Restructuring

9 Months Ended

Sep. 30, 2020

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:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Cost of sales – services	$	0.8	$	2.0	$	3.2	$	6.1
Cost of sales – products	2.6		0.1		2.6		0.1
Selling and administrative expense	10.0		6.4		26.5		13.4
Research, development and engineering expense	0.4		0.1		3.0		0.1
Loss on sale of assets, net	—		—		—		0.1
Total	$	13.8	$	8.6	$	35.3	$	19.8

The following table summarizes the Company’s type of restructuring charges by reportable operating segment:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Severance
Eurasia Banking	$	8.6	$	1.3	$	16.7	$	4.1
Americas Banking	0.7		0.6		1.8		1.2
Retail	2.0		0.9		10.8		4.5
Corporate	2.5		5.8		6.0		9.9
Total severance	$	13.8	$	8.6	$	35.3	$	19.7
Other - Americas Banking	—		—		—		0.1
Total	$	13.8	$	8.6	$	35.3	$	19.8

DN Now

During the second quarter of 2018, the Company began implementing DN Now to deliver greater, more sustainable profitability. The gross annualized savings target for DN Now is approximately $500 through 2021, inclusive of the incremental and recurring savings, which the Company is executing in response to the COVID-19 pandemic. In order to achieve these savings, the Company has and will continue to restructure the workforce, integrate and optimize systems and processes, transition workloads to lower cost locations and consolidate real estate holdings. Additional near-term activities include continuation of the services modernization plan, rationalizing the Company's product portfolio and further reducing the Company's selling and administrative expense. The Company incurred restructuring charges of $13.8 and $8.6 for the three months ended September 30, 2020 and 2019, respectively, and $35.3 and $19.8 for the nine months ended September 30, 2020 and 2019, respectively, related to DN Now. The Company anticipates additional restructuring costs of approximately $20 to $40 through the completion of DN Now, primarily related to severance.

The following table summarizes the Company's cumulative total restructuring costs by plan as of September 30, 2020:

	DN Now
	Severance		Other		Total
Eurasia Banking	$	63.5	$	—	$	63.5
Americas Banking	12.2		0.1		12.3
Retail	33.0		—		33.0
Corporate	35.6		—		35.6
Total	$	144.3	$	0.1	$	144.4

The following table summarizes the Company’s restructuring accrual balances and related activity for the nine months ended September 30, 2020:

	2020		2019
Balance at January 1	$	42.6	$	56.9
Liabilities incurred	35.3		19.8
Liabilities paid/settled	(42.8)		(49.2)
Balance at September 30	$	35.1	$	27.5