x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Ohio | 34-0183970 | |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification Number) | |
5995 Mayfair Road, PO Box 3077, North Canton, Ohio | 44720-8077 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer | x | Accelerated filer | o | Non-accelerated filer (Do not check if a smaller reporting company) | o | Smaller reporting company | o |
September 30, 2016 | December 31, 2015 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 748.2 | $ | 313.6 | ||||
Short-term investments | 39.9 | 39.9 | ||||||
Trade receivables, less allowances for doubtful accounts of $48.0 and $31.7, respectively | 1,029.2 | 413.9 | ||||||
Inventories | 887.5 | 369.3 | ||||||
Deferred income taxes | 162.9 | 168.8 | ||||||
Prepaid expenses | 62.7 | 23.6 | ||||||
Prepaid income taxes | 108.3 | 18.0 | ||||||
Current assets held for sale | — | 148.2 | ||||||
Other current assets | 257.2 | 148.3 | ||||||
Total current assets | 3,295.9 | 1,643.6 | ||||||
Securities and other investments | 83.4 | 85.2 | ||||||
Property, plant and equipment, net of accumulated depreciation and amortization of $462.5 and $433.7, respectively | 410.8 | 175.3 | ||||||
Goodwill | 991.0 | 161.5 | ||||||
Deferred income taxes | 67.4 | 65.3 | ||||||
Finance lease receivables | 30.1 | 36.5 | ||||||
Intangible assets, net | 869.7 | 67.5 | ||||||
Other assets | 33.0 | 7.5 | ||||||
Total assets | $ | 5,781.3 | $ | 2,242.4 | ||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities | ||||||||
Notes payable | $ | 336.4 | $ | 32.0 | ||||
Accounts payable | 698.2 | 281.7 | ||||||
Deferred revenue | 312.7 | 229.2 | ||||||
Payroll and other benefits liabilities | 274.4 | 76.5 | ||||||
Current liabilities held for sale | — | 49.4 | ||||||
Other current liabilities | 560.6 | 287.0 | ||||||
Total current liabilities | 2,182.3 | 955.8 | ||||||
Long-term debt | 1,722.5 | 606.2 | ||||||
Pensions and other benefits | 296.8 | 195.6 | ||||||
Post-retirement and other benefits | 19.8 | 18.7 | ||||||
Deferred income taxes | 259.8 | 1.9 | ||||||
Other long-term liabilities | 153.3 | 28.7 | ||||||
Commitments and contingencies | ||||||||
Equity | ||||||||
Diebold, Incorporated shareholders' equity | ||||||||
Preferred shares, no par value, 1,000,000 authorized shares, none issued | — | — | ||||||
Common shares, $1.25 par value, 125,000,000 authorized shares, 89,916,879 and 79,696,694 issued shares, 75,139,661 and 65,001,602 outstanding shares, respectively | 112.4 | 99.6 | ||||||
Additional capital | 712.2 | 430.8 | ||||||
Retained earnings | 748.1 | 760.3 | ||||||
Treasury shares, at cost (14,777,218 and 14,695,092 shares, respectively) | (562.3 | ) | (560.2 | ) | ||||
Accumulated other comprehensive loss | (274.2 | ) | (318.1 | ) | ||||
Total Diebold, Incorporated shareholders' equity | 736.2 | 412.4 | ||||||
Noncontrolling interests | 410.6 | 23.1 | ||||||
Total equity | 1,146.8 | 435.5 | ||||||
Total liabilities and equity | $ | 5,781.3 | $ | 2,242.4 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Net sales | ||||||||||||||||
Services | $ | 542.7 | $ | 346.4 | $ | 1,235.9 | $ | 1,040.9 | ||||||||
Products | 440.6 | 243.2 | 837.0 | 768.0 | ||||||||||||
983.3 | 589.6 | 2,072.9 | 1,808.9 | |||||||||||||
Cost of sales | ||||||||||||||||
Services | 388.7 | 235.2 | 852.6 | 699.4 | ||||||||||||
Products | 397.0 | 204.1 | 728.8 | 629.2 | ||||||||||||
785.7 | 439.3 | 1,581.4 | 1,328.6 | |||||||||||||
Gross profit | 197.6 | 150.3 | 491.5 | 480.3 | ||||||||||||
Selling and administrative expense | 253.5 | 117.8 | 506.4 | 363.2 | ||||||||||||
Research, development and engineering expense | 31.3 | 20.0 | 67.4 | 66.2 | ||||||||||||
Impairment of assets | — | — | — | 18.9 | ||||||||||||
(Gain) loss on sale of assets, net | (0.5 | ) | 0.1 | (0.2 | ) | (1.4 | ) | |||||||||
284.3 | 137.9 | 573.6 | 446.9 | |||||||||||||
Operating profit (loss) | (86.7 | ) | 12.4 | (82.1 | ) | 33.4 | ||||||||||
Other income (expense) | ||||||||||||||||
Interest income | 5.3 | 5.9 | 16.5 | 20.6 | ||||||||||||
Interest expense | (32.4 | ) | (8.5 | ) | (68.2 | ) | (24.1 | ) | ||||||||
Foreign exchange gain (loss), net | 2.0 | 1.3 | (1.6 | ) | (9.2 | ) | ||||||||||
Miscellaneous, net | (4.2 | ) | (1.4 | ) | 3.6 | (1.7 | ) | |||||||||
Income (loss) from continuing operations before taxes | (116.0 | ) | 9.7 | (131.8 | ) | 19.0 | ||||||||||
Income tax (benefit) expense | (18.8 | ) | (8.5 | ) | (34.5 | ) | (8.8 | ) | ||||||||
Income (loss) from continuing operations, net of tax | (97.2 | ) | 18.2 | (97.3 | ) | 27.8 | ||||||||||
Income (loss) from discontinued operations, net of tax | (4.6 | ) | 4.7 | 143.7 | 13.4 | |||||||||||
Net income (loss) | (101.8 | ) | 22.9 | 46.4 | 41.2 | |||||||||||
Net income attributable to noncontrolling interests | 0.5 | 1.2 | 1.6 | 0.1 | ||||||||||||
Net income (loss) attributable to Diebold, Incorporated | $ | (102.3 | ) | $ | 21.7 | $ | 44.8 | $ | 41.1 | |||||||
Basic weighted-average shares outstanding | 70.9 | 65.0 | 67.0 | 64.9 | ||||||||||||
Diluted weighted-average shares outstanding | 70.9 | 65.6 | 67.6 | 65.5 | ||||||||||||
Basic earnings (loss) per share | ||||||||||||||||
Income (loss) from continuing operations, net of tax | $ | (1.38 | ) | $ | 0.26 | $ | (1.48 | ) | $ | 0.43 | ||||||
Income (loss) from discontinued operations, net of tax | (0.06 | ) | 0.07 | 2.15 | 0.20 | |||||||||||
Net income (loss) attributable to Diebold, Incorporated | $ | (1.44 | ) | $ | 0.33 | $ | 0.67 | $ | 0.63 | |||||||
Diluted earnings (loss) per share | ||||||||||||||||
Income (loss) from continuing operations, net of tax | $ | (1.38 | ) | $ | 0.26 | $ | (1.46 | ) | $ | 0.43 | ||||||
Income (loss) from discontinued operations, net of tax | (0.06 | ) | 0.07 | 2.12 | 0.20 | |||||||||||
Net income (loss) attributable to Diebold, Incorporated | $ | (1.44 | ) | $ | 0.33 | $ | 0.66 | $ | 0.63 | |||||||
Amounts attributable to Diebold, Incorporated | ||||||||||||||||
Income (loss) before discontinued operations, net of tax | $ | (97.7 | ) | $ | 17.0 | $ | (98.9 | ) | $ | 27.7 | ||||||
Income (loss) from discontinued operations, net of tax | (4.6 | ) | 4.7 | 143.7 | 13.4 | |||||||||||
Net income (loss) attributable to Diebold, Incorporated | $ | (102.3 | ) | $ | 21.7 | $ | 44.8 | $ | 41.1 | |||||||
Common dividends declared and paid per share | $ | 0.2875 | $ | 0.2875 | $ | 0.8625 | $ | 0.8625 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Net income (loss) | $ | (101.8 | ) | $ | 22.9 | $ | 46.4 | $ | 41.2 | |||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||
Translation adjustment | (4.2 | ) | (75.3 | ) | 49.6 | (137.4 | ) | |||||||||
Foreign currency hedges (net of tax $0.2, $(2.2), $4.2 and $(4.0), respectively) | (0.4 | ) | 4.0 | (7.9 | ) | 7.3 | ||||||||||
Interest rate hedges | ||||||||||||||||
Net gain recognized in other comprehensive income (net of tax $(0.1) and $(0.3) for the three and nine months ended September 30, 2015, respectively) | — | 0.2 | — | 0.5 | ||||||||||||
Reclassification adjustment for amounts recognized in net income | — | (0.1 | ) | (0.1 | ) | (0.2 | ) | |||||||||
— | 0.1 | (0.1 | ) | 0.3 | ||||||||||||
Pension and other post-retirement benefits | ||||||||||||||||
Net actuarial loss amortization (net of tax $(0.3), $(0.6), $(1.3) and $(1.9), respectively) | (0.1 | ) | 1.1 | 1.8 | 3.4 | |||||||||||
Net prior service benefit amortization, net of tax | — | — | — | (0.1 | ) | |||||||||||
(0.1 | ) | 1.1 | 1.8 | 3.3 | ||||||||||||
Other comprehensive income (loss), net of tax | (4.7 | ) | (70.1 | ) | 43.4 | (126.5 | ) | |||||||||
Comprehensive income (loss) | (106.5 | ) | (47.2 | ) | 89.8 | (85.3 | ) | |||||||||
Less: comprehensive income (loss) attributable to noncontrolling interests | 0.5 | 0.5 | 1.1 | (0.3 | ) | |||||||||||
Comprehensive income (loss) attributable to Diebold, Incorporated | $ | (107.0 | ) | $ | (47.7 | ) | $ | 88.7 | $ | (85.0 | ) |
Nine Months Ended | ||||||||
September 30, | ||||||||
2016 | 2015 | |||||||
Cash flow from operating activities | ||||||||
Net income (loss) | $ | 46.4 | $ | 41.2 | ||||
Income (loss) from discontinued operations, net of tax | 143.7 | 13.4 | ||||||
Income (loss) from continuing operations, net of tax | (97.3 | ) | 27.8 | |||||
Adjustments to reconcile net income (loss) to cash flow used by operating activities: | ||||||||
Depreciation and amortization | 74.3 | 48.3 | ||||||
Share-based compensation | 14.2 | 10.9 | ||||||
Excess tax benefits from share-based compensation | (0.3 | ) | (0.3 | ) | ||||
Devaluation of Venezuela balance sheet | — | 7.5 | ||||||
(Gain) loss on sale of assets, net | (0.2 | ) | (1.4 | ) | ||||
Impairment of assets | — | 18.9 | ||||||
Gain on foreign currency option and forward contracts, net | (9.3 | ) | — | |||||
Changes in certain assets and liabilities, net of the effects of acquisition | ||||||||
Trade receivables | (85.3 | ) | (128.6 | ) | ||||
Inventories | (18.9 | ) | (57.6 | ) | ||||
Prepaid expenses | 0.7 | (3.0 | ) | |||||
Prepaid income taxes | (90.3 | ) | (30.5 | ) | ||||
Other current assets | 51.5 | (17.3 | ) | |||||
Accounts payable | 14.2 | 24.4 | ||||||
Deferred revenue | (42.9 | ) | (35.9 | ) | ||||
Deferred income taxes | (58.5 | ) | 9.0 | |||||
Certain other assets and liabilities | 61.4 | 5.2 | ||||||
Net cash used by operating activities - continuing operations | (186.7 | ) | (122.6 | ) | ||||
Net cash (used) provided by operating activities - discontinued operations | (8.2 | ) | 2.5 | |||||
Net cash used by operating activities | (194.9 | ) | (120.1 | ) | ||||
Cash flow from investing activities | ||||||||
Payments for acquisition, net of cash acquired | (890.6 | ) | (59.4 | ) | ||||
Proceeds from maturities of investments | 164.1 | 101.0 | ||||||
Proceeds from sale of foreign currency option and forward contracts, net | 16.2 | — | ||||||
Payments for purchases of investments | (155.6 | ) | (107.1 | ) | ||||
Proceeds from sale of assets | 28.7 | 5.6 | ||||||
Capital expenditures | (23.9 | ) | (40.6 | ) | ||||
Increase in certain other assets | (17.9 | ) | (2.9 | ) | ||||
Net cash used by investing activities - continuing operations | (879.0 | ) | (103.4 | ) | ||||
Net cash provided (used) by investing activities - discontinued operations | 361.9 | (2.4 | ) | |||||
Net cash used by investing activities | (517.1 | ) | (105.8 | ) | ||||
Cash flow from financing activities | ||||||||
Dividends paid | (57.0 | ) | (56.5 | ) | ||||
Debt issuance costs | (39.2 | ) | (0.7 | ) | ||||
Revolving credit facility borrowings (repayments), net | (168.0 | ) | (36.4 | ) | ||||
Other debt borrowings | 1,825.7 | 317.7 | ||||||
Other debt repayments | (419.2 | ) | (91.2 | ) | ||||
Distributions to noncontrolling interest holders | (2.1 | ) | (0.2 | ) | ||||
Excess tax benefits from share-based compensation | 0.3 | 0.3 | ||||||
Issuance of common shares | 0.3 | 3.4 | ||||||
Repurchase of common shares | (2.1 | ) | (3.0 | ) | ||||
Net cash provided by financing activities | 1,138.7 | 133.4 | ||||||
Effect of exchange rate changes on cash and cash equivalents | 9.4 | (31.0 | ) | |||||
Increase (decrease) in cash and cash equivalents | 436.1 | (123.5 | ) | |||||
Add: Cash overdraft included in assets held for sale at beginning of period | (1.5 | ) | (4.1 | ) | ||||
Less: Cash overdraft included in assets held for sale at end of period | — | (3.9 | ) | |||||
Cash and cash equivalents at the beginning of the period | 313.6 | 326.1 | ||||||
Cash and cash equivalents at the end of the period | $ | 748.2 | $ | 202.4 |
Cash paid | $ | 995.3 | ||
Less: cash acquired | (104.7 | ) | ||
Payments for acquisition, net of cash acquired | 890.6 | |||
Common shares issued to Wincor Nixdorf shareholders | 279.7 | |||
Other consideration | (9.3 | ) | ||
Total preliminary consideration, net of cash acquired | $ | 1,161.0 |
August 15, 2016 | ||||
Trade receivables | $ | 474.1 | ||
Inventories | 487.2 | |||
Deferred income taxes | 46.5 | |||
Prepaid expenses | 39.3 | |||
Current assets held for sale | 100.5 | |||
Other current assets | 79.7 | |||
Property, plant and equipment | 236.9 | |||
Intangible assets | 803.6 | |||
Other assets | 27.0 | |||
Total assets acquired | 2,294.8 | |||
Notes payable | 159.8 | |||
Accounts payable | 321.5 | |||
Deferred revenue | 164.8 | |||
Payroll and other benefits liabilities | 191.0 | |||
Current liabilities held for sale | 62.5 | |||
Other current liabilities | 183.4 | |||
Pensions and other benefits | 87.6 | |||
Other noncurrent liabilities | 393.5 | |||
Total liabilities assumed | 1,564.1 | |||
Fair value of noncontrolling interest | (386.7 | ) | ||
Total identifiable net assets acquired, including noncontrolling interest | 344.0 | |||
Goodwill | $ | 817.0 |
Weighted-average useful lives | August 15, 2016 | |||||
Trade name | 3.0 years | $ | 37.9 | |||
Technologies | 4.0 years | 107.2 | ||||
Customer relationships | 9.5 years | 658.5 | ||||
Intangible assets | $ | 803.6 |
August 15, 2016 to September 30, 2016 | |||
Net sales | $ | 405.3 | |
Income (loss) from continuing operations before taxes | $ | (57.9 | ) |
Net income (loss) attributable to Diebold, Incorporated | $ | (41.6 | ) |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30 | September 30 | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net sales - pro forma | $ | 1,291.0 | $ | 1,315.0 | $ | 3,738.1 | $ | 3,765.7 | |||||||
Net income (loss) attributable to Diebold, Incorporated - pro forma | $ | (51.2 | ) | $ | (98.9 | ) | $ | 97.1 | $ | (250.8 | ) | ||||
Net income (loss) attributable to Diebold, Incorporated per share - basic - pro forma | $ | (0.68 | ) | $ | (1.32 | ) | $ | 1.29 | $ | (3.35 | ) | ||||
Net income (loss) attributable to Diebold, Incorporated per share - diluted - pro forma | $ | (0.68 | ) | $ | (1.31 | ) | $ | 1.28 | $ | (3.33 | ) | ||||
Basic weighted-average shares outstanding - pro forma | 75.1 | 74.9 | 75.1 | 74.8 | |||||||||||
Diluted weighted-average shares outstanding - pro forma | 75.7 | 75.5 | 75.7 | 75.4 |
• | Additional depreciation and amortization expenses that would have been recognized assuming preliminary fair value adjustments to the existing Wincor Nixdorf assets acquired and liabilities assumed, including intangible assets, fixed assets and expense associated with the valuation of inventory acquired. |
• | Increased interest expense due to additional borrowings to fund the Acquisition. |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Numerator | ||||||||||||||||
Income (loss) used in basic and diluted earnings (loss) per share | ||||||||||||||||
Income (loss) from continuing operations, net of tax | $ | (97.2 | ) | $ | 18.2 | $ | (97.3 | ) | $ | 27.8 | ||||||
Net income attributable to noncontrolling interests | 0.5 | 1.2 | 1.6 | 0.1 | ||||||||||||
Income (loss) before discontinued operations, net of tax | (97.7 | ) | 17.0 | (98.9 | ) | 27.7 | ||||||||||
Income (loss) from discontinued operations, net of tax | (4.6 | ) | 4.7 | 143.7 | 13.4 | |||||||||||
Net income (loss) attributable to Diebold, Incorporated | $ | (102.3 | ) | $ | 21.7 | $ | 44.8 | $ | 41.1 | |||||||
Denominator | ||||||||||||||||
Weighted-average number of common shares used in basic earnings (loss) per share | 70.9 | 65.0 | 67.0 | 64.9 | ||||||||||||
Effect of dilutive shares (1) | — | 0.6 | 0.6 | 0.6 | ||||||||||||
Weighted-average number of shares used in diluted earnings (loss) per share | 70.9 | 65.6 | 67.6 | 65.5 | ||||||||||||
Basic earnings (loss) per share | ||||||||||||||||
Income (loss) from continuing operations, net of tax | $ | (1.38 | ) | $ | 0.26 | $ | (1.48 | ) | $ | 0.43 | ||||||
Income (loss) from discontinued operations, net of tax | (0.06 | ) | 0.07 | 2.15 | 0.20 | |||||||||||
Net income (loss) attributable to Diebold, Incorporated | $ | (1.44 | ) | $ | 0.33 | $ | 0.67 | $ | 0.63 | |||||||
Diluted earnings (loss) per share | ||||||||||||||||
Income (loss) from continuing operations, net of tax | $ | (1.38 | ) | $ | 0.26 | $ | (1.46 | ) | $ | 0.43 | ||||||
Income (loss) from discontinued operations, net of tax | (0.06 | ) | 0.07 | 2.12 | 0.20 | |||||||||||
Net income (loss) attributable to Diebold, Incorporated | $ | (1.44 | ) | $ | 0.33 | $ | 0.66 | $ | 0.63 | |||||||
Anti-dilutive shares | ||||||||||||||||
Anti-dilutive shares not used in calculating diluted weighted-average shares | 2.1 | 1.5 | 2.2 | 1.5 |
(1) | Incremental shares of 0.6 shares were excluded from the computation of diluted earnings (loss) per share for the three months ended September 30, 2016, because their effect is anti-dilutive due to the net loss attributable to Diebold, Incorporated. |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Diebold, Incorporated shareholders' equity | ||||||||||||||||
Balance at beginning of period | $ | 578.3 | $ | 465.6 | $ | 412.4 | $ | 531.6 | ||||||||
Comprehensive income (loss) attributable to Diebold, Incorporated | (107.0 | ) | (47.7 | ) | 88.7 | (85.0 | ) | |||||||||
Common shares | 12.4 | — | 12.8 | 0.6 | ||||||||||||
Additional capital | 271.6 | 2.4 | 281.4 | 13.7 | ||||||||||||
Treasury shares | (0.1 | ) | (0.2 | ) | (2.1 | ) | (3.0 | ) | ||||||||
Dividends paid | (19.0 | ) | (18.7 | ) | (57.0 | ) | (56.5 | ) | ||||||||
Balance at end of period | $ | 736.2 | $ | 401.4 | $ | 736.2 | $ | 401.4 | ||||||||
Noncontrolling interests | ||||||||||||||||
Balance at beginning of period | $ | 23.7 | $ | 24.6 | $ | 23.1 | $ | 23.3 | ||||||||
Comprehensive income attributable to noncontrolling interests, net (1) | 386.9 | 0.7 | 387.5 | 2.0 | ||||||||||||
Distributions to noncontrolling interest holders | — | (0.2 | ) | — | (0.2 | ) | ||||||||||
Balance at end of period | $ | 410.6 | $ | 25.1 | $ | 410.6 | $ | 25.1 |
(1) | The increase in comprehensive income attributable to noncontrolling interests, net for the three and nine months ended September 30, 2016 is primarily attributable to the fair value of the noncontrolling interest from the Acquisition. Comprehensive income (loss) attributable to noncontrolling interests of $(0.1) for the nine months ended September 30, 2015, and is net of $2.1 Venezuela noncontrolling interest adjustment for the nine months ended September 30, 2015, to reduce the carrying value to the estimated fair market value. |
Translation | Foreign Currency Hedges | Interest Rate Hedges | Pension and Other Post-retirement Benefits | Other | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||
Balance at June 30, 2016 | $ | (161.2 | ) | $ | (2.5 | ) | $ | (0.2 | ) | $ | (105.9 | ) | $ | 0.4 | $ | (269.4 | ) | |||||||
Other comprehensive income (loss) before reclassifications (1) | (4.3 | ) | (0.4 | ) | — | — | — | (4.7 | ) | |||||||||||||||
Amounts reclassified from AOCI | — | — | — | (0.1 | ) | — | (0.1 | ) | ||||||||||||||||
Net current-period other comprehensive income (loss) | (4.3 | ) | (0.4 | ) | — | (0.1 | ) | — | (4.8 | ) | ||||||||||||||
Balance at September 30, 2016 | $ | (165.5 | ) | $ | (2.9 | ) | $ | (0.2 | ) | $ | (106.0 | ) | $ | 0.4 | $ | (274.2 | ) |
(1) | Other comprehensive income (loss) before reclassifications within the translation component excludes $0.1 of translation attributable to noncontrolling interests. |
Translation | Foreign Currency Hedges | Interest Rate Hedges | Pension and Other Post-retirement Benefits | Other | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||
Balance at June 30, 2015 | $ | (137.3 | ) | $ | 1.9 | $ | (0.3 | ) | $ | (111.8 | ) | $ | 0.3 | $ | (247.2 | ) | ||||||||
Other comprehensive income (loss) before reclassifications (1) | (74.7 | ) | 4.0 | 0.2 | — | — | (70.5 | ) | ||||||||||||||||
Amounts reclassified from AOCI | — | — | (0.1 | ) | 1.1 | — | 1.0 | |||||||||||||||||
Net current-period other comprehensive income (loss) | (74.7 | ) | 4.0 | 0.1 | 1.1 | — | (69.5 | ) | ||||||||||||||||
Balance at September 30, 2015 | $ | (212.0 | ) | $ | 5.9 | $ | (0.2 | ) | $ | (110.7 | ) | $ | 0.3 | $ | (316.7 | ) |
(1) | Other comprehensive income (loss) before reclassifications within the translation component excludes $(0.6) of translation attributable to noncontrolling interests. |
Translation | Foreign Currency Hedges | Interest Rate Hedges | Pension and Other Post-retirement Benefits | Other | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||
Balance at January 1, 2016 | $ | (215.6 | ) | $ | 5.0 | $ | (0.1 | ) | $ | (107.8 | ) | $ | 0.4 | $ | (318.1 | ) | ||||||||
Other comprehensive income (loss) before reclassifications (1) | 50.1 | (7.9 | ) | — | — | — | 42.2 | |||||||||||||||||
Amounts reclassified from AOCI | — | — | (0.1 | ) | 1.8 | — | 1.7 | |||||||||||||||||
Net current-period other comprehensive income (loss) | 50.1 | (7.9 | ) | (0.1 | ) | 1.8 | — | 43.9 | ||||||||||||||||
Balance at September 30, 2016 | $ | (165.5 | ) | $ | (2.9 | ) | $ | (0.2 | ) | $ | (106.0 | ) | $ | 0.4 | $ | (274.2 | ) |
(1) | Other comprehensive income (loss) before reclassifications within the translation component excludes $(0.5) of translation attributable to noncontrolling interests. |
Translation | Foreign Currency Hedges | Interest Rate Hedges | Pension and Other Post-retirement Benefits | Other | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||
Balance at January 1, 2015 | $ | (74.9 | ) | $ | (1.4 | ) | $ | (0.5 | ) | $ | (114.0 | ) | $ | 0.3 | $ | (190.5 | ) | |||||||
Other comprehensive income (loss) before reclassifications (1) | (137.1 | ) | 7.3 | 0.5 | — | — | (129.3 | ) | ||||||||||||||||
Amounts reclassified from AOCI | — | — | (0.2 | ) | 3.3 | — | 3.1 | |||||||||||||||||
Net current-period other comprehensive income (loss) | (137.1 | ) | 7.3 | 0.3 | 3.3 | — | (126.2 | ) | ||||||||||||||||
Balance at September 30, 2015 | $ | (212.0 | ) | $ | 5.9 | $ | (0.2 | ) | $ | (110.7 | ) | $ | 0.3 | $ | (316.7 | ) |
(1) | Other comprehensive income (loss) before reclassifications within the translation component excludes $(0.3) of translation attributable to noncontrolling interests. |
Three Months Ended | Nine Months Ended | Affected Line Item in the Statement of Operations | ||||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||||
Interest rate hedges | $ | — | $ | (0.1 | ) | $ | (0.1 | ) | $ | (0.2 | ) | Interest expense | ||||||
Pension and post-retirement benefits: | ||||||||||||||||||
Net actuarial loss amortization (net of tax $(0.3), $(0.6), $(1.3) and $(1.9), respectively) | (0.1 | ) | 1.1 | 1.8 | 3.4 | (1) | ||||||||||||
Net prior service benefit amortization, net of tax | — | — | — | (0.1 | ) | (1) | ||||||||||||
(0.1 | ) | 1.1 | 1.8 | 3.3 | ||||||||||||||
Total reclassifications for the period | $ | (0.1 | ) | $ | 1.0 | $ | 1.7 | $ | 3.1 |
(1) | Pension and other post-retirement benefits AOCI components are included in the computation of net periodic benefit cost (refer to note 13). |
Number of Shares | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Term | Aggregate Intrinsic Value (1) | ||||||||||
(per share) | (in years) | ||||||||||||
Outstanding at January 1, 2016 | 1.7 | $ | 34.21 | ||||||||||
Expired or forfeited | (0.5 | ) | $ | 35.60 | |||||||||
Granted | 0.5 | $ | 27.39 | ||||||||||
Outstanding at September 30, 2016 | 1.7 | $ | 31.99 | 7 | $ | — | |||||||
Options exercisable at September 30, 2016 | 0.9 | $ | 33.99 | 6 | $ | — | |||||||
Options vested and expected to vest at September 30, 2016 (2) | 1.6 | $ | 32.07 | 7 | $ | — |
(1) | The aggregate intrinsic value (the difference between the closing price of the Company’s common shares on the last trading day of the third quarter of 2016 and the exercise price, multiplied by the number of “in-the-money” options) that would have been received by the option holders had all option holders exercised their options on September 30, 2016. The amount of aggregate intrinsic value will change based on the fair market value of the Company’s common shares. |
(2) | The options expected to vest are the result of applying the pre-vesting forfeiture rate assumption to total outstanding non-vested options. |
Number of Shares | Weighted-Average Grant-Date Fair Value | ||||||
(per share) | |||||||
RSUs: | |||||||
Non-vested at January 1, 2016 | 0.9 | $ | 32.53 | ||||
Forfeited | (0.1 | ) | $ | 31.74 | |||
Vested | (0.2 | ) | $ | 31.67 | |||
Granted | 0.5 | $ | 27.05 | ||||
Non-vested at September 30, 2016 | 1.1 | $ | 29.92 | ||||
Performance Shares: | |||||||
Non-vested at January 1, 2016 | 0.8 | $ | 34.06 | ||||
Forfeited | (0.1 | ) | $ | 31.56 | |||
Vested | (0.2 | ) | $ | 29.36 | |||
Granted | 0.6 | $ | 27.27 | ||||
Non-vested at September 30, 2016 | 1.1 | $ | 31.59 |
Cost Basis | Unrealized Gain | Fair Value | ||||||||||
As of September 30, 2016 | ||||||||||||
Short-term investments | ||||||||||||
Certificates of deposit | $ | 39.9 | $ | — | $ | 39.9 | ||||||
Long-term investments | ||||||||||||
Assets held in a rabbi trust | $ | 7.6 | $ | 0.7 | $ | 8.3 | ||||||
As of December 31, 2015 | ||||||||||||
Short-term investments | ||||||||||||
Certificates of deposit | $ | 39.9 | $ | — | $ | 39.9 | ||||||
Long-term investments | ||||||||||||
Assets held in a rabbi trust | $ | 9.3 | $ | — | $ | 9.3 |
Finance Leases | Notes Receivable | Total | ||||||||||
Allowance for credit losses | ||||||||||||
Balance at January 1, 2016 | $ | 0.5 | $ | 4.1 | $ | 4.6 | ||||||
Provision for credit losses | (0.1 | ) | — | (0.1 | ) | |||||||
Write-offs | (0.1 | ) | — | (0.1 | ) | |||||||
Balance at September 30, 2016 | $ | 0.3 | $ | 4.1 | $ | 4.4 | ||||||
Balance at January 1, 2015 | $ | 0.4 | $ | 4.1 | $ | 4.5 | ||||||
Provision for credit losses | 0.3 | — | 0.3 | |||||||||
Write-offs | (0.1 | ) | — | (0.1 | ) | |||||||
Balance at September 30, 2015 | $ | 0.6 | $ | 4.1 | $ | 4.7 |
September 30, 2016 | December 31, 2015 | |||||||
30-59 days past due | $ | — | $ | 0.1 | ||||
60-89 days past due | — | — | ||||||
> 89 days past due (1) | 3.9 | 3.0 | ||||||
Total past due | $ | 3.9 | $ | 3.1 |
(1) | Past due notes receivable balances greater than 89 days are fully reserved. |
September 30, 2016 | December 31, 2015 | |||||||
Finished goods | $ | 447.2 | $ | 145.8 | ||||
Service parts | 246.0 | 155.7 | ||||||
Raw materials and work in process | 194.3 | 67.8 | ||||||
Total inventories | $ | 887.5 | $ | 369.3 |
NA | AP | EMEA | LA | Unallocated | Total | ||||||||||||||||||
Goodwill | $ | 76.4 | $ | 40.0 | $ | 168.7 | $ | 143.7 | $ | — | $ | 428.8 | |||||||||||
Accumulated impairment losses | (13.2 | ) | — | (168.7 | ) | (108.8 | ) | — | (290.7 | ) | |||||||||||||
Balance at January 1, 2015 | $ | 63.2 | $ | 40.0 | $ | — | $ | 34.9 | $ | — | $ | 138.1 | |||||||||||
Goodwill acquired | 39.7 | — | — | — | — | 39.7 | |||||||||||||||||
Currency translation adjustment | (3.4 | ) | (2.4 | ) | — | (10.5 | ) | — | (16.3 | ) | |||||||||||||
Goodwill | $ | 112.7 | $ | 37.6 | $ | 168.7 | $ | 133.2 | $ | — | $ | 452.2 | |||||||||||
Accumulated impairment losses | (13.2 | ) | — | (168.7 | ) | (108.8 | ) | — | (290.7 | ) | |||||||||||||
Balance at December 31, 2015 | $ | 99.5 | $ | 37.6 | $ | — | $ | 24.4 | $ | — | $ | 161.5 | |||||||||||
Goodwill acquired | — | — | — | — | 817.0 | 817.0 | |||||||||||||||||
Goodwill adjustment | (0.5 | ) | — | — | — | — | (0.5 | ) | |||||||||||||||
Currency translation adjustment | 2.7 | 0.7 | — | 4.2 | 5.4 | 13.0 | |||||||||||||||||
Goodwill | 114.9 | 38.3 | 168.7 | 137.4 | 822.4 | 1,281.7 | |||||||||||||||||
Accumulated impairment losses | (13.2 | ) | — | (168.7 | ) | (108.8 | ) | — | (290.7 | ) | |||||||||||||
Balance at September 30, 2016 | $ | 101.7 | $ | 38.3 | $ | — | $ | 28.6 | $ | 822.4 | $ | 991.0 |
September 30, 2016 | December 31, 2015 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
Internally-developed software | $ | 159.4 | $ | (47.7 | ) | $ | 111.7 | $ | 92.4 | $ | (48.5 | ) | $ | 43.9 | |||||||||
Development costs non-software | 51.7 | (4.0 | ) | 47.7 | 1.1 | (0.6 | ) | 0.5 | |||||||||||||||
Customer relationships | 662.8 | (9.1 | ) | 653.7 | — | — | — | ||||||||||||||||
Other intangibles | 101.6 | (45.0 | ) | 56.6 | 60.7 | (37.6 | ) | 23.1 | |||||||||||||||
Total | $ | 975.5 | $ | (105.8 | ) | $ | 869.7 | $ | 154.2 | $ | (86.7 | ) | $ | 67.5 |
September 30, 2016 | December 31, 2015 | |||||||
Notes payable | ||||||||
Uncommitted lines of credit | $ | 21.1 | $ | 19.2 | ||||
Term Loan A Facility | 15.8 | 11.5 | ||||||
Term Loan B Facility - USD | 210.0 | — | ||||||
Term Loan B Facility - Euro | 3.9 | — | ||||||
European Investment Bank | 73.0 | — | ||||||
Other | 12.6 | 1.3 | ||||||
$ | 336.4 | $ | 32.0 | |||||
Long-term debt | ||||||||
Revolving credit facility | $ | — | $ | 168.0 | ||||
Term Loan A Facility | 205.6 | 218.5 | ||||||
Term Loan B Facility - USD | 790.0 | — | ||||||
Term Loan B Facility - Euro | 389.3 | — | ||||||
2024 Senior Notes | 400.0 | — | ||||||
2006 Senior Notes | — | 225.0 | ||||||
Other | 2.1 | 1.6 | ||||||
Long-term deferred financing fees | (64.5 | ) | (6.9 | ) | ||||
$ | 1,722.5 | $ | 606.2 |
Nine Months Ended | ||||||||
September 30, 2016 | ||||||||
September 30, 2016 | September 30, 2015 | |||||||
Revolving credit facility borrowings (repayments), net | $ | (168.0 | ) | $ | (36.4 | ) | ||
Proceeds from Term Loan A Facility under the Credit Agreement | $ | — | $ | 230.0 | ||||
Proceeds from Term Loan B Facility ($1,000.0) under the Credit Agreement | 990.0 | — | ||||||
Proceeds from Term Loan B Facility (€350.0) under the Credit Agreement | 398.1 | — | ||||||
Proceeds from 2024 Senior Notes | 393.0 | — | ||||||
International short-term uncommitted lines of credit borrowings | 44.6 | 87.7 | ||||||
Other debt borrowings | $ | 1,825.7 | $ | 317.7 | ||||
Payments on 2006 Senior Notes | $ | (225.0 | ) | $ | — | |||
Payments on Term Loan A Facility under the Credit Agreement | (8.6 | ) | (2.9 | ) | ||||
International short-term uncommitted lines of credit and other repayments | (185.6 | ) | (88.3 | ) | ||||
Other debt repayments | $ | (419.2 | ) | $ | (91.2 | ) |
• | a maximum total net debt to adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) leverage ratio of 4.50 for the three months ended September 30, 2016 (reducing to 4.25 on December 31, 2017, further reduced to 4.00 on December 31, 2018, and further reduced to 3.75 on June 30, 2019); and |
• | a minimum adjusted EBITDA to net interest expense coverage ratio of not less than 3.00 |
Affirmative Covenants | Negative Covenants - Limitations on | |
pay principal and interest on time | merger, consolidation and fundamental changes | |
mandatory prepayments | sale of assets | |
timely financial reporting (including compliance certificate) | investments and acquisitions | |
use of proceeds | liens and security interests | |
notice of defaults | transactions with affiliates | |
continue with line of business | dividends and other restricted payments | |
paying taxes | negative pledge clause | |
maintain insurance | restrictions on subsidiary distributions | |
compliance with applicable laws | hedges for financial speculation | |
maintain property and title to property | receivable indebtedness | |
provide updates to guaranties and collateral when acquiring new assets or subsidiaries | incurrence of indebtedness (secured, unsecured and subordinated) and receivables indebtedness | |
engage in periodic credit rating reviews | payments of junior/unsecured/subordinated debt | |
perfecting security interest on material U.S. based assets | organizational documents amendments |
Financing and Replacement Facilities | Interest Rate Index and Margin | Maturity/Termination Dates | Term (Years) | |||
Credit Agreement facilities | ||||||
Revolving Facility | LIBOR + 2.25%(i) | December 2020 | 5 | |||
Term Loan A Facility | LIBOR + 2.25%(i) | December 2020 | 5 | |||
Delayed Draw Term Loan A | LIBOR + 2.25%(i) | December 2020 | 5 | |||
Term Loan B Facility ($1,000.0) | LIBOR(ii) + 4.50% | November 2023 | 7.5 | |||
Term Loan B Facility (€350.0) | EURIBOR(iii) + 4.25% | November 2023 | 7.5 | |||
2024 Senior Notes | 8.5% | April 2024 | 8 |
(i) | Upon completion of the fourth quarter compliance certificate, the anticipated interest rate index and margin will be LIBOR + 1.75%. |
(ii) | LIBOR with a floor of 0.75%. |
(iii) | EURIBOR with a floor of 0.75%. |
• | In Germany, post-employment benefit plans are set up as employer funded pension plans and deferred compensation plans. The employer funded pension commitments in Germany are based upon direct performance-related commitments in terms of defined contribution plans. Each beneficiary receives, depending on individual pay-scale grouping, contractual classification, or income level, different yearly contributions. The contribution is multiplied by an age factor appropriate to the respective pension plan and credited to the individual retirement account of the employee. The retirement accounts may be used up at retirement by either a one-time lump-sum payout or payments of up to ten years. Insured events include disability, death and reaching of retirement age. |
• | In Switzerland, the post-employment benefit plan is required due to statutory provisions. The employees receive their pension payments as a function of contributions paid, a fixed interest rate and annuity factors. Insured events are disability, death and reaching of retirement age. |
• | The Netherlands’ based career average pension plan is financed by employers and employees and managed by an external pension fund. Insured events are disability, death and reaching of retirement age. |
Pension Benefits | Other Benefits | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Components of net periodic benefit cost | ||||||||||||||||
Service cost | $ | 2.8 | $ | 0.9 | $ | — | $ | — | ||||||||
Interest cost | 7.1 | 5.9 | 0.2 | 0.1 | ||||||||||||
Expected return on plan assets | (8.1 | ) | (6.7 | ) | — | — | ||||||||||
Amortization of prior service benefit | — | — | — | — | ||||||||||||
Recognized net actuarial loss | 1.5 | 1.7 | — | 0.1 | ||||||||||||
Curtailment loss | (0.2 | ) | — | — | — | |||||||||||
Net periodic pension benefit cost (1) | $ | 3.1 | $ | 1.8 | $ | 0.2 | $ | 0.2 |
Pension Benefits | Other Benefits | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Components of net periodic benefit cost | ||||||||||||||||
Service cost | $ | 4.6 | $ | 2.7 | $ | — | $ | — | ||||||||
Interest cost | 19.5 | 17.8 | 0.4 | 0.4 | ||||||||||||
Expected return on plan assets | (21.6 | ) | (20.2 | ) | — | — | ||||||||||
Amortization of prior service benefit | — | — | — | (0.1 | ) | |||||||||||
Recognized net actuarial loss | 4.3 | 5.0 | 0.1 | 0.3 | ||||||||||||
Curtailment loss | (0.2 | ) | — | — | — | |||||||||||
Net periodic pension benefit cost (1) | $ | 6.6 | $ | 5.3 | $ | 0.5 | $ | 0.6 |
2016 | 2015 | |||||||
Balance at January 1 | $ | 73.6 | $ | 113.3 | ||||
