State of incorporation: | I.R.S. Employer Identification No. |
Address of Principal Executive Offices: | ||||||||||||||||||||
Telephone Number: |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||||||||
þ | Accelerated filer | ☐ | Non-accelerated filer | o | |||||||||||||
Smaller reporting company | Emerging growth company |
Page Number | ||||||||
Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2022 and 2021 | ||||||||
Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2022 and 2021 | ||||||||
Condensed Consolidated Balance Sheets at March 31, 2022 and December 31, 2021 | ||||||||
Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021 | ||||||||
Item 6: | Exhibits | |||||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Revenue: | |||||||||||
Business services | $ | $ | |||||||||
Support services | |||||||||||
Financing | |||||||||||
Equipment sales | |||||||||||
Supplies | |||||||||||
Rentals | |||||||||||
Total revenue | |||||||||||
Costs and expenses: | |||||||||||
Cost of business services | |||||||||||
Cost of support services | |||||||||||
Financing interest expense | |||||||||||
Cost of equipment sales | |||||||||||
Cost of supplies | |||||||||||
Cost of rentals | |||||||||||
Selling, general and administrative | |||||||||||
Research and development | |||||||||||
Restructuring charges | |||||||||||
Interest expense, net | |||||||||||
Other components of net pension and postretirement cost | |||||||||||
Other (income) expense | ( | ||||||||||
Total costs and expenses | |||||||||||
Income (loss) from continuing operations before taxes | ( | ||||||||||
Provision (benefit) for income taxes | ( | ||||||||||
Income (loss) from continuing operations | ( | ||||||||||
Loss from discontinued operations, net of tax | ( | ||||||||||
Net income (loss) | $ | $ | ( | ||||||||
Basic earnings (loss) per share (1): | |||||||||||
Continuing operations | $ | $ | ( | ||||||||
Discontinued operations | ( | ||||||||||
Net income (loss) | $ | $ | ( | ||||||||
Diluted earnings (loss) per share (1): | |||||||||||
Continuing operations | $ | $ | ( | ||||||||
Discontinued operations | ( | ||||||||||
Net income (loss) | $ | $ | ( |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Net income (loss) | $ | $ | ( | ||||||||
Other comprehensive loss, net of tax: | |||||||||||
Foreign currency translation, net of tax of $( | ( | ( | |||||||||
Net unrealized gain on cash flow hedges, net of tax of $ | |||||||||||
Net unrealized loss on investment securities, net of tax of $( | ( | ( | |||||||||
Amortization of pension and postretirement costs, net of tax of $ | |||||||||||
Other comprehensive loss, net of tax | ( | ( | |||||||||
Comprehensive income (loss) | $ | $ | ( |
March 31, 2022 | December 31, 2021 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Short-term investments (includes $ | |||||||||||
Accounts and other receivables (net of allowance of $ | |||||||||||
Short-term finance receivables (net of allowance of $ | |||||||||||
Inventories | |||||||||||
Current income taxes | |||||||||||
Other current assets and prepayments | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, net | |||||||||||
Rental property and equipment, net | |||||||||||
Long-term finance receivables (net of allowance of $ | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
Operating lease assets | |||||||||||
Noncurrent income taxes | |||||||||||
Other assets (includes $ | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable and accrued liabilities | $ | $ | |||||||||
Customer deposits at Pitney Bowes Bank | |||||||||||
Current operating lease liabilities | |||||||||||
Current portion of long-term debt | |||||||||||
Advance billings | |||||||||||
Current income taxes | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Deferred taxes on income | |||||||||||
Tax uncertainties and other income tax liabilities | |||||||||||
Noncurrent operating lease liabilities | |||||||||||
Other noncurrent liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (See Note 13) | |||||||||||
Stockholders’ equity: | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Treasury stock, at cost ( | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ | $ | ( | ||||||||
Loss from discontinued operations, net of tax | |||||||||||
Adjustments to reconcile net income (loss) to net cash from operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Allowance for credit losses | |||||||||||
Stock-based compensation | |||||||||||
Amortization of debt fees | |||||||||||
Loss on debt redemption/refinancing | |||||||||||
Restructuring charges | |||||||||||
Restructuring payments | ( | ( | |||||||||
Pension contributions and retiree medical payments | ( | ( | |||||||||
Gain on sale of assets | ( | ||||||||||
Gain on sale of business | ( | ||||||||||
Changes in operating assets and liabilities, net of acquisitions/divestitures: | |||||||||||
Accounts and other receivables | |||||||||||
Finance receivables | ( | ||||||||||
Inventories | ( | ||||||||||
Other current assets and prepayments | ( | ( | |||||||||
Accounts payable and accrued liabilities | ( | ( | |||||||||
Current and noncurrent income taxes | ( | ( | |||||||||
Advance billings | |||||||||||
Other, net | ( | ||||||||||
Net cash from operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | ( | ( | |||||||||
Purchases of investment securities | ( | ( | |||||||||
Proceeds from sales/maturities of investment securities | |||||||||||
Net investment in loan receivables | ( | ( | |||||||||
Proceeds from asset sales | |||||||||||
Proceeds from sale of business | |||||||||||
Other investing activities | |||||||||||
Net cash from investing activities | ( | ||||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from the issuance of debt, net of discount | |||||||||||
Principal payments of debt | ( | ( | |||||||||
Premiums and fees paid to redeem/refinance debt | ( | ( | |||||||||
Dividends paid to stockholders | ( | ( | |||||||||
Customer deposits at Pitney Bowes Bank | ( | ( | |||||||||
Common stock repurchases | ( | ||||||||||
Other financing activities | ( | ( | |||||||||
Net cash from financing activities | ( | ( | |||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | ( | |||||||||
Change in cash and cash equivalents | ( | ( | |||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | $ | $ | |||||||||
Three Months Ended March 31, 2022 | ||||||||||||||||||||
Global Ecommerce | Presort Services | SendTech Solutions | Revenue from products and services | Revenue from leasing transactions and financing | Total consolidated revenue | |||||||||||||||
Major products/service lines | ||||||||||||||||||||
Business services | $ | $ | $ | $ | $ | $ | ||||||||||||||
Support services | ||||||||||||||||||||
Financing | ||||||||||||||||||||
Equipment sales | ||||||||||||||||||||
Supplies | ||||||||||||||||||||
Rentals | ||||||||||||||||||||
Subtotal | $ | $ | ||||||||||||||||||
Revenue from leasing transactions and financing | ||||||||||||||||||||
Total revenue | $ | $ | $ | $ | ||||||||||||||||
Timing of revenue recognition from products and services | ||||||||||||||||||||
Products/services transferred at a point in time | $ | $ | $ | $ | ||||||||||||||||
Products/services transferred over time | ||||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended March 31, 2021 | ||||||||||||||||||||
Global Ecommerce | Presort Services | SendTech Solutions | Revenue from products and services | Revenue from leasing transactions and financing | Total consolidated revenue | |||||||||||||||
Major products/service lines | ||||||||||||||||||||
Business services | $ | $ | $ | $ | $ | $ | ||||||||||||||
Support services | ||||||||||||||||||||
Financing | ||||||||||||||||||||
Equipment sales | ||||||||||||||||||||
Supplies | ||||||||||||||||||||
Rentals | ||||||||||||||||||||
Subtotal | $ | $ | ||||||||||||||||||
Revenue from leasing transactions and financing | ||||||||||||||||||||
Total revenue | $ | $ | $ | $ | ||||||||||||||||
Timing of revenue recognition from products and services | ||||||||||||||||||||
Products/services transferred at a point in time | $ | $ | $ | $ | ||||||||||||||||
Products/services transferred over time | ||||||||||||||||||||
Total | $ | $ | $ | $ |
Balance sheet location | March 31, 2022 | December 31, 2021 | Increase/ (decrease) | ||||||||||||||||||||
Advance billings, current | Advance billings | $ | $ | $ | |||||||||||||||||||
Advance billings, noncurrent | Other noncurrent liabilities | $ | $ | $ | ( |
Remainder of 2022 | 2023 | 2024-2027 | Total | |||||||||||||||||||||||
SendTech Solutions | $ | $ | $ | $ |
Revenue | |||||||||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Global Ecommerce | $ | $ | |||||||||
Presort Services | |||||||||||
SendTech Solutions | |||||||||||
Total revenue | $ | $ |
EBIT | |||||||||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Global Ecommerce | $ | ( | $ | ( | |||||||
Presort Services | |||||||||||
SendTech Solutions | |||||||||||
Total segment EBIT | |||||||||||
Reconciliation of Segment EBIT to net income (loss): | |||||||||||
Unallocated corporate expenses | ( | ( | |||||||||
Restructuring charges | ( | ( | |||||||||
Interest expense, net | ( | ( | |||||||||
Loss on debt redemption/refinancing | ( | ( | |||||||||
Gain on sale of business | |||||||||||
Gain on sale of assets | |||||||||||
Transaction costs | ( | ||||||||||
(Provision) benefit for income taxes | ( | ||||||||||
Income (loss) from continuing operations | ( | ||||||||||
Loss from discontinued operations, net of tax | ( | ||||||||||
Net income (loss) | $ | $ | ( |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Numerator: | |||||||||||
Income (loss) from continuing operations | $ | $ | ( | ||||||||
Loss from discontinued operations, net of tax | ( | ||||||||||
Net income (loss) | $ | $ | ( | ||||||||
Denominator: | |||||||||||
Weighted-average shares used in basic EPS | |||||||||||
Dilutive effect of common stock equivalents (1) | |||||||||||
Weighted-average shares used in diluted EPS | |||||||||||
Basic earnings (loss) per share: | |||||||||||
Continuing operations | $ | $ | ( | ||||||||
Discontinued operations | ( | ||||||||||
Net income (loss) | $ | $ | ( | ||||||||
Diluted earnings (loss) per share: | |||||||||||
Continuing operations | $ | $ | ( | ||||||||
Discontinued operations | ( | ||||||||||
Net income (loss) | $ | $ | ( | ||||||||
Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive: |
March 31, 2022 | December 31, 2021 | ||||||||||
Raw materials | $ | $ | |||||||||
Supplies and service parts | |||||||||||
Finished products | |||||||||||
Total inventory, net | $ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||||||||||||
Sales-type lease receivables | |||||||||||||||||||||||||||||||||||
Gross finance receivables | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Unguaranteed residual values | |||||||||||||||||||||||||||||||||||
Unearned income | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Allowance for credit losses | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Net investment in sales-type lease receivables | |||||||||||||||||||||||||||||||||||
Loan receivables | |||||||||||||||||||||||||||||||||||
Loan receivables | |||||||||||||||||||||||||||||||||||
Allowance for credit losses | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Net investment in loan receivables | |||||||||||||||||||||||||||||||||||
Net investment in finance receivables | $ | $ | $ | $ | $ | $ |
Sales-type Lease Receivables | Loan Receivables | ||||||||||||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||||||||||||
Remainder 2022 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
2023 | |||||||||||||||||||||||||||||||||||
2024 | |||||||||||||||||||||||||||||||||||
2025 | |||||||||||||||||||||||||||||||||||
2026 | |||||||||||||||||||||||||||||||||||
Thereafter | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
March 31, 2022 | |||||||||||||||||||||||||||||
Sales-type Lease Receivables | Loan Receivables | ||||||||||||||||||||||||||||
North America | International | North America | International | Total | |||||||||||||||||||||||||
Past due amounts 0 - 90 days | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Past due amounts > 90 days | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Past due amounts > 90 days | |||||||||||||||||||||||||||||
Still accruing interest | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Not accruing interest | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
December 31, 2021 | |||||||||||||||||||||||||||||
Sales-type Lease Receivables | Loan Receivables | ||||||||||||||||||||||||||||
North America | International | North America | International | Total | |||||||||||||||||||||||||
Past due amounts 0 - 90 days | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Past due amounts > 90 days | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Past due amounts > 90 days | |||||||||||||||||||||||||||||
Still accruing interest | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Not accruing interest | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
Sales-type Lease Receivables | Loan Receivables | ||||||||||||||||||||||||||||
North America | International | North America | International | Total | |||||||||||||||||||||||||
Balance at January 1, 2022 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Amounts charged to expense | |||||||||||||||||||||||||||||
Write-offs | ( | ( | ( | ( | ( | ||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||
Other | ( | ( | ( | ||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Sales-type Lease Receivables | Loan Receivables | ||||||||||||||||||||||||||||
North America | International | North America | International | Total | |||||||||||||||||||||||||
Balance at January 1, 2021 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Amounts charged to expense | |||||||||||||||||||||||||||||
Write-offs | ( | ( | ( | ( | ( | ||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||
Other | ( | ( | |||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | $ | $ |
March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Sales Type Lease Receivables | Loan Receivables | Total | |||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | ||||||||||||||||||||||||||||||||||||||||||
Low | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Medium | |||||||||||||||||||||||||||||||||||||||||||||||
High | |||||||||||||||||||||||||||||||||||||||||||||||
Not Scored | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Sales Type Lease Receivables | Loan Receivables | Total | |||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | ||||||||||||||||||||||||||||||||||||||||||
Low | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Medium | |||||||||||||||||||||||||||||||||||||||||||||||
