x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Ohio | 34-0183970 | |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification Number) | |
5995 Mayfair Road, PO Box 3077, North Canton, Ohio | 44720-8077 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer | x | Accelerated filer | o | Non-accelerated filer | o |
Smaller reporting company | o | Emerging growth company | o |
March 31, 2019 | December 31, 2018 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash, cash equivalents and restricted cash | $ | 377.9 | $ | 458.4 | ||||
Short-term investments | 31.5 | 33.5 | ||||||
Trade receivables, less allowances for doubtful accounts of $58.1 and $58.2, respectively | 697.7 | 737.2 | ||||||
Inventories | 663.0 | 610.1 | ||||||
Prepaid expenses | 60.9 | 57.4 | ||||||
Other current assets | 306.3 | 306.8 | ||||||
Total current assets | 2,137.3 | 2,203.4 | ||||||
Securities and other investments | 18.7 | 22.4 | ||||||
Property, plant and equipment, net of accumulated depreciation and amortization of $513.5 and $494.1, respectively | 294.5 | 304.1 | ||||||
Goodwill | 813.6 | 827.1 | ||||||
Deferred income taxes | 208.4 | 243.9 | ||||||
Customer relationships, net | 504.6 | 533.1 | ||||||
Other intangible assets, net | 84.2 | 91.5 | ||||||
Right-of-use lease assets | 173.3 | — | ||||||
Other assets | 92.7 | 86.4 | ||||||
Total assets | $ | 4,327.3 | $ | 4,311.9 | ||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||||||||
Current liabilities | ||||||||
Notes payable | $ | 47.2 | $ | 49.5 | ||||
Accounts payable | 491.8 | 509.5 | ||||||
Deferred revenue | 443.2 | 378.2 | ||||||
Payroll and other benefits liabilities | 167.2 | 184.3 | ||||||
Lease liability | 61.7 | — | ||||||
Other current liabilities | 443.4 | 446.9 | ||||||
Total current liabilities | 1,654.5 | 1,568.4 | ||||||
Long-term debt | 2,191.2 | 2,190.0 | ||||||
Pensions, post-retirement and other benefits | 263.8 | 273.8 | ||||||
Long-term lease liability | 110.4 | — | ||||||
Deferred income taxes | 191.1 | 221.6 | ||||||
Other liabilities | 91.2 | 87.3 | ||||||
Commitments and contingencies | ||||||||
Redeemable noncontrolling interests | 99.8 | 130.4 | ||||||
Equity | ||||||||
Diebold Nixdorf, Incorporated shareholders' equity | ||||||||
Preferred shares, no par value, 1,000,000 authorized shares, none issued | — | — | ||||||
Common shares, $1.25 par value, 125,000,000 authorized shares, 91,937,394 and 91,345,451 issued shares, 76,572,467 and 76,174,025 outstanding shares, respectively | 114.9 | 114.2 | ||||||
Additional capital | 761.0 | 741.8 | ||||||
Retained earnings (accumulated deficit) | (301.0 | ) | (168.3 | ) | ||||
Treasury shares, at cost (15,364,927 and 15,171,426 shares, respectively) | (571.5 | ) | (570.4 | ) | ||||
Accumulated other comprehensive loss | (304.8 | ) | (303.7 | ) | ||||
Total Diebold Nixdorf, Incorporated shareholders' equity | (301.4 | ) | (186.4 | ) | ||||
Noncontrolling interests | 26.7 | 26.8 | ||||||
Total equity | (274.7 | ) | (159.6 | ) | ||||
Total liabilities, redeemable noncontrolling interests and equity | $ | 4,327.3 | $ | 4,311.9 |
Three Months Ended | |||||||
March 31, | |||||||
2019 | 2018 | ||||||
Net sales | |||||||
Services | $ | 628.7 | $ | 690.3 | |||
Products | 399.4 | 373.9 | |||||
1,028.1 | 1,064.2 | ||||||
Cost of sales | |||||||
Services | 473.5 | 523.0 | |||||
Products | 310.5 | 302.8 | |||||
784.0 | 825.8 | ||||||
Gross profit | 244.1 | 238.4 | |||||
Selling and administrative expense | 228.3 | 227.9 | |||||
Research, development and engineering expense | 36.9 | 41.7 | |||||
Loss (gain) on sale of assets, net | 3.4 | (7.7 | ) | ||||
268.6 | 261.9 | ||||||
Operating loss | (24.5 | ) | (23.5 | ) | |||
Other income (expense) | |||||||
Interest income | 2.9 | 3.5 | |||||
Interest expense | (50.9 | ) | (26.0 | ) | |||
Foreign exchange gain (loss), net | 2.8 | (1.4 | ) | ||||
Miscellaneous, net | (1.4 | ) | (0.1 | ) | |||
Loss before taxes | (71.1 | ) | (47.5 | ) | |||
Income tax expense | 60.4 | 19.2 | |||||
Equity in earnings of unconsolidated subsidiaries | (0.4 | ) | 1.1 | ||||
Net loss | (131.9 | ) | (65.6 | ) | |||
Net income attributable to noncontrolling interests | 0.8 | 7.6 | |||||
Net loss attributable to Diebold Nixdorf, Incorporated | $ | (132.7 | ) | $ | (73.2 | ) | |
Basic and diluted weighted-average shares outstanding | 76.4 | 75.8 | |||||
Net loss attributable to Diebold Nixdorf, Incorporated | |||||||
Basic and diluted loss per share | $ | (1.74 | ) | $ | (0.97 | ) | |
Dividends declared and paid per common share | $ | — | $ | 0.10 |
Three Months Ended | ||||||||
March 31, | ||||||||
2019 | 2018 | |||||||
Net loss | $ | (131.9 | ) | $ | (65.6 | ) | ||
Other comprehensive income (loss), net of tax | ||||||||
Adoption of accounting standard | — | (29.0 | ) | |||||
Translation adjustment | 4.4 | 18.2 | ||||||
Foreign currency hedges (net of tax of $0.4 and $1.0, respectively) | (0.6 | ) | (2.8 | ) | ||||
Interest rate hedges | ||||||||
Net (loss) gain recognized in other comprehensive income (net of tax of $0.5 and $(0.6), respectively) | (2.3 | ) | 2.2 | |||||
Reclassification adjustment for amounts recognized in net income | 0.5 | 0.4 | ||||||
(1.8 | ) | 2.6 | ||||||
Pension and other post-retirement benefits | ||||||||
Net actuarial (loss) gain amortization (net of tax of $(0.3) and $(0.4), respectively) | (0.5 | ) | 1.8 | |||||
Other | 0.1 | — | ||||||
Other comprehensive loss, net of tax | 1.6 | (9.2 | ) | |||||
Comprehensive loss | (130.3 | ) | (74.8 | ) | ||||
Less: comprehensive income attributable to noncontrolling interests | 3.5 | 7.6 | ||||||
Comprehensive loss attributable to Diebold Nixdorf, Incorporated | $ | (133.8 | ) | $ | (82.4 | ) |
Three Months Ended | ||||||||
March 31, | ||||||||
2019 | 2018 | |||||||
Cash flow from operating activities | ||||||||
Net loss | $ | (131.9 | ) | $ | (65.6 | ) | ||
Adjustments to reconcile net loss to cash flow used by operating activities: | ||||||||
Depreciation and amortization | 58.4 | 64.4 | ||||||
Share-based compensation | 9.3 | 13.7 | ||||||
Loss (gain) on sale of assets, net | 3.4 | (7.7 | ) | |||||
Deferred income taxes | 4.2 | (17.9 | ) | |||||
Other | 0.4 | (1.9 | ) | |||||
Changes in certain assets and liabilities | ||||||||
Trade receivables | 33.2 | (17.7 | ) | |||||
Inventories | (63.1 | ) | (90.2 | ) | ||||
Accounts payable | (12.4 | ) | (3.6 | ) | ||||
Deferred revenue | 66.6 | 60.3 | ||||||
Sales tax and net value added tax | (16.8 | ) | (29.7 | ) | ||||
Income taxes | 47.2 | 28.2 | ||||||
Accrued salaries, wages and commissions | (13.3 | ) | (27.2 | ) | ||||
Restructuring | (17.7 | ) | (7.5 | ) | ||||
Warranty liability | (2.3 | ) | (12.9 | ) | ||||
Certain other assets and liabilities | (22.3 | ) | (27.0 | ) | ||||
Net cash used by operating activities | (57.1 | ) | (142.3 | ) | ||||
Cash flow from investing activities | ||||||||
Capital expenditures | (14.7 | ) | (20.2 | ) | ||||
Payment for acquisitions | — | (5.8 | ) | |||||
Proceeds from maturities of short-term investments | 52.7 | 104.6 | ||||||
Payments for purchases of short-term investments | (48.3 | ) | (45.5 | ) | ||||
Proceeds from sale of assets | 4.2 | 9.2 | ||||||
Increase in certain other assets | (5.4 | ) | (9.1 | ) | ||||
Net cash (used) provided by investing activities | (11.5 | ) | 33.2 | |||||
Cash flow from financing activities | ||||||||
Dividends paid | — | (7.7 | ) | |||||
Revolving credit facility borrowings (repayments), net | 10.0 | (75.0 | ) | |||||
Other debt borrowings | 5.0 | 26.0 | ||||||
Other debt repayments | (16.8 | ) | (31.7 | ) | ||||
Distributions and payments to noncontrolling interest holders | (11.0 | ) | (0.5 | ) | ||||
Repurchase of common shares | (1.1 | ) | (2.5 | ) | ||||
Net cash used by financing activities | (13.9 | ) | (91.4 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | (0.5 | ) | 21.5 | |||||
Decrease in cash, cash equivalents and restricted cash | (83.0 | ) | (179.0 | ) | ||||
Add: Cash included in assets held for sale at beginning of period | 7.3 | — | ||||||
Less: Cash included in assets held for sale at end of period | 4.8 | — | ||||||
Cash, cash equivalents and restricted cash at the beginning of the period | 458.4 | 543.2 | ||||||
Cash, cash equivalents and restricted cash at the end of the period | $ | 377.9 | $ | 364.2 |
Standards Adopted | Description | Effective Date | ||
Accounting Standards Update (ASU) 2016-02, Leases | The standard requires that a lessee recognize on its balance sheet right-of-use (ROU) assets and corresponding liabilities resulting from leasing transactions, as well as additional financial statement disclosures. The Company elected the option to apply the transition requirements in Accounting Standards Codification (ASC) 842 at the effective date of January 1, 2019. The effects of initially applying ASC 842 resulted in no cumulative adjustment to retained earnings in the period of adoption. The provisions of this update apply to substantially all leased assets. | January 1, 2019 |
• | The Company elected the option to apply the transition requirements in ASC 842 at the effective date of January 1, 2019. The effects of initially applying ASC 842 resulted in no cumulative adjustment to retained earnings in the period of adoption. |
• | The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which allowed the Company to carry forward its ASC 840 assessment regarding definition of a lease, lease classification, and initial direct costs. |
• | The practical expedient related to land easements is not applicable as the Company currently does not utilize any easements. |
• | The Company declined the hindsight practical expedient to determine the lease term and ROU asset impairment for existing leases. The decision to decline the hindsight practical expedient resulted in relying on assessments made under ASC 840 during transition and re-assessing under ASC 842 going forward. |
• | The Company declined the short-term lease exception, therefore recognizing all leases in the ROU asset and lease liability balances. Consistent with ASC 842 requirements, leases that are one month or less are not included in the balance. |
• | The Company elected to not separate non-lease components from lease components and, instead, to account for each separate lease component and the non-lease components associated with it as a single lease component, recognized on the balance sheet. This election has been made for all classes of underlying assets. |
• | The Company elected to use a grouping/portfolio approach on applying discount rates to leases at transition, for certain groups of leases where it was determined that using this approach would not differ materially from a lease-by-lease approach. |
Three Months Ended | ||
March 31, 2019 | ||
Weighted-average remaining lease terms (in years) | ||
Operating leases | 4.5 | |
Finance leases | 2.8 | |
Weighted-average discount rate | ||
Operating leases | 14.3 | % |
Finance leases | 26.7 | % |
Three Months Ended | |||
March 31, 2019 | |||
Lease expense | |||
Operating lease expense | $ | 20.6 | |
Finance lease expense | |||
Amortization of ROU lease assets | $ | 0.1 | |
Interest on lease liabilities | $ | 0.1 | |
Variable lease expense | $ | 3.2 |
Operating | Finance | ||||||
2019 (excluding the three months ended March 31, 2019) | $ | 67.2 | $ | 0.8 | |||
2020 | 58.1 | 1.0 | |||||
2021 | 36.8 | 1.0 | |||||
2022 | 23.0 | — | |||||
2023 | 14.7 | — | |||||
Thereafter | 25.3 | — | |||||
Total | 225.1 | 2.8 | |||||
Less: Present value discount | (53.0 | ) | (0.7 | ) | |||
Lease liability | $ | 172.1 | $ | 2.1 |
Three Months Ended | |||
March 31, 2019 | |||
Cash paid for amounts included in the measurement of lease liabilities | |||
Operating - operating cash flows | $ | 21.9 | |
Finance - financing cash flows | $ | 0.1 | |
Finance - operating cash flows | $ | 0.1 | |
ROU lease assets obtained in the exchange for lease liabilities | |||
Operating leases | $ | 14.7 | |
Finance leases | $ | 2.0 |
March 31, 2019 | |||
Assets | |||
Operating | $ | 173.3 | |
Finance | 2.0 | ||
Total leased assets | $ | 175.3 | |
Current liabilities | |||
Operating | $ | 61.7 | |
Finance | 0.6 | ||
Noncurrent liabilities | |||
Operating | 110.4 | ||
Finance | 1.5 | ||
Total lease liabilities | $ | 174.2 |
Three Months Ended | ||||||||
March 31, | ||||||||
2019 | 2018 | |||||||
Numerator | ||||||||
Income (loss) used in basic and diluted loss per share | ||||||||
Net loss | $ | (131.9 | ) | $ | (65.6 | ) | ||
Net income attributable to noncontrolling interests | 0.8 | 7.6 | ||||||
Net loss attributable to Diebold Nixdorf, Incorporated | $ | (132.7 | ) | $ | (73.2 | ) | ||
Denominator | ||||||||
Weighted-average number of common shares used in basic and diluted loss per share (1) | 76.4 | 75.8 | ||||||
Net loss attributable to Diebold Nixdorf, Incorporated | ||||||||
Basic and diluted loss per share | $ | (1.74 | ) | $ | (0.97 | ) | ||
Anti-dilutive shares | ||||||||
Anti-dilutive shares not used in calculating diluted weighted-average shares | 3.7 | 4.3 |
(1) | Incremental shares of 1.2 and 0.9 shares for the three months ended March 31, 2019 and 2018, respectively, would have been included in the weighted-average number of shares used in diluted earnings (loss) per share used in the computation of diluted earnings (loss) per share because their effects are dilutive. |
Number of Shares | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Term | Aggregate Intrinsic Value (1) | ||||||||||
(per share) | (in years) | ||||||||||||
Outstanding at January 1, 2019 | 2.5 | $ | 27.05 | ||||||||||
Expired or forfeited | (0.1 | ) | $ | 29.76 | |||||||||
Granted | 1.1 | $ | 4.33 | ||||||||||
Outstanding at March 31, 2019 | 3.5 | $ | 19.83 | 6 | $ | 12.1 | |||||||
Options exercisable at March 31, 2019 | 1.9 | $ | 28.67 | 9 | $ | 15.4 | |||||||
Options vested and expected to vest(2) at March 31, 2019 | 3.5 | $ | 19.83 | 8 | $ | 27.5 |
(1) | The aggregate intrinsic value (the difference between the closing price of the Company’s common shares on the last trading day of the first quarter of 2019 and the exercise price, multiplied by the number of “in-the-money” options) that would have been received by the option holders had all option holders exercised their options on March 31, 2019. The amount of aggregate intrinsic value will change based on the fair market value of the Company’s common shares. |
(2) | The options expected to vest are the result of applying the pre-vesting forfeiture rate assumption to total outstanding non-vested options. |
Number of Shares | Weighted-Average Grant-Date Fair Value | ||||||
RSUs: | |||||||
Non-vested at January 1, 2019 | 1.6 | $ | 19.66 | ||||
Vested | (0.6 | ) | $ | 21.57 | |||
Granted | 1.2 | $ | 4.08 | ||||
Non-vested at March 31, 2019 | 2.2 | $ | 10.62 | ||||
Performance Shares: | |||||||
Non-vested at January 1, 2019 | 3.0 | $ | 26.90 | ||||
Forfeited | (0.5 | ) | $ | 26.78 | |||
Vested | (0.2 | ) | $ | 26.60 | |||
Non-vested at March 31, 2019 | 2.3 | $ | 26.90 |
March 31, 2019 | December 31, 2018 | |||||||
Finished goods | $ | 261.4 | $ | 211.2 | ||||
Service parts | 222.2 | 221.6 | ||||||
Raw materials and work in process | 179.4 | 177.3 | ||||||
Total inventories | $ | 663.0 | $ | 610.1 |
Cost Basis | Unrealized Gain | Fair Value | ||||||||||
As of March 31, 2019 | ||||||||||||
Short-term investments | ||||||||||||
Certificates of deposit | $ | 31.5 | $ | — | $ | 31.5 | ||||||
Long-term investments | ||||||||||||
Assets held in a rabbi trust | $ | 6.1 | $ | 0.5 | $ | 6.6 | ||||||
As of December 31, 2018 | ||||||||||||
Short-term investments | ||||||||||||
Certificates of deposit | $ | 33.5 | $ | — | $ | 33.5 | ||||||
Long-term investments | ||||||||||||
Assets held in a rabbi trust | $ | 6.5 | $ | (0.2 | ) | $ | 6.3 |
Eurasia Banking | Americas Banking | Retail | Total | ||||||||||||
Goodwill | $ | 639.4 | $ | 462.9 | $ | 305.5 | $ | 1,407.8 | |||||||
Accumulated impairment losses | (168.7 | ) | (122.0 | ) | — | (290.7 | ) | ||||||||
Balance at January 1, 2018 | $ | 470.7 | $ | 340.9 | $ | 305.5 | $ | 1,117.1 | |||||||
Transferred to assets held for sale | (0.8 | ) | (0.3 | ) | (45.9 | ) | (47.0 | ) | |||||||
Currency translation adjustment | (10.0 | ) | (8.3 | ) | (7.2 | ) | (25.5 | ) | |||||||
Goodwill | $ | 628.6 | $ | 454.3 | $ | 252.4 | $ | 1,335.3 | |||||||
Impairment | (153.0 | ) | — | (64.5 | ) | (217.5 | ) | ||||||||
Accumulated impairment losses | (321.7 | ) | (122.0 | ) | (64.5 | ) | (508.2 | ) | |||||||
Balance at December 31, 2018 | $ | 306.9 | $ | 332.3 | $ | 187.9 | $ | 827.1 | |||||||
Divestitures | — | — | (3.0 | ) | (3.0 | ) | |||||||||
Currency translation adjustment | (4.2 | ) | (3.5 | ) | (2.8 | ) | (10.5 | ) | |||||||
Goodwill | $ | 624.4 | $ | 450.8 | $ | 246.6 | $ | 1,321.8 | |||||||
Accumulated impairment losses | (321.7 | ) | (122.0 | ) | (64.5 | ) | (508.2 | ) | |||||||
Balance at March 31, 2019 | $ | 302.7 | $ | 328.8 | $ | 182.1 | $ | 813.6 |
March 31, 2019 | December 31, 2018 | |||||||||||||||||||||||
Weighted-average remaining useful lives | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
Customer relationships, net | 6.4 years | $ | 698.8 | $ | (194.2 | ) | $ | 504.6 | $ | 712.2 | $ | (179.1 | ) | $ | 533.1 | |||||||||
Internally-developed software | 1.3 years | 192.5 | (126.2 | ) | 66.3 | 189.6 | (118.9 | ) | 70.7 | |||||||||||||||
Development costs non-software | 1.6 years | 51.5 | (43.0 | ) | 8.5 | 52.5 | (44.3 | ) | 8.2 | |||||||||||||||
