 0 | |||||||||||||
Inventories | 5,635 | $ 5,635 | $ 4,000 | ||||||||||||
Total current assets | 5,635 | 5,635 | |||||||||||||
Noncurrent income taxes | (1,409) | (1,409) | |||||||||||||
Total assets | 4,226 | 4,226 | |||||||||||||
Retained earnings | 4,226 | 4,226 | 3,000 | ||||||||||||
Total stockholders' equity | 4,226 | 4,226 | |||||||||||||
Total liabilities and stockholders' equity | $ 4,226 | 4,226 | |||||||||||||
Deferred tax (benefit) provision | 395 | (120) | |||||||||||||
(Increase) decrease in inventories | (1,563) | 410 | |||||||||||||
Cumulative effect of accounting change | Equipment sales | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Cost of equipment sales | $ (1,563) | $ 410 | |||||||||||||
[1] | The sum of the earnings per share amounts may not equal the totals due to rounding. |
Revenue (Disaggregates of Reven
Revenue (Disaggregates of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from leasing transactions and financing | $ 3,673,561 | $ 3,554,075 | $ 3,205,125 | ||||||||
Revenue | $ 983,712 | $ 875,449 | $ 899,203 | $ 915,197 | $ 1,028,417 | $ 891,898 | $ 837,492 | $ 796,268 | 3,673,561 | 3,554,075 | 3,205,125 |
ASC 606 | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 3,046,015 | 2,898,540 | 2,484,837 | ||||||||
Products/services transferred at a point in time | ASC 606 | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 318,077 | 293,648 | 334,046 | ||||||||
Products/services transferred over time | ASC 606 | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 2,727,938 | 2,604,892 | 2,150,791 | ||||||||
Business services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 2,334,674 | 2,191,306 | 1,710,801 | ||||||||
Revenue from leasing transactions and financing | 0 | 0 | 0 | ||||||||
Revenue | 2,334,674 | 2,191,306 | 1,710,801 | ||||||||
Support services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 460,888 | 473,292 | 506,187 | ||||||||
Revenue from leasing transactions and financing | 0 | 0 | 0 | ||||||||
Revenue | 460,888 | 473,292 | 506,187 | ||||||||
Financing | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 0 | 0 | 0 | ||||||||
Revenue from leasing transactions and financing | 294,418 | 341,034 | 368,090 | ||||||||
Revenue | 294,418 | 341,034 | 368,090 | ||||||||
Equipment sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 91,015 | 74,660 | 80,562 | ||||||||
Revenue from leasing transactions and financing | 259,123 | 240,222 | 271,542 | ||||||||
Revenue | 350,138 | 314,882 | 352,104 | ||||||||
Supplies | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 159,438 | 159,282 | 187,287 | ||||||||
Revenue from leasing transactions and financing | 0 | 0 | 0 | ||||||||
Revenue | 159,438 | 159,282 | 187,287 | ||||||||
Rentals | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 0 | 0 | 0 | ||||||||
Revenue from leasing transactions and financing | 74,005 | 74,279 | 80,656 | ||||||||
Revenue | 74,005 | 74,279 | 80,656 | ||||||||
Sales And Services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 3,046,015 | 2,898,540 | 2,484,837 | ||||||||
Revenue from leasing transactions and financing | 627,546 | 655,535 | 720,288 | ||||||||
Revenue | 3,673,561 | 3,554,075 | 3,205,125 | ||||||||
Global Ecommerce | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from leasing transactions and financing | 1,702,580 | 1,618,897 | 1,151,510 | ||||||||
Global Ecommerce | ASC 606 | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 1,702,580 | 1,618,897 | 1,151,510 | ||||||||
Global Ecommerce | Products/services transferred at a point in time | ASC 606 | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 0 | 0 | 0 | ||||||||
Global Ecommerce | Products/services transferred over time | ASC 606 | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 1,702,580 | 1,618,897 | 1,151,510 | ||||||||
Global Ecommerce | Business services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 1,702,580 | 1,618,897 | 1,151,510 | ||||||||
Global Ecommerce | Support services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 0 | 0 | 0 | ||||||||
Global Ecommerce | Financing | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 0 | 0 | 0 | ||||||||
Revenue from leasing transactions and financing | 0 | 0 | 0 | ||||||||
Global Ecommerce | Equipment sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 0 | 0 | 0 | ||||||||
Revenue from leasing transactions and financing | 0 | 0 | 0 | ||||||||
Global Ecommerce | Supplies | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 0 | 0 | 0 | ||||||||
Global Ecommerce | Rentals | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 0 | 0 | 0 | ||||||||
Revenue from leasing transactions and financing | 0 | 0 | 0 | ||||||||
Global Ecommerce | Sales And Services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 1,702,580 | 1,618,897 | 1,151,510 | ||||||||
Presort Services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from leasing transactions and financing | 573,480 | 521,212 | 529,588 | ||||||||
Presort Services | ASC 606 | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 573,480 | 521,212 | 529,588 | ||||||||
Presort Services | Products/services transferred at a point in time | ASC 606 | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 0 | 0 | 0 | ||||||||
Presort Services | Products/services transferred over time | ASC 606 | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 573,480 | 521,212 | 529,588 | ||||||||
Presort Services | Business services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 573,480 | 521,212 | 529,588 | ||||||||
Presort Services | Support services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 0 | 0 | 0 | ||||||||
Presort Services | Financing | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 0 | 0 | 0 | ||||||||
Revenue from leasing transactions and financing | 0 | 0 | 0 | ||||||||
Presort Services | Equipment sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 0 | 0 | 0 | ||||||||
Revenue from leasing transactions and financing | 0 | 0 | 0 | ||||||||
Presort Services | Supplies | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 0 | 0 | 0 | ||||||||
Presort Services | Rentals | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 0 | 0 | 0 | ||||||||
Revenue from leasing transactions and financing | 0 | 0 | 0 | ||||||||
Presort Services | Sales And Services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 573,480 | 521,212 | 529,588 | ||||||||
SendTech Solutions | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from leasing transactions and financing | 1,397,501 | 1,413,966 | 1,524,027 | ||||||||
SendTech Solutions | ASC 606 | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 769,955 | 758,431 | 803,739 | ||||||||
SendTech Solutions | Products/services transferred at a point in time | ASC 606 | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 318,077 | 293,648 | 334,046 | ||||||||
SendTech Solutions | Products/services transferred over time | ASC 606 | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 451,878 | 464,783 | 469,693 | ||||||||
SendTech Solutions | Business services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 58,614 | 51,197 | 29,703 | ||||||||
SendTech Solutions | Support services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 460,888 | 473,292 | 506,187 | ||||||||
SendTech Solutions | Financing | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 0 | 0 | 0 | ||||||||
Revenue from leasing transactions and financing | 294,418 | 341,034 | 368,090 | ||||||||
SendTech Solutions | Equipment sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 91,015 | 74,660 | 80,562 | ||||||||
Revenue from leasing transactions and financing | 259,123 | 240,222 | 271,542 | ||||||||
SendTech Solutions | Supplies | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 159,438 | 159,282 | 187,287 | ||||||||
SendTech Solutions | Rentals | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | 0 | 0 | 0 | ||||||||
Revenue from leasing transactions and financing | 74,005 | 74,279 | 80,656 | ||||||||
SendTech Solutions | Sales And Services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from products and services | $ 769,955 | $ 758,431 | $ 803,739 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Advanced billings, revenue recognized | $ 106 | |
Advanced billings from lease | $ 6 | $ 8 |
Expected timing of satisfaction period | 12 months | |
Support services | Minimum | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Period of recognition | 1 year | |
Support services | Maximum | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Period of recognition | 5 years | |
Business services | Minimum | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Period of recognition | 1 year | |
Business services | Maximum | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Period of recognition | 5 years |
Revenue (Advance Billings) (Det
Revenue (Advance Billings) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Advance billings, current | $ 92,926 | $ 106,498 |
Advance billings, noncurrent | 1,109 | $ 1,277 |
Increase (decrease) | ||
Advance billings, current | (13,572) | |
Advance billings, noncurrent | $ (168) |
Revenue (Future Performance Obl
Revenue (Future Performance Obligations) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future performance obligations | $ 685,974 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future performance obligations | $ 276,314 |
Expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future performance obligations | $ 196,265 |
Expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future performance obligations | $ 213,395 |
Expected timing of satisfaction period | 3 years |
Segment Information (Revenues)
Segment Information (Revenues) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 983,712 | $ 875,449 | $ 899,203 | $ 915,197 | $ 1,028,417 | $ 891,898 | $ 837,492 | $ 796,268 | $ 3,673,561 | $ 3,554,075 | $ 3,205,125 |
United States | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 3,114,905 | 3,112,285 | 2,745,928 | ||||||||
Outside United States | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 558,656 | 441,790 | 459,197 | ||||||||
Digital Commerce Solutions | Global Ecommerce | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total from contracts with customers | 1,702,580 | 1,618,897 | 1,151,510 | ||||||||
Digital Commerce Solutions | Presort Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total from contracts with customers | 573,480 | 521,212 | 529,588 | ||||||||
SendTech Solutions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total from contracts with customers | $ 1,397,501 | $ 1,413,966 | $ 1,524,027 |
Segment Information (EBIT) (Det
Segment Information (EBIT) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciling items: | |||||||||||
Goodwill impairment | $ 0 | $ 0 | $ (198,169,000) | $ 0 | |||||||
Loss on debt refinancing | 56,209,000 | 36,987,000 | 6,623,000 | ||||||||
Gain (loss) on sale of assets/businesses | 11,635,000 | 21,969,000 | (17,683,000) | ||||||||
Benefit (provision) for income taxes | 320,000 | $ 1,525,000 | $ (4,915,000) | $ 13,992,000 | $ 350,000 | $ (541,000) | $ (16,957,000) | $ 10,026,000 | 10,922,000 | (7,122,000) | 13,127,000 |
Income (loss) from continuing operations | 3,507,000 | (190,491,000) | 39,859,000 | ||||||||
(Loss) income from discontinued operations, net of tax | (524,000) | 572,000 | (1,020,000) | (3,886,000) | 2,467,000 | 616,000 | (3,032,000) | 10,064,000 | (4,858,000) | 10,115,000 | 154,460,000 |
Net (loss) income | $ 1,267,000 | $ 9,067,000 | $ 19,856,000 | $ (31,541,000) | $ 20,266,000 | $ 11,351,000 | $ (3,506,000) | $ (208,487,000) | (1,351,000) | (180,376,000) | 194,319,000 |
Digital Commerce Solutions | Global Ecommerce | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
EBIT | (98,673,000) | (82,894,000) | (70,146,000) | ||||||||
Reconciling items: | |||||||||||
Goodwill impairment | (198,169,000) | ||||||||||
Digital Commerce Solutions | Presort Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
EBIT | 79,721,000 | 55,799,000 | 70,693,000 | ||||||||
Reconciling items: | |||||||||||
Goodwill impairment | 0 | ||||||||||
SendTech Solutions | |||||||||||
Reconciling items: | |||||||||||
Goodwill impairment | 0 | ||||||||||
Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
EBIT | 410,463,000 | 415,553,000 | 490,459,000 | ||||||||
Operating Segments | SendTech Solutions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
EBIT | 429,415,000 | 442,648,000 | 489,912,000 | ||||||||
Reconciling Items | |||||||||||
Reconciling items: | |||||||||||
Interest, net | (143,945,000) | (153,915,000) | (155,558,000) | ||||||||
Unallocated corporate expenses | (207,774,000) | (200,406,000) | (211,529,000) | ||||||||
Restructuring charges and asset impairments | (19,003,000) | (20,712,000) | (69,606,000) | ||||||||
Goodwill impairment | 0 | (198,169,000) | 0 | ||||||||
Loss on debt refinancing | (56,209,000) | (36,987,000) | (6,623,000) | ||||||||
Gain (loss) on sale of assets/businesses | 11,635,000 | 11,908,000 | (17,683,000) | ||||||||
Transaction costs | $ (2,582,000) | $ (641,000) | $ (2,728,000) |
