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 | Emerging growth company | o |
September 30, 2018 | December 31, 2017 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 304.4 | $ | 535.2 | ||||
Restricted cash | 139.3 | 8.0 | ||||||
Short-term investments | 5.0 | 81.4 | ||||||
Trade receivables, less allowances for doubtful accounts of $55.3 and $71.7, respectively | 818.1 | 830.1 | ||||||
Inventories | 846.5 | 728.9 | ||||||
Prepaid expenses | 60.4 | 65.7 | ||||||
Income taxes | 66.5 | 73.4 | ||||||
Other current assets | 201.4 | 177.6 | ||||||
Total current assets | 2,441.6 | 2,500.3 | ||||||
Securities and other investments | 24.1 | 96.8 | ||||||
Property, plant and equipment, net of accumulated depreciation and amortization of $441.0 and $418.8, respectively | 320.8 | 364.5 | ||||||
Goodwill | 883.3 | 1,117.1 | ||||||
Deferred income taxes | 256.2 | 293.8 | ||||||
Customer relationships, net | 559.7 | 633.3 | ||||||
Other intangible assets, net | 111.9 | 140.5 | ||||||
Other assets | 100.2 | 95.8 | ||||||
Total assets | $ | 4,697.8 | $ | 5,242.1 | ||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||||||||
Current liabilities | ||||||||
Notes payable | $ | 52.7 | $ | 66.7 | ||||
Accounts payable | 554.7 | 562.2 | ||||||
Deferred revenue | 365.3 | 437.5 | ||||||
Payroll and other benefits liabilities | 173.8 | 198.9 | ||||||
Other current liabilities | 433.1 | 531.4 | ||||||
Total current liabilities | 1,579.6 | 1,796.7 | ||||||
Long-term debt | 2,337.0 | 1,787.1 | ||||||
Pensions, post-retirement and other benefits | 260.7 | 266.4 | ||||||
Deferred income taxes | 240.7 | 287.1 | ||||||
Other liabilities | 102.9 | 111.3 | ||||||
Commitments and contingencies | ||||||||
Redeemable noncontrolling interests | 154.2 | 492.1 | ||||||
Equity | ||||||||
Diebold Nixdorf, 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, 91,267,246 and 90,524,360 issued shares, 76,115,029 and 75,558,544 outstanding shares, respectively | 114.1 | 113.2 | ||||||
Additional capital | 743.6 | 721.5 | ||||||
Retained earnings (accumulated deficit) | (3.2 | ) | 393.6 | |||||
Treasury shares, at cost (15,152,217 and 14,965,816 shares, respectively) | (570.4 | ) | (567.4 | ) | ||||
Accumulated other comprehensive loss | (291.5 | ) | (196.3 | ) | ||||
Total Diebold Nixdorf, Incorporated shareholders' equity | (7.4 | ) | 464.6 | |||||
Noncontrolling interests | 30.1 | 36.8 | ||||||
Total equity | 22.7 | 501.4 | ||||||
Total liabilities, redeemable noncontrolling interests and equity | $ | 4,697.8 | $ | 5,242.1 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net sales | |||||||||||||||
Services | $ | 583.9 | $ | 605.8 | $ | 1,769.6 | $ | 1,759.3 | |||||||
Products | 414.6 | 397.0 | 1,156.4 | 1,262.2 | |||||||||||
Software | 120.5 | 119.9 | 362.8 | 337.9 | |||||||||||
1,119.0 | 1,122.7 | 3,288.8 | 3,359.4 | ||||||||||||
Cost of sales | |||||||||||||||
Services | 451.6 | 470.7 | 1,377.5 | 1,362.1 | |||||||||||
Products | 347.9 | 328.0 | 958.2 | 1,042.5 | |||||||||||
Software | 91.2 | 84.0 | 265.4 | 236.5 | |||||||||||
890.7 | 882.7 | 2,601.1 | 2,641.1 | ||||||||||||
Gross profit | 228.3 | 240.0 | 687.7 | 718.3 | |||||||||||
Selling and administrative expense | 216.2 | 208.8 | 663.9 | 692.6 | |||||||||||
Research, development and engineering expense | 36.6 | 34.2 | 118.9 | 114.4 | |||||||||||
Impairment of assets | 109.3 | — | 199.3 | 3.1 | |||||||||||
(Gain) loss on sale of assets, net | 0.1 | 5.6 | (6.8 | ) | (2.5 | ) | |||||||||
362.2 | 248.6 | 975.3 | 807.6 | ||||||||||||
Operating profit (loss) | (133.9 | ) | (8.6 | ) | (287.6 | ) | (89.3 | ) | |||||||
Other income (expense) | |||||||||||||||
Interest income | 2.2 | 4.3 | 7.6 | 15.8 | |||||||||||
Interest expense | (45.2 | ) | (27.7 | ) | (99.6 | ) | (90.7 | ) | |||||||
Foreign exchange gain (loss), net | 2.2 | 3.2 | (2.3 | ) | (4.5 | ) | |||||||||
Miscellaneous, net | 1.8 | (1.5 | ) | 0.9 | 1.7 | ||||||||||
Income (loss) before taxes | (172.9 | ) | (30.3 | ) | (381.0 | ) | (167.0 | ) | |||||||
Income tax expense (benefit) | 45.8 | (0.9 | ) | 35.6 | (60.5 | ) | |||||||||
Net income (loss) | (218.7 | ) | (29.4 | ) | (416.6 | ) | (106.5 | ) | |||||||
Net income (loss) attributable to noncontrolling interests | (6.1 | ) | 6.6 | 6.6 | 20.2 | ||||||||||
Net income (loss) attributable to Diebold Nixdorf, Incorporated | $ | (212.6 | ) | $ | (36.0 | ) | $ | (423.2 | ) | $ | (126.7 | ) | |||
Basic weighted-average shares outstanding | 76.1 | 75.5 | 76.0 | 75.4 | |||||||||||
Diluted weighted-average shares outstanding | 76.1 | 75.5 | 76.0 | 75.4 | |||||||||||
Net income (loss) attributable to Diebold Nixdorf, Incorporated | |||||||||||||||
Basic earnings (loss) per share | $ | (2.79 | ) | $ | (0.48 | ) | $ | (5.57 | ) | $ | (1.68 | ) | |||
Diluted earnings (loss) per share | $ | (2.79 | ) | $ | (0.48 | ) | $ | (5.57 | ) | $ | (1.68 | ) | |||
Dividends declared and paid per common share | $ | — | $ | 0.10 | $ | 0.10 | $ | 0.30 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Net income (loss) | $ | (218.7 | ) | $ | (29.4 | ) | $ | (416.6 | ) | $ | (106.5 | ) | ||||
Other comprehensive income (loss), net of tax | ||||||||||||||||
Adoption of accounting standard | — | — | (29.0 | ) | — | |||||||||||
Translation adjustment | (19.7 | ) | 15.8 | (82.8 | ) | 145.0 | ||||||||||
Foreign currency hedges (net of tax of $(0.5), $1.2, $(1.6) and $(0.2), respectively) | 2.1 | (2.4 | ) | 8.0 | 1.0 | |||||||||||
Interest rate hedges | ||||||||||||||||
Net gain (loss) recognized in other comprehensive income (net of tax of $(0.2), $(0.1), $(1.3) and $(0.6), respectively) | (0.5 | ) | 0.3 | 2.3 | 1.8 | |||||||||||
Reclassification adjustment for amounts recognized in net income | 1.0 | — | 2.1 | (0.4 | ) | |||||||||||
0.5 | 0.3 | 4.4 | 1.4 | |||||||||||||
Pension and other post-retirement benefits | ||||||||||||||||
Net actuarial gain (loss) amortization (net of tax of $1.0, $(0.5), $0.8 and $0.5, respectively) | (2.0 | ) | 1.0 | 1.6 | (2.0 | ) | ||||||||||
Other comprehensive income (loss), net of tax | (19.1 | ) | 14.7 | (97.8 | ) | 145.4 | ||||||||||
Comprehensive income (loss) | (237.8 | ) | (14.7 | ) | (514.4 | ) | 38.9 | |||||||||
Less: comprehensive income (loss) attributable to noncontrolling interests | (7.4 | ) | 8.4 | 3.5 | 23.7 | |||||||||||
Comprehensive income (loss) attributable to Diebold Nixdorf, Incorporated | $ | (230.4 | ) | $ | (23.1 | ) | $ | (517.9 | ) | $ | 15.2 |
Nine Months Ended | ||||||||
September 30, | ||||||||
2018 | 2017 | |||||||
Cash flow from operating activities | ||||||||
Net income (loss) | $ | (416.6 | ) | $ | (106.5 | ) | ||
Adjustments to reconcile net income (loss) to cash flow used by operating activities: | ||||||||
Depreciation and amortization | 194.7 | 185.4 | ||||||
Share-based compensation | 27.2 | 23.1 | ||||||
Gain on sale of assets, net | (6.8 | ) | (2.5 | ) | ||||
Impairment of assets | 199.3 | 3.1 | ||||||
Deferred income taxes | (52.8 | ) | (36.3 | ) | ||||
Other | (2.7 | ) | (1.4 | ) | ||||
Changes in certain assets and liabilities, net of the effects of acquisitions | ||||||||
Trade receivables | (20.6 | ) | (57.5 | ) | ||||
Inventories | (142.9 | ) | (45.8 | ) | ||||
Accounts payable | 7.4 | 10.0 | ||||||
Income taxes | 6.8 | (46.8 | ) | |||||
Prepaid and other current assets | (32.5 | ) | (42.0 | ) | ||||
Deferred revenue | (60.9 | ) | (43.3 | ) | ||||
Restructuring payments | (37.9 | ) | (57.8 | ) | ||||
Warranty liability | (28.3 | ) | (25.0 | ) | ||||
Certain other assets and liabilities | (5.5 | ) | 8.0 | |||||
Net cash provided (used) by operating activities | (372.1 | ) | (235.3 | ) | ||||
Cash flow from investing activities | ||||||||
Capital expenditures | (40.5 | ) | (41.7 | ) | ||||
Payment for acquisitions | (5.9 | ) | (5.6 | ) | ||||
Proceeds from maturities of short-term investments | 275.0 | 249.5 | ||||||
Payments for purchases of short-term investments | (126.5 | ) | (260.7 | ) | ||||
Proceeds from sale of assets | 10.8 | 14.6 | ||||||
Increase in certain other assets | (22.8 | ) | (26.9 | ) | ||||
Net cash provided (used) by investing activities | 90.1 | (70.8 | ) | |||||
Cash flow from financing activities | ||||||||
Dividends paid | (7.7 | ) | (22.9 | ) | ||||
Debt issuance costs | (38.9 | ) | (1.1 | ) | ||||
Revolving credit facility (repayments) borrowings, net | 185.0 | 120.0 | ||||||
Other debt borrowings | 706.0 | 381.0 | ||||||
Other debt repayments | (306.7 | ) | (433.5 | ) | ||||
Distributions and payments to noncontrolling interest holders | (337.8 | ) | (16.3 | ) | ||||
Issuance of common shares | — | 0.3 | ||||||
Repurchase of common shares | (3.0 | ) | (4.8 | ) | ||||
Net cash provided (used) by financing activities | 196.9 | 22.7 | ||||||
Effect of exchange rate changes on cash and cash equivalents | (14.4 | ) | 19.3 | |||||
Increase (decrease) in cash, cash equivalents and restricted cash | (99.5 | ) | (264.1 | ) | ||||
Cash, cash equivalents and restricted cash at the beginning of the period | 543.2 | 652.7 | ||||||
Cash, cash equivalents and restricted cash at the end of the period | $ | 443.7 | $ | 388.6 |
Standards Adopted | Description | Effective Date | ||
Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers | The standard replaced the most recent previously existing revenue recognition guidance in U.S. GAAP and required additional financial statement disclosures. The standard requires revenue to be recognized when the Company expects to be entitled in exchange for the transfer of promised goods or services to customers. The standard was adopted using a modified retrospective approach to open contracts as of the effective date, January 1, 2018. The standard is intended to reduce potential for diversity in practice at initial application and reducing the cost and complexity of applying Topic 606 both at transition and prospectively. As a result of the adoption, the cumulative increase to the Company's retained earnings at January 1, 2018 was $4.6. | January 1, 2018 | ||
ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost | The standard was issued to address the net presentation of the components of net benefit cost. The standard requires that service cost be presented in the same line item as other current employee compensation costs and that the remaining components of net benefit cost be presented in a separate line item outside of any subtotal for income from operations. The adoption of this update did not have a material impact on the financial statements of the Company. | January 1, 2018 | ||
ASU 2017-12, Derivatives and Hedging: Target Improvements to Accounting for Hedging Activities | The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. For existing hedges as of the date of the adoption, the Company eliminated a minimal amount of ineffectiveness by means of a cumulative-effect adjustment to accumulated other comprehensive income (AOCI) with a corresponding adjustment to retained earnings. As a result of the standard, $(0.4) and $2.4 was included in net sales for the three and nine months ended September 30, 2018, respectively, and $(0.7) and $(0.6) in cost of sales for the three and nine months ended September 30, 2018, respectively. | Early adopted January 1, 2018 | ||
ASU 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income | The standard allows for reclassification of stranded tax effects on items resulting from the U.S. Tax Cuts and Jobs Act (the Tax Act) from AOCI to retained earnings. Tax effects unrelated to the Tax Act are released from AOCI using either the specific identification approach or the portfolio approach based on the nature of the underlying item. As a result of the adoption, during the first quarter of 2018, the Company recorded an adjustment to retained earnings resulting in a increase of $29.0, with a corresponding decrease to AOCI due to the reduction in the corporate tax rate. | Early adopted January 1, 2018 | ||
ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment | The standard simplifies the measurement of goodwill by eliminating step 2 from the goodwill impairment test. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The adoption of this update did not have an impact on the financial statements of the Company and only simplifies the procedure for the goodwill impairment test. | Early adopted January 1, 2018 |
Standards Pending Adoption | Description | Effective/Adoption Date | Anticipated Impact | |||
ASU 2016-02, Leases | The standard requires that a lessee recognize on its balance sheet right-of-use assets and corresponding liabilities resulting from leasing transactions, as well as additional financial statement disclosures. Currently, U.S. GAAP only requires balance sheet recognition for leases classified as capital leases. The provisions of this update apply to substantially all leased assets. | January 1, 2019 | The Company is currently evaluating the impact the standard will have on its financial information and related disclosures. The standard requires a modified retrospective transition method with the option to elect a package of practical expedients, which the Company anticipates utilizing and will continue to evaluate. The Company anticipates a material balance sheet gross-up for the right-of-use assets and corresponding liabilities, with no anticipated impact to debt covenants. | |||
ASU 2018-13, Fair Value Measurement (Topic 820) -Disclosure Framework -Changes to the Disclosure Requirements for Fair Value Measurement | The standard is is designed to improve the effectiveness of disclosures by removing, modifying and adding disclosures related to fair value measurements. | January 1, 2020 | The Company is currently assessing the impact this ASU will have on its consolidated financial statements. The ASU allows for early adoption in any interim period after issuance of the update. | |||
ASU 2018-05, Income Taxes (Topic 740): Amendments to SEC Paragraphs pursuant to SEC Staff Accounting Bulleting No. 118 | This guidance amends SEC paragraphs in Topic 740, Income Taxes, to reflect SAB 118, which provides guidance for companies that are not able to complete their accounting for the income tax effects of the Tax Act in the period of enactment. | January 1, 2021 | This guidance also includes amendments to the XBRL Taxonomy. For public business entities, the amendments in ASU 2018-05 are effective for fiscal years ending after December 15, 2020 and early adoption is permitted. The Company does not expect adoption of this guidance to have a significant impact on its condensed consolidated financial statements. | |||
ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General Subtopic 715-20 - Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans | The standard is designed to improve the effectiveness of disclosures by removing and adding disclosures related to defined benefit plans. | January 1, 2021 | The Company is currently assessing the impact this ASU will have on its condensed consolidated financial statements. The ASU allows for early adoption in any year end after issuance of the update. |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Eurasia Banking | ||||||||||||||||
Services | $ | 229.8 | $ | 240.2 | $ | 702.2 | $ | 699.8 | ||||||||
Products | 152.0 | 167.5 | 451.7 | 527.0 | ||||||||||||
Software | 52.5 | 53.4 | 153.0 | 145.8 | ||||||||||||
Total Eurasia Banking | 434.3 | 461.1 | 1,306.9 | 1,372.6 | ||||||||||||
Americas Banking | ||||||||||||||||
Services | 237.2 | 245.8 | 706.7 | 729.7 | ||||||||||||
Products | 118.0 | 106.2 | 292.3 | 323.1 | ||||||||||||
Software | 27.3 | 24.7 | 87.8 | 75.9 | ||||||||||||
Total Banking Americas | 382.5 | 376.7 | 1,086.8 | 1,128.7 | ||||||||||||
Retail | ||||||||||||||||
Services | 116.9 | 119.8 | 360.7 | 329.8 | ||||||||||||
Products | 144.6 | 123.3 | 412.4 | 412.1 | ||||||||||||
Software | 40.7 | 41.8 | 122.0 | 116.2 | ||||||||||||
Total Retail | 302.2 | 284.9 | 895.1 | 858.1 | ||||||||||||
Total net sales | $ | 1,119.0 | $ | 1,122.7 | $ | 3,288.8 | $ | 3,359.4 |
Three Months Ended | Nine Months Ended | |||||||
September 30, | September 30, | |||||||
Timing of revenue recognition | 2018 | 2017 | 2018 | 2017 | ||||
Products transferred at a point in time | 39% | 37% | 37% | 39% | ||||
Products and services transferred over time | 61% | 63% | 63% | 61% | ||||
Net sales | 100% | 100% | 100% | 100% |
Contract balance information | Trade Receivable | Contract liabilities | ||||||
Balance at January 1 | $ | 830.1 | $ | 437.5 | ||||
Balance at September 30 | $ | 818.1 | $ | 365.3 |
Impact of changes in accounting policy for the nine months ended September 30, 2018 (unaudited) | ||||||||||||
As Reported | Adjustments | Balances without adoption of Topic 606 | ||||||||||
Trade receivables, less allowances for doubtful accounts of $55.3 and $71.7, respectively | $ | 818.1 | $ | (5.4 | ) | $ | 812.7 | |||||
Inventories | $ | 846.5 | $ | 25.2 | $ | 871.7 | ||||||
Deferred revenue | $ | 365.3 | $ | 30.1 | $ | 395.4 | ||||||
Deferred income taxes | $ | 240.7 | $ | (0.9 | ) | $ | 239.8 | |||||
Retained earnings (accumulated deficit) | $ | (3.2 | ) | $ | (9.4 | ) | $ | (12.6 | ) |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Numerator | ||||||||||||||||
Income (loss) used in basic and diluted earnings (loss) per share | ||||||||||||||||
Net income (loss) | $ | (218.7 | ) | $ | (29.4 | ) | $ | (416.6 | ) | $ | (106.5 | ) | ||||
Net income (loss) attributable to noncontrolling interests | (6.1 | ) | 6.6 | 6.6 | 20.2 | |||||||||||
Net income (loss) attributable to Diebold Nixdorf, Incorporated | $ | (212.6 | ) | $ | (36.0 | ) | $ | (423.2 | ) | $ | (126.7 | ) | ||||
Denominator | ||||||||||||||||
Weighted-average number of common shares used in basic earnings (loss) per share | 76.1 | 75.5 | 76.0 | 75.4 | ||||||||||||
Weighted-average number of shares used in diluted earnings (loss) per share (1) | 76.1 | 75.5 | 76.0 | 75.4 | ||||||||||||
Net income (loss) attributable to Diebold Nixdorf, Incorporated | ||||||||||||||||
Basic earnings (loss) per share | $ | (2.79 | ) | $ | (0.48 | ) | $ | (5.57 | ) | $ | (1.68 | ) | ||||
Diluted earnings (loss) per share | $ | (2.79 | ) | $ | (0.48 | ) | $ | (5.57 | ) | $ | (1.68 | ) | ||||
Anti-dilutive shares | ||||||||||||||||
Anti-dilutive shares not used in calculating diluted weighted-average shares | 4.7 | 2.8 | 4.6 | 2.6 |
(1) | Incremental shares of 0.7 and 0.8 shares for the three months ended September 30, 2018 and 2017, respectively, and 0.8 and 0.7 shares for the nine months ended September 30, 2018 and 2017, respectively, would have been included in the weighted-average number of shares used in diluted earnings (loss) per share used in the computation of diluted earnings (loss) per share because their effects are dilutive. |
Number of Shares | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Term | Aggregate Intrinsic Value (1) | ||||||||||
(per share) | (in years) | ||||||||||||
Outstanding at January 1, 2018 | 2.3 | $ | 29.68 | ||||||||||
Expired or forfeited | (0.2 | ) | $ | 29.89 | |||||||||
Granted | 0.5 | $ | 17.53 | ||||||||||
Outstanding at September 30, 2018 | 2.6 | $ | 27.16 | 7 | $ | — | |||||||
Options exercisable September 30, 2018 | 1.5 | $ | 30.44 | 6 | $ | — | |||||||
Options vested and expected to vest(2) at September 30, 2018 | 2.5 | $ | 27.34 | 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 2018 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, 2018. 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 | ||||||
RSUs: | |||||||
Non-vested at January 1, 2018 | 1.3 | $ | 27.76 | ||||
Forfeited | (0.2 | ) | $ | 22.17 | |||
Vested | (0.7 | ) | $ | 28.80 | |||
Granted | 1.3 | $ | 17.71 | ||||
Non-vested at September 30, 2018 | 1.7 | $ | 20.30 | ||||
Performance Shares: | |||||||
Non-vested at January 1, 2018 | 2.5 | $ | 31.37 | ||||
Forfeited | (0.9 | ) | $ | 29.07 | |||
Vested | (0.2 | ) | $ | 32.38 | |||
Granted | 1.6 | $ | 22.65 | ||||
Non-vested at September 30, 2018 | 3.0 | $ | 26.88 |
September 30, 2018 | December 31, 2017 | |||||||
Finished goods | $ | 387.8 | $ | 301.9 | ||||
Service parts | 251.5 | 262.5 | ||||||
Raw materials and work in process | 207.2 | 164.5 | ||||||
Total inventories | $ | 846.5 | $ | 728.9 |
Cost Basis | Unrealized Gain | Fair Value | ||||||||||
As of September 30, 2018 | ||||||||||||
Short-term investments | ||||||||||||
Certificates of deposit | $ | 5.0 | $ | — | $ | 5.0 | ||||||
Long-term investments | ||||||||||||
Assets held in a rabbi trust | $ | 6.0 | $ | 1.0 | $ | 7.0 | ||||||
As of December 31, 2017 | ||||||||||||
Short-term investments | ||||||||||||
Certificates of deposit | $ | 81.4 | $ | — | $ | 81.4 | ||||||
Long-term investments | ||||||||||||
Assets held in a rabbi trust | $ | 8.3 | $ | 1.1 | $ | 9.4 |
Eurasia Banking | Americas Banking | Retail | Total | ||||||||||||
Goodwill | $ | 513.0 | $ | 425.4 | $ | 350.6 | $ | 1,289.0 | |||||||
Accumulated impairment losses | (168.7 | ) | (122.0 | ) | — | (290.7 | ) | ||||||||
Balance at January 1, 2017 | $ | 344.3 | $ | 303.4 | $ | 350.6 | $ | 998.3 | |||||||
Goodwill acquired | 1.6 | — | 4.0 | 5.6 | |||||||||||
Goodwill adjustment | (1.1 | ) | (1.0 | ) | (0.8 | ) | (2.9 | ) | |||||||
Currency translation adjustment | 71.8 | 2.2 | 42.1 | 116.1 | |||||||||||
Goodwill | $ | 585.3 | $ | 426.6 | $ | 395.9 | $ | 1,407.8 | |||||||
Accumulated impairment losses | (168.7 | ) | (122.0 | ) | — | (290.7 | ) | ||||||||
Balance at December 31, 2017 | $ | 416.6 | $ | 304.6 | $ | 395.9 | $ | 1,117.1 | |||||||
Currency translation adjustment | (17.9 | ) | (5.5 | ) | (11.1 | ) | (34.5 | ) | |||||||
Goodwill | $ | 567.4 | $ | 421.1 | $ | 384.8 | $ | 1,373.3 | |||||||
Impairment | (98.1 | ) | — | (101.2 | ) | (199.3 | ) | ||||||||
Accumulated impairment losses | (266.8 | ) | (122.0 | ) | (101.2 | ) | (490.0 | ) | |||||||
Balance at September 30, 2018 | $ | 300.6 | $ | 299.1 | $ | 283.6 | $ | 883.3 |
September 30, 2018 | December 31, 2017 | |||||||||||||||||||||||
Weighted-average remaining useful lives | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
Customer relationships, net | 6.9 years | $ | 722.2 | $ | (162.5 | ) | $ | 559.7 | $ | 741.5 | $ | (108.2 | ) | $ | 633.3 | |||||||||
Internally-developed software | 1.8 years | 208.5 | (122.1 | ) | 86.4 | 192.9 | (99.8 | ) | 93.1 | |||||||||||||||
Development costs non-software | 0.4 years | 53.2 | (43.2 | ) | 10.0 | 55.3 | (35.1 | ) | 20.2 | |||||||||||||||
Other intangibles | 0.9 years | 74.8 | (59.3 | ) | 15.5 | 84.5 | (57.3 | ) | 27.2 | |||||||||||||||
Other intangible assets, net | 336.5 | (224.6 | ) | 111.9 | 332.7 | (192.2 | ) | 140.5 | ||||||||||||||||
Total | $ | 1,058.7 | $ | (387.1 | ) | $ | 671.6 | $ | 1,074.2 | $ | (300.4 | ) | $ | 773.8 |
2018 | 2017 | |||||||
Balance at January 1 | $ | 76.7 | $ | 101.6 | ||||
Current period accruals | 7.6 | 11.1 | ||||||
Current period settlements | (34.5 | ) | (37.2 | ) | ||||
Currency translation adjustment | (4.8 | ) | 5.7 | |||||
Balance at September 30 | $ | 45.0 | $ | 81.2 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Cost of sales – services | $ | 3.6 | $ | 13.5 | $ | 4.7 | $ | 29.4 | ||||||||
Cost of sales – products | 3.0 | 1.2 | 3.1 | 2.8 | ||||||||||||
Cost of sales – software | 2.1 | 0.4 | 2.7 | 0.1 | ||||||||||||
Selling and administrative expense | 28.6 | 2.7 | 33.0 | 13.5 | ||||||||||||
Research, development and engineering expense | 1.0 | (0.4 | ) | 0.9 | (1.1 | ) | ||||||||||
Total | $ | 38.3 | $ | 17.4 | $ | 44.4 | $ | 44.7 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Severance | ||||||||||||||||
Eurasia Banking | $ | 12.3 | $ | 13.6 | $ | 16.0 | $ | 22.7 | ||||||||
Americas Banking | 7.5 | 0.4 | 7.8 | 3.8 | ||||||||||||
Retail | 6.0 | 3.1 | 6.8 | 12.8 | ||||||||||||
Corporate | 12.5 | 0.3 | 13.8 | 5.4 | ||||||||||||
Total severance | $ | 38.3 | $ | 17.4 | $ | 44.4 | $ | 44.7 |
DN Now | DN2020 Plan | Delta Program | Strategic Alliance | Total | |||||||||||||||
Eurasia Banking | $ | 12.3 | $ | 51.5 | $ | 0.5 | $ | 8.2 | $ | 72.5 | |||||||||
Americas Banking | 7.5 | 13.6 | 0.2 | — | 21.3 | ||||||||||||||
Retail | 6.0 | 15.6 | 0.7 | — | 22.3 | ||||||||||||||
Corporate | 12.5 | 15.1 | 1.8 | — | 29.4 | ||||||||||||||
Total | $ | 38.3 | $ | 95.8 | $ | 3.2 | $ | 8.2 | $ | 145.5 |
2018 | 2017 | |||||||
Balance at January 1 | $ | 54.0 | $ | 89.9 | ||||
Liabilities incurred | 44.4 | 44.7 | ||||||
Liabilities acquired | — | (8.2 | ) | |||||
Liabilities paid/settled | (37.9 | ) | (57.8 | ) | ||||
Balance at September 30 | $ | 60.5 | $ | 68.6 |
September 30, 2018 | December 31, 2017 | |||||||
Notes payable | ||||||||
Uncommitted lines of credit | $ | 23.5 | $ | 16.2 | ||||
Term Loan A Facility | — | 23.0 | ||||||
Delayed Draw Term Loan A Facility | — | 17.2 | ||||||
Term Loan A-1 Facility | 16.3 | — | ||||||
Term Loan B Facility - USD | 4.8 | 4.8 | ||||||
Term Loan B Facility - Euro | 4.8 | 5.0 | ||||||
Other | 3.3 | 0.5 | ||||||
$ | 52.7 | $ | 66.7 | |||||
Long-term debt | ||||||||
Revolving Facility | $ | 260.0 | $ | 75.0 | ||||
Term Loan A Facility | 126.3 | 178.3 | ||||||
Delayed Draw Term Loan A Facility | 160.5 | 226.6 | ||||||
Term Loan A-1 Facility | 633.7 | — | ||||||
Term Loan B Facility - USD | 414.3 | 466.7 | ||||||
Term Loan B Facility - Euro | 418.8 | 489.5 | ||||||
2024 Senior Notes | 400.0 | 400.0 | ||||||
Other | 3.0 | 1.4 | ||||||
2,416.6 | 1,837.5 | |||||||
Long-term deferred financing fees | (79.6 | ) | (50.4 | ) | ||||
$ | 2,337.0 | $ | 1,787.1 |
Nine Months Ended | ||||||||
September 30, | ||||||||
2018 | 2017 | |||||||
Revolving credit facility (repayments) borrowings, net | $ | 185.0 | $ | 120.0 | ||||
Other debt borrowings | ||||||||
Proceeds from Delayed Draw Term Loan A Facility under the Credit Agreement | $ | — | $ | 250.0 | ||||
Proceeds Term Loan A-1 Facility under the Credit Agreement | 650.0 | — | ||||||
Proceeds from Term Loan B Facility - Euro under the Credit Agreement | — | 73.3 | ||||||
International short-term uncommitted lines of credit borrowings | 56.0 | 57.7 | ||||||
$ | 706.0 | $ | 381.0 | |||||
Other debt repayments | ||||||||
Payments on Term Loan A Facility under the Credit Agreement | $ | (75.0 | ) | $ | (12.9 | ) | ||
Payments on Delayed Draw Term Loan A Facility under the Credit Agreement | (83.2 | ) | (3.1 | ) | ||||
Payments on Term Loan B Facility - USD under the Credit Agreement | (52.3 | ) | (324.9 | ) | ||||
Payments on Term Loan B Facility - Euro under the Credit Agreement | (54.9 | ) | (3.4 | ) | ||||
Payments on European Investment Bank | — | (63.1 | ) | |||||
International short-term uncommitted lines of credit and other repayments | (41.3 | ) | (26.1 | ) | ||||
$ | (306.7 | ) | $ | (433.5 | ) |
• | a maximum allowable total net debt to trailing twelve month's adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) leverage ratio (Leverage Ratio) of 7.00 to 1.00 as of September 30, 2018 (reducing to 6.50 on June 30, 2020, further reduced to 6.25 on December 31, 2020, further reduced to 6.00 on June 30, 2021 and further reduced to 5.75 on December 31, 2021); and |
• | a minimum adjusted EBITDA to net interest expense coverage ratio of not less than 1.38 to 1.00 (increasing to 1.50 on December 31, 2020 and further increased to 1.63 on December 31, 2021) |
Financing and Replacement Facilities | Interest Rate Index and Margin | Maturity/Termination Dates | Initial Term (Years) | |||
Credit Agreement facilities | ||||||
Revolving Facility | LIBOR + 3.50% | December 2020 | 5 | |||
Term Loan A Facility | LIBOR + 3.50% | December 2020 | 5 | |||
Delayed Draw Term Loan A Facility | LIBOR + 3.50% | December 2020 | 5 | |||
Term Loan A-1 Facility | LIBOR + 9.25% | August 2022 | 4 | |||
Term Loan B Facility - USD | LIBOR(i) + 2.75% | November 2023 | 7.5 | |||
Term Loan B Facility - Euro | EURIBOR(ii) + 3.00% | November 2023 | 7.5 | |||
2024 Senior Notes | 8.5% | April 2024 | 8 |
(i) | LIBOR with a floor of 0.0%. |
(ii) | EURIBOR with a floor of 0.0%. |
2018 | 2017 | |||||||
Balance at January 1 | $ | 492.1 | $ | 44.1 | ||||
Other comprehensive income | (17.2 | ) | 25.6 | |||||
Redemption value adjustment | (12.1 | ) | 32.0 | |||||
Redemption of shares | (308.6 | ) | (2.7 | ) | ||||
Reclassification of noncontrolling interest | — | 386.7 | ||||||
Balance at September 30 | $ | 154.2 | $ | 485.7 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Diebold Nixdorf, Incorporated shareholders' equity | ||||||||||||||||
Balance at beginning of period | $ | 220.4 | $ | 583.2 | $ | 464.6 | $ | 588.7 | ||||||||
Comprehensive income (loss) attributable to Diebold Nixdorf, Incorporated | (230.4 | ) | (23.1 | ) | (517.9 | ) | 15.2 | |||||||||
Common shares | — | — | 0.9 | 0.7 | ||||||||||||
Additional capital (1) | 2.7 | 15.4 | 22.1 | (9.3 | ) | |||||||||||
Treasury shares | (0.1 | ) | (0.3 | ) | (3.0 | ) | (4.8 | ) | ||||||||
Dividends paid | — | (7.6 | ) | (7.7 | ) | (22.9 | ) | |||||||||
Adoption of accounting standards | — | — | 33.6 | — | ||||||||||||
Balance at end of period | $ | (7.4 | ) | $ | 567.6 | $ | (7.4 | ) | $ | 567.6 | ||||||
Noncontrolling interests | ||||||||||||||||
Balance at beginning of period | $ | 34.1 | $ | 37.5 | $ | 36.8 | $ | 433.4 | ||||||||
Comprehensive income (loss) attributable to noncontrolling interests, net | (7.4 | ) | 8.4 | 3.5 | 23.7 | |||||||||||
Reclassification to redeemable noncontrolling interest | — | — | — | (386.7 | ) | |||||||||||
Reclassification of guaranteed dividend to accrued liabilities | 5.8 | (6.4 | ) | (2.5 | ) | (18.1 | ) | |||||||||
Distributions to noncontrolling interest holders | — | — | (0.5 | ) | (12.8 | ) | ||||||||||
Liquidation of noncontrolling interests | (2.4 | ) | — | (7.2 | ) | — | ||||||||||
Balance at end of period | $ | 30.1 | $ | 39.5 | $ | 30.1 | $ | 39.5 |
(1) | The decrease for the nine months ended September 30, 2017 is primarily attributable to the redemption value adjustment to the redeemable noncontrolling interest. |
Translation | Foreign Currency Hedges | Interest Rate Hedges | Pension and Other Post-retirement Benefits | Other | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||
Balance at June 30, 2018 | $ | (187.5 | ) | $ | (0.2 | ) | $ | 13.3 | $ | (99.2 | ) | $ | 0.1 | $ | (273.5 | ) | ||||||||
Other comprehensive income (loss) before reclassifications (1) | (18.6 | ) | 2.1 | (0.5 | ) | — | — | (17.0 | ) | |||||||||||||||
Amounts reclassified from AOCI | — | — | 1.0 | (2.0 | ) | — | (1.0 | ) | ||||||||||||||||
Net current-period other comprehensive income (loss) (1) | (18.6 | ) | 2.1 | 0.5 | (2.0 | ) | — | (18.0 | ) | |||||||||||||||
Balance at September 30, 2018 | $ | (206.1 | ) | $ | 1.9 | $ | 13.8 | $ | (101.2 | ) | $ | 0.1 | $ | (291.5 | ) |
Translation | Foreign Currency Hedges | Interest Rate Hedges | Pension and Other Post-retirement Benefits | Other | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||
Balance at June 30, 2017 | $ | (123.7 | ) | $ | (2.3 | ) | $ | 5.7 | $ | (92.3 | ) | $ | 0.3 | $ | (212.3 | ) | ||||||||
Other comprehensive income (loss) before reclassifications (1) | 14.1 | (2.4 | ) | 0.3 | — | — | 12.0 | |||||||||||||||||
Amounts reclassified from AOCI | — | — | — | 1.0 | — | 1.0 | ||||||||||||||||||
Net current-period other comprehensive income (loss) (1) | 14.1 | (2.4 | ) | 0.3 | 1.0 | — | 13.0 | |||||||||||||||||
Balance at September 30, 2017 | $ | (109.6 | ) | $ | (4.7 | ) | $ | 6.0 | $ | (91.3 | ) | $ | 0.3 | $ | (199.3 | ) |
Translation | Foreign Currency Hedges | Interest Rate Hedges | Pension and Other Post-retirement Benefits | Other | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||
Balance at January 1, 2018 | $ | (116.8 | ) | $ | (5.1 | ) | $ | 8.1 | $ | (82.6 | ) | $ | 0.1 | $ | (196.3 | ) | ||||||||
Adoption of accounting standard (1) | (9.1 | ) | (1.0 | ) | 1.3 | (20.2 | ) | — | (29.0 | ) | ||||||||||||||
Other comprehensive income (loss) before reclassifications (2) | (80.2 | ) | 8.0 | 2.3 | — | — | (69.9 | ) | ||||||||||||||||
Amounts reclassified from AOCI | — | — | 2.1 | 1.6 | — | 3.7 | ||||||||||||||||||
Net current-period other comprehensive income (loss) (2) | (89.3 | ) | 7.0 | 5.7 | (18.6 | ) | — | (95.2 | ) | |||||||||||||||
Balance at September 30, 2018 | $ | (206.1 | ) | $ | 1.9 | $ | 13.8 | $ | (101.2 | ) | $ | 0.1 | $ | (291.5 | ) |
Translation | Foreign Currency Hedges | Interest Rate Hedges | Pension and Other Post-retirement Benefits | Other | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||
Balance at January 1, 2017 | $ | (251.2 | ) | $ | (5.7 | ) | $ | 4.6 | $ | (89.3 | ) | $ | 0.3 | $ | (341.3 | ) | ||||||||
Other comprehensive income (loss) before reclassifications (1) | 141.6 | 1.0 | 1.8 | — | — | 144.4 | ||||||||||||||||||
Amounts reclassified from AOCI | — | — | (0.4 | ) | (2.0 | ) | — | (2.4 | ) | |||||||||||||||
Net current-period other comprehensive income (loss) | 141.6 | 1.0 | 1.4 | (2.0 | ) | — | 142.0 | |||||||||||||||||
Balance at September 30, 2017 | $ | (109.6 | ) | $ | (4.7 | ) | $ | 6.0 | $ | (91.3 | ) | $ | 0.3 | $ | (199.3 | ) |
