Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 28, 2023 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 1-03579 | |
Entity Registrant Name | PITNEY BOWES INC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 06-0495050 | |
Entity Address, Address Line One | 3001 Summer Street, | |
Entity Address, City or Town | Stamford, | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06926 | |
City Area Code | (203) | |
Local Phone Number | 356-5000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 176,026,252 | |
Entity Central Index Key | 0000078814 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Common stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $1 par value per share | |
Trading Symbol | PBI | |
Security Exchange Name | NYSE | |
6.7% Notes due 2043 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 6.7% Notes due 2043 | |
Trading Symbol | PBI.PRB | |
Security Exchange Name | NYSE |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue: | ||||
Total revenue | $ 776,481 | $ 871,495 | $ 1,611,019 | $ 1,798,437 |
Costs and expenses: | ||||
Selling, general and administrative | 222,549 | 226,638 | 464,669 | 469,423 |
Research and development | 10,274 | 11,254 | 20,767 | 22,588 |
Restructuring charges | 22,443 | 4,224 | 26,042 | 8,408 |
Goodwill impairment | 118,599 | 0 | 118,599 | 0 |
Interest expense, net | 22,920 | 21,007 | 45,262 | 43,131 |
Other components of net pension and postretirement (income) cost | (1,751) | 958 | (3,461) | 1,802 |
Other income, net | (228) | 0 | (3,064) | (11,901) |
Total costs and expenses | 927,431 | 874,185 | 1,772,956 | 1,776,103 |
(Loss) income before taxes | (150,950) | (2,690) | (161,937) | 22,334 |
Benefit for income taxes | (9,415) | (7,026) | (12,665) | (2,823) |
Net (loss) income | $ (141,535) | $ 4,336 | $ (149,272) | $ 25,157 |
Basic net (loss) earnings per share (in dollars per share) | $ (0.81) | $ 0.02 | $ (0.85) | $ 0.14 |
Diluted net (loss) earnings per share (in dollars per share) | $ (0.81) | $ 0.02 | $ (0.85) | $ 0.14 |
Business services | ||||
Revenue: | ||||
Total revenue | $ 473,497 | $ 551,478 | $ 996,988 | $ 1,148,862 |
Costs and expenses: | ||||
Cost of products and sales | 410,638 | 477,544 | 856,955 | 980,759 |
Support services | ||||
Revenue: | ||||
Total revenue | 103,315 | 107,625 | 208,599 | 217,977 |
Costs and expenses: | ||||
Cost of products and sales | 35,018 | 37,711 | 71,858 | 74,845 |
Financing | ||||
Revenue: | ||||
Total revenue | 66,702 | 67,298 | 133,751 | 139,327 |
Costs and expenses: | ||||
Cost of products and sales | 14,763 | 12,533 | 29,299 | 24,135 |
Equipment sales | ||||
Revenue: | ||||
Total revenue | 79,451 | 89,986 | 162,061 | 179,282 |
Costs and expenses: | ||||
Cost of equipment sales | 56,180 | 63,815 | 113,351 | 127,586 |
Supplies | ||||
Revenue: | ||||
Total revenue | 36,505 | 38,245 | 75,340 | 79,306 |
Costs and expenses: | ||||
Cost of products and sales | 10,884 | 11,028 | 22,109 | 22,545 |
Rentals | ||||
Revenue: | ||||
Total revenue | 17,011 | 16,863 | 34,280 | 33,683 |
Costs and expenses: | ||||
Cost of products and sales | $ 5,142 | $ 7,473 | $ 10,570 | $ 12,782 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net (loss) income | $ (141,535) | $ 4,336 | $ (149,272) | $ 25,157 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation, net of tax of $403, $(2,907), $576 and $(3,074), respectively | 9,193 | (48,138) | 20,080 | (65,703) |
Net unrealized gain (loss) on cash flow hedges, net of tax of $125, $407, $(562) and $2,176, respectively | 375 | 1,229 | (1,687) | 6,562 |
Net unrealized (loss) gain on investment securities, net of tax of $(415), $(3,661), $612 and $(8,808), respectively | (1,322) | (11,043) | 1,950 | (26,565) |
Amortization of pension and postretirement costs, net of tax of $1,223, $1,870, $2,365 and $4,331, respectively | 3,739 | 8,229 | 7,228 | 15,965 |
Other comprehensive income (loss), net of tax | 11,985 | (49,723) | 27,571 | (69,741) |
Comprehensive loss | $ (129,550) | $ (45,387) | $ (121,701) | $ (44,584) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Foreign currency translation, tax | $ 403 | $ (2,907) | $ 576 | $ (3,074) |
Net unrealized (loss) gain on cash flow hedges, tax | 125 | 407 | (562) | 2,176 |
Net unrealized gain (loss) on investment securities, tax | (415) | (3,661) | 612 | (8,808) |
Amortization of pension and postretirement costs, tax | $ 1,223 | $ 1,870 | $ 2,365 | $ 4,331 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 541,704 | $ 669,981 |
Short-term investments (includes $2,399 and $1,882, respectively, reported at fair value) | 18,972 | 11,172 |
Accounts and other receivables (net of allowance of $4,217 and $5,344, respectively) | 272,963 | 343,557 |
Short-term finance receivables (net of allowance of $11,522 and $11,395, respectively) | 559,979 | 564,972 |
Inventories | 92,783 | 83,720 |
Current income taxes | 11,159 | 8,790 |
Other current assets and prepayments | 117,132 | 115,824 |
Total current assets | 1,614,692 | 1,798,016 |
Property, plant and equipment, net | 401,905 | 420,672 |
Rental property and equipment, net | 25,936 | 27,487 |
Long-term finance receivables (net of allowance of $10,595 and $10,555 respectively) | 640,097 | 627,124 |
Goodwill | 952,302 | 1,066,951 |
Intangible assets, net | 70,062 | 77,944 |
Operating lease assets | 284,783 | 296,129 |
Noncurrent income taxes | 44,859 | 46,613 |
Other assets (includes $227,583 and $229,936, respectively, reported at fair value) | 388,728 | 380,419 |
Total assets | 4,423,364 | 4,741,355 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 812,474 | 907,083 |
Customer deposits at Pitney Bowes Bank | 639,425 | 628,072 |
Current operating lease liabilities | 53,984 | 52,576 |
Current portion of long-term debt | 264,980 | 32,764 |
Advance billings | 82,828 | 105,207 |
Current income taxes | 2,929 | 2,101 |
Total current liabilities | 1,856,620 | 1,727,803 |
Long-term debt | 1,884,798 | 2,172,502 |
Deferred taxes on income | 236,859 | 263,131 |
Tax uncertainties and other income tax liabilities | 24,745 | 23,841 |
Noncurrent operating lease liabilities | 254,051 | 265,696 |
Other noncurrent liabilities | 241,778 | 227,729 |
Total liabilities | 4,498,851 | 4,680,702 |
Commitments and contingencies (See Note 13) | ||
Stockholders’ (deficit) equity: | ||
Common stock, $1 par value (480,000 shares authorized; 323,338 shares issued) | 323,338 | 323,338 |
Retained earnings | 4,908,641 | 5,125,677 |
Accumulated other comprehensive loss | (807,993) | (835,564) |
Treasury stock, at cost (147,557 and 149,307 shares, respectively) | (4,499,473) | (4,552,798) |
Total stockholders’ (deficit) equity | (75,487) | 60,653 |
Total liabilities and stockholders’ (deficit) equity | $ 4,423,364 | $ 4,741,355 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Short-term investments, fair value | $ 2,399 | $ 1,882 |
Allowance for doubtful accounts | 4,217 | 5,344 |
Short-term finance receivables allowance | 11,522 | 11,395 |
Long-term finance receivables allowance | 10,595 | 10,555 |
Other assets, fair value | $ 227,583 | $ 229,936 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, authorized (in shares) | 480,000 | 480,000 |
Common stock, issued (in shares) | 323,338 | 323,338 |
Treasury stock (in shares) | 147,557 | 149,307 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (149,272) | $ 25,157 |
Adjustments to reconcile net (loss) income to net cash from operating activities: | ||
Depreciation and amortization | 79,770 | 85,472 |
Allowance for credit losses | 7,164 | 7,092 |
Stock-based compensation | 6,075 | 9,866 |
Amortization of debt fees | 4,413 | 2,985 |
(Gain) loss on debt redemption/refinancing | (3,064) | 4,993 |
Restructuring charges | 26,042 | 8,408 |
Restructuring payments | (12,883) | (8,255) |
Pension contributions and retiree medical payments | (25,196) | (18,559) |
Gain on sale of assets | 0 | (14,372) |
Gain on sale of businesses | 0 | (2,522) |
Goodwill impairment | 118,599 | 0 |
Changes in operating assets and liabilities, net of acquisitions/divestitures: | ||
Accounts and other receivables | 67,506 | 50,340 |
Finance receivables | 3,837 | 1,260 |
Inventories | (9,065) | (4,078) |
Other current assets and prepayments | (1,561) | (33,833) |
Accounts payable and accrued liabilities | (108,836) | (72,101) |
Current and noncurrent income taxes | (27,903) | (14,069) |
Advance billings | (22,948) | (285) |
Other, net | 7,564 | 18,195 |
Net cash from operating activities | (39,758) | 45,694 |
Cash flows from investing activities: | ||
Capital expenditures | (54,646) | (64,174) |
Purchases of investment securities | (9,973) | (3,988) |
Proceeds from sales/maturities of investment securities | 12,088 | 18,601 |
Net investment in loan receivables | (14,835) | (22,537) |
Proceeds from asset sales | 0 | 50,766 |
Proceeds from sale of businesses | 0 | 3,284 |
Settlement of derivative contracts | 6,185 | (19,470) |
Other investing activities | 485 | 10,000 |
Net cash from investing activities | (60,696) | (27,518) |
Cash flows from financing activities: | ||
Repayments of debt | (53,803) | (106,779) |
Premiums and fees paid to redeem/refinance debt | (4,464) | (4,759) |
Dividends paid to stockholders | (17,525) | (17,313) |
Customer deposits at Pitney Bowes Bank | 52,348 | (15,912) |
Common stock repurchases | 0 | (13,446) |
Other financing activities | (9,109) | (8,295) |
Net cash from financing activities | (32,553) | (166,504) |
Effect of exchange rate changes on cash and cash equivalents | 4,730 | (13,455) |
Change in cash and cash equivalents | (128,277) | (161,783) |
Cash and cash equivalents at beginning of period | 669,981 | 732,480 |
Cash and cash equivalents at end of period | $ 541,704 | $ 570,697 |
Description of Business and Bas
Description of Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | Description of Business and Basis of Presentation Description of Business Pitney Bowes Inc. (we, us, our, or the company) is a global shipping and mailing company that provides technology, logistics, and financial services to small and medium sized businesses, large enterprises, including more than 90 percent of the Fortune 500, retailers and government clients around the world. These clients rely on us to remove the complexity and increase the efficiency in their sending of mail and parcels. For additional information, visit www.pitneybowes.com . Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and the instructions to Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In addition, the December 31, 2022 Condensed Consolidated Balance Sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. In management's opinion, all adjustments, consisting only of normal recurring adjustments, considered necessary to fairly state our financial position, results of operations and cash flows for the periods presented have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2023. These statements should be read in conjunction with the financial statements and notes thereto included in our Annual Report to Stockholders on Form 10-K for the year ended December 31, 2022 (2022 Annual Report). Factors Affecting Comparability Certain transactions and changes occurred during 2022 that impact the comparability of our 2023 financial results to the prior periods. These transactions and changes include: • the sale of our Borderfree cross-border ecommerce solutions business (Borderfree) in July 2022. Accordingly, reported revenue and costs for the three and six months ended June 30, 2022 include revenue and costs for Borderfree. Net income of Borderfree for these periods was not significant. • a change in the presentation of revenue for digital delivery services effective October 1, 2022, from a gross basis to a net basis. Accordingly, in 2023, revenue and costs of revenue for certain digital delivery services are reported on a net basis as business services revenue; whereas for the three and six months ended June 30, 2022, revenue and cost of revenue for these services were reported as business services revenue and cost of business services, respectively. The change primarily impacts our Global Ecommerce business. Accounting Pronouncements Adopted in 2023 On January 1, 2023, we adopted ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which requires disclosure of gross write-offs of finance receivables by year of origination. The adoption of this standard did not have a material impact on our financial statement disclosures. Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Disaggregated Revenue The following tables disaggregate our revenue by source and timing of recognition: Three Months Ended June 30, 2023 Global Ecommerce Presort Services SendTech Solutions Revenue from products and services Revenue from leasing transactions and financing Total consolidated revenue Major products/service lines Business services $ 312,754 $ 143,107 $ 17,636 $ 473,497 $ — $ 473,497 Support services — — 103,315 103,315 — 103,315 Financing — — — — 66,702 66,702 Equipment sales — — 19,060 19,060 60,391 79,451 Supplies — — 36,505 36,505 — 36,505 Rentals — — — — 17,011 17,011 Subtotal 312,754 143,107 176,516 632,377 $ 144,104 $ 776,481 Revenue from leasing transactions and financing — — 144,104 144,104 Total revenue $ 312,754 $ 143,107 $ 320,620 $ 776,481 Timing of revenue recognition from products and services Products/services transferred at a point in time $ — $ — $ 73,495 $ 73,495 Products/services transferred over time 312,754 143,107 103,021 558,882 Total $ 312,754 $ 143,107 $ 176,516 $ 632,377 Three Months Ended June 30, 2022 Global Ecommerce Presort Services SendTech Solutions Revenue from products and services Revenue from leasing transactions and financing Total consolidated revenue Major products/service lines Business services $ 393,770 $ 138,934 $ 18,774 $ 551,478 $ — $ 551,478 Support services — — 107,625 107,625 — 107,625 Financing — — — — 67,298 67,298 Equipment sales — — 21,400 21,400 68,586 89,986 Supplies — — 38,245 38,245 — 38,245 Rentals — — — — 16,863 16,863 Subtotal 393,770 138,934 186,044 718,748 $ 152,747 $ 871,495 Revenue from leasing transactions and financing — — 152,747 152,747 Total revenue $ 393,770 $ 138,934 $ 338,791 $ 871,495 Timing of revenue recognition from products and services Products/services transferred at a point in time $ — $ — $ 76,153 $ 76,153 Products/services transferred over time 393,770 138,934 109,891 642,595 Total $ 393,770 $ 138,934 $ 186,044 $ 718,748 Six Months Ended June 30, 2023 Global Ecommerce Presort Services SendTech Solutions Revenue from products and services Revenue from leasing transactions and financing Total consolidated revenue Major products/service lines Business services $ 661,145 $ 302,009 $ 33,834 $ 996,988 $ — $ 996,988 Support services — — 208,599 208,599 — 208,599 Financing — — — — 133,751 133,751 Equipment sales — — 39,055 39,055 123,006 162,061 Supplies — — 75,340 75,340 — 75,340 Rentals — — — — 34,280 34,280 Subtotal 661,145 302,009 356,828 1,319,982 $ 291,037 $ 1,611,019 Revenue from leasing transactions and financing — — 291,037 291,037 Total revenue $ 661,145 $ 302,009 $ 647,865 $ 1,611,019 Timing of revenue recognition from products and services Products/services transferred at a point in time $ — $ — $ 150,559 $ 150,559 Products/services transferred over time 661,145 302,009 206,269 1,169,423 Total $ 661,145 $ 302,009 $ 356,828 $ 1,319,982 Six Months Ended June 30, 2022 Global Ecommerce Presort Services SendTech Solutions Revenue from products and services Revenue from leasing transactions and financing Total consolidated revenue Major products/service lines Business services $ 812,297 $ 299,478 $ 37,087 $ 1,148,862 $ — $ 1,148,862 Support services — — 217,977 217,977 — 217,977 Financing — — — — 139,327 139,327 Equipment sales — — 42,699 42,699 136,583 179,282 Supplies — — 79,306 79,306 — 79,306 Rentals — — — — 33,683 33,683 Subtotal 812,297 299,478 377,069 1,488,844 $ 309,593 $ 1,798,437 Revenue from leasing transactions and financing — — 309,593 309,593 Total revenue $ 812,297 $ 299,478 $ 686,662 $ 1,798,437 Timing of revenue recognition from products and services Products/services transferred at a point in time $ — $ — $ 154,526 $ 154,526 Products/services transferred over time 812,297 299,478 222,543 1,334,318 Total $ 812,297 $ 299,478 $ 377,069 $ 1,488,844 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 and 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 initially 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 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 Pitney Bowes Bank. Advance Billings from Contracts with Customers Balance sheet location June 30, 2023 December 31, 2022 Increase/ (decrease) Advance billings, current Advance billings $ 74,743 $ 97,904 $ (23,161) Advance billings, noncurrent Other noncurrent liabilities $ 828 $ 906 $ (78) Advance billings are recorded when cash payments are due in advance of our performance. Revenue is recognized ratably over the contract term. Items in advance billings primarily relate to support services on mailing equipment. Revenue recognized during the period includes $80 million of advance billings at the beginning of the period. Advance billings, current, at June 30, 2023 and December 31, 2022 also includes $8 million and $7 million, respectively, from leasing transactions. Future Performance Obligations Future performance obligations include revenue streams bundled with our leasing contracts, primarily maintenance and subscription services. The transaction prices allocated to future performance obligations will be recognized as follows: Remainder of 2023 2024 2025-2028 Total SendTech Solutions $ 131,067 $ 227,613 $ 341,507 $ 700,187 The amounts above do 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 | 6 Months Ended |