High | |||||||||||||||||||||||||||||||||||||||||||||||
Not Scored | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Profit recognized at commencement | $ | $ | |||||||||
Interest income | |||||||||||
Total lease income from sales-type leases | $ | $ |
Remainder 2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
Thereafter | |||||
Total | $ |
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||||||
Customer relationships | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Software & technology | ( | ( | |||||||||||||||||||||||||||||||||
Total intangible assets | $ | $ | ( | $ | $ | $ | ( | $ |
Remainder 2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
Thereafter | |||||
Total | $ |
December 31, 2021 | Currency impact | March 31, 2022 | |||||||||||||||
Global Ecommerce | $ | $ | $ | ||||||||||||||
Presort Services | |||||||||||||||||
SendTech Solutions | ( | ||||||||||||||||
Total goodwill | $ | $ | ( | $ |
March 31, 2022 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Investment securities | |||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||||||||||
Equity securities | |||||||||||||||||||||||
Commingled fixed income securities | |||||||||||||||||||||||
Government and related securities | |||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||
Mortgage-backed / asset-backed securities | |||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||
Interest rate swap | |||||||||||||||||||||||
Foreign exchange contracts | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||
Foreign exchange contracts | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Total liabilities | $ | $ | ( | $ | $ | ( |
December 31, 2021 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Investment securities | |||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||||||||||
Equity securities | |||||||||||||||||||||||
Commingled fixed income securities | |||||||||||||||||||||||
Government and related securities | |||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||
Mortgage-backed / asset-backed securities | |||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||
Interest rate swap | |||||||||||||||||||||||
Foreign exchange contracts | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||
Foreign exchange contracts | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Total liabilities | $ | $ | ( | $ | $ | ( |
March 31, 2022 | |||||||||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | ||||||||||||||||||||
Government and related securities | $ | $ | $ | ( | $ | ||||||||||||||||||
Corporate debt securities | ( | ||||||||||||||||||||||
Commingled fixed income securities | ( | ||||||||||||||||||||||
Mortgage-backed / asset-backed securities | ( | ||||||||||||||||||||||
Total | $ | $ | $ | ( | $ |
December 31, 2021 | |||||||||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | ||||||||||||||||||||
Government and related securities | $ | $ | $ | ( | $ | ||||||||||||||||||
Corporate debt securities | ( | ||||||||||||||||||||||
Commingled fixed income securities | ( | ||||||||||||||||||||||
Mortgage-backed / asset-backed securities | ( | ||||||||||||||||||||||
Total | $ | $ | $ | ( | $ |
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
Fair Value | Gross unrealized losses | Fair Value | Gross unrealized losses | ||||||||||||||||||||
Greater than 12 continuous months | |||||||||||||||||||||||
Government and related securities | $ | $ | $ | $ | |||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||
Commingled fixed income securities | |||||||||||||||||||||||
Mortgage-backed / asset-backed securities | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Less than 12 continuous months | |||||||||||||||||||||||
Government and related securities | $ | $ | $ | $ | |||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||
Commingled fixed income securities | |||||||||||||||||||||||
Mortgage-backed / asset-backed securities | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Amortized cost | Estimated fair value | ||||||||||
Within 1 year | $ | $ | |||||||||
After 1 year through 5 years | |||||||||||
After 5 years through 10 years | |||||||||||
After 10 years | |||||||||||
Total | $ | $ |
Designation of Derivatives | Balance Sheet Location | March 31, 2022 | December 31, 2021 | |||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||
Foreign exchange contracts | Other current assets and prepayments | $ | $ | |||||||||||||||||
Accounts payable and accrued liabilities | ( | ( | ||||||||||||||||||
Interest rate swaps | Other assets | |||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||
Foreign exchange contracts | Other current assets and prepayments | |||||||||||||||||||
Accounts payable and accrued liabilities | ( | ( | ||||||||||||||||||
Total derivative assets | $ | $ | ||||||||||||||||||
Total derivative liabilities | ( | ( | ||||||||||||||||||
Total net derivative asset | $ | $ |
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 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||
Foreign exchange contracts | $ | $ | Revenue | $ | $ | |||||||||||||||||||||||||||
Cost of sales | ( | |||||||||||||||||||||||||||||||
Interest rate swap | Interest expense | |||||||||||||||||||||||||||||||
$ | $ | $ | $ | |||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||
Derivative Gain (Loss) Recognized in Earnings | ||||||||||||||||||||
Derivatives Instrument | Location of Derivative Gain (Loss) | 2022 | 2021 | |||||||||||||||||
Foreign exchange contracts | Selling, general and administrative expense | $ | ( | $ | ||||||||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||
Carrying value | $ | $ | |||||||||
Fair value | $ | $ |
Severance and other exit costs | |||||
Balance at January 1, 2022 | $ | ||||
Amounts charged to expense | |||||
Cash payments | ( | ||||
Noncash activity | ( | ||||
Balance at March 31, 2022 | $ | ||||
Balance at January 1, 2021 | $ | ||||
Amounts charged to expense | |||||
Cash payments | ( | ||||
Noncash activity | ( | ||||
Balance at March 31, 2021 | $ |
Interest rate | March 31, 2022 | December 31, 2021 | |||||||||||||||
Notes due April 2023 | |||||||||||||||||
Notes due March 2024 | |||||||||||||||||
Term loan due March 2026 | LIBOR + | ||||||||||||||||
Notes due March 2027 | |||||||||||||||||
Term loan due March 2028 | LIBOR + | ||||||||||||||||
Notes due March 2029 | |||||||||||||||||
Notes due January 2037 | |||||||||||||||||
Notes due March 2043 | |||||||||||||||||
Other debt | |||||||||||||||||
Principal amount | |||||||||||||||||
Less: unamortized costs, net | |||||||||||||||||
Total debt | |||||||||||||||||
Less: current portion long-term debt | |||||||||||||||||
Long-term debt | $ | $ |
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, | |||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Amortization of prior service (credit) cost | ( | ( | |||||||||||||||||||||||||||||||||
Amortization of net actuarial loss | |||||||||||||||||||||||||||||||||||
Net periodic benefit cost (income) | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||
Contributions to benefit plans | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Treasury stock | Total equity | ||||||||||||||||||||||||||||||
Balance at January 1, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Dividends paid ($ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Issuance of common stock | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
Repurchase of common stock | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ |
Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Treasury stock | Total equity | ||||||||||||||||||||||||||||||
Balance at January 1, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Net loss | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Dividends paid ($ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Issuance of common stock | — | ( | — | — | ( | ||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | $ | ( | $ | ( | $ |
Gain (Loss) Reclassified from AOCL | |||||||||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash flow hedges | |||||||||||
Revenue | $ | $ | |||||||||
Cost of sales | ( | ||||||||||
Interest expense, net | |||||||||||
Total before tax | |||||||||||
Income tax provision | |||||||||||
Net of tax | $ | $ | |||||||||
Available-for-sale securities | |||||||||||
Financing revenue | $ | ( | $ | ( | |||||||
Selling, general and administrative expense | ( | ||||||||||
Total before tax | ( | ||||||||||
Income tax provision | ( | ||||||||||
Net of tax | $ | ( | $ | ||||||||
Pension and postretirement benefit plans | |||||||||||
Prior service costs | $ | ( | $ | ( | |||||||
Actuarial losses | ( | ( | |||||||||
Total before tax | ( | ( | |||||||||
Income tax benefit | ( | ( | |||||||||
Net of tax | $ | ( | $ | ( |
Cash flow hedges | Available for sale securities | Pension and postretirement benefit plans | Foreign currency adjustments | Total | |||||||||||||||||||||||||
Balance at January 1, 2022 | $ | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | ( | ||||||||||||||||||||||||||
Reclassifications into earnings | ( | ||||||||||||||||||||||||||||
Net other comprehensive income (loss) | ( | ( | ( | ||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | $ | ( | $ | ( | $ | ( | $ | ( |
Cash flow hedges | Available for sale securities | Pension and postretirement benefit plans | Foreign currency adjustments | Total | |||||||||||||||||||||||||
Balance at January 1, 2021 | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | ( | ||||||||||||||||||||||||||
Reclassifications into earnings | ( | ( | |||||||||||||||||||||||||||
Net other comprehensive income (loss) | ( | ( | ( | ||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Balance at beginning of year | $ | $ | |||||||||
Amounts charged to expense | |||||||||||
Write-offs, recoveries and other | ( | ( | |||||||||
Balance at end of period | $ | $ | |||||||||
Accounts and other receivables | $ | $ | |||||||||
Other assets | |||||||||||
Total | $ | $ |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Loss on debt redemption/refinancing | $ | $ | |||||||||
Gain on sale of business | ( | ||||||||||
Gain on sale of assets | ( | ||||||||||
Other (income) expense | $ | ( | $ |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash interest paid | $ | $ | |||||||||
Cash income tax payments, net of refunds | $ | $ | |||||||||
Noncash activity | |||||||||||
Capital assets obtained under capital lease obligations | $ | $ | |||||||||
Revenue | |||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | Actual % change | Constant Currency % change | ||||||||||||||||||||
Business services | $ | 597,384 | $ | 570,454 | 5 | % | 5 | % | |||||||||||||||
Support services | 110,352 | 118,697 | (7) | % | (6) | % | |||||||||||||||||
Financing | 72,029 | 77,812 | (7) | % | (7) | % | |||||||||||||||||
Equipment sales | 89,296 | 86,803 | 3 | % | 4 | % | |||||||||||||||||
Supplies | 41,061 | 42,224 | (3) | % | (1) | % | |||||||||||||||||
Rentals | 16,820 | 19,207 | (12) | % | (12) | % | |||||||||||||||||
Total revenue | $ | 926,942 | $ | 915,197 | 1 | % | 2 | % |
Revenue | |||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | Actual % change | Constant currency % change | ||||||||||||||||||||
Global Ecommerce | $ | 418,527 | $ | 413,086 | 1 | % | 1 | % | |||||||||||||||
Presort Services | 160,544 | 143,126 | 12 | % | 12 | % | |||||||||||||||||
SendTech Solutions | 347,871 | 358,985 | (3) | % | (2) | % | |||||||||||||||||
Total revenue | $ | 926,942 | $ | 915,197 | 1 | % | 2 | % |
Segment EBIT | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2022 | 2021 | % change | |||||||||||||||
Global Ecommerce | $ | (13,696) | $ | (26,376) | 48 | % | |||||||||||
Presort Services | 19,632 | 19,051 | 3 | % | |||||||||||||
SendTech Solutions | 104,575 | 114,470 | (9) | % | |||||||||||||
Total Segment EBIT | $ | 110,511 | $ | 107,145 | 3 | % |
Revenue | Cost of Revenue | Gross Margin | |||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Actual % change | Constant Currency % change | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||
Business services | $ | 418,527 | $ | 413,086 | 1 | % | 1 | % | $ | 368,468 | $ | 384,308 | 12.0 | % | 7.0 | % | |||||||||||||||||||||||||||||||
Segment EBIT | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Actual % change | |||||||||||||||||||||||||||||||||||||||||||||
Segment EBIT | $ | (13,696) | $ | (26,376) | 48 | % |
Revenue | Cost of Revenue | Gross Margin | |||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Actual % change | Constant Currency % change | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||
Business services | $ | 160,544 | $ | 143,126 | 12 | % | 12 | % | $ | 124,652 | $ | 108,998 | 22.4 | % | 23.8 | % | |||||||||||||||||||||||||||||||
Segment EBIT | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Actual % change | |||||||||||||||||||||||||||||||||||||||||||||
Segment EBIT | $ | 19,632 | $ | 19,051 | 3 | % |
Revenue | Cost of Revenue | Gross Margin | |||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Actual % change | Constant Currency % change | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||
Business services | $ | 18,313 | $ | 14,242 | 29 | % | 29 | % | $ | 9,882 | $ | 6,069 | 46.0 | % | 57.4 | % | |||||||||||||||||||||||||||||||
Support services | 110,352 | 118,697 | (7) | % | (6) | % | 36,935 | 36,228 | 66.5 | % | 69.5 | % | |||||||||||||||||||||||||||||||||||
Financing | 72,029 | 77,812 | (7) | % | (7) | % | 11,602 | 11,886 | 83.9 | % | 84.7 | % | |||||||||||||||||||||||||||||||||||
Equipment sales | 89,296 | 86,803 | 3 | % | 4 | % | 63,441 | 61,790 | 29.0 | % | 28.8 | % | |||||||||||||||||||||||||||||||||||
Supplies | 41,061 | 42,224 | (3) | % | (1) | % | 11,475 | 11,211 | 72.1 | % | 73.4 | % | |||||||||||||||||||||||||||||||||||
Rentals | 16,820 | 19,207 | (12) | % | (12) | % | 5,267 | 6,447 | 68.7 | % | 66.4 | % | |||||||||||||||||||||||||||||||||||
Total revenue | $ | 347,871 | $ | 358,985 | (3) | % | (2) | % | $ | 138,602 | $ | 133,631 | 60.2 | % | 62.8 | % | |||||||||||||||||||||||||||||||
Segment EBIT | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Actual % change | |||||||||||||||||||||||||||||||||||||||||||||
Segment EBIT | $ | 104,575 | $ | 114,470 | (9) | % |
Three Months Ended March 31, | |||||||||||||||||
2022 | 2021 | Actual % change | |||||||||||||||
Unallocated corporate expenses | $ | 57,834 | $ | 57,465 | 1 | % |
2022 | 2021 | Change | |||||||||||||||
Net cash from operating activities | $ | 10,562 | $ | 65,923 | $ | (55,361) | |||||||||||
Net cash from investing activities | 28,029 | (87,109) | 115,138 | ||||||||||||||
Net cash from financing activities | (145,858) | (218,300) | 72,442 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (2,638) | (1,238) | (1,400) | ||||||||||||||