Other intangibles | 0.4 years | 78.9 | (69.5 | ) | 9.4 | 79.5 | (66.9 | ) | 12.6 | |||||||||||||||
Other intangible assets, net | 322.9 | (238.7 | ) | 84.2 | 321.6 | (230.1 | ) | 91.5 | ||||||||||||||||
Total | $ | 1,021.7 | $ | (432.9 | ) | $ | 588.8 | $ | 1,033.8 | $ | (409.2 | ) | $ | 624.6 |
2019 | 2018 | |||||||
Balance at January 1 | $ | 40.1 | $ | 76.7 | ||||
Current period accruals | 3.9 | 7.5 | ||||||
Current period settlements | (6.0 | ) | (19.0 | ) | ||||
Currency translation adjustment | (0.3 | ) | 1.5 | |||||
Balance at March 31 | $ | 37.7 | $ | 66.7 |
Three Months Ended | ||||||||
March 31, | ||||||||
2019 | 2018 | |||||||
Cost of sales – services | $ | 1.5 | $ | 2.0 | ||||
Cost of sales – products | — | 0.6 | ||||||
Selling and administrative expense | 2.2 | 1.3 | ||||||
Research, development and engineering expense | 0.1 | — | ||||||
Total | $ | 3.8 | $ | 3.9 |
Three Months Ended | ||||||||
March 31, | ||||||||
2019 | 2018 | |||||||
Severance | ||||||||
Eurasia Banking | $ | 1.5 | $ | 2.5 | ||||
Americas Banking | 0.4 | 0.1 | ||||||
Retail | 0.8 | 0.5 | ||||||
Corporate | 1.1 | 0.8 | ||||||
Total severance | $ | 3.8 | $ | 3.9 |
Severance | |||||||||||||||
DN Now | DN2020 Plan | Strategic Alliance | Total | ||||||||||||
Eurasia Banking | $ | 34.8 | $ | 51.5 | $ | 8.2 | $ | 94.5 | |||||||
Americas Banking | 9.0 | 13.6 | — | 22.6 | |||||||||||
Retail | 13.3 | 15.6 | — | 28.9 | |||||||||||
Corporate | 5.6 | 15.1 | — | 20.7 | |||||||||||
Total | $ | 62.7 | $ | 95.8 | $ | 8.2 | $ | 166.7 |
2019 | 2018 | |||||||
Balance at January 1 | $ | 56.9 | $ | 54.0 | ||||
Liabilities incurred | 3.8 | 3.9 | ||||||
Liabilities paid/settled | (22.1 | ) | (10.2 | ) | ||||
Balance at March 31 | $ | 38.6 | $ | 47.7 |
March 31, 2019 | December 31, 2018 | |||||||
Notes payable | ||||||||
Uncommitted lines of credit | $ | 18.4 | $ | 20.9 | ||||
Term Loan A-1 Facility | 16.3 | 16.3 | ||||||
Term Loan B Facility - USD | 4.8 | 4.8 | ||||||
Term Loan B Facility - Euro | 4.7 | 4.8 | ||||||
Other | 3.0 | 2.7 | ||||||
$ | 47.2 | $ | 49.5 | |||||
Long-term debt | ||||||||
Revolving Facility | $ | 135.0 | $ | 125.0 | ||||
Term Loan A Facility | 126.3 | 126.3 | ||||||
Delayed Draw Term Loan A Facility | 160.5 | 160.5 | ||||||
Term Loan A-1 Facility | 621.6 | 625.6 | ||||||
Term Loan B Facility - USD | 412.0 | 413.2 | ||||||
Term Loan B Facility - Euro | 402.9 | 411.9 | ||||||
2024 Senior Notes | 400.0 | 400.0 | ||||||
Other | 2.6 | 2.4 | ||||||
2,260.9 | 2,264.9 | |||||||
Long-term deferred financing fees | (69.7 | ) | (74.9 | ) | ||||
$ | 2,191.2 | $ | 2,190.0 |
Three Months Ended | ||||||||
March 31, | ||||||||
2019 | 2018 | |||||||
Revolving credit facility borrowings (repayments), net | $ | 10.0 | $ | (75.0 | ) | |||
Other debt borrowings | ||||||||
International short-term uncommitted lines of credit borrowings | $ | 5.0 | $ | 26.0 | ||||
Other debt repayments | ||||||||
Payments on Term Loan A Facility under the Credit Agreement | $ | — | $ | (5.8 | ) | |||
Payments on Delayed Draw Term Loan A Facility under the Credit Agreement | — | (3.1 | ) | |||||
Payments Term Loan A-1 Facility under the Credit Agreement | (4.0 | ) | — | |||||
Payments on Term Loan B Facility - USD under the Credit Agreement | (1.2 | ) | (1.2 | ) | ||||
Payments on Term Loan B Facility - Euro under the Credit Agreement | (1.2 | ) | (1.3 | ) | ||||
International short-term uncommitted lines of credit and other repayments | (10.4 | ) | (20.3 | ) | ||||
$ | (16.8 | ) | $ | (31.7 | ) |
• | a maximum allowable total net debt to adjusted EBITDA leverage ratio of 7.00 to 1.00 as of December 31, 2018 (reducing to 6.50 on June 30, 2020, 6.25 on December 31, 2020, 6.00 on June 30, 2021, and 5.75 on December 31, 2021); and |
• | a minimum adjusted EBITDA to net interest expense coverage ratio of not less than 1.38 to 1.00 (increasing to 1.50 on December 31, 2020, and 1.63 on December 31, 2021). |
Financing and Replacement Facilities | Interest Rate Index and Margin | Maturity/Termination Dates | Initial Term (Years) | |||
Credit Agreement facilities | ||||||
Revolving Facility | LIBOR + 3.50% | December 2020 | 5 | |||
Term Loan A Facility | LIBOR + 3.50% | December 2020 | 5 | |||
Delayed Draw Term Loan A Facility | LIBOR + 3.50% | December 2020 | 5 | |||
Term Loan A-1 Facility | LIBOR + 9.25% | August 2022 | 4 | |||
Term Loan B Facility - USD | LIBOR(i) + 2.75% | November 2023 | 7.5 | |||
Term Loan B Facility - Euro | EURIBOR(ii) + 3.00% | November 2023 | 7.5 | |||
2024 Senior Notes | 8.5% | April 2024 | 8 |
(i) | LIBOR with a floor of 0.0%. |
(ii) | EURIBOR with a floor of 0.0%. |
2019 | 2018 | |||||||
Balance at January 1 | $ | 130.4 | $ | 492.1 | ||||
Other comprehensive income | (1.7 | ) | — | |||||
Redemption value adjustment | (18.6 | ) | 17.5 | |||||
Redemption of shares | (10.3 | ) | — | |||||
Balance at March 31 | $ | 99.8 | $ | 509.6 |
Accumulated Other Comprehensive Income (Loss) | Total Diebold Nixdorf, Incorporated Shareholders' Equity | |||||||||||||||||||||||||||||||
Common Shares | Additional Capital | Retained Earnings | Treasury Shares | Non-controlling Interests | Total Equity | |||||||||||||||||||||||||||
Balance, December 31, 2017 | $ | 113.2 | $ | 721.5 | $ | 374.5 | $ | (567.4 | ) | $ | (196.3 | ) | $ | 445.5 | $ | 36.8 | $ | 482.3 | ||||||||||||||
Net income (loss) | (73.2 | ) | (73.2 | ) | 7.6 | (65.6 | ) | |||||||||||||||||||||||||
Other comprehensive income (loss) | (9.2 | ) | (9.2 | ) | — | (9.2 | ) | |||||||||||||||||||||||||
Share-based compensation issued | 0.6 | (0.6 | ) | — | — | |||||||||||||||||||||||||||
Share-based compensation expense | 13.7 | 13.7 | 13.7 | |||||||||||||||||||||||||||||
Dividends paid | (7.7 | ) | (7.7 | ) | (7.7 | ) | ||||||||||||||||||||||||||
Accounting principle change | 33.6 | 33.6 | 33.6 | |||||||||||||||||||||||||||||
Treasury shares | (2.5 | ) | (2.5 | ) | (2.5 | ) | ||||||||||||||||||||||||||
Reclassification of guaranteed dividend to accrued liabilities | — | (4.4 | ) | (4.4 | ) | |||||||||||||||||||||||||||
Distribution noncontrolling interest holders, net | — | (0.5 | ) | (0.5 | ) | |||||||||||||||||||||||||||
Acquisitions and divestitures, net | — | (3.3 | ) | (3.3 | ) | |||||||||||||||||||||||||||
Balance, March 31, 2018 | $ | 113.8 | $ | 734.6 | $ | 327.2 | $ | (569.9 | ) | $ | (205.5 | ) | $ | 400.2 | $ | 36.2 | $ | 436.4 | ||||||||||||||
Balance, December 31, 2018 | $ | 114.2 | $ | 741.8 | $ | (168.3 | ) | $ | (570.4 | ) | $ | (303.7 | ) | $ | (186.4 | ) | $ | 26.8 | $ | (159.6 | ) | |||||||||||
Net income (loss) | (132.7 | ) | (132.7 | ) | 0.8 | (131.9 | ) | |||||||||||||||||||||||||
Other comprehensive income (loss) | (1.1 | ) | (1.1 | ) | 2.7 | 1.6 | ||||||||||||||||||||||||||
Share-based compensation issued | 0.7 | (0.7 | ) | — | — | |||||||||||||||||||||||||||
Share-based compensation expense | 9.3 | 9.3 | 9.3 | |||||||||||||||||||||||||||||
Treasury shares | (1.1 | ) | (1.1 | ) | (1.1 | ) | ||||||||||||||||||||||||||
Reclassification of guaranteed dividend to accrued liabilities | — | (0.6 | ) | (0.6 | ) | |||||||||||||||||||||||||||
Reclassifications of redeemable noncontrolling interest | 10.6 | 10.6 | — | 10.6 | ||||||||||||||||||||||||||||
Acquisitions and divestitures, net | — | (3.0 | ) | (3.0 | ) | |||||||||||||||||||||||||||
Balance, March 31, 2019 | $ | 114.9 | $ | 761.0 | $ | (301.0 | ) | $ | (571.5 | ) | $ | (304.8 | ) | $ | (301.4 | ) | $ | 26.7 | $ | (274.7 | ) |
Translation | Foreign Currency Hedges | Interest Rate Hedges | Pension and Other Post-retirement Benefits | Other | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||
Balance at January 1, 2019 | $ | (191.5 | ) | $ | (1.9 | ) | $ | 10.6 | $ | (121.0 | ) | $ | 0.1 | $ | (303.7 | ) | ||||||||
Other comprehensive income (loss) before reclassifications (1) | 1.7 | (0.6 | ) | (2.3 | ) | — | 0.1 | (1.1 | ) | |||||||||||||||
Amounts reclassified from AOCI | — | — | 0.5 | (0.5 | ) | — | — | |||||||||||||||||
Net current-period other comprehensive income (loss) | 1.7 | (0.6 | ) | (1.8 | ) | (0.5 | ) | 0.1 | (1.1 | ) | ||||||||||||||
Balance at March 31, 2019 | $ | (189.8 | ) | $ | (2.5 | ) | $ | 8.8 | $ | (121.5 | ) | $ | 0.2 | $ | (304.8 | ) |
Translation | Foreign Currency Hedges | Interest Rate Hedges | Pension and Other Post-retirement Benefits | Other | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||
Balance at January 1, 2018 | $ | (116.8 | ) | $ | (5.1 | ) | $ | 8.1 | $ | (82.6 | ) | $ | 0.1 | $ | (196.3 | ) | ||||||||
Adoption of accounting standards (1) | (9.1 | ) | (1.0 | ) | 1.3 | (20.2 | ) | — | $ | (29.0 | ) | |||||||||||||
Other comprehensive income (loss) before reclassifications | 18.2 | (2.8 | ) | 2.2 | — | — | 17.6 | |||||||||||||||||
Amounts reclassified from AOCI | — | — | 0.4 | 1.8 | — | 2.2 | ||||||||||||||||||
Net current-period other comprehensive income (loss) | 9.1 | (3.8 | ) | 3.9 | (18.4 | ) | — | (9.2 | ) | |||||||||||||||
Balance at March 31, 2018 | $ | (107.7 | ) | $ | (8.9 | ) | $ | 12.0 | $ | (101.0 | ) | $ | 0.1 | $ | (205.5 | ) |
Three Months Ended | Affected Line Item in the Statement of Operations | |||||||||
2019 | 2018 | |||||||||
Interest rate hedges | $ | 0.5 | $ | 0.4 | Interest expense | |||||
Pension and post-retirement benefits: | ||||||||||
Net actuarial (loss) gain amortization (net of tax of $(0.3) and $(0.4), respectively) | (0.5 | ) | 1.8 | (1) | ||||||
Total reclassifications for the period | $ | — | $ | 2.2 |
(1) | Pension and other post-retirement benefits AOCI components are included in the computation of net periodic benefit cost (refer to note 16). |
Pension Benefits | ||||||||||||||||||||||||
U.S.Plans | Non-U.S. Plans | Other Benefits | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
Components of net periodic benefit cost | ||||||||||||||||||||||||
Service cost | $ | 0.9 | $ | 1.0 | $ | 2.5 | $ | 2.8 | $ | — | $ | — | ||||||||||||
Interest cost | 5.5 | 5.2 | 1.6 | 1.6 | 0.1 | 0.1 | ||||||||||||||||||
Expected return on plan assets | (6.2 | ) | (6.2 | ) | (3.1 | ) | (2.7 | ) | — | — | ||||||||||||||
Recognized net actuarial loss | 1.3 | 1.6 | (0.4 | ) | (0.2 | ) | — | — | ||||||||||||||||
Net periodic pension benefit cost | $ | 1.5 | $ | 1.6 | $ | 0.6 | $ | 1.5 | $ | 0.1 | $ | 0.1 |
Derivative instrument | Classification on condensed consolidated statements of operations | Three Months Ended | ||||||||
March 31, | ||||||||||
2019 | 2018 | |||||||||
Non-designated hedges and interest rate swaps | Interest expense | $ | 1.1 | $ | (0.3 | ) | ||||
Foreign exchange forward contracts and cash flow hedges | Net sales | (0.1 | ) | 2.6 | ||||||
Foreign exchange forward contracts and cash flow hedges | Cost of sales | — | (0.1 | ) | ||||||
Foreign exchange forward contracts and cash flow hedges | Foreign exchange gain (loss), net | 0.2 | (0.2 | ) | ||||||
Total | $ | 1.2 | $ | 2.0 |
Foreign Currency Derivative | Number of Instruments | Notional Sold | Notional Purchased | ||||||||
Currency forward agreements (EUR-GBP) | 12 | 27.5 | GBP | 30.9 | EUR |
March 31, 2019 | December 31, 2018 | |||||||||||||||||||||||||
Fair Value Measurements Using | Fair Value Measurements Using | |||||||||||||||||||||||||
Classification on condensed consolidated Balance Sheets | Fair Value | Level 1 | Level 2 | Fair Value | Level 1 | Level 2 | ||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Short-term investments | ||||||||||||||||||||||||||
Certificates of deposit | Short-term investments | $ | 31.5 | $ | 31.5 | $ | — | $ | 33.5 | $ | 33.5 | $ | — | |||||||||||||
Assets held in rabbi trusts | Securities and other investments | 6.6 | 6.6 | — | 6.3 | 6.3 | — | |||||||||||||||||||
Foreign exchange forward contracts | Other current assets | 1.7 | — | 1.7 | 3.4 | — | 3.4 | |||||||||||||||||||
Interest rate swaps | Other current assets | 4.6 | — | 4.6 | 5.3 | — | 5.3 | |||||||||||||||||||
Interest rate swaps | Securities and other investments | 2.8 | — | 2.8 | 4.8 | — | 4.8 | |||||||||||||||||||
Total | $ | 47.2 | $ | 38.1 | $ | 9.1 | $ | 53.3 | $ | 39.8 | $ | 13.5 | ||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Foreign exchange forward contracts | Other current liabilities | $ | 5.3 | $ | — | $ | 5.3 | $ | 3.1 | $ | — | $ | 3.1 | |||||||||||||
Interest rate swaps | Other current liabilities | 3.6 | — | 3.6 | 3.6 | — | 3.6 | |||||||||||||||||||
Deferred compensation | Other liabilities | 6.6 | 6.6 | — | 6.3 | 6.3 | — | |||||||||||||||||||
Total | $ | 15.5 | $ | 6.6 | $ | 8.9 | $ | 13.0 | $ | 6.3 | $ | 6.7 |
March 31, 2019 | December 31, 2018 | |||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | |||||||||
2024 Senior Notes | 358.0 | 400.0 | 242.0 | 400.0 |
Three Months Ended | ||||||||
March 31, | ||||||||
2019 | 2018 | |||||||
Net sales summary by segment | ||||||||
Eurasia Banking | $ | 382.6 | $ | 435.1 | ||||
Americas Banking | 362.7 | 333.7 | ||||||
Retail | 282.8 | 295.4 | ||||||
Total revenue | $ | 1,028.1 | $ | 1,064.2 | ||||
Intersegment revenue | ||||||||
Eurasia Banking | $ | 55.2 | $ | 31.0 | ||||
Americas Banking | 2.2 | 5.5 | ||||||
Total intersegment revenue | $ | 57.4 | $ | 36.5 | ||||
Segment operating profit | ||||||||
Eurasia Banking | $ | 33.7 | $ | 19.5 | ||||
Americas Banking | 18.5 | 5.0 | ||||||
Retail | 8.1 | 10.2 | ||||||
Total segment operating profit | 60.3 | 34.7 | ||||||
Corporate charges not allocated to segments (1) | (33.2 | ) | (17.1 | ) | ||||
Restructuring charges | (3.8 | ) | (3.9 | ) | ||||
Net non-routine expense | (47.8 | ) | (37.2 | ) | ||||
(84.8 | ) | (58.2 | ) | |||||
Operating loss | (24.5 | ) | (23.5 | ) | ||||
Other income (expense) | (46.6 | ) | (24.0 | ) | ||||
Loss before taxes | $ | (71.1 | ) | $ | (47.5 | ) |
(1) | Corporate charges not allocated to segments include headquarter-based costs associated with procurement, human resources, compensation and benefits, finance and accounting, global development/engineering, global strategy/mergers and acquisitions, global IT, tax, treasury and legal. |
Three Months Ended | ||||||||
March 31, | ||||||||
2019 | 2018 | |||||||
Segments | ||||||||
Eurasia Banking | ||||||||
Services | $ | 247.0 | $ | 279.2 | ||||
Products | 135.6 | 155.9 | ||||||
Total Eurasia Banking | 382.6 | 435.1 | ||||||
Americas Banking | ||||||||
Services | 240.8 | 251.2 | ||||||
Products | 121.9 | 82.5 | ||||||
Total Americas Banking | 362.7 | 333.7 | ||||||
Retail | ||||||||
Services | 140.9 | 159.9 | ||||||
Products | 141.9 | 135.5 | ||||||
Total Retail | 282.8 | 295.4 | ||||||
Total net sales | $ | 1,028.1 | $ | 1,064.2 |
Timing of revenue recognition | 2019 | 2018 | ||||
Products transferred at a point in time | 39 | % | 35 | % | ||
Products and services transferred over time | 61 | % | 65 | % | ||
Net sales | 100 | % | 100 | % |
(i) | Diebold Nixdorf, Incorporated (the Parent Company), the issuer of the guaranteed obligations; |
(ii) | Domestic guarantor subsidiaries, on a combined basis, as specified in the indenture governing the Company's obligations under the 2024 Senior Notes; |
(iii) | Foreign guarantor subsidiary, as specified in the indenture governing the Company's obligations under the 2024 Senior Notes; |
(iv) | Non-guarantor subsidiaries, on a combined basis; |
(v) | Consolidating entries and eliminations representing adjustments to (a) eliminate intercompany transactions between the Parent Company, the guarantor subsidiaries, the foreign guarantor subsidiary and the non-guarantor subsidiaries, (b) eliminate the investments in its subsidiaries, and (c) record consolidating entries; and |
(vi) | Diebold Nixdorf, Incorporated and Subsidiaries on a consolidated basis. |
Parent | Domestic Guarantor Subsidiaries | Foreign Guarantor Subsidiary | Non- Guarantor Subsidiaries | Consolidating Entries and Eliminations | Consolidated | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Current assets | |||||||||||||||||||||||
Cash, cash equivalents and restricted cash | $ | 14.1 | $ | 3.0 | $ | — | $ | 360.8 | $ | — | $ | 377.9 | |||||||||||
Short-term investments | — | — | — | 31.5 | — | 31.5 | |||||||||||||||||
Trade receivables, net | 117.2 | — | — | 580.5 | — | 697.7 | |||||||||||||||||
Intercompany receivables | 660.3 | 589.3 | — | 724.4 | (1,974.0 | ) | — | ||||||||||||||||
Inventories | 161.7 | — | — | 505.4 | (4.1 | ) | 663.0 | ||||||||||||||||
Prepaid, income taxes and other current assets | 32.8 | 12.6 | — | 334.0 | (12.2 | ) | 367.2 | ||||||||||||||||
Total current assets | 986.1 | 604.9 | — | 2,536.6 | (1,990.3 | ) | 2,137.3 | ||||||||||||||||
Securities and other investments | 18.7 | — | — | — | — | 18.7 | |||||||||||||||||
Property, plant and equipment, net | 75.5 | 0.7 | — | 218.3 | — | 294.5 | |||||||||||||||||
Goodwill | 55.5 | — | — | 758.1 | — | 813.6 | |||||||||||||||||
Deferred income taxes | 106.5 | 6.2 | — | 95.7 | — | 208.4 | |||||||||||||||||
Intangible assets, net | 28.9 | — | — | 559.9 | — | 588.8 | |||||||||||||||||
Investment in subsidiary | 1,738.7 | (1.6 | ) | 419.7 | — | (2,156.8 | ) | — | |||||||||||||||
Long-term intercompany receivables | 617.9 | — | — | — | (617.9 | ) | — | ||||||||||||||||
Other assets | 53.5 | 0.3 | — | 212.2 | — | 266.0 | |||||||||||||||||
Total assets | $ | 3,681.3 | $ | 610.5 | $ | 419.7 | $ | 4,380.8 | $ | (4,765.0 | ) | $ | 4,327.3 | ||||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||
Notes payable | $ | 26.9 | $ | — | $ | — | $ | 20.3 | $ | — | $ | 47.2 | |||||||||||
Accounts payable | 79.6 | 0.1 | — | 412.1 | — | 491.8 | |||||||||||||||||
Intercompany payable | 1,192.2 | 59.8 | 122.5 | 599.5 | (1,974.0 | ) | — | ||||||||||||||||