Jun. 30, 2023 | |
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 business to consumer logistics services for domestic and cross-border delivery, returns and fulfillment. Presort Services : Includes revenue and related expenses from sortation services that enable clients to qualify for USPS workshare discounts in First Class Mail, Marketing Mail, Marketing Mail Flats and Bound Printed Matter. 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 clients simplify and save on the sending, tracking and receiving of letters, parcels and flats. Management measures segment profitability and performance using adjusted segment earnings before interest and taxes (EBIT). Adjusted segment EBIT is calculated by deducting from segment revenue the related costs and expenses attributable to the segment. Adjusted segment EBIT excludes interest, taxes, unallocated corporate expenses, restructuring charges, goodwill impairment, and other items not allocated to business segments. Costs related to shared assets are allocated to the relevant segments. Management believes that adjusted segment EBIT provides investors a useful measure of operating performance and underlying trends of the business. Adjusted 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 a reconciliation of adjusted segment EBIT to net (loss) income. Revenue Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Global Ecommerce $ 312,754 $ 393,770 $ 661,145 $ 812,297 Presort Services 143,107 138,934 302,009 299,478 SendTech Solutions 320,620 338,791 647,865 686,662 Total revenue $ 776,481 $ 871,495 $ 1,611,019 $ 1,798,437 Adjusted Segment EBIT Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Global Ecommerce $ (38,115) $ (28,825) $ (72,321) $ (42,521) Presort Services 20,429 12,851 47,334 32,483 SendTech Solutions 97,480 95,565 194,151 200,140 Total adjusted segment EBIT 79,794 79,591 169,164 190,102 Reconciliation of adjusted segment EBIT to net (loss) income: Unallocated corporate expenses (47,709) (40,761) (104,058) (98,595) Restructuring charges (22,443) (4,224) (26,042) (8,408) Interest expense, net (37,683) (33,540) (74,561) (67,266) Proxy solicitation fees (4,538) — (10,905) — Goodwill impairment (118,599) — (118,599) — Gain (loss) on debt redemption/refinancing 228 — 3,064 (4,993) Gain on sale of assets — — — 14,372 Loss on sale of businesses, including transaction costs — (3,756) — (2,878) Benefit for income taxes 9,415 7,026 12,665 2,823 Net (loss) income $ (141,535) $ 4,336 $ (149,272) $ 25,157 |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share The calculation of basic and diluted earnings per share (EPS) is presented below. Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net (loss) income $ (141,535) $ 4,336 $ (149,272) $ 25,157 Denominator: Weighted-average shares used in basic EPS 175,695 173,490 175,094 173,859 Dilutive effect of common stock equivalents (1) — 3,479 — 3,814 Weighted-average shares used in diluted EPS 175,695 176,969 175,094 177,673 Basic net (loss) earnings per share $ (0.81) $ 0.02 $ (0.85) $ 0.14 Diluted net (loss) earnings per share $ (0.81) $ 0.02 $ (0.85) $ 0.14 Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive: 11,426 9,602 9,833 9,602 (1) Due to the net loss for the three and six months ended June 30, 2023, an additional 3.7 million and 4.1 million, respectively, of common stock equivalents were also excluded from the calculation of diluted earnings per share. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories are stated at the lower of cost, determined on the first-in, first-out (FIFO) basis, or net realizable value. Inventories consisted of the following: June 30, December 31, Raw materials $ 28,137 $ 25,539 Supplies and service parts 33,046 27,573 Finished products 31,600 30,608 Total inventory, net $ 92,783 $ 83,720 |
Finance Assets and Lessor Opera
Finance Assets and Lessor Operating Leases | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Finance Assets and Lessor Operating Leases | Finance Assets and Lessor Operating Leases Finance Assets Finance receivables are comprised of sales-type lease receivables, secured loans and unsecured loans. Sales-type leases and secured loans are from financing options for the purchase or lease of Pitney Bowes equipment or other manufacturers' equipment and are generally due in installments over periods ranging from three Finance receivables consisted of the following: June 30, 2023 December 31, 2022 North America International Total North America International Total Sales-type lease receivables Gross finance receivables $ 986,317 $ 143,792 $ 1,130,109 $ 967,298 $ 158,167 $ 1,125,465 Unguaranteed residual values 38,837 8,346 47,183 38,832 8,798 47,630 Unearned income (246,871) (45,218) (292,089) (239,238) (48,334) (287,572) Allowance for credit losses (14,255) (2,434) (16,689) (14,131) (2,893) (17,024) Net investment in sales-type lease receivables 764,028 104,486 868,514 752,761 115,738 868,499 Loan receivables Loan receivables 317,513 19,477 336,990 311,887 16,636 328,523 Allowance for credit losses (5,264) (164) (5,428) (4,787) (139) (4,926) Net investment in loan receivables 312,249 19,313 331,562 307,100 16,497 323,597 Net investment in finance receivables $ 1,076,277 $ 123,799 $ 1,200,076 $ 1,059,861 $ 132,235 $ 1,192,096 Maturities of gross finance receivables at June 30, 2023 were as follows: Sales-type Lease Receivables Loan Receivables North America International Total North America International Total Remainder 2023 $ 197,140 $ 43,305 $ 240,445 $ 224,057 $ 19,477 $ 243,534 2024 323,973 45,253 369,226 33,442 — 33,442 2025 232,550 28,915 261,465 26,991 — 26,991 2026 148,495 16,607 165,102 18,104 — 18,104 2027 72,840 7,306 80,146 11,659 — 11,659 Thereafter 11,319 2,406 13,725 3,260 — 3,260 Total $ 986,317 $ 143,792 $ 1,130,109 $ 317,513 $ 19,477 $ 336,990 Aging of Receivables The aging of gross finance receivables was as follows: June 30, 2023 Sales-type Lease Receivables Loan Receivables North International North International Total Past due amounts 0 - 90 days $ 981,470 $ 141,849 $ 314,794 $ 19,285 $ 1,457,398 Past due amounts > 90 days 4,847 1,943 2,719 192 9,701 Total $ 986,317 $ 143,792 $ 317,513 $ 19,477 $ 1,467,099 December 31, 2022 Sales-type Lease Receivables Loan Receivables North International North International Total Past due amounts 0 - 90 days $ 959,203 $ 155,596 $ 308,872 $ 16,503 $ 1,440,174 Past due amounts > 90 days 8,095 2,571 3,015 133 13,814 Total $ 967,298 $ 158,167 $ 311,887 $ 16,636 $ 1,453,988 Allowance for Credit Losses 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. The assumptions used in determining an estimate of credit losses are inherently subjective and actual results may differ significantly from estimated reserves. We established credit approval limits based on the credit quality of the client and the type of equipment financed. We cease financing revenue recognition for lease receivables 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 credit risk is low because of the geographic and industry diversification of our clients and small account balances for most of our clients. Activity in the allowance for credit losses for finance receivables was as follows: Sales-type Lease Receivables Loan Receivables North International North International Total Balance at January 1, 2023 $ 14,131 $ 2,893 $ 4,787 $ 139 $ 21,950 Amounts charged to expense 1,035 250 2,067 160 3,512 Write-offs (2,374) (779) (2,668) (145) (5,966) Recoveries 1,460 134 1,061 — 2,655 Other 3 (64) 17 10 (34) Balance at June 30, 2023 $ 14,255 $ 2,434 $ 5,264 $ 164 $ 22,117 Sales-type Lease Receivables Loan Receivables North International North International Total Balance at January 1, 2022 $ 19,546 $ 3,246 $ 3,259 $ 167 $ 26,218 Amounts charged to expense 145 73 1,408 186 1,812 Write-offs (2,806) (433) (2,491) (152) (5,882) Recoveries 1,572 — 1,354 — 2,926 Other (19) (364) (2) (31) (416) Balance at June 30, 2022 $ 18,438 $ 2,522 $ 3,528 $ 170 $ 24,658 The table below shows write-offs of gross finance receivables by year of origination. June 30, 2023 Sales Type Lease Receivables Loan Receivables Total 2023 2022 2021 2020 2019 Prior Write-offs $ 272 $ 688 $ 936 $ 601 $ 366 $ 290 $ 2,813 $ 5,966 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 the 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 less than 15% of total finance receivables. Most of the 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 financial information. The table below shows gross finance receivables by relative risk class and year of origination based on the relative scores of the accounts within each class. June 30, 2023 Sales Type Lease Receivables Loan Receivables Total 2023 2022 2021 2020 2019 Prior Low $ 144,677 $ 255,499 $ 183,923 $ 119,576 $ 68,835 $ 25,262 $ 252,372 $ 1,050,144 Medium 27,214 45,522 33,343 22,615 16,592 6,076 49,631 200,993 High 2,345 4,581 3,055 2,482 1,214 850 6,416 20,943 Not Scored 48,423 50,455 37,337 17,854 9,379 3,000 28,571 195,019 Total $ 222,659 $ 356,057 $ 257,658 $ 162,527 $ 96,020 $ 35,188 $ 336,990 $ 1,467,099 December 31, 2022 Sales Type Lease Receivables Loan Receivables Total 2022 2021 2020 2019 2018 Prior Low $ 286,297 $ 206,511 $ 140,800 $ 95,485 $ 34,721 $ 12,674 $ 239,635 $ 1,016,123 Medium 53,419 40,669 27,013 19,668 6,751 3,441 56,048 207,009 High 6,492 3,840 3,119 1,942 750 508 6,800 23,451 Not Scored 71,435 53,831 29,957 19,232 5,889 1,021 26,040 207,405 Total $ 417,643 $ 304,851 $ 200,889 $ 136,327 $ 48,111 $ 17,644 $ 328,523 $ 1,453,988 Lease Income Lease income from sales-type leases, excluding variable lease payments, was as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Profit recognized at commencement $ 30,839 $ 34,337 $ 62,661 $ 69,378 Interest income 39,181 41,021 78,112 83,304 Total lease income from sales-type leases $ 70,020 $ 75,358 $ 140,773 $ 152,682 Lessor Operating Leases We also lease mailing equipment under operating leases with terms of one Remainder 2023 $ 10,241 2024 17,361 2025 18,934 2026 9,561 2027 2,779 Thereafter 607 Total $ 59,483 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | Intangible Assets and Goodwill Intangible Assets Intangible assets consisted of the following: June 30, 2023 December 31, 2022 Gross Accumulated Net Gross Accumulated Net Customer relationships $ 155,719 $ (87,804) $ 67,915 $ 155,715 $ (80,188) $ 75,527 Software & technology 21,973 (19,826) 2,147 22,000 (19,583) 2,417 Total intangible assets $ 177,692 $ (107,630) $ 70,062 $ 177,715 $ (99,771) $ 77,944 Amortization expense for the three months ended June 30, 2023 and 2022 was $4 million and $8 million, respectively and amortization expense for the six months ended June 30, 2023 and 2022 was $8 million and $15 million, respectively. Future amortization expense as of June 30, 2023 is shown in the table below. Actual amortization expense may differ due to, among other things, fluctuations in foreign currency exchange rates, acquisitions, divestitures and impairment charges. Remainder 2023 $ 7,859 2024 15,719 2025 15,515 2026 14,526 2027 11,471 Thereafter 4,972 Total $ 70,062 Goodwill Changes in the carrying value of goodwill by reporting segment are shown in the table below. December 31, 2022 Impairment Currency impact June 30, Global Ecommerce $ 339,184 $ (118,599) $ — $ 220,585 Presort Services 223,763 — — 223,763 SendTech Solutions 504,004 — 3,950 507,954 Total goodwill $ 1,066,951 $ (118,599) $ 3,950 $ 952,302 Global Ecommerce goodwill is net of accumulated goodwill impairment charges of $317 million and $198 million at June 30, 2023 and December 31, 2022, respectively. We determined that the performance of our Global Ecommerce reporting unit through June 30, 2023 and continuing changes in macroeconomic conditions, was a triggering event causing us to evaluate the Global Ecommerce goodwill for impairment at June 30, 2023. To assess Global Ecommerce goodwill for impairment, we determined the fair value of the Global Ecommerce reporting unit and compared it to the unit's carrying value, including goodwill. We engaged a third-party to assist in the determination of the fair value of the reporting unit. T |
Fair Value Measurements and Der
Fair Value Measurements and Derivative Instruments | 6 Months Ended |
Jun. 30, 2023 | |
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. June 30, 2023 Level 1 Level 2 Level 3 Total Assets: Investment securities Money market funds $ 9,804 $ 178,973 $ — $ 188,777 Equity securities — 14,888 — 14,888 Commingled fixed income securities 1,538 6,318 — 7,856 Government and related securities 10,339 18,674 — 29,013 Corporate debt securities — 52,907 — 52,907 Mortgage-backed / asset-backed securities — 123,009 — 123,009 Derivatives Interest rate swap — 13,283 — 13,283 Total assets $ 21,681 $ 408,052 $ — $ 429,733 Liabilities: Derivatives Foreign exchange contracts $ — $ (1,314) $ — $ (1,314) Total liabilities $ — $ (1,314) $ — $ (1,314) December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Investment securities Money market funds $ 29,087 $ 238,536 $ — $ 267,623 Equity securities — 13,233 — 13,233 Commingled fixed income securities 1,520 6,526 — 8,046 Government and related securities 10,253 18,796 — 29,049 Corporate debt securities — 52,319 — 52,319 Mortgage-backed / asset-backed securities — 126,882 — 126,882 Derivatives Interest rate swap — 15,283 — 15,283 Foreign exchange contracts — 479 — 479 Total assets $ 40,860 $ 472,054 $ — $ 512,914 Liabilities: Derivatives Foreign exchange contracts $ — $ (1,472) $ — $ (1,472) Total liabilities $ — $ (1,472) $ — $ (1,472) Investment Securities The valuation of investment securities is based on the market approach using inputs that are observable, or can be corroborated by observable data, in an active marketplace. The following information relates to our classification within the fair value hierarchy: • Money Market Funds: Money market funds typically invest in government securities, certificates of deposit, commercial paper and other highly liquid, low risk securities. Money market funds are principally used for overnight deposits and are classified as Level 1 when unadjusted quoted prices in active markets are available and as Level 2 when they are not actively traded on an exchange. • Equity Securities : Equity securities are comprised of mutual funds investing in U.S. and foreign stocks. These mutual funds are classified as Level 2. • Commingled Fixed Income Securities: Commingled fixed income securities are comprised of mutual funds that invest in a variety of fixed income securities, including securities of the U.S. government and its agencies, corporate debt, mortgage-backed securities and asset-backed securities. Fair value is based on the value of the underlying investments owned by each fund, minus its liabilities, divided by the number of shares outstanding, as reported by the fund manager. These mutual funds are classified as Level 1 when unadjusted quoted prices in active markets are available and as Level 2 when they are not actively traded on an exchange. • Government and Related Securities: Debt securities are classified as Level 1 when unadjusted quoted prices in active markets are available. Debt securities are classified as Level 2 where fair value is determined using quoted market prices for similar securities or benchmarking model derived prices to quoted market prices and trade data for identical or comparable securities. • Corporate Debt Securities: Corporate debt securities are valued using recently executed comparable transactions, market price quotations or bond spreads for the same maturity as the security. These securities are classified as Level 2. • Mortgage-Backed Securities / Asset-Backed Securities: These securities are valued based on external pricing indices or external price/spread data. These securities are classified as Level 2. Derivative Securities • Foreign Exchange Contracts: The valuation of foreign exchange derivatives is based on the market approach using observable market inputs, such as foreign currency spot and forward rates and yield curves. 