Change in cash and cash equivalents | $ | (109,905) | $ | (240,724) | $ | 130,819 |
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 | $16,022 | ||||||||||||||||||||||
January 2022 | — | $ | — | — | $16,022 | ||||||||||||||||||
February 2022 | 2,354,432 | $ | 4.88 | 2,354,432 | $4,533 | ||||||||||||||||||
March 2022 | 395,568 | $ | 4.95 | 395,568 | $2,576 | ||||||||||||||||||
2,750,000 | $ | 4.89 | 2,750,000 |
Exhibit Number | Description | Exhibit Number in this Form 10-Q | |||||||||
3(i)(a) | 3(i)(a) | ||||||||||
3 | 3 | ||||||||||
31.1 | 31.1 | ||||||||||
31.2 | 31.2 | ||||||||||
32.1 | 32.1 | ||||||||||
32.2 | 32.2 | ||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | ||||||||||
101.CAL | Inline XBRL Taxonomy Calculation Linkbase Document | ||||||||||
101.DEF | Inline XBRL Taxonomy Definition Linkbase Document | ||||||||||
101.LAB | Inline XBRL Taxonomy Label Linkbase Document | ||||||||||
101.PRE | Inline XBRL Taxonomy Presentation Linkbase Document | ||||||||||
104 | The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, formatted in Inline XBRL. (included as Exhibit 101). |
PITNEY BOWES INC. | ||||||||
Date: | May 5, 2022 | |||||||
/s/ Ana Maria Chadwick | ||||||||
Ana Maria Chadwick | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
(Duly Authorized Officer and Principal Financial Officer) | ||||||||
/s/ Joseph R. Catapano | ||||||||
Joseph R. Catapano | ||||||||
Vice President and Chief Accounting Officer | ||||||||
(Duly Authorized Officer and Principal Accounting Officer) |
/s/ Marc B. Lautenbach | ||||||||||||||
Marc B. Lautenbach | ||||||||||||||
President and Chief Executive Officer |
/s/ Ana Maria Chadwick | |||||||||||
Ana Maria Chadwick | |||||||||||
Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
/s/ Marc B. Lautenbach | |||||||||||
Marc B. Lautenbach | |||||||||||
President and Chief Executive Officer |
/s/ Ana Maria Chadwick | |||||||||||
Ana Maria Chadwick | |||||||||||
Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 20,821 | $ (31,541) |
Other comprehensive loss, net of tax: | ||
Foreign currency translation, net of tax of $(167) and $(13), respectively | (17,565) | (14,258) |
Net unrealized gain on cash flow hedges, net of tax of $1,768 and $1,601, respectively | 5,333 | 4,830 |
Net unrealized loss on investment securities, net of tax of $(5,146) and $(2,956), respectively | (15,522) | (8,916) |
Amortization of pension and postretirement costs, net of tax of $2,461 and $3,208, respectively | 7,736 | 9,937 |
Other comprehensive loss, net of tax | (20,018) | (8,407) |
Comprehensive income (loss) | $ 803 | $ (39,948) |
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||
Foreign currency translation, tax | $ (167) | $ (13) |
Net unrealized gain (loss) on cash flow hedges, tax | 1,768 | 1,601 |
Net unrealized gain on investment securities, tax | (5,146) | (2,956) |
Amortization of pension and postretirement costs, tax | $ 2,461 | $ 3,208 |
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Current assets: | ||
Cash and cash equivalents | $ 622,575 | $ 732,480 |
Short-term investments (includes $2,639 and $2,658, respectively, reported at fair value) | 11,383 | 14,440 |
Accounts and other receivables (net of allowance of $10,061 and $11,168, respectively) | 297,713 | 334,630 |
Short-term finance receivables (net of allowance of $12,024 and $12,812, respectively) | 564,835 | 560,680 |
Inventories | 87,661 | 78,588 |
Current income taxes | 12,778 | 13,894 |
Other current assets and prepayments | 145,167 | 157,341 |
Total current assets | 1,742,112 | 1,892,053 |
Property, plant and equipment, net | 430,498 | 429,162 |
Rental property and equipment, net | 33,849 | 34,774 |
Long-term finance receivables (net of allowance of $13,207 and $13,406 respectively) | 588,040 | 587,427 |
Goodwill | 1,129,027 | 1,135,103 |
Intangible assets, net | 124,739 | 132,442 |
Operating lease assets | 236,477 | 208,428 |
Noncurrent income taxes | 66,208 | 68,398 |
Other assets (includes $281,811 and $318,754, respectively, reported at fair value) | 436,114 | 471,084 |
Total assets | 4,787,064 | 4,958,871 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 876,645 | 922,543 |
Customer deposits at Pitney Bowes Bank | 619,103 | 632,062 |
Current operating lease liabilities | 41,600 | 40,299 |
Current portion of long-term debt | 24,746 | 24,739 |
Advance billings | 102,289 | 99,280 |
Current income taxes | 2,864 | 9,017 |
Total current liabilities | 1,667,247 | 1,727,940 |
Long-term debt | 2,199,833 | 2,299,099 |
Deferred taxes on income | 286,536 | 286,445 |
Tax uncertainties and other income tax liabilities | 31,358 | 31,935 |
Noncurrent operating lease liabilities | 220,614 | 192,092 |
Other noncurrent liabilities | 288,594 | 308,728 |
Total liabilities | 4,694,182 | 4,846,239 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock, $1 par value (480,000 shares authorized; 323,338 shares issued) | 323,338 | 323,338 |
Additional paid-in capital | 0 | 2,485 |
Retained earnings | 5,141,636 | 5,169,270 |
Accumulated other comprehensive loss | (800,330) | (780,312) |
Treasury stock, at cost (149,929 and 148,607 shares, respectively) | (4,571,762) | (4,602,149) |
Total stockholders’ equity | 92,882 | 112,632 |
Total liabilities and stockholders’ equity | $ 4,787,064 | $ 4,958,871 |
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Short-term investments | $ 2,639 | $ 2,658 |
Allowance for doubtful accounts | 10,061 | 11,168 |
Short-term finance receivables allowance | 12,024 | 12,812 |
Long-term finance receivables allowance | 13,207 | 13,406 |
Other assets, fair value | $ 281,811 | $ 318,754 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 480,000 | 480,000 |
Common stock, shares issued (in shares) | 323,338 | 323,338 |
Treasury stock (in shares) | 149,929 | 148,607 |
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Cash flows from operating activities: | ||
Net income (loss) | $ 20,821 | $ (31,541) |
Loss from discontinued operations, net of tax | 0 | 3,886 |
Adjustments to reconcile net income (loss) to net cash from operating activities: | ||
Depreciation and amortization | 42,002 | 39,594 |
Allowance for credit losses | 2,024 | 3,992 |
Stock-based compensation | 4,495 | 5,221 |
Amortization of debt fees | 1,479 | 2,645 |
Loss on debt redemption/refinancing | 4,993 | 51,394 |
Restructuring charges | 4,184 | 2,889 |
Restructuring payments | (3,285) | (3,955) |
Pension contributions and retiree medical payments | (13,517) | (13,230) |
Gain on sale of assets | (14,372) | 0 |
Gain on sale of business | (2,522) | 0 |
Changes in operating assets and liabilities, net of acquisitions/divestitures: | ||
Accounts and other receivables | 33,086 | 57,642 |
Finance receivables | (172) | 27,714 |
Inventories | (7,936) | 1,900 |
Other current assets and prepayments | (25,426) | (7,153) |
Accounts payable and accrued liabilities | (38,647) | (54,022) |
Current and noncurrent income taxes | (3,836) | (17,291) |
Advance billings | 2,422 | 4,267 |
Other, net | 4,769 | (8,029) |
Net cash from operating activities | 10,562 | 65,923 |
Cash flows from investing activities: | ||
Capital expenditures | (32,555) | (43,328) |
Purchases of investment securities | (3,988) | (64,473) |
Proceeds from sales/maturities of investment securities | 11,020 | 28,008 |
Net investment in loan receivables | (11,230) | (7,316) |
Proceeds from asset sales | 50,766 | 0 |
Proceeds from sale of business | 9,016 | 0 |
Other investing activities | 5,000 | 0 |
Net cash from investing activities | 28,029 | (87,109) |
Cash flows from financing activities: | ||
Proceeds from the issuance of debt, net of discount | 0 | 1,195,500 |
Principal payments of debt | (100,595) | (1,327,315) |
Premiums and fees paid to redeem/refinance debt | (4,759) | (44,418) |
Dividends paid to stockholders | (8,688) | (8,625) |
Customer deposits at Pitney Bowes Bank | (12,959) | (27,794) |
Common stock repurchases | (13,446) | 0 |
Other financing activities | (5,411) | (5,648) |
Net cash from financing activities | (145,858) | (218,300) |
Effect of exchange rate changes on cash and cash equivalents | (2,638) | (1,238) |
Change in cash and cash equivalents | (109,905) | (240,724) |
Cash and cash equivalents at beginning of period | 732,480 | 921,450 |
Cash and cash equivalents at end of period | $ 622,575 | $ 680,726 |
Description of Business and Basis of Presentation |
3 Months Ended |
---|---|
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | Description of Business and Basis of Presentation Description of Business Pitney Bowes Inc. (we, us, our, or the company) is a global shipping and mailing company that provides technology, logistics, and financial services to small and medium sized businesses, large enterprises, including more than 90 percent of the Fortune 500, retailers and government clients around the world. These clients rely on us to remove the complexity and increase the efficiency in their sending of mail and parcels. For additional information, visit www.pitneybowes.com. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and the instructions to Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In addition, the December 31, 2021 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, 2022. 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, 2021 (2021 Annual Report). Net income for the three months ended March 31, 2022 benefited by approximately $3 million from adjustments related to prior years. The impact of the adjustments is not material to the consolidated financial statements for any prior quarterly or annual periods, and is not expected to be material to the current annual period. Risks and Uncertainties The effects of COVID-19 on global economies and businesses continues to impact how we conduct business and our operating results, financial position and cash flows. Its impact on our business remains unpredictable and accordingly, we are not able to reasonably estimate the full extent of the impact of COVID-19 on our operating results, financial position and cash flows. Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The transition to new reference interest rates will require certain contracts to be modified and the ASU is intended to provide temporary optional expedients and exceptions to U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The accommodations provided by the ASU are effective through December 31, 2022, and may be applied at the beginning of any interim period within that time frame. We have matched LIBOR-based debt with LIBOR-based interest rate swaps and have elected to apply the practical expedient related to probability and the assessment of the effectiveness for future LIBOR-indexed cash flows, which assumes that the debt instrument will use the same index rate as its corresponding interest rate swap once a new reference rate is established to replace LIBOR. We may apply other expedients as additional reference rate changes occur. We continue to assess the impact of this standard on our consolidated financial statements. In March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which requires disclosure of gross write-offs and recoveries of financing receivables by year of origination. The standard is effective for interim and annual periods beginning after December 15, 2022, with early adoption permitted. We are currently assessing the impact this standard will have on our financial statement disclosures.
|
Revenue |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue Disaggregated Revenue The following tables disaggregate our revenue by source and timing of recognition:
Our performance obligations for revenue from products and services are as follows: Business services includes fulfillment, delivery and return services, cross-border solutions, mail processing services and shipping subscription solutions. Revenue for fulfillment, delivery and return services and cross-border solutions and mail processing services is recognized over time using an output method based on the number of parcels or mail pieces either processed or delivered, depending on the service type, since that measure best depicts the value of goods and services transferred to the client over the contract period. Contract terms for these services initially range from to five years and contain annual renewal options. Revenue for shipping subscription solutions revenue is recognized ratably over the contract period as the client obtains equal benefit from these services through the period. Support services includes providing maintenance, professional and subscription services for our equipment and digital mailing and shipping technology solutions. Contract terms range from to five years, depending on the term of the lease contract for the related equipment. Revenue for maintenance and subscription services is recognized ratably over the contract period and revenue for professional services is recognized when services are provided. Equipment sales generally includes the sale of mailing and shipping equipment, excluding sales-type leases. We recognize revenue upon delivery for self-install equipment and upon acceptance or installation for other equipment. We provide a warranty that the equipment is free of defects and meets stated specifications. The warranty is not considered a separate performance obligation. Supplies revenue includes revenue from supplies for our mailing equipment and is recognized upon delivery. Revenue from leasing transactions and financing includes revenue from sales-type and operating leases, finance income, late fees and investment income, gains and losses at the Bank. Advance Billings from Contracts with Customers
Advance billings are recorded when cash payments are due in advance of our performance. Revenue is recognized ratably over the contract term. Items in advance billings primarily relate to support services on mailing equipment. Revenue recognized during the period includes $55 million of advance billings at the beginning of the period. Advance billings, current reported on the condensed consolidated balance sheets at March 31, 2022 and December 31, 2021 also includes $8 million and $6 million, respectively, from leasing transactions. Future Performance Obligations Future performance obligations include revenue streams bundled with our leasing contracts, primarily maintenance and subscription services. The transaction prices allocated to future performance obligations will be recognized as follows:
The amounts above do not include revenue for performance obligations under contracts with terms less than 12 months or revenue for performance obligations where revenue is recognized based on the amount billable to the customer.
