State of incorporation: Delaware | I.R.S. Employer Identification No. 06-0495050 | |
3001 Summer Street, Stamford, Connecticut 06926 | ||
(203) 356-5000 |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||
Common Stock, $1 par value per share | PBI | New York Stock Exchange |
Large accelerated filer þ | Accelerated filer o | Non-accelerated filer o |
Smaller reporting company o | Emerging growth company o |
Page Number | ||
Condensed Consolidated Statements of Income for the Three Months Ended March 31, 2019 and 2018 | ||
Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2019 and 2018 | ||
Condensed Consolidated Balance Sheets at March 31, 2019 and December 31, 2018 | ||
Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2019 and 2018 | ||
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Revenue: | |||||||
Equipment sales | $ | 89,787 | $ | 106,708 | |||
Supplies | 50,953 | 59,993 | |||||
Software | 73,318 | 76,294 | |||||
Rentals | 22,157 | 24,965 | |||||
Financing | 97,043 | 100,349 | |||||
Support services | 128,621 | 140,650 | |||||
Business services | 406,523 | 387,624 | |||||
Total revenue | 868,402 | 896,583 | |||||
Costs and expenses: | |||||||
Cost of equipment sales | 63,665 | 62,469 | |||||
Cost of supplies | 13,550 | 16,947 | |||||
Cost of software | 23,383 | 24,129 | |||||
Cost of rentals | 9,715 | 12,748 | |||||
Financing interest expense | 11,364 | 11,064 | |||||
Cost of support services | 41,779 | 46,065 | |||||
Cost of business services | 327,046 | 294,379 | |||||
Selling, general and administrative | 300,982 | 302,810 | |||||
Research and development | 21,774 | 24,495 | |||||
Restructuring charges | 3,598 | 904 | |||||
Interest expense, net | 27,602 | 32,014 | |||||
Other components of net pension and postretirement cost | (638 | ) | (1,719 | ) | |||
Other expense | 17,710 | — | |||||
Total costs and expenses | 861,530 | 826,305 | |||||
Income from continuing operations before taxes | 6,872 | 70,278 | |||||
Provision for income taxes | 8,301 | 18,795 | |||||
(Loss) income from continuing operations | (1,429 | ) | 51,483 | ||||
(Loss) income from discontinued operations, net of tax | (1,230 | ) | 8,487 | ||||
Net (loss) income | $ | (2,659 | ) | $ | 59,970 | ||
Amounts attributable to common stockholders: | |||||||
(Loss) income from continuing operations | $ | (1,429 | ) | $ | 51,483 | ||
(Loss) income from discontinued operations, net of tax | (1,230 | ) | 8,487 | ||||
Net (loss) income | $ | (2,659 | ) | $ | 59,970 | ||
Basic (loss) earnings per share (1): | |||||||
Continuing operations | $ | (0.01 | ) | $ | 0.28 | ||
Discontinued operations | (0.01 | ) | 0.05 | ||||
Net (loss) income | $ | (0.01 | ) | $ | 0.32 | ||
Diluted (loss) earnings per share (1): | |||||||
Continuing operations | $ | (0.01 | ) | $ | 0.27 | ||
Discontinued operations | (0.01 | ) | 0.05 | ||||
Net (loss) income | $ | (0.01 | ) | $ | 0.32 |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Net (loss) income | $ | (2,659 | ) | $ | 59,970 | ||
Other comprehensive income, net of tax: | |||||||
Foreign currency translation, net of tax of $(4,067) in 2019 | 21,274 | 15,211 | |||||
Net unrealized gain on cash flow hedges, net of tax of $56 and $162, respectively | 163 | 486 | |||||
Net unrealized gain (loss) on investment securities, net of tax of $964 and $(1,366), respectively | 2,816 | (3,992 | ) | ||||
Amortization of pension and postretirement costs, net of tax benefits of $2,649 and $2,803, respectively | 6,636 | 8,172 | |||||
Other comprehensive income, net of tax | 30,889 | 19,877 | |||||
Comprehensive income | $ | 28,230 | $ | 79,847 |
March 31, 2019 | December 31, 2018 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 838,905 | $ | 867,262 | |||
Short-term investments | 65,405 | 59,391 | |||||
Accounts receivable (net of allowance of $21,029 and $17,617, respectively) | 412,661 | 456,138 | |||||
Short-term finance receivables (net of allowance of $13,633 and $12,454, respectively) | 684,436 | 758,511 | |||||
Inventories | 68,876 | 62,279 | |||||
Current income taxes | 21,897 | 5,947 | |||||
Other current assets and prepayments | 134,929 | 100,625 | |||||
Assets of discontinued operations | — | 4,854 | |||||
Total current assets | 2,227,109 | 2,315,007 | |||||
Property, plant and equipment, net | 412,727 | 410,114 | |||||
Rental property and equipment, net | 41,862 | 46,228 | |||||
Long-term finance receivables (net of allowance of $8,518 and $7,768 respectively) | 545,360 | 536,369 | |||||
Goodwill | 1,754,259 | 1,766,511 | |||||
Intangible assets, net | 223,005 | 227,137 | |||||
Operating lease assets | 152,139 | 156,788 | |||||
Noncurrent income taxes | 61,700 | 66,326 | |||||
Other assets | 388,104 | 419,677 | |||||
Total assets | $ | 5,806,265 | $ | 5,944,157 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 1,313,440 | $ | 1,390,362 | |||
Current operating lease liabilities | 35,219 | 37,208 | |||||
Current portion of long-term debt | 207,231 | 199,535 | |||||
Advance billings | 213,171 | 235,116 | |||||
Current income taxes | 5,697 | 15,284 | |||||
Liabilities of discontinued operations | — | 3,276 | |||||
Total current liabilities | 1,774,758 | 1,880,781 | |||||
Deferred taxes on income | 257,639 | 254,353 | |||||
Tax uncertainties and other income tax liabilities | 51,950 | 39,548 | |||||
Noncurrent operating lease liabilities | 124,873 | 127,237 | |||||
Long-term debt | 3,047,661 | 3,066,073 | |||||
Other noncurrent liabilities | 463,028 | 474,323 | |||||
Total liabilities | 5,719,909 | 5,842,315 | |||||
Commitments and contingencies (See Note 14) | |||||||
Stockholders’ equity: | |||||||
Cumulative preferred stock, $50 par value, 4% convertible | 1 | 1 | |||||
Cumulative preference stock, no par value, $2.12 convertible | 388 | 396 | |||||
Common stock, $1 par value (480,000,000 shares authorized; 323,337,912 shares issued) | 323,338 | 323,338 | |||||
Additional paid-in capital | 109,166 | 121,475 | |||||
Retained earnings | 5,267,615 | 5,279,682 | |||||
Accumulated other comprehensive loss | (918,072 | ) | (948,961 | ) | |||
Treasury stock, at cost (140,812,458 and 135,662,830 shares, respectively) | (4,696,080 | ) | (4,674,089 | ) | |||
Total stockholders’ equity | 86,356 | 101,842 | |||||
Total liabilities and stockholders’ equity | $ | 5,806,265 | $ | 5,944,157 |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Cash flows from operating activities: | |||||||
Net (loss) income | $ | (2,659 | ) | $ | 59,970 | ||
Loss (income) from discontinued operations, net of tax | 1,230 | (8,487 | ) | ||||
Restructuring payments | (8,144 | ) | (15,585 | ) | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 39,365 | 39,738 | |||||
Stock-based compensation | 6,784 | 3,273 | |||||
Restructuring charges | 3,598 | 904 | |||||
Loss on disposition of businesses | 17,710 | — | |||||
Changes in operating assets and liabilities, net of acquisitions/divestitures: | |||||||
Decrease in accounts receivable | 59,571 | 29,292 | |||||
Decrease in finance receivables | 55,215 | 33,780 | |||||
(Increase) decrease in inventories | (6,232 | ) | 1,783 | ||||
Increase in other current assets and prepayments | (36,226 | ) | (11,963 | ) | |||
Decrease in accounts payable and accrued liabilities | (37,260 | ) | (74,805 | ) | |||
(Decrease) increase in current and non-current income taxes | (2,398 | ) | 15,859 | ||||
Decrease in advance billings | (16,219 | ) | (17,832 | ) | |||
Other, net | (993 | ) | (11,154 | ) | |||
Net cash provided by operating activities - continuing operations | 73,342 | 44,773 | |||||
Net cash (used in) provided by operating activities - discontinued operations | (3,614 | ) | 24,856 | ||||
Net cash provided by operating activities | 69,728 | 69,629 | |||||
Cash flows from investing activities: | |||||||
Purchases of available-for-sale securities | — | (29,922 | ) | ||||
Proceeds from sales/maturities of available-for-sale securities | 31,404 | 15,044 | |||||
Net activity from short-term and other investments | (1,778 | ) | 16,562 | ||||
Capital expenditures | (28,754 | ) | (29,017 | ) | |||
Acquisitions, net of cash acquired | (4,882 | ) | (2,407 | ) | |||
Change in reserve account deposits | (23,036 | ) | 6,654 | ||||
Other investing activities | (7,841 | ) | (1,250 | ) | |||
Net cash used in investing activities - continuing operations | (34,887 | ) | (24,336 | ) | |||
Net cash used in investing activities - discontinued operations | — | (863 | ) | ||||
Net cash used in investing activities | (34,887 | ) | (25,199 | ) | |||
Cash flows from financing activities: | |||||||
Principal payments of long-term debt | (12,541 | ) | (255,045 | ) | |||
Dividends paid to stockholders | (9,408 | ) | (35,016 | ) | |||
Common stock repurchases | (39,142 | ) | — | ||||
Other financing activities | (2,901 | ) | (50,256 | ) | |||
Net cash used in financing activities | (63,992 | ) | (340,317 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | 794 | 6,741 | |||||
Change in cash and cash equivalents | (28,357 | ) | (289,146 | ) | |||
Cash and cash equivalents at beginning of period | 867,262 | 1,009,021 | |||||
Cash and cash equivalents at end of period | $ | 838,905 | $ | 719,875 | |||
Cash interest paid | $ | 33,393 | $ | 46,998 | |||
Cash income tax payments, net of refunds | $ | 10,071 | $ | 4,560 |
Three Months Ended March 31, 2019 | ||||||||||||||||||||||||
Global Ecommerce | Presort Services | North America Mailing | International Mailing | Software Solutions | Total Revenue recognized under ASC 606 | Revenue from leasing transactions and financing | Total Consolidated Revenue | |||||||||||||||||
Major products/service lines | ||||||||||||||||||||||||
Equipment sales | $ | — | $ | — | $ | 9,215 | $ | 12,079 | $ | — | $ | 21,294 | $ | 68,493 | $ | 89,787 | ||||||||
Supplies | — | — | 35,103 | 15,850 | — | 50,953 | — | 50,953 | ||||||||||||||||
Software | — | — | — | — | 73,318 | 73,318 | — | 73,318 | ||||||||||||||||
Rentals | — | — | — | — | — | — | 22,157 | 22,157 | ||||||||||||||||
Financing | — | — | — | — | — | — | 97,043 | 97,043 | ||||||||||||||||
Support services | — | 22 | 107,709 | 20,890 | — | 128,621 | — | 128,621 | ||||||||||||||||
Business services | 266,254 | 134,825 | 4,517 | 927 | — | 406,523 | — | 406,523 | ||||||||||||||||
Subtotal | 266,254 | 134,847 | 156,544 | 49,746 | 73,318 | 680,709 | $ | 187,693 | $ | 868,402 | ||||||||||||||
Revenue from leasing transactions and financing | ||||||||||||||||||||||||
Equipment sales | — | — | 57,894 | 10,599 | — | 68,493 | ||||||||||||||||||
Rentals | — | — | 17,279 | 4,878 | — | 22,157 | ||||||||||||||||||
Financing | — | — | 83,757 | 13,286 | — | 97,043 | ||||||||||||||||||
Total revenue | $ | 266,254 | $ | 134,847 | $ | 315,474 | $ | 78,509 | $ | 73,318 | $ | 868,402 | ||||||||||||
Timing of revenue recognition under ASC 606 | ||||||||||||||||||||||||
Products/services transferred at a point in time | $ | — | $ | — | $ | 44,318 | $ | 27,930 | $ | 20,970 | $ | 93,218 | ||||||||||||
Products/services transferred over time | 266,254 | 134,847 | 112,226 | 21,816 | 52,348 | 587,491 | ||||||||||||||||||
Total | $ | 266,254 | $ | 134,847 | $ | 156,544 | $ | 49,746 | $ | 73,318 | $ | 680,709 |
Three Months Ended March 31, 2018 | ||||||||||||||||||||||||
Global Ecommerce | Presort Services | North America Mailing | International Mailing | Software Solutions | Total Revenue recognized under ASC 606 | Revenue from leasing transactions and financing | Total Consolidated Revenue | |||||||||||||||||
Major products/service lines | ||||||||||||||||||||||||
Equipment sales | $ | — | $ | — | $ | 10,416 | $ | 11,795 | $ | — | $ | 22,211 | $ | 84,497 | $ | 106,708 | ||||||||
Supplies | — | — | 38,951 | 21,042 | — | 59,993 | — | 59,993 | ||||||||||||||||
Software | — | — | — | — | 76,294 | 76,294 | — | 76,294 | ||||||||||||||||
Rentals | — | — | — | — | — | — | 24,965 | 24,965 | ||||||||||||||||
Financing | — | — | — | — | — | — | 100,349 | 100,349 | ||||||||||||||||
Support services | — | — | 113,713 | 26,937 | — | 140,650 | — | 140,650 | ||||||||||||||||
Business services | 246,590 | 134,458 | 4,889 | 1,687 | — | 387,624 | — | 387,624 | ||||||||||||||||
Subtotal | 246,590 | 134,458 | 167,969 | 61,461 | 76,294 | 686,772 | $ | 209,811 | $ | 896,583 | ||||||||||||||
Revenue from leasing transactions and financing | ||||||||||||||||||||||||
Equipment sales | — | — | 68,472 | 16,025 | — | 84,497 | ||||||||||||||||||
Rentals | — | — | 19,512 | 5,453 | — | 24,965 | ||||||||||||||||||
Financing | — | — | 84,858 | 15,491 | — | 100,349 | ||||||||||||||||||
Total revenue | $ | 246,590 | $ | 134,458 | $ | 340,811 | $ | 98,430 | $ | 76,294 | $ | 896,583 | ||||||||||||
Timing of revenue recognition under ASC 606 | ||||||||||||||||||||||||
Products/services transferred at a point in time | $ | — | $ | — | $ | 49,367 | $ | 32,836 | $ | 25,001 | $ | 107,204 | ||||||||||||
Products/services transferred over time | 246,590 | 134,458 | 118,602 | 28,625 | 51,293 | 579,568 | ||||||||||||||||||
Total | $ | 246,590 | $ | 134,458 | $ | 167,969 | $ | 61,461 | $ | 76,294 | $ | 686,772 |
Balance sheet location | March 31, 2019 | December 31, 2018 | Increase (decrease) | ||||||||||
Contracts assets, current | Other current assets and prepayments | $ | 17,319 | $ | 16,115 | $ | 1,204 | ||||||
Contracts assets, noncurrent | Other assets | $ | 11,385 | $ | 13,092 | $ | (1,707 | ) | |||||
Advance billings, current | Advance billings | $ | 203,735 | $ | 221,527 | $ | (17,792 | ) | |||||
Advance billings, noncurrent | Noncurrent liabilities | $ | 13,144 | $ | 12,778 | $ | 366 |
Remainder of 2019 | 2020 | 2021-2024 | Total | |||||||||||||
North America Mailing(1) | $ | 196,642 | $ | 214,546 | $ | 288,869 | $ | 700,057 | ||||||||
International Mailing(1) | 23,105 | 19,664 | 21,651 | 64,420 | ||||||||||||
Software Solutions(2) | 55,521 | 49,884 | 26,118 | 131,523 | ||||||||||||
Total | $ | 275,268 | $ | 284,094 | $ | 336,638 | $ | 896,000 |
Revenue | |||||||
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Global Ecommerce | $ | 266,254 | $ | 246,590 | |||
Presort Services | 134,847 | 134,458 | |||||
Commerce Services | 401,101 | 381,048 | |||||
North America Mailing | 315,474 | 340,811 | |||||
International Mailing | 78,509 | 98,430 | |||||
SMB Solutions | 393,983 | 439,241 | |||||
Software Solutions | 73,318 | 76,294 | |||||
Total revenue | $ | 868,402 | $ | 896,583 |
EBIT | |||||||
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Global Ecommerce | $ | (14,600 | ) | $ | (7,711 | ) | |
Presort Services | 15,066 | 27,026 | |||||
Commerce Services | 466 | 19,315 | |||||
North America Mailing | 110,613 | 128,568 | |||||
International Mailing | 11,790 | 16,022 | |||||
SMB Solutions | 122,403 | 144,590 | |||||
Software Solutions | 1,692 | 2,492 | |||||
Total segment EBIT | 124,561 | 166,397 | |||||
Reconciling items: | |||||||
Interest, net | (38,966 | ) | (43,078 | ) | |||
Unallocated corporate expenses | (55,689 | ) | (51,082 | ) | |||
Restructuring charges | (3,598 | ) | (904 | ) | |||
Other expense | (17,710 | ) | — | ||||
Transaction costs | (1,726 | ) | (1,055 | ) | |||
Income from continuing operations before income taxes | 6,872 | 70,278 | |||||
Provision for income taxes | 8,301 | 18,795 | |||||
(Loss) income from discontinued operations, net of tax | (1,230 | ) | 8,487 | ||||
Net (loss) income | $ | (2,659 | ) | $ | 59,970 |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Revenue | $ | 750 | $ | 102,234 | |||
(Loss) earnings from discontinued operations | $ | (663 | ) | $ | 11,803 | ||
Loss on sale | (667 | ) | — | ||||
(Loss) income from discontinued operations before taxes | (1,330 | ) | 11,803 | ||||
Tax (benefit) provision | (100 | ) | 3,316 | ||||
(Loss) income from discontinued operations | $ | (1,230 | ) | $ | 8,487 |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Numerator: | |||||||
(Loss) income from continuing operations | $ | (1,429 | ) | $ | 51,483 | ||
(Loss) income from discontinued operations, net of tax | (1,230 | ) | 8,487 | ||||
Net (loss) income (numerator for diluted EPS) | (2,659 | ) | 59,970 | ||||
Less: Preference stock dividend | 8 | 8 | |||||
(Loss) income attributable to common stockholders (numerator for basic EPS) | $ | (2,667 | ) | $ | 59,962 | ||
Denominator: | |||||||
Weighted-average shares used in basic EPS | 185,971 | 186,863 | |||||
Dilutive effect of common stock equivalents (1) | — | 1,312 | |||||
Weighted-average shares used in diluted EPS | 185,971 | 188,175 | |||||
Basic (loss) earnings per share (2): | |||||||
Continuing operations | $ | (0.01 | ) | $ | 0.28 | ||
Discontinued operations | (0.01 | ) | 0.05 | ||||
Net (loss) income | $ | (0.01 | ) | $ | 0.32 | ||
Diluted (loss) earnings per share (2): | |||||||
Continuing operations | $ | (0.01 | ) | $ | 0.27 | ||
Discontinued operations | (0.01 | ) | 0.05 | ||||
Net (loss) income | $ | (0.01 | ) | $ | 0.32 | ||
Anti-dilutive options excluded from diluted earnings per share: | 14,989 | 11,636 |
(1) | Dilutive effect of common stock equivalents are not included in the calculation of diluted earnings per share for the three months ended March 31, 2019 as the Company is reporting a net loss for the period. |
(2) | The sum of the earnings per share amounts may not equal the totals due to rounding. |
March 31, 2019 | December 31, 2018 | ||||||
Raw materials | $ | 13,258 | $ | 8,231 | |||
Supplies and service parts | 23,627 | 21,841 | |||||
Finished products | 36,474 | 36,690 | |||||
Inventory at FIFO cost | 73,359 | 66,762 | |||||
Excess of FIFO cost over LIFO cost | (4,483 | ) | (4,483 | ) | |||
Total inventory, net | $ | 68,876 | $ | 62,279 |
March 31, 2019 | December 31, 2018 | ||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||
Sales-type lease receivables | |||||||||||||||||||||||
Gross finance receivables | $ | 1,099,620 | $ | 190,468 | $ | 1,290,088 | $ | 1,110,896 | $ | 247,774 | $ | 1,358,670 | |||||||||||
Unguaranteed residual values | 48,204 | 11,671 | 59,875 | 52,637 | 12,772 | 65,409 | |||||||||||||||||
Unearned income | (370,344 | ) | (43,966 | ) | (414,310 | ) | (383,453 | ) | (55,113 | ) | (438,566 | ) | |||||||||||
Allowance for credit losses | (13,136 | ) | (1,884 | ) | (15,020 | ) | (10,252 | ) | (2,356 | ) | (12,608 | ) | |||||||||||
Net investment in sales-type lease receivables | 764,344 | 156,289 | 920,633 | 769,828 | 203,077 | 972,905 | |||||||||||||||||
Loan receivables | |||||||||||||||||||||||
Loan receivables | 286,716 | 29,578 | 316,294 | 300,319 | 29,270 | 329,589 | |||||||||||||||||
Allowance for credit losses | (6,399 | ) | (732 | ) | (7,131 | ) | (6,777 | ) | (837 | ) | (7,614 | ) | |||||||||||
Net investment in loan receivables | 280,317 | 28,846 | 309,163 | 293,542 | 28,433 | 321,975 | |||||||||||||||||
Net investment in finance receivables | $ | 1,044,661 | $ | 185,135 | $ | 1,229,796 | $ | 1,063,370 | $ | 231,510 | $ | 1,294,880 |
Sales-type Lease Receivables | |||||||||||
North America | International | Total | |||||||||
Remaining for year ending December 31, 2019 | $ | 486,499 | $ | 52,782 | $ | 539,281 | |||||
Year ending December 31, 2020 | 275,321 | 56,077 | 331,398 | ||||||||