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 Investment securities classified as available-for-sale are recorded at fair value with changes in fair value due to market conditions recorded in accumulated other comprehensive loss (AOCL), and changes in fair value due to credit conditions recorded in earnings. There were no unrealized losses due to credit losses charged to earnings in the six months ended June 30, 2023. Available-for-sale securities consisted of the following: June 30, 2023 Amortized cost Gross unrealized losses Estimated fair value Government and related securities $ 35,186 $ (7,694) $ 27,492 Corporate debt securities 65,638 (12,731) 52,907 Commingled fixed income securities 1,768 (230) 1,538 Mortgage-backed / asset-backed securities 151,671 (28,662) 123,009 Total $ 254,263 $ (49,317) $ 204,946 December 31, 2022 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Government and related securities $ 35,744 $ 11 $ (8,210) $ 27,545 Corporate debt securities 66,300 — (13,981) 52,319 Commingled fixed income securities 1,749 — (229) 1,520 Mortgage-backed / asset-backed securities 156,352 — (29,470) 126,882 Total $ 260,145 $ 11 $ (51,890) $ 208,266 Investment securities in a loss position were as follows: June 30, 2023 December 31, 2022 Fair Value Gross unrealized losses Fair Value Gross unrealized losses Greater than 12 continuous months Government and related securities $ 22,263 $ 5,001 $ 17,063 $ 2,753 Corporate debt securities 52,440 12,715 48,812 13,749 Mortgage-backed / asset-backed securities 122,646 28,642 114,839 28,040 Total $ 197,349 $ 46,358 $ 180,714 $ 44,542 Less than 12 continuous months Government and related securities $ 5,229 $ 2,693 $ 10,061 $ 5,457 Corporate debt securities 467 16 3,508 232 Commingled fixed income securities 1,538 230 1,520 229 Mortgage-backed / asset-backed securities 363 20 12,042 1,430 Total $ 7,597 $ 2,959 $ 27,131 $ 7,348 At June 30, 2023, all securities in the investment portfolio were in an unrealized loss position. However, 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. Accordingly, we have not recognized an impairment loss and our allowance for credit losses on these investment securities is not significant. Scheduled maturities of available-for-sale securities at June 30, 2023 were as follows: Amortized cost Estimated fair value Within 1 year $ 2,640 $ 2,399 After 1 year through 5 years 14,947 13,501 After 5 years through 10 years 72,584 59,847 After 10 years 164,092 129,199 Total $ 254,263 $ 204,946 Actual maturities may not coincide with scheduled maturities as certain securities contain early redemption features and/or allow for the prepayment of obligations. Held-to-Maturity Securities Held-to-maturity securities at June 30, 2023 and December 31, 2022 totaled $24 million and $22 million, respectively. Held-to-maturity securities primarily consist of highly-liquid government securities with maturities less than two years. 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 cost of debt. We do not use derivatives for trading or speculative purposes. Derivative instruments are recorded at fair value and the accounting for changes in fair value depends on the intended use of the derivative, the resulting designation and the effectiveness of the instrument in offsetting the risk exposure it is designed to hedge. Foreign Exchange Contracts We may 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. There were no outstanding contracts associated with these anticipated transactions at June 30, 2023. At December 31, 2022, outstanding contracts associated with these anticipated transactions had a notional value of $1 million. Interest Rate Swaps We have interest rate swap agreements with an aggregate 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. The fair value of derivative instruments was as follows: Designation of Derivatives Balance Sheet Location June 30, December 31, Derivatives designated as Foreign exchange contracts Other current assets and prepayments $ — $ 15 Accounts payable and accrued liabilities — (23) Interest rate swaps Other assets 13,283 15,283 Derivatives not designated as Foreign exchange contracts Other current assets and prepayments — 464 Accounts payable and accrued liabilities (1,314) (1,449) Total derivative assets $ 13,283 $ 15,762 Total derivative liabilities (1,314) (1,472) Total net derivative asset $ 11,969 $ 14,290 Results of cash flow hedging relationships were as follows: Three Months Ended June 30, Derivative Gain (Loss) Location of Gain (Loss) Gain (Loss) Reclassified Derivative Instrument 2023 2022 2023 2022 Foreign exchange contracts $ — $ 100 Revenue $ — $ — Cost of sales (34) 49 Interest rate swap 586 1,717 Interest expense 138 138 $ 586 $ 1,817 $ 104 $ 187 Six Months Ended June 30, Derivative Gain (Loss) Location of Gain (Loss) Gain (Loss) Reclassified Derivative Instrument 2023 2022 2023 2022 Foreign exchange contracts $ (25) $ 123 Revenue $ — $ — Cost of sales (33) 63 Interest rate swap (2,000) 8,927 Interest expense 275 275 $ (2,025) $ 9,050 $ 242 $ 338 Nondesignated Derivative Instruments We also enter into foreign exchange contracts to minimize the impact on earnings from the revaluation of short-term intercompany loans and related interest denominated in a foreign currency. These foreign exchange contracts are not designated as hedging instruments. Accordingly, the revaluation of intercompany loans and interest and the change in fair value of these derivatives are recorded in earnings. All outstanding contracts at June 30, 2023 mature within three months. The impact on earnings from the change in fair value of these foreign exchange contracts, exclusive of the corresponding impact on earnings from the revaluation of the intercompany loans and related interest, was as follows: Three Months Ended June 30, Derivative Gain (Loss) Recognized in Earnings Derivatives Instrument Location of Derivative Gain (Loss) 2023 2022 Foreign exchange contracts Selling, general and administrative expense $ 5,893 $ (17,769) Six Months Ended June 30, Derivative Gain (Loss) Recognized in Earnings Derivatives Instrument Location of Derivative Gain (Loss) 2023 2022 Foreign exchange contracts Selling, general and administrative expense $ 7,464 $ (21,183) Fair Value of Financial Instruments Our financial instruments include cash and cash equivalents, available-for-sale and held-to-maturity investment securities, accounts receivable, loan receivables, derivative instruments, accounts payable and debt. The carrying value of cash and cash equivalents, held-to-maturity investment securities, accounts receivable, loans receivable, 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 debt is estimated based on recently executed transactions and market price quotations. The inputs used to determine the fair value of debt were classified as Level 2 in the fair value hierarchy. The carrying value and estimated fair value of debt was as follows: June 30, 2023 December 31, 2022 Carrying value $ 2,149,778 $ 2,205,266 Fair value $ 1,744,098 $ 1,856,878 |
Restructuring Charges
Restructuring Charges | 6 Months Ended |
Jun. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Restructuring Charges In May 2023, we approved a worldwide plan (the 2023 Plan) designed to improve profitability and cash flow by reducing complexity, streamlining processes, and driving further operational efficiencies. This will be achieved in part, through the expansion of the Company's shared services activities, further centralization and standardization of processes, increased automation and the closure and consolidation of select facilities in North America. We expect to eliminate 400-500 positions worldwide. Total charges are expected to be $40 million-$50 million, consisting of employee severance and facility consolidation costs. We expect to substantially complete these actions by the first half of 2024. Activity in our restructuring reserves was as follows: 2023 Plan Prior Plan Total Balance at January 1, 2023 $ — $ 7,647 $ 7,647 Amounts charged to expense 22,443 3,599 26,042 Cash payments (1,637) (11,246) (12,883) Noncash activity (1,478) — (1,478) Balance at June 30, 2023 $ 19,328 $ — $ 19,328 Balance at January 1, 2022 $ — $ 5,747 $ 5,747 Amounts charged to expense — 8,408 8,408 Cash payments — (8,255) (8,255) Noncash activity — (275) (275) Balance at June 30, 2022 $ — $ 5,625 $ 5,625 Components of restructuring expense were as follows: Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 2023 Plan Prior Plan Total Prior Plan Severance $ 20,965 $ — $ 20,965 $ 3,170 Facilities and other 1,478 — 1,478 1,054 Total $ 22,443 $ — $ 22,443 $ 4,224 Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 2023 Plan Prior Plan Total Prior Plan Severance $ 20,965 $ 3,057 $ 24,022 $ 6,377 Facilities and other 1,478 542 2,020 2,031 Total $ 22,443 $ 3,599 $ 26,042 $ 8,408 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt Total debt consisted of the following: Interest rate June 30, 2023 December 31, 2022 Notes due March 2024 4.625% $ 214,510 $ 236,749 Term loan due March 2026 SOFR + 2.25% 336,500 351,500 Notes due March 2027 6.875% 380,000 396,750 Term loan due March 2028 SOFR + 4.0% 439,875 442,125 Notes due March 2029 7.25% 350,000 350,000 Notes due January 2037 5.25% 35,841 35,841 Notes due March 2043 6.70% 425,000 425,000 Other debt 1,817 2,446 Principal amount 2,183,543 2,240,411 Less: unamortized costs, net 33,765 35,145 Total debt 2,149,778 2,205,266 Less: current portion long-term debt 264,980 32,764 Long-term debt $ 1,884,798 $ 2,172,502 Through June 30, 2023, we purchased an aggregate $39 million of the March 2024 notes and March 2027 notes and recognized a gain of $3 million. Additionally, we made scheduled principal repayments of $17 million on our term loans. At June 30, 2023, the interest rate on the 2026 Term Loan was 7.5% and the interest rate of the 2028 Term Loan was 9.2%. The credit agreement that governs our $500 million secured revolving credit facility and term loans contains financial and non-financial covenants. In June 2023, we amended this credit agreement to provide additional flexibility in managing our capital structure. At June 30, 2023, we were in compliance with all covenants and there were no outstanding borrowings under the revolving credit facility. Borrowings under the revolving credit facility and term loans are secured by assets of the company. We have outstanding interest rate swaps that effectively convert $200 million of our variable rate debt to fixed rates. In January 2023, the reference rate of the interest rate swaps was amended to align with the secured revolving credit facility. Under the terms of the interest rate swaps, we pay fixed-rate interest of 0.585% and receive variable-rate interest based on one-month SOFR plus 0.1%. The variable interest rates under the term loans and the swaps reset monthly. The Pitney Bowes Bank (the Bank), a wholly owned subsidiary, is a member of the Federal Home Loan Bank of Des Moines and has access to certain credit products as a funding source known as "advances." As of June 30, 2023, the Bank had yet to apply for any advances. In July 2023, we issued senior secured notes in an aggregate principal amount of $275 million, pursuant to a private placement. The notes mature in March 2028 and bear interest of SOFR plus 6.9%, payable quarterly, and were issued with original issue discount of 3%. The net proceeds will be used to redeem our March 2024 notes and a portion of our tranche A term loan due March 2026. |
Pensions and Other Benefit Prog
Pensions and Other Benefit Programs | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Pensions and Other Benefit Programs | Pensions and Other Benefit Programs The components of net periodic benefit (income) cost were as follows: Defined Benefit Pension Plans Nonpension Postretirement Benefit Plans United States Foreign Three Months Ended Three Months Ended Three Months Ended June 30, June 30, June 30, 2023 2022 2023 2022 2023 2022 Service cost $ 10 $ 24 $ 194 $ 332 $ 88 $ 179 Interest cost 16,089 11,141 5,334 3,450 1,306 939 Expected return on plan assets (21,613) (17,862) (7,515) (6,809) — — Amortization of prior service (credit) cost (5) (11) 72 64 — — Amortization of net actuarial loss (gain) 4,416 8,232 522 1,726 (357) 88 Settlement 314 — — — — — Net periodic benefit (income) cost $ (789) $ 1,524 $ (1,393) $ (1,237) $ 1,037 $ 1,206 Contributions to benefit plans $ 1,908 $ 1,148 $ 512 $ 392 $ 2,838 $ 3,490 Defined Benefit Pension Plans Nonpension Postretirement Benefit Plans United States Foreign Six Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, 2023 2022 2023 2022 2023 2022 Service cost $ 20 $ 48 $ 388 $ 687 $ 177 $ 358 Interest cost 32,178 22,282 10,556 7,084 2,611 1,879 Expected return on plan assets (43,226) (35,725) (14,859) (14,014) — — Amortization of prior service (credit) cost (10) (22) 142 132 — — Amortization of net actuarial loss (gain) 8,833 16,464 1,027 3,547 (713) 175 Settlement 314 — — — — — Net periodic benefit (income) cost $ (1,891) $ 3,047 $ (2,746) $ (2,564) $ 2,075 $ 2,412 Contributions to benefit plans $ 3,035 $ 2,298 $ 15,545 $ 8,613 $ 6,616 $ 7,648 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rate for the three and six months ended June 30, 2023 was 6.2% and 7.8%, respectively, primarily due to a benefit of $1 million on the $119 million goodwill impairment charge as the majority of this charge is nondeductible. For the three months ended June 30, 2022, we reported a tax benefit of $7 million on a pre-tax loss of $3 million primarily due to the recognition of a one-time tax benefit from a tax basis adjustment resulting from the Borderfree business being classified as assets held for sale. For the six months ended June 30, 2022, we reported a tax benefit of $3 million on pre-tax income of $22 million primarily due to the benefit related to the Borderfree business and a $1 million benefit associated with the 2019 sale of a business. As is the case with other large corporations, our tax returns are examined by tax authorities in the U.S. and other global taxing jurisdictions in which we have operations. As a result, it is reasonably possible that the amount of unrecognized tax benefits will decrease in the next 12 months, and this decrease could be up to 15% of our unrecognized tax benefits. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and ContingenciesFrom time to time, in the ordinary course of business, we are involved in litigation pertaining 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 customers, employees, or others. Due to uncertainties inherent in litigation, any actions could have an adverse effect on our financial position, results of operations or cash flows; however, in management's opinion, the final outcome of outstanding matters will not have a material adverse effect on our business. As of June 30, 2023, we have entered into real estate and equipment leases with aggregate payments of $59 million and terms ranging from three |
Stockholders_ (Deficit) Equity
Stockholders’ (Deficit) Equity | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Stockholders’ (Deficit) Equity | Stockholders’ (Deficit) Equity Changes in stockholders’ (deficit) equity were as follows: Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Treasury stock Total (deficit) equity Balance at April 1, 2023 $ 323,338 $ — $ 5,060,852 $ (819,978) $ (4,504,248) $ 59,964 Net loss — — (141,535) — — (141,535) Other comprehensive income — — — 11,985 — 11,985 Dividends paid ($0.05 per common share) — — (8,800) — — (8,800) Issuance of common stock — (2,830) (1,876) — 4,775 69 Stock-based compensation expense — 2,830 — — — 2,830 Balance at June 30, 2023 $ 323,338 $ — $ 4,908,641 $ (807,993) $ (4,499,473) $ (75,487) Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Treasury stock Total equity Balance at April 1, 2022 $ 323,338 $ — $ 5,141,636 $ (800,330) $ (4,571,762) $ 92,882 Net income — — 4,336 — — 4,336 Other comprehensive loss — — — (49,723) — (49,723) Dividends paid ($0.05 per common share) — — (8,625) — — (8,625) Issuance of common stock — (5,371) (99) — 5,383 (87) Stock-based compensation expense — 5,371 — — — 5,371 Balance at June 30, 2022 $ 323,338 $ — $ 5,137,248 $ (850,053) $ (4,566,379) $ 44,154 Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Treasury stock Total (deficit) equity Balance at January 1, 2023 $ 323,338 $ — $ 5,125,677 $ (835,564) $ (4,552,798) $ 60,653 Net loss — — (149,272) — — (149,272) Other comprehensive income — — — 27,571 — 27,571 Dividends paid ($0.10 per common share) — — (17,525) — — (17,525) Issuance of common stock — (6,075) (50,239) — 53,325 (2,989) Stock-based compensation expense — 6,075 — — — 6,075 Balance at June 30, 2023 $ 323,338 $ — $ 4,908,641 $ (807,993) $ (4,499,473) $ (75,487) Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Treasury stock Total equity Balance at January 1, 2022 $ 323,338 $ 2,485 $ 5,169,270 $ (780,312) $ (4,602,149) $ 112,632 Net income — — 25,157 — — 25,157 Other comprehensive loss — — — (69,741) — (69,741) Dividends paid ($0.10 per common share) — — (17,313) — — (17,313) Issuance of common stock — (12,351) (39,866) — 49,216 (3,001) Stock-based compensation expense — 9,866 — — — 9,866 Repurchase of common stock — — — — (13,446) (13,446) Balance at June 30, 2022 $ 323,338 $ — $ 5,137,248 $ (850,053) $ (4,566,379) $ 44,154 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Reclassifications out of AOCL were as follows: Gain (Loss) Reclassified from AOCL Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cash flow hedges Cost of sales (34) 49 $ (33) $ 63 Interest expense, net 138 138 275 275 Total before tax 104 187 242 338 Income tax provision 26 47 61 83 Net of tax $ 78 $ 140 $ 181 $ 255 Available-for-sale securities Financing revenue $ (1) $ (4) $ 9 $ (6) Selling, general and administrative expense — 35 — 22 Total before tax (1) 31 9 16 Income tax provision — 8 2 5 Net of tax $ (1) $ 23 $ 7 $ 11 Pension and postretirement benefit plans Prior service costs (67) (53) $ (132) $ (110) Actuarial losses (4,581) (10,046) (9,147) (20,186) Settlement (314) — (314) — Total before tax (4,962) (10,099) (9,593) (20,296) Income tax benefit (1,223) (1,870) (2,365) (4,331) Net of tax $ (3,739) $ (8,229) $ (7,228) $ (15,965) Changes in AOCL, net of tax were as follows: Cash flow hedges Available for sale securities Pension and postretirement benefit plans Foreign currency adjustments Total Balance at January 1, 2023 $ 12,503 $ (39,440) $ (716,056) $ (92,571) $ (835,564) Other comprehensive (loss) income before reclassifications (1,506) 1,957 — 20,080 20,531 Reclassifications into earnings (181) (7) 7,228 — 7,040 Net other comprehensive (loss) income (1,687) 1,950 7,228 20,080 27,571 Balance at June 30, 2023 $ 10,816 $ (37,490) $ (708,828) $ (72,491) $ (807,993) Cash flow hedges Available for sale securities Pension and postretirement benefit plans Foreign currency adjustments Total Balance at January 1, 2022 $ 3,803 $ (6,249) $ (756,639) $ (21,227) $ (780,312) Other comprehensive income (loss) before reclassifications 6,817 (26,554) — (65,703) (85,440) Reclassifications into earnings (255) (11) 15,965 — 15,699 Net other comprehensive income (loss) 6,562 (26,565) 15,965 (65,703) (69,741) Balance at June 30, 2022 $ 10,365 $ (32,814) $ (740,674) $ (86,930) $ (850,053) |