|
Segment Information |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information Our reportable segments are Global Ecommerce, Presort Services and SendTech Solutions. The principal products and services of each reportable segment are as follows: Global Ecommerce: Includes the revenue and related expenses from business to consumer logistics services for domestic and cross-border delivery, returns and fulfillment. Presort Services: Includes revenue and related expenses from sortation services to qualify large volumes of First Class Mail, Marketing Mail, Marketing Mail Flats and Bound Printed Matter for postal worksharing discounts. SendTech Solutions: Includes the revenue and related expenses from physical and digital mailing and shipping technology solutions, financing, services, supplies and other applications to help simplify and save on the sending, tracking and receiving of letters, parcels and flats. Management measures segment profitability and performance using segment earnings before interest and taxes (EBIT). Segment EBIT is calculated by deducting from segment revenue the related costs and expenses attributable to the segment. Segment EBIT excludes interest, taxes, unallocated corporate expenses, restructuring charges, asset and goodwill impairment charges and other items not allocated to a business segment. Costs related to shared assets are allocated to the relevant segments. Management believes that segment EBIT provides investors a useful measure of operating performance and underlying trends of the business. 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 (loss).
|
Earnings per Share (EPS) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share (EPS) | Earnings per Share (EPS) The calculation of basic and diluted earnings per share is presented below. The sum of the earnings per share amounts may not equal the totals due to rounding.
|
Inventories |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories are stated at the lower of cost, determined on the first-in, first-out (FIFO) basis, or net realizable value. Inventories consisted of the following:
|
Finance Assets and Lessor Operating Leases |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Assets and Lessor Operating Leases | Finance Assets and Lessor Operating Leases Finance Assets Finance receivables are comprised of sales-type lease receivables, secured loans and unsecured loans. Sales-type leases and secured loans are from financing options provided to clients for Pitney Bowes equipment or leasing of other manufacturers' equipment and are generally due in installments over periods ranging from to five years. Unsecured loans comprise revolving credit lines offered to our clients for postage, supplies and working capital purposes. These revolving credit lines are generally due monthly; however, clients may rollover outstanding balances. Interest is recognized on finance receivables using the effective interest method. Annual fees are recognized ratably over the annual period covered and client acquisition costs are expensed as incurred. All finance receivables are in our SendTech Solutions segment and we segregate finance receivables into a North America portfolio and an International portfolio. Finance receivables consisted of the following:
Maturities of gross finance receivables at March 31, 2022 were as follows:
Aging of Receivables The aging of gross finance receivables was as follows:
Allowance for Credit Losses We provide an allowance for credit losses based on historical loss experience, the nature of our portfolios, adverse situations that may affect a client's ability to pay and current economic conditions and outlook based on reasonable and supportable forecasts. We continually evaluate the adequacy of the allowance for credit losses and adjust as necessary. The assumptions used in determining an estimate of credit losses are inherently subjective and actual results may differ significantly from estimated reserves. Credit approval limits are established based on the credit quality of the client and the type of equipment financed. We cease financing revenue recognition for lease receivables that are more than 120 days past due and for unsecured loan receivables that are more than 90 days past due. Revenue recognition is resumed when the client's payments reduce the account aging to less than 60 days past due. Finance receivables are written off against the allowance after all collection efforts have been exhausted and management deems the account to be uncollectible. We believe that our credit risk is low because of the geographic and industry diversification of our clients and small account balances for most of our clients. Activity in the allowance for credit losses for finance receivables was as follows:
Credit Quality The extension of credit and management of credit lines to new and existing clients uses a combination of a client's credit score, where available, a detailed manual review of their financial condition and payment history, or an automated process. Once credit is granted, the payment performance of the client is managed through automated collections processes and is supplemented with direct follow up should an account become delinquent. We have robust automated collections and extensive portfolio management processes to ensure that our global strategy is executed, collection resources are allocated and enhanced tools and processes are implemented as needed. Over 85% of our finance receivables are within the North American portfolio. We use a third party to score the majority of this portfolio on a quarterly basis using a proprietary commercial credit score. The relative scores are determined based on a number of factors, including financial information, payment history, company type and ownership structure. We stratify the third party's credit scores of our clients into low, medium and high-risk accounts. Due to timing and other issues, our entire portfolio may not be scored at period end. We report these amounts as "Not Scored"; however, absence of a score is not indicative of the credit quality of the account. The third-party credit score is used to predict the payment behaviors of our clients and the probability that an account will become greater than 90 days past due during the subsequent 12-month period. •Low risk accounts are companies with very good credit scores and a predicted delinquency rate of less than 5%. •Medium risk accounts are companies with average to good credit scores and a predicted delinquency rate between 5% and 10%. •High risk accounts are companies with poor credit scores, are delinquent or are at risk of becoming delinquent. The predicted delinquency rate would be greater than 10%. We do not use a third party to score our International portfolio because the cost to do so is prohibitive as there is no single credit score model that covers all countries. Accordingly, the entire International portfolio is reported in the Not Scored category. This portfolio comprises approximately 15% of total finance receivables. Most of the International credit applications are small dollar applications (i.e. below $50 thousand) and are subjected to an automated review process. Larger credit applications are manually reviewed, which includes obtaining client financial information, credit reports and other available financial information. The table below shows gross finance receivables by relative risk class and year of origination based on the relative scores of the accounts within each class as of March 31, 2022 and December 31, 2021.
Lease Income Lease income from sales-type leases, excluding variable lease payments, was as follows:
Lessor Operating Leases We also lease mailing equipment under operating leases with terms of to five years. Maturities of these operating leases are as follows:
|
Intangible Assets and Goodwill |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets and Goodwill | Intangible Assets and Goodwill Intangible Assets Intangible assets consisted of the following:
Amortization expense for both the three months ended March 31, 2022 and 2021 was $8 million. Future amortization expense as of March 31, 2022 is shown in the table below. Actual amortization expense may differ due to, among other things, fluctuations in foreign currency exchange rates, acquisitions, divestitures and impairment charges.
Goodwill Changes in the carrying value of goodwill by reporting segment are shown in the table below.
Global Ecommerce goodwill is net of accumulated goodwill impairment charges of $198 million at March 31, 2022 and December 31, 2021.
|
Fair Value Measurements and Derivative Instruments |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements and Derivative Instruments | Fair Value Measurements and Derivative Instruments We measure certain financial assets and liabilities at fair value on a recurring basis. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. An entity is required to classify certain assets and liabilities measured at fair value based on the following fair value hierarchy that prioritizes the inputs used to measure fair value: Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 – Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Unobservable inputs that are supported by little or no market activity, may be derived from internally developed methodologies based on management’s best estimate of fair value and that are significant to the fair value of the asset or liability. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect its placement within the fair value hierarchy. The following tables show, by level within the fair value hierarchy, our financial assets and liabilities that are accounted for at fair value on a recurring basis.
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 within the fair value hierarchy: •Money Market Funds: Money market funds typically invest in government securities, certificates of deposit, commercial paper and other highly liquid, low risk securities. Money market funds are principally used for overnight deposits and are classified as Level 1 when unadjusted quoted prices in active markets are available and as Level 2 when they are not actively traded on an exchange. •Equity Securities: Equity securities are comprised of mutual funds investing in U.S. and foreign stocks. These mutual funds are classified as Level 2. •Commingled Fixed Income Securities: Commingled fixed income securities are comprised of mutual funds that invest in a variety of fixed income securities, including securities of the U.S. government and its agencies, corporate debt, mortgage-backed securities and asset-backed securities. Fair value is based on the value of the underlying investments owned by each fund, minus its liabilities, divided by the number of shares outstanding, as reported by the fund manager. These mutual funds are classified as Level 1 when unadjusted quoted prices in active markets are available and as Level 2 when they are not actively traded on an exchange. •Government and Related Securities: Debt securities are classified as Level 1 when unadjusted quoted prices in active markets are available. Debt securities are classified as Level 2 where fair value is determined using quoted market prices for similar securities or benchmarking model derived prices to quoted market prices and trade data for identical or comparable securities. •Corporate Debt Securities: Corporate debt securities are valued using recently executed comparable transactions, market price quotations or bond spreads for the same maturity as the security. These securities are classified as Level 2. •Mortgage-Backed Securities / Asset-Backed Securities: These securities are valued based on external pricing indices or external price/spread data. These securities are classified as Level 2. Derivative Securities •Foreign Exchange Contracts: 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. These securities are classified as Level 2. •Interest Rate Swaps: The valuation of interest rate swaps is based on an income approach using inputs that are observable or that can be derived from, or corroborated by, observable market data. These securities are classified as Level 2. Available-For-Sale Securities Investment securities classified as available-for-sale are recorded at fair value with changes in fair value due to market conditions (i.e., interest rates) recorded in accumulated other comprehensive loss (AOCL), and changes in fair value due to credit conditions recorded in earnings. There were no unrealized losses due to credit losses charged to earnings through the three months ended March 31, 2022. Available-for-sale securities consisted of the following:
Investment securities in a loss position were as follows:
At March 31, 2022, 58% of the securities were in a loss position. We believe our allowance for credit losses on available-for-sale investment securities is adequate as our investments are primarily in highly liquid U.S. government and agency securities, high grade corporate bonds and municipal bonds. We have not recognized an impairment on investment securities in an unrealized loss position because we have the ability and intent to hold these securities until recovery of the unrealized losses or expect to receive the stated principal and interest at maturity. Scheduled maturities of available-for-sale securities at March 31, 2022 were as follows:
The actual maturities may not coincide with the scheduled maturities as certain securities contain early redemption features and/or allow for the prepayment of obligations. Held-to-Maturity Securities Held-to-maturity securities at March 31, 2022 and December 31, 2021 totaled $21 million and $20 million, respectively. 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 limit these risks by following established risk management policies and procedures, including the use of derivatives. We use derivative instruments to limit the effects of currency exchange rate fluctuations on financial results and manage the cost of debt. We do not use derivatives for trading or speculative purposes. Derivative instruments are recorded at fair value and the accounting for changes in 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 anticipated inventory purchases 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 AOCL 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, 2022 and December 31, 2021, outstanding contracts associated with these anticipated transactions had a notional value of $2 million and $1 million, respectively. Amounts included in AOCL at March 31, 2022 will be recognized in earnings within the next 12 months. No amount of ineffectiveness was recorded in earnings for these designated cash flow hedges. Interest Rate Swaps We have interest rate swap agreements with an aggregate notional value of $200 million that are designated as cash flow hedges. The fair value of the interest rate swaps is recorded as a derivative asset or liability at the end of each reporting period with the change in fair value reflected in AOCL. The fair value of derivative instruments was as follows:
Results of cash flow hedging relationships were as follows:
We also 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 mark-to-market adjustment on derivatives are recorded in earnings. All outstanding contracts at March 31, 2022 mature within 3 months. The mark-to-market adjustments of non-designated derivative instruments were as follows:
Fair Value of Financial Instruments Our financial instruments include cash and cash equivalents, available-for-sale and held-to-maturity investment securities, accounts receivable, loan receivables, derivative instruments, accounts payable and debt. The carrying value of cash and cash equivalents, held-to-maturity investment securities, accounts receivable, loans receivable, and accounts payable approximate fair value. The fair value of available-for-sale investment securities and derivative instruments are presented above. The fair value of debt is estimated based on recently executed transactions and market price quotations. The inputs used to determine the fair value of debt were classified as Level 2 in the fair value hierarchy. The carrying value and estimated fair value of debt was as follows:
|
Restructuring Charges |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Charges | Restructuring Charges Activity in our restructuring reserves was as follows:
|
Debt |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Total debt consisted of the following:
In March 2022, we redeemed the April 2023 notes and recorded a $5 million pre-tax loss in connection with this redemption. At March 31, 2022, the interest rate on the 2026 Term Loan was 2.2% and the interest rate of the 2028 Term Loan was 4.5%. These term loans also require quarterly principal repayments. We have outstanding interest rate swaps that effectively convert $200 million of our variable rate debt to fixed rates. Under the terms of these interest rate swap agreements, we pay fixed-rate interest of 0.56% and receive variable-rate interest based on one-month LIBOR. The variable interest rates under the term loans and the swaps reset monthly. At March 31, 2022, we were in compliance with all covenants.
|
Pensions and Other Benefit Programs |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pensions and Other Benefit Programs | Pensions and Other Benefit Programs The components of net periodic benefit cost were as follows:
|
Income Taxes |
3 Months Ended |
---|---|
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rate for the three months ended March 31, 2022 was 16.8% and includes a benefit of $1 million associated with the 2019 sale of a business. The effective tax rate for the three months ended March 31, 2021 was a benefit of 33.6% and includes benefits of $3 million from an affiliate reorganization. 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 15% of our unrecognized tax benefits. The Internal Revenue Service examinations of our consolidated U.S. income tax returns for tax years prior to 2018 are closed to audit; however, various post-2016 U.S. state and local tax returns are still subject to examination, with some states in appeals from 2011. For our significant non-U.S. jurisdictions, Canada is closed to examination through 2016 except for a specific issue arising in earlier years, France is closed through 2019, Germany is closed through 2016 and the U.K. is closed through 2019. We also have other less significant tax filings currently subject to examination.
|
Commitments and Contingencies |
3 Months Ended |
---|---|
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and ContingenciesIn 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, it is not reasonably possible that the potential liability, if any, that may result from these actions, either individually or collectively, will 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. As of March 31, 2022, we have entered into real estate and equipment leases with aggregate payments of $107 million and terms ranging from | to eight years that have not commenced.