Segment Information (Depreciati
Segment Information (Depreciation and Amortization) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 162,859 | $ 160,625 | $ 159,142 |
Digital Commerce Solutions | Global Ecommerce | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 79,128 | 69,676 | 68,385 |
Digital Commerce Solutions | Presort Services | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 27,243 | 31,769 | 29,440 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 26,538 | 24,864 | 21,559 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 136,321 | 135,761 | 137,583 |
Operating Segments | SendTech Solutions | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 29,950 | $ 34,316 | $ 39,758 |
Segment Information (Capital Ex
Segment Information (Capital Expenditures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 184,042 | $ 104,987 | $ 137,253 |
Digital Commerce Solutions | Global Ecommerce | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 89,488 | 46,427 | 53,374 |
Digital Commerce Solutions | Presort Services | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 36,628 | 15,795 | 27,394 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 31,898 | 13,942 | 24,209 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 152,144 | 91,045 | 113,044 |
Operating Segments | SendTech Solutions | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 26,028 | $ 28,823 | $ 32,276 |
Segment Information (Assets) (D
Segment Information (Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Segment Reporting Information [Line Items] | |||
Assets | $ 4,958,871 | $ 5,224,363 | $ 5,469,958 |
Cash and cash equivalents | 732,480 | 921,450 | |
Short-term investments | 14,440 | 18,974 | |
Long-term investments | 333,052 | 364,212 | |
Identifiable long-lived assets | 672,364 | 631,631 | 618,154 |
United States | |||
Segment Reporting Information [Line Items] | |||
Identifiable long-lived assets | 658,070 | 613,990 | 596,694 |
Outside United States | |||
Segment Reporting Information [Line Items] | |||
Identifiable long-lived assets | 14,294 | 17,641 | 21,460 |
Global Ecommerce | |||
Segment Reporting Information [Line Items] | |||
Assets | 35,000 | ||
Digital Commerce Solutions | Global Ecommerce | |||
Segment Reporting Information [Line Items] | |||
Assets | 1,032,434 | 994,554 | 1,102,313 |
Digital Commerce Solutions | Presort Services | |||
Segment Reporting Information [Line Items] | |||
Assets | 479,392 | 523,690 | 524,817 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Assets | 3,525,187 | 3,589,272 | 3,783,936 |
Operating Segments | SendTech Solutions | |||
Segment Reporting Information [Line Items] | |||
Assets | 2,013,361 | 2,071,028 | 2,156,806 |
Reconciling Items | |||
Segment Reporting Information [Line Items] | |||
Cash and cash equivalents | 732,480 | 921,450 | 924,442 |
Short-term investments | 14,440 | 18,974 | 115,879 |
Assets of discontinued operations | 0 | 0 | 17,229 |
Long-term investments | 333,052 | 364,212 | 238,882 |
Other corporate assets | $ 353,712 | $ 330,455 | $ 389,590 |
Discontinued Operations (Financ
Discontinued Operations (Financial Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Loss from discontinued operations, net of tax | $ (524) | $ 572 | $ (1,020) | $ (3,886) | $ 2,467 | $ 616 | $ (3,032) | $ 10,064 | $ (4,858) | $ 10,115 | $ 154,460 |
Disposed of by Sale | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Loss on sale | (1,827) | 7,805 | 181,313 | ||||||||
Tax provision | 3,031 | (2,310) | 48,350 | ||||||||
Loss from discontinued operations, net of tax | (4,858) | 10,115 | 154,460 | ||||||||
Revenue | 272,565 | ||||||||||
Earnings (loss) from discontinued operations | 21,497 | ||||||||||
Income (loss) from discontinued operations before taxes | 202,810 | ||||||||||
Software Solutions | Disposed of by Sale | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Loss on sale | (1,827) | 7,972 | 195,957 | ||||||||
Revenue | 272,565 | ||||||||||
Earnings (loss) from discontinued operations | 22,160 | ||||||||||
Income (loss) from discontinued operations before taxes | 218,117 | ||||||||||
Production Mail | Disposed of by Sale | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Loss on sale | $ 0 | $ (167) | (14,644) | ||||||||
Revenue | 0 | ||||||||||
Earnings (loss) from discontinued operations | (663) | ||||||||||
Income (loss) from discontinued operations before taxes | $ (15,307) |
Earnings per Share (EPS) (Detai
Earnings per Share (EPS) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Numerator: | ||||||||||||||
Income (loss) from continuing operations | $ 3,507 | $ (190,491) | $ 39,859 | |||||||||||
(Loss) income from discontinued operations, net of tax | $ (524) | $ 572 | $ (1,020) | $ (3,886) | $ 2,467 | $ 616 | $ (3,032) | $ 10,064 | (4,858) | 10,115 | 154,460 | |||
Net (loss) income | $ 1,267 | $ 9,067 | $ 19,856 | $ (31,541) | $ 20,266 | $ 11,351 | $ (3,506) | $ (208,487) | (1,351) | (180,376) | 194,319 | |||
Less: Preference stock dividend | 0 | 0 | 8 | |||||||||||
(Loss) income attributable to common stockholders (numerator for basic EPS) | $ (1,351) | $ (180,376) | $ 194,311 | |||||||||||
Denominator: | ||||||||||||||
Weighted-average shares used in basic EPS (in shares) | 173,914,000 | 171,519,000 | 176,251,000 | |||||||||||
Dilutive effect of common stock equivalents (shares) | 5,191,000 | 0 | 1,198,000 | |||||||||||
Weighted-average shares used in diluted EPS (in shares) | 179,105,000 | 171,519,000 | 177,449,000 | |||||||||||
Basic (loss) earnings per share: | ||||||||||||||
Continuing operations (in dollars per share) | $ 0.01 | $ 0.05 | $ 0.12 | $ (0.16) | $ 0.10 | $ 0.06 | $ 0 | $ (1.28) | $ 0.02 | [1] | $ (1.11) | [1] | $ 0.23 | [1] |
Discontinued operations (in dollars per share) | 0 | 0 | (0.01) | (0.02) | 0.01 | 0 | (0.02) | 0.06 | (0.03) | [1] | 0.06 | [1] | 0.88 | [1] |
Net income (in dollars per share) | 0.01 | 0.05 | 0.11 | (0.18) | 0.12 | 0.07 | (0.02) | (1.22) | (0.01) | [1] | (1.05) | [1] | 1.10 | [1] |
Diluted (loss) earnings per share: | ||||||||||||||
Continuing operations (in dollars per share) | 0.01 | 0.05 | 0.12 | (0.16) | 0.10 | 0.06 | 0 | (1.28) | 0.02 | [1] | (1.11) | [1] | 0.22 | [1] |
Discontinued operations (in dollars per share) | 0 | 0 | (0.01) | (0.02) | 0.01 | 0 | (0.02) | 0.06 | (0.03) | [1] | 0.06 | [1] | 0.87 | [1] |
Net income (in dollars per share) | $ 0.01 | $ 0.05 | $ 0.11 | $ (0.18) | $ 0.11 | $ 0.06 | $ (0.02) | $ (1.22) | $ (0.01) | [1] | $ (1.05) | [1] | $ 1.10 | [1] |
Anti-dilutive options excluded from diluted earnings per share (in shares) | 6,514,000 | 11,626,000 | 15,751,000 | |||||||||||
Dilutive effect of common stock equivalents (shares) | 2,483 | |||||||||||||
[1] | The sum of the earnings per share amounts may not equal the totals due to rounding. |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 22,352 | $ 16,570 |
Supplies and service parts | 26,076 | 24,061 |
Finished products | 30,160 | 30,849 |
Inventories | $ 78,588 | $ 71,480 |
Finance Assets and Lessor Ope_3
Finance Assets and Lessor Operating Leases (Finance Receivables) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for credit losses | $ (26,218) | $ (35,869) | $ (19,651) | $ (20,222) |
Net investment in receivables | 1,148,107 | 1,173,342 | ||
North America | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Net investment in receivables | 989,460 | 995,320 | ||
International | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Net investment in receivables | 158,647 | 178,022 | ||
Sales-type lease receivables | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross finance receivables | 1,146,271 | 1,206,929 | ||
Unguaranteed residual values | 48,613 | 48,545 | ||
Unearned income | (303,024) | (337,045) | ||
Allowance for credit losses | (22,792) | (28,923) | ||
Net investment in receivables | 869,068 | 889,506 | ||
Sales-type lease receivables | North America | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross finance receivables | 958,440 | 994,985 | ||
Unguaranteed residual values | 37,896 | 36,405 | ||
Unearned income | (246,381) | (275,359) | ||
Allowance for credit losses | (19,546) | (22,917) | (10,920) | (10,253) |
Net investment in receivables | 730,409 | 733,114 | ||
Sales-type lease receivables | International | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross finance receivables | 187,831 | 211,944 | ||
Unguaranteed residual values | 10,717 | 12,140 | ||
Unearned income | (56,643) | (61,686) | ||
Allowance for credit losses | (3,246) | (6,006) | (2,085) | (2,355) |
Net investment in receivables | 138,659 | 156,392 | ||
Loan receivables | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross finance receivables | 282,465 | 290,782 | ||
Allowance for credit losses | (3,426) | (6,946) | ||
Net investment in receivables | 279,039 | 283,836 | ||
Loan receivables | North America | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross finance receivables | 262,310 | 268,690 | ||
Allowance for credit losses | (3,259) | (6,484) | (5,906) | (6,777) |
Net investment in receivables | 259,051 | 262,206 | ||
Loan receivables | International | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross finance receivables | 20,155 | 22,092 | ||
Allowance for credit losses | (167) | (462) | $ (740) | $ (837) |
Net investment in receivables | $ 19,988 | $ 21,630 |
Finance Assets and Lessor Ope_4
Finance Assets and Lessor Operating Leases (Sales-type Lease and Loan Receivables) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Sales-type Lease Receivables | |
2022 | $ 455,473 |
2023 | 330,196 |
2024 | 209,804 |
2025 | 111,029 |
2026 | 37,600 |
Thereafter | 2,169 |
Total | 1,146,271 |
Loan Receivables | |
2022 | 246,477 |
2023 | 15,383 |
2024 | 12,278 |
2025 | 6,880 |
2026 | 1,447 |
Thereafter | 0 |
Total | 282,465 |
North America | |
Sales-type Lease Receivables | |
2022 | 379,948 |
2023 | 276,501 |
2024 | 177,005 |
2025 | 93,071 |
2026 | 31,092 |
Thereafter | 823 |
Total | 958,440 |
Loan Receivables | |
2022 | 226,322 |
2023 | 15,383 |
2024 | 12,278 |
2025 | 6,880 |
2026 | 1,447 |
Thereafter | 0 |
Total | 262,310 |
International | |
Sales-type Lease Receivables | |
2022 | 75,525 |
2023 | 53,695 |
2024 | 32,799 |
2025 | 17,958 |
2026 | 6,508 |
Thereafter | 1,346 |
Total | 187,831 |
Loan Receivables | |
2022 | 20,155 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
Thereafter | 0 |
Total | $ 20,155 |
Finance Assets and Lessor Ope_5
Finance Assets and Lessor Operating Leases (Allowance for Credit Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Allowance for Credit Losses | |||
Balance at beginning | $ 35,869 | $ 19,651 | $ 20,222 |
Amounts charged to expense | (1,547) | 22,404 | 12,144 |
Write-offs | (14,313) | (19,183) | (18,296) |
Recoveries | 6,518 | 5,742 | 5,426 |
Other | (309) | (2,248) | 155 |
Balance at ending | 26,218 | 35,869 | 19,651 |
Cumulative effect of accounting change | |||
Allowance for Credit Losses | |||
Balance at beginning | 9,503 | ||
Balance at ending | 9,503 | ||
Sales-type lease receivables | |||
Allowance for Credit Losses | |||
Balance at beginning | 28,923 | ||
Balance at ending | 22,792 | 28,923 | |
Sales-type lease receivables | North America | |||
Allowance for Credit Losses | |||
Balance at beginning | 22,917 | 10,920 | 10,253 |
Amounts charged to expense | 648 | 10,789 | 5,672 |
Write-offs | (7,120) | (7,609) | (6,971) |
Recoveries | 3,097 | 2,070 | 1,717 |
Other | 4 | (2,524) | 249 |
Balance at ending | 19,546 | 22,917 | 10,920 |
Sales-type lease receivables | North America | Cumulative effect of accounting change | |||
Allowance for Credit Losses | |||
Balance at beginning | 9,271 | ||
Balance at ending | 9,271 | ||
Sales-type lease receivables | International | |||
Allowance for Credit Losses | |||
Balance at beginning | 6,006 | 2,085 | 2,355 |
Amounts charged to expense | (1,788) | 2,902 | 1,157 |
Write-offs | (846) | (1,068) | (1,505) |
Recoveries | 173 | 194 | 181 |
Other | (299) | 143 | (103) |
Balance at ending | 3,246 | 6,006 | 2,085 |
Sales-type lease receivables | International | Cumulative effect of accounting change | |||
Allowance for Credit Losses | |||
Balance at beginning | 1,750 | ||
Balance at ending | 1,750 | ||
Loan receivables | |||
Allowance for Credit Losses | |||
Balance at beginning | 6,946 | ||
Balance at ending | 3,426 | 6,946 | |
Loan receivables | North America | |||
Allowance for Credit Losses | |||
Balance at beginning | 6,484 | 5,906 | 6,777 |
Amounts charged to expense | (426) | 8,158 | 4,746 |
Write-offs | (6,045) | (9,955) | (8,971) |
Recoveries | 3,245 | 3,474 | 3,519 |
Other | 1 | 17 | (165) |
Balance at ending | 3,259 | 6,484 | 5,906 |
Loan receivables | North America | Cumulative effect of accounting change | |||
Allowance for Credit Losses | |||
Balance at beginning | (1,116) | ||
Balance at ending | (1,116) | ||
Loan receivables | International | |||
Allowance for Credit Losses | |||
Balance at beginning | 462 | 740 | 837 |
Amounts charged to expense | 19 | 555 | 569 |
Write-offs | (302) | (551) | (849) |
Recoveries | 3 | 4 | 9 |
Other | (15) | 116 | 174 |
