Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 26, 2024 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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 | 178,875,218 | |
Entity Central Index Key | 0000078814 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue: | ||
Total revenue | $ 830,509 | $ 834,538 |
Costs and expenses: | ||
Selling, general and administrative | 216,197 | 242,120 |
Research and development | 9,481 | 10,493 |
Restructuring charges | 4,315 | 3,599 |
Interest expense, net | 27,766 | 22,342 |
Other components of net pension and postretirement income | (387) | (1,710) |
Other income | 0 | (2,836) |
Total costs and expenses | 820,835 | 845,525 |
Income (loss) before taxes | 9,674 | (10,987) |
Provision (benefit) for income taxes | 12,559 | (3,250) |
Net loss | $ (2,885) | $ (7,737) |
Basic net loss per share (in dollars per share) | $ (0.02) | $ (0.04) |
Diluted net loss per share (in dollars per share) | $ (0.02) | $ (0.04) |
Business services | ||
Revenue: | ||
Total revenue | $ 535,597 | $ 523,491 |
Costs and expenses: | ||
Cost of products and sales | 446,367 | 446,317 |
Support services | ||
Revenue: | ||
Total revenue | 96,333 | 105,284 |
Costs and expenses: | ||
Cost of products and sales | 33,055 | 36,840 |
Financing | ||
Revenue: | ||
Total revenue | 67,663 | 67,049 |
Costs and expenses: | ||
Financing interest expense | 16,603 | 14,536 |
Equipment sales | ||
Revenue: | ||
Total revenue | 77,403 | 82,610 |
Costs and expenses: | ||
Cost of products and sales | 52,559 | 57,171 |
Supplies | ||
Revenue: | ||
Total revenue | 36,721 | 38,835 |
Costs and expenses: | ||
Cost of products and sales | 10,195 | 11,225 |
Rentals | ||
Revenue: | ||
Total revenue | 16,792 | 17,269 |
Costs and expenses: | ||
Cost of products and sales | $ 4,684 | $ 5,428 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (2,885) | $ (7,737) |
Other comprehensive (loss) income, net of tax: | ||
Foreign currency translation, net of tax of $(496) and $174, respectively | (15,399) | 10,887 |
Net unrealized loss on cash flow hedges, net of tax of $(414) and $(687), respectively | (1,241) | (2,062) |
Net unrealized (loss) gain on investment securities, net of tax of $(303) and $1,028, respectively | (967) | 3,272 |
Amortization of pension and postretirement costs, net of tax of $1,628 and $1,142, respectively | 5,041 | 3,489 |
Other comprehensive (loss) income, net of tax | (12,566) | 15,586 |
Comprehensive (loss) income | $ (15,451) | $ 7,849 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Foreign currency translation, tax | $ (496) | $ 174 |
Net unrealized loss on cash flow hedges, tax | (414) | (687) |
Net unrealized (loss) gain on investment securities, tax | (303) | 1,028 |
Amortization of pension and postretirement costs, tax | $ 1,628 | $ 1,142 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 516,092 | $ 601,053 |
Short-term investments (includes $1,858 and $2,382, respectively, reported at fair value) | 21,859 | 22,166 |
Accounts and other receivables (net of allowance of $8,948 and $6,139, respectively) | 307,201 | 342,236 |
Short-term finance receivables (net of allowance of $13,536 and $14,347, respectively) | 547,235 | 563,536 |
Inventories | 78,683 | 70,053 |
Current income taxes | 987 | 564 |
Other current assets and prepayments | 110,041 | 92,309 |
Total current assets | 1,582,098 | 1,691,917 |
Property, plant and equipment, net | 370,110 | 383,628 |
Rental property and equipment, net | 22,580 | 23,583 |
Long-term finance receivables (net of allowance of $8,432 and $8,880 respectively) | 638,380 | 653,085 |
Goodwill | 729,291 | 734,409 |
Intangible assets, net | 58,277 | 62,250 |
Operating lease assets | 304,939 | 309,958 |
Noncurrent income taxes | 58,884 | 60,995 |
Other assets (includes $217,746 and $227,131, respectively, reported at fair value) | 338,488 | 352,360 |
Total assets | 4,103,047 | 4,272,185 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 784,020 | 875,476 |
Customer deposits at Pitney Bowes Bank | 599,976 | 640,323 |
Current operating lease liabilities | 60,087 | 60,069 |
Current portion of long-term debt | 58,111 | 58,931 |
Advance billings | 89,014 | 89,087 |
Current income taxes | 34,212 | 6,523 |
Total current liabilities | 1,625,420 | 1,730,409 |
Long-term debt | 2,076,054 | 2,087,101 |
Deferred taxes on income | 199,769 | 211,477 |
Tax uncertainties and other income tax liabilities | 19,054 | 19,091 |
Noncurrent operating lease liabilities | 272,024 | 277,981 |
Other noncurrent liabilities | 303,081 | 314,702 |
Total liabilities | 4,495,402 | 4,640,761 |
Commitments and contingencies (See Note 13) | ||
Stockholders’ deficit: | ||
Common stock, $1 par value (480,000 shares authorized; 270,338 shares issued) | 270,338 | 270,338 |
Retained earnings | 3,027,030 | 3,077,988 |
Accumulated other comprehensive loss | (863,811) | (851,245) |
Treasury stock, at cost (92,669 and 93,972 shares, respectively) | (2,825,912) | (2,865,657) |
Total stockholders’ deficit | (392,355) | (368,576) |
Total liabilities and stockholders’ deficit | $ 4,103,047 | $ 4,272,185 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Short-term investments, fair value | $ 1,858 | $ 2,382 |
Accounts and other receivables, allowance | 8,948 | 6,139 |
Short-term finance receivables, allowance | 13,536 | 14,347 |
Long-term finance receivables, allowance | 8,432 | 8,880 |
Other assets, fair value | $ 217,746 | $ 227,131 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, authorized (in shares) | 480,000 | 480,000 |
Common stock, issued (in shares) | 270,338 | 270,338 |
Treasury stock (in shares) | 92,669 | 93,972 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net loss | $ (2,885) | $ (7,737) |
Adjustments to reconcile net income or loss to net cash from operating activities: | ||
Depreciation and amortization | 40,879 | 39,897 |
Allowance for credit losses | 4,665 | 4,308 |
Stock-based compensation | 2,390 | 3,245 |
Amortization of debt fees | 3,068 | 2,118 |
Gain on debt redemption | 0 | (2,836) |
Restructuring charges | 4,315 | 3,599 |
Restructuring payments | (14,989) | (4,641) |
Pension contributions and retiree medical payments | (11,767) | (19,938) |
Other, net | (1,548) | 4,172 |
Changes in operating assets and liabilities, net of acquisitions/divestitures: | ||
Accounts and other receivables | 30,053 | 69,841 |
Finance receivables | 27,716 | 15,596 |
Inventories | (9,005) | (10,226) |
Other current assets and prepayments | (19,471) | (8,380) |
Accounts payable and accrued liabilities | (83,398) | (103,990) |
Current and noncurrent income taxes | 16,897 | (6,070) |
Advance billings | 555 | (18,672) |
Net cash from operating activities | (12,525) | (39,714) |
Cash flows from investing activities: | ||
Capital expenditures | (19,957) | (28,666) |
Purchases of investment securities | (14,197) | (5,180) |
Proceeds from sales/maturities of investment securities | 23,624 | 5,976 |
Net investment in loan receivables | (2,115) | (12,879) |
Other investing activities, net | 804 | (664) |
Net cash from investing activities | (11,841) | (41,413) |
Cash flows from financing activities: | ||
Principal payments of debt | (14,132) | (31,018) |
Dividends paid to stockholders | (8,832) | (8,725) |
Customer deposits at Pitney Bowes Bank | (29,347) | (33,526) |
Other financing activities, net | (6,122) | (6,173) |
Net cash from financing activities | (58,433) | (79,442) |
Effect of exchange rate changes on cash and cash equivalents | (2,162) | 2,349 |
Change in cash and cash equivalents | (84,961) | (158,220) |
Cash and cash equivalents at beginning of period | 601,053 | 669,981 |
Cash and cash equivalents at end of period | $ 516,092 | $ 511,761 |
Description of Business and Bas
Description of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023 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, 2024. 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, 2023 (2023 Annual Report). During the three months ended March 31, 2024, the Company identified an error and recorded an out of period adjustment of $5 million to correct the understatement of revenue in prior periods, of which $4 million originated in 2020 and prior. The impact of the adjustment is not material to the consolidated financial statements for any prior interim or annual periods and is not expected to be material to the 2024 annual period. Accounting Pronouncements Adopted in 2024 Effective January 1, 2024, we adopted ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The transition to new reference interest rates required certain contracts to be modified. The adoption of this standard did not have an impact on our consolidated financial statements. Accounting Pronouncements Not Yet Adopted In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which requires additional transparency for income tax disclosures, including the rate reconciliation table and cash taxes paid. This standard is effective for annual periods beginning after December 15, 2024. We are currently assessing the impact this standard will have on our disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires enhanced disclosures about significant segment expenses and information used to assess segment performance. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently assessing the impact this standard will have on our disclosures. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Disaggregated Revenue The following tables disaggregate our revenue by source and timing of recognition: Three Months Ended March 31, 2024 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 $ 333,265 $ 169,807 $ 32,525 $ 535,597 $ — $ 535,597 Support services — — 96,333 96,333 — 96,333 Financing — — — — 67,663 67,663 Equipment sales — — 24,732 24,732 52,671 77,403 Supplies — — 36,721 36,721 — 36,721 Rentals — — — — 16,792 16,792 Subtotal 333,265 169,807 190,311 693,383 $ 137,126 $ 830,509 Revenue from leasing transactions and financing — — 137,126 137,126 Total revenue $ 333,265 $ 169,807 $ 327,437 $ 830,509 Timing of revenue recognition from products and services Products/services transferred at a point in time $ — $ — $ 76,465 $ 76,465 Products/services transferred over time 333,265 169,807 113,846 616,918 Total $ 333,265 $ 169,807 $ 190,311 $ 693,383 Three Months Ended March 31, 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 $ 340,641 $ 158,902 $ 23,948 $ 523,491 $ — $ 523,491 Support services — — 105,284 105,284 — 105,284 Financing — — — — 67,049 67,049 Equipment sales — — 19,995 19,995 62,615 82,610 Supplies — — 38,835 38,835 — 38,835 Rentals — — — — 17,269 17,269 Subtotal 340,641 158,902 188,062 687,605 $ 146,933 $ 834,538 Revenue from leasing transactions and financing — — 146,933 146,933 Total revenue $ 340,641 $ 158,902 $ 334,995 $ 834,538 Timing of revenue recognition from products and services Products/services transferred at a point in time $ — $ — $ 77,064 $ 77,064 Products/services transferred over time 340,641 158,902 110,998 610,541 Total $ 340,641 $ 158,902 $ 188,062 $ 687,605 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. Revenues for fulfillment, delivery and return services, cross-border solutions, and mail processing services are 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 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 the sale of 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 (the Bank). Advance Billings from Contracts with Customers Balance sheet location March 31, 2024 December 31, 2023 Increase/ (decrease) Advance billings, current Advance billings $ 80,801 $ 82,124 $ (1,323) Advance billings, noncurrent Other noncurrent liabilities $ 502 $ 507 $ (5) 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 $48 million of advance billings at the beginning of the period. Current advance billings shown above at March 31, 2024 and December 31, 2023 does not include $8 million and $7 million, respectively, from leasing transactions. Future Performance Obligations Future performance obligations primarily include maintenance and subscription services bundled with our leasing contracts. The transaction prices allocated to future performance obligations will be recognized as follows: Remainder of 2024 2025 2026-2029 Total SendTech Solutions $ 182,639 $ 208,922 $ 298,162 $ 689,723 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 | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Effective January 1, 2024, we moved the digital delivery services offering from the Global Ecommerce segment to the SendTech Solutions segment in order to leverage our technology and innovation capabilities to better serve our clients. Prior periods have been recast to conform to our current segment presentation. 