Stockholders’ Equity |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ Equity | Stockholders’ Equity Changes in stockholders’ equity were as follows:
|
Accumulated Other Comprehensive Loss |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Reclassifications out of AOCL were as follows:
Changes in AOCL, net of tax were as follows:
|
Supplemental Financial Statement Information |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Financial Statement Information | Supplemental Financial Statement Information Activity in the allowance for credit losses on accounts receivables and other assets for the three months ended March 31, 2022 and 2021 is presented below. See Note 7 for additional information regarding finance receivables.
Other (income) expense consisted of the following:
During the first quarter of 2022, we recognized a pre-tax loss of $5 million on the early redemption of debt (see Note 10). During the quarter, we also received proceeds of $9 million related to the 2019 sale of six smaller international businesses and recognized a pre-tax gain of $3 million and closed on the sale and leaseback of our Shelton, Connecticut office building, receiving net proceeds of $51 million and recognizing a pre-tax gain of $14 million. Supplemental cash flow information is as follows:
|
Description of Business and Basis of Presentation (Policies) |
3 Months Ended |
---|---|
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 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, 2021 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, 2022. 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, 2021 (2021 Annual Report). Net income for the three months ended March 31, 2022 benefited by approximately $3 million from adjustments related to prior years. The impact of the adjustments is not material to the consolidated financial statements for any prior quarterly or annual periods, and is not expected to be material to the current annual period. Risks and Uncertainties The effects of COVID-19 on global economies and businesses continues to impact how we conduct business and our operating results, financial position and cash flows. Its impact on our business remains unpredictable and accordingly, we are not able to reasonably estimate the full extent of the impact of COVID-19 on our operating results, financial position and cash flows.
|
Accounting Pronouncements Adopted and Accounting Pronouncements Not Yet Adopted | Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The transition to new reference interest rates will require certain contracts to be modified and the ASU is intended to provide temporary optional expedients and exceptions to U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The accommodations provided by the ASU are effective through December 31, 2022, and may be applied at the beginning of any interim period within that time frame. We have matched LIBOR-based debt with LIBOR-based interest rate swaps and have elected to apply the practical expedient related to probability and the assessment of the effectiveness for future LIBOR-indexed cash flows, which assumes that the debt instrument will use the same index rate as its corresponding interest rate swap once a new reference rate is established to replace LIBOR. We may apply other expedients as additional reference rate changes occur. We continue to assess the impact of this standard on our consolidated financial statements. In March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which requires disclosure of gross write-offs and recoveries of financing receivables by year of origination. The standard is effective for interim and annual periods beginning after December 15, 2022, with early adoption permitted. We are currently assessing the impact this standard will have on our financial statement disclosures.
|
Revenue (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following tables disaggregate our revenue by source and timing of recognition:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract Assets and Advance Billings | Advance Billings from Contracts with Customers
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Future Performance Obligations | The transaction prices allocated to future performance obligations will be recognized as follows:
|
Segment Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Revenue from Segments to Consolidated Statements | The following tables provide information about our reportable segments and reconciliation of segment EBIT to net income (loss).
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of EBIT from Segments to Consolidated |
|
Earnings per Share (EPS) (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | The calculation of basic and diluted earnings per share is presented below. The sum of the earnings per share amounts may not equal the totals due to rounding.
|
Inventories (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Components | Inventories consisted of the following:
|
Finance Assets and Lessor Operating Leases (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivables | Finance receivables consisted of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales-type Lease Maturity | Maturities of gross finance receivables at March 31, 2022 were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan Receivable Maturity | Maturities of gross finance receivables at March 31, 2022 were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Past Due Financing Receivables | The aging of gross finance receivables was as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses on Financing Receivables | Activity in the allowance for credit losses for finance receivables was as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivable Credit Quality Indicators | The table below shows gross finance receivables by relative risk class and year of origination based on the relative scores of the accounts within each class as of March 31, 2022 and December 31, 2021.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales-type Lease, Lease Income | Lease income from sales-type leases, excluding variable lease payments, was as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessor, Payments to be Received | We also lease mailing equipment under operating leases with terms of to five years. Maturities of these operating leases are as follows:
|
Intangible Assets and Goodwill (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets | Intangible assets consisted of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization Expense In Future Periods | Future amortization expense as of March 31, 2022 is shown in the table below. Actual amortization expense may differ due to, among other things, fluctuations in foreign currency exchange rates, acquisitions, divestitures and impairment charges.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | Changes in the carrying value of goodwill by reporting segment are shown in the table below.
|
Fair Value Measurements and Derivative Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation | Available-for-sale securities consisted of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Unrealized Holding Losses | Investment securities in a loss position were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities | Scheduled maturities of available-for-sale securities at March 31, 2022 were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The fair value of derivative instruments was as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | Results of cash flow hedging relationships were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | All outstanding contracts at March 31, 2022 mature within 3 months. The mark-to-market adjustments of non-designated derivative instruments were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping | The carrying value and estimated fair value of debt was as follows:
|
Restructuring Charges (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost | Activity in our restructuring reserves was as follows:
|
Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | Total debt consisted of the following:
|
Pensions and Other Benefit Programs (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures | The components of net periodic benefit cost were as follows:
|
Stockholders’ Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stockholders Equity | Changes in stockholders’ equity were as follows:
|
Accumulated Other Comprehensive Loss (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | Reclassifications out of AOCL were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in AOCL, net of tax were as follows:
|
Supplemental Financial Statement Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, Allowance for Credit Loss | Activity in the allowance for credit losses on accounts receivables and other assets for the three months ended March 31, 2022 and 2021 is presented below. See Note 7 for additional information regarding finance receivables.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other (Income) Expense | Other (income) expense consisted of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Flow Supplemental Information | Supplemental cash flow information is as follows:
|
Description of Business and Basis of Presentation - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Percent of fortune 500 companies serviced | 90.00% | |
Net income (loss) | $ 20,821 | $ (31,541) |
Revision of Prior Period, Error Correction, Adjustment | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Net income (loss) | $ 3,000 |
Revenue (Disaggregates of Revenue) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Disaggregation of Revenue [Line Items] | ||
Revenue from leasing transactions and financing | $ 926,942 | $ 915,197 |
Total consolidated revenue | 926,942 | 915,197 |
ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 770,096 | 750,493 |
Products/services transferred at a point in time | ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 78,373 | 77,538 |
Products/services transferred over time | ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 691,723 | 672,955 |
Sales And Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 770,096 | 750,493 |
Revenue from leasing transactions and financing | 156,846 | 164,704 |
Total consolidated revenue | 926,942 | 915,197 |
Business services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 597,384 | 570,454 |
Revenue from leasing transactions and financing | 0 | 0 |
Total consolidated revenue | 597,384 | 570,454 |
Support services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 110,352 | 118,697 |
Revenue from leasing transactions and financing | 0 | 0 |
Total consolidated revenue | 110,352 | 118,697 |
Financing | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Revenue from leasing transactions and financing | 72,029 | 77,812 |
Total consolidated revenue | 72,029 | 77,812 |
Equipment sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 21,299 | 19,118 |
Revenue from leasing transactions and financing | 67,997 | 67,685 |
Total consolidated revenue | 89,296 | 86,803 |
Supplies | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 41,061 | 42,224 |
Revenue from leasing transactions and financing | 0 | 0 |
Total consolidated revenue | 41,061 | 42,224 |
Rentals | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Revenue from leasing transactions and financing | 16,820 | 19,207 |
Total consolidated revenue | 16,820 | 19,207 |
Revenue from leasing transactions and financing | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from leasing transactions and financing | 156,846 | 164,704 |
Global Ecommerce | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from leasing transactions and financing | 418,527 | 413,086 |
Global Ecommerce | ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 418,527 | 413,086 |
Global Ecommerce | Products/services transferred at a point in time | ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Global Ecommerce | Products/services transferred over time | ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 418,527 | 413,086 |
Global Ecommerce | Sales And Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 418,527 | 413,086 |
Global Ecommerce | Business services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 418,527 | 413,086 |
Global Ecommerce | Support services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Global Ecommerce | Financing | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Global Ecommerce | Equipment sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Global Ecommerce | Supplies | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Global Ecommerce | Rentals | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Global Ecommerce | Revenue from leasing transactions and financing | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from leasing transactions and financing | 0 | 0 |
Presort Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from leasing transactions and financing | 160,544 | 143,126 |
Presort Services | ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 160,544 | 143,126 |
Presort Services | Products/services transferred at a point in time | ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Presort Services | Products/services transferred over time | ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 160,544 | 143,126 |
Presort Services | Sales And Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 160,544 | 143,126 |
Presort Services | Business services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 160,544 | 143,126 |
Presort Services | Support services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Presort Services | Financing | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Presort Services | Equipment sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Presort Services | Supplies | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Presort Services | Rentals | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
Presort Services | Revenue from leasing transactions and financing | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from leasing transactions and financing | 0 | 0 |
SendTech Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from leasing transactions and financing | 347,871 | 358,985 |
SendTech Solutions | ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 191,025 | 194,281 |