Balance at ending | $ 167 | 462 | 740 |
Loan receivables | International | Cumulative effect of accounting change | |||
Allowance for Credit Losses | |||
Balance at beginning | $ (402) | ||
Balance at ending | $ (402) |
Finance Assets and Lessor Ope_6
Finance Assets and Lessor Operating Leases (Aging of Receivables) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Total | $ 1,428,736 | $ 1,497,711 |
Still accruing interest | 5,646 | 7,447 |
Not accruing interest | 9,363 | 22,614 |
Total | 15,009 | 30,061 |
Amounts 0 - 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,413,727 | 1,467,650 |
Greater Than 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 15,009 | 30,061 |
Sales-type lease receivables | North America | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 958,440 | 994,985 |
Still accruing interest | 4,964 | 5,128 |
Not accruing interest | 3,338 | 17,591 |
Total | 8,302 | 22,719 |
Sales-type lease receivables | North America | Amounts 0 - 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 950,138 | 972,266 |
Sales-type lease receivables | North America | Greater Than 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 8,302 | 22,719 |
Sales-type lease receivables | International | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 187,831 | 211,944 |
Still accruing interest | 682 | 463 |
Not accruing interest | 2,092 | 2,513 |
Total | 2,774 | 2,976 |
Sales-type lease receivables | International | Amounts 0 - 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 185,057 | 208,968 |
Sales-type lease receivables | International | Greater Than 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2,774 | 2,976 |
Loan receivables | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 282,465 | 290,782 |
Loan receivables | North America | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 262,310 | 268,690 |
Still accruing interest | 0 | 1,797 |
Not accruing interest | 3,796 | 2,409 |
Total | 3,796 | 4,206 |
Loan receivables | North America | Amounts 0 - 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 258,514 | 264,484 |
Loan receivables | North America | Greater Than 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 3,796 | 4,206 |
Loan receivables | International | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 20,155 | 22,092 |
Still accruing interest | 0 | 59 |
Not accruing interest | 137 | 101 |
Total | 137 | 160 |
Loan receivables | International | Amounts 0 - 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 20,018 | 21,932 |
Loan receivables | International | Greater Than 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Total | $ 137 | $ 160 |
Finance Assets and Lessor Ope_7
Finance Assets and Lessor Operating Leases (Credit Quality) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Portfolio small dollar applications below thousand | $ 50 | |
Total | $ 1,428,736 | $ 1,497,711 |
Low | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Approximate percentage of portfolio | 5.00% | |
Total | $ 968,473 | 973,245 |
Medium | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 193,599 | 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 | $ 23,803 | 23,046 |
Not Scored | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 242,861 | 271,663 |
Not Scored | Financing Receivable | Geographic Concentration Risk | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Concentration Risk, Percentage | 15.00% | |
North America | Financing Receivable | Geographic Concentration Risk | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Concentration Risk, Percentage | 85.00% | |
Sales-type lease receivables | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | $ 368,712 | 394,394 |
Year two | 289,490 | 361,048 |
Year three | 245,534 | 254,898 |
Year four | 150,262 | 134,999 |
Year five | 60,689 | 45,852 |
Prior | 31,584 | 15,738 |
Sales-type lease receivables | Low | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 274,191 | 256,573 |
Year two | 195,421 | 228,344 |
Year three | 162,479 | 165,244 |
Year four | 95,661 | 87,346 |
Year five | 33,698 | 30,518 |
Prior | 14,862 | 12,249 |
Sales-type lease receivables | Medium | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 43,403 | 50,785 |
Year two | 34,955 | 49,946 |
Year three | 31,038 | 37,168 |
Year four | 17,895 | 21,388 |
Year five | 6,981 | 6,470 |
Prior | 3,619 | 2,375 |
Sales-type lease receivables | High | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 5,474 | 6,182 |
Year two | 5,017 | 5,396 |
Year three | 4,044 | 3,782 |
Year four | 2,708 | 1,974 |
Year five | 849 | 1,051 |
Prior | 889 | 143 |
Sales-type lease receivables | Not Scored | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 45,644 | 80,854 |
Year two | 54,097 | 77,362 |
Year three | 47,973 | 48,704 |
Year four | 33,998 | 24,291 |
Year five | 19,161 | 7,813 |
Prior | 12,214 | 971 |
Sales-type lease receivables | North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 958,440 | 994,985 |
Sales-type lease receivables | International | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 187,831 | 211,944 |
Loan receivables | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 282,465 | 290,782 |
Loan receivables | Low | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 192,161 | 192,971 |
Loan receivables | Medium | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 55,708 | 61,625 |
Loan receivables | High | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 4,822 | 4,518 |
Loan receivables | Not Scored | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 29,774 | 31,668 |
Loan receivables | North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 262,310 | 268,690 |
Loan receivables | International | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 20,155 | $ 22,092 |
Finance Assets and Lessor Ope_8
Finance Assets and Lessor Operating Leases (Lease Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Receivables [Abstract] | |||
Profit recognized at commencement | $ 127,469 | $ 117,359 | $ 146,923 |
Interest income | 186,532 | 206,517 | 229,719 |
Total lease income from sales-type leases | $ 314,001 | $ 323,876 | $ 376,642 |
Finance Assets and Lessor Ope_9
Finance Assets and Lessor Operating Leases (Operating Leases) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Lessor, Lease, Description [Line Items] | |
2022 | $ 22,782 |
2023 | 13,607 |
2024 | 16,444 |
2025 | 4,185 |
2026 | 902 |
Thereafter | 59 |
Total | $ 57,979 |
Mailing Equipment | Minimum | |
Lessor, Lease, Description [Line Items] | |
Term of operating leases | 1 year |
Mailing Equipment | Maximum | |
Lessor, Lease, Description [Line Items] | |
Term of operating leases | 5 years |
Fixed Assets (Details)
Fixed Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 30, 2021 | |
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | $ 1,323,136 | $ 1,274,269 | ||
Accumulated depreciation | (893,974) | (882,989) | ||
Property, plant and equipment, net | 429,162 | 391,280 | ||
Rental property and equipment | 125,967 | 145,954 | ||
Accumulated depreciation | (91,193) | (107,519) | ||
Rental property and equipment, net | 34,774 | 38,435 | ||
Depreciation expense | 132,000 | 127,000 | $ 123,000 | |
Shelton Facility | ||||
Property, Plant and Equipment [Line Items] | ||||
Term of operating leases | 10 years | |||
Assets held for sale | 36,000 | |||
Land | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 0 | 9,333 | ||
Machinery and equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 707,843 | 617,748 | ||
Capitalized software | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 488,837 | 443,400 | ||
Buildings and improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | $ 126,456 | $ 203,788 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill (Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite lived intangible assets | |||
Gross Carrying Amount | $ 290,168 | $ 287,199 | |
Accumulated Amortization | (157,726) | (127,360) | |
Net Carrying Amount | 132,442 | 159,839 | |
Amortization expense | 30,000 | 33,000 | $ 36,000 |
Customer relationships | |||
Finite lived intangible assets | |||
Gross Carrying Amount | 268,187 | 268,199 | |
Accumulated Amortization | (141,492) | (115,010) | |
Net Carrying Amount | 126,695 | 153,189 | |
Software & technology | |||
Finite lived intangible assets | |||
Gross Carrying Amount | 21,981 | 19,000 | |
Accumulated Amortization | (16,234) | (12,350) | |
Net Carrying Amount | $ 5,747 | $ 6,650 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill (Future Amortization) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2022 | $ 29,812 | |
2023 | 26,962 | |
2024 | 26,962 | |
2025 | 20,302 | |
2026 | 14,148 | |
Thereafter | 14,256 | |
Net Carrying Amount | $ 132,442 | $ 159,839 |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill (Goodwill) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill | ||||
Goodwill before accumulated impairment | $ 1,350,454,000 | |||
Accumulated impairment | $ 0 | $ 0 | (198,169,000) | $ 0 |
Beginning balance | 1,152,285,000 | 1,324,179,000 | ||
Acquisitions/dispositions | (2,396,000) | 8,463,000 | ||
FX Impact | (14,786,000) | 17,812,000 | ||
Ending balance | 1,135,103,000 | 1,135,103,000 | 1,152,285,000 | 1,324,179,000 |
Digital Commerce Solutions | Global Ecommerce | ||||
Goodwill | ||||
Goodwill before accumulated impairment | 609,431,000 | |||
Accumulated impairment | (198,169,000) | |||
Beginning balance | 411,262,000 | 609,431,000 | ||
Acquisitions/dispositions | (16,200,000) | 0 | ||
FX Impact | 0 | 0 | ||
Ending balance | 395,062,000 | 395,062,000 | 411,262,000 | 609,431,000 |
Digital Commerce Solutions | Presort Services | ||||
Goodwill | ||||
Goodwill before accumulated impairment | 220,992,000 | |||
Accumulated impairment | 0 | |||
Beginning balance | 220,992,000 | 212,529,000 | ||
Acquisitions/dispositions | 0 | 8,463,000 | ||
FX Impact | 0 | 0 | ||
Ending balance | 220,992,000 | 220,992,000 | 220,992,000 | 212,529,000 |
SendTech Solutions | ||||
Goodwill | ||||
Goodwill before accumulated impairment | 520,031,000 | |||
Accumulated impairment | 0 | |||
Beginning balance | 520,031,000 | 502,219,000 | ||
Acquisitions/dispositions | 13,804,000 | 0 | ||
FX Impact | (14,786,000) | 17,812,000 | ||
Ending balance | $ 519,049,000 | $ 519,049,000 | $ 520,031,000 | $ 502,219,000 |
Intangible Assets and Goodwil_5
Intangible Assets and Goodwill (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | ||||
Gain on sale of business | $ 10,000 | $ (18,000) | ||
Goodwill | $ 1,135,103 | 1,135,103 | $ 1,324,179 | $ 1,152,285 |
Tacit | ||||
Business Acquisition [Line Items] | ||||
Proceeds from sale of businesses, net of cash transferred | 28,000 | |||
Gain loss on disposition of business pre tax | 10,000 | |||
Gain on sale of business | 4,000 | |||
Goodwill | 16,000 | 16,000 | ||
Cresco Data | ||||
Business Acquisition [Line Items] | ||||
Cash plus potential additional payments | 15,000 | |||
Achievement of revenue targets | $ 7,000 | $ 7,000 |
Fair Value Measurements and D_3
Fair Value Measurements and Derivative Instruments (Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt securities | $ 274,106 | $ 325,794 |
Fair Value, Recurring | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Money market funds | 426,748 | 508,019 |
Equity securities | 29,356 | 26,583 |
Mortgage-backed / asset-backed securities | 172,018 | 220,678 |
Total assets | 752,602 | 885,413 |
Total liabilities | (304) | (4,123) |
Fair Value, Recurring | Interest rate swaps | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative asset | 3,103 | |
Derivative liability | (2,163) | |
Fair Value, Recurring | Foreign exchange contracts | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative asset | 2,474 | 3,776 |
Derivative liability | (304) | (1,960) |
Commingled fixed income securities | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt securities | 1,692 | 1,722 |
Commingled fixed income securities | Fair Value, Recurring | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt securities | 18,507 | 21,391 |
Government and related securities | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt securities | 35,229 | 31,961 |
Government and related securities | Fair Value, Recurring | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt securities | 35,229 | 33,533 |
Corporate debt securities | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt securities | 65,167 | 71,433 |
Corporate debt securities | Fair Value, Recurring | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt securities | 65,167 | 71,433 |
Level 1 | Fair Value, Recurring | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Money market funds | 88,705 | 73,228 |
Equity securities | 0 | 0 |
Mortgage-backed / asset-backed securities | 0 | 0 |
Total assets | 100,187 | 91,726 |
Total liabilities | 0 | 0 |
Level 1 | Fair Value, Recurring | Interest rate swaps | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative asset | 0 | |
Derivative liability | 0 | |
Level 1 | Fair Value, Recurring | Foreign exchange contracts | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative asset | 0 | 0 |