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 consumer logistics services for domestic and cross-border delivery, returns and fulfillment. Presort Services : Includes revenue and related expenses from sortation services that qualify large volumes of First Class Mail, Marketing Mail and Marketing Mail Flats and Bound Printed Matter for postal worksharing discounts. SendTech Solutions: Includes the revenue and related expenses from physical and digital mailing and shipping technology solutions, financing, services, supplies and other applications to help simplify and save on the sending, tracking and receiving of letters, parcels and flats. Management measures segment profitability and performance using 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, general corporate expenses, restructuring charges, goodwill impairment charges and other items not allocated to a particular business segment. Costs related to shared assets are allocated to the relevant segments. Management believes that 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 income or loss. Revenue Three Months Ended March 31, 2024 2023 Global Ecommerce $ 333,265 $ 340,641 Presort Services 169,807 158,902 SendTech Solutions 327,437 334,995 Total revenue $ 830,509 $ 834,538 Adjusted Segment EBIT Three Months Ended March 31, 2024 2023 Global Ecommerce $ (35,427) $ (33,172) Presort Services 40,329 26,905 SendTech Solutions 101,278 95,637 Total adjusted segment EBIT 106,180 89,370 Reconciliation of adjusted segment EBIT to net income or loss: Interest expense, net (44,369) (36,878) Unallocated corporate expenses (49,770) (56,349) Restructuring charges (4,315) (3,599) Proxy solicitation fees — (6,367) Gain on debt redemption — 2,836 Foreign currency gain on intercompany loans 4,638 — Transaction costs (2,690) — (Provision) benefit for income taxes (12,559) 3,250 Net loss $ (2,885) $ (7,737) |
Earnings per Share (EPS)
Earnings per Share (EPS) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings per Share (EPS) | Earnings per Share (EPS) The calculation of basic and diluted earnings per share is presented below. The sum of the earnings per share amounts may not equal the totals due to rounding. Three Months Ended March 31, 2024 2023 Numerator: Net loss $ (2,885) $ (7,737) Denominator: Weighted-average shares used in basic EPS 176,997 174,626 Dilutive effect of common stock equivalents (1) — — Weighted-average shares used in diluted EPS 176,997 174,626 Basic net loss per share $ (0.02) $ (0.04) Diluted net loss per share $ (0.02) $ (0.04) Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive: 7,063 8,148 (1) |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2024 | |
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: March 31, December 31, Raw materials $ 26,930 $ 21,201 Supplies and service parts 26,940 25,522 Finished products 24,813 23,330 Total inventories $ 78,683 $ 70,053 |
Finance Assets and Lessor Opera
Finance Assets and Lessor Operating Leases | 3 Months Ended |
Mar. 31, 2024 | |
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 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: March 31, 2024 December 31, 2023 North America International Total North America International Total Sales-type lease receivables Gross finance receivables $ 981,126 $ 130,139 $ 1,111,265 $ 987,743 $ 143,466 $ 1,131,209 Unguaranteed residual values 37,798 6,803 44,601 38,059 7,211 45,270 Unearned income (255,945) (40,847) (296,792) (253,711) (42,847) (296,558) Allowance for credit losses (13,213) (2,479) (15,692) (13,942) (2,786) (16,728) Net investment in sales-type lease receivables 749,766 93,616 843,382 758,149 105,044 863,193 Loan receivables Loan receivables 330,526 17,983 348,509 342,062 17,865 359,927 Allowance for credit losses (6,124) (152) (6,276) (6,346) (153) (6,499) Net investment in loan receivables 324,402 17,831 342,233 335,716 17,712 353,428 Net investment in finance receivables $ 1,074,168 $ 111,447 $ 1,185,615 $ 1,093,865 $ 122,756 $ 1,216,621 Maturities of gross finance receivables at March 31, 2024 were as follows: Sales-type Lease Receivables Loan Receivables North America International Total North America International Total Remainder 2024 $ 276,844 $ 47,624 $ 324,468 $ 212,740 $ 17,983 $ 230,723 2025 301,413 38,259 339,672 39,781 — 39,781 2026 215,733 24,302 240,035 31,234 — 31,234 2027 129,174 13,435 142,609 24,551 — 24,551 2028 53,162 5,333 58,495 15,644 — 15,644 Thereafter 4,800 1,186 5,986 6,576 — 6,576 Total $ 981,126 $ 130,139 $ 1,111,265 $ 330,526 $ 17,983 $ 348,509 Aging of Receivables The aging of gross finance receivables was as follows: March 31, 2024 Sales-type Lease Receivables Loan Receivables North International North International Total Past due amounts 0 - 90 days $ 970,612 $ 128,802 $ 327,806 $ 17,731 $ 1,444,951 Past due amounts > 90 days 10,514 1,337 2,720 252 14,823 Total $ 981,126 $ 130,139 $ 330,526 $ 17,983 $ 1,459,774 December 31, 2023 Sales-type Lease Receivables Loan Receivables North International North International Total Past due amounts 0 - 90 days $ 977,744 $ 140,857 $ 339,789 $ 17,664 $ 1,476,054 Past due amounts > 90 days 9,999 2,609 2,273 201 15,082 Total $ 987,743 $ 143,466 $ 342,062 $ 17,865 $ 1,491,136 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 establish credit approval limits based on the client's credit quality and the type of equipment financed. We cease financing revenue recognition for lease receivables and 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, 2024 $ 13,942 $ 2,786 $ 6,346 $ 153 $ 23,227 Amounts charged to expense 62 (123) 631 70 640 Write-offs (1,178) (156) (1,260) (67) (2,661) Recoveries 398 113 408 — 919 Other (11) (141) (1) (4) (157) Balance at March 31, 2024 $ 13,213 $ 2,479 $ 6,124 $ 152 $ 21,968 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 395 238 1,097 55 1,785 Write-offs (1,683) (267) (1,109) (46) (3,105) Recoveries 614 111 648 — 1,373 Other 1 (102) — 2 (99) Balance at March 31, 2023 $ 13,458 $ 2,873 $ 5,423 $ 150 $ 21,904 The table below shows write-offs of gross finance receivables by year of origination. March 31, 2024 Sales Type Lease Receivables Loan Receivables Total 2024 2023 2022 2021 2020 Prior Write-offs $ 21 $ 193 $ 566 $ 249 $ 172 $ 133 $ 1,327 $ 2,661 March 31, 2023 Sales Type Lease Receivables Loan Receivables Total 2022 2021 2020 2019 Prior Write-offs $ 455 $ 675 $ 412 $ 250 $ 158 $ 1,155 $ 3,105 Credit Quality The extension 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 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 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. 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. March 31, 2024 Sales Type Lease Receivables Loan Receivables Total 2024 2023 2022 2021 2020 Prior Low $ 54,204 $ 250,379 $ 208,036 $ 140,263 $ 88,707 $ 64,848 $ 250,820 $ 1,057,257 Medium 9,721 44,388 33,492 22,228 13,821 16,441 66,167 206,258 High 791 4,261 3,955 2,347 1,422 979 6,772 20,527 Not Scored 31,761 49,096 34,169 22,514 9,203 4,239 24,750 175,732 Total $ 96,477 $ 348,124 $ 279,652 $ 187,352 $ 113,153 $ 86,507 $ 348,509 $ 1,459,774 December 31, 2023 Sales Type Lease Receivables Loan Receivables Total 2023 2022 2021 2020 2019 Prior Low $ 261,583 $ 222,947 $ 155,193 $ 96,986 $ 46,635 $ 27,164 $ 264,232 $ 1,074,740 Medium 46,208 35,891 24,483 16,027 10,503 8,041 62,910 204,063 High 4,455 4,217 2,554 1,853 740 862 7,487 22,168 Not Scored 59,335 49,839 33,494 15,944 5,089 1,166 25,298 190,165 Total $ 371,581 $ 312,894 $ 215,724 $ 130,810 $ 62,967 $ 37,233 $ 359,927 $ 1,491,136 Lease Income Lease income from sales-type leases, excluding variable lease payments, was as follows: Three Months Ended March 31, 2024 2023 Profit recognized at commencement $ 26,977 $ 31,822 Interest income 37,968 38,931 Total lease income from sales-type leases $ 64,945 $ 70,753 Lessor Operating Leases We also lease mailing equipment under operating leases with terms of one Remainder 2024 $ 13,687 2025 18,505 2026 20,622 2027 5,653 2028 951 Thereafter 1,706 Total $ 61,124 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | Intangible Assets and Goodwill Intangible Assets Intangible assets consisted of the following: March 31, 2024 December 31, 2023 Gross Accumulated Net Gross Accumulated Net Customer relationships $ 155,710 $ (99,213) $ 56,497 $ 155,712 $ (95,409) $ 60,303 Software & technology 2,980 (1,200) 1,780 3,047 (1,100) 1,947 Total intangible assets $ 158,690 $ (100,413) $ 58,277 $ 158,759 $ (96,509) $ 62,250 Amortization expense for both the three months ended March 31, 2024 and 2023 was $4 million. Future amortization expense as of March 31, 2024 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 2024 $ 11,790 2025 15,516 2026 14,527 2027 11,472 2028 2,438 Thereafter 2,534 Total $ 58,277 Goodwill Changes in the carrying value of goodwill by reporting segment are shown in the table below. December 31, 2023 Currency impact March 31, Presort Services $ 223,763 $ — $ 223,763 SendTech Solutions 510,646 (5,118) 505,528 Total goodwill $ 734,409 $ (5,118) $ 729,291 |
Fair Value Measurements and Der
Fair Value Measurements and Derivative Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Derivative Instruments | Fair Value Measurements and Derivative Instruments We measure certain financial assets and liabilities at fair value on a recurring basis. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. An entity is required to classify certain assets and liabilities measured at fair value based on the following fair value hierarchy that prioritizes the inputs used to measure fair value: Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 – Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Unobservable inputs that are supported by little or no market activity, may be derived from internally developed methodologies based on management’s best estimate of fair value and that are significant to the fair value of the asset or liability. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect its placement within the fair value hierarchy. The following tables show, by level within the fair value hierarchy, our financial assets and liabilities that are accounted for at fair value on a recurring basis. March 31, 2024 Level 1 Level 2 Level 3 Total Assets: Investment securities Money market funds $ 16,315 $ 126,701 $ — $ 143,016 Equity securities — 16,125 — 16,125 Commingled fixed income securities 1,575 5,737 — 7,312 Government and related securities 7,491 18,672 — 26,163 Corporate debt securities — 52,163 — 52,163 Mortgage-backed / asset-backed securities — 115,057 — 115,057 Derivatives Interest rate swap — 6,908 — 6,908 Total assets $ 25,381 $ 341,363 $ — $ 366,744 December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Investment securities Money market funds $ 13,366 $ 188,484 $ — $ 201,850 Equity securities — 15,341 — 15,341 Commingled fixed income securities 1,581 5,741 — 7,322 Government and related securities 11,489 18,999 — 30,488 Corporate debt securities — 54,330 — 54,330 Mortgage-backed / asset-backed securities — 119,901 — 119,901 Derivatives Interest rate swap — 8,425 — 8,425 Total assets $ 26,436 $ 411,221 $ — $ 437,657 Investment Securities The valuation of investment securities is based on a market approach using inputs that are observable, or can be corroborated by observable data, in an active marketplace. The following information relates to our classification within the fair value hierarchy: • Money Market Funds: Money market funds typically invest in government securities, certificates of deposit, commercial paper and other highly liquid, low risk securities. Money market funds are principally used for overnight deposits and are classified as Level 1 when unadjusted quoted prices in active markets are available and as Level 2 when they are not actively traded on an exchange. • Equity Securities : Equity securities are comprised of mutual funds investing in U.S. and foreign stocks. These mutual funds are classified as Level 2. • Commingled Fixed Income Securities: Commingled fixed income securities are comprised of mutual funds that invest