Three Months Ended | Nine Months Ended | Affected Line Item in the Statement of Operations | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||||
Interest rate hedges | $ | 1.0 | $ | — | $ | 2.1 | $ | (0.4 | ) | Interest expense | ||||||||
Pension and post-retirement benefits: | ||||||||||||||||||
Net actuarial gain (loss) amortization (net of tax of $1.0, $(0.5), $0.8 and $0.5, respectively) | (2.0 | ) | 1.0 | 1.6 | (2.0 | ) | (1) | |||||||||||
Total reclassifications for the period | $ | (1.0 | ) | $ | 1.0 | $ | 3.7 | $ | (2.4 | ) |
(1) | Pension and other post-retirement benefits AOCI components are included in the computation of net periodic benefit cost (refer to note 16). |
Pension Benefits | ||||||||||||||||||||||||
U.S.Plans | Non-U.S. Plans | Other Benefits | ||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||||
Components of net periodic benefit cost | ||||||||||||||||||||||||
Service cost | $ | 1.0 | $ | 1.0 | $ | 2.8 | $ | 2.6 | $ | — | $ | — | ||||||||||||
Interest cost | 5.2 | 5.7 | 1.5 | 2.2 | 0.1 | 0.1 | ||||||||||||||||||
Expected return on plan assets | (6.2 | ) | (6.5 | ) | (2.6 | ) | (2.1 | ) | — | — | ||||||||||||||
Recognized net actuarial loss | 1.7 | 1.5 | (0.2 | ) | (0.1 | ) | — | — | ||||||||||||||||
Net periodic pension benefit cost | $ | 1.7 | $ | 1.7 | $ | 1.5 | $ | 2.6 | $ | 0.1 | $ | 0.1 |
Pension Benefits | ||||||||||||||||||||||||
U.S.Plans | Non-U.S. Plans | Other Benefits | ||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||||
Components of net periodic benefit cost | ||||||||||||||||||||||||
Service cost | $ | 2.9 | $ | 3.0 | $ | 8.4 | $ | 7.8 | $ | — | $ | — | ||||||||||||
Interest cost | 15.5 | 17.1 | 4.7 | 6.6 | 0.3 | 0.3 | ||||||||||||||||||
Expected return on plan assets | (18.5 | ) | (19.5 | ) | (8.0 | ) | (6.3 | ) | — | — | ||||||||||||||
Recognized net actuarial loss | 5.0 | 4.5 | (0.5 | ) | (0.3 | ) | — | — | ||||||||||||||||
Net periodic pension benefit cost | $ | 4.9 | $ | 5.1 | $ | 4.6 | $ | 7.8 | $ | 0.3 | $ | 0.3 |
Derivative instrument | Classification on condensed consolidated statements of operations | Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||||
Non-designated hedges and interest rate swaps | Interest expense | $ | (0.7 | ) | $ | (1.5 | ) | $ | (1.8 | ) | $ | (3.6 | ) | |||||
Foreign exchange forward contracts and cash flow hedges | Net sales | (0.4 | ) | — | 2.4 | — | ||||||||||||
Foreign exchange forward contracts and cash flow hedges | Cost of sales | 0.7 | — | 0.6 | — | |||||||||||||
Foreign exchange forward contracts and cash flow hedges | Foreign exchange gain (loss), net | 3.5 | 2.3 | 4.0 | 6.3 | |||||||||||||
Total | $ | 3.1 | $ | 0.8 | $ | 5.2 | $ | 2.7 |
Foreign Currency Derivative | Number of Instruments | Notional Sold | Notional Purchased | ||||||||
Currency forward agreements (EUR-USD) | 1 | 2.8 | EUR | 3.5 | USD | ||||||
Currency forward agreements (EUR-GBP) | 13 | 31.0 | GBP | 34.7 | EUR |
September 30, 2018 | December 31, 2017 | |||||||||||||||||||||||||
Fair Value Measurements Using | Fair Value Measurements Using | |||||||||||||||||||||||||
Classification on condensed consolidated Balance Sheets | Fair Value | Level 1 | Level 2 | Fair Value | Level 1 | Level 2 | ||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Short-term investments | ||||||||||||||||||||||||||
Certificates of deposit | Short-term investments | $ | 5.0 | $ | 5.0 | $ | — | $ | 81.4 | $ | 81.4 | $ | — | |||||||||||||
Assets held in rabbi trusts | Securities and other investments | 7.0 | 7.0 | — | 9.4 | 9.4 | — | |||||||||||||||||||
Foreign exchange forward contracts | Other current assets | 4.3 | — | 4.3 | 6.7 | — | 6.7 | |||||||||||||||||||
Interest rate swaps | Other current assets | 5.4 | — | 5.4 | 2.2 | — | 2.2 | |||||||||||||||||||
Interest rate swaps | Securities and other investments | 8.9 | — | 8.9 | 7.6 | — | 7.6 | |||||||||||||||||||
Total | $ | 30.6 | $ | 12.0 | $ | 18.6 | $ | 107.3 | $ | 90.8 | $ | 16.5 | ||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Foreign exchange forward contracts | Other current liabilities | $ | 8.1 | $ | — | $ | 8.1 | $ | 10.2 | $ | — | $ | 10.2 | |||||||||||||
Interest rate swaps | Other current liabilities | 5.4 | — | 5.4 | 5.5 | — | 5.5 | |||||||||||||||||||
Deferred compensation | Other liabilities | 7.0 | 7.0 | — | 9.4 | 9.4 | — | |||||||||||||||||||
Total | $ | 20.5 | $ | 7.0 | $ | 13.5 | $ | 25.1 | $ | 9.4 | $ | 15.7 |
September 30, 2018 | December 31, 2017 | |||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | |||||||||
2024 Senior Notes | 286.5 | 400.0 | 425.0 | 400.0 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Net sales summary by segment | ||||||||||||||||
Eurasia Banking | $ | 434.3 | $ | 461.1 | $ | 1,306.9 | $ | 1,372.6 | ||||||||
Americas Banking | 382.5 | 376.7 | 1,086.8 | 1,128.7 | ||||||||||||
Retail | 302.2 | 284.9 | 895.1 | 858.1 | ||||||||||||
Total revenue | $ | 1,119.0 | $ | 1,122.7 | $ | 3,288.8 | $ | 3,359.4 | ||||||||
Intersegment revenue | ||||||||||||||||
Eurasia Banking | $ | 35.2 | $ | 24.3 | $ | 88.2 | $ | 81.3 | ||||||||
Americas Banking | 2.6 | 5.1 | 11.6 | 22.4 | ||||||||||||
Total intersegment revenue | $ | 37.8 | $ | 29.4 | $ | 99.8 | $ | 103.7 | ||||||||
Segment operating profit | ||||||||||||||||
Eurasia Banking | $ | 43.2 | $ | 40.0 | $ | 79.8 | $ | 91.0 | ||||||||
Americas Banking | 4.0 | 14.5 | 10.4 | 48.0 | ||||||||||||
Retail | 19.2 | 27.3 | 36.5 | 71.3 | ||||||||||||
Total segment operating profit | 66.4 | 81.8 | 126.7 | 210.3 | ||||||||||||
Corporate charges not allocated to segments (1) | (10.0 | ) | (0.3 | ) | (47.4 | ) | (48.7 | ) | ||||||||
Restructuring charges | (38.3 | ) | (17.4 | ) | (44.4 | ) | (44.7 | ) | ||||||||
Net non-routine expense | (152.0 | ) | (72.7 | ) | (322.5 | ) | (206.2 | ) | ||||||||
(200.3 | ) | (90.4 | ) | (414.3 | ) | (299.6 | ) | |||||||||
Operating profit (loss) | (133.9 | ) | (8.6 | ) | (287.6 | ) | (89.3 | ) | ||||||||
Other income (expense) | (39.0 | ) | (21.7 | ) | (93.4 | ) | (77.7 | ) | ||||||||
Income (loss) before taxes | $ | (172.9 | ) | $ | (30.3 | ) | $ | (381.0 | ) | $ | (167.0 | ) |
(1) | Corporate charges not allocated to segments include headquarter-based costs associated with procurement, human resources, compensation and benefits, finance and accounting, global development/engineering, global strategy/mergers and acquisitions, global IT, tax, treasury and legal. |
(i) | Diebold Nixdorf, Incorporated (the Parent Company), the issuer of the guaranteed obligations; |
(ii) | Guarantor subsidiaries, on a combined basis, as specified in the indenture governing 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 its subsidiaries, and (c) record consolidating entries; and |
(iv) | Diebold Nixdorf, 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 | $ | 10.3 | $ | 3.9 | $ | 290.2 | $ | — | $ | 304.4 | |||||||||
Restricted cash | — | — | 139.3 | — | 139.3 | ||||||||||||||
Short-term investments | — | — | 5.0 | — | 5.0 | ||||||||||||||
Trade receivables, net | 136.7 | 0.2 | 681.2 | — | 818.1 | ||||||||||||||
Intercompany receivables | 204.1 | 605.0 | 399.2 | (1,208.3 | ) | — | |||||||||||||
Inventories | 221.4 | — | 625.1 | — | 846.5 | ||||||||||||||
Prepaid, income taxes and other current assets | 32.8 | 21.3 | 299.6 | (25.4 | ) | 328.3 | |||||||||||||
Total current assets | 605.3 | 630.4 | 2,439.6 | (1,233.7 | ) | 2,441.6 | |||||||||||||
Securities and other investments | 24.1 | — | — | — | 24.1 | ||||||||||||||
Property, plant and equipment, net | 79.9 | 1.0 | 239.9 | — | 320.8 | ||||||||||||||
Goodwill | 55.5 | — | 827.8 | — | 883.3 | ||||||||||||||
Deferred income taxes | 125.0 | 2.4 | 128.8 | — | 256.2 | ||||||||||||||
Intangible assets, net | 33.6 | — | 638.0 | — | 671.6 | ||||||||||||||
Investment in subsidiary | 2,828.4 | — | — | (2,828.4 | ) | — | |||||||||||||
Other assets | 34.1 | 0.4 | 82.5 | (16.8 | ) | 100.2 | |||||||||||||
Total assets | $ | 3,785.9 | $ | 634.2 | $ | 4,356.6 | $ | (4,078.9 | ) | $ | 4,697.8 | ||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||||||||||||||
Current liabilities | |||||||||||||||||||
Notes payable | $ | 35.9 | $ | 0.1 | $ | 16.7 | $ | — | $ | 52.7 | |||||||||
Accounts payable | 117.2 | — | 437.5 | — | 554.7 | ||||||||||||||
Intercompany payable | 1,004.0 | 23.9 | 180.4 | (1,208.3 | ) | — | |||||||||||||
Deferred revenue | 87.1 | 0.1 | 278.1 | — | 365.3 | ||||||||||||||
Payroll and other benefits liabilities | 24.6 | 1.1 | 148.1 | — | 173.8 | ||||||||||||||
Other current liabilities | 142.1 | 1.0 | 314.2 | (24.2 | ) | 433.1 | |||||||||||||
Total current liabilities | 1,410.9 | 26.2 | 1,375.0 | (1,232.5 | ) | 1,579.6 | |||||||||||||
Long-term debt | 2,179.1 | — | 157.9 | — | 2,337.0 | ||||||||||||||
Other long-term liabilities | 203.3 | — | 419.0 | (18.0 | ) | 604.3 | |||||||||||||
Commitments and contingencies | |||||||||||||||||||
Redeemable noncontrolling interests | — | — | 154.2 | — | 154.2 | ||||||||||||||
Total Diebold Nixdorf, Incorporated shareholders' equity | (7.4 | ) | 608.0 | 2,220.4 | (2,828.4 | ) | (7.4 | ) | |||||||||||
Noncontrolling interests | — | — | 30.1 | — | 30.1 | ||||||||||||||
Total liabilities, redeemable noncontrolling interests and equity | $ | 3,785.9 | $ | 634.2 | $ | 4,356.6 | $ | (4,078.9 | ) | $ | 4,697.8 |
Parent | Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | Reclassifications/ Eliminations | Consolidated | |||||||||||||||
ASSETS | |||||||||||||||||||
Current assets | |||||||||||||||||||
Cash and cash equivalents | $ | 58.5 | $ | 2.3 | $ | 474.4 | $ | — | $ | 535.2 | |||||||||
Restricted cash | — | — | 8.0 | — | 8.0 | ||||||||||||||
Short-term investments | — | — | 81.4 | — | 81.4 | ||||||||||||||
Trade receivables, net | 140.7 | 1.4 | 688.0 | — | 830.1 | ||||||||||||||
Intercompany receivables | 735.7 | 907.8 | 2,104.1 | (3,747.6 | ) | — | |||||||||||||
Inventories | 159.5 | — | 569.4 | — | 728.9 | ||||||||||||||
Prepaid, income taxes and other current assets | 35.4 | 17.0 | 286.1 | (21.8 | ) | 316.7 | |||||||||||||
Total current assets | 1,129.8 | 928.5 | 4,211.4 | (3,769.4 | ) | 2,500.3 | |||||||||||||
Securities and other investments | 96.8 | — | — | — | 96.8 | ||||||||||||||
Property, plant and equipment, net | 89.6 | 2.1 | 272.8 | — | 364.5 | ||||||||||||||
Goodwill | 55.5 | — | 1,061.6 | — | 1,117.1 | ||||||||||||||
Deferred income taxes | 150.8 | 8.0 | 135.0 | — | 293.8 | ||||||||||||||
Intangible assets, net | 37.5 | — | 736.3 | — | 773.8 | ||||||||||||||
Investment in subsidiary | 2,518.5 | — | — | (2,518.5 | ) | — | |||||||||||||
Other assets | 47.2 | 1.1 | 74.0 | (26.5 | ) | 95.8 | |||||||||||||
Total assets | $ | 4,125.7 | $ | 939.7 | $ | 6,491.1 | $ | (6,314.4 | ) | $ | 5,242.1 | ||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||||||||||||||
Current liabilities | |||||||||||||||||||
Notes payable | $ | 49.9 | $ | 0.3 | $ | 16.5 | $ | — | $ | 66.7 | |||||||||
Accounts payable | 88.1 | 0.1 | 474.0 | — | 562.2 | ||||||||||||||
Intercompany payable | 1,337.1 | 192.2 | 2,218.3 | (3,747.6 | ) | — | |||||||||||||
Deferred revenue | 115.8 | 0.6 | 321.1 | — | 437.5 | ||||||||||||||
Payroll and other benefits liabilities | 26.1 | 2.2 | 170.6 | — | 198.9 | ||||||||||||||
Other current liabilities | 112.5 | 2.8 | 437.9 | (21.8 | ) | 531.4 | |||||||||||||
Total current liabilities | 1,729.5 | 198.2 | 3,638.4 | (3,769.4 | ) | 1,796.7 | |||||||||||||
Long-term debt | 1,710.6 | 0.1 | 76.4 | — | 1,787.1 | ||||||||||||||
Other long-term liabilities | 221.0 | — | 470.3 | (26.5 | ) | 664.8 | |||||||||||||
Commitments and contingencies | |||||||||||||||||||
Redeemable noncontrolling interests | — | — | 492.1 | — | 492.1 | ||||||||||||||
Total Diebold Nixdorf, Incorporated shareholders' equity | 464.6 | 741.4 | 1,777.1 | (2,518.5 | ) | 464.6 | |||||||||||||
Noncontrolling interests | — | — | 36.8 | — | 36.8 | ||||||||||||||
Total liabilities, redeemable noncontrolling interests and equity | $ | 4,125.7 | $ | 939.7 | $ | 6,491.1 | $ | (6,314.4 | ) | $ | 5,242.1 |
Parent | Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | Reclassifications/ Eliminations | Consolidated | |||||||||||||||
Net sales | $ | 633.0 | $ | 0.1 | $ | 485.9 | $ | — | $ | 1,119.0 | |||||||||
Cost of sales | 591.8 | 1.1 | 297.8 | — | 890.7 | ||||||||||||||
Gross profit (loss) | 41.2 | (1.0 | ) | 188.1 | — | 228.3 | |||||||||||||
Selling and administrative expense | 69.6 | 1.2 | 145.4 | — | 216.2 | ||||||||||||||
Research, development and engineering expense | 0.4 | 10.8 | 25.4 | — | 36.6 | ||||||||||||||
Impairment of assets | — | — | 109.3 | — | 109.3 | ||||||||||||||
(Gain) loss on sale of assets, net | 0.1 | — | — | — | 0.1 | ||||||||||||||
70.1 | 12.0 | 280.1 | — | 362.2 | |||||||||||||||
Operating profit (loss) | (28.9 | ) | (13.0 | ) | (92.0 | ) | — | (133.9 | ) | ||||||||||
Other income (expense) | |||||||||||||||||||
Interest income | 0.5 | — | 1.7 | — | 2.2 | ||||||||||||||
Interest expense | (41.0 | ) | — | (4.2 | ) | — | (45.2 | ) | |||||||||||
Foreign exchange gain (loss), net | 2.8 | (0.1 | ) | (0.5 | ) | — | 2.2 | ||||||||||||
Equity in earnings of subsidiaries | (62.8 | ) | — | — | 62.8 | — | |||||||||||||
Miscellaneous, net | 0.3 | 0.3 | 1.2 | — | 1.8 | ||||||||||||||
Income (loss) before taxes | (129.1 | ) | (12.8 | ) | (93.8 | ) | 62.8 | (172.9 | ) | ||||||||||
Income tax expense (benefit) | 83.5 | 12.6 | (50.3 | ) | — | 45.8 | |||||||||||||
Net income (loss) | (212.6 | ) | (25.4 | ) | (43.5 | ) | 62.8 | (218.7 | ) | ||||||||||
Net income (loss) attributable to noncontrolling interests | — | — | (6.1 | ) | — | (6.1 | ) | ||||||||||||
Net income (loss) attributable to Diebold Nixdorf, Incorporated | $ | (212.6 | ) | $ | (25.4 | ) | $ | (37.4 | ) | $ | 62.8 | $ | (212.6 | ) | |||||
Comprehensive income (loss) | $ | (230.4 | ) | $ | (25.4 | ) | $ | (59.2 | ) | $ | 77.2 | $ | (237.8 | ) | |||||
Less: comprehensive income (loss) attributable to noncontrolling interests | — | — | (7.4 | ) | — | (7.4 | ) | ||||||||||||
Comprehensive income (loss) attributable to Diebold Nixdorf, Incorporated | $ | (230.4 | ) | $ | (25.4 | ) | $ | (51.8 | ) | $ | 77.2 | $ | (230.4 | ) |
Parent | Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | Reclassifications/ Eliminations | Consolidated | |||||||||||||||
Net sales | $ | 289.1 | $ | 0.6 | $ | 833.0 | $ | — | $ | 1,122.7 | |||||||||
Cost of sales | 234.0 | 1.8 | 646.9 | — | 882.7 | ||||||||||||||
Gross profit (loss) | 55.1 | (1.2 | ) | 186.1 | — | 240.0 | |||||||||||||
Selling and administrative expense | 65.2 | 2.7 | 140.9 | — | 208.8 | ||||||||||||||
Research, development and engineering expense | 1.0 | 10.8 | 22.4 | — | 34.2 | ||||||||||||||
(Gain) loss on sale of assets, net | (0.1 | ) | 0.1 | 5.6 | — | 5.6 | |||||||||||||
66.1 | 13.6 | 168.9 | — | 248.6 | |||||||||||||||
Operating profit (loss) | (11.0 | ) | (14.8 | ) | 17.2 | — | (8.6 | ) | |||||||||||
Other income (expense) | |||||||||||||||||||
Interest income | 0.6 | 0.1 | 3.6 | — | 4.3 | ||||||||||||||
Interest expense | (25.7 | ) | — | (2.0 | ) | — | (27.7 | ) | |||||||||||
Foreign exchange gain (loss), net | 0.5 | — | 2.7 | — | 3.2 | ||||||||||||||
Equity in earnings of subsidiaries | 11.0 | — | — | (11.0 | ) | — | |||||||||||||
Miscellaneous, net | 1.7 | 1.8 | (4.7 | ) | (0.3 | ) | (1.5 | ) | |||||||||||
Income (loss) before taxes | (22.9 | ) | (12.9 | ) | 16.8 | (11.3 | ) | (30.3 | ) | ||||||||||
Income tax expense (benefit) | 13.1 | 2.6 | (16.6 | ) | — | (0.9 | ) | ||||||||||||
Net income (loss) | (36.0 | ) | (15.5 | ) | 33.4 | (11.3 | ) | (29.4 | ) | ||||||||||
Net income (loss) attributable to noncontrolling interests | — | — | 6.6 | — | 6.6 | ||||||||||||||
Net income (loss) attributable to Diebold Nixdorf, Incorporated | $ | (36.0 | ) | $ | (15.5 | ) | $ | 26.8 | $ | (11.3 | ) | $ | (36.0 | ) | |||||
Comprehensive income (loss) | $ | (23.1 | ) | $ | (15.5 | ) | $ | 56.3 | $ | (32.4 | ) | $ | (14.7 | ) | |||||
Less: comprehensive income (loss) attributable to noncontrolling interests | — | — | 8.4 | — | 8.4 | ||||||||||||||
Comprehensive income (loss) attributable to Diebold Nixdorf, Incorporated | $ | (23.1 | ) | $ | (15.5 | ) | $ | 47.9 | $ | (32.4 | ) | $ | (23.1 | ) |
Parent | Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | Reclassifications/ Eliminations | Consolidated | |||||||||||||||
Net sales | $ | 1,277.9 | $ | 0.4 | $ | 2,010.5 | $ | — | $ | 3,288.8 | |||||||||
Cost of sales | 1,152.9 | 1.7 | 1,446.5 | — | 2,601.1 | ||||||||||||||
Gross profit (loss) | 125.0 | (1.3 | ) | 564.0 | — | 687.7 | |||||||||||||
Selling and administrative expense | 220.5 | 3.8 | 439.6 | — | 663.9 | ||||||||||||||
Research, development and engineering expense | 2.1 | 33.1 | 83.7 | — | 118.9 | ||||||||||||||
Impairment of assets | — | — | 199.3 | — | 199.3 | ||||||||||||||
(Gain) loss on sale of assets, net | (3.4 | ) | — | (3.4 | ) | — | (6.8 | ) | |||||||||||
219.2 | 36.9 | 719.2 | — | 975.3 | |||||||||||||||
Operating profit (loss) | (94.2 | ) | (38.2 | ) | (155.2 | ) | — | (287.6 | ) | ||||||||||
Other income (expense) | |||||||||||||||||||
Interest income | 1.1 | 0.1 | 6.4 | — | 7.6 | ||||||||||||||
Interest expense | (91.9 | ) | — | (7.7 | ) | — | (99.6 | ) | |||||||||||
Foreign exchange gain (loss), net | (5.5 | ) | (0.1 | ) | 3.3 | — | (2.3 | ) | |||||||||||
Equity in earnings of subsidiaries | (191.1 | ) | — | — | 191.1 | — | |||||||||||||
Miscellaneous, net | (0.5 | ) | 0.9 | 0.5 | — | 0.9 | |||||||||||||
Income (loss) before taxes | (382.1 | ) | (37.3 | ) | (152.7 | ) | 191.1 | (381.0 | ) | ||||||||||
Income tax expense (benefit) | 41.1 | (5.6 | ) | 0.1 | — | 35.6 | |||||||||||||
Net income (loss) | (423.2 | ) | (31.7 | ) | (152.8 | ) | 191.1 | (416.6 | ) | ||||||||||
Net income (loss) attributable to noncontrolling interests | — | — | 6.6 | — | 6.6 | ||||||||||||||
Net income (loss) attributable to Diebold Nixdorf, Incorporated | $ | (423.2 | ) | $ | (31.7 | ) | $ | (159.4 | ) | $ | 191.1 | $ | (423.2 | ) | |||||
Comprehensive income (loss) | $ | (517.9 | ) | $ | (31.7 | ) | $ | (247.1 | ) | $ | 282.3 | $ | (514.4 | ) | |||||
Less: comprehensive income (loss) attributable to noncontrolling interests | — | — | 3.5 | — | 3.5 | ||||||||||||||
Comprehensive income (loss) attributable to Diebold Nixdorf, Incorporated | $ | (517.9 | ) | $ | (31.7 | ) | $ | (250.6 | ) | $ | 282.3 | $ | (517.9 | ) |
Parent | Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | Reclassifications/ Eliminations | Consolidated | |||||||||||||||
Net sales | $ | 831.0 | $ | 6.9 | $ | 2,526.6 | $ | (5.1 | ) | $ | 3,359.4 | ||||||||
Cost of sales | 670.3 | 10.5 | 1,965.4 | (5.1 | ) | 2,641.1 | |||||||||||||
Gross profit (loss) | 160.7 | (3.6 | ) | 561.2 | — | 718.3 | |||||||||||||
Selling and administrative expense | 211.5 | 7.7 | 473.4 | — | 692.6 | ||||||||||||||
Research, development and engineering expense | 1.8 | 30.5 | 82.1 | — | 114.4 | ||||||||||||||
Impairment of assets | 3.1 | — | — | — | 3.1 | ||||||||||||||
(Gain) loss on sale of assets, net | — | 0.1 | (2.6 | ) | — | (2.5 | ) | ||||||||||||
216.4 | 38.3 | 552.9 | — | 807.6 | |||||||||||||||
Operating profit (loss) | (55.7 | ) | (41.9 | ) | 8.3 | — | (89.3 | ) | |||||||||||
Other income (expense) | |||||||||||||||||||
Interest income | 1.7 | 0.2 | 13.9 | — | 15.8 | ||||||||||||||
Interest expense | (84.4 | ) | (0.1 | ) | (6.2 | ) | — | (90.7 | ) | ||||||||||
Foreign exchange gain (loss), net | 3.1 | 0.1 | (7.7 | ) | — | (4.5 | ) | ||||||||||||
Equity in earnings of subsidiaries | (42.3 | ) | — | — | 42.3 | — | |||||||||||||
Miscellaneous, net | 9.0 | 5.9 | (12.0 | ) | (1.2 | ) | 1.7 | ||||||||||||
Income (loss) before taxes | (168.6 | ) | (35.8 | ) | (3.7 | ) | 41.1 | (167.0 | ) | ||||||||||
Income tax expense (benefit) | (41.9 | ) | (17.7 | ) | (0.9 | ) | — | (60.5 | ) | ||||||||||
Net income (loss) | (126.7 | ) | (18.1 | ) | (2.8 | ) | 41.1 | (106.5 | ) | ||||||||||
Net income (loss) attributable to noncontrolling interests | — | — | 20.2 | — | 20.2 | ||||||||||||||
Net income (loss) attributable to Diebold Nixdorf, Incorporated | $ | (126.7 | ) | $ | (18.1 | ) | $ | (23.0 | ) | $ | 41.1 | $ | (126.7 | ) | |||||
Comprehensive income (loss) | $ | 15.2 | $ | (18.1 | ) | $ | 179.0 | $ | (137.2 | ) | $ | 38.9 | |||||||
Less: comprehensive income (loss) attributable to noncontrolling interests | — | — | 23.7 | — | 23.7 | ||||||||||||||
Comprehensive income (loss) attributable to Diebold Nixdorf, Incorporated | $ | 15.2 | $ | (18.1 | ) | $ | 155.3 | $ | (137.2 | ) | $ | 15.2 |
Parent | Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | Reclassifications/ Eliminations | Consolidated | |||||||||||||||
Net cash provided (used) by operating activities | $ | (108.5 | ) | $ | (24.4 | ) | $ | (239.2 | ) | $ | — | $ | (372.1 | ) | |||||
Cash flow from investing activities | |||||||||||||||||||
Capital expenditures | (4.7 | ) | (0.1 | ) | (35.7 | ) | — | (40.5 | ) | ||||||||||
Payments for acquisitions | — | — | (5.9 | ) | — | (5.9 | ) | ||||||||||||
Proceeds from maturities of investments | 74.0 | — | 201.0 | — | 275.0 | ||||||||||||||
Payments for purchases of investments | — | — | (126.5 | ) | — | (126.5 | ) | ||||||||||||
Proceeds from sale of assets | 6.7 | — | 4.1 | — | 10.8 | ||||||||||||||
Increase in certain other assets | (4.6 | ) | — | (18.2 | ) | — | (22.8 | ) | |||||||||||
Capital contributions and loans paid | (487.2 | ) | — | — | 487.2 | — | |||||||||||||
Proceeds from intercompany loans | 25.2 | — | — | (25.2 | ) | — | |||||||||||||
Net cash provided (used) by investing activities | (390.6 | ) | (0.1 | ) | 18.8 | 462.0 | 90.1 | ||||||||||||
Cash flow from financing activities | |||||||||||||||||||
Dividends paid | (7.7 | ) | — | — | — | (7.7 | ) | ||||||||||||
Debt issuance costs | (38.9 | ) | — | — | — | (38.9 | ) | ||||||||||||
Revolving credit facility (repayments) borrowings, net | 115.0 | — | 70.0 | — | 185.0 | ||||||||||||||
Other debt borrowings | 660.0 | — | 46.0 | — | 706.0 | ||||||||||||||
Other debt repayments | (274.5 | ) | (0.3 | ) | (31.9 | ) | — | (306.7 | ) | ||||||||||
Distributions and payments to noncontrolling interest holders | — | — | (337.8 | ) | — | (337.8 | ) | ||||||||||||
Repurchase of common shares | (3.0 | ) | — | — | — | (3.0 | ) | ||||||||||||
Capital contributions received and loans incurred | — | 43.0 | 444.2 | (487.2 | ) | — | |||||||||||||
Payments on intercompany loans | — | (16.6 | ) | (8.6 | ) | 25.2 | — | ||||||||||||
Net cash provided (used) by financing activities | 450.9 | 26.1 | 181.9 | (462.0 | ) | 196.9 | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (14.4 | ) | — | (14.4 | ) | ||||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | (48.2 | ) | 1.6 | (52.9 | ) | — | (99.5 | ) | |||||||||||
Cash, cash equivalents and restricted cash at the beginning of the period | 58.5 | 2.3 | 482.4 | — | 543.2 | ||||||||||||||
Cash, cash equivalents and restricted cash at the end of the period | $ | 10.3 | $ | 3.9 | $ | 429.5 | $ | — | $ | 443.7 |
Parent | Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | Reclassifications/ Eliminations | Consolidated | |||||||||||||||
Net cash provided (used) by operating activities | $ | (101.9 | ) | $ | (23.9 | ) | $ | (109.5 | ) | $ | — | $ | (235.3 | ) | |||||
Cash flow from investing activities | |||||||||||||||||||
Capital expenditures | (7.5 | ) | (0.1 | ) | (34.1 | ) | — | (41.7 | ) | ||||||||||
Payments for acquisitions | — | — | (5.6 | ) | — | (5.6 | ) | ||||||||||||
Proceeds from maturities of investments | 0.4 | — | 249.1 | — | 249.5 | ||||||||||||||
Payments for purchases of investments | (14.0 | ) | — | (246.7 | ) | — | (260.7 | ) | |||||||||||
Proceeds from sale of assets | — | — | 14.6 | — | 14.6 | ||||||||||||||
Increase in certain other assets | (0.6 | ) | 3.9 | (30.2 | ) | — | (26.9 | ) | |||||||||||
Capital contributions and loans paid | (100.2 | ) | — | — | 100.2 | — | |||||||||||||
Proceeds from intercompany loans | 193.7 | — | — | (193.7 | ) | — | |||||||||||||
Net cash provided (used) by investing activities | 71.8 | 3.8 | (52.9 | ) | (93.5 | ) | (70.8 | ) | |||||||||||
Cash flow from financing activities | |||||||||||||||||||
Dividends paid | (22.9 | ) | — | — | — | (22.9 | ) | ||||||||||||
Debt issuance costs | (1.1 | ) | — | — | — | (1.1 | ) | ||||||||||||
Revolving credit facility (repayments) borrowings, net | — | — | 120.0 | — | 120.0 | ||||||||||||||
Other debt borrowings | 323.3 | — | 57.7 | — | 381.0 | ||||||||||||||
Other debt repayments | (344.3 | ) | (1.1 | ) | (88.1 | ) | — | (433.5 | ) | ||||||||||
Distributions and payments to noncontrolling interest holders | — | — | (16.3 | ) | — | (16.3 | ) | ||||||||||||
Issuance of common shares | 0.3 | — | — | — | 0.3 | ||||||||||||||
Repurchase of common shares | (4.8 | ) | — | — | — | (4.8 | ) | ||||||||||||
Capital contributions received and loans incurred | — | 53.2 | 47.0 | (100.2 | ) | — | |||||||||||||
Payments on intercompany loans | — | (31.8 | ) | (161.9 | ) | 193.7 | — | ||||||||||||
Net cash provided (used) by financing activities | (49.5 | ) | 20.3 | (41.6 | ) | 93.5 | 22.7 | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 19.3 | — | 19.3 | ||||||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | (79.6 | ) | 0.2 | (184.7 | ) | — | (264.1 | ) | |||||||||||
Cash, cash equivalents and restricted cash at the beginning of the period | 138.9 | 2.3 | 511.5 | — | 652.7 | ||||||||||||||
Cash, cash equivalents and restricted cash at the end of the period | $ | 59.3 | $ | 2.5 | $ | 326.8 | $ | — | $ | 388.6 |
• | Transitioned to a new, streamlined and customer-centric operating model designed to drive global consistency across the organization while improving collaboration and enabling more agile decision-making. |
• | Initiated a services modernization program which includes updating customer touchpoints (ATM or POS), automating incident reporting and responses, and standardizing offerings and internal support processes. |
• | Raised $650.0 through a new term loan and revised the financial management covenants of the the Company's credit facility. This enhanced liquidity provides financial flexibility, facilitates acquiring the remaining shares of Diebold Nixdorf AG and supports DN Now initiatives. |
• | Increased its ownership stake in Diebold Nixdorf AG to 27.7 shares, or approximately 93 percent, as of September 30, 2018. The Company launched the formal process to merge the German subsidiary, Diebold Nixdorf AG, with and into Diebold KGaA. Once completed, it will result in a further simplified and streamlined corporate structure. |
• | Signed a $70.0, multiyear services contract covering about 1,000 Marks & Spencer stores in western Europe. |
• | Secured a multiyear managed services agreement valued at $68.0 for new POS devices and related software at a leading European home improvement retailer. |
• | Won Windows 10 ATM product upgrade contracts with several North America financial institutions, including an agreement with a regional United States (U.S.) bank for more than 500 DN Vynamic software licenses and a new managed services agreement. |
• | Renewed a five-year maintenance service contract with a top-three U.S. financial institution, also renewed a three-year contract with Caixa Bank to service 25,000 ATMs in Brazil. |
• | Acquired a $6, multiyear Vynamic View SaaS contract with a multinational financial institution. |
• | Secured a contract with Westpac in Australia for DN Vynamic software portfolio. Diebold Nixdorf is now the sole ATM software provider for Westpac's 2,600 machines. |
• | Implementing a new, streamlined and customer-centric operating model |
• | Refining internal processes and product range |
• | Initiating a services modernization plan |
• | Making changes to drive a more sustainable supply chain and improve net working capital |
• | Optimizing the portfolio of businesses and worldwide cost structure |
• | The ability to reduce operating costs while improving operating efficiencies; |
• | Advanced defense against logical threats while also ensuring access to future security patches from Microsoft; |
• | The ability to offer end-user enhancements which leverage application-based platforms, faster processors and greater memory; |
• | Helping to maintain consistency with other platforms migrating to Windows 10; and |
• | Maintaining compliance with the Payment Card Industry (PCI) regulations. |
• | Maintenance and Availability Services - focuses on continuously improving retail self-service fleet availability and performance. First and second line maintenance, preventive maintenance and on-demand services utilize a standardized incident management process to assure high-quality service delivery. |
• | Total Implementation Services - reliable and scalable implementation solutions in support of both current and new store concepts. The Company leverages standard processes and tools, local resources and a single point of contact. |
• | Managed Mobility Services - centralizes asset management and repair of mobile devices, tailored to the unique needs of each business. Monitoring and advanced analytics capabilities provide operational insights and support new growth opportunities. |
• | Store Life-cycle Management - proactively monitors store IT endpoints and enables improved management of internal and external suppliers and delivery organizations. Service personnel supervise market entry, openings, renewals and transformation projects, with attention to local details and customers’ global IT infrastructure. |
• | Demand for services on distributed IT assets such as ATMs, POS and SCO, including maintenance services and managed services; |
• | Timing of product upgrades and/or replacement cycles for ATMs, POS and SCO; |
• | Demand for software products and professional services; |
• | Demand for security products and services for the financial, retail and commercial sectors; |
• | Demand for innovative technology in connection with our Connected Commerce strategy; |
• | Integration of sales force, business processes, procurement and internal IT systems; and |
• | Realization of cost reductions, which leverage the Company's global scale, reduce overlap and improve operating efficiencies. |
Three Months Ended | Percent of Total Net Sales for the Three Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
2018 | 2017 | % Change | % Change in CC (1) | 2018 | 2017 | |||||||||||||
Segments | ||||||||||||||||||
Eurasia Banking | ||||||||||||||||||
Services | $ | 229.8 | $ | 240.2 | (4.3 | ) | (1.6 | ) | 20.5 | 21.4 | ||||||||
Products | 152.0 | 167.5 | (9.3 | ) | (7.1 | ) | 13.6 | 14.9 | ||||||||||
Software | 52.5 | 53.4 | (1.7 | ) | 0.4 | 4.7 | 4.8 | |||||||||||
Total Eurasia Banking | 434.3 | 461.1 | (5.8 | ) | (3.4 | ) | 38.8 | 41.1 | ||||||||||
Americas Banking | ||||||||||||||||||
Services | 237.2 | 245.8 | (3.5 | ) | (1.6 | ) | 21.2 | 21.9 | ||||||||||
Products | 118.0 | 106.2 | 11.1 | 13.4 | 10.5 | 9.4 | ||||||||||||
Software | 27.3 | 24.7 | 10.5 | 15.2 | 2.5 | 2.2 | ||||||||||||
Total Americas Banking | 382.5 | 376.7 | 1.5 | 3.7 | 34.2 | 33.5 | ||||||||||||
Retail | ||||||||||||||||||
Services | 116.9 | 119.8 | (2.4 | ) | (0.2 | ) | 10.5 | 10.7 | ||||||||||
Products | 144.6 | 123.3 | 17.3 | 19.9 | 12.9 | 11.0 | ||||||||||||
Software | 40.7 | 41.8 | (2.6 | ) | 0.5 | 3.6 | 3.7 | |||||||||||
Total Retail | 302.2 | 284.9 | 6.1 | 8.6 | 27.0 | 25.4 | ||||||||||||
Total net sales | $ | 1,119.0 | $ | 1,122.7 | (0.3 | ) | 2.0 | 100.0 | 100.0 |
• | Eurasia Banking net sales decreased $26.8 including a net unfavorable currency impact of $11.5 mainly related to the euro. Net sales in the prior-year quarter were adversely impacted $5.8 related to Deferred Revenue Adjustments. Excluding currency and Deferred Revenue Adjustments, net sales decreased $21.1 due primarily to India from a roll off of a maintenance contract with a particular customer. Additionally, lower product volume primarily in AP was partially offset by increased unit replacements in Germany related to Windows 10 migrations. |
• | Americas Banking increased $5.8 including a net unfavorable currency impact of $7.9 related to the Brazil real. Excluding currency, net sales increased $13.7 from higher product project activity in Brazil, along with higher product volume in |
• | Retail net sales increased $17.3 including a net unfavorable currency impact of $6.7 mainly related to the euro. Prior year net sales were adversely impacted $3.9 related to Deferred Revenue Adjustments. Excluding currency and Deferred Revenue Adjustments, net sales increased $20.1 due to a large North America kiosk project as well as higher POS activity in Spain. These increases were partially offset by lower POS volume in Germany. |
Nine Months Ended | Percent of Total Net Sales for the Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
2018 | 2017 | % Change | % Change in CC (1) | 2018 | 2017 | |||||||||||||
Segments | ||||||||||||||||||
Eurasia Banking | ||||||||||||||||||
Services | $ | 702.2 | $ | 699.8 | 0.3 | (4.0 | ) | 21.4 | 20.8 | |||||||||
Products | 451.7 | 527.0 | (14.3 | ) | (17.8 | ) | 13.7 | 15.7 | ||||||||||