Derivative liability | 0 | 0 |
Level 1 | Commingled fixed income securities | Fair Value, Recurring | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt securities | 1,692 | 1,722 |
Level 1 | Government and related securities | Fair Value, Recurring | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt securities | 9,790 | 16,776 |
Level 1 | Corporate debt securities | Fair Value, Recurring | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt securities | 0 | 0 |
Level 2 | Fair Value, Recurring | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Money market funds | 338,043 | 434,791 |
Equity securities | 29,356 | 26,583 |
Mortgage-backed / asset-backed securities | 172,018 | 220,678 |
Total assets | 652,415 | 793,687 |
Total liabilities | (304) | (4,123) |
Level 2 | Fair Value, Recurring | Interest rate swaps | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative asset | 3,103 | |
Derivative liability | (2,163) | |
Level 2 | Fair Value, Recurring | Foreign exchange contracts | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative asset | 2,474 | 3,776 |
Derivative liability | (304) | (1,960) |
Level 2 | Commingled fixed income securities | Fair Value, Recurring | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt securities | 16,815 | 19,669 |
Level 2 | Government and related securities | Fair Value, Recurring | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt securities | 25,439 | 16,757 |
Level 2 | Corporate debt securities | Fair Value, Recurring | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt securities | 65,167 | 71,433 |
Level 3 | Fair Value, Recurring | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Money market funds | 0 | 0 |
Equity securities | 0 | 0 |
Mortgage-backed / asset-backed securities | 0 | 0 |
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Level 3 | Fair Value, Recurring | Interest rate swaps | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative asset | 0 | |
Derivative liability | 0 | |
Level 3 | Fair Value, Recurring | Foreign exchange contracts | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative asset | 0 | 0 |
Derivative liability | 0 | 0 |
Level 3 | Commingled fixed income securities | Fair Value, Recurring | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt securities | 0 | 0 |
Level 3 | Government and related securities | Fair Value, Recurring | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt securities | 0 | 0 |
Level 3 | Corporate debt securities | Fair Value, Recurring | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [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 | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | $ 282,350 | $ 325,421 |
Gross unrealized gains | 484 | 1,521 |
Gross unrealized losses | (8,728) | (1,148) |
Debt securities | 274,106 | 325,794 |
Government and related securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 36,160 | 31,882 |
Gross unrealized gains | 81 | 157 |
Gross unrealized losses | (1,012) | (78) |
Debt securities | 35,229 | 31,961 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 67,906 | 71,174 |
Gross unrealized gains | 259 | 614 |
Gross unrealized losses | (2,998) | (355) |
Debt securities | 65,167 | 71,433 |
Commingled fixed income securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 1,725 | 1,706 |
Gross unrealized gains | 0 | 16 |
Gross unrealized losses | (33) | 0 |
Debt securities | 1,692 | 1,722 |
Mortgage-backed / asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 176,559 | 220,659 |
Gross unrealized gains | 144 | 734 |
Gross unrealized losses | (4,685) | (715) |
Debt securities | $ 172,018 | $ 220,678 |
Fair Value Measurements and D_5
Fair Value Measurements and Derivative Instruments - Investment Securities In Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 274,106 | $ 325,794 |
Gross unrealized losses | 8,728 | 1,148 |
Government and related securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 35,229 | 31,961 |
Gross unrealized losses | 1,012 | 78 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 65,167 | 71,433 |
Gross unrealized losses | 2,998 | 355 |
Commingled fixed income securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 1,692 | 1,722 |
Gross unrealized losses | 33 | 0 |
Mortgage-backed / asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 172,018 | 220,678 |
Gross unrealized losses | $ 4,685 | $ 715 |
Fair Value Measurements and D_6
Fair Value Measurements and Derivative Instruments (Unrealized Holding Losses) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Greater than 12 continuous months, Fair Value | $ 202,844 | $ 2,369 |
Greater than 12 continuous months, Gross unrealized losses | 7,294 | 76 |
Less than 12 continuous months, Fair Value | 56,743 | 132,267 |
Less than 12 continuous months, Gross unrealized losses | $ 1,434 | 1,072 |
Unrealized loss position, percentage | 37.00% | |
Government and related securities | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Greater than 12 continuous months, Fair Value | $ 16,018 | 0 |
Greater than 12 continuous months, Gross unrealized losses | 579 | 0 |
Less than 12 continuous months, Fair Value | 15,438 | 8,500 |
Less than 12 continuous months, Gross unrealized losses | 433 | 78 |
Corporate debt securities | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Greater than 12 continuous months, Fair Value | 51,385 | 0 |
Greater than 12 continuous months, Gross unrealized losses | 2,658 | 0 |
Less than 12 continuous months, Fair Value | 8,859 | 39,313 |
Less than 12 continuous months, Gross unrealized losses | 339 | 355 |
Mortgage-backed / asset-backed securities | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Greater than 12 continuous months, Fair Value | 135,441 | 2,369 |
Greater than 12 continuous months, Gross unrealized losses | 4,057 | 76 |
Less than 12 continuous months, Fair Value | 30,754 | 84,454 |
Less than 12 continuous months, Gross unrealized losses | 629 | 639 |
Commingled fixed income securities | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Less than 12 continuous months, Fair Value | 1,692 | 0 |
Less than 12 continuous months, Gross unrealized losses | $ 33 | $ 0 |
Fair Value Measurements and D_7
Fair Value Measurements and Derivative Instruments (Reconciliation) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Amortized cost | ||
Within 1 year | $ 2,430 | |
After 1 year through 5 years | 14,811 | |
After 5 years through 10 years | 75,630 | |
After 10 years | 189,479 | |
Amortized cost | 282,350 | $ 325,421 |
Estimated fair value | ||
Within 1 year | 2,405 | |
After 1 year through 5 years | 14,544 | |
After 5 years through 10 years | 72,616 | |
After 10 years | 184,541 | |
Total | $ 274,106 | $ 325,794 |
Fair Value Measurements and D_8
Fair Value Measurements and Derivative Instruments (Held-to-Maturity Securities and Derivative Instruments) (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Time deposits | $ 20,000,000 | $ 75,000,000 |
Total net derivative asset (liability) | 5,273,000 | (347,000) |
Total derivative assets | ||
Derivative [Line Items] | ||
Total net derivative asset (liability) | 5,577,000 | 3,776,000 |
Total derivative liabilities | ||
Derivative [Line Items] | ||
Total net derivative asset (liability) | (304,000) | (4,123,000) |
Foreign exchange contracts | Derivatives designated as hedging instruments | Other current assets and prepayments | ||
Derivative [Line Items] | ||
Total net derivative asset (liability) | 21,000 | 96,000 |
Foreign exchange contracts | Derivatives designated as hedging instruments | Accounts payable and accrued liabilities | ||
Derivative [Line Items] | ||
Total net derivative asset (liability) | (10,000) | (112,000) |
Foreign exchange contracts | Derivatives not designated as hedging instruments | Other current assets and prepayments | ||
Derivative [Line Items] | ||
Total net derivative asset (liability) | 2,453,000 | 3,680,000 |
Foreign exchange contracts | Derivatives not designated as hedging instruments | Accounts payable and accrued liabilities | ||
Derivative [Line Items] | ||
Total net derivative asset (liability) | (294,000) | (1,848,000) |
Interest rate swaps | ||
Derivative [Line Items] | ||
Total notional amount of outstanding contracts | 200,000,000 | 500,000,000 |
Interest rate swaps | Derivatives designated as hedging instruments | Other Assets And Liabilities | ||
Derivative [Line Items] | ||
Total net derivative asset (liability) | 3,103,000 | (2,163,000) |
Cash Flow Hedging | ||
Derivative [Line Items] | ||
Total notional amount of outstanding contracts | $ 1,000,000 | $ 8,000,000 |
Fair Value Measurements and D_9
Fair Value Measurements and Derivative Instruments (Foreign Exchange Contracts) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | ||
Derivative Gain (Loss) Recognized in AOCI (Effective Portion) | $ 5,464 | $ (2,480) |
Gain (Loss) Reclassified from AOCI to Earnings (Effective Portion) | (194) | (150) |
Foreign exchange contracts | ||
Derivative [Line Items] | ||
Derivative Gain (Loss) Recognized in AOCI (Effective Portion) | 198 | (317) |
Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative Gain (Loss) Recognized in AOCI (Effective Portion) | 5,266 | (2,163) |
Revenue | ||
Derivative [Line Items] | ||
Gain (Loss) Reclassified from AOCI to Earnings (Effective Portion) | 289 | (161) |
Cost of sales | ||
Derivative [Line Items] | ||
Gain (Loss) Reclassified from AOCI to Earnings (Effective Portion) | (117) | 11 |
Interest Expense | ||
Derivative [Line Items] | ||
Gain (Loss) Reclassified from AOCI to Earnings (Effective Portion) | (366) | 0 |
Selling, general and administrative expense | Foreign exchange contracts | ||
Derivative [Line Items] | ||
Derivative Gain (Loss) Recognized in Earnings | $ (4,540) | $ 5,298 |
Fair Value Measurements and _10
Fair Value Measurements and Derivative Instruments (Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Carrying value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | $ 2,323,838 | $ 2,564,393 |
Fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | $ 2,355,894 | $ 2,479,895 |
Supplemental Financial Statem_3
Supplemental Financial Statement Information (Allowance for Credit Losses for Accounts and Other Receivables ) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Allowance for credit losses | |||
Amounts charged to expense | $ 7,808 | $ 42,193 | $ 28,488 |
Accounts and other receivables | 11,168 | 18,899 | 17,830 |
Other assets | 18,011 | 16,445 | 0 |
ASU 2016-13 | |||
Allowance for credit losses | |||
Balance at beginning of year | 35,344 | 17,830 | 17,443 |
Amounts charged to expense | 9,355 | 19,789 | 16,345 |
Write-offs, recoveries and currency impact | (15,520) | (17,611) | (15,958) |
Balance at end of year | 29,179 | 35,344 | 17,830 |
ASU 2016-13 | Cumulative effect of accounting change | |||
Allowance for credit losses | |||
Balance at beginning of year | $ 0 | 15,336 | 0 |
Balance at end of year | $ 0 | $ 15,336 |
Supplemental Financial Statem_4
Supplemental Financial Statement Information (Other (Income) Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |||
Loss on debt refinancing | $ 56,209 | $ 36,987 | $ 6,623 |
Insurance proceeds | (3,000) | (16,928) | 0 |
(Gain) loss on sale of assets/businesses | (11,635) | (11,908) | 17,683 |
Other (income) expense | $ 41,574 | $ 8,151 | $ 24,306 |
Supplemental Financial Statem_5
Supplemental Financial Statement Information (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |||
Purchases of property and equipment in accounts payable | $ 5,305 | $ 16,098 | $ 1,301 |
Cash interest paid | 124,084 | 151,857 | 157,709 |
Cash income tax payments, net of refunds | $ 4,337 | $ 20,185 | $ 27,109 |
Supplemental Financial Statem_6
Supplemental Financial Statement Information (Balance Sheet Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other assets: | |||
Long-term investments | $ 333,052 | $ 364,212 | |
Other (net of allowance of $18,011 and $16,445, respectively) | 138,032 | 127,302 | |
Other assets | 18,011 | 16,445 | $ 0 |
Total | 471,084 | 491,514 | |
Accounts payable and accrued liabilities: | |||
Accounts payable | 310,993 | 295,173 | |
Customer deposits | 185,528 | 165,774 | |
Employee related liabilities | 233,876 | 232,236 | |
Other | 192,146 | 187,433 | |
Total | 922,543 | 880,616 | |
Other noncurrent liabilities: | |||
Pension liabilities | 115,457 | 235,439 | |
Postretirement medical benefits | 126,675 | 153,838 | |
Other | 66,596 | 47,738 | |
Total | $ 308,728 | $ 437,015 |
Restructuring Charges and Ass_3
Restructuring Charges and Asset Impairments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Reserve | |||
Cash payments | $ (21,990) | $ (20,014) | $ (27,148) |
Minimum | |||
Restructuring Reserve | |||
Restructuring reserve, payment period | 12 months | ||
Maximum | |||
Restructuring Reserve | |||
Restructuring reserve, payment period | 24 months | ||
Severance and other exit costs | |||
Restructuring Reserve | |||
Beginning balance | $ 10,063 | 12,006 | |
Restructuring charges and asset impairments | 19,003 | 20,712 | |