in a variety of fixed income securities, including securities of the U.S. government and its agencies, corporate debt, mortgage-backed securities and asset-backed securities. Fair value is based on the value of the underlying investments owned by each fund, minus its liabilities, divided by the number of shares outstanding, as reported by the fund manager. These mutual funds are classified as Level 1 when unadjusted quoted prices in active markets are available and as Level 2 when they are not actively traded on an exchange. • Government and Related Securities: Debt securities are classified as Level 1 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 • 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 charged to earnings in the three months ended March 31, 2024. Available-for-sale securities consisted of the following: March 31, 2024 Amortized cost Gross unrealized losses Estimated fair value Government and related securities $ 30,636 $ (6,873) $ 23,763 Corporate debt securities 63,126 (10,963) 52,163 Commingled fixed income securities 1,799 (224) 1,575 Mortgage-backed / asset-backed securities 142,291 (27,234) 115,057 Total $ 237,852 $ (45,294) $ 192,558 December 31, 2023 Amortized cost Gross unrealized losses Estimated fair value Government and related securities $ 35,048 $ (7,018) $ 28,030 Corporate debt securities 65,008 (10,678) 54,330 Commingled fixed income securities 1,788 (207) 1,581 Mortgage-backed / asset-backed securities 146,022 (26,121) 119,901 Total $ 247,866 $ (44,024) $ 203,842 Investment securities in a loss position were as follows: March 31, 2024 December 31, 2023 Fair Value Gross unrealized losses Fair Value Gross unrealized losses Greater than 12 continuous months Government and related securities $ 23,763 $ 6,873 $ 28,030 $ 7,018 Corporate debt securities 51,879 10,961 51,948 10,466 Mortgage-backed / asset-backed securities 115,057 27,234 119,901 26,121 Total $ 190,699 $ 45,068 $ 199,879 $ 43,605 Less than 12 continuous months Corporate debt securities $ 284 $ 2 $ 2,382 $ 212 Commingled fixed income securities 1,575 224 1,581 207 Total $ 1,859 $ 226 $ 3,963 $ 419 At March 31, 2024, 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 March 31, 2024 were as follows: Amortized cost Estimated fair value Within 1 year $ 2,084 $ 1,858 After 1 year through 5 years 8,256 7,760 After 5 years through 10 years 70,395 59,563 After 10 years 157,117 123,377 Total $ 237,852 $ 192,558 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 March 31, 2024 and December 31, 2023 totaled $225 million and $265 million, respectively. Held-to-maturity securities include certificates of deposits with maturities less than 90 days and highly-liquid government securities with maturities less than two years. Derivative Instruments We are exposed to the impact of changes in interest rates and foreign currency exchange rates. We may use derivative instruments to limit the effects on our financial results from changes in interest rates and currency exchange rates. We do not use derivatives for trading or speculative purposes. Interest Rate Swaps At March 31, 2024, we had outstanding interest rate swap agreements that effectively convert $200 million of variable rate debt to fixed rates. 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. These swaps are designated as cash flow hedges and are recorded at fair value at the end of each reporting period. Changes in fair value are reflected in AOCL. The impact of these interest rate swaps was as follows: Three Months Ended March 31, Derivative Gain (Loss) Location of Gain (Loss) Gain (Loss) Reclassified Derivative Instrument 2024 2023 2024 2023 Interest rate swap $ (1,517) $ (2,586) Interest expense $ 2,591 $ 137 Foreign Exchange Contracts During the quarter ended March 31, 2024, we did not enter into any foreign currency exchange contracts. In the first quarter of 2023, we had outstanding foreign exchange contracts to mitigate the currency risk associated with anticipated inventory purchases between affiliates and from third parties. The impact of these derivative contracts on our financial results was not material. In the first quarter of 2023, we also had outstanding foreign exchange contracts to minimize the impact on earnings from the revaluation of short-term interest-bearing intercompany loans denominated in a foreign currency. These foreign exchange contracts were not designated as hedging instruments and the revaluation of intercompany loans and the change in fair value of these derivatives were recorded in earnings. The mark-to-market adjustment on these foreign exchange contracts for the three months ended March 31, 2023, was a gain of $2 million and significantly offset the corresponding loss on the revaluation of intercompany loans. 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: March 31, 2024 December 31, 2023 Carrying value $ 2,134,165 $ 2,146,032 Fair value $ 1,929,648 $ 1,893,620 |
Restructuring Charges
Restructuring Charges | 3 Months Ended |
Mar. 31, 2024 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Restructuring Charges In May 2023, we approved a worldwide restructuring plan (the 2023 Plan) designed to improve profitability and cash flow. This will be achieved through the elimination of 850-950 positions worldwide in part through further centralization and standardization of processes, including the expansion of our shared services activities, increased automation, and the consolidation or closure of select facilities in North America. Total charges are expected to be $60-$70 million and we expect to substantially complete these actions by the end of the first half of 2024. Total charges under the 2023 Plan to date are $62 million. Activity in our restructuring reserves was as follows: 2023 Plan Prior Plan Total Balance at January 1, 2024 $ 26,128 $ — $ 26,128 Amounts charged to expense 4,315 — 4,315 Cash payments (14,989) — (14,989) Noncash activity (875) — (875) Balance at March 31, 2024 $ 14,579 $ — $ 14,579 Balance at January 1, 2023 $ — $ 7,647 $ 7,647 Amounts charged to expense — 3,599 3,599 Cash payments — (4,641) (4,641) Balance at March 31, 2023 $ — $ 6,605 $ 6,605 Components of restructuring expense were as follows: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Severance $ 3,378 $ 3,057 Facilities and other 937 542 Total $ 4,315 $ 3,599 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt | Debt Total debt consisted of the following: Interest rate March 31, 2024 December 31, 2023 Term loan due March 2026 SOFR + 2.25% $ 273,500 $ 285,500 Notes due March 2027 6.875% 380,000 380,000 Notes due March 2028 SOFR + 6.9% 273,625 274,313 Term loan due March 2028 SOFR + 4.0% 436,500 437,625 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 861 1,181 Principal amount 2,175,327 2,189,460 Less: unamortized costs, net 41,162 43,428 Total debt 2,134,165 2,146,032 Less: current portion long-term debt 58,111 58,931 Long-term debt $ 2,076,054 $ 2,087,101 At March 31, 2024, the interest rate on the 2026 Term Loan was 7.7%, the interest rate on the 2028 Term Loan was 9.4% and the interest rate on the March 2028 notes was 12.2%. |
Pensions and Other Benefit Prog
Pensions and Other Benefit Programs | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, March 31, March 31, 2024 2023 2024 2023 2024 2023 Service cost $ 12 $ 10 $ 188 $ 194 $ 92 $ 89 Interest cost 14,966 16,089 5,201 5,222 1,136 1,305 Expected return on plan assets (21,909) (21,613) (6,450) (7,344) — — Amortization of prior service (credit) cost (5) (5) 74 70 — — Amortization of net actuarial loss (gain) 4,972 4,417 1,923 505 (295) (356) Net periodic benefit (income) cost $ (1,964) $ (1,102) $ 936 $ (1,353) $ 933 $ 1,038 Contributions to benefit plans $ 1,069 $ 1,127 $ 6,998 $ 15,033 $ 3,700 $ 3,778 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rate for the three months ended March 31, 2024 was 129.8% compared to 29.6% for the prior year period. The effective tax rate for interim periods is determined using an annual effective tax rate, adjusted for discrete items. The forecasted annual income earned in foreign jurisdictions offset by U.S. losses will result in minimal consolidated pre-tax income. Accordingly, unfavorable tax adjustments related to the U.S. taxation of our foreign operations and state valuation allowance adjustments has resulted in a high quarterly and annual effective tax rate. On a regular basis, we conclude tax return examinations, statutes of limitation expire, and court decisions interpret tax law. We regularly assess tax uncertainties in light of these developments; and as a result, it is reasonably possible that the amount of unrecognized tax benefits will decrease in the next 12 months, and this decrease could be up to 10% of our unrecognized tax benefits. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
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. |
Stockholders_ Deficit
Stockholders’ Deficit | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders' Equity Note [Abstract] | |
Stockholders’ Deficit | Stockholders’ Deficit Changes in stockholders’ deficit were as follows: Common stock Retained earnings Accumulated other comprehensive loss Treasury stock Total deficit Balance at January 1, 2024 $ 270,338 $ 3,077,988 $ (851,245) $ (2,865,657) $ (368,576) Net loss — (2,885) — — (2,885) Other comprehensive loss — — (12,566) — (12,566) Dividends paid ($0.05 per common share) — (8,832) — — (8,832) Issuance of common stock — (41,631) — 39,745 (1,886) Stock-based compensation expense — 2,390 — — 2,390 Balance at March 31, 2024 $ 270,338 $ 3,027,030 $ (863,811) $ (2,825,912) $ (392,355) Common stock Retained earnings Accumulated other comprehensive loss Treasury stock Total deficit Balance at January 1, 2023 $ 323,338 $ 5,125,677 $ (835,564) $ (4,552,798) $ 60,653 Net loss — (7,737) — — (7,737) Other comprehensive income — — 15,586 — 15,586 Dividends paid ($0.05 per common share) — (8,725) — — (8,725) Issuance of common stock — (51,608) — 48,550 (3,058) Stock-based compensation expense — 3,245 — — 3,245 Balance at March 31, 2023 $ 323,338 $ 5,060,852 $ (819,978) $ (4,504,248) $ 59,964 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Reclassifications out of AOCL were as follows: Gain (Loss) Reclassified from AOCL Three Months Ended March 31, 2024 2023 Cash flow hedges Cost of sales $ — $ 1 Interest expense, net 2,591 137 Total before tax 2,591 138 Income tax provision 648 34 Net of tax $ 1,943 $ 104 Available-for-sale securities Financing revenue $ (648) $ 10 Income tax (benefit) provision (162) 2 Net of tax $ (486) $ 8 Pension and postretirement benefit plans Prior service costs $ (69) $ (65) Actuarial losses (6,600) (4,566) Total before tax (6,669) (4,631) Income tax benefit (1,628) (1,142) Net of tax $ (5,041) $ (3,489) 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, 2024 $ 6,962 $ (33,463) $ (757,452) $ (67,292) $ (851,245) Other comprehensive income (loss) before reclassifications 702 (1,453) — (15,399) (16,150) Reclassifications into earnings (1,943) 486 5,041 — 3,584 Net other comprehensive (loss) income (1,241) (967) 5,041 (15,399) (12,566) Balance at March 31, 2024 $ 5,721 $ (34,430) $ (752,411) $ (82,691) $ (863,811) 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 (1,958) 3,280 — 10,887 12,209 Reclassifications into earnings (104) (8) 3,489 — 3,377 Net other comprehensive (loss) income (2,062) 3,272 3,489 10,887 15,586 Balance at March 31, 2023 $ 10,441 $ (36,168) $ (712,567) $ (81,684) $ (819,978) |
Supplemental Financial Statemen
Supplemental Financial Statement Information | 3 Months Ended |
Mar. 31, 2024 | |
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 is presented below. See Note 6 for information regarding the allowance for credit losses on finance receivables. Three Months Ended March 31, 2024 2023 Balance at beginning of year $ 6,139 $ 5,864 Amounts charged to expense 4,025 2,523 Write-offs, recoveries and other (1,216) (2,304) Balance at end of period $ 8,948 $ 6,083 Supplemental cash flow information is as follows: Three Months Ended March 31, 2024 2023 Cash interest paid $ 56,013 $ 53,721 Cash income tax (refunds) payments, net $ (4,352) $ 2,781 Noncash activity Capital assets obtained under capital lease obligations $ 6,316 $ 721 Other, net within cash flows from operating activities includes $3 million of losses from the disposal of fixed assets for both the three months ended March 31, 2024 and 2023. three |