Software | 153.0 | 145.8 | 4.9 | 0.1 | 4.6 | 4.3 | ||||||||||||
Total Eurasia Banking | 1,306.9 | 1,372.6 | (4.8 | ) | (8.9 | ) | 39.7 | 40.8 | ||||||||||
Americas Banking | ||||||||||||||||||
Services | 706.7 | 729.7 | (3.2 | ) | (2.2 | ) | 21.5 | 21.7 | ||||||||||
Products | 292.3 | 323.1 | (9.5 | ) | (8.1 | ) | 8.9 | 9.6 | ||||||||||
Software | 87.8 | 75.9 | 15.7 | 18.2 | 2.7 | 2.3 | ||||||||||||
Total Americas Banking | 1,086.8 | 1,128.7 | (3.7 | ) | (2.5 | ) | 33.1 | 33.6 | ||||||||||
Retail | ||||||||||||||||||
Services | 360.7 | 329.8 | 9.4 | 4.1 | 11.0 | 9.8 | ||||||||||||
Products | 412.4 | 412.1 | 0.1 | (5.6 | ) | 12.5 | 12.3 | |||||||||||
Software | 122.0 | 116.2 | 5.0 | 0.4 | 3.7 | 3.5 | ||||||||||||
Total Retail | 895.1 | 858.1 | 4.3 | (1.1 | ) | 27.2 | 25.6 | |||||||||||
Total net sales | $ | 3,288.8 | $ | 3,359.4 | (2.1 | ) | (4.8 | ) | 100.0 | 100.0 |
• | Eurasia Banking net sales decreased $65.7 including a net favorable currency impact of $61.7 to the euro. Net sales in the prior-year were adversely impacted $18.3, including a net favorable currency impact of $1.4, related to Deferred Revenue Adjustments. Excluding currency and Deferred Revenue Adjustments, net sales decreased $147.1 due to lower product volume in various countries throughout the segment related to fewer product deployments and projects, particularly in Turkey, Indonesia, Australia and the Middle East, in addition to decreased services in India as a result of a maintenance contract roll off with a particular customer. These decreases were partially offset by increased unit replacements in Germany related to Windows 10 migrations. |
• | Americas Banking net sales decreased $41.9 including a net unfavorable currency impact of $13.6 related to the Brazil real. Excluding currency, net sales decreased $28.3 due to lower product volume in Brazil as well as the North America regional business, which was adversely impacted by supply chain delays in the first half of 2018. Additionally, service revenue was impacted by lower maintenance revenue from two large customers in North America and $4.1 lower electronic security revenue in Chile due to the business divestiture in September of 2017. These declines were partially offset by |
• | Retail net sales increased $37.0 including a favorable net currency impact of $46.8 mostly related to the euro. Prior year net sales were adversely impacted $12.2, including a net favorable currency impact of $1.0, related to Deferred Revenue Adjustments. Excluding currency and Deferred Revenue Adjustments, net sales decreased $23.0 due to large prior year non-recurring POS and kiosk activity in Germany for multiple customers and to a lesser extent, the U.K. Additionally, the Company experienced lower product volume in the non-core business in Eurasia and Brazil. These declines were partially offset by higher product volume in France, Central Eastern Europe and Southern Europe as well as a large retail kiosk project in North America. |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||
2018 | 2017 | % Change | 2018 | 2017 | % Change | |||||||||||||||||
Gross profit - services | $ | 132.3 | $ | 135.1 | (2.1 | ) | $ | 392.1 | $ | 397.2 | (1.3 | ) | ||||||||||
Gross profit - products | 66.7 | 69.0 | (3.3 | ) | 198.2 | 219.7 | (9.8 | ) | ||||||||||||||
Gross profit - software | 29.3 | 35.9 | (18.4 | ) | 97.4 | 101.4 | (3.9 | ) | ||||||||||||||
Total gross profit | $ | 228.3 | $ | 240.0 | (4.9 | ) | $ | 687.7 | $ | 718.3 | (4.3 | ) | ||||||||||
Gross margin - services | 22.7 | % | 22.3 | % | 22.2 | % | 22.6 | % | ||||||||||||||
Gross margin - products | 16.1 | % | 17.4 | % | 17.1 | % | 17.4 | % | ||||||||||||||
Gross margin - software | 24.3 | % | 29.9 | % | 26.8 | % | 30.0 | % | ||||||||||||||
Total gross margin | 20.4 | % | 21.4 | % | 20.9 | % | 21.4 | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||
2018 | 2017 | % Change | 2018 | 2017 | % Change | |||||||||||||||||
Selling and administrative expense | $ | 216.2 | $ | 208.8 | 3.5 | $ | 663.9 | $ | 692.6 | (4.1 | ) | |||||||||||
Research, development and engineering expense | 36.6 | 34.2 | 7.0 | 118.9 | 114.4 | 3.9 | ||||||||||||||||
Impairment of assets | 109.3 | — | — | 199.3 | 3.1 | N/M | ||||||||||||||||
(Gain) loss on sale of assets, net | 0.1 | 5.6 | (98.2 | ) | (6.8 | ) | (2.5 | ) | (172.0 | ) | ||||||||||||
Total operating expenses | $ | 362.2 | $ | 248.6 | 45.7 | $ | 975.3 | $ | 807.6 | 20.8 | ||||||||||||
Percent of net sales | 32.4 | % | 22.1 | % | 29.7 | % | 24.0 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2018 | 2017 | % Change | 2018 | 2017 | % Change | ||||||||||||||||
Operating profit (loss) | $ | (133.9 | ) | $ | (8.6 | ) | N/M | $ | (287.6 | ) | $ | (89.3 | ) | (222.1 | ) | ||||||
Operating margin | (12.0 | )% | (0.8 | )% | (8.7 | )% | (2.7 | )% |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||
2018 | 2017 | % Change | 2018 | 2017 | % Change | |||||||||||||||||
Interest income | $ | 2.2 | $ | 4.3 | (48.8 | ) | $ | 7.6 | $ | 15.8 | (51.9 | ) | ||||||||||
Interest expense | (45.2 | ) | (27.7 | ) | (63.2 | ) | (99.6 | ) | (90.7 | ) | (9.8 | ) | ||||||||||
Foreign exchange gain (loss), net | 2.2 | 3.2 | (31.3 | ) | (2.3 | ) | (4.5 | ) | 48.9 | |||||||||||||
Miscellaneous, net | 1.8 | (1.5 | ) | N/M | 0.9 | 1.7 | (47.1 | ) | ||||||||||||||
Other income (expense), net | $ | (39.0 | ) | $ | (21.7 | ) | (79.7 | ) | $ | (93.4 | ) | $ | (77.7 | ) | (20.2 | ) |
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2018 | 2017 | % Change | 2018 | 2017 | % Change | |||||||||||||||
Income (loss) before taxes | $ | (172.9 | ) | $ | (30.3 | ) | N/M | $ | (381.0 | ) | $ | (167.0 | ) | N/M | ||||||
Income tax expense (benefit) | 45.8 | (0.9 | ) | N/M | 35.6 | (60.5 | ) | N/M | ||||||||||||
Net income (loss) | $ | (218.7 | ) | $ | (29.4 | ) | N/M | $ | (416.6 | ) | $ | (106.5 | ) | N/M | ||||||
Percent of net sales | (19.5 | )% | (2.6 | )% | (12.7 | )% | (3.2 | )% | ||||||||||||
Effective tax rate | (26.5 | )% | 3.0 | % | (9.3 | )% | 36.2 | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||
Eurasia Banking: | 2018 | 2017 | % Change | 2018 | 2017 | % Change | ||||||||||||||||
Net sales | $ | 434.3 | $ | 461.1 | (5.8 | ) | $ | 1,306.9 | $ | 1,372.6 | (4.8 | ) | ||||||||||
Segment operating profit (loss) | $ | 43.2 | $ | 40.0 | 8.0 | $ | 79.8 | $ | 91.0 | (12.3 | ) | |||||||||||
Segment operating profit margin | 9.9 | % | 8.7 | % | 6.1 | % | 6.6 | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||
Americas Banking: | 2018 | 2017 | % Change | 2018 | 2017 | % Change | ||||||||||||||||
Net sales | $ | 382.5 | $ | 376.7 | 1.5 | $ | 1,086.8 | $ | 1,128.7 | (3.7 | ) | |||||||||||
Segment operating profit (loss) | $ | 4.0 | $ | 14.5 | (72.4 | ) | $ | 10.4 | $ | 48.0 | (78.3 | ) | ||||||||||
Segment operating profit margin | 1.0 | % | 3.8 | % | 1.0 | % | 4.3 | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||
Retail: | 2018 | 2017 | % Change | 2018 | 2017 | % Change | ||||||||||||||||
Net sales | $ | 302.2 | $ | 284.9 | 6.1 | $ | 895.1 | $ | 858.1 | 4.3 | ||||||||||||
Segment operating profit (loss) | $ | 19.2 | $ | 27.3 | (29.7 | ) | $ | 36.5 | $ | 71.3 | (48.8 | ) | ||||||||||
Segment operating profit margin | 6.4 | % | 9.6 | % | 4.1 | % | 8.3 | % |
September 30, 2018 | December 31, 2017 | |||||||
Cash and cash equivalents | $ | 304.4 | $ | 535.2 | ||||
Additional cash availability from | ||||||||
Uncommitted lines of credit | 44.1 | 216.9 | ||||||
Revolving Facility | 240.0 | 445.0 | ||||||
Short-term investments | 5.0 | 81.4 | ||||||
Total cash and cash availability | $ | 593.5 | $ | 1,278.5 |
Summary of cash flows: | 2018 | 2017 | ||||||
Net cash provided (used) by operating activities | $ | (372.1 | ) | $ | (235.3 | ) | ||
Net cash provided (used) by investing activities | 90.1 | (70.8 | ) | |||||
Net cash provided (used) by financing activities | 196.9 | 22.7 | ||||||
Effect of exchange rate changes on cash and cash equivalents | (14.4 | ) | 19.3 | |||||
Increase (decrease) in cash, cash equivalents and restricted cash | $ | (99.5 | ) | $ | (264.1 | ) |
• | The net aggregate of trade accounts receivable, inventories and accounts payable used $156.1 and $93.3 in operating cash flows during the nine months ended September 30, 2018 and 2017, respectively. In general, the amount of cash flow provided or used by the aggregate of trade accounts payable, inventories and trade accounts receivable 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. Accounts receivable cash decreased usage compared to the same period in the prior-year primarily due to improvement in collections in Eurasia. Inventory cash use increased compared to the same period in the prior year primarily due to increased build up of inventory to satisfy various customer demand, as well as the aforementioned supply chain issues. The supply chain issues were primarily resolved and are anticipated to convert to cash over the coming quarters. Cash provided by accounts payable decreased primarily related to reduced spending in the Americas partially offset by increased spending in AP. |
• | In the aggregate, the other combined certain assets and liabilities used $158.3 and $206.9 of operating cash during the nine months ended September 30, 2018 and 2017, respectively. The decrease in use was primarily due to a reduction in deferred revenue cash provided by the collection of customer prepayments, mainly on service contracts, compared to the same period in the prior year. |
• | a maximum allowable Leverage Ratio of 7.00 to 1.00 as of September 30, 2018 (reducing to 6.5 on June 30, 2020, further reduced to 6.25 on December 31, 2020, further reduced to 6.00 on June 30, 2021 and further reduced to 5.75 on December 31, 2021); and |
• | a minimum adjusted EBITDA to net interest expense coverage ratio of not less than 1.38 to 1.00 (increasing to 1.5 on December 31, 2020 and further increased to 1.63 on December 31, 2021) |
Financing and Replacement Facilities | Interest Rate Index and Margin | Maturity/Termination Dates | Initial Term (Years) | |||
Credit Agreement facilities | ||||||
Revolving Facility | LIBOR + 3.50% | December 2020 | 5 | |||
Term Loan A Facility | LIBOR + 3.50% | December 2020 | 5 | |||
Term Loan A-1 Facility | LIBOR + 9.25% | August 2022 | 4 | |||
Delayed Draw Term Loan A Facility | LIBOR + 3.50% | December 2020 | 5 | |||
Term Loan B Facility - USD | LIBOR(i) + 2.75% | November 2023 | 7.5 | |||
Term Loan B Facility - Euro | EURIBOR(ii) + 3.00% | November 2023 | 7.5 | |||
2024 Senior Notes | 8.5% | April 2024 | 8 |
(i) | LIBOR with a floor of 0.0%. |
(ii) | EURIBOR with a floor of 0.0%. |
• | the ultimate impact of the DPLTA with Diebold Nixdorf AG and the outcome of the appraisal proceedings initiated in connection with the implementation of the DPLTA; |
• | the ultimate outcome and results of integrating the operations of the Company and Diebold Nixdorf AG; |
• | the Company's ability to comply with the covenants contained in the agreements governing its debt; |
• | the ultimate outcome of the Company’s pricing, operating and tax strategies applied to Diebold Nixdorf AG and the ultimate ability to realize cost reductions and synergies; |
• | the Company's ability to successfully operate its strategic alliances in China; |
• | 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, including the impact of the Tax Act; |
• | the Company’s reliance on suppliers and any potential disruption to the Company’s global supply chain; |
• | the impact of market and economic conditions economic conditions, including any additional deterioration and disruption in the financial and service markets, including the bankruptcies, restructurings or consolidations of financial institutions, 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; |
• | interest rate and foreign currency exchange rate fluctuations, including the impact of possible currency devaluations in countries experiencing high inflation rates; |
• | the acceptance of the Company's product and technology introductions in the marketplace; |
• | 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; |
• | the effect of legislative and regulatory actions in the U.S. and internationally and the Company’s ability to comply with government regulations; |
• | the impact of a security breach or operational failure on the Company's business; |
• | the Company's ability to successfully integrate other acquisitions into its operations; |
• | the impact of the Company's strategic initiatives, including DN Now; |
• | the Company's success in divesting, reorganizing or exiting non-core businesses; |
• | the Company's ability to maintain effective internal controls; |
• | changes in the Company's intention to further repatriate cash and cash equivalents and short-term investments residing in international tax jurisdictions, which 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; |
• | potential security violations to the Company's IT systems; |
• | the investment performance of our pension plan assets, which could require us to increase our pension contributions, and significant changes in healthcare costs, including those that may result from government action; |
• | the Company's ability to complete divestitures for optimization of its business portfolio and to realize any of the contingent purchase price consideration related thereto; and |
• | the Company's ability to achieve benefits from its cost-reduction initiatives and other strategic initiatives, including its planned restructuring actions. |
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 | 511 | $ | 14.76 | — | 2,426,177 | ||||||||
August | 983 | $ | 6.50 | — | 2,426,177 | ||||||||
September | 472 | $ | 7.87 | — | 2,426,177 | ||||||||
Total | 1,966 | $ | 8.98 | — |
(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, 2018. 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 |
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 NIXDORF, INCORPORATED | ||||
Date: | November 8, 2018 | /s/ Gerrard B. Schmid | ||
By: | Gerrard B. Schmid | |||
President and Chief Executive Officer | ||||
(Principal Executive Officer) | ||||
Date: | November 8, 2018 | /s/ Jeffrey Rutherford | ||
By: | Jeffrey Rutherford | |||
Interim Chief Financial Officer | ||||
(Principal Financial Officer) | ||||
For the Company | For the Contractor | |||
By: | /s/ Patricia Lang | By: | /s/ Jeffrey Rutherford | |
Patricia Lang | Jeffrey Rutherford | |||
Chief People Officer |
For the Company | For the Contractor | |||
By: | /s/ Patricia Lang | By: | /s/ Christopher Chapman | |
Chief People Officer | Christopher Chapman | |||
October 3, 2018 | October 2, 2018 | |||
Article 1 | Establishment and Term of the Plan | 1 | |
Article 2 | Definitions | 2 | |
Article 3 | Severance Benefits | 4 | |
Article 4 | Confidentiality and Noncompetition | 8 | |
Article 5 | Legal Fees and Notice | 9 | |
Article 6 | Successors and Assignment | 10 | |
Article 7 | Miscellaneous | 10 |
(a) | “Base Salary” means the Executive’s annual rate of salary, whether or not deferred as of the Effective Date of Termination. |
(b) | “Beneficiary” means the persons or entities designated or deemed designated by the Executive pursuant to Section 7.5 herein. |
(c) | “Board” means the Board of Directors of the Company. |
(d) | “Cause” shall mean the Executive’s” |
(i) | Willful failure to substantially perform his duties with the Company (other than any such failure resulting from the Executive’s Disability), after a written demand for substantial performance is delivered to the Executive that specifically identifies the manner in which the Company believes that the Executive has not substantially performed his duties, and the Executive has failed to remedy the situation with fifteen (15) business days of such written notice from the Company; |
(ii) | Willful gross negligence in the performance of the Executive’s duties; |
(iii) | Conviction of, or plea of guilty or nolo contendere, to any felony or a lesser crime or offense which, in the reasonable opinion of the Company, could adversely affect the business or reputation of the Company; |
(iv) | Willful engagement in conduct that is demonstrably and materially injurious to the Company, monetarily or otherwise; |
(v) | Willful violation of any provision of the Company’s code of conduct; |
(vi) | Willful violation of any of the covenants contained in Article 4 of this Plan, as applicable; |
(vii) | Act of dishonesty resulting in, or intended to result in, personal gain at the expense of the Company; or |
(viii) | Engaging in any act that is intended to harm, or may be reasonably expected to harm, the reputation, business prospects, or operations of the Company. |
(e) | “Code” means the United States Internal Revenue Code of 1986, as amended, and any successors thereto. |
(f) | “Committee” means the Compensation Committee of the Board or any other committee appointed by the Board to perform the functions of the Compensation Committee. |
(g) | “Company” means Diebold Nixdorf, Incorporated, an Ohio corporation, or any successor thereto as provided in Article 6 herein. |
(h) | “Disability” shall have the same meaning ascribed to that word in the long-term disability plan in effect for senior executives of the Company and its Subsidiaries. |
(i) | “Effective Date” means the commencement date of this Plan as specified in Section 1.2 of this Plan. |
(j) | “Effective Date of Termination” means the date on which a Qualifying Termination occurs, as defined hereunder, which triggers the payment of Severance Benefits hereunder. |
(k) | “Good Reason” shall mean the occurrence of any one or more of the following without the Executive’s express written consent: |
(i) | Any other action or inaction by the Company that constitutes a material breach by the Company of the terms and conditions of this Plan. |
(l) | “Grandfathered Executive” shall mean an Executive who was an Executive prior to December 31, 2018. |
(m) | “Notice of Termination” shall mean a written notice that shall indicate the specific termination provision in this Plan relied upon, and shall set forth in reasonable detail the facts |
(n) | “Qualifying Termination” means a termination of employment under the following circumstances: |
(i) | An involuntary termination of the Executive’s employment by the Company for reasons other than Cause pursuant to a Notice of Termination delivered to the Executive by the Company; or |
(ii) | A voluntary termination by the Executive for Good Reason pursuant to a Notice of Termination delivered to the Company by the Executive. |
(o) | “Severance Benefits” means the payment of severance compensation as provided in Article 3 herein. |
(a) | Severance Benefits. The Executive shall be entitled to receive from the Company Severance Benefits, as described in Section 3.2 or, if applicable, Section 3.4 herein, if a Qualifying Termination of the Executive’s employment has occurred. |
(b) | No Severance Benefits. The Executive shall not be entitled to receive Severance Benefits if the Executive’s employment with the Company ends for reasons other than a Qualifying Termination. |
(c) | General Release and Acknowledgement of Restrictive Covenants. As a condition to receiving Severance Benefits under Section 3.2 or, if applicable, Section 3.4 herein, no later than sixty (60) days after the date of the Executive’s Qualifying Termination, (i) the Executive shall be obligated to execute a general release of claims in favor of the Company, its current and former affiliates and stockholders, and the current and former directors, officers, employees, and agents of the Company in a form acceptable to the Company, (ii) the Executive must execute a notice acknowledging the restrictive covenants in Article 4, and (iii) the Executive’s general release shall have become irrevocable. |
(a) | A lump‑sum amount, paid sixty (60) calendar days following the Effective Date of Termination, equal to the Executive’s unpaid Base Salary, accrued vacation pay, unreimbursed business expenses, and all other items earned by and owed to the Executive through and including the Effective Date of Termination; provided that if the sixty (60) day period begins in an Executive’s taxable year and ends in the Executive’s subsequent taxable year, the payment will be made in the subsequent taxable year. |
(b) | A lump‑sum amount, paid within the sixty (60) calendar days following the Effective Date of Termination, equal to: (i) two (2) for Grade 100 and 90 Executives regardless of date of hire, (ii) one and one‑half (1.5) for Grade 85 Executives regardless of date of hire, (iii) one and one-quarter for Grade 80 Executives with a date of hire after September 1, 2014, (iv) one and |
(c) | A lump‑sum amount, if any, paid within two and one‑half (2 ½) months after the end of the calendar year that includes the Effective Date of Termination, equal to the actual bonus that would have been payable to the Executive for the calendar year that includes the Effective Date of Termination based on actual performance if the Executive had remained employed through the end of such calendar year; provided however, that such amount shall be adjusted on a pro rata basis based on the number of days the Executive was actually employed during the bonus plan year in which the Qualifying Termination occurs. |
(d) | Continuation of the Executive’s medical, dental, vision, and Company-paid basic life insurance coverage for: (i) one hundred and four weeks (104) for Grade 100 and 90 Executives regardless of date of hire, or (ii) seventy-eight (78) weeks for Grade 85 and 80 Executives, (iii) sixty-five (65) weeks for Grade 80 Executives with a date of hire after September 1, 2014, and (iv) fifty-two (52) weeks for Grade 75 and 70 Executives. These benefits shall be provided by the Company to the Executive beginning immediately upon the Effective Date of Termination. Such benefits shall be provided to the Executive at the same coverage level and cost to the Executive as in effect immediately prior to the Executive’s Effective Date of Termination. Notwithstanding the foregoing, if the Executive is a “specified employee” within the meaning of Section 409A of the Code, then the benefits provided under this Section 3.2(d) which the Company determines constitute the payment of deferred compensation (within the meaning of Section 409A of the Code) shall be provided at the Executive’s sole cost during the six (6) month period immediately after the Effective Date of Termination, and as soon as administratively practicable following the expiration of such six (6) month period, the Company shall reimburse the Executive for the portion of such costs payable by the Company hereunder. |
(e) | Treatment of outstanding long‑term incentives shall be in accordance with Section 3.3 herein. |
(f) | The Company will assist the Executive in finding other employment opportunities by providing to him, at the Company’s limited expense, professional outplacement services through the provider of the Company’s choice. Such outplacement services shall terminate when the Executive finds other employment. However, in no event shall such outplacement services continue for more than two (2) years following the Effective Date of Termination. |
(g) | Notwithstanding anything in this Plan to the contrary, if the Executive constitutes a “specified employee” as defined and applied in Section 409A of the Code, as of the Effective Date of Termination, to the extent payments made under Sections 3.2(a), (b), or (c) constitute deferred compensation (after taking into account any applicable exemptions from Section 409A of the Code), and to the extent required by Section 409A of the Code, payments may |
(a) | All outstanding and unvested stock options and stock appreciation rights (“SARs”) shall immediately vest and shall remain exercisable for a period of twelve (12) months from the Effective Date of Termination or the last day of the option term, whichever occurs first. Additionally, from time to time, the Company may declare "blackout" periods with respect to Executive and/or designated employees of the Company during which Executive and/or such employees are prohibited from engaging in certain transactions in Company securities. The scheduled expiration date of stock options and SARs pursuant to this subsection shall automatically, and without further notice to the option/SAR holder, be extended by one business day for each business day of the blackout period applied to the option/SAR holder, but in no case longer than the option term.. |
(b) | All restrictions on unvested shares of restricted stock and unvested restricted stock units shall immediately lapse, with such shares and units becoming nonforfeitable on a pro rata basis, as determined under this subparagraph (b). The pro rata award shall equal the product of (x) and (y) where (x) is the number of restricted stock shares or units subject to the award, and (y) is a fraction, the numerator of which is the number of calendar months that the Executive was employed by the Company during the restriction period (with any partial months counting as a full month for this purpose) and the denominator of which is the number of months in the restriction period. |
(c) | Unearned performance shares and performance units shall be paid out on a pro rata basis, as determined under this subparagraph (c). The pro rata award shall equal the product of (x) and (y) where (x) is the award the Executive would have earned based on actual performance measured as of the end of the respective performance period and (y) is a fraction, the numerator of which is the number of calendar months that the Executive was employed by the Company during the performance period (with any partial month counting as a full month for this purpose) and the denominator of which is the number of months in the performance period. |
(a) | A lump sum amount, paid within sixty (60) calendar days following the Effective Date of Termination, equal to the Executive’s unpaid Base Salary, accrued vacation pay, unreimbursed business expenses, and all other items earned by and owed to the Executive through and including the Effective Date of Termination; provided that if the sixty (60) day period begins in an Executive’s taxable year and ends in the Executive’s subsequent taxable year, the payment will be made in the subsequent taxable year. |
(b) | A lump sum amount, paid within sixty (60) calendar days following the Effective Date of Termination, equal to: (i) the number of full calendar months from the date on which the Executive became an employee of the Company until the Effective Date of Termination (but in any event, no less than three (3) months), multiplied by (ii) an amount equal to (A) the sum of (x) the Executive’s Base Salary, and (y) the Executive’s annual target bonus opportunity in the year of termination, divided by (B) twelve (12) with the exception that Executives at a Grade 70 with a date of hire after September 1, 2014 receive one (1) times the Executive’s monthly base salary only multiplied by the number of full calendar months from the date on which the Executive became an employee of the Company until the Effective Date of Termination (but in any event, no less than (3) months); in all instances, if the sixty (60) day period begins in an Executive’s taxable year and ends in the Executive’s subsequent taxable year, the payment will be made in the subsequent taxable year. |
(c) | [Intentionally omitted.] |
(d) | Continuation of the Executive’s medical, dental, and vision insurance coverage for a period of time equal to the number of full calendar months from the date on which the Executive became an employee of the Company until the Effective Date of Termination (but in any event, no less than three (3) months). These benefits shall be provided by the Company to the Executive beginning immediately upon the Effective Date of Termination. Such benefits shall be provided to the Executive at the same coverage level and cost to the Executive as in effect immediately prior to the Executive’s Effective Date of Termination. Notwithstanding the foregoing, if the Executive is a “specified employee” within the meaning of Section 409A of the Code, then the benefits provided under this Section 3.4(d) which the Company determines constitute the payment of deferred compensation (within the meaning of Section 409A of the Code) shall be provided at the Executive’s sole cost during the six (6) month period immediately after the Effective Date of Termination, and as soon as administratively practicable following the expiration of such six (6) month period, the Company shall reimburse the Executive for the portion of such costs payable by the Company hereunder. |
(e) | Treatment of outstanding long-term incentives shall be in accordance with the terms and conditions of the award agreements and plan pursuant to which the incentive was granted. Section 3.3 shall have no applicability. |
(f) | [Intentionally omitted.] |
(g) | Notwithstanding anything in this Plan to the contrary, if the Executive constitutes a “specified employee” as defined and applied in Section 409A of the Code, as of the Effective Date of Termination, to the extent payments made under Sections 3.4(a) or (b) constitute deferred compensation (after taking into account any applicable exemptions from Section 409A of the Code), and to the extent required by Section 409A of the Code, payments may not commence to be paid to Executive until the earlier of: (i) the first day following the six (6) month anniversary of the Executive’s Effective Date of Termination or, (ii) the Executive’s date of death; provided, however, that any payments delayed during this six (6) month period shall be paid in a lump sum as soon as administratively practicable following the six (6) month anniversary of the Executive’s Effective Date of Termination. For purposes of Section 409A of the Code, each payment due under Section 3.4(a) and (b) immediately above shall be considered a separation payment. |
(a) | Noncompetition. During the Executive’s Employment and for a period of: (i) two (2) years for Grade 100 and 90 Executives regardless of date of hire, or (ii) one and one-half (1.5) years for Grade 85 and 80 Executives, (iii) one and one-quarter (1.25) years for Grade 80 Executives with a date of hire after September 1, 2014, and (iv) one (1) year for Grade 75 and 70 Executives after the Effective Date of Termination, the Executive shall not: (A) directly or indirectly act in concert or conspire with any person employed by the Company in order to engage in or prepare to engage in or to have a financial or other interest in any business or any activity that he knows (or reasonably should have known) to be directly competitive with the business of the Company as then being carried on; or (B) serve as an employee, agent, partner, shareholder, director, or consultant for, or in any other capacity participate, engage, |
(b) | Confidentiality. The Company has advised the Executive and the Executive acknowledges that it is the policy of the Company to maintain as secret and confidential all Protected Information (as defined below), and that Protected Information has been and will be developed at substantial cost and effort to the Company. The Executive shall not at any time, directly or indirectly, divulge, furnish, or make accessible to any person, firm, corporation, association, or other entity (otherwise than as may be required in the regular course of the Executive’s employment), nor use in any manner, either during the Executive’s employment or after termination for any reason, any Protected Information, or cause any such Protected Information of the Company to enter the public domain. |
(c) | Nonsolicitation. During the Executive’s employment and for a period of: (i) three (3) years for Grade 100 and 90 Executives (ii) two and one-half (2 ½) years for Grade 85 and 80 Executives, and (iii) two (2) year for Grade 75 and 70 Executives after the Effective Date of Termination, the Executive shall not: (A) employ or retain or solicit for employment or arrange to have any other person, firm, or other entity employ or retain or solicit for employment or otherwise participate in the employment or retention of any person who is an employee or consultant of the Company; or (B) solicit suppliers or customers of the Company or induce any such person to terminate his, her, or its relationship with the Company. |
(d) | Cooperation. Executive agrees to cooperate with the Company and its attorneys in connection with any and all lawsuits, claims, investigations, or similar proceedings that have been or could be asserted at any time arising out of or related in any way to Executive’s employment by the Company or any of its subsidiaries. |
(e) | Nondisparagement. At all times, the Executive agrees not to disparage the Company or otherwise make comments harmful to the Company’s reputation. |