Year ending December 31, 2021 | 186,002 | 41,078 | 227,080 | ||||||||
Year ending December 31, 2022 | 106,014 | 26,276 | 132,290 | ||||||||
Year ending December 31, 2023 | 42,879 | 12,511 | 55,390 | ||||||||
Thereafter | 2,905 | 1,744 | 4,649 | ||||||||
Total | $ | 1,099,620 | $ | 190,468 | $ | 1,290,088 |
Sales-type Lease Receivables | Loan Receivables | ||||||||||||||||||
North America | International | North America | International | Total | |||||||||||||||
Balance at January 1, 2019 | $ | 10,253 | $ | 2,355 | $ | 6,777 | $ | 837 | $ | 20,222 | |||||||||
Amounts charged to expense | 3,399 | 231 | 957 | 20 | 4,607 | ||||||||||||||
Write-offs and other | (516 | ) | (702 | ) | (1,335 | ) | (125 | ) | (2,678 | ) | |||||||||
Balance at March 31, 2019 | $ | 13,136 | $ | 1,884 | $ | 6,399 | $ | 732 | $ | 22,151 | |||||||||
Sales-type Lease Receivables | Loan Receivables | ||||||||||||||||||
North America | International | North America | International | Total | |||||||||||||||
Balance at January 1, 2018 | $ | 7,721 | $ | 2,812 | $ | 7,098 | $ | 1,020 | $ | 18,651 | |||||||||
Amounts charged to expense | 2,186 | 399 | 1,925 | 140 | 4,650 | ||||||||||||||
Write-offs and other | (1,145 | ) | (127 | ) | (2,073 | ) | (176 | ) | (3,521 | ) | |||||||||
Balance at March 31, 2018 | $ | 8,762 | $ | 3,084 | $ | 6,950 | $ | 984 | $ | 19,780 |
March 31, 2019 | |||||||||||||||||||
Sales-type Lease Receivables | Loan Receivables | ||||||||||||||||||
North America | International | North America | International | Total | |||||||||||||||
1 - 90 days | $ | 1,065,521 | $ | 186,947 | $ | 280,124 | $ | 29,302 | $ | 1,561,894 | |||||||||
> 90 days | 34,099 | 3,521 | 6,592 | 276 | 44,488 | ||||||||||||||
Total | $ | 1,099,620 | $ | 190,468 | $ | 286,716 | $ | 29,578 | $ | 1,606,382 | |||||||||
Past due amounts > 90 days | |||||||||||||||||||
Still accruing interest | $ | 6,709 | $ | 715 | $ | 2,178 | $ | 128 | $ | 9,730 | |||||||||
Not accruing interest | 27,390 | 2,806 | 4,414 | 148 | 34,758 | ||||||||||||||
Total | $ | 34,099 | $ | 3,521 | $ | 6,592 | $ | 276 | $ | 44,488 |
December 31, 2018 | |||||||||||||||||||
Sales-type Lease Receivables | Loan Receivables | ||||||||||||||||||
North America | International | North America | International | Total | |||||||||||||||
1 - 90 days | $ | 1,069,288 | $ | 243,852 | $ | 294,126 | $ | 29,079 | $ | 1,636,345 | |||||||||
> 90 days | 41,608 | 3,922 | 6,193 | 191 | 51,914 | ||||||||||||||
Total | $ | 1,110,896 | $ | 247,774 | $ | 300,319 | $ | 29,270 | $ | 1,688,259 | |||||||||
Past due amounts > 90 days | |||||||||||||||||||
Still accruing interest | $ | 7,917 | $ | 1,111 | $ | 1,769 | $ | 72 | $ | 10,869 | |||||||||
Not accruing interest | 33,691 | 2,811 | 4,424 | 119 | 41,045 | ||||||||||||||
Total | $ | 41,608 | $ | 3,922 | $ | 6,193 | $ | 191 | $ | 51,914 |
• | Low risk accounts are companies with very good credit scores and are considered to approximate the top 30% of all commercial borrowers. |
• | Medium risk accounts are companies with average to good credit scores and are considered to approximate the middle 40% of all commercial borrowers. |
• | High risk accounts are companies with poor credit scores, are delinquent or are at risk of becoming delinquent and are considered to approximate the bottom 30% of all commercial borrowers. |
March 31, 2019 | December 31, 2018 | ||||||
Sales-type lease receivables | |||||||
Low | $ | 909,353 | $ | 922,414 | |||
Medium | 131,425 | 131,650 | |||||
High | 23,478 | 22,110 | |||||
Not Scored | 35,364 | 34,722 | |||||
Total | $ | 1,099,620 | $ | 1,110,896 | |||
Loan receivables | |||||||
Low | $ | 224,517 | $ | 238,620 | |||
Medium | 45,167 | 43,952 | |||||
High | 5,429 | 5,947 | |||||
Not Scored | 11,603 | 11,800 | |||||
Total | $ | 286,716 | $ | 300,319 |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Profit recognized at commencement (1) | $ | 36,360 | $ | 47,294 | |||
Interest income | 59,478 | 61,832 | |||||
Total lease income from sales-type leases | $ | 95,838 | $ | 109,126 |
Remaining for year ending December 31, 2019 | $ | 26,317 | |
Year ending December 31, 2020 | 25,322 | ||
Year ending December 31, 2021 | 9,881 | ||
Year ending December 31, 2022 | 4,023 | ||
Year ending December 31, 2023 | 2,590 | ||
Thereafter | 59 | ||
Total | $ | 68,192 |
March 31, 2019 | December 31, 2018 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
Customer relationships | $ | 484,543 | $ | (286,393 | ) | $ | 198,150 | $ | 480,837 | $ | (281,190 | ) | $ | 199,647 | |||||||||
Software & technology | 164,973 | (145,518 | ) | 19,455 | 165,088 | (143,877 | ) | 21,211 | |||||||||||||||
Trademarks & other | 40,104 | (34,704 | ) | 5,400 | 40,170 | (33,891 | ) | 6,279 | |||||||||||||||
Total intangible assets | $ | 689,620 | $ | (466,615 | ) | $ | 223,005 | $ | 686,095 | $ | (458,958 | ) | $ | 227,137 |
Remaining for year ending December 31, 2019 | $ | 30,303 | |
Year ending December 31, 2020 | 35,564 | ||
Year ending December 31, 2021 | 31,026 | ||
Year ending December 31, 2022 | 29,798 | ||
Year ending December 31, 2023 | 26,726 | ||
Thereafter | 69,588 | ||
Total | $ | 223,005 |
December 31, 2018 | Divestiture | Currency impact | March 31, 2019 | ||||||||||||
Global Ecommerce | $ | 609,431 | $ | — | $ | — | $ | 609,431 | |||||||
Presort Services | 207,465 | — | — | 207,465 | |||||||||||
Commerce Services | 816,896 | — | — | 816,896 | |||||||||||
North America Mailing | 368,248 | — | 167 | 368,415 | |||||||||||
International Mailing | 147,207 | (10,490 | ) | (3,573 | ) | 133,144 | |||||||||
Small & Medium Business Solutions | 515,455 | (10,490 | ) | (3,406 | ) | 501,559 | |||||||||
Software Solutions | 434,160 | — | 1,644 | 435,804 | |||||||||||
Total goodwill | $ | 1,766,511 | $ | (10,490 | ) | $ | (1,762 | ) | $ | 1,754,259 |
Level 1 – | Unadjusted quoted prices in active markets for identical assets and liabilities. |
Level 2 – | Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. |
Level 3 – | Unobservable inputs that are supported by little or no market activity, may be derived from internally developed methodologies based on management’s best estimate of fair value and that are significant to the fair value of the asset or liability. |
March 31, 2019 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | |||||||||||||||
Investment securities | |||||||||||||||
Money market funds / commercial paper | $ | 225,808 | $ | 398,019 | $ | — | $ | 623,827 | |||||||
Equity securities | — | 21,663 | — | 21,663 | |||||||||||
Commingled fixed income securities | 1,600 | 20,655 | — | 22,255 | |||||||||||
Government and related securities | 85,390 | 9,132 | — | 94,522 | |||||||||||
Corporate debt securities | — | 51,677 | — | 51,677 | |||||||||||
Mortgage-backed / asset-backed securities | — | 89,618 | — | 89,618 | |||||||||||
Derivatives | |||||||||||||||
Foreign exchange contracts | — | 1,610 | — | 1,610 | |||||||||||
Total assets | $ | 312,798 | $ | 592,374 | $ | — | $ | 905,172 | |||||||
Liabilities: | |||||||||||||||
Derivatives | |||||||||||||||
Foreign exchange contracts | $ | — | $ | (3,430 | ) | $ | — | $ | (3,430 | ) | |||||
Total liabilities | $ | — | $ | (3,430 | ) | $ | — | $ | (3,430 | ) |
December 31, 2018 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | |||||||||||||||
Investment securities | |||||||||||||||
Money market funds / commercial paper | $ | 220,756 | $ | 391,891 | $ | — | $ | 612,647 | |||||||
Equity securities | — | 19,133 | — | 19,133 | |||||||||||
Commingled fixed income securities | 1,570 | 20,141 | — | 21,711 | |||||||||||
Government and related securities | 98,790 | 9,787 | — | 108,577 | |||||||||||
Corporate debt securities | — | 56,938 | — | 56,938 | |||||||||||
Mortgage-backed / asset-backed securities | — | 98,334 | — | 98,334 | |||||||||||
Derivatives | |||||||||||||||
Foreign exchange contracts | — | 2,031 | — | 2,031 | |||||||||||
Total assets | $ | 321,116 | $ | 598,255 | $ | — | $ | 919,371 | |||||||
Liabilities: | |||||||||||||||
Derivatives | |||||||||||||||
Foreign exchange contracts | $ | — | $ | (735 | ) | $ | — | $ | (735 | ) | |||||
Total liabilities | $ | — | $ | (735 | ) | $ | — | $ | (735 | ) |
• | Money Market Funds / Commercial Paper: Money market funds typically invest in government securities, certificates of deposit, commercial paper and other highly liquid, low risk securities. Money market funds are principally used for overnight deposits and are classified as Level 1 when unadjusted quoted prices in active markets are available and as Level 2 when they are not actively traded on an exchange. Direct investments in commercial paper are not listed on an exchange in an active market and are classified as Level 2. |
• | Equity Securities: Equity securities are comprised of mutual funds investing in U.S. and foreign stocks. These mutual funds are classified as Level 2. |
• | Commingled Fixed Income Securities: Commingled fixed income securities are comprised of mutual funds that invest in a variety of fixed income securities, including securities of the U.S. government and its agencies, corporate debt, mortgage-backed securities and asset-backed securities. Fair value is based on the value of the underlying investments owned by each fund, minus its liabilities, divided by the number of shares outstanding, as reported by the fund manager. These mutual funds are classified as Level 2. |
• | Government and Related Securities: Debt securities are classified as Level 1 where active, high volume trades for identical securities exist. Valuation adjustments are not applied to these securities. Debt securities are classified as Level 2 where fair value is determined using quoted market prices for similar securities or benchmarking model derived prices to quoted market prices and trade data for identical or comparable securities. |
• | Corporate Debt Securities: Corporate debt securities are valued using recently executed comparable transactions, market price quotations or bond spreads for the same maturity as the security. These securities are classified as Level 2. |
• | Mortgage-Backed Securities / Asset-Backed Securities: These securities are valued based on external pricing indices or external price/spread data. These securities are classified as Level 2. |
March 31, 2019 | |||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | ||||||||||||
Government and related securities | $ | 94,831 | $ | 221 | $ | (575 | ) | $ | 94,477 | ||||||
Corporate debt securities | 51,769 | 329 | (421 | ) | 51,677 | ||||||||||
Commingled fixed income securities | 1,647 | — | (47 | ) | 1,600 | ||||||||||
Mortgage-backed / asset-backed securities | 90,486 | 335 | (1,203 | ) | 89,618 | ||||||||||
Total | $ | 238,733 | $ | 885 | $ | (2,246 | ) | $ | 237,372 |
December 31, 2018 | |||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | ||||||||||||
Government and related securities | $ | 109,776 | $ | 47 | $ | (1,336 | ) | $ | 108,487 | ||||||
Corporate debt securities | 58,714 | 4 | (1,780 | ) | 56,938 | ||||||||||
Commingled fixed income securities | 1,637 | — | (67 | ) | 1,570 | ||||||||||
Mortgage-backed / asset-backed securities | 100,186 | 167 | (2,019 | ) | 98,334 | ||||||||||
Total | $ | 270,313 | $ | 218 | $ | (5,202 | ) | $ | 265,329 |
March 31, 2019 | December 31, 2018 | ||||||||||||||
Fair Value | Gross unrealized losses | Fair Value | Gross unrealized losses | ||||||||||||
Less than 12 continuous months | $ | 8,518 | $ | 46 | $ | 48,318 | $ | 847 | |||||||
Greater than 12 continuous months | 133,732 | 2,200 | 177,331 | 4,355 | |||||||||||
Total | $ | 142,250 | $ | 2,246 | $ | 225,649 | $ | 5,202 |
Amortized cost | Estimated fair value | ||||||
Within 1 year | $ | 54,475 | $ | 54,348 | |||
After 1 year through 5 years | 74,200 | 73,898 | |||||
After 5 years through 10 years | 37,291 | 37,393 | |||||
After 10 years | 72,767 | 71,733 | |||||
Total | $ | 238,733 | $ | 237,372 |
Designation of Derivatives | Balance Sheet Location | March 31, 2019 | December 31, 2018 | |||||||
Derivatives designated as hedging instruments | ||||||||||
Foreign exchange contracts | Other current assets and prepayments | $ | 175 | $ | 61 | |||||
Accounts payable and accrued liabilities | — | (104 | ) | |||||||
Derivatives not designated as hedging instruments | ||||||||||
Foreign exchange contracts | Other current assets and prepayments | 1,435 | 1,970 | |||||||
Accounts payable and accrued liabilities | (3,430 | ) | (631 | ) | ||||||
Total derivative assets | $ | 1,610 | $ | 2,031 | ||||||
Total derivative liabilities | (3,430 | ) | (735 | ) | ||||||
Total net derivative (liability) asset | $ | (1,820 | ) | $ | 1,296 |
Three Months Ended March 31, | ||||||||||||||||||
Derivative Gain (Loss) Recognized in AOCL (Effective Portion) | Location of Gain (Loss) (Effective Portion) | Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion) | ||||||||||||||||
Derivative Instrument | 2019 | 2018 | 2019 | 2018 | ||||||||||||||
Foreign exchange contracts | $ | 345 | $ | 35 | Revenue | $ | 111 | $ | (3 | ) | ||||||||
Cost of sales | 16 | (84 | ) | |||||||||||||||
Interest rate swap | — | (181 | ) | Interest Expense | — | — | ||||||||||||
$ | 345 | $ | (146 | ) | $ | 127 | $ | (87 | ) |
Three Months Ended March 31, | ||||||||||
Derivative Gain (Loss) Recognized in Earnings | ||||||||||
Derivatives Instrument | Location of Derivative Gain (Loss) | 2019 | 2018 | |||||||
Foreign exchange contracts | Selling, general and administrative expense | $ | 5,269 | $ | (4,713 | ) |
March 31, 2019 | December 31, 2018 | ||||||
Carrying value | $ | 3,254,892 | $ | 3,265,608 | |||
Fair value | $ | 3,152,589 | $ | 3,003,678 |
Severance and benefits costs | Other exit costs | Total | |||||||||
Balance at January 1, 2019 | $ | 13,641 | $ | 1,808 | $ | 15,449 | |||||
Expenses, net | 3,330 | 268 | 3,598 | ||||||||
Cash payments | (7,191 | ) | (953 | ) | (8,144 | ) | |||||
Balance at March 31, 2019 | $ | 9,780 | $ | 1,123 | $ | 10,903 | |||||
Balance at January 1, 2018 | $ | 42,151 | $ | 1,569 | $ | 43,720 | |||||
Expenses, net | 835 | 69 | 904 | ||||||||
Cash payments | (15,008 | ) | (577 | ) | (15,585 | ) | |||||
Balance at March 31, 2018 | $ | 27,978 | $ | 1,061 | $ | 29,039 |
Interest rate | March 31, 2019 | December 31, 2018 | |||||||
Notes due September 2020 | 3.875% | $ | 300,000 | $ | 300,000 | ||||
Notes due October 2021 | 3.875% | 600,000 | 600,000 | ||||||
Notes due May 2022 | 4.375% | 400,000 | 400,000 | ||||||
Notes due April 2023 | 4.95% | 400,000 | 400,000 | ||||||
Notes due March 2024 | 4.625% | 500,000 | 500,000 | ||||||
Notes due January 2037 | 5.25% | 35,841 | 35,841 | ||||||
Notes due March 2043 | 6.7% | 425,000 | 425,000 | ||||||
Term loans | Variable | 617,500 | 630,000 | ||||||
Other debt | 5,255 | 5,297 | |||||||
Principal amount | 3,283,596 | 3,296,138 | |||||||
Less: unamortized costs, net | 28,704 | 30,530 | |||||||
Total debt | 3,254,892 | 3,265,608 | |||||||
Less: current portion long-term debt | 207,231 | 199,535 | |||||||
Long-term debt | $ | 3,047,661 | $ | 3,066,073 |
Defined Benefit Pension Plans | Nonpension Postretirement Benefit Plans | ||||||||||||||||||||||
United States | Foreign | ||||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||
March 31, | March 31, | March 31, | |||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
Service cost | $ | 21 | $ | 37 | $ | 384 | $ | 589 | $ | 255 | $ | 407 | |||||||||||
Interest cost | 15,878 | 15,616 | 4,488 | 4,696 | 1,654 | 1,603 | |||||||||||||||||
Expected return on plan assets | (23,179 | ) | (25,424 | ) | (8,764 | ) | (9,185 | ) | — | — | |||||||||||||
Amortization of transition credit | — | — | (2 | ) | (2 | ) | — | — | |||||||||||||||
Amortization of prior service (credit) cost | (15 | ) | (15 | ) | 63 | (18 | ) | 80 | 88 | ||||||||||||||
Amortization of net actuarial loss | 7,036 | 8,076 | 1,612 | 1,912 | 511 | 934 | |||||||||||||||||
Net periodic benefit (income) cost | $ | (259 | ) | $ | (1,710 | ) | $ | (2,219 | ) | $ | (2,008 | ) | $ | 2,500 | $ | 3,032 | |||||||
Contributions to benefit plans | $ | 1,628 | $ | 1,409 | $ | 8,210 | $ | 9,210 | $ | 4,756 | $ | 4,795 |
Leases | Balance Sheet Location | March 31, 2019 | December 31, 2018 | |||||||
Assets | ||||||||||
Operating | Operating lease assets | $ | 152,139 | $ | 156,788 | |||||
Finance | Property, plant and equipment, net | 11,536 | 10,683 | |||||||
Total leased assets | $ | 163,675 | $ | 167,471 | ||||||
Liabilities | ||||||||||
Operating | Current operating lease liabilities | $ | 35,219 | $ | 37,208 | |||||
Noncurrent operating lease liabilities | 124,873 | 127,237 | ||||||||
Finance | Accounts payable and accrued liabilities | 2,844 | 2,708 | |||||||
Other noncurrent liabilities | 7,651 | 7,054 | ||||||||
Total lease liabilities | $ | 170,587 | $ | 174,207 |
Three Months Ended March 31, | |||||||
Lease Cost | 2019 | 2018 | |||||
Operating lease expense | $ | 12,091 | $ | 12,277 | |||
Finance lease expense | |||||||
Amortization of leased assets | 880 | 602 | |||||
Interest on lease liabilities | 172 | 118 | |||||
Variable lease expense | 5,864 | 5,142 | |||||
Sublease income | (666 | ) | (249 | ) | |||
Total expense | $ | 18,341 | $ | 17,890 |
Future Lease Payments | Operating Leases | Finance Leases | Total | ||||||||
Remaining for year ending December 31, 2019 | $ | 32,088 | $ | 2,643 | $ | 34,731 | |||||
Year ending December 31, 2020 | 35,873 | 2,935 | 38,808 | ||||||||
Year ending December 31, 2021 | 28,825 | 2,543 | 31,368 | ||||||||
Year ending December 31, 2022 | 20,484 | 1,992 | 22,476 | ||||||||
Year ending December 31, 2023 | 14,086 | 1,348 | 15,434 | ||||||||
Thereafter | 57,329 | 569 | 57,898 | ||||||||
Total | 188,685 | 12,030 | 200,715 | ||||||||
Less: present value discount | 28,593 | 1,535 | 30,128 | ||||||||
Lease liability | $ | 160,092 | $ | 10,495 | $ | 170,587 |
Lease Term and Discount Rate | March 31, 2019 | December 31, 2018 | |
Weighted-average remaining lease term | |||
Operating leases | 7.1 years | 5.9 years | |
Finance leases | 4.1 years | 3.8 years | |
Weighted-average discount rate | |||
Operating leases | 4.7% | 4.7% | |
Finance leases | 6.5% | 6.2% |
Three Months Ended March 31, | |||||||
Cash Flow Information | 2019 | 2018 | |||||
Operating cash outflows - operating leases | $ | 11,797 | $ | 11,751 | |||
Operating cash outflows - finance leases | $ | 172 | $ | 118 | |||
Financing cash outflows - finance leases | $ | 745 | $ | 564 | |||
Leased assets obtained in exchange for new lease obligations | |||||||
Operating leases | $ | 8,153 | $ | 2,996 | |||
Finance leases | $ | 1,673 | $ | 1,072 |
Preferred stock | Preference stock | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Treasury stock | Total equity | ||||||||||||||||||||||||
Balance at January 1, 2019 | $ | 1 | $ | 396 | $ | 323,338 | $ | 121,475 | $ | 5,279,682 | $ | (948,961 | ) | $ | (4,674,089 | ) | $ | 101,842 | |||||||||||||
Net loss | — | — | — | — | (2,659 | ) | — | — | (2,659 | ) | |||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | 30,889 | — | 30,889 | |||||||||||||||||||||||
Dividends paid ($0.05 per common share) | — | — | — | — | (9,408 | ) | — | — | (9,408 | ) | |||||||||||||||||||||