Description of Business and B_2
Description of Business and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation |
Accounting Pronouncements Adopted in 2024 and Accounting Pronouncements Not Yet Adopted | Accounting Pronouncements Adopted in 2024 Effective January 1, 2024, we adopted ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The transition to new reference interest rates required certain contracts to be modified. The adoption of this standard did not have an impact on our consolidated financial statements. Accounting Pronouncements Not Yet Adopted In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which requires additional transparency for income tax disclosures, including the rate reconciliation table and cash taxes paid. This standard is effective for annual periods beginning after December 15, 2024. We are currently assessing the impact this standard will have on our disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires enhanced disclosures about significant segment expenses and information used to assess segment performance. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently assessing the impact this standard will have on our disclosures. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 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 $ 333,265 $ 169,807 $ 32,525 $ 535,597 $ — $ 535,597 Support services — — 96,333 96,333 — 96,333 Financing — — — — 67,663 67,663 Equipment sales — — 24,732 24,732 52,671 77,403 Supplies — — 36,721 36,721 — 36,721 Rentals — — — — 16,792 16,792 Subtotal 333,265 169,807 190,311 693,383 $ 137,126 $ 830,509 Revenue from leasing transactions and financing — — 137,126 137,126 Total revenue $ 333,265 $ 169,807 $ 327,437 $ 830,509 Timing of revenue recognition from products and services Products/services transferred at a point in time $ — $ — $ 76,465 $ 76,465 Products/services transferred over time 333,265 169,807 113,846 616,918 Total $ 333,265 $ 169,807 $ 190,311 $ 693,383 Three Months Ended March 31, 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 $ 340,641 $ 158,902 $ 23,948 $ 523,491 $ — $ 523,491 Support services — — 105,284 105,284 — 105,284 Financing — — — — 67,049 67,049 Equipment sales — — 19,995 19,995 62,615 82,610 Supplies — — 38,835 38,835 — 38,835 Rentals — — — — 17,269 17,269 Subtotal 340,641 158,902 188,062 687,605 $ 146,933 $ 834,538 Revenue from leasing transactions and financing — — 146,933 146,933 Total revenue $ 340,641 $ 158,902 $ 334,995 $ 834,538 Timing of revenue recognition from products and services Products/services transferred at a point in time $ — $ — $ 77,064 $ 77,064 Products/services transferred over time 340,641 158,902 110,998 610,541 Total $ 340,641 $ 158,902 $ 188,062 $ 687,605 |
Schedule of Contract Assets and Advance Billings | Advance Billings from Contracts with Customers Balance sheet location March 31, 2024 December 31, 2023 Increase/ (decrease) Advance billings, current Advance billings $ 80,801 $ 82,124 $ (1,323) Advance billings, noncurrent Other noncurrent liabilities $ 502 $ 507 $ (5) |
Schedule of Future Performance Obligations | The transaction prices allocated to future performance obligations will be recognized as follows: Remainder of 2024 2025 2026-2029 Total SendTech Solutions $ 182,639 $ 208,922 $ 298,162 $ 689,723 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 income or loss. Revenue Three Months Ended March 31, 2024 2023 Global Ecommerce $ 333,265 $ 340,641 Presort Services 169,807 158,902 SendTech Solutions 327,437 334,995 Total revenue $ 830,509 $ 834,538 |
Schedule of Reconciliation of EBIT From Segments to Consolidated Statements | Adjusted Segment EBIT Three Months Ended March 31, 2024 2023 Global Ecommerce $ (35,427) $ (33,172) Presort Services 40,329 26,905 SendTech Solutions 101,278 95,637 Total adjusted segment EBIT 106,180 89,370 Reconciliation of adjusted segment EBIT to net income or loss: Interest expense, net (44,369) (36,878) Unallocated corporate expenses (49,770) (56,349) Restructuring charges (4,315) (3,599) Proxy solicitation fees — (6,367) Gain on debt redemption — 2,836 Foreign currency gain on intercompany loans 4,638 — Transaction costs (2,690) — (Provision) benefit for income taxes (12,559) 3,250 Net loss $ (2,885) $ (7,737) |
Earnings per Share (EPS) (Table
Earnings per Share (EPS) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | The calculation of basic and diluted earnings per share is presented below. The sum of the earnings per share amounts may not equal the totals due to rounding. Three Months Ended March 31, 2024 2023 Numerator: Net loss $ (2,885) $ (7,737) Denominator: Weighted-average shares used in basic EPS 176,997 174,626 Dilutive effect of common stock equivalents (1) — — Weighted-average shares used in diluted EPS 176,997 174,626 Basic net loss per share $ (0.02) $ (0.04) Diluted net loss per share $ (0.02) $ (0.04) Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive: 7,063 8,148 (1) |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory Components | Inventories consisted of the following: March 31, December 31, Raw materials $ 26,930 $ 21,201 Supplies and service parts 26,940 25,522 Finished products 24,813 23,330 Total inventories $ 78,683 $ 70,053 |
Finance Assets and Lessor Ope_2
Finance Assets and Lessor Operating Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Schedule of Financing Receivables | Finance receivables consisted of the following: March 31, 2024 December 31, 2023 North America International Total North America International Total Sales-type lease receivables Gross finance receivables $ 981,126 $ 130,139 $ 1,111,265 $ 987,743 $ 143,466 $ 1,131,209 Unguaranteed residual values 37,798 6,803 44,601 38,059 7,211 45,270 Unearned income (255,945) (40,847) (296,792) (253,711) (42,847) (296,558) Allowance for credit losses (13,213) (2,479) (15,692) (13,942) (2,786) (16,728) Net investment in sales-type lease receivables 749,766 93,616 843,382 758,149 105,044 863,193 Loan receivables Loan receivables 330,526 17,983 348,509 342,062 17,865 359,927 Allowance for credit losses (6,124) (152) (6,276) (6,346) (153) (6,499) Net investment in loan receivables 324,402 17,831 342,233 335,716 17,712 353,428 Net investment in finance receivables $ 1,074,168 $ 111,447 $ 1,185,615 $ 1,093,865 $ 122,756 $ 1,216,621 |
Schedule of Sales-type Lease Maturity | Maturities of gross finance receivables at March 31, 2024 were as follows: Sales-type Lease Receivables Loan Receivables North America International Total North America International Total Remainder 2024 $ 276,844 $ 47,624 $ 324,468 $ 212,740 $ 17,983 $ 230,723 2025 301,413 38,259 339,672 39,781 — 39,781 2026 215,733 24,302 240,035 31,234 — 31,234 2027 129,174 13,435 142,609 24,551 — 24,551 2028 53,162 5,333 58,495 15,644 — 15,644 Thereafter 4,800 1,186 5,986 6,576 — 6,576 Total $ 981,126 $ 130,139 $ 1,111,265 $ 330,526 $ 17,983 $ 348,509 |
Schedule of Loan Receivable Maturity | Maturities of gross finance receivables at March 31, 2024 were as follows: Sales-type Lease Receivables Loan Receivables North America International Total North America International Total Remainder 2024 $ 276,844 $ 47,624 $ 324,468 $ 212,740 $ 17,983 $ 230,723 2025 301,413 38,259 339,672 39,781 — 39,781 2026 215,733 24,302 240,035 31,234 — 31,234 2027 129,174 13,435 142,609 24,551 — 24,551 2028 53,162 5,333 58,495 15,644 — 15,644 Thereafter 4,800 1,186 5,986 6,576 — 6,576 Total $ 981,126 $ 130,139 $ 1,111,265 $ 330,526 $ 17,983 $ 348,509 |
Schedule of Past Due Financing Receivables | The aging of gross finance receivables was as follows: March 31, 2024 Sales-type Lease Receivables Loan Receivables North International North International Total Past due amounts 0 - 90 days $ 970,612 $ 128,802 $ 327,806 $ 17,731 $ 1,444,951 Past due amounts > 90 days 10,514 1,337 2,720 252 14,823 Total $ 981,126 $ 130,139 $ 330,526 $ 17,983 $ 1,459,774 December 31, 2023 Sales-type Lease Receivables Loan Receivables North International North International Total Past due amounts 0 - 90 days $ 977,744 $ 140,857 $ 339,789 $ 17,664 $ 1,476,054 Past due amounts > 90 days 9,999 2,609 2,273 201 15,082 Total $ 987,743 $ 143,466 $ 342,062 $ 17,865 $ 1,491,136 |
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, 2024 $ 13,942 $ 2,786 $ 6,346 $ 153 $ 23,227 Amounts charged to expense 62 (123) 631 70 640 Write-offs (1,178) (156) (1,260) (67) (2,661) Recoveries 398 113 408 — 919 Other (11) (141) (1) (4) (157) Balance at March 31, 2024 $ 13,213 $ 2,479 $ 6,124 $ 152 $ 21,968 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 395 238 1,097 55 1,785 Write-offs (1,683) (267) (1,109) (46) (3,105) Recoveries 614 111 648 — 1,373 Other 1 (102) — 2 (99) Balance at March 31, 2023 $ 13,458 $ 2,873 $ 5,423 $ 150 $ 21,904 The table below shows write-offs of gross finance receivables by year of origination. March 31, 2024 Sales Type Lease Receivables Loan Receivables Total 2024 2023 2022 2021 2020 Prior Write-offs $ 21 $ 193 $ 566 $ 249 $ 172 $ 133 $ 1,327 $ 2,661 March 31, 2023 Sales Type Lease Receivables Loan Receivables Total 2022 2021 2020 2019 Prior Write-offs $ 455 $ 675 $ 412 $ 250 $ 158 $ 1,155 $ 3,105 |
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. March 31, 2024 Sales Type Lease Receivables Loan Receivables Total 2024 2023 2022 2021 2020 Prior Low $ 54,204 $ 250,379 $ 208,036 $ 140,263 $ 88,707 $ 64,848 $ 250,820 $ 1,057,257 Medium 9,721 44,388 33,492 22,228 13,821 16,441 66,167 206,258 High 791 4,261 3,955 2,347 1,422 979 6,772 20,527 Not Scored 31,761 49,096 34,169 22,514 9,203 4,239 24,750 175,732 Total $ 96,477 $ 348,124 $ 279,652 $ 187,352 $ 113,153 $ 86,507 $ 348,509 $ 1,459,774 December 31, 2023 Sales Type Lease Receivables Loan Receivables Total 2023 2022 2021 2020 2019 Prior Low $ 261,583 $ 222,947 $ 155,193 $ 96,986 $ 46,635 $ 27,164 $ 264,232 $ 1,074,740 Medium 46,208 35,891 24,483 16,027 10,503 8,041 62,910 204,063 High 4,455 4,217 2,554 1,853 740 862 7,487 22,168 Not Scored 59,335 49,839 33,494 15,944 5,089 1,166 25,298 190,165 Total $ 371,581 $ 312,894 $ 215,724 $ 130,810 $ 62,967 $ 37,233 $ 359,927 $ 1,491,136 |
Schedule of Sales-type Lease, Lease Income | Lease income from sales-type leases, excluding variable lease payments, was as follows: Three Months Ended March 31, 2024 2023 Profit recognized at commencement $ 26,977 $ 31,822 Interest income 37,968 38,931 Total lease income from sales-type leases $ 64,945 $ 70,753 |
Schedule of Lessor, Payments to be Received | Maturities of these operating leases are as follows: Remainder 2024 $ 13,687 2025 18,505 2026 20,622 2027 5,653 2028 951 Thereafter 1,706 Total $ 61,124 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets consisted of the following: March 31, 2024 December 31, 2023 Gross Accumulated Net Gross Accumulated Net Customer relationships $ 155,710 $ (99,213) $ 56,497 $ 155,712 $ (95,409) $ 60,303 Software & technology 2,980 (1,200) 1,780 3,047 (1,100) 1,947 Total intangible assets $ 158,690 $ (100,413) $ 58,277 $ 158,759 $ (96,509) $ 62,250 |
Schedule of Amortization Expense In Future Periods | Future amortization expense as of March 31, 2024 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 2024 $ 11,790 2025 15,516 2026 14,527 2027 11,472 2028 2,438 Thereafter 2,534 Total $ 58,277 |
Schedule of Goodwill | Changes in the carrying value of goodwill by reporting segment are shown in the table below. December 31, 2023 Currency impact March 31, Presort Services $ 223,763 $ — $ 223,763 SendTech Solutions 510,646 (5,118) 505,528 Total goodwill $ 734,409 $ (5,118) $ 729,291 |
Fair Value Measurements and D_2
Fair Value Measurements and Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables show, by level within the fair value hierarchy, our financial assets and liabilities that are accounted for at fair value on a recurring basis. March 31, 2024 Level 1 Level 2 Level 3 Total Assets: Investment securities Money market funds $ 16,315 $ 126,701 $ — $ 143,016 Equity securities — 16,125 — 16,125 Commingled fixed income securities 1,575 5,737 — 7,312 Government and related securities 7,491 18,672 — 26,163 Corporate debt securities — 52,163 — 52,163 Mortgage-backed / asset-backed securities — 115,057 — 115,057 Derivatives Interest rate swap — 6,908 — 6,908 Total assets $ 25,381 $ 341,363 $ — $ 366,744 December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Investment securities Money market funds $ 13,366 $ 188,484 $ — $ 201,850 Equity securities — 15,341 — 15,341 Commingled fixed income securities 1,581 5,741 — 7,322 Government and related securities 11,489 18,999 — 30,488 Corporate debt securities — 54,330 — 54,330 Mortgage-backed / asset-backed securities — 119,901 — 119,901 Derivatives Interest rate swap — 8,425 — 8,425 Total assets $ 26,436 $ 411,221 $ — $ 437,657 |