Deferred revenue | 124.6 | — | — | 318.6 | — | 443.2 | |||||||||||||||||
Payroll and other benefits liabilities | 25.0 | 0.5 | — | 141.7 | — | 167.2 | |||||||||||||||||
Other current liabilities | 151.6 | 0.1 | — | 365.6 | (12.2 | ) | 505.1 | ||||||||||||||||
Total current liabilities | 1,599.9 | 60.5 | 122.5 | 1,857.8 | (1,986.2 | ) | 1,654.5 | ||||||||||||||||
Long-term debt | 2,164.5 | — | — | 26.7 | — | 2,191.2 | |||||||||||||||||
Long-term intercompany payable | — | — | — | 617.9 | (617.9 | ) | — | ||||||||||||||||
Other long-term liabilities | 218.3 | — | — | 438.2 | — | 656.5 | |||||||||||||||||
Commitments and contingencies | — | ||||||||||||||||||||||
Redeemable noncontrolling interests | — | — | — | 99.8 | — | 99.8 | |||||||||||||||||
Total Diebold Nixdorf, Incorporated shareholders' equity | (301.4 | ) | 550.0 | 297.2 | 1,313.7 | (2,160.9 | ) | (301.4 | ) | ||||||||||||||
Noncontrolling interests | — | — | — | 26.7 | — | 26.7 | |||||||||||||||||
Total liabilities, redeemable noncontrolling interests and equity | $ | 3,681.3 | $ | 610.5 | $ | 419.7 | $ | 4,380.8 | $ | (4,765.0 | ) | $ | 4,327.3 |
Parent | Domestic Guarantor Subsidiaries | Foreign Guarantor Subsidiary | Non- Guarantor Subsidiaries | Consolidating Entries and Eliminations | Consolidated | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Current assets | |||||||||||||||||||||||
Cash, cash equivalents and restricted cash | $ | 17.3 | $ | 2.7 | $ | — | $ | 438.4 | $ | — | $ | 458.4 | |||||||||||
Short-term investments | — | — | — | 33.5 | — | 33.5 | |||||||||||||||||
Trade receivables, net | 105.7 | 0.1 | — | 631.4 | — | 737.2 | |||||||||||||||||
Intercompany receivables | 205.3 | 606.3 | — | 536.5 | (1,348.1 | ) | — | ||||||||||||||||
Inventories | 164.8 | — | — | 447.5 | (2.2 | ) | 610.1 | ||||||||||||||||
Prepaid, income taxes and other current assets | 36.8 | 12.7 | — | 340.5 | (25.8 | ) | 364.2 | ||||||||||||||||
Total current assets | 529.9 | 621.8 | — | 2,427.8 | (1,376.1 | ) | 2,203.4 | ||||||||||||||||
Securities and other investments | 22.4 | — | — | — | — | 22.4 | |||||||||||||||||
Property, plant and equipment, net | 76.9 | 0.8 | — | 226.4 | — | 304.1 | |||||||||||||||||
Deferred income taxes | 139.9 | 6.2 | — | 97.8 | — | 243.9 | |||||||||||||||||
Goodwill | 58.1 | — | — | 769.0 | — | 827.1 | |||||||||||||||||
Intangible assets, net | 30.8 | — | — | 593.8 | — | 624.6 | |||||||||||||||||
Investment in subsidiary | 2,702.1 | (0.6 | ) | 1,129.0 | — | (3,830.5 | ) | — | |||||||||||||||
Other assets | 30.2 | 0.4 | — | 69.3 | (13.5 | ) | 86.4 | ||||||||||||||||
Total assets | $ | 3,590.3 | $ | 628.6 | $ | 1,129.0 | $ | 4,184.1 | $ | (5,220.1 | ) | $ | 4,311.9 | ||||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||
Notes payable | $ | 25.7 | $ | 0.1 | $ | — | $ | 23.7 | $ | — | $ | 49.5 | |||||||||||
Accounts payable | 88.1 | — | — | 421.4 | — | 509.5 | |||||||||||||||||
Intercompany payable | 1,030.8 | 60.8 | 120.1 | 136.4 | (1,348.1 | ) | — | ||||||||||||||||
Deferred revenue | 116.6 | 0.1 | — | 261.5 | — | 378.2 | |||||||||||||||||
Payroll and other benefits liabilities | 26.7 | 1.3 | — | 156.3 | — | 184.3 | |||||||||||||||||
Other current liabilities | 114.2 | 1.5 | — | 352.4 | (21.2 | ) | 446.9 | ||||||||||||||||
Total current liabilities | 1,402.1 | 63.8 | 120.1 | 1,351.7 | (1,369.3 | ) | 1,568.4 | ||||||||||||||||
Long-term debt | 2,172.5 | — | — | 17.5 | — | 2,190.0 | |||||||||||||||||
Other long-term liabilities | 202.1 | — | — | 398.6 | (18.0 | ) | 582.7 | ||||||||||||||||
Redeemable noncontrolling interests | — | — | — | 130.4 | — | 130.4 | |||||||||||||||||
Total Diebold Nixdorf, Incorporated shareholders' equity | (186.4 | ) | 564.8 | 1,008.9 | 2,259.1 | (3,832.8 | ) | (186.4 | ) | ||||||||||||||
Noncontrolling interests | — | — | — | 26.8 | — | 26.8 | |||||||||||||||||
Total liabilities, redeemable noncontrolling interests and equity | $ | 3,590.3 | $ | 628.6 | $ | 1,129.0 | $ | 4,184.1 | $ | (5,220.1 | ) | $ | 4,311.9 |
Parent | Domestic Guarantor Subsidiaries | Foreign Guarantor Subsidiary | Non- Guarantor Subsidiaries | Consolidating Entries and Eliminations | Consolidated | ||||||||||||||||||
Net sales | $ | 295.5 | $ | 0.1 | $ | — | $ | 851.3 | $ | (118.8 | ) | $ | 1,028.1 | ||||||||||
Cost of sales | 243.0 | 0.2 | — | 650.9 | (110.1 | ) | 784.0 | ||||||||||||||||
Gross profit (loss) | 52.5 | (0.1 | ) | — | 200.4 | (8.7 | ) | 244.1 | |||||||||||||||
Selling and administrative expense | 84.0 | 1.1 | — | 143.2 | — | 228.3 | |||||||||||||||||
Research, development and engineering expense | 1.2 | 8.8 | — | 31.5 | (4.6 | ) | 36.9 | ||||||||||||||||
Loss on sale of assets, net | — | — | — | 3.4 | — | 3.4 | |||||||||||||||||
85.2 | 9.9 | — | 178.1 | (4.6 | ) | 268.6 | |||||||||||||||||
Operating (loss) income | (32.7 | ) | (10.0 | ) | — | 22.3 | (4.1 | ) | (24.5 | ) | |||||||||||||
Other income (expense) | |||||||||||||||||||||||
Interest income | 0.9 | — | — | 2.0 | — | 2.9 | |||||||||||||||||
Interest expense | (47.5 | ) | — | — | (3.4 | ) | — | (50.9 | ) | ||||||||||||||
Foreign exchange (loss) gain, net | (1.4 | ) | — | — | 4.2 | — | 2.8 | ||||||||||||||||
Miscellaneous, net | 12.6 | 0.3 | (1.7 | ) | (9.8 | ) | (2.8 | ) | (1.4 | ) | |||||||||||||
(Loss) income before taxes | (68.1 | ) | (9.7 | ) | (1.7 | ) | 15.3 | (6.9 | ) | (71.1 | ) | ||||||||||||
Income tax expense | 41.0 | (6.4 | ) | 0.7 | 25.1 | — | 60.4 | ||||||||||||||||
Equity in earnings of subsidiaries | (23.6 | ) | (1.0 | ) | 19.8 | (0.4 | ) | 4.8 | (0.4 | ) | |||||||||||||
Net (loss) income | (132.7 | ) | (4.3 | ) | 17.4 | (10.2 | ) | (2.1 | ) | (131.9 | ) | ||||||||||||
Net income attributable to noncontrolling interests | — | — | — | 0.8 | — | 0.8 | |||||||||||||||||
Net (loss) income attributable to Diebold Nixdorf, Incorporated | $ | (132.7 | ) | $ | (4.3 | ) | $ | 17.4 | $ | (11.0 | ) | $ | (2.1 | ) | $ | (132.7 | ) | ||||||
Comprehensive (loss) income | $ | (133.8 | ) | $ | (4.3 | ) | $ | 19.5 | $ | (40.6 | ) | $ | 28.9 | $ | (130.3 | ) | |||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | — | 3.5 | — | 3.5 | |||||||||||||||||
Comprehensive (loss) income attributable to Diebold Nixdorf, Incorporated | $ | (133.8 | ) | $ | (4.3 | ) | $ | 19.5 | $ | (44.1 | ) | $ | 28.9 | $ | (133.8 | ) |
Parent | Domestic Guarantor Subsidiaries | Foreign Guarantor Subsidiary | Non- Guarantor Subsidiaries | Consolidating Entries and Eliminations | Consolidated | ||||||||||||||||||
Net sales | $ | 252.5 | $ | 0.2 | $ | — | $ | 864.6 | $ | (53.1 | ) | $ | 1,064.2 | ||||||||||
Cost of sales | 208.9 | 0.4 | — | 658.4 | (41.9 | ) | 825.8 | ||||||||||||||||
Gross profit (loss) | 43.6 | (0.2 | ) | — | 206.2 | (11.2 | ) | 238.4 | |||||||||||||||
Selling and administrative expense | 75.7 | 1.2 | 0.2 | 150.8 | — | 227.9 | |||||||||||||||||
Research, development and engineering expense | 0.7 | 11.3 | — | 35.3 | (5.6 | ) | 41.7 | ||||||||||||||||
Gain on sale of assets, net | (4.4 | ) | — | — | (3.3 | ) | — | (7.7 | ) | ||||||||||||||
72.0 | 12.5 | 0.2 | 182.8 | (5.6 | ) | 261.9 | |||||||||||||||||
Operating (loss) income | (28.4 | ) | (12.7 | ) | (0.2 | ) | 23.4 | (5.6 | ) | (23.5 | ) | ||||||||||||
Other income (expense) | |||||||||||||||||||||||
Interest income | 0.2 | — | — | 3.3 | — | 3.5 | |||||||||||||||||
Interest expense | (24.8 | ) | — | — | (1.2 | ) | — | (26.0 | ) | ||||||||||||||
Foreign exchange (loss) gain, net | (3.0 | ) | — | — | 1.6 | — | (1.4 | ) | |||||||||||||||
Miscellaneous, net | (1.3 | ) | 1.5 | (0.9 | ) | 0.6 | — | (0.1 | ) | ||||||||||||||
Loss before taxes | (57.3 | ) | (11.2 | ) | (1.1 | ) | 27.7 | (5.6 | ) | (47.5 | ) | ||||||||||||
Income tax expense | (28.6 | ) | (20.6 | ) | 1.9 | 66.5 | — | 19.2 | |||||||||||||||
Equity in earnings of subsidiaries | (44.5 | ) | — | 8.7 | 1.1 | 35.8 | 1.1 | ||||||||||||||||
Net (loss) income | (73.2 | ) | 9.4 | 5.7 | (37.7 | ) | 30.2 | (65.6 | ) | ||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | 7.6 | — | 7.6 | |||||||||||||||||
Net (loss) income attributable to Diebold Nixdorf, Incorporated | $ | (73.2 | ) | $ | 9.4 | $ | 5.7 | $ | (45.3 | ) | $ | 30.2 | $ | (73.2 | ) | ||||||||
Comprehensive (loss) income | $ | (82.4 | ) | $ | 9.4 | $ | 5.7 | $ | (7.6 | ) | $ | 0.1 | $ | (74.8 | ) | ||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | — | 7.6 | — | 7.6 | |||||||||||||||||
Comprehensive (loss) income attributable to Diebold Nixdorf, Incorporated | $ | (82.4 | ) | $ | 9.4 | $ | 5.7 | $ | (15.2 | ) | $ | 0.1 | $ | (82.4 | ) |
Parent | Domestic Guarantor Subsidiaries | Foreign Guarantor Subsidiary | Non- Guarantor Subsidiaries | Consolidating Entries and Eliminations | Consolidated | ||||||||||||||||||
Net cash provided (used) by operating activities | $ | 15.3 | $ | (12.5 | ) | $ | — | $ | (59.9 | ) | $ | — | $ | (57.1 | ) | ||||||||
Cash flow from investing activities | |||||||||||||||||||||||
Capital expenditures | (1.1 | ) | — | — | (13.6 | ) | — | (14.7 | ) | ||||||||||||||
Proceeds from maturities of investments | 2.0 | — | — | 50.7 | — | 52.7 | |||||||||||||||||
Payments for purchases of investments | — | — | — | (48.3 | ) | — | (48.3 | ) | |||||||||||||||
Proceeds from sale of assets | — | — | — | 4.2 | — | 4.2 | |||||||||||||||||
Increase in certain other assets | (1.6 | ) | — | — | (3.8 | ) | — | (5.4 | ) | ||||||||||||||
Capital contributions and loans paid | (16.5 | ) | — | — | — | 16.5 | — | ||||||||||||||||
Proceeds from intercompany loans | 6.4 | — | — | — | (6.4 | ) | — | ||||||||||||||||
Net cash provided (used) by investing activities | (10.8 | ) | — | — | (10.8 | ) | 10.1 | (11.5 | ) | ||||||||||||||
Cash flow from financing activities | |||||||||||||||||||||||
Revolving credit facility (repayments) borrowings, net | — | — | — | 10.0 | — | 10.0 | |||||||||||||||||
Other debt borrowings | — | — | — | 5.0 | — | 5.0 | |||||||||||||||||
Other debt repayments | (6.6 | ) | — | — | (10.2 | ) | — | (16.8 | ) | ||||||||||||||
Distributions and payments to noncontrolling interest holders | — | — | — | (11.0 | ) | — | (11.0 | ) | |||||||||||||||
Repurchase of common shares | (1.1 | ) | — | — | — | — | (1.1 | ) | |||||||||||||||
Capital contributions received and loans incurred | — | 16.1 | — | 0.4 | (16.5 | ) | — | ||||||||||||||||
Payments on intercompany loans | — | (3.3 | ) | — | (3.1 | ) | 6.4 | — | |||||||||||||||
Net cash provided (used) by financing activities | (7.7 | ) | 12.8 | — | (8.9 | ) | (10.1 | ) | (13.9 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (0.5 | ) | — | (0.5 | ) | |||||||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | (3.2 | ) | 0.3 | — | (80.1 | ) | — | (83.0 | ) | ||||||||||||||
Add: Cash included in assets held for sale at beginning of period | — | — | — | 7.3 | — | 7.3 | |||||||||||||||||
Less: Cash included in assets held for sale at end of period | — | — | — | 4.8 | — | 4.8 | |||||||||||||||||
Cash, cash equivalents and restricted cash at the beginning of the period | 17.3 | 2.7 | — | 438.4 | — | 458.4 | |||||||||||||||||
Cash, cash equivalents and restricted cash at the end of the period | $ | 14.1 | $ | 3.0 | $ | — | $ | 360.8 | $ | — | $ | 377.9 |
Parent | Domestic Guarantor Subsidiaries | Foreign Guarantor Subsidiary | Non- Guarantor Subsidiaries | Consolidating Entries and Eliminations | Consolidated | ||||||||||||||||||
Net cash used by operating activities | $ | (31.8 | ) | $ | (3.0 | ) | $ | (0.2 | ) | $ | (107.3 | ) | $ | — | $ | (142.3 | ) | ||||||
Cash flow from investing activities | |||||||||||||||||||||||
Capital expenditures | (2.3 | ) | (0.1 | ) | — | (17.8 | ) | — | (20.2 | ) | |||||||||||||
Payments for acquisitions | — | — | — | (5.8 | ) | — | (5.8 | ) | |||||||||||||||
Proceeds from maturities of investments | 1.0 | — | — | 103.6 | — | 104.6 | |||||||||||||||||
Payments for purchases of investments | — | — | — | (45.5 | ) | — | (45.5 | ) | |||||||||||||||
Proceeds from sale of assets | 8.6 | — | — | 0.6 | — | 9.2 | |||||||||||||||||
Increase in certain other assets | (2.5 | ) | 0.8 | — | (7.4 | ) | — | (9.1 | ) | ||||||||||||||
Capital contributions and loans paid | (12.1 | ) | — | — | — | 12.1 | — | ||||||||||||||||
Proceeds from intercompany loans | 9.3 | — | — | — | (9.3 | ) | — | ||||||||||||||||
Net cash provided by investing activities | 2.0 | 0.7 | — | 27.7 | 2.8 | 33.2 | |||||||||||||||||
Cash flow from financing activities | |||||||||||||||||||||||
Dividends paid | (7.7 | ) | — | — | — | — | (7.7 | ) | |||||||||||||||
Revolving credit facility (repayments) borrowings, net | — | — | — | (75.0 | ) | — | (75.0 | ) | |||||||||||||||
Other debt borrowings | — | — | — | 26.0 | — | 26.0 | |||||||||||||||||
Other debt repayments | (11.3 | ) | (0.1 | ) | — | (20.3 | ) | — | (31.7 | ) | |||||||||||||
Distributions and payments to noncontrolling interest holders | — | — | — | (0.5 | ) | — | (0.5 | ) | |||||||||||||||
Repurchase of common shares | (2.5 | ) | — | — | — | — | (2.5 | ) | |||||||||||||||
Capital contributions received and loans incurred | — | 12.1 | — | — | (12.1 | ) | — | ||||||||||||||||
Payments on intercompany loans | — | (9.3 | ) | — | — | 9.3 | — | ||||||||||||||||
Net cash provided (used) by financing activities | (21.5 | ) | 2.7 | — | (69.8 | ) | (2.8 | ) | (91.4 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 21.5 | — | 21.5 | |||||||||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | (51.3 | ) | 0.4 | (0.2 | ) | (127.9 | ) | — | (179.0 | ) | |||||||||||||
Cash, cash equivalents and restricted cash at the beginning of the period | 58.5 | 2.3 | 0.2 | 482.2 | — | 543.2 | |||||||||||||||||
Cash, cash equivalents and restricted cash at the end of the period | $ | 7.2 | $ | 2.7 | $ | — | $ | 354.3 | $ | — | $ | 364.2 |
• | Elected four new independent members to the Company's Board of Directors, continuing to refresh the Board to align with the Company's strategy and opportunities |
• | Executed a five-year agreement valued at more than $60 with one of the world’s largest fuel and convenience retailers to deploy a new, centralized card acceptance platform. The contract includes software licenses, professional and maintenance services for stores in 10 European markets |
• | Agreed to an $18 contract with a French retailers' supermarket cooperative for 600 self-checkout (SCO) systems and a four-year services contract |
• | Won Windows 10 ATM product upgrades with several financial institutions, including an agreement with KeyBank to digitally transform more than 1,400 self-service devices with DN VynamicTM software |
• | Expanded a partnership with a major Belgian bank to upgrade more than 2,400 devices and cash recyclers to Windows 10, leveraging DN AllConnect ServicesSM and the DN Vynamic software suite |
• | Renewed two multi-year services contracts, valued at more than $90, with a top-three financial institution in the U.S. and a top-tier bank in Western Europe |
• | Secured a systems and services agreement with Halkbank in Turkey, including 250 cash recyclers, to expand its ATM fleet and improve the customer experience |
• | Awarded a project with Bank Pekao in Poland valued at more than $4, which includes nearly 230 cash recyclers |
• | Transitioning to a streamlined and customer-centric operating model |
• | Implementing a services modernization plan which focuses on upgrading certain customer touchpoints, automating incident reporting and response, and standardizing service offerings and internal processes |
• | Streamlining the product range of ATMs and manufacturing footprint |
• | Improving working capital management through greater focus and efficiency of payables, receivables and inventory |
• | Reducing administrative expenses, including finance, IT and real estate |
• | Increasing sales productivity through improved solution selling, coverage and compensation arrangements |
• | Standardizing back-office processes to automate reporting and better manage risks |
• | Optimizing the portfolio of businesses to improve overall profitability |
• | Demand for services on distributed IT assets such as ATMs, POS and SCO, including managed services and professional services; |
• | Timing of system upgrades and/or replacement cycles for ATMs, POS and SCO; |
• | Demand for software products and professional services; |
• | Demand for security products and services for the financial, retail and commercial sectors; |
• | Demand for innovative technology in connection with the Company's Connected Commerce strategy; |
• | Integration of sales force, business processes, procurement, and internal IT systems; and |
• | Realization of cost reductions, which leverage the Company's global scale, reduce overlap and improve operating efficiencies. |
Three Months Ended | Percent of Total Net Sales for the Three Months Ended | |||||||||||||||||
March 31, | March 31, | |||||||||||||||||
2019 | 2018 | % Change | % Change in CC (1) | 2019 | 2018 | |||||||||||||
Segments | ||||||||||||||||||
Eurasia Banking | ||||||||||||||||||
Services | $ | 247.0 | $ | 279.2 | (11.5 | ) | (4.0 | ) | 24.0 | 26.2 | ||||||||
Products | 135.6 | 155.9 | (13.0 | ) | (4.6 | ) | 13.2 | 14.7 | ||||||||||
Total Eurasia Banking | 382.6 | 435.1 | (12.1 | ) | (4.2 | ) | 37.2 | 40.9 | ||||||||||
Americas Banking | ||||||||||||||||||
Services | 240.8 | 251.2 | (4.1 | ) | (2.7 | ) | 23.4 | 23.6 | ||||||||||
Products | 121.9 | 82.5 | 47.8 | 51.6 | 11.9 | 7.8 | ||||||||||||
Total Americas Banking | 362.7 | 333.7 | 8.7 | 10.6 | 35.3 | 31.4 | ||||||||||||
Retail | ||||||||||||||||||