Cash payments | (21,990) | (20,014) | |
Noncash activity | (1,329) | (2,641) | |
Ending balance | $ 5,747 | $ 10,063 | $ 12,006 |
Debt (Long-term Debt) (Details)
Debt (Long-term Debt) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Principal amount | $ 2,364,513 | $ 2,610,246 |
Less: unamortized costs, net | 40,675 | 45,853 |
Total debt | 2,323,838 | 2,564,393 |
Less: current portion long-term debt | 24,739 | 216,032 |
Long-term debt | $ 2,299,099 | 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 | 5.625% | |
Principal amount | $ 0 | 148,792 |
Notes due | Notes due April 2023 | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.20% | |
Principal amount | $ 90,259 | 271,000 |
Notes due | Notes due March 2024 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.625% | |
Principal amount | $ 242,603 | 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 2028 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.10% | |
Term Loan | Term loan due March 2026 | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 370,500 | 380,000 |
Term Loan | Term loan due March 2026 | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.75% | |
Term Loan | Term loan due January 2025 | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 0 | 818,125 |
Term Loan | Term loan due January 2025 | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 5.50% | |
Term Loan | Term loan due March 2028 | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 446,625 | 0 |
Term Loan | 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 | $ 3,685 | $ 4,900 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | May 31, 2021 | |
Debt Instrument [Line Items] | ||||
Principal amount | $ 2,364,513,000 | $ 2,610,246,000 | ||
Loss on debt refinancing | 56,209,000 | 36,987,000 | $ 6,623,000 | |
Interest rate swaps | ||||
Debt Instrument [Line Items] | ||||
Total notional amount of outstanding contracts | 200,000,000 | 500,000,000 | ||
Gain on termination of derivative | 2,000,000 | |||
Derivative, amount terminated | 500,000,000 | |||
Notes due | ||||
Debt Instrument [Line Items] | ||||
Loss on debt refinancing | 56,000,000 | |||
Revolving Credit Facility | Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Principal amount | 380,000,000 | |||
Maximum borrowing capacity | 500,000,000 | |||
Borrowings under facility | 0 | |||
Interest rate swaps | ||||
Debt Instrument [Line Items] | ||||
Total notional amount of outstanding contracts | $ 200,000,000 | $ 500,000,000 | ||
Fixed interest rate | 0.56% | |||
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] | ||||
Interest rate | 4.10% | |||
Debt term | 7 years | |||
Face amount | $ 450,000,000 | |||
Notes due May 2022 | Notes due | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 0 | 148,792,000 | ||
Interest rate | 5.625% | |||
Purchase of debt | $ 363,000,000 | |||
Notes due April 2023 | Notes due | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 90,259,000 | 271,000,000 | ||
Interest rate | 6.20% | |||
Purchase of debt | $ 363,000,000 | |||
Notes due March 2024 | Notes due | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 242,603,000 | $ 374,000,000 | ||
Interest rate | 4.625% | |||
Purchase of debt | $ 363,000,000 | |||
Term Loan Due March 2026 | Notes due | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 1.90% |
Debt (Maturities of Outstanding
Debt (Maturities of Outstanding Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
2022 | $ 24,739 | |
2023 | 119,748 | |
2024 | 281,560 | |
2025 | 42,500 | |
2026 | 261,000 | |
Thereafter | 1,634,966 | |
Total | $ 2,364,513 | $ 2,610,246 |
Retirement Plans and Postreti_3
Retirement Plans and Postretirement Medical Benefits (Benefit Obligations and Funded Status) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Benefits | United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | $ 1,609,125 | $ 1,729,515 | |
Projected benefit obligation | |||
Benefit obligation - beginning of year | 1,729,959 | 1,613,054 | |
Service cost | 102 | 86 | $ 83 |
Interest cost | 42,434 | 52,103 | 63,171 |
Actuarial (gain) loss | (53,133) | 185,306 | |
Foreign currency changes | 0 | 0 | |
Settlements and curtailments | (1,429) | (3,854) | |
Benefits paid | (108,425) | (116,736) | |
Benefit obligation - end of year | 1,609,508 | 1,729,959 | 1,613,054 |
Fair value of plan assets | |||
Fair value of plan assets - beginning of year | 1,601,786 | 1,487,018 | |
Actual return on plan assets | 51,828 | 225,812 | |
Company contributions | 5,397 | 9,546 | |
Settlements and curtailments | (1,429) | (3,854) | |
Foreign currency changes | 0 | 0 | |
Benefits paid | (108,425) | (116,736) | |
Fair value of plan assets - end of year | 1,549,157 | 1,601,786 | 1,487,018 |
Amounts recognized in the Consolidated Balance Sheets | |||
Noncurrent asset | 0 | 465 | |
Current liability | (5,883) | (5,843) | |
Noncurrent liability | (54,468) | (122,795) | |
Funded status | (60,351) | (128,173) | |
Pension Benefits | Foreign | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | 762,558 | 829,413 | |
Projected benefit obligation | |||
Benefit obligation - beginning of year | 830,674 | 746,942 | |
Service cost | 1,528 | 1,650 | 1,543 |
Interest cost | 11,811 | 13,379 | 17,853 |
Actuarial (gain) loss | (37,197) | 76,006 | |
Foreign currency changes | (10,747) | 29,128 | |
Settlements and curtailments | 0 | (15,171) | |
Benefits paid | (25,601) | (21,260) | |
Benefit obligation - end of year | 770,468 | 830,674 | 746,942 |
Fair value of plan assets | |||
Fair value of plan assets - beginning of year | 742,639 | 668,308 | |
Actual return on plan assets | 17,929 | 78,120 | |
Company contributions | 9,686 | 9,674 | |
Settlements and curtailments | 0 | (15,171) | |
Foreign currency changes | (7,210) | 22,968 | |
Benefits paid | (25,601) | (21,260) | |
Fair value of plan assets - end of year | 737,443 | 742,639 | 668,308 |
Amounts recognized in the Consolidated Balance Sheets | |||
Noncurrent asset | 29,309 | 26,053 | |
Current liability | (1,345) | (1,444) | |
Noncurrent liability | (60,989) | (112,644) | |
Funded status | (33,025) | (88,035) | |
Nonpension postretirement benefit plans | |||
Projected benefit obligation | |||
Benefit obligation - beginning of year | 169,210 | 164,104 | |
Service cost | 909 | 885 | 967 |
Interest cost | 3,755 | 4,993 | 6,584 |
Actuarial (gain) loss | (22,305) | 11,496 | |
Foreign currency changes | 123 | 340 | |
Benefits paid | (12,176) | (12,608) | |
Benefit obligation - end of year | 139,516 | 169,210 | 164,104 |
Fair value of plan assets | |||
Fair value of plan assets - beginning of year | 0 | 0 | |
Company contributions | 12,176 | 12,608 | |
Benefits paid | (12,176) | (12,608) | |
Fair value of plan assets - end of year | 0 | 0 | $ 0 |
Amounts recognized in the Consolidated Balance Sheets | |||
Current liability | (12,841) | (15,372) | |
Noncurrent liability | (126,675) | (153,838) | |
Funded status | (139,516) | (169,210) | |
Nonpension postretirement benefit plans | United States | |||
Projected benefit obligation | |||
Benefit obligation - beginning of year | 153,000 | ||
Benefit obligation - end of year | $ 126,000 | $ 153,000 |
Retirement Plans and Postreti_4
Retirement Plans and Postretirement Medical Benefits (Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 1,609,508 | $ 1,729,638 |
Accumulated benefit obligation | 1,609,125 | 1,729,194 |
Fair value of plan assets | 1,549,157 | 1,601,000 |
Foreign | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 59,859 | 691,909 |
Accumulated benefit obligation | 59,352 | 690,887 |
Fair value of plan assets | $ 0 | $ 577,821 |
Retirement Plans and Postreti_5
Retirement Plans and Postretirement Medical Benefits (Pretax Amounts Recognized in AOCI) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Nonpension postretirement benefit plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | $ 15,175 | $ 41,570 |
Prior service (credit) cost | 0 | 129 |
Total | 15,175 | 41,699 |
United States | Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | 716,585 | 783,211 |
Prior service (credit) cost | (149) | (209) |
Transition asset | 0 | 0 |
Total | 716,436 | 783,002 |
Foreign | Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | 301,913 | 334,520 |
Prior service (credit) cost | 7,804 | 8,072 |
Transition asset | (7) | (7) |
Total | $ 309,710 | $ 342,585 |
Retirement Plans and Postreti_6
Retirement Plans and Postretirement Medical Benefits (Components of Net Periodic Benefit Cost for Defined Benefit Pension Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Nonpension postretirement benefit plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 909 | $ 885 | $ 967 |
Interest cost | 3,755 | 4,993 | 6,584 |
Amortization of prior service (credit) cost | 129 | 373 | 321 |
Amortization of net actuarial loss | 4,090 | 3,198 | 2,026 |
Net periodic benefit cost (income) | 8,883 | 9,449 | 9,898 |
United States | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 102 | 86 | 83 |
Interest cost | 42,434 | 52,103 | 63,171 |
Expected return on plan assets | (77,119) | (84,719) | (92,726) |
Amortization of net transition asset | 0 | 0 | 0 |
Amortization of prior service (credit) cost | (60) | (60) | (60) |
Amortization of net actuarial loss | 38,233 | 32,490 | 26,146 |
Settlements and curtailments | 551 | 1,364 | 2,381 |
Net periodic benefit cost (income) | 4,141 | 1,264 | (1,005) |
Foreign | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1,528 | 1,650 | 1,543 |
Interest cost | 11,811 | 13,379 | 17,853 |
Expected return on plan assets | (31,869) | (34,391) | (34,363) |
Amortization of net transition asset | 0 | (4) | (6) |
Amortization of prior service (credit) cost | 268 | 245 | 243 |
Amortization of net actuarial loss | 9,350 | 7,842 | 6,337 |
Settlements and curtailments | 0 | 5,060 | 397 |
Net periodic benefit cost (income) | $ (8,912) | $ (6,219) | $ (7,996) |
Retirement Plans and Postreti_7
Retirement Plans and Postretirement Medical Benefits (Other Changes in Plan Assets and Benefit Obligations) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Nonpension postretirement benefit plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (gain) loss | $ (22,305) | $ 11,496 |
Amortization of net actuarial loss | (4,090) | (3,198) |
Amortization of prior service credit (cost) | (129) | (373) |
Total recognized in other comprehensive income | (26,524) | 7,925 |
United States | Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (gain) loss | (27,842) | 44,216 |
Amortization of net actuarial loss | (38,233) | (32,490) |
Amortization of prior service credit (cost) | 60 | 60 |
Net transition asset | 0 | 0 |
Settlements and curtailments | (551) | (1,364) |
Total recognized in other comprehensive income | (66,566) | 10,422 |
Foreign | Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (gain) loss | (23,257) | 32,103 |
Amortization of net actuarial loss | (9,350) | (7,842) |
Amortization of prior service credit (cost) | (268) | (245) |
Net transition asset | 0 | 4 |
Settlements and curtailments | 0 | (5,060) |
Total recognized in other comprehensive income | $ (32,875) | $ 18,960 |
Retirement Plans and Postreti_8
Retirement Plans and Postretirement Medical Benefits (Weighted-Average Actuarial Assumptions) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Benefits | United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.85% | 2.54% | 3.34% |
Discount rate | 2.54% | 3.34% | 4.34% |
Expected return on plan assets | 5.60% | 6.25% | 6.75% |
Pension Benefits | Foreign | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 0.85% | 0.70% | 0.65% |
Discount rate | 0.70% | 0.65% | 0.75% |
Expected return on plan assets | 3.50% | 4.25% | 4.25% |
Rate of compensation increase | 1.50% | 1.50% | 1.50% |
Rate of compensation increase | 1.50% | 1.50% | 1.50% |
Pension Benefits | Foreign | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.85% | 2.40% | 2.95% |
Discount rate | 2.40% | 2.95% | 3.55% |
Expected return on plan assets | 5.75% | 6.00% | 6.25% |
Rate of compensation increase | 3.65% | 2.50% | 2.50% |
Rate of compensation increase | 2.50% | 2.50% | 2.50% |
Nonpension postretirement benefit plans | United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.80% | 2.35% | 3.20% |
Discount rate | 2.35% | 3.20% | 4.20% |
Nonpension postretirement benefit plans | Canada | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.90% | 2.50% | 3.00% |
Discount rate | 2.50% | 3.00% | 3.60% |
Retirement Plans and Postreti_9
Retirement Plans and Postretirement Medical Benefits (Target Asset Allocation) (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 100.00% | |
Percent of Plan Assets | 100.00% | 100.00% |
United States | Equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 20.00% | |
Percent of Plan Assets | 18.00% | 33.00% |
United States | Multi-asset credit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 3.00% | |
Percent of Plan Assets | 3.00% | 0.00% |
United States | Fixed income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 70.00% | |
Percent of Plan Assets | 73.00% | 62.00% |
United States | Real estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 6.00% | |