Schedule of Available-for-sale Securities Reconciliation | Available-for-sale securities consisted of the following: March 31, 2024 Amortized cost Gross unrealized losses Estimated fair value Government and related securities $ 30,636 $ (6,873) $ 23,763 Corporate debt securities 63,126 (10,963) 52,163 Commingled fixed income securities 1,799 (224) 1,575 Mortgage-backed / asset-backed securities 142,291 (27,234) 115,057 Total $ 237,852 $ (45,294) $ 192,558 December 31, 2023 Amortized cost Gross unrealized losses Estimated fair value Government and related securities $ 35,048 $ (7,018) $ 28,030 Corporate debt securities 65,008 (10,678) 54,330 Commingled fixed income securities 1,788 (207) 1,581 Mortgage-backed / asset-backed securities 146,022 (26,121) 119,901 Total $ 247,866 $ (44,024) $ 203,842 |
Schedule of Unrealized Holding Losses | Investment securities in a loss position were as follows: March 31, 2024 December 31, 2023 Fair Value Gross unrealized losses Fair Value Gross unrealized losses Greater than 12 continuous months Government and related securities $ 23,763 $ 6,873 $ 28,030 $ 7,018 Corporate debt securities 51,879 10,961 51,948 10,466 Mortgage-backed / asset-backed securities 115,057 27,234 119,901 26,121 Total $ 190,699 $ 45,068 $ 199,879 $ 43,605 Less than 12 continuous months Corporate debt securities $ 284 $ 2 $ 2,382 $ 212 Commingled fixed income securities 1,575 224 1,581 207 Total $ 1,859 $ 226 $ 3,963 $ 419 |
Schedule of Available-for-sale Securities | Scheduled maturities of available-for-sale securities at March 31, 2024 were as follows: Amortized cost Estimated fair value Within 1 year $ 2,084 $ 1,858 After 1 year through 5 years 8,256 7,760 After 5 years through 10 years 70,395 59,563 After 10 years 157,117 123,377 Total $ 237,852 $ 192,558 |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | Three Months Ended March 31, Derivative Gain (Loss) Location of Gain (Loss) Gain (Loss) Reclassified Derivative Instrument 2024 2023 2024 2023 Interest rate swap $ (1,517) $ (2,586) Interest expense $ 2,591 $ 137 |
Schedule of Fair Value, by Balance Sheet Grouping | The carrying value and estimated fair value of debt was as follows: March 31, 2024 December 31, 2023 Carrying value $ 2,134,165 $ 2,146,032 Fair value $ 1,929,648 $ 1,893,620 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 $ 26,128 $ — $ 26,128 Amounts charged to expense 4,315 — 4,315 Cash payments (14,989) — (14,989) Noncash activity (875) — (875) Balance at March 31, 2024 $ 14,579 $ — $ 14,579 Balance at January 1, 2023 $ — $ 7,647 $ 7,647 Amounts charged to expense — 3,599 3,599 Cash payments — (4,641) (4,641) Balance at March 31, 2023 $ — $ 6,605 $ 6,605 |
Schedule of Restructuring Expense | Components of restructuring expense were as follows: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Severance $ 3,378 $ 3,057 Facilities and other 937 542 Total $ 4,315 $ 3,599 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Total debt consisted of the following: Interest rate March 31, 2024 December 31, 2023 Term loan due March 2026 SOFR + 2.25% $ 273,500 $ 285,500 Notes due March 2027 6.875% 380,000 380,000 Notes due March 2028 SOFR + 6.9% 273,625 274,313 Term loan due March 2028 SOFR + 4.0% 436,500 437,625 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 861 1,181 Principal amount 2,175,327 2,189,460 Less: unamortized costs, net 41,162 43,428 Total debt 2,134,165 2,146,032 Less: current portion long-term debt 58,111 58,931 Long-term debt $ 2,076,054 $ 2,087,101 |
Pensions and Other Benefit Pr_2
Pensions and Other Benefit Programs (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, March 31, March 31, 2024 2023 2024 2023 2024 2023 Service cost $ 12 $ 10 $ 188 $ 194 $ 92 $ 89 Interest cost 14,966 16,089 5,201 5,222 1,136 1,305 Expected return on plan assets (21,909) (21,613) (6,450) (7,344) — — Amortization of prior service (credit) cost (5) (5) 74 70 — — Amortization of net actuarial loss (gain) 4,972 4,417 1,923 505 (295) (356) Net periodic benefit (income) cost $ (1,964) $ (1,102) $ 936 $ (1,353) $ 933 $ 1,038 Contributions to benefit plans $ 1,069 $ 1,127 $ 6,998 $ 15,033 $ 3,700 $ 3,778 |
Stockholders_ Deficit (Tables)
Stockholders’ Deficit (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders’ Deficit | Changes in stockholders’ deficit were as follows: Common stock Retained earnings Accumulated other comprehensive loss Treasury stock Total deficit Balance at January 1, 2024 $ 270,338 $ 3,077,988 $ (851,245) $ (2,865,657) $ (368,576) Net loss — (2,885) — — (2,885) Other comprehensive loss — — (12,566) — (12,566) Dividends paid ($0.05 per common share) — (8,832) — — (8,832) Issuance of common stock — (41,631) — 39,745 (1,886) Stock-based compensation expense — 2,390 — — 2,390 Balance at March 31, 2024 $ 270,338 $ 3,027,030 $ (863,811) $ (2,825,912) $ (392,355) Common stock Retained earnings Accumulated other comprehensive loss Treasury stock Total deficit Balance at January 1, 2023 $ 323,338 $ 5,125,677 $ (835,564) $ (4,552,798) $ 60,653 Net loss — (7,737) — — (7,737) Other comprehensive income — — 15,586 — 15,586 Dividends paid ($0.05 per common share) — (8,725) — — (8,725) Issuance of common stock — (51,608) — 48,550 (3,058) Stock-based compensation expense — 3,245 — — 3,245 Balance at March 31, 2023 $ 323,338 $ 5,060,852 $ (819,978) $ (4,504,248) $ 59,964 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of Reclassification out of Accumulated Other Comprehensive Loss | Reclassifications out of AOCL were as follows: Gain (Loss) Reclassified from AOCL Three Months Ended March 31, 2024 2023 Cash flow hedges Cost of sales $ — $ 1 Interest expense, net 2,591 137 Total before tax 2,591 138 Income tax provision 648 34 Net of tax $ 1,943 $ 104 Available-for-sale securities Financing revenue $ (648) $ 10 Income tax (benefit) provision (162) 2 Net of tax $ (486) $ 8 Pension and postretirement benefit plans Prior service costs $ (69) $ (65) Actuarial losses (6,600) (4,566) Total before tax (6,669) (4,631) Income tax benefit (1,628) (1,142) Net of tax $ (5,041) $ (3,489) |
Schedule of Accumulated Other Comprehensive 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, 2024 $ 6,962 $ (33,463) $ (757,452) $ (67,292) $ (851,245) Other comprehensive income (loss) before reclassifications 702 (1,453) — (15,399) (16,150) Reclassifications into earnings (1,943) 486 5,041 — 3,584 Net other comprehensive (loss) income (1,241) (967) 5,041 (15,399) (12,566) Balance at March 31, 2024 $ 5,721 $ (34,430) $ (752,411) $ (82,691) $ (863,811) 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 (1,958) 3,280 — 10,887 12,209 Reclassifications into earnings (104) (8) 3,489 — 3,377 Net other comprehensive (loss) income (2,062) 3,272 3,489 10,887 15,586 Balance at March 31, 2023 $ 10,441 $ (36,168) $ (712,567) $ (81,684) $ (819,978) |
Supplemental Financial Statem_2
Supplemental Financial Statement Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 is presented below. See Note 6 for information regarding the allowance for credit losses on finance receivables. Three Months Ended March 31, 2024 2023 Balance at beginning of year $ 6,139 $ 5,864 Amounts charged to expense 4,025 2,523 Write-offs, recoveries and other (1,216) (2,304) Balance at end of period $ 8,948 $ 6,083 |
Schedule of Other Income | |
Schedule of Cash Flow Supplemental Information | Supplemental cash flow information is as follows: Three Months Ended March 31, 2024 2023 Cash interest paid $ 56,013 $ 53,721 Cash income tax (refunds) payments, net $ (4,352) $ 2,781 Noncash activity Capital assets obtained under capital lease obligations $ 6,316 $ 721 |
Description of Business and B_3
Description of Business and Basis of Presentation (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Percent of fortune 500 companies serviced (more than) | 90% | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Net income | $ (2,885) | $ (7,737) | |
Revision of Prior Period, Adjustment | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Net income | $ 5,000 | $ 4,000 |
Revenue (Disaggregates of Reven
Revenue (Disaggregates of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from leasing transactions and financing | $ 830,509 | $ 834,538 |
Total consolidated revenue | 830,509 | 834,538 |
Global Ecommerce | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 333,265 | 340,641 |
Revenue from leasing transactions and financing | 333,265 | 340,641 |
Presort Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 169,807 | 158,902 |
Revenue from leasing transactions and financing | 169,807 | 158,902 |
SendTech Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 327,437 | 334,995 |
Revenue from leasing transactions and financing | 327,437 | 334,995 |
Sales And Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 693,383 | 687,605 |
Revenue from leasing transactions and financing | 137,126 | 146,933 |
Total consolidated revenue | 830,509 | 834,538 |
Sales And Services | Products/services transferred at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 76,465 | 77,064 |
Sales And Services | Products/services transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 616,918 | 610,541 |
Sales And Services | Global Ecommerce | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 333,265 | 340,641 |
Sales And Services | Global Ecommerce | Products/services transferred at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Sales And Services | Global Ecommerce | Products/services transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 333,265 | 340,641 |
Sales And Services | Presort Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 169,807 | 158,902 |
Sales And Services | Presort Services | Products/services transferred at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Sales And Services | Presort Services | Products/services transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 169,807 | 158,902 |
Sales And Services | SendTech Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 190,311 | 188,062 |
Sales And Services | SendTech Solutions | Products/services transferred at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 76,465 | 77,064 |
Sales And Services | SendTech Solutions | Products/services transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 113,846 | 110,998 |
Business services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 535,597 | 523,491 |
Revenue from leasing transactions and financing | 0 | 0 |
Total consolidated revenue | 535,597 | 523,491 |
Business services | Global Ecommerce | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 333,265 | 340,641 |
Business services | Presort Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 169,807 | 158,902 |
Business services | SendTech Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 32,525 | 23,948 |
Support services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 96,333 | 105,284 |
Revenue from leasing transactions and financing | 0 | 0 |
Total consolidated revenue | 96,333 | 105,284 |
Support services | Global Ecommerce | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Support services | Presort Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Support services | SendTech Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 96,333 | 105,284 |
Financing | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Revenue from leasing transactions and financing | 67,663 | 67,049 |
Total consolidated revenue | 67,663 | 67,049 |
Financing | Global Ecommerce | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Financing | Presort Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Financing | SendTech Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Equipment sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 24,732 | 19,995 |
Revenue from leasing transactions and financing | 52,671 | 62,615 |
Total consolidated revenue | 77,403 | 82,610 |