Current period accruals | 24.6 | 26.1 | ||||||
Current period settlements | (42.8 | ) | (36.3 | ) | ||||
Acquired warranty accruals | 43.8 | — | ||||||
Currency translation adjustment | 7.3 | (25.8 | ) | |||||
Balance at September 30 | $ | 106.5 | $ | 77.3 |
Derivative instrument | Classification on consolidated statements of operations | Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||||
Cash flow hedges | Interest expense | $ | (1.1 | ) | $ | (1.4 | ) | $ | (3.2 | ) | $ | (3.5 | ) | |||||
Gain (loss) on foreign currency option contracts - acquisition related | Miscellaneous, net | — | — | 35.6 | — | |||||||||||||
Foreign exchange forward contracts | Foreign exchange gain (loss), net | 0.5 | 6.6 | (0.2 | ) | 9.5 | ||||||||||||
Foreign exchange forward contracts - acquisition related | Miscellaneous, net | (3.6 | ) | — | (26.3 | ) | — | |||||||||||
Total | $ | (4.2 | ) | $ | 5.2 | $ | 5.9 | $ | 6.0 |
Foreign Currency Derivative | Number of Instruments | Notional Sold | Notional Purchased | ||||||||
Currency forward agreements (EUR-USD) | 18 | 53.0 | USD | 47.3 | EUR | ||||||
Currency forward agreements (EUR-GBP) | 13 | 40.7 | GBP | 51.6 | EUR |
September 30, 2016 | December 31, 2015 | |||||||||||||||||||||||
Fair Value Measurements Using | Fair Value Measurements Using | |||||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Fair Value | Level 1 | Level 2 | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Short-term investments | ||||||||||||||||||||||||
Certificates of deposit | $ | 39.9 | $ | 39.9 | $ | — | $ | 39.9 | $ | 39.9 | $ | — | ||||||||||||
Assets held in rabbi trusts | 8.3 | 8.3 | — | 9.3 | 9.3 | — | ||||||||||||||||||
Foreign exchange forward contracts | 7.3 | — | 7.3 | 3.5 | — | 3.5 | ||||||||||||||||||
Foreign currency option contracts | — | — | — | 7.0 | — | 7.0 | ||||||||||||||||||
Total | $ | 55.5 | $ | 48.2 | $ | 7.3 | $ | 59.7 | $ | 49.2 | $ | 10.5 | ||||||||||||
Liabilities | ||||||||||||||||||||||||
Deferred compensation | $ | 8.3 | $ | 8.3 | $ | — | $ | 9.3 | $ | 9.3 | $ | — | ||||||||||||
Foreign exchange forward contracts | 6.1 | — | 6.1 | 1.5 | — | 1.5 | ||||||||||||||||||
Total | $ | 14.4 | $ | 8.3 | $ | 6.1 | $ | 10.8 | $ | 9.3 | $ | 1.5 |
September 30, 2016 | December 31, 2015 | |||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | |||||||||||||
Notes payable | $ | 336.4 | $ | 336.4 | $ | 32.0 | $ | 32.0 | ||||||||
Revolving credit facility | — | — | 168.0 | 168.0 | ||||||||||||
Term Loan A Facility | 205.6 | 205.6 | 218.5 | 218.5 | ||||||||||||
Term Loan B Facility - USD | 790.0 | 790.0 | — | — | ||||||||||||
Term Loan B Facility - Euro | 389.3 | 389.3 | — | — | ||||||||||||
2024 Senior Notes | 396.0 | 400.0 | — | — | ||||||||||||
2006 Senior Notes | — | — | 231.8 | 225.0 | ||||||||||||
Other | 2.1 | 2.1 | 1.6 | 1.6 | ||||||||||||
Long-term deferred financing fees | (64.5 | ) | (64.5 | ) | (6.9 | ) | (6.9 | ) | ||||||||
Long-term debt | 1,718.5 | 1,722.5 | 613.0 | 606.2 | ||||||||||||
Total debt instruments | $ | 2,054.9 | $ | 2,058.9 | $ | 645.0 | $ | 638.2 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Cost of sales – services | $ | 0.7 | $ | 1.6 | $ | 2.4 | $ | 2.7 | ||||||||
Cost of sales – products | 1.6 | 0.1 | 1.6 | 1.4 | ||||||||||||
Selling and administrative expense | 5.0 | 5.9 | 8.6 | 13.1 | ||||||||||||
Research, development and engineering expense | 0.1 | — | 0.2 | 0.6 | ||||||||||||
Total | $ | 7.4 | $ | 7.6 | $ | 12.8 | $ | 17.8 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Severance | ||||||||||||||||
NA (1) | $ | 2.4 | $ | 4.7 | $ | 4.3 | $ | 9.3 | ||||||||
AP | — | 0.7 | — | 0.9 | ||||||||||||
EMEA | 3.5 | — | 4.1 | 3.0 | ||||||||||||
LA | 1.5 | 2.2 | 4.4 | 4.6 | ||||||||||||
Total severance | $ | 7.4 | $ | 7.6 | $ | 12.8 | $ | 17.8 |
Severance | Other | Total | |||||||||
Cumulative total restructuring costs for the multi-year transformation plan | |||||||||||
NA (1) | $ | 72.2 | $ | 2.0 | $ | 74.2 | |||||
AP | 3.8 | 0.6 | 4.4 | ||||||||
EMEA | 6.7 | 0.9 | 7.6 | ||||||||
LA | 24.3 | — | 24.3 | ||||||||
Total | $ | 107.0 | $ | 3.5 | $ | 110.5 |
Severance | Other | Total | |||||||||
Cumulative total restructuring costs for the Delta Program | |||||||||||
NA | $ | — | $ | — | $ | — | |||||
AP | — | — | — | ||||||||
EMEA | 3.0 | — | 3.0 | ||||||||
LA | 0.1 | — | 0.1 | ||||||||
Total | $ | 3.1 | $ | — | $ | 3.1 |
2016 | 2015 | |||||||
Balance at January 1 | $ | 4.7 | $ | 7.6 | ||||
Liabilities incurred | 12.8 | 17.8 | ||||||
Liabilities acquired | 45.5 | — | ||||||
Liabilities paid/settled | (11.7 | ) | (19.8 | ) | ||||
Balance at September 30 | $ | 51.3 | $ | 5.6 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Revenue summary by segment | ||||||||||||||||
NA | $ | 305.4 | $ | 270.1 | $ | 832.3 | $ | 831.8 | ||||||||
AP | 138.5 | 107.6 | 304.5 | 327.5 | ||||||||||||
EMEA | 371.3 | 89.5 | 563.4 | 282.4 | ||||||||||||
LA | 168.1 | 122.4 | 372.7 | 367.2 | ||||||||||||
Total revenue | $ | 983.3 | $ | 589.6 | $ | 2,072.9 | $ | 1,808.9 | ||||||||
Intersegment revenue | ||||||||||||||||
NA | $ | 10.9 | $ | 21.5 | $ | 41.5 | $ | 66.0 | ||||||||
AP | 25.9 | 22.5 | 72.0 | 82.2 | ||||||||||||
EMEA | 24.3 | 18.3 | 71.7 | 53.5 | ||||||||||||
LA | 0.3 | 0.2 | 0.5 | 0.4 | ||||||||||||
Total intersegment revenue | $ | 61.4 | $ | 62.5 | $ | 185.7 | $ | 202.1 | ||||||||
Segment operating profit | ||||||||||||||||
NA | $ | 50.1 | $ | 59.6 | $ | 166.5 | $ | 187.5 | ||||||||
AP | 16.1 | 14.2 | 31.0 | 46.7 | ||||||||||||
EMEA | 36.9 | 11.1 | 63.5 | 37.6 | ||||||||||||
LA | 12.8 | 4.8 | 33.6 | 21.1 | ||||||||||||
Total segment operating profit | 115.9 | 89.7 | 294.6 | 292.9 | ||||||||||||
Corporate charges not allocated to segments (1) | (68.0 | ) | (65.4 | ) | (204.4 | ) | (208.5 | ) | ||||||||
Asset impairment charges | — | — | — | (18.9 | ) | |||||||||||
Restructuring charges | (7.4 | ) | (7.6 | ) | (12.8 | ) | (17.8 | ) | ||||||||
Net non-routine expense | (127.2 | ) | (4.3 | ) | (159.5 | ) | (14.3 | ) | ||||||||
(202.6 | ) | (77.3 | ) | (376.7 | ) | (259.5 | ) | |||||||||
Operating profit (loss) | (86.7 | ) | 12.4 | (82.1 | ) | 33.4 | ||||||||||
Other income (expense) | (29.3 | ) | (2.7 | ) | (49.7 | ) | (14.4 | ) | ||||||||
Income (loss) from continuing operations before taxes | $ | (116.0 | ) | $ | 9.7 | $ | (131.8 | ) | $ | 19.0 |
(1) | Corporate charges not allocated to segments include headquarter-based costs associated with manufacturing administration, procurement, human resources, compensation and benefits, finance and accounting, global development/engineering, global strategy/mergers and acquisitions, global information technology, tax, treasury and legal. |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Segment depreciation and amortization expense | ||||||||||||||||
NA | $ | 3.8 | $ | 3.8 | $ | 9.8 | $ | 7.7 | ||||||||
AP | 1.4 | 1.7 | 4.7 | 5.1 | ||||||||||||
EMEA | 8.2 | 0.9 | 9.9 | 2.5 | ||||||||||||
LA | 3.6 | 1.4 | 6.8 | 5.3 | ||||||||||||
Total segment depreciation and amortization expense | 17.0 | 7.8 | 31.2 | 20.6 | ||||||||||||
Corporate depreciation and amortization expense | 26.4 | 7.6 | 43.1 | 27.7 | ||||||||||||
Total depreciation and amortization expense | $ | 43.4 | $ | 15.4 | $ | 74.3 | $ | 48.3 |
September 30, 2016 | December 31, 2015 | |||||||
Segment property, plant and equipment, at cost | ||||||||
NA | $ | 111.1 | $ | 110.7 | ||||
AP | 59.3 | 53.3 | ||||||
EMEA | 182.4 | 35.2 | ||||||
LA | 60.2 | 51.9 | ||||||
Total segment property, plant and equipment, at cost | 413.0 | 251.1 | ||||||
Corporate property plant and equipment, at cost, not allocated to segments | 460.3 | 357.9 | ||||||
Total property, plant and equipment, at cost | $ | 873.3 | $ | 609.0 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Financial self-service | ||||||||||||||||
Services | $ | 415.3 | $ | 293.1 | $ | 1,009.2 | $ | 883.3 | ||||||||
Products | 281.4 | 216.6 | 627.1 | 689.3 | ||||||||||||
Total financial self-service | 696.7 | 509.7 | 1,636.3 | 1,572.6 | ||||||||||||
Retail | ||||||||||||||||
Services | 77.3 | — | 77.3 | — | ||||||||||||
Products | 96.3 | — | 96.3 | — | ||||||||||||
Total retail | 173.6 | — | 173.6 | — | ||||||||||||
Security | ||||||||||||||||
Services | 50.1 | 53.3 | 149.4 | 157.6 | ||||||||||||
Products | 16.1 | 21.4 | 49.1 | 61.5 | ||||||||||||
Total security | 66.2 | 74.7 | 198.5 | 219.1 | ||||||||||||
Brazil other | 46.8 | 5.2 | 64.5 | 17.2 | ||||||||||||
$ | 983.3 | $ | 589.6 | $ | 2,072.9 | $ | 1,808.9 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Net sales | ||||||||||||||||
Services | $ | — | $ | 58.0 | $ | 16.3 | $ | 167.6 | ||||||||
Products | — | 33.4 | 8.5 | 93.3 | ||||||||||||
— | 91.4 | 24.8 | 260.9 | |||||||||||||
Cost of sales | ||||||||||||||||
Services | — | 47.3 | 15.1 | 136.8 | ||||||||||||
Products | — | 27.0 | 6.9 | 74.3 | ||||||||||||
— | 74.3 | 22.0 | 211.1 | |||||||||||||
Gross profit | — | 17.1 | 2.8 | 49.8 | ||||||||||||
Selling and administrative expense | — | 9.9 | 4.8 | 29.3 | ||||||||||||
Income (loss) from discontinued operations before taxes | — | 7.2 | (2.0 | ) | 20.5 | |||||||||||
Income tax (benefit) expense | — | 2.6 | (0.7 | ) | 7.1 | |||||||||||
— | 4.6 | (1.3 | ) | 13.4 | ||||||||||||
Gain (loss) on sale of discontinued operations before taxes | (3.8 | ) | — | 239.5 | — | |||||||||||
Income tax (benefit) expense | 0.8 | — | 94.5 | — | ||||||||||||
Gain (loss) on sale of discontinued operations, net of tax | (4.6 | ) | — | 145.0 | — | |||||||||||
Income from discontinued operations, net of tax | $ | (4.6 | ) | $ | 4.6 | $ | 143.7 | $ | 13.4 |
December 31, 2015 | |||
ASSETS | |||
Cash and cash equivalents | $ | (1.5 | ) |
Trade receivables, less allowances for doubtful accounts of $4.0 | 75.6 | ||
Inventories | 29.1 | ||
Prepaid expenses | 0.9 | ||
Other current assets | 5.0 | ||
Total current assets | 109.1 | ||
Property, plant and equipment, net | 5.2 | ||
Goodwill | 33.9 | ||
Current assets held for sale | $ | 148.2 | |
LIABILITIES | |||
Accounts payable | $ | 24.8 | |
Deferred revenue | 13.3 | ||
Payroll and other benefits liabilities | 6.6 | ||
Other current liabilities | 4.7 | ||
Current liabilities held for sale | $ | 49.4 |
(i) | Diebold, Incorporated (the Parent Company), the issuer of the guaranteed obligations; |
(ii) | Guarantor Subsidiaries, on a combined basis, as specified in the indentures related to the Company's obligations under the 2024 Senior Notes; |
(iii) | Consolidating entries and eliminations representing adjustments to (a) eliminate intercompany transactions between the Parent Company, the Guarantor Subsidiaries and the Non-guarantor Subsidiaries, (b) eliminate the investments in our subsidiaries, and (c) record consolidating entries; and |
(iv) | Diebold, Incorporated and Subsidiaries on a consolidated basis. |
Parent | Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | Reclassifications/ Eliminations | Consolidated | |||||||||||||||
ASSETS | |||||||||||||||||||
Current assets | |||||||||||||||||||
Cash and cash equivalents | $ | 344.0 | $ | 2.6 | $ | 401.6 | $ | — | $ | 748.2 | |||||||||
Short-term investments | — | — | 39.9 | — | 39.9 | ||||||||||||||
Trade receivables, net | 186.5 | 0.5 | 842.2 | — | 1,029.2 | ||||||||||||||
Intercompany receivables | 891.1 | 777.7 | 518.0 | (2,186.8 | ) | — | |||||||||||||
Inventories | 126.5 | 15.9 | 745.1 | — | 887.5 | ||||||||||||||
Deferred income taxes | 52.6 | 11.2 | 99.1 | — | 162.9 | ||||||||||||||
Prepaid expenses | 14.3 | 1.0 | 47.4 | — | 62.7 | ||||||||||||||
Prepaid income taxes | 20.9 | 5.5 | 81.9 | — | 108.3 | ||||||||||||||
Other current assets | 4.5 | 2.0 | 250.7 | — | 257.2 | ||||||||||||||
Total current assets | 1,640.4 | 816.4 | 3,025.9 | (2,186.8 | ) | 3,295.9 | |||||||||||||
Securities and other investments | 83.4 | — | — | — | 83.4 | ||||||||||||||
Property, plant and equipment, net | 106.2 | 8.8 | 295.8 | — | 410.8 | ||||||||||||||
Goodwill | 55.5 | — | 935.5 | — | 991.0 | ||||||||||||||
Deferred income taxes | 53.1 | (6.4 | ) | 20.7 | — | 67.4 | |||||||||||||
Finance lease receivables | — | 5.8 | 24.3 | — | 30.1 | ||||||||||||||
Intangible assets, net | 1.9 | 19.4 | 848.4 | — | 869.7 | ||||||||||||||
Other assets | 2,756.6 | 0.2 | 29.8 | (2,753.6 | ) | 33.0 | |||||||||||||
Total assets | $ | 4,697.1 | $ | 844.2 | $ | 5,180.4 | $ | (4,940.4 | ) | $ | 5,781.3 | ||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||
Current liabilities | |||||||||||||||||||
Notes payable | $ | 239.7 | $ | 1.7 | $ | 95.0 | $ | — | $ | 336.4 | |||||||||
Accounts payable | 114.6 | 0.2 | 583.4 | — | 698.2 | ||||||||||||||
Intercompany payable | 1,410.4 | 163.5 | 612.9 | (2,186.8 | ) | — | |||||||||||||
Deferred revenue | 73.3 | 1.7 | 237.7 | — | 312.7 | ||||||||||||||
Payroll and other benefits liabilities | 24.3 | 1.0 | 249.1 | — | 274.4 | ||||||||||||||
Other current liabilities | 157.4 | 1.1 | 402.1 | — | 560.6 | ||||||||||||||
Total current liabilities | 2,019.7 | 169.2 | 2,180.2 | (2,186.8 | ) | 2,182.3 | |||||||||||||
Long-term debt | 1,720.3 | 0.5 | 1.7 | — | 1,722.5 | ||||||||||||||
Pensions and other benefits | 191.5 | — | 105.3 | — | 296.8 | ||||||||||||||
Post-retirement and other benefits | 15.1 | — | 4.7 | — | 19.8 | ||||||||||||||
Deferred income taxes | 2.8 | — | 257.0 | — | 259.8 | ||||||||||||||
Other long-term liabilities | 11.5 | — | 141.8 | — | 153.3 | ||||||||||||||
Commitments and contingencies | |||||||||||||||||||
Total Diebold, Incorporated shareholders' equity | 736.2 | 674.5 | 2,079.1 | (2,753.6 | ) | 736.2 | |||||||||||||
Noncontrolling interests | — | — | 410.6 | — | 410.6 | ||||||||||||||
Total liabilities and equity | $ | 4,697.1 | $ | 844.2 | $ | 5,180.4 | $ | (4,940.4 | ) | $ | 5,781.3 |
Parent | Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | Reclassifications/ Eliminations | Consolidated | |||||||||||||||
ASSETS | |||||||||||||||||||
Current assets | |||||||||||||||||||
Cash and cash equivalents | $ | 20.3 | $ | 7.9 | $ | 285.4 | $ | — | $ | 313.6 | |||||||||
Short-term investments | — | — | 39.9 | — | 39.9 | ||||||||||||||
Trade receivables, net | 140.4 | 4.3 | 269.2 | — | 413.9 | ||||||||||||||
Intercompany receivables | 828.8 | 733.6 | 539.1 | (2,101.5 | ) | — | |||||||||||||
Inventories | 115.9 | 17.8 | 235.6 | — | 369.3 | ||||||||||||||
Deferred income taxes | 103.7 | 11.2 | 53.9 | — | 168.8 | ||||||||||||||
Prepaid expenses | 16.4 | 0.7 | 6.5 | — | 23.6 | ||||||||||||||
Prepaid income taxes | — | — | 18.0 | — | 18.0 | ||||||||||||||
Current assets held for sale | 139.2 | — | 9.0 | — | 148.2 | ||||||||||||||
Other current assets | 15.5 | 3.5 | 129.3 | — | 148.3 | ||||||||||||||
Total current assets | 1,380.2 | 779.0 | 1,585.9 | (2,101.5 | ) | 1,643.6 | |||||||||||||
Securities and other investments | 85.2 | — | — | — | 85.2 | ||||||||||||||
Property, plant and equipment, net | 121.1 | 10.0 | 44.2 | — | 175.3 | ||||||||||||||
Goodwill | 45.1 | — | 116.4 | — | 161.5 | ||||||||||||||
Deferred income taxes | 57.1 | (6.4 | ) | 14.6 | — | 65.3 | |||||||||||||
Finance lease receivables | — | 8.1 | 28.4 | — | 36.5 | ||||||||||||||
Intangible assets, net | 2.4 | 23.3 | 41.8 | — | 67.5 | ||||||||||||||
Other assets | 1,404.6 | 0.2 | (7.3 | ) | (1,390.0 | ) | 7.5 | ||||||||||||
Total assets | $ | 3,095.7 | $ | 814.2 | $ | 1,824.0 | $ | (3,491.5 | ) | $ | 2,242.4 | ||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||
Current liabilities | |||||||||||||||||||
Notes payable | $ | 21.5 | $ | 1.3 | $ | 9.2 | $ | — | $ | 32.0 | |||||||||
Accounts payable | 131.9 | 1.2 | 148.6 | — | 281.7 | ||||||||||||||
Intercompany payable | 1,414.2 | 140.8 | 546.5 | (2,101.5 | ) | — | |||||||||||||
Deferred revenue | 102.7 | 3.6 | 122.9 | — | 229.2 | ||||||||||||||
Payroll and other benefits liabilities | 25.2 | 0.5 | 50.8 | — | 76.5 | ||||||||||||||
Current liabilities held for sale | 48.9 | — | 0.5 | — | 49.4 | ||||||||||||||
Other current liabilities | 116.3 | (5.4 | ) | 176.1 | — | 287.0 | |||||||||||||
Total current liabilities | 1,860.7 | 142.0 | 1,054.6 | (2,101.5 | ) | 955.8 | |||||||||||||
Long-term debt | 604.6 | 1.6 | — | — | 606.2 | ||||||||||||||
Pensions and other benefits | 193.5 | — | 2.1 | — | 195.6 | ||||||||||||||
Post-retirement and other benefits | 14.5 | — | 4.2 | — | 18.7 | ||||||||||||||
Deferred income taxes | — | — | 1.9 | — | 1.9 | ||||||||||||||
Other long-term liabilities | 10.0 | — | 18.7 | — | 28.7 | ||||||||||||||
Commitments and contingencies | |||||||||||||||||||
Total Diebold, Incorporated shareholders' equity | 412.4 | 670.6 | 719.4 | (1,390.0 | ) | 412.4 | |||||||||||||
Noncontrolling interests | — | — | 23.1 | — | 23.1 | ||||||||||||||
Total liabilities and equity | $ | 3,095.7 | $ | 814.2 | $ | 1,824.0 | $ | (3,491.5 | ) | $ | 2,242.4 |
Parent | Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | Reclassifications/ Eliminations | Consolidated | |||||||||||||||
Net sales | $ | 279.6 | $ | 22.5 | $ | 703.3 | $ | (22.1 | ) | $ | 983.3 | ||||||||
Cost of sales | 211.4 | 24.5 | 571.9 | (22.1 | ) | 785.7 | |||||||||||||
Gross profit | 68.2 | (2.0 | ) | 131.4 | — | 197.6 | |||||||||||||
Selling and administrative expense | 28.6 | 2.8 | 222.1 | — | 253.5 | ||||||||||||||
Research, development and engineering expense | 0.9 | 10.8 | 19.6 | — | 31.3 | ||||||||||||||
(Gain) loss on sale of assets, net | — | (0.1 | ) | (0.4 | ) | — | (0.5 | ) | |||||||||||
29.5 | 13.5 | 241.3 | — | 284.3 | |||||||||||||||
Operating profit (loss) | 38.7 | (15.5 | ) | (109.9 | ) | — | (86.7 | ) | |||||||||||
Other income (expense) | |||||||||||||||||||
Interest income | 0.9 | 0.1 | 4.3 | — | 5.3 | ||||||||||||||
Interest expense | (33.4 | ) | — | 1.0 | — | (32.4 | ) | ||||||||||||
Foreign exchange gain (loss), net | 1.7 | (0.1 | ) | 0.4 | — | 2.0 | |||||||||||||
Equity in earnings of subsidiaries | (94.7 | ) | — | — | 94.7 | — | |||||||||||||
Miscellaneous, net | (3.4 | ) | 2.2 | (3.0 | ) | — | (4.2 | ) | |||||||||||
Income (loss) from continuing operations before taxes | (90.2 | ) | (13.3 | ) | (107.2 | ) | 94.7 | (116.0 | ) | ||||||||||
Income tax (benefit) expense | 7.5 | 1.4 | (27.7 | ) | — | (18.8 | ) | ||||||||||||
Income (loss) from continuing operations, net of tax | (97.7 | ) | (14.7 | ) | (79.5 | ) | 94.7 | (97.2 | ) | ||||||||||
Income (loss) from discontinued operations, net of tax | (4.6 | ) | — | — | — | (4.6 | ) | ||||||||||||
Net income (loss) | (102.3 | ) | (14.7 | ) | (79.5 | ) | 94.7 | (101.8 | ) | ||||||||||
Net income attributable to noncontrolling interests | — | — | 0.5 | — | 0.5 | ||||||||||||||
Net income (loss) attributable to Diebold, Incorporated | $ | (102.3 | ) | $ | (14.7 | ) | $ | (80.0 | ) | $ | 94.7 | $ | (102.3 | ) | |||||
Comprehensive income (loss) | $ | (107.0 | ) | $ | (14.7 | ) | $ | (81.9 | ) | $ | 97.1 | $ | (106.5 | ) | |||||
Less: comprehensive income (loss) attributable to noncontrolling interests | — | — | 0.5 | — | 0.5 | ||||||||||||||
Comprehensive income (loss) attributable to Diebold, Incorporated | $ | (107.0 | ) | $ | (14.7 | ) | $ | (82.4 | ) | $ | 97.1 | $ | (107.0 | ) |
Parent | Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | Reclassifications/ Eliminations | Consolidated | |||||||||||||||
Net sales | $ | 238.9 | $ | 39.2 | $ | 350.1 | $ | (38.6 | ) | $ | 589.6 | ||||||||
Cost of sales | 161.9 | 41.4 | 274.3 | (38.3 | ) | 439.3 | |||||||||||||
Gross profit | 77.0 | (2.2 | ) | 75.8 | (0.3 | ) | 150.3 | ||||||||||||
Selling and administrative expense | 62.7 | 2.2 | 52.9 | — | 117.8 | ||||||||||||||
Research, development and engineering expense | 1.9 | 13.7 | 4.4 | — | 20.0 | ||||||||||||||
(Gain) loss on sale of assets, net | 0.1 | — | — | — | 0.1 | ||||||||||||||
64.7 | 15.9 | 57.3 | — | 137.9 | |||||||||||||||
Operating profit (loss) | 12.3 | (18.1 | ) | 18.5 | (0.3 | ) | 12.4 | ||||||||||||
Other income (expense) | |||||||||||||||||||
Interest income | (0.6 | ) | 0.2 | 6.3 | — | 5.9 | |||||||||||||
Interest expense | (7.9 | ) | — | (0.6 | ) | — | (8.5 | ) | |||||||||||
Foreign exchange gain (loss), net | 3.8 | 0.1 | (2.6 | ) | — | 1.3 | |||||||||||||
Equity in earnings of subsidiaries | (0.6 | ) | — | — | 0.6 | — | |||||||||||||
Miscellaneous, net | (3.2 | ) | 3.2 | (1.4 | ) | — | (1.4 | ) | |||||||||||
Income (loss) from continuing operations before taxes | 3.8 | (14.6 | ) | 20.2 | 0.3 | 9.7 | |||||||||||||
Income tax (benefit) expense | (13.5 | ) | (4.2 | ) | 9.2 | — | (8.5 | ) | |||||||||||
Income (loss) from continuing operations, net of tax | 17.3 | (10.4 | ) | 11.0 | 0.3 | 18.2 | |||||||||||||
Income (loss) from discontinued operations, net of tax | 4.4 | — | 0.3 | — | 4.7 | ||||||||||||||
Net income (loss) | 21.7 | (10.4 | ) | 11.3 | 0.3 | 22.9 | |||||||||||||
Net income attributable to noncontrolling interests | — | — | 1.2 | — | 1.2 | ||||||||||||||
Net income (loss) attributable to Diebold, Incorporated | $ | 21.7 | $ | (10.4 | ) | $ | 10.1 | $ | 0.3 | $ | 21.7 | ||||||||
Comprehensive income (loss) | $ | (47.7 | ) | $ | (10.4 | ) | $ | (64.5 | ) | $ | 75.4 | $ | (47.2 | ) | |||||
Less: comprehensive income (loss) attributable to noncontrolling interests | — | — | 0.5 | — | 0.5 | ||||||||||||||
Comprehensive income (loss) attributable to Diebold, Incorporated | $ | (47.7 | ) | $ | (10.4 | ) | $ | (65.0 | ) | $ | 75.4 | $ | (47.7 | ) |
Parent | Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | Reclassifications/ Eliminations | Consolidated | |||||||||||||||
Net sales | $ | 819.5 | $ | 75.2 | $ | 1,252.1 | $ | (73.9 | ) | $ | 2,072.9 | ||||||||
Cost of sales | 601.1 | 80.6 | 973.0 | (73.3 | ) | 1,581.4 | |||||||||||||
Gross profit | 218.4 | (5.4 | ) | 279.1 | (0.6 | ) | 491.5 | ||||||||||||
Selling and administrative expense | 184.6 | 8.3 | 313.5 | — | 506.4 | ||||||||||||||
Research, development and engineering expense | 3.3 | 34.6 | 29.5 | — | 67.4 | ||||||||||||||
(Gain) loss on sale of assets, net | 0.2 | (0.1 | ) | (0.3 | ) | — | (0.2 | ) | |||||||||||
188.1 | 42.8 | 342.7 | — | 573.6 | |||||||||||||||
Operating profit (loss) | 30.3 | (48.2 | ) | (63.6 | ) | (0.6 | ) | (82.1 | ) | ||||||||||
Other income (expense) | |||||||||||||||||||
Interest income | 1.9 | 0.5 | 14.1 | — | 16.5 | ||||||||||||||
Interest expense | (68.3 | ) | (0.1 | ) | 0.2 | — | (68.2 | ) | |||||||||||
Foreign exchange gain (loss), net | (1.3 | ) | (0.1 | ) | (0.2 | ) | — | (1.6 | ) | ||||||||||
Equity in earnings of subsidiaries | (64.4 | ) | — | — | 64.4 | — | |||||||||||||
Miscellaneous, net | 3.0 | 5.4 | (4.8 | ) | — | 3.6 | |||||||||||||
Income (loss) from continuing operations before taxes | (98.8 | ) | (42.5 | ) | (54.3 | ) | 63.8 | (131.8 | ) | ||||||||||
Income tax (benefit) expense | (9.8 | ) | (3.5 | ) | (21.2 | ) | — | (34.5 | ) | ||||||||||
Income (loss) from continuing operations, net of tax | (89.0 | ) | (39.0 | ) | (33.1 | ) | 63.8 | (97.3 | ) | ||||||||||
Income (loss) from discontinued operations, net of tax | 133.8 | — | 9.9 | — | 143.7 | ||||||||||||||
Net income (loss) | 44.8 | (39.0 | ) | (23.2 | ) | 63.8 | 46.4 | ||||||||||||
Net income attributable to noncontrolling interests | — | — | 1.6 | — | 1.6 | ||||||||||||||
Net income (loss) attributable to Diebold, Incorporated | $ | 44.8 | $ | (39.0 | ) | $ | (24.8 | ) | $ | 63.8 | $ | 44.8 | |||||||
Comprehensive income (loss) | $ | 88.7 | $ | (39.0 | ) | $ | 27.6 | $ | 12.5 | $ | 89.8 | ||||||||
Less: comprehensive income (loss) attributable to noncontrolling interests | — | — | 1.1 | — | 1.1 | ||||||||||||||
Comprehensive income (loss) attributable to Diebold, Incorporated | $ | 88.7 | $ | (39.0 | ) | $ | 26.5 | $ | 12.5 | $ | 88.7 |
Parent | Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | Reclassifications/ Eliminations | Consolidated | |||||||||||||||
Net sales | $ | 719.8 | $ | 141.5 | $ | 1,087.7 | $ | (140.1 | ) | $ | 1,808.9 | ||||||||
Cost of sales | 478.9 | 149.3 | 839.6 | (139.2 | ) | 1,328.6 | |||||||||||||
Gross profit | 240.9 | (7.8 | ) | 248.1 | (0.9 | ) | 480.3 | ||||||||||||
Selling and administrative expense | 197.8 | 8.0 | 157.4 | — | 363.2 | ||||||||||||||
Research, development and engineering expense | 6.4 | 45.4 | 14.4 | — | 66.2 | ||||||||||||||
Impairment of assets | — | 9.1 | 9.8 | — | 18.9 | ||||||||||||||
(Gain) loss on sale of assets, net | 0.3 | (0.2 | ) | (1.5 | ) | — | (1.4 | ) | |||||||||||
204.5 | 62.3 | 180.1 | — | 446.9 | |||||||||||||||
Operating profit (loss) | 36.4 | (70.1 | ) | 68.0 | (0.9 | ) | 33.4 | ||||||||||||
Other income (expense) | |||||||||||||||||||
Interest income | (0.2 | ) | 0.9 | 19.9 | — | 20.6 | |||||||||||||
Interest expense | (22.1 | ) | (0.1 | ) | (1.9 | ) | — | (24.1 | ) | ||||||||||
Foreign exchange gain (loss), net | 4.3 | — | (13.5 | ) | — | (9.2 | ) | ||||||||||||
Equity in earnings of subsidiaries | (2.2 | ) | — | — | 2.2 | — | |||||||||||||
Miscellaneous, net | (1.6 | ) | 10.1 | (10.2 | ) | — | (1.7 | ) | |||||||||||
Income (loss) from continuing operations before taxes | 14.6 | (59.2 | ) | 62.3 | 1.3 | 19.0 | |||||||||||||
Income tax (benefit) expense | (13.8 | ) | (14.2 | ) | 19.2 | — | (8.8 | ) | |||||||||||
Income (loss) from continuing operations, net of tax | 28.4 | (45.0 | ) | 43.1 | 1.3 | 27.8 | |||||||||||||
Income (loss) from discontinued operations, net of tax | 12.7 | — | 0.7 | — | 13.4 | ||||||||||||||
Net income (loss) | 41.1 | (45.0 | ) | 43.8 | 1.3 | 41.2 | |||||||||||||
Net income attributable to noncontrolling interests | — | — | 0.1 | — | 0.1 | ||||||||||||||
Net income (loss) attributable to Diebold, Incorporated | $ | 41.1 | $ | (45.0 | ) | $ | 43.7 | $ | 1.3 | $ | 41.1 | ||||||||
Comprehensive income (loss) | $ | (85.0 | ) | $ | (45.0 | ) | $ | (93.8 | ) | $ | 138.5 | $ | (85.3 | ) | |||||
Less: comprehensive income (loss) attributable to noncontrolling interests | — | — | (0.3 | ) | — | (0.3 | ) | ||||||||||||
Comprehensive income (loss) attributable to Diebold, Incorporated | $ | (85.0 | ) | $ | (45.0 | ) | $ | (93.5 | ) | $ | 138.5 | $ | (85.0 | ) |
Parent | Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | Reclassifications/ Eliminations | Consolidated | |||||||||||||||
Net cash used by operating activities | $ | (226.8 | ) | $ | (34.2 | ) | $ | 66.1 | $ | — | $ | (194.9 | ) | ||||||
Cash flow from investing activities | |||||||||||||||||||
Payments for acquisition, net of cash acquired | (995.3 | ) | — | 104.7 | — | (890.6 | ) | ||||||||||||
Proceeds from maturities of investments | 0.8 | — | 163.3 | — | 164.1 | ||||||||||||||
Proceeds from sale of foreign currency option and forward contracts, net | 16.2 | — | — | — | 16.2 | ||||||||||||||
Payments for purchases of investments | — | — | (155.6 | ) | — | (155.6 | ) | ||||||||||||
Proceeds from sale of assets | — | — | 28.7 | — | 28.7 | ||||||||||||||
Capital expenditures | (6.1 | ) | (0.5 | ) | (17.3 | ) | — | (23.9 | ) | ||||||||||
Increase in certain other assets | (5.7 | ) | (5.0 | ) | (7.2 | ) | — | (17.9 | ) | ||||||||||
Capital contributions and loans paid | (185.0 | ) | — | (1,000.0 | ) | 1,185.0 | — | ||||||||||||
Proceeds from intercompany loans | 83.3 | — | — | (83.3 | ) | — | |||||||||||||
Net cash (used) provided by investing activities - continuing operations | (1,091.8 | ) | (5.5 | ) | (883.4 | ) | 1,101.7 | (879.0 | ) | ||||||||||
Net cash provided by investing activities - discontinued operations | 361.9 | — | — | — | 361.9 | ||||||||||||||
Net cash (used) provided by investing activities | (729.9 | ) | (5.5 | ) | (883.4 | ) | 1,101.7 | (517.1 | ) | ||||||||||
Cash flow from financing activities | |||||||||||||||||||
Dividends paid | (57.0 | ) | — | — | — | (57.0 | ) | ||||||||||||
Debt issuance costs | (39.2 | ) | — | — | — | (39.2 | ) | ||||||||||||
Revolving credit facility borrowings (repayments), net | (168.0 | ) | — | — | — | (168.0 | ) | ||||||||||||
Other debt borrowings | 1,781.1 | — | 44.6 | — | 1,825.7 | ||||||||||||||
Other debt repayments | (233.5 | ) | (0.6 | ) | (185.1 | ) | — | (419.2 | ) | ||||||||||
Distributions to noncontrolling interest holders | — | — | (2.1 | ) | — | (2.1 | ) | ||||||||||||
Excess tax benefits from share-based compensation | 0.3 | — | — | — | 0.3 | ||||||||||||||
Issuance of common shares | 0.3 | — | — | — | 0.3 | ||||||||||||||
Repurchase of common shares | (2.1 | ) | — | — | — | (2.1 | ) | ||||||||||||
Capital contributions received and loans incurred | — | 104.7 | 1,080.3 | (1,185.0 | ) | — | |||||||||||||
Payments on intercompany loans | — | (69.7 | ) | (13.6 | ) | 83.3 | — | ||||||||||||
Net cash provided (used) by financing activities | 1,281.9 | 34.4 | 924.1 | (1,101.7 | ) | 1,138.7 | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 9.4 | — | 9.4 | ||||||||||||||
Increase (decrease) in cash and cash equivalents | 325.2 | (5.3 | ) | 116.2 | — | 436.1 | |||||||||||||
Add: Cash overdraft included in assets held for sale at beginning of period | (1.5 | ) | — | — | — | (1.5 | ) | ||||||||||||
Less: Cash overdraft included in assets held for sale at end of period | — | — | — | — | — | ||||||||||||||
Cash and cash equivalents at the beginning of the period | 20.3 | 7.9 | 285.4 | — | 313.6 | ||||||||||||||
Cash and cash equivalents at the end of the period | $ | 344.0 | $ | 2.6 | $ | 401.6 | $ | — | $ | 748.2 |
Parent | Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | Reclassifications/ Eliminations | Consolidated | |||||||||||||||
Net cash used by operating activities | $ | (60.3 | ) | $ | (19.3 | ) | $ | (40.5 | ) | $ | — | $ | (120.1 | ) | |||||
Cash flow from investing activities | |||||||||||||||||||
Payments for acquisition, net of cash acquired | — | — | (59.4 | ) | — | (59.4 | ) | ||||||||||||
Proceeds from maturities of investments | 0.6 | — | 100.4 | — | 101.0 | ||||||||||||||
Payments for purchases of investments | — | — | (107.1 | ) | — | (107.1 | ) | ||||||||||||
Proceeds from sale of assets | — | 3.5 | 2.1 | — | 5.6 | ||||||||||||||
Capital expenditures | (28.3 | ) | (5.8 | ) | (6.5 | ) | — | (40.6 | ) | ||||||||||
Increase in certain other assets | (0.2 | ) | (4.7 | ) | 2.0 | — | (2.9 | ) | |||||||||||
Capital contributions and loans paid | (157.2 | ) | — | — | 157.2 | — | |||||||||||||
Proceeds from intercompany loans | 132.1 | — | — | (132.1 | ) | — | |||||||||||||
Net cash (used) provided by investing activities - continuing operations | (53.0 | ) | (7.0 | ) | (68.5 | ) | 25.1 | (103.4 | ) | ||||||||||
Net cash used by investing activities - discontinued operations | (2.4 | ) | — | — | — | (2.4 | ) | ||||||||||||
Net cash (used) provided by investing activities | (55.4 | ) | (7.0 | ) | (68.5 | ) | 25.1 | (105.8 | ) | ||||||||||
Cash flow from financing activities | |||||||||||||||||||
Dividends paid | (56.5 | ) | — | — | — | (56.5 | ) | ||||||||||||
Debt issuance costs | (0.7 | ) | — | — | — | (0.7 | ) | ||||||||||||
Revolving credit facility borrowings (repayments), net | (64.5 | ) | — | 28.1 | — | (36.4 | ) | ||||||||||||
Other debt borrowings | 230.0 | — | 87.7 | — | 317.7 | ||||||||||||||
Other debt repayments | (2.9 | ) | (0.6 | ) | (87.7 | ) | — | (91.2 | ) | ||||||||||
Distributions to noncontrolling interest holders | — | — | (0.2 | ) | — | (0.2 | ) | ||||||||||||
Excess tax benefits from share-based compensation | 0.3 | — | — | — | 0.3 | ||||||||||||||
Issuance of common shares | 3.4 | — | — | — | 3.4 | ||||||||||||||
Repurchase of common shares | (3.0 | ) | — | — | — | (3.0 | ) | ||||||||||||
Capital contributions received and loans incurred | — | 145.1 | 12.1 | (157.2 | ) | — | |||||||||||||
Payments on intercompany loans | — | (108.9 | ) | (23.2 | ) | 132.1 | — | ||||||||||||
Net cash provided (used) by financing activities | 106.1 | 35.6 | 16.8 | (25.1 | ) | 133.4 | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (31.0 | ) | — | (31.0 | ) | ||||||||||||
(Decrease) increase in cash and cash equivalents | (9.6 | ) | 9.3 | (123.2 | ) | — | (123.5 | ) | |||||||||||
Add: Cash overdraft included in assets held for sale at beginning of period | (4.1 | ) | — | — | — | (4.1 | ) | ||||||||||||
Less: Cash overdraft included in assets held for sale at end of period | (3.9 | ) | — | — | — | (3.9 | ) | ||||||||||||
Cash and cash equivalents at the beginning of the period | 14.7 | 2.5 | 308.9 | — | 326.1 | ||||||||||||||
Cash and cash equivalents at the end of the period | $ | 4.9 | $ | 11.8 | $ | 185.7 | $ | — | $ | 202.4 |
• | demand for services and software, including managed services and professional services; |
• | timing of equipment upgrades and/or replacement cycles; |
• | demand for products and solutions related to branch and store transformation; |
• | demand for security products and services for the financial, retail and commercial sectors; and |
• | high levels of deployment growth for new self-service products in emerging markets. |
• | Completed the acquisition of Wincor Nixdorf on August 15, 2016 within the company's expected timing, after receiving final required regulatory approvals |
• | Completed our corporate monitorship, demonstrating strengthened internal controls, compliance policies and processes |
• | Re-building competitive position in China, finalizing previously disclosed joint ventures with prominent China-based IT providers Aisino and Inspur |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||||||||||||
Amount | % of Net sales | Amount | % of Net sales | Amount | % of Net sales | Amount | % of Net sales | |||||||||||||||||||
Net sales | $ | 983.3 | 100.0 | $ | 589.6 | 100.0 | $ | 2,072.9 | 100.0 | $ | 1,808.9 | 100.0 | ||||||||||||||
Gross profit | $ | 197.6 | 20.1 | $ | 150.3 | 25.5 | $ | 491.5 | 23.7 | $ | 480.3 | 26.6 | ||||||||||||||
Operating expenses | $ | 284.3 | 28.9 | $ | 137.9 | 23.4 | $ | 573.6 | 27.7 | $ | 446.9 | 24.7 | ||||||||||||||
Operating profit (loss) | $ | (86.7 | ) | (8.8 | ) | $ | 12.4 | 2.1 | $ | (82.1 | ) | (4.0 | ) | $ | 33.4 | 1.8 | ||||||||||
Net income (loss) | $ | (101.8 | ) | (10.4 | ) | $ | 22.9 | 3.9 | $ | 46.4 | 2.2 | $ | 41.2 | 2.3 | ||||||||||||
Net income attributable to noncontrolling interests | $ | 0.5 | 0.1 | $ | 1.2 | 0.2 | $ | 1.6 | 0.1 | $ | 0.1 | — | ||||||||||||||
Net income (loss) attributable to Diebold, Incorporated | $ | (102.3 | ) | (10.4 | ) | $ | 21.7 | 3.7 | $ | 44.8 | 2.2 | $ | 41.1 | 2.3 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||
2016 | 2015 | % Change | 2016 | 2015 | % Change | |||||||||||||||||
Financial self-service | $ | 696.7 | $ | 509.7 | 36.7 | $ | 1,636.3 | $ | 1,572.6 | 4.1 | ||||||||||||
Retail | 173.6 | — | N/M | 173.6 | — | N/M | ||||||||||||||||
Security | 66.2 | 74.7 | (11.4 | ) | 198.5 | 219.1 | (9.4 | ) | ||||||||||||||
Brazil other | 46.8 | 5.2 | N/M | 64.5 | 17.2 | N/M | ||||||||||||||||