Percent of Plan Assets | 5.00% | 4.00% |
United States | Private equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 1.00% | |
Percent of Plan Assets | 1.00% | 1.00% |
Foreign | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 100.00% | |
Percent of Plan Assets | 100.00% | 100.00% |
Foreign | Global equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 10.00% | |
Percent of Plan Assets | 12.00% | 22.00% |
Foreign | Fixed income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 70.00% | |
Percent of Plan Assets | 69.00% | 60.00% |
Foreign | Real estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 10.00% | |
Percent of Plan Assets | 9.00% | 8.00% |
Foreign | Diversified growth | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 10.00% | |
Percent of Plan Assets | 9.00% | 9.00% |
Foreign | Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 0.00% | |
Percent of Plan Assets | 1.00% | 1.00% |
Retirement Plans and Postret_10
Retirement Plans and Postretirement Medical Benefits (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Percent of all foreign plan assets | 79.00% | ||
Assumed health care cost trend rate | 6.80% | 7.00% | |
Next year's assumed health care cost trend rate | 6.50% | ||
Assumed health care cost trend rate decline | 5.00% | ||
Total contributions to defined contribution plans | $ 27,000 | $ 28,000 | |
Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 16,820 | 17,132 | |
Unfunded Plan | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,000 | ||
Nonpension postretirement benefit plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | $ 0 |
United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Next year's anticipated total contributions to pension plans | 6,000 | ||
United States | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,549,157 | 1,601,786 | $ 1,487,018 |
United States | Pension Benefits | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Funded percentage | 1.10% | ||
Foreign | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Next year's anticipated total contributions to pension plans | 10,000 | ||
Foreign | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 737,443 | $ 742,639 | $ 668,308 |
Retirement Plans and Postret_11
Retirement Plans and Postretirement Medical Benefits (Fair Value Measurements of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 16,820 | $ 17,132 | |
United States | Total plan assets at fair value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,549,157 | 1,601,786 | |
United States | Total plan assets at fair value | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 202,416 | 322,851 | |
United States | Total plan assets at fair value | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,384,514 | 1,409,106 | |
United States | Total plan assets at fair value | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 77,494 | 69,347 | |
United States | Total plan assets at fair value | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,664,424 | 1,801,304 | |
United States | Money market funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Money market funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,725 | 14,442 | |
United States | Money market funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Money market funds | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,725 | 14,442 | |
United States | Equities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Equities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 195,037 | 323,311 | |
United States | Equities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Equities | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 195,037 | 323,311 | |
United States | Commingled fixed income securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Commingled fixed income securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 229,300 | 264,896 | |
United States | Commingled fixed income securities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Commingled fixed income securities | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 229,300 | 264,896 | |
United States | Government and related securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 202,416 | 322,851 | |
United States | Government and related securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 26,582 | 22,549 | |
United States | Government and related securities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Government and related securities | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 228,998 | 345,400 | |
United States | Corporate debt securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Corporate debt securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 771,529 | 586,998 | |
United States | Corporate debt securities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Corporate debt securities | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 771,529 | 586,998 | |
United States | Mortgage-backed /asset-backed securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Mortgage-backed /asset-backed securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 12,486 | 45,861 | |
United States | Mortgage-backed /asset-backed securities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Mortgage-backed /asset-backed securities | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 12,486 | 45,861 | |
United States | Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 52,491 | 45,275 | $ 45,335 |
United States | Real estate | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Real estate | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Real estate | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 77,494 | 69,347 | |
United States | Real estate | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 77,494 | 69,347 | |
United States | Diversified growth funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 52,169 | 50,750 | $ 47,621 |
United States | Securities lending collateral | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Securities lending collateral | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 145,855 | 151,049 | |
United States | Securities lending collateral | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Securities lending collateral | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 145,855 | 151,049 | |
United States | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 20,569 | 15,449 | |
United States | Securities lending payable | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 145,855 | 151,049 | |
United States | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6,801 | 81,050 | |
Foreign | Total plan assets at fair value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 737,443 | 742,639 | |
Foreign | Total plan assets at fair value | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign | Total plan assets at fair value | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 624,291 | 639,681 | |
Foreign | Total plan assets at fair value | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 104,660 | 96,025 | |
Foreign | Total plan assets at fair value | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 728,951 | 735,706 | |
Foreign | Money market funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign | Money market funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,577 | 10,072 | |
Foreign | Money market funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign | Money market funds | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,577 | 10,072 | |
Foreign | Equities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign | Equities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 96,596 | 166,683 | |
Foreign | Equities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign | Equities | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 96,596 | 166,683 | |
Foreign | Commingled fixed income securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign | Commingled fixed income securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 431,845 | 379,656 | |
Foreign | Commingled fixed income securities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign | Commingled fixed income securities | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 431,845 | 379,656 | |
Foreign | Government and related securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign | Government and related securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 46,522 | 46,268 | |
Foreign | Government and related securities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign | Government and related securities | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 46,522 | 46,268 | |
Foreign | Corporate debt securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign | Corporate debt securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 33,583 | 37,002 | |
Foreign | Corporate debt securities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign | Corporate debt securities | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 33,583 | 37,002 | |
Foreign | Real estate | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign | Real estate | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7,168 | 0 | |
Foreign | Real estate | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 52,491 | 45,275 | |
Foreign | Real estate | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 59,659 | 45,275 | |
Foreign | Diversified growth funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign | Diversified growth funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign | Diversified growth funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 52,169 | 50,750 | |
Foreign | Diversified growth funds | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 52,169 | 50,750 | |
Foreign | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7,966 | 6,448 | |
Foreign | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 526 | $ 485 |
Retirement Plans and Postret_12
Retirement Plans and Postretirement Medical Benefits (Level 3 Gains and Losses) (Details) - United States - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Real estate | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation | ||
Fair value of plan assets - beginning of year | $ 45,275 | $ 45,335 |
Realized gains | 0 | 0 |
Unrealized losses | 6,357 | (2,134) |
Net purchases, sales and settlements | 1,663 | 1,221 |
Foreign currency changes | (804) | 853 |
Fair value of plan assets - end of year | 52,491 | 45,275 |
Private equity | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation | ||
Fair value of plan assets - beginning of year | 69,347 | 71,337 |
Realized gains | 1,791 | 1,554 |
Unrealized losses | 6,958 | (3,360) |
Net purchases, sales and settlements | (602) | (184) |
Foreign currency changes | 0 | 0 |
Fair value of plan assets - end of year | 77,494 | 69,347 |
Diversified growth funds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation | ||
Fair value of plan assets - beginning of year | 50,750 | 47,621 |
Realized gains | 0 | 0 |
Unrealized losses | 1,995 | 1,493 |
Net purchases, sales and settlements | 0 | 56 |
Foreign currency changes | (576) | 1,580 |
Fair value of plan assets - end of year | $ 52,169 | $ 50,750 |
Retirement Plans and Postret_13
Retirement Plans and Postretirement Medical Benefits (Nonpension Estimated Future Benefit Payments) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | $ 130,497 |
2023 | 131,204 |
2024 | 124,812 |
2025 | 125,765 |
2026 | 123,679 |
Thereafter | 601,374 |
Total | 1,237,331 |
Nonpension benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | 12,854 |
2023 | 12,338 |
2024 | 11,819 |
2025 | 11,299 |
2026 | 10,778 |
Thereafter | 45,383 |
Total | $ 104,471 |
Income Taxes (Income From Conti
Income Taxes (Income From Continuing Operations Before Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||||||||||
U.S. | $ (85,258) | $ (243,760) | $ 500 | ||||||||
International | 77,843 | 60,391 | 26,232 | ||||||||
(Loss) income from continuing operations before income taxes | $ 1,471 | $ 6,970 | $ 25,791 | $ (41,647) | $ 17,449 | $ 11,276 | $ 16,483 | $ (228,577) | $ (7,415) | $ (183,369) | $ 26,732 |
Income Taxes (Provision for Inc
Income Taxes (Provision for Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
U.S. Federal: | |||||||||||
Current | $ (7,419) | $ (10,582) | $ (18,789) | ||||||||
Deferred | (13,825) | 6,516 | 11,500 | ||||||||
U.S. Federal: Total | (21,244) | (4,066) | (7,289) | ||||||||
U.S. State and Local: | |||||||||||
Current | 5,401 | (2,569) | (9,142) | ||||||||
Deferred | (5,827) | 4,100 | 8,000 | ||||||||
U.S. State and Local: Total | (426) | 1,531 | (1,142) | ||||||||
International: | |||||||||||
Current | 10,979 | 4,993 | 9,993 | ||||||||
Deferred | (231) | 4,664 | (14,689) | ||||||||
International: Total | 10,748 | 9,657 | (4,696) | ||||||||
Total current | 8,961 | (8,158) | (17,938) | ||||||||
Total deferred | (19,883) | 15,280 | 4,811 | ||||||||
(Benefit) provision for income taxes | $ (320) | $ (1,525) | $ 4,915 | $ (13,992) | $ (350) | $ 541 | $ 16,957 | $ (10,026) | $ (10,922) | $ 7,122 | $ (13,127) |