Supplemental Financial Statemen
Supplemental Financial Statement Information | 6 Months Ended |
Jun. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Supplemental Financial Statement Information | Supplemental Financial Statement Information Activity in the allowance for credit losses on accounts and other receivables and other assets is presented below. See Note 7 for information regarding the allowance for credit losses on finance receivables. Six Months Ended June 30, 2023 2022 Balance at beginning of year $ 5,864 $ 29,179 Amounts charged to expense 3,652 5,280 Write-offs, recoveries and other (5,299) (21,763) Balance at end of period $ 4,217 $ 12,696 Accounts and other receivables $ 4,217 $ 12,176 Other assets — 520 Total $ 4,217 $ 12,696 Other income, net consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2023 2023 2022 (Gain) loss on debt redemption/refinancing $ (228) $ (3,064) $ 4,993 Gain on sale of assets — — (14,372) Gain on sale of businesses — — (2,522) Other income, net $ (228) $ (3,064) $ (11,901) Supplemental cash flow information is as follows: Six Months Ended June 30, 2023 2022 Cash interest paid $ 75,425 $ 64,511 Cash income tax payments, net of refunds $ 15,100 $ 11,164 Noncash activity Capital assets obtained under capital lease obligations $ 1,495 $ 14,017 |
Description of Business and B_2
Description of Business and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of PresentationThe accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and the instructions to Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In addition, the December 31, 2022 Condensed Consolidated Balance Sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. In management's opinion, all adjustments, consisting only of normal recurring adjustments, considered necessary to fairly state our financial position, results of operations and cash flows for the periods presented have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2023. These statements should be read in conjunction with the financial statements and notes thereto included in our Annual Report to Stockholders on Form 10-K for the year ended December 31, 2022 (2022 Annual Report). |
Accounting Pronouncements Adopted in 2023 and Accounting Pronouncements Not Yet Adopted | Accounting Pronouncements Adopted in 2023 On January 1, 2023, we adopted ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which requires disclosure of gross write-offs of finance receivables by year of origination. The adoption of this standard did not have a material impact on our financial statement disclosures. Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following tables disaggregate our revenue by source and timing of recognition: Three Months Ended June 30, 2023 Global Ecommerce Presort Services SendTech Solutions Revenue from products and services Revenue from leasing transactions and financing Total consolidated revenue Major products/service lines Business services $ 312,754 $ 143,107 $ 17,636 $ 473,497 $ — $ 473,497 Support services — — 103,315 103,315 — 103,315 Financing — — — — 66,702 66,702 Equipment sales — — 19,060 19,060 60,391 79,451 Supplies — — 36,505 36,505 — 36,505 Rentals — — — — 17,011 17,011 Subtotal 312,754 143,107 176,516 632,377 $ 144,104 $ 776,481 Revenue from leasing transactions and financing — — 144,104 144,104 Total revenue $ 312,754 $ 143,107 $ 320,620 $ 776,481 Timing of revenue recognition from products and services Products/services transferred at a point in time $ — $ — $ 73,495 $ 73,495 Products/services transferred over time 312,754 143,107 103,021 558,882 Total $ 312,754 $ 143,107 $ 176,516 $ 632,377 Three Months Ended June 30, 2022 Global Ecommerce Presort Services SendTech Solutions Revenue from products and services Revenue from leasing transactions and financing Total consolidated revenue Major products/service lines Business services $ 393,770 $ 138,934 $ 18,774 $ 551,478 $ — $ 551,478 Support services — — 107,625 107,625 — 107,625 Financing — — — — 67,298 67,298 Equipment sales — — 21,400 21,400 68,586 89,986 Supplies — — 38,245 38,245 — 38,245 Rentals — — — — 16,863 16,863 Subtotal 393,770 138,934 186,044 718,748 $ 152,747 $ 871,495 Revenue from leasing transactions and financing — — 152,747 152,747 Total revenue $ 393,770 $ 138,934 $ 338,791 $ 871,495 Timing of revenue recognition from products and services Products/services transferred at a point in time $ — $ — $ 76,153 $ 76,153 Products/services transferred over time 393,770 138,934 109,891 642,595 Total $ 393,770 $ 138,934 $ 186,044 $ 718,748 Six Months Ended June 30, 2023 Global Ecommerce Presort Services SendTech Solutions Revenue from products and services Revenue from leasing transactions and financing Total consolidated revenue Major products/service lines Business services $ 661,145 $ 302,009 $ 33,834 $ 996,988 $ — $ 996,988 Support services — — 208,599 208,599 — 208,599 Financing — — — — 133,751 133,751 Equipment sales — — 39,055 39,055 123,006 162,061 Supplies — — 75,340 75,340 — 75,340 Rentals — — — — 34,280 34,280 Subtotal 661,145 302,009 356,828 1,319,982 $ 291,037 $ 1,611,019 Revenue from leasing transactions and financing — — 291,037 291,037 Total revenue $ 661,145 $ 302,009 $ 647,865 $ 1,611,019 Timing of revenue recognition from products and services Products/services transferred at a point in time $ — $ — $ 150,559 $ 150,559 Products/services transferred over time 661,145 302,009 206,269 1,169,423 Total $ 661,145 $ 302,009 $ 356,828 $ 1,319,982 Six Months Ended June 30, 2022 Global Ecommerce Presort Services SendTech Solutions Revenue from products and services Revenue from leasing transactions and financing Total consolidated revenue Major products/service lines Business services $ 812,297 $ 299,478 $ 37,087 $ 1,148,862 $ — $ 1,148,862 Support services — — 217,977 217,977 — 217,977 Financing — — — — 139,327 139,327 Equipment sales — — 42,699 42,699 136,583 179,282 Supplies — — 79,306 79,306 — 79,306 Rentals — — — — 33,683 33,683 Subtotal 812,297 299,478 377,069 1,488,844 $ 309,593 $ 1,798,437 Revenue from leasing transactions and financing — — 309,593 309,593 Total revenue $ 812,297 $ 299,478 $ 686,662 $ 1,798,437 Timing of revenue recognition from products and services Products/services transferred at a point in time $ — $ — $ 154,526 $ 154,526 Products/services transferred over time 812,297 299,478 222,543 1,334,318 Total $ 812,297 $ 299,478 $ 377,069 $ 1,488,844 |
Schedule of Contract Assets and Advance Billings | Advance Billings from Contracts with Customers Balance sheet location June 30, 2023 December 31, 2022 Increase/ (decrease) Advance billings, current Advance billings $ 74,743 $ 97,904 $ (23,161) Advance billings, noncurrent Other noncurrent liabilities $ 828 $ 906 $ (78) |
Schedule of Future Performance Obligations | The transaction prices allocated to future performance obligations will be recognized as follows: Remainder of 2023 2024 2025-2028 Total SendTech Solutions $ 131,067 $ 227,613 $ 341,507 $ 700,187 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Reconciliation of Revenue from Segments to Consolidated Statements | The following tables provide information about our reportable segments and a reconciliation of adjusted segment EBIT to net (loss) income. Revenue Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Global Ecommerce $ 312,754 $ 393,770 $ 661,145 $ 812,297 Presort Services 143,107 138,934 302,009 299,478 SendTech Solutions 320,620 338,791 647,865 686,662 Total revenue $ 776,481 $ 871,495 $ 1,611,019 $ 1,798,437 |
Schedule of Reconciliation of EBIT From Segments to Consolidated Statements | Adjusted Segment EBIT Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Global Ecommerce $ (38,115) $ (28,825) $ (72,321) $ (42,521) Presort Services 20,429 12,851 47,334 32,483 SendTech Solutions 97,480 95,565 194,151 200,140 Total adjusted segment EBIT 79,794 79,591 169,164 190,102 Reconciliation of adjusted segment EBIT to net (loss) income: Unallocated corporate expenses (47,709) (40,761) (104,058) (98,595) Restructuring charges (22,443) (4,224) (26,042) (8,408) Interest expense, net (37,683) (33,540) (74,561) (67,266) Proxy solicitation fees (4,538) — (10,905) — Goodwill impairment (118,599) — (118,599) — Gain (loss) on debt redemption/refinancing 228 — 3,064 (4,993) Gain on sale of assets — — — 14,372 Loss on sale of businesses, including transaction costs — (3,756) — (2,878) Benefit for income taxes 9,415 7,026 12,665 2,823 Net (loss) income $ (141,535) $ 4,336 $ (149,272) $ 25,157 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | The calculation of basic and diluted earnings per share (EPS) is presented below. Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net (loss) income $ (141,535) $ 4,336 $ (149,272) $ 25,157 Denominator: Weighted-average shares used in basic EPS 175,695 173,490 175,094 173,859 Dilutive effect of common stock equivalents (1) — 3,479 — 3,814 Weighted-average shares used in diluted EPS 175,695 176,969 175,094 177,673 Basic net (loss) earnings per share $ (0.81) $ 0.02 $ (0.85) $ 0.14 Diluted net (loss) earnings per share $ (0.81) $ 0.02 $ (0.85) $ 0.14 Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive: 11,426 9,602 9,833 9,602 (1) Due to the net loss for the three and six months ended June 30, 2023, an additional 3.7 million and 4.1 million, respectively, of common stock equivalents were also excluded from the calculation of diluted earnings per share. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory Components | Inventories consisted of the following: June 30, December 31, Raw materials $ 28,137 $ 25,539 Supplies and service parts 33,046 27,573 Finished products 31,600 30,608 Total inventory, net $ 92,783 $ 83,720 |
Finance Assets and Lessor Ope_2
Finance Assets and Lessor Operating Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Schedule of Financing Receivables | Finance receivables consisted of the following: June 30, 2023 December 31, 2022 North America International Total North America International Total Sales-type lease receivables Gross finance receivables $ 986,317 $ 143,792 $ 1,130,109 $ 967,298 $ 158,167 $ 1,125,465 Unguaranteed residual values 38,837 8,346 47,183 38,832 8,798 47,630 Unearned income (246,871) (45,218) (292,089) (239,238) (48,334) (287,572) Allowance for credit losses (14,255) (2,434) (16,689) (14,131) (2,893) (17,024) Net investment in sales-type lease receivables 764,028 104,486 868,514 752,761 115,738 868,499 Loan receivables Loan receivables 317,513 19,477 336,990 311,887 16,636 328,523 Allowance for credit losses (5,264) (164) (5,428) (4,787) (139) (4,926) Net investment in loan receivables 312,249 19,313 331,562 307,100 16,497 323,597 Net investment in finance receivables $ 1,076,277 $ 123,799 $ 1,200,076 $ 1,059,861 $ 132,235 $ 1,192,096 |
Schedule of Sales-type Lease Maturity | Maturities of gross finance receivables at June 30, 2023 were as follows: Sales-type Lease Receivables Loan Receivables North America International Total North America International Total Remainder 2023 $ 197,140 $ 43,305 $ 240,445 $ 224,057 $ 19,477 $ 243,534 2024 323,973 45,253 369,226 33,442 — 33,442 2025 232,550 28,915 261,465 26,991 — 26,991 2026 148,495 16,607 165,102 18,104 — 18,104 2027 72,840 7,306 80,146 11,659 — 11,659 Thereafter 11,319 2,406 13,725 3,260 — 3,260 Total $ 986,317 $ 143,792 $ 1,130,109 $ 317,513 $ 19,477 $ 336,990 |
Schedule of Loan Receivable Maturity | Maturities of gross finance receivables at June 30, 2023 were as follows: Sales-type Lease Receivables Loan Receivables North America International Total North America International Total Remainder 2023 $ 197,140 $ 43,305 $ 240,445 $ 224,057 $ 19,477 $ 243,534 2024 323,973 45,253 369,226 33,442 — 33,442 2025 232,550 28,915 261,465 26,991 — 26,991 2026 148,495 16,607 165,102 18,104 — 18,104 2027 72,840 7,306 80,146 11,659 — 11,659 Thereafter 11,319 2,406 13,725 3,260 — 3,260 Total $ 986,317 $ 143,792 $ 1,130,109 $ 317,513 $ 19,477 $ 336,990 |
Schedule of Past Due Financing Receivables | The aging of gross finance receivables was as follows: June 30, 2023 Sales-type Lease Receivables Loan Receivables North International North International Total Past due amounts 0 - 90 days $ 981,470 $ 141,849 $ 314,794 $ 19,285 $ 1,457,398 Past due amounts > 90 days 4,847 1,943 2,719 192 9,701 Total $ 986,317 $ 143,792 $ 317,513 $ 19,477 $ 1,467,099 December 31, 2022 Sales-type Lease Receivables Loan Receivables North International North International Total Past due amounts 0 - 90 days $ 959,203 $ 155,596 $ 308,872 $ 16,503 $ 1,440,174 Past due amounts > 90 days 8,095 2,571 3,015 133 13,814 Total $ 967,298 $ 158,167 $ 311,887 $ 16,636 $ 1,453,988 |
Schedule of Allowance for Credit Losses and Write-offs on Financing Receivables | Activity in the allowance for credit losses for finance receivables was as follows: Sales-type Lease Receivables Loan Receivables North International North International Total Balance at January 1, 2023 $ 14,131 $ 2,893 $ 4,787 $ 139 $ 21,950 Amounts charged to expense 1,035 250 2,067 160 3,512 Write-offs (2,374) (779) (2,668) (145) (5,966) Recoveries 1,460 134 1,061 — 2,655 Other 3 (64) 17 10 (34) Balance at June 30, 2023 $ 14,255 $ 2,434 $ 5,264 $ 164 $ 22,117 Sales-type Lease Receivables Loan Receivables North International North International Total Balance at January 1, 2022 $ 19,546 $ 3,246 $ 3,259 $ 167 $ 26,218 Amounts charged to expense 145 73 1,408 186 1,812 Write-offs (2,806) (433) (2,491) (152) (5,882) Recoveries 1,572 — 1,354 — 2,926 Other (19) (364) (2) (31) (416) Balance at June 30, 2022 $ 18,438 $ 2,522 $ 3,528 $ 170 $ 24,658 The table below shows write-offs of gross finance receivables by year of origination. June 30, 2023 Sales Type Lease Receivables Loan Receivables Total 2023 2022 2021 2020 2019 Prior Write-offs $ 272 $ 688 $ 936 $ 601 $ 366 $ 290 $ 2,813 $ 5,966 |
Schedule of Financing Receivable Credit Quality Indicators | The table below shows gross finance receivables by relative risk class and year of origination based on the relative scores of the accounts within each class. June 30, 2023 Sales Type Lease Receivables Loan Receivables Total 2023 2022 2021 2020 2019 Prior Low $ 144,677 $ 255,499 $ 183,923 $ 119,576 $ 68,835 $ 25,262 $ 252,372 $ 1,050,144 Medium 27,214 45,522 33,343 22,615 16,592 6,076 49,631 200,993 High 2,345 4,581 3,055 2,482 1,214 850 6,416 20,943 Not Scored 48,423 50,455 37,337 17,854 9,379 3,000 28,571 195,019 Total $ 222,659 $ 356,057 $ 257,658 $ 162,527 $ 96,020 $ 35,188 $ 336,990 $ 1,467,099 December 31, 2022 Sales Type Lease Receivables Loan Receivables Total 2022 2021 2020 2019 2018 Prior Low $ 286,297 $ 206,511 $ 140,800 $ 95,485 $ 34,721 $ 12,674 $ 239,635 $ 1,016,123 Medium 53,419 40,669 27,013 19,668 6,751 3,441 56,048 207,009 High 6,492 3,840 3,119 1,942 750 508 6,800 23,451 Not Scored 71,435 53,831 29,957 19,232 5,889 1,021 26,040 207,405 Total $ 417,643 $ 304,851 $ 200,889 $ 136,327 $ 48,111 $ 17,644 $ 328,523 $ 1,453,988 |
Schedule of Sales-type Lease, Lease Income | Lease income from sales-type leases, excluding variable lease payments, was as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Profit recognized at commencement $ 30,839 $ 34,337 $ 62,661 $ 69,378 Interest income 39,181 41,021 78,112 83,304 Total lease income from sales-type leases $ 70,020 $ 75,358 $ 140,773 $ 152,682 |
Schedule of Lessor, Payments to be Received | Maturities of these operating leases are as follows: Remainder 2023 $ 10,241 2024 17,361 2025 18,934 2026 9,561 2027 2,779 Thereafter 607 Total $ 59,483 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets consisted of the following: June 30, 2023 December 31, 2022 Gross Accumulated Net Gross Accumulated Net Customer relationships $ 155,719 $ (87,804) $ 67,915 $ 155,715 $ (80,188) $ 75,527 Software & technology 21,973 (19,826) 2,147 22,000 (19,583) 2,417 Total intangible assets $ 177,692 $ (107,630) $ 70,062 $ 177,715 $ (99,771) $ 77,944 |
Schedule of Amortization Expense In Future Periods | Future amortization expense as of June 30, 2023 is shown in the table below. Actual amortization expense may differ due to, among other things, fluctuations in foreign currency exchange rates, acquisitions, divestitures and impairment charges. Remainder 2023 $ 7,859 2024 15,719 2025 15,515 2026 14,526 2027 11,471 Thereafter 4,972 Total $ 70,062 |