(f) | Severability. If any provision of Article 4 is held to be unenforceable, then this Agreement will be deemed amended to the extent necessary to render the otherwise unenforceable provision, and the rest of Article 4, valid and enforceable. If a court declines to amend the provisions of Article 4 as provided herein, the invalidity or unenforceability of any provision in Article 4 shall not affect the validity or enforceability of the remaining provisions in Article 4, which shall be enforced as if the offending provision had not been included in this Plan. |
1) | I have reviewed this quarterly report on Form 10-Q of Diebold Nixdorf, 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 8, 2018 | /s/ Gerrard B. Schmid | |
Gerrard B. Schmid | |||
President and Chief Executive Officer (Principal Executive Officer) |
1) | I have reviewed this quarterly report on Form 10-Q of Diebold Nixdorf, 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 8, 2018 | /s/ Jeffrey Rutherford | |
Jeffrey Rutherford | |||
Interim 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 8, 2018 | /s/ Gerrard B. Schmid | ||
Gerrard B. Schmid | |||
President and 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 8, 2018 | /s/ Jeffrey Rutherford | ||
Jeffrey Rutherford | |||
Interim Chief Financial Officer (Principal Financial Officer) |
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Oct. 31, 2018 |
|
Entity Information [Line Items] | ||
Entity Registrant Name | DIEBOLD NIXDORF, Inc | |
Entity Central Index Key | 0000028823 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 76,124,266 |
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Current assets | ||
Allowances for doubtful accounts | $ 55.3 | $ 71.7 |
Accumulated depreciation and amortization | $ 441.0 | $ 418.8 |
Diebold Nixdorf, 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 | 91,267,246 | 90,524,360 |
Common shares, shares outstanding | 76,115,029 | 75,558,544 |
Treasury shares, at cost, shares | 15,152,217 | 14,965,816 |
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Document Period End Date | Sep. 30, 2018 | |||
Net sales | ||||
Services | $ 583.9 | $ 605.8 | $ 1,769.6 | $ 1,759.3 |
Products | 414.6 | 397.0 | 1,156.4 | 1,262.2 |
Software | 120.5 | 119.9 | 362.8 | 337.9 |
Total net sales | 1,119.0 | 1,122.7 | 3,288.8 | 3,359.4 |
Cost of sales | ||||
Services | 451.6 | 470.7 | 1,377.5 | 1,362.1 |
Products | 347.9 | 328.0 | 958.2 | 1,042.5 |
Software | 91.2 | 84.0 | 265.4 | 236.5 |
Total cost of sales | 890.7 | 882.7 | 2,601.1 | 2,641.1 |
Gross profit | 228.3 | 240.0 | 687.7 | 718.3 |
Selling and administrative expense | 216.2 | 208.8 | 663.9 | 692.6 |
Research, development and engineering expense | 36.6 | 34.2 | 118.9 | 114.4 |
Impairment of assets | 109.3 | 0.0 | 199.3 | 3.1 |
(Gain) loss on sale of assets, net | 0.1 | 5.6 | (6.8) | (2.5) |
Total operating expense | 362.2 | 248.6 | 975.3 | 807.6 |
Operating profit (loss) | (133.9) | (8.6) | (287.6) | (89.3) |
Other income (expense) | ||||
Interest income | 2.2 | 4.3 | 7.6 | 15.8 |
Interest expense | (45.2) | (27.7) | (99.6) | (90.7) |
Foreign exchange gain (loss), net | 2.2 | 3.2 | (2.3) | (4.5) |
Miscellaneous, net | 1.8 | (1.5) | 0.9 | 1.7 |
Income (loss) before taxes | (172.9) | (30.3) | (381.0) | (167.0) |
Income tax expense (benefit) | 45.8 | (0.9) | 35.6 | (60.5) |
Net income (loss) | (218.7) | (29.4) | (416.6) | (106.5) |
Net income (loss) attributable to noncontrolling interests | (6.1) | 6.6 | 6.6 | 20.2 |
Net income (loss) attributable to Diebold Nixdorf, Incorporated | $ (212.6) | $ (36.0) | $ (423.2) | $ (126.7) |
Basic weighted-average shares outstanding | 76.1 | 75.5 | 76.0 | 75.4 |
Diluted weighted-average shares outstanding | 76.1 | 75.5 | 76.0 | 75.4 |
Net income (loss) attributable to Diebold Nixdorf, Incorporated | ||||
Basic earnings (loss) per share | $ (2.79) | $ (0.48) | $ (5.57) | $ (1.68) |
Diluted earnings (loss) per share | (2.79) | (0.48) | (5.57) | (1.68) |
Dividends declared and paid per common share | $ 0 | $ 0.1000 | $ 0.1000 | $ 0.3 |
Condensed Consolidated Statements of Comprehensive Income (Loss) Parentheticals - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Net Investment Hedging [Member] | ||||
Foreign currency hedges, amount recognized in other comprehensive income, tax | $ (0.5) | $ 1.2 | $ (1.6) | $ (0.2) |
Interest rate hedges | ||||
Interest rate hedges, net gain recognized in other comprehensive income, tax | (0.2) | (0.1) | (1.3) | (0.6) |
Pension and other post-retirement benefits | ||||
Net actuarial loss amortization, tax | $ 1.0 | $ (0.5) | $ 0.8 | $ 0.5 |
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Mar. 31, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Cash flow from operating activities: | |||||||
Net income (loss) | $ (218.7) | $ (29.4) | $ (416.6) | $ (106.5) | |||
Adjustments to reconcile net income (loss) to cash flow used by operating activities: | |||||||
Depreciation and amortization | 194.7 | 185.4 | |||||
Share-based compensation | 6.9 | 8.1 | 27.2 | 23.1 | |||
Gain on sale of assets, net | (6.8) | (2.5) | |||||
Impairment of assets | 109.3 | 0.0 | 199.3 | 3.1 | |||
Deferred income taxes | (52.8) | (36.3) | |||||
Other | (2.7) | (1.4) | |||||
Changes in certain assets and liabilities, net of the effects of acquisitions | |||||||
Trade receivables | (20.6) | (57.5) | |||||
Inventories | (142.9) | (45.8) | |||||
Accounts payable | 7.4 | 10.0 | |||||
Income taxes | (6.8) | 46.8 | |||||
Prepaid and other current assets | (32.5) | (42.0) | |||||
Deferred revenue | (60.9) | (43.3) | |||||
Restructuring payments | 37.9 | 57.8 | |||||
Warranty liability | (28.3) | (25.0) | |||||
Certain other assets and liabilities | (5.5) | 8.0 | |||||
Net cash provided (used) by operating activities | (372.1) | (235.3) | |||||
Cash flow from investing activities: | |||||||
Capital expenditures | (40.5) | (41.7) | |||||
Payment for acquisitions | $ (5.8) | (5.9) | (5.6) | $ (5.6) | |||
Proceeds from maturities of short-term investments | 275.0 | 249.5 | |||||
Payments for purchases of short-term investments | (126.5) | (260.7) | |||||
Proceeds from sale of assets | 10.8 | 14.6 | |||||
Increase in certain other assets | (22.8) | (26.9) | |||||
Net cash provided (used) by investing activities | 90.1 | (70.8) | |||||
Cash flow from financing activities: | |||||||
Dividends paid | 0.0 | (7.6) | (7.7) | (22.9) | |||
Debt issuance costs | 38.9 | 1.1 | |||||
Revolving credit facility (repayments) borrowings, net | 185.0 | 120.0 | |||||
Other debt borrowings | 706.0 | 381.0 | |||||
Other debt repayments | (306.7) | (433.5) | |||||
Distributions and payments to noncontrolling interest holders | (337.8) | (16.3) | |||||
Issuance of common shares | 0.0 | 0.3 | |||||
Repurchase of common shares | (3.0) | (4.8) | |||||
Net cash provided (used) by financing activities | 196.9 | 22.7 | |||||
Effect of exchange rate changes on cash and cash equivalents | (14.4) | 19.3 | |||||
Increase (decrease) in cash, cash equivalents and restricted cash | (99.5) | (264.1) | |||||
Cash, cash equivalents and restricted cash at the beginning of the period | $ 443.7 | $ 388.6 | $ 443.7 | $ 388.6 | $ 543.2 | $ 652.7 |
Basis of Presentation |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | The accompanying unaudited condensed consolidated financial statements of Diebold Nixdorf, 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, 2017. 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, 2018 are not necessarily indicative of results to be expected for the full year. Error Correction and Reclassification During the third quarter of 2018, the Company identified an error in prior periods presented for repairable service parts inventory balances. Prior-period amounts of inventory, product cost of sales, income tax expense, other current liabilities and retained earnings have been adjusted. Management determined that the correction of the error was not material to each prior period. This correction was recorded within the Company's operations in the Americas Banking reporting segment. As a result of applying the correction retrospectively, previously reported service cost of sales for the three and nine months ended September 30, 2017 increased by $1.0 and $3.0, respectively, and previously reported net income and basic and diluted earnings per share decreased by $0.6 and $0.01 and $1.9 and $0.02, respectively. The decrease in the inventory balance and the aggregated amount of the correction reflected in other current liabilities and retained earnings as of December 31, 2017 was $8.1. There was no impact of the correction on previously reported cash flows from operations for the prior period. In connection with recent changes in the Company's leadership, beginning with the second quarter of 2018, the Company's reportable operating segments are be based on the following solutions: Eurasia Banking, Americas Banking and Retail. As a result, the Company reclassified comparative periods for consistency. The Company has reclassified the presentation of certain prior-year information to conform to the current presentation. The Company included finance lease receivables of $14.9 and $14.4 in other assets as of September 30, 2018 and December 31, 2017, respectively, in the condensed consolidated balance sheets. The Company reclassified $8.0 from other current assets to restricted cash as of December 31, 2017 in the condensed consolidated balance sheets and was included in cash, cash equivalents and restricted cash as of September 30, 2017 in the condensed consolidated statements of cash flows. Recently Adopted Accounting Guidance
Recently Issued Accounting Guidance
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Revenue from Contract with Customer |
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Revenue Recognition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Text Block] | Note 2: Revenue Revenue is measured based on consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The amount of consideration can vary depending on discounts, rebates, refunds, credits, price concessions, incentives, performance bonuses, penalties, or other similar items contained in the contract with the customer of which generally these variable consideration components represent less than one percent of revenues. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. The Company's payment terms vary depending on the individual contracts and are generally fixed fee. The Company recognizes advance payments and billings in excess of revenue recognized as deferred revenue. In certain contracts where services are provided prior to billing, the Company recognizes a contract asset within trade receivables and other current assets. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue. The Company recognizes shipping and handling fees billed when products are shipped or delivered to a customer and includes such amounts in net sales. Although infrequent, shipping and handling associated with outbound freight after control over a product has transferred to a customer is not a separate performance obligation, rather is accounted for as a fulfillment cost. Third-party freight payments are recorded in cost of sales. The Company includes a warranty in connection with certain contracts with customers, which are not considered to be separate performance obligations. 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. For additional information on product warranty refer to note 9. The Company also has extended warranty and service contracts available for its customers, which are recognized as separate performance obligations. Revenue is recognized on these contracts ratably as the Company has a stand-ready obligation to provide services when or as needed by the customer. This input method is the most accurate assessment of progress toward completion the Company can apply. Nature of goods and services The following is a description of principal solutions offered within the Company's two main industry segments that generate the Company's revenue. For more detailed information about reportable operating segments, see note 20. The Company provides its banking customers product-related services which include proactive monitoring and rapid resolution of incidents through remote service capabilities or an on-site visit. First and second line maintenance, preventive maintenance and on-demand services keep the distributed assets of the Company's customers up and running through a standardized incident management process. Managed services and outsourcing consists of the end-to-end business processes, solution management, upgrades and transaction processing. The Company also provides a full array of cash management services, which optimizes the availability and cost of physical currency across the enterprise through efficient forecasting, inventory and replenishment processes. Banking and retail services may be sold separately or in bundled packages. The typical contract length for service is generally one year and is billed and paid in advance except for installations, among others. The Company's hardware-agnostic software applications facilitate millions of transactions via automated teller machines (ATMs), point of sale (POS) terminals, kiosks, and other self-service devices. The Company provides its banking customers front-end applications for consumer connection points and back-end platforms that manage channel transactions, operations and integration. For its retail customers, the Company provides a comprehensive, modular solution capable of enabling the most advanced omnichannel retail use cases. The Company's platform software is installed within bank and retail data centers to facilitate omnichannel transactions, endpoint monitoring, remote asset management, customer marketing, merchandise management and analytics. These offerings include highly configurable, application program interface (API) enabled software that automates legacy banking transactions across channels. The Company’s software solution includes its professional services team, who provides systems integration, customization, consulting and project management. The Company’s advisory services team collaborates with its customers to help define optimal user experience, improve business processes, refine existing staffing models and deploy technology to meet branch and store automation objectives. Software licenses and professional services may be sold separately or in bundled packages. Software licenses when bundled with professional services, where the service is modifying the intellectual property (IP), is non-distinct from the professional service. The consideration (including any discounts) is allocated between distinct obligations in a bundle based on their stand-alone selling prices. For items that are not sold separately, the Company estimates stand-alone selling prices using the cost plus expected margin approach or in the case of the software license the residual approach may be used. The Company considered ASC 606-10-32-34(c)(2), which provides the criteria that "the entity has not yet established a price for that good or service, and the good or service has not previously been sold on a standalone basis (that is, the selling price is uncertain)." The Company considers software as capable of being distinct, although it generally is not distinct in the context of the contract. Since the Company generally does not sell its software on a stand-alone basis there is limited history to accurately establish a stand-alone selling price. The Company does not have an established standalone selling price for its software. Additionally, the Company considers the customization of the intellectual property significant since the professional services integrate the commercial solution with the customer's existing infrastructure. Although the services are capable of being distinct, they are not distinct within the context of the contract. The Company concluded this fully integrated commercial solution is inseparable since its customers generally only benefit from the combined output, which includes both the intellectual property and the professional services. The percentage of the Company's consolidated net sales recognized from integration and customization of software represented approximately one percent for the three and nine months ended September 30, 2018 and 2017. The Company’s software licenses are functional in nature (the IP has significant stand-alone functionality); as such, the revenue recognition of distinct software license sales is at the point in time that the customer obtains control of the rights granted by the license. Revenue from professional services are recognized over time, because the customer simultaneously receives and consumes the benefits of the Company’s performance as the services are performed or when the Company’s performance creates an asset with no alternative use to the Company and the Company has an enforceable right to payment for performance completed to date. Generally revenue will be recognized using an input measure, typically costs incurred. Products for banking customers consist of cash recyclers and dispensers, intelligent deposit terminals, teller automation tools and kiosk technologies, as well as physical security solutions. The retail product portfolio includes modular, integrated and mobile POS and self-checkout (SCO) terminals that meet evolving automation and omnichannel requirements of consumers. Supplementing the POS system is a broad range of peripherals, including printers, scales and mobile scanners, as well as the cash management portfolio which offers a wide range of banknote and coin processing systems. Also in the portfolio, the Company provides self-checkout terminals and ordering kiosks which facilitate an efficient and user-friendly purchasing experience. The Company’s hybrid product line can alternate from an attended operator to self-checkout with the press of a button as traffic conditions warrant throughout the business day. For bundled packages, the Company accounts for individual services separately if they are distinct. A distinct service is separately identifiable from other items in the bundled package if a customer can benefit from it on its own or with other resources that are readily available to the customer. The consideration (including any discounts) is allocated between separate services or distinct obligations in a bundle based on their stand-alone selling prices. The stand-alone selling prices are determined based on the prices at which the Company separately sells the products or services. For items that are not sold separately, the Company estimates stand-alone selling prices using the cost plus expected margin approach. Revenue on service contracts is recognized ratably over time, generally using an input measure, as the customer simultaneously receives and consumes the benefits of the Company’s performance as the services are performed. In some circumstances, when global service supply chain services are not included in a term contract and rather billed as they occur, revenue on these billed work services are recognized at a point in time as transfer of control occurs. Product revenue is recognized at the point in time that the customer obtains control of the product, which could be upon delivery or upon completion of installation services, depending on contract terms. The Company considered ASC 606-10-32-34 during its assessment of standalone selling price for its software licenses sold, noting observable prices are not generally available due to high variability and customization related to its software and service solutions. The Company considered current market trends, geography, competitors and the effects of customization when concluding that observable prices were not available. The observed prices are highly variable due to the varying levels of customization of software solutions that help define optimal user experience, improve business processes, refine existing staffing models and deploy technology to meet branch and store automation objectives. Due to the nature and level of customization that is included in the Company's software and service solutions, there is no expected cost plus margin approach available for the software component of the bundled packages. Margins can vary based on the customer, retail or banking solution and level of customization, which could include software solutions, as mentioned above, that help define optimal user experience, improve business processes, refine existing staffing models and deploy technology to meet branch and store automation objectives. The Company's software licenses do not have clear identifiable fulfillment costs so the expected cost plus margin approach is not practical. The Company considered these factors when assessing the market assessment approach and the expected cost plus margin approach and concluded the residual approach was appropriate. The Company allocates price between products and software net sales when hardware is sold. Hardware sales include operating system software that is required for the hardware to function. The Company generally allocates revenue using the residual method for software included in hardware sales. The Company evaluates on a contract by contract basis software license sales that are standalone and software license sales that are accounted for under the residual method, but does not aggregate such sales. Software net sales using the residual approach represented approximately two percent of the Company's total consolidated net sales for the three and nine months ended September 30, 2018 and 2017. Disaggregation of revenue For additional information related to revenue disaggregation by reportable segment, refer to note 20. The following table presents information regarding the Company’s revenue by geographic region:
In the following table, revenue is disaggregated by timing of revenue recognition:
Contract balances The following table provides 2018 information about receivables and deferred revenue, which represent contract liabilities from contracts with customers:
Contract assets are minimal for the periods presented. The amount of revenue recognized in 2018 from performance obligations satisfied (or partially satisfied) in previous periods, mainly due to the changes in the estimate of variable consideration and contract modifications was de minimis. There have been $9.7 and $11.5 during the three months ended September 30, 2018 and 2017, respectively, and $20.6 and $26.3 during the nine months ended September 30, 2018 and 2017, respectively, of impairment losses recognized as bad debt related to receivables or contract assets arising from the Company's contracts with customers. As of January 1, 2018, the Company had $437.5 of unrecognized deferred revenue constituting the remaining performance obligations that are either unsatisfied (or partially unsatisfied). In 2018, the Company recognized revenue of $241.4 related to the Company's deferred revenue balance at January 1, 2018. Contract assets are the rights to consideration in exchange for goods or services that the Company has transferred to a customer when that right is conditional on something other than the passage of time. Contract assets of the Company primarily relate to the Company's rights to consideration for goods shipped and services provided but not contractually billable at the reporting date. The contract assets are reclassified into the receivables balance when the rights to receive payment become unconditional. Contract liabilities are recorded for any services billed to customers and not yet recognizable if the contract period has commenced or for the amount collected from customers in advance of the contract period commencing. In addition, contract liabilities are recorded as advanced payments for products and other deliverables that are billed to and collected from customers prior to revenue being recognizable. Transaction price and variable consideration The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring goods or services to a customer, excluding amounts collected on behalf of third parties. This consideration can include fixed and variable amounts and is determined at contract inception and updated each reporting period for any changes in circumstances. The transaction price also considers variable consideration, time value of money and the measurement of any non-cash consideration, all of which are estimated at contract inception and updated at each reporting date for any changes in circumstances. Once the variable consideration is identified, the Company estimates the amount of the variable consideration to include in the transaction price by using one of two methods, expected value (probability weighted methodology) or most likely amount (when there are only two possible outcomes). The Company chooses the method expected to better predict the amount of consideration to which it will be entitled and applies the method consistently to similar contracts. Generally, the Company applies the expected value method when assessing variable consideration including returns and refunds. The Company also applies the ‘as invoiced’ practical expedient in paragraph 606-10-55-18 related to performance obligations satisfied over time, which permits the Company to recognize revenue in the amount to which it has a right to invoice the customer if that amount corresponds directly with the value to the customer of the Company’s performance completed to date. Service revenues that are recognized ratably are primarily contracts that include first and second line maintenance. Service revenues that are recognized using input measures include primarily preventative maintenance. The ‘as invoiced’ practical expedient relates to the on-demand service revenue which is generally not under contract. Transaction price allocated to the remaining performance obligations As of September 30, 2018, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $2,900. The Company expects to recognize revenue on the remaining performance obligations over the next twelve months. The Company enters into service agreements with cancellable terms after a certain period without penalty. Unsatisfied obligations reflect only the obligation during the initial term. The Company applies the practical expedient in paragraph 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less. The Company also applies the ‘as invoiced’ practical expedient in paragraph 606-10-55-18 related to performance obligations satisfied over time which permits the Company to recognize revenue in the amount to which it has a right to invoice the customer if that amount corresponds directly with the value to the customer of the Company’s performance completed to date. Service revenues that are recognized ratably are primarily contracts that include first and second line maintenance. Service revenues that are recognized using input measures include primarily preventative maintenance. The ‘as invoiced’ practical expedient relates to the on-demand service revenue, which is generally not under contract. Cost to obtain and cost to fulfill a contract The Company has minimal cost to obtain or fulfill contracts for customers for the periods presented. The Company pays commissions to the sales force based on multiple factors including but not limited to order entry, revenue recognition and portfolio growth. These incremental commission fees paid to the sales force meet the criteria to be considered a cost to obtain a contract, as they are directly attributable to a contract, incremental and management expects the fees are recoverable. The Company applies the practical expedient and recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. The costs that are not capitalized are included in cost of sales. The costs related to contracts with greater than a one-year term are immaterial and continue to be recognized in cost of sales. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in cost of sales. The Company has minimal cost for shipping and handling costs for the periods presented. Changes in accounting policies Except for the changes below, the Company has consistently applied the accounting policies to all periods presented in these condensed consolidated financial statements. The Company adopted Topic 606, Revenue from Contracts with Customers, with a date of initial application of January 1, 2018. As a result, the Company has changed its accounting policy for revenue recognition as detailed below. The Company applied Topic 606 using the cumulative effect method - i.e., by recognizing the cumulative effect of initially applying Topic 606 as an adjustment to the opening balance of equity at January 1, 2018. Therefore, the comparative information has not been adjusted and continues to be reported under Topic 605. The Company applied the practical expedient related to assessment of contract modifications, whereby the Company is essentially allowed to use hindsight when assessing the effect of a modification and accounting for the modified contract as if it existed from the beginning of the original contract. The details of the significant changes and quantitative impact of the changes are set out below. Professional service contracts Previously, the Company recognized revenue for professional services contracts either on a milestone method or completed contract basis. Under Topic 606, the Company recognizes revenue when control transfers to a customer. As professional services can be highly customized for each customer, there is no alternative use for the services. When there is an enforceable right to payment for service completed combined with no alternative use of the services, the services meet criteria for over time revenue recognition. Revenue is recognized as the services are provided and as the customer benefits from the service. Revenue is recognized progressively based on the costs incurred method. When the professional services are not highly customized as in basic software installation services, customers do not take control of the services until they are completed. Therefore, the Company continues to recognize revenue for such contracts when the services are completed and customers formally accept them. In certain circumstances, a contract with a customer that contains a software arrangement may include provisions for customer acceptance. In these cases, when or as the performance obligation is satisfied, the Company recognizes revenue and records a contract asset until customer acceptance is received. Once customer acceptance is received, the contract asset is reclassified to accounts receivable. As of September 30, 3018, contract assets related to these arrangements are minimal. In situations where the performance obligation has not been met and the Company has not received customer acceptance, no revenue is recognized. Customer acceptance provisions by their nature require the customer to approve that the Company satisfied its performance obligation and are generally standard throughout our contracts with customers. If an instance arises where the Company would recognize revenue prior to customer acceptance, which occurs primarily when the Company provides bundled software and professional services, it is the Company's policy, pursuant to ASC 606, when or as the performance obligation is satisfied, to recognize revenue and record a contract asset or reduce deferred revenue, as applicable, until customer acceptance is received. Once customer acceptance is received, the contract asset is reclassified to trade receivables, net. In these circumstances, the Company would consider ASC 606-10-55-86 and -87 and conclude that although a standard method to transferring the software and services is not met, the standard terms of the customer acceptance provisions and favorable history of customer acceptances support revenue recognition prior to customer acceptance. The Company also would only recognize revenue prior to customer acceptance only if there were no remaining inputs related to performance obligation. These instances are currently immaterial. For certain contracts that contain customer acceptance clauses, such as customized software arrangements, the revenue is recognized pursuant to ASC 606-25 25-27(c) since the Company’s performance does not create an asset with an alternative use and the Company has an enforceable right to payment for performance completed to date. Impacts on financial statements The following tables summarize the impacts of adopting Topic 606 on the Company’s condensed consolidated financial statements as of and for the period ended September 30, 2018 as if the Company continued to follow its accounting policies under the previous revenue recognition guidance.