Services | 140.9 | 159.9 | (11.9 | ) | (4.0 | ) | 13.7 | 15.0 | ||||||||||
Products | 141.9 | 135.5 | 4.7 | 13.8 | 13.8 | 12.7 | ||||||||||||
Total Retail | 282.8 | 295.4 | (4.3 | ) | 4.2 | 27.5 | 27.7 | |||||||||||
Total net sales | $ | 1,028.1 | $ | 1,064.2 | (3.4 | ) | 3.0 | 100.0 | 100.0 |
• | Eurasia Banking net sales decreased $52.5 including a net unfavorable currency impact of $35.7 related primarily to the euro. Excluding currency, net sales decreased $16.8 as services revenue decreased primarily from a maintenance contract roll off with a particular customer in India as well as lower products volume in various Asia Pacific countries, most notably in Taiwan from prior-year non-recurring project volume. Additionally, software revenue decreased slightly due to the divestiture of a non-core business as well as lower professional services activity in Germany. These decreases were partially offset by increased unit replacements in Germany related to Windows 10 upgrades. |
• | Americas Banking net sales increased $29.0 including a net unfavorable currency impact of $5.9 related to the Brazil real. Excluding currency, net sales increased $34.9 primarily due to increased installation volume in Canada and the U.S. as well as improved supply chain management in North America. Increased products volume in the Latin America distributor business, Chile and Ecuador drove higher revenue as well as software license volume in Brazil. Partially offsetting these increases, services revenue declined from lower billed work activity and maintenance contract volume in the U.S. |
• | Retail net sales decreased $12.6 including a net unfavorable currency impact of $24.0 mostly related to the euro. Excluding currency, net sales increased $11.4 primarily from large POS system roll outs in Germany and the United Kingdom (U.K.) in addition to increased kiosk volume in North America, partially offset by lower software and service volume across the EMEA region. |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2019 | 2018 | % Change | |||||||||
Gross profit - services | $ | 155.2 | $ | 167.3 | (7.2 | ) | |||||
Gross profit - products | 88.9 | 71.1 | 25.0 | ||||||||
Total gross profit | $ | 244.1 | $ | 238.4 | 2.4 | ||||||
Gross margin - services | 24.7 | % | 24.2 | % | |||||||
Gross margin - products | 22.3 | % | 19.0 | % | |||||||
Total gross margin | 23.7 | % | 22.4 | % |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2019 | 2018 | % Change | |||||||||
Selling and administrative expense | $ | 228.3 | $ | 227.9 | 0.2 | ||||||
Research, development and engineering expense | 36.9 | 41.7 | (11.5 | ) | |||||||
Loss (gain) on sale of assets, net | 3.4 | (7.7 | ) | N/M | |||||||
Total operating expenses | $ | 268.6 | $ | 261.9 | 2.6 | ||||||
Percent of net sales | 26.1 | % | 24.6 | % |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2019 | 2018 | % Change | |||||||||
Operating loss | $ | (24.5 | ) | $ | (23.5 | ) | (4.3 | ) | |||
Operating margin | (2.4 | )% | (2.2 | )% |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2019 | 2018 | % Change | |||||||||
Interest income | $ | 2.9 | $ | 3.5 | (17.1 | ) | |||||
Interest expense | (50.9 | ) | (26.0 | ) | (95.8 | ) | |||||
Foreign exchange gain (loss), net | 2.8 | (1.4 | ) | N/M | |||||||
Miscellaneous, net | (1.4 | ) | (0.1 | ) | N/M | ||||||
Other income (expense), net | $ | (46.6 | ) | $ | (24.0 | ) | (94.2 | ) |
Three Months Ended | ||||||||||
March 31, | ||||||||||
2019 | 2018 | % Change | ||||||||
Net loss | $ | (131.9 | ) | $ | (65.6 | ) | N/M | |||
Percent of net sales | (12.8 | )% | (6.2 | )% | ||||||
Effective tax rate | (85.0 | )% | (40.4 | )% |
Three Months Ended | |||||||||||
March 31, | |||||||||||
Eurasia Banking: | 2019 | 2018 | % Change | ||||||||
Net sales | $ | 382.6 | $ | 435.1 | (12.1 | ) | |||||
Segment operating profit | $ | 33.7 | $ | 19.5 | 72.8 | ||||||
Segment operating profit margin | 8.8 | % | 4.5 | % |
Three Months Ended | ||||||||||
March 31, | ||||||||||
Americas Banking: | 2019 | 2018 | % Change | |||||||
Net sales | $ | 362.7 | $ | 333.7 | 8.7 | |||||
Segment operating profit | $ | 18.5 | $ | 5.0 | 270.0 | |||||
Segment operating profit margin | 5.1 | % | 1.5 | % |
Three Months Ended | |||||||||||
March 31, | |||||||||||
Retail: | 2019 | 2018 | % Change | ||||||||
Net sales | $ | 282.8 | $ | 295.4 | (4.3 | ) | |||||
Segment operating profit | $ | 8.1 | $ | 10.2 | (20.6 | ) | |||||
Segment operating profit margin | 2.9 | % | 3.5 | % |
March 31, 2019 | December 31, 2018 | |||||||
Cash and cash equivalents (excluding restricted cash) | $ | 284.4 | $ | 353.1 | ||||
Additional cash availability from | ||||||||
Uncommitted lines of credit | 32.4 | 28.0 | ||||||
Revolving Facility | 337.5 | 347.5 | ||||||
Short-term investments | 31.5 | 33.5 | ||||||
Total cash and cash availability | $ | 685.8 | $ | 762.1 |
Summary of cash flows: | 2019 | 2018 | ||||||
Net cash used by operating activities | $ | (57.1 | ) | $ | (142.3 | ) | ||
Net cash (used) provided by investing activities | (11.5 | ) | 33.2 | |||||
Net cash used by financing activities | (13.9 | ) | (91.4 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | (0.5 | ) | 21.5 | |||||
Decrease in cash, cash equivalents and restricted cash | $ | (83.0 | ) | $ | (179.0 | ) |
• | Cash flows from operating activities during the three months ended March 31, 2019 compared to the same period in 2018 were impacted by a $66.3 increase in net loss. Refer to the Results of Operations discussed above for further discussion of the Company's net loss. |
• | The net aggregate of trade receivables, inventories and accounts payable used $42.3 and $111.5 in operating cash flows during the three months ended March 31, 2019 and 2018, respectively. Trade receivables cash provided $33.2 for the three months ended March 31, 2019 compared to an usage of $17.7 for the same period in the prior-year primarily due to improvement in collections in EMEA. Inventory cash use decreased $27.1 compared to the same period in the prior year primarily in EMEA and North America related to management's initiative of streamlining the product portfolio and harvesting inventory. Cash used by accounts payable decreased primarily related to reduced spending in the Americas. |
• | In the aggregate, the other combined certain assets and liabilities provided $41.4 for the three months ended March 31, 2019 compared to a use of $15.8 of operating cash during the same period in 2018. The increase was primarily due to a reduction in prepayments, an increase in deferred revenue cash provided by the collection of customer prepayments, mainly in Brazil and Canada, and lower net value added tax payments as a result of improved refundable utilization. |
• | the ultimate impact of the DPLTA with Diebold Nixdorf AG and the outcome of the appraisal proceedings initiated in connection with the implementation of the DPLTA; |
• | the ultimate outcome and results of integrating the operations of the Company and Diebold Nixdorf AG; |
• | the Company's ability to achieve benefits from its cost-reduction initiatives and other strategic initiatives, such as DN Now, including its planned restructuring actions, as well as its business process outsourcing initiative; |
• | the Company's ability to comply with the covenants contained in the agreements governing its debt; |
• | the ultimate outcome of the Company’s pricing, operating and tax strategies applied to Diebold Nixdorf AG and the ultimate ability to realize cost reductions and synergies; |
• | the Company's ability to successfully operate its strategic alliances in China; |
• | changes in political, economic or other factors such as currency exchange rates, inflation rates, recessionary or expansive trends, taxes and regulations and laws affecting the worldwide business in each of the Company's operations; |
• | the Company’s reliance on suppliers and any potential disruption to the Company’s global supply chain; |
• | the impact of market and economic conditions economic conditions, including any additional deterioration and disruption in the financial and service markets, including the bankruptcies, restructurings or consolidations of financial institutions, which could reduce our customer base and/or adversely affect our customers' ability to make capital expenditures, as well as adversely impact the availability and cost of credit; |
• | interest rate and foreign currency exchange rate fluctuations, including the impact of possible currency devaluations in countries experiencing high inflation rates; |
• | the acceptance of the Company's product and technology introductions in the marketplace; |
• | competitive pressures, including pricing pressures and technological developments; |
• | changes in the Company's relationships with customers, suppliers, distributors and/or partners in its business ventures; |
• | the effect of legislative and regulatory actions in the U.S. and internationally and the Company’s ability to comply with government regulations; |
• | the impact of a security breach or operational failure on the Company's business; |
• | the Company's ability to successfully integrate other acquisitions into its operations; |
• | the Company's success in divesting, reorganizing or exiting non-core and/or non-accretive businesses; |
• | the Company's ability to maintain effective internal controls; |
• | changes in the Company's intention to further repatriate cash and cash equivalents and short-term investments residing in international tax jurisdictions, which could negatively impact foreign and domestic taxes; |
• | unanticipated litigation, claims or assessments, as well as the outcome/impact of any current/pending litigation, claims or assessments; |
• | the investment performance of the Company's pension plan assets, which could require the Company to increase its pension contributions, and significant changes in healthcare costs, including those that may result from government action; and |
• | the amount and timing of repurchases of the Company's common shares, if any. |
• | The Company had ineffective information technology general controls (ITGCs) related to IT systems used for financial reporting by certain entities throughout the organization. The Company did not established effective IT and financial user access controls commensurate with certain job responsibilities. Consequently, automated and manual process level controls over financial reporting which were dependent upon these ITGCs were also ineffective. |
• | The Company had ineffective implementation and operation of controls over inventory valuation related to spare parts and finished goods from canceled orders as the Company did not effectively communicate information to certain locations to allow for the effective operations or implementation of these controls. |
• | The Company had ineffective controls over non-routine transactions as certain controls were not designed at the appropriate level of precision to ensure calculations supporting non-routine transactions were calculated correctly. |
• | Improving our continuous risk assessment process to be responsive to changes in the business operations, personnel and IT developments affecting our financial reporting and related controls; |
• | Improving our timely written communication of changes in financial reporting and related controls affecting both business and financial users; |
• | Revoking the access to IT systems of those individuals that were identified as inappropriate; |
• | Implementing more frequent and improved periodic access reviews that include: all sensitive access and the identification of additional business process owners to be part of the review process and providing the owners with guidance on the key data elements of the review to enhance the precision of the review process; |
• | Implementing consistent inventory valuation controls at all locations and communicate the requirements for effectively operating such controls to all businesses; and |
• | Implementing controls over calculations associated with non-routine transactions at a more precise level of operation. |
Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans (2) | Maximum Number of Shares that May Yet Be Purchased Under the Plans (2) | |||||||||
January | 771 | $ | 3.61 | — | 2,426,177 | ||||||||
February | 188,775 | $ | 5.92 | — | 2,426,177 | ||||||||
March | 3,955 | $ | 6.06 | — | 2,426,177 | ||||||||
Total | 193,501 | $ | 5.91 | — |
(1) | All shares were surrendered or deemed surrendered to the Company in connection with the Company’s share-based compensation plans. |
(2) | The total number of shares repurchased as part of the publicly announced share repurchase plan since its inception was 13,450,772 as of March 31, 2019. The plan was approved by the Board of Directors in 1997. The Company may purchase shares from time to time in open market purchases or privately negotiated transactions. The Company may make all or part of the purchases pursuant to accelerated share repurchases or Rule 10b5-1 plans. The plan has no expiration date. The following table provides a summary of Board of Directors approvals to repurchase the Company’s outstanding common shares: |
Total Number of Shares Approved for Repurchase | ||
1997 | 2,000,000 | |
2004 | 2,000,000 | |
2005 | 6,000,000 | |
2007 | 2,000,000 | |
2011 | 1,876,949 | |
2012 | 2,000,000 | |
15,876,949 |
101.INS | XBRL Instance Document | |
101.SCH | XBRL Taxonomy Extension Schema Document | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
DIEBOLD NIXDORF, INCORPORATED | ||||
Date: | April 30, 2019 | /s/ Gerrard B. Schmid | ||
By: | Gerrard B. Schmid | |||
President and Chief Executive Officer | ||||
(Principal Executive Officer) | ||||
Date: | April 30, 2019 | /s/ Jeffrey Rutherford | ||
By: | Jeffrey Rutherford | |||
Senior Vice President and Chief Financial Officer | ||||
(Principal Financial Officer) | ||||
1) | I have reviewed this quarterly report on Form 10-Q of Diebold Nixdorf, Incorporated; |
2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4) | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5) | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | April 30, 2019 | /s/ Gerrard B. Schmid | |
Gerrard B. Schmid | |||
President and Chief Executive Officer (Principal Executive Officer) |
1) | I have reviewed this quarterly report on Form 10-Q of Diebold Nixdorf, Incorporated; |
2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4) | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5) | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | April 30, 2019 | /s/ Jeffrey Rutherford | |
Jeffrey Rutherford | |||
Senior Vice President and Chief Financial Officer (Principal Financial Officer) |
1 | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2 | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report. |
April 30, 2019 | /s/ Gerrard B. Schmid | ||
Gerrard B. Schmid | |||
President and Chief Executive Officer (Principal Executive Officer) |
1 | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2 | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report. |
April 30, 2019 | /s/ Jeffrey Rutherford | ||
Jeffrey Rutherford | |||
Senior Vice President and Chief Financial Officer (Principal Financial Officer) |
Document and Entity Information - shares |
3 Months Ended | |
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Mar. 31, 2019 |
Apr. 25, 2019 |
|
Entity Information [Line Items] | ||
Entity Registrant Name | DIEBOLD NIXDORF, Inc | |
Entity Central Index Key | 0000028823 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 76,592,453 | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false |
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Current assets | ||
Allowances for doubtful accounts | $ 55.3 | $ 71.7 |
Accumulated depreciation and amortization | $ 513.5 | $ 494.1 |
Diebold Nixdorf, Incorporated shareholders' equity | ||
Preferred shares, par value | $ 0 | $ 0 |
Preferred shares, shares authorized | 1,000,000 | 1,000,000 |
Preferred shares, shares issued | 0 | 0 |
Common shares, par value | $ 1.25 | $ 1.25 |
Common shares, shares authorized | 125,000,000 | 125,000,000 |
Common shares, shares issued | 91,937,394 | 91,345,451 |
Common shares, shares outstanding | 76,572,467 | 76,174,025 |
Treasury shares, at cost, shares | 15,364,927 | 15,152,217 |
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Net loss | $ (131.9) | $ (65.6) |
Other comprehensive income (loss), net of tax | ||
Adoption of accounting standard | 33.6 | |
Other comprehensive loss, net of tax | 1.6 | (9.2) |
Comprehensive loss | (130.3) | (74.8) |
Less: comprehensive income attributable to noncontrolling interests | 3.5 | 7.6 |
Comprehensive loss attributable to Diebold Nixdorf, Incorporated | (133.8) | (82.4) |
Other Comprehensive Income - Other [Member] | ||
Other Comprehensive Income, Other, Net of Tax | 0.1 | 0.0 |
Translation adjustment | ||
Other comprehensive income (loss), net of tax | ||
Translation adjustment and foreign currency hedges | 4.4 | 18.2 |
Foreign currency hedges (net of tax of $0.4 and $1.0, respectively) | ||
Other comprehensive income (loss), net of tax | ||
Translation adjustment and foreign currency hedges | (0.6) | (2.8) |
Interest rate hedges | ||
Other comprehensive income (loss), net of tax | ||
Net (loss) gain recognized in other comprehensive income (net of tax of $0.4 and $(0.6), respectively) | (2.3) | 2.2 |
Reclassification adjustment for amounts recognized in net income | 0.5 | 0.4 |