Issuance of common stock | — | — | — | (18,925 | ) | — | — | 16,975 | (1,950 | ) | |||||||||||||||||||||
Conversion to common stock | — | (8 | ) | — | (168 | ) | — | — | 176 | — | |||||||||||||||||||||
Stock-based compensation expense | — | — | — | 6,784 | — | — | — | 6,784 | |||||||||||||||||||||||
Repurchase of common stock | — | — | — | — | — | — | (39,142 | ) | (39,142 | ) | |||||||||||||||||||||
Balance at March 31, 2019 | $ | 1 | $ | 388 | $ | 323,338 | $ | 109,166 | $ | 5,267,615 | $ | (918,072 | ) | $ | (4,696,080 | ) | $ | 86,356 |
Preferred stock | Preference stock | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Treasury stock | Total equity | ||||||||||||||||||||||||
Balance at January 1, 2018 | $ | 1 | $ | 441 | $ | 323,338 | $ | 138,367 | $ | 5,078,494 | $ | (794,478 | ) | $ | (4,710,997 | ) | $ | 35,166 | |||||||||||||
Cumulative effect of accounting change | — | — | — | — | (12,207 | ) | — | — | (12,207 | ) | |||||||||||||||||||||
Net income | — | — | — | — | 59,970 | — | — | 59,970 | |||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | 19,877 | — | 19,877 | |||||||||||||||||||||||
Dividends paid ($0.1875 per common share) | — | — | — | — | (35,016 | ) | — | — | (35,016 | ) | |||||||||||||||||||||
Issuance of common stock | — | — | — | (21,607 | ) | — | — | 18,198 | (3,409 | ) | |||||||||||||||||||||
Conversion to common stock | — | (19 | ) | — | (386 | ) | — | — | 405 | — | |||||||||||||||||||||
Stock-based compensation expense | — | — | — | 3,273 | — | — | — | 3,273 | |||||||||||||||||||||||
Balance at March 31, 2018 | $ | 1 | $ | 422 | $ | 323,338 | $ | 119,647 | $ | 5,091,241 | $ | (774,601 | ) | $ | (4,692,394 | ) | $ | 67,654 |
Amount Reclassified from AOCI (1) | |||||||
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Gains (losses) on cash flow hedges | |||||||
Revenue | $ | 111 | $ | (3 | ) | ||
Cost of sales | 16 | (84 | ) | ||||
Interest expense, net | — | (507 | ) | ||||
Total before tax | 127 | (594 | ) | ||||
Income tax provision (benefit) | 32 | (151 | ) | ||||
Net of tax | $ | 95 | $ | (443 | ) | ||
Losses on available for sale securities | |||||||
Interest expense, net | $ | (23 | ) | $ | (24 | ) | |
Income tax benefit | (6 | ) | (6 | ) | |||
Net of tax | $ | (17 | ) | $ | (18 | ) | |
Pension and Postretirement Benefit Plans (2) | |||||||
Transition credit | $ | 2 | $ | 2 | |||
Prior service costs | (128 | ) | (55 | ) | |||
Actuarial losses | (9,159 | ) | (10,922 | ) | |||
Total before tax | (9,285 | ) | (10,975 | ) | |||
Income tax benefit | (2,649 | ) | (2,803 | ) | |||
Net of tax | $ | (6,636 | ) | $ | (8,172 | ) |
(1) | Amounts in parentheses indicate reductions to income and increases to other comprehensive income. |
(2) | Reclassified from AOCI into other components of net pension and postretirement cost (see Note 12 for additional details). |
Cash flow hedges | Available for sale securities | Pension and postretirement benefit plans | Foreign currency adjustments | Total | |||||||||||||||
Balance at January 1, 2019 | $ | 191 | $ | (3,061 | ) | $ | (846,461 | ) | $ | (99,630 | ) | $ | (948,961 | ) | |||||
Other comprehensive income before reclassifications (a) | 258 | 2,799 | — | 21,274 | 24,331 | ||||||||||||||
Reclassifications into earnings (1), (2) | (95 | ) | 17 | 6,636 | — | 6,558 | |||||||||||||
Net other comprehensive income | 163 | 2,816 | 6,636 | 21,274 | 30,889 | ||||||||||||||
Balance at March 31, 2019 | $ | 354 | $ | (245 | ) | $ | (839,825 | ) | $ | (78,356 | ) | $ | (918,072 | ) |
Cash flow hedges | Available for sale securities | Pension and postretirement benefit plans | Foreign currency adjustments | Total | |||||||||||||||
Balance at January 1, 2018 | $ | (406 | ) | $ | 1,597 | $ | (748,800 | ) | $ | (46,869 | ) | $ | (794,478 | ) | |||||
Other comprehensive income (loss) before reclassifications (a) | 43 | (4,010 | ) | — | 15,211 | 11,244 | |||||||||||||
Reclassifications into earnings (1), (2) | 443 | 18 | 8,172 | — | 8,633 | ||||||||||||||
Net other comprehensive income (loss) | 486 | (3,992 | ) | 8,172 | 15,211 | 19,877 | |||||||||||||
Balance at March 31, 2018 | $ | 80 | $ | (2,395 | ) | $ | (740,628 | ) | $ | (31,658 | ) | $ | (774,601 | ) |
• | declining physical mail volumes |
• | changes in, or loss of, our contractual relationships with the U.S. Postal Service (USPS) or posts in other major markets |
• | changes in postal regulations |
• | competitive factors, including pricing pressures; technological developments and the introduction of new products and services by competitors |
• | the United Kingdom's potential exit from the European Union (Brexit) |
• | our success in developing and marketing new products and services and obtaining regulatory approvals, if required |
• | changes in banking regulations or the loss of our Industrial Bank charter |
• | changes in labor conditions and transportation costs |
• | macroeconomic factors, including global and regional business conditions that adversely impact customer demand, foreign currency exchange rates and interest rates |
• | changes in global political conditions and international trade policies, including the imposition or expansion of trade tariffs |
• | the continued availability and security of key information technology systems and the cost to comply with information security requirements and privacy laws |
• | a breach of security, including a cyber-attack or other comparable event |
• | third-party suppliers' ability to provide products and services required by our clients |
• | our success at managing the relationships with outsource providers, including the costs of outsourcing functions and operations |
• | capital market disruptions or credit rating downgrades that adversely impact our ability to access capital markets at reasonable costs |
• | our success at managing customer credit risk |
• | integrating newly acquired businesses, including operations and product and service offerings |
• | the loss of some of our larger clients in our Commerce Services group |
• | intellectual property infringement claims |
• | significant changes in pension, health care and retiree medical costs |
• | income tax adjustments or other regulatory levies from tax audits and changes in tax laws, rulings or regulations |
• | the use of the postal system for transmitting harmful biological agents, illegal substances or other terrorist attacks |
• | acts of nature |
2019 | 2018 | Change | |||||
Revenue | $ | 868,402 | $ | 896,583 | (3)% | ||
Segment earnings before interest and taxes (EBIT) | $ | 124,561 | $ | 166,397 | (25)% | ||
(Loss) income from continuing operations | $ | (1,429 | ) | $ | 51,483 | >(100%) | |
Net (loss) income | $ | (2,659 | ) | $ | 59,970 | >(100%) | |
Diluted (loss) earnings per share - continuing operations | $ | (0.01 | ) | $ | 0.27 | >(100%) | |
Net cash provided by operations | $ | 69,728 | $ | 69,629 | —% |
Three Months Ended March 31, | |||||||||||||
2019 | 2018 | Actual % change | Constant currency % change | ||||||||||
Equipment sales | $ | 89,787 | $ | 106,708 | (16 | )% | (14 | )% | |||||
Supplies | 50,953 | 59,993 | (15 | )% | (13 | )% | |||||||
Software | 73,318 | 76,294 | (4 | )% | (2 | )% | |||||||
Rentals | 22,157 | 24,965 | (11 | )% | (9 | )% | |||||||
Financing | 97,043 | 100,349 | (3 | )% | (2 | )% | |||||||
Support services | 128,621 | 140,650 | (9 | )% | (7 | )% | |||||||
Business services | 406,523 | 387,624 | 5 | % | 5 | % | |||||||
Total revenue | $ | 868,402 | $ | 896,583 | (3 | )% | (2 | )% |
Three Months Ended March 31, | |||||||||||||
Percentage of Revenue | |||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||
Cost of equipment sales | $ | 63,665 | $ | 62,469 | 70.9 | % | 58.5 | % | |||||
Cost of supplies | 13,550 | 16,947 | 26.6 | % | 28.2 | % | |||||||
Cost of software | 23,383 | 24,129 | 31.9 | % | 31.6 | % | |||||||
Cost of rentals | 9,715 | 12,748 | 43.8 | % | 51.1 | % | |||||||
Financing interest expense | 11,364 | 11,064 | 11.7 | % | 11.0 | % | |||||||
Cost of support services | 41,779 | 46,065 | 32.5 | % | 32.8 | % | |||||||
Cost of business services | 327,046 | 294,379 | 80.4 | % | 75.9 | % | |||||||
Total cost of revenue | $ | 490,502 | $ | 467,801 | 56.5 | % | 52.2 | % |
Revenue | |||||||||||||
Three Months Ended March 31, | |||||||||||||
2019 | 2018 | Actual % change | Constant currency % change | ||||||||||
Global Ecommerce | $ | 266,254 | $ | 246,590 | 8 | % | 9 | % | |||||
Presort Services | 134,847 | 134,458 | — | % | — | % | |||||||
Commerce Services | 401,101 | 381,048 | 5 | % | 6 | % | |||||||
North America Mailing | 315,474 | 340,811 | (7 | )% | (7 | )% | |||||||
International Mailing | 78,509 | 98,430 | (20 | )% | (14 | )% | |||||||
SMB Solutions | 393,983 | 439,241 | (10 | )% | (9 | )% | |||||||
Software Solutions | 73,318 | 76,294 | (4 | )% | (2 | )% | |||||||
Total | $ | 868,402 | $ | 896,583 | (3 | )% | (2 | )% |
EBIT | ||||||||||
Three Months Ended March 31, | ||||||||||
2019 | 2018 | % change | ||||||||
Global Ecommerce | $ | (14,600 | ) | $ | (7,711 | ) | (89 | )% | ||
Presort Services | 15,066 | 27,026 | (44 | )% | ||||||
Commerce Services | 466 | 19,315 | (98 | )% | ||||||
North America Mailing | 110,613 | 128,568 | (14 | )% | ||||||
International Mailing | 11,790 | 16,022 | (26 | )% | ||||||
SMB Solutions | 122,403 | 144,590 | (15 | )% | ||||||
Software Solutions | 1,692 | 2,492 | (32 | )% | ||||||
Total Segment EBIT | $ | 124,561 | $ | 166,397 | (25 | )% |
EBITDA | ||||||||||
Three Months Ended March 31, | ||||||||||
2019 | 2018 | % change | ||||||||
Global Ecommerce | $ | 1,858 | $ | 6,719 | (72 | )% | ||||
Presort Services | 21,986 | 33,188 | (34 | )% | ||||||
Commerce Services | 23,844 | 39,907 | (40 | )% | ||||||
North America Mailing | 117,053 | 136,067 | (14 | )% | ||||||
International Mailing | 14,208 | 19,632 | (28 | )% | ||||||
SMB Solutions | 131,261 | 155,699 | (16 | )% | ||||||
Software Solutions | 4,172 | 4,736 | (12 | )% | ||||||
Total Segment EBITDA | 159,277 | 200,342 | (20 | )% | ||||||
Less: Segment depreciation and amortization | (34,716 | ) | (33,945 | ) | (2 | )% | ||||
Total Segment EBIT | $ | 124,561 | $ | 166,397 | (25 | )% |
• | 13% from higher labor and transportation costs; |
• | 13% from increased bad debt expense and billing adjustments; |
• | 7% due to lower revenue per piece, driven by a shift in business to higher volume, lower margin clients; |
• | 5% from higher consulting fees; and |
• | 2% from the write-off of obsolete inventory. |
• | 3% from lower equipment sales primarily due to lower sales of our bottom-of-the-line and high-end products partially offset by higher sales of the SendPro C-series products.; and |
• | 2% from lower support services, 1% from supplies and 1% from rentals, all due to a declining meter population. |
• | 8% from Market Exits, and |
• | 2% from lower supplies, 1% from lower support services and 1% from lower business services due to a declining meter population. |
• | 6% from lower license revenue as the prior year benefited from a large license deal; partially offset by |
• | 4% from higher data updates, SaaS and services revenue. |
2019 | 2018 | Change | |||||||||
Net cash provided by operating activities | $ | 69,728 | $ | 69,629 | $ | 99 | |||||
Net cash used in investing activities | (34,887 | ) | (25,199 | ) | (9,688 | ) | |||||
Net cash used in financing activities | (63,992 | ) | (340,317 | ) | 276,325 | ||||||
Effect of exchange rate changes on cash and cash equivalents | 794 | 6,741 | (5,947 | ) | |||||||
Change in cash and cash equivalents | $ | (28,357 | ) | $ | (289,146 | ) | $ | 260,789 |
Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Approximate dollar value of shares that may yet be purchased under the plans or programs (in thousands) | |||||||
Beginning balance | $21,022 | |||||||||
January 1, 2019 - January 31, 2019 | — | — | — | $21,022 | ||||||
February 1, 2019 - February 28, 2019 | 2,148,385 | $7.13 | 2,148,385 | $105,700 | ||||||
March 1, 2019 - March 31, 2019 | 3,492,949 | $6.82 | 3,492,949 | $81,880 | ||||||
5,641,334 | $6.95 | 5,641,334 |
Exhibit Number | Description | Exhibit Number in this Form 10-Q | |
3(c) | 3(c) | ||
3 | 3 | ||
31.1 | 31.1 | ||
31.2 | 31.2 | ||
32.1 | 32.1 | ||
32.2 | 32.2 | ||
101.INS | XBRL Report Instance Document | ||
101.SCH | XBRL Taxonomy Extension Schema Document | ||
101.CAL | XBRL Taxonomy Calculation Linkbase Document | ||
101.DEF | XBRL Taxonomy Definition Linkbase Document | ||
101.LAB | XBRL Taxonomy Label Linkbase Document | ||
101.PRE | XBRL Taxonomy Presentation Linkbase Document |
PITNEY BOWES INC. | ||
Date: | May 3, 2019 | |
/s/ Stanley J. Sutula III | ||
Stanley J. Sutula III | ||
Executive Vice President and Chief Financial Officer (Principal Financial Officer) | ||
/s/ Joseph R. Catapano | ||
Joseph R. Catapano | ||
Vice President, Chief Accounting Officer | ||
(Principal Accounting Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of Pitney Bowes Inc.; |
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(s) 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(s) 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. |
/s/ Marc B. Lautenbach | ||||
Marc B. Lautenbach | ||||
President and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Pitney Bowes Inc.; |
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(s) 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(s) 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. |
/s/ Stanley J. Sutula III | |||
Stanley J. Sutula III | |||
Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Marc B. Lautenbach | |||
Marc B. Lautenbach | |||
President and Chief Executive Officer |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Stanley J. Sutula III | |||
Stanley J. Sutula III | |||
Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
Document and Entity Information - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Apr. 30, 2019 |
|
Document And Entity Information [Abstract] | ||
Entity Registrant Name | PITNEY BOWES INC /DE/ | |
Entity Central Index Key | 0000078814 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 180,725,731 |
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (2,659) | $ 59,970 |
Other comprehensive income, net of tax: | ||
Foreign currency translation, net of tax of $(4,067) in 2019 | 21,274 | 15,211 |
Net unrealized gain on cash flow hedges, net of tax of $56 and $162, respectively | 163 | 486 |
Net unrealized gain (loss) on investment securities, net of tax of $964 and $(1,366), respectively | 2,816 | (3,992) |
Amortization of pension and postretirement costs, net of tax benefits of $2,649 and $2,803, respectively | 6,636 | 8,172 |
Other comprehensive income, net of tax | 30,889 | 19,877 |
Comprehensive income | $ 28,230 | $ 79,847 |
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Statement of Comprehensive Income [Abstract] | ||
Foreign currency translations, tax expense (benefit) | $ (4,067) | |
Net unrealized gain (loss) on cash flow hedges, tax | 56 | $ 162 |
Net unrealized gain on investment securities, tax | 964 | (1,366) |
Amortization of pension and postretirement costs, tax | $ 2,649 | $ 2,803 |
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Current assets: | ||
Cash and cash equivalents | $ 838,905 | $ 867,262 |
Short-term investments | 65,405 | 59,391 |
Accounts receivable (net of allowance of $21,029 and $17,617, respectively) | 412,661 | 456,138 |
Short-term finance receivables (net of allowance of $13,633 and $12,454, respectively) | 684,436 | 758,511 |
Inventories | 68,876 | 62,279 |
Current income taxes | 21,897 | 5,947 |
Other current assets and prepayments | 134,929 | 100,625 |
Assets of discontinued operations | 0 | 4,854 |
Total current assets | 2,227,109 | 2,315,007 |
Property, plant and equipment, net | 412,727 | 410,114 |
Rental property and equipment, net | 41,862 | 46,228 |
Long-term finance receivables (net of allowance of $8,518 and $7,768 respectively) | 545,360 | 536,369 |
Goodwill | 1,754,259 | 1,766,511 |
Intangible assets, net | 223,005 | 227,137 |
Operating lease assets | 152,139 | 156,788 |
Noncurrent income taxes | 61,700 | 66,326 |
Other assets | 388,104 | 419,677 |
Total assets | 5,806,265 | 5,944,157 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 1,313,440 | 1,390,362 |
Current operating lease liabilities | 35,219 | 37,208 |
Current portion of long-term debt | 207,231 | 199,535 |
Advance billings | 213,171 | 235,116 |
Current income taxes | 5,697 | 15,284 |
Liabilities of discontinued operations | 0 | 3,276 |
Total current liabilities | 1,774,758 | 1,880,781 |
Deferred taxes on income | 257,639 | 254,353 |
Tax uncertainties and other income tax liabilities | 51,950 | 39,548 |
Noncurrent operating lease liabilities | 124,873 | 127,237 |
Long-term debt | 3,047,661 | 3,066,073 |
Other noncurrent liabilities | 463,028 | 474,323 |
Total liabilities | 5,719,909 | 5,842,315 |
Commitments and contingencies (See Note 14) | ||
Stockholders’ equity: | ||
Cumulative preferred stock, $50 par value, 4% convertible | 1 | 1 |
Cumulative preference stock, no par value, $2.12 convertible | 388 | 396 |
Common stock, $1 par value (480,000,000 shares authorized; 323,337,912 shares issued) | 323,338 | 323,338 |
Additional paid-in capital | 109,166 | 121,475 |
Retained earnings | 5,267,615 | 5,279,682 |
Accumulated other comprehensive loss | (918,072) | (948,961) |
Treasury stock, at cost (140,812,458 and 135,662,830 shares, respectively) | (4,696,080) | (4,674,089) |
Total stockholders’ equity | 86,356 | 101,842 |
Total liabilities and stockholders’ equity | $ 5,806,265 | $ 5,944,157 |
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2019 |
Dec. 31, 2017 |
Dec. 31, 2018 |
|
Statement of Financial Position [Abstract] | |||
Allowance for doubtful accounts | $ 21,029 | $ 17,617 | |
Short-term finance receivables allowance | 13,633 | 12,454 | |
Long-term finance receivables allowance | $ 8,518 | $ 7,768 | |
Preferred stock par value (in dollars per share) | $ 50 | $ 50 | |
Preferred stock dividend rate | 4.00% | 4.00% | |
Preference stock, par value (in dollars per share) | $ 0 | 0 | |
Preference stock dividend rate (in dollars per share) | 2.12 | 2.12 | |
Common stock, par value (in dollars per share) | $ 1 | $ 1 | |
Common stock, shares authorized (in shares) | 480,000,000 | 480,000,000 | |
Common stock, shares issued (in shares) | 323,337,912 | 323,337,912 | |
Treasury stock (in shares) | 140,812,458 | 135,662,830 |
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Cash flows from operating activities: | ||
Net loss | $ (2,659) | $ 59,970 |
Loss (income) from discontinued operations, net of tax | 1,230 | (8,487) |
Restructuring payments | (8,144) | (15,585) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 39,365 | 39,738 |
Stock-based compensation | 6,784 | 3,273 |
Expenses, net | 3,598 | 904 |
Loss on disposition of businesses | 17,710 | 0 |
Changes in operating assets and liabilities, net of acquisitions/divestitures: | ||
Decrease in accounts receivable | 59,571 | 29,292 |
Decrease in finance receivables | 55,215 | 33,780 |
(Increase) decrease in inventories | (6,232) | 1,783 |
Increase in other current assets and prepayments | (36,226) | (11,963) |