Equipment sales | Global Ecommerce | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Equipment sales | Presort Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Equipment sales | SendTech Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 24,732 | 19,995 |
Supplies | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 36,721 | 38,835 |
Revenue from leasing transactions and financing | 0 | 0 |
Total consolidated revenue | 36,721 | 38,835 |
Supplies | Global Ecommerce | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Supplies | Presort Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Supplies | SendTech Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 36,721 | 38,835 |
Rentals | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Revenue from leasing transactions and financing | 16,792 | 17,269 |
Total consolidated revenue | 16,792 | 17,269 |
Rentals | Global Ecommerce | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Rentals | Presort Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Rentals | SendTech Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Revenue from leasing transactions and financing | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from leasing transactions and financing | 137,126 | 146,933 |
Revenue from leasing transactions and financing | Global Ecommerce | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from leasing transactions and financing | 0 | 0 |
Revenue from leasing transactions and financing | Presort Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from leasing transactions and financing | 0 | 0 |
Revenue from leasing transactions and financing | SendTech Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from leasing transactions and financing | $ 137,126 | $ 146,933 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Advanced billings, revenue recognized | $ 48 | |
Lease transactions | $ 8 | $ 7 |
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 | |
SendTech Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Expected timing of satisfaction period, not included (less then) | 12 months |
Revenue (Contract Assets and Ad
Revenue (Contract Assets and Advance Billings) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | ||
Advance billings, current | $ 80,801 | $ 82,124 |
Advance billings, noncurrent | 502 | $ 507 |
Increase/ (decrease) | ||
Advance billings, current | (1,323) | |
Advance billings, noncurrent | $ (5) |
Revenue (Future Performance Obl
Revenue (Future Performance Obligations) (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future performance obligations | $ 689,723 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future performance obligations | $ 182,639 |
Expected timing of satisfaction period | 9 months |
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 | $ 208,922 |
Expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future performance obligations | $ 298,162 |
Expected timing of satisfaction period | 3 years |
Segment Information (Revenues)
Segment Information (Revenues) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Total revenue | $ 830,509 | $ 834,538 |
Global Ecommerce | ||
Segment Reporting Information [Line Items] | ||
Total from contracts with customers | 333,265 | 340,641 |
Presort Services | ||
Segment Reporting Information [Line Items] | ||
Total from contracts with customers | 169,807 | 158,902 |
SendTech Solutions | ||
Segment Reporting Information [Line Items] | ||
Total from contracts with customers | $ 327,437 | $ 334,995 |
Segment Information (Net Loss)
Segment Information (Net Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Reconciliation of adjusted segment EBIT to net income or loss: | ||
Interest expense, net | $ (27,766) | $ (22,342) |
Restructuring charges | (4,315) | (3,599) |
Gain on debt redemption | 0 | 2,836 |
(Provision) benefit for income taxes | (12,559) | 3,250 |
Net loss | (2,885) | (7,737) |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Adjusted EBIT | 106,180 | 89,370 |
Segment Reconciling Items | ||
Reconciliation of adjusted segment EBIT to net income or loss: | ||
Interest expense, net | (44,369) | (36,878) |
Unallocated corporate expenses | (49,770) | (56,349) |
Restructuring charges | (4,315) | (3,599) |
Proxy solicitation fees | 0 | (6,367) |
Gain on debt redemption | 0 | 2,836 |
Foreign currency gain on intercompany loans | 4,638 | 0 |
Transaction costs | (2,690) | 0 |
Global Ecommerce | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Adjusted EBIT | (35,427) | (33,172) |
Presort Services | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Adjusted EBIT | 40,329 | 26,905 |
SendTech Solutions | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Adjusted EBIT | $ 101,278 | $ 95,637 |
Earnings per Share (EPS) (Detai
Earnings per Share (EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Numerator: | ||
Net loss | $ (2,885) | $ (7,737) |
Denominator: | ||
Weighted-average shares used in basic EPS (in shares) | 176,997 | 174,626 |
Dilutive effect of common stock equivalents (in shares) | 0 | 0 |
Weighted-average shares used in diluted EPS (in shares) | 176,997 | 174,626 |
Basic net loss per share (in dollars per share) | $ (0.02) | $ (0.04) |
Diluted net loss per share (in dollars per share) | $ (0.02) | $ (0.04) |
Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive (in shares) | 7,063 | 8,148 |
Dilutive effect of common stock equivalents (in shares) | 4,500 | 4,700 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 26,930 | $ 21,201 |
Supplies and service parts | 26,940 | 25,522 |
Finished products | 24,813 | 23,330 |
Total inventories | $ 78,683 | $ 70,053 |
Finance Assets and Lessor Ope_3
Finance Assets and Lessor Operating Leases (Narrative) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Revenue recognition resume period (less than) | 60 days |
Portfolio small dollar applications below thousand | $ 50 |
Low | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Approximate percentage of portfolio | 5% |
High | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Approximate percentage of portfolio | 10% |
Financing Receivable | Geographic Concentration Risk | North America | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Concentration risk, percentage | 85% |
Loan receivables | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Revenue recognition discontinuation period (greater than) | 90 days |
Minimum | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Lease period | 3 years |
Minimum | Mailing Equipment | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Term of operating leases | 1 year |
Minimum | Medium | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Approximate percentage of portfolio | 5% |
Maximum | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Lease period | 5 years |
Maximum | Mailing Equipment | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Term of operating leases | 5 years |
Maximum | Medium | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Approximate percentage of portfolio | 10% |
Finance Assets and Lessor Ope_4
Finance Assets and Lessor Operating Leases (Finance Receivables) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for credit losses | $ (21,968) | $ (23,227) | $ (21,904) | $ (21,950) |
Net investment in receivables | 1,185,615 | 1,216,621 | ||
North America | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Net investment in receivables | 1,074,168 | 1,093,865 | ||
International | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Net investment in receivables | 111,447 | 122,756 | ||
Sales-type lease receivables | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross finance receivables | 1,111,265 | 1,131,209 | ||
Unguaranteed residual values | 44,601 | 45,270 | ||
Unearned income | (296,792) | (296,558) | ||
Allowance for credit losses | (15,692) | (16,728) | ||
Net investment in receivables | 843,382 | 863,193 | ||
Sales-type lease receivables | North America | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross finance receivables | 981,126 | 987,743 | ||
Unguaranteed residual values | 37,798 | 38,059 | ||
Unearned income | (255,945) | (253,711) | ||
Allowance for credit losses | (13,213) | (13,942) | (13,458) | (14,131) |
Net investment in receivables | 749,766 | 758,149 | ||
Sales-type lease receivables | International | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross finance receivables | 130,139 | 143,466 | ||
Unguaranteed residual values | 6,803 | 7,211 | ||
Unearned income | (40,847) | (42,847) | ||
Allowance for credit losses | (2,479) | (2,786) | (2,873) | (2,893) |
Net investment in receivables | 93,616 | 105,044 | ||
Loan receivables | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross finance receivables | 348,509 | 359,927 | ||
Allowance for credit losses | (6,276) | (6,499) | ||
Net investment in receivables | 342,233 | 353,428 | ||
Loan receivables | North America | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross finance receivables | 330,526 | 342,062 | ||
Allowance for credit losses | (6,124) | (6,346) | (5,423) | (4,787) |
Net investment in receivables | 324,402 | 335,716 | ||
Loan receivables | International | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross finance receivables | 17,983 | 17,865 | ||
Allowance for credit losses | (152) | (153) | $ (150) | $ (139) |
Net investment in receivables | $ 17,831 | $ 17,712 |
Finance Assets and Lessor Ope_5
Finance Assets and Lessor Operating Leases (Sales-type Lease and Loan Receivables) (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Sales-type Lease Receivables | |
Remainder 2024 | $ 324,468 |
2025 | 339,672 |
2026 | 240,035 |
2027 | 142,609 |
2028 | 58,495 |
Thereafter | 5,986 |
Total | 1,111,265 |
Loan Receivables | |
Remainder 2024 | 230,723 |
2025 | 39,781 |
2026 | 31,234 |
2027 | 24,551 |
2028 | 15,644 |
Thereafter | 6,576 |
Total | 348,509 |
North America | |
Sales-type Lease Receivables | |
Remainder 2024 | 276,844 |
2025 | 301,413 |
2026 | 215,733 |
2027 | 129,174 |
2028 | 53,162 |
Thereafter | 4,800 |
Total | 981,126 |
Loan Receivables | |
Remainder 2024 | 212,740 |
2025 | 39,781 |
2026 | 31,234 |
2027 | 24,551 |
2028 | 15,644 |
Thereafter | 6,576 |
Total | 330,526 |
International | |
Sales-type Lease Receivables | |
Remainder 2024 | 47,624 |
2025 | 38,259 |
2026 | 24,302 |
2027 | 13,435 |
2028 | 5,333 |
Thereafter | 1,186 |
Total | 130,139 |
Loan Receivables | |
Remainder 2024 | 17,983 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
2028 | 0 |
Thereafter | 0 |
Total | $ 17,983 |
Finance Assets and Lessor Ope_6
Finance Assets and Lessor Operating Leases (Aging of Receivables) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Total | $ 1,459,774 | $ 1,491,136 |
Past due amounts 0 - 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,444,951 | 1,476,054 |
Past due amounts >90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 14,823 | 15,082 |
Sales-type lease receivables | North America | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 981,126 | 987,743 |
Sales-type lease receivables | International | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 130,139 | 143,466 |
Sales-type lease receivables | Past due amounts 0 - 90 days | North America | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 970,612 | 977,744 |
Sales-type lease receivables | Past due amounts 0 - 90 days | International | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 128,802 | 140,857 |
Sales-type lease receivables | Past due amounts >90 days | North America | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 10,514 | 9,999 |
Sales-type lease receivables | Past due amounts >90 days | International | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,337 | 2,609 |
Loan receivables | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 348,509 | 359,927 |
Loan receivables | North America | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 330,526 | 342,062 |
Loan receivables | International | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 17,983 | 17,865 |
Loan receivables | Past due amounts 0 - 90 days | North America | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 327,806 | 339,789 |
Loan receivables | Past due amounts 0 - 90 days | International | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 17,731 | 17,664 |
Loan receivables | Past due amounts >90 days | North America | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2,720 | 2,273 |
Loan receivables | Past due amounts >90 days | International | ||