Schedule of Goodwill | Changes in the carrying value of goodwill by reporting segment are shown in the table below. December 31, 2022 Impairment Currency impact June 30, Global Ecommerce $ 339,184 $ (118,599) $ — $ 220,585 Presort Services 223,763 — — 223,763 SendTech Solutions 504,004 — 3,950 507,954 Total goodwill $ 1,066,951 $ (118,599) $ 3,950 $ 952,302 |
Fair Value Measurements and D_2
Fair Value Measurements and Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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. June 30, 2023 Level 1 Level 2 Level 3 Total Assets: Investment securities Money market funds $ 9,804 $ 178,973 $ — $ 188,777 Equity securities — 14,888 — 14,888 Commingled fixed income securities 1,538 6,318 — 7,856 Government and related securities 10,339 18,674 — 29,013 Corporate debt securities — 52,907 — 52,907 Mortgage-backed / asset-backed securities — 123,009 — 123,009 Derivatives Interest rate swap — 13,283 — 13,283 Total assets $ 21,681 $ 408,052 $ — $ 429,733 Liabilities: Derivatives Foreign exchange contracts $ — $ (1,314) $ — $ (1,314) Total liabilities $ — $ (1,314) $ — $ (1,314) December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Investment securities Money market funds $ 29,087 $ 238,536 $ — $ 267,623 Equity securities — 13,233 — 13,233 Commingled fixed income securities 1,520 6,526 — 8,046 Government and related securities 10,253 18,796 — 29,049 Corporate debt securities — 52,319 — 52,319 Mortgage-backed / asset-backed securities — 126,882 — 126,882 Derivatives Interest rate swap — 15,283 — 15,283 Foreign exchange contracts — 479 — 479 Total assets $ 40,860 $ 472,054 $ — $ 512,914 Liabilities: Derivatives Foreign exchange contracts $ — $ (1,472) $ — $ (1,472) Total liabilities $ — $ (1,472) $ — $ (1,472) |
Schedule of Available-for-sale Securities Reconciliation | Available-for-sale securities consisted of the following: June 30, 2023 Amortized cost Gross unrealized losses Estimated fair value Government and related securities $ 35,186 $ (7,694) $ 27,492 Corporate debt securities 65,638 (12,731) 52,907 Commingled fixed income securities 1,768 (230) 1,538 Mortgage-backed / asset-backed securities 151,671 (28,662) 123,009 Total $ 254,263 $ (49,317) $ 204,946 December 31, 2022 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Government and related securities $ 35,744 $ 11 $ (8,210) $ 27,545 Corporate debt securities 66,300 — (13,981) 52,319 Commingled fixed income securities 1,749 — (229) 1,520 Mortgage-backed / asset-backed securities 156,352 — (29,470) 126,882 Total $ 260,145 $ 11 $ (51,890) $ 208,266 |
Schedule of Unrealized Holding Losses | Investment securities in a loss position were as follows: June 30, 2023 December 31, 2022 Fair Value Gross unrealized losses Fair Value Gross unrealized losses Greater than 12 continuous months Government and related securities $ 22,263 $ 5,001 $ 17,063 $ 2,753 Corporate debt securities 52,440 12,715 48,812 13,749 Mortgage-backed / asset-backed securities 122,646 28,642 114,839 28,040 Total $ 197,349 $ 46,358 $ 180,714 $ 44,542 Less than 12 continuous months Government and related securities $ 5,229 $ 2,693 $ 10,061 $ 5,457 Corporate debt securities 467 16 3,508 232 Commingled fixed income securities 1,538 230 1,520 229 Mortgage-backed / asset-backed securities 363 20 12,042 1,430 Total $ 7,597 $ 2,959 $ 27,131 $ 7,348 |
Schedule of Available-for-sale Securities | Scheduled maturities of available-for-sale securities at June 30, 2023 were as follows: Amortized cost Estimated fair value Within 1 year $ 2,640 $ 2,399 After 1 year through 5 years 14,947 13,501 After 5 years through 10 years 72,584 59,847 After 10 years 164,092 129,199 Total $ 254,263 $ 204,946 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The fair value of derivative instruments was as follows: Designation of Derivatives Balance Sheet Location June 30, December 31, Derivatives designated as Foreign exchange contracts Other current assets and prepayments $ — $ 15 Accounts payable and accrued liabilities — (23) Interest rate swaps Other assets 13,283 15,283 Derivatives not designated as Foreign exchange contracts Other current assets and prepayments — 464 Accounts payable and accrued liabilities (1,314) (1,449) Total derivative assets $ 13,283 $ 15,762 Total derivative liabilities (1,314) (1,472) Total net derivative asset $ 11,969 $ 14,290 |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | Results of cash flow hedging relationships were as follows: Three Months Ended June 30, Derivative Gain (Loss) Location of Gain (Loss) Gain (Loss) Reclassified Derivative Instrument 2023 2022 2023 2022 Foreign exchange contracts $ — $ 100 Revenue $ — $ — Cost of sales (34) 49 Interest rate swap 586 1,717 Interest expense 138 138 $ 586 $ 1,817 $ 104 $ 187 Six Months Ended June 30, Derivative Gain (Loss) Location of Gain (Loss) Gain (Loss) Reclassified Derivative Instrument 2023 2022 2023 2022 Foreign exchange contracts $ (25) $ 123 Revenue $ — $ — Cost of sales (33) 63 Interest rate swap (2,000) 8,927 Interest expense 275 275 $ (2,025) $ 9,050 $ 242 $ 338 |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The impact on earnings from the change in fair value of these foreign exchange contracts, exclusive of the corresponding impact on earnings from the revaluation of the intercompany loans and related interest, was as follows: Three Months Ended June 30, Derivative Gain (Loss) Recognized in Earnings Derivatives Instrument Location of Derivative Gain (Loss) 2023 2022 Foreign exchange contracts Selling, general and administrative expense $ 5,893 $ (17,769) Six Months Ended June 30, Derivative Gain (Loss) Recognized in Earnings Derivatives Instrument Location of Derivative Gain (Loss) 2023 2022 Foreign exchange contracts Selling, general and administrative expense $ 7,464 $ (21,183) |
Schedule of Fair Value, by Balance Sheet Grouping | The carrying value and estimated fair value of debt was as follows: June 30, 2023 December 31, 2022 Carrying value $ 2,149,778 $ 2,205,266 Fair value $ 1,744,098 $ 1,856,878 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost | Activity in our restructuring reserves was as follows: 2023 Plan Prior Plan Total Balance at January 1, 2023 $ — $ 7,647 $ 7,647 Amounts charged to expense 22,443 3,599 26,042 Cash payments (1,637) (11,246) (12,883) Noncash activity (1,478) — (1,478) Balance at June 30, 2023 $ 19,328 $ — $ 19,328 Balance at January 1, 2022 $ — $ 5,747 $ 5,747 Amounts charged to expense — 8,408 8,408 Cash payments — (8,255) (8,255) Noncash activity — (275) (275) Balance at June 30, 2022 $ — $ 5,625 $ 5,625 |
Schedule of Restructuring Expense | Components of restructuring expense were as follows: Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 2023 Plan Prior Plan Total Prior Plan Severance $ 20,965 $ — $ 20,965 $ 3,170 Facilities and other 1,478 — 1,478 1,054 Total $ 22,443 $ — $ 22,443 $ 4,224 Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 2023 Plan Prior Plan Total Prior Plan Severance $ 20,965 $ 3,057 $ 24,022 $ 6,377 Facilities and other 1,478 542 2,020 2,031 Total $ 22,443 $ 3,599 $ 26,042 $ 8,408 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Total debt consisted of the following: Interest rate June 30, 2023 December 31, 2022 Notes due March 2024 4.625% $ 214,510 $ 236,749 Term loan due March 2026 SOFR + 2.25% 336,500 351,500 Notes due March 2027 6.875% 380,000 396,750 Term loan due March 2028 SOFR + 4.0% 439,875 442,125 Notes due March 2029 7.25% 350,000 350,000 Notes due January 2037 5.25% 35,841 35,841 Notes due March 2043 6.70% 425,000 425,000 Other debt 1,817 2,446 Principal amount 2,183,543 2,240,411 Less: unamortized costs, net 33,765 35,145 Total debt 2,149,778 2,205,266 Less: current portion long-term debt 264,980 32,764 Long-term debt $ 1,884,798 $ 2,172,502 |
Pensions and Other Benefit Pr_2
Pensions and Other Benefit Programs (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Costs of Retirement Plans | The components of net periodic benefit (income) cost were as follows: Defined Benefit Pension Plans Nonpension Postretirement Benefit Plans United States Foreign Three Months Ended Three Months Ended Three Months Ended June 30, June 30, June 30, 2023 2022 2023 2022 2023 2022 Service cost $ 10 $ 24 $ 194 $ 332 $ 88 $ 179 Interest cost 16,089 11,141 5,334 3,450 1,306 939 Expected return on plan assets (21,613) (17,862) (7,515) (6,809) — — Amortization of prior service (credit) cost (5) (11) 72 64 — — Amortization of net actuarial loss (gain) 4,416 8,232 522 1,726 (357) 88 Settlement 314 — — — — — Net periodic benefit (income) cost $ (789) $ 1,524 $ (1,393) $ (1,237) $ 1,037 $ 1,206 Contributions to benefit plans $ 1,908 $ 1,148 $ 512 $ 392 $ 2,838 $ 3,490 Defined Benefit Pension Plans Nonpension Postretirement Benefit Plans United States Foreign Six Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, 2023 2022 2023 2022 2023 2022 Service cost $ 20 $ 48 $ 388 $ 687 $ 177 $ 358 Interest cost 32,178 22,282 10,556 7,084 2,611 1,879 Expected return on plan assets (43,226) (35,725) (14,859) (14,014) — — Amortization of prior service (credit) cost (10) (22) 142 132 — — Amortization of net actuarial loss (gain) 8,833 16,464 1,027 3,547 (713) 175 Settlement 314 — — — — — Net periodic benefit (income) cost $ (1,891) $ 3,047 $ (2,746) $ (2,564) $ 2,075 $ 2,412 Contributions to benefit plans $ 3,035 $ 2,298 $ 15,545 $ 8,613 $ 6,616 $ 7,648 |
Stockholders_ (Deficit) Equity
Stockholders’ (Deficit) Equity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders’ (Deficit) Equity | Changes in stockholders’ (deficit) equity were as follows: Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Treasury stock Total (deficit) equity Balance at April 1, 2023 $ 323,338 $ — $ 5,060,852 $ (819,978) $ (4,504,248) $ 59,964 Net loss — — (141,535) — — (141,535) Other comprehensive income — — — 11,985 — 11,985 Dividends paid ($0.05 per common share) — — (8,800) — — (8,800) Issuance of common stock — (2,830) (1,876) — 4,775 69 Stock-based compensation expense — 2,830 — — — 2,830 Balance at June 30, 2023 $ 323,338 $ — $ 4,908,641 $ (807,993) $ (4,499,473) $ (75,487) Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Treasury stock Total equity Balance at April 1, 2022 $ 323,338 $ — $ 5,141,636 $ (800,330) $ (4,571,762) $ 92,882 Net income — — 4,336 — — 4,336 Other comprehensive loss — — — (49,723) — (49,723) Dividends paid ($0.05 per common share) — — (8,625) — — (8,625) Issuance of common stock — (5,371) (99) — 5,383 (87) Stock-based compensation expense — 5,371 — — — 5,371 Balance at June 30, 2022 $ 323,338 $ — $ 5,137,248 $ (850,053) $ (4,566,379) $ 44,154 Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Treasury stock Total (deficit) equity Balance at January 1, 2023 $ 323,338 $ — $ 5,125,677 $ (835,564) $ (4,552,798) $ 60,653 Net loss — — (149,272) — — (149,272) Other comprehensive income — — — 27,571 — 27,571 Dividends paid ($0.10 per common share) — — (17,525) — — (17,525) Issuance of common stock — (6,075) (50,239) — 53,325 (2,989) Stock-based compensation expense — 6,075 — — — 6,075 Balance at June 30, 2023 $ 323,338 $ — $ 4,908,641 $ (807,993) $ (4,499,473) $ (75,487) Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Treasury stock Total equity Balance at January 1, 2022 $ 323,338 $ 2,485 $ 5,169,270 $ (780,312) $ (4,602,149) $ 112,632 Net income — — 25,157 — — 25,157 Other comprehensive loss — — — (69,741) — (69,741) Dividends paid ($0.10 per common share) — — (17,313) — — (17,313) Issuance of common stock — (12,351) (39,866) — 49,216 (3,001) Stock-based compensation expense — 9,866 — — — 9,866 Repurchase of common stock — — — — (13,446) (13,446) Balance at June 30, 2022 $ 323,338 $ — $ 5,137,248 $ (850,053) $ (4,566,379) $ 44,154 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Schedule of Reclassification out of Accumulated Other Comprehensive Income | Reclassifications out of AOCL were as follows: Gain (Loss) Reclassified from AOCL Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cash flow hedges Cost of sales (34) 49 $ (33) $ 63 Interest expense, net 138 138 275 275 Total before tax 104 187 242 338 Income tax provision 26 47 61 83 Net of tax $ 78 $ 140 $ 181 $ 255 Available-for-sale securities Financing revenue $ (1) $ (4) $ 9 $ (6) Selling, general and administrative expense — 35 — 22 Total before tax (1) 31 9 16 Income tax provision — 8 2 5 Net of tax $ (1) $ 23 $ 7 $ 11 Pension and postretirement benefit plans Prior service costs (67) (53) $ (132) $ (110) Actuarial losses (4,581) (10,046) (9,147) (20,186) Settlement (314) — (314) — Total before tax (4,962) (10,099) (9,593) (20,296) Income tax benefit (1,223) (1,870) (2,365) (4,331) Net of tax $ (3,739) $ (8,229) $ (7,228) $ (15,965) |
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in AOCL, net of tax were as follows: Cash flow hedges Available for sale securities Pension and postretirement benefit plans Foreign currency adjustments Total Balance at January 1, 2023 $ 12,503 $ (39,440) $ (716,056) $ (92,571) $ (835,564) Other comprehensive (loss) income before reclassifications (1,506) 1,957 — 20,080 20,531 Reclassifications into earnings (181) (7) 7,228 — 7,040 Net other comprehensive (loss) income (1,687) 1,950 7,228 20,080 27,571 Balance at June 30, 2023 $ 10,816 $ (37,490) $ (708,828) $ (72,491) $ (807,993) Cash flow hedges Available for sale securities Pension and postretirement benefit plans Foreign currency adjustments Total Balance at January 1, 2022 $ 3,803 $ (6,249) $ (756,639) $ (21,227) $ (780,312) Other comprehensive income (loss) before reclassifications 6,817 (26,554) — (65,703) (85,440) Reclassifications into earnings (255) (11) 15,965 — 15,699 Net other comprehensive income (loss) 6,562 (26,565) 15,965 (65,703) (69,741) Balance at June 30, 2022 $ 10,365 $ (32,814) $ (740,674) $ (86,930) $ (850,053) |
Supplemental Financial Statem_2
Supplemental Financial Statement Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Accounts Receivable and Other Assets, Allowance for Credit Loss | Activity in the allowance for credit losses on accounts and other receivables and other assets is presented below. See Note 7 for information regarding the allowance for credit losses on finance receivables. Six Months Ended June 30, 2023 2022 Balance at beginning of year $ 5,864 $ 29,179 Amounts charged to expense 3,652 5,280 Write-offs, recoveries and other (5,299) (21,763) Balance at end of period $ 4,217 $ 12,696 Accounts and other receivables $ 4,217 $ 12,176 Other assets — 520 Total $ 4,217 $ 12,696 |
Schedule of Other (Income) Expense | Other income, net consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2023 2023 2022 (Gain) loss on debt redemption/refinancing $ (228) $ (3,064) $ 4,993 Gain on sale of assets — — (14,372) Gain on sale of businesses — — (2,522) Other income, net $ (228) $ (3,064) $ (11,901) |
Schedule of Cash Flow Supplemental Information | Supplemental cash flow information is as follows: Six Months Ended June 30, 2023 2022 Cash interest paid $ 75,425 $ 64,511 Cash income tax payments, net of refunds $ 15,100 $ 11,164 Noncash activity Capital assets obtained under capital lease obligations $ 1,495 $ 14,017 |
Description of Business and B_3
Description of Business and Basis of Presentation (Narrative) (Details) | Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Percent of fortune 500 companies serviced | 90% |
Revenue (Disaggregates of Reven
Revenue (Disaggregates of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from leasing transactions and financing | $ 776,481 | $ 871,495 | $ 1,611,019 | $ 1,798,437 |
Total consolidated revenue | 776,481 | 871,495 | 1,611,019 | 1,798,437 |
ASC 606 | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 632,377 | 718,748 | 1,319,982 | 1,488,844 |
ASC 606 | Products/services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 73,495 | 76,153 | 150,559 | 154,526 |
ASC 606 | Products/services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 558,882 | 642,595 | 1,169,423 | 1,334,318 |
Global Ecommerce | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 312,754 | 393,770 | 661,145 | 812,297 |
Revenue from leasing transactions and financing | 312,754 | 393,770 | 661,145 | 812,297 |
Global Ecommerce | ASC 606 | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 312,754 | 393,770 | 661,145 | 812,297 |
Global Ecommerce | ASC 606 | Products/services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 0 | 0 | 0 | 0 |
Global Ecommerce | ASC 606 | Products/services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 312,754 | 393,770 | 661,145 | 812,297 |
Presort Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 143,107 | 138,934 | 302,009 | 299,478 |
Revenue from leasing transactions and financing | 143,107 | 138,934 | 302,009 | 299,478 |
Presort Services | ASC 606 | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 143,107 | 138,934 | 302,009 | 299,478 |
Presort Services | ASC 606 | Products/services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 0 | 0 | 0 | 0 |
Presort Services | ASC 606 | Products/services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 143,107 | 138,934 | 302,009 | 299,478 |
SendTech Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 320,620 | 338,791 | 647,865 | 686,662 |