Decrease in accounts payable and accrued liabilities | (37,260) | (74,805) |
(Decrease) increase in current and non-current income taxes | (2,398) | 15,859 |
Decrease in advance billings | (16,219) | (17,832) |
Other, net | (993) | (11,154) |
Net cash provided by operating activities - continuing operations | 73,342 | 44,773 |
Net cash (used in) provided by operating activities - discontinued operations | (3,614) | 24,856 |
Net cash provided by operating activities | 69,728 | 69,629 |
Cash flows from investing activities: | ||
Purchases of available-for-sale securities | 0 | (29,922) |
Proceeds from sales/maturities of available-for-sale securities | 31,404 | 15,044 |
Net activity from short-term and other investments | (1,778) | 16,562 |
Capital expenditures | (28,754) | (29,017) |
Acquisitions, net of cash acquired | (4,882) | (2,407) |
Change in reserve account deposits | (23,036) | 6,654 |
Other investing activities | (7,841) | (1,250) |
Net cash used in investing activities - continuing operations | (34,887) | (24,336) |
Net cash used in investing activities - discontinued operations | 0 | (863) |
Net cash used in investing activities - continuing operations | (34,887) | (25,199) |
Cash flows from financing activities: | ||
Principal payments of long-term debt | (12,541) | (255,045) |
Dividends paid to stockholders | (9,408) | (35,016) |
Common stock repurchases | (39,142) | 0 |
Other financing activities | (2,901) | (50,256) |
Net cash used in financing activities | (63,992) | (340,317) |
Effect of exchange rate changes on cash and cash equivalents | 794 | 6,741 |
Change in cash and cash equivalents | (28,357) | (289,146) |
Cash and cash equivalents at beginning of period | 867,262 | 1,009,021 |
Cash and cash equivalents at end of period | 838,905 | 719,875 |
Cash interest paid | 33,393 | 46,998 |
Cash income tax payments, net of refunds | $ 10,071 | $ 4,560 |
Description of Business and Basis of Presentation |
3 Months Ended |
---|---|
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | Description of Business and Basis of Presentation Description of Business Pitney Bowes Inc. (we, us, our, or the company) is a global technology company providing innovative products and commerce solutions that power billions of transactions and help our clients navigate the complex world of commerce. We offer shipping, mailing, fulfillment, returns and cross-border ecommerce products and solutions that enable the sending of parcels and packages across the globe and customer information management, location intelligence and customer engagement products and solutions to help our clients market to their customers. Clients around the world rely on our products, solutions and services. Pitney Bowes Inc. was incorporated in the state of Delaware in 1920. For more information about us, our products, services and solutions, visit www.pb.com. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and the instructions to Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In addition, the December 31, 2018 Condensed Consolidated Balance Sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. In management's opinion, all adjustments, consisting only of normal recurring adjustments, considered necessary to fairly state our financial position, results of operations and cash flows for the periods presented have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2019. These statements should be read in conjunction with the financial statements and notes thereto included in our Annual Report to Stockholders on Form 10-K for the year ended December 31, 2018 (2018 Annual Report). The accompanying financial statements reflect the adoption of the new lease accounting standard as of January 1, 2017 (see New Accounting Pronouncements). We also determined that based on their nature, certain costs previously classified as research and development and cost of business services should be classified in other line items within costs and expenses. Accordingly, we revised our March 31, 2018 income statement to correct the classification by reducing research and development expense by $6 million and cost of business services by $3 million and increasing cost of equipment sales by $3 million and selling, general and administrative expense by $6 million. Additionally, our March 31, 2018 income statement has also been revised to correct the classification of certain costs of revenue by reducing cost of equipment sales by $1 million and cost of rentals by $1 million, and increasing cost of support services by $2 million to conform to the current year presentation. In January 2019, we sold the direct operations and moved to a dealer model in six smaller markets within International Mailing (Market Exits). We recognized a pre-tax loss of $18 million in other expense. In July 2018, we sold our Document Messaging Technology production mail business and supporting software (the Production Mail Business). The Production Mail Business qualified as a discontinued operation and accordingly, the assets, liabilities and results of operations of the Production Mail Business are reported as discontinued operations (see Note 4). New Accounting Pronouncements Accounting Pronouncements Adopted on January 1, 2019 On January 1, 2019, we adopted Accounting Standards Codification (ASC) 842, Leases (ASC 842), using the modified retrospective transition approach of applying the standard at the beginning of the earliest comparative period presented in the financial statements. Accordingly, prior period financial statements have been recast and required disclosures have been provided. We also recorded a cumulative effect adjustment as of January 1, 2017 to reduce retained earnings by $137 million. See Notes 7 and 15 for more information. From a lessor perspective, the standard simplifies the accounting for lease modifications and aligns accounting of lease contracts with revenue recognition guidance. We continue to classify leases as sales-type or operating, with the determination affecting both the pattern and classification of income recognition. There have been changes in the timing and classification of revenue related to contract modifications. Certain income and costs are now accelerated that were previously recognized over the life of the lease due to conclusions on lease and non-lease components. From a lessee perspective, the standard requires us to recognize right-of-use assets and lease liabilities for our real estate and equipment operating leases and to provide new disclosures about our leasing activities. We elected the short-term lease recognition exemption and did not recognize right-of-use assets or lease liabilities for leases with a term less than 12 months. We also elected the practical expedient to not separate lease and non-lease components for our lessee portfolio. Updates to significant accounting policies disclosed in our 2018 Annual Report due to the adoption of ASC 842 are discussed below. Equipment Sales: We sell and lease equipment directly to our customers and to distributors (re-sellers) throughout the world. The amount of revenue allocated to the equipment is based on a range of observable selling prices in standalone transactions. We recognize revenue from the sale of equipment under sales-type leases as equipment sales revenue when control of the equipment transfers to the customer, which is upon shipment for self-installed products and upon installation or customer acceptance for other products. We do not typically offer any rights of return. Rentals: Rentals revenue includes revenue from mailing equipment that does not meet the criteria to be accounted for as a sales-type lease. We may invoice in advance for rentals according to the terms of the agreement. We initially defer these advanced billings and recognize rentals revenue on a straight-line basis over the rental period. Revenue generated from financing clients for the continued use of equipment subsequent to the expiration of the original lease are recognized as rentals revenue. Financing: We provide lease financing for our products primarily through sales-type leases. We also provide revolving lines of credit for the purchase of postage and supplies. We believe that our sales-type lease portfolio contains only normal collection risk. Accordingly, we record the fair value of equipment as sales revenue, the cost of equipment as cost of sales and the minimum lease payments plus the estimated residual value as finance receivables. The difference between the finance receivable and the equipment fair value is recorded as unearned income and is amortized as financing income over the lease term using the interest method. Financing also includes amounts related to sales-type leases that customers have extended or renewed for an additional term. Revenue for those contracts will be recognized over the term of the modified lease as financing income using the interest method. Equipment residual values are determined at inception of the lease using estimates of fair value at the end of the lease term. Fair value estimates are based primarily on historical experience. We also consider forecasted supply and demand for products, product retirement and launch plans, client behavior, regulatory changes, remanufacturing strategies, used equipment markets, competition and technological changes. We evaluate residual values on an annual basis or sooner if circumstances warrant. Declines in estimated residual values considered "other-than-temporary" are recognized immediately. Estimated increases in future residual values are not recognized until the equipment is remarketed. Support services: Support services revenue includes revenue from equipment service contracts, subscriptions and meter services. Revenue is allocated to these services using selling prices charged in standalone replacement and renewal transactions. Since we have a stand-ready obligation to provide these services over the entire contract term, revenue related to these agreements is recognized on a straight-line basis over the term of the agreement. Business services: Business services revenue includes revenue from mail processing services and ecommerce solutions. These services represent a series of distinct services that are similar in nature, and revenue is recognized as the services are provided. We review certain third party relationships and evaluate the appropriateness of recording revenue on a gross basis when we act as a principal in a transaction or net basis when we act as an agent between a client and vendor. We consider several factors in determining whether we are acting as principal or agent such as whether we are the primary obligor to the client, have control over the pricing or have inventory risk. On January 1, 2019, we also adopted Accounting Standards Update (ASU) 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities, which shortens the amortization period for certain callable debt securities held at a premium, requiring the premium to be amortized to the earliest call date. The adoption of this standard did not have a material impact on our consolidated financial statements. Accounting Pronouncements Not Yet Adopted In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other-Internal-Use Software. The ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The standard is effective beginning January 1, 2020, with early adoption permitted. We are currently assessing the impact this standard will have on our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses. The ASU sets forth a current expected credit loss model, which requires companies to measure expected credit losses for all financial instruments held at the reporting date based on historical experience, current conditions and reasonably supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. This standard is effective beginning January 1, 2020. We are currently assessing the impact this standard will have on our consolidated financial statements. |
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Revenue | Revenue Disaggregated Revenue The following tables disaggregate our revenue by major source and timing of recognition:
Our performance obligations are as follows: Equipment sales and supplies: Our performance obligations generally include the sale of mailing equipment, excluding sales-type leases, and supplies. We recognize revenue upon delivery for self-install equipment and supplies and upon acceptance or installation for other equipment. We provide a warranty that our equipment is free of defects and meets stated specifications. The warranty is not considered a separate performance obligation. Software: Our performance obligations include the sale of software licenses, maintenance, data products and professional services. Revenue for licenses is generally recognized upon delivery or over time for those licenses that require critical updates over the term of the contract. Rentals: Our performance obligations include the fees associated with the rental of mailing equipment under an operating lease contract. Support services: Performance obligations include providing maintenance, professional services, and subscription and meter services for our mailing equipment. Contract terms range from one year to five years, depending on the term of the lease contract for the related equipment. Revenue for maintenance, subscription and meter services is recognized ratably over the contract period and revenue for professional services is recognized when services are provided. Business services: Our performance obligations include providing mail processing services and ecommerce solutions. Revenue is recognized over time as the services are provided. The contract terms for these services vary, with the initial contracts in the range of one to five years, followed by annual renewal periods. Revenue from leasing transactions and financing include revenue from equipment accounted for as sales-type leases, finance income and late fees that are not accounted for under ASU 2014-09, Revenues from Contracts with Customers (ASC 606). Contract Assets and Advance Billings from Contracts with Customers
Contract Assets We record contract assets when performance obligations are satisfied in advance of invoicing the customer when the right to consideration is conditional on the satisfaction of another performance obligation within a contract. Contract assets decreased in the period as the invoicing of performance obligations previously satisfied exceeded the contract assets recognized during the period. Advance Billings from Contracts with Customers Advance billings are recorded when cash payments are due in advance of our performance. Items in advance billings primarily relate to support services on equipment and software licenses, subscription services and certain software data products. Revenue is recognized ratably over the contract term. The net decrease in advance billings at March 31, 2019 is primarily driven by revenues recognized during the period, which includes $80 million of advance billings at the beginning of the period, partially offset by advance billings in the quarter. Future Performance Obligations The transaction prices allocated to future performance obligations will be recognized as follows:
(1) Revenue streams bundled with our leasing contracts, primarily maintenance, meter services and other subscription services (2) Multiple-year software maintenance contracts, certain software and data licenses and data updates The table above does not include revenue related to performance obligations for contracts with terms less than 12 months and expected consideration for those performance obligations where revenue is recognized based on the amount billable to the customer. |
Segment Information |
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Segment Information | Segment Information The principal products and services of each reportable segment are as follows: Commerce Services: Global Ecommerce: Includes the worldwide revenue and related expenses from cross-border ecommerce transactions and domestic retail and ecommerce shipping solutions and fulfillment, delivery and return services. Presort Services: Includes revenue and related expenses from sortation services that allow clients to qualify large volumes of First Class Mail, Marketing Mail and Bound and Packet Mail (Standard Flats and Bound Printed Matter) for postal worksharing discounts. Small & Medium Business (SMB) Solutions: North America Mailing: Includes the revenue and related expenses from mailing and shipping solutions, financing, services, supplies and other applications for small and medium businesses to efficiently create mail, evidence postage and help simplify and save on the sending, tracking and receiving of letters, parcels and flats in the U.S. and Canada. International Mailing: Includes the revenue and related expenses from mailing and shipping solutions, financing, services and supplies for small and medium businesses to efficiently create mail, evidence postage and help simplify and save on the sending, tracking and receiving of letters, parcels and flats in areas outside the U.S. and Canada. Software Solutions: Includes the worldwide revenue and related expenses from the licensing of customer engagement, customer information, location intelligence software, data solutions and related support services. Management uses segment earnings before interest and taxes (EBIT) to measure profitability and performance at the segment level and believes that it provides a useful measure of operating performance and underlying trends of the business. We determine segment EBIT by deducting from segment revenue the related costs and expenses attributable to the segment. Segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges and other items not allocated to a particular business segment. Segment EBIT may not be indicative of our overall consolidated performance and therefore, should be read in conjunction with our consolidated results of operations. The following tables provide information about our reportable segments and reconciliation of segment EBIT to net income. Revenue and EBIT by business segment is presented below:
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Discontinued Operations |
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Discontinued Operations | Discontinued Operations Selected financial information included in discontinued operations is as follows:
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Earnings per Share (EPS) |
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Earnings per Share (EPS) | Earnings per Share (EPS)
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Inventories |
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Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined on the last-in, first-out (LIFO) basis for most U.S. inventories and the first-in, first-out (FIFO) basis for most non-U.S. inventories. Inventories at March 31, 2019 and December 31, 2018 consisted of the following:
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Finance Assets and Lessor Operating Leases |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Assets and Lessor Operating Leases | Finance Assets and Lessor Operating Leases Finance Assets Finance receivables are comprised of sales-type lease receivables and unsecured revolving loan receivables. Sales-type lease receivables are generally due in monthly, quarterly or semi-annual installments over periods ranging from three to five years. Loan receivables arise primarily from financing services offered to our clients for postage and supplies. Loan receivables are generally due each month; however, clients may rollover outstanding balances. Interest is recognized on loan receivables using the effective interest method and related annual fees are initially deferred and recognized ratably over the annual period covered. Client acquisition costs are expensed as incurred. Finance receivables at March 31, 2019 and December 31, 2018 consisted of the following:
Loans receivable are due within one year. Maturities of gross sales-type lease finance receivables at March 31, 2019 were as follows:
Allowance for Credit Losses We provide an allowance for probable credit losses based on historical loss experience, the nature and volume of our portfolios, adverse situations that may affect a client's ability to pay, prevailing economic conditions and our ability to manage the collateral. We continually evaluate the adequacy of the allowance for credit losses and make adjustments as necessary. The assumptions used in determining an estimate of credit losses are inherently subjective and actual results may differ significantly from estimated reserves. We establish credit approval limits based on the credit quality of the client and the type of equipment financed. Our policy is to discontinue revenue recognition for lease receivables that are more than 120 days past due and for loan receivables that are more than 90 days past due. We resume revenue recognition when the client's payments reduce the account aging to less than 60 days past due. Finance receivables deemed uncollectible are written off against the allowance after all collection efforts have been exhausted and management deems the account to be uncollectible. We believe that our finance receivable credit risk is low because of the geographic and industry diversification of our clients and small account balances for most of our clients. Activity in the allowance for credit losses for the three months ended March 31, 2019 and 2018 was as follows:
Aging of Receivables The aging of gross finance receivables at March 31, 2019 and December 31, 2018 was as follows:
Credit Quality The extension of credit and management of credit lines to new and existing clients uses a combination of an automated credit score, where available, and a detailed manual review of the client's financial condition and, when applicable, payment history. Once credit is granted, the payment performance of the client is managed through automated collections processes and is supplemented with direct follow up should an account become delinquent. We have robust automated collections and extensive portfolio management processes. The portfolio management processes ensure that our global strategy is executed, collection resources are allocated appropriately and enhanced tools and processes are implemented as needed. We use a third party to score the majority of the North America portfolio on a quarterly basis using a commercial credit score. We do not use a third party to score our International portfolio because the cost to do so is prohibitive, given that it is a localized process, and there is no single credit score model that covers all countries. The table below shows the North America portfolio at March 31, 2019 and December 31, 2018 by relative risk class based on the relative scores of the accounts within each class. The relative scores are determined based on a number of factors, including the company type, ownership structure, payment history and financial information. A fourth class is shown for accounts that are not scored. Absence of a score is not indicative of the credit quality of the account. The degree of risk (low, medium, high), as defined by the third party, refers to the relative risk that an account may become delinquent in the next 12 months.
Lease income Lease income from sales-type leases for the three months ended March 31, 2019 and 2018 was as follows:
(1) Lease contracts do not include variable lease payments. Lessor Operating Leases We also lease mailing equipment under operating leases with terms of 1 to 5 years. Maturities of these operating leases are as follows:
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Intangible Assets and Goodwill |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets and Goodwill | Intangible Assets and Goodwill Intangible Assets Intangible assets at March 31, 2019 and December 31, 2018 consisted of the following:
Amortization expense was $10 million and $11 million for the three months ended March 31, 2019 and 2018, respectively. Future amortization expense as of March 31, 2019 is shown in the table below. Actual amortization expense may differ due to, among other things, fluctuations in foreign currency exchange rates, impairments, acquisitions and accelerated amortization.
Goodwill Changes in the carrying value of goodwill, by reporting segment, for the three months ended March 31, 2019 are shown in the table below.
In January 2019, we wrote off $10 million of goodwill associated with Market Exits. |
Fair Value Measurements and Derivative Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements and Derivative Instruments | Fair Value Measurements and Derivative Instruments We measure certain financial assets and liabilities at fair value on a recurring basis. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. An entity is required to classify certain assets and liabilities measured at fair value based on the following fair value hierarchy that prioritizes the inputs used to measure fair value:
Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect its placement within the fair value hierarchy. The following tables show, by level within the fair value hierarchy, our financial assets and liabilities that are accounted for at fair value on a recurring basis at March 31, 2019 and December 31, 2018.
Investment Securities The valuation of investment securities is based on the market approach using inputs that are observable, or can be corroborated by observable data, in an active marketplace. The following information relates to our classification into the fair value hierarchy:
Available-For-Sale Securities Certain investment securities are classified as available-for-sale and recorded at fair value. Unrealized holding gains and losses, net of tax are recorded in accumulated other comprehensive income (AOCI). Available-for-sale investment securities are predominantly held at the Pitney Bowes Bank, whose primary business is to provide financing solutions to clients that rent postage meters and purchase supplies. Available-for-sale securities at March 31, 2019 and December 31, 2018 consisted of the following:
The aggregate unrealized holding losses of investment securities in a loss position at March 31, 2019 and December 31, 2018 were as follows:
We have not recognized an other-than-temporary impairment on any of the investment securities in an unrealized loss position because we have the ability and intent to hold these securities until recovery of the unrealized losses and expect to receive the stated principal and interest at maturity. Scheduled maturities of available-for-sale securities at March 31, 2019 were as follows:
The scheduled maturities of mortgage-backed and asset-backed securities may not coincide with the actual payment, as borrowers have the right to prepay obligations. We have not experienced any significant write-offs in our investment portfolio. The majority of our mortgage-backed securities are either guaranteed or supported by the U.S. Government. We have no investments in inactive markets that would warrant a possible change in our pricing methods or classification within the fair value hierarchy. Derivative Instruments In the normal course of business, we are exposed to the impact of changes in foreign currency exchange rates and interest rates. We mitigate these exposures by following established risk management policies and procedures, including the use of derivatives. We use derivative instruments to limit the effects of exchange rate fluctuations on financial results and manage the cost of debt. We do not use derivatives for trading or speculative purposes. We record derivative instruments at fair value and the accounting for changes in the fair value depends on the intended use of the derivative, the resulting designation and the effectiveness of the instrument in offsetting the risk exposure it is designed to hedge. Foreign Exchange Contracts We enter into foreign exchange contracts to mitigate the currency risk associated with the anticipated purchase of inventory between affiliates and from third parties. These contracts are designated as cash flow hedges. The effective portion of the gain or loss on cash flow hedges is included in AOCI in the period that the change in fair value occurs and is reclassified to earnings in the period that the hedged item is recorded in earnings. At March 31, 2019 and December 31, 2018, we had outstanding contracts associated with these anticipated transactions with notional amounts of $9 million and $8 million, respectively. The valuation of foreign exchange derivatives is based on the market approach using observable market inputs, such as foreign currency spot and forward rates and yield curves. We have not seen a material change in the creditworthiness of those banks acting as derivative counterparties in the three months ended March 31, 2019. Interest Rate Swap We had an interest rate swap with a notional amount of $300 million to mitigate the interest rate risk associated with $300 million of variable-rate term loans. This swap matured in September 2018. While outstanding, the swap was designated as a cash flow hedge and the effective portion of the gain or loss on the cash flow hedge was included in AOCI in the period that the change in fair value occurred and reclassified to earnings in the period that the hedged item was recorded in earnings. The fair value of derivative instruments at March 31, 2019 and December 31, 2018 was as follows:
The majority of the amounts included in AOCI at March 31, 2019 will be recognized in earnings within the next 12 months. No amount of ineffectiveness was recorded in earnings for these designated cash flow hedges. The following represents the results of cash flow hedging relationships for the three months ended March 31, 2019 and 2018:
We enter into foreign exchange contracts to minimize the impact of exchange rate fluctuations on short-term intercompany loans and related interest that are denominated in a foreign currency. The revaluation of intercompany loans and interest and the corresponding mark-to-market adjustment on derivatives are recorded in earnings. The table below represents the mark-to-market adjustments of non-designated derivative instruments for the three months ended March 31, 2019 and 2018. All outstanding contracts at March 31, 2019 mature within 12 months.
Credit-Risk-Related Contingent Features Certain derivative instruments contain credit-risk-related contingent features that require us to post collateral based on a combination of our long-term senior unsecured debt ratings and the net fair value of our derivatives. At March 31, 2019, we had no cash collateral posted with certain counterparties. Fair Value of Financial Instruments Our financial instruments include cash and cash equivalents, investment securities, accounts receivable, loan receivables, derivative instruments, accounts payable and debt. The carrying value for cash and cash equivalents, accounts receivable, loans receivable and accounts payable approximate fair value because of the short maturity of these instruments. The carrying value and estimated fair value of our debt at March 31, 2019 and December 31, 2018 were as follows:
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Restructuring Charges |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Charges | Restructuring Charges Activity in our restructuring reserves for the three months ended March 31, 2019 and 2018 was as follows:
The majority of the remaining restructuring reserves are expected to be paid over the next 12 to 24 months. |
Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Total debt at March 31, 2019 and December 31, 2018 consisted of the following:
On April 17, 2019, Moody's lowered our corporate credit rating from Ba1 to Ba2. Interest rates on certain notes are subject to adjustment based on changes in our credit ratings. As a result, the coupon rate on $1.7 billion principal amount of our notes will increase by 0.25% effective at the next interest payment date for each security. During the first quarter of 2019, we repaid $13 million of principal related to our term loans. |
Pensions and Other Benefit Programs |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pensions and Other Benefit Programs | Pensions and Other Benefit Programs The components of net periodic benefit (income) cost were as follows:
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Income Taxes |
3 Months Ended |
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Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rate for the three months ended March 31, 2019 and 2018 was 120.8% and 26.7%, respectively. The effective tax rate for the three months ended March 31, 2019 includes a $2 million tax on the $18 million book loss from Market Exits resulting primarily from nondeductible currency write offs and basis differences. The effective tax rate for the three months ended March 31, 2019 and 2018 also includes a $2 million charge from the write-off of deferred tax assets associated with the expiration of out-of-the-money vested stock options and the vesting of restricted stock, as well as a $2 million and $3 million benefit, respectively, from the resolution of certain tax examinations. As is the case with other large corporations, our tax returns are examined by tax authorities in the U.S. and other global taxing jurisdictions in which we have operations. As a result, it is reasonably possible that the amount of unrecognized tax benefits will decrease in the next 12 months, and this decrease could be up to 30% of our unrecognized tax benefits. The Internal Revenue Service (IRS) examinations of our consolidated U.S. income tax returns for tax years prior to 2015 are closed to audit; however, various post-2011 U.S. state and local tax returns are still subject to examination. In Canada, the examination of our tax filings prior to 2014 are closed to audit. Other significant jurisdictions include France (closed through 2014), Germany (closed through 2012) and the U.K. (except for an item under appeal, closed through 2016). We also have other less significant tax filings currently subject to examination. |
Commitments and Contingencies |
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Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In the ordinary course of business, we are routinely defendants in, or party to, a number of pending and threatened legal actions. These may involve litigation by or against us relating to, among other things, contractual rights under vendor, insurance or other contracts; intellectual property or patent rights; equipment, service, payment or other disputes with clients; or disputes with employees. Some of these actions may be brought as a purported class action on behalf of a purported class of employees, customers or others. In management's opinion, the potential liability, if any, that may result from these actions, either individually or collectively, is not reasonably expected to have a material effect on our financial position, results of operations or cash flows. However, as litigation is inherently unpredictable, there can be no assurances in this regard. In August 2018, the Company, certain of its directors, officers and several banks who served as underwriters, were named as defendants in City of Livonia Retiree Health and Disability Benefits Plan v. Pitney Bowes Inc. et al., a putative class action lawsuit filed in Connecticut state court. The complaint asserts claims under the Securities Act of 1933, as amended, on behalf of those who purchased notes issued by the Company in connection with a September 13, 2017 offering, alleging, among other things, that the Company failed to make certain disclosures relating to components of its third quarter 2017 performance at the time of the notes offering. The complaint seeks compensatory damages and other relief. In addition, in December 2018 and then in February 2018, certain of the Company’s officers and directors were named as defendants in two virtually identical derivative actions purportedly brought on behalf of the Company, Clem v. Lautenbach et al. and Devolin v. Lautenbach et al. These two actions, both filed by the same counsel in Connecticut state court, allege, among other things, breaches of fiduciary duty relating to these same disclosures, and seek compensatory damages and other relief derivatively for the benefit of the Company. Although litigation outcomes are inherently unpredictable, we believe these matters are without merit and intend to defend them vigorously. A reasonable estimate of the amount of any possible loss or range of loss cannot be made at this time. |
Leased Assets and Liabilities |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leased Assets and Liabilities | Leased Assets and Liabilities We lease real estate and equipment under operating and finance lease agreements. Our leases have terms of up to 15 years, some of which may include the option to extend the lease for up to 5 years. Information regarding our operating and financing leases are as follows:
Operating lease expense includes immaterial amounts related to leases with terms of 12 months or less.
Operating leases exclude $2 million of minimum lease payments for leases signed but not yet commenced at March 31, 2019.
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Leased Assets and Liabilities | Leased Assets and Liabilities We lease real estate and equipment under operating and finance lease agreements. Our leases have terms of up to 15 years, some of which may include the option to extend the lease for up to 5 years. Information regarding our operating and financing leases are as follows:
Operating lease expense includes immaterial amounts related to leases with terms of 12 months or less.
Operating leases exclude $2 million of minimum lease payments for leases signed but not yet commenced at March 31, 2019.