Net sales | $ | 983.3 | $ | 589.6 | 66.8 | $ | 2,072.9 | $ | 1,808.9 | 14.6 |
• | NA FSS sales in the three and nine months ended September 30, 2016 increased $30.1 and $0.9 or 14.2 and 0.1 percent, respectively, compared to the prior year periods. Unfavorable currency impact of $4.1 negatively influenced the nine months ended September 30, 2016 related to the Canada dollar. Excluding the impact of the Acquisition of $18.9 and currency, FSS sales in the three months ended September 30, 2016 increased as a result of higher installation services revenue correlated with increased product sales as a result of our national customer portfolio. Additionally, maintenance service revenue was favorably impacted as a result of increased multi-vendor service contracts. These increases were partially offset by lower product revenue in the U.S. regional bank space related to the completion of the Agilis 3/Windows 7 upgrade activity and lower volume in Canada as a result of a large deposit automation upgrade project that ended in the third quarter of 2015. FSS sales in the nine months ended September 30, 2016 decreased compared to the prior year period related to the aforementioned decline in product revenue in the U.S. regional bank space and Canada. Additionally, overall lower installation revenue related to the decline in product revenue adversely impacted the nine-month period. These declines were partially offset by higher maintenance service revenue related to an increase in multi-vendor service contracts. |
• | AP FSS sales in the three months ended September 30, 2016 increased $12.0 or 11.5 percent. FSS sales in the nine months ended September 30, 2016 decreased $40.9 or 12.9 percent compared to the prior year. Unfavorable currency impact mainly related to the China renminbi and India rupee of $3.3 and $15.1 negatively influenced the three and nine months ended September 30, 2016, respectively. Excluding the impact of the Acquisition of $45.5 and currency, the decrease in both periods was largely attributable to a decline in product revenue stemming from lower volume primarily in China, where the government continues to encourage banks to increase their use of domestic ATM suppliers. India also contributed to the decline due to lower product sales volume and the correlating installation service revenue along with a decrease in managed services revenue compared to the prior periods. |
• | EMEA FSS sales in the three and nine months ended September 30, 2016 increased $137.6 and $136.4 or 153.8 and 48.3 percent, respectively, compared to the prior year periods. Unfavorable currency impact mainly related to the South Africa rand, Great Britain pound and Turkey lira of $2.4 and $11.6 negatively impacted the three and nine months ended September 30, 2016, respectively. Excluding the impact of the Acquisition of $158.6 and currency, FSS product revenue decreased in both the three- and nine-month periods as a result of large projects in the prior year that did not recur, primarily in Turkey, combined with lower product volume within our distributor channels as well as in Italy and Poland. A significant increase in product volume in Spain, in the three- and nine- month periods, and in Switzerland, in the nine-month period, helped to partially offset the overall decline in product revenue. In the three months ended September 30, 2016, FSS service revenue decreased slightly related to a decline in service parts sales volume. Conversely, FSS service revenue was higher in the nine-month period due to incremental installation services projects in France and Switzerland. |
• | LA FSS sales in the three months ended September 30, 2016 increased $7.3 or 7.1 percent inclusive of a $3.1 favorable currency impact related to the Brazil real. FSS sales in the nine months ended September 30, 2016 decreased $32.7 or 10.6 percent compared to the prior year period. Unfavorable currency impact of $16.8 related to the Brazil real negatively impacted the nine months ended September 30, 2016. Excluding the impact of the Acquisition of $8.7 and currency, the decrease in the three-month period was primarily the result of a product volume decline in Mexico and Colombia related to large non-recurring projects in the prior year. These increases were partially offset by higher product volume in Brazil, an increase in service revenue related to incremental maintenance service contracts in Mexico and Colombia and improved contract pricing on existing service maintenance contracts in Brazil. The decrease in the nine months ended September 30, 2016, was principally a result of product volume declines in Brazil, Central America, Colombia and Chile that were partially offset by higher volume in regional distributor channels. |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2016 | 2015 | % Change | 2016 | 2015 | % Change | ||||||||||||||||
Gross profit - services | $ | 154.0 | $ | 111.2 | 38.5 | $ | 383.3 | $ | 341.5 | 12.2 | |||||||||||
Gross profit - products | 43.6 | 39.1 | 11.5 | 108.2 | 138.8 | (22.0 | ) | ||||||||||||||
Total gross profit | $ | 197.6 | $ | 150.3 | 31.5 | $ | 491.5 | $ | 480.3 | 2.3 | |||||||||||
Gross margin – services | 28.4 | % | 32.1 | % | 31.0 | % | 32.8 | % | |||||||||||||
Gross margin – products | 9.9 | % | 16.1 | % | 12.9 | % | 18.1 | % | |||||||||||||
Total gross margin | 20.1 | % | 25.5 | % | 23.7 | % | 26.6 | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2016 | 2015 | % Change | 2016 | 2015 | % Change | |||||||||||||||
Selling and administrative expense | $ | 253.5 | $ | 117.8 | N/M | $ | 506.4 | $ | 363.2 | 39.4 | ||||||||||
Research, development and engineering expense | 31.3 | 20.0 | 56.5 | 67.4 | 66.2 | 1.8 | ||||||||||||||
Impairment of assets | — | — | N/M | — | 18.9 | N/M | ||||||||||||||
(Gain) loss on sale of assets, net | (0.5 | ) | 0.1 | N/M | (0.2 | ) | (1.4 | ) | N/M | |||||||||||
Total operating expenses | $ | 284.3 | $ | 137.9 | N/M | $ | 573.6 | $ | 446.9 | 28.4 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2016 | 2015 | % Change | 2016 | 2015 | % Change | |||||||||||||||
Operating profit (loss) | $ | (86.7 | ) | $ | 12.4 | N/M | $ | (82.1 | ) | $ | 33.4 | N/M | ||||||||
Operating profit margin | (8.8 | )% | 2.1 | % | (4.0 | )% | 1.8 | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||
2016 | 2015 | % Change | 2016 | 2015 | % Change | |||||||||||||||||
Interest income | $ | 5.3 | $ | 5.9 | (10.2 | ) | $ | 16.5 | $ | 20.6 | (19.9 | ) | ||||||||||
Interest expense | (32.4 | ) | (8.5 | ) | N/M | (68.2 | ) | (24.1 | ) | N/M | ||||||||||||
Foreign exchange gain (loss), net | 2.0 | 1.3 | 53.8 | (1.6 | ) | (9.2 | ) | 82.6 | ||||||||||||||
Miscellaneous, net | (4.2 | ) | (1.4 | ) | N/M | 3.6 | (1.7 | ) | N/M | |||||||||||||
Other income (expense), net | $ | (29.3 | ) | $ | (2.7 | ) | N/M | $ | (49.7 | ) | $ | (14.4 | ) | N/M |
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2016 | 2015 | % Change | 2016 | 2015 | % Change | |||||||||||||||
Income (loss) from continuing operations, net of tax | $ | (97.2 | ) | $ | 18.2 | N/M | $ | (97.3 | ) | $ | 27.8 | N/M | ||||||||
Percent of net sales | (9.9 | )% | 3.1 | % | (4.7 | )% | 1.5 | % | ||||||||||||
Effective tax rate | 16.2 | % | (87.6 | )% | 26.2 | % | (46.3 | )% |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||
North America | 2016 | 2015 | % Change | 2016 | 2015 | % Change | ||||||||||||||||
Revenue | $ | 305.4 | $ | 270.1 | 13.1 | $ | 832.3 | $ | 831.8 | 0.1 | ||||||||||||
Segment operating profit | $ | 50.1 | $ | 59.6 | (15.9 | ) | $ | 166.5 | $ | 187.5 | (11.2 | ) | ||||||||||
Segment operating profit margin | 16.4 | % | 22.1 | % | 20.0 | % | 22.5 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
Asia Pacific | 2016 | 2015 | % Change | 2016 | 2015 | % Change | |||||||||||||||
Revenue | $ | 138.5 | $ | 107.6 | 28.7 | $ | 304.5 | $ | 327.5 | (7.0 | ) | ||||||||||
Segment operating profit | $ | 16.1 | $ | 14.2 | 13.4 | $ | 31.0 | $ | 46.7 | (33.6 | ) | ||||||||||
Segment operating profit margin | 11.6 | % | 13.2 | % | 10.2 | % | 14.3 | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
Europe, Middle East and Africa | 2016 | 2015 | % Change | 2016 | 2015 | % Change | ||||||||||||||
Revenue | $ | 371.3 | $ | 89.5 | N/M | $ | 563.4 | $ | 282.4 | 99.5 | ||||||||||
Segment operating profit | $ | 36.9 | $ | 11.1 | N/M | $ | 63.5 | $ | 37.6 | 68.9 | ||||||||||
Segment operating profit margin | 9.9 | % | 12.4 | % | 11.3 | % | 13.3 | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
Latin America | 2016 | 2015 | % Change | 2016 | 2015 | % Change | ||||||||||||||
Revenue | $ | 168.1 | $ | 122.4 | 37.3 | $ | 372.7 | $ | 367.2 | 1.5 | ||||||||||
Segment operating profit | $ | 12.8 | $ | 4.8 | N/M | $ | 33.6 | $ | 21.1 | 59.2 | ||||||||||
Segment operating profit margin | 7.6 | % | 3.9 | % | 9.0 | % | 5.7 | % |
September 30, 2016 | December 31, 2015 | |||||||
Cash and cash equivalents | $ | 748.2 | $ | 313.6 | ||||
Additional cash availability from | ||||||||
Uncommitted lines of credit | 138.2 | 69.0 | ||||||
Revolving credit facility | 520.0 | 352.0 | ||||||
Short-term investments | 39.9 | 39.9 | ||||||
Total cash and cash availability | $ | 1,446.3 | $ | 774.5 |
Summary of cash flows: | 2016 | 2015 | ||||||
Net cash used by operating activities - continuing operations | $ | (186.7 | ) | $ | (122.6 | ) | ||
Net cash used by investing activities - continuing operations | (879.0 | ) | (103.4 | ) | ||||
Net cash provided by financing activities | 1,138.7 | 133.4 | ||||||
Discontinued operations, net | 353.7 | 0.1 | ||||||
Effect of exchange rate changes on cash and cash equivalents | 9.4 | (31.0 | ) | |||||
Increase (decrease) in cash and cash equivalents | $ | 436.1 | $ | (123.5 | ) |
• | The net aggregate of trade accounts receivable, inventories and accounts payable used $90.0 in operating cash flows during the nine months ended September 30, 2016, compared to $161.8 used during the same period of 2015. In general, the amount of cash flow provided or used by the aggregate of trade accounts receivable, inventories and trade accounts payable depends upon how effectively the Company manages the cash conversion cycle, which represents the number of days that elapse from the day it pays for the purchase of raw materials and components to the collection of cash from its customers and can be significantly impacted by the timing of collections and payments in a period. The accounts receivable use is lower due to an increase in collections compared to the prior year same period. When excluding the non-cash purchase accounting adjustments, inventory was relatively consistent year over year. Accounts payable remained relatively flat compared to prior year same period. The cash flows provided by the aggregate amount of the trade accounts receivable, inventories and accounts payable related to the Acquisition, for the nine months ended September 30, 2016 was $32.8 primarily due to the timing of payments in accounts payable and the non-cash impact of the inventory step-up purchase accounting adjustment. |
• | In the aggregate the other combined certain assets and liabilities used $78.1 of operating cash during the nine months ended September 30, 2016, compared to $72.5 provided in the same period of 2015. The decrease is primarily due to a reduction in collections of other receivables and an increase in deferred revenue. The cash flows provided by the aggregate amount of the other combined certain assets and liabilities related to the Acquisition, for the nine months ended September 30, 2016 was $16.8. |
• | Net income for the nine months ended September 30, 2016 increased $5.2, which is primarily attributable to the gain from the NA electronic security business divestiture offset by acquisition costs and increase interest expense related the the debt utilized to complete the Acquisition. The net loss related to the Acquisition, for the nine months ended September 30, 2016 was $41.6. Net income (loss) from continuing operations, net of tax, decreased $(125.1) primarily due to the Acquisition costs and the increase in interest expense 2016 compared to the same period of 2015 for the reasons mentioned above. |
Nine Months Ended | ||||||||
September 30, 2016 | ||||||||
September 30, 2016 | September 30, 2015 | |||||||
Revolving credit facility borrowings (repayments), net | $ | (168.0 | ) | $ | (36.4 | ) | ||
Proceeds from Term Loan A Facility under the Credit Agreement | $ | — | $ | 230.0 | ||||
Proceeds from Term Loan B Facility ($1,000.0) under the Credit Agreement | 990.0 | — | ||||||
Proceeds from Term Loan B Facility (€350.0) under the Credit Agreement | 398.1 | — | ||||||
Proceeds from 2024 Senior Notes | 393.0 | — | ||||||
International short-term uncommitted lines of credit borrowings | 44.6 | 87.7 | ||||||
Other debt borrowings | $ | 1,825.7 | $ | 317.7 | ||||
Payments on 2006 Senior Notes | $ | (225.0 | ) | $ | — | |||
Payments on Term Loan A Facility under the Credit Agreement | (8.6 | ) | (2.9 | ) | ||||
International short-term uncommitted lines of credit and other repayments | (185.6 | ) | (88.3 | ) | ||||
Other debt repayments | $ | (419.2 | ) | $ | (91.2 | ) |
• | a maximum total net debt to adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) leverage ratio of 4.50 for the three months ended September 30, 2016 (reducing to 4.25 on December 31, 2017, further reduced to 4.00 on December 31, 2018, and further reduced to 3.75 on June 30, 2019); and |
• | a minimum adjusted EBITDA to net interest expense coverage ratio of not less than 3.00 |
Affirmative Covenants | Negative Covenants - Limitations on: | |
pay principal and interest on time | merger, consolidation and fundamental changes | |
mandatory prepayments | sale of assets | |
timely financial reporting (including compliance certificate) | investments and acquisitions | |
use of proceeds | liens and security interests | |
notice of defaults | transactions with affiliates | |
continue with line of business | dividends and other restricted payments | |
paying taxes | negative pledge clause | |
maintain insurance | restrictions on subsidiary distributions | |
compliance with applicable laws | hedges for financial speculation | |
maintain property and title to property | receivable indebtedness | |
provide updates to guaranties and collateral when acquiring new assets or subsidiaries | incurrence of indebtedness (secured, unsecured and subordinated) | |
engage in periodic credit rating reviews | payments of junior/unsecured/subordinated debt | |
perfecting security interest on material U.S. based assets | organizational documents amendments |
Financing and Replacement Facilities | Interest Rate Index and Margin | Maturity/Termination Dates | Term (Years) | |||
Credit Agreement facilities | ||||||
Revolving Facility | LIBOR + 2.25%(i) | December 2020 | 5 | |||
Term Loan A Facility | LIBOR + 2.25%(i) | December 2020 | 5 | |||
Delayed Draw Term Loan A | LIBOR + 2.25%(i) | December 2020 | 5 | |||
Term Loan B Facility ($1,000.0) | LIBOR(ii) + 4.50% | November 2023 | 7.5 | |||
Term Loan B Facility (€350.0) | EURIBOR(iii) + 4.25% | November 2023 | 7.5 | |||
2024 Senior Notes | 8.5% | April 2024 | 8 |
(i) | Upon completion of the fourth quarter compliance certificate, the anticipated interest rate index and margin will be LIBOR + 1.75%. |
(ii) | LIBOR with a floor of 0.75%. |
(iii) | EURIBOR with a floor of 0.75%. |
• | the ultimate impact and outcome of the review of the Acquisition by the Competition and Markets Authority in the United Kingdom; |
• | the implementation, ultimate impact and outcome of the DPLTA, including that its effectiveness may be delayed as a result of litigation or otherwise; |
• | the ultimate outcome and results of integrating the operations of the Company and Wincor Nixdorf, the ultimate outcome of the Company’s pricing, operating and tax strategies applied to Wincor Nixdorf and the ultimate ability to realize synergies; |
• | the success of the Company's strategic business alliance with Securitas AB; |
• | the Company's ability to successfully launch and operate its joint ventures in China with the Inspur Group and Aisino Corp.; |
• | the Company's ability to reduce stranded costs related to its NA electronic security business from its ongoing operations; |
• | competitive pressures, including pricing pressures and technological developments; |
• | changes in the Company's relationships with customers, suppliers, distributors and/or partners in its business ventures; |
• | changes in political, economic or other factors such as currency exchange rates, inflation rates, recessionary or expansive trends, taxes and regulations and laws affecting the worldwide business in each of the Company's operations; |
• | global economic conditions, including any additional deterioration and disruptions in the financial markets, including bankruptcies, restructurings or consolidations of financial institutions or otherwise, which could reduce our customer base and/or adversely affect our customers’ ability to make capital expenditures, as well as adversely impact the availability and cost of credit; |
• | acceptance of the Company's product and technology introductions in the marketplace; |
• | the Company’s ability to maintain effective internal controls over financial reporting; |
• | changes in the Company’s intention to further repatriate cash and cash equivalents and short-term investments residing in international tax jurisdictions could negatively impact foreign and domestic taxes; |
• | unanticipated litigation, claims or assessments, as well as the outcome/impact of any current/pending litigation, claims or assessments; |
• | variations in consumer demand for FSS technologies, products and services; |
• | potential disruptions, breaches or other violations of the Company's information technology systems; |
• | the investment performance of the Company’s pension plan assets, which could require the Company to increase its pension contributions, and significant changes in healthcare costs, including those that may result from government action; |
• | the amount and timing of repurchases of the Company’s common shares, if any; and |
• | the Company's ability to achieve benefits from its cost-reduction initiatives and other strategic changes as well as its business process outsourcing initiative. |
Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans (2) | Maximum Number of Shares that May Yet Be Purchased Under the Plans (2) | |||||||||
July | 2,547 | $ | 26.96 | — | 2,426,177 | ||||||||
August | — | $ | — | — | 2,426,177 | ||||||||
September | 2,409 | $ | 24.88 | — | 2,426,177 | ||||||||
Total | 4,956 | $ | 25.95 | — |
(1) | All shares were surrendered or deemed surrendered to the Company in connection with the Company’s share-based compensation plans. |
(2) | The total number of shares repurchased as part of the publicly announced share repurchase plan since its inception was 13,450,772 as of September 30, 2016. The plan was approved by the Board of Directors in 1997. The Company may purchase shares from time to time in open market purchases or privately negotiated transactions. The Company may make all or part of the purchases pursuant to accelerated share repurchases or Rule 10b5-1 plans. The plan has no expiration date. The following table provides a summary of Board of Directors approvals to repurchase the Company’s outstanding common shares: |
Total Number of Shares Approved for Repurchase | ||
1997 | 2,000,000 | |
2004 | 2,000,000 | |
2005 | 6,000,000 | |
2007 | 2,000,000 | |
2011 | 1,876,949 | |
2012 | 2,000,000 | |
15,876,949 |
3.1(i) | Amended and Restated Articles of Incorporation of Diebold, Incorporated – incorporated by reference to Exhibit 3.1(i) to Registrant’s Annual Report on Form 10-K for the year ended December 31, 1994 (Commission File No. 1-4879) | |
3.1(ii) | Amended and Restated Code of Regulations - incorporated by reference to Exhibit 3.1(ii) to Registrant’s Current Report on Form 8-K filed on August 19, 2016 (Commission File No. 1-4879) | |
3.2 | Certificate of Amendment by Shareholders to Amended Articles of Incorporation of Diebold, Incorporated – incorporated by reference to Exhibit 3.2 to Registrant’s Form 10-Q for the quarter ended March 31, 1996 (Commission File No. 1-4879) | |
3.3 | Certificate of Amendment to Amended Articles of Incorporation of Diebold, Incorporated – incorporated by reference to Exhibit 3.3 to Registrant’s Form 10-K for the year ended December 31, 1998 (Commission File No. 1-4879) | |
10.1 | Domination and Profit and Loss Transfer Agreement, dated September 26, 2016, by and among Diebold Holding Germany Inc. & Co. KGaA and Wincor Nixdorf AG (English translation) - incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed on September 29, 2016 (Commission File No. 1-4879) | |
31.1 | Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.2 | Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32.1 | Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350. | |
32.2 | Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350. | |
101.INS | XBRL Instance Document | |
101.SCH | XBRL Taxonomy Extension Schema Document | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
DIEBOLD, INCORPORATED | |||
Date: November 14, 2016 | By: | /s/ Andreas W. Mattes | |
Andreas W. Mattes | |||
Chief Executive Officer | |||
(Principal Executive Officer) | |||
Date: November 14, 2016 | By: | /s/ Christopher A. Chapman | |
Christopher A. Chapman | |||
Senior Vice President and Chief Financial Officer | |||
(Principal Financial Officer) | |||
EXHIBIT NO. | DOCUMENT DESCRIPTION | |
3.1(i) | Amended and Restated Articles of Incorporation of Diebold, Incorporated - incorporated by reference to Exhibit 3.1(i) to Registrant’s Annual Report on Form 10-K for the year ended December 31, 1994 (Commission File No. 1-4879) | |
3.1(ii) | Amended and Restated Code of Regulations - incorporated by reference to Exhibit 3.1(ii) to Registrant’s Current Report on Form 8-K filed on August 19, 2016 (Commission File No. 1-4879) | |
3.2 | Certificate of Amendment by Shareholders to Amended Articles of Incorporation of Diebold, Incorporated – incorporated by reference to Exhibit 3.2 to Registrant’s Form 10-Q for the quarter ended March 31, 1996 (Commission File No. 1-4879) | |
3.3 | Certificate of Amendment to Amended Articles of Incorporation of Diebold, Incorporated – incorporated by reference to Exhibit 3.3 to Registrant’s Form 10-K for the year ended December 31, 1998 (Commission File No. 1-4879) | |
10.1 | Domination and Profit and Loss Transfer Agreement, dated September 26, 2016, by and among Diebold Holding Germany Inc. & Co. KGaA and Wincor Nixdorf AG (English translation) - incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed on September 29, 2016 (Commission File No. 1-4879) | |
31.1 | Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.2 | Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32.1 | Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350. | |
32.2 | Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350. | |
101.INS | XBRL Instance Document | |
101.SCH | XBRL Taxonomy Extension Schema Document | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
1) | I have reviewed this quarterly report on Form 10-Q of Diebold, Incorporated; |
2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4) | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5) | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: November 14, 2016 | /s/ Andreas W. Mattes | ||
Andreas W. Mattes | |||
Chief Executive Officer (Principal Executive Officer) |
1) | I have reviewed this quarterly report on Form 10-Q of Diebold, Incorporated; |
2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4) | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5) | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: November 14, 2016 | /s/ Christopher A. Chapman | ||
Christopher A. Chapman | |||
Senior Vice President and Chief Financial Officer (Principal Financial Officer) |
1 | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2 | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report. |
November 14, 2016 | /s/ Andreas W. Mattes | ||
Andreas W. Mattes | |||
Chief Executive Officer (Principal Executive Officer) |
1 | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2 | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report. |
November 14, 2016 | /s/ Christopher A. Chapman | ||
Christopher A. Chapman | |||
Senior Vice President and Chief Financial Officer (Principal Financial Officer) |
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Nov. 09, 2016 |
|
Entity Information [Line Items] | ||
Entity Registrant Name | DIEBOLD INC | |
Entity Central Index Key | 0000028823 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 75,140,213 |
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Current assets | ||
Allowances for doubtful accounts | $ 48.0 | $ 31.7 |
Accumulated depreciation and amortization | $ 462.5 | $ 433.7 |
Diebold, Incorporated shareholders' equity | ||
Preferred shares, par value | $ 0 | $ 0 |
Preferred shares, shares authorized | 1,000,000 | 1,000,000 |
Preferred shares, shares issued | 0 | 0 |
Common shares, par value | $ 1.25 | $ 1.25 |
Common shares, shares authorized | 125,000,000 | 125,000,000 |
Common shares, shares issued | 89,916,879 | 79,696,694 |
Common shares, shares outstanding | 75,139,661 | 65,001,602 |
Treasury shares, at cost, shares | 14,777,218 | 14,695,092 |
Condensed Consolidated Statements of Comprehensive Income (Loss) Parentheticals - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Net Investment Hedging [Member] | ||||
Foreign currency hedges, amount recognized in other comprehensive income, tax | $ 0.2 | $ (2.2) | $ 4.2 | $ (4.0) |
Interest rate hedges | ||||
Interest rate hedges, net gain recognized in other comprehensive income, tax | 0.0 | (0.1) | 0.0 | (0.3) |
Pension and other post-retirement benefits | ||||
Net actuarial loss amortization, tax | $ (0.3) | $ (0.6) | $ (1.3) | $ (1.9) |
Consolidated Financial Statements |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
CONSOLIDATED FINANCIAL STATEMENTS | The accompanying unaudited condensed consolidated financial statements of Diebold, Incorporated and its subsidiaries (collectively, the Company) have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States (U.S. GAAP); however, such information reflects all adjustments (consisting solely of normal recurring adjustments) that are, in the opinion of management, necessary for a fair statement of the results for the interim periods. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in the Company’s annual report on Form 10-K for the year ended December 31, 2015. In addition, some of the Company’s statements in this quarterly report on Form 10-Q may involve risks and uncertainties that could significantly impact expected future results. The results of operations for the three and nine months ended September 30, 2016 are not necessarily indicative of results to be expected for the full year. The Company has reclassified the presentation of certain prior-year information to conform to the current presentation disclosed in the notes included elsewhere in this quarterly report on Form 10-Q. Recently Adopted Accounting Guidance In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-03, Interest-Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03), which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Additionally, in August 2015, the FASB issued ASU 2015-15, Interest-Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting (ASU 2015-15). The standards became effective for the Company on January 1, 2016. The adoption of ASU 2015-03 and ASU 2015-15 resulted in $64.5 of debt issuance costs included in long-term debt as of September 30, 2016 and a reclassification of $6.9 from other assets to long-term debt as of December 31, 2015. Recently Issued Accounting Guidance In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The standard is effective for the Company on January 1, 2018. Early application is permitted on the original adoption date of January 1, 2017. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes (ASU 2015-17). This amendment requires the presentation of deferred tax assets and liabilities to be categorized as noncurrent on the balance sheet, instead of being classified as current or noncurrent. ASU 2015-17 is effective for the Company on January 1, 2017, with early adoption permitted. The adoption of ASU 2015-17 is not expected to have a material impact on the financial statements of the Company. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (ASU 2016-02). The FASB issued the update to require the recognition of lease assets and liabilities on the balance sheet of lessees. ASU 2016-02 will be effective for the Company on January 1, 2019, including interim periods. ASU 2016-02 requires a modified retrospective transition method with the option to elect a package of practical expedients. Early adoption is permitted. The Company is evaluating the effect that ASU 2016-02 will have on its financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (ASU 2016-08). The FASB issued the amendment to clarify the implementation guidance on principal versus agent considerations. The effective date and transition requirements for the amendments in this update are the same as the effective date and transition requirements of ASU 2014-09. The Company is evaluating the effect that ASU 2016-08 will have on its financial statements and related disclosures. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing (ASU 2016-10). The FASB issued the amendment to clarify the following two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. The effective date and transition requirements for the amendments in this update are the same as the effective date and transition requirements of ASU 2014-09. The Company is evaluating the effect that ASU 2016-10 will have on its financial statements and related disclosures. In May 2016, the FASB issued ASU 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting (ASU 2016-11). The FASB issued the amendment to rescind the following aspects of Topic 606. Specifically, registrants should not rely on the following SEC Staff Observer comments upon adoption of Topic 606: Revenue and Expense Recognition for Freight Services in Process, which is codified in paragraph 605-20-S99-2; Accounting for Shipping and Handling Fees and Costs, which is codified in paragraph 605-45-S99-1; Accounting for Consideration Given by a Vendor to a Customer (including Reseller of the Vendor’s Products), which is codified in paragraph 605-50-S99-1; Accounting for Gas-Balancing Arrangements (that is, use of the “entitlements method”), which is codified in paragraph 932-10-S99-5. The effective date and transition requirements for the amendments in this update are the same as the effective date and transition requirements of ASU 2014-09. The Company is evaluating the effect that ASU 2016-11 will have on its financial statements and related disclosures. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing: Narrow-Scope Improvements and Practical Expedients (ASU 2016-12). The FASB issued the amendment to improve Topic 606 by reducing the potential for diversity in practice at initial application and reducing the cost and complexity of applying Topic 606 both at transition and on an ongoing basis. The effective date and transition requirements for the amendments in this update are the same as the effective date and transition requirements of ASU 2014-09. The Company is evaluating the effect that ASU 2016-12 will have on its financial statements and related disclosures. |
Acquisitions |
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Business Combination Disclosure [Text Block] | Acquisitions Wincor Nixdorf Wincor Nixdorf Aktiengesellschaft (Wincor Nixdorf) is one of the world's leading providers of IT solutions and services to retail banks and the retail industry. The acquisition of Wincor Nixdorf (the Acquisition) is consistent with the Company's transformation into a world-class, services-led and software-enabled company, supported by innovative hardware. Wincor Nixdorf complements and extends our existing capabilities. The Company considered a number of factors in connection with its evaluation of the proposed transaction, including significant strategic opportunities and potential synergies, as generally supporting its decision to enter into the business combination agreement with Wincor Nixdorf. The Acquisition expands the Company's presence substantially, especially in Europe, Middle East, and Africa (EMEA). The Wincor Nixdorf business enhances the Company's existing portfolio. Wincor Nixdorf has a fiscal year end of September 30. For the fiscal year ended September 30, 2015, Wincor Nixdorf recorded net sales of €2,427.0 as reported using International Financial Reporting Standards (IFRS) as issued by the European Union (EU). In the fourth quarter of 2015, the Company announced its intention to acquire all 29.8 Wincor Nixdorf ordinary shares outstanding (33.1 total Wincor Nixdorf ordinary shares issued inclusive of 3.3 treasury shares) through a voluntary tender offer for €38.98 in cash and 0.434 common shares of the Company per Wincor Nixdorf ordinary share outstanding. On August 15, 2016, the Company consummated the Acquisition by acquiring, through Diebold Holding Germany Inc. & Co. KGaA (Diebold KGaA), a German partnership limited by shares and a wholly owned subsidiary of the Company, 22.9 Wincor Nixdorf ordinary shares representing 69.2 percent of total number of Wincor Nixdorf ordinary shares inclusive of treasury shares (76.7 percent of all Wincor Nixdorf ordinary shares outstanding) in exchange for an aggregate preliminary purchase price consideration of $1,265.7, which included the issuance of 9.9 common shares of the Company. On August 15, 2016, the Company consummated the Acquisition. The Company financed the cash portion of the Acquisition as well as the Wincor Nixdorf debt outstanding with funds available under the Company’s Credit Agreement (as defined in note 12) and proceeds from the issuance and sale of the $400.0 aggregate principal amount of 8.50 percent senior notes due 2024 (the 2024 Senior Notes). The information included herein has been prepared based on the preliminary allocation of the purchase price using estimates of the fair value and useful lives of assets acquired and liabilities assumed which were determined with the assistance of independent valuations using discounted cash flow and comparative market multiple approaches, quoted market prices and estimates made by management. The purchase price allocation is subject to further adjustment until all pertinent information regarding the assets and liabilities acquired are fully evaluated by the Company, including but not limited to, the fair value accounting, legal and tax matters, obligations, deferred taxes and the allocation of goodwill. The aggregate preliminary consideration, excluding $104.7 of cash acquired, for the Acquisition was $1,265.7, which consisted of the following:
Other consideration of $(9.3) represents the preexisting net trade balances the Company owed to Wincor Nixdorf, which were deemed settled as of the acquisition date. The following table presents the preliminary estimated fair value of the assets acquired and liabilities assumed from the Acquisition as of the date of acquisition based on the allocation of the total preliminary consideration, net of cash acquired:
The Company preliminarily recorded acquired intangible assets in the following table as of the acquisition date:
Noncontrolling interest reflects a fair value adjustment of $386.7 related to the minority shareholders. Subsequent to the closing of the Acquisition, the board of directors of the Company and the supervisory and management boards of Wincor Nixdorf approved the proposed Domination and Profit and Loss Transfer Agreement (DPLTA). The Company and Wincor Nixdorf executed the agreement at an extraordinary meeting of shareholders of Wincor Nixdorf on September 26, 2016. Upon effectiveness and registration of the DPLTA, Wincor Nixdorf minority shareholders will be offered to elect either (1) to continue to hold their Wincor Nixdorf ordinary shares and receive an adequate fixed or variable annual guaranteed dividend or annual share of profit in the amount of the guaranteed dividend or (2) receive adequate cash compensation for the tender of the share. The ultimate timing of any future cash payments related to the DPLTA are uncertain. Noncontrolling interests with certain redemption features, such as put rights that are not within the control of the issuer and are considered redeemable noncontrolling interests. As of September 30, 2016, the DPLTA was and will not be effective until registration with the commercial register of the local court of Paderborn. As a result the carrying value of the noncontrolling interest has been presented as a component of total equity. As of and for the period of time that the DPLTA is effective, the carrying value of the noncontrolling interest will be reclassified from total equity to redeemable noncontrolling interest and presented outside of equity in the consolidated balance sheets of the Company. Goodwill is calculated as the excess of the purchase price over the estimated fair values of the assets acquired and the liabilities assumed from the Acquisition, and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. This goodwill is primarily the result of anticipated synergies achieved through increased scale, a streamlined portfolio of products and solutions, higher utilization of the service organization, workforce rationalization in overlapping regions and shared back office resources. The Company has yet to allocate goodwill to its Domestic and Canada, EMEA, Asia Pacific (AP) and Latin America (LA) reporting units. The goodwill associated with the Acquisition is not deductible for income tax purposes. Net sales, income (loss) from continuing operations before taxes and net income (loss) attributable to Diebold, Incorporated from the Acquisition included in the Company’s results since August 15, 2016, the date of the Acquisition, are as follows:
The Acquisition's income (loss) from continuing operations before taxes subsequent to the acquisition date includes purchase accounting pretax charges related to deferred revenue of $4.9, inventory valuation adjustment of $31.7 and amortization of acquired intangibles of $17.9, offset by a reduction of $0.8 depreciation expense related to the change in useful lives. The Company incurred deal-related costs in connection with the Acquisition, of $28.1 and $53.3, which are included in selling, general and administrative expenses in the Company's consolidated statements of operations for the three and nine months ended September 30, 2016, respectively. The DPLTA registration is expected to occur following fast-track clearance or final dismissal of pending shareholder litigation in Germany aimed at preventing the effectiveness of the DPLTA. The Company is currently aware of certain Wincor Nixdorf minority shareholders who have filed contestation actions against the DPLTA resolutions adopted at Wincor Nixdorf’s extraordinary meeting of shareholders on September 26, 2016. Wincor Nixdorf initiated fast-track proceedings to obtain court approval to register the DPLTA despite such pending shareholder litigation. While the conclusion of fast-track proceedings typically takes between three to five months following the initial filing, no assurance can be given as to the duration and outcome of such proceedings. Under the DPLTA, when effective and subject to certain limitations pursuant to applicable law, (i) Diebold KGaA will be entitled to issue binding instructions to the management board of Wincor Nixdorf, (ii) Wincor Nixdorf will transfer all of its annual profits to Diebold KGaA, subject to, among other things, the creation or dissolution of certain reserves, and (iii) Diebold KGaA will generally absorb all annual losses incurred by Wincor Nixdorf. In addition, when effective and subject to certain limitations pursuant to applicable law, the DPLTA will provide that Wincor Nixdorf minority shareholders be offered, at their election, (i) to put their Wincor Nixdorf ordinary shares to Diebold KGaA in exchange for a compensation in cash of €55.02 per Wincor Nixdorf ordinary share, or (ii) to remain Wincor Nixdorf minority shareholders and receive a recurring compensation in cash of €3.13 (€2.82 net under the current taxation regime) for each full fiscal year of Wincor Nixdorf and for each Wincor Nixdorf ordinary share. In connection with the DPLTA and pursuant to the German stock corporation act, Diebold KGaA and Wincor Nixdorf published a joint contract report, dated August 16, 2016, of the management board of Wincor Nixdorf and the management of Diebold KGaA that includes a description of the transactions contemplated by the DPLTA and other information (the Contract Report), attaching the form of the proposed DPLTA and a valuation report of PricewaterhouseCoopers AG Wirtschaftsprüfungsgesellschaft, dated August 16, 2016, regarding the enterprise value of Wincor Nixdorf as of September 26, 2016, and other information. In connection with the proposed DPLTA, Diebold KGaA and Wincor Nixdorf also obtained an audit report by an independent court-appointed auditor, ADKL AG, dated August 16, 2016 (the Audit Report). Diebold KGaA’s obligations under the DPLTA will be fully guaranteed by the Company. Unaudited Pro forma Information The unaudited pro forma information is presented for illustrative purposes only. It is not necessarily indicative of the results of operations of future periods, or the results of operations that actually would have been realized had the entities been a single company during the periods presented or the results that the combined company will experience after the Acquisition. The unaudited pro forma information does not give effect to the potential impact of current financial conditions, regulatory matters or any anticipated synergies, operating efficiencies or cost savings that may be associated with the Acquisition. The unaudited pro forma information also does not include any integration costs or remaining future transaction costs that the companies may incur related to the Acquisition as part of combining the operations of the companies. The Company's fiscal year ends on December 31 while Wincor Nixdorf's fiscal year ends on September 30 The pro forma information in the table below for the three and nine months ended September 30, 2016 and 2015 includes unaudited pro forma information which represents the consolidated results of the Company as if the Acquisition occurred as of January 1, 2015:
The unaudited pro forma information has been adjusted with respect to certain aspects of the Acquisition to reflect the following:
The pro forma results do not include any anticipated cost synergies or other effects of the planned integration of the acquired business. Accordingly, such pro forma amounts are not necessarily indicative of the results that actually would have occurred had the Acquisition been completed as of January 1, 2015, nor are they indicative of the future operating results of the Company. Phoenix Interactive Design, Inc. In the first quarter of 2015, the Company acquired 100 percent of the equity interests of Phoenix Interactive Design, Inc. (Phoenix) for a total purchase price of $72.9, including $12.6 of deferred cash payment payable over the next three years. Acquiring Phoenix, a leading developer of innovative multi-vendor software solutions for automated teller machines (ATMs) and a host of other financial self-service (FSS) applications, was a foundational move to accelerate the Company’s growth in the fast-growing managed services and branch automation spaces. The results of operations for Phoenix are primarily included in the NA reportable operating segment within the Company's condensed consolidated financial statements from the date of its acquisition. |
Earning Per Share |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE | Earnings Per Share Basic earnings per share is based on the weighted-average number of common shares outstanding. Diluted earnings per share includes the dilutive effect of potential common shares outstanding. Under the two-class method of computing earnings per share, non-vested share-based payment awards that contain rights to receive non-forfeitable dividends are considered participating securities. The Company’s participating securities include restricted stock units (RSUs), deferred shares, and shares that were vested, but deferred by the employee. The Company calculated basic and diluted earnings per share under both the treasury stock method and the two-class method. For the nine months ended September 30, 2016 and 2015, there was no impact in the per share amounts calculated under the two methods. Accordingly, the treasury stock method is disclosed below. The following represents amounts used in computing earnings per share and the effect on the weighted-average number of shares of dilutive potential common shares:
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Equity |
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EQUITY | Equity The following table presents changes in shareholders' equity attributable to Diebold, Incorporated and the noncontrolling interests:
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Accumulated Other Comprehensive Income (Loss) |
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ACCUMULATED OTHER COMPREHENSIVE LOSS | Accumulated Other Comprehensive Loss The following table summarizes the changes in the Company’s accumulated other comprehensive income (loss) (AOCI), net of tax, by component for the three months ended September 30, 2016:
The following table summarizes the changes in the Company’s AOCI, net of tax, by component for the three months ended September 30, 2015:
The following table summarizes the changes in the Company’s AOCI, net of tax, by component for the nine months ended September 30, 2016:
The following table summarizes the changes in the Company’s AOCI, net of tax, by component for the nine months ended September 30, 2015:
The following table summarizes the details about amounts reclassified from AOCI:
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Share-Based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHARE-BASED COMPENSATION | Share-Based Compensation The Company’s share-based compensation payments to employees are recognized based on their grant-date fair values during the period in which the employee is required to provide services in exchange for the award. Share-based compensation is primarily recognized as a component of selling and administrative expense. Total share-based compensation expense was $4.1 and $1.8 for the three months ended September 30, 2016 and 2015, respectively, and was $14.2 and $10.9 for the nine months ended September 30, 2016 and 2015, respectively. Options outstanding and exercisable as of September 30, 2016 under the Company’s 1991 Equity and Performance Incentive Plan (as Amended and Restated as of February 12, 2014) (the 1991 Plan) and changes during the nine months ended September 30, 2016 were as follows:
The following table summarizes information on non-vested RSUs and performance shares relating to employees and non-employee directors for the nine months ended September 30, 2016:
Performance shares are granted to employees and vest based on the achievement of certain performance objectives, as determined by the Board of Directors each year. Each performance share earned entitles the holder to one common share of the Company. The Company's performance shares include performance objectives that are assessed after a three-year period as well as performance objectives that are assessed annually over a three-year period. No shares are vested unless certain performance threshold objectives are met. As of September 30, 2016, there were 0.1 non-employee director deferred shares vested and outstanding. |
Income Taxes |
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Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | Income Taxes The effective tax rate on loss from the continuing operations was 16.2 percent for the three months ended September 30, 2016 and 26.2 percent for the nine months ended September 30, 2016. The tax rate benefit on the loss for the three and nine months ended September 30, 2016 was negatively impacted due to the recognition of unfavorable discrete items and expenses relating to the Acquisition. The tax rate benefit on the loss for the nine months ended September 30, 2016 was also impacted by the favorable release of an uncertain tax position due to the expiration of the statute of limitations. The rates for both periods were also negatively impacted by an increase in the deferred tax liability associated with the Company's undistributed foreign subsidiary earnings. The non-taxable foreign currency hedges related to the Acquisition generated a loss for the three months ended September 30, 2016 and a net gain for nine months ended September 30, 2016, resulting in a decrease in the rate for the three months ended September 30, 2016 and an increase in the tax benefit rate for the nine months ended September 30, 2016. The effective tax rate on income from continuing operations was (87.6) percent for the three months ended September 30, 2015 and (46.3) percent on the income for the nine months ended September 30, 2015. The tax rate benefit on income for the three months and nine months ended September 30, 2015 resulted from the repatriation of foreign earnings and the associated recognition of foreign tax credits and releases of uncertain tax positions due to the expiration of the statute of limitations. Additionally, the tax rate benefit for the nine months ended September 30, 2015 included discrete tax items related to the Venezuela divestiture and the release of a valuation allowance. |
Investments |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENTS | Investments The Company’s investments, primarily in Brazil, consist of certificates of deposit that are classified as available-for-sale and stated at fair value based upon quoted market prices. Unrealized gains and losses are recorded in AOCI. Realized gains and losses are recognized in investment income and are determined using the specific identification method. There were no realized gains from the sale of securities and proceeds from the sale of available-for-sale securities for the three and nine months ended September 30, 2016 and 2015. The Company’s investments, excluding cash surrender value of insurance contracts of $75.1 and $75.9 as of September 30, 2016 and December 31, 2015, respectively, consisted of the following:
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Allowance for Credit Losses |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES | Allowance for Credit Losses The following table summarizes the Company’s allowance for credit losses for the nine months ended September 30, 2016 and 2015:
There were no significant changes in provision for credit losses, recoveries and write-offs during the nine months ended September 30, 2016 and 2015. In the nine months ended September 30, 2016 and 2015, the Company sold finance lease receivables of $7.4 and $5.4, respectively. As of September 30, 2016, finance leases and notes receivable individually evaluated for impairment were $78.7 and $20.7, respectively, of which $24.3 and $12.2, respectively, relates to the Acquisition, were assessed with no provision recorded. As of September 30, 2015, finance leases and notes receivable individually evaluated for impairment were $86.5 and $13.5, respectively. As of September 30, 2016 and December 31, 2015, the Company’s finance lease receivables in LA were $43.4 and $58.8, respectively. The decrease is related primarily to recurring customer payments for financing arrangements. The Company records interest income and any fees or costs related to financing receivables using the effective interest method over the term of the lease or loan. The Company reviews the aging of its financing receivables to determine past due and delinquent accounts. Credit quality is reviewed at inception and is re-evaluated as needed based on customer-specific circumstances. Receivable balances 60 days to 89 days past due are reviewed and may be placed on nonaccrual status based on customer-specific circumstances. Receivable balances are placed on nonaccrual status upon reaching greater than 89 days past due. Upon receipt of payment on nonaccrual financing receivables, interest income is recognized and accrual of interest is resumed once the account has been made current or the specific circumstances have been resolved. As of September 30, 2016 and December 31, 2015, the recorded investment in past due financing receivables on nonaccrual status was $0.5 and $0.7, respectively, and there were no recorded investments in finance receivables past due 90 days or more and still accruing interest. The recorded investment in impaired notes receivable was $4.1 as of September 30, 2016 and December 31, 2015 and was fully reserved. The following table summarizes the Company’s aging of past-due notes receivable balances:
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Inventories |
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Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORIES | Inventories Major classes of inventories are summarized as follows:
Certain inventory items of $19.7 were reclassified as of December 31, 2015 from service parts to raw materials and work in process to conform with the current presentation. The increase in inventory from December 31, 2015 is primarily related to the Acquisition. |
Goodwill and Other Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL AND OTHER ASSETS | Goodwill and Other Assets The Company’s four reportable operating segments are NA, AP, EMEA, LA and unallocated amounts related to the Acquisition. The changes in carrying amounts of goodwill within the Company's segments are summarized as follows:
In March 2015, the Company acquired Phoenix, a leader in developing innovative multi-vendor software solutions for ATMs and a host of other FSS applications. During the second quarter of 2016, the Company adjusted the preliminary goodwill by $(0.5) primarily to reflect adjustments to the finalization of deferred income taxes. In August 2016, the Company acquired Wincor Nixdorf. The unallocated portion of acquired goodwill as of September 30, 2016 of $817.0 is attributable to Wincor Nixdorf. In connection with the business combination agreement related to the Acquisition, the Company announced the realignment of its lines of business to drive greater efficiency and further improve customer service. The Company began evaluating and assessing the line of business reporting structure and its impact on the allocation of the Wincor Nixdorf acquired goodwill among the reporting units. The Company does not anticipate the assessment to be completed until the first quarter of 2017. Beginning with the first quarter of 2017, the Company anticipates allocating goodwill to its reporting units based on the conclusion of the assessment on the following lines of business: Software, Systems, and Services. The acquired Wincor Nixdorf goodwill is primarily the result of anticipated synergies achieved through increased scale, a streamlined portfolio of products and solutions, higher utilization of the service organization, workforce rationalization in overlapping regions and shared back office resources. The Company also expects that, after completion of the business combination and integration, we will generate strong free cash flow, which would be used to make investments in innovative software and solutions and reduce debt. There have been no impairment indicators identified during the nine months ended September 30, 2016. The following summarizes information on intangible assets by major category:
Amortization expense on capitalized software of $6.7 and $3.7 was included in product cost of sales for the three months ended September 30, 2016 and 2015, respectively, and $12.5 and $11.3 for the nine months ended September 30, 2016 and 2015, respectively. The Company's total amortization expense including deferred financing costs was $24.8 and $6.0 for the three months ended September 30, 2016 and 2015 and $34.2 and $17.4 for the nine months ended September 30, 2016 and 2015, respectively. The year-over-year increase in amortization expense was primarily related to the identifiable intangibles related to the Acquisition. |
Debt and Restricted Cash |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT | Debt and Restricted Cash Debt Outstanding debt balances were as follows:
As of September 30, 2016, the Company had various international short-term uncommitted lines of credit with borrowing limits of $159.3. The weighted-average interest rate on outstanding borrowings on the short-term uncommitted lines of credit as of September 30, 2016 and December 31, 2015 was 5.16 percent and 5.66 percent, respectively. The increase in the weighted-average interest rate is attributable to a change in mix of borrowings of foreign entities. Short-term uncommitted lines mature in less than one year. The amount available under the short-term uncommitted lines at September 30, 2016 was $138.2. The cash flows related to debt borrowings and repayments were as follows:
The Company entered into a revolving and term loan credit agreement (the Credit Agreement), dated as of November 23, 2015, among the Company and certain of the Company's subsidiaries, as borrowers, JPMorgan Chase Bank, N.A., as Administrative Agent, and the lenders named therein. The Credit Agreement included, among other things, mechanics for the Company’s existing revolving and term loan A facilities to be refinanced under the Credit Agreement. On December 23, 2015, the Company entered into a Replacement Facilities Effective Date Amendment, which amended the Credit Agreement, among the Company, certain of the Company’s subsidiaries, the lenders identified therein and JPMorgan Chase Bank, N.A., as Administrative Agent, pursuant to which the Company refinanced its $520.0 revolving and $230.0 term loan A senior unsecured credit facilities (which have been terminated and repaid in full) with, respectively, a new unsecured revolving facility (the Revolving Facility) in an amount of up to $520.0 and a new (non-delayed draw) unsecured term loan A facility (the Term Loan A Facility) on substantially the same terms as the Delayed Draw Term Facility (as defined in the Credit Agreement) in the amount of up to $230.0. The Delayed Draw Term Facility of $250.0 may be drawn up to one year after the closing date of the Acquisition. The Revolving Facility and Term Loan A Facility are subject to the same maximum consolidated net leverage ratio and minimum consolidated interest coverage ratio as the Delayed Draw Term Facility. On December 23, 2020, the Term Loan A Facility will mature and the Revolving Facility will automatically terminate. The weighted-average interest rate on outstanding revolving credit facility borrowings as of September 30, 2016 and December 31, 2015 was 1.94 percent and 2.33 percent, respectively, which is variable based on the London Interbank Offered Rate (LIBOR). The amount available under the revolving credit facility as of September 30, 2016 was $520.0. On April 19, 2016, the Company issued the 2024 Senior Notes in an offering exempt from the registration requirements of the Securities Act in connection with the Acquisition. The 2024 Senior Notes are and will be guaranteed by certain of the Company’s existing and future domestic subsidiaries. Also in April 2016, allocation and pricing of the term loan B facility (the Term Loan B Facility) provided under the Credit Agreement (which the Term Loan B Facility was used to provide part of the financing for the Acquisition) was completed. The Term Loan B Facility consists of a $1,000.0 U.S. dollar-denominated tranche that bears interest at LIBOR plus an applicable margin of 4.50 percent (or, at the Company’s option, prime plus an applicable margin of 3.50 percent), and a €350.0 euro-denominated tranche that will bear interest at the Euro Interbank Offered Rate (EURIBOR) plus an applicable margin of 4.25 percent. Each tranche was funded during the second quarter of 2016 at 99 percent of par. In November, the Company repaid $200.0 of the outstanding debt from the Term Loan B Facility - USD, which was included in notes payable as of September 30, 2016. On May 6, and August 16, 2016, the Company entered into the Second and Third Amendments to the Credit Agreement, which re-denominated a portion of the Term Loan B Facility into euros and guaranteed the prompt and complete payment and performance of the obligations when due under the Credit Agreement. The Amended and Restated Credit Agreement financial ratios at September 30, 2016 are as follows:
The key affirmative and negative covenants of the Credit Agreement include:
Mandatory prepayments are required if the outstanding revolving loans or facility letters of credit exceed the aggregate revolving credit commitments, including due to currency fluctuations if difference is greater than 105%, the excess loans must be repaid or facility letters of credit must be cash collateralized. Voluntary prepayments require one business day notice for floating rate loans in $1.0 or multiples thereof and three business days for euro currency rate loans in $5.0 or $1.0 multiples thereof. There is a prepayment premium with respect to the Term B Facility only. Until May 6, 2017, if there is a repricing event, where the Term B Facility is refinanced or amended to reduce the yield, there is a prepayment premium of 1.00% refinanced or amended. Other mandatory prepayments include incurrence of new debt outside what is allowed in the Credit Agreement, sale of certain assets beyond a de-minimis exception amount and depending on the net debt leverage, a percentage of "Excess Cash Flows" as defined in the Credit Agreement beginning with 2017 cash flows. The Company incurred $28.0 and $39.2 of fees in the three and nine months ended September 30, 2016, respectively, related to the Credit Agreement and 2024 Senior Notes, which are amortized as a component of interest expense over the terms. Below is a summary of financing and replacement facilities information:
Following the close of the Acquisition, the debt facilities under the Credit Agreement are secured by substantially all assets of the Company and its domestic subsidiaries that are borrowers or guarantors under the Credit Agreement, subject to certain exceptions and permitted liens. In March 2006, the Company issued senior notes (2006 Senior Notes) in an aggregate principal amount of $300.0. The Company funded the repayment of $75.0 aggregate principal amount of the 2006 Senior Notes at maturity in March 2013 using borrowings under its revolving credit facility and the repayment of $175.0 aggregate principal amount of the 2006 Senior Notes that matured in March 2016 through the use of proceeds from the divestiture of the Company's NA electronic security business. Prepayment of the remaining $50.0 aggregate principal amount of the 2006 Senior Notes were paid in full on May 2, 2016. The prepayment included a make-whole premium of $3.9, which was paid in addition to the principal and interest of the 2006 Senior Notes and is included in interest expense for the nine months ended September 30, 2016. The Company’s financing agreements contain various restrictive financial covenants, including net debt to capitalization, net debt to EBITDA and net interest coverage ratios. As of September 30, 2016, the Company was in compliance with the financial and other covenants within its debt agreements. Restricted Cash As a result of the Acquisition, the Company has no cash classified as restricted as of September 30, 2016. The restricted cash was used for the cash portion of the Acquisition, paying off existing debt and related interest, as well as any transaction costs pursuant to the terms of the Credit Agreement. The carrying value of restricted cash approximated its fair value and was included in cash flows from investing and financing activities until it was utilized for the Acquisition. Restricted cash in investing activities consisted of the proceeds from the debt borrowings related to the Acquisition. Restricted cash in financing activities consisted of the domestic net proceeds from the NA electronic security divestiture offset by the $175.0 and $50.0 payments of the 2006 Senior Notes during the first and second quarter of 2016, respectively. |
Benefit Plans |
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BENEFIT PLANS | Benefit Plans The Company has qualified pension plans covering certain U.S. employees that have been closed to new participants since 2003 and frozen since December 2013. Plans that cover salaried employees provide pension benefits based on the employee’s compensation during the ten years before retirement. The Company’s funding policy for salaried plans is to contribute annually based on actuarial projections and applicable regulations. Plans covering hourly employees generally provide benefits of stated amounts for each year of service. The Company’s funding policy for hourly plans is to make at least the minimum annual contributions required by applicable regulations. Employees of the Company’s operations in countries outside of the United States participate to varying degrees in local pension plans, which in the aggregate, are not significant. The Company has non-qualified pension plans to provide supplemental retirement benefits to certain officers, which was also frozen since December 2013. Benefits are payable at retirement based upon a percentage of the participant’s compensation, as defined. In addition to providing pension benefits, the Company provides post-retirement healthcare and life insurance benefits (referred to as other benefits) for certain retired employees. Currently, there are no plan assets and the Company funds the benefits as the claims are paid. Eligible employees may be entitled to these benefits based upon years of service with the Company, age at retirement and collective bargaining agreements. Currently, the Company has made no commitments to increase these benefits for existing retirees. After the Acquisition, the following plans, among others, were acquired by the Company:
The following table sets forth the net periodic benefit cost for the Company’s defined benefit pension plans and other benefits for the three months ended September 30:
(1) The increase in net periodic pension benefit cost is a result of the Acquisition. The following table sets forth the net periodic benefit cost for the Company’s defined benefit pension plans and other benefits for the nine months ended September 30:
(1) The increase in net periodic pension benefit cost is a result of the Acquisition. Contributions There have been no significant changes to the expected 2016 plan year contribution amounts previously disclosed, except for $2.0 of anticipated pension contributions related to the pension plans assumed as a result of the Acquisition. For the nine months ended September 30, 2016 and 2015, contributions of $3.5 and $12.9, respectively, were made to the qualified and non-qualified pension plans. |
Guarantees and Product Warranties |
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Guarantees and Product Warranties Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GUARANTEES AND PRODUCT WARRANTIES | Guarantees and Product Warranties The Company provides its global operations guarantees and standby letters of credit through various financial institutions for suppliers, customers, regulatory agencies and insurance providers. If the Company is not able to make payment or fulfill contractual obligations, the suppliers, customers, regulatory agencies and insurance providers may draw on the pertinent bank. At September 30, 2016, the maximum future payment obligations related to these various guarantees totaled $186.7, of which $28.0 represented standby letters of credit to insurance providers, and no associated liability was recorded. At December 31, 2015, the maximum future payment obligations relative to these various guarantees totaled $89.9, of which $30.0 represented standby letters of credit to insurance providers, and no associated liability was recorded. The Company provides its customers a manufacturer’s warranty and records, at the time of the sale, a corresponding estimated liability for potential warranty costs. Estimated future obligations due to warranty claims are based upon historical factors such as labor rates, average repair time, travel time, number of service calls per machine and cost of replacement parts. As of September 30, 2016 and 2015, the Company’s warranty liability balances were $106.5 and $77.3, respectively. The increase in the warranty liability was largely attributable to the acquired warranty accruals associated with the Acquisition, which was offset by an increase in currency translation in Brazil. Changes in the Company’s warranty liability balance are illustrated in the following table:
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Commitments and Contingencies |
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Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | Commitments and Contingencies Contractual Obligations At September 30, 2016, the Company had purchase commitments due within one year totaling $22.6 for materials through contract manufacturing agreements at negotiated prices. Indirect Tax Contingencies The Company accrues non-income-tax liabilities for indirect tax matters when management believes that a loss is probable and the amounts can be reasonably estimated, while contingent gains are recognized only when realized. In the event any losses are sustained in excess of accruals, they are charged against income. In evaluating indirect tax matters, management takes into consideration factors such as historical experience with matters of similar nature, specific facts and circumstances, and the likelihood of prevailing. Management evaluates and updates accruals as matters progress over time. It is reasonably possible that some of the matters for which accruals have not been established could be decided unfavorably to the Company and could require recognizing future expenditures. Also, statutes of limitations could expire without the Company paying the taxes for matters for which accruals have been established, which could result in the recognition of future gains upon reversal of these accruals at that time. At September 30, 2016, the Company was a party to several routine indirect tax claims from various taxing authorities globally that were incurred in the normal course of business, which neither individually nor in the aggregate are considered material by management in relation to the Company’s financial position or results of operations. In management’s opinion, the consolidated financial statements would not be materially affected by the outcome of these indirect tax claims and/or proceedings or asserted claims. In addition to these routine indirect tax matters, the Company was a party to the proceedings described below: In August 2012, one of the Company's Brazil subsidiaries was notified of a tax assessment of approximately R$270.0, including penalties and interest, regarding certain Brazil federal indirect taxes (Industrialized Products Tax, Import Tax, Programa de Integração Social and Contribution to Social Security Financing) for 2008 and 2009. The assessment alleges improper importation of certain components into Brazil's free trade zone that would nullify certain indirect tax incentives. On September 10, 2012, the Company filed its administrative defenses with the tax authorities. In response to an order by the administrative court, the tax inspector provided further analysis with respect to the initial assessment in December 2013 that indicates a potential exposure that is significantly lower than the initial tax assessment received in August 2012. This revised analysis has been accepted by the initial administrative court and lower level appellate court; however, this matter remains subject to ongoing administrative proceedings and appeals. Accordingly, the Company cannot provide any assurance that its exposure pursuant to the initial assessment will be lowered significantly or at all. In addition, this matter could negatively impact Brazil federal indirect taxes in other years that remain open under statute. It is reasonably possible that the Company could be required to pay taxes, penalties and interest related to this matter, which could be material to the Company's consolidated financial statements. The Company continues to defend itself in this matter. The Company has challenged customs rulings in Thailand seeking to retroactively collect customs duties on previous imports of ATMs. Management believes that the customs authority’s attempt to retroactively assess customs duties is in contravention of World Trade Organization agreements and, accordingly, is challenging the rulings. In the third quarter of 2015, the Company received a prospective ruling from the United States Customs Border Protection which is consistent with the Company's interpretation of the treaty in question. The Company has submitted that ruling for consideration in its ongoing dispute with Thailand. In August 2016, the tax court of appeals rendered a decision in favor of the Company related to approximately half of the assessments at issue. The remaining matters are currently in various stages of the appeals process and management continues to believe that the Company has a valid legal position in these appeals. Accordingly, the Company has not accrued any amount for this contingency; however, the Company cannot provide any assurance that it will not ultimately be subject to retroactive assessments. At September 30, 2016 and December 31, 2015, the Company had an accrual related to the Brazil indirect tax matter disclosed above of $9.2 and $7.5, respectively. The movement between periods relates to the currency fluctuation in the Brazil real. A loss contingency is reasonably possible if it has a more than remote but less than probable chance of occurring. Although management believes the Company has valid defenses with respect to its indirect tax positions, it is reasonably possible that a loss could occur in excess of the estimated accrual. The Company estimated the aggregate risk at September 30, 2016 to be up to approximately $225.2 for its material indirect tax matters, of which $176.0 and $25.0, respectively, relates to the Brazil indirect tax matter and Thailand customs matter disclosed above. The aggregate risk related to indirect taxes is adjusted as the applicable statutes of limitations expire. Legal Contingencies At September 30, 2016, the Company was a party to several lawsuits that were incurred in the normal course of business, which neither individually nor in the aggregate are considered material by management in relation to the Company’s financial position or results of operations. In management’s opinion, the Company's condensed consolidated financial statements would not be materially affected by the outcome of these legal proceedings, commitments or asserted claims. On October 22, 2013, the Company finalized a settlement agreement with the U.S. Securities and Exchange Commission (SEC) and a Deferred Prosecution Agreement (DPA) with the U.S. Department of Justice (DOJ) to settle charges arising from violations of the Foreign Corrupt Practices Act (FCPA). Pursuant to those agreements, Diebold was required to retain an independent corporate monitor to review our compliance program, internal accounting controls, record-keeping, and financial reporting policies and procedures relating to the FCPA and other applicable anti-corruption laws. Since that time, the Company has made significant enhancements to its global ethics and compliance program. On October 24, 2016, the corporate monitor certified to the SEC and DOJ that our compliance program is reasonably designed and implemented to prevent and detect violations of anti-corruption laws. The DPA and the independent corporate monitorship expired on October 29, 2016. With the completion of the monitorship, the Company has fulfilled its obligations under the settlement agreements with the DOJ and SEC. |
Derivative Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | Derivative Instruments and Hedging Activities The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate and foreign exchange rate risk, through the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s borrowings. Certain of the Company’s foreign operations expose the Company to fluctuations of foreign interest rates and exchange rates. These fluctuations may impact the value of the Company’s cash receipts and payments in terms of the Company’s functional currency. The Company enters into derivative financial instruments to protect the value or fix the amount of certain obligations in terms of its functional currency. The Company uses derivatives to mitigate the economic consequences associated with fluctuations in currencies and interest rates. The following table summarizes the gain (loss) recognized on derivative instruments:
Foreign Exchange Net Investment Hedges The Company has international subsidiaries with net balance sheet positions that generate cumulative translation adjustments within AOCI. The Company uses derivatives to manage potential changes in value of its net investments. The Company uses the forward-to-forward method for its quarterly retrospective and prospective assessments of hedge effectiveness. No ineffectiveness results if the notional amount of the derivative matches the portion of the net investment designated as being hedged because the Company uses derivative instruments with underlying exchange rates consistent with its functional currency and the functional currency of the hedged net investment. Changes in value that are deemed effective are accumulated in AOCI where they will remain until they are reclassified to income together with the gain or loss on the entire investment upon substantial liquidation of the subsidiary. The fair value of the Company’s net investment hedge contracts were $0.9 and $1.0 as of September 30, 2016 and December 31, 2015, respectively. The net gain (loss) recognized in AOCI on net investment hedge derivative instruments was $(0.6) and $6.2 in the three months ended September 30, 2016 and 2015, respectively, and $(12.1) and $11.3 in the nine months ended September 30, 2016 and 2015, respectively. On August 15, 2016 the Company designated its €350.0 euro-denominated Term Loan B Facility as a net investment hedge of its investments in certain subsidiaries that use the Euro as their functional currency in order to reduce volatility in stockholders' equity caused by the changes in foreign currency exchange rates of the Euro with respect to the U.S. Dollar. The notes will bear interest at the EURIBOR plus an applicable margin of 4.25 percent. Effectiveness will be assessed at least quarterly by confirming that the respective designated net investments' net equity balances at the beginning of any period collectively continues to equal or exceed the balance outstanding on the Company's Euro-denominated term loan. Changes in value that are deemed effective are accumulated in AOCI. When the respective net investments are sold or substantially liquidated, the balance of the cumulative translation adjustment in AOCI will be reclassified into earnings. The net gain (loss) recognized in AOCI on net investment hedge foreign currency borrowings was $(2.3) for both the three and nine months ended September 30, 2016. Non-Designated Hedges A substantial portion of the Company’s operations and revenues are international. As a result, changes in foreign exchange rates can create substantial foreign exchange gains and losses from the revaluation of non-functional currency monetary assets and liabilities. The Company’s policy allows the use of foreign exchange forward contracts with maturities of up to 24 months to mitigate the impact of currency fluctuations on those foreign currency asset and liability balances. The Company elected not to apply hedge accounting to its foreign exchange forward contracts. Thus, spot-based gains/losses offset revaluation gains/losses within foreign exchange loss, net and forward-based gains/losses represent interest expense or income. The fair value of the Company’s non-designated foreign exchange forward contracts was $0.3 and $0.9 as of September 30, 2016 and December 31, 2015, respectively. Cash Flow Hedges The Company is exposed to fluctuations in various foreign currencies against its functional currency. At the Company, both sales and purchases are transacted in foreign currencies. Wincor Nixdorf International GmbH is the Wincor Nixdorf currency management center. Currency risks in the aggregate are identified, quantified, and controlled at the Wincor Nixdorf International GmbH treasury center, and furthermore, it provides foreign currencies if necessary. The Wincor Nixdorf subsidiaries are primarily exposed to the USD and GBP as the EUR is its functional currency. This risk is considerably reduced by natural hedging (i.e. management of sales and purchases by choice location and suppliers). For the remainder of the risk that is not naturally hedged, foreign currency forwards are used to manage the exposure between EUR-GBP and EUR-USD. Derivative transactions are recorded on the balance sheet at fair value. For transactions designated as cash flow hedges, the effective portion of changes in the fair value are recorded in Accumulated Other Comprehensive Income and are subsequently reclassified into earnings in the period that the hedged forecasted transactions impact earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. As of September 30, 2016, the Company had the following outstanding foreign currency derivatives that were used to hedge its foreign exchange risks:
The remaining net currency risk not hedged by forward currency transactions amounts to approximately $16.4 and £10.2 for nine months ended September 30, 2016. The flows of foreign currency are recorded centrally for Wincor Nixdorf and, where feasible, equalized out. No foreign currency options were transacted during the current and previous year. If the euro had been revalued and devalued respectively by 10% against the U.S. dollar the other components of equity (before deferred taxes) and the fair value of forward currency transactions would have been €4.3 higher, and €5.1 lower, respectively for the nine months ended September 30, 2016. If the euro had been revalued and devalued respectively by 10% against pounds sterling as of September 30, 2015, the other components of equity (before deferred taxes) and the fair value of forward currency transactions would have been €4.3 higher, and €5.2 lower, respectively for the nine months ended September 30, 2016. Foreign Currency Option and Forward Contracts - acquisition related On November 23, 2015, the Company entered into two foreign currency option contracts to purchase €1,416.0 for $1,547.1 to hedge against the effect of exchange rate fluctuations on the euro-denominated cash consideration related to the Acquisition and estimated euro-denominated transaction related costs and any outstanding Wincor Nixdorf borrowings. At that time, the euro-denominated cash component of the purchase price consideration approximated €1,162.2. The foreign currency option contracts were sold during the second quarter of 2016 for cash proceeds of $42.6, which are included in investing activities in the condensed consolidated statements of cash flows, resulting in a gain of $35.6 during the nine months ended September 30, 2016 and $7.0 during the fourth quarter of 2015. The weighted average strike price was $1.09 per euro. These foreign currency option contracts were non-designated and included in other current assets on the condensed consolidated balance sheet as of December 31, 2015 based on the net asset position. On April 29, 2016, the Company entered into one foreign currency forward contract to purchase €713.0 for $820.9 to hedge against the effect of exchange rate fluctuations on the euro-denominated cash consideration related to the Acquisition and estimated euro denominated transaction related costs and any outstanding Wincor Nixdorf borrowings. The forward rate is $1.1514. The foreign currency forward contract was settled for $792.6 during the third quarter of 2016, which is included in investing activities in the condensed consolidated statements of cash flows, resulting in a loss of $26.3 during the nine months ended September 30, 2016. This foreign currency forward contract is non-designated and included in other current assets or other current liabilities based on the net asset or net liability position, respectively, in the condensed consolidated balance sheets. The gains and losses from the revaluation of the foreign currency forward contract are included in other income (expense) miscellaneous, net on the condensed consolidated statements of operations. During the three and nine months ended September 30, 2016, the Company recorded a $(3.6) and $9.3, respectively, mark-to-market gain (loss) on foreign currency and forward option contracts reflected in miscellaneous, net. The fair value of the Company's foreign currency forward and option contracts were nothing and $7.0 as of September 30, 2016 and December 31, 2015, respectively, and are included in other current liabilities and other current assets, respectively. Interest Rate Cash Flow Hedges The Company has variable rate debt that is subject to fluctuations in interest related cash flows due to changes in market interest rates. In order to add stability to interest expense and to manage exposure to interest rate movements, the Company primarily uses interest rate swaps as part of its risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notational amount. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in AOCI and is subsequently reclassified into earnings in the period that the hedged forecasted transactions affect earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. As of September 30, 2016 the Company had no ineffectiveness. The fair value of the Company’s interest rate contracts was minimal as of December 31, 2015. In June 2016, the Company paid off its pay-fixed receive-variable interest rate swap. As a result, the Company had no pay-fixed receive-variable interest rate swaps outstanding as of September 30, 2016. In November 2016, the Company entered into multiple pay-fixed receive-variable interest rate swaps outstanding with an aggregate notional amount of $400.0. In connection with the Acquisition, the Company acquired an interest swap for a nominal sum of €50.0, which was entered into in May 2010 with a ten-year term from October 1, 2010 until September 30, 2020. For this interest swap, the three-month EURIBOR is received and a fixed interest of 2.974% is paid. The fair value, which is measured at market prices, is €(8.1) and, because this swap was accounted for as a cash flow hedge, has been directly recognized in the other components of equity, having taken into account deferred taxes. For the three and nine months ending September 30, 2016 the amount reclassified from equity to profit or loss was not significant. The remaining net interest risk not hedged amounts to approximately €15.0 and may be, overall, regarded as minor due to the current interest environment. In December 2005 and January 2006, the Company executed cash flow hedges by entering into pay-fixed receive-variable interest rate swaps, with a total notional amount of $200.0, related to the 2006 Senior Notes. Amounts previously recorded in AOCI related to the pre-issuance cash flow hedges were reclassified to interest expense on a straight-line basis through February 2016. The gain recognized on designated cash flow hedge derivative instruments was minimal for both the three and nine months ended September 30, 2016, and $0.2 and $0.5 for the three and nine months ended September 30, 2015, respectively. Gains and losses related to interest rate contracts that are reclassified from AOCI are recorded in interest expense on the condensed consolidated statements of operations. The Company does not anticipate reclassifying any amount from AOCI to interest expense within the next 12 months. |
Fair Value of Assets and Liabilities |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE OF ASSETS AND LIABILITIES | Fair Value of Assets and Liabilities Assets and Liabilities Recorded at Fair Value Assets and liabilities subject to fair value measurement are as follows:
The Company uses the end of period when determining the timing of transfers between levels. During the nine months ended September 30, 2016, there were no transfers between levels. The fair value and carrying value of the Company’s debt instruments are summarized as follows:
Refer to note 12 for further details surrounding the increase in long-term debt as of September 30, 2016 compared to December 31, 2015. |
Restructuring and Other Charges |
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Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RESTRUCTURING AND OTHER CHARGES | Restructuring and Other Charges Restructuring Charges The following table summarizes the impact of the Company’s restructuring charges on the condensed consolidated statements of operations:
The following table summarizes the Company’s restructuring charges by reportable operating segment:
(1) NA includes corporate and global restructuring costs. Multi-Year Transformation Plan During the first quarter of 2013, the Company announced a multi-year transformation plan. Certain aspects of this plan were previously disclosed under the Company's global realignment plan and global shared services plan. This multi-year transformation focuses on globalizing the Company's service organization and creating a unified center-led global organization for research and development, as well as transforming the Company's general and administrative cost structure. Restructuring charges of $4.3 and $7.6 for the three months ended September 30, 2016 and 2015, respectively, and $9.7 and $17.8 for the nine months ended September 30, 2016 and 2015, respectively, related to the Company's multi-year transformation plan. As of September 30, 2016, the restructuring accrual balance consists of severance restructuring activities in connection with the multi-year transformation plan. As of September 30, 2016, the Company anticipates minimal additional restructuring costs to be incurred through the end of 2016 in connection with the multi-year transformation plan. As management finalizes certain aspects of the transformation plan, the anticipated future costs related to this plan are subject to change. Delta Program At the beginning of the 2015, Wincor Nixdorf initiated the Delta Program related to restructuring and realignment. As part of a change process that will span several years, the Delta Program is designed to hasten the expansion of software and professional services operations and to further enhance profitability in the services business. This program includes expansion in the high-end fields of as managed services and outsourcing. It also involves capacity adjustments on the hardware side, enabling the Company to respond more effectively to market volatility while maintaining its abilities with innovation. As of August 15, 2016, the date of the Acquisition, the restructuring accrual balance acquired was $45.5 and consisted of severance activities. The Company incurred restructuring charges of $3.1for the three and nine months ended September 30, 2016 related to this plan. As of September 30, 2016, the Company does not anticipate additional restructuring costs to be incurred through the end of the plan. The following table summarizes the Company's cumulative total restructuring costs for the multi-year transformation plan as of September 30, 2016:
(1) NA includes corporate and global restructuring costs. The following table summarizes the Company's cumulative total restructuring costs for the Delta Program as of September 30, 2016:
The following table summarizes the Company’s restructuring accrual balances and related activity for the nine months ended September 30:
Impairment and Other Charges During the first quarter of 2015, the Company recorded an impairment of certain capitalized software of $9.1 related to redundant legacy Diebold software as a result of the acquisition of Phoenix. In addition, the Company agreed to sell its equity interest in its Venezuela joint venture to its joint venture partner and recorded a $10.3 impairment of assets in the first quarter of 2015. On April 29, 2015, the Company closed the sale for the estimated fair market value and recorded a $1.0 reversal of impairment of assets based on final adjustments in the second quarter of 2015, resulting in a $9.3 impairment of assets for the nine months ended September 30, 2015 (refer to note 20). Other charges consist of items that the Company has determined are non-routine in nature and are not expected to recur in future operations. Net non-routine expense of $127.2 and $159.5 impacted the three and nine months ended September 30, 2016, respectively, and $4.3 and $14.3 impacted the three and nine months ended September 30, 2015, respectively. Net non-routine expense was partially due to legal, indemnification and professional fees related to corporate monitor efforts. Additionally, net non-routine expense for the three and nine months ended September 30, 2016 included acquisition, divestiture and integration related fees and expenses of $75.1 and $100.6, respectively, within selling and administrative expense. |
Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | Segment Information The Company considers its operating structure and the information subject to regular review by its Chief Executive Officer, who is the Chief Operating Decision Maker (CODM), to identify reportable operating segments. The CODM makes decisions, allocates resources and assesses performance by the following regions, which are also the Company’s four reportable operating segments: NA, AP, EMEA and LA. The four geographic segments sell and service FSS, retail and security systems around the globe, as well as elections, lottery and information technology solutions in Brazil other, through wholly-owned subsidiaries, majority-owned joint ventures and independent distributors in most major countries. Certain information not routinely used in the management of the segments, information not allocated back to the segments or information that is impractical to report is not shown. Segment operating profit is defined as revenues less expenses identifiable to those segments. Segment operating profit reconciles to consolidated income before income taxes by deducting corporate costs and other income or expense items that are not attributed to the segments (refer to note 18). Total assets are not allocated to segments and are not included in the assessment of segment performance and therefore are excluded from the segment information disclosed as follows. The following tables represent information regarding the Company’s segment information and provides a reconciliation between segment operating profit and the consolidated income (loss) from continuing operations before income taxes:
The following table presents information regarding the Company’s revenue by service and product solution:
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Acquisitions and Divestitures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Divestitures | Divestitures In December 2015, the Company announced it was forming a new joint venture with a subsidiary of the Inspur Group, a Chinese cloud computing and data center company, to develop, manufacture and distribute FSS solutions in China. The Inspur Group will hold a majority stake of 51.0 percent in the new joint venture, which will be named Inspur (Suzhou) Financial Technology Service Co. Ltd. (Inspur JV). The Inspur JV will offer a complete range of self-service terminals within the Chinese market, including ATMs. The Company will serve as the exclusive distributor outside of China for all products developed by the Inspur JV, which will be sold under the Diebold brand. The Company will not consolidate Inspur JV once the joint venture is formed and will include its results of operations in equity in earnings of an investee included in other (expense) income of the condensed consolidated statements of operations. In November 2016, the Inspur JV was formed and the Company does not expect a significant gain or loss from the transaction. In addition, to support Diebold's services-led approach to the market, the Inspur Group will acquire a minority share of Diebold's current China joint venture. Moving forward, this business will be focused on providing a whole suite of services, including installation, maintenance, professional and managed services related to ATMs and other automated transaction solutions. During the third quarter of 2016, the Company received cash proceeds of $27.7 related to the sale of stock in its Aevi International GmbH and Wincor Nixdorf China subsidiaries. In addition to the cash proceeds, the Company obtained receivables of $44.7 for the divestiture of its Wincor Nixdorf China subsidiaries. The Wincor Nixdorf China sale was reflected in the opening balance sheet and no gain or loss was recorded. The Wincor Nixdorf China sale was in connection with the June 2016, Wincor Nixdorf announcement to establish a joint venture with Aisino Corporation, to position itself in China to offer solutions that meet Chinese banking regulations. Aisino Corporation is a Chinese company that specializes in intelligent anti-forgery tax control systems, electronic fund transfer (EFT) point of sale (POS) solutions, financial IC cards, bill receipt printing solutions and public IT security solutions. The joint venture (Aisino JV) with Wincor Nixdorf in China will develop, produce and market IT solutions for banking and retail companies in China. Operating under the name Aisino Wincor, the Aisino JV will offer banks and retailers an extensive range of hardware, software and services. The Aisino JV’s comprehensive portfolio comprises POS systems and self-checkout solutions for the retail segment as well as self-service solutions for the banking segment. Banking solutions include ATMs, cash recycling systems and the software necessary to operate the systems. The Aisino JV’s portfolio will also extend to offering the banking segment end-to-end services that help customers manage their self-service networks. These professional and managed services range from deployment and project management to life-cycle maintenance. Following the closing of the transaction, the Company will hold a noncontrolling interest in the Aisino JV of 43.6 percent. The Company will include the Aisino results of operations in equity in earnings of an investee included in other income (expense) of the condensed consolidated statements of operations. On October 25, 2015, the Company entered into a definitive asset purchase agreement with a wholly owned subsidiary of Securitas AB (Securitas Electronic Security) to divest its NA electronic security business located in the United States and Canada for an aggregate purchase price of $350.0 in cash, 10.0 percent of which was contingent based on the successful transition of certain customer relationships. The Company received the full payment of $35.0 in the first quarter of 2016 as all contingencies for this payment were achieved. For the NA electronic security business to continue its growth, it would have required resources and investment that the Company was not committed to make given its focus on the self-service market. The closing of the NA electronic security divestiture occurred on February 1, 2016 and the Company recorded a gain on sale, net of tax, of $(4.6) and $145.0 for the three and nine months ended September 30, 2016, respectively. The closing purchase price was subject to a customary working capital adjustment, which was finalized in the third quarter of 2016. The purchase agreement provides for customary representations, warranties, covenants and agreements. The Company also agreed to provide certain transition services to Securitas Electronic Security after the closing, including providing Securitas Electronic Security a $6.0 credit for such services, of which $5.0 relates to a quarterly payment to Securitas Electronic Security and $1.0 is a credit against payments due from Securitas Electronic Security. During the three and nine months ended September 30, 2016, $1.3 and $3.8, respectively, were paid as part of the quarterly payments and for the nine months ended September 30, 2016, $1.0 were used against amounts owed by Securitas Electronic Security. The operating results for the NA electronic security business were previously included in the Company's NA segment and have been reclassified to discontinued operations for all of the periods presented. The assets and liabilities of this business were classified as held for sale in the Company's condensed consolidated balance sheet as of December 31, 2015. Cash flows provided or used by the NA electronic security business are presented as cash flows from discontinued operations for all of the periods presented. The operating results, assets and liabilities and cash flows from discontinued operations are no longer included in the financial statements of the Company from February 1, 2016. The following summarizes select financial information included in income from discontinued operations, net of tax:
The following summarizes the assets and liabilities classified as held for sale in the condensed consolidated balance sheet:
As of December 31, 2015 all assets and liabilities classified as held for sale were included in total current assets based on the cash conversion of these assets and liabilities during the first quarter of 2016. The cash and cash equivalents of the NA electronic security business represents outstanding checks as of December 31, 2015. During the first quarter of 2015, the Company agreed to sell its equity interest in its Venezuela joint venture to its joint venture partner and recorded a $10.3 impairment of assets. On April 29, 2015, the Company closed the sale for the estimated fair market value and recorded a $1.0 reversal of impairment of assets based on final adjustments in the second quarter of 2015, resulting in a $9.3 impairment of assets for the nine months ended September 30, 2015. During the remainder of 2015, the Company incurred an additional $0.4 related to uncollectible accounts receivable, which is included in selling and administrative expense on the consolidated statements of operations. Prior to the sale, the Company's Venezuela operations consisted of a fifty-percent owned subsidiary, which was consolidated. Venezuela was measured using the U.S. dollar as its functional currency because its economy is considered highly inflationary. On February 10, 2015, the Venezuela government introduced a new foreign currency exchange platform called the Marginal Currency System, or SIMADI, which replaced the SICAD 2 mechanism, yielding another significant increase in the exchange rate. As of March 31, 2015, management determined it was unlikely that the Company would be able to convert bolivars under a currency exchange other than SIMADI and remeasured its Venezuela balance sheet using the SIMADI rate of 192.95 compared to the previous SICAD 2 rate of 50.86, which resulted in a loss of $7.5 recorded within foreign exchange loss, net in the condensed consolidated statements of operations in the first quarter of 2015. |