The impact to net sales and cost of sales would have been decreases of $5.2 and $6.5, respectively, for the three months ended September 30, 2018 and $19.0 and $15.1, respectively, for the nine months ended September 30, 2018. The impact after tax was $0.9 and $(2.7) for the three and nine months ended September 30, 2018, respectively, and was primarily a result of timing of deferred revenue related to products and software for certain amounts being recognized that would have previously been deferred, and certain amounts being deferred that would have previously been recognized. |
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EARNINGS PER SHARE | Earnings (Loss) Per Share Basic earnings (loss) per share is based on the weighted-average number of common shares outstanding. Diluted earnings (loss) per share includes the dilutive effect of potential common shares outstanding. Under the two-class method of computing earnings (loss) 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), director deferred shares and shares that were vested but deferred by employees. The Company calculated basic and diluted earnings (loss) per share under both the treasury stock method and the two-class method. For the three and nine months ended September 30, 2018 and 2017, there were no differences in the earnings (loss) per share amounts calculated under the two methods. Accordingly, the treasury stock method is disclosed below. The following table represents amounts used in computing earnings (loss) per share and the effect on the weighted-average number of shares of dilutive potential common shares:
In May 2018, the Company announced its decision to reallocate future dividend funds towards debt reduction and other capital resource needs. |
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 $6.9 and $8.1 for the three months ended September 30, 2018 and 2017, respectively, and was $27.2 and $23.1 for the nine months ended September 30, 2018 and 2017, respectively. Options outstanding and exercisable as of September 30, 2018 are included under the Company’s 1991 Equity and Performance Incentive Plan (as Amended and Restated as of February 12, 2014) (the 1991 Plan) and the Company's 2017 Equity and Performance Incentive Plan (the 2017 Plan). In conjunction with the appointment of the Chief Executive Officer on February 21, 2018, the board approved the grant of options, performance share units and RSUs outside of the the 2017 Plan. Changes during the nine months ended September 30, 2018 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, 2018:
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, 2018, there were 0.1 non-employee director deferred shares vested and outstanding. On April 25, 2018, the Company's shareholders approved amendments to the 2017 Plan, which provide for an additional 1.2 common shares available for award. The 2017 Plan is expected to attract and retain directors, officers and employees of the Company by providing incentives and rewards for performance. |
Income Taxes |
9 Months Ended |
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Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | Income Taxes The Tax Act was enacted on December 22, 2017. The Tax Act reduces the U.S. federal corporate income tax rate from 35% to 21%, requires companies to pay a one-time transition tax on earnings for certain foreign subsidiaries and creates new taxes on certain foreign sourced earnings. The Company applied the guidance in SAB 118 when accounting for the enactment date effects of the Tax Act. As of September 30, 2018, the Company has not completed the accounting for all the tax effects of the Tax Act. However, upon further analysis of certain aspects of the Tax Act and refinements to the Company’s calculations, the Company has increased the provisional estimate relating to deemed repatriation transition tax (transition tax) by $46.8. This increase in the provisional estimate has been included as a discrete item in the interim period ended September 30, 2018. The Company will continue to refine the provision estimate over the one-year measurement period ending December 31, 2018 which will include the period in which the Company filed its U.S. Corporation Income Tax Return. The final impacts of the Tax Act may differ materially as additional guidance and information becomes available and the U.S. federal tax filing, including transition tax, is complete. The effective tax rate on the loss before taxes was (26.5) percent for the three months ended September 30, 2018 and (9.3) percent for the nine months ended September 30, 2018. The expense on the loss for the three months ended and nine months ended was primarily due to a goodwill impairment charge, the impacts of the Tax Act and the higher interest expense burden resulting from the debt restructuring. More specifically, the expense on the loss reflects refinement of the transition tax, the impacts related to global intangible low-taxed income (GILTI) and the business interest deduction limitation which, as a result of the Company’s debt restructuring activities during the quarter, required a full valuation allowance on the current year nondeductible business interest expense. In addition, the benefit on the losses for the nine months is reduced by the goodwill impairment charge, which for tax purposes is primarily nondeductible, of $109.3 and $90.0 incurred in the third and second quarter, respectively. The effective tax rate could vary in future periods based on the Company’s earnings before taxes and clarification around the Tax Act. The effective tax rate on the loss before taxes was 3.0 percent for the three months ended September 30, 2017 and 36.2 percent for the nine months ended September 30, 2017. The tax for the three months ended September 30, 2017 reflects an unfavorable adjustment relating to year-to-date changes in the Company’s valuation allowance as well as higher than anticipated losses incurred in jurisdictions with a full valuation allowance throughout the period. During the three and nine months ended September 30, 2017, the overall reduction in the tax benefit was offset by the repatriation of foreign earnings and the associated recognition of foreign tax credits as well as favorable discrete items associated with the release of uncertain tax positions due to the expiration of the statute of limitations and reductions in the Company’s deferred tax liability relating to undistributed foreign subsidiary earnings. |
Inventories |
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Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORIES | Inventories Major classes of inventories are summarized as follows:
As a result of applying the correction of repairable service parts inventory retrospectively, a decrease in the inventory balance of $8.1 was reflected in the December 31, 2017 service parts balance previously reported. The increase in finished goods inventory was primarily attributable to increased inventory in Germany and Mexico to satisfy various customer projects. Raw materials and work in process inventory increased primarily due to a build up of inventory in the U.S. to satisfy a recent large retail customer and certain supply chain issues. |
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 or proceeds from the sale of available-for-sale securities for the three and nine months ended September 30, 2018 and 2017. The Company’s investments subject to fair value measurement consist of the following:
The Company has certain strategic alliances that are not consolidated. The Company tests these strategic alliances annually, individually and in aggregate, to determine materiality. The Company owns 40.0 percent of Inspur (Suzhou) Financial Technology Service Co. Ltd. (Inspur JV) and 43.6 percent of Aisino-Wincor Retail & Banking Systems (Shanghai) Co., Ltd. (Aisino JV). The Company engages in transactions in the ordinary course of business with its strategic alliances. The Company's strategic alliances are not significant subsidiaries and are accounted for under the equity method of investments. As of September 30, 2018 and December 31, 2017, the Company had accounts receivable with these affiliates of $20.2 and $15.6, respectively, which are included in trade receivables, less allowances for doubtful accounts on the condensed consolidated balance sheets. As of September 30, 2018 and December 31, 2017, the Company had accounts payable balances with these affiliates of $10.0 and $17.8, respectively, which are included in accounts payables on the condensed consolidated balance sheets. In May 2017, the Company announced a strategic partnership with Kony, a leading enterprise mobility and application company, to offer white label mobile application solutions for financial institutions and retailers. The Company acquired a minority equity stake in Kony, which is accounted for using the cost method of accounting. As of September 30, 2018, the Company's carrying value in Kony was $14.0 and the fair value was not estimated as there were no events or changes in circumstances in the investment. Securities and other investments also includes a cash surrender value of insurance contracts of $8.3 and $79.8 as of September 30, 2018 and December 31, 2017, respectively. The decrease is due to the monetization of the Company's investment in the company owned life insurance plans for cash needs across the organization. In addition, it includes an interest rate swap asset carrying value of $8.8 and $7.6 as of September 30, 2018 and December 31, 2017, respectively, which also represents fair value (refer to note 18). The Company has finance lease receivables of $14.9 and $14.4 in other assets as of September 30, 2018 and December 31, 2017, respectively, in the condensed consolidated balance sheets. There were no significant changes in provision for credit losses, recoveries and write-offs during the nine months ended September 30, 2018 and 2017. In both the three and nine months ended September 30, 2018, the Company sold finance receivables of $4.5 in Brazil. As of September 30, 2018, finance leases and notes receivable individually evaluated for impairment were $30.5 and $10.8, respectively, with no provision recorded. As of September 30, 2017, finance leases and notes receivable individually evaluated for impairment were $32.4 and $21.0, respectively. 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, 2018 and December 31, 2017, the recorded investment in past due financing receivables on nonaccrual status was $0.4 and $0.6, 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, 2018 and December 31, 2017 and was fully reserved and as of September 30, 2018 are all greater than 89 days past due. |
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 three reportable operating segments are Eurasia Banking, Americas Banking and Retail. The Company has allocated goodwill to its Eurasia Banking, Americas Banking and Retail reportable operating segments. The changes in carrying amounts of goodwill within the Company's segments are summarized as follows:
The Company identified four reporting units, which are Eurasia Banking, Americas Banking, Europe, Middle East and Africa (EMEA) Retail and Rest of World Retail. Management determined that the Americas Banking reporting unit had excess fair value of $168.4 or 25.9 percent cushion when compared to its carrying amount. The Eurasia Banking, EMEA Retail and Rest of World Retail reporting units had no excess fair value or cushion when compared to their carrying amounts. Changes in certain assumptions or the Company's failure to execute on the current plan could have a significant impact to the estimated fair value of the reporting units. As a result of certain impairment triggering events, the Company performed an impairment test of goodwill for its four reporting units during the third quarter of 2018. Based on the results of the impairment testing, the Company recorded a non-cash goodwill impairment loss of $109.3 related to the Eurasia Banking, EMEA Retail and Rest of World Retail reporting units during the third quarter of 2018. During the second quarter of 2018, the Company performed an impairment test of goodwill for all of its line of businesses (LoB) reporting units due to the change in its reportable operating segments. Based on the results of the LoB testing, the fair values of each of the Company's reporting units exceed their carrying values except for the Services-Asia Pacific (AP) and Software-EMEA reporting units which resulted in a non-cash impairment loss of $90.0 during the second quarter 2018. The Company recognized a non-cash goodwill impairment loss of $199.3 during the nine months ended 2018. In 2017, the Company recorded impairments totaling $3.1 related to information technology (IT) transformation and integration activities. During the third and second quarter 2018, the Company estimated the fair value of its reporting units using a combination of the income valuation and market approach methodologies. The determination of the fair value of a reporting unit requires significant estimates and assumptions, including significant unobservable inputs. The key inputs included, but were not limited to, discount rates, terminal growth rates, market multiple data from selected guideline public companies, management’s internal forecasts which include numerous assumptions such as projected net sales, gross profit, sales mix, operating and capital expenditures and earnings before interest and taxes margins, among others. The following summarizes information on intangible assets by major category:
Amortization expense on capitalized software of $8.8 and $8.6 was included in service and software cost of sales for the three months ended September 30, 2018 and 2017, respectively. Amortization expense on capitalized software of $25.6 and $27.9 was included in service and software cost of sales for the nine months ended September 30, 2018 and 2017, respectively. The Company's total amortization expense, including deferred financing costs, was $38.2 and $42.7 the three months ended September 30, 2018 and 2017, respectively. The Company's total amortization expense, including deferred financing costs, was $114.8 and $121.6 for the nine months ended September 30, 2018 and 2017, respectively. In 2018, the Company acquired the remaining portion of the noncontrolling interest in its China operations for $5.8 for which no goodwill was recorded. In 2017, the $5.6 acquired goodwill from Moxx Group B.V. (Moxx) and Visio Objekt GmbH (Visio) primarily relates to anticipated synergies achieved through increased scale and higher utilization of the service organization. |
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 payments or fulfill contractual obligations, the suppliers, customers, regulatory agencies and insurance providers may draw on the pertinent bank. At September 30, 2018, the maximum future payment obligations related to these various guarantees totaled $157.6, of which $28.0 represented standby letters of credit to insurance providers, and no associated liability was recorded. At December 31, 2017, the maximum future payment obligations relative to these various guarantees totaled $195.1, of which $28.0 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. The decrease in the liability was primarily due to warranties expiring in Brazil. Changes in the Company’s warranty liability balance are illustrated in the following table:
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Restructuring |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RESTRUCTURING AND OTHER CHARGES | Restructuring 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 type of restructuring charges by reportable operating segment:
DN Now During the second quarter of 2018, The Company began implementing DN Now to deliver greater, more sustainable profitability. The plan is anticipating savings of approximately $130 from the restructuring actions related to the new customer centric operating model with clear role charters and a global workforce aligned with market demand. Additional near term activities include divesting of non-core businesses, initiating a services modernization plan and investing in solutions. The Company incurred restructuring charges of $38.3 for the three and nine months ended September 30, 2018 related to DN Now. The Company anticipates additional restructuring costs of approximately $90 to $110 through the end of the plan primarily related to severance anticipated for completion of the Company's transformation throughout the three solution segments and corporate. DN2020 Plan During 2016, the Company launched a multi-year integration and transformation program, known as DN2020. The DN2020 plan focused on the utilization of cost efficiencies and synergy opportunities that result from the transformational acquisition of Wincor Nixdorf AG (Diebold Nixdorf AG), which aligned employee activities with the Company's goal of delivering cost reductions of approximately $240 by the year 2020. The Company incurred restructuring charges of $17.4 for the three months ended September 30, 2017, and $6.0 and $44.7 for the nine months ended September 30, 2018 and 2017, respectively, related to DN2020. As of June 30, 2018, the Company suspended this plan and does not anticipate additional DN2020 restructuring costs. Delta Program At the beginning of the 2015, Diebold Nixdorf AG initiated the Delta Program related to restructuring and realignment. As part of a change process that has spanned several years, the Delta Program was designed to hasten the expansion of software and professional services operations and to further enhance profitability in the services business. This program included expansion in the high-end fields of managed services and outsourcing. It also involved capacity adjustments on the hardware side, enabling the Company to respond more effectively to market volatility while maintaining its abilities with innovation. There were no charges during the periods presented. As of the date of the acquisition of Diebold Nixdorf AG, the restructuring accrual balance acquired was $45.5 and consisted of severance activities. During the third quarter of 2017, the Company recorded a measurement period adjustment of $8.2 to the acquired restructuring accrual resulting in a final fair value of $37.3. As of September 30, 2018, the Company concluded this plan and no additional restructuring costs will be incurred. Strategic Alliance Plan During 2016, the Company entered into a strategic alliance plan with the Inspur Group, a Chinese cloud computing and data center company, to develop, manufacture and distribute banking solutions in China. The Company incurred $0.1 restructuring charges during the nine months ended September 30, 2018 related to this plan. There were no charges during 2017. The Company anticipates minimal additional restructuring costs to be incurred through the end of the plan. The following table summarizes the Company's cumulative total restructuring costs by plan as of September 30, 2018:
The following table summarizes the Company’s restructuring accrual balances and related activity for the nine months ended September 30:
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT | Debt Outstanding debt balances were as follows:
As of September 30, 2018, the Company had various international short-term uncommitted lines of credit with borrowing limits of $67.6. The weighted-average interest rate on outstanding borrowings on the short-term uncommitted lines of credit as of September 30, 2018 and December 31, 2017 was 5.89 percent and 9.17 percent, respectively, and primarily relate to short-term uncommitted lines of credit in India and Brazil. Short-term uncommitted lines mature in less than one year. The amount available under the short-term uncommitted lines at September 30, 2018 was $44.1. The cash flows related to debt borrowings and repayments were as follows:
The Company has a revolving and term loan credit agreement (the Credit Agreement), with a revolving facility of up to $500.0 (the Revolving Facility) and a secured term loan A facility (the Term Loan A Facility) in the amount of up to $230.0 as of September 30, 2018. 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 Facility borrowings as of September 30, 2018 and December 31, 2017 was 4.38 percent and 3.63 percent, respectively, which is variable based on the London Interbank Offered Rate (LIBOR). The amount available under the Revolving Facility as of September 30, 2018 was $240.0. The Company has $400.0 aggregate principal amount of senior notes due 2024 (the 2024 Senior Notes), which are and will be guaranteed by certain of the Company’s existing and future domestic subsidiaries and mature in April 2024. On August 30, 2018, the Company entered into a sixth amendment and incremental amendment (the Sixth Amendment) to its Credit Agreement. The Amendment amended the financial covenants and established a new senior secured incremental term A-1 facility in an aggregate principal amount of $650.0 (Term Loan A-1 Facility) and makes certain other changes to the Credit Agreement. The interest rate with respect to the Term Loan A-1 Facility is based on, at the Company’s option, either the alternative base rate (ABR) plus 8.25% or a eurocurrency rate plus 9.25%. The Term A-1 Facility will mature in August 2022, the fourth anniversary of the Sixth Amendment. The Term Loan A-1 Facility is subject to a maximum consolidated net leverage ratio, a minimum consolidated interest coverage ratio and certain covenant reset triggers (Covenant Reset Triggers) as described in the Sixth Amendment. Upon the occurrence of any Covenant Reset Trigger, the financial covenant levels will automatically revert to previous financial covenant levels in effect prior to the Sixth Amendment. A portion of the proceeds of the Term Loan A-1 Facility are restricted to fund the purchase of the remaining shares of Diebold Nixdorf AG not owned by the Company. The proceeds were used to make optional prepayments of existing term A loans in the amount of $130.0 and to permanently reduce revolving credit commitments in an amount of $20.0 and to make a purchase pursuant to an offer open to all term B lenders on a pro rata basis for $100.0 in face principal amount of term B loans. Any remaining proceeds were used for general corporate and working capital purposes. On May 9, 2017, the Company entered into an incremental amendment to its Credit Agreement (the Incremental Agreement) which reduced the initial term loan B facility (the Term Loan B Facility) of a $1,000.0 U.S. dollar-denominated tranche to $475.0. The reduction was funded using the $250.0 proceeds drawn from the Delayed Draw Term Loan A Facility, a replacement of $70.0 with Term Loan B Facility - Euro and previous principal payments. The Credit Agreement financial covenant rations at September 30, 2018 are as follows:
Below is a summary of financing and replacement facilities information:
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. The Company's financing agreements contain various financial covenants, including net debt to capitalization, net debt to EBITDA and net interest coverage ratio. Under the Sixth Amendment, the Term Loan A-1 Facility is under a covenant holiday period until the earlier of any covenant reset trigger or April 1, 2019. As of September 30, 2018, the Company was in compliance with the financial and other covenants in its debt agreements. |
Redeemable Noncontrolling Interests |
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Noncontrolling Interest Disclosure [Text Block] | Redeemable Noncontrolling Interests Changes in the Company's redeemable noncontrolling interests balance are illustrated in the following table:
The Domination and Profit and Loss Transfer Agreement between Diebold Holding Germany Inc. & Co. KGaA (Diebold KGaA), a wholly-owned subsidiary of the Company, and Diebold Nixdorf AG (the DPLTA) became effective by entry in the commercial register at the local court of Paderborn (Germany) on February 14, 2017, at which time, the carrying value of the noncontrolling interest related to the Diebold Nixdorf AG ordinary shares the Company did not acquire of $386.7 and was reclassified to redeemable noncontrolling interest during the first quarter of 2017. For the period of time that the DPLTA is effective, the noncontrolling interest related to the Diebold Nixdorf AG ordinary shares the Company did not acquire will remain in redeemable noncontrolling interest and presented outside of equity in the condensed consolidated balance sheets of the Company. As of September 30, 2018 and December 31, 2017, the balance related to the redeemable noncontrolling interest related to the Diebold Nixdorf AG ordinary shares the Company did not acquire was $136.4 and $454.6, respectively. The change is primarily related to the redemption of Diebold Nixdorf AG 4.8 ordinary shares in the three and nine months ended of 2018. The Company increased its ownership stake in Diebold Nixdorf AG to 27.7 ordinary shares, or approximately 93 percent, as of September 30, 2018, which has allowed the Company to initiate squeeze-out procedures to acquire the remaining outstanding shares. The DPLTA offers the Diebold Nixdorf AG minority shareholders, at their election, (i) the ability to put their Diebold Nixdorf AG ordinary shares to Diebold KGaA in exchange for cash compensation of €55.02 per Diebold Nixdorf AG ordinary share or (ii) to remain Diebold Nixdorf AG minority shareholders and receive a recurring compensation in cash of €2.82 per Diebold Nixdorf AG ordinary share for each full fiscal year of Diebold Nixdorf AG. The redemption value adjustment includes the updated cash compensation pursuant to the DPLTA. A portion of the proceeds of the Term Loan A-1 Facility are restricted to fund the purchase of the remaining shares of Diebold Nixdorf AG not owned by the Company. The Company classified the proceeds set aside to purchase the remaining shares in restricted cash in the condensed consolidated balance sheets. The remaining balance relates to certain noncontrolling interests with redemption features, that include put rights that are not within the control of the issuer, which are considered redeemable noncontrolling interests. The redeemable noncontrolling interests were recorded at fair value as by applying the income approach using unobservable inputs for projected cash flows, including but not limited, to net sales and operating profit, and a discount rate, which are considered Level 3 inputs. The results of operations for these redeemable noncontrolling interests were not significant. The ultimate amount and timing of any future cash payments related to the put rights are uncertain. |
Equity |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EQUITY | Equity The following table presents changes in shareholders' equity attributable to Diebold Nixdorf, Incorporated and the noncontrolling interests:
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Accumulated Other Comprehensive Income (Loss) |
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | The following table summarizes the changes in the Company's AOCI, net of tax, by component for the three months ended September 30, 2018:
(1)Other comprehensive income (loss) before reclassifications within the translation component excludes $(1.1) of translation attributable to noncontrolling interests. The following table summarizes the changes in the Company’s AOCI, net of tax, by component for the three months ended September 30, 2017:
(1)Other comprehensive income (loss) before reclassifications within the translation component excludes $1.7 of translation attributable to noncontrolling interests. The following table summarizes the changes in the Company’s AOCI, net of tax, by component for the nine months ended September 30, 2018:
(2) Other comprehensive income (loss) before reclassifications within the translation component excludes $(2.6) of translation attributable to noncontrolling interests. The following table summarizes the changes in the Company’s AOCI, net of tax, by component for the nine months ended September 30, 2017:
(1)Other comprehensive income (loss) before reclassifications within the translation component excludes $3.4 of translation attributable to noncontrolling interests. The following table summarizes the details about amounts reclassified from AOCI:
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Acquisitions & Divestitures |
9 Months Ended |
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Sep. 30, 2018 | |
Divestitures [Abstract] | |
Acquisitions and divestitures | Note 15: Acquisitions and Divestitures In the first quarter of 2018, the Company acquired the remaining portion of its noncontrolling interest in its China operations for $5.8 in the aggregate. During 2017, the Company acquired all the capital stock of Moxx and certain assets and liabilities of Visio for $5.6 in the aggregate, net of cash acquired, which are included in the Retail and Eurasia Banking segments, respectively. During the third quarter of 2017, the Company acquired Moxx, which is a Netherlands based managed services company that provides managed mobility solutions for enterprises that use a large number of mobile assets in their business operations. In the second quarter of 2017, the Company acquired Visio, which is a design company based in Germany. During 2017, the Company divested its legacy Diebold business in the United Kingdom (U.K.) to Cennox Group for $5.0, fulfilling the requirements previously set forth by the U.K. Competition and Markets Authority (CMA). The divestiture closed on June 30, 2017. As part of the Company's routine efforts to evaluate its business operations, during 2017, the Company divested its electronic security (ES) businesses located in Mexico and Chile in the second and third quarters of 2017, respectively. The Company recorded a pre-tax gain of $2.2 related to these transactions. The combined net sales of the divestitures represented less than one percent of total net sales of the Company for 2017. |
Benefit Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BENEFIT PLANS | Benefit Plans The Company has qualified retirement 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 retirement benefits based on an employee’s compensation during the ten years before the date of the plan freeze or the date of the employee's actual separation from service, if earlier. 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. The Company has non-qualified pension plans to provide supplemental retirement benefits to certain officers, which were 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 retirement benefits, the Company provides post-retirement healthcare and life insurance benefits (referred to as other benefits) for certain retired employees. Retired eligible employees in the U.S. may be entitled to these benefits based upon years of service with the Company, age at retirement and collective bargaining agreements. There are no plan assets and the Company funds the benefits as the claims are paid. The post-retirement benefit obligation was determined by application of the terms of medical and life insurance plans together with relevant actuarial assumptions and healthcare cost trend rates. The Company also has defined benefit plans in Germany and Switzerland, among others. 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 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:
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:
Contributions There have been no significant changes to the expected 2018 plan year contribution amounts previously disclosed. For the nine months ended September 30, 2018 and 2017, contributions of $29.2 and $20.2, respectively, were made to the qualified and non-qualified pension plans. |
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 or financing activities. The Company’s derivative foreign currency instruments are used to manage differences in the amount of the Company’s known or expected cash receipts and cash payments principally related to the Company’s non functional currency assets and liabilities. The Company's interest rate derivatives are used to manage the differences in amount due to variable rate interest rate borrowings. 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:
As a result of the adoption of ASU 2017-12, $(0.4) and $2.4 was included in net sales for the three and nine months ended September 30, 2018, respectively and $(0.7) and $(0.6) in cost of sales for the three and nine months ended September 30, 2018, respectively, which would have been included in foreign exchange gain (loss), net in the prior period. 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 measurement of ineffectiveness 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 was $2.4 and $2.0 as of September 30, 2018 and December 31, 2017, respectively. The net loss recognized in AOCI on net investment hedge derivative instruments was $2.7 and $2.7 in the three months ended September 30, 2018 and 2017, respectively. The net loss recognized in AOCI on net investment hedge derivative instruments was $13.6 and $4.1 in the nine months ended September 30, 2018 and 2017, 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. Effectiveness is 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 $0.5 and $(12.0) for the three months ended September 30, 2018 and 2017, respectively. The net gain (loss) recognized in AOCI on net investment hedge foreign currency borrowings was $4.9 and $(37.8) for the nine months September 30, 2018 and 2017, respectively. On March 30, 2017, the Company de-designated €130.6 of its euro-denominated Term Loan B Facility and on May 9, 2017, the Company designated an additional €66.8 of its euro-denominated Term Loan B Facility as a result of its repricing described under note 11. On September 21, 2017, the Company de-designated €101.1 of its euro-denominated Term Loan B Facility. On June 21, 2018, the Company re-designated €30.2 of its euro-denominated Term Loan B Facility. On July 23, 2018, the Company de-designated €180.2 of its euro-denominated Term Loan B Facility. 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 $(3.3) and $(4.9) as of September 30, 2018 and December 31, 2017, 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. The Company has certain subsidiaries with the euro (EUR) as its functional currency that are primarily exposed to the U.S. dollar (USD) and Great Britain pound sterling (GBP). This risk is considerably reduced by natural hedging (i.e., management of sales and purchases by choice location and suppliers). For a portion of the remaining 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 AOCI and are subsequently reclassified into earnings in the period that the hedged forecasted transactions impact earnings within the same income statement line item as the earnings effect of the hedged transaction. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. As of September 30, 2018, the Company had the following outstanding foreign currency derivatives that were used to hedge its foreign exchange risks:
Interest Rate Cash Flow Hedges The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate 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 notional amount. The Company has multiple pay-fixed receive-variable interest rate swaps outstanding with an aggregate notional amount of $400.0. 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 transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. The fair value of the Company's interest rate contracts was $14.3 and $9.8 as of September 30, 2018 and December 31, 2017, respectively. Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. The Company estimates that a minimal amount will be reclassified as a decrease to interest expense over the next year. The Company has an interest rate 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. This interest rate swap mitigated the interest rate risk associated with the European Investment Bank debt, which was paid in full during 2017. For this interest rate swap, the three-month EURIBOR is received and a fixed interest of 2.97 percent is paid. The fair value, which is measured at market prices, as of September 30, 2018 and December 31, 2017 was $(5.4) and $(5.5), respectively. The interest rate contract is not designated and changes in the fair value of non-designated interest rate swap agreements are recognized in miscellaneous, net in the condensed consolidated statements of operations. The Company recognized $0.5 and $1.5 in interest expense relating to the interest rate swap for the three and nine months ended September 30, 2018, respectively. Additionally, the Company does not use derivatives for trading or speculative purposes and currently does not have any additional derivatives that are not designated as hedges. |
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 each of the nine months ended September 30, 2018 and 2017, there were no transfers between levels. The carrying amount of the Company's debt instruments approximates fair value except for the 2024 Senior Notes. The fair value and carrying value of the 2024 Senior Notes are summarized as follows:
Refer to note 11 for further details surrounding the Company's long-term debt as of September 30, 2018 compared to December 31, 2017. Additionally, the Company remeasures certain assets to fair value, using Level 3 measurements, as a result of the occurrence of triggering events. In the third and second quarter of 2018, in connection with certain triggering events, the Company performed an impairment test of goodwill for all of its reporting units, see note 8 further details. Besides goodwill from certain reporting units noted above, there were no significant assets or liabilities that were remeasured at fair value on a non-recurring basis during the period presented. |
Commitments and Contingencies |
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Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | Commitments and Contingencies Contractual Obligation At September 30, 2018, the Company had purchase commitments due within one year totaling $0.9 for materials and services through contract manufacturing agreements at negotiated prices. The Company guarantees a fixed cost of certain products used in production to its China strategic partners. 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, 2018, 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 March 2017, the administrative proceedings concluded and the assessment was reduced approximately 95 percent to a total of R$17.3 including penalties and interest as of March 2017. The Company is pursuing its remedies in the judicial sphere and management continues to believe that it has valid legal positions. 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. At September 30, 2018 and December 31, 2017, the Company had accrual related to the Brazil indirect tax matter of $4.0 and $4.9, respectively. The Company has challenged the 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, challenged the rulings. In the third quarter of 2015, the Company received a prospective ruling from the U.S. Customs Border Protection which is consistent with the Company's interpretation of the treaty in question. In August 2017, the Supreme Court of Thailand ruled in the Company's favor, finding that Customs' attempt to collect duties for importation of ATMs is improper. In addition, in August 2016 and February 2017, the tax court of appeals rendered decisions in favor of the Company related to more than half of the assessments at issue. The surviving matters remain at various stages of the appeals process and the Company will use the Supreme Court's decision in support of its position in those matters. Management remains confident that the Company has a valid legal position in these appeals. Accordingly, the Company does not have any amount accrued for this contingency. 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, 2018 to be up to $125.8 for its material indirect tax matters, of which $21.1 and $27.0, respectively, primarily 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, 2018, 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 consolidated financial statements would not be materially affected by the outcome of these legal proceedings, commitments or asserted claims. In addition to these normal course of business litigation matters, the Company was a party to the proceedings described below: Diebold KGaA is a party to appraisal proceedings (Spruchverfahren) relating to the DPLTA entered into by Diebold KGaA and Diebold Nixdorf AG on September 26, 2016 pending at the District Court (Landgericht) of Dortmund (Germany). The appraisal proceedings were filed by minority shareholders of Diebold Nixdorf AG challenging the adequacy of both, the cash exit compensation of €55.02 per Diebold Nixdorf AG share and the annual recurring compensation of €2.82 per Diebold Nixdorf AG share offered in connection with the DPLTA. A ruling by the court would apply to all Diebold Nixdorf AG shares outstanding at the time the DPLTA became effective. While the Company believes that the compensation offered in connection with the DPLTA was fair and the claims lack merit, this matter is still at a preliminary stage and the outcome is uncertain. As a result, the Company is unable to reasonably estimate the possible loss or range of losses, if any, arising from this litigation. |
Segment Information |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | Segment Information The Company's accounting policies derive segment results that are the same as those the Chief Operating Decision Maker (CODM) regularly reviews and uses to make decisions, allocate resources and assess performance. The Company continually considers its operating structure and the information subject to regular review by its Chief Executive Officer, who is the CODM, to identify reportable operating segments. The Company’s operating structure is based on a number of factors that management uses to evaluate, view and run its business operations, which currently includes, but is not limited to, product, service and solution. The Company's previous reportable operating segments included the LoB: Services, Systems, and Software. The Company began to reorganize its management team reporting to the CODM and assess its new operating model during the first half of 2018. The results of re-evaluating the LoB operating model highlighted the need to transform the Company’s operating model to Banking and Retail. The renewed focus on the customer experience has led the Company to reorganize its operating model. The LoBs will continue to develop solutions, but will operate as cost centers focused on designing and delivering innovative and customer-driven products. The realignment to Banking and Retail enables quicker decision making, reduces complexity, makes better use of talent and promotes the best possible experience for the Company’s customers. Beginning with the second quarter of 2018, the Company's reportable operating segments are based on the following solutions: Eurasia Banking, Americas Banking and Retail. As a result, the Company reclassified comparative periods for consistency. Segment revenue represents revenues from sales to external customers. Segment operating profit is defined as revenues less expenses identifiable to those segments. The Company does not allocate to its segments certain operating expenses, managed at the corporate level; that are not routinely used in the management of the segments; or information that is impractical to allocate. These unallocated costs include certain corporate costs, amortization of acquired intangible assets and deferred revenue, restructuring charges, impairment charges, legal, indemnification, and professional fees related to acquisition and divestiture expenses, along with other income (expenses). Segment operating profit reconciles to consolidated income (loss) before income taxes by deducting corporate costs and other income or expense items that are not attributed to the segments. Corporate charges not allocated to segments include headquarter-based costs associated with procurement, human resources, compensation and benefits, finance and accounting, global development/engineering, global strategy/mergers and acquisitions, global IT, tax, treasury and legal. Assets are not allocated to segments, and thus are not included in the assessment of segment performance, and consequently, we do not disclose total assets and depreciation and amortization expense by reportable operating segment. For additional information related to the Company's revenue sources, refer to note 2. In addition to the considerations mentioned above regarding the CODM, the Company has assessed several factors in disaggregating revenue which include the information disclosed in this report and other disaggregated revenue information provided in investor presentations and board of director presentations. The following tables represent information regarding the Company’s segment information and provides a reconciliation between segment operating profit and the consolidated income (loss) before income taxes:
Net non-routine expense consists of items that the Company has determined are non-routine in nature and not allocated to the reportable operating segments. Net non-routine expense of $152.0 for the three months ended September 30, 2018 was primarily due to the goodwill impairment charge of $109.3, acquisition integration expenses of $10.3 primarily within selling and administrative expense and purchase accounting pre-tax charges for amortization of acquired intangibles of $28.2. Net non-routine expense of $322.5 for the nine months ended September 30, 2018 was due to the goodwill impairment charge of $199.3 and acquisition integration expenses of $40.0, primarily within selling and administrative expense, and purchase accounting pre-tax charges for amortization of acquired intangibles of $88.7. Net non-routine expense of $72.7 for the three months ended September 30, 2017 was primarily due to acquisition and divestiture related costs inclusive of integration expenses of $19.8 primarily within selling and administrative expense and purchase accounting pretax charges, which included deferred revenue of $9.7 and $34.9 in amortization of acquired intangibles. Net non-routine expense of $206.2 for the nine months ended September 30, 2017 was primarily due to legal, acquisition and divestiture related costs of $16.1 inclusive of the mark-to-market impact on Diebold Nixdorf AG stock options and integration expenses of $54.8 primarily within selling and administrative expense and purchase accounting pretax charges, which included deferred revenue of $30.4 and $99.5 in amortization of acquired intangibles. |
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. 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 percent 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 conditions. Each entity in the consolidating financial information follows the same accounting policies as described in the condensed 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 Sheet As of September 30, 2018
Condensed Consolidating Balance Sheet As of December 31, 2017
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended September 30, 2018
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended September 30, 2017
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Nine Months Ended September 30, 2018
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Nine Months Ended September 30, 2017
Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2018
Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2017
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Revenue from Contract with Customer (Policies) |
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Revenue Recognition [Abstract] | |
Revenue Recognition, Policy [Policy Text Block] | Contract assets are the rights to consideration in exchange for goods or services that the Company has transferred to a customer when that right is conditional on something other than the passage of time. Contract assets of the Company primarily relate to the Company's rights to consideration for goods shipped and services provided but not contractually billable at the reporting date. The contract assets are reclassified into the receivables balance when the rights to receive payment become unconditional. Contract liabilities are recorded for any services billed to customers and not yet recognizable if the contract period has commenced or for the amount collected from customers in advance of the contract period commencing. In addition, contract liabilities are recorded as advanced payments for products and other deliverables that are billed to and collected from customers prior to revenue being recognizable. Transaction price and variable consideration The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring goods or services to a customer, excluding amounts collected on behalf of third parties. This consideration can include fixed and variable amounts and is determined at contract inception and updated each reporting period for any changes in circumstances. The transaction price also considers variable consideration, time value of money and the measurement of any non-cash consideration, all of which are estimated at contract inception and updated at each reporting date for any changes in circumstances. Once the variable consideration is identified, the Company estimates the amount of the variable consideration to include in the transaction price by using one of two methods, expected value (probability weighted methodology) or most likely amount (when there are only two possible outcomes). The Company chooses the method expected to better predict the amount of consideration to which it will be entitled and applies the method consistently to similar contracts. Generally, the Company applies the expected value method when assessing variable consideration including returns and refunds. The Company also applies the ‘as invoiced’ practical expedient in paragraph 606-10-55-18 related to performance obligations satisfied over time, which permits the Company to recognize revenue in the amount to which it has a right to invoice the customer if that amount corresponds directly with the value to the customer of the Company’s performance completed to date. Service revenues that are recognized ratably are primarily contracts that include first and second line maintenance. Service revenues that are recognized using input measures include primarily preventative maintenance. The ‘as invoiced’ practical expedient relates to the on-demand service revenue which is generally not under contract. Transaction price allocated to the remaining performance obligations As of September 30, 2018, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $2,900. The Company expects to recognize revenue on the remaining performance obligations over the next twelve months. The Company enters into service agreements with cancellable terms after a certain period without penalty. Unsatisfied obligations reflect only the obligation during the initial term. The Company applies the practical expedient in paragraph 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less. The Company also applies the ‘as invoiced’ practical expedient in paragraph 606-10-55-18 related to performance obligations satisfied over time which permits the Company to recognize revenue in the amount to which it has a right to invoice the customer if that amount corresponds directly with the value to the customer of the Company’s performance completed to date. Service revenues that are recognized ratably are primarily contracts that include first and second line maintenance. Service revenues that are recognized using input measures include primarily preventative maintenance. The ‘as invoiced’ practical expedient relates to the on-demand service revenue, which is generally not under contract. Cost to obtain and cost to fulfill a contract The Company has minimal cost to obtain or fulfill contracts for customers for the periods presented. The Company pays commissions to the sales force based on multiple factors including but not limited to order entry, revenue recognition and portfolio growth. These incremental commission fees paid to the sales force meet the criteria to be considered a cost to obtain a contract, as they are directly attributable to a contract, incremental and management expects the fees are recoverable. The Company applies the practical expedient and recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. The costs that are not capitalized are included in cost of sales. The costs related to contracts with greater than a one-year term are immaterial and continue to be recognized in cost of sales. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in cost of sales. The Company has minimal cost for shipping and handling costs for the periods presented. Changes in accounting policies Except for the changes below, the Company has consistently applied the accounting policies to all periods presented in these condensed consolidated financial statements. The Company adopted Topic 606, Revenue from Contracts with Customers, with a date of initial application of January 1, 2018. As a result, the Company has changed its accounting policy for revenue recognition as detailed below. The Company applied Topic 606 using the cumulative effect method - i.e., by recognizing the cumulative effect of initially applying Topic 606 as an adjustment to the opening balance of equity at January 1, 2018. Therefore, the comparative information has not been adjusted and continues to be reported under Topic 605. The Company applied the practical expedient related to assessment of contract modifications, whereby the Company is essentially allowed to use hindsight when assessing the effect of a modification and accounting for the modified contract as if it existed from the beginning of the original contract. The details of the significant changes and quantitative impact of the changes are set out below. Professional service contracts Previously, the Company recognized revenue for professional services contracts either on a milestone method or completed contract basis. Under Topic 606, the Company recognizes revenue when control transfers to a customer. As professional services can be highly customized for each customer, there is no alternative use for the services. When there is an enforceable right to payment for service completed combined with no alternative use of the services, the services meet criteria for over time revenue recognition. Revenue is recognized as the services are provided and as the customer benefits from the service. Revenue is recognized progressively based on the costs incurred method. When the professional services are not highly customized as in basic software installation services, customers do not take control of the services until they are completed. Therefore, the Company continues to recognize revenue for such contracts when the services are completed and customers formally accept them. In certain circumstances, a contract with a customer that contains a software arrangement may include provisions for customer acceptance. In these cases, when or as the performance obligation is satisfied, the Company recognizes revenue and records a contract asset until customer acceptance is received. Once customer acceptance is received, the contract asset is reclassified to accounts receivable. As of September 30, 3018, contract assets related to these arrangements are minimal. In situations where the performance obligation has not been met and the Company has not received customer acceptance, no revenue is recognized. Customer acceptance provisions by their nature require the customer to approve that the Company satisfied its performance obligation and are generally standard throughout our contracts with customers. If an instance arises where the Company would recognize revenue prior to customer acceptance, which occurs primarily when the Company provides bundled software and professional services, it is the Company's policy, pursuant to ASC 606, when or as the performance obligation is satisfied, to recognize revenue and record a contract asset or reduce deferred revenue, as applicable, until customer acceptance is received. Once customer acceptance is received, the contract asset is reclassified to trade receivables, net. In these circumstances, the Company would consider ASC 606-10-55-86 and -87 and conclude that although a standard method to transferring the software and services is not met, the standard terms of the customer acceptance provisions and favorable history of customer acceptances support revenue recognition prior to customer acceptance. The Company also would only recognize revenue prior to customer acceptance only if there were no remaining inputs related to performance obligation. These instances are currently immaterial. For certain contracts that contain customer acceptance clauses, such as customized software arrangements, the revenue is recognized pursuant to ASC 606-25 25-27(c) since the Company’s performance does not create an asset with an alternative use and the Company has an enforceable right to payment for performance completed to date. Revenue is measured based on consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The amount of consideration can vary depending on discounts, rebates, refunds, credits, price concessions, incentives, performance bonuses, penalties, or other similar items contained in the contract with the customer of which generally these variable consideration components represent less than one percent of revenues. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. The Company's payment terms vary depending on the individual contracts and are generally fixed fee. The Company recognizes advance payments and billings in excess of revenue recognized as deferred revenue. In certain contracts where services are provided prior to billing, the Company recognizes a contract asset within trade receivables and other current assets. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue. The Company recognizes shipping and handling fees billed when products are shipped or delivered to a customer and includes such amounts in net sales. Although infrequent, shipping and handling associated with outbound freight after control over a product has transferred to a customer is not a separate performance obligation, rather is accounted for as a fulfillment cost. Third-party freight payments are recorded in cost of sales. The Company includes a warranty in connection with certain contracts with customers, which are not considered to be separate performance obligations. 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. For additional information on product warranty refer to note 9. The Company also has extended warranty and service contracts available for its customers, which are recognized as separate performance obligations. Revenue is recognized on these contracts ratably as the Company has a stand-ready obligation to provide services when or as needed by the customer. This input method is the most accurate assessment of progress toward completion the Company can apply. Nature of goods and services The following is a description of principal solutions offered within the Company's two main industry segments that generate the Company's revenue. For more detailed information about reportable operating segments, see note 20. The Company provides its banking customers product-related services which include proactive monitoring and rapid resolution of incidents through remote service capabilities or an on-site visit. First and second line maintenance, preventive maintenance and on-demand services keep the distributed assets of the Company's customers up and running through a standardized incident management process. Managed services and outsourcing consists of the end-to-end business processes, solution management, upgrades and transaction processing. The Company also provides a full array of cash management services, which optimizes the availability and cost of physical currency across the enterprise through efficient forecasting, inventory and replenishment processes. Banking and retail services may be sold separately or in bundled packages. The typical contract length for service is generally one year and is billed and paid in advance except for installations, among others. The Company's hardware-agnostic software applications facilitate millions of transactions via automated teller machines (ATMs), point of sale (POS) terminals, kiosks, and other self-service devices. The Company provides its banking customers front-end applications for consumer connection points and back-end platforms that manage channel transactions, operations and integration. For its retail customers, the Company provides a comprehensive, modular solution capable of enabling the most advanced omnichannel retail use cases. The Company's platform software is installed within bank and retail data centers to facilitate omnichannel transactions, endpoint monitoring, remote asset management, customer marketing, merchandise management and analytics. These offerings include highly configurable, application program interface (API) enabled software that automates legacy banking transactions across channels. The Company’s software solution includes its professional services team, who provides systems integration, customization, consulting and project management. The Company’s advisory services team collaborates with its customers to help define optimal user experience, improve business processes, refine existing staffing models and deploy technology to meet branch and store automation objectives. Software licenses and professional services may be sold separately or in bundled packages. Software licenses when bundled with professional services, where the service is modifying the intellectual property (IP), is non-distinct from the professional service. The consideration (including any discounts) is allocated between distinct obligations in a bundle based on their stand-alone selling prices. For items that are not sold separately, the Company estimates stand-alone selling prices using the cost plus expected margin approach or in the case of the software license the residual approach may be used. The Company considered ASC 606-10-32-34(c)(2), which provides the criteria that "the entity has not yet established a price for that good or service, and the good or service has not previously been sold on a standalone basis (that is, the selling price is uncertain)." The Company considers software as capable of being distinct, although it generally is not distinct in the context of the contract. Since the Company generally does not sell its software on a stand-alone basis there is limited history to accurately establish a stand-alone selling price. The Company does not have an established standalone selling price for its software. Additionally, the Company considers the customization of the intellectual property significant since the professional services integrate the commercial solution with the customer's existing infrastructure. Although the services are capable of being distinct, they are not distinct within the context of the contract. The Company concluded this fully integrated commercial solution is inseparable since its customers generally only benefit from the combined output, which includes both the intellectual property and the professional services. The percentage of the Company's consolidated net sales recognized from integration and customization of software represented approximately one percent for the three and nine months ended September 30, 2018 and 2017. The Company’s software licenses are functional in nature (the IP has significant stand-alone functionality); as such, the revenue recognition of distinct software license sales is at the point in time that the customer obtains control of the rights granted by the license. Revenue from professional services are recognized over time, because the customer simultaneously receives and consumes the benefits of the Company’s performance as the services are performed or when the Company’s performance creates an asset with no alternative use to the Company and the Company has an enforceable right to payment for performance completed to date. Generally revenue will be recognized using an input measure, typically costs incurred. Products for banking customers consist of cash recyclers and dispensers, intelligent deposit terminals, teller automation tools and kiosk technologies, as well as physical security solutions. The retail product portfolio includes modular, integrated and mobile POS and self-checkout (SCO) terminals that meet evolving automation and omnichannel requirements of consumers. Supplementing the POS system is a broad range of peripherals, including printers, scales and mobile scanners, as well as the cash management portfolio which offers a wide range of banknote and coin processing systems. Also in the portfolio, the Company provides self-checkout terminals and ordering kiosks which facilitate an efficient and user-friendly purchasing experience. The Company’s hybrid product line can alternate from an attended operator to self-checkout with the press of a button as traffic conditions warrant throughout the business day. For bundled packages, the Company accounts for individual services separately if they are distinct. A distinct service is separately identifiable from other items in the bundled package if a customer can benefit from it on its own or with other resources that are readily available to the customer. The consideration (including any discounts) is allocated between separate services or distinct obligations in a bundle based on their stand-alone selling prices. The stand-alone selling prices are determined based on the prices at which the Company separately sells the products or services. For items that are not sold separately, the Company estimates stand-alone selling prices using the cost plus expected margin approach. Revenue on service contracts is recognized ratably over time, generally using an input measure, as the customer simultaneously receives and consumes the benefits of the Company’s performance as the services are performed. In some circumstances, when global service supply chain services are not included in a term contract and rather billed as they occur, revenue on these billed work services are recognized at a point in time as transfer of control occurs. Product revenue is recognized at the point in time that the customer obtains control of the product, which could be upon delivery or upon completion of installation services, depending on contract terms. The Company considered ASC 606-10-32-34 during its assessment of standalone selling price for its software licenses sold, noting observable prices are not generally available due to high variability and customization related to its software and service solutions. The Company considered current market trends, geography, competitors and the effects of customization when concluding that observable prices were not available. The observed prices are highly variable due to the varying levels of customization of software solutions that help define optimal user experience, improve business processes, refine existing staffing models and deploy technology to meet branch and store automation objectives. Due to the nature and level of customization that is included in the Company's software and service solutions, there is no expected cost plus margin approach available for the software component of the bundled packages. Margins can vary based on the customer, retail or banking solution and level of customization, which could include software solutions, as mentioned above, that help define optimal user experience, improve business processes, refine existing staffing models and deploy technology to meet branch and store automation objectives. The Company's software licenses do not have clear identifiable fulfillment costs so the expected cost plus margin approach is not practical. The Company considered these factors when assessing the market assessment approach and the expected cost plus margin approach and concluded the residual approach was appropriate. The Company allocates price between products and software net sales when hardware is sold. Hardware sales include operating system software that is required for the hardware to function. The Company generally allocates revenue using the residual method for software included in hardware sales. The Company evaluates on a contract by contract basis software license sales that are standalone and software license sales that are accounted for under the residual method, but does not aggregate such sales. Software net sales using the residual approach represented approximately two percent of the Company's total consolidated net sales for the three and nine months ended September 30, 2018 and 2017. |
Revenue (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Table Text Block] | The following table presents information regarding the Company’s revenue by geographic region:
In the following table, revenue is disaggregated by timing of revenue recognition:
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Contract with Customer, Asset and Liability [Table Text Block] | The following table provides 2018 information about receivables and deferred revenue, which represent contract liabilities from contracts with customers:
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Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | The following tables summarize the impacts of adopting Topic 606 on the Company’s condensed consolidated financial statements as of and for the period ended September 30, 2018 as if the Company continued to follow its accounting policies under the previous revenue recognition guidance.