Effective tax rate | 147.30% | (3.90%) | (49.10%) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Loss Carryforwards [Line Items] | ||||
Benefit due to resolution of tax matters | $ 7,000,000 | $ (2,000,000) | ||
Benefit due to regulations enacted into law | 5,000,000 | 3,000,000 | ||
Affiliate reorganization | 3,000,000 | |||
Benefit from windfall associated with the vesting of restricted stock | 505,000 | (2,312,000) | $ (2,176,000) | |
Tax on market exits | 6,000,000 | 2,000,000 | 3,000,000 | |
Gain on sale of assets | (10,000,000) | 18,000,000 | ||
Write-off deferred tax | 1,000,000 | |||
Income tax expense from surrender of life insurance policy | 12,000,000 | |||
Benefit for the correction of tax balances in certain domestic and international tax jurisdictions | 5,000,000 | |||
Benefit from CARES ACT | 2,000,000 | |||
Goodwill impairment charge | 2,000,000 | |||
Impairment | $ 0 | 0 | 198,169,000 | 0 |
Change in deferred tax assets valuation allowance | 5,000,000 | 3,000,000 | 23,000,000 | |
Tax benefits from IRS tax settlements and resolution of U.S. tax examinations | 9,000,000 | |||
Net operating loss carryforwards | 157,000,000 | 157,000,000 | ||
Tax credit carry forwards | 65,931,000 | 65,931,000 | 64,070,000 | |
Tax credit carry forward without expiration | 51,000,000 | $ 51,000,000 | ||
Tax credit carryforwards, expiration period | 11 years | |||
Undistributed earnings | 264,000,000 | $ 264,000,000 | ||
Amount of unrecognized deferred tax liability | 2,000,000 | 2,000,000 | ||
Unrecognized tax benefits that would affect the effective tax rate if recognized | $ 39,000,000 | $ 39,000,000 | 44,000,000 | $ 54,000,000 |
Possible change to unrecognized tax benefits | 10.00% | 10.00% | ||
Income tax interest and penalties accrued | $ 4,000,000 | $ 4,000,000 | $ 4,000,000 | |
Restricted Stock Units | ||||
Operating Loss Carryforwards [Line Items] | ||||
Benefit from windfall associated with the vesting of restricted stock | 2,000,000 | |||
International Jurisdiction | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 163,000,000 | 163,000,000 | ||
Indefinite lived net operating loss carryforwards | 150,000,000 | $ 150,000,000 | ||
Operating loss carryforwards, expiration period | 20 years | |||
State Jurisdiction | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | $ 1,100,000,000 | $ 1,100,000,000 |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||||||||||
Federal statutory provision | $ (1,558) | $ (38,507) | $ 5,613 | ||||||||
State and local income taxes | (336) | 1,209 | (901) | ||||||||
Impact of foreign operations taxed at rates other than the U.S. statutory rate | (2,220) | (3,345) | (18,541) | ||||||||
Accrual/release of uncertain tax amounts related to foreign operations | (7,288) | 1,802 | 191 | ||||||||
U.S. tax impacts of foreign income in the U.S. | 4,441 | (2,300) | 5,587 | ||||||||
CARES Act carryback benefit | (2,270) | (1,646) | 0 | ||||||||
Tax incentives/credits/exempt income | (500) | (750) | (5,437) | ||||||||
Unrealized stock compensation benefits | (505) | 2,312 | 2,176 | ||||||||
Surrender of company-owned life insurance policies | 0 | 10,313 | 0 | ||||||||
Goodwill impairment | 0 | 40,328 | 0 | ||||||||
Other, net | (686) | (2,294) | (1,815) | ||||||||
(Benefit) provision for income taxes | $ (320) | $ (1,525) | $ 4,915 | $ (13,992) | $ (350) | $ 541 | $ 16,957 | $ (10,026) | (10,922) | 7,122 | (13,127) |
Surrender for company-owned life insurance policies | 2,000 | ||||||||||
Change in deferred tax assets valuation allowance | (5,000) | (3,000) | (23,000) | ||||||||
Tax on market exits | 6,000 | 2,000 | $ 3,000 | ||||||||
Reorganization | 3,000 | ||||||||||
Sale of business | 3,000 | ||||||||||
Tax correction | $ (7,000) | 2,000 | |||||||||
Interest | $ 1,000 |
Income Taxes (Deferred Tax Liab
Income Taxes (Deferred Tax Liabilities and Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax liabilities: | ||
Depreciation | $ (85,544) | $ (69,900) |
Deferred profit (for tax purposes) on sale to finance subsidiary | (26,745) | (28,101) |
Lease revenue and related depreciation | (202,862) | (190,852) |
Intangible assets | (76,672) | (81,816) |
Operating lease liability | (46,496) | (50,071) |
Other | (25,438) | (27,865) |
Gross deferred tax liabilities | (463,757) | (448,605) |
Deferred tax assets: | ||
Postretirement medical benefits | 34,681 | 42,423 |
Pension | 20,472 | 48,385 |
Operating lease asset | 52,271 | 54,538 |
Inventory and equipment capitalization | 1,866 | 3,903 |
Restructuring charges | 1,548 | 2,022 |
Long-term incentives | 12,308 | 12,905 |
Net operating loss | 113,025 | 82,823 |
Tax credit carry forwards | 65,931 | 64,070 |
Tax uncertainties gross-up | 6,929 | 6,656 |
Other | 58,457 | 42,079 |
Gross deferred tax assets | 367,488 | 359,804 |
Less: Valuation allowance | (121,778) | (116,543) |
Net deferred tax assets | 245,710 | 243,261 |
Total deferred taxes, net | $ (218,047) | $ (205,344) |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits | |||
Balance at beginning of year | $ 50,064 | $ 60,302 | $ 71,458 |
Increases from prior period positions | 3,016 | 2,147 | 510 |
Decreases from prior period positions | (4,247) | (47) | (9,711) |
Increases from current period positions | 492 | 3,472 | 5,052 |
Decreases relating to settlements with tax authorities | (1,270) | (12,508) | (2,626) |
Reductions from lapse of applicable statute of limitations | (2,983) | (3,302) | (4,381) |
Balance at end of year | $ 45,072 | $ 50,064 | $ 60,302 |
Leased Assets and Liabilities_2
Leased Assets and Liabilities (Operating and Finance Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Assets | ||
Operating | $ 208,428 | $ 201,916 |
Finance | $ 46,770 | $ 23,973 |
Finance | Property, plant and equipment, net | Property, plant and equipment, net |
Total leased assets | $ 255,198 | $ 225,889 |
Liabilities | ||
Current operating lease liabilities | 40,299 | 39,182 |
Noncurrent operating lease liabilities | 192,092 | 180,292 |
Accounts payable and accrued liabilities | $ 10,694 | $ 4,714 |
Accounts payable and accrued liabilities | Accounts payable and accrued liabilities | Accounts payable and accrued liabilities |
Other noncurrent liabilities | $ 39,535 | $ 18,862 |
Other noncurrent liabilities | Other noncurrent liabilities | Other noncurrent liabilities |
Total lease liabilities | $ 282,620 | $ 243,050 |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Term of contract | 15 years | |
Option to extend | 5 years |
Leased Assets and Liabilities_3
Leased Assets and Liabilities (Lease Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lease Cost | |||
Operating lease expense | $ 62,269 | $ 54,718 | $ 48,503 |
Finance lease expense | |||
Amortization of leased assets | 9,191 | 3,792 | 3,372 |
Interest on lease liabilities | 2,826 | 949 | 700 |
Variable lease expense | 33,924 | 21,413 | 23,188 |
Sublease income | (1,761) | (979) | (1,948) |
Total expense | $ 106,449 | $ 79,893 | $ 73,815 |
Leased Assets and Liabilities_4
Leased Assets and Liabilities (Lease Maturity) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Operating Leases | |
2022 | $ 53,380 |
2023 | 46,776 |
2024 | 41,731 |
2025 | 34,202 |
2026 | 29,406 |
Thereafter | 80,900 |
Total | 286,395 |
Less: present value discount | 54,004 |
Lease liability | 232,391 |
Finance Leases | |
2022 | 13,444 |
2023 | 11,226 |
2024 | 9,889 |
2025 | 8,280 |
2026 | 6,751 |
Thereafter | 9,357 |
Total | 58,947 |
Less: present value discount | 8,718 |
Lease liability | 50,229 |
Total | |
2022 | 66,824 |
2023 | 58,002 |
2024 | 51,620 |
2025 | 42,482 |
2026 | 36,157 |
Thereafter | 90,257 |
Total | 345,342 |
Less: present value discount | 62,722 |
Lease liability | $ 282,620 |
Leased Assets and Liabilities_5
Leased Assets and Liabilities (Weighted-Average) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Leases signed but not yet commenced | $ 21,000 | |
Weighted-average remaining lease term | ||
Operating leases | 6 years 8 months 12 days | 7 years 2 months 12 days |
Finance leases | 5 years 6 months | 5 years 7 months 6 days |
Weighted-average discount rate | ||
Operating leases | 6.50% | 7.10% |
Finance leases | 6.00% | 7.10% |
Leased Assets and Liabilities_6
Leased Assets and Liabilities (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flow Information | |||
Operating cash outflows - operating leases | $ 59,748 | $ 52,565 | $ 44,252 |
Operating cash outflows - finance leases | 2,826 | 949 | 700 |
Financing cash outflows - finance leases | 7,707 | 4,223 | 3,096 |
Leased assets obtained in exchange for new lease obligations | |||
Operating leases | 48,662 | 38,641 | 87,160 |
Finance leases | $ 30,840 | $ 17,741 | $ 4,072 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stock | |||
Shares reserved for issuance under stock plans, dividend reinvestment program and conversion of Preferred and Preference Stock | 36,722,032 | ||
Common Stock Outstanding | |||
Stock | |||
Shares outstanding (shares) | 171,975,188 | 170,448,943 | 187,675,082 |
Repurchases of common stock (shares) | (18,595,315) | ||
Issuance of common stock (shares) | 2,756,207 | 1,526,245 | 1,276,797 |
Conversions to common stock (shares) | 92,379 | ||
Shares outstanding (shares) | 174,731,395 | 171,975,188 | 170,448,943 |
Treasury Stock | |||
Stock | |||
Shares outstanding (shares) | 151,362,724 | 152,888,969 | 135,662,830 |
Repurchases of common stock (shares) | 18,595,315 | ||
Issuance of common stock (shares) | (2,756,207) | (1,526,245) | (1,276,797) |
Conversions to common stock (shares) | (92,379) | ||
Shares outstanding (shares) | 148,606,517 | 151,362,724 | 152,888,969 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Revenue | $ 983,712 | $ 875,449 | $ 899,203 | $ 915,197 | $ 1,028,417 | $ 891,898 | $ 837,492 | $ 796,268 | $ 3,673,561 | $ 3,554,075 | $ 3,205,125 |
Selling, general and administrative expense | (924,163) | (963,323) | (1,003,989) | ||||||||
Interest expense | (96,886) | (105,753) | (110,910) | ||||||||
(Loss) income from continuing operations before income taxes | 1,471 | 6,970 | 25,791 | (41,647) | 17,449 | 11,276 | 16,483 | (228,577) | (7,415) | (183,369) | 26,732 |
Tax (benefit) provision | 320 | 1,525 | (4,915) | 13,992 | 350 | (541) | (16,957) | 10,026 | 10,922 | (7,122) | 13,127 |
Net of tax | $ 1,267 | $ 9,067 | $ 19,856 | $ (31,541) | $ 20,266 | $ 11,351 | $ (3,506) | $ (208,487) | (1,351) | (180,376) | 194,319 |
Amounts Reclassified from AOCI | Cash flow hedges | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Revenue | 289 | (161) | 72 | ||||||||
Cost of sales | (117) | 11 | 104 | ||||||||
Interest expense | (366) | 0 | 0 | ||||||||
(Loss) income from continuing operations before income taxes | (194) | (150) | 176 | ||||||||
Tax (benefit) provision | (49) | (37) | 44 | ||||||||
Net of tax | (145) | (113) | 132 | ||||||||
Amounts Reclassified from AOCI | Available-for-sale securities | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Revenue | (6) | 10,124 | 1,079 | ||||||||
Selling, general and administrative expense | 7 | (231) | 0 | ||||||||
(Loss) income from continuing operations before income taxes | (13) | 10,355 | 1,079 | ||||||||
Tax (benefit) provision | (2) | 2,589 | 270 | ||||||||
Net of tax | (11) | 7,766 | 809 | ||||||||
Amounts Reclassified from AOCI | Pension and postretirement benefit plans | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
(Loss) income from continuing operations before income taxes | (52,561) | (50,508) | (37,785) | ||||||||
Tax (benefit) provision | (12,755) | (11,930) | (9,497) | ||||||||
Net of tax | (39,806) | (38,578) | (28,288) | ||||||||
Amounts Reclassified from AOCI | Transition asset | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Pension and postretirement benefit plans | 0 | 4 | 6 | ||||||||
Amounts Reclassified from AOCI | Prior service costs | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Pension and postretirement benefit plans | (337) | (558) | (504) | ||||||||
Amounts Reclassified from AOCI | Actuarial losses | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Pension and postretirement benefit plans | (51,673) | (43,530) | (34,509) | ||||||||
Amounts Reclassified from AOCI | Settlement | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Pension and postretirement benefit plans | $ (551) | $ (6,424) | $ (2,778) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) | |||
Beginning balance | $ 70,621 | $ 289,154 | $ 101,842 |
Other comprehensive income (loss) before reclassifications | 18,857 | (29,913) | 81,471 |
Amounts reclassified from accumulated other comprehensive income (loss) | 39,962 | 30,925 | 27,347 |
Other comprehensive income, net of tax | 58,819 | 1,012 | 108,818 |
Ending balance | 112,632 | 70,621 | 289,154 |
Cash flow hedges | |||
Accumulated Other Comprehensive Income (Loss) | |||
Beginning balance | (1,411) | 337 | 191 |
Other comprehensive income (loss) before reclassifications | 5,069 | (1,861) | 278 |
Amounts reclassified from accumulated other comprehensive income (loss) | 145 | 113 | (132) |