Supplemental Guarantor Information |
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Supplemental Guarantor Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Statements [Text Block] | Supplemental Guarantor Information The Company issued the 2024 Senior Notes in an offering exempt from the registration requirements of the Securities Act in connection with the Acquisition. The 2024 Senior Notes are and will be guaranteed by certain of the Company's existing and future domestic subsidiaries. The following presents the condensed consolidating financial information separately for:
Each guarantor subsidiary is 100% owned by the Parent Company at the date of each balance sheet presented. The notes are fully and unconditionally guaranteed on a joint and several basis by each guarantor subsidiary. The guarantees of the guarantor subsidiaries are subject to release in limited circumstances only upon the occurrence of certain customary conditions. Each entity in the consolidating financial information follows the same accounting policies as described in the consolidated financial statements, except for the use by the Parent Company and the guarantor subsidiaries of the equity method of accounting to reflect ownership interests in subsidiaries which are eliminated upon consolidation. Changes in intercompany receivables and payables related to operations, such as intercompany sales or service charges, are included in cash flows from operating activities. Intercompany transactions reported as investing or financing activities include the sale of capital stock of various subsidiaries, loans and other capital transactions between members of the consolidated group. Certain non-guarantor subsidiaries of the Parent Company are limited in their ability to remit funds to it by means of dividends, advances or loans due to required foreign government and/or currency exchange board approvals or limitations in credit agreements or other debt instruments of those subsidiaries. Condensed Consolidating Balance Sheets As of September 30, 2016
Condensed Consolidating Balance Sheets As of December 31, 2015
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended September 30, 2016
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended September 30, 2015
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Nine Months Ended September 30, 2016
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Nine Months Ended September 30, 2015
Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2016
Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2015
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Allowance for Credit Losses (Policies) |
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Receivables [Abstract] | |
Loans and leases receivable | The Company records interest income and any fees or costs related to financing receivables using the effective interest method over the term of the lease or loan. The Company reviews the aging of its financing receivables to determine past due and delinquent accounts. Credit quality is reviewed at inception and is re-evaluated as needed based on customer-specific circumstances. Receivable balances 60 days to 89 days past due are reviewed and may be placed on nonaccrual status based on customer-specific circumstances. Receivable balances are placed on nonaccrual status upon reaching greater than 89 days past due. Upon receipt of payment on nonaccrual financing receivables, interest income is recognized and accrual of interest is resumed once the account has been made current or the specific circumstances have been resolved. |
Acquisitions (Tables) |
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Acquisitions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | he pro forma information in the table below for the three and nine months ended September 30, 2016 and 2015 includes unaudited pro forma information which represents the consolidated results of the Company as if the Acquisition occurred as of January 1, 2015:
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Schedule of Results Since Date of Acquisition [Table Text Block] | et sales, income (loss) from continuing operations before taxes and net income (loss) attributable to Diebold, Incorporated from the Acquisition included in the Company’s results since August 15, 2016, the date of the Acquisition, are as follows:
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Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table presents the preliminary estimated fair value of the assets acquired and liabilities assumed from the Acquisition as of the date of acquisition based on the allocation of the total preliminary consideration, net of cash acquired:
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Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The aggregate preliminary consideration, excluding $104.7 of cash acquired, for the Acquisition was $1,265.7, which consisted of the following:
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Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | he Company preliminarily recorded acquired intangible assets in the following table as of the acquisition date:
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Earnings Per Share (Tables) |
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Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of earnings per share under the treasury stock method and the effect on the weighted-average number of shares of dilutive potential common stock: | The following represents amounts used in computing earnings per share and the effect on the weighted-average number of shares of dilutive potential common shares:
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Equity (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in shareholders' equity attributable to Diebold, Incorporated and the noncontrolling interests | The following table presents changes in shareholders' equity attributable to Diebold, Incorporated and the noncontrolling interests:
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Accumulated Other Comprehensive Income (Loss) (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in the Company’s accumulated other comprehensive income (loss) (AOCI), net of tax, by component for the three months ended September 30, 2016:
The following table summarizes the changes in the Company’s AOCI, net of tax, by component for the three months ended September 30, 2015:
The following table summarizes the changes in the Company’s AOCI, net of tax, by component for the nine months ended September 30, 2016:
The following table summarizes the changes in the Company’s AOCI, net of tax, by component for the nine months ended September 30, 2015:
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Reclassification out of Accumulated Other Comprehensive Income | The following table summarizes the details about amounts reclassified from AOCI:
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Share-Based Compensation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Options outstanding and exercisable under the Company's 1991 Equity and Performance Incentive Plan | Options outstanding and exercisable as of September 30, 2016 under the Company’s 1991 Equity and Performance Incentive Plan (as Amended and Restated as of February 12, 2014) (the 1991 Plan) and changes during the nine months ended September 30, 2016 were as follows:
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Summarized information on unvested restricted stock units (RSUs), performance shares and deferred shares | The following table summarizes information on non-vested RSUs and performance shares relating to employees and non-employee directors for the nine months ended September 30, 2016:
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Investments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | The Company’s investments, excluding cash surrender value of insurance contracts of $75.1 and $75.9 as of September 30, 2016 and December 31, 2015, respectively, consisted of the following:
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Allowance for Credit Losses (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | The following table summarizes the Company’s allowance for credit losses for the nine months ended September 30, 2016 and 2015:
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Aging of past-due notes receivable | The following table summarizes the Company’s aging of past-due notes receivable balances:
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Inventories (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Major classes of inventories | Major classes of inventories are summarized as follows:
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Goodwill and Other Assets (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | The changes in carrying amounts of goodwill within the Company's segments are summarized as follows:
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Schedule Of Intangible Assets [Table Text Block] | The following summarizes information on intangible assets by major category:
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Debt and Restricted Cash (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Debt Balances | Outstanding debt balances were as follows:
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Schedule Of Cash Flows Related To Debt Borrowings And Repayments [Table Text Block] | The cash flows related to debt borrowings and repayments were as follows:
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Schedule of Long-term Debt Instruments [Table Text Block] | Below is a summary of financing and replacement facilities information:
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Benefit Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | The following table sets forth the net periodic benefit cost for the Company’s defined benefit pension plans and other benefits for the three months ended September 30:
(1) The increase in net periodic pension benefit cost is a result of the Acquisition. The following table sets forth the net periodic benefit cost for the Company’s defined benefit pension plans and other benefits for the nine months ended September 30:
(1) The increase in net periodic pension benefit cost is a result of the Acquisition. |
Guarantees and Product Warranties (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees and Product Warranties Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in warranty liability balance | Changes in the Company’s warranty liability balance are illustrated in the following table:
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Derivative Instruments and Hedging Activities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) recognized on non-designated derivative instruments | The following table summarizes the gain (loss) recognized on derivative instruments:
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Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | As of September 30, 2016, the Company had the following outstanding foreign currency derivatives that were used to hedge its foreign exchange risks:
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Fair Value of Assets and Liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Assets and Liabilities Recorded at Fair Market Value | Assets and liabilities subject to fair value measurement are as follows:
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Fair value and carrying value of the Company's debt instruments | The fair value and carrying value of the Company’s debt instruments are summarized as follows:
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Restructuring and Other Charges (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring and Related Costs | The following table summarizes the impact of the Company’s restructuring charges on the condensed consolidated statements of operations:
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Restructuring charges (accrual adjustments) within continuing operations by reporting segments | The following table summarizes the Company’s restructuring charges by reportable operating segment:
(1) NA includes corporate and global restructuring costs. |
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Cumulative total restructuring costs [Table Text Block] | The following table summarizes the Company's cumulative total restructuring costs for the multi-year transformation plan as of September 30, 2016:
(1) NA includes corporate and global restructuring costs. The following table summarizes the Company's cumulative total restructuring costs for the Delta Program as of September 30, 2016:
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Restructuring accrual balances and related activity | The following table summarizes the Company’s restructuring accrual balances and related activity for the nine months ended September 30:
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Segment Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Segment Information | The following tables represent information regarding the Company’s segment information and provides a reconciliation between segment operating profit and the consolidated income (loss) from continuing operations before income taxes:
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Schedule Of Revenue From External Customers By Product And Service Solution | The following table presents information regarding the Company’s revenue by service and product solution:
In August 2016, in connection with the business combination agreement related to the Acquisition, the Company announced the realignment of its lines of business to drive greater efficiency and further improve customer service. As a result of the Acquistion, the Company has reorganized the management team reporting to the CODM and has begun evaluating and assessing the lines of business reporting structure. The Company does not anticipate the assessment to be completed until the first quarter of 2017. Beginning with the first quarter of 2017, the Company anticipates its reportable operating segments will be based on the conclusion of the assessment on the following lines of business: Software, Systems, and Services and will reclassify comparative periods for consistency. Until such assessment is completed, the CODM will continue to regularly review, make decisions, allocate resources and assess performance based on the current regional reportable operating segments. |
Divestitures (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Acquisitions and Divestitures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations [Table Text Block] | The following summarizes select financial information included in income from discontinued operations, net of tax:
The following summarizes the assets and liabilities classified as held for sale in the condensed consolidated balance sheet:
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Supplemental Guarantor Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Supplemental Guarantor Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Balance Sheet [Table Text Block] | Condensed Consolidating Balance Sheets As of September 30, 2016
Condensed Consolidating Balance Sheets As of December 31, 2015
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Condensed Income Statement [Table Text Block] | Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended September 30, 2016
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended September 30, 2015
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Nine Months Ended September 30, 2016
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Nine Months Ended September 30, 2015
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Condensed Cash Flow Statement [Table Text Block] | Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2016
Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2015
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Consolidated Financial Statement (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
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Accounting Standards Update 2015-03 [Member] | ||
Impact on financial statements | ||
Debt Issuance Costs, Net | $ 64.5 | $ 6.9 |
Equity (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||
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Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
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Diebold, Incorporated shareholders' equity | |||||||||
Balance at beginning of period | $ 578.3 | $ 465.6 | $ 412.4 | $ 531.6 | |||||
Comprehensive income (loss) attributable to Diebold, Incorporated | (107.0) | (47.7) | 88.7 | (85.0) | |||||
Common shares | 12.4 | 0.0 | 12.8 | 0.6 | |||||
Additional capital | 271.6 | 2.4 | 281.4 | 13.7 | |||||
Treasury shares | (0.1) | (0.2) | (2.1) | (3.0) | |||||
Dividends paid | (19.0) | (18.7) | (57.0) | (56.5) | |||||
Balance at end of period | 736.2 | 401.4 | 736.2 | 401.4 | |||||
Noncontrolling interests | |||||||||
Balance at beginning of period | 23.7 | 24.6 | 23.1 | 23.3 | |||||
Comprehensive income attributable to noncontrolling interests, net (1) | 386.9 | [1] | 0.7 | 387.5 | [1] | 2.0 | [1] | ||
Distributions to noncontrolling interest holders | 0.0 | 0.2 | 0.0 | 0.2 | |||||
Balance at end of period | $ 410.6 | $ 25.1 | $ 410.6 | 25.1 | |||||
Comprehensive income loss attributable to noncontrolling interests | (0.1) | ||||||||
Venezuela noncontrolling interest adjustment | $ 2.1 | ||||||||
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Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||||||||
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Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
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Beginning Balance | $ (269.4) | $ (247.2) | $ (318.1) | $ (190.5) | ||||||||||||
Other comprehensive (loss) income before reclassifications (1) | (4.7) | (70.5) | 42.2 | (129.3) | ||||||||||||
Amounts reclassified from AOCI | (0.1) | 1.0 | 1.7 | 3.1 | ||||||||||||
Net current-period other comprehensive (loss) income | (4.8) | (69.5) | 43.9 | (126.2) | ||||||||||||
Balance at September 30, 2016 | (274.2) | (316.7) | (274.2) | (316.7) | ||||||||||||
Translation adjustment | ||||||||||||||||
Beginning Balance | (161.2) | (137.3) | (215.6) | (74.9) | ||||||||||||
Other comprehensive (loss) income before reclassifications (1) | (4.3) | [1] | (74.7) | [2] | 50.1 | [3] | (137.1) | [4] | ||||||||
Amounts reclassified from AOCI | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
Net current-period other comprehensive (loss) income | (4.3) | (74.7) | 50.1 | (137.1) | ||||||||||||
Balance at September 30, 2016 | (165.5) | (212.0) | (165.5) | (212.0) | ||||||||||||
Foreign Currency Hedges | ||||||||||||||||
Beginning Balance | (2.5) | 1.9 | 5.0 | (1.4) | ||||||||||||
Other comprehensive (loss) income before reclassifications (1) | (0.4) | 4.0 | (7.9) | 7.3 | ||||||||||||
Amounts reclassified from AOCI | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
Net current-period other comprehensive (loss) income | (0.4) | 4.0 | (7.9) | 7.3 | ||||||||||||
Balance at September 30, 2016 | (2.9) | 5.9 | (2.9) | 5.9 | ||||||||||||
Interest Rate Hedges | ||||||||||||||||
Beginning Balance | (0.2) | (0.3) | (0.1) | (0.5) | ||||||||||||
Other comprehensive (loss) income before reclassifications (1) | 0.0 | 0.2 | 0.0 | 0.5 | ||||||||||||
Amounts reclassified from AOCI | 0.0 | (0.1) | (0.1) | (0.2) | ||||||||||||
Net current-period other comprehensive (loss) income | 0.0 | 0.1 | (0.1) | 0.3 | ||||||||||||
Balance at September 30, 2016 | (0.2) | (0.2) | (0.2) | (0.2) | ||||||||||||
Pension and Other Post-retirement Benefits | ||||||||||||||||
Beginning Balance | (105.9) | (111.8) | (107.8) | (114.0) | ||||||||||||
Other comprehensive (loss) income before reclassifications (1) | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
Amounts reclassified from AOCI | (0.1) | 1.1 | 1.8 | 3.3 | ||||||||||||
Net current-period other comprehensive (loss) income | (0.1) | 1.1 | 1.8 | 3.3 | ||||||||||||
Balance at September 30, 2016 | (106.0) | (110.7) | (106.0) | (110.7) | ||||||||||||
Other | ||||||||||||||||
Beginning Balance | 0.4 | 0.3 | 0.4 | 0.3 | ||||||||||||
Other comprehensive (loss) income before reclassifications (1) | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
Amounts reclassified from AOCI | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
Net current-period other comprehensive (loss) income | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
Balance at September 30, 2016 | 0.4 | 0.3 | 0.4 | 0.3 | ||||||||||||
Translation adjustment | ||||||||||||||||
Other comprehensive (loss) income, translation adjustment, net of tax, attributable to noncontrolling interests | $ 0.1 | $ (0.6) | $ (0.5) | $ (0.3) | ||||||||||||
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Accumulated Other Comprehensive Income (Loss) Reclassification Adjustments (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||
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Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
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Interest expense | $ (32.4) | $ (8.5) | $ (68.2) | $ (24.1) | |||
Total reclassifications for the period | (0.1) | 1.0 | 1.7 | 3.1 | |||
Interest Rate Hedges | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||
Interest expense | 0.0 | (0.1) | (0.1) | (0.2) | |||
Net actuarial loss amortization | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||
Net periodic benefit cost | [1] | (0.1) | 1.1 | 1.8 | 3.4 | ||
Net actuarial loss amortization, tax | (0.3) | (0.6) | (1.3) | (1.9) | |||
Net prior service benefit amortization | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||
Net periodic benefit cost | [1] | 0.0 | 0.0 | 0.0 | (0.1) | ||
Pension and Other Post-retirement Benefits | |||||||
Total reclassifications for the period | (0.1) | 1.1 | 1.8 | 3.3 | |||
Pension and Other Post-retirement Benefits | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||
Net periodic benefit cost | $ (0.1) | $ 1.1 | $ 1.8 | $ 3.3 | |||
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Share-Based Compensation - Stock Options (Details) $ / shares in Units, shares in Millions, $ in Millions |
9 Months Ended | |||||
---|---|---|---|---|---|---|
Sep. 30, 2016
USD ($)
$ / shares
shares
| ||||||
Options outstanding and exercisable under the Company's 1991 Equity and Performance Incentive Plan | ||||||
Outstanding, Shares, Beginning balance | shares | 1.7 | |||||
Outstanding, Weighted average exercise price, Beginning balance | $ / shares | $ 34.21 | |||||
Expired or forfeited, Shares | shares | (0.5) | |||||
Expired or forfeited, Weighted average exercise price | $ / shares | $ 35.60 | |||||
Granted, Shares | shares | 0.5 | |||||
Granted, Weighted average exercise price | $ / shares | $ 27.39 | |||||
Outstanding, Shares, Ending balance | shares | 1.7 | |||||
Outstanding, Weighted average exercise price, Ending balance | $ / shares | $ 31.99 | |||||
Outstanding, Weighted Average Remaining Contractual Term | 7 years | |||||
Outstanding, Aggregate Intrinsic Value | $ | $ 0.0 | [1] | ||||
Options exercisable, Shares | shares | 0.9 | |||||
Options exercisable, Weighted average exercise price | $ / shares | $ 33.99 | |||||
Option exercisable, Weighted average remaining contractual term | 6 years | |||||
Option exercisable, Aggregate Intrinsic Value | $ | $ 0.0 | [1] | ||||
Options vested and expected to vest, Shares | shares | 1.6 | [2] | ||||
Options vested and expected to vest, Weighted average exercise price | $ / shares | $ 32.07 | [2] | ||||
Options vested and expected to vest, Weighted average remaining contractual term | 7 years | [2] | ||||
Options vested and expected to vest, aggregate intrinsic value | $ | $ 0.0 | [1],[2] | ||||
|
Share-Based Compensation - Compensation Expense and Information on Non-Vested Shares (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based Compensation | $ 4.1 | $ 1.8 | $ 14.2 | $ 10.9 |
Restricted Stock Units (RSUs) [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Unvested, Shares, Beginning balance | 0.9 | |||
Unvested, Weighted-average grant-date fair value, Beginning balance | $ 32.53 | |||
Forfeited, Shares | (0.1) | |||
Forfeited, Weighted-average grant-date fair value | $ 31.74 | |||
Vested, Shares | (0.2) | |||
Vested, Weighted-average grant-date fair value | $ 31.67 | |||
Granted, Shares | 0.5 | |||
Granted, Weighted-average grant-date fair value | $ 27.05 | |||
Unvested, Shares, Ending balance | 1.1 | 1.1 | ||
Unvested, Weighted-average grant-date fair value, Ending balance | $ 29.92 | $ 29.92 | ||
Performance Shares [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Unvested, Shares, Beginning balance | 0.8 | |||
Unvested, Weighted-average grant-date fair value, Beginning balance | $ 34.06 | |||
Forfeited, Shares | (0.1) | |||
Forfeited, Weighted-average grant-date fair value | $ 31.56 | |||
Vested, Shares | (0.2) | |||
Vested, Weighted-average grant-date fair value | $ 29.36 | |||
Granted, Shares | 0.6 | |||
Granted, Weighted-average grant-date fair value | $ 27.27 | |||
Unvested, Shares, Ending balance | 1.1 | 1.1 | ||
Unvested, Weighted-average grant-date fair value, Ending balance | $ 31.59 | $ 31.59 | ||
Deferred Compensation, Share-based Payments [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vested, Shares, Ending Balance | 0.1 | 0.1 | ||
One year vest [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||
Three year graded vest [Member] | Performance Shares [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Income Taxes (Details) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Income Tax Disclosure [Abstract] | ||||
Effective tax rate on income (loss) before taxes | 16.20% | (87.60%) | 26.20% | (46.30%) |
Investments (Details) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
|
Short-term investments: | ||
Short-term investments | $ 39.9 | $ 39.9 |
Long-term Investments | 83.4 | 85.2 |
Certificates of deposit | ||
Short-term investments: | ||
Investments, Cost Basis | 39.9 | 39.9 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax | 0.0 | 0.0 |
Assets held in rabbi trusts [Member] | ||
Short-term investments: | ||
Long-term Investments | 7.6 | 9.3 |
Long-term investments: | ||
Long-term investments, Unrealized Gain | 0.7 | 0.0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Certificates of deposit | ||
Short-term investments: | ||
Short-term investments | 39.9 | 39.9 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Assets held in rabbi trusts [Member] | ||
Long-term investments: | ||
Fair value of assets held under trust | 8.3 | 9.3 |
Certificates of deposit | Fair Value, Measurements, Recurring [Member] | ||
Long-term investments: | ||
Fair value of assets held under trust | $ 39.9 | $ 39.9 |
Investments (Details Textuals) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Investments (Textuals) | ||||
Cash surrender value of insurance contracts | $ 75.1 | $ 75.1 | ||
Realized gains and proceeds from the sale of securities | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 |
Allowance for Credit Losses - Summary of Allowance for Credit Losses (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Allowance for credit losses and recorded investment in financing receivables | ||
Balance at January 1 | $ 4.6 | $ 4.5 |
Provision for credit losses | (0.1) | 0.3 |
Write-offs | (0.1) | (0.1) |
Balance at September 30 | 4.4 | 4.7 |
Finance Leases Financing Receivable [Member] | ||
Allowance for credit losses and recorded investment in financing receivables | ||
Balance at January 1 | 0.5 | 0.4 |
Provision for credit losses | (0.1) | 0.3 |
Write-offs | (0.1) | (0.1) |
Balance at September 30 | 0.3 | 0.6 |
Notes Receivable [Member] | ||
Allowance for credit losses and recorded investment in financing receivables | ||
Balance at January 1 | 4.1 | 4.1 |
Provision for credit losses | 0.0 | 0.0 |
Write-offs | 0.0 | 0.0 |
Balance at September 30 | $ 4.1 | $ 4.1 |
Allowance for Credit Losses - Aging of Past-Due Receivables (Details) - Notes Receivable [Member] - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
||
---|---|---|---|---|
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past due | $ 3.9 | $ 3.1 | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past due | 0.0 | 0.1 | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past due | 0.0 | 0.0 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past due | [1] | $ 3.9 | $ 3.0 | |
|
Allowance for Credit Losses (Details Textuals) - USD ($) $ in Millions |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Finance lease receivables sold | $ 7.4 | $ 5.4 | |
Allowance for credit losses (Textuals) | |||
The recorded investment in past-due finance lease receivables on nonaccrual status | 0.5 | $ 0.7 | |
The recorded investment in impaired notes receivable | 4.1 | 4.1 | |
The recorded investment in impaired notes related allowance | $ 4.1 | 4.1 | |
Minimum [Member] | |||
Allowance for credit losses (Textuals) | |||
Past Due Period of Financing Receivable Accruing Interest | 90 days | ||
Period required for considering financing receivable as non accrual status | 60 days | ||
Period for placing financing receivables on non-accrual status | 89 days | ||
Maximum [Member] | |||
Allowance for credit losses (Textuals) | |||
Period required for considering financing receivable as non accrual status | 89 days | ||
Latin America [Member] | |||
Allowance for credit losses (Textuals) | |||
Finance lease receivables | $ 43.4 | $ 58.8 | |
Finance Leases Financing Receivable [Member] | |||
Allowance for credit losses (Textuals) | |||
Finance leases and notes receivables individually evaluated for impairment | 78.7 | 86.5 | |
Notes Receivable [Member] | |||
Allowance for credit losses (Textuals) | |||
Finance leases and notes receivables individually evaluated for impairment | 20.7 | $ 13.5 | |
Wincor Nixdorf [Member] | Finance Leases Financing Receivable [Member] | |||
Allowance for credit losses (Textuals) | |||
Finance leases and notes receivables individually evaluated for impairment | 24.3 | ||
Wincor Nixdorf [Member] | Notes Receivable [Member] | |||
Allowance for credit losses (Textuals) | |||
Finance leases and notes receivables individually evaluated for impairment | $ 12.2 |
Inventories (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Inventories | $ 887.5 | $ 369.3 |
Major classes of inventories | ||
Finished goods | 447.2 | 145.8 |
Service parts | 246.0 | 155.7 |
Raw materials and work in process | 194.3 | 67.8 |
Total inventories | $ 887.5 | 369.3 |
Reclassification between service parts and raw materials and work in process | ||
Inventories | 19.7 | |
Major classes of inventories | ||
Total inventories | $ 19.7 |
Goodwill and Other Assets (Details) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Goodwill [Line Items] | |||
Goodwill | $ 1,281.7 | $ 452.2 | $ 428.8 |
Accumulated impairment losses | (290.7) | (290.7) | (290.7) |
Beginning balance | 161.5 | 138.1 | |
Goodwill acquired | 817.0 | 39.7 | |
Goodwill adjustment | (0.5) | ||
Currency translation adjustment | 13.0 | (16.3) | |
Ending balance | 991.0 | 161.5 | |
North America Segment [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 114.9 | 112.7 | 76.4 |
Accumulated impairment losses | (13.2) | (13.2) | (13.2) |
Beginning balance | 99.5 | 63.2 | |
Goodwill acquired | 0.0 | 39.7 | |
Goodwill adjustment | (0.5) | ||
Currency translation adjustment | 2.7 | (3.4) | |
Ending balance | 101.7 | 99.5 | |
Asia Pacific Segment [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 38.3 | 37.6 | 40.0 |
Accumulated impairment losses | 0.0 | 0.0 | 0.0 |
Beginning balance | 37.6 | 40.0 | |
Goodwill acquired | 0.0 | 0.0 | |
Goodwill adjustment | 0.0 | ||
Currency translation adjustment | 0.7 | (2.4) | |
Ending balance | 38.3 | 37.6 | |
EMEA Segment [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 168.7 | 168.7 | 168.7 |
Accumulated impairment losses | (168.7) | (168.7) | (168.7) |
Beginning balance | 0.0 | 0.0 | |
Goodwill acquired | 0.0 | 0.0 | |
Goodwill adjustment | 0.0 | ||
Currency translation adjustment | 0.0 | 0.0 | |
Ending balance | 0.0 | 0.0 | |
Latin America Segment [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 137.4 | 133.2 | 143.7 |
Accumulated impairment losses | (108.8) | (108.8) | (108.8) |
Beginning balance | 24.4 | 34.9 | |
Goodwill acquired | 0.0 | 0.0 | |
Goodwill adjustment | 0.0 | ||
Currency translation adjustment | 4.2 | (10.5) | |
Ending balance | 28.6 | 24.4 | |
Unallocated [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 822.4 | 0.0 | 0.0 |
Accumulated impairment losses | 0.0 | 0.0 | $ 0.0 |
Beginning balance | 0.0 | 0.0 | |
Goodwill acquired | 817.0 | 0.0 | |
Goodwill adjustment | 0.0 | ||
Currency translation adjustment | 5.4 | 0.0 | |
Ending balance | $ 822.4 | $ 0.0 |
Goodwill and Other Assets Schedule of Intangible Assets (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 975.5 | $ 154.2 |
Accumulated amortization | (105.8) | (86.7) |
Net carrying amount | 869.7 | 67.5 |
Internally-developed software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 159.4 | 92.4 |
Accumulated amortization | (47.7) | (48.5) |
Net carrying amount | 111.7 | 43.9 |
Development costs non-software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 51.7 | 1.1 |
Accumulated amortization | (4.0) | (0.6) |
Net carrying amount | 47.7 | 0.5 |
Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 662.8 | 0.0 |