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Earnings Per Share (Tables) |
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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 table represents amounts used in computing earnings (loss) per share and the effect on the weighted-average number of shares of dilutive potential common shares:
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Share-Based Compensation (Tables) |
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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, 2018 are included under the Company’s 1991 Equity and Performance Incentive Plan (as Amended and Restated as of February 12, 2014) (the 1991 Plan) and the Company's 2017 Equity and Performance Incentive Plan (the 2017 Plan). In conjunction with the appointment of the Chief Executive Officer on February 21, 2018, the board approved the grant of options, performance share units and RSUs outside of the the 2017 Plan. Changes during the nine months ended September 30, 2018 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, 2018:
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Inventories (Tables) |
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Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Major classes of inventories | Major classes of inventories are summarized as follows:
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Investments (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | The Company’s investments subject to fair value measurement consist of the following:
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Goodwill and Other Assets (Tables) |
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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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Guarantees and Product Warranties (Tables) |
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Changes in warranty liability balance | Changes in the Company’s warranty liability balance are illustrated in the following table:
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Restructuring (Tables) |
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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 type of restructuring charges by reportable operating segment:
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Cumulative total restructuring costs [Table Text Block] | The following table summarizes the Company's cumulative total restructuring costs by plan as of September 30, 2018:
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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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Debt (Tables) |
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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Redeemable Noncontrolling Interests (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interest [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interest [Table Text Block] | Changes in the Company's redeemable noncontrolling interests balance are illustrated in the following table:
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Equity (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 Nixdorf, Incorporated and the noncontrolling interests:
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Accumulated Other Comprehensive Income (Loss) (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in the Company's AOCI, net of tax, by component for the three months ended September 30, 2018:
(1)Other comprehensive income (loss) before reclassifications within the translation component excludes $(1.1) of translation attributable to noncontrolling interests. The following table summarizes the changes in the Company’s AOCI, net of tax, by component for the three months ended September 30, 2017:
(1)Other comprehensive income (loss) before reclassifications within the translation component excludes $1.7 of translation attributable to noncontrolling interests. The following table summarizes the changes in the Company’s AOCI, net of tax, by component for the nine months ended September 30, 2018:
(2) Other comprehensive income (loss) before reclassifications within the translation component excludes $(2.6) of translation attributable to noncontrolling interests. The following table summarizes the changes in the Company’s AOCI, net of tax, by component for the nine months ended September 30, 2017:
(1)Other comprehensive income (loss) before reclassifications within the translation component excludes $3.4 of translation attributable to noncontrolling interests. |
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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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Benefit Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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:
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Derivative Instruments and Hedging Activities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2018, 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, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 carrying amount of the Company's debt instruments approximates fair value except for the 2024 Senior Notes. The fair value and carrying value of the 2024 Senior Notes are summarized as follows:
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Segment Information (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) before income taxes:
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Schedule Of Revenue From External Customers By Product And Service Solution | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] |
Supplemental Guarantor Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Guarantor Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Balance Sheet [Table Text Block] | Condensed Consolidating Balance Sheet As of September 30, 2018
Condensed Consolidating Balance Sheet As of December 31, 2017
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Condensed Income Statement [Table Text Block] | Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended September 30, 2018
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended September 30, 2017
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Condensed Cash Flow Statement [Table Text Block] | Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2018
Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2017
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Basis of Presentation (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Jan. 01, 2018 |
Dec. 31, 2017 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Other current liabilities | $ 433.1 | $ 433.1 | $ 531.4 | |||
Inventories | 846.5 | $ 846.5 | 728.9 | |||
Document Period End Date | Sep. 30, 2018 | |||||
Total net sales | 1,119.0 | $ 1,122.7 | $ 3,288.8 | $ 3,359.4 | ||
Cost of Services | 451.6 | $ 470.7 | 1,377.5 | $ 1,362.1 | ||
Finance lease receivables | 14.9 | 14.9 | 14.4 | |||
Restricted cash | 139.3 | 139.3 | 8.0 | |||
Accounting Standards Update 2017-12 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Total net sales | (0.4) | 2.4 | ||||
Cost of Services | $ (0.7) | $ (0.6) | ||||
Retained Earnings [Member] | Accounting Standards Update 2018-02 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 29.0 | |||||
Retained Earnings [Member] | Accounting Standards Update 2014-09 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 4.6 | |||||
Repairable Service Parts Inventory Error Correction | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Inventories | 8.1 | |||||
Other current liabilities and retained earnings | $ 8.1 | |||||
Impact of Restatement on Earnings Per Share, Diluted | $ 0.01 | $ 0.02 | ||||
Restatement of Prior Year Income, Net of Tax | $ 0.6 | $ 1.9 | ||||
Impact of Restatement on Earnings Per Share, Basic | $ 0.01 | $ 0.02 | ||||
Repairable Service Parts Inventory Error Correction | Cost of sales - services | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Restatement of Prior Year Income, Gross | $ 1.0 | $ 3.0 |
Revenue from Contract with Customer (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Disaggregation of Revenue [Line Items] | ||||
Services | $ 583.9 | $ 605.8 | $ 1,769.6 | $ 1,759.3 |
Products | 414.6 | 397.0 | 1,156.4 | 1,262.2 |
Software | $ 120.5 | $ 119.9 | $ 362.8 | $ 337.9 |
Net sales | 100.00% | 100.00% | 100.00% | 100.00% |
Total net sales | $ 1,119.0 | $ 1,122.7 | $ 3,288.8 | $ 3,359.4 |
Products transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 39.00% | 37.00% | 37.00% | 39.00% |
Products and services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 61.00% | 63.00% | 63.00% | 61.00% |
Operating Segments [Member] | Eurasia Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Services | $ 229.8 | $ 240.2 | $ 702.2 | $ 699.8 |
Products | 152.0 | 167.5 | 451.7 | 527.0 |
Software | 52.5 | 53.4 | 153.0 | 145.8 |
Total net sales | 434.3 | 461.1 | 1,306.9 | 1,372.6 |
Operating Segments [Member] | Americas Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Services | 237.2 | 245.8 | 706.7 | 729.7 |
Products | 118.0 | 106.2 | 292.3 | 323.1 |
Software | 27.3 | 24.7 | 87.8 | 75.9 |
Total net sales | 382.5 | 376.7 | 1,086.8 | 1,128.7 |
Operating Segments [Member] | Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Services | 116.9 | 119.8 | 360.7 | 329.8 |
Products | 144.6 | 123.3 | 412.4 | 412.1 |
Software | 40.7 | 41.8 | 122.0 | 116.2 |
Total net sales | $ 302.2 | $ 284.9 | $ 895.1 | $ 858.1 |
Revenue from Contract with Customer - Impact of Changes in Accounting Policy (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Trade receivables, net | $ 818.1 | $ 818.1 | $ 830.1 | ||
Inventories | 846.5 | 846.5 | 728.9 | ||
Deferred revenue | 365.3 | 365.3 | 437.5 | ||
Deferred income taxes | 240.7 | 240.7 | 287.1 | ||
Retained earnings (accumulated deficit) | (3.2) | (3.2) | $ 393.6 | ||
Total net sales | (1,119.0) | $ (1,122.7) | (3,288.8) | $ (3,359.4) | |
Cost of sales | (890.7) | (882.7) | (2,601.1) | (2,641.1) | |
Net income (loss) | (218.7) | $ (29.4) | (416.6) | $ (106.5) | |
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Trade receivables, net | (5.4) | (5.4) | |||
Inventories | 25.2 | 25.2 | |||
Deferred revenue | 30.1 | 30.1 | |||
Deferred income taxes | (0.9) | (0.9) | |||
Retained earnings (accumulated deficit) | (9.4) | (9.4) | |||
Total net sales | 5.2 | 19.0 | |||
Cost of sales | 6.5 | 15.1 | |||
Net income (loss) | 0.9 | (2.7) | |||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Trade receivables, net | 812.7 | 812.7 | |||
Inventories | 871.7 | 871.7 | |||
Deferred revenue | 395.4 | 395.4 | |||
Deferred income taxes | 239.8 | 239.8 | |||
Retained earnings (accumulated deficit) | $ (12.6) | $ (12.6) |
Revenue from Contract with Customer Revenue from Contract with Customer (Textuals) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
Revenue from Contract with Customer [Abstract] | |||||
Integration and Customization of Software Revenue, As A Percentage of Net Sales | 1.00% | 1.00% | 1.00% | 1.00% | |
Contract with Customer, Asset, Credit Loss Expense | $ 9.7 | $ 11.5 | $ 20.6 | $ 26.3 | |
Deferred Revenue, Revenue Recognized | 241.4 | ||||
Deferred revenue | 365.3 | 365.3 | $ 437.5 | ||
Revenue, Remaining Performance Obligation | $ 2,900.0 | $ 2,900.0 | |||
Software Net Sales Using Residual Approach, Percent of Net Sales | 2.00% | 2.00% | 2.00% | 2.00% |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Amounts attributable to Diebold Nixdorf, Incorporated | ||||
Net income (loss) | $ (218.7) | $ (29.4) | $ (416.6) | $ (106.5) |
Net income (loss) attributable to noncontrolling interests | (6.1) | 6.6 | 6.6 | 20.2 |
Net income (loss) attributable to Diebold Nixdorf, Incorporated | $ (212.6) | $ (36.0) | $ (423.2) | $ (126.7) |
Denominator (in millions) | ||||
Weighted-average number of common shares used in basic earnings (loss) per share | 76.1 | 75.5 | 76.0 | 75.4 |
Weighted-average number of shares used in diluted earnings (loss) per share (1) | 76.1 | 75.5 | 76.0 | 75.4 |
Basic earnings (loss) per share | ||||
Basic earnings (loss) per share | $ (2.79) | $ (0.48) | $ (5.57) | $ (1.68) |
Diluted earnings (loss) per share | ||||
Diluted earnings (loss) per share | $ (2.79) | $ (0.48) | $ (5.57) | $ (1.68) |
Anti-dilutive shares (in milllions) | ||||
Document Period End Date | Sep. 30, 2018 | |||
Anti-dilutive shares not used in calculating diluted weighted-average | 4.7 | 2.8 | 4.6 | 2.6 |
Incremental Shares Excluded From Dilutive Calculation Due To Resulting in Operating Loss | 0.7 | 0.8 | 0.8 | 0.7 |
Share-Based Compensation - Stock Options (Details) $ / shares in Units, shares in Millions, $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2018
USD ($)
$ / shares
shares
| |
Options outstanding and exercisable under the Company's 1991 Equity and Performance Incentive Plan | |
Outstanding at January 1, 2018 | shares | 2.3 |
Outstanding at January 1, 2018 | $ / shares | $ 29.68 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | shares | 0.2 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ / shares | $ 29.89 |
Granted | shares | 0.5 |
Granted | $ / shares | $ 17.53 |
Outstanding at September 30, 2018 | shares | 2.6 |
Outstanding at September 30, 2018 | $ / shares | $ 27.16 |
Outstanding, weighted-average remaining contractual term | 7 years |
Outstanding, aggregate intrinsic value | $ | $ 0.0 |
Options exercisable September 30, 2018 | shares | 1.5 |
Options exercisable September 30, 2018 | $ / shares | $ 30.44 |
Options exercisable, weighted-average remaining contractual term | 6 years |
Options exercisable, aggregate intrinsic value | $ | $ 0.0 |
Options vested and expected to vest(2) at September 30, 2018 | shares | 2.5 |
Options vested and expected to vest(2) at September 30, 2018 | $ / shares | $ 27.34 |
Options vested and expected to vest, weighted-average remaining contractual term | 7 years |
Options vested and expected to vest, aggregate intrinsic value | $ | $ 0.0 |
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, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Apr. 25, 2018 |
|
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based Compensation | $ 6.9 | $ 8.1 | $ 27.2 | $ 23.1 | |
Restricted Stock Units (RSUs) [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Non-vested at January 1, 2018 | 1.3 | ||||
Non-vested at January 1, 2018 | $ 27.76 | ||||
Forfeited | (0.2) | ||||
Forfeited | $ 22.17 | ||||
Vested | (0.7) | ||||
Vested | $ 28.80 | ||||
Granted | 1.3 | ||||
Granted | $ 17.71 | ||||
Non-vested at September 30, 2018 | 1.7 | 1.7 | |||
Non-vested at September 30, 2018 | $ 20.30 | $ 20.30 | |||
Performance Shares [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Non-vested at January 1, 2018 | 2.5 | ||||
Non-vested at January 1, 2018 | $ 31.37 | ||||
Forfeited | (0.9) | ||||
Forfeited | $ 29.07 | ||||
Vested | (0.2) | ||||
Vested | $ 32.38 | ||||
Granted | 1.6 | ||||
Granted | $ 22.65 | ||||
Non-vested at September 30, 2018 | 3.0 | 3.0 | |||
Non-vested at September 30, 2018 | $ 26.88 | $ 26.88 | |||
Deferred Compensation, Share-based Payments [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Non-employee director deferred shares, vested | 0.1 | 0.1 | |||
2017 Equity and Performance Incentive Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common shares available for grant | 1.2 |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2018 |
Jun. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Income Tax Disclosure [Abstract] | |||||
U.S. tax reform - deemed repatriation tax | $ 46.8 | ||||
Effective tax rate on the net loss | (26.50%) | 3.00% | (9.30%) | 36.20% | |
Goodwill, Impairment Loss | $ 109.3 | $ 90.0 | $ 199.3 |
Inventories (Details) - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Major classes of inventories | ||
Finished goods | $ 387.8 | $ 301.9 |
Service parts | 251.5 | 262.5 |
Raw materials and work in process | 207.2 | 164.5 |
Total inventories | $ 846.5 | 728.9 |
Repairable Service Parts Inventory Error Correction | ||
Major classes of inventories | ||
Total inventories | $ 8.1 |
Investments (Details) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
|
Short-term investments: | ||
Short-term investments | $ 5.0 | $ 81.4 |
Long-term investments: | ||
Assets held in a rabbi trust | 24.1 | 96.8 |
Assets held in rabbi trusts [Member] | ||
Long-term investments: | ||
Assets held in a rabbi trust | 6.0 | 8.3 |
Long-term investments, unrealized gain | 1.0 | 1.1 |
Certificates of deposit | ||
Short-term investments: | ||
Investments, Cost Basis | 5.0 | 81.4 |
Short-term investments, unrealized gain | 0.0 | 0.0 |
Short-term investments | Certificates of deposit | Fair Value, Measurements, Recurring [Member] | ||
Short-term investments: | ||
Fair value of assets held under trust | 5.0 | 81.4 |
Short-term investments | Certificates of deposit | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Short-term investments: | ||
Fair value of assets held under trust | 5.0 | 81.4 |
Other liabilities | 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 | $ 7.0 | $ 9.4 |
Investments (Textuals) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
Related Party Transaction [Line Items] | |||||
Accounts receivable with affiliates | $ 20.2 | $ 20.2 | $ 15.6 | ||
Accounts payable with affiliates | 10.0 | 10.0 | 17.8 | ||
Investments (Textuals) | |||||
Realized gains and proceeds from the sale of securities | 0.0 | $ 0.0 | 0.0 | $ 0.0 | |
Cash surrender value of insurance contracts | 8.3 | 8.3 | 79.8 | ||
Interest rate swap asset, carrying value and fair value | $ 8.8 | $ 8.8 | $ 7.6 | ||
Inspur (Suzhou) Financial Technology Service Co Ltd [Member] | |||||
Related Party Transaction [Line Items] | |||||
Strategic alliance, ownership percentage | 40.00% | 40.00% | |||
Aisino-Wincor Retail And Banking Systems (Shanghai) Co.,Ltd [Member] | |||||
Related Party Transaction [Line Items] | |||||
Strategic alliance, ownership percentage | 43.60% | 43.60% |
Investments Schedule of Cost-Method Investments (Details) $ in Millions |
Sep. 30, 2018
USD ($)
|
---|---|
Kony, Inc. [Member] | |
Schedule of Cost-method Investments [Line Items] | |
Cost Method Investments | $ 14.0 |
Investments Allowance for Credit Losses - Summary of Allowance for Credit Losses (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Document Period End Date | Sep. 30, 2018 | |||
Financing Receivable, Significant Sales | $ 4.5 | $ 4.5 | ||
Finance lease receivables | 14.9 | 14.9 | $ 14.4 | |
Finance Leases Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Finance leases and notes receivable individually evaluated for impairment | 30.5 | 30.5 | $ 32.4 | |
Notes Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Finance leases and notes receivable individually evaluated for impairment | $ 10.8 | $ 10.8 | $ 21.0 |
Investments Allowance for Credit Losses - Aging of Past-Due Receivables (Details) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Recorded investment in past due finance receivables on nonaccrual status | $ 0.4 | $ 0.6 | |
Recorded investment in impaired notes receivable, past due | $ 4.1 | $ 4.1 | |
Minimum [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Period Required For Considering Financing Receivable As Non Accrual Status | 60 days | ||
Past Due Period Of Financing Receivable Accruing Interest | 90 days | ||
Period for placing financing receivables on non-accrual status | 89 days | ||
Maximum [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Period Required For Considering Financing Receivable As Non Accrual Status | 89 day |
Goodwill and Other Assets (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2018 |
Jun. 30, 2018 |
Sep. 30, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Goodwill [Line Items] | |||||
Goodwill | $ 1,373.3 | $ 1,373.3 | $ 1,407.8 | $ 1,289.0 | |
Accumulated impairment losses | (490.0) | (490.0) | (290.7) | (290.7) | |
Beginning balance | 1,117.1 | 998.3 | |||
Goodwill acquired | 5.6 | ||||
Goodwill adjustment | (2.9) | ||||
Currency translation adjustment | (34.5) | 116.1 | |||
Goodwill, Impairment Loss | (109.3) | $ (90.0) | (199.3) | ||
Ending balance | 883.3 | 883.3 | 1,117.1 | ||
Eurasia Banking | |||||
Goodwill [Line Items] | |||||
Goodwill | 567.4 | 567.4 | 585.3 | 513.0 | |
Accumulated impairment losses | (266.8) | (266.8) | (168.7) | (168.7) | |
Beginning balance | 416.6 | 344.3 | |||
Goodwill acquired | 1.6 | ||||
Goodwill adjustment | (1.1) | ||||
Currency translation adjustment | (17.9) | 71.8 | |||
Goodwill, Impairment Loss | (98.1) | ||||
Ending balance | 300.6 | 300.6 | 416.6 | ||
Americas Banking | |||||
Goodwill [Line Items] | |||||
Goodwill | 421.1 | 421.1 | 426.6 | 425.4 | |
Accumulated impairment losses | (122.0) | (122.0) | (122.0) | (122.0) | |
Beginning balance | 304.6 | 303.4 | |||
Goodwill acquired | 0.0 | ||||
Goodwill adjustment | (1.0) | ||||
Currency translation adjustment | (5.5) | 2.2 | |||
Goodwill, Impairment Loss | 0.0 | ||||
Ending balance | 299.1 | 299.1 | 304.6 | ||
Retail | |||||
Goodwill [Line Items] | |||||
Goodwill | 384.8 | 384.8 | 395.9 | 350.6 | |
Accumulated impairment losses | (101.2) | (101.2) | 0.0 | $ 0.0 | |
Beginning balance | 395.9 | 350.6 | |||
Goodwill acquired | 4.0 | ||||
Goodwill adjustment | (0.8) | ||||
Currency translation adjustment | (11.1) | 42.1 | |||
Goodwill, Impairment Loss | (101.2) | ||||
Ending balance | $ 283.6 | $ 283.6 | $ 395.9 |
Goodwill and Other Assets Schedule of Intangible Assets (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
|
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 1,058.7 | $ 1,074.2 |
Accumulated amortization | (387.1) | (300.4) |
Net carrying amount | $ 671.6 | 773.8 |
Internally-developed software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 1 year 10 months | |
Gross carrying amount | $ 208.5 | 192.9 |
Accumulated amortization | (122.1) | (99.8) |
Net carrying amount | $ 86.4 | 93.1 |
Development costs non-software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 months | |
Gross carrying amount | $ 53.2 | 55.3 |
Accumulated amortization | (43.2) | (35.1) |
Net carrying amount | $ 10.0 | 20.2 |
Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years 11 months | |
Gross carrying amount | $ 722.2 | 741.5 |
Accumulated amortization | (162.5) | (108.2) |
Net carrying amount | $ 559.7 | 633.3 |
Other intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 11 months | |
Gross carrying amount | $ 74.8 | 84.5 |
Accumulated amortization | (59.3) | (57.3) |
Net carrying amount | 15.5 | 27.2 |
Other intangible asset, net [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 336.5 | 332.7 |
Accumulated amortization | (224.6) | (192.2) |
Net carrying amount | $ 111.9 | $ 140.5 |
Goodwill and Other Assets (Textuals) (Details) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|---|
Sep. 30, 2018
USD ($)
|
Jun. 30, 2018
USD ($)
|
Mar. 31, 2018
USD ($)
|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2018
USD ($)
|
Sep. 30, 2017
USD ($)
|
Dec. 31, 2017
USD ($)
|
|
Number of Reportable Segments | 3 | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 5.8 | $ 5.9 | $ 5.6 | $ 5.6 | |||
Goodwill acquired | 5.6 | ||||||
Goodwill, Impairment Loss | $ 109.3 | $ 90.0 | 199.3 | ||||
Impairment of assets | 109.3 | $ 0.0 | 199.3 | 3.1 | |||
Amortization of internally-developed software | 8.8 | 8.6 | $ 25.6 | 27.9 | |||
Document Period End Date | Sep. 30, 2018 | ||||||
Amortization | 38.2 | $ 42.7 | $ 114.8 | $ 121.6 | |||
Retail | |||||||
Goodwill acquired | 4.0 | ||||||
Goodwill, Impairment Loss | 101.2 | ||||||
Eurasia Banking | |||||||
Goodwill acquired | 1.6 | ||||||
Goodwill, Impairment Loss | 98.1 | ||||||
Americas Banking | |||||||
Goodwill acquired | $ 0.0 | ||||||
Goodwill, Impairment Loss | 0.0 | ||||||
Americas Banking Reporting Unit [Member] | |||||||
Reporting Unit, Amount of Fair Value in Excess of Carrying Amount | $ 168.4 | $ 168.4 | |||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 25.90% | 25.90% | |||||
EMEA Retail Reporting Unit [Member] | |||||||
Reporting Unit, Amount of Fair Value in Excess of Carrying Amount | $ 0.0 | $ 0.0 | |||||
Eurasia Banking Reporting Unit [Member] | |||||||
Reporting Unit, Amount of Fair Value in Excess of Carrying Amount | 0.0 | 0.0 | |||||
Rest of World Retail Reporting Unit [Member] | |||||||
Reporting Unit, Amount of Fair Value in Excess of Carrying Amount | $ 0.0 | $ 0.0 |
Guarantees and Product Warranties (Details) - USD ($) $ in Millions |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
Guarantees and Product Warranties (Textuals) | |||
Maximum future payment obligations | $ 157.6 | $ 195.1 | |
Standby letters of credit | 28.0 | $ 28.0 | |
Changes in warranty liability balance | |||
Beginning Balance | 76.7 | $ 101.6 | |
Current period accruals | 7.6 | 11.1 | |
Current period settlements | (34.5) | (37.2) | |
Currency translation adjustment | (4.8) | 5.7 | |
Ending Balance | $ 45.0 | $ 81.2 |
Restructuring - Restructuring Charges By Statement of Income Account (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Schedule of restructuring and related costs | ||||
Restructuring Charges | $ 38.3 | $ 17.4 | $ 44.4 | $ 44.7 |
Cost of sales – services | ||||
Schedule of restructuring and related costs | ||||
Restructuring Charges | 3.6 | 13.5 | 4.7 | 29.4 |
Cost of sales – products | ||||
Schedule of restructuring and related costs | ||||
Restructuring Charges | 3.0 | 1.2 | 3.1 | 2.8 |
Cost Of Sales Software [Member] | ||||
Schedule of restructuring and related costs | ||||
Restructuring Charges | 2.1 | 0.4 | 2.7 | 0.1 |
Selling and administrative expense | ||||
Schedule of restructuring and related costs | ||||
Restructuring Charges | 28.6 | 2.7 | 33.0 | 13.5 |
Research, development and engineering expense | ||||
Schedule of restructuring and related costs | ||||
Restructuring Charges | $ 1.0 | $ (0.4) | $ 0.9 | $ (1.1) |
Restructuring - Restructuring Charges By Segment (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Document Period End Date | Sep. 30, 2018 | |||
Restructuring Charges | $ 38.3 | $ 17.4 | $ 44.4 | $ 44.7 |
Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 145.5 | 145.5 | ||
Restructuring Charges | 38.3 | 17.4 | 44.4 | 44.7 |
Eurasia Banking | Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 72.5 | 72.5 | ||
Restructuring Charges | 12.3 | 13.6 | 16.0 | 22.7 |
Americas Banking | Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 21.3 | 21.3 | ||
Restructuring Charges | 7.5 | 0.4 | 7.8 | 3.8 |
Retail | Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 22.3 | 22.3 | ||
Restructuring Charges | 6.0 | 3.1 | 6.8 | 12.8 |
Corporate | Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 29.4 | 29.4 | ||
Restructuring Charges | 12.5 | 0.3 | 13.8 | $ 5.4 |
DN2020 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | $ 17.4 | 6.0 | ||
DN2020 Plan [Member] | Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 95.8 | 95.8 | ||
DN2020 Plan [Member] | Eurasia Banking | Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 51.5 | 51.5 | ||
DN2020 Plan [Member] | Americas Banking | Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 13.6 | 13.6 | ||
DN2020 Plan [Member] | Retail | Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 15.6 | 15.6 | ||
DN2020 Plan [Member] | Corporate | Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 15.1 | 15.1 | ||
Delta Program [Member] | Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 3.2 | 3.2 | ||
Delta Program [Member] | Eurasia Banking | Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 0.5 | 0.5 | ||
Delta Program [Member] | Americas Banking | Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 0.2 | 0.2 | ||
Delta Program [Member] | Retail | Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 0.7 | 0.7 | ||
Delta Program [Member] | Corporate | Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 1.8 | 1.8 | ||
Strategic Alliance Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 0.1 | |||
Strategic Alliance Plan [Member] | Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 8.2 | 8.2 | ||
Strategic Alliance Plan [Member] | Eurasia Banking | Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 8.2 | 8.2 | ||
Strategic Alliance Plan [Member] | Americas Banking | Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 0.0 | 0.0 | ||
Strategic Alliance Plan [Member] | Retail | Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 0.0 | 0.0 | ||
Strategic Alliance Plan [Member] | Corporate | Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 0.0 | 0.0 | ||
DN Now [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 38.3 | |||
DN Now [Member] | Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 38.3 | 38.3 | ||
DN Now [Member] | Eurasia Banking | Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 12.3 | 12.3 | ||
DN Now [Member] | Americas Banking | Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 7.5 | 7.5 | ||
DN Now [Member] | Retail | Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 6.0 | 6.0 | ||
DN Now [Member] | Corporate | Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | $ 12.5 | $ 12.5 |
Restructuring - Restructuring Reserve Activity (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Restructuring and Related Activities [Abstract] | ||||
Document Period End Date | Sep. 30, 2018 | |||
Balance at January 1 | $ 54.0 | $ 89.9 | ||
Liabilities incurred | $ 38.3 | $ 17.4 | 44.4 | 44.7 |
Restructuring Liabilities | 0.0 | (8.2) | 0.0 | (8.2) |
Liabilities paid/settled | (37.9) | (57.8) | ||
Balance at June 30 | $ 60.5 | $ 68.6 | $ 60.5 | $ 68.6 |
Restructuring (Textuals) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2019 |
Aug. 15, 2016 |
|
Unusual or Infrequent Item [Line Items] | ||||||