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Stockholders’ Equity |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ Equity | Stockholders’ Equity Changes in stockholders’ equity for the three months ended March 31, 2019 and 2018 were as follows:
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Accumulated Other Comprehensive Income |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income Reclassifications out of AOCI for the three months ended March 31, 2019 and 2018 were as follows:
Changes in AOCI for the three months ended March 31, 2019 and 2018 were as follows:
(1) Amounts are net of tax. Amounts in parentheses indicate debits to AOCI. (2) See table above for additional details of these reclassifications. |
Description of Business and Basis of Presentation (Policies) |
3 Months Ended |
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Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements Accounting Pronouncements Adopted on January 1, 2019 On January 1, 2019, we adopted Accounting Standards Codification (ASC) 842, Leases (ASC 842), using the modified retrospective transition approach of applying the standard at the beginning of the earliest comparative period presented in the financial statements. Accordingly, prior period financial statements have been recast and required disclosures have been provided. We also recorded a cumulative effect adjustment as of January 1, 2017 to reduce retained earnings by $137 million. See Notes 7 and 15 for more information. From a lessor perspective, the standard simplifies the accounting for lease modifications and aligns accounting of lease contracts with revenue recognition guidance. We continue to classify leases as sales-type or operating, with the determination affecting both the pattern and classification of income recognition. There have been changes in the timing and classification of revenue related to contract modifications. Certain income and costs are now accelerated that were previously recognized over the life of the lease due to conclusions on lease and non-lease components. From a lessee perspective, the standard requires us to recognize right-of-use assets and lease liabilities for our real estate and equipment operating leases and to provide new disclosures about our leasing activities. We elected the short-term lease recognition exemption and did not recognize right-of-use assets or lease liabilities for leases with a term less than 12 months. We also elected the practical expedient to not separate lease and non-lease components for our lessee portfolio. Updates to significant accounting policies disclosed in our 2018 Annual Report due to the adoption of ASC 842 are discussed below. Equipment Sales: We sell and lease equipment directly to our customers and to distributors (re-sellers) throughout the world. The amount of revenue allocated to the equipment is based on a range of observable selling prices in standalone transactions. We recognize revenue from the sale of equipment under sales-type leases as equipment sales revenue when control of the equipment transfers to the customer, which is upon shipment for self-installed products and upon installation or customer acceptance for other products. We do not typically offer any rights of return. Rentals: Rentals revenue includes revenue from mailing equipment that does not meet the criteria to be accounted for as a sales-type lease. We may invoice in advance for rentals according to the terms of the agreement. We initially defer these advanced billings and recognize rentals revenue on a straight-line basis over the rental period. Revenue generated from financing clients for the continued use of equipment subsequent to the expiration of the original lease are recognized as rentals revenue. Financing: We provide lease financing for our products primarily through sales-type leases. We also provide revolving lines of credit for the purchase of postage and supplies. We believe that our sales-type lease portfolio contains only normal collection risk. Accordingly, we record the fair value of equipment as sales revenue, the cost of equipment as cost of sales and the minimum lease payments plus the estimated residual value as finance receivables. The difference between the finance receivable and the equipment fair value is recorded as unearned income and is amortized as financing income over the lease term using the interest method. Financing also includes amounts related to sales-type leases that customers have extended or renewed for an additional term. Revenue for those contracts will be recognized over the term of the modified lease as financing income using the interest method. Equipment residual values are determined at inception of the lease using estimates of fair value at the end of the lease term. Fair value estimates are based primarily on historical experience. We also consider forecasted supply and demand for products, product retirement and launch plans, client behavior, regulatory changes, remanufacturing strategies, used equipment markets, competition and technological changes. We evaluate residual values on an annual basis or sooner if circumstances warrant. Declines in estimated residual values considered "other-than-temporary" are recognized immediately. Estimated increases in future residual values are not recognized until the equipment is remarketed. Support services: Support services revenue includes revenue from equipment service contracts, subscriptions and meter services. Revenue is allocated to these services using selling prices charged in standalone replacement and renewal transactions. Since we have a stand-ready obligation to provide these services over the entire contract term, revenue related to these agreements is recognized on a straight-line basis over the term of the agreement. Business services: Business services revenue includes revenue from mail processing services and ecommerce solutions. These services represent a series of distinct services that are similar in nature, and revenue is recognized as the services are provided. We review certain third party relationships and evaluate the appropriateness of recording revenue on a gross basis when we act as a principal in a transaction or net basis when we act as an agent between a client and vendor. We consider several factors in determining whether we are acting as principal or agent such as whether we are the primary obligor to the client, have control over the pricing or have inventory risk. On January 1, 2019, we also adopted Accounting Standards Update (ASU) 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities, which shortens the amortization period for certain callable debt securities held at a premium, requiring the premium to be amortized to the earliest call date. The adoption of this standard did not have a material impact on our consolidated financial statements. Accounting Pronouncements Not Yet Adopted In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other-Internal-Use Software. The ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The standard is effective beginning January 1, 2020, with early adoption permitted. We are currently assessing the impact this standard will have on our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses. The ASU sets forth a current expected credit loss model, which requires companies to measure expected credit losses for all financial instruments held at the reporting date based on historical experience, current conditions and reasonably supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. This standard is effective beginning January 1, 2020. We are currently assessing the impact this standard will have on our consolidated financial statements. |
Revenue (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following tables disaggregate our revenue by major source and timing of recognition:
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Contract Assets and Advance Billings | Contract Assets and Advance Billings from Contracts with Customers
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Future Performance Obligations | The transaction prices allocated to future performance obligations will be recognized as follows:
(1) Revenue streams bundled with our leasing contracts, primarily maintenance, meter services and other subscription services (2) Multiple-year software maintenance contracts, certain software and data licenses and data updates |
Segment Information (Tables) |
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Revenue from Segments to Consolidated Statements | Revenue and EBIT by business segment is presented below:
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Reconciliation of EBIT from Segments to Consolidated |
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Discontinued Operations (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial information and Assets and Liabilities | Selected financial information included in discontinued operations is as follows:
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Earnings per Share (EPS) (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share |
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Inventories (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Components | Inventories at March 31, 2019 and December 31, 2018 consisted of the following:
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Finance Assets and Lessor Operating Leases (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivables | Finance receivables at March 31, 2019 and December 31, 2018 consisted of the following:
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Allowance for Credit Losses on Financing Receivables | Activity in the allowance for credit losses for the three months ended March 31, 2019 and 2018 was as follows:
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Past Due Financing Receivables | The aging of gross finance receivables at March 31, 2019 and December 31, 2018 was as follows:
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Financing Receivable Credit Quality Indicators |
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Sales-type Lease, Lease Income | Lease income from sales-type leases for the three months ended March 31, 2019 and 2018 was as follows:
(1) Lease contracts do not include variable lease payments. |
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Sales-type Lease Maturity | Loans receivable are due within one year. Maturities of gross sales-type lease finance receivables at March 31, 2019 were as follows:
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Lessor, Payments to be Received | We also lease mailing equipment under operating leases with terms of 1 to 5 years. Maturities of these operating leases are as follows:
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Intangible Assets and Goodwill (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets | Intangible assets at March 31, 2019 and December 31, 2018 consisted of the following:
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Amortization Expense In Future Periods | Future amortization expense as of March 31, 2019 is shown in the table below. Actual amortization expense may differ due to, among other things, fluctuations in foreign currency exchange rates, impairments, acquisitions and accelerated amortization.
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Schedule of Goodwill | Changes in the carrying value of goodwill, by reporting segment, for the three months ended March 31, 2019 are shown in the table below.
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Fair Value Measurements and Derivative Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables show, by level within the fair value hierarchy, our financial assets and liabilities that are accounted for at fair value on a recurring basis at March 31, 2019 and December 31, 2018.
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Schedule of Available-for-sale Securities Reconciliation | Available-for-sale securities at March 31, 2019 and December 31, 2018 consisted of the following:
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Schedule of Unrealized Holding Losses | The aggregate unrealized holding losses of investment securities in a loss position at March 31, 2019 and December 31, 2018 were as follows:
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Available-for-sale Securities | Scheduled maturities of available-for-sale securities at March 31, 2019 were as follows:
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Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The fair value of derivative instruments at March 31, 2019 and December 31, 2018 was as follows:
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Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following represents the results of cash flow hedging relationships for the three months ended March 31, 2019 and 2018:
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Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The table below represents the mark-to-market adjustments of non-designated derivative instruments for the three months ended March 31, 2019 and 2018. All outstanding contracts at March 31, 2019 mature within 12 months.
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Fair Value, by Balance Sheet Grouping | The carrying value and estimated fair value of our debt at March 31, 2019 and December 31, 2018 were as follows:
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Restructuring Charges (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost | Activity in our restructuring reserves for the three months ended March 31, 2019 and 2018 was as follows:
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Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | Total debt at March 31, 2019 and December 31, 2018 consisted of the following:
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Pensions and Other Benefit Programs (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures | The components of net periodic benefit (income) cost were as follows:
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Leased Assets and Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of operating and finance lease assets and liabilities |
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Schedule of components of lease expense |
Operating lease expense includes immaterial amounts related to leases with terms of 12 months or less. |
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Schedule of future payments of finance lease liabilities |
Operating leases exclude $2 million of minimum lease payments for leases signed but not yet commenced |
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Schedule of future payments of operating lease liabilities |
Operating leases exclude $2 million of minimum lease payments for leases signed but not yet commenced |
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Schedule of weighted-average remaining lease terms and weighted-average discount rates |
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Schedule of supplemental cash flow information |
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Stockholders’ Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stockholders Equity | Changes in stockholders’ equity for the three months ended March 31, 2019 and 2018 were as follows:
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Accumulated Other Comprehensive Income (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | Reclassifications out of AOCI for the three months ended March 31, 2019 and 2018 were as follows:
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Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in AOCI for the three months ended March 31, 2019 and 2018 were as follows:
(1) Amounts are net of tax. Amounts in parentheses indicate debits to AOCI. (2) See table above for additional details of these reclassifications. |
Description of Business and Basis of Presentation (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | |||
---|---|---|---|---|---|
Jan. 31, 2019
USD ($)
market
|
Mar. 31, 2019
USD ($)
|
Mar. 31, 2018
USD ($)
|
Dec. 31, 2018
USD ($)
|
Jan. 01, 2017
USD ($)
|
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Decrease to research and development | $ (21,774) | $ (24,495) | |||
Increase to selling, general and administrative | 300,982 | 302,810 | |||
Retained earnings | (5,267,615) | $ (5,279,682) | |||
ASU 2016-02 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Retained earnings | $ 137,000 | ||||
Adjustment | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Decrease to research and development | 6,000 | ||||
Increase to selling, general and administrative | 6,000 | ||||
Business services | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Increase (decrease) to cost of products and sales | 327,046 | 294,379 | |||
Business services | Adjustment | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Increase (decrease) to cost of products and sales | (3,000) | ||||
Business services | Income Statement Adjustment | Adjustment | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Increase (decrease) to cost of products and sales | (1,000) | ||||
Equipment sales | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Increase (decrease) to cost of products and sales | 63,665 | 62,469 | |||
Equipment sales | Adjustment | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Increase (decrease) to cost of products and sales | 3,000 | ||||
Rentals | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Increase (decrease) to cost of products and sales | 9,715 | 12,748 | |||
Rentals | Income Statement Adjustment | Adjustment | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Increase (decrease) to cost of products and sales | (1,000) | ||||
Support services | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Increase (decrease) to cost of products and sales | $ 41,779 | 46,065 | |||
Support services | Income Statement Adjustment | Adjustment | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Increase (decrease) to cost of products and sales | $ 2,000 | ||||
Disposed of by Sale | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Number of smaller markets sold | market | 6 | ||||
Pre-tax loss | $ 18,000 |
Revenue (Disaggregates of Revenue) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Disaggregation of Revenue [Line Items] | ||
Revenue from leasing transactions and financing | $ 868,402 | $ 896,583 |
Total Consolidated Revenue | 868,402 | 896,583 |
ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 680,709 | 686,772 |
Products/services transferred at a point in time | ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 93,218 | 107,204 |
Products/services transferred over time | ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 587,491 | 579,568 |
Sales And Services | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 680,709 | 686,772 |
Revenue from leasing transactions and financing | 187,693 | 209,811 |
Total Consolidated Revenue | 868,402 | 896,583 |
Equipment sales | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 21,294 | 22,211 |
Revenue from leasing transactions and financing | 68,493 | 84,497 |
Total Consolidated Revenue | 89,787 | 106,708 |
Supplies | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 50,953 | 59,993 |
Revenue from leasing transactions and financing | 0 | 0 |
Total Consolidated Revenue | 50,953 | 59,993 |
Software | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 73,318 | 76,294 |
Revenue from leasing transactions and financing | 0 | 0 |
Total Consolidated Revenue | 73,318 | 76,294 |
Rentals | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 0 | 0 |
Revenue from leasing transactions and financing | 22,157 | 24,965 |
Total Consolidated Revenue | 22,157 | 24,965 |
Financing | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 0 | 0 |
Revenue from leasing transactions and financing | 97,043 | 100,349 |
Total Consolidated Revenue | 97,043 | 100,349 |
Support services | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 128,621 | 140,650 |
Revenue from leasing transactions and financing | 0 | 0 |
Total Consolidated Revenue | 128,621 | 140,650 |
Business services | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 406,523 | 387,624 |
Revenue from leasing transactions and financing | 0 | 0 |
Total Consolidated Revenue | 406,523 | 387,624 |
Software Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 73,318 | 76,294 |
Revenue from leasing transactions and financing | 73,318 | 76,294 |
Software Solutions | ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 73,318 | 76,294 |
Software Solutions | Products/services transferred at a point in time | ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 20,970 | 25,001 |
Software Solutions | Products/services transferred over time | ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 52,348 | 51,293 |
Software Solutions | Sales And Services | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 73,318 | 76,294 |
Software Solutions | Equipment sales | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 0 | 0 |
Revenue from leasing transactions and financing | 0 | 0 |
Software Solutions | Supplies | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 0 | 0 |
Software Solutions | Software | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 73,318 | 76,294 |
Software Solutions | Rentals | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 0 | 0 |
Revenue from leasing transactions and financing | 0 | 0 |
Software Solutions | Financing | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 0 | 0 |
Revenue from leasing transactions and financing | 0 | 0 |
Software Solutions | Support services | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 0 | 0 |
Software Solutions | Business services | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 0 | 0 |
Global Ecommerce | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from leasing transactions and financing | 266,254 | 246,590 |
Global Ecommerce | ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 266,254 | 246,590 |
Global Ecommerce | Products/services transferred at a point in time | ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 0 | 0 |
Global Ecommerce | Products/services transferred over time | ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 266,254 | 246,590 |
Global Ecommerce | Sales And Services | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 266,254 | 246,590 |
Global Ecommerce | Equipment sales | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 0 | 0 |
Revenue from leasing transactions and financing | 0 | 0 |
Global Ecommerce | Supplies | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 0 | 0 |
Global Ecommerce | Software | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 0 | 0 |
Global Ecommerce | Rentals | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 0 | 0 |
Revenue from leasing transactions and financing | 0 | 0 |
Global Ecommerce | Financing | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 0 | 0 |
Revenue from leasing transactions and financing | 0 | 0 |
Global Ecommerce | Support services | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 0 | 0 |
Global Ecommerce | Business services | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 266,254 | 246,590 |
Presort Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from leasing transactions and financing | 134,847 | 134,458 |
Presort Services | ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 134,847 | 134,458 |
Presort Services | Products/services transferred at a point in time | ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 0 | 0 |
Presort Services | Products/services transferred over time | ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 134,847 | 134,458 |