Other comprehensive income, net of tax | 5,214 | (1,748) | 146 |
Ending balance | 3,803 | (1,411) | 337 |
Available-for-sale securities | |||
Accumulated Other Comprehensive Income (Loss) | |||
Beginning balance | 402 | 2,849 | (3,061) |
Other comprehensive income (loss) before reclassifications | (6,662) | 5,319 | 6,719 |
Amounts reclassified from accumulated other comprehensive income (loss) | 11 | (7,766) | (809) |
Other comprehensive income, net of tax | (6,651) | (2,447) | 5,910 |
Ending balance | (6,249) | 402 | 2,849 |
Pension and postretirement benefit plans | |||
Accumulated Other Comprehensive Income (Loss) | |||
Beginning balance | (851,063) | (819,018) | (846,461) |
Other comprehensive income (loss) before reclassifications | 54,618 | (70,623) | (845) |
Amounts reclassified from accumulated other comprehensive income (loss) | 39,806 | 38,578 | 28,288 |
Other comprehensive income, net of tax | 94,424 | (32,045) | 27,443 |
Ending balance | (756,639) | (851,063) | (819,018) |
Foreign currency adjustments | |||
Accumulated Other Comprehensive Income (Loss) | |||
Beginning balance | 12,941 | (24,311) | (99,630) |
Other comprehensive income (loss) before reclassifications | (34,168) | 37,252 | 75,319 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 |
Other comprehensive income, net of tax | (34,168) | 37,252 | 75,319 |
Ending balance | (21,227) | 12,941 | (24,311) |
Accumulated other comprehensive loss | |||
Accumulated Other Comprehensive Income (Loss) | |||
Beginning balance | (839,131) | (840,143) | (948,961) |
Ending balance | $ (780,312) | $ (839,131) | $ (840,143) |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for future grants | 119,940,056 | ||
Intrinsic value of options outstanding | $ 7 | ||
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Unrecognized compensation cost | $ 9 | ||
Weighted average recognition period | 1 year 7 months 6 days | ||
Intrinsic value of units outstanding | $ 38 | ||
Fair value of units vested | $ 22 | $ 6 | $ 8 |
Shares granted (in shares) | 2,100,126 | 4,123,544 | 3,113,886 |
Issued weighted average fair value (in dollars per shares) | $ 8.36 | $ 3.92 | $ 6.56 |
Restricted Stock Units | Directors' Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 1 year | ||
Shares granted (in shares) | 121,455 | 282,131 | |
Performance Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Shares granted (in shares) | 1,368,182 | ||
Issued weighted average fair value (in dollars per shares) | $ 6.60 | ||
Performance Stock Units | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of target number of awards granted | 0.00% | ||
Performance Stock Units | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of target number of awards granted | 200.00% | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost | $ 2 | ||
Weighted average recognition period | 1 year 4 months 24 days | ||
Expiration period | 10 years | ||
Options exercised (in shares) | 777,429 | 33,501 | 0 |
Stock Options | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Employee Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee stock purchase plan discounted offering price of commons stock | 95.00% | ||
Shares purchased under the Employee Stock Purchase Plan (in shares) | 182,899 | 291,540 | |
Shares reserved for future purchase under the ESPP (in shares) | 1,818,727 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans (Restricted Stock Units) (Details) - Restricted Stock Units - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Shares | |||
Units outstanding beginning (in shares) | 6,560,372 | 4,480,847 | |
Granted (in shares) | 2,100,126 | 4,123,544 | 3,113,886 |
Vested (in shares) | (2,504,189) | (1,486,371) | |
Forfeited (in shares) | (418,016) | (557,648) | |
Units outstanding ending (in shares) | 5,738,293 | 6,560,372 | 4,480,847 |
Weighted average fair value | |||
Weighted average grant date fair value - Beginning (in dollars per shares) | $ 6.27 | $ 9.51 | |
Granted (in dollars per shares) | 8.36 | 3.92 | $ 6.56 |
Vested (in dollars per shares) | 6.72 | 9.65 | |
Forfeited (in dollars per shares) | 6.61 | 5.06 | |
Weighted average grant date fair value - Ending (in dollars per shares) | $ 6.95 | $ 6.27 | $ 9.51 |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans (Performance Stock Units) (Details) - Performance Stock Units - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Shares | ||
Units outstanding beginning (in shares) | 1,730,002 | 2,778,362 |
Vested (in shares) | (287,109) | (303,460) |
Forfeited (in shares) | (433,802) | (744,900) |
Units outstanding ending (in shares) | 1,009,091 | 1,730,002 |
Weighted average fair value | ||
Weighted average grant date fair value - Beginning (in dollars per shares) | $ 9.31 | $ 10.09 |
Vested (in dollars per shares) | 9.33 | 4 |
Forfeited (in dollars per shares) | 9.33 | 11.57 |
Weighted average grant date fair value - Ending (in dollars per shares) | $ 6.60 | $ 9.31 |
Stock-Based Compensation Plan_5
Stock-Based Compensation Plans (Stock Option Activity) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Shares | |||
Closing Balance (in shares) | 11,120,069 | ||
Options outstanding - end of the year (in shares) | 8,853,859 | ||
Per share weighted average exercise prices | |||
Closing Balance (in dollars per shares) | $ 10.64 | ||
Options exercisable - end of the year (in dollars per share) | $ 11.94 | ||
Stock Options | |||
Shares | |||
Closing Balance (in shares) | 12,814,365 | 12,822,684 | |
Granted (in shares) | 737,842 | 2,801,982 | |
Exercised (in shares) | (777,429) | (33,501) | 0 |
Canceled (in shares) | (604,101) | (1,653,126) | |
Expired (in shares) | (1,050,608) | (1,123,674) | |
Closing Balance (in shares) | 11,120,069 | 12,814,365 | 12,822,684 |
Options outstanding - end of the year (in shares) | 8,853,859 | 7,027,974 | |
Per share weighted average exercise prices | |||
Opening Balance (in dollars per shares) | $ 11.81 | $ 14.08 | |
Granted (in dollars per share) | 8.48 | 3.98 | |
Exercised (in dollars per share) | 6.11 | 6.82 | |
Canceled (in dollars per share) | 11.71 | 10.09 | |
Expired (in dollars per share) | 25.85 | 22.09 | |
Closing Balance (in dollars per shares) | 10.65 | 11.81 | $ 14.08 |
Options exercisable - end of the year (in dollars per share) | $ 11.94 | $ 16.76 |
Stock-Based Compensation Plan_6
Stock-Based Compensation Plans (Exercise Price Range) (Details) | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding - Shares (in shares) | shares | 11,120,069 |
Options Outstanding - Per share weighted-average exercise price (in dollars per share) | $ 10.64 |
Options Outstanding - Weighted-average remaining contractual life | 5 years 9 months 18 days |
Options Exercisable - Shares (in shares) | shares | 8,853,859 |
Options Exercisable - Per share weighted-average exercise price (in dollars per share) | $ 11.94 |
Options Exercisable - Weighted-average remaining contractual life | 5 years 2 months 12 days |
$3.98 - $8.76 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of per share exercise prices, lower range (in dollars per share) | $ 3.98 |
Range of per share exercise prices, upper range (in dollars per share) | $ 8.76 |
Options Outstanding - Shares (in shares) | shares | 5,460,787 |
Options Outstanding - Per share weighted-average exercise price (in dollars per share) | $ 5.65 |
Options Outstanding - Weighted-average remaining contractual life | 7 years 8 months 12 days |
Options Exercisable - Shares (in shares) | shares | 3,194,577 |
Options Exercisable - Per share weighted-average exercise price (in dollars per share) | $ 5.69 |
Options Exercisable - Weighted-average remaining contractual life | 7 years 2 months 12 days |
$12.64 - $16.88 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of per share exercise prices, lower range (in dollars per share) | $ 12.64 |
Range of per share exercise prices, upper range (in dollars per share) | $ 16.88 |
Options Outstanding - Shares (in shares) | shares | 4,857,128 |
Options Outstanding - Per share weighted-average exercise price (in dollars per share) | $ 14.40 |
Options Outstanding - Weighted-average remaining contractual life | 4 years 6 months |
Options Exercisable - Shares (in shares) | shares | 4,857,128 |
Options Exercisable - Per share weighted-average exercise price (in dollars per share) | $ 14.40 |
Options Exercisable - Weighted-average remaining contractual life | 4 years 6 months |
$17.20 - $23.94 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of per share exercise prices, lower range (in dollars per share) | $ 17.20 |
Range of per share exercise prices, upper range (in dollars per share) | $ 23.94 |
Options Outstanding - Shares (in shares) | shares | 802,154 |
Options Outstanding - Per share weighted-average exercise price (in dollars per share) | $ 21.93 |
Options Outstanding - Weighted-average remaining contractual life | 1 year 2 months 12 days |
Options Exercisable - Shares (in shares) | shares | 802,154 |
Options Exercisable - Per share weighted-average exercise price (in dollars per share) | $ 21.93 |
Options Exercisable - Weighted-average remaining contractual life | 1 year 2 months 12 days |
Stock-Based Compensation Plan_7
Stock-Based Compensation Plans (Stock Options Assumptions) (Details) - Stock Options - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend yield | 2.40% | 5.00% | 3.00% |
Expected stock price volatility | 70.00% | 43.00% | 41.50% |
Risk-free interest rate | 1.10% | 1.50% | 2.50% |
Expected life | 7 years | 7 years | 5 years |
Weighted-average fair value per option granted (in dollars per share) | $ 4.53 | $ 1.01 | $ 1.98 |
Fair value of options granted | $ 3,342 | $ 2,830 | $ 1,722 |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) $ in Thousands | 1 Months Ended | ||
Feb. 28, 2022 | Dec. 31, 2021 | Nov. 30, 2021 | |
Subsequent Event [Line Items] | |||
Payments to be received | $ 57,979 | ||
Shelton Facility | |||
Subsequent Event [Line Items] | |||
Term of operating leases | 10 years | ||
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Gain on sale of property | $ 14,000 | ||
Subsequent Event | Shelton Facility | |||
Subsequent Event [Line Items] | |||
Proceeds from sale of property | 51,000 | ||
Payments to be received | $ 41,000 | ||
Term of operating leases | 10 years |
Quarterly Financial Data (una_3
Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Selected Quarterly Financial Information [Abstract] | ||||||||||||||
Revenue | $ 983,712 | $ 875,449 | $ 899,203 | $ 915,197 | $ 1,028,417 | $ 891,898 | $ 837,492 | $ 796,268 | $ 3,673,561 | $ 3,554,075 | $ 3,205,125 | |||
Cost of revenue | 712,039 | 601,582 | 610,307 | 627,635 | 727,995 | 608,242 | 565,532 | 502,891 | 2,551,563 | 2,404,660 | ||||
Operating expenses | 270,202 | 266,897 | 263,105 | 329,209 | 282,973 | 272,380 | 255,477 | 521,954 | 1,129,413 | 1,332,784 | ||||
(Loss) income from continuing operations before income taxes | 1,471 | 6,970 | 25,791 | (41,647) | 17,449 | 11,276 | 16,483 | (228,577) | (7,415) | (183,369) | 26,732 | |||
(Benefit) provision for income taxes | (320) | (1,525) | 4,915 | (13,992) | (350) | 541 | 16,957 | (10,026) | (10,922) | 7,122 | (13,127) | |||
(Loss) income from continuing operations | 1,791 | 8,495 | 20,876 | (27,655) | 17,799 | 10,735 | (474) | (218,551) | 3,507 | (190,491) | ||||
(Loss) income from discontinued operations, net of tax | (524) | 572 | (1,020) | (3,886) | 2,467 | 616 | (3,032) | 10,064 | (4,858) | 10,115 | 154,460 | |||
Net (loss) income | $ 1,267 | $ 9,067 | $ 19,856 | $ (31,541) | $ 20,266 | $ 11,351 | $ (3,506) | $ (208,487) | $ (1,351) | $ (180,376) | $ 194,319 | |||
Basic (loss) earnings per share: | ||||||||||||||
Continuing operations (in dollars per share) | $ 0.01 | $ 0.05 | $ 0.12 | $ (0.16) | $ 0.10 | $ 0.06 | $ 0 | $ (1.28) | $ 0.02 | [1] | $ (1.11) | [1] | $ 0.23 | [1] |
Discontinued operations (in dollars per share) | 0 | 0 | (0.01) | (0.02) | 0.01 | 0 | (0.02) | 0.06 | (0.03) | [1] | 0.06 | [1] | 0.88 | [1] |
Net income (in dollars per share) | 0.01 | 0.05 | 0.11 | (0.18) | 0.12 | 0.07 | (0.02) | (1.22) | (0.01) | [1] | (1.05) | [1] | 1.10 | [1] |
Diluted (loss) earnings per share: | ||||||||||||||
Continuing operations (in dollars per share) | 0.01 | 0.05 | 0.12 | (0.16) | 0.10 | 0.06 | 0 | (1.28) | 0.02 | [1] | (1.11) | [1] | 0.22 | [1] |
Discontinued operations (in dollars per share) | 0 | 0 | (0.01) | (0.02) | 0.01 | 0 | (0.02) | 0.06 | (0.03) | [1] | 0.06 | [1] | 0.87 | [1] |
Net income (in dollars per share) | $ 0.01 | $ 0.05 | $ 0.11 | $ (0.18) | $ 0.11 | $ 0.06 | $ (0.02) | $ (1.22) | $ (0.01) | [1] | $ (1.05) | [1] | $ 1.10 | [1] |
[1] | The sum of the earnings per share amounts may not equal the totals due to rounding. |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - Valuation allowance for deferred tax asset - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Movement in Valuation Allowances and Reserves | |||
Balance at beginning of year | $ 116,543 | $ 110,781 | $ 142,496 |
Additions charged to expense | 7,490 | 23,150 | 5,324 |
Deductions | (2,255) | (17,388) | (37,039) |
Balance at end of year | $ 121,778 | $ 116,543 | $ 110,781 |