Total interest rate hedges | (1.8) | 2.6 |
Pension and other post-retirement benefits | ||
Other comprehensive income (loss), net of tax | ||
Net actuarial (loss) gain amortization (net of tax of $(0.3) and $(0.4), respectively) | (0.5) | 1.8 |
Accounting Standards Update 2018-02 | AOCI Attributable to Parent | ||
Other comprehensive income (loss), net of tax | ||
Adoption of accounting standard | $ 0.0 | $ (29.0) |
Condensed Consolidated Statements of Comprehensive Income (Loss) Parentheticals - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Net Investment Hedging [Member] | ||
Foreign currency hedges, amount recognized in other comprehensive income, tax | $ 0.4 | $ 1.0 |
Interest rate hedges | ||
Interest rate hedges, net gain recognized in other comprehensive income, tax | 0.5 | (0.6) |
Pension and other post-retirement benefits | ||
Net actuarial loss amortization, tax | $ (0.3) | $ (0.4) |
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Cash flow from operating activities: | ||
Net loss | $ (131.9) | $ (65.6) |
Adjustments to reconcile net loss to cash flow used by operating activities: | ||
Depreciation and amortization | 58.4 | 64.4 |
Share-based compensation | 9.3 | 13.7 |
Loss (gain) on sale of assets, net | 3.4 | (7.7) |
Deferred income taxes | 4.2 | (17.9) |
Other | 0.4 | (1.9) |
Changes in certain assets and liabilities, net of the effects of acquisitions | ||
Trade receivables | 33.2 | (17.7) |
Inventories | (63.1) | (90.2) |
Accounts payable | (12.4) | (3.6) |
Deferred revenue | 66.6 | 60.3 |
Sales tax and net value added tax (VAT) | (16.8) | (29.7) |
Income taxes | (47.2) | (28.2) |
Accrued salaries, wages and commissions | (13.3) | (27.2) |
Increase (Decrease) in Restructuring Reserve | (17.7) | (7.5) |
Warranty liability | (2.3) | (12.9) |
Certain other assets and liabilities | (22.3) | (27.0) |
Net cash used by operating activities | (57.1) | (142.3) |
Cash flow from investing activities: | ||
Capital expenditures | (14.7) | (20.2) |
Payment for acquisitions | 0.0 | (5.8) |
Proceeds from maturities of short-term investments | 52.7 | 104.6 |
Payments for purchases of short-term investments | (48.3) | (45.5) |
Proceeds from sale of assets | 4.2 | 9.2 |
Increase in certain other assets | (5.4) | (9.1) |
Net cash (used) provided by investing activities | (11.5) | 33.2 |
Cash flow from financing activities: | ||
Dividends paid | 0.0 | (7.7) |
Revolving credit facility borrowings (repayments), net | 10.0 | (75.0) |
Other debt borrowings | 5.0 | 26.0 |
Other debt repayments | (16.8) | (31.7) |
Distributions and payments to noncontrolling interest holders | (11.0) | (0.5) |
Repurchase of common shares | (1.1) | (2.5) |
Net cash used by financing activities | (13.9) | (91.4) |
Effect of exchange rate changes on cash and cash equivalents | (0.5) | 21.5 |
Decrease in cash, cash equivalents and restricted cash | (83.0) | (179.0) |
Add: Cash included in assets held for sale at beginning of period | 7.3 | 0.0 |
Less: Cash included in assets held for sale at end of period | 4.8 | 0.0 |
Cash, cash equivalents and restricted cash at the beginning of the period | 458.4 | 543.2 |
Cash, cash equivalents and restricted cash at the end of the period | $ 377.9 | $ 364.2 |
Basis of Presentation |
3 Months Ended | ||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||
Significant Accounting Policies [Text Block] | The accompanying unaudited condensed consolidated financial statements of Diebold Nixdorf, Incorporated and its subsidiaries (collectively, the Company) have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States (U.S. GAAP); however, such information reflects all adjustments (consisting solely of normal recurring adjustments) that are, in the opinion of management, necessary for a fair statement of the results for the interim periods. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in the Company’s annual report on Form 10-K for the year ended December 31, 2018. In addition, some of the Company’s statements in this quarterly report on Form 10-Q may involve risks and uncertainties that could significantly impact expected future results. The results of operations for the three months ended March 31, 2019 are not necessarily indicative of results to be expected for the full year. Reclassification In connection with changes in the Company's leadership, beginning with the second quarter of 2018, the Company's reportable operating segments are based on the following solutions: Eurasia Banking, Americas Banking and Retail. As a result, the Company reclassified comparative periods for consistency. The Company has reclassified the presentation of certain prior-year information to conform to the current presentation. The Company reclassified an immaterial amount of $2.7 for the three months ended March, 31, 2018, within the operating activities of the condensed consolidated statements of cash flows between depreciation and amortization and certain other assets and liabilities to correct the presentation. Recently Adopted Accounting Guidance
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Leases (Notes) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee, Operating and Financing Leases [Text Block] | The Company utilizes lease agreements to meet its operating needs. These leases support global staff via the use of office space, warehouses, vehicles for technicians and information technology (IT) equipment. The Company utilizes both operating and finance leases in its portfolio of leased assets, however, the majority of these leases are classified as operating. A significant portion of the volume of the lease portfolio is in fleet vehicles and IT office equipment, however, real estate leases constitute a majority of the value of the ROU assets. Lease agreements are utilized worldwide, with the largest location concentration in the United States, Germany and India. The Company has made the following elections related to the adoption of ASU No. 2016-02 Leases (Topic 842):
The Company's lease population has initial lease terms ranging from less than one year to approximately ten years. Some leases include one or more options to renew, with renewal terms that can extend the lease term from six months to 15 years. We assess these renewal/extension options using a threshold of reasonably certain, which is a high threshold and, therefore, the majority of our lease terms for accounting purposes do not include renewal periods. For leases where the Company is reasonably certain to renew, those optional periods are included within the lease term and, therefore, the measurement of the ROU asset and lease liability. Some of the vehicle and IT equipment leases also include options to purchase the leased asset, typically at end of term at fair market value. Some of our leases include options to terminate the lease early. This allows the contract parties to terminate their obligations under the lease contract, sometimes in return for an agreed upon financial consideration. The terms and conditions of the termination options vary by contract, and for those leases where the Company is reasonably certain to use these options, the term and payments recognized in the measurement of ROU assets and lease liabilities has been updated accordingly. Additionally, there are several open-ended lease arrangements where the Company controls the option to continue or terminate the arrangement at any time after the first year. For these arrangements, the Company has used analysis of a mix of historical use and future economic incentive to determine the reasonable expected holding period. This term is used for measurement of ROU assets and lease liabilities. The following table summarizes the weighted-average remaining lease terms and discount rates related to the Company's lease population:
The weighted-average discount rates used for operating and finance leases varies due to the jurisdictional composition, whereas the Company has an immaterial amount of finance leases that are primarily comprised of leases in Turkey which have higher interest rates. Certain lease agreements include payments based on a variety of global indexes or rates. These payment amounts have been projected using the index or rate as of lease commencement or the transition date and measured in ROU assets and lease liabilities. Other leases contain variable payments that are based on actual usage of the underlying assets and therefore are not measured in assets or liabilities as the variable payments are not based on an index or a rate. For real estate leases, these payments are most often tied to non-committed maintenance or utilities charges, and for equipment leases, to actual output or hours in operation. These amounts typically become known when the invoice is received, which is when expense is recognized. In rare circumstances, our lease agreements may contain residual value guarantees. Our lease agreements do not contain any restrictions or covenants, such as those relating to dividends or incurring additional financial obligations. As of March 31, 2019, the Company did not have any leases that have not yet commenced but that create significant rights and obligations. The Company determines whether an arrangement is or includes a lease at contract inception. All contracts containing the right to use an underlying asset are reviewed to confirm that the contract meets the definition of a lease. ROU assets and liabilities are recognized at commencement date and initially measured based on the present value of lease payments over the defined lease term. As most leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. In order to apply the incremental borrowing rate, a rate table was developed to assign the appropriate rate to each lease based on lease term and currency of payments. For leases with large numbers of underlying assets, a portfolio approach with a collateralized rate was utilized. Assets were grouped based on similar lease terms and economic environments in a manner whereby the Company reasonably expects that the application does not differ materially from a lease-by-lease approach. The following table summarizes the components of lease expense:
The following table summarizes the maturities of lease liabilities:
The following table summarizes the cash flow information related to leases:
The following table summarizes the balance sheet information related to leases:
Finance leases are included in other assets, other current liabilities and other liabilities on the condensed consolidated balance sheets. |
Earning Per Share |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE | Earnings (Loss) Per Share Basic earnings (loss) per share is based on the weighted-average number of common shares outstanding. Diluted earnings (loss) per share includes the dilutive effect of potential common shares outstanding. Under the two-class method of computing earnings (loss) per share, non-vested share-based payment awards that contain rights to receive non-forfeitable dividends are considered participating securities. The Company’s participating securities include restricted stock units (RSUs), director deferred shares and shares that were vested but deferred by employees. The Company calculated basic and diluted earnings (loss) per share under both the treasury stock method and the two-class method. For the three months ended March 31, 2019 and 2018, there were no differences in the earnings (loss) per share amounts calculated under the two methods. Accordingly, the treasury stock method is disclosed below. The following table represents amounts used in computing earnings (loss) per share and the effect on the weighted-average number of shares of dilutive potential common shares:
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Share-Based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHARE-BASED COMPENSATION | Share-Based Compensation The Company’s share-based compensation payments to employees are recognized based on their grant-date fair values during the period in which the employee is required to provide services in exchange for the award. Share-based compensation is primarily recognized as a component of selling and administrative expense. Total share-based compensation expense was $9.3 and $13.7 for the three months ended March 31, 2019 and 2018, respectively. In the first quarter of 2019, the Company changed its accounting estimate from using a forfeiture assumption to recording actual forfeitures. The change resulted in an immaterial increase in share-based compensation expense for the three months ended March 31, 2019. Options outstanding and exercisable as of March 31, 2019 are included under the Company’s 1991 Equity and Performance Incentive Plan (as Amended and Restated as of February 12, 2014) (the 1991 Plan) and the Company's 2017 Equity and Performance Incentive Plan (the 2017 Plan). Changes during the three months ended March 31, 2019 were as follows:
The following table summarizes information on non-vested RSUs and performance shares relating to employees and non-employee directors for the three months ended March 31, 2019:
Performance shares are granted to employees and vest based on the achievement of certain performance objectives, as determined by the board of directors each year. Each performance share earned entitles the holder to one common share of the Company. The Company's performance shares include performance objectives that are assessed after a three-year period as well as performance objectives that are assessed annually over a three-year period. No shares are vested unless certain performance threshold objectives are met. As of March 31, 2019, there were 0.1 non-employee director deferred shares vested and outstanding. On April 25, 2019, the Company's shareholders approved amendments to the 2017 Plan, which provide for an additional 3.0 common shares available for award. The 2017 Plan is expected to attract and retain directors, officers and employees of the Company by providing incentives and rewards for performance. |
Income Taxes |
3 Months Ended |
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Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | Income Taxes The effective tax rate on loss from continuing operations was (85.0) percent for the three months ended March 31, 2019. The expense on the loss is due primarily to the tax impacts of the the U.S. Tax Cuts and Jobs Act (the Tax Act) on the estimated projected tax rate. More specifically, the impacts of the global intangible low-taxed income (GILTI) and base erosion and anti-abuse tax (BEAT). In addition, the Company collapsed its Barbados structure to meet the debt covenant requirements from our lenders during the quarter which resulted in additional discrete tax expense which is being offset in part by the valuation allowance release relating to the Company’s nondeductible interest expense resulting in no additional cash taxes. The above items noted as well as the Company’s jurisdictional income (loss) mix and varying respective statutory rates are the primary drivers of the quarterly tax rate. The effective tax rate on the net loss was (40.4) percent for the three months ended March 31, 2018. The expense on the loss is due primarily from impacts related to GILTI on the estimated annual tax rate. |
Inventories |
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Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORIES | Inventories Major classes of inventories are summarized as follows:
The increase in finished goods inventory was primarily attributable to increased in transit inventory to meet customer orders in Brazil, Thailand and Europe, Middle East and Africa (EMEA). |
Investments |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENTS | Investments The Company’s investments, primarily in Brazil, consist of certificates of deposit that are classified as available-for-sale and stated at fair value based upon quoted market prices. Unrealized gains and losses are recorded in accumulated other comprehensive income (AOCI). Realized gains and losses are recognized in investment income and are determined using the specific identification method. There were no realized gains from the sale of securities or proceeds from the sale of available-for-sale securities for the three months ended March 31, 2019 and 2018. The Company has deferred compensation plans that enable certain employees to defer receipt of a portion of their cash, 401(k) or share-based compensation and non-employee directors to defer receipt of director fees at the participants’ discretion. For deferred cash-based compensation, the Company established rabbi trusts (refer to note 18), which are recorded at fair value of the underlying securities within securities and other investments. The related deferred compensation liability is recorded at fair value within other long-term liabilities. Realized and unrealized gains and losses on marketable securities in the rabbi trusts are recognized in interest income. The Company’s investments subject to fair value measurement consist of the following:
Securities and other investments also includes a cash surrender value of insurance contracts of $9.3 and $11.1 as of March 31, 2019 and December 31, 2018, respectively. The decrease is primarily due to death benefits paid. In addition, it includes an interest rate swap asset carrying value of $2.8 and $4.8 as of March 31, 2019 and December 31, 2018, respectively, which also represents fair value (refer to note 18). The Company has certain strategic alliances that are not consolidated. The Company tests these strategic alliances annually, individually and in the aggregate, to determine materiality. The Company owns 40.0 percent of Inspur (Suzhou) Financial Technology Service Co. Ltd. (Inspur JV) and 43.6 percent of Aisino-Wincor Retail & Banking Systems (Shanghai) Co., Ltd. (Aisino JV). The Company engages in transactions in the ordinary course of business with its strategic alliances. The Company's strategic alliances are not significant subsidiaries and are accounted for under the equity method of investments. As of March 31, 2019 , the Company had accounts receivable and accounts payable balances with these strategic alliances of $14.2 and $9.8, respectively, which are included in trade receivables, less allowances for doubtful accounts accounts payables on the condensed consolidated balance sheets. In May 2017, the Company announced a strategic partnership with Kony, a leading enterprise mobility and application company, to offer white label mobile application solutions for financial institutions and retailers. As of March 31, 2019, the Company's carrying value in Kony was $14.0 and the fair value was not estimated as there were no events or changes in circumstances in the investment. There were no significant changes in provision for credit losses, recoveries and write-offs during the three months ended March 31, 2019 and 2018. As of March 31, 2019, finance leases and notes receivable individually evaluated for impairment were $36.6 and $4.8, respectively, with no provision recorded. As of March 31, 2018, finance leases and notes receivable individually evaluated for impairment were $32.4 and $15.0, respectively. There have been no material changes to the balances on the finance lease receivables maturity schedule since December 31, 2018. The income related to the finance lease receivables was minimal for the three months ended March 31, 2019. The Company records interest income and any fees or costs related to financing receivables using the effective interest method over the term of the lease or loan. The Company reviews the aging of its financing receivables to determine past due and delinquent accounts. Credit quality is reviewed at inception and is re-evaluated as needed based on customer-specific circumstances. Receivable balances 60 days to 89 days past due are reviewed and may be placed on nonaccrual status based on customer-specific circumstances. Receivable balances are placed on nonaccrual status upon reaching greater than 89 days past due. Upon receipt of payment on nonaccrual financing receivables, interest income is recognized and accrual of interest is resumed once the account has been made current or the specific circumstances have been resolved. As of March 31, 2019 and December 31, 2018, the recorded investment in past-due financing receivables was minimal and no recorded investment in the finance receivables was past due 90 days or more and still accruing interest. |
Goodwill and Other Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL AND OTHER ASSETS | Goodwill and Other Assets The Company’s three reportable operating segments are Eurasia Banking, Americas Banking and Retail. The Company has allocated goodwill to its Eurasia Banking, Americas Banking and Retail reportable operating segments. The changes in carrying amounts of goodwill within the Company's segments are summarized as follows:
During the second quarter of 2018, the Company performed an impairment test of goodwill for all of its line of business (LoB) reporting units due to the change in its reportable operating segments. Based on the results of the LoB testing, the fair values of each of the Company's reporting units exceed their carrying values except for the Services-Asia Pacific (AP) and Software-EMEA reporting units which resulted in a non-cash impairment loss of $83.1 during the second quarter 2018. The Company identified four reporting units, which are Eurasia Banking, Americas Banking, EMEA Retail and Rest of World Retail. Management determined that the Americas Banking and EMEA Retail reporting unit had a cushion of approximately 20 percent and 10 percent, respectively, when compared to their carrying amounts. The Eurasia Banking had minimal excess fair value or cushion when compared to their carrying amounts, but primarily due to the reporting unit's improved performance, it did not indicate any impairment during the qualitative annual goodwill impairment test. Rest of World Retail had no carrying value as of December 31, 2018. Changes in certain assumptions or the Company's failure to execute on the current plan could have a significant impact to the estimated fair value of the reporting units. During the second and third quarters 2018, the Company estimated the fair value of its reporting units using a combination of the income valuation and market approach methodologies. The determination of the fair value of a reporting unit requires significant estimates and assumptions, including significant unobservable inputs. The key inputs included, but were not limited to, discount rates, terminal growth rates, market multiple data from selected guideline public companies, management’s internal forecasts which include numerous assumptions such as projected net sales, gross profit, sales mix, operating and capital expenditures and earnings before interest and taxes margins, among others. As a result of certain impairment triggering events, the Company performed an interim impairment test of goodwill for its four reporting units during the third quarter of 2018. Based on the results of the impairment testing, the Company recorded a non-cash goodwill impairment loss of $134.4 related to the Eurasia Banking, EMEA Retail and Rest of World Retail reporting units during the third quarter of 2018. The following summarizes information on intangible assets by major category:
Amortization expense on capitalized software of $8.6 and $8.8 was included in service and software cost of sales for the three months ended March 31, 2019 and 2018, respectively. The Company's total amortization expense, including deferred financing costs, was $37.1 and $39.9 for the three months ended March 31, 2019 and 2018, respectively. |
Guarantees and Product Warranties |
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Guarantees and Product Warranties Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GUARANTEES AND PRODUCT WARRANTIES | Guarantees and Product Warranties The Company provides its global operations guarantees and standby letters of credit through various financial institutions for suppliers, customers, regulatory agencies and insurance providers. If the Company is not able to make payments or fulfill contractual obligations, the suppliers, customers, regulatory agencies and insurance providers may draw on the pertinent bank. At March 31, 2019, the maximum future payment obligations related to these various guarantees totaled $220.3, of which $27.5 represented standby letters of credit to insurance providers, and no associated liability was recorded. At December 31, 2018, the maximum future payment obligations relative to these various guarantees totaled $135.2, of which $27.5 represented standby letters of credit to insurance providers, and no associated liability was recorded. The Company provides its customers a manufacturer’s warranty and records, at the time of the sale, a corresponding estimated liability for potential warranty costs. Estimated future obligations due to warranty claims are based upon historical factors such as labor rates, average repair time, travel time, number of service calls per machine and cost of replacement parts. The decrease in the liability was primarily due to warranties expiring in Brazil and Germany. Changes in the Company’s warranty liability balance are illustrated in the following table:
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Restructuring |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RESTRUCTURING AND OTHER CHARGES | Restructuring The following table summarizes the impact of the Company’s restructuring charges on the condensed consolidated statements of operations:
The following table summarizes the Company’s type of restructuring charges by reportable operating segment:
DN Now During the second quarter of 2018, the Company began implementing DN Now to deliver greater, more sustainable profitability. The plan is anticipating savings of approximately $160 for 2019, of which $130 is related to the restructuring actions in connection with the new customer centric operating model with clear role charters and a global workforce aligned with market demand and the remainder is related to other initiatives. Additional near term activities include divesting of non-core and/or non-accretive businesses, initiating a services modernization plan and rationalizing of the Company's product portfolio. The Company incurred restructuring charges of $3.8 for the three months ended March 31, 2019 related to DN Now. The Company anticipates additional restructuring costs of approximately $170 to $200 through the end of the plan primarily related to severance anticipated for completion of the Company's transformation throughout the three solution segments and corporate. Completed Plans DN2020 Plan. As of August 15, 2016, the date of the acquisition of Wincor Nixdorf Aktiengesellschaft (now known as Diebold Nixdorf AG) (the Acquisition), the Company launched a multi-year integration and transformation program, known as DN2020. The Company incurred restructuring charges of $3.8 for the three months ended March 31, 2018 related to this plan. Strategic Alliance Plan. On November 10, 2016, the Company entered into a strategic alliance with the Inspur Group, a Chinese cloud computing and data center company, to develop, manufacture and distribute Systems solutions in China. The Company incurred $0.1 restructuring charges during the three months ended March 31, 2018 related to this plan. The following table summarizes the Company's cumulative total restructuring costs by plan as of March 31, 2019:
The following table summarizes the Company’s restructuring accrual balances and related activity for the three months ended March 31:
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Debt |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT | Debt Outstanding debt balances were as follows:
As of March 31, 2019, the Company had various international short-term uncommitted lines of credit with borrowing limits of $50.8. The weighted-average interest rate on outstanding borrowings on the short-term uncommitted lines of credit as of March 31, 2019 and December 31, 2018 was 8.83 percent and 8.80 percent, respectively, and primarily relate to short-term uncommitted lines of credit in India and Brazil. Short-term uncommitted lines mature in less than one year. The amount available under the short-term uncommitted lines at March 31, 2019 was $32.4. The cash flows related to debt borrowings and repayments were as follows:
The Company has a revolving and term loan credit agreement (the Credit Agreement), with a revolving facility of up to $500.0 (the Revolving Facility). On December 23, 2020, the Term Loan A Facility will mature and the Revolving Facility will automatically terminate. The weighted-average interest rate on outstanding Revolving Facility borrowings as of March 31, 2019 and December 31, 2018 was 6.00 percent and 5.97 percent, respectively, which is variable based on the London Interbank Offered Rate (LIBOR). The amount available under the Revolving Facility as of March 31, 2019 was $337.5, after excluding $27.5 in letters of credit. On May 9, 2017, the Company entered into an incremental amendment to its Credit Agreement (the Incremental Agreement) which reduced the initial term loan B facility (the Term Loan B Facility) of a $1,000.0 U.S. dollar-denominated tranche to $475.0. The reduction was funded using the $250.0 proceeds drawn from the Delayed Draw Term Loan A Facility, a replacement of $70.0 with Term Loan B Facility - Euro and previous principal payments. The Incremental Amendment also renewed the repricing premium of 1.00 percent in relation to the Term Loan B Facility to the date that is six months after the Incremental Effective Date, removed the requirements to prepay the repriced Dollar Term Loan and the repriced Euro Term Loan upon any asset sale or casualty event if the Company is below a total net leverage ratio of 2.5:1.0 on a pro forma basis for such asset sale or casualty event and provides additional restricted payments and investment carveouts in regards to assets acquired with the Acquisition. All other material provisions under the Credit Agreement were unchanged. On August 30, 2018, the Company entered into a sixth amendment and incremental amendment (the Sixth Amendment) to its Credit Agreement. The Amendment amended the financial covenants and established a new senior secured incremental term A-1 facility in an aggregate principal amount of $650.0 (Term Loan A-1 Facility) and makes certain other changes to the Credit Agreement. Following the execution of the Sixth Amendment, the Company has executed, and has caused certain of its subsidiaries to execute, certain foreign security and guaranty documents for the benefit of the secured parties under the Credit Agreement that provide for guarantees by, and additional security with respect to the equity interests in and the the stock of certain foreign subsidiaries. A portion of the proceeds of the Term Loan A-1 Facility are restricted to fund the purchase of the remaining shares of Diebold Nixdorf AG not owned by the Company. The proceeds were used to make optional prepayments of existing term A loans in the amount of $130.0 and to permanently reduce revolving credit commitments in an amount of $20.0 and to make a purchase pursuant to an offer open to all term B lenders on a pro rata basis for $100.0 in face principal amount of term B loans. Any remaining proceeds were used for general corporate and working capital purposes. The interest rate with respect to the Term Loan A-1 Facility is based on, at the Company’s option, either the alternative base rate (ABR) plus 8.25 percent or a eurocurrency rate plus 9.25 percent. The Term A-1 Facility will mature in August 2022, the fourth anniversary of the Sixth Amendment. The Term Loan A-1 Facility is subject to a maximum consolidated net leverage ratio, a minimum consolidated interest coverage ratio and certain covenant reset triggers (Covenant Reset Triggers) as described in the Sixth Amendment. Upon the occurrence of any Covenant Reset Trigger, the financial covenant levels will automatically revert to previous financial covenant levels in effect prior to the Sixth Amendment. The Credit Agreement financial ratios at March 31, 2019 were as follows:
The Company has $400.0 aggregate principal amount of senior notes due 2024 (the 2024 Senior Notes), which are and will be guaranteed by certain of the Company’s existing and future subsidiaries and mature in April 2024. Below is a summary of financing and replacement facilities information:
The debt facilities under the Credit Agreement are secured by substantially all assets of the Company and its domestic subsidiaries that are borrowers or guarantors under the Credit Agreement, subject to certain exceptions and permitted liens. The Company's financing agreements contain various financial covenants, including net debt to capitalization, net debt to EBITDA and net interest coverage ratio, along with certain negative covenants that, among other things, limit dividends, acquisitions and the use of proceeds from divestitures. Under the Sixth Amendment, the Term Loan A-1 Facility is under a covenant holiday period until the earlier of any covenant reset trigger or April 1, 2019. As of March 31, 2019, the Company was in compliance with the financial and other covenants in its debt agreements. |
Redeemable Noncontrolling Interests |
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Redeemable Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest Disclosure [Text Block] | Redeemable Noncontrolling Interests Changes in the Company's redeemable noncontrolling interests balance are illustrated in the following table:
On February 14, 2017, the date of effectiveness of the Domination and Profit and Loss Transfer Agreement, dated September 26, 2016 (the DPLTA), between Diebold Holding Germany Inc. & Co. KGaA (Diebold KGaA), a wholly-owned subsidiary of Diebold Nixdorf, Incorporated, and Diebold Nixdorf AG, the carrying value of the noncontrolling interest related to the Diebold Nixdorf AG of $386.7 was reclassified to redeemable noncontrolling interest. For the period of time that the DPLTA is effective, this interest in Diebold Nixdorf AG will remain in redeemable noncontrolling interest and presented outside of equity in the consolidated balance sheets of the Company. As of March 31, 2019 and December 31, 2018, the balance related to the redeemable noncontrolling interest related to the Diebold Nixdorf AG ordinary shares the Company did not acquire was $87.4 and $99.1, respectively. The change is primarily related to currency fluctuations and the redemption of 0.2 Diebold Nixdorf AG ordinary shares in the three months ended March 31, 2019. The Company increased its ownership stake in Diebold Nixdorf AG to 28.4 ordinary shares, or approximately 95.3 percent, as of March 31, 2019. In March 2019, at a Diebold Nixdorf AG shareholder meeting, a merger squeeze-out was approved and, as a result, Diebold Nixdorf AG and Diebold KGaA will continue to execute the squeeze-out procedures. The DPLTA offers the Diebold Nixdorf AG minority shareholders, at their election, (i) the ability to put their Diebold Nixdorf AG ordinary shares to Diebold KGaA in exchange for cash compensation of €55.02 per Diebold Nixdorf AG ordinary share or (ii) to remain Diebold Nixdorf AG minority shareholders and receive a recurring compensation in cash of €2.82 per Diebold Nixdorf AG ordinary share for each full fiscal year of Diebold Nixdorf AG. The redemption value adjustment includes the updated cash compensation pursuant to the DPLTA. A portion of the proceeds of the Term Loan A-1 Facility are restricted to fund the purchase of the remaining shares of Diebold Nixdorf AG not owned by the Company. The Company classified the proceeds set aside to purchase the remaining shares in restricted cash in the condensed consolidated balance sheets. The remaining balance relates to certain noncontrolling interests with redemption features, that include put rights that are not within the control of the issuer, which are considered redeemable noncontrolling interests. The redeemable noncontrolling interests were recorded at fair value as by applying the income approach using unobservable inputs for projected cash flows, including but not limited, to net sales and operating profit, and a discount rate, which are considered Level 3 inputs. The results of operations for these redeemable noncontrolling interests were not significant. The ultimate amount and timing of any future cash payments related to the put rights are uncertain. |
Equity |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EQUITY | Equity The following table presents changes in shareholders' equity attributable to Diebold Nixdorf, Incorporated and the noncontrolling interests:
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Accumulated Other Comprehensive Income (Loss) |
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | The following table summarizes the changes in the Company’s AOCI, net of tax, by component for the three months ended March 31, 2019:
(1) Other comprehensive income (loss) before reclassifications within the translation component excludes $2.7 of translation attributable to noncontrolling interests. The following table summarizes the changes in the Company’s AOCI, net of tax, by component for the three months ended March 31, 2018:
(1)Stranded tax effects reclassified from AOCI to retained earnings from the adoption of ASU 2018-02. The following table summarizes the details about amounts reclassified from AOCI:
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Acquisitions & Divestitures |
3 Months Ended |
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Mar. 31, 2019 | |
Divestitures [Abstract] | |
Acquisitions and divestitures | Note 15: Acquisitions and Divestitures In the first quarter of 2019, the Company liquidated its SecurCash B.V. Netherlands entity, a cash transportation services business, Diebold Hungary Manufacturing, a manufacturing business and three Barbados holding companies resulting in a gain of $3.5. The Company divested its interest in Projective NV, a program and project management services business for financial institutions, for $4.2 in proceeds, net of cash transferred resulting in a loss of $2.8. The Company also recorded a loss of $4.1 on the divestiture of its Venezuela business. In the first quarter of 2018, the Company acquired the remaining portion of its noncontrolling interest in its China operations for $5.8 in the aggregate. |
Benefit Plans |
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Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BENEFIT PLANS | Benefit Plans The Company has qualified retirement plans covering certain U.S. employees that have been closed to new participants since 2003 and frozen since December 2013. Plans that cover salaried employees provide retirement benefits based on an employee’s compensation during the ten years before the date of the plan freeze or the date of the employee's actual separation from service, if earlier. The Company’s funding policy for salaried plans is to contribute annually based on actuarial projections and applicable regulations. Plans covering hourly employees generally provide benefits of stated amounts for each year of service. The Company’s funding policy for hourly plans is to make at least the minimum annual contributions required by applicable regulations. The Company has non-qualified pension plans to provide supplemental retirement benefits to certain officers, which have also been frozen since December 2013. Benefits are payable at retirement based upon a percentage of the participant’s compensation, as defined. In addition to providing retirement benefits, the Company provides post-employment healthcare and life insurance benefits (referred to as other benefits) for certain retired employees. Retired eligible employees in the United States may be entitled to these benefits based upon years of service with the Company, age at retirement and collective bargaining agreements. There are no plan assets and the Company funds the benefits as the claims are paid. The post-employment benefit obligation was determined by application of the terms of medical and life insurance plans together with relevant actuarial assumptions and healthcare cost trend rates. The Company also has defined benefit plans in Germany and Switzerland, among others. In Germany, post-employment benefit plans are set up as employer funded pension plans and deferred compensation plans. The employer funded pension commitments in Germany are based upon direct performance-related commitments in terms of defined contribution plans. Each beneficiary receives, depending on individual pay-scale grouping, contractual classification or income level, different yearly contributions. The contribution is multiplied by an age factor appropriate to the respective pension plan and credited to the individual retirement account of the employee. The retirement accounts may be used up at retirement by either a one-time lump-sum payout or payments of up to ten years. Insured events include disability, death and reaching of retirement age. In Switzerland, the post-employment benefit plan is required due to statutory provisions. The employees receive their pension payments as a function of contributions paid, a fixed interest rate and annuity factors. Insured events are disability, death and reaching of retirement age. The following table sets forth the net periodic benefit cost for the Company’s defined benefit pension plans and other benefits for the three months ended March 31:
Contributions There have been no significant changes to the expected 2019 plan year contribution amounts previously disclosed. For the three months ended March 31, 2019 and 2018, contributions of $11.9 and $22.6, respectively, were made to the qualified and non-qualified pension plans. The Company anticipates reimbursement of approximately $13 for certain benefits paid from its trustee in 2019. In March 2018, the Company received a $13.8 reimbursement for certain benefits paid from its trustees. |
Derivative Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | Derivative Instruments and Hedging Activities The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate and foreign exchange rate risk, through the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business or financing activities. The Company’s derivative foreign currency instruments are used to manage differences in the amount of the Company’s known or expected cash receipts and cash payments principally related to the Company’s non functional currency assets and liabilities. The Company's interest rate derivatives are used to manage the differences in amount due to variable rate interest rate borrowings. The Company uses derivatives to mitigate the economic consequences associated with fluctuations in currencies and interest rates. The following table summarizes the gain (loss) recognized on derivative instruments:
Foreign Exchange Non-Designated Hedges A substantial portion of the Company’s operations and revenues are international. As a result, changes in foreign exchange rates can create substantial foreign exchange gains and losses from the revaluation of non-functional currency monetary assets and liabilities. The Company elected not to apply hedge accounting to its foreign exchange forward contracts and therefore, spot-based gains/losses offset revaluation gains/losses within foreign exchange loss, net and forward-based gains/losses represent interest expense or income. The fair value of the Company’s non-designated foreign exchange forward contracts was $1.0 and $0.5 as of March 31, 2019 and December 31, 2018, respectively. Cash Flow Hedges The Company is exposed to fluctuations in various foreign currencies against its functional currency. The Company's sales and purchases are transacted in foreign currencies. As of March 31, 2019, the Company had the following outstanding foreign currency derivatives that were used to hedge its foreign exchange risks:
Interest Rate Cash Flow Hedges The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. The Company estimates that a minimal amount will be reclassified as a decrease to interest expense over the next year. In November 2016, the Company entered into multiple pay-fixed receive-variable interest rate swaps with an aggregate notional amount of $400.0. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in AOCI and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. The Company has an interest rate swap for a nominal sum of €50.0, which was entered into in May 2010 with a ten-year term from October 1, 2010 until September 30, 2020. The interest rate swap is not designated and changes in the fair value of non-designated interest rate swap agreements are recognized in miscellaneous, net in the condensed consolidated statements of operations. The Company recognized $0.5 in interest expense relating to the interest rate swap for both the three months ended March 31, 2019 and 2018. Additionally, the Company does not use derivatives for trading or speculative purposes and currently does not have any additional derivatives that are not designated as hedges. |
Fair Value of Assets and Liabilities |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE OF ASSETS AND LIABILITIES | Fair Value of Assets and Liabilities Assets and Liabilities Recorded at Fair Value Assets and liabilities subject to fair value measurement are as follows:
The Company uses the end of period when determining the timing of transfers between levels. During each of the three months ended March 31, 2019 and 2018, there were no transfers between levels. The carrying amount of the Company's debt instruments approximates fair value except for the 2024 Senior Notes. The fair value and carrying value of the 2024 Senior Notes are summarized as follows:
Refer to note 11 for further details surrounding the Company's long-term debt as of March 31, 2019 compared to December 31, 2018. Additionally, the Company remeasures certain assets to fair value, using Level 3 measurements, as a result of the occurrence of triggering events. In the second and third quarters of 2018, in connection with certain triggering events, the Company performed impairment tests of goodwill for all of its reporting units, refer to note 8 for further details. Besides goodwill from certain reporting units noted above, there were no significant assets or liabilities that were remeasured at fair value on a non-recurring basis during the period presented. |
Commitments and Contingencies |
3 Months Ended |
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Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | Commitments and Contingencies Contractual Obligation At March 31, 2019, the Company had purchase commitments due within one year totaling $0.1 for materials and services through contract manufacturing agreements at negotiated prices. The Company guarantees a fixed cost of certain products used in production to its China strategic partners. Indirect Tax Contingencies The Company accrues non-income-tax liabilities for indirect tax matters when management believes that a loss is probable and the amounts can be reasonably estimated, while contingent gains are recognized only when realized. In the event any losses are sustained in excess of accruals, they are charged against income. In evaluating indirect tax matters, management takes into consideration factors such as historical experience with matters of similar nature, specific facts and circumstances, and the likelihood of prevailing. Management evaluates and updates accruals as matters progress over time. It is reasonably possible that some of the matters for which accruals have not been established could be decided unfavorably to the Company and could require recognizing future expenditures. Also, statutes of limitations could expire without the Company paying the taxes for matters for which accruals have been established, which could result in the recognition of future gains upon reversal of these accruals at that time. At March 31, 2019, the Company was a party to several routine indirect tax claims from various taxing authorities globally that were incurred in the normal course of business, which neither individually nor in the aggregate are considered material by management in relation to the Company’s financial position or results of operations. In management’s opinion, the consolidated financial statements would not be materially affected by the outcome of these indirect tax claims and/or proceedings or asserted claims. In addition to these routine indirect tax matters, the Company was a party to the proceedings described below: The Company has challenged multiple customs rulings in Thailand seeking to retroactively collect customs duties on previous imports of automatic teller machines (ATMs). In August 2017 and March 2019, the Supreme Court of Thailand ruled in the Company's favor in two of the matters, finding that Customs' attempt to collect duties for importation of ATMs was improper. The surviving matters remain at various stages of the appeals process and the Company will use the Supreme Court's decisions in support of its position in those matters. Management remains confident that the Company has a valid legal position in these appeals. Accordingly, the Company does not have any amount accrued for this contingency. A loss contingency is reasonably possible if it has a more than remote but less than probable chance of occurring. Although management believes the Company has valid defenses with respect to its indirect tax positions, it is reasonably possible that a loss could occur in excess of the estimated accrual. The Company estimated the aggregate risk at March 31, 2019 to be up to $118.7 for its material indirect tax matters, of which $27.0 related to the Thailand customs matter disclosed above. The aggregate risk related to indirect taxes is adjusted as the applicable statutes of limitations expire. Legal Contingencies At December 31, 2018, the Company was a party to several lawsuits that were incurred in the normal course of business, which neither individually nor in the aggregate were considered material by management in relation to the Company’s financial position or results of operations. In management’s opinion, the Company's consolidated financial statements would not be materially affected by the outcome of these legal proceedings, commitments or asserted claims. In addition to these normal course of business litigation matters, the Company was a party to the proceedings described below: Diebold KGaA is a party to appraisal proceedings (Spruchverfahren) relating to the DPLTA entered into by Diebold KGaA and Diebold Nixdorf AG on September 26, 2016, pending at the District Court (Landgericht) of Dortmund (Germany). The appraisal proceedings were filed by minority shareholders of Diebold Nixdorf AG challenging the adequacy of both the cash exit compensation of €55.02 per Diebold Nixdorf AG share and the annual recurring compensation of €2.82 per Diebold Nixdorf AG share offered in connection with the DPLTA. A ruling by the court would apply to all Diebold Nixdorf AG shares outstanding at the time the DPLTA became effective. While the Company believes that the compensation offered in connection with the DPLTA was fair and the claims lack merit, this matter is still at a preliminary stage and the outcome is uncertain. As a result, the Company is unable to reasonably estimate the possible loss or range of losses, if any, arising from this litigation. |