Presort Services | Sales And Services | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 134,847 | 134,458 |
Presort Services | Equipment sales | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 0 | 0 |
Revenue from leasing transactions and financing | 0 | 0 |
Presort Services | Supplies | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 0 | 0 |
Presort Services | Software | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 0 | 0 |
Presort Services | Rentals | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 0 | 0 |
Revenue from leasing transactions and financing | 0 | 0 |
Presort Services | Financing | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 0 | 0 |
Revenue from leasing transactions and financing | 0 | 0 |
Presort Services | Support services | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 22 | 0 |
Presort Services | Business services | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 134,825 | 134,458 |
North America Mailing | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from leasing transactions and financing | 315,474 | 340,811 |
North America Mailing | ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 156,544 | 167,969 |
North America Mailing | Products/services transferred at a point in time | ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 44,318 | 49,367 |
North America Mailing | Products/services transferred over time | ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 112,226 | 118,602 |
North America Mailing | Sales And Services | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 156,544 | 167,969 |
North America Mailing | Equipment sales | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 9,215 | 10,416 |
Revenue from leasing transactions and financing | 57,894 | 68,472 |
North America Mailing | Supplies | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 35,103 | 38,951 |
North America Mailing | Software | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 0 | 0 |
North America Mailing | Rentals | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 0 | 0 |
Revenue from leasing transactions and financing | 17,279 | 19,512 |
North America Mailing | Financing | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 0 | 0 |
Revenue from leasing transactions and financing | 83,757 | 84,858 |
North America Mailing | Support services | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 107,709 | 113,713 |
North America Mailing | Business services | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 4,517 | 4,889 |
International Mailing | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from leasing transactions and financing | 78,509 | 98,430 |
International Mailing | ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 49,746 | 61,461 |
International Mailing | Products/services transferred at a point in time | ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 27,930 | 32,836 |
International Mailing | Products/services transferred over time | ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 21,816 | 28,625 |
International Mailing | Sales And Services | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 49,746 | 61,461 |
International Mailing | Equipment sales | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 12,079 | 11,795 |
Revenue from leasing transactions and financing | 10,599 | 16,025 |
International Mailing | Supplies | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 15,850 | 21,042 |
International Mailing | Software | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 0 | 0 |
International Mailing | Rentals | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 0 | 0 |
Revenue from leasing transactions and financing | 4,878 | 5,453 |
International Mailing | Financing | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 0 | 0 |
Revenue from leasing transactions and financing | 13,286 | 15,491 |
International Mailing | Support services | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | 20,890 | 26,937 |
International Mailing | Business services | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue recognized under ASC 606 | $ 927 | $ 1,687 |
Revenue (Narrative) (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
| |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Advanced billings, revenue recognized | $ 80 |
Expected timing of satisfaction period | 12 months |
Support services | Minimum | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Period of recognition | 1 year |
Support services | Maximum | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Period of recognition | 5 years |
Business services | Minimum | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Period of recognition | 1 year |
Business services | Maximum | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Period of recognition | 5 years |
Revenue (Contract Assets and Advance Billings) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Dec. 31, 2018 |
|
Revenue from Contract with Customer [Abstract] | ||
Contracts assets, current | $ 17,319 | $ 16,115 |
Contracts assets, noncurrent | 11,385 | 13,092 |
Advance billings, current | 203,735 | 221,527 |
Advance billings, noncurrent | 13,144 | $ 12,778 |
Increase (decrease) | ||
Contracts assets, current | 1,204 | |
Contracts assets, noncurrent | (1,707) | |
Advance billings, current | (17,792) | |
Advance billings, noncurrent | $ 366 |
Revenue (Future Performance Obligations) (Details) $ in Thousands |
Mar. 31, 2019
USD ($)
|
---|---|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future performance obligations | $ 275,268 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future performance obligations | 284,094 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future performance obligations | 336,638 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future performance obligations | 896,000 |
Software Solutions | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future performance obligations | $ 55,521 |
Expected timing of satisfaction period | 9 months |
Software Solutions | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future performance obligations | $ 49,884 |
Expected timing of satisfaction period | 1 year |
Software Solutions | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future performance obligations | $ 26,118 |
Expected timing of satisfaction period | 3 years |
Software Solutions | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future performance obligations | $ 131,523 |
North America Mailing | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future performance obligations | $ 196,642 |
Expected timing of satisfaction period | 9 months |
North America Mailing | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future performance obligations | $ 214,546 |
Expected timing of satisfaction period | 1 year |
North America Mailing | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future performance obligations | $ 288,869 |
Expected timing of satisfaction period | 3 years |
North America Mailing | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future performance obligations | $ 700,057 |
International Mailing | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future performance obligations | $ 23,105 |
Expected timing of satisfaction period | 9 months |
International Mailing | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future performance obligations | $ 19,664 |
Expected timing of satisfaction period | 1 year |
International Mailing | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future performance obligations | $ 21,651 |
Expected timing of satisfaction period | 3 years |
International Mailing | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future performance obligations | $ 64,420 |
Segment Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Segment reporting information profit (loss) | ||
Revenue | $ 868,402 | $ 896,583 |
Reconciling items: | ||
Interest, net | (27,602) | (32,014) |
Restructuring charges | (3,598) | (904) |
Other expense | (17,710) | 0 |
Income from continuing operations before taxes | 6,872 | 70,278 |
Provision for income taxes | 8,301 | 18,795 |
(Loss) income from discontinued operations, net of tax | (1,230) | 8,487 |
Net (loss) income | (2,659) | 59,970 |
Operating Segments | ||
Segment reporting information profit (loss) | ||
EBIT | 124,561 | 166,397 |
Segment Reconciling Items | ||
Reconciling items: | ||
Interest, net | (38,966) | (43,078) |
Unallocated corporate expenses | (55,689) | (51,082) |
Restructuring charges | (3,598) | (904) |
Other expense | (17,710) | 0 |
Transaction costs | (1,726) | (1,055) |
Commerce Services | ||
Segment reporting information profit (loss) | ||
Total from contracts with customers | 401,101 | 381,048 |
Commerce Services | Operating Segments | ||
Segment reporting information profit (loss) | ||
EBIT | 466 | 19,315 |
Commerce Services | Global Ecommerce | ||
Segment reporting information profit (loss) | ||
Total from contracts with customers | 266,254 | 246,590 |
EBIT | (14,600) | (7,711) |
Commerce Services | Presort Services | ||
Segment reporting information profit (loss) | ||
Total from contracts with customers | 134,847 | 134,458 |
EBIT | 15,066 | 27,026 |
SMB Solutions | ||
Segment reporting information profit (loss) | ||
Total from contracts with customers | 393,983 | 439,241 |
SMB Solutions | Operating Segments | ||
Segment reporting information profit (loss) | ||
EBIT | 122,403 | 144,590 |
SMB Solutions | North America Mailing | ||
Segment reporting information profit (loss) | ||
Total from contracts with customers | 315,474 | 340,811 |
EBIT | 110,613 | 128,568 |
SMB Solutions | International Mailing | ||
Segment reporting information profit (loss) | ||
Total from contracts with customers | 78,509 | 98,430 |
EBIT | 11,790 | 16,022 |
Software Solutions | ||
Segment reporting information profit (loss) | ||
Total from contracts with customers | 73,318 | 76,294 |
Software Solutions | Operating Segments | ||
Segment reporting information profit (loss) | ||
EBIT | $ 1,692 | $ 2,492 |
Discontinued Operations (Financial Information) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
(Loss) income from discontinued operations | $ (1,230) | $ 8,487 |
DMT | Disposed of by Sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Revenue | 750 | 102,234 |
(Loss) earnings from discontinued operations | (663) | 11,803 |
Loss on sale | (667) | 0 |
(Loss) income from discontinued operations before taxes | (1,330) | 11,803 |
Tax (benefit) provision | (100) | 3,316 |
(Loss) income from discontinued operations | $ (1,230) | $ 8,487 |
Earnings per Share (EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
||||
Earnings Per Share [Abstract] | |||||
(Loss) income from continuing operations | $ (1,429) | $ 51,483 | |||
Numerator: | |||||
(Loss) income from discontinued operations, net of tax | (1,230) | 8,487 | |||
Net (loss) income | (2,659) | 59,970 | |||
Less: Preference stock dividend | 8 | 8 | |||
(Loss) income attributable to common stockholders (numerator for basic EPS) | $ (2,667) | $ 59,962 | |||
Denominator: | |||||
Weighted-average shares used in basic EPS (in shares) | 185,971 | 186,863 | |||
Effect of dilutive shares (in shares) | 0 | 1,312 | |||
Weighted-average shares used in diluted EPS (in shares) | 185,971 | 188,175 | |||
Basic (loss) earnings per share: | |||||
Continuing operations (in dollars per share) | [1] | $ (0.01) | $ 0.28 | ||
Discontinued operations (in dollars per share) | [1] | (0.01) | 0.05 | ||
Net (loss) income (in dollars per share) | [1] | (0.01) | 0.32 | ||
Diluted (loss) earnings per share: | |||||
Continuing operations (in dollars per share) | [1] | (0.01) | 0.27 | ||
Discontinued operations (in dollars per share) | [1] | (0.01) | 0.05 | ||
Net (loss) income (in dollars per share) | [1] | $ (0.01) | $ 0.32 | ||
Anti-dilutive options excluded from diluted earnings per share (in shares) | 14,989 | 11,636 | |||
|
Inventories (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 13,258 | $ 8,231 |
Supplies and service parts | 23,627 | 21,841 |
Finished products | 36,474 | 36,690 |
Inventory at FIFO cost | 73,359 | 66,762 |
Excess of FIFO cost over LIFO cost | (4,483) | (4,483) |
Total inventory, net | $ 68,876 | $ 62,279 |
Finance Assets and Lessor Operating Leases (Finance Receivables) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Dec. 31, 2018 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net investment in receivables | $ 1,229,796 | $ 1,294,880 |
North America | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net investment in receivables | 1,044,661 | 1,063,370 |
International | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net investment in receivables | 185,135 | 231,510 |
Sales-type lease receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross finance receivables | 1,290,088 | 1,358,670 |
Unguaranteed residual values | 59,875 | 65,409 |
Unearned income | (414,310) | (438,566) |
Allowance for credit losses | (15,020) | (12,608) |
Net investment in receivables | 920,633 | 972,905 |
Sales-type lease receivables | North America | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross finance receivables | 1,099,620 | 1,110,896 |
Unguaranteed residual values | 48,204 | 52,637 |
Unearned income | (370,344) | (383,453) |
Allowance for credit losses | (13,136) | (10,252) |
Net investment in receivables | 764,344 | 769,828 |
Sales-type lease receivables | International | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross finance receivables | 190,468 | 247,774 |
Unguaranteed residual values | 11,671 | 12,772 |
Unearned income | (43,966) | (55,113) |
Allowance for credit losses | (1,884) | (2,356) |
Net investment in receivables | 156,289 | 203,077 |
Loan receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross finance receivables | 316,294 | 329,589 |
Allowance for credit losses | (7,131) | (7,614) |
Net investment in receivables | 309,163 | 321,975 |
Loan receivables | North America | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross finance receivables | 286,716 | 300,319 |
Allowance for credit losses | (6,399) | (6,777) |
Net investment in receivables | 280,317 | 293,542 |
Loan receivables | International | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross finance receivables | 29,578 | 29,270 |
Allowance for credit losses | (732) | (837) |
Net investment in receivables | $ 28,846 | $ 28,433 |
Minimum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Lease period | 3 years | |
Maximum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Lease period | 5 years |
Finance Assets and Lessor Operating Leases (Sales-type Lease Receivables) (Details) $ in Thousands |
Mar. 31, 2019
USD ($)
|
---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Remaining for year ending December 31, 2019 | $ 539,281 |
Year ending December 31, 2020 | 331,398 |
Year ending December 31, 2021 | 227,080 |
Year ending December 31, 2022 | 132,290 |
Year ending December 31, 2023 | 55,390 |
Thereafter | 4,649 |
Total | 1,290,088 |
North America | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Remaining for year ending December 31, 2019 | 486,499 |
Year ending December 31, 2020 | 275,321 |
Year ending December 31, 2021 | 186,002 |
Year ending December 31, 2022 | 106,014 |
Year ending December 31, 2023 | 42,879 |
Thereafter | 2,905 |
Total | 1,099,620 |
International | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Remaining for year ending December 31, 2019 | 52,782 |
Year ending December 31, 2020 | 56,077 |
Year ending December 31, 2021 | 41,078 |
Year ending December 31, 2022 | 26,276 |
Year ending December 31, 2023 | 12,511 |
Thereafter | 1,744 |
Total | $ 190,468 |
Finance Assets and Lessor Operating Leases (Allowance for Credit Losses) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Revenue recognition resume period (less than) | 60 days | |
Allowance for Credit Losses | ||
Balance Beginning | $ 20,222 | $ 18,651 |
Amounts charged to expense | 4,607 | 4,650 |
Write-offs and other | (2,678) | (3,521) |
Balance Closing | $ 22,151 | 19,780 |
Sales-type lease receivables | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Revenue recognition discontinuation period (more than) | 120 days | |
Sales-type lease receivables | North America | ||
Allowance for Credit Losses | ||
Balance Beginning | $ 10,253 | 7,721 |
Amounts charged to expense | 3,399 | 2,186 |
Write-offs and other | (516) | (1,145) |
Balance Closing | 13,136 | 8,762 |
Sales-type lease receivables | International | ||
Allowance for Credit Losses | ||
Balance Beginning | 2,355 | 2,812 |
Amounts charged to expense | 231 | 399 |
Write-offs and other | (702) | (127) |
Balance Closing | $ 1,884 | 3,084 |
Loan receivables | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Revenue recognition discontinuation period (more than) | 90 days | |
Loan receivables | North America | ||
Allowance for Credit Losses | ||
Balance Beginning | $ 6,777 | 7,098 |
Amounts charged to expense | 957 | 1,925 |
Write-offs and other | (1,335) | (2,073) |
Balance Closing | 6,399 | 6,950 |
Loan receivables | International | ||
Allowance for Credit Losses | ||
Balance Beginning | 837 | 1,020 |
Amounts charged to expense | 20 | 140 |
Write-offs and other | (125) | (176) |
Balance Closing | $ 732 | $ 984 |
Finance Assets and Lessor Operating Leases (Aging of Receivables) (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | $ 1,606,382 | $ 1,688,259 |
1 - 90 days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables | 1,561,894 | 1,636,345 |
Contract value | 1,561,894 | 1,636,345 |
Greater than 90 days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables | 44,488 | 51,914 |
Still accruing interest | 9,730 | 10,869 |
Not accruing interest | 34,758 | 41,045 |
Contract value | 44,488 | 51,914 |
Sales-type lease receivables | North America | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 1,099,620 | 1,110,896 |
Sales-type lease receivables | North America | 1 - 90 days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables | 1,065,521 | 1,069,288 |
Contract value | 1,065,521 | 1,069,288 |
Sales-type lease receivables | North America | Greater than 90 days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables | 34,099 | 41,608 |
Still accruing interest | 6,709 | 7,917 |
Not accruing interest | 27,390 | 33,691 |
Contract value | 34,099 | 41,608 |
Sales-type lease receivables | International | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 190,468 | 247,774 |
Sales-type lease receivables | International | 1 - 90 days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables | 186,947 | 243,852 |
Contract value | 186,947 | 243,852 |
Sales-type lease receivables | International | Greater than 90 days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables | 3,521 | 3,922 |
Still accruing interest | 715 | 1,111 |
Not accruing interest | 2,806 | 2,811 |
Contract value | 3,521 | 3,922 |
Loan receivables | North America | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 286,716 | 300,319 |
Loan receivables | North America | 1 - 90 days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables | 280,124 | 294,126 |
Contract value | 280,124 | 294,126 |
Loan receivables | North America | Greater than 90 days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables | 6,592 | 6,193 |
Still accruing interest | 2,178 | 1,769 |
Not accruing interest | 4,414 | 4,424 |
Contract value | 6,592 | 6,193 |
Loan receivables | International | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 29,578 | 29,270 |
Loan receivables | International | 1 - 90 days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables | 29,302 | 29,079 |
Contract value | 29,302 | 29,079 |
Loan receivables | International | Greater than 90 days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables | 276 | 191 |
Still accruing interest | 128 | 72 |
Not accruing interest | 148 | 119 |
Contract value | $ 276 | $ 191 |
Finance Assets and Lessor Operating Leases (Credit Quality) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Dec. 31, 2018 |
|
Low | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Approximate percentage of portfolio | 30.00% | |
Medium | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Approximate percentage of portfolio | 40.00% | |
High | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Approximate percentage of portfolio | 30.00% | |
Sales-type lease receivables | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross finance receivables | $ 1,290,088 | $ 1,358,670 |
Sales-type lease receivables | North America | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross finance receivables | 1,099,620 | 1,110,896 |
Sales-type lease receivables | North America | Low | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross finance receivables | 909,353 | 922,414 |
Sales-type lease receivables | North America | Medium | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross finance receivables | 131,425 | 131,650 |
Sales-type lease receivables | North America | High | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross finance receivables | 23,478 | 22,110 |
Sales-type lease receivables | North America | Not Scored | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross finance receivables | 35,364 | 34,722 |
Loan receivables | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross finance receivables | 316,294 | 329,589 |
Loan receivables | North America | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross finance receivables | 286,716 | 300,319 |
Loan receivables | North America | Low | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross finance receivables | 224,517 | 238,620 |
Loan receivables | North America | Medium | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross finance receivables | 45,167 | 43,952 |
Loan receivables | North America | High | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross finance receivables | 5,429 | 5,947 |
Loan receivables | North America | Not Scored | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross finance receivables | $ 11,603 | $ 11,800 |
Finance Assets and Lessor Operating Leases (Lease Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Leases [Abstract] | ||
Profit recognized at commencement | $ 36,360 | $ 47,294 |
Interest income | 59,478 | 61,832 |
Total lease income from sales-type leases | $ 95,838 | $ 109,126 |
Finance Assets and Lessor Operating Leases (Operating Leases) (Details) $ in Thousands |
Mar. 31, 2019
USD ($)
|
---|---|
Lessor, Lease, Description [Line Items] | |
Remaining for year ending December 31, 2019 | $ 26,317 |
Year ending December 31, 2020 | 25,322 |
Year ending December 31, 2021 | 9,881 |
Year ending December 31, 2022 | 4,023 |
Year ending December 31, 2023 | 2,590 |
Thereafter | 59 |
Total | $ 68,192 |
Mailing Equipment | Minimum | |
Lessor, Lease, Description [Line Items] | |
Term | 1 year |
Mailing Equipment | Maximum | |
Lessor, Lease, Description [Line Items] | |
Term | 5 years |
Intangible Assets and Goodwill (Intangible Assets) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
|
Finite lived intangible assets | |||
Gross Carrying Amount | $ 689,620 | $ 686,095 | |
Accumulated Amortization | (466,615) | (458,958) | |
Net Carrying Amount | 223,005 | 227,137 | |
Amortization expense | 10,000 | $ 11,000 | |
Customer relationships | |||
Finite lived intangible assets | |||
Gross Carrying Amount | 484,543 | 480,837 | |
Accumulated Amortization | (286,393) | (281,190) | |
Net Carrying Amount | 198,150 | 199,647 | |
Software & technology | |||
Finite lived intangible assets | |||
Gross Carrying Amount | 164,973 | 165,088 | |
Accumulated Amortization | (145,518) | (143,877) | |
Net Carrying Amount | 19,455 | 21,211 | |
Trademarks & other | |||
Finite lived intangible assets | |||
Gross Carrying Amount | 40,104 | 40,170 | |
Accumulated Amortization | (34,704) | (33,891) | |
Net Carrying Amount | $ 5,400 | $ 6,279 |