Financing Receivable, Past Due [Line Items] | ||
Total | $ 252 | $ 201 |
Finance Assets and Lessor Ope_7
Finance Assets and Lessor Operating Leases (Allowance for Credit Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Allowance for Credit Losses | ||
Beginning Balance | $ 23,227 | $ 21,950 |
Amounts charged to expense | 640 | 1,785 |
Write-offs | (2,661) | (3,105) |
Recoveries | 919 | 1,373 |
Other | (157) | (99) |
Ending Balance | 21,968 | 21,904 |
Sales-type lease receivables | ||
Allowance for Credit Losses | ||
Beginning Balance | 16,728 | |
Ending Balance | 15,692 | |
Sales-type lease receivables | North America | ||
Allowance for Credit Losses | ||
Beginning Balance | 13,942 | 14,131 |
Amounts charged to expense | 62 | 395 |
Write-offs | (1,178) | (1,683) |
Recoveries | 398 | 614 |
Other | (11) | 1 |
Ending Balance | 13,213 | 13,458 |
Sales-type lease receivables | International | ||
Allowance for Credit Losses | ||
Beginning Balance | 2,786 | 2,893 |
Amounts charged to expense | (123) | 238 |
Write-offs | (156) | (267) |
Recoveries | 113 | 111 |
Other | (141) | (102) |
Ending Balance | 2,479 | 2,873 |
Loan receivables | ||
Allowance for Credit Losses | ||
Beginning Balance | 6,499 | |
Write-offs | (1,327) | (1,155) |
Ending Balance | 6,276 | |
Loan receivables | North America | ||
Allowance for Credit Losses | ||
Beginning Balance | 6,346 | 4,787 |
Amounts charged to expense | 631 | 1,097 |
Write-offs | (1,260) | (1,109) |
Recoveries | 408 | 648 |
Other | (1) | 0 |
Ending Balance | 6,124 | 5,423 |
Loan receivables | International | ||
Allowance for Credit Losses | ||
Beginning Balance | 153 | 139 |
Amounts charged to expense | 70 | 55 |
Write-offs | (67) | (46) |
Recoveries | 0 | 0 |
Other | (4) | 2 |
Ending Balance | $ 152 | $ 150 |
Finance Assets and Lessor Ope_8
Finance Assets and Lessor Operating Leases (Write Offs) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | $ 2,661 | $ 3,105 |
Sales-type lease receivables | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Year one | 21 | |
Year two | 193 | 455 |
Year three | 566 | 675 |
Year four | 249 | 412 |
Year five | 172 | 250 |
Prior | 133 | 158 |
Loan receivables | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | $ 1,327 | $ 1,155 |
Finance Assets and Lessor Ope_9
Finance Assets and Lessor Operating Leases (Credit Quality) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 1,459,774 | $ 1,491,136 |
Low | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 1,057,257 | 1,074,740 |
Medium | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 206,258 | 204,063 |
High | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 20,527 | 22,168 |
Not Scored | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 175,732 | 190,165 |
Sales-type lease receivables | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 96,477 | 371,581 |
Year two | 348,124 | 312,894 |
Year three | 279,652 | 215,724 |
Year four | 187,352 | 130,810 |
Year five | 113,153 | 62,967 |
Prior | 86,507 | 37,233 |
Sales-type lease receivables | Low | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 54,204 | 261,583 |
Year two | 250,379 | 222,947 |
Year three | 208,036 | 155,193 |
Year four | 140,263 | 96,986 |
Year five | 88,707 | 46,635 |
Prior | 64,848 | 27,164 |
Sales-type lease receivables | Medium | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 9,721 | 46,208 |
Year two | 44,388 | 35,891 |
Year three | 33,492 | 24,483 |
Year four | 22,228 | 16,027 |
Year five | 13,821 | 10,503 |
Prior | 16,441 | 8,041 |
Sales-type lease receivables | High | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 791 | 4,455 |
Year two | 4,261 | 4,217 |
Year three | 3,955 | 2,554 |
Year four | 2,347 | 1,853 |
Year five | 1,422 | 740 |
Prior | 979 | 862 |
Sales-type lease receivables | Not Scored | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 31,761 | 59,335 |
Year two | 49,096 | 49,839 |
Year three | 34,169 | 33,494 |
Year four | 22,514 | 15,944 |
Year five | 9,203 | 5,089 |
Prior | 4,239 | 1,166 |
Loan receivables | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 348,509 | 359,927 |
Loan receivables | Low | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 250,820 | 264,232 |
Loan receivables | Medium | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 66,167 | 62,910 |
Loan receivables | High | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 6,772 | 7,487 |
Loan receivables | Not Scored | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 24,750 | $ 25,298 |
Finance Assets and Lessor Op_10
Finance Assets and Lessor Operating Leases (Lease Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Receivables [Abstract] | ||
Profit recognized at commencement | $ 26,977 | $ 31,822 |
Interest income | 37,968 | 38,931 |
Total lease income from sales-type leases | $ 64,945 | $ 70,753 |
Finance Assets and Lessor Op_11
Finance Assets and Lessor Operating Leases (Operating Leases) (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Receivables [Abstract] | |
Remainder 2024 | $ 13,687 |
2025 | 18,505 |
2026 | 20,622 |
2027 | 5,653 |
2028 | 951 |
Thereafter | 1,706 |
Total | $ 61,124 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill (Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Finite lived intangible assets | |||
Gross Carrying Amount | $ 158,690 | $ 158,759 | |
Accumulated Amortization | (100,413) | (96,509) | |
Net Carrying Amount | 58,277 | 62,250 | |
Amortization expense | 4,000 | $ 4,000 | |
Customer relationships | |||
Finite lived intangible assets | |||
Gross Carrying Amount | 155,710 | 155,712 | |
Accumulated Amortization | (99,213) | (95,409) | |
Net Carrying Amount | 56,497 | 60,303 | |
Software & technology | |||
Finite lived intangible assets | |||
Gross Carrying Amount | 2,980 | 3,047 | |
Accumulated Amortization | (1,200) | (1,100) | |
Net Carrying Amount | $ 1,780 | $ 1,947 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill (Future Amortization Expense) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Finite lived intangible assets future amortization expense | ||
Remainder 2024 | $ 11,790 | |
2025 | 15,516 | |
2026 | 14,527 | |
2027 | 11,472 | |
2028 | 2,438 | |
Thereafter | 2,534 | |
Net Carrying Amount | $ 58,277 | $ 62,250 |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill (Goodwill) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Goodwill | |
Beginning balance | $ 734,409 |
Currency impact | (5,118) |
Ending balance | 729,291 |
Presort Services | |
Goodwill | |
Beginning balance | 223,763 |
Currency impact | 0 |
Ending balance | 223,763 |
SendTech Solutions | |
Goodwill | |
Beginning balance | 510,646 |
Currency impact | (5,118) |
Ending balance | $ 505,528 |
Fair Value Measurements and D_3
Fair Value Measurements and Derivative Instruments (Assets and Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | $ 192,558 | $ 203,842 |
Commingled fixed income securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 1,575 | 1,581 |
Government and related securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 23,763 | 28,030 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 52,163 | 54,330 |
Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 143,016 | 201,850 |
Equity securities | 16,125 | 15,341 |
Mortgage-backed / asset-backed securities | 115,057 | 119,901 |
Total assets | 366,744 | 437,657 |
Recurring basis | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 6,908 | 8,425 |
Recurring basis | Commingled fixed income securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 7,312 | 7,322 |
Recurring basis | Government and related securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 26,163 | 30,488 |
Recurring basis | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 52,163 | 54,330 |
Level 1 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 16,315 | 13,366 |
Equity securities | 0 | 0 |
Mortgage-backed / asset-backed securities | 0 | 0 |
Total assets | 25,381 | 26,436 |
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 | Commingled fixed income securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 1,575 | 1,581 |
Level 1 | Recurring basis | Government and related securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 7,491 | 11,489 |
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 | 126,701 | 188,484 |
Equity securities | 16,125 | 15,341 |
Mortgage-backed / asset-backed securities | 115,057 | 119,901 |
Total assets | 341,363 | 411,221 |
Level 2 | Recurring basis | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 6,908 | 8,425 |
Level 2 | Recurring basis | Commingled fixed income securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 5,737 | 5,741 |
Level 2 | Recurring basis | Government and related securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 18,672 | 18,999 |
Level 2 | Recurring basis | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 52,163 | 54,330 |
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 |
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 | 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 | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized cost | $ 237,852 | $ 247,866 |
Gross unrealized losses | (45,294) | (44,024) |
Estimated fair value | 192,558 | 203,842 |
Government and related securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized cost | 30,636 | 35,048 |
Gross unrealized losses | (6,873) | (7,018) |
Estimated fair value | 23,763 | 28,030 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized cost | 63,126 | 65,008 |
Gross unrealized losses | (10,963) | (10,678) |
Estimated fair value | 52,163 | 54,330 |
Commingled fixed income securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized cost | 1,799 | 1,788 |
Gross unrealized losses | (224) | (207) |
Estimated fair value | 1,575 | 1,581 |
Mortgage-backed / asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized cost | 142,291 | 146,022 |
Gross unrealized losses | (27,234) | (26,121) |
Estimated fair value | $ 115,057 | $ 119,901 |
Fair Value Measurements and D_5
Fair Value Measurements and Derivative Instruments (Unrealized Holding Losses) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Greater than 12 continuous months, Fair Value | $ 190,699 | $ 199,879 |
Greater than 12 continuous months, Gross unrealized losses | 45,068 | 43,605 |
Less than 12 continuous months, Fair Value | 1,859 | 3,963 |
Less than 12 continuous months, Gross unrealized losses | 226 | 419 |
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 | 23,763 | 28,030 |
Greater than 12 continuous months, Gross unrealized losses | 6,873 | 7,018 |
Corporate debt securities | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Greater than 12 continuous months, Fair Value | 51,879 | 51,948 |
Greater than 12 continuous months, Gross unrealized losses | 10,961 | 10,466 |
Less than 12 continuous months, Fair Value | 284 | 2,382 |
Less than 12 continuous months, Gross unrealized losses | 2 | 212 |
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 | 1,575 | 1,581 |
Less than 12 continuous months, Gross unrealized losses | 224 | 207 |
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 | 115,057 | 119,901 |
Greater than 12 continuous months, Gross unrealized losses | $ 27,234 | $ 26,121 |
Fair Value Measurements and D_6
Fair Value Measurements and Derivative Instruments (Available-for-sale Securities Maturities) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Amortized cost | ||
Within 1 year | $ 2,084 | |
After 1 year through 5 years | 8,256 | |
After 5 years through 10 years | 70,395 | |
After 10 years | 157,117 | |
Amortized cost | 237,852 | $ 247,866 |
Estimated fair value | ||
Within 1 year | 1,858 | |
After 1 year through 5 years | 7,760 | |
After 5 years through 10 years | 59,563 | |
After 10 years | 123,377 | |
Total | $ 192,558 | $ 203,842 |
Fair Value Measurements and D_7
Fair Value Measurements and Derivative Instruments (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Derivative [Line Items] | |||
Held-to-maturity securities | $ 225,000,000 | $ 265,000,000 | |
Certificates of deposit | |||
Derivative [Line Items] | |||
Held-to-maturity securities, term (less than) | 90 days | ||
Government securities | |||
Derivative [Line Items] | |||
Held-to-maturity securities, term (less than) | 2 years | ||
Foreign exchange contracts | |||
Derivative [Line Items] | |||
Non-designated derivative instruments, adjustment | $ 2,000,000 | ||