Accumulated amortization | (9.1) | 0.0 |
Net carrying amount | 653.7 | 0.0 |
Other intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 101.6 | 60.7 |
Accumulated amortization | (45.0) | (37.6) |
Net carrying amount | $ 56.6 | $ 23.1 |
Goodwill and Other Assets(Details Textuals) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2015
USD ($)
|
Sep. 30, 2016
USD ($)
segments
|
Sep. 30, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
|
|
Number of reportable segments | segments | 4 | ||||
Goodwill adjustment | $ (0.5) | ||||
Goodwill acquired | 817.0 | $ 39.7 | |||
Amortization of internally-developed software | $ 6.7 | $ 3.7 | 12.5 | $ 11.3 | |
Amortization | $ 24.8 | $ 6.0 | 34.2 | $ 17.4 | |
North America Segment [Member] | |||||
Goodwill adjustment | (0.5) | ||||
Goodwill acquired | 0.0 | 39.7 | |||
Latin America Segment [Member] | |||||
Goodwill adjustment | 0.0 | ||||
Goodwill acquired | 0.0 | 0.0 | |||
Asia Pacific Segment [Member] | |||||
Goodwill adjustment | 0.0 | ||||
Goodwill acquired | 0.0 | 0.0 | |||
Unallocated [Member] | |||||
Goodwill adjustment | 0.0 | ||||
Goodwill acquired | $ 817.0 | $ 0.0 |
Debt and Restricted Cash (Details) - USD ($) $ in Millions |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Notes Payable | |||
Uncommitted lines of credit | $ 21.1 | $ 19.2 | |
European Investment Bank | 73.0 | 0.0 | |
Other | 12.6 | 1.3 | |
Notes payable | 336.4 | 32.0 | |
Long-term Debt | |||
Revolving credit facility | 0.0 | 168.0 | |
Other | 2.1 | 1.6 | |
Long-term deferred financing fees | (64.5) | (6.9) | |
Long-term debt | 1,722.5 | 606.2 | |
Revolving credit facility borrowings (repayments), net | (168.0) | $ (36.4) | |
Other debt borrowings | 1,825.7 | 317.7 | |
Other debt repayments | (419.2) | (91.2) | |
December 2015 Term Loan [Member] | |||
Notes Payable | |||
Term Loan Facility | 15.8 | 11.5 | |
Long-term Debt | |||
Term Loan Facility | 205.6 | 218.5 | |
Other debt borrowings | 0.0 | 230.0 | |
Other debt repayments | (8.6) | (2.9) | |
Term Loan B USD [Member] | |||
Notes Payable | |||
Term Loan Facility | 210.0 | 0.0 | |
Long-term Debt | |||
Term Loan Facility | 790.0 | 0.0 | |
Other debt borrowings | 990.0 | 0.0 | |
Term Loan B EUR [Member] | |||
Notes Payable | |||
Term Loan Facility | 3.9 | 0.0 | |
Long-term Debt | |||
Term Loan Facility | 389.3 | 0.0 | |
Other debt borrowings | 398.1 | 0.0 | |
Senior Notes Due 2024 [Member] | |||
Long-term Debt | |||
Senior Notes | 400.0 | 0.0 | |
Other debt borrowings | 393.0 | 0.0 | |
2006 Senior Notes [Member] | |||
Long-term Debt | |||
Senior Notes | 0.0 | $ 225.0 | |
Other debt repayments | (225.0) | 0.0 | |
International Short-Term Uncommitted Line of Credit [Member] | |||
Long-term Debt | |||
Other debt borrowings | 44.6 | 87.7 | |
Other debt repayments | $ (185.6) | $ (88.3) |
Debt and Restricted Cash (Details Textuals) € in Millions, $ in Millions |
1 Months Ended | 3 Months Ended | 9 Months Ended | 10 Months Ended | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 02, 2016
USD ($)
|
Nov. 30, 2016
USD ($)
|
Mar. 31, 2016
USD ($)
|
Mar. 31, 2017 |
Sep. 30, 2016
USD ($)
|
Mar. 31, 2013
USD ($)
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2015
USD ($)
|
Sep. 30, 2016
USD ($)
|
Jun. 30, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Apr. 30, 2016
EUR (€)
|
Apr. 30, 2016
USD ($)
|
Dec. 31, 2015 |
Mar. 31, 2006
USD ($)
|
||||||||
Debt (Textuals) | |||||||||||||||||||||||
Debt issuance costs | $ 28.0 | $ 39.2 | $ 0.7 | ||||||||||||||||||||
Debt Instrument, Covenant Compliance | As of September 30, 2016, the Company was in compliance with the financial covenants in its debt agreements. | ||||||||||||||||||||||
Restricted cash | $ 0.0 | $ 0.0 | $ 0.0 | ||||||||||||||||||||
Repayments of Other Debt | $ 419.2 | $ 91.2 | |||||||||||||||||||||
Debt Instrument, Covenant Description | Mandatory prepayments are required if the outstanding revolving loans or facility letters of credit exceed the aggregate revolving credit commitments, including due to currency fluctuations if difference is greater than 105%, the excess loans must be repaid or facility letters of credit must be cash collateralized. Voluntary prepayments require one business day notice for floating rate loans in $1.0 or multiples thereof and three business days for euro currency rate loans in $5.0 or $1.0 multiples thereof. There is a prepayment premium with respect to the Term B Facility only. Until May 6, 2017, if there is a repricing event, where the Term B Facility is refinanced or amended to reduce the yield, there is a prepayment premium of 1.00% refinanced or amended. Other mandatory prepayments include incurrence of new debt outside what is allowed in the Credit Agreement, sale of certain assets beyond a de-minimis exception amount and depending on the net debt leverage, a percentage of "Excess Cash Flows" as defined in the Credit Agreement beginning with 2017 cash flows. | ||||||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||||
Debt (Textuals) | |||||||||||||||||||||||
Adjusted EBITDA To Net Interest Expense Coverage Ratio | 3.00 | 3.00 | 3.00 | ||||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||||
Debt (Textuals) | |||||||||||||||||||||||
Net Debt To EBITDA Leverage Ratio | 4.50 | 4.50 | 4.50 | ||||||||||||||||||||
Maximum [Member] | Subsequent Event [Member] | |||||||||||||||||||||||
Debt (Textuals) | |||||||||||||||||||||||
Net Debt To EBITDA Leverage Ratio | 3.75 | 4.00 | 4.25 | ||||||||||||||||||||
Revolving Credit Facility [Member] | |||||||||||||||||||||||
Debt (Textuals) | |||||||||||||||||||||||
Amount available | $ 520.0 | $ 520.0 | $ 520.0 | ||||||||||||||||||||
Weighted average interest rate on credit facility borrowings outstanding | 1.94% | 1.94% | 1.94% | 2.33% | |||||||||||||||||||
Description of interest rate terms | [1] | LIBOR + 2.25%(i) | |||||||||||||||||||||
June 2015 Revolving Credit Facility [Member] | |||||||||||||||||||||||
Debt (Textuals) | |||||||||||||||||||||||
Current borrowing capacity | $ 520.0 | $ 520.0 | $ 520.0 | ||||||||||||||||||||
June 2015 Term Loan [Member] | Initial Borrowing Capacity [Member] | |||||||||||||||||||||||
Debt (Textuals) | |||||||||||||||||||||||
Unsecured Debt | 230.0 | 230.0 | 230.0 | ||||||||||||||||||||
December 2015 Revolving Credit Facility [Member] | |||||||||||||||||||||||
Debt (Textuals) | |||||||||||||||||||||||
Current borrowing capacity | 520.0 | 520.0 | $ 520.0 | ||||||||||||||||||||
December 2015 Term Loan [Member] | |||||||||||||||||||||||
Debt (Textuals) | |||||||||||||||||||||||
Description of interest rate terms | [1] | LIBOR + 2.25%(i) | |||||||||||||||||||||
December 2015 Term Loan [Member] | Initial Borrowing Capacity [Member] | |||||||||||||||||||||||
Debt (Textuals) | |||||||||||||||||||||||
Unsecured Debt | 230.0 | 230.0 | $ 230.0 | ||||||||||||||||||||
Delayed Draw Term Loan A [Member] | |||||||||||||||||||||||
Debt (Textuals) | |||||||||||||||||||||||
Description of interest rate terms | [1] | LIBOR + 2.25%(i) | |||||||||||||||||||||
Delayed Draw Term Loan A [Member] | Initial Borrowing Capacity [Member] | |||||||||||||||||||||||
Debt (Textuals) | |||||||||||||||||||||||
Unsecured Debt | $ 250.0 | 250.0 | $ 250.0 | ||||||||||||||||||||
2024 Senior Notes [Member] | |||||||||||||||||||||||
Debt (Textuals) | |||||||||||||||||||||||
Description of interest rate terms | 0.085 | ||||||||||||||||||||||
Term Loan B USD [Member] | |||||||||||||||||||||||
Debt (Textuals) | |||||||||||||||||||||||
Description of interest rate terms | [2] | LIBOR(ii) + 4.50% | |||||||||||||||||||||
Unsecured Debt | $ 1,000.0 | ||||||||||||||||||||||
Term Loan B USD [Member] | Subsequent Event [Member] | |||||||||||||||||||||||
Debt (Textuals) | |||||||||||||||||||||||
Repayments of Other Debt | $ 200.0 | ||||||||||||||||||||||
Term Loan B USD [Member] | Minimum [Member] | |||||||||||||||||||||||
Debt (Textuals) | |||||||||||||||||||||||
Description of interest rate terms | LIBOR with a floor of 0.75% | ||||||||||||||||||||||
Revolver, Term Loan A, And Delayed Draw Term Loan A [Member] | Subsequent Event [Member] | |||||||||||||||||||||||
Debt (Textuals) | |||||||||||||||||||||||
Description of interest rate terms | LIBOR + 1.75% | ||||||||||||||||||||||
Term Loan B EUR [Member] | |||||||||||||||||||||||
Debt (Textuals) | |||||||||||||||||||||||
Description of interest rate terms | [3] | EURIBOR(iii) + 4.25% | |||||||||||||||||||||
Unsecured Debt | € | € 350.0 | ||||||||||||||||||||||
Term Loan B EUR [Member] | Minimum [Member] | |||||||||||||||||||||||
Debt (Textuals) | |||||||||||||||||||||||
Description of interest rate terms | EURIBOR with a floor of 0.75% | ||||||||||||||||||||||
Term Loan B [Member] | |||||||||||||||||||||||
Debt (Textuals) | |||||||||||||||||||||||
Expected Percent Funded Of Par | 99.00% | ||||||||||||||||||||||
2006 Senior Notes [Member] | |||||||||||||||||||||||
Debt (Textuals) | |||||||||||||||||||||||
Issuance of Senior Notes, Principal amount | $ 300.0 | ||||||||||||||||||||||
Repayments of Long-term Debt | $ 50.0 | $ 175.0 | $ 75.0 | ||||||||||||||||||||
Long Term Debt Make Whole Premium | $ 3.9 | ||||||||||||||||||||||
International Short-Term Uncommitted Line of Credit [Member] | |||||||||||||||||||||||
Debt (Textuals) | |||||||||||||||||||||||
Borrowing limit of short term uncommitted line of credit | $ 159.3 | $ 159.3 | $ 159.3 | ||||||||||||||||||||
Weighted average interest rate on outstanding borrowings | 5.16% | 5.16% | 5.16% | 5.66% | |||||||||||||||||||
Amount available | $ 138.2 | $ 138.2 | $ 138.2 | ||||||||||||||||||||
Maturity time of short term uncommitted lines | less than one year | ||||||||||||||||||||||
|
Benefit Plans (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Components of net periodic benefit cost | |||||
Contributions to qualified and non qualified pension plans | $ 3.5 | $ 12.9 | |||
Pension Plan [Member] | |||||
Components of net periodic benefit cost | |||||
Service cost | $ 2.8 | $ 0.9 | 4.6 | 2.7 | |
Interest cost | 7.1 | 5.9 | 19.5 | 17.8 | |
Expected return on plan assets | (8.1) | (6.7) | (21.6) | (20.2) | |
Recognized net actuarial loss | 1.5 | 1.7 | 4.3 | 5.0 | |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | (0.2) | 0.0 | (0.2) | 0.0 | |
Net periodic pension benefit cost | 3.1 | 1.8 | 6.6 | 5.3 | |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0.0 | 0.0 | 0.0 | 0.0 | |
Other Benefits [Member] | |||||
Components of net periodic benefit cost | |||||
Service cost | 0.0 | 0.0 | 0.0 | 0.0 | |
Interest cost | 0.2 | 0.1 | 0.4 | 0.4 | |
Expected return on plan assets | 0.0 | 0.0 | 0.0 | 0.0 | |
Recognized net actuarial loss | 0.0 | 0.1 | 0.1 | 0.3 | |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0.0 | 0.0 | 0.0 | 0.0 | |
Net periodic pension benefit cost | 0.2 | 0.2 | 0.5 | 0.6 | |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | $ 0.0 | $ 0.0 | $ 0.0 | $ (0.1) | |
Subsequent Event [Member] | |||||
Components of net periodic benefit cost | |||||
Contributions to qualified and non qualified pension plans | $ 2.0 |
Guarantees and Product Warranties (Details) - USD ($) $ in Millions |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Guarantees and Product Warranties (Textuals) | |||
Maximum future payment obligations | $ 186.7 | $ 89.9 | |
Standby letters of credit | 28.0 | $ 30.0 | |
Changes in warranty liability balance | |||
Beginning Balance | 73.6 | $ 113.3 | |
Current period accruals | 24.6 | 26.1 | |
Current period settlements | (42.8) | (36.3) | |
Standard and Extended Product Warranty Accrual, Additions from Business Acquisition | 43.8 | 0.0 | |
Currency translation adjustment | 7.3 | (25.8) | |
Ending Balance | $ 106.5 | $ 77.3 |
Commitments and Contingencies (Details) BRL in Millions, $ in Millions |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2016
BRL
|
Sep. 30, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
|
Loss Contingencies [Line Items] | |||
Unrecorded Unconditional Purchase Obligation, Due in Next Twelve Months | $ 22.6 | ||
Indirect Tax Liability [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | 225.2 | ||
Brazilian Federal Indirect Tax Assessment [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Damages Sought, Value | BRL | BRL 270.0 | ||
Loss Contingency Accrual, at Carrying Value | 9.2 | $ 7.5 | |
Loss Contingency, Range of Possible Loss, Portion Not Accrued | 176.0 | ||
Thailand Customs Matter [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | $ 25.0 |
Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Derivative Instruments Gain (Loss) [Line Items] | ||||
Interest expense | $ (32.4) | $ (8.5) | $ (68.2) | $ (24.1) |
Miscellaneous, net | (4.2) | (1.4) | 3.6 | (1.7) |
Foreign exchange gain (loss), net | 2.0 | 1.3 | (1.6) | (9.2) |
Gain (loss) recognized on non-designated derivative instruments: | ||||
Gain (loss) recognized on non-designated derivative instruments, total | (4.2) | 5.2 | 5.9 | 6.0 |
Interest rate swaps | ||||
Derivative Instruments Gain (Loss) [Line Items] | ||||
Interest expense | (1.1) | (1.4) | (3.2) | (3.5) |
Gain on foreign currency option contracts | ||||
Derivative Instruments Gain (Loss) [Line Items] | ||||
Miscellaneous, net | 0.0 | 0.0 | 35.6 | 0.0 |
Foreign exchange forward contracts | ||||
Derivative Instruments Gain (Loss) [Line Items] | ||||
Miscellaneous, net | (3.6) | 0.0 | (26.3) | 0.0 |
Foreign exchange gain (loss), net | $ 0.5 | $ 6.6 | $ (0.2) | $ 9.5 |
Derivative Instruments and Hedging Activities (Details Textuals) € in Millions, £ in Millions, $ in Millions |
3 Months Ended | 8 Months Ended | 9 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Sep. 30, 2015
USD ($)
|
Nov. 21, 2016
EUR (€)
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2015
USD ($)
|
Nov. 30, 2016
USD ($)
|
Sep. 30, 2016
EUR (€)
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2016
GBP (£)
|
Apr. 30, 2016
EUR (€)
|
Apr. 29, 2016
EUR (€)
|
Apr. 29, 2016
USD ($)
|
Nov. 23, 2015
EUR (€)
|
Nov. 23, 2015
USD ($)
|
Mar. 31, 2006
USD ($)
|
|||
Derivative Instruments and Hedging Activities (Textuals) | ||||||||||||||||||
Fair value of investment hedge contracts | $ 1.0 | $ 0.9 | ||||||||||||||||
(Loss) gain on investment hedge derivative | $ (0.6) | $ 6.2 | $ (12.1) | $ 11.3 | ||||||||||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (2.3) | $ (2.3) | ||||||||||||||||
Maximum maturities of Foreign exchange forward contracts | 24 months | |||||||||||||||||
Fair value of non-designated foreign exchange forward contracts | 0.9 | 0.3 | ||||||||||||||||
Derivative, Number of Instruments Held | 2 | 2 | ||||||||||||||||
Notional amount of pay-fixed receive-variable interest rate swap | € 1,416.0 | $ 1,547.1 | ||||||||||||||||
Payments for acquisitions, gross | $ 995.3 | |||||||||||||||||
Proceeds from sale of foreign currency option and forward contracts, net | 16.2 | 0.0 | ||||||||||||||||
Gain (loss) on foreign currency option and forward contracts, net | $ (3.6) | 9.3 | 0.0 | |||||||||||||||
Currency Forward Agreements EUR to USD [Member] | ||||||||||||||||||
Derivative Instruments and Hedging Activities (Textuals) | ||||||||||||||||||
Derivative Amount Not Hedged | $ 16.4 | |||||||||||||||||
Derivative, Number of Instruments Held | 18 | 18 | 18 | |||||||||||||||
Notional amount of pay-fixed receive-variable interest rate swap | € 47.3 | $ 53.0 | ||||||||||||||||
Cash Flow Hedging [Member] | ||||||||||||||||||
Derivative Instruments and Hedging Activities (Textuals) | ||||||||||||||||||
Derivative Amount Not Hedged | £ | £ 10.2 | |||||||||||||||||
Derivative, Number of Instruments Held | 13 | 13 | 13 | |||||||||||||||
Notional amount of pay-fixed receive-variable interest rate swap | € 51.6 | £ 40.7 | ||||||||||||||||
Foreign currency option contract | ||||||||||||||||||
Derivative Instruments and Hedging Activities (Textuals) | ||||||||||||||||||
Proceeds from sale of foreign currency option and forward contracts, net | 42.6 | |||||||||||||||||
Gain (loss) on foreign currency option and forward contracts, net | (7.0) | 35.6 | ||||||||||||||||
Weighted average strike price | 1.09 | 1.09 | 1.09 | |||||||||||||||
Foreign exchange forward contracts | ||||||||||||||||||
Derivative Instruments and Hedging Activities (Textuals) | ||||||||||||||||||
Derivative, Number of Instruments Held | 1 | 1 | ||||||||||||||||
Notional amount of pay-fixed receive-variable interest rate swap | € 713.0 | $ 820.9 | ||||||||||||||||
Gain (loss) on foreign currency option and forward contracts, net | (26.3) | |||||||||||||||||
Foreign currency forward rate | 1.1514 | 1.1514 | ||||||||||||||||
Derivative, Cost of Hedge Net of Cash Received | $ 792.6 | |||||||||||||||||
Interest rate hedges | ||||||||||||||||||
Derivative Instruments and Hedging Activities (Textuals) | ||||||||||||||||||
Notional amount of pay-fixed receive-variable interest rate swap | $ 200.0 | |||||||||||||||||
Number of Interest Rate Derivatives Held | 0 | 0 | 0 | |||||||||||||||
Gain recognized on designated cash flow hedges | $ 0.2 | $ 0.5 | ||||||||||||||||
Wincor Nixdorf [Member] | Interest rate hedges | ||||||||||||||||||
Derivative Instruments and Hedging Activities (Textuals) | ||||||||||||||||||
Derivative Amount Not Hedged | € | € 15.0 | |||||||||||||||||
Notional amount of pay-fixed receive-variable interest rate swap | € | € 50.0 | |||||||||||||||||
Derivative, Fixed Interest Rate | 2.974% | 2.974% | 2.974% | |||||||||||||||
Interest Rate Derivatives, at Fair Value, Net | € | € (8.1) | |||||||||||||||||
Subsequent Event [Member] | Interest rate hedges | ||||||||||||||||||
Derivative Instruments and Hedging Activities (Textuals) | ||||||||||||||||||
Notional amount of pay-fixed receive-variable interest rate swap | $ 400.0 | |||||||||||||||||
Subsequent Event [Member] | Wincor Nixdorf [Member] | ||||||||||||||||||
Derivative Instruments and Hedging Activities (Textuals) | ||||||||||||||||||
Payments for acquisitions, gross | € | € 1,162.2 | |||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Foreign currency option contract | ||||||||||||||||||
Derivative Instruments and Hedging Activities (Textuals) | ||||||||||||||||||
Derivative Asset | 7.0 | $ 0.0 | ||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Foreign exchange forward contracts | ||||||||||||||||||
Derivative Instruments and Hedging Activities (Textuals) | ||||||||||||||||||
Derivative Asset | 3.5 | 7.3 | ||||||||||||||||
Derivative Liability | $ (1.5) | (6.1) | ||||||||||||||||
Not Designated as Hedging Instrument [Member] | Fair Value, Measurements, Recurring [Member] | Foreign exchange forward contracts | ||||||||||||||||||
Derivative Instruments and Hedging Activities (Textuals) | ||||||||||||||||||
Derivative Liability | $ 0.0 | |||||||||||||||||
Term Loan B EUR [Member] | ||||||||||||||||||
Derivative Instruments and Hedging Activities (Textuals) | ||||||||||||||||||
Unsecured Debt | € | € 350.0 | |||||||||||||||||
Debt Instrument, Interest Rate Terms | [1] | EURIBOR(iii) + 4.25% | ||||||||||||||||
DevalueOfEuroAgainstUSDByTenPercent [Member] | Cash Flow Hedging [Member] | ||||||||||||||||||
Derivative Instruments and Hedging Activities (Textuals) | ||||||||||||||||||
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | € | 4.3 | |||||||||||||||||
RevalueOfEuroAgainstUSDByTenPercent [Member] | Cash Flow Hedging [Member] | ||||||||||||||||||
Derivative Instruments and Hedging Activities (Textuals) | ||||||||||||||||||
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | € | 5.1 | |||||||||||||||||
DevalueOfEuroAgainstGBPByTenPercent [Member] [Member] | Cash Flow Hedging [Member] | ||||||||||||||||||
Derivative Instruments and Hedging Activities (Textuals) | ||||||||||||||||||
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | € | 4.3 | |||||||||||||||||
RevalueOfEuroAgainstGBPByTenPercent [Member] [Member] | Cash Flow Hedging [Member] | ||||||||||||||||||
Derivative Instruments and Hedging Activities (Textuals) | ||||||||||||||||||
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | € | € 5.2 | |||||||||||||||||
|
Fair Value of Assets and Liabilities - Fair Value Measurements (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Transfers Between Levels Amount | $ 0.0 | |
Fair value assets measured on recurring basis | ||
Short-term investments | 39.9 | $ 39.9 |
Fair Value, Measurements, Recurring [Member] | ||
Fair value assets measured on recurring basis | ||
Total | 55.5 | 59.7 |
Fair value liabilities measured on recurring basis | ||
Total | 14.4 | 10.8 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value assets measured on recurring basis | ||
Total | 48.2 | 49.2 |
Fair value liabilities measured on recurring basis | ||
Total | 8.3 | 9.3 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair value assets measured on recurring basis | ||
Total | 7.3 | 10.5 |
Fair value liabilities measured on recurring basis | ||
Total | 6.1 | 1.5 |
Foreign exchange forward contracts | Fair Value, Measurements, Recurring [Member] | ||
Fair value assets measured on recurring basis | ||
Derivative Asset | 7.3 | 3.5 |
Fair value liabilities measured on recurring basis | ||
Derivative Liability | 6.1 | 1.5 |
Foreign exchange forward contracts | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value assets measured on recurring basis | ||
Derivative Asset | 0.0 | 0.0 |
Fair value liabilities measured on recurring basis | ||
Derivative Liability | 0.0 | 0.0 |
Foreign exchange forward contracts | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair value assets measured on recurring basis | ||
Derivative Asset | 7.3 | 3.5 |
Fair value liabilities measured on recurring basis | ||
Derivative Liability | 6.1 | 1.5 |
Foreign currency option contract | Fair Value, Measurements, Recurring [Member] | ||
Fair value assets measured on recurring basis | ||
Derivative Asset | 0.0 | 7.0 |
Foreign currency option contract | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value assets measured on recurring basis | ||
Derivative Asset | 0.0 | 0.0 |
Foreign currency option contract | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair value assets measured on recurring basis | ||
Derivative Asset | 0.0 | 7.0 |
Certificates of deposit | Fair Value, Measurements, Recurring [Member] | ||
Fair value assets measured on recurring basis | ||
Fair value of investment assets | 39.9 | 39.9 |
Certificates of deposit | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair value assets measured on recurring basis | ||
Fair value of investment assets | 0.0 | 0.0 |
Assets held in rabbi trusts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair value assets measured on recurring basis | ||
Assets held in rabbi trusts | 8.3 | 9.3 |
Fair value liabilities measured on recurring basis | ||
Deferred compensation | 8.3 | 9.3 |
Assets held in rabbi trusts [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value assets measured on recurring basis | ||
Fair value of investment assets | 8.3 | 9.3 |
Assets held in rabbi trusts [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair value assets measured on recurring basis | ||
Assets held in rabbi trusts | 0.0 | 0.0 |
Fair value liabilities measured on recurring basis | ||
Deferred compensation | 0.0 | $ 0.0 |
Not Designated as Hedging Instrument [Member] | Foreign exchange forward contracts | Fair Value, Measurements, Recurring [Member] | ||
Fair value liabilities measured on recurring basis | ||
Derivative Liability | $ 0.0 |
Fair Value of Assets and Liabilities - Summary of Liabilities Recorded at Carrying Value (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Debt Instrument [Line Items] | ||
Current notes payable - Fair value | $ 336.4 | $ 32.0 |
Notes payable - Carrying value | 336.4 | 32.0 |
Line of Credit Fair Value | 0.0 | 168.0 |
Long-term Line of Credit | 0.0 | 168.0 |
Other Long-term Debt, Noncurrent | 2.1 | 1.6 |
Other Long Term Debt Fair Value | 2.1 | 1.6 |
Debt Issuance Costs, Noncurrent, Net | 64.5 | 6.9 |
Debt Issuance Costs Noncurrent Net Fair Value | (64.5) | (6.9) |
Long-term debt - Fair Value | 1,718.5 | 613.0 |
Long-term debt | 1,722.5 | 606.2 |
Total debt instruments - Fair value | 2,054.9 | 645.0 |
Total debt instruments - Carrying value | 2,058.9 | 638.2 |
December 2015 Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Term Loan Facility | 205.6 | 218.5 |
Unsecured Long Term Debt Noncurrent Fair Value | 205.6 | 218.5 |
Term Loan B USD [Member] | ||
Debt Instrument [Line Items] | ||
Term Loan Facility | 790.0 | 0.0 |
Unsecured Long Term Debt Noncurrent Fair Value | 790.0 | 0.0 |
Term Loan B EUR [Member] | ||
Debt Instrument [Line Items] | ||
Term Loan Facility | 389.3 | 0.0 |
Unsecured Long Term Debt Noncurrent Fair Value | 389.3 | 0.0 |
Senior Notes Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | 400.0 | 0.0 |
Senior Notes Noncurrent Fair Value | 396.0 | 0.0 |
2006 Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | 0.0 | 225.0 |
Senior Notes Noncurrent Fair Value | $ 0.0 | $ 231.8 |
Restructuring, Impairment and Other Charges - Restructuring Charges By Statement of Income Account (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Schedule of restructuring and related costs | ||||
Restructuring Charges | $ 7.4 | $ 7.6 | $ 12.8 | $ 17.8 |
Cost of sales – services | ||||
Schedule of restructuring and related costs | ||||
Restructuring Charges | 0.7 | 1.6 | 2.4 | 2.7 |
Cost Of Sales Products [Member] | ||||
Schedule of restructuring and related costs | ||||
Restructuring Charges | 1.6 | 0.1 | 1.6 | 1.4 |
Selling and administrative expense | ||||
Schedule of restructuring and related costs | ||||
Restructuring Charges | 5.0 | 5.9 | 8.6 | 13.1 |
Research, development and engineering expense | ||||
Schedule of restructuring and related costs | ||||
Restructuring Charges | $ 0.1 | $ 0.0 | $ 0.2 | $ 0.6 |
Restructuring, Impairment and Other Charges - Restructuring Charges By Segment (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring Charges | $ 7.4 | $ 7.6 | $ 12.8 | $ 17.8 | |||
Severance | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring Charges | 7.4 | 7.6 | 12.8 | 17.8 | |||
North America Segment [Member] | Severance | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring Charges | [1] | 2.4 | 4.7 | 4.3 | 9.3 | ||
Asia Pacific Segment [Member] | Severance | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring Charges | 0.0 | 0.7 | 0.0 | 0.9 | |||
EMEA Segment [Member] | Severance | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring Charges | 3.5 | 0.0 | 4.1 | 3.0 | |||
Latin America Segment [Member] | Severance | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring Charges | 1.5 | 2.2 | 4.4 | 4.6 | |||
Multi-Year Transformation Plan [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 110.5 | 110.5 | |||||
Restructuring Charges | 4.3 | $ 7.6 | 9.7 | $ 17.8 | |||
Multi-Year Transformation Plan [Member] | Severance | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 107.0 | 107.0 | |||||
Multi-Year Transformation Plan [Member] | Other | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 3.5 | 3.5 | |||||
Multi-Year Transformation Plan [Member] | North America Segment [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | [1] | 74.2 | 74.2 | ||||
Multi-Year Transformation Plan [Member] | North America Segment [Member] | Severance | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | [1] | 72.2 | 72.2 | ||||
Multi-Year Transformation Plan [Member] | North America Segment [Member] | Other | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | [1] | 2.0 | 2.0 | ||||
Multi-Year Transformation Plan [Member] | Asia Pacific Segment [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 4.4 | 4.4 | |||||
Multi-Year Transformation Plan [Member] | Asia Pacific Segment [Member] | Severance | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 3.8 | 3.8 | |||||
Multi-Year Transformation Plan [Member] | Asia Pacific Segment [Member] | Other | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 0.6 | 0.6 | |||||
Multi-Year Transformation Plan [Member] | EMEA Segment [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 7.6 | 7.6 | |||||
Multi-Year Transformation Plan [Member] | EMEA Segment [Member] | Severance | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 6.7 | 6.7 | |||||
Multi-Year Transformation Plan [Member] | EMEA Segment [Member] | Other | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 0.9 | 0.9 | |||||
Multi-Year Transformation Plan [Member] | Latin America Segment [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 24.3 | 24.3 | |||||
Multi-Year Transformation Plan [Member] | Latin America Segment [Member] | Severance | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 24.3 | 24.3 | |||||
Multi-Year Transformation Plan [Member] | Latin America Segment [Member] | Other | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 0.0 | 0.0 | |||||
Delta Program [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 3.1 | 3.1 | |||||
Restructuring Charges | 3.1 | 3.1 | |||||
Delta Program [Member] | Severance | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 3.1 | 3.1 | |||||
Delta Program [Member] | Other | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 0.0 | 0.0 | |||||
Delta Program [Member] | North America Segment [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | [1] | 0.0 | 0.0 | ||||
Delta Program [Member] | North America Segment [Member] | Severance | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | [1] | 0.0 | 0.0 | ||||
Delta Program [Member] | North America Segment [Member] | Other | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | [1] | 0.0 | 0.0 | ||||
Delta Program [Member] | Asia Pacific Segment [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 0.0 | 0.0 | |||||
Delta Program [Member] | Asia Pacific Segment [Member] | Severance | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 0.0 | 0.0 | |||||
Delta Program [Member] | Asia Pacific Segment [Member] | Other | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 0.0 | 0.0 | |||||
Delta Program [Member] | EMEA Segment [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 3.0 | 3.0 | |||||
Delta Program [Member] | EMEA Segment [Member] | Severance | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 3.0 | 3.0 | |||||
Delta Program [Member] | EMEA Segment [Member] | Other | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 0.0 | 0.0 | |||||
Delta Program [Member] | Latin America Segment [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 0.1 | 0.1 | |||||
Delta Program [Member] | Latin America Segment [Member] | Severance | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 0.1 | 0.1 | |||||
Delta Program [Member] | Latin America Segment [Member] | Other | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | $ 0.0 | $ 0.0 | |||||
|
Restructuring and Other Charges - Restructuring Reserve Activity (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Aug. 15, 2016 |
|
Restructuring and Related Activities [Abstract] | |||||
Balance at January 1 | $ 5.6 | $ 4.7 | $ 7.6 | ||
Liabilities incurred | $ 7.4 | 7.6 | 12.8 | 17.8 | |
Liabilities acquired | $ 0.0 | 0.0 | $ 45.5 | ||
Liabilities paid/settled | (11.7) | $ (19.8) | |||
Balance at June 30 | $ 51.3 | $ 51.3 |
Restructuring, Impairment and Other Charges (Details Textuals) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Mar. 31, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Aug. 15, 2016 |
|
Unusual or Infrequent Item [Line Items] | ||||||
Restructuring Charges | $ 7.4 | $ 7.6 | $ 12.8 | $ 17.8 | ||
Impairments of internally-developed software | 9.1 | |||||
Impairment of assets | 0.0 | 0.0 | 0.0 | (18.9) | ||
Acquisition and divestiture related costs | 75.1 | 100.6 | ||||
Liabilities acquired | 0.0 | 0.0 | $ 45.5 | |||
VENEZUELA | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Impairment of assets | 1.0 | $ (10.3) | (9.3) | |||
Multi-Year Transformation Plan [Member] | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Restructuring Charges | 4.3 | 7.6 | 9.7 | 17.8 | ||
Delta Program [Member] | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Restructuring Charges | 3.1 | 3.1 | ||||
Segment Reconciling Items [Member] | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Restructuring Charges | 7.4 | 7.6 | 12.8 | 17.8 | ||
Impairment of assets | 0.0 | 0.0 | 0.0 | (18.9) | ||
Non routine (expenses) income net | $ (127.2) | $ (4.3) | $ (159.5) | $ (14.3) |
Segment Information - (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|||
Segment Reporting Information [Line Items] | |||||||
Document Period End Date | Sep. 30, 2016 | ||||||
Summary of Segment Information | |||||||
Total net sales | $ 983.3 | $ 589.6 | $ 2,072.9 | $ 1,808.9 | |||
Operating profit (loss) | (86.7) | 12.4 | (82.1) | 33.4 | |||
Impairment of assets | 0.0 | 0.0 | 0.0 | (18.9) | |||
Restructuring charges | (7.4) | (7.6) | (12.8) | (17.8) | |||
Other expense | (29.3) | (2.7) | (49.7) | (14.4) | |||
Income (loss) from continuing operations before taxes | (116.0) | 9.7 | (131.8) | 19.0 | |||
Depreciation and amortization expense | 43.4 | 15.4 | 74.3 | 48.3 | |||
Property, plant and equipment, at cost | 873.3 | 873.3 | $ 609.0 | ||||
Services | 542.7 | 346.4 | 1,235.9 | 1,040.9 | |||
Products | 440.6 | 243.2 | 837.0 | 768.0 | |||
Operating Segments [Member] | |||||||
Summary of Segment Information | |||||||
Intersegment revenue | 61.4 | 62.5 | 185.7 | 202.1 | |||
Operating profit (loss) | 115.9 | 89.7 | 294.6 | 292.9 | |||
Depreciation and amortization expense | 17.0 | 7.8 | 31.2 | 20.6 | |||
Property, plant and equipment, at cost | 413.0 | 413.0 | 251.1 | ||||
Operating Segments [Member] | North America Segment [Member] | |||||||
Summary of Segment Information | |||||||
Total net sales | 305.4 | 270.1 | 832.3 | 831.8 | |||
Intersegment revenue | 10.9 | 21.5 | 41.5 | 66.0 | |||
Operating profit (loss) | 50.1 | 59.6 | 166.5 | 187.5 | |||
Depreciation and amortization expense | 3.8 | 3.8 | 9.8 | 7.7 | |||
Property, plant and equipment, at cost | 111.1 | 111.1 | 110.7 | ||||
Operating Segments [Member] | Asia Pacific Segment [Member] | |||||||
Summary of Segment Information | |||||||
Total net sales | 138.5 | 107.6 | 304.5 | 327.5 | |||
Intersegment revenue | 25.9 | 22.5 | 72.0 | 82.2 | |||
Operating profit (loss) | 16.1 | 14.2 | 31.0 | 46.7 | |||
Depreciation and amortization expense | 1.4 | 1.7 | 4.7 | 5.1 | |||
Property, plant and equipment, at cost | 59.3 | 59.3 | 53.3 | ||||
Operating Segments [Member] | EMEA Segment [Member] | |||||||
Summary of Segment Information | |||||||
Total net sales | 371.3 | 89.5 | 563.4 | 282.4 | |||