Restructuring Charges | $ 38.3 | $ 17.4 | $ 44.4 | $ 44.7 | ||
Document Period End Date | Sep. 30, 2018 | |||||
Impairment of assets | (109.3) | 0.0 | $ (199.3) | (3.1) | ||
Restructuring Liabilities | 0.0 | (8.2) | 0.0 | (8.2) | ||
DN Now [Member] | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Restructuring Charges | 38.3 | |||||
Anticipated Annual Synergies | 130.0 | |||||
DN Now [Member] | Minimum [Member] | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost Remaining | 90.0 | 90.0 | ||||
DN Now [Member] | Maximum [Member] | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost Remaining | 110.0 | 110.0 | ||||
Delta Program [Member] | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Restructuring Liabilities | 37.3 | 37.3 | $ 45.5 | |||
DN2020 Plan [Member] | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Restructuring Charges | 17.4 | 6.0 | ||||
Strategic Alliance Plan [Member] | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Restructuring Charges | 0.1 | |||||
Segment Reconciling Items [Member] | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Restructuring Charges | 38.3 | 17.4 | 44.4 | 44.7 | ||
Non routine (expenses) income net | (152.0) | (72.7) | (322.5) | (206.2) | ||
Subsequent Event [Member] | DN2020 Plan [Member] | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Anticipated Annual Synergies | $ 240.0 | |||||
Severance | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 145.5 | 145.5 | ||||
Restructuring Charges | 38.3 | 17.4 | 44.4 | 44.7 | ||
Severance | DN Now [Member] | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 38.3 | 38.3 | ||||
Severance | Delta Program [Member] | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 3.2 | 3.2 | ||||
Severance | DN2020 Plan [Member] | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 95.8 | 95.8 | ||||
Severance | Strategic Alliance Plan [Member] | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 8.2 | 8.2 | ||||
Severance | Eurasia Banking | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 72.5 | 72.5 | ||||
Restructuring Charges | 12.3 | 13.6 | 16.0 | 22.7 | ||
Severance | Eurasia Banking | DN Now [Member] | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 12.3 | 12.3 | ||||
Severance | Eurasia Banking | Delta Program [Member] | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 0.5 | 0.5 | ||||
Severance | Eurasia Banking | DN2020 Plan [Member] | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 51.5 | 51.5 | ||||
Severance | Eurasia Banking | Strategic Alliance Plan [Member] | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 8.2 | 8.2 | ||||
Severance | Americas Banking | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 21.3 | 21.3 | ||||
Restructuring Charges | 7.5 | 0.4 | 7.8 | 3.8 | ||
Severance | Americas Banking | DN Now [Member] | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 7.5 | 7.5 | ||||
Severance | Americas Banking | Delta Program [Member] | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 0.2 | 0.2 | ||||
Severance | Americas Banking | DN2020 Plan [Member] | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 13.6 | 13.6 | ||||
Severance | Americas Banking | Strategic Alliance Plan [Member] | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 0.0 | 0.0 | ||||
Severance | Retail | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 22.3 | 22.3 | ||||
Restructuring Charges | 6.0 | 3.1 | 6.8 | 12.8 | ||
Severance | Retail | DN Now [Member] | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 6.0 | 6.0 | ||||
Severance | Retail | Delta Program [Member] | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 0.7 | 0.7 | ||||
Severance | Retail | DN2020 Plan [Member] | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 15.6 | 15.6 | ||||
Severance | Retail | Strategic Alliance Plan [Member] | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 0.0 | 0.0 | ||||
Severance | Corporate | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 29.4 | 29.4 | ||||
Restructuring Charges | 12.5 | 0.3 | 13.8 | 5.4 | ||
Severance | Corporate | DN Now [Member] | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 12.5 | 12.5 | ||||
Severance | Corporate | Delta Program [Member] | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 1.8 | 1.8 | ||||
Severance | Corporate | DN2020 Plan [Member] | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 15.1 | 15.1 | ||||
Severance | Corporate | Strategic Alliance Plan [Member] | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | $ 0.0 | $ 0.0 | ||||
Measurement Period Adjustment [Member] | Diebold Nixdorf AG [Member] | Delta Program [Member] | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Restructuring Liabilities | $ 8.2 | $ 8.2 |
Debt (Details) - USD ($) $ in Millions |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
Short-term Debt [Line Items] | |||
Document Period End Date | Sep. 30, 2018 | ||
Notes Payable | |||
Uncommitted lines of credit | $ 23.5 | $ 16.2 | |
Other | 3.3 | 0.5 | |
Notes payable | 52.7 | 66.7 | |
Long-term Debt | |||
Revolving credit facility | 260.0 | 75.0 | |
Other | 3.0 | 1.4 | |
Long-term debt excluding debt issuance costs | 2,416.6 | 1,837.5 | |
Long-term deferred financing fees | (79.6) | (50.4) | |
Long-term debt | 2,337.0 | 1,787.1 | |
Revolving credit facility (repayments) borrowings, net | 185.0 | $ 120.0 | |
Other debt borrowings | 706.0 | 381.0 | |
Other debt repayments | (306.7) | (433.5) | |
December 2015 Term Loan [Member] | |||
Notes Payable | |||
Term Loan Facility | 0.0 | 23.0 | |
Long-term Debt | |||
Term Loan Facility | 126.3 | 178.3 | |
Other debt repayments | (75.0) | (12.9) | |
Delayed Draw Term Loan A Facility [Member] | |||
Notes Payable | |||
Term Loan Facility | 0.0 | 17.2 | |
Long-term Debt | |||
Term Loan Facility | 160.5 | 226.6 | |
Other debt borrowings | 0.0 | 250.0 | |
Other debt repayments | (83.2) | (3.1) | |
Term Loan A-1 Facility [Member] | |||
Notes Payable | |||
Term Loan Facility | 16.3 | 0.0 | |
Long-term Debt | |||
Term Loan Facility | 633.7 | 0.0 | |
Other debt borrowings | 650.0 | 0.0 | |
Term Loan B USD [Member] | |||
Notes Payable | |||
Term Loan Facility | 4.8 | 4.8 | |
Long-term Debt | |||
Term Loan Facility | 414.3 | 466.7 | |
Other debt repayments | (52.3) | (324.9) | |
Term Loan B EUR [Member] | |||
Notes Payable | |||
Term Loan Facility | 4.8 | 5.0 | |
Long-term Debt | |||
Term Loan Facility | 418.8 | 489.5 | |
Other debt borrowings | 0.0 | 73.3 | |
Other debt repayments | (54.9) | (3.4) | |
European Investment Bank [Member] | |||
Long-term Debt | |||
Other debt repayments | 0.0 | (63.1) | |
Senior Notes Due 2024 [Member] | |||
Long-term Debt | |||
Senior Notes | 400.0 | $ 400.0 | |
International Short-Term Uncommitted Line of Credit [Member] | |||
Long-term Debt | |||
Other debt borrowings | 56.0 | 57.7 | |
Other debt repayments | $ (41.3) | $ (26.1) | |
International Short-Term Uncommitted Line of Credit [Member] | |||
Short-term Debt [Line Items] | |||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 5.89% | 9.17% |
Debt (Textuals) (Details) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018
USD ($)
|
Sep. 30, 2018
USD ($)
|
Sep. 30, 2017
USD ($)
|
Dec. 31, 2021 |
Jun. 30, 2021 |
Dec. 31, 2020 |
Jun. 30, 2020 |
Aug. 30, 2018
USD ($)
|
Jun. 30, 2018 |
Dec. 31, 2017 |
May 09, 2017
USD ($)
|
Apr. 30, 2016
USD ($)
|
||||||
Debt Instrument [Line Items] | |||||||||||||||||
Document Period End Date | Sep. 30, 2018 | ||||||||||||||||
Debt (Textuals) | |||||||||||||||||
Debt Instrument, Covenant Compliance | the Company was in compliance with the financial and other covenants in its debt agreements | ||||||||||||||||
Repayments of Other Debt | $ 306.7 | $ 433.5 | |||||||||||||||
Minimum [Member] | |||||||||||||||||
Debt (Textuals) | |||||||||||||||||
Adjusted EBITDA To Net Interest Expense Coverage Ratio | 1.38 | ||||||||||||||||
Maximum [Member] | |||||||||||||||||
Debt (Textuals) | |||||||||||||||||
Net Debt To EBITDA Leverage Ratio | 7.00 | 7.00 | |||||||||||||||
Maximum [Member] | Subsequent Event [Member] | |||||||||||||||||
Debt (Textuals) | |||||||||||||||||
Net Debt To EBITDA Leverage Ratio | 5.75 | 6.00 | 6.25 | 6.50 | |||||||||||||
Adjusted EBITDA To Net Interest Expense Coverage Ratio | 1.63 | 1.50 | |||||||||||||||
Term Loan A Facilities [Member] | |||||||||||||||||
Debt (Textuals) | |||||||||||||||||
Repayments of Other Debt | $ 130.0 | ||||||||||||||||
Delayed Draw Term Loan A Facility [Member] | |||||||||||||||||
Debt (Textuals) | |||||||||||||||||
Repayments of Other Debt | 83.2 | 3.1 | |||||||||||||||
Term Loan B EUR [Member] | |||||||||||||||||
Debt (Textuals) | |||||||||||||||||
Repayments of Other Debt | 54.9 | $ 3.4 | |||||||||||||||
Term Loan B [Member] | |||||||||||||||||
Debt (Textuals) | |||||||||||||||||
Repayments of Other Debt | 0.0 | ||||||||||||||||
Revolving Credit Facility [Member] | |||||||||||||||||
Debt (Textuals) | |||||||||||||||||
Amount available | $ 44.1 | $ 44.1 | |||||||||||||||
Weighted average interest rate on credit facility borrowings outstanding | 4.38% | 4.38% | 3.63% | ||||||||||||||
Description of interest rate terms | LIBOR + 3.50% | ||||||||||||||||
June 2015 Term Loan [Member] | Initial Borrowing Capacity [Member] | |||||||||||||||||
Debt (Textuals) | |||||||||||||||||
Unsecured Debt | $ 230.0 | $ 230.0 | |||||||||||||||
June 2015 Term Loan [Member] | Reduction in Borrowing Capacity [Member] | |||||||||||||||||
Debt (Textuals) | |||||||||||||||||
Unsecured Debt | 20.0 | 20.0 | |||||||||||||||
December 2015 Revolving Credit Facility [Member] | |||||||||||||||||
Debt (Textuals) | |||||||||||||||||
Current borrowing capacity | $ 500.0 | 500.0 | |||||||||||||||
December 2015 Term Loan [Member] | |||||||||||||||||
Debt (Textuals) | |||||||||||||||||
Description of interest rate terms | LIBOR + 3.50% | ||||||||||||||||
Senior Notes Due 2024 [Member] | |||||||||||||||||
Debt (Textuals) | |||||||||||||||||
Unsecured Debt | $ 400.0 | 400.0 | |||||||||||||||
Delayed Draw Term Loan A [Member] | |||||||||||||||||
Debt (Textuals) | |||||||||||||||||
Description of interest rate terms | LIBOR + 3.50% | ||||||||||||||||
Term Loan A-1 Facility [Member] | |||||||||||||||||
Debt (Textuals) | |||||||||||||||||
Description of interest rate terms | LIBOR + 9.25% | ||||||||||||||||
Unsecured Debt | $ 650.0 | ||||||||||||||||
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 | [1] | LIBOR(i) + 2.75% | |||||||||||||||
Unsecured Debt | $ 475.0 | $ 1,000.0 | |||||||||||||||
Term Loan B USD [Member] | Minimum [Member] | |||||||||||||||||
Debt (Textuals) | |||||||||||||||||
Description of interest rate terms | LIBOR with a floor of 0.0% | ||||||||||||||||
Delayed Draw Term Loan A Facility [Member] | |||||||||||||||||
Debt (Textuals) | |||||||||||||||||
Unsecured Debt | 250.0 | ||||||||||||||||
Term Loan B EUR [Member] | |||||||||||||||||
Debt (Textuals) | |||||||||||||||||
Description of interest rate terms | [2] | EURIBOR(ii) + 3.00% | |||||||||||||||
Unsecured Debt | $ 70.0 | ||||||||||||||||
Term Loan B EUR [Member] | Minimum [Member] | |||||||||||||||||
Debt (Textuals) | |||||||||||||||||
Description of interest rate terms | EURIBOR with a floor of 0.0% | ||||||||||||||||
International Short-Term Uncommitted Line of Credit [Member] | |||||||||||||||||
Debt (Textuals) | |||||||||||||||||
Borrowing limit of short term uncommitted line of credit | $ 67.6 | $ 67.6 | |||||||||||||||
Weighted average interest rate on outstanding borrowings | 5.89% | 5.89% | 9.17% | ||||||||||||||
Amount available | $ 240.0 | $ 240.0 | |||||||||||||||
Maturity time of short term uncommitted lines | less than one year | ||||||||||||||||
|
Redeemable Noncontrolling Interests (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Redeemable Noncontrolling Interest [Abstract] | ||
Document Period End Date | Sep. 30, 2018 | |
Balance at January 1 | $ 492.1 | $ 44.1 |
Other comprehensive income | (17.2) | 25.6 |
Redemption value adjustment | (12.1) | 32.0 |
Redemption of shares | (308.6) | (2.7) |
Reclassification of noncontrolling interest | 0.0 | 386.7 |
Balance at September 30 | $ 154.2 | $ 485.7 |
Redeemable Noncontrolling Interests Redeemable Noncontrolling Interests (Textuals) (Details) shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2018
USD ($)
shares
|
Sep. 30, 2018
USD ($)
shares
|
Sep. 30, 2017
USD ($)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2017
€ / shares
|
Dec. 31, 2016
USD ($)
|
|
Redeemable Noncontrolling Interests (Textuals) [Line Items] | ||||||
Redeemable noncontrolling interests | $ 154.2 | $ 154.2 | $ 485.7 | $ 492.1 | $ 44.1 | |
Reclassification of noncontrolling interest | $ 0.0 | 386.7 | ||||
Document Period End Date | Sep. 30, 2018 | |||||
Shares Repurchased Of Redeemable Noncontrolling Interest | shares | 4.8 | 4.8 | ||||
Business Acquisition, Number Of Ordinary Shares Tendered | shares | 27.7 | 27.7 | ||||
Business Acquisition, Percentage Tendered Of Ordinary Shares Issued | 93.00% | 93.00% | ||||
Payments for Repurchase of Redeemable Noncontrolling Interest | $ 308.6 | $ 2.7 | ||||
Domination and Profit and Loss Transfer Agreement [Member] | Diebold Nixdorf AG [Member] | ||||||
Redeemable Noncontrolling Interests (Textuals) [Line Items] | ||||||
Redeemable noncontrolling interests | $ 136.4 | $ 136.4 | $ 454.6 | |||
Business Acquisition, Share Price | € / shares | € 55.02 | |||||
Recurring Cash Compensation Per Share Net Of Tax | € / shares | € 2.82 |
Equity (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
||||
Diebold Nixdorf, Incorporated shareholders' equity | |||||||
Balance at beginning of period | $ 220.4 | $ 583.2 | $ 464.6 | $ 588.7 | |||
Comprehensive income (loss) attributable to Diebold Nixdorf, Incorporated | (230.4) | (23.1) | (517.9) | 15.2 | |||
Common shares | 0.0 | 0.0 | 0.9 | 0.7 | |||
Additional capital | 2.7 | 15.4 | 22.1 | (9.3) | |||
Treasury shares | (0.1) | (0.3) | (3.0) | (4.8) | |||
Dividends paid | 0.0 | (7.6) | (7.7) | (22.9) | |||
Balance at end of period | (7.4) | 567.6 | (7.4) | 567.6 | |||
Noncontrolling interests | |||||||
Balance at beginning of period | 34.1 | 37.5 | 36.8 | 433.4 | |||
Comprehensive income (loss) attributable to noncontrolling interests, net | (7.4) | 8.4 | 3.5 | [1] | 23.7 | ||
Reclassification From Noncontrolling Interests To Redeemable Noncontrolling Interests | 0.0 | 0.0 | 0.0 | (386.7) | |||
Minority Interest Decrease From Reclassification of Guaranteed Dividends To Other Current Liabilities | 5.8 | (6.4) | (2.5) | (18.1) | |||
Distributions to noncontrolling interest holders | 0.0 | 0.0 | (0.5) | (12.8) | |||
Liquidation of noncontrolling interests | (2.4) | 0.0 | (7.2) | 0.0 | |||
Balance at end of period | 30.1 | 39.5 | 30.1 | 39.5 | |||
Adjustments for New Accounting Pronouncement [Member] | Retained Earnings [Member] | |||||||
Diebold Nixdorf, Incorporated shareholders' equity | |||||||
Adoption of accounting standard | $ 0.0 | $ 0.0 | $ 33.6 | $ 0.0 | |||
|
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
||||||||||||||||
Document Period End Date | Sep. 30, 2018 | ||||||||||||||||||
Beginning Balance | $ (273.5) | $ (212.3) | $ (196.3) | $ (341.3) | |||||||||||||||
Other comprehensive (loss) income before reclassifications (1) | (17.0) | 12.0 | (69.9) | 144.4 | |||||||||||||||
Amounts reclassified from AOCI | (1.0) | 1.0 | 3.7 | (2.4) | |||||||||||||||
Net current-period other comprehensive (loss) income | (18.0) | 13.0 | (95.2) | 142.0 | |||||||||||||||
Balance at March 31 | (291.5) | (199.3) | (291.5) | (199.3) | |||||||||||||||
Translation adjustment | |||||||||||||||||||
Beginning Balance | (187.5) | (123.7) | (116.8) | (251.2) | |||||||||||||||
Other comprehensive (loss) income before reclassifications (1) | (18.6) | [1] | 14.1 | [2] | (80.2) | [3] | 141.6 | [4] | |||||||||||
Amounts reclassified from AOCI | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||
Net current-period other comprehensive (loss) income | (18.6) | 14.1 | (89.3) | 141.6 | |||||||||||||||
Balance at March 31 | (206.1) | (109.6) | (206.1) | (109.6) | |||||||||||||||
Translation adjustment | Accounting Standards Update 2018-02 | |||||||||||||||||||
Adoption of accounting standard | [5] | (9.1) | |||||||||||||||||
Foreign Currency Hedges | |||||||||||||||||||
Beginning Balance | (0.2) | (2.3) | (5.1) | (5.7) | |||||||||||||||
Other comprehensive (loss) income before reclassifications (1) | 2.1 | (2.4) | 8.0 | 1.0 | |||||||||||||||
Amounts reclassified from AOCI | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||
Net current-period other comprehensive (loss) income | 2.1 | (2.4) | 7.0 | 1.0 | |||||||||||||||
Balance at March 31 | 1.9 | (4.7) | 1.9 | (4.7) | |||||||||||||||
Foreign Currency Hedges | Accounting Standards Update 2018-02 | |||||||||||||||||||
Adoption of accounting standard | [5] | (1.0) | |||||||||||||||||
Interest Rate Hedges | |||||||||||||||||||
Beginning Balance | 13.3 | 5.7 | 8.1 | 4.6 | |||||||||||||||
Other comprehensive (loss) income before reclassifications (1) | (0.5) | 0.3 | 2.3 | 1.8 | |||||||||||||||
Amounts reclassified from AOCI | 1.0 | 0.0 | 2.1 | (0.4) | |||||||||||||||
Net current-period other comprehensive (loss) income | 0.5 | 0.3 | 5.7 | 1.4 | |||||||||||||||
Balance at March 31 | 13.8 | 6.0 | 13.8 | 6.0 | |||||||||||||||
Interest Rate Hedges | Accounting Standards Update 2018-02 | |||||||||||||||||||
Adoption of accounting standard | [5] | 1.3 | |||||||||||||||||
Pension and Other Post-retirement Benefits | |||||||||||||||||||
Beginning Balance | (99.2) | (92.3) | (82.6) | (89.3) | |||||||||||||||
Other comprehensive (loss) income before reclassifications (1) | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||
Amounts reclassified from AOCI | (2.0) | 1.0 | 1.6 | (2.0) | |||||||||||||||
Net current-period other comprehensive (loss) income | (2.0) | 1.0 | (18.6) | (2.0) | |||||||||||||||
Balance at March 31 | (101.2) | (91.3) | (101.2) | (91.3) | |||||||||||||||
Pension and Other Post-retirement Benefits | Accounting Standards Update 2018-02 | |||||||||||||||||||
Adoption of accounting standard | [5] | (20.2) | |||||||||||||||||
Other | |||||||||||||||||||
Beginning Balance | 0.1 | 0.3 | 0.1 | 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 March 31 | 0.1 | 0.3 | 0.1 | 0.3 | |||||||||||||||
Other | Accounting Standards Update 2018-02 | |||||||||||||||||||
Adoption of accounting standard | [5] | 0.0 | |||||||||||||||||
AOCI Attributable to Parent | Accounting Standards Update 2018-02 | |||||||||||||||||||
Adoption of accounting standard | 0.0 | [5] | 0.0 | (29.0) | [5] | 0.0 | |||||||||||||
Translation adjustment | |||||||||||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | $ (1.1) | $ 1.7 | $ (2.6) | $ 3.4 | |||||||||||||||
|
Accumulated Other Comprehensive Income (Loss) Reclassification Adjustments (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|||
Document Period End Date | Sep. 30, 2018 | |||||
Interest expense | $ (45.2) | $ (27.7) | $ (99.6) | $ (90.7) | ||
Investment Income, Nonoperating | 2.2 | 4.3 | 7.6 | 15.8 | ||
Total reclassifications for the period | (1.0) | 1.0 | 3.7 | (2.4) | ||
Interest Rate Hedges | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||
Interest expense | 1.0 | 0.0 | 2.1 | (0.4) | ||
Net actuarial loss amortization | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||
Net periodic benefit cost | [1] | (2.0) | 1.0 | 1.6 | (2.0) | |
Net actuarial loss amortization, tax | 1.0 | (0.5) | 0.8 | 0.5 | ||
Pension and Other Post-retirement Benefits | ||||||
Total reclassifications for the period | $ (2.0) | $ 1.0 | $ 1.6 | $ (2.0) | ||
|
Acquisitions & Divestitures (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Sep. 30, 2018 |
Mar. 31, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 5.8 | $ 5.9 | $ 5.6 | $ 5.6 | ||
Gain (Loss) on Disposition of Assets | $ (0.1) | $ (5.6) | $ 6.8 | $ 2.5 | ||
Legacy Diebold United Kingdom [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from divestiture | $ 5.0 | |||||
Legacy Diebold United Kingdom And Electronic Security Business in Mexico [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain (Loss) on Disposition of Assets | $ 2.2 |
Benefit Plans (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Defined Benefit Plan Disclosure [Line Items] | ||||
Document Period End Date | Sep. 30, 2018 | |||
Components of net periodic benefit cost | ||||
Contributions to qualified and non qualified pension plans | $ 29.2 | $ 20.2 | ||
Other Postretirement Benefits Plan [Member] | ||||
Components of net periodic benefit cost | ||||
Service cost | $ 0.0 | $ 0.0 | 0.0 | 0.0 |
Interest cost | 0.1 | 0.1 | 0.3 | 0.3 |
Expected return on plan assets | 0.0 | 0.0 | 0.0 | 0.0 |
Recognized net actuarial loss | 0.0 | 0.0 | 0.0 | 0.0 |
Net periodic pension benefit cost | 0.1 | 0.1 | 0.3 | 0.3 |
Domestic Plan [Member] | Pension Plan [Member] | ||||
Components of net periodic benefit cost | ||||
Service cost | 1.0 | 1.0 | 2.9 | 3.0 |
Interest cost | 5.2 | 5.7 | 15.5 | 17.1 |
Expected return on plan assets | (6.2) | (6.5) | (18.5) | (19.5) |
Recognized net actuarial loss | 1.7 | 1.5 | 5.0 | 4.5 |
Net periodic pension benefit cost | 1.7 | 1.7 | 4.9 | 5.1 |
Foreign Plan [Member] | Pension Plan [Member] | ||||
Components of net periodic benefit cost | ||||
Service cost | 2.8 | 2.6 | 8.4 | 7.8 |
Interest cost | 1.5 | 2.2 | 4.7 | 6.6 |
Expected return on plan assets | (2.6) | (2.1) | (8.0) | (6.3) |
Recognized net actuarial loss | (0.2) | (0.1) | (0.5) | (0.3) |
Net periodic pension benefit cost | $ 1.5 | $ 2.6 | $ 4.6 | $ 7.8 |
Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Derivative Instruments Gain (Loss) [Line Items] | ||||
Document Period End Date | Sep. 30, 2018 | |||
Interest expense | $ (45.2) | $ (27.7) | $ (99.6) | $ (90.7) |
Total net sales | 1,119.0 | 1,122.7 | 3,288.8 | 3,359.4 |
Cost of Services | (451.6) | (470.7) | (1,377.5) | (1,362.1) |
Miscellaneous, net | 1.8 | (1.5) | 0.9 | 1.7 |
Foreign exchange gain (loss), net | 2.2 | 3.2 | (2.3) | (4.5) |
Gain (loss) recognized on non-designated derivative instruments: | ||||
Gain (loss) recognized on non-designated derivative instruments, total | 3.1 | 0.8 | 5.2 | 2.7 |
Interest rate swaps | ||||
Derivative Instruments Gain (Loss) [Line Items] | ||||
Interest expense | (0.7) | (1.5) | (1.8) | (3.6) |
Foreign exchange forward contracts | ||||
Derivative Instruments Gain (Loss) [Line Items] | ||||
Total net sales | (0.4) | 0.0 | 2.4 | 0.0 |
Cost of Services | 0.7 | 0.0 | 0.6 | 0.0 |
Foreign exchange gain (loss), net | $ 3.5 | $ 2.3 | $ 4.0 | $ 6.3 |
Derivative Instruments and Hedging Activities (Textuals) (Details) € in Millions, £ in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 23, 2018
USD ($)
|
Jun. 21, 2018
USD ($)
|
Sep. 21, 2017
USD ($)
|
May 09, 2017
EUR (€)
|
Mar. 30, 2017
EUR (€)
|
Sep. 30, 2018
USD ($)
|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2018
USD ($)
|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2018
GBP (£)
|
Sep. 30, 2018
EUR (€)
|
Dec. 31, 2017
USD ($)
|
Nov. 30, 2016
USD ($)
|
Aug. 15, 2016
EUR (€)
|
Mar. 31, 2006
EUR (€)
|
|||
Derivative [Line Items] | |||||||||||||||||
Total net sales | $ 1,119.0 | $ 1,122.7 | $ 3,288.8 | $ 3,359.4 | |||||||||||||
Cost of Services | 451.6 | 470.7 | 1,377.5 | 1,362.1 | |||||||||||||
Derivative Instruments and Hedging Activities (Textuals) | |||||||||||||||||
Fair value of investment hedge contracts | 2.4 | $ 2.4 | $ 2.0 | ||||||||||||||
Document Period End Date | Sep. 30, 2018 | ||||||||||||||||
(Loss) gain on investment hedge derivative | 2.7 | (2.7) | $ 13.6 | (4.1) | |||||||||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (0.5) | 12.0 | $ (4.9) | 37.8 | |||||||||||||
Maximum maturities of Foreign exchange forward contracts | 24 months | ||||||||||||||||
Fair value of non-designated foreign exchange forward contracts | (3.3) | $ (3.3) | (4.9) | ||||||||||||||
Interest Expense | $ 45.2 | 27.7 | $ 99.6 | 90.7 | |||||||||||||
Currency Forward Agreements EUR to USD [Member] | |||||||||||||||||
Derivative Instruments and Hedging Activities (Textuals) | |||||||||||||||||
Derivative, Number of Instruments Held | 1 | 1 | 1 | 1 | |||||||||||||
Notional amount of pay-fixed receive-variable interest rate swap | $ 2.8 | $ 2.8 | € 3.5 | ||||||||||||||
Cash Flow Hedging [Member] | |||||||||||||||||
Derivative Instruments and Hedging Activities (Textuals) | |||||||||||||||||
Derivative, Number of Instruments Held | 13 | 13 | 13 | 13 | |||||||||||||
Notional amount of pay-fixed receive-variable interest rate swap | £ 31.0 | € 34.7 | |||||||||||||||
Foreign exchange forward contracts | |||||||||||||||||
Derivative [Line Items] | |||||||||||||||||
Total net sales | $ (0.4) | 0.0 | $ 2.4 | 0.0 | |||||||||||||
Cost of Services | (0.7) | 0.0 | (0.6) | 0.0 | |||||||||||||
Interest rate hedges | |||||||||||||||||
Derivative Instruments and Hedging Activities (Textuals) | |||||||||||||||||
Notional amount of pay-fixed receive-variable interest rate swap | $ 400.0 | € 50.0 | |||||||||||||||
Interest Expense | 0.7 | 1.5 | 1.8 | 3.6 | |||||||||||||
Interest Rate Derivatives, at Fair Value, Net | 14.3 | 14.3 | 9.8 | ||||||||||||||
Diebold Nixdorf AG [Member] | Interest rate hedges | |||||||||||||||||
Derivative Instruments and Hedging Activities (Textuals) | |||||||||||||||||
Interest Expense | $ 0.5 | $ 1.5 | |||||||||||||||
Derivative, Fixed Interest Rate | 2.97% | 2.97% | 2.97% | 2.97% | |||||||||||||
Interest Rate Derivatives, at Fair Value, Net | $ (5.4) | $ (5.4) | $ (5.5) | ||||||||||||||
Term Loan B EUR [Member] | |||||||||||||||||
Derivative Instruments and Hedging Activities (Textuals) | |||||||||||||||||
Decrease In Amount Designated As Net Investment Hedge | $ 180.2 | $ 0.0 | $ 101.1 | € 66.8 | € 130.6 | ||||||||||||
Derivative Liability | € | € (350.0) | ||||||||||||||||
Debt Instrument, Interest Rate Terms | [1] | EURIBOR(ii) + 3.00% | |||||||||||||||
Accumulated Net Gain (Loss) from Interest Rate Hedge [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||||||||
Derivative Instruments and Hedging Activities (Textuals) | |||||||||||||||||
Interest Expense | $ (1.0) | $ 0.0 | (2.1) | $ 0.4 | |||||||||||||
Accounting Standards Update 2017-12 [Member] | |||||||||||||||||
Derivative [Line Items] | |||||||||||||||||
Total net sales | (0.4) | 2.4 | |||||||||||||||
Cost of Services | $ (0.7) | $ (0.6) | |||||||||||||||
|
Fair Value of Assets and Liabilities - Fair Value Measurements (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Transfers Between Levels Amount | $ 0.0 | |
Fair Value, Measurements, Recurring [Member] | ||
Fair value assets measured on recurring basis | ||
Total | 30.6 | $ 107.3 |
Fair value liabilities measured on recurring basis | ||
Total | 20.5 | 25.1 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value assets measured on recurring basis | ||
Total | 12.0 | 90.8 |
Fair value liabilities measured on recurring basis | ||
Total | 7.0 | 9.4 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair value assets measured on recurring basis | ||
Total | 18.6 | 16.5 |
Fair value liabilities measured on recurring basis | ||
Total | 13.5 | 15.7 |
Short-term investments | Certificates of deposit | Fair Value, Measurements, Recurring [Member] | ||
Fair value assets measured on recurring basis | ||
Fair value of investment assets | 5.0 | 81.4 |
Short-term investments | Certificates of deposit | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value assets measured on recurring basis | ||
Fair value of investment assets | 5.0 | 81.4 |
Short-term investments | 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 |
Securities and other investments | Interest rate swaps | Fair Value, Measurements, Recurring [Member] | ||
Fair value assets measured on recurring basis | ||
Derivative Asset | 8.9 | 7.6 |
Securities and other investments | Interest rate swaps | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value assets measured on recurring basis | ||
Derivative Asset | 0.0 | 0.0 |
Securities and other investments | Interest rate swaps | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair value assets measured on recurring basis | ||
Derivative Asset | 8.9 | 7.6 |
Securities and other investments | Assets held in rabbi trusts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair value assets measured on recurring basis | ||
Assets held in rabbi trusts | 7.0 | 9.4 |
Securities and other investments | 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 |
Other current assets | Foreign exchange forward contracts | Fair Value, Measurements, Recurring [Member] | ||
Fair value assets measured on recurring basis | ||
Derivative Asset | 4.3 | 6.7 |
Other current assets | 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 |
Other current assets | Foreign exchange forward contracts | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair value assets measured on recurring basis | ||
Derivative Asset | 4.3 | 6.7 |
Other current assets | Interest rate swaps | Fair Value, Measurements, Recurring [Member] | ||
Fair value assets measured on recurring basis | ||
Derivative Asset | 5.4 | 2.2 |
Other current assets | Interest rate swaps | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value assets measured on recurring basis | ||
Derivative Asset | 0.0 | 0.0 |
Other current assets | Interest rate swaps | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair value assets measured on recurring basis | ||
Derivative Asset | 5.4 | 2.2 |
Other current liabilities | Foreign exchange forward contracts | Fair Value, Measurements, Recurring [Member] | ||
Fair value liabilities measured on recurring basis | ||
Derivative Liability | 8.1 | 10.2 |
Other current liabilities | Foreign exchange forward contracts | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value liabilities measured on recurring basis | ||