Interest rate swaps | |||
Derivative [Line Items] | |||
Derivative notional amount | $ 200,000,000 | ||
Fixed interest rate | 0.585% | ||
Interest rate swaps | SOFR | |||
Derivative [Line Items] | |||
Basis spread on variable rate | 0.10% |
Fair Value Measurements and D_8
Fair Value Measurements and Derivative Instruments (Cash Flow Hedging Relationships) (Details) - Interest rate swaps - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative [Line Items] | ||
Derivative Gain (Loss) Recognized in AOCL (Effective Portion) | $ (1,517) | $ (2,586) |
Interest expense | ||
Derivative [Line Items] | ||
Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion) | $ 2,591 | $ 137 |
Fair Value Measurements and D_9
Fair Value Measurements and Derivative Instruments (Fair Value of Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Carrying value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | $ 2,134,165 | $ 2,146,032 |
Fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | $ 1,929,648 | $ 1,893,620 |
Restructuring Charges (Narrativ
Restructuring Charges (Narrative) (Details) - The 2023 Plan $ in Millions | 1 Months Ended | |
May 31, 2023 USD ($) position | Mar. 31, 2024 USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related cost, cost incurred to date | $ 62 | |
Minimum | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related cost, expected number of positions eliminated | position | 850 | |
Restructuring and related cost, expected cost | $ 60 | |
Maximum | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related cost, expected number of positions eliminated | position | 950 | |
Restructuring and related cost, expected cost | $ 70 |
Restructuring Charges (Activity
Restructuring Charges (Activity In Restructuring Charges) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Restructuring Costs | ||
Balance Beginning | $ 26,128 | $ 7,647 |
Amounts charged to expense | 4,315 | 3,599 |
Cash payments | (14,989) | (4,641) |
Noncash activity | (875) | |
Balance Ending | 14,579 | 6,605 |
2023 Plan | ||
Restructuring Costs | ||
Balance Beginning | 26,128 | 0 |
Amounts charged to expense | 4,315 | 0 |
Cash payments | (14,989) | 0 |
Noncash activity | (875) | |
Balance Ending | 14,579 | 0 |
Prior Plan | ||
Restructuring Costs | ||
Balance Beginning | 0 | 7,647 |
Amounts charged to expense | 0 | 3,599 |
Cash payments | 0 | (4,641) |
Noncash activity | 0 | |
Balance Ending | $ 0 | $ 6,605 |
Restructuring Charges (Componen
Restructuring Charges (Components of Restructuring Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Restructuring and Related Activities [Abstract] | ||
Severance | $ 3,378 | $ 3,057 |
Facilities and other | 937 | 542 |
Total | $ 4,315 | $ 3,599 |
Debt (Schedule of Debt) (Detail
Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | ||
Principal amount | $ 2,175,327 | $ 2,189,460 |
Less: unamortized costs, net | 41,162 | 43,428 |
Total debt | 2,134,165 | 2,146,032 |
Less: current portion long-term debt | 58,111 | 58,931 |
Long-term debt | 2,076,054 | 2,087,101 |
Other debt | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 861 | 1,181 |
Term loan due March 2026 | Notes due | ||
Debt Instrument [Line Items] | ||
Interest rate | 7.70% | |
Principal amount | $ 273,500 | 285,500 |
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 | 380,000 |
Notes due March 2028 | Notes due | ||
Debt Instrument [Line Items] | ||
Interest rate | 12.20% | |
Principal amount | $ 273,625 | 274,313 |
Notes due March 2028 | Notes due | SOFR | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.90% | |
Term loan due March 2028 | Notes due | ||
Debt Instrument [Line Items] | ||
Interest rate | 9.40% | |
Principal amount | $ 436,500 | 437,625 |
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) | Mar. 31, 2025 | Jun. 30, 2024 | Mar. 31, 2024 USD ($) |
Line of credit | Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 500,000,000 | ||
Leverage ratio, maximum | 4.25 | ||
Interest coverage ratio, minimum | 1.75 | ||
Outstanding borrowings | $ 0 | ||
Line of credit | Revolving credit facility | Forecast | |||
Debt Instrument [Line Items] | |||
Leverage ratio, maximum | 4 | ||
Interest coverage ratio, minimum | 2 | ||
Term loan due March 2026 | Notes due | |||
Debt Instrument [Line Items] | |||
Interest rate | 7.70% | ||
Term loan due March 2028 | Notes due | |||
Debt Instrument [Line Items] | |||
Interest rate | 9.40% | ||
Notes due March 2028 | Notes due | |||
Debt Instrument [Line Items] | |||
Interest rate | 12.20% |
Pensions and Other Benefit Pr_3
Pensions and Other Benefit Programs (Components of Net Periodic Benefit Cost (Income)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Nonpension Postretirement Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 92 | $ 89 |
Interest cost | 1,136 | 1,305 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service (credit) cost | 0 | 0 |
Amortization of net actuarial loss (gain) | (295) | (356) |
Net periodic benefit (income) cost | 933 | 1,038 |
Contributions to benefit plans | 3,700 | 3,778 |
United States | Defined Benefit Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 12 | 10 |
Interest cost | 14,966 | 16,089 |
Expected return on plan assets | (21,909) | (21,613) |
Amortization of prior service (credit) cost | (5) | (5) |
Amortization of net actuarial loss (gain) | 4,972 | 4,417 |
Net periodic benefit (income) cost | (1,964) | (1,102) |
Contributions to benefit plans | 1,069 | 1,127 |
Foreign | Defined Benefit Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 188 | 194 |
Interest cost | 5,201 | 5,222 |
Expected return on plan assets | (6,450) | (7,344) |
Amortization of prior service (credit) cost | 74 | 70 |
Amortization of net actuarial loss (gain) | 1,923 | 505 |
Net periodic benefit (income) cost | 936 | (1,353) |
Contributions to benefit plans | $ 6,998 | $ 15,033 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 129.80% | 29.60% |
Percent decrease in unrecognized benefits, reasonably possible (up to) | 10% |
Stockholders_ Deficit (Details)
Stockholders’ Deficit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Increase (Decrease) in Stockholders' Equity | ||
Balances, beginning of period | $ (368,576) | $ 60,653 |
Net loss | (2,885) | (7,737) |
Other comprehensive (loss) income | (12,566) | 15,586 |
Dividends paid | (8,832) | (8,725) |
Issuance of common stock | (1,886) | (3,058) |
Stock-based compensation expense | 2,390 | 3,245 |
Balances, end of period | $ (392,355) | $ 59,964 |
Dividends paid (in dollars per share) | $ 0.05 | $ 0.05 |
Common stock | ||
Increase (Decrease) in Stockholders' Equity | ||
Balances, beginning of period | $ 270,338 | $ 323,338 |
Balances, end of period | 270,338 | 323,338 |
Retained earnings | ||
Increase (Decrease) in Stockholders' Equity | ||
Balances, beginning of period | 3,077,988 | 5,125,677 |
Net loss | (2,885) | (7,737) |
Dividends paid | (8,832) | (8,725) |
Issuance of common stock | (41,631) | (51,608) |
Stock-based compensation expense | 2,390 | 3,245 |
Balances, end of period | 3,027,030 | 5,060,852 |
Accumulated other comprehensive loss | ||
Increase (Decrease) in Stockholders' Equity | ||
Balances, beginning of period | (851,245) | (835,564) |
Other comprehensive (loss) income | (12,566) | 15,586 |
Balances, end of period | (863,811) | (819,978) |
Treasury stock | ||
Increase (Decrease) in Stockholders' Equity | ||
Balances, beginning of period | (2,865,657) | (4,552,798) |
Issuance of common stock | 39,745 | 48,550 |
Balances, end of period | $ (2,825,912) | $ (4,504,248) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Reclassifications) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest expense, net | $ (27,766) | $ (22,342) |
Income (loss) before taxes | 9,674 | (10,987) |
Income tax (benefit) provision | 12,559 | (3,250) |
Net loss | (2,885) | (7,737) |
Financing revenue | 830,509 | 834,538 |
Reclassification out of Accumulated Other Comprehensive Loss | Cash flow hedges | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Cost of sales | 0 | 1 |
Interest expense, net | 2,591 | 137 |
Income (loss) before taxes | 2,591 | 138 |
Income tax (benefit) provision | 648 | 34 |
Net loss | 1,943 | 104 |
Reclassification out of Accumulated Other Comprehensive Loss | Available for sale securities | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income tax (benefit) provision | (162) | 2 |
Net loss | (486) | 8 |
Financing revenue | (648) | 10 |
Reclassification out of Accumulated Other Comprehensive Loss | Pension and postretirement benefit plans | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income (loss) before taxes | (6,669) | (4,631) |
Income tax (benefit) provision | (1,628) | (1,142) |
Net loss | (5,041) | (3,489) |
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 | (69) | (65) |
Reclassification out of Accumulated Other Comprehensive Loss | Actuarial losses | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Pension and postretirement benefit plans | $ (6,600) | $ (4,566) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss (Changes) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ||
Balances, beginning of period | $ (368,576) | $ 60,653 |
Other comprehensive income (loss) before reclassifications | (16,150) | 12,209 |
Reclassifications into earnings | 3,584 | 3,377 |
Other comprehensive (loss) income, net of tax | (12,566) | 15,586 |
Balances, end of period | (392,355) | 59,964 |
Cash flow hedges | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ||
Balances, beginning of period | 6,962 | 12,503 |
Other comprehensive income (loss) before reclassifications | 702 | (1,958) |
Reclassifications into earnings | (1,943) | (104) |
Other comprehensive (loss) income, net of tax | (1,241) | (2,062) |
Balances, end of period | 5,721 | 10,441 |
Available for sale securities | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ||
Balances, beginning of period | (33,463) | (39,440) |
Other comprehensive income (loss) before reclassifications | (1,453) | 3,280 |
Reclassifications into earnings | 486 | (8) |
Other comprehensive (loss) income, net of tax | (967) | 3,272 |
Balances, end of period | (34,430) | (36,168) |
Pension and postretirement benefit plans | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ||
Balances, beginning of period | (757,452) | (716,056) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Reclassifications into earnings | 5,041 | 3,489 |
Other comprehensive (loss) income, net of tax | 5,041 | 3,489 |
Balances, end of period | (752,411) | (712,567) |
Foreign currency adjustments | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ||
Balances, beginning of period | (67,292) | (92,571) |
Other comprehensive income (loss) before reclassifications | (15,399) | 10,887 |
Reclassifications into earnings | 0 | 0 |
Other comprehensive (loss) income, net of tax | (15,399) | 10,887 |
Balances, end of period | (82,691) | (81,684) |
Total | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ||
Balances, beginning of period | (851,245) | (835,564) |
Other comprehensive (loss) income, net of tax | (12,566) | 15,586 |
Balances, end of period | $ (863,811) | $ (819,978) |
Supplemental Financial Statem_3
Supplemental Financial Statement Information (Allowance for Credit on Losses for Accounts and Other Receivables) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of year | $ 6,139 | $ 5,864 |
Amounts charged to expense | 4,025 | 2,523 |
Write-offs, recoveries and other | (1,216) | (2,304) |
Balance at end of period | $ 8,948 | $ 6,083 |
Supplemental Financial Statem_4
Supplemental Financial Statement Information (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Other Income and Expenses [Abstract] | ||
Cash interest paid | $ 56,013 | $ 53,721 |
Cash income tax (refunds) payments, net | (4,352) | |
Cash income tax (refunds) payments, net | 2,781 | |
Capital assets obtained under capital lease obligations | $ 6,316 | $ 721 |
Supplemental Financial Statem_5
Supplemental Financial Statement Information (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Lessee, Lease, Description [Line Items] | ||
Losses from the disposal of fixed assets | $ 3 | $ 3 |
Leases signed but not yet commenced | $ 17 | |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Leases signed but not yet commenced, term of contract | 3 years | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Leases signed but not yet commenced, term of contract | 7 years |