Intangible Assets and Goodwill (Future Amortization Expense) (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Finite lived intangible assets future amortization expense | ||
Remaining for year ending December 31, 2019 | $ 30,303 | |
Year ending December 31, 2020 | 35,564 | |
Year ending December 31, 2021 | 31,026 | |
Year ending December 31, 2022 | 29,798 | |
Year ending December 31, 2023 | 26,726 | |
Thereafter | 69,588 | |
Net Carrying Amount | $ 223,005 | $ 227,137 |
Intangible Assets and Goodwill (Goodwill) (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
| |
Goodwill | |
December 31, 2018 | $ 1,766,511 |
Divestiture | (10,490) |
Currency impact | (1,762) |
March 31, 2019 | 1,754,259 |
Commerce Services | |
Goodwill | |
December 31, 2018 | 816,896 |
Divestiture | 0 |
Currency impact | 0 |
March 31, 2019 | 816,896 |
Commerce Services | Global Ecommerce | |
Goodwill | |
December 31, 2018 | 609,431 |
Divestiture | 0 |
Currency impact | 0 |
March 31, 2019 | 609,431 |
Commerce Services | Presort Services | |
Goodwill | |
December 31, 2018 | 207,465 |
Divestiture | 0 |
Currency impact | 0 |
March 31, 2019 | 207,465 |
SMB Solutions | |
Goodwill | |
December 31, 2018 | 515,455 |
Divestiture | (10,490) |
Currency impact | (3,406) |
March 31, 2019 | 501,559 |
SMB Solutions | North America Mailing | |
Goodwill | |
December 31, 2018 | 368,248 |
Divestiture | 0 |
Currency impact | 167 |
March 31, 2019 | 368,415 |
SMB Solutions | International Mailing | |
Goodwill | |
December 31, 2018 | 147,207 |
Divestiture | (10,490) |
Currency impact | (3,573) |
March 31, 2019 | 133,144 |
Software Solutions | |
Goodwill | |
December 31, 2018 | 434,160 |
Divestiture | 0 |
Currency impact | 1,644 |
March 31, 2019 | $ 435,804 |
Fair Value Measurements and Derivative Instruments (Assets and Liabilities) (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 905,172 | $ 919,371 |
Liabilities | (3,430) | (735) |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 312,798 | 321,116 |
Liabilities | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 592,374 | 598,255 |
Liabilities | (3,430) | (735) |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Liabilities | 0 | 0 |
Money market funds / commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 623,827 | 612,647 |
Money market funds / commercial paper | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 225,808 | 220,756 |
Money market funds / commercial paper | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 398,019 | 391,891 |
Money market funds / commercial paper | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 21,663 | 19,133 |
Equity securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Equity securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 21,663 | 19,133 |
Equity securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Commingled fixed income securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 22,255 | 21,711 |
Commingled fixed income securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 1,600 | 1,570 |
Commingled fixed income securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 20,655 | 20,141 |
Commingled fixed income securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Government and related securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 94,522 | 108,577 |
Government and related securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 85,390 | 98,790 |
Government and related securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 9,132 | 9,787 |
Government and related securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 51,677 | 56,938 |
Corporate debt securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Corporate debt securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 51,677 | 56,938 |
Corporate debt securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Mortgage-backed / asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 89,618 | 98,334 |
Mortgage-backed / asset-backed securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Mortgage-backed / asset-backed securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 89,618 | 98,334 |
Mortgage-backed / asset-backed securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 1,610 | 2,031 |
Liabilities | (3,430) | (735) |
Foreign exchange contracts | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Liabilities | 0 | 0 |
Foreign exchange contracts | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 1,610 | 2,031 |
Liabilities | (3,430) | (735) |
Foreign exchange contracts | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Liabilities | $ 0 | $ 0 |
Fair Value Measurements and Derivative Instruments (Available-for-sale Securities) (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 238,733 | $ 270,313 |
Gross unrealized gains | 885 | 218 |
Gross unrealized losses | (2,246) | (5,202) |
Estimated fair value | 237,372 | 265,329 |
Government and related securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 94,831 | 109,776 |
Gross unrealized gains | 221 | 47 |
Gross unrealized losses | (575) | (1,336) |
Estimated fair value | 94,477 | 108,487 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 51,769 | 58,714 |
Gross unrealized gains | 329 | 4 |
Gross unrealized losses | (421) | (1,780) |
Estimated fair value | 51,677 | 56,938 |
Commingled fixed income securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 1,647 | 1,637 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (47) | (67) |
Estimated fair value | 1,600 | 1,570 |
Mortgage-backed / asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 90,486 | 100,186 |
Gross unrealized gains | 335 | 167 |
Gross unrealized losses | (1,203) | (2,019) |
Estimated fair value | $ 89,618 | $ 98,334 |
Fair Value Measurements and Derivative Instruments (Unrealized Holding Losses) (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Fair Value | ||
Less than 12 continuous months | $ 8,518 | $ 48,318 |
Greater than 12 continuous months | 133,732 | 177,331 |
Total | 142,250 | 225,649 |
Gross unrealized losses | ||
Less than 12 continuous months | 46 | 847 |
Greater than 12 continuous months | 2,200 | 4,355 |
Total | $ 2,246 | $ 5,202 |
Fair Value Measurements and Derivative Instruments (Available-for-sale Securities Maturities) (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Amortized cost | ||
Within 1 year | $ 54,475 | |
After 1 year through 5 years | 74,200 | |
After 5 years through 10 years | 37,291 | |
After 10 years | 72,767 | |
Total | 238,733 | $ 270,313 |
Estimated fair value | ||
Within 1 year | 54,348 | |
After 1 year through 5 years | 73,898 | |
After 5 years through 10 years | 37,393 | |
After 10 years | 71,733 | |
Total | $ 237,372 | $ 265,329 |
Fair Value Measurements and Derivative Instruments (Narrative) (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Dec. 31, 2018 |
|
Derivative [Line Items] | ||
Amount of ineffectiveness | $ 0 | |
Collateral outstanding | 0 | |
Term Loan | Notes due December 2020 | ||
Derivative [Line Items] | ||
Loan amount | 300,000,000 | |
Foreign exchange contracts | ||
Derivative [Line Items] | ||
Derivative notional amount | 9,000,000 | $ 8,000,000 |
Interest rate swaps | Cash Flow Hedge | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 300,000,000 |
Fair Value Measurements and Derivative Instruments (Derivative Instruments) (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Derivative [Line Items] | ||
Total net derivative (liability) asset | $ (1,820) | $ 1,296 |
Total derivative assets | ||
Derivative [Line Items] | ||
Total net derivative (liability) asset | 1,610 | 2,031 |
Total derivative liabilities | ||
Derivative [Line Items] | ||
Total net derivative (liability) asset | (3,430) | (735) |
Foreign exchange contracts | Derivatives designated as hedging instruments | Other current assets and prepayments | ||
Derivative [Line Items] | ||
Total net derivative (liability) asset | 175 | 61 |
Foreign exchange contracts | Derivatives designated as hedging instruments | Accounts payable and accrued liabilities | ||
Derivative [Line Items] | ||
Total net derivative (liability) asset | 0 | (104) |
Foreign exchange contracts | Derivatives not designated as hedging instruments | Other current assets and prepayments | ||
Derivative [Line Items] | ||
Total net derivative (liability) asset | 1,435 | 1,970 |
Foreign exchange contracts | Derivatives not designated as hedging instruments | Accounts payable and accrued liabilities | ||
Derivative [Line Items] | ||
Total net derivative (liability) asset | $ (3,430) | $ (631) |
Fair Value Measurements and Derivative Instruments (Foreign Exchange Contracts) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Derivative [Line Items] | ||
Derivative Gain (Loss) Recognized in AOCL (Effective Portion) | $ 345 | $ (146) |
Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion) | 127 | (87) |
Revenue | ||
Derivative [Line Items] | ||
Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion) | 111 | (3) |
Cost of sales | ||
Derivative [Line Items] | ||
Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion) | 16 | (84) |
Interest Expense | ||
Derivative [Line Items] | ||
Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion) | 0 | 0 |
Foreign exchange contracts | ||
Derivative [Line Items] | ||
Derivative Gain (Loss) Recognized in AOCL (Effective Portion) | 345 | 35 |
Foreign exchange contracts | Selling, general and administrative expense | ||
Derivative [Line Items] | ||
Derivative Gain (Loss) Recognized in Earnings | 5,269 | (4,713) |
Interest rate swap | ||
Derivative [Line Items] | ||
Derivative Gain (Loss) Recognized in AOCL (Effective Portion) | $ 0 | $ (181) |
Fair Value Measurements and Derivative Instruments (Fair Value of Debt) (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Carrying value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | $ 3,254,892 | $ 3,265,608 |
Fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | $ 3,152,589 | $ 3,003,678 |
Restructuring Charges (Restructuring Charges) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Restructuring Costs | ||
Balance Beginning | $ 15,449 | $ 43,720 |
Expenses, net | 3,598 | 904 |
Cash payments | (8,144) | (15,585) |
Balance Ending | $ 10,903 | 29,039 |
Minimum | ||
Restructuring Costs | ||
Restructuring reserve, expected payment period | 12 months | |
Maximum | ||
Restructuring Costs | ||
Restructuring reserve, expected payment period | 24 months | |
Severance and benefits costs | ||
Restructuring Costs | ||
Balance Beginning | $ 13,641 | 42,151 |
Expenses, net | 3,330 | 835 |
Cash payments | (7,191) | (15,008) |
Balance Ending | 9,780 | 27,978 |
Other exit costs | ||
Restructuring Costs | ||
Balance Beginning | 1,808 | 1,569 |
Expenses, net | 268 | 69 |
Cash payments | (953) | (577) |
Balance Ending | $ 1,123 | $ 1,061 |
Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Debt Instrument [Line Items] | ||
Principal amount | $ 3,283,596 | $ 3,296,138 |
Less: unamortized costs, net | 28,704 | 30,530 |
Total debt | 3,254,892 | 3,265,608 |
Less: current portion long-term debt | 207,231 | 199,535 |
Long-term debt | $ 3,047,661 | 3,066,073 |
Notes due | Notes due September 2020 | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.875% | |
Principal amount | $ 300,000 | 300,000 |
Notes due | Notes due October 2021 | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.875% | |
Principal amount | $ 600,000 | 600,000 |
Notes due | Notes due May 2022 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.375% | |
Principal amount | $ 400,000 | 400,000 |
Notes due | Notes due April 2023 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.95% | |
Principal amount | $ 400,000 | 400,000 |
Notes due | Notes due March 2024 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.625% | |
Principal amount | $ 500,000 | 500,000 |
Notes due | Notes due January 2037 | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.25% | |
Principal amount | $ 35,841 | 35,841 |
Notes due | Notes due March 2043 | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.70% | |
Principal amount | $ 425,000 | 425,000 |
Term loans | ||
Debt Instrument [Line Items] | ||
Principal amount | 617,500 | 630,000 |
Other debt | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 5,255 | $ 5,297 |
Debt (Narrative) (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Apr. 17, 2019 |
Mar. 31, 2019 |
|
Subsequent Event | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 1,700,000,000.0 | |
Increase in interest rate | 0.25% | |
Term loans | ||
Debt Instrument [Line Items] | ||
Repayments of debt | $ 13,000,000 |
Pensions and Other Benefit Programs (Components of Net Periodic Benefit Cost (Income)) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Defined Benefit Pension Plans | United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 21 | $ 37 |
Interest cost | 15,878 | 15,616 |
Expected return on plan assets | (23,179) | (25,424) |
Amortization of transition credit | 0 | 0 |
Amortization of prior service (credit) cost | (15) | (15) |
Amortization of net actuarial loss | 7,036 | 8,076 |
Net periodic benefit (income) cost | (259) | (1,710) |
Contributions to benefit plans | 1,628 | 1,409 |
Defined Benefit Pension Plans | Foreign | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 384 | 589 |
Interest cost | 4,488 | 4,696 |
Expected return on plan assets | (8,764) | (9,185) |
Amortization of transition credit | (2) | (2) |
Amortization of prior service (credit) cost | 63 | (18) |
Amortization of net actuarial loss | 1,612 | 1,912 |
Net periodic benefit (income) cost | (2,219) | (2,008) |
Contributions to benefit plans | 8,210 | 9,210 |
Nonpension Postretirement Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 255 | 407 |
Interest cost | 1,654 | 1,603 |
Expected return on plan assets | 0 | 0 |
Amortization of transition credit | 0 | 0 |
Amortization of prior service (credit) cost | 80 | 88 |
Amortization of net actuarial loss | 511 | 934 |
Net periodic benefit (income) cost | 2,500 | 3,032 |
Contributions to benefit plans | $ 4,756 | $ 4,795 |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Income Tax Disclosure [Abstract] | ||
Effective tax rate (percent) | 120.80% | 26.70% |
Tax from Market Exits | $ 2,000 | |
Loss on disposition of businesses | 17,710 | $ 0 |
Charge from valuation allowance for tax carryovers | 2,000 | 2,000 |
Tax benefit from resolution of settlement | $ 2,000 | $ 3,000 |
Percent decrease in unrecognized benefits, reasonably possible (up to) | 30.00% |
Leased Assets and Liabilities (Operating and Finance Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Dec. 31, 2018 |
|
Lessee, Lease, Description [Line Items] | ||
Operating | $ 152,139 | $ 156,788 |
Finance | 11,536 | 10,683 |
Total leased assets | 163,675 | 167,471 |
Current operating lease liabilities | 35,219 | 37,208 |
Noncurrent operating lease liabilities | 124,873 | 127,237 |
Accounts payable and accrued liabilities | 2,844 | 2,708 |
Other noncurrent liabilities | 7,651 | 7,054 |
Total lease liabilities | $ 170,587 | $ 174,207 |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Term of contract | 15 years | |
Option to extend | 5 years |
Leased Assets and Liabilities (Lease Expense) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Leases [Abstract] | ||
Operating lease expense | $ 12,091 | $ 12,277 |
Amortization of leased assets | 880 | 602 |
Interest on lease liabilities | 172 | 118 |
Variable lease expense | 5,864 | 5,142 |
Sublease income | (666) | (249) |
Total expense | $ 18,341 | $ 17,890 |
Leased Assets and Liabilities (Lease Maturity) (Details) $ in Thousands |
Mar. 31, 2019
USD ($)
|
---|---|
Operating Leases | |
Remaining for year ending December 31, 2019 | $ 32,088 |
Year ending December 31, 2020 | 35,873 |
Year ending December 31, 2021 | 28,825 |
Year ending December 31, 2022 | 20,484 |
Year ending December 31, 2023 | 14,086 |
Thereafter | 57,329 |
Total | 188,685 |
Less: present value discount | 28,593 |
Lease liability | 160,092 |
Finance Leases | |
Remaining for year ending December 31, 2019 | 2,643 |
Year ending December 31, 2020 | 2,935 |
Year ending December 31, 2021 | 2,543 |
Year ending December 31, 2022 | 1,992 |
Year ending December 31, 2023 | 1,348 |
Thereafter | 569 |
Total | 12,030 |
Less: present value discount | 1,535 |
Lease liability | 10,495 |
Total | |
Remaining for year ending December 31, 2019 | 34,731 |
Year ending December 31, 2020 | 38,808 |
Year ending December 31, 2021 | 31,368 |
Year ending December 31, 2022 | 22,476 |
Year ending December 31, 2023 | 15,434 |
Thereafter | 57,898 |
Total | 200,715 |
Less: present value discount | 30,128 |
Lease liability | 170,587 |
Lease not yet commenced | $ 2,000 |
Leased Assets and Liabilities (Weighted-Average) (Details) |
Mar. 31, 2019 |
Mar. 31, 2018 |
---|---|---|
Weighted-average remaining lease term | ||
Operating leases | 7 years 1 month 6 days | 5 years 10 months 24 days |
Finance leases | 4 years 1 month 6 days | 3 years 9 months 18 days |
Weighted-average discount rate | ||
Operating leases | 4.70% | 4.70% |
Finance leases | 6.50% | 6.20% |
Leased Assets and Liabilities (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Leases [Abstract] | ||
Operating cash outflows - operating leases | $ 11,797 | $ 11,751 |
Operating cash outflows - finance leases | 172 | 118 |
Financing cash outflows - finance leases | 745 | 564 |
Leased assets obtained in exchange for new lease obligations | ||
Operating leases | 8,153 | 2,996 |
Finance leases | $ 1,673 | $ 1,072 |
Stockholders’ Equity (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Jan. 01, 2018 |
|
Increase (Decrease) in Stockholders' Equity | |||
Balances, beginning of period | $ 101,842 | $ 35,166 | |
Cumulative effect of accounting change | $ (12,207) | ||
Net loss | (2,659) | 59,970 | |
Other comprehensive income (loss) | 30,889 | 19,877 | |
Dividends paid ($0.05 per common share) | (9,408) | (35,016) | |
Issuance of common stock | (1,950) | (3,409) | |
Conversion to common stock | 0 | 0 | |
Stock-based compensation expense | 6,784 | 3,273 | |
Repurchase of common stock | (39,142) | ||
Balances, end of period | $ 86,356 | $ 67,654 | |
Dividends paid (USD per share) | $ 0.05 | $ 0.1875 | |
Preferred stock | |||
Increase (Decrease) in Stockholders' Equity | |||
Balances, beginning of period | $ 1 | $ 1 | |
Balances, end of period | 1 | 1 | |
Preference stock | |||
Increase (Decrease) in Stockholders' Equity | |||
Balances, beginning of period | 396 | 441 | |
Conversion to common stock | (8) | (19) | |
Balances, end of period | 388 | 422 | |
Common stock | |||
Increase (Decrease) in Stockholders' Equity | |||
Balances, beginning of period | 323,338 | 323,338 | |
Balances, end of period | 323,338 | 323,338 | |
Additional paid-in capital | |||
Increase (Decrease) in Stockholders' Equity | |||
Balances, beginning of period | 121,475 | 138,367 | |
Issuance of common stock | (18,925) | (21,607) | |
Conversion to common stock | (168) | (386) | |
Stock-based compensation expense | 6,784 | 3,273 | |
Balances, end of period | 109,166 | 119,647 | |
Retained earnings | |||
Increase (Decrease) in Stockholders' Equity | |||
Balances, beginning of period | 5,279,682 | 5,078,494 | |
Cumulative effect of accounting change | $ (12,207) | ||
Net loss | (2,659) | 59,970 | |
Dividends paid ($0.05 per common share) | (9,408) | (35,016) | |
Balances, end of period | 5,267,615 | 5,091,241 | |
Accumulated other comprehensive loss | |||
Increase (Decrease) in Stockholders' Equity | |||
Balances, beginning of period | (948,961) | (794,478) | |
Other comprehensive income (loss) | 30,889 | 19,877 | |
Balances, end of period | (918,072) | (774,601) | |
Treasury stock | |||
Increase (Decrease) in Stockholders' Equity | |||
Balances, beginning of period | (4,674,089) | (4,710,997) | |
Issuance of common stock | 16,975 | 18,198 | |
Conversion to common stock | 176 | 405 | |
Repurchase of common stock | (39,142) | ||
Balances, end of period | $ (4,696,080) | $ (4,692,394) |
Accumulated Other Comprehensive Income (Reclassifications) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Revenue | $ 868,402 | $ 896,583 |
Interest expense, net | (27,602) | (32,014) |
Income from continuing operations before taxes | 6,872 | 70,278 |
Income tax benefit | (8,301) | (18,795) |
Net (loss) income | (2,659) | 59,970 |
Pension and Postretirement Benefit Plans | (300,982) | (302,810) |
Reclassification out of Accumulated Other Comprehensive Loss | Cash flow hedges | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Revenue | 111 | (3) |
Cost of sales | 16 | (84) |
Interest expense, net | 0 | (507) |
Income from continuing operations before taxes | 127 | (594) |
Income tax benefit | 32 | (151) |
Net (loss) income | 95 | (443) |
Reclassification out of Accumulated Other Comprehensive Loss | Available for sale securities | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest expense, net | (23) | (24) |
Income tax benefit | (6) | (6) |
Net (loss) income | (17) | (18) |
Reclassification out of Accumulated Other Comprehensive Loss | Pension and postretirement benefit plans | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income from continuing operations before taxes | (9,285) | (10,975) |
Income tax benefit | (2,649) | (2,803) |
Net (loss) income | (6,636) | (8,172) |
Reclassification out of Accumulated Other Comprehensive Loss | Transition credit | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Pension and Postretirement Benefit Plans | 2 | 2 |
Reclassification out of Accumulated Other Comprehensive Loss | Prior service costs | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Pension and Postretirement Benefit Plans | (128) | (55) |
Reclassification out of Accumulated Other Comprehensive Loss | Actuarial losses | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Pension and Postretirement Benefit Plans | $ (9,159) | $ (10,922) |
Accumulated Other Comprehensive Income (Changes) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Accumulated Other Comprehensive Income (Loss), Net of Tax | ||
Balances, beginning of period | $ 101,842 | $ 35,166 |
Other comprehensive income (loss) before reclassifications | 24,331 | 11,244 |
Reclassifications into earnings | 6,558 | 8,633 |
Other comprehensive income, net of tax | 30,889 | 19,877 |
Balances, end of period | 86,356 | 67,654 |
Cash flow hedges | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ||
Balances, beginning of period | 191 | (406) |
Other comprehensive income (loss) before reclassifications | 258 | 43 |
Reclassifications into earnings | (95) | 443 |
Other comprehensive income, net of tax | 163 | 486 |
Balances, end of period | 354 | 80 |
Available for sale securities | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ||
Balances, beginning of period | (3,061) | 1,597 |
Other comprehensive income (loss) before reclassifications | 2,799 | (4,010) |
Reclassifications into earnings | 17 | 18 |
Other comprehensive income, net of tax | 2,816 | (3,992) |
Balances, end of period | (245) | (2,395) |
Pension and postretirement benefit plans | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ||
Balances, beginning of period | (846,461) | (748,800) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Reclassifications into earnings | 6,636 | 8,172 |
Other comprehensive income, net of tax | 6,636 | 8,172 |
Balances, end of period | (839,825) | (740,628) |
Foreign currency adjustments | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ||
Balances, beginning of period | (99,630) | (46,869) |
Other comprehensive income (loss) before reclassifications | 21,274 | 15,211 |
Reclassifications into earnings | 0 | 0 |
Other comprehensive income, net of tax | 21,274 | 15,211 |
Balances, end of period | (78,356) | (31,658) |
Total | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ||
Balances, beginning of period | (948,961) | (794,478) |
Other comprehensive income, net of tax | 30,889 | 19,877 |
Balances, end of period | $ (918,072) | $ (774,601) |