Revenue from leasing transactions and financing | 320,620 | 338,791 | 647,865 | 686,662 |
SendTech Solutions | ASC 606 | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 176,516 | 186,044 | 356,828 | 377,069 |
SendTech Solutions | ASC 606 | Products/services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 73,495 | 76,153 | 150,559 | 154,526 |
SendTech Solutions | ASC 606 | Products/services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 103,021 | 109,891 | 206,269 | 222,543 |
Sales And Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 632,377 | 718,748 | 1,319,982 | 1,488,844 |
Revenue from leasing transactions and financing | 144,104 | 152,747 | 291,037 | 309,593 |
Total consolidated revenue | 776,481 | 871,495 | 1,611,019 | 1,798,437 |
Sales And Services | Global Ecommerce | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 312,754 | 393,770 | 661,145 | 812,297 |
Sales And Services | Presort Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 143,107 | 138,934 | 302,009 | 299,478 |
Sales And Services | SendTech Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 176,516 | 186,044 | 356,828 | 377,069 |
Business services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 473,497 | 551,478 | 996,988 | 1,148,862 |
Revenue from leasing transactions and financing | 0 | 0 | 0 | 0 |
Total consolidated revenue | 473,497 | 551,478 | 996,988 | 1,148,862 |
Business services | Global Ecommerce | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 312,754 | 393,770 | 661,145 | 812,297 |
Business services | Presort Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 143,107 | 138,934 | 302,009 | 299,478 |
Business services | SendTech Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 17,636 | 18,774 | 33,834 | 37,087 |
Support services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 103,315 | 107,625 | 208,599 | 217,977 |
Revenue from leasing transactions and financing | 0 | 0 | 0 | 0 |
Total consolidated revenue | 103,315 | 107,625 | 208,599 | 217,977 |
Support services | Global Ecommerce | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 0 | 0 | 0 | 0 |
Support services | Presort Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 0 | 0 | 0 | 0 |
Support services | SendTech Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 103,315 | 107,625 | 208,599 | 217,977 |
Financing | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 0 | 0 | 0 | 0 |
Revenue from leasing transactions and financing | 66,702 | 67,298 | 133,751 | 139,327 |
Total consolidated revenue | 66,702 | 67,298 | 133,751 | 139,327 |
Financing | Global Ecommerce | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 0 | 0 | 0 | 0 |
Financing | Presort Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 0 | 0 | 0 | 0 |
Financing | SendTech Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 0 | 0 | 0 | 0 |
Equipment sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 19,060 | 21,400 | 39,055 | 42,699 |
Revenue from leasing transactions and financing | 60,391 | 68,586 | 123,006 | 136,583 |
Total consolidated revenue | 79,451 | 89,986 | 162,061 | 179,282 |
Equipment sales | Global Ecommerce | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 0 | 0 | 0 | 0 |
Equipment sales | Presort Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 0 | 0 | 0 | 0 |
Equipment sales | SendTech Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 19,060 | 21,400 | 39,055 | 42,699 |
Supplies | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 36,505 | 38,245 | 75,340 | 79,306 |
Revenue from leasing transactions and financing | 0 | 0 | 0 | 0 |
Total consolidated revenue | 36,505 | 38,245 | 75,340 | 79,306 |
Supplies | Global Ecommerce | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 0 | 0 | 0 | 0 |
Supplies | Presort Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 0 | 0 | 0 | 0 |
Supplies | SendTech Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 36,505 | 38,245 | 75,340 | 79,306 |
Rentals | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 0 | 0 | 0 | 0 |
Revenue from leasing transactions and financing | 17,011 | 16,863 | 34,280 | 33,683 |
Total consolidated revenue | 17,011 | 16,863 | 34,280 | 33,683 |
Rentals | Global Ecommerce | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 0 | 0 | 0 | 0 |
Rentals | Presort Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 0 | 0 | 0 | 0 |
Rentals | SendTech Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from products and services | 0 | 0 | 0 | 0 |
Revenue from leasing transactions and financing | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from leasing transactions and financing | 144,104 | 152,747 | 291,037 | 309,593 |
Revenue from leasing transactions and financing | Global Ecommerce | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from leasing transactions and financing | 0 | 0 | 0 | 0 |
Revenue from leasing transactions and financing | Presort Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from leasing transactions and financing | 0 | 0 | 0 | 0 |
Revenue from leasing transactions and financing | SendTech Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from leasing transactions and financing | $ 144,104 | $ 152,747 | $ 291,037 | $ 309,593 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Advanced billings, revenue recognized | $ 80 | |
Lease transactions | $ 8 | $ 7 |
SendTech Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Expected timing of satisfaction period, not included | 12 months | |
Business services | Minimum | ||
Disaggregation of Revenue [Line Items] | ||
Period of recognition | 1 year | |
Business services | Maximum | ||
Disaggregation of Revenue [Line Items] | ||
Period of recognition | 5 years | |
Support services | Minimum | ||
Disaggregation of Revenue [Line Items] | ||
Period of recognition | 1 year | |
Support services | Maximum | ||
Disaggregation of Revenue [Line Items] | ||
Period of recognition | 5 years |
Revenue (Contract Assets and Ad
Revenue (Contract Assets and Advance Billings) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | ||
Advance billings, current | $ 74,743 | $ 97,904 |
Advance billings, noncurrent | 828 | $ 906 |
Increase/ (decrease) | ||
Advance billings, current | (23,161) | |
Advance billings, noncurrent | $ (78) |
Revenue (Future Performance Obl
Revenue (Future Performance Obligations) (Details) - SendTech Solutions $ in Thousands | Jun. 30, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future performance obligations | $ 700,187 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future performance obligations | $ 131,067 |
Expected timing of satisfaction period | 6 months |
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 | $ 227,613 |
Expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future performance obligations | $ 341,507 |
Expected timing of satisfaction period | 3 years |
Segment Information (Revenues)
Segment Information (Revenues) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 776,481 | $ 871,495 | $ 1,611,019 | $ 1,798,437 |
Global Ecommerce | ||||
Segment Reporting Information [Line Items] | ||||
Total from contracts with customers | 312,754 | 393,770 | 661,145 | 812,297 |
Presort Services | ||||
Segment Reporting Information [Line Items] | ||||
Total from contracts with customers | 143,107 | 138,934 | 302,009 | 299,478 |
SendTech Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Total from contracts with customers | $ 320,620 | $ 338,791 | $ 647,865 | $ 686,662 |
Segment Information (Net (Loss)
Segment Information (Net (Loss) Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Reconciliation of adjusted segment EBIT to net (loss) income: | ||||
Restructuring charges | $ (22,443) | $ (4,224) | $ (26,042) | $ (8,408) |
Interest expense, net | (22,920) | (21,007) | (45,262) | (43,131) |
Goodwill impairment | (118,599) | 0 | (118,599) | 0 |
Gain (loss) on debt redemption/refinancing | 228 | 3,064 | (4,993) | |
Gain on sale of assets | 0 | 0 | 14,372 | |
Loss on sale of businesses, including transaction costs | 0 | 0 | 2,522 | |
Benefit for income taxes | 9,415 | 7,026 | 12,665 | 2,823 |
Net (loss) income | (141,535) | 4,336 | (149,272) | 25,157 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted EBIT | 79,794 | 79,591 | 169,164 | 190,102 |
Segment Reconciling Items | ||||
Reconciliation of adjusted segment EBIT to net (loss) income: | ||||
Unallocated corporate expenses | (47,709) | (40,761) | (104,058) | (98,595) |
Restructuring charges | (22,443) | (4,224) | (26,042) | (8,408) |
Interest expense, net | (37,683) | (33,540) | (74,561) | (67,266) |
Proxy solicitation fees | (4,538) | 0 | (10,905) | 0 |
Goodwill impairment | (118,599) | 0 | (118,599) | 0 |
Gain (loss) on debt redemption/refinancing | 228 | 0 | 3,064 | (4,993) |
Gain on sale of assets | 0 | 0 | 0 | 14,372 |
Loss on sale of businesses, including transaction costs | 0 | (3,756) | 0 | (2,878) |
Benefit for income taxes | 9,415 | 7,026 | 12,665 | 2,823 |
Global Ecommerce | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted EBIT | (38,115) | (28,825) | (72,321) | (42,521) |
Reconciliation of adjusted segment EBIT to net (loss) income: | ||||
Goodwill impairment | (118,599) | |||
Presort Services | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted EBIT | 20,429 | 12,851 | 47,334 | 32,483 |
Reconciliation of adjusted segment EBIT to net (loss) income: | ||||
Goodwill impairment | 0 | |||
SendTech Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted EBIT | $ 97,480 | $ 95,565 | 194,151 | $ 200,140 |
Reconciliation of adjusted segment EBIT to net (loss) income: | ||||
Goodwill impairment | $ 0 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Numerator: | ||||
Net (loss) income | $ (141,535) | $ 4,336 | $ (149,272) | $ 25,157 |
Denominator: | ||||
Weighted-average shares used in basic EPS (in shares) | 175,695 | 173,490 | 175,094 | 173,859 |
Dilutive effect of common stock equivalents (in shares) | 0 | 3,479 | 0 | 3,814 |
Weighted-average shares used in diluted EPS (in shares) | 175,695 | 176,969 | 175,094 | 177,673 |
Basic net (loss) earnings per share (in dollars per share) | $ (0.81) | $ 0.02 | $ (0.85) | $ 0.14 |
Diluted net (loss) earnings per share (in dollars per share) | $ (0.81) | $ 0.02 | $ (0.85) | $ 0.14 |
Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive (in shares) | 11,426 | 9,602 | 9,833 | 9,602 |
Dilutive effect of common stock equivalents (in shares) | 3,700 | 4,100 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 28,137 | $ 25,539 |
Supplies and service parts | 33,046 | 27,573 |
Finished products | 31,600 | 30,608 |
Total inventory, net | $ 92,783 | $ 83,720 |
Finance Assets and Lessor Ope_3
Finance Assets and Lessor Operating Leases (Finance Receivables) (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for credit losses | $ (22,117) | $ (21,950) | $ (24,658) | $ (26,218) |
Net investment in receivables | 1,200,076 | 1,192,096 | ||
North America | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Net investment in receivables | 1,076,277 | 1,059,861 | ||
International | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Net investment in receivables | 123,799 | 132,235 | ||
Sales-type lease receivables | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross finance receivables | 1,130,109 | 1,125,465 | ||
Unguaranteed residual values | 47,183 | 47,630 | ||
Unearned income | (292,089) | (287,572) | ||
Allowance for credit losses | (16,689) | (17,024) | ||
Net investment in receivables | 868,514 | 868,499 | ||
Sales-type lease receivables | North America | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross finance receivables | 986,317 | 967,298 | ||
Unguaranteed residual values | 38,837 | 38,832 | ||
Unearned income | (246,871) | (239,238) | ||
Allowance for credit losses | (14,255) | (14,131) | (18,438) | (19,546) |
Net investment in receivables | 764,028 | 752,761 | ||
Sales-type lease receivables | International | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross finance receivables | 143,792 | 158,167 | ||
Unguaranteed residual values | 8,346 | 8,798 | ||
Unearned income | (45,218) | (48,334) | ||
Allowance for credit losses | (2,434) | (2,893) | (2,522) | (3,246) |
Net investment in receivables | 104,486 | 115,738 | ||
Loan receivables | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross finance receivables | 336,990 | 328,523 | ||
Allowance for credit losses | (5,428) | (4,926) | ||
Net investment in receivables | 331,562 | 323,597 | ||
Loan receivables | North America | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross finance receivables | 317,513 | 311,887 | ||
Allowance for credit losses | (5,264) | (4,787) | (3,528) | (3,259) |
Net investment in receivables | 312,249 | 307,100 | ||
Loan receivables | International | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross finance receivables | 19,477 | 16,636 | ||
Allowance for credit losses | (164) | (139) | $ (170) | $ (167) |
Net investment in receivables | $ 19,313 | $ 16,497 | ||
Minimum | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Lease period | 3 years | |||
Maximum | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Lease period | 5 years |
Finance Assets and Lessor Ope_4
Finance Assets and Lessor Operating Leases (Sales-type Lease and Loan Receivables) (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Sales-type Lease Receivables | |
Remainder 2023 | $ 240,445 |
2024 | 369,226 |
2025 | 261,465 |
2026 | 165,102 |
2027 | 80,146 |
Thereafter | 13,725 |
Total | 1,130,109 |
Loan Receivables | |
Remainder 2023 | 243,534 |
2024 | 33,442 |
2025 | 26,991 |
2026 | 18,104 |
2027 | 11,659 |
Thereafter | 3,260 |
Total | 336,990 |
North America | |
Sales-type Lease Receivables | |
Remainder 2023 | 197,140 |
2024 | 323,973 |
2025 | 232,550 |
2026 | 148,495 |
2027 | 72,840 |
Thereafter | 11,319 |
Total | 986,317 |
Loan Receivables | |
Remainder 2023 | 224,057 |
2024 | 33,442 |
2025 | 26,991 |
2026 | 18,104 |
2027 | 11,659 |
Thereafter | 3,260 |
Total | 317,513 |
International | |
Sales-type Lease Receivables | |
Remainder 2023 | 43,305 |
2024 | 45,253 |
2025 | 28,915 |
2026 | 16,607 |
2027 | 7,306 |
Thereafter | 2,406 |
Total | 143,792 |
Loan Receivables | |
Remainder 2023 | 19,477 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
Thereafter | 0 |
Total | $ 19,477 |
Finance Assets and Lessor Ope_5
Finance Assets and Lessor Operating Leases (Aging of Receivables) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Total | $ 1,467,099 | $ 1,453,988 |
0 - 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,457,398 | 1,440,174 |
Greater than 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 9,701 | 13,814 |
Sales-type lease receivables | North America | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 986,317 | 967,298 |
Sales-type lease receivables | International | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 143,792 | 158,167 |
Sales-type lease receivables | 0 - 90 days | North America | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 981,470 | 959,203 |
Sales-type lease receivables | 0 - 90 days | International | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 141,849 | 155,596 |
Sales-type lease receivables | Greater than 90 days | North America | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 4,847 | 8,095 |
Sales-type lease receivables | Greater than 90 days | International | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,943 | 2,571 |
Loan receivables | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 336,990 | 328,523 |
Loan receivables | North America | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 317,513 | 311,887 |
Loan receivables | International | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 19,477 | 16,636 |
Loan receivables | 0 - 90 days | North America | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 314,794 | 308,872 |
Loan receivables | 0 - 90 days | International | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 19,285 | 16,503 |
Loan receivables | Greater than 90 days | North America | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2,719 | 3,015 |
Loan receivables | Greater than 90 days | International | ||
Financing Receivable, Past Due [Line Items] | ||
Total | $ 192 | $ 133 |
Finance Assets and Lessor Ope_6
Finance Assets and Lessor Operating Leases (Allowance for Credit Losses) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Revenue recognition resume period (less than) | 60 days | |
Allowance for Credit Losses | ||
Beginning Balance | $ 21,950 | $ 26,218 |
Amounts charged to expense | 3,512 | 1,812 |
Write-offs | (5,966) | (5,882) |
Recoveries | 2,655 | 2,926 |
Other | (34) | (416) |
Ending Balance | 22,117 | 24,658 |
Sales-type lease receivables | ||
Allowance for Credit Losses | ||
Beginning Balance | 17,024 | |
Ending Balance | 16,689 | |
Sales-type lease receivables | North America | ||
Allowance for Credit Losses | ||
Beginning Balance | 14,131 | 19,546 |
Amounts charged to expense | 1,035 | 145 |
Write-offs | (2,374) | (2,806) |
Recoveries | 1,460 | 1,572 |
Other | 3 | (19) |
Ending Balance | 14,255 | 18,438 |
Sales-type lease receivables | International | ||
Allowance for Credit Losses | ||
Beginning Balance | 2,893 | 3,246 |
Amounts charged to expense | 250 | 73 |
Write-offs | (779) | (433) |
Recoveries | 134 | 0 |
Other | (64) | (364) |
Ending Balance | $ 2,434 | 2,522 |