SendTech Solutions | Products/services transferred at a point in time | ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 78,373 | 77,538 |
SendTech Solutions | Products/services transferred over time | ASC 606 | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 112,652 | 116,743 |
SendTech Solutions | Sales And Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 191,025 | 194,281 |
SendTech Solutions | Business services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 18,313 | 14,242 |
SendTech Solutions | Support services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 110,352 | 118,697 |
SendTech Solutions | Financing | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
SendTech Solutions | Equipment sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 21,299 | 19,118 |
SendTech Solutions | Supplies | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 41,061 | 42,224 |
SendTech Solutions | Rentals | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from products and services | 0 | 0 |
SendTech Solutions | Revenue from leasing transactions and financing | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from leasing transactions and financing | $ 156,846 | $ 164,704 |
Revenue (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Dec. 31, 2021 |
|
Disaggregation of Revenue [Line Items] | ||
Advanced billings, revenue recognized | $ 55 | |
Lease transactions | $ 8 | $ 6 |
Expected timing of satisfaction period | 12 months | |
Business services | Minimum | ||
Disaggregation of Revenue [Line Items] | ||
Period of recognition | 1 year | |
Business services | Maximum | ||
Disaggregation of Revenue [Line Items] | ||
Period of recognition | 5 years | |
Support services | Minimum | ||
Disaggregation of Revenue [Line Items] | ||
Period of recognition | 1 year | |
Support services | Maximum | ||
Disaggregation of Revenue [Line Items] | ||
Period of recognition | 5 years |
Revenue (Contract Assets and Advance Billings) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Dec. 31, 2021 |
|
Revenue from Contract with Customer [Abstract] | ||
Advance billings, current | $ 93,905 | $ 92,926 |
Advance billings, noncurrent | 772 | $ 1,109 |
Increase/ (decrease) | ||
Advance billings, current | 979 | |
Advance billings, noncurrent | $ (337) |
Revenue (Future Performance Obligations) (Details) $ in Thousands |
Mar. 31, 2022
USD ($)
|
---|---|
Revenue from Contract with Customer [Abstract] | |
Future performance obligations | $ 688,263 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |
Revenue from Contract with Customer [Abstract] | |
Future performance obligations | $ 205,644 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction period | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Future performance obligations | $ 218,121 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Future performance obligations | $ 264,498 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction period | 3 years |
Segment Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2019 |
Dec. 31, 2021 |
|
Segment reporting information profit (loss) | ||||
Revenue | $ 926,942 | $ 915,197 | ||
Reconciliation of Segment EBIT to net income (loss): | ||||
Interest expense, net | (22,124) | (25,158) | ||
Loss on debt redemption/refinancing | (4,993) | (51,394) | ||
Gain on sale of business | 2,522 | 0 | $ 3,000 | |
Gain on sale of assets | 14,372 | 0 | ||
(Provision) benefit for income taxes | (4,203) | 13,992 | ||
Income (loss) from continuing operations | 20,821 | (27,655) | ||
Loss from discontinued operations, net of tax | 0 | (3,886) | ||
Net income (loss) | 20,821 | (31,541) | ||
Assets | 4,787,064 | $ 4,958,871 | ||
Operating Segments | ||||
Segment reporting information profit (loss) | ||||
EBIT | 110,511 | 107,145 | ||
Segment Reconciling Items | ||||
Reconciliation of Segment EBIT to net income (loss): | ||||
Unallocated corporate expenses | (57,834) | (57,465) | ||
Restructuring charges | (4,184) | (2,889) | ||
Interest expense, net | (33,726) | (37,044) | ||
Loss on debt redemption/refinancing | (4,993) | (51,394) | ||
Gain on sale of business | 2,522 | 0 | ||
Gain on sale of assets | 14,372 | 0 | ||
Transaction costs | (1,644) | 0 | ||
(Provision) benefit for income taxes | (4,203) | 13,992 | ||
Global Ecommerce | ||||
Reconciliation of Segment EBIT to net income (loss): | ||||
Assets | 3,000 | |||
Digital Commerce Solutions | Global Ecommerce | ||||
Segment reporting information profit (loss) | ||||
Revenue from contracts with customers | 418,527 | 413,086 | ||
EBIT | (13,696) | (26,376) | ||
Digital Commerce Solutions | Presort Services | ||||
Segment reporting information profit (loss) | ||||
Revenue from contracts with customers | 160,544 | 143,126 | ||
EBIT | 19,632 | 19,051 | ||
SendTech Solutions | ||||
Segment reporting information profit (loss) | ||||
Revenue from contracts with customers | 347,871 | 358,985 | ||
SendTech Solutions | Operating Segments | ||||
Segment reporting information profit (loss) | ||||
EBIT | $ 104,575 | $ 114,470 |
Earnings per Share (EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|||
Numerator: | ||||
Income (loss) from continuing operations | $ 20,821 | $ (27,655) | ||
Loss from discontinued operations, net of tax | 0 | (3,886) | ||
Net income (loss) | $ 20,821 | $ (31,541) | ||
Denominator: | ||||
Weighted-average shares used in basic EPS (in shares) | 174,115 | 172,856 | ||
Dilutive effect of common stock equivalents (in shares) | 3,919 | 0 | ||
Weighted-average shares used in diluted EPS (in shares) | 178,034 | 172,856 | ||
Basic earnings (loss) per share: | ||||
Continuing operations (in dollars per share) | [1] | $ 0.12 | $ (0.16) | |
Discontinued operations (in dollars per share) | [1] | 0 | (0.02) | |
Net (loss) income (in dollars per share) | [1] | 0.12 | (0.18) | |
Diluted earnings (loss) per share: | ||||
Continuing operations (in dollars per share) | [1] | 0.12 | (0.16) | |
Discontinued operations (in dollars per share) | [1] | 0 | (0.02) | |
Net (loss) income (in dollars per share) | [1] | $ 0.12 | $ (0.18) | |
Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive (in shares) | 9,590 | 6,440 | ||
Dilutive effect of common stock equivalents | 5,804 | |||
|
Inventories (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 25,510 | $ 22,352 |
Supplies and service parts | 31,869 | 26,076 |
Finished products | 30,282 | 30,160 |
Total inventory, net | $ 87,661 | $ 78,588 |
Finance Assets and Lessor Operating Leases (Finance Receivables) (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for credit losses | $ (25,231) | $ (26,218) | $ (35,474) | $ (35,869) |
Net investment in receivables | 1,152,875 | 1,148,107 | ||
North America | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Net investment in receivables | 1,006,000 | 989,460 | ||
International | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Net investment in receivables | 146,875 | 158,647 | ||
Sales-type lease receivables | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross finance receivables | 1,132,097 | 1,146,271 | ||
Unguaranteed residual values | 48,328 | 48,613 | ||
Unearned income | (298,008) | (303,024) | ||
Allowance for credit losses | (21,750) | (22,792) | ||
Net investment in receivables | 860,667 | 869,068 | ||
Sales-type lease receivables | North America | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross finance receivables | 959,257 | 958,440 | ||
Unguaranteed residual values | 38,157 | 37,896 | ||
Unearned income | (243,818) | (246,381) | ||
Allowance for credit losses | (18,960) | (19,546) | (22,998) | (22,917) |
Net investment in receivables | 734,636 | 730,409 | ||
Sales-type lease receivables | International | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross finance receivables | 172,840 | 187,831 | ||
Unguaranteed residual values | 10,171 | 10,717 | ||
Unearned income | (54,190) | (56,643) | ||
Allowance for credit losses | (2,790) | (3,246) | (5,606) | (6,006) |
Net investment in receivables | 126,031 | 138,659 | ||
Loan receivables | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross finance receivables | 295,689 | 282,465 | ||
Allowance for credit losses | (3,481) | (3,426) | ||
Net investment in receivables | 292,208 | 279,039 | ||
Loan receivables | North America | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross finance receivables | 274,661 | 262,310 | ||
Allowance for credit losses | (3,297) | (3,259) | (6,407) | (6,484) |
Net investment in receivables | 271,364 | 259,051 | ||
Loan receivables | International | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross finance receivables | 21,028 | 20,155 | ||
Allowance for credit losses | (184) | (167) | $ (463) | $ (462) |
Net investment in receivables | $ 20,844 | $ 19,988 | ||
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 and Loan Receivables) (Details) $ in Thousands |
Mar. 31, 2022
USD ($)
|
---|---|
Sales-type Lease Receivables | |
Remainder 2022 | $ 338,946 |
2023 | 358,304 |
2024 | 237,296 |
2025 | 134,758 |
2026 | 56,484 |
Thereafter | 6,309 |
Total | 1,132,097 |
Loan Receivables | |
Remainder 2022 | 253,556 |
2023 | 18,278 |
2024 | 12,964 |
2025 | 8,246 |
2026 | 2,417 |
Thereafter | 228 |
Total | 295,689 |
North America | |
Sales-type Lease Receivables | |
Remainder 2022 | 289,762 |
2023 | 302,598 |
2024 | 201,413 |
2025 | 113,862 |
2026 | 47,423 |
Thereafter | 4,199 |
Total | 959,257 |
Loan Receivables | |
Remainder 2022 | 232,528 |
2023 | 18,278 |
2024 | 12,964 |
2025 | 8,246 |
2026 | 2,417 |
Thereafter | 228 |
Total | 274,661 |
International | |
Sales-type Lease Receivables | |
Remainder 2022 | 49,184 |
2023 | 55,706 |
2024 | 35,883 |
2025 | 20,896 |
2026 | 9,061 |
Thereafter | 2,110 |
Total | 172,840 |
Loan Receivables | |
Remainder 2022 | 21,028 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
Thereafter | 0 |
Total | $ 21,028 |
Finance Assets and Lessor Operating Leases (Aging of Receivables) (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Financing Receivable, Past Due [Line Items] | ||
Total | $ 1,427,786 | $ 1,428,736 |
Still accruing interest | 3,110 | 5,646 |
Not accruing interest | 10,497 | 9,363 |
Total | 13,607 | 15,009 |
1 - 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,414,179 | 1,413,727 |
Greater than 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 13,607 | 15,009 |
Sales-type lease receivables | North America | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 959,257 | 958,440 |
Still accruing interest | 2,444 | 4,964 |
Not accruing interest | 5,322 | 3,338 |
Total | 7,766 | 8,302 |
Sales-type lease receivables | North America | 1 - 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 951,491 | 950,138 |
Sales-type lease receivables | North America | Greater than 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 7,766 | 8,302 |
Sales-type lease receivables | International | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 172,840 | 187,831 |
Still accruing interest | 666 | 682 |
Not accruing interest | 1,523 | 2,092 |
Total | 2,189 | 2,774 |
Sales-type lease receivables | International | 1 - 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 170,651 | 185,057 |
Sales-type lease receivables | International | Greater than 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2,189 | 2,774 |
Loan receivables | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 295,689 | 282,465 |
Loan receivables | North America | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 274,661 | 262,310 |
Still accruing interest | 0 | 0 |
Not accruing interest | 3,568 | 3,796 |
Total | 3,568 | 3,796 |
Loan receivables | North America | 1 - 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 271,093 | 258,514 |
Loan receivables | North America | Greater than 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 3,568 | 3,796 |
Loan receivables | International | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 21,028 | 20,155 |
Still accruing interest | 0 | 0 |
Not accruing interest | 84 | 137 |
Total | 84 | 137 |
Loan receivables | International | 1 - 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 20,944 | 20,018 |
Loan receivables | International | Greater than 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Total | $ 84 | $ 137 |
Finance Assets and Lessor Operating Leases (Allowance for Credit Losses) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Revenue recognition resume period (less than) | 60 days | |
Allowance for Credit Losses | ||
Beginning Balance | $ 26,218 | $ 35,869 |
Amounts charged to expense | 1,103 | 982 |
Write-offs | (3,458) | (3,231) |
Recoveries | 1,505 | 1,955 |
Other | (137) | (101) |
Ending Balance | $ 25,231 | 35,474 |
Sales-type lease receivables | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Revenue recognition discontinuation period (more than) | 120 days | |
Allowance for Credit Losses | ||
Beginning Balance | $ 22,792 | |
Ending Balance | 21,750 | |
Sales-type lease receivables | North America | ||
Allowance for Credit Losses | ||
Beginning Balance | 19,546 | 22,917 |
Amounts charged to expense | 297 | 154 |
Write-offs | (1,640) | (1,024) |
Recoveries | 744 | 935 |
Other | 13 | 16 |
Ending Balance | 18,960 | 22,998 |
Sales-type lease receivables | International | ||
Allowance for Credit Losses | ||
Beginning Balance | 3,246 | 6,006 |
Amounts charged to expense | 47 | 61 |
Write-offs | (360) | (371) |
Recoveries | 0 | 29 |
Other | (143) | (119) |
Ending Balance | $ 2,790 | 5,606 |
Loan receivables | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Revenue recognition discontinuation period (more than) | 90 days | |
Allowance for Credit Losses | ||
Beginning Balance | $ 3,426 | |
Ending Balance | 3,481 | |
Loan receivables | North America | ||
Allowance for Credit Losses | ||
Beginning Balance | 3,259 | 6,484 |
Amounts charged to expense | 616 | 763 |
Write-offs | (1,341) | (1,833) |
Recoveries | 761 | 991 |
Other | 2 | 2 |
Ending Balance | 3,297 | 6,407 |
Loan receivables | International | ||
Allowance for Credit Losses | ||
Beginning Balance | 167 | 462 |
Amounts charged to expense | 143 | 4 |
Write-offs | (117) | (3) |
Recoveries | 0 | 0 |
Other | (9) | 0 |
Ending Balance | $ 184 | $ 463 |
Finance Assets and Lessor Operating Leases (Credit Quality) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Dec. 31, 2021 |
|
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Portfolio small dollar applications below thousand | $ 50 | |