Derivative Liability | 0.0 | 0.0 |
Other current liabilities | Foreign exchange forward contracts | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair value liabilities measured on recurring basis | ||
Derivative Liability | 8.1 | 10.2 |
Other current liabilities | Interest rate swaps | Fair Value, Measurements, Recurring [Member] | ||
Fair value liabilities measured on recurring basis | ||
Derivative Liability | 5.4 | 5.5 |
Other current liabilities | Interest rate swaps | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value liabilities measured on recurring basis | ||
Derivative Liability | 0.0 | 0.0 |
Other current liabilities | Interest rate swaps | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair value liabilities measured on recurring basis | ||
Derivative Liability | 5.4 | 5.5 |
Other liabilities | Fair Value, Measurements, Recurring [Member] | ||
Fair value liabilities measured on recurring basis | ||
Deferred compensation | 7.0 | 9.4 |
Other liabilities | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair value liabilities measured on recurring basis | ||
Deferred compensation | 0.0 | 0.0 |
Other liabilities | Assets held in rabbi trusts [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value assets measured on recurring basis | ||
Assets held in rabbi trusts | $ 7.0 | $ 9.4 |
Fair Value of Assets and Liabilities - Summary of Liabilities Recorded at Carrying Value (Details) - Senior Notes Due 2024 [Member] - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Debt Instrument [Line Items] | ||
Senior Notes | $ 400.0 | $ 400.0 |
Senior Notes Fair Value | $ 286.5 | $ 425.0 |
Commitments and Contingencies (Details) R$ in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | 53 Months Ended | |
---|---|---|---|---|
Sep. 30, 2017
BRL (R$)
|
Sep. 30, 2018
USD ($)
|
Dec. 31, 2016
BRL (R$)
|
Dec. 31, 2017
USD ($)
|
|
Loss Contingencies [Line Items] | ||||
Document Period End Date | Sep. 30, 2018 | |||
Unrecorded Unconditional Purchase Obligation, Due in Next Twelve Months | $ 0.9 | |||
Brazilian Federal Indirect Tax Assessment [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Damages Sought, Value | R$ | R$ 17.3 | R$ 270.0 | ||
Loss Contingency Accrual, at Carrying Value | 4.0 | $ 4.9 | ||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | 21.1 | |||
Thailand Customs Matter [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | 27.0 | |||
Maximum [Member] | Indirect Tax Liability [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | $ 125.8 |
Segment Information - (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|||
Segment Reporting Information [Line Items] | ||||||
Document Period End Date | Sep. 30, 2018 | |||||
Summary of Segment Information | ||||||
Total net sales by segment | $ 1,119.0 | $ 1,122.7 | $ 3,288.8 | $ 3,359.4 | ||
Segment operating profit (loss) | (133.9) | (8.6) | (287.6) | (89.3) | ||
Impairment of assets | 109.3 | 0.0 | 199.3 | 3.1 | ||
Restructuring charges | (38.3) | (17.4) | (44.4) | (44.7) | ||
Other expense | (39.0) | (21.7) | (93.4) | (77.7) | ||
Income (loss) from continuing operations before taxes | (172.9) | (30.3) | (381.0) | (167.0) | ||
Operating Segments [Member] | ||||||
Summary of Segment Information | ||||||
Intersegment revenues | 37.8 | 29.4 | 99.8 | 103.7 | ||
Segment operating profit (loss) | 66.4 | 81.8 | 126.7 | 210.3 | ||
Operating Segments [Member] | Eurasia Banking | ||||||
Summary of Segment Information | ||||||
Total net sales by segment | 434.3 | 461.1 | 1,306.9 | 1,372.6 | ||
Intersegment revenues | 35.2 | 24.3 | 88.2 | 81.3 | ||
Segment operating profit (loss) | 43.2 | 40.0 | 79.8 | 91.0 | ||
Operating Segments [Member] | Americas Banking | ||||||
Summary of Segment Information | ||||||
Total net sales by segment | 382.5 | 376.7 | 1,086.8 | 1,128.7 | ||
Intersegment revenues | 2.6 | 5.1 | 11.6 | 22.4 | ||
Segment operating profit (loss) | 4.0 | 14.5 | 10.4 | 48.0 | ||
Operating Segments [Member] | Retail | ||||||
Summary of Segment Information | ||||||
Total net sales by segment | 302.2 | 284.9 | 895.1 | 858.1 | ||
Segment operating profit (loss) | 19.2 | 27.3 | 36.5 | 71.3 | ||
Corporate and Reconciling Items [Member] | ||||||
Summary of Segment Information | ||||||
Segment operating profit (loss) | (200.3) | (90.4) | (414.3) | (299.6) | ||
Corporate | ||||||
Summary of Segment Information | ||||||
Segment operating profit (loss) | [1] | (10.0) | (0.3) | (47.4) | (48.7) | |
Segment Reconciling Items [Member] | ||||||
Summary of Segment Information | ||||||
Restructuring charges | (38.3) | (17.4) | (44.4) | (44.7) | ||
Net non-routine expense | $ (152.0) | $ (72.7) | $ (322.5) | $ (206.2) | ||
|
Segment Information - Revenue by Service/Product Solution (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Revenue from External Customer [Line Items] | ||||
Services | $ 583.9 | $ 605.8 | $ 1,769.6 | $ 1,759.3 |
Products | 414.6 | 397.0 | 1,156.4 | 1,262.2 |
Software | 120.5 | 119.9 | 362.8 | 337.9 |
Total net sales | $ 1,119.0 | $ 1,122.7 | $ 3,288.8 | $ 3,359.4 |
Segment Information (Textuals) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2018 |
Jun. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Segment Reporting Information [Line Items] | |||||
Document Period End Date | Sep. 30, 2018 | ||||
Goodwill, Impairment Loss | $ 109.3 | $ 90.0 | $ 199.3 | ||
Impairment of assets | 109.3 | $ 0.0 | 199.3 | $ 3.1 | |
Legal, Acquisition, and Divestiture Fees | 19.8 | 16.1 | |||
Business Combination, Integration Related Costs | 10.3 | 40.0 | 54.8 | ||
Cost of sales | 890.7 | 882.7 | 2,601.1 | 2,641.1 | |
Segment Reconciling Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Non Routine Expenses Net | 152.0 | 72.7 | 322.5 | 206.2 | |
Diebold Nixdorf AG [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Purchase accounting adjustment related to amortization of acquired intangible assets | $ (28.2) | (34.9) | $ (88.7) | (99.5) | |
Purchase accounting adjustment related to acquired deferred revenue | $ 0.0 | $ 30.4 |
Supplemental Guarantor Information Supplemental Guarantor Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Millions |
Sep. 30, 2018 |
Jun. 30, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|---|---|---|---|
Cash and cash equivalents | $ 304.4 | $ 535.2 | ||||
Restricted cash | 139.3 | 8.0 | ||||
Short-term investments | 5.0 | 81.4 | ||||
Trade receivables, net | 818.1 | 830.1 | ||||
Intercompany receivables | 0.0 | 0.0 | ||||
Inventories | 846.5 | 728.9 | ||||
Prepaid expenses | 60.4 | 65.7 | ||||
Income taxes | 66.5 | 73.4 | ||||
Prepaid, income taxes and other current assets | 328.3 | 316.7 | ||||
Total current assets | 2,441.6 | 2,500.3 | ||||
Securities and other investments | 24.1 | 96.8 | ||||
Property, plant and equipment, net | 320.8 | 364.5 | ||||
Goodwill | 883.3 | 1,117.1 | $ 998.3 | |||
Deferred income taxes | 256.2 | 293.8 | ||||
Finance lease receivables | 14.9 | 14.4 | ||||
Intangible assets, net | 671.6 | 773.8 | ||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0.0 | 0.0 | ||||
Other assets | 100.2 | 95.8 | ||||
Assets | 4,697.8 | 5,242.1 | ||||
Liabilities, Current [Abstract] | ||||||
Notes payable | 52.7 | 66.7 | ||||
Accounts payable | 554.7 | 562.2 | ||||
Intercompany payable | 0.0 | 0.0 | ||||
Deferred revenue | 365.3 | 437.5 | ||||
Payroll and other benefits liabilities | 173.8 | 198.9 | ||||
Other current liabilities | 433.1 | 531.4 | ||||
Total current liabilities | 1,579.6 | 1,796.7 | ||||
Long-term debt | 2,337.0 | 1,787.1 | ||||
Pensions, post-retirement and other benefits | 260.7 | 266.4 | ||||
Deferred income taxes | 240.7 | 287.1 | ||||
Other long-term liabilities | 604.3 | 664.8 | ||||
Commitments and contingencies | ||||||
Redeemable noncontrolling interests | 154.2 | 492.1 | $ 485.7 | 44.1 | ||
Total Diebold Nixdorf, Incorporated shareholders' equity | (7.4) | $ 220.4 | 464.6 | 567.6 | $ 583.2 | 588.7 |
Noncontrolling interests | 30.1 | $ 34.1 | 36.8 | $ 39.5 | $ 37.5 | $ 433.4 |
Total liabilities, redeemable noncontrolling interests and equity | 4,697.8 | 5,242.1 | ||||
Reportable Legal Entities [Member] | Parent Company [Member] | ||||||
Cash and cash equivalents | 10.3 | 58.5 | ||||
Restricted cash | 0.0 | 0.0 | ||||
Short-term investments | 0.0 | 0.0 | ||||
Trade receivables, net | 136.7 | 140.7 | ||||
Intercompany receivables | 204.1 | 735.7 | ||||
Inventories | 221.4 | 159.5 | ||||
Prepaid, income taxes and other current assets | 32.8 | 35.4 | ||||
Total current assets | 605.3 | 1,129.8 | ||||
Securities and other investments | 24.1 | 96.8 | ||||
Property, plant and equipment, net | 79.9 | 89.6 | ||||
Goodwill | 55.5 | 55.5 | ||||
Deferred income taxes | 125.0 | 150.8 | ||||
Intangible assets, net | 33.6 | 37.5 | ||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 2,828.4 | 2,518.5 | ||||
Other assets | 34.1 | 47.2 | ||||
Assets | 3,785.9 | 4,125.7 | ||||
Liabilities, Current [Abstract] | ||||||
Notes payable | 35.9 | 49.9 | ||||
Accounts payable | 117.2 | 88.1 | ||||
Intercompany payable | 1,004.0 | 1,337.1 | ||||
Deferred revenue | 87.1 | 115.8 | ||||
Payroll and other benefits liabilities | 24.6 | 26.1 | ||||
Other current liabilities | 142.1 | 112.5 | ||||
Total current liabilities | 1,410.9 | 1,729.5 | ||||
Long-term debt | 2,179.1 | 1,710.6 | ||||
Other long-term liabilities | 203.3 | 221.0 | ||||
Redeemable noncontrolling interests | 0.0 | 0.0 | ||||
Total Diebold Nixdorf, Incorporated shareholders' equity | (7.4) | 464.6 | ||||
Noncontrolling interests | 0.0 | 0.0 | ||||
Total liabilities, redeemable noncontrolling interests and equity | 3,785.9 | 4,125.7 | ||||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||||
Cash and cash equivalents | 3.9 | 2.3 | ||||
Restricted cash | 0.0 | 0.0 | ||||
Short-term investments | 0.0 | 0.0 | ||||
Trade receivables, net | 0.2 | 1.4 | ||||
Intercompany receivables | 605.0 | 907.8 | ||||
Inventories | 0.0 | 0.0 | ||||
Prepaid, income taxes and other current assets | 21.3 | 17.0 | ||||
Total current assets | 630.4 | 928.5 | ||||
Securities and other investments | 0.0 | 0.0 | ||||
Property, plant and equipment, net | 1.0 | 2.1 | ||||
Goodwill | 0.0 | 0.0 | ||||
Deferred income taxes | 2.4 | 8.0 | ||||
Intangible assets, net | 0.0 | 0.0 | ||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0.0 | 0.0 | ||||
Other assets | 0.4 | 1.1 | ||||
Assets | 634.2 | 939.7 | ||||
Liabilities, Current [Abstract] | ||||||
Notes payable | 0.1 | 0.3 | ||||
Accounts payable | 0.0 | 0.1 | ||||
Intercompany payable | 23.9 | 192.2 | ||||
Deferred revenue | 0.1 | 0.6 | ||||
Payroll and other benefits liabilities | 1.1 | 2.2 | ||||
Other current liabilities | 1.0 | 2.8 | ||||
Total current liabilities | 26.2 | 198.2 | ||||
Long-term debt | 0.0 | 0.1 | ||||
Other long-term liabilities | 0.0 | 0.0 | ||||
Redeemable noncontrolling interests | 0.0 | 0.0 | ||||
Total Diebold Nixdorf, Incorporated shareholders' equity | 608.0 | 741.4 | ||||
Noncontrolling interests | 0.0 | 0.0 | ||||
Total liabilities, redeemable noncontrolling interests and equity | 634.2 | 939.7 | ||||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||||
Cash and cash equivalents | 290.2 | 474.4 | ||||
Restricted cash | 139.3 | 8.0 | ||||
Short-term investments | 5.0 | 81.4 | ||||
Trade receivables, net | 681.2 | 688.0 | ||||
Intercompany receivables | 399.2 | 2,104.1 | ||||
Inventories | 625.1 | 569.4 | ||||
Prepaid, income taxes and other current assets | 299.6 | 286.1 | ||||
Total current assets | 2,439.6 | 4,211.4 | ||||
Securities and other investments | 0.0 | 0.0 | ||||
Property, plant and equipment, net | 239.9 | 272.8 | ||||
Goodwill | 827.8 | 1,061.6 | ||||
Deferred income taxes | 128.8 | 135.0 | ||||
Intangible assets, net | 638.0 | 736.3 | ||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0.0 | 0.0 | ||||
Other assets | 82.5 | 74.0 | ||||
Assets | 4,356.6 | 6,491.1 | ||||
Liabilities, Current [Abstract] | ||||||
Notes payable | 16.7 | 16.5 | ||||
Accounts payable | 437.5 | 474.0 | ||||
Intercompany payable | 180.4 | 2,218.3 | ||||
Deferred revenue | 278.1 | 321.1 | ||||
Payroll and other benefits liabilities | 148.1 | 170.6 | ||||
Other current liabilities | 314.2 | 437.9 | ||||
Total current liabilities | 1,375.0 | 3,638.4 | ||||
Long-term debt | 157.9 | 76.4 | ||||
Other long-term liabilities | 419.0 | 470.3 | ||||
Redeemable noncontrolling interests | 154.2 | 492.1 | ||||
Total Diebold Nixdorf, Incorporated shareholders' equity | 2,220.4 | 1,777.1 | ||||
Noncontrolling interests | 30.1 | 36.8 | ||||
Total liabilities, redeemable noncontrolling interests and equity | 4,356.6 | 6,491.1 | ||||
Consolidation, Eliminations [Member] | ||||||
Cash and cash equivalents | 0.0 | 0.0 | ||||
Restricted cash | 0.0 | 0.0 | ||||
Short-term investments | 0.0 | 0.0 | ||||
Trade receivables, net | 0.0 | 0.0 | ||||
Intercompany receivables | (1,208.3) | (3,747.6) | ||||
Inventories | 0.0 | 0.0 | ||||
Prepaid, income taxes and other current assets | (25.4) | (21.8) | ||||
Total current assets | (1,233.7) | (3,769.4) | ||||
Securities and other 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 | ||||
Intangible assets, net | 0.0 | 0.0 | ||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | (2,828.4) | (2,518.5) | ||||
Other assets | (16.8) | (26.5) | ||||
Assets | (4,078.9) | (6,314.4) | ||||
Liabilities, Current [Abstract] | ||||||
Notes payable | 0.0 | 0.0 | ||||
Accounts payable | 0.0 | 0.0 | ||||
Intercompany payable | (1,208.3) | (3,747.6) | ||||
Deferred revenue | 0.0 | 0.0 | ||||
Payroll and other benefits liabilities | 0.0 | 0.0 | ||||
Other current liabilities | (24.2) | (21.8) | ||||
Total current liabilities | (1,232.5) | (3,769.4) | ||||
Long-term debt | 0.0 | 0.0 | ||||
Other long-term liabilities | (18.0) | (26.5) | ||||
Redeemable noncontrolling interests | 0.0 | 0.0 | ||||
Total Diebold Nixdorf, Incorporated shareholders' equity | (2,828.4) | (2,518.5) | ||||
Noncontrolling interests | 0.0 | 0.0 | ||||
Total liabilities, redeemable noncontrolling interests and equity | $ (4,078.9) | $ (6,314.4) |
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, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Total net sales | $ 1,119.0 | $ 1,122.7 | $ 3,288.8 | $ 3,359.4 |
Cost of sales | 890.7 | 882.7 | 2,601.1 | 2,641.1 |
Gross profit | 228.3 | 240.0 | 687.7 | 718.3 |
Selling and administrative expense | 216.2 | 208.8 | 663.9 | 692.6 |
Research, development and engineering expense | 36.6 | 34.2 | 118.9 | 114.4 |
Impairment of assets | 109.3 | 0.0 | 199.3 | 3.1 |
(Gain) loss on sale of assets, net | 0.1 | 5.6 | (6.8) | (2.5) |
Operating expense | 362.2 | 248.6 | 975.3 | 807.6 |
Operating profit (loss) | (133.9) | (8.6) | (287.6) | (89.3) |
Other income (expense) | ||||
Interest income | 2.2 | 4.3 | 7.6 | 15.8 |
Interest expense | (45.2) | (27.7) | (99.6) | (90.7) |
Foreign exchange gain (loss), net | 2.2 | 3.2 | (2.3) | (4.5) |
Equity in earnings of investees | 0.0 | 0.0 | 0.0 | 0.0 |
Miscellaneous, net | 1.8 | (1.5) | 0.9 | 1.7 |
Income (loss) from continuing operations before taxes | (172.9) | (30.3) | (381.0) | (167.0) |
Income tax expense (benefit) | 45.8 | (0.9) | 35.6 | (60.5) |
Net income (loss) | (218.7) | (29.4) | (416.6) | (106.5) |
Net income (loss) attributable to noncontrolling interests | (6.1) | 6.6 | 6.6 | 20.2 |
Net income (loss) attributable to Diebold Nixdorf, Incorporated | (212.6) | (36.0) | (423.2) | (126.7) |
Comprehensive income (loss) | (237.8) | (14.7) | (514.4) | 38.9 |
Less: comprehensive income (loss) attributable to noncontrolling interests | (7.4) | 8.4 | 3.5 | 23.7 |
Comprehensive income (loss) attributable to Diebold Nixdorf, Incorporated | (230.4) | (23.1) | (517.9) | 15.2 |
Reportable Legal Entities [Member] | Parent Company [Member] | ||||
Total net sales | 633.0 | 289.1 | 1,277.9 | 831.0 |
Cost of sales | 591.8 | 234.0 | 1,152.9 | 670.3 |
Gross profit | 41.2 | 55.1 | 125.0 | 160.7 |
Selling and administrative expense | 69.6 | 65.2 | 220.5 | 211.5 |
Research, development and engineering expense | 0.4 | 1.0 | 2.1 | 1.8 |
Impairment of assets | 0.0 | 0.0 | 3.1 | |
(Gain) loss on sale of assets, net | 0.1 | (0.1) | (3.4) | 0.0 |
Operating expense | 70.1 | 66.1 | 219.2 | 216.4 |
Operating profit (loss) | (28.9) | (11.0) | (94.2) | (55.7) |
Other income (expense) | ||||
Interest income | 0.5 | 0.6 | 1.1 | 1.7 |
Interest expense | (41.0) | (25.7) | (91.9) | (84.4) |
Foreign exchange gain (loss), net | 2.8 | 0.5 | (5.5) | 3.1 |
Equity in earnings of investees | (62.8) | 11.0 | (191.1) | (42.3) |
Miscellaneous, net | 0.3 | 1.7 | (0.5) | 9.0 |
Income (loss) from continuing operations before taxes | (129.1) | (22.9) | (382.1) | (168.6) |
Income tax expense (benefit) | 83.5 | 13.1 | 41.1 | (41.9) |
Net income (loss) | (212.6) | (36.0) | (423.2) | (126.7) |
Net income (loss) attributable to noncontrolling interests | 0.0 | 0.0 | 0.0 | 0.0 |
Net income (loss) attributable to Diebold Nixdorf, Incorporated | (212.6) | (36.0) | (423.2) | (126.7) |
Comprehensive income (loss) | (230.4) | (23.1) | (517.9) | 15.2 |
Less: comprehensive income (loss) attributable to noncontrolling interests | 0.0 | 0.0 | 0.0 | 0.0 |
Comprehensive income (loss) attributable to Diebold Nixdorf, Incorporated | (230.4) | (23.1) | (517.9) | 15.2 |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Total net sales | 0.1 | 0.6 | 0.4 | 6.9 |
Cost of sales | 1.1 | 1.8 | 1.7 | 10.5 |
Gross profit | (1.0) | (1.2) | (1.3) | (3.6) |
Selling and administrative expense | 1.2 | 2.7 | 3.8 | 7.7 |
Research, development and engineering expense | 10.8 | 10.8 | 33.1 | 30.5 |
Impairment of assets | 0.0 | 0.0 | 0.0 | |
(Gain) loss on sale of assets, net | 0.0 | 0.1 | 0.0 | 0.1 |
Operating expense | 12.0 | 13.6 | 36.9 | 38.3 |
Operating profit (loss) | (13.0) | (14.8) | (38.2) | (41.9) |
Other income (expense) | ||||
Interest income | 0.0 | 0.1 | 0.1 | 0.2 |
Interest expense | 0.0 | 0.0 | 0.0 | (0.1) |
Foreign exchange gain (loss), net | (0.1) | 0.0 | (0.1) | 0.1 |
Equity in earnings of investees | 0.0 | 0.0 | 0.0 | 0.0 |
Miscellaneous, net | 0.3 | 1.8 | 0.9 | 5.9 |
Income (loss) from continuing operations before taxes | (12.8) | (12.9) | (37.3) | (35.8) |
Income tax expense (benefit) | 12.6 | 2.6 | (5.6) | (17.7) |
Net income (loss) | (25.4) | (15.5) | (31.7) | (18.1) |
Net income (loss) attributable to noncontrolling interests | 0.0 | 0.0 | 0.0 | 0.0 |
Net income (loss) attributable to Diebold Nixdorf, Incorporated | (25.4) | (15.5) | (31.7) | (18.1) |
Comprehensive income (loss) | (25.4) | (15.5) | (31.7) | (18.1) |
Less: comprehensive income (loss) attributable to noncontrolling interests | 0.0 | 0.0 | 0.0 | 0.0 |
Comprehensive income (loss) attributable to Diebold Nixdorf, Incorporated | (25.4) | (15.5) | (31.7) | (18.1) |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Total net sales | 485.9 | 833.0 | 2,010.5 | 2,526.6 |
Cost of sales | 297.8 | 646.9 | 1,446.5 | 1,965.4 |
Gross profit | 188.1 | 186.1 | 564.0 | 561.2 |
Selling and administrative expense | 145.4 | 140.9 | 439.6 | 473.4 |
Research, development and engineering expense | 25.4 | 22.4 | 83.7 | 82.1 |
Impairment of assets | 109.3 | 199.3 | 0.0 | |
(Gain) loss on sale of assets, net | 0.0 | 5.6 | (3.4) | (2.6) |
Operating expense | 280.1 | 168.9 | 719.2 | 552.9 |
Operating profit (loss) | (92.0) | 17.2 | (155.2) | 8.3 |
Other income (expense) | ||||
Interest income | 1.7 | 3.6 | 6.4 | 13.9 |
Interest expense | (4.2) | (2.0) | (7.7) | (6.2) |
Foreign exchange gain (loss), net | (0.5) | 2.7 | 3.3 | (7.7) |
Equity in earnings of investees | 0.0 | 0.0 | 0.0 | 0.0 |
Miscellaneous, net | 1.2 | (4.7) | 0.5 | (12.0) |
Income (loss) from continuing operations before taxes | (93.8) | 16.8 | (152.7) | (3.7) |
Income tax expense (benefit) | (50.3) | (16.6) | 0.1 | (0.9) |
Net income (loss) | (43.5) | 33.4 | (152.8) | (2.8) |
Net income (loss) attributable to noncontrolling interests | (6.1) | 6.6 | 6.6 | 20.2 |
Net income (loss) attributable to Diebold Nixdorf, Incorporated | (37.4) | 26.8 | (159.4) | (23.0) |
Comprehensive income (loss) | (59.2) | 56.3 | (247.1) | 179.0 |
Less: comprehensive income (loss) attributable to noncontrolling interests | (7.4) | 8.4 | 3.5 | 23.7 |
Comprehensive income (loss) attributable to Diebold Nixdorf, Incorporated | (51.8) | 47.9 | (250.6) | 155.3 |
Consolidation, Eliminations [Member] | ||||
Total net sales | 0.0 | 0.0 | 0.0 | (5.1) |
Cost of sales | 0.0 | 0.0 | 0.0 | (5.1) |
Gross profit | 0.0 | 0.0 | 0.0 | 0.0 |
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 | 0.0 | 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 | 0.0 | 0.0 | 0.0 |
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 investees | 62.8 | (11.0) | 191.1 | 42.3 |
Miscellaneous, net | 0.0 | (0.3) | 0.0 | (1.2) |
Income (loss) from continuing operations before taxes | 62.8 | (11.3) | 191.1 | 41.1 |
Income tax expense (benefit) | 0.0 | 0.0 | 0.0 | 0.0 |
Net income (loss) | 62.8 | (11.3) | 191.1 | 41.1 |
Net income (loss) attributable to noncontrolling interests | 0.0 | 0.0 | 0.0 | 0.0 |
Net income (loss) attributable to Diebold Nixdorf, Incorporated | 62.8 | (11.3) | 191.1 | 41.1 |
Comprehensive income (loss) | 77.2 | (32.4) | 282.3 | (137.2) |
Less: comprehensive income (loss) attributable to noncontrolling interests | 0.0 | 0.0 | 0.0 | 0.0 |
Comprehensive income (loss) attributable to Diebold Nixdorf, Incorporated | $ 77.2 | $ (32.4) | $ 282.3 | $ (137.2) |
Supplemental Guarantor Information Supplemental Guarantor Information (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Mar. 31, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Net cash used by operating activities | $ (372.1) | $ (235.3) | |||||
Cash flow from investing activities: | |||||||
Capital expenditures | (40.5) | (41.7) | |||||
Payments for acquisitions | $ (5.8) | (5.9) | (5.6) | $ (5.6) | |||
Proceeds from maturities of short-term investments | 275.0 | 249.5 | |||||
Payments for purchases of short-term investments | (126.5) | (260.7) | |||||
Proceeds from sale of assets | 10.8 | 14.6 | |||||
Increase in certain other assets | (22.8) | (26.9) | |||||
Capital contributions and loans paid | 0.0 | 0.0 | |||||
Proceeds from intercompany loans | 0.0 | 0.0 | |||||
Net cash used by investing activities | 90.1 | (70.8) | |||||
Cash flow from financing activities: | |||||||
Dividends paid | $ 0.0 | $ (7.6) | (7.7) | (22.9) | |||
Debt issuance costs | 38.9 | 1.1 | |||||
Revolving credit facility (repayments) borrowings, net | 185.0 | 120.0 | |||||
Other debt borrowings | 706.0 | 381.0 | |||||
Other debt repayments | (306.7) | (433.5) | |||||
Distributions and payments to noncontrolling interest holders | (337.8) | (16.3) | |||||
Issuance of common shares | 0.0 | 0.3 | |||||
Repurchase of common shares | (3.0) | (4.8) | |||||
Capital contributions received and loans incurred | 0.0 | 0.0 | |||||
Payments on intercompany loans | 0.0 | 0.0 | |||||
Net cash provided by financing activities | 196.9 | 22.7 | |||||
Effect of exchange rate changes on cash and cash equivalents | (14.4) | 19.3 | |||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (99.5) | (264.1) | |||||
Cash, cash equivalents and restricted cash at the beginning of the period | 443.7 | 388.6 | 443.7 | 388.6 | 543.2 | $ 652.7 | |
Reportable Legal Entities [Member] | Parent Company [Member] | |||||||
Net cash used by operating activities | (108.5) | (101.9) | |||||
Cash flow from investing activities: | |||||||
Capital expenditures | (4.7) | (7.5) | |||||
Payments for acquisitions | 0.0 | 0.0 | |||||
Proceeds from maturities of short-term investments | 74.0 | 0.4 | |||||
Payments for purchases of short-term investments | 0.0 | (14.0) | |||||
Proceeds from sale of assets | 6.7 | 0.0 | |||||
Increase in certain other assets | (4.6) | (0.6) | |||||
Capital contributions and loans paid | (487.2) | (100.2) | |||||
Proceeds from intercompany loans | 25.2 | 193.7 | |||||
Net cash used by investing activities | (390.6) | 71.8 | |||||
Cash flow from financing activities: | |||||||
Dividends paid | (7.7) | (22.9) | |||||
Debt issuance costs | 38.9 | 1.1 | |||||
Revolving credit facility (repayments) borrowings, net | 115.0 | 0.0 | |||||
Other debt borrowings | 660.0 | 323.3 | |||||
Other debt repayments | (274.5) | (344.3) | |||||
Distributions and payments to noncontrolling interest holders | 0.0 | 0.0 | |||||
Issuance of common shares | 0.3 | ||||||
Repurchase of common shares | (3.0) | (4.8) | |||||
Capital contributions received and loans incurred | 0.0 | 0.0 | |||||
Payments on intercompany loans | 0.0 | 0.0 | |||||
Net cash provided by financing activities | 450.9 | (49.5) | |||||
Effect of exchange rate changes on cash and cash equivalents | 0.0 | 0.0 | |||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (48.2) | (79.6) | |||||
Cash, cash equivalents and restricted cash at the beginning of the period | 10.3 | 59.3 | 10.3 | 59.3 | 58.5 | 138.9 | |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | |||||||
Net cash used by operating activities | (24.4) | (23.9) | |||||
Cash flow from investing activities: | |||||||
Capital expenditures | (0.1) | (0.1) | |||||
Payments for acquisitions | 0.0 | 0.0 | |||||
Proceeds from maturities of short-term investments | 0.0 | 0.0 | |||||
Payments for purchases of short-term investments | 0.0 | 0.0 | |||||
Proceeds from sale of assets | 0.0 | 0.0 | |||||
Increase in certain other assets | 0.0 | 3.9 | |||||
Capital contributions and loans paid | 0.0 | 0.0 | |||||
Proceeds from intercompany loans | 0.0 | 0.0 | |||||
Net cash used by investing activities | (0.1) | 3.8 | |||||
Cash flow from financing activities: | |||||||
Dividends paid | 0.0 | 0.0 | |||||
Debt issuance costs | 0.0 | 0.0 | |||||
Revolving credit facility (repayments) borrowings, net | 0.0 | 0.0 | |||||
Other debt borrowings | 0.0 | 0.0 | |||||
Other debt repayments | (0.3) | (1.1) | |||||
Distributions and payments to noncontrolling interest holders | 0.0 | 0.0 | |||||
Issuance of common shares | 0.0 | ||||||
Repurchase of common shares | 0.0 | 0.0 | |||||
Capital contributions received and loans incurred | 43.0 | 53.2 | |||||
Payments on intercompany loans | (16.6) | (31.8) | |||||
Net cash provided by financing activities | 26.1 | 20.3 | |||||
Effect of exchange rate changes on cash and cash equivalents | 0.0 | 0.0 | |||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 1.6 | 0.2 | |||||
Cash, cash equivalents and restricted cash at the beginning of the period | 3.9 | 2.5 | 3.9 | 2.5 | 2.3 | 2.3 | |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | |||||||
Net cash used by operating activities | (239.2) | (109.5) | |||||
Cash flow from investing activities: | |||||||
Capital expenditures | (35.7) | (34.1) | |||||
Payments for acquisitions | (5.9) | (5.6) | |||||
Proceeds from maturities of short-term investments | 201.0 | 249.1 | |||||
Payments for purchases of short-term investments | (126.5) | (246.7) | |||||
Proceeds from sale of assets | 4.1 | 14.6 | |||||
Increase in certain other assets | (18.2) | (30.2) | |||||
Capital contributions and loans paid | 0.0 | 0.0 | |||||
Proceeds from intercompany loans | 0.0 | 0.0 | |||||
Net cash used by investing activities | 18.8 | (52.9) | |||||
Cash flow from financing activities: | |||||||
Dividends paid | 0.0 | 0.0 | |||||
Debt issuance costs | 0.0 | 0.0 | |||||
Revolving credit facility (repayments) borrowings, net | 70.0 | 120.0 | |||||
Other debt borrowings | 46.0 | 57.7 | |||||
Other debt repayments | (31.9) | (88.1) | |||||
Distributions and payments to noncontrolling interest holders | (337.8) | (16.3) | |||||
Issuance of common shares | 0.0 | ||||||
Repurchase of common shares | 0.0 | 0.0 | |||||
Capital contributions received and loans incurred | 444.2 | 47.0 | |||||
Payments on intercompany loans | (8.6) | (161.9) | |||||
Net cash provided by financing activities | 181.9 | (41.6) | |||||
Effect of exchange rate changes on cash and cash equivalents | (14.4) | 19.3 | |||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (52.9) | (184.7) | |||||
Cash, cash equivalents and restricted cash at the beginning of the period | 429.5 | 326.8 | 429.5 | 326.8 | 482.4 | 511.5 | |
Consolidation, Eliminations [Member] | |||||||
Net cash used by operating activities | 0.0 | 0.0 | |||||
Cash flow from investing activities: | |||||||
Capital expenditures | 0.0 | 0.0 | |||||
Payments for acquisitions | 0.0 | 0.0 | |||||
Proceeds from maturities of short-term investments | 0.0 | 0.0 | |||||
Payments for purchases of short-term investments | 0.0 | 0.0 | |||||
Proceeds from sale of assets | 0.0 | 0.0 | |||||
Increase in certain other assets | 0.0 | 0.0 | |||||
Capital contributions and loans paid | 487.2 | 100.2 | |||||
Proceeds from intercompany loans | (25.2) | (193.7) | |||||
Net cash used by investing activities | 462.0 | (93.5) | |||||
Cash flow from financing activities: | |||||||
Dividends paid | 0.0 | 0.0 | |||||
Debt issuance costs | 0.0 | 0.0 | |||||
Revolving credit facility (repayments) borrowings, net | 0.0 | 0.0 | |||||
Other debt borrowings | 0.0 | 0.0 | |||||
Other debt repayments | 0.0 | 0.0 | |||||
Distributions and payments to noncontrolling interest holders | 0.0 | 0.0 | |||||
Issuance of common shares | 0.0 | ||||||
Repurchase of common shares | 0.0 | 0.0 | |||||
Capital contributions received and loans incurred | (487.2) | (100.2) | |||||
Payments on intercompany loans | 25.2 | 193.7 | |||||
Net cash provided by financing activities | (462.0) | 93.5 | |||||
Effect of exchange rate changes on cash and cash equivalents | 0.0 | 0.0 | |||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 0.0 | 0.0 | |||||
Cash, cash equivalents and restricted cash at the beginning of the period | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 |
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