Loan receivables | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Revenue recognition discontinuation period (greater than) | 90 days | |
Allowance for Credit Losses | ||
Beginning Balance | $ 4,926 | |
Write-offs | (2,813) | |
Ending Balance | 5,428 | |
Loan receivables | North America | ||
Allowance for Credit Losses | ||
Beginning Balance | 4,787 | 3,259 |
Amounts charged to expense | 2,067 | 1,408 |
Write-offs | (2,668) | (2,491) |
Recoveries | 1,061 | 1,354 |
Other | 17 | (2) |
Ending Balance | 5,264 | 3,528 |
Loan receivables | International | ||
Allowance for Credit Losses | ||
Beginning Balance | 139 | 167 |
Amounts charged to expense | 160 | 186 |
Write-offs | (145) | (152) |
Recoveries | 0 | 0 |
Other | 10 | (31) |
Ending Balance | $ 164 | $ 170 |
Finance Assets and Lessor Ope_7
Finance Assets and Lessor Operating Leases (Write Offs) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | $ 5,966 | $ 5,882 |
Sales-type lease receivables | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Year one | 272 | |
Year two | 688 | |
Year three | 936 | |
Year four | 601 | |
Year five | 366 | |
Prior | 290 | |
Loan receivables | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | $ 2,813 |
Finance Assets and Lessor Ope_8
Finance Assets and Lessor Operating Leases (Credit Quality) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Portfolio small dollar applications below thousand | $ 50 | |
Total | $ 1,467,099 | $ 1,453,988 |
Low | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Approximate percentage of portfolio | 5% | |
Total | $ 1,050,144 | 1,016,123 |
Medium | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 200,993 | 207,009 |
Medium | Minimum | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Approximate percentage of portfolio | 5% | |
Medium | Maximum | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Approximate percentage of portfolio | 10% | |
High | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Approximate percentage of portfolio | 10% | |
Total | $ 20,943 | 23,451 |
Not Scored | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 195,019 | 207,405 |
Sales-type lease receivables | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 222,659 | 417,643 |
Year two | 356,057 | 304,851 |
Year three | 257,658 | 200,889 |
Year four | 162,527 | 136,327 |
Year five | 96,020 | 48,111 |
Prior | 35,188 | 17,644 |
Sales-type lease receivables | Low | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 144,677 | 286,297 |
Year two | 255,499 | 206,511 |
Year three | 183,923 | 140,800 |
Year four | 119,576 | 95,485 |
Year five | 68,835 | 34,721 |
Prior | 25,262 | 12,674 |
Sales-type lease receivables | Medium | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 27,214 | 53,419 |
Year two | 45,522 | 40,669 |
Year three | 33,343 | 27,013 |
Year four | 22,615 | 19,668 |
Year five | 16,592 | 6,751 |
Prior | 6,076 | 3,441 |
Sales-type lease receivables | High | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 2,345 | 6,492 |
Year two | 4,581 | 3,840 |
Year three | 3,055 | 3,119 |
Year four | 2,482 | 1,942 |
Year five | 1,214 | 750 |
Prior | 850 | 508 |
Sales-type lease receivables | Not Scored | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 48,423 | 71,435 |
Year two | 50,455 | 53,831 |
Year three | 37,337 | 29,957 |
Year four | 17,854 | 19,232 |
Year five | 9,379 | 5,889 |
Prior | 3,000 | 1,021 |
Loan receivables | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 336,990 | 328,523 |
Loan receivables | Low | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 252,372 | 239,635 |
Loan receivables | Medium | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 49,631 | 56,048 |
Loan receivables | High | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 6,416 | 6,800 |
Loan receivables | Not Scored | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 28,571 | 26,040 |
North America | Sales-type lease receivables | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 986,317 | 967,298 |
North America | Loan receivables | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 317,513 | $ 311,887 |
Financing Receivable | Geographic Concentration Risk | Not Scored | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Concentration risk, percentage | 15% | |
Financing Receivable | Geographic Concentration Risk | North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Concentration risk, percentage | 85% |
Finance Assets and Lessor Ope_9
Finance Assets and Lessor Operating Leases (Lease Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Receivables [Abstract] | ||||
Profit recognized at commencement | $ 30,839 | $ 34,337 | $ 62,661 | $ 69,378 |
Interest income | 39,181 | 41,021 | 78,112 | 83,304 |
Total lease income from sales-type leases | $ 70,020 | $ 75,358 | $ 140,773 | $ 152,682 |
Finance Assets and Lessor Op_10
Finance Assets and Lessor Operating Leases (Operating Leases) (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Lessor, Lease, Description [Line Items] | |
Remainder 2023 | $ 10,241 |
2024 | 17,361 |
2025 | 18,934 |
2026 | 9,561 |
2027 | 2,779 |
Thereafter | 607 |
Total | $ 59,483 |
Minimum | Mailing Equipment | |
Lessor, Lease, Description [Line Items] | |
Term of operating leases | 1 year |
Maximum | Mailing Equipment | |
Lessor, Lease, Description [Line Items] | |
Term of operating leases | 5 years |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill (Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Finite lived intangible assets | |||||
Gross Carrying Amount | $ 177,692 | $ 177,692 | $ 177,715 | ||
Accumulated Amortization | (107,630) | (107,630) | (99,771) | ||
Net Carrying Amount | 70,062 | 70,062 | 77,944 | ||
Amortization expense | 4,000 | $ 8,000 | 8,000 | $ 15,000 | |
Customer relationships | |||||
Finite lived intangible assets | |||||
Gross Carrying Amount | 155,719 | 155,719 | 155,715 | ||
Accumulated Amortization | (87,804) | (87,804) | (80,188) | ||
Net Carrying Amount | 67,915 | 67,915 | 75,527 | ||
Software & technology | |||||
Finite lived intangible assets | |||||
Gross Carrying Amount | 21,973 | 21,973 | 22,000 | ||
Accumulated Amortization | (19,826) | (19,826) | (19,583) | ||
Net Carrying Amount | $ 2,147 | $ 2,147 | $ 2,417 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill (Future Amortization Expense) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Finite lived intangible assets future amortization expense | ||
Remainder 2023 | $ 7,859 | |
2024 | 15,719 | |
2025 | 15,515 | |
2026 | 14,526 | |
2027 | 11,471 | |
Thereafter | 4,972 | |
Net Carrying Amount | $ 70,062 | $ 77,944 |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill (Goodwill) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Goodwill | ||||
Beginning balance | $ 1,066,951 | |||
Impairment | $ (118,599) | $ 0 | (118,599) | $ 0 |
Currency impact | 3,950 | |||
Ending balance | 952,302 | 952,302 | ||
Global Ecommerce | ||||
Goodwill | ||||
Beginning balance | 339,184 | |||
Impairment | (118,599) | |||
Currency impact | 0 | |||
Ending balance | 220,585 | 220,585 | ||
Presort Services | ||||
Goodwill | ||||
Beginning balance | 223,763 | |||
Impairment | 0 | |||
Currency impact | 0 | |||
Ending balance | 223,763 | 223,763 | ||
SendTech Solutions | ||||
Goodwill | ||||
Beginning balance | 504,004 | |||
Impairment | 0 | |||
Currency impact | 3,950 | |||
Ending balance | $ 507,954 | $ 507,954 |
Intangible Assets and Goodwil_5
Intangible Assets and Goodwill (Goodwill Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Goodwill [Line Items] | |||||
Goodwill impairment | $ 118,599 | $ 0 | $ 118,599 | $ 0 | |
Global Ecommerce | |||||
Goodwill [Line Items] | |||||
Goodwill accumulated impairment loss | $ 317,000 | 317,000 | $ 198,000 | ||
Goodwill impairment | $ 118,599 |
Fair Value Measurements and D_3
Fair Value Measurements and Derivative Instruments (Assets and Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | $ 204,946 | $ 208,266 |
Commingled fixed income securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 1,538 | 1,520 |
Government and related securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 27,492 | 27,545 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 52,907 | 52,319 |
Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 188,777 | 267,623 |
Equity securities | 14,888 | 13,233 |
Mortgage-backed / asset-backed securities | 123,009 | 126,882 |
Total assets | 429,733 | 512,914 |
Total liabilities | (1,314) | (1,472) |
Recurring basis | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 13,283 | 15,283 |
Recurring basis | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 479 | |
Derivative liabilities | (1,314) | (1,472) |
Recurring basis | Commingled fixed income securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 7,856 | 8,046 |
Recurring basis | Government and related securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 29,013 | 29,049 |
Recurring basis | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 52,907 | 52,319 |
Level 1 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 9,804 | 29,087 |
Equity securities | 0 | 0 |
Mortgage-backed / asset-backed securities | 0 | 0 |
Total assets | 21,681 | 40,860 |
Total liabilities | 0 | 0 |
Level 1 | Recurring basis | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Level 1 | Recurring basis | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | |
Derivative liabilities | 0 | 0 |
Level 1 | Recurring basis | Commingled fixed income securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 1,538 | 1,520 |
Level 1 | Recurring basis | Government and related securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 10,339 | 10,253 |
Level 1 | Recurring basis | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 0 | 0 |
Level 2 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 178,973 | 238,536 |
Equity securities | 14,888 | 13,233 |
Mortgage-backed / asset-backed securities | 123,009 | 126,882 |
Total assets | 408,052 | 472,054 |
Total liabilities | (1,314) | (1,472) |
Level 2 | Recurring basis | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 13,283 | 15,283 |
Level 2 | Recurring basis | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 479 | |
Derivative liabilities | (1,314) | (1,472) |
Level 2 | Recurring basis | Commingled fixed income securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 6,318 | 6,526 |
Level 2 | Recurring basis | Government and related securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 18,674 | 18,796 |
Level 2 | Recurring basis | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 52,907 | 52,319 |
Level 3 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 0 | 0 |
Equity securities | 0 | 0 |
Mortgage-backed / asset-backed securities | 0 | 0 |
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Level 3 | Recurring basis | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Level 3 | Recurring basis | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | |
Derivative liabilities | 0 | 0 |
Level 3 | Recurring basis | Commingled fixed income securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 0 | 0 |
Level 3 | Recurring basis | Government and related securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 0 | 0 |
Level 3 | Recurring basis | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | $ 0 | $ 0 |
Fair Value Measurements and D_4
Fair Value Measurements and Derivative Instruments (Available-for-sale Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized cost | $ 254,263 | $ 260,145 |
Gross unrealized gains | 11 | |
Gross unrealized losses | (49,317) | (51,890) |
Estimated fair value | 204,946 | 208,266 |
Government and related securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized cost | 35,186 | 35,744 |
Gross unrealized gains | 11 | |
Gross unrealized losses | (7,694) | (8,210) |
Estimated fair value | 27,492 | 27,545 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized cost | 65,638 | 66,300 |
Gross unrealized gains | 0 | |
Gross unrealized losses | (12,731) | (13,981) |
Estimated fair value | 52,907 | 52,319 |
Commingled fixed income securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized cost | 1,768 | 1,749 |
Gross unrealized gains | 0 | |
Gross unrealized losses | (230) | (229) |
Estimated fair value | 1,538 | 1,520 |
Mortgage-backed / asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized cost | 151,671 | 156,352 |
Gross unrealized gains | 0 | |
Gross unrealized losses | (28,662) | (29,470) |
Estimated fair value | $ 123,009 | $ 126,882 |
Fair Value Measurements and D_5
Fair Value Measurements and Derivative Instruments (Unrealized Holding Losses) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Greater than 12 continuous months, Fair Value | $ 197,349 | $ 180,714 |
Greater than 12 continuous months, Gross unrealized losses | 46,358 | 44,542 |
Less than 12 continuous months, Fair Value | 7,597 | 27,131 |
Less than 12 continuous months, Gross unrealized losses | 2,959 | 7,348 |
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 | 22,263 | 17,063 |
Greater than 12 continuous months, Gross unrealized losses | 5,001 | 2,753 |
Less than 12 continuous months, Fair Value | 5,229 | 10,061 |
Less than 12 continuous months, Gross unrealized losses | 2,693 | 5,457 |
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 | 52,440 | 48,812 |
Greater than 12 continuous months, Gross unrealized losses | 12,715 | 13,749 |
Less than 12 continuous months, Fair Value | 467 | 3,508 |
Less than 12 continuous months, Gross unrealized losses | 16 | 232 |
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 | 1,538 | 1,520 |
Less than 12 continuous months, Gross unrealized losses | 230 | 229 |
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 | 122,646 | 114,839 |
Greater than 12 continuous months, Gross unrealized losses | 28,642 | 28,040 |
Less than 12 continuous months, Fair Value | 363 | 12,042 |
Less than 12 continuous months, Gross unrealized losses | $ 20 | $ 1,430 |
Fair Value Measurements and D_6
Fair Value Measurements and Derivative Instruments (Available-for-sale Securities Maturities) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Amortized cost | ||
Within 1 year | $ 2,640 | |
After 1 year through 5 years | 14,947 | |
After 5 years through 10 years | 72,584 | |
After 10 years | 164,092 | |
Amortized cost | 254,263 | $ 260,145 |
Estimated fair value | ||
Within 1 year | 2,399 | |
After 1 year through 5 years | 13,501 | |
After 5 years through 10 years | 59,847 | |
After 10 years | 129,199 | |
Total | $ 204,946 | $ 208,266 |
Fair Value Measurements and D_7
Fair Value Measurements and Derivative Instruments (Narrative) (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Derivative [Line Items] | ||
Held-to-maturity securities | $ 24,000,000 | $ 22,000,000 |
Held-to-maturity securities, term | 2 years | |
Foreign exchange contracts | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 0 | $ 1,000,000 |
Derivative, term of contract | 3 months | |
Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 200,000,000 |
Fair Value Measurements and D_8
Fair Value Measurements and Derivative Instruments (Derivative Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Total net derivative asset | $ 11,969 | $ 14,290 |
Other current assets and prepayments | Foreign exchange contracts | Derivatives designated as hedging instruments | ||
Derivative [Line Items] | ||
Total net derivative asset | 0 | 15 |
Other current assets and prepayments | Foreign exchange contracts | Derivatives not designated as hedging instruments | ||
Derivative [Line Items] | ||
Total net derivative asset | 0 | 464 |
Accounts payable and accrued liabilities | Foreign exchange contracts | Derivatives designated as hedging instruments | ||
Derivative [Line Items] | ||
Total net derivative asset | 0 | (23) |
Accounts payable and accrued liabilities | Foreign exchange contracts | Derivatives not designated as hedging instruments | ||
Derivative [Line Items] | ||
Total net derivative asset | (1,314) | (1,449) |
Other assets | Interest rate swaps | Derivatives designated as hedging instruments | ||
Derivative [Line Items] | ||
Total net derivative asset | 13,283 | 15,283 |
Total derivative assets | ||
Derivative [Line Items] | ||
Total net derivative asset | 13,283 | 15,762 |
Total derivative liabilities | ||
Derivative [Line Items] | ||
Total net derivative asset | $ (1,314) | $ (1,472) |
Fair Value Measurements and D_9
Fair Value Measurements and Derivative Instruments (Cash Flow Hedging Relationships) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Derivative [Line Items] | ||||
Derivative Gain (Loss) Recognized in AOCL (Effective Portion) | $ 586 | $ 1,817 | $ (2,025) | $ 9,050 |
Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion) | 104 | 187 | 242 | 338 |
Foreign exchange contracts | ||||
Derivative [Line Items] | ||||
Derivative Gain (Loss) Recognized in AOCL (Effective Portion) | 0 | 100 | (25) | 123 |
Derivative Gain (Loss) Recognized in Earnings | 5,893 | (17,769) | 7,464 | (21,183) |
Foreign exchange contracts | Revenue | ||||
Derivative [Line Items] | ||||
Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion) | 0 | 0 | 0 | 0 |
Foreign exchange contracts | Cost of sales | ||||
Derivative [Line Items] | ||||
Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion) | (34) | 49 | (33) | 63 |
Interest rate swaps | ||||
Derivative [Line Items] | ||||