Total | $ 1,427,786 | $ 1,428,736 |
Low | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Approximate percentage of portfolio | 5.00% | |
Total | $ 975,956 | 968,473 |
Medium | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 199,366 | 193,599 |
Medium | Minimum | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Approximate percentage of portfolio | 5.00% | |
Medium | Maximum | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Approximate percentage of portfolio | 10.00% | |
High | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Approximate percentage of portfolio | 10.00% | |
Total | $ 22,373 | 23,803 |
Not Scored | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 230,091 | 242,861 |
Not Scored | Financing Receivable | Geographic Concentration Risk | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Concentration risk, percentage | 15.00% | |
North America | Financing Receivable | Geographic Concentration Risk | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Concentration risk, percentage | 85.00% | |
Sales-type lease receivables | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | $ 117,875 | 368,712 |
Year two | 377,216 | 289,490 |
Year three | 257,149 | 245,534 |
Year four | 213,472 | 150,262 |
Year five | 117,025 | 60,689 |
Prior | 49,360 | 31,584 |
Sales-type lease receivables | Low | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 76,624 | 274,191 |
Year two | 253,998 | 195,421 |
Year three | 180,703 | 162,479 |
Year four | 146,716 | 95,661 |
Year five | 79,663 | 33,698 |
Prior | 35,833 | 14,862 |
Sales-type lease receivables | Medium | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 13,619 | 43,403 |
Year two | 44,487 | 34,955 |
Year three | 32,696 | 31,038 |
Year four | 27,581 | 17,895 |
Year five | 14,456 | 6,981 |
Prior | 8,744 | 3,619 |
Sales-type lease receivables | High | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 1,558 | 5,474 |
Year two | 5,037 | 5,017 |
Year three | 4,876 | 4,044 |
Year four | 3,688 | 2,708 |
Year five | 2,033 | 849 |
Prior | 1,028 | 889 |
Sales-type lease receivables | Not Scored | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 26,074 | 45,644 |
Year two | 73,694 | 54,097 |
Year three | 38,874 | 47,973 |
Year four | 35,487 | 33,998 |
Year five | 20,873 | 19,161 |
Prior | 3,755 | 12,214 |
Sales-type lease receivables | International | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 172,840 | 187,831 |
Sales-type lease receivables | North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 959,257 | 958,440 |
Loan receivables | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 295,689 | 282,465 |
Loan receivables | Low | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 202,419 | 192,161 |
Loan receivables | Medium | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 57,783 | 55,708 |
Loan receivables | High | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 4,153 | 4,822 |
Loan receivables | Not Scored | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 31,334 | 29,774 |
Loan receivables | International | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 21,028 | 20,155 |
Loan receivables | North America | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 274,661 | $ 262,310 |
Finance Assets and Lessor Operating Leases (Lease Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Receivables [Abstract] | ||
Profit recognized at commencement | $ 35,040 | $ 32,265 |
Interest income | 42,283 | 48,496 |
Total lease income from sales-type leases | $ 77,323 | $ 80,761 |
Finance Assets and Lessor Operating Leases (Operating Leases) (Details) $ in Thousands |
Mar. 31, 2022
USD ($)
|
---|---|
Lessor, Lease, Description [Line Items] | |
Remainder 2022 | $ 19,002 |
2023 | 15,556 |
2024 | 16,303 |
2025 | 5,325 |
2026 | 1,409 |
Thereafter | 170 |
Total | $ 57,765 |
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, 2022 |
Mar. 31, 2021 |
Dec. 31, 2021 |
|
Finite lived intangible assets | |||
Gross Carrying Amount | $ 290,143 | $ 290,168 | |
Accumulated Amortization | (165,404) | (157,726) | |
Net Carrying Amount | 124,739 | 132,442 | |
Amortization expense | 8,000 | $ 8,000 | |
Customer relationships | |||
Finite lived intangible assets | |||
Gross Carrying Amount | 268,176 | 268,187 | |
Accumulated Amortization | (148,098) | (141,492) | |
Net Carrying Amount | 120,078 | 126,695 | |
Software & technology | |||
Finite lived intangible assets | |||
Gross Carrying Amount | 21,967 | 21,981 | |
Accumulated Amortization | (17,306) | (16,234) | |
Net Carrying Amount | $ 4,661 | $ 5,747 |
Intangible Assets and Goodwill (Future Amortization Expense) (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Finite lived intangible assets future amortization expense | ||
Remainder 2022 | $ 22,119 | |
2023 | 26,959 | |
2024 | 26,959 | |
2025 | 20,300 | |
2026 | 14,146 | |
Thereafter | 14,256 | |
Net Carrying Amount | $ 124,739 | $ 132,442 |
Intangible Assets and Goodwill (Goodwill) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2022 |
Dec. 31, 2021 |
|
Goodwill | ||
Beginning balance | $ 1,135,103 | |
Currency impact | (6,076) | |
Ending balance | 1,129,027 | $ 1,135,103 |
Digital Commerce Solutions | Global Ecommerce | ||
Goodwill | ||
Beginning balance | 395,062 | |
Currency impact | 0 | |
Ending balance | 395,062 | 395,062 |
Goodwill impairment | 198,000 | 198,000 |
Digital Commerce Solutions | Presort Services | ||
Goodwill | ||
Beginning balance | 220,992 | |
Currency impact | 0 | |
Ending balance | 220,992 | 220,992 |
SendTech Solutions | ||
Goodwill | ||
Beginning balance | 519,049 | |
Currency impact | (6,076) | |
Ending balance | $ 512,973 | $ 519,049 |
Fair Value Measurements and Derivative Instruments (Assets and Liabilities) (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | $ 245,254 | $ 274,106 |
Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 253,540 | 426,748 |
Equity securities | 23,009 | 29,356 |
Mortgage-backed / asset-backed securities | 153,060 | 172,018 |
Total assets | 547,893 | 752,602 |
Liabilities | (905) | (304) |
Level 1 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 81,015 | 88,705 |
Equity securities | 0 | 0 |
Mortgage-backed / asset-backed securities | 0 | 0 |
Total assets | 91,879 | 100,187 |
Liabilities | 0 | 0 |
Level 2 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 172,525 | 338,043 |
Equity securities | 23,009 | 29,356 |
Mortgage-backed / asset-backed securities | 153,060 | 172,018 |
Total assets | 456,014 | 652,415 |
Liabilities | (905) | (304) |
Level 3 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 0 | 0 |
Equity securities | 0 | 0 |
Mortgage-backed / asset-backed securities | 0 | 0 |
Total assets | 0 | 0 |
Liabilities | 0 | 0 |
Interest rate swaps | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 10,313 | 3,103 |
Interest rate swaps | Level 1 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Interest rate swaps | Level 2 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 10,313 | 3,103 |
Interest rate swaps | Level 3 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Foreign exchange contracts | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 739 | 2,474 |
Derivative liabilities | (905) | (304) |
Foreign exchange contracts | Level 1 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Derivative liabilities | 0 | 0 |
Foreign exchange contracts | Level 2 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 739 | 2,474 |
Derivative liabilities | (905) | (304) |
Foreign exchange contracts | Level 3 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Derivative liabilities | 0 | 0 |
Commingled fixed income securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 1,618 | 1,692 |
Commingled fixed income securities | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 16,656 | 18,507 |
Commingled fixed income securities | Level 1 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 1,618 | 1,692 |
Commingled fixed income securities | Level 2 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 15,038 | 16,815 |
Commingled fixed income securities | Level 3 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 0 | 0 |
Government and related securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 30,979 | 35,229 |
Government and related securities | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 30,979 | 35,229 |
Government and related securities | Level 1 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 9,246 | 9,790 |
Government and related securities | Level 2 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 21,733 | 25,439 |
Government and related securities | Level 3 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 0 | 0 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 59,597 | 65,167 |
Corporate debt securities | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 59,597 | 65,167 |
Corporate debt securities | Level 1 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 0 | 0 |
Corporate debt securities | Level 2 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 59,597 | 65,167 |
Corporate debt securities | Level 3 | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | $ 0 | $ 0 |
Fair Value Measurements and Derivative Instruments (Available-for-sale Securities) (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized cost | $ 273,840 | $ 282,350 |
Gross unrealized gains | 121 | 484 |
Gross unrealized losses | (28,707) | (8,728) |
Estimated fair value | 245,254 | 274,106 |
Government and related securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized cost | 35,987 | 36,160 |
Gross unrealized gains | 57 | 81 |
Gross unrealized losses | (5,065) | (1,012) |
Estimated fair value | 30,979 | 35,229 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized cost | 67,599 | 67,906 |
Gross unrealized gains | 46 | 259 |
Gross unrealized losses | (8,048) | (2,998) |
Estimated fair value | 59,597 | 65,167 |
Commingled fixed income securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized cost | 1,730 | 1,725 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (112) | (33) |
Estimated fair value | 1,618 | 1,692 |
Mortgage-backed / asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized cost | 168,524 | 176,559 |
Gross unrealized gains | 18 | 144 |
Gross unrealized losses | (15,482) | (4,685) |
Estimated fair value | $ 153,060 | $ 172,018 |
Fair Value Measurements and Derivative Instruments (Unrealized Holding Losses) (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Greater than 12 continuous months, Fair Value | $ 216,433 | $ 202,844 |
Greater than 12 continuous months, Gross unrealized losses | 25,741 | 7,294 |
Less than 12 continuous months, Fair Value | 23,435 | 56,743 |
Less than 12 continuous months, Gross unrealized losses | 2,966 | 1,434 |
Government and related securities | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Greater than 12 continuous months, Fair Value | 22,661 | 16,018 |
Greater than 12 continuous months, Gross unrealized losses | 3,330 | 579 |
Less than 12 continuous months, Fair Value | 7,547 | 15,438 |
Less than 12 continuous months, Gross unrealized losses | 1,735 | 433 |
Corporate debt securities | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Greater than 12 continuous months, Fair Value | 50,887 | 51,385 |
Greater than 12 continuous months, Gross unrealized losses | 7,486 | 2,658 |
Less than 12 continuous months, Fair Value | 5,366 | 8,859 |
Less than 12 continuous months, Gross unrealized losses | 561 | 339 |
Commingled fixed income securities | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Greater than 12 continuous months, Fair Value | 1,618 | 0 |
Greater than 12 continuous months, Gross unrealized losses | 112 | 0 |
Less than 12 continuous months, Fair Value | 0 | 1,692 |
Less than 12 continuous months, Gross unrealized losses | 0 | 33 |
Mortgage-backed / asset-backed securities | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Greater than 12 continuous months, Fair Value | 141,267 | 135,441 |
Greater than 12 continuous months, Gross unrealized losses | 14,813 | 4,057 |
Less than 12 continuous months, Fair Value | 10,522 | 30,754 |
Less than 12 continuous months, Gross unrealized losses | $ 670 | $ 629 |
Fair Value Measurements and Derivative Instruments (Narrative) (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Dec. 31, 2021 |
|
Derivative [Line Items] | ||
Percentage of securities in loss position | 58.00% | |
Held-to-maturity securities | $ 21,000,000 | $ 20,000,000 |
Derivative, term of contract | 3 months | |
Foreign exchange contracts | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 2,000,000 | $ 1,000,000 |
Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 200,000,000 |
Fair Value Measurements and Derivative Instruments (Available-for-sale Securities Maturities) (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Amortized cost | ||
Within 1 year | $ 2,495 | |
After 1 year through 5 years | 16,186 | |
After 5 years through 10 years | 73,708 | |
After 10 years | 181,451 | |
Amortized cost | 273,840 | $ 282,350 |
Estimated fair value | ||
Within 1 year | 2,386 | |
After 1 year through 5 years | 15,163 | |
After 5 years through 10 years | 65,519 | |
After 10 years | 162,186 | |
Total | $ 245,254 | $ 274,106 |
Fair Value Measurements and Derivative Instruments (Derivative Instruments) (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Derivative [Line Items] | ||
Total net derivative asset | $ 10,147 | $ 5,273 |
Total derivative assets | ||
Derivative [Line Items] | ||
Total net derivative asset | 11,052 | 5,577 |
Total derivative liabilities | ||
Derivative [Line Items] | ||
Total net derivative asset | (905) | (304) |
Foreign exchange contracts | Derivatives designated as hedging instruments | Other current assets and prepayments | ||
Derivative [Line Items] | ||
Total net derivative asset | 24 | 21 |
Foreign exchange contracts | Derivatives designated as hedging instruments | Accounts payable and accrued liabilities | ||
Derivative [Line Items] | ||
Total net derivative asset | (4) | (10) |
Foreign exchange contracts | Derivatives not designated as hedging instruments | Other current assets and prepayments | ||
Derivative [Line Items] | ||
Total net derivative asset | 715 | 2,453 |
Foreign exchange contracts | Derivatives not designated as hedging instruments | Accounts payable and accrued liabilities | ||
Derivative [Line Items] | ||
Total net derivative asset | (901) | (294) |