Intersegment revenue | 24.3 | 18.3 | 71.7 | 53.5 | |||
Operating profit (loss) | 36.9 | 11.1 | 63.5 | 37.6 | |||
Depreciation and amortization expense | 8.2 | 0.9 | 9.9 | 2.5 | |||
Property, plant and equipment, at cost | 182.4 | 182.4 | 35.2 | ||||
Operating Segments [Member] | Latin America Segment [Member] | |||||||
Summary of Segment Information | |||||||
Total net sales | 168.1 | 122.4 | 372.7 | 367.2 | |||
Intersegment revenue | 0.3 | 0.2 | 0.5 | 0.4 | |||
Operating profit (loss) | 12.8 | 4.8 | 33.6 | 21.1 | |||
Depreciation and amortization expense | 3.6 | 1.4 | 6.8 | 5.3 | |||
Property, plant and equipment, at cost | 60.2 | 60.2 | 51.9 | ||||
Corporate and Reconciling Items [Member] | |||||||
Summary of Segment Information | |||||||
Operating profit (loss) | (202.6) | (77.3) | (376.7) | (259.5) | |||
Corporate, Non-Segment [Member] | |||||||
Summary of Segment Information | |||||||
Operating profit (loss) | [1] | (68.0) | (65.4) | (204.4) | (208.5) | ||
Depreciation and amortization expense | 26.4 | 7.6 | 43.1 | 27.7 | |||
Property, plant and equipment, at cost | 460.3 | 460.3 | $ 357.9 | ||||
Segment Reconciling Items [Member] | |||||||
Summary of Segment Information | |||||||
Impairment of assets | 0.0 | 0.0 | 0.0 | (18.9) | |||
Restructuring charges | (7.4) | (7.6) | (12.8) | (17.8) | |||
Net non-routine expense | (127.2) | (4.3) | (159.5) | (14.3) | |||
Financial self-service [Member] | |||||||
Summary of Segment Information | |||||||
Total net sales | 696.7 | 509.7 | 1,636.3 | 1,572.6 | |||
Services | 415.3 | 293.1 | 1,009.2 | 883.3 | |||
Products | 281.4 | 216.6 | 627.1 | 689.3 | |||
Retail [Member] [Member] | |||||||
Summary of Segment Information | |||||||
Total net sales | 173.6 | 0.0 | 173.6 | 0.0 | |||
Services | 77.3 | 0.0 | 77.3 | 0.0 | |||
Products | $ 96.3 | $ 0.0 | $ 96.3 | $ 0.0 | |||
|
Segment Information - Revenue by Service/Product Solution (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Revenue from External Customer [Line Items] | ||||
Document Period End Date | Sep. 30, 2016 | |||
Services | $ 542.7 | $ 346.4 | $ 1,235.9 | $ 1,040.9 |
Products | 440.6 | 243.2 | 837.0 | 768.0 |
Total net sales | 983.3 | 589.6 | 2,072.9 | 1,808.9 |
Financial self-service [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Services | 415.3 | 293.1 | 1,009.2 | 883.3 |
Products | 281.4 | 216.6 | 627.1 | 689.3 |
Total net sales | 696.7 | 509.7 | 1,636.3 | 1,572.6 |
Retail [Member] [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Services | 77.3 | 0.0 | 77.3 | 0.0 |
Products | 96.3 | 0.0 | 96.3 | 0.0 |
Total net sales | 173.6 | 0.0 | 173.6 | 0.0 |
Security [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Services | 50.1 | 53.3 | 149.4 | 157.6 |
Products | 16.1 | 21.4 | 49.1 | 61.5 |
Total net sales | 66.2 | 74.7 | 198.5 | 219.1 |
Brazil Other [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Total net sales | $ 46.8 | $ 5.2 | $ 64.5 | $ 17.2 |
Segment Information (Details Textuals) |
9 Months Ended |
---|---|
Sep. 30, 2016
segments
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 4 |
Divestitures Divestitures (Details) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2015
USD ($)
|
Mar. 31, 2015
USD ($)
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014 |
Nov. 30, 2016 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Document Period End Date | Sep. 30, 2016 | |||||||
Cost of sales | ||||||||
Income (loss) from discontinued operations, net of tax | $ (4.6) | $ 4.7 | $ 143.7 | $ 13.4 | ||||
ASSETS | ||||||||
Total current assets | 0.0 | 0.0 | $ 148.2 | |||||
LIABILITIES | ||||||||
Current liabilities held for sale | 0.0 | 0.0 | 49.4 | |||||
Impairment of assets | 0.0 | 0.0 | 0.0 | 18.9 | ||||
Devaluation of Venezuela balance sheet | $ 0.0 | 7.5 | ||||||
Aevi International GmbH And Wincor Nixdorf China Subsidiaries [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Proceeds from divestiture | 27.7 | |||||||
Wincor Nixdorf China Subsidiaries [Member] [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | 44.7 | |||||||
NA Electronic Security [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Proceeds from divestiture | $ 350.0 | |||||||
Agreed upon contingent payment on divestiture | 10.00% | 10.00% | ||||||
Proceeds from contingent payment on divestiture | $ 35.0 | |||||||
Gain on sale of discontinued operation, net of tax | (4.6) | 0.0 | $ 145.0 | 0.0 | ||||
Credit for transition services | 6.0 | 6.0 | ||||||
Credit for transition services quarterly payment | 5.0 | 5.0 | ||||||
Credit for transition services credit against payments | 1.0 | 1.0 | ||||||
Payment of quarterly transition services | 1.3 | 3.8 | ||||||
Use of credit against payments, transition services | 1.0 | |||||||
Services | 0.0 | 58.0 | 16.3 | 167.6 | ||||
Products | 0.0 | 33.4 | 8.5 | 93.3 | ||||
Net sales | 0.0 | 91.4 | 24.8 | 260.9 | ||||
Cost of sales | ||||||||
Services | 0.0 | 47.3 | 15.1 | 136.8 | ||||
Products | 0.0 | 27.0 | 6.9 | 74.3 | ||||
Cost of sales | 0.0 | 74.3 | 22.0 | 211.1 | ||||
Gross profit | 0.0 | 17.1 | 2.8 | 49.8 | ||||
Selling and administrative expense | 0.0 | 9.9 | 4.8 | 29.3 | ||||
Income (loss) from discontinued operations before taxes | 0.0 | 7.2 | (2.0) | 20.5 | ||||
Income tax expense (benefit) | 0.0 | 2.6 | (0.7) | 7.1 | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0.0 | 4.6 | (1.3) | 13.4 | ||||
Gain on sale of discontinued operations before taxes | (3.8) | 0.0 | 239.5 | 0.0 | ||||
Income tax (benefit) expense | 0.8 | 0.0 | 94.5 | 0.0 | ||||
Income (loss) from discontinued operations, net of tax | $ (4.6) | 4.6 | $ 143.7 | 13.4 | ||||
ASSETS | ||||||||
Cash and cash equivalents | (1.5) | |||||||
Trade receivables, less allowances for doubtful accounts of $4.0 | 75.6 | |||||||
Allowance for doubtful accounts | 4.0 | |||||||
Inventories | 29.1 | |||||||
Prepaid expenses | 0.9 | |||||||
Other current assets | 5.0 | |||||||
Total current assets | 109.1 | |||||||
Property, plant and equipment, net | 5.2 | |||||||
Goodwill | 33.9 | |||||||
Assets held for sale | 148.2 | |||||||
LIABILITIES | ||||||||
Accounts payable | 24.8 | |||||||
Deferred revenue | 13.3 | |||||||
Payroll and other benefits liabilities | 6.6 | |||||||
Other current liabilities | 4.7 | |||||||
Current liabilities held for sale | 49.4 | |||||||
VENEZUELA | ||||||||
LIABILITIES | ||||||||
Impairment of assets | $ (1.0) | $ 10.3 | 9.3 | |||||
Uncollectible accounts receivable | $ 0.4 | |||||||
Devaluation of Venezuela balance sheet | $ 7.5 | |||||||
SIMADI [Member] | ||||||||
LIABILITIES | ||||||||
Foreign currency exchange rate | 192.95 | |||||||
SICAD [Member] | ||||||||
LIABILITIES | ||||||||
Foreign currency exchange rate | 50.86 | |||||||
Aisino Wincor Joint Venture [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 43.60% | 43.60% | ||||||
Subsequent Event [Member] | Inspur (Suzhou) Financial Technology Service Co Ltd [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 51.00% |
Supplemental Guarantor Information Supplemental Guarantor Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Jun. 30, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Dec. 31, 2014 |
---|---|---|---|---|---|---|
Cash and cash equivalents | $ 748.2 | $ 313.6 | $ 202.4 | $ 202.4 | $ 326.1 | |
Restricted cash | 0.0 | |||||
Short-term investments | 39.9 | 39.9 | ||||
Trade receivables, net | 1,029.2 | 413.9 | ||||
Intercompany receivables | 0.0 | 0.0 | ||||
Inventories | 887.5 | 369.3 | ||||
Deferred income taxes | 162.9 | 168.8 | ||||
Prepaid expenses | 62.7 | 23.6 | ||||
Prepaid income taxes | 108.3 | 18.0 | ||||
Current assets held for sale | 0.0 | 148.2 | ||||
Other current assets | 257.2 | 148.3 | ||||
Total current assets | 3,295.9 | 1,643.6 | ||||
Long-term Investments | 83.4 | 85.2 | ||||
Property, plant and equipment, net | 410.8 | 175.3 | ||||
Goodwill | 991.0 | 161.5 | 138.1 | |||
Deferred income taxes | 67.4 | 65.3 | ||||
Finance lease receivables | 30.1 | 36.5 | ||||
Intangible assets, net | 869.7 | 67.5 | ||||
Other assets | 33.0 | 7.5 | ||||
Assets | 5,781.3 | 2,242.4 | ||||
Liabilities, Current [Abstract] | ||||||
Notes payable | 336.4 | 32.0 | ||||
Accounts payable | 698.2 | 281.7 | ||||
Intercompany payable | 0.0 | 0.0 | ||||
Deferred revenue | 312.7 | 229.2 | ||||
Payroll and other benefits liabilities | 274.4 | 76.5 | ||||
Current liabilities held for sale | 0.0 | 49.4 | ||||
Other current liabilities | 560.6 | 287.0 | ||||
Total current liabilities | 2,182.3 | 955.8 | ||||
Long-term debt | 1,722.5 | 606.2 | ||||
Pensions and other benefits | 296.8 | 195.6 | ||||
Post-retirement and other benefits | 19.8 | 18.7 | ||||
Deferred income taxes | 259.8 | 1.9 | ||||
Other long-term liabilities | 153.3 | 28.7 | ||||
Commitments and contingencies | ||||||
Total Diebold, Incorporated shareholders' equity | 736.2 | $ 578.3 | 412.4 | 401.4 | 465.6 | 531.6 |
Noncontrolling interests | 410.6 | $ 23.7 | 23.1 | 25.1 | $ 24.6 | 23.3 |
Total liabilities and equity | 5,781.3 | 2,242.4 | ||||
Parent Company [Member] | ||||||
Cash and cash equivalents | 344.0 | 20.3 | 4.9 | 14.7 | ||
Short-term investments | 0.0 | 0.0 | ||||
Trade receivables, net | 186.5 | 140.4 | ||||
Intercompany receivables | 891.1 | 828.8 | ||||
Inventories | 126.5 | 115.9 | ||||
Deferred income taxes | 52.6 | 103.7 | ||||
Prepaid expenses | 14.3 | 16.4 | ||||
Prepaid income taxes | 20.9 | 0.0 | ||||
Current assets held for sale | 139.2 | |||||
Other current assets | 4.5 | 15.5 | ||||
Total current assets | 1,640.4 | 1,380.2 | ||||
Long-term Investments | 83.4 | 85.2 | ||||
Property, plant and equipment, net | 106.2 | 121.1 | ||||
Goodwill | 55.5 | 45.1 | ||||
Deferred income taxes | 53.1 | 57.1 | ||||
Finance lease receivables | 0.0 | 0.0 | ||||
Intangible assets, net | 1.9 | 2.4 | ||||
Other assets | 2,756.6 | 1,404.6 | ||||
Assets | 4,697.1 | 3,095.7 | ||||
Liabilities, Current [Abstract] | ||||||
Notes payable | 239.7 | 21.5 | ||||
Accounts payable | 114.6 | 131.9 | ||||
Intercompany payable | 1,410.4 | 1,414.2 | ||||
Deferred revenue | 73.3 | 102.7 | ||||
Payroll and other benefits liabilities | 24.3 | 25.2 | ||||
Current liabilities held for sale | 48.9 | |||||
Other current liabilities | 157.4 | 116.3 | ||||
Total current liabilities | 2,019.7 | 1,860.7 | ||||
Long-term debt | 1,720.3 | 604.6 | ||||
Pensions and other benefits | 191.5 | 193.5 | ||||
Post-retirement and other benefits | 15.1 | 14.5 | ||||
Deferred income taxes | 2.8 | 0.0 | ||||
Other long-term liabilities | 11.5 | 10.0 | ||||
Total Diebold, Incorporated shareholders' equity | 736.2 | 412.4 | ||||
Noncontrolling interests | 0.0 | 0.0 | ||||
Total liabilities and equity | 4,697.1 | 3,095.7 | ||||
Guarantor Subsidiaries [Member] | ||||||
Cash and cash equivalents | 2.6 | 7.9 | 11.8 | 2.5 | ||
Short-term investments | 0.0 | 0.0 | ||||
Trade receivables, net | 0.5 | 4.3 | ||||
Intercompany receivables | 777.7 | 733.6 | ||||
Inventories | 15.9 | 17.8 | ||||
Deferred income taxes | 11.2 | 11.2 | ||||
Prepaid expenses | 1.0 | 0.7 | ||||
Prepaid income taxes | 5.5 | 0.0 | ||||
Current assets held for sale | 0.0 | |||||
Other current assets | 2.0 | 3.5 | ||||
Total current assets | 816.4 | 779.0 | ||||
Long-term Investments | 0.0 | 0.0 | ||||
Property, plant and equipment, net | 8.8 | 10.0 | ||||
Goodwill | 0.0 | 0.0 | ||||
Deferred income taxes | (6.4) | (6.4) | ||||
Finance lease receivables | 5.8 | 8.1 | ||||
Intangible assets, net | 19.4 | 23.3 | ||||
Other assets | 0.2 | 0.2 | ||||
Assets | 844.2 | 814.2 | ||||
Liabilities, Current [Abstract] | ||||||
Notes payable | 1.7 | 1.3 | ||||
Accounts payable | 0.2 | 1.2 | ||||
Intercompany payable | 163.5 | 140.8 | ||||
Deferred revenue | 1.7 | 3.6 | ||||
Payroll and other benefits liabilities | 1.0 | 0.5 | ||||
Current liabilities held for sale | 0.0 | |||||
Other current liabilities | 1.1 | (5.4) | ||||
Total current liabilities | 169.2 | 142.0 | ||||
Long-term debt | 0.5 | 1.6 | ||||
Pensions and other benefits | 0.0 | 0.0 | ||||
Post-retirement and other benefits | 0.0 | 0.0 | ||||
Deferred income taxes | 0.0 | 0.0 | ||||
Other long-term liabilities | 0.0 | 0.0 | ||||
Total Diebold, Incorporated shareholders' equity | 674.5 | 670.6 | ||||
Noncontrolling interests | 0.0 | 0.0 | ||||
Total liabilities and equity | 844.2 | 814.2 | ||||
Non-Guarantor Subsidiaries [Member] | ||||||
Cash and cash equivalents | 401.6 | 285.4 | 185.7 | 308.9 | ||
Short-term investments | 39.9 | 39.9 | ||||
Trade receivables, net | 842.2 | 269.2 | ||||
Intercompany receivables | 518.0 | 539.1 | ||||
Inventories | 745.1 | 235.6 | ||||
Deferred income taxes | 99.1 | 53.9 | ||||
Prepaid expenses | 47.4 | 6.5 | ||||
Prepaid income taxes | 81.9 | 18.0 | ||||
Current assets held for sale | 9.0 | |||||
Other current assets | 250.7 | 129.3 | ||||
Total current assets | 3,025.9 | 1,585.9 | ||||
Long-term Investments | 0.0 | 0.0 | ||||
Property, plant and equipment, net | 295.8 | 44.2 | ||||
Goodwill | 935.5 | 116.4 | ||||
Deferred income taxes | 20.7 | 14.6 | ||||
Finance lease receivables | 24.3 | 28.4 | ||||
Intangible assets, net | 848.4 | 41.8 | ||||
Other assets | 29.8 | (7.3) | ||||
Assets | 5,180.4 | 1,824.0 | ||||
Liabilities, Current [Abstract] | ||||||
Notes payable | 95.0 | 9.2 | ||||
Accounts payable | 583.4 | 148.6 | ||||
Intercompany payable | 612.9 | 546.5 | ||||
Deferred revenue | 237.7 | 122.9 | ||||
Payroll and other benefits liabilities | 249.1 | 50.8 | ||||
Current liabilities held for sale | 0.5 | |||||
Other current liabilities | 402.1 | 176.1 | ||||
Total current liabilities | 2,180.2 | 1,054.6 | ||||
Long-term debt | 1.7 | 0.0 | ||||
Pensions and other benefits | 105.3 | 2.1 | ||||
Post-retirement and other benefits | 4.7 | 4.2 | ||||
Deferred income taxes | 257.0 | 1.9 | ||||
Other long-term liabilities | 141.8 | 18.7 | ||||
Total Diebold, Incorporated shareholders' equity | 2,079.1 | 719.4 | ||||
Noncontrolling interests | 410.6 | 23.1 | ||||
Total liabilities and equity | 5,180.4 | 1,824.0 | ||||
Reclassifications And Eliminations [Member] | ||||||
Cash and cash equivalents | 0.0 | 0.0 | $ 0.0 | $ 0.0 | ||
Short-term investments | 0.0 | 0.0 | ||||
Trade receivables, net | 0.0 | 0.0 | ||||
Intercompany receivables | (2,186.8) | (2,101.5) | ||||
Inventories | 0.0 | 0.0 | ||||
Deferred income taxes | 0.0 | 0.0 | ||||
Prepaid expenses | 0.0 | 0.0 | ||||
Prepaid income taxes | 0.0 | 0.0 | ||||
Current assets held for sale | 0.0 | |||||
Other current assets | 0.0 | 0.0 | ||||
Total current assets | (2,186.8) | (2,101.5) | ||||
Long-term Investments | 0.0 | 0.0 | ||||
Property, plant and equipment, net | 0.0 | 0.0 | ||||
Goodwill | 0.0 | 0.0 | ||||
Deferred income taxes | 0.0 | 0.0 | ||||
Finance lease receivables | 0.0 | 0.0 | ||||
Intangible assets, net | 0.0 | |||||
Other assets | (2,753.6) | (1,390.0) | ||||
Assets | (4,940.4) | (3,491.5) | ||||
Liabilities, Current [Abstract] | ||||||
Notes payable | 0.0 | 0.0 | ||||
Accounts payable | 0.0 | 0.0 | ||||
Intercompany payable | (2,186.8) | (2,101.5) | ||||
Deferred revenue | 0.0 | 0.0 | ||||
Payroll and other benefits liabilities | 0.0 | 0.0 | ||||
Current liabilities held for sale | 0.0 | |||||
Other current liabilities | 0.0 | 0.0 | ||||
Total current liabilities | (2,186.8) | (2,101.5) | ||||
Long-term debt | 0.0 | 0.0 | ||||
Pensions and other benefits | 0.0 | 0.0 | ||||
Post-retirement and other benefits | 0.0 | 0.0 | ||||
Deferred income taxes | 0.0 | 0.0 | ||||
Other long-term liabilities | 0.0 | 0.0 | ||||
Total Diebold, Incorporated shareholders' equity | (2,753.6) | (1,390.0) | ||||
Noncontrolling interests | 0.0 | 0.0 | ||||
Total liabilities and equity | $ (4,940.4) | $ (3,491.5) |
Supplemental Guarantor Information Supplemental Guarantor Information (Condensed Consolidating Statements of Operations and Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Total net sales | $ 983.3 | $ 589.6 | $ 2,072.9 | $ 1,808.9 |
Cost of sales | 785.7 | 439.3 | 1,581.4 | 1,328.6 |
Gross profit | 197.6 | 150.3 | 491.5 | 480.3 |
Selling and administrative expense | 253.5 | 117.8 | 506.4 | 363.2 |
Research, development and engineering expense | 31.3 | 20.0 | 67.4 | 66.2 |
Impairment of assets | 0.0 | 0.0 | 0.0 | 18.9 |
(Gain) loss on sale of assets, net | (0.5) | 0.1 | (0.2) | (1.4) |
Operating expense | 284.3 | 137.9 | 573.6 | 446.9 |
Operating profit (loss) | (86.7) | 12.4 | (82.1) | 33.4 |
Other income (expense) | ||||
Interest income | 5.3 | 5.9 | 16.5 | 20.6 |
Interest expense | (32.4) | (8.5) | (68.2) | (24.1) |
Foreign exchange gain (loss), net | 2.0 | 1.3 | (1.6) | (9.2) |
Equity in earnings of subsidiaries | 0.0 | 0.0 | 0.0 | 0.0 |
Miscellaneous, net | (4.2) | (1.4) | 3.6 | (1.7) |
Income (loss) from continuing operations before taxes | (116.0) | 9.7 | (131.8) | 19.0 |
Income tax (benefit) expense | (18.8) | (8.5) | (34.5) | (8.8) |
Income (loss) from continuing operations, net of tax | (97.2) | 18.2 | (97.3) | 27.8 |
Income (loss) from discontinued operations, net of tax | (4.6) | 4.7 | 143.7 | 13.4 |
Net income (loss) | (101.8) | 22.9 | 46.4 | 41.2 |
Net income attributable to noncontrolling interest | 0.5 | 1.2 | 1.6 | 0.1 |
Net income (loss) attributable to Diebold, Incorporated | (102.3) | 21.7 | 44.8 | 41.1 |
Comprehensive income (loss) | (106.5) | (47.2) | 89.8 | (85.3) |
Less: comprehensive income (loss) attributable to noncontrolling interests | 0.5 | 0.5 | 1.1 | (0.3) |
Comprehensive income (loss) attributable to Diebold, Incorporated | (107.0) | (47.7) | 88.7 | (85.0) |
Parent Company [Member] | ||||
Total net sales | 279.6 | 238.9 | 819.5 | 719.8 |
Cost of sales | 211.4 | 161.9 | 601.1 | 478.9 |
Gross profit | 68.2 | 77.0 | 218.4 | 240.9 |
Selling and administrative expense | 28.6 | 62.7 | 184.6 | 197.8 |
Research, development and engineering expense | 0.9 | 1.9 | 3.3 | 6.4 |
Impairment of assets | 0.0 | |||
(Gain) loss on sale of assets, net | 0.0 | 0.1 | 0.2 | 0.3 |
Operating expense | 29.5 | 64.7 | 188.1 | 204.5 |
Operating profit (loss) | 38.7 | 12.3 | 30.3 | 36.4 |
Other income (expense) | ||||
Interest income | 0.9 | (0.6) | 1.9 | (0.2) |
Interest expense | (33.4) | (7.9) | (68.3) | (22.1) |
Foreign exchange gain (loss), net | 1.7 | 3.8 | (1.3) | 4.3 |
Equity in earnings of subsidiaries | (94.7) | (0.6) | (64.4) | (2.2) |
Miscellaneous, net | (3.4) | (3.2) | 3.0 | (1.6) |
Income (loss) from continuing operations before taxes | (90.2) | 3.8 | (98.8) | 14.6 |
Income tax (benefit) expense | 7.5 | (13.5) | (9.8) | (13.8) |
Income (loss) from continuing operations, net of tax | (97.7) | 17.3 | (89.0) | 28.4 |
Income (loss) from discontinued operations, net of tax | (4.6) | 4.4 | 133.8 | 12.7 |
Net income (loss) | (102.3) | 21.7 | 44.8 | 41.1 |
Net income attributable to noncontrolling interest | 0.0 | 0.0 | 0.0 | 0.0 |
Net income (loss) attributable to Diebold, Incorporated | (102.3) | 21.7 | 44.8 | 41.1 |
Comprehensive income (loss) | (107.0) | (47.7) | 88.7 | (85.0) |
Less: comprehensive income (loss) attributable to noncontrolling interests | 0.0 | 0.0 | 0.0 | 0.0 |
Comprehensive income (loss) attributable to Diebold, Incorporated | (107.0) | (47.7) | 88.7 | (85.0) |
Guarantor Subsidiaries [Member] | ||||
Total net sales | 22.5 | 39.2 | 75.2 | 141.5 |
Cost of sales | 24.5 | 41.4 | 80.6 | 149.3 |
Gross profit | (2.0) | (2.2) | (5.4) | (7.8) |
Selling and administrative expense | 2.8 | 2.2 | 8.3 | 8.0 |
Research, development and engineering expense | 10.8 | 13.7 | 34.6 | 45.4 |
Impairment of assets | 9.1 | |||
(Gain) loss on sale of assets, net | (0.1) | 0.0 | (0.1) | (0.2) |
Operating expense | 13.5 | 15.9 | 42.8 | 62.3 |
Operating profit (loss) | (15.5) | (18.1) | (48.2) | (70.1) |
Other income (expense) | ||||
Interest income | 0.1 | 0.2 | 0.5 | 0.9 |
Interest expense | 0.0 | 0.0 | (0.1) | (0.1) |
Foreign exchange gain (loss), net | (0.1) | 0.1 | (0.1) | 0.0 |
Equity in earnings of subsidiaries | 0.0 | 0.0 | 0.0 | 0.0 |
Miscellaneous, net | 2.2 | 3.2 | 5.4 | 10.1 |
Income (loss) from continuing operations before taxes | (13.3) | (14.6) | (42.5) | (59.2) |
Income tax (benefit) expense | 1.4 | (4.2) | (3.5) | (14.2) |
Income (loss) from continuing operations, net of tax | (14.7) | (10.4) | (39.0) | (45.0) |
Income (loss) from discontinued operations, net of tax | 0.0 | 0.0 | 0.0 | 0.0 |
Net income (loss) | (14.7) | (10.4) | (39.0) | (45.0) |
Net income attributable to noncontrolling interest | 0.0 | 0.0 | 0.0 | 0.0 |
Net income (loss) attributable to Diebold, Incorporated | (14.7) | (10.4) | (39.0) | (45.0) |
Comprehensive income (loss) | (14.7) | (10.4) | (39.0) | (45.0) |
Less: comprehensive income (loss) attributable to noncontrolling interests | 0.0 | 0.0 | 0.0 | 0.0 |
Comprehensive income (loss) attributable to Diebold, Incorporated | (14.7) | (10.4) | (39.0) | (45.0) |
Non-Guarantor Subsidiaries [Member] | ||||
Total net sales | 703.3 | 350.1 | 1,252.1 | 1,087.7 |
Cost of sales | 571.9 | 274.3 | 973.0 | 839.6 |
Gross profit | 131.4 | 75.8 | 279.1 | 248.1 |
Selling and administrative expense | 222.1 | 52.9 | 313.5 | 157.4 |
Research, development and engineering expense | 19.6 | 4.4 | 29.5 | 14.4 |
Impairment of assets | 9.8 | |||
(Gain) loss on sale of assets, net | (0.4) | 0.0 | (0.3) | (1.5) |
Operating expense | 241.3 | 57.3 | 342.7 | 180.1 |
Operating profit (loss) | (109.9) | 18.5 | (63.6) | 68.0 |
Other income (expense) | ||||
Interest income | 4.3 | 6.3 | 14.1 | 19.9 |
Interest expense | 1.0 | (0.6) | 0.2 | (1.9) |
Foreign exchange gain (loss), net | 0.4 | (2.6) | (0.2) | (13.5) |
Equity in earnings of subsidiaries | 0.0 | 0.0 | 0.0 | |
Miscellaneous, net | (3.0) | (1.4) | (4.8) | (10.2) |
Income (loss) from continuing operations before taxes | (107.2) | 20.2 | (54.3) | 62.3 |
Income tax (benefit) expense | (27.7) | 9.2 | (21.2) | 19.2 |
Income (loss) from continuing operations, net of tax | (79.5) | 11.0 | (33.1) | 43.1 |
Income (loss) from discontinued operations, net of tax | 0.0 | 0.3 | 9.9 | 0.7 |
Net income (loss) | (79.5) | 11.3 | (23.2) | 43.8 |
Net income attributable to noncontrolling interest | 0.5 | 1.2 | 1.6 | 0.1 |
Net income (loss) attributable to Diebold, Incorporated | (80.0) | 10.1 | (24.8) | 43.7 |
Comprehensive income (loss) | (81.9) | (64.5) | 27.6 | (93.8) |
Less: comprehensive income (loss) attributable to noncontrolling interests | 0.5 | 0.5 | 1.1 | (0.3) |
Comprehensive income (loss) attributable to Diebold, Incorporated | (82.4) | (65.0) | 26.5 | (93.5) |
Reclassifications And Eliminations [Member] | ||||
Total net sales | (22.1) | (38.6) | (73.9) | (140.1) |
Cost of sales | (22.1) | (38.3) | (73.3) | (139.2) |
Gross profit | 0.0 | (0.3) | (0.6) | (0.9) |
Selling and administrative expense | 0.0 | 0.0 | 0.0 | 0.0 |
Research, development and engineering expense | 0.0 | 0.0 | 0.0 | 0.0 |
Impairment of assets | 0.0 | |||
(Gain) loss on sale of assets, net | 0.0 | 0.0 | 0.0 | 0.0 |
Operating expense | 0.0 | 0.0 | 0.0 | 0.0 |
Operating profit (loss) | 0.0 | (0.3) | (0.6) | (0.9) |
Other income (expense) | ||||
Interest income | 0.0 | 0.0 | 0.0 | 0.0 |
Interest expense | 0.0 | 0.0 | 0.0 | 0.0 |
Foreign exchange gain (loss), net | 0.0 | 0.0 | 0.0 | 0.0 |
Equity in earnings of subsidiaries | 94.7 | 0.6 | 64.4 | 2.2 |
Miscellaneous, net | 0.0 | 0.0 | 0.0 | 0.0 |
Income (loss) from continuing operations before taxes | 94.7 | 0.3 | 63.8 | 1.3 |
Income tax (benefit) expense | 0.0 | 0.0 | 0.0 | 0.0 |
Income (loss) from continuing operations, net of tax | 94.7 | 0.3 | 63.8 | 1.3 |
Income (loss) from discontinued operations, net of tax | 0.0 | 0.0 | 0.0 | 0.0 |
Net income (loss) | 94.7 | 0.3 | 63.8 | 1.3 |
Net income attributable to noncontrolling interest | 0.0 | 0.0 | 0.0 | 0.0 |
Net income (loss) attributable to Diebold, Incorporated | 94.7 | 0.3 | 63.8 | 1.3 |
Comprehensive income (loss) | 97.1 | 75.4 | 12.5 | 138.5 |
Less: comprehensive income (loss) attributable to noncontrolling interests | 0.0 | 0.0 | 0.0 | 0.0 |
Comprehensive income (loss) attributable to Diebold, Incorporated | $ 97.1 | $ 75.4 | $ 12.5 | $ 138.5 |
Supplemental Guarantor Information Supplemental Guarantor Information (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Net cash used by operating activities | $ (194.9) | $ (120.1) | ||
Cash flow from investing activities: | ||||
Payments for acquisition, net of cash acquired | (890.6) | (59.4) | ||
Proceeds from maturities of investments | 164.1 | 101.0 | ||
Proceeds from sale of foreign currency option and forward contracts, net | 16.2 | 0.0 | ||
Payments for purchases of investments | (155.6) | (107.1) | ||
Proceeds from sale of assets | 28.7 | 5.6 | ||
Capital expenditures | (23.9) | (40.6) | ||
Increase in certain other assets | (17.9) | (2.9) | ||
Capital contributions and loans paid | 0.0 | 0.0 | ||
Proceeds from intercompany loans | 0.0 | 0.0 | ||
Net cash used by investing activities - continuing operations | (879.0) | (103.4) | ||
Net cash provided (used) by investing activities - discontinued operations | 361.9 | (2.4) | ||
Net cash used by investing activities | (517.1) | (105.8) | ||
Cash flow from financing activities: | ||||
Dividends paid | $ (19.0) | $ (18.7) | (57.0) | (56.5) |
Debt issuance costs | (28.0) | (39.2) | (0.7) | |
Revolving credit facility borrowings (repayments), net | (168.0) | (36.4) | ||
Other debt borrowings | 1,825.7 | 317.7 | ||
Other debt repayments | (419.2) | (91.2) | ||
Distributions to noncontrolling interest holders | (2.1) | (0.2) | ||
Excess tax benefits from share-based compensation | 0.3 | 0.3 | ||
Issuance of common shares | 0.3 | 3.4 | ||
Repurchase of common shares | (2.1) | (3.0) | ||
Capital contributions received and loans incurred | 0.0 | 0.0 | ||
Payments on intercompany loans | 0.0 | 0.0 | ||
Net cash provided by financing activities | 1,138.7 | 133.4 | ||
Effect of exchange rate changes on cash and cash equivalents | 9.4 | (31.0) | ||
Increase (decrease) in cash and cash equivalents | 436.1 | (123.5) | ||
Add: Cash overdraft included in assets held for sale at beginning of period | (3.9) | (1.5) | (4.1) | |
Less: Cash overdraft included in assets held for sale at end of period | 0.0 | (3.9) | 0.0 | (3.9) |
Cash and cash equivalents at the beginning of the period | 202.4 | 313.6 | 326.1 | |
Cash and cash equivalents at the end of the period | 748.2 | 202.4 | 748.2 | 202.4 |
Parent Company [Member] | ||||
Net cash used by operating activities | (226.8) | (60.3) | ||
Cash flow from investing activities: | ||||
Payments for acquisition, net of cash acquired | (995.3) | 0.0 | ||
Proceeds from maturities of investments | 0.8 | 0.6 | ||
Proceeds from sale of foreign currency option and forward contracts, net | 16.2 | |||
Payments for purchases of investments | 0.0 | 0.0 | ||
Proceeds from sale of assets | 0.0 | 0.0 | ||
Capital expenditures | (6.1) | (28.3) | ||
Increase in certain other assets | (5.7) | (0.2) | ||
Capital contributions and loans paid | (185.0) | (157.2) | ||
Proceeds from intercompany loans | 83.3 | 132.1 | ||
Net cash used by investing activities - continuing operations | (1,091.8) | (53.0) | ||
Net cash provided (used) by investing activities - discontinued operations | 361.9 | (2.4) | ||
Net cash used by investing activities | (729.9) | (55.4) | ||
Cash flow from financing activities: | ||||
Dividends paid | (57.0) | (56.5) | ||
Debt issuance costs | (39.2) | (0.7) | ||
Revolving credit facility borrowings (repayments), net | (168.0) | (64.5) | ||
Other debt borrowings | 1,781.1 | 230.0 | ||
Other debt repayments | (233.5) | (2.9) | ||
Distributions to noncontrolling interest holders | 0.0 | 0.0 | ||
Excess tax benefits from share-based compensation | 0.3 | 0.3 | ||
Issuance of common shares | 0.3 | 3.4 | ||
Repurchase of common shares | (2.1) | (3.0) | ||
Capital contributions received and loans incurred | 0.0 | 0.0 | ||
Payments on intercompany loans | 0.0 | 0.0 | ||
Net cash provided by financing activities | 1,281.9 | 106.1 | ||
Effect of exchange rate changes on cash and cash equivalents | 0.0 | 0.0 | ||
Increase (decrease) in cash and cash equivalents | 325.2 | (9.6) | ||
Add: Cash overdraft included in assets held for sale at beginning of period | (1.5) | (4.1) | ||
Less: Cash overdraft included in assets held for sale at end of period | 0.0 | (3.9) | 0.0 | (3.9) |
Cash and cash equivalents at the beginning of the period | 20.3 | 14.7 | ||
Cash and cash equivalents at the end of the period | 344.0 | 4.9 | 344.0 | 4.9 |
Guarantor Subsidiaries [Member] | ||||
Net cash used by operating activities | (34.2) | (19.3) | ||
Cash flow from investing activities: | ||||
Payments for acquisition, net of cash acquired | 0.0 | 0.0 | ||
Proceeds from maturities of investments | 0.0 | 0.0 | ||
Proceeds from sale of foreign currency option and forward contracts, net | 0.0 | |||
Payments for purchases of investments | 0.0 | 0.0 | ||
Proceeds from sale of assets | 0.0 | 3.5 | ||
Capital expenditures | (0.5) | (5.8) | ||
Increase in certain other assets | (5.0) | (4.7) | ||
Capital contributions and loans paid | 0.0 | 0.0 | ||
Proceeds from intercompany loans | 0.0 | 0.0 | ||
Net cash used by investing activities - continuing operations | (5.5) | (7.0) | ||
Net cash provided (used) by investing activities - discontinued operations | 0.0 | 0.0 | ||
Net cash used by investing activities | (5.5) | (7.0) | ||
Cash flow from financing activities: | ||||
Dividends paid | 0.0 | 0.0 | ||
Debt issuance costs | 0.0 | 0.0 | ||
Revolving credit facility borrowings (repayments), net | 0.0 | 0.0 | ||
Other debt borrowings | 0.0 | 0.0 | ||
Other debt repayments | (0.6) | (0.6) | ||
Distributions to noncontrolling interest holders | 0.0 | 0.0 | ||
Excess tax benefits from share-based compensation | 0.0 | 0.0 | ||
Issuance of common shares | 0.0 | 0.0 | ||
Repurchase of common shares | 0.0 | 0.0 | ||
Capital contributions received and loans incurred | 104.7 | 145.1 | ||
Payments on intercompany loans | (69.7) | (108.9) | ||
Net cash provided by financing activities | 34.4 | 35.6 | ||
Effect of exchange rate changes on cash and cash equivalents | 0.0 | 0.0 | ||
Increase (decrease) in cash and cash equivalents | (5.3) | 9.3 | ||
Add: Cash overdraft included in assets held for sale at beginning of period | 0.0 | 0.0 | ||
Less: Cash overdraft included in assets held for sale at end of period | 0.0 | 0.0 | 0.0 | 0.0 |
Cash and cash equivalents at the beginning of the period | 7.9 | 2.5 | ||
Cash and cash equivalents at the end of the period | 2.6 | 11.8 | 2.6 | 11.8 |
Non-Guarantor Subsidiaries [Member] | ||||
Net cash used by operating activities | 66.1 | (40.5) | ||
Cash flow from investing activities: | ||||
Payments for acquisition, net of cash acquired | 104.7 | (59.4) | ||
Proceeds from maturities of investments | 163.3 | 100.4 | ||
Proceeds from sale of foreign currency option and forward contracts, net | 0.0 | |||
Payments for purchases of investments | (155.6) | (107.1) | ||
Proceeds from sale of assets | 28.7 | 2.1 | ||
Capital expenditures | (17.3) | (6.5) | ||
Increase in certain other assets | (7.2) | 2.0 | ||
Capital contributions and loans paid | (1,000.0) | 0.0 | ||
Proceeds from intercompany loans | 0.0 | 0.0 | ||
Net cash used by investing activities - continuing operations | (883.4) | (68.5) | ||
Net cash provided (used) by investing activities - discontinued operations | 0.0 | 0.0 | ||
Net cash used by investing activities | (883.4) | (68.5) | ||
Cash flow from financing activities: | ||||
Dividends paid | 0.0 | 0.0 | ||
Debt issuance costs | 0.0 | 0.0 | ||
Revolving credit facility borrowings (repayments), net | 0.0 | 28.1 | ||
Other debt borrowings | 44.6 | 87.7 | ||
Other debt repayments | (185.1) | (87.7) | ||
Distributions to noncontrolling interest holders | (2.1) | (0.2) | ||
Excess tax benefits from share-based compensation | 0.0 | 0.0 | ||
Issuance of common shares | 0.0 | 0.0 | ||
Repurchase of common shares | 0.0 | 0.0 | ||
Capital contributions received and loans incurred | 1,080.3 | 12.1 | ||
Payments on intercompany loans | (13.6) | (23.2) | ||
Net cash provided by financing activities | 924.1 | 16.8 | ||
Effect of exchange rate changes on cash and cash equivalents | 9.4 | (31.0) | ||
Increase (decrease) in cash and cash equivalents | 116.2 | (123.2) | ||
Add: Cash overdraft included in assets held for sale at beginning of period | 0.0 | 0.0 | ||
Less: Cash overdraft included in assets held for sale at end of period | 0.0 | 0.0 | 0.0 | 0.0 |
Cash and cash equivalents at the beginning of the period | 285.4 | 308.9 | ||
Cash and cash equivalents at the end of the period | 401.6 | 185.7 | 401.6 | 185.7 |
Reclassifications And Eliminations [Member] | ||||
Net cash used by operating activities | 0.0 | 0.0 | ||
Cash flow from investing activities: | ||||
Payments for acquisition, net of cash acquired | 0.0 | 0.0 | ||
Proceeds from maturities of investments | 0.0 | 0.0 | ||
Proceeds from sale of foreign currency option and forward contracts, net | 0.0 | |||
Payments for purchases of investments | 0.0 | 0.0 | ||
Proceeds from sale of assets | 0.0 | 0.0 | ||
Capital expenditures | 0.0 | 0.0 | ||
Increase in certain other assets | 0.0 | 0.0 | ||
Capital contributions and loans paid | 1,185.0 | 157.2 | ||
Proceeds from intercompany loans | (83.3) | (132.1) | ||
Net cash used by investing activities - continuing operations | 1,101.7 | 25.1 | ||
Net cash provided (used) by investing activities - discontinued operations | 0.0 | 0.0 | ||
Net cash used by investing activities | 1,101.7 | 25.1 | ||
Cash flow from financing activities: | ||||
Dividends paid | 0.0 | 0.0 | ||
Debt issuance costs | 0.0 | 0.0 | ||
Revolving credit facility borrowings (repayments), net | 0.0 | 0.0 | ||
Other debt borrowings | 0.0 | 0.0 | ||
Other debt repayments | 0.0 | 0.0 | ||
Distributions to noncontrolling interest holders | 0.0 | 0.0 | ||
Excess tax benefits from share-based compensation | 0.0 | 0.0 | ||
Issuance of common shares | 0.0 | 0.0 | ||
Repurchase of common shares | 0.0 | 0.0 | ||
Capital contributions received and loans incurred | (1,185.0) | (157.2) | ||
Payments on intercompany loans | 83.3 | 132.1 | ||
Net cash provided by financing activities | (1,101.7) | (25.1) | ||
Effect of exchange rate changes on cash and cash equivalents | 0.0 | 0.0 | ||
Increase (decrease) in cash and cash equivalents | 0.0 | 0.0 | ||
Add: Cash overdraft included in assets held for sale at beginning of period | 0.0 | 0.0 | ||
Less: Cash overdraft included in assets held for sale at end of period | 0.0 | 0.0 | 0.0 | 0.0 |
Cash and cash equivalents at the beginning of the period | 0.0 | 0.0 | ||
Cash and cash equivalents at the end of the period | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 |
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