Derivative Gain (Loss) Recognized in AOCL (Effective Portion) | 586 | 1,717 | (2,000) | 8,927 |
Interest rate swaps | Interest expense | ||||
Derivative [Line Items] | ||||
Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion) | $ 138 | $ 138 | $ 275 | $ 275 |
Fair Value Measurements and _10
Fair Value Measurements and Derivative Instruments (Fair Value of Debt) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Carrying value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | $ 2,149,778 | $ 2,205,266 |
Fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | $ 1,744,098 | $ 1,856,878 |
Restructuring Charges (Narrativ
Restructuring Charges (Narrative) (Details) - The 2023 Plan $ in Millions | 1 Months Ended |
May 31, 2023 USD ($) position | |
Minimum | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and related cost, expected number of positions eliminated | position | 400 |
Restructuring and related cost, expected cost | $ | $ 40 |
Maximum | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and related cost, expected number of positions eliminated | position | 500 |
Restructuring and related cost, expected cost | $ | $ 50 |
Restructuring Charges (Activity
Restructuring Charges (Activity In Restructuring Charges) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Restructuring Costs | ||||
Balance Beginning | $ 7,647 | $ 5,747 | ||
Amounts charged to expense | $ 22,443 | $ 4,224 | 26,042 | 8,408 |
Cash payments | (12,883) | (8,255) | ||
Noncash activity | (1,478) | (275) | ||
Balance Ending | 19,328 | 5,625 | 19,328 | 5,625 |
2023 Plan | ||||
Restructuring Costs | ||||
Balance Beginning | 0 | 0 | ||
Amounts charged to expense | 22,443 | 22,443 | 0 | |
Cash payments | (1,637) | 0 | ||
Noncash activity | (1,478) | 0 | ||
Balance Ending | 19,328 | 0 | 19,328 | 0 |
Prior Plan | ||||
Restructuring Costs | ||||
Balance Beginning | 7,647 | 5,747 | ||
Amounts charged to expense | 0 | 4,224 | 3,599 | 8,408 |
Cash payments | (11,246) | (8,255) | ||
Noncash activity | 0 | (275) | ||
Balance Ending | $ 0 | $ 5,625 | $ 0 | $ 5,625 |
Restructuring Charges (Componen
Restructuring Charges (Components of Restructuring Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||||
Severance | $ 20,965 | $ 24,022 | ||
Facilities and other | 1,478 | 2,020 | ||
Total | 22,443 | $ 4,224 | 26,042 | $ 8,408 |
The 2023 Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance | 20,965 | 20,965 | ||
Facilities and other | 1,478 | 1,478 | ||
Total | 22,443 | 22,443 | 0 | |
Prior Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance | 0 | 3,170 | 3,057 | 6,377 |
Facilities and other | 0 | 1,054 | 542 | 2,031 |
Total | $ 0 | $ 4,224 | $ 3,599 | $ 8,408 |
Debt (Schedule of Debt) (Detail
Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Principal amount | $ 2,183,543 | $ 2,240,411 |
Less: unamortized costs, net | 33,765 | 35,145 |
Total debt | 2,149,778 | 2,205,266 |
Less: current portion long-term debt | 264,980 | 32,764 |
Long-term debt | 1,884,798 | 2,172,502 |
Other debt | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 1,817 | 2,446 |
Notes due March 2024 | Notes due | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.625% | |
Principal amount | $ 214,510 | 236,749 |
Term loan due March 2026 | Notes due | ||
Debt Instrument [Line Items] | ||
Interest rate | 7.50% | |
Principal amount | $ 336,500 | 351,500 |
Term loan due March 2026 | Notes due | SOFR | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.25% | |
Notes due March 2027 | Notes due | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.875% | |
Principal amount | $ 380,000 | 396,750 |
Term loan due March 2028 | Notes due | ||
Debt Instrument [Line Items] | ||
Interest rate | 9.20% | |
Principal amount | $ 439,875 | 442,125 |
Term loan due March 2028 | Notes due | SOFR | ||
Debt Instrument [Line Items] | ||
Interest rate | 4% | |
Notes due March 2029 | Notes due | ||
Debt Instrument [Line Items] | ||
Interest rate | 7.25% | |
Principal amount | $ 350,000 | 350,000 |
Notes due January 2037 | Notes due | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.25% | |
Principal amount | $ 35,841 | 35,841 |
Notes due March 2043 | Notes due | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.70% | |
Principal amount | $ 425,000 | $ 425,000 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jan. 01, 2023 | Jul. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Debt Instrument [Line Items] | ||||||
Gain (loss) on debt redemption/refinancing | $ 228,000 | $ 3,064,000 | $ (4,993,000) | |||
Interest rate swaps | ||||||
Debt Instrument [Line Items] | ||||||
Derivative notional amount | $ 200,000,000 | 200,000,000 | 200,000,000 | |||
Fixed interest rate | 0.585% | |||||
Interest rate swaps | SOFR | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 0.10% | |||||
Line of credit | Revolving credit facility | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | 500,000,000 | 500,000,000 | 500,000,000 | |||
Outstanding borrowings | 0 | 0 | 0 | |||
Notes due 2024 and 2027 | Notes due | ||||||
Debt Instrument [Line Items] | ||||||
Purchase amount | 39,000,000 | $ 39,000,000 | $ 39,000,000 | |||
Gain (loss) on debt redemption/refinancing | 3,000,000 | |||||
Term loan due 2026 and Term loan due 2028 | Notes due | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of debt | $ 17,000,000 | |||||
Term loan due March 2026 | Notes due | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 7.50% | 7.50% | 7.50% | |||
Term loan due March 2026 | Notes due | SOFR | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 2.25% | 2.25% | 2.25% | |||
Term loan due March 2028 | Notes due | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 9.20% | 9.20% | 9.20% | |||
Term loan due March 2028 | Notes due | SOFR | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4% | 4% | 4% | |||
Notes due 2028 | Notes due | Subsequent Event | ||||||
Debt Instrument [Line Items] | ||||||
Face amount | $ 275,000,000 | |||||
Notes due 2028 | Notes due | SOFR | Subsequent Event | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 6.90% | |||||
Discount rate | 3% |
Pensions and Other Benefit Pr_3
Pensions and Other Benefit Programs (Components of Net Periodic Benefit Cost (Income)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Nonpension Postretirement Benefit Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 88 | $ 179 | $ 177 | $ 358 |
Interest cost | 1,306 | 939 | 2,611 | 1,879 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service (credit) cost | 0 | 0 | 0 | 0 |
Amortization of net actuarial loss (gain) | (357) | 88 | (713) | 175 |
Settlement | 0 | 0 | 0 | 0 |
Net periodic benefit (income) cost | 1,037 | 1,206 | 2,075 | 2,412 |
Contributions to benefit plans | 2,838 | 3,490 | 6,616 | 7,648 |
United States | Defined Benefit Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 10 | 24 | 20 | 48 |
Interest cost | 16,089 | 11,141 | 32,178 | 22,282 |
Expected return on plan assets | (21,613) | (17,862) | (43,226) | (35,725) |
Amortization of prior service (credit) cost | (5) | (11) | (10) | (22) |
Amortization of net actuarial loss (gain) | 4,416 | 8,232 | 8,833 | 16,464 |
Settlement | 314 | 0 | 314 | 0 |
Net periodic benefit (income) cost | (789) | 1,524 | (1,891) | 3,047 |
Contributions to benefit plans | 1,908 | 1,148 | 3,035 | 2,298 |
Foreign | Defined Benefit Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 194 | 332 | 388 | 687 |
Interest cost | 5,334 | 3,450 | 10,556 | 7,084 |
Expected return on plan assets | (7,515) | (6,809) | (14,859) | (14,014) |
Amortization of prior service (credit) cost | 72 | 64 | 142 | 132 |
Amortization of net actuarial loss (gain) | 522 | 1,726 | 1,027 | 3,547 |
Settlement | 0 | 0 | 0 | 0 |
Net periodic benefit (income) cost | (1,393) | (1,237) | (2,746) | (2,564) |
Contributions to benefit plans | $ 512 | $ 392 | $ 15,545 | $ 8,613 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Contingency [Line Items] | ||||
Effective tax rate (percent) | 6.20% | 7.80% | ||
Tax benefit (charge) for legislation | $ 1,000 | $ 7,000 | $ 1,000 | $ 3,000 |
Goodwill impairment | 118,599 | 0 | 118,599 | 0 |
Pre-tax income (loss) | $ 0 | $ 0 | 2,522 | |
Tax benefit on sale of business | 1,000 | |||
Percent decrease in unrecognized benefits, reasonably possible (up to) | 15% | 15% | ||
Held-for-sale | Borderfree Cross-border Ecommerce Solutions | ||||
Income Tax Contingency [Line Items] | ||||
Pre-tax income (loss) | $ (3,000) | $ 22,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - Equipment $ in Millions | Jun. 30, 2023 USD ($) |
Lessee, Lease, Description [Line Items] | |
Lease payments | $ 59 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Term of contract | 3 years |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Term of contract | 7 years |
Stockholders_ (Deficit) Equit_2
Stockholders’ (Deficit) Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Increase (Decrease) in Stockholders' Equity | ||||
Balances, beginning of period | $ 59,964 | $ 92,882 | $ 60,653 | $ 112,632 |
Net (loss) income | (141,535) | 4,336 | (149,272) | 25,157 |
Other comprehensive (loss) income | 11,985 | (49,723) | 27,571 | (69,741) |
Dividends paid | (8,800) | (8,625) | (17,525) | (17,313) |
Issuance of common stock | 69 | (87) | (2,989) | (3,001) |
Stock-based compensation expense | 2,830 | 5,371 | 6,075 | 9,866 |
Repurchase of common stock | (13,446) | |||
Balances, end of period | $ (75,487) | $ 44,154 | $ (75,487) | $ 44,154 |
Dividends paid (in dollars per share) | $ 0.05 | $ 0.05 | $ 0.10 | $ 0.10 |
Common stock | ||||
Increase (Decrease) in Stockholders' Equity | ||||
Balances, beginning of period | $ 323,338 | $ 323,338 | $ 323,338 | $ 323,338 |
Balances, end of period | 323,338 | 323,338 | 323,338 | 323,338 |
Additional paid-in capital | ||||
Increase (Decrease) in Stockholders' Equity | ||||
Balances, beginning of period | 0 | 0 | 0 | 2,485 |
Issuance of common stock | (2,830) | (5,371) | (6,075) | (12,351) |
Stock-based compensation expense | 2,830 | 5,371 | 6,075 | 9,866 |
Balances, end of period | 0 | 0 | 0 | 0 |
Retained earnings | ||||
Increase (Decrease) in Stockholders' Equity | ||||
Balances, beginning of period | 5,060,852 | 5,141,636 | 5,125,677 | 5,169,270 |
Net (loss) income | (141,535) | 4,336 | (149,272) | 25,157 |
Dividends paid | (8,800) | (8,625) | (17,525) | (17,313) |
Issuance of common stock | (1,876) | (99) | (50,239) | (39,866) |
Balances, end of period | 4,908,641 | 5,137,248 | 4,908,641 | 5,137,248 |
Accumulated other comprehensive loss | ||||
Increase (Decrease) in Stockholders' Equity | ||||
Balances, beginning of period | (819,978) | (800,330) | (835,564) | (780,312) |
Other comprehensive (loss) income | 11,985 | (49,723) | 27,571 | (69,741) |
Balances, end of period | (807,993) | (850,053) | (807,993) | (850,053) |
Treasury stock | ||||
Increase (Decrease) in Stockholders' Equity | ||||
Balances, beginning of period | (4,504,248) | (4,571,762) | (4,552,798) | (4,602,149) |
Issuance of common stock | 4,775 | 5,383 | 53,325 | 49,216 |
Repurchase of common stock | (13,446) | |||
Balances, end of period | $ (4,499,473) | $ (4,566,379) | $ (4,499,473) | $ (4,566,379) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Reclassifications) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Financing revenue | $ 776,481 | $ 871,495 | $ 1,611,019 | $ 1,798,437 |
Interest expense, net | (22,920) | (21,007) | (45,262) | (43,131) |
Selling, general and administrative expense | (222,549) | (226,638) | (464,669) | (469,423) |
(Loss) income before taxes | (150,950) | (2,690) | (161,937) | 22,334 |
Income tax provision | (9,415) | (7,026) | (12,665) | (2,823) |
Net of tax | (141,535) | 4,336 | (149,272) | 25,157 |
Reclassification out of Accumulated Other Comprehensive Loss | Cash flow hedges | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Cost of sales | (34) | 49 | (33) | 63 |
Interest expense, net | 138 | 138 | 275 | 275 |
(Loss) income before taxes | 104 | 187 | 242 | 338 |
Income tax provision | 26 | 47 | 61 | 83 |
Net of tax | 78 | 140 | 181 | 255 |
Reclassification out of Accumulated Other Comprehensive Loss | Available for sale securities | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Financing revenue | (1) | (4) | 9 | (6) |
Selling, general and administrative expense | 0 | 35 | 0 | 22 |
(Loss) income before taxes | (1) | 31 | 9 | 16 |
Income tax provision | 0 | 8 | 2 | 5 |
Net of tax | (1) | 23 | 7 | 11 |
Reclassification out of Accumulated Other Comprehensive Loss | Pension and postretirement benefit plans | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
(Loss) income before taxes | (4,962) | (10,099) | (9,593) | (20,296) |
Income tax provision | (1,223) | (1,870) | (2,365) | (4,331) |
Net of tax | (3,739) | (8,229) | (7,228) | (15,965) |
Reclassification out of Accumulated Other Comprehensive Loss | Prior service costs | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Pension and postretirement benefit plans | (67) | (53) | (132) | (110) |
Reclassification out of Accumulated Other Comprehensive Loss | Actuarial losses | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Pension and postretirement benefit plans | (4,581) | (10,046) | (9,147) | (20,186) |
Reclassification out of Accumulated Other Comprehensive Loss | Settlement | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Pension and postretirement benefit plans | $ (314) | $ 0 | $ (314) | $ 0 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss (Changes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ||||
Balances, beginning of period | $ 59,964 | $ 92,882 | $ 60,653 | $ 112,632 |
Other comprehensive (loss) income before reclassifications | 20,531 | (85,440) | ||
Reclassifications into earnings | 7,040 | 15,699 | ||
Other comprehensive income (loss), net of tax | 11,985 | (49,723) | 27,571 | (69,741) |
Balances, end of period | (75,487) | 44,154 | (75,487) | 44,154 |
Cash flow hedges | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ||||
Balances, beginning of period | 12,503 | 3,803 | ||
Other comprehensive (loss) income before reclassifications | (1,506) | 6,817 | ||
Reclassifications into earnings | (181) | (255) | ||
Other comprehensive income (loss), net of tax | (1,687) | 6,562 | ||
Balances, end of period | 10,816 | 10,365 | 10,816 | 10,365 |
Available for sale securities | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ||||
Balances, beginning of period | (39,440) | (6,249) | ||
Other comprehensive (loss) income before reclassifications | 1,957 | (26,554) | ||
Reclassifications into earnings | (7) | (11) | ||
Other comprehensive income (loss), net of tax | 1,950 | (26,565) | ||
Balances, end of period | (37,490) | (32,814) | (37,490) | (32,814) |
Pension and postretirement benefit plans | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ||||
Balances, beginning of period | (716,056) | (756,639) | ||
Other comprehensive (loss) income before reclassifications | 0 | 0 | ||
Reclassifications into earnings | 7,228 | 15,965 | ||
Other comprehensive income (loss), net of tax | 7,228 | 15,965 | ||
Balances, end of period | (708,828) | (740,674) | (708,828) | (740,674) |
Foreign currency adjustments | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ||||
Balances, beginning of period | (92,571) | (21,227) | ||
Other comprehensive (loss) income before reclassifications | 20,080 | (65,703) | ||
Reclassifications into earnings | 0 | 0 | ||
Other comprehensive income (loss), net of tax | 20,080 | (65,703) | ||
Balances, end of period | (72,491) | (86,930) | (72,491) | (86,930) |
Total | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ||||
Balances, beginning of period | (819,978) | (800,330) | (835,564) | (780,312) |
Other comprehensive income (loss), net of tax | 11,985 | (49,723) | 27,571 | (69,741) |
Balances, end of period | $ (807,993) | $ (850,053) | $ (807,993) | $ (850,053) |
Supplemental Financial Statem_3
Supplemental Financial Statement Information (Allowance for Credit on Losses for Accounts and Other Receivables) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of year | $ 5,864 | $ 29,179 |
Amounts charged to expense | 3,652 | 5,280 |
Write-offs, recoveries and other | (5,299) | (21,763) |
Balance at end of period | 4,217 | 12,696 |
Allowance for doubtful accounts | 4,217 | 12,696 |
Accounts and other receivables | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at end of period | 4,217 | 12,176 |
Allowance for doubtful accounts | 4,217 | 12,176 |
Other assets | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at end of period | 0 | 520 |
Allowance for doubtful accounts | $ 0 | $ 520 |
Supplemental Financial Statem_4
Supplemental Financial Statement Information (Other Expense, Net) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Other Income and Expenses [Abstract] | ||||
(Gain) loss on debt redemption/refinancing | $ (228) | $ (3,064) | $ 4,993 | |
Gain on sale of assets | 0 | 0 | (14,372) | |
Gain on sale of businesses | 0 | 0 | (2,522) | |
Other income, net | $ (228) | $ 0 | $ (3,064) | $ (11,901) |
Supplemental Financial Statem_5
Supplemental Financial Statement Information (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Other Income and Expenses [Abstract] | ||
Cash interest paid | $ 75,425 | $ 64,511 |
Cash income tax payments, net of refunds | 15,100 | 11,164 |
Capital assets obtained under capital lease obligations | $ 1,495 | $ 14,017 |