Interest rate swaps | Derivatives designated as hedging instruments | Other assets | ||
Derivative [Line Items] | ||
Total net derivative asset | $ 10,313 | $ 3,103 |
Fair Value Measurements and Derivative Instruments (Cash Flow Hedging Relationships) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Derivative [Line Items] | ||
Derivative Gain (Loss) Recognized in AOCL (Effective Portion) | $ 7,233 | $ 6,508 |
Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion) | 151 | 68 |
Foreign exchange contracts | ||
Derivative [Line Items] | ||
Derivative Gain (Loss) Recognized in AOCL (Effective Portion) | 23 | 228 |
Foreign exchange contracts | Revenue | ||
Derivative [Line Items] | ||
Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion) | 0 | 126 |
Foreign exchange contracts | Cost of sales | ||
Derivative [Line Items] | ||
Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion) | 14 | (58) |
Foreign exchange contracts | Selling, general and administrative expense | ||
Derivative [Line Items] | ||
Derivative Gain (Loss) Recognized in Earnings | (3,414) | 553 |
Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative Gain (Loss) Recognized in AOCL (Effective Portion) | 7,210 | 6,280 |
Interest rate swaps | Interest expense | ||
Derivative [Line Items] | ||
Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion) | $ 137 | $ 0 |
Fair Value Measurements and Derivative Instruments (Fair Value of Debt) (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Carrying value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | $ 2,224,579 | $ 2,323,838 |
Fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | $ 2,120,628 | $ 2,355,894 |
Restructuring Charges (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Restructuring Costs | ||
Cash payments | $ (3,285) | $ (3,955) |
Minimum | ||
Restructuring Costs | ||
Restructuring reserve, expected payment period | 12 months | |
Maximum | ||
Restructuring Costs | ||
Restructuring reserve, expected payment period | 24 months | |
Severance and other exit costs | ||
Restructuring Costs | ||
Balance Beginning | $ 5,747 | 10,063 |
Amounts charged to expense | 4,184 | 2,889 |
Cash payments | (3,285) | (3,955) |
Noncash activity | (172) | (227) |
Balance Ending | $ 6,474 | $ 8,770 |
Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Dec. 31, 2021 |
|
Debt Instrument [Line Items] | ||
Principal amount | $ 2,263,918 | $ 2,364,513 |
Less: unamortized costs, net | 39,339 | 40,675 |
Total debt | 2,224,579 | 2,323,838 |
Less: current portion long-term debt | 24,746 | 24,739 |
Long-term debt | $ 2,199,833 | 2,299,099 |
Notes due | Notes due April 2023 | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.20% | |
Principal amount | $ 0 | 90,259 |
Notes due | Notes due March 2024 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.625% | |
Principal amount | $ 238,449 | 242,603 |
Notes due | Term loan due March 2026 | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.20% | |
Principal amount | $ 365,750 | 370,500 |
Notes due | Term loan due March 2026 | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.75% | |
Notes due | Notes due March 2027 | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.875% | |
Principal amount | $ 400,000 | 400,000 |
Notes due | Term loan due March 2028 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.50% | |
Principal amount | $ 445,500 | 446,625 |
Notes due | Term loan due March 2028 | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 4.00% | |
Notes due | Notes due March 2029 | ||
Debt Instrument [Line Items] | ||
Interest rate | 7.25% | |
Principal amount | $ 350,000 | 350,000 |
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 |
Other debt | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 3,378 | $ 3,685 |
Debt (Narrative) (Details) |
3 Months Ended |
---|---|
Mar. 31, 2022
USD ($)
| |
Interest rate swaps | |
Debt Instrument [Line Items] | |
Derivative notional amount | $ 200,000,000 |
Fixed interest rate | 0.56% |
Notes due | |
Debt Instrument [Line Items] | |
Pre-tax gain | $ 5,000,000 |
Term loan due March 2026 | Notes due | |
Debt Instrument [Line Items] | |
Interest rate | 2.20% |
Term loan due March 2028 | Notes due | |
Debt Instrument [Line Items] | |
Interest rate | 4.50% |
Pensions and Other Benefit Programs (Components of Net Periodic Benefit Cost (Income)) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Defined Benefit Pension Plans | United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 24 | $ 26 |
Interest cost | 11,141 | 10,745 |
Expected return on plan assets | (17,863) | (19,478) |
Amortization of prior service (credit) cost | (11) | (15) |
Amortization of net actuarial loss | 8,232 | 9,638 |
Net periodic benefit cost (income) | 1,523 | 916 |
Contributions to benefit plans | 1,138 | 1,015 |
Defined Benefit Pension Plans | Foreign | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 355 | 395 |
Interest cost | 3,634 | 2,961 |
Expected return on plan assets | (7,205) | (7,984) |
Amortization of prior service (credit) cost | 68 | 67 |
Amortization of net actuarial loss | 1,821 | 2,345 |
Net periodic benefit cost (income) | (1,327) | (2,216) |
Contributions to benefit plans | 8,221 | 8,696 |
Nonpension Postretirement Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 179 | 224 |
Interest cost | 940 | 961 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service (credit) cost | 0 | 32 |
Amortization of net actuarial loss | 87 | 1,078 |
Net periodic benefit cost (income) | 1,206 | 2,295 |
Contributions to benefit plans | $ 4,158 | $ 3,519 |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Income Tax Disclosure [Abstract] | ||
Effective tax rate (percent) | 16.80% | 33.60% |
Tax effect of sale of business | $ 1 | |
Tax legislation | $ 3 | |
Percent decrease in unrecognized benefits, reasonably possible (up to) | 15.00% |
Commitments and Contingencies (Details) - Equipment - Digital Commerce Solutions $ in Millions |
Mar. 31, 2022
USD ($)
|
---|---|
Lessee, Lease, Description [Line Items] | |
Lease payments | $ 107 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Term of contract | 4 years |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Term of contract | 8 years |
Stockholders’ Equity (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Increase (Decrease) in Stockholders' Equity | ||
Balances, beginning of period | $ 112,632 | $ 70,621 |
Net income (loss) | 20,821 | (31,541) |
Other comprehensive income | (20,018) | (8,407) |
Dividends paid | (8,688) | (8,625) |
Issuance of common stock | (2,914) | (3,880) |
Stock-based compensation expense | 4,495 | 5,221 |
Repurchase of common stock | (13,446) | |
Balances, end of period | $ 92,882 | $ 23,389 |
Dividends paid (in dollars per share) | $ 0.05 | $ 0.05 |
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 | 2,485 | 68,502 |
Issuance of common stock | (6,980) | (58,454) |
Stock-based compensation expense | 4,495 | 5,221 |
Balances, end of period | 0 | 15,269 |
Retained earnings | ||
Increase (Decrease) in Stockholders' Equity | ||
Balances, beginning of period | 5,169,270 | 5,205,421 |
Net income (loss) | 20,821 | (31,541) |
Dividends paid | (8,688) | (8,625) |
Issuance of common stock | (39,767) | |
Balances, end of period | 5,141,636 | 5,165,255 |
Accumulated other comprehensive loss | ||
Increase (Decrease) in Stockholders' Equity | ||
Balances, beginning of period | (780,312) | (839,131) |
Other comprehensive income | (20,018) | (8,407) |
Balances, end of period | (800,330) | (847,538) |
Treasury stock | ||
Increase (Decrease) in Stockholders' Equity | ||
Balances, beginning of period | (4,602,149) | (4,687,509) |
Issuance of common stock | 43,833 | 54,574 |
Repurchase of common stock | (13,446) | |
Balances, end of period | $ (4,571,762) | $ (4,632,935) |
Accumulated Other Comprehensive Loss (Reclassifications) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Revenue | $ 926,942 | $ 915,197 |
Interest expense, net | (22,124) | (25,158) |
Selling, general and administrative expense | (242,785) | (238,102) |
Total before tax | 25,024 | (41,647) |
Income tax provision | 4,203 | (13,992) |
Net of tax | 20,821 | (31,541) |
Reclassification out of Accumulated Other Comprehensive Loss | Cash flow hedges | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Revenue | 0 | 126 |
Cost of sales | 14 | (58) |
Interest expense, net | 137 | 0 |
Total before tax | 151 | 68 |
Income tax provision | 37 | 17 |
Net of tax | 114 | 51 |
Reclassification out of Accumulated Other Comprehensive Loss | Available for sale securities | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Revenue | (2) | (1) |
Selling, general and administrative expense | (13) | 42 |
Total before tax | (15) | 41 |
Income tax provision | (3) | 10 |
Net of tax | (12) | 31 |
Reclassification out of Accumulated Other Comprehensive Loss | Pension and postretirement benefit plans | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total before tax | (10,197) | (13,145) |
Income tax provision | (2,461) | (3,208) |
Net of tax | (7,736) | (9,937) |
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 | (57) | (84) |
Reclassification out of Accumulated Other Comprehensive Loss | Actuarial losses | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Pension and postretirement benefit plans | $ (10,140) | $ (13,061) |
Accumulated Other Comprehensive Loss (Changes) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Accumulated Other Comprehensive Income (Loss), Net of Tax | ||
Balances, beginning of period | $ 112,632 | $ 70,621 |
Other comprehensive income (loss) before reclassifications | (27,652) | (18,262) |
Reclassifications into earnings | 7,634 | 9,855 |
Other comprehensive loss, net of tax | (20,018) | (8,407) |
Balances, end of period | 92,882 | 23,389 |
Cash flow hedges | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ||
Balances, beginning of period | 3,803 | (1,411) |
Other comprehensive income (loss) before reclassifications | 5,447 | 4,881 |
Reclassifications into earnings | (114) | (51) |
Other comprehensive loss, net of tax | 5,333 | 4,830 |
Balances, end of period | 9,136 | 3,419 |
Available for sale securities | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ||
Balances, beginning of period | (6,249) | 402 |
Other comprehensive income (loss) before reclassifications | (15,534) | (8,885) |
Reclassifications into earnings | 12 | (31) |
Other comprehensive loss, net of tax | (15,522) | (8,916) |
Balances, end of period | (21,771) | (8,514) |
Pension and postretirement benefit plans | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ||
Balances, beginning of period | (756,639) | (851,063) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Reclassifications into earnings | 7,736 | 9,937 |
Other comprehensive loss, net of tax | 7,736 | 9,937 |
Balances, end of period | (748,903) | (841,126) |
Foreign currency adjustments | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ||
Balances, beginning of period | (21,227) | 12,941 |
Other comprehensive income (loss) before reclassifications | (17,565) | (14,258) |
Reclassifications into earnings | 0 | 0 |
Other comprehensive loss, net of tax | (17,565) | (14,258) |
Balances, end of period | (38,792) | (1,317) |
Total | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ||
Balances, beginning of period | (780,312) | (839,131) |
Other comprehensive loss, net of tax | (20,018) | (8,407) |
Balances, end of period | $ (800,330) | $ (847,538) |
Supplemental Financial Statement Information (Allowance for Credit on Losses for Accounts and Other Receivables) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of year | $ 29,179 | $ 35,344 |
Amounts charged to expense | 921 | 3,011 |
Write-offs, recoveries and other | (19,519) | (1,314) |
Balance at end of period | 10,581 | 37,041 |
Accounts and other receivables | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at end of period | 10,061 | 20,480 |
Other assets | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at end of period | $ 520 | $ 16,561 |
Supplemental Financial Statement Information (Other Expense, Net) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2019 |
|
Other Income and Expenses [Abstract] | |||
Loss on debt redemption/refinancing | $ 4,993 | $ 51,394 | |
Gain on sale of business | (2,522) | 0 | $ (3,000) |
Gain on sale of assets | (14,372) | 0 | |
Other (income) expense | $ (11,901) | $ 51,394 |
Supplemental Financial Statement Information - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2019 |
|
Other Income and Expenses [Abstract] | |||
Loss on debt redemption/refinancing | $ 4,993 | $ 51,394 | |
Proceeds from sale of business | 9,016 | 0 | $ 9,000 |
Gain on sale of business | $ 2,522 | $ 0 | 3,000 |
Proceeds from sale leaseback transaction | 51,000 | ||
Sale and leaseback transaction, gain | $ 14,000 |
Supplemental Financial Statement Information (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Other Income and Expenses [Abstract] | ||
Cash interest paid | $ 49,430 | $ 39,658 |
Cash income tax payments, net of refunds | 8,079 | 2,641 |
Capital assets obtained under capital lease obligations | $ 8,721 | $ 9,477 |
#[#[?.E%OF8:O#7V(8:5RYY"N9 BV;
MKU[I+KI2DA_GS%&ZQXY1' (SG1A'3VPGQPG5L\1U:LA=%'&2XCFQ?&:8YGE
M]00L&@?6BVJ[MNUA#9"W/L"Z5/=>.% 74, &GLXU>\U82/-$,7IBFU@^]E4"
M#"M\]> ?5@^7,*5BSB^/79[3T-:'3OBB<7R]=8M!/5 23AKR6.68!*H5.H&+
MQL'UNEH_%:@NDTB:9C"C<[$>PXQF>>AT@$[XHG%\_7HZ,EVB4)+G@CEIP&,(
MRPD'5]3$'AIGSR>U5C"@Y3#G"-;4$ ->N2Y>8/83YJPDKQT_RLNO3\ F"K$3
M^S7Y#>UA+;5&5HV=^:.CERET3X4&57C-!C,?37R
MC6S_+1JUNUH5*]3P;75HU1?Y]'<^#RC5_=6R'N-[)O8%)X@^#3*%O15 HN[A3\@]E2(Y);M*G&'?H$
M,SZB"_37W4?T\T^_H)^0Z-$_=_(P5GTS7JX5J-%]KNOYR3?3DTG@R11]EKW:
MC>@W4-"\;K^&41R'0EZ&Y5A<4I\R:O1*8'@6F48%_@*C)!8T8:YAS
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M&HH!RR07\8
MP6+TZ\Q828\&T&7:_M,1=K6RY 0DJ.SZD'E=((980%NP
MQOX&2:PR(,ZLGR=#*9. Q/H])Q'2:1;\$9=V94^VOC;:0P/#A6]+%MIN2U.S
MM=-W#>R@LB_, E\\RYYHF*@;$^Y34>] 'AX#$/2,XGY.DPD:!4 75U\N/QX<
M?L_E:T<^(1!7\5F6WDUC#A 0:=+P;M-38)G:2.PY2+@_+:+<,^XYL,:O0/H9
M=L$\G.4V_ZGW>L48O@@E8)H!D0!=U$L0/BO00VZ'3QU.Y8",;1TP6)=(.(&K
M.(\)#0WHC![C8'O8U7Z8G_\]GL5N/%Y[9!>(;%OB%SCX#W3\(G^TS
M!T+:B9ER/SLVZ/.#*38K[)*7P(E&:>JY/6#]!7& HR&AFP!EEW8NA495P%(S
M(MPM#<:E9U?H]B7GL"PA9U 6VZ*VEHA-;(TMM[Z'#XO!%@H-\C0][GZB
V ETYK8Q01XTIV94UY[M4>;T;*C&8W.!
MTQ6F$]!"-?R$Q:AA[1$]Y@A>KE80J.M6@"1W4D$PI@9K7*-825*MQ D'R!\DR!5]*;D:'!5"-U]38@(4
MU1*B!H@&SL4P\2#J)R$JG .!&-19@9UK*U1N1DWZ]DN/"(JOY9[I'62IWH"J
M@0\B>LV>GIL,&]:VXX*88Q5$
H6AL>PX2X2.DUP9+AD*U^F/QOHW*B