Segment Information |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | Segment Information The Company's accounting policies derive segment results that are the same as those the Chief Operating Decision Maker (CODM) regularly reviews and uses to make decisions, allocate resources and assess performance. The Company continually considers its operating structure and the information subject to regular review by its Chief Executive Officer, who is the CODM, to identify reportable operating segments. The Company’s operating structure is based on a number of factors that management uses to evaluate, view and run its business operations, which currently includes, but is not limited to, product, service and solution. The Company's reportable operating segments are based on the following solutions: Eurasia Banking, Americas Banking and Retail. Segment revenue represents revenues from sales to external customers. Segment operating profit is defined as revenues less expenses identifiable to those segments. The Company does not allocate to its segments certain operating expenses, managed at the corporate level; that are not routinely used in the management of the segments; or information that is impractical to allocate. These unallocated costs include certain corporate costs, amortization of acquired intangible assets and deferred revenue, restructuring charges, impairment charges, legal, indemnification and professional fees related to acquisition and divestiture expenses, along with other income (expenses). Segment operating profit reconciles to consolidated income (loss) before income taxes by deducting corporate costs and other income or expense items that are not attributed to the segments. Corporate charges not allocated to segments include headquarter-based costs associated with procurement, human resources, compensation and benefits, finance and accounting, global development/engineering, global strategy/mergers and acquisitions, global IT, tax, treasury and legal. Assets are not allocated to segments, and thus are not included in the assessment of segment performance, and consequently, we do not disclose total assets and depreciation and amortization expense by reportable operating segment. The following tables represent information regarding the Company’s segment information and provides a reconciliation between segment operating profit and the consolidated income (loss) before income taxes:
Net non-routine expense consists of items that the Company has determined are non-routine in nature and not allocated to the reportable operating segments. Net non-routine expense of $47.8 for the three months ended March 31, 2019 primarily consisted of purchase accounting pre-tax charges for amortization of acquired intangibles of $24.6 and legal, consulting and deal expense of $20.7. Net non-routine expense of $37.2 for the three months ended March 31, 2018 was primarily due to acquisition integration expenses of $15.2, primarily within selling and administrative expense, and purchase accounting pre-tax charges for amortization of acquired intangibles of $31.2. The following table presents information regarding the Company’s segment net sales by service and product solution:
In the following table, revenue is disaggregated by timing of revenue recognition at March 31:
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Supplemental Guarantor Information |
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Supplemental Guarantor Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Statements [Text Block] | Supplemental Guarantor Information The Company issued the 2024 Senior Notes in an offering exempt from the registration requirements of the Securities Act of 1933. The 2024 Senior Notes are and will be guaranteed by certain of the Company's existing and future domestic subsidiaries. In addition, the 2024 Senior Notes are guaranteed by a foreign subsidiary of the Company. The following presents the condensed consolidating financial information separately for:
Each guarantor subsidiary is 100 percent owned by the Parent Company at the date of each balance sheet presented. The 2024 Senior Notes are fully and unconditionally guaranteed on a joint and several basis by each guarantor subsidiary. The guarantees of the guarantor subsidiaries are subject to release in limited circumstances only upon the occurrence of certain conditions. Each entity in the consolidating financial information follows the same accounting policies as described in the condensed consolidated financial statements, except for the use by the Parent Company and the guarantor subsidiaries of the equity method of accounting to reflect ownership interests in subsidiaries which are eliminated upon consolidation. Changes in intercompany receivables and payables related to operations, such as intercompany sales or service charges, are included in cash flows from operating activities. Intercompany transactions reported as investing or financing activities include the sale of capital stock of various subsidiaries, loans and other capital transactions between members of the consolidated group. Certain non-guarantor subsidiaries of the Parent Company are limited in their ability to remit funds to it by means of dividends, advances or loans due to required foreign government and/or currency exchange board approvals or limitations in credit agreements or other debt instruments of those subsidiaries. The Company also reclassified certain assets and liabilities for inclusion of an additional wholly-owned domestic subsidiary from its non-guarantor subsidiaries to the combined guarantor subsidiaries and a wholly-owned foreign subsidiary from its non-guarantor subsidiaries to the foreign guarantor subsidiary as a result of changes included in the Sixth Amendment. Condensed Consolidating Balance Sheet As of March 31, 2019
Condensed Consolidating Balance Sheet As of December 31, 2018
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended March 31, 2019
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended March 31, 2018
Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2019
Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2018
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Leases (Policies) |
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Leases [Abstract] | |||||||||||||||||||||||||||||
Lessee, Leases [Policy Text Block] | The Company utilizes lease agreements to meet its operating needs. These leases support global staff via the use of office space, warehouses, vehicles for technicians and information technology (IT) equipment. The Company utilizes both operating and finance leases in its portfolio of leased assets, however, the majority of these leases are classified as operating. A significant portion of the volume of the lease portfolio is in fleet vehicles and IT office equipment, however, real estate leases constitute a majority of the value of the ROU assets. Lease agreements are utilized worldwide, with the largest location concentration in the United States, Germany and India. The Company has made the following elections related to the adoption of ASU No. 2016-02 Leases (Topic 842):
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Leases (Tables) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease, Cost [Table Text Block] | The following table summarizes the components of lease expense:
The following table summarizes the weighted-average remaining lease terms and discount rates related to the Company's lease population:
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Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The following table summarizes the maturities of lease liabilities:
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Schedule Of Supplemental Cash Flow Information Related To Leases [Table Text Block] | The following table summarizes the cash flow information related to leases:
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Schedule Of Supplemental Balance Sheet Information Related To Leases [Table Text Block] | The following table summarizes the balance sheet information related to leases:
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Earnings Per Share (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of earnings per share under the treasury stock method and the effect on the weighted-average number of shares of dilutive potential common stock: | The following table represents amounts used in computing earnings (loss) per share and the effect on the weighted-average number of shares of dilutive potential common shares:
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Share-Based Compensation (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Options outstanding and exercisable under the Company's 1991 Equity and Performance Incentive Plan | Options outstanding and exercisable as of March 31, 2019 are included under the Company’s 1991 Equity and Performance Incentive Plan (as Amended and Restated as of February 12, 2014) (the 1991 Plan) and the Company's 2017 Equity and Performance Incentive Plan (the 2017 Plan). Changes during the three months ended March 31, 2019 were as follows:
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Summarized information on unvested restricted stock units (RSUs), performance shares and deferred shares | The following table summarizes information on non-vested RSUs and performance shares relating to employees and non-employee directors for the three months ended March 31, 2019:
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Inventories (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Major classes of inventories | Major classes of inventories are summarized as follows:
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Investments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | The Company’s investments subject to fair value measurement consist of the following:
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Goodwill and Other Assets (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | The changes in carrying amounts of goodwill within the Company's segments are summarized as follows:
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Schedule Of Intangible Assets [Table Text Block] | The following summarizes information on intangible assets by major category:
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Guarantees and Product Warranties (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees and Product Warranties Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in warranty liability balance | Changes in the Company’s warranty liability balance are illustrated in the following table:
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Restructuring (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring and Related Costs | The following table summarizes the impact of the Company’s restructuring charges on the condensed consolidated statements of operations:
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Restructuring charges (accrual adjustments) within continuing operations by reporting segments | The following table summarizes the Company’s type of restructuring charges by reportable operating segment:
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Cumulative total restructuring costs [Table Text Block] | The following table summarizes the Company's cumulative total restructuring costs by plan as of March 31, 2019:
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Restructuring accrual balances and related activity | The following table summarizes the Company’s restructuring accrual balances and related activity for the three months ended March 31:
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Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Debt Balances | Outstanding debt balances were as follows:
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Schedule Of Cash Flows Related To Debt Borrowings And Repayments [Table Text Block] | The cash flows related to debt borrowings and repayments were as follows:
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Schedule of Long-term Debt Instruments [Table Text Block] | Below is a summary of financing and replacement facilities information:
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Redeemable Noncontrolling Interests (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interest [Table Text Block] | Changes in the Company's redeemable noncontrolling interests balance are illustrated in the following table:
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Equity (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in shareholders' equity attributable to Diebold, Incorporated and the noncontrolling interests | The following table presents changes in shareholders' equity attributable to Diebold Nixdorf, Incorporated and the noncontrolling interests:
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Accumulated Other Comprehensive Income (Loss) (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in the Company’s AOCI, net of tax, by component for the three months ended March 31, 2019:
(1) Other comprehensive income (loss) before reclassifications within the translation component excludes $2.7 of translation attributable to noncontrolling interests. The following table summarizes the changes in the Company’s AOCI, net of tax, by component for the three months ended March 31, 2018:
(1)Stranded tax effects reclassified from AOCI to retained earnings from the adoption of ASU 2018-02. |
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Reclassification out of Accumulated Other Comprehensive Income | The following table summarizes the details about amounts reclassified from AOCI:
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Benefit Plans (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | The following table sets forth the net periodic benefit cost for the Company’s defined benefit pension plans and other benefits for the three months ended March 31:
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Derivative Instruments and Hedging Activities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) recognized on non-designated derivative instruments | The following table summarizes the gain (loss) recognized on derivative instruments:
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Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | As of March 31, 2019, the Company had the following outstanding foreign currency derivatives that were used to hedge its foreign exchange risks:
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Fair Value of Assets and Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Assets and Liabilities Recorded at Fair Market Value | Assets and liabilities subject to fair value measurement are as follows:
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Fair value and carrying value of the Company's debt instruments | The carrying amount of the Company's debt instruments approximates fair value except for the 2024 Senior Notes. The fair value and carrying value of the 2024 Senior Notes are summarized as follows:
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Segment Information (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Segment Information | The following tables represent information regarding the Company’s segment information and provides a reconciliation between segment operating profit and the consolidated income (loss) before income taxes:
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Schedule Of Revenue From External Customers By Product And Service Solution | The following table presents information regarding the Company’s segment net sales by service and product solution:
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Disaggregation of Revenue [Table Text Block] | In the following table, revenue is disaggregated by timing of revenue recognition at March 31:
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Supplemental Guarantor Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Supplemental Guarantor Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Balance Sheet [Table Text Block] | Condensed Consolidating Balance Sheet As of March 31, 2019
Condensed Consolidating Balance Sheet As of December 31, 2018
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Condensed Income Statement [Table Text Block] |
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended March 31, 2018
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Condensed Cash Flow Statement [Table Text Block] | Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2019
Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2018
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Basis of Presentation (Details) |
3 Months Ended |
---|---|
Mar. 31, 2018
USD ($)
| |
Cash Flow Depreciation presentation reclassification [Member] | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |
Cash Flow Depreciation Reclassification | $ 2.7 |
Leases (Details) |
Mar. 31, 2019 |
---|---|
Lessee, Lease, Description [Line Items] | |
Operating Lease, Weighted Average Remaining Lease Term | 4 years 6 months |
Finance Lease, Weighted Average Remaining Lease Term | 2 years 9 months 18 days |
Operating Lease, Weighted Average Discount Rate, Percent | 14.30% |
Finance Lease, Weighted Average Discount Rate, Percent | 26.70% |
Minimum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Renewal Term | 6 months |
Lessee, Finance Lease, Renewal Term | 6 months |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Renewal Term | 15 years |
Lessee, Finance Lease, Renewal Term | 15 years |
Components of Lease Expense (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
| |
Leases [Abstract] | |
Operating lease expense | $ 20.6 |
Amortization of Right-of-Use Assets | 0.1 |
Finance Lease, Interest Expense | 0.1 |
Variable lease expense | $ 3.2 |
Maturities of lease liabilities (Details) $ in Millions |
Mar. 31, 2019
USD ($)
|
---|---|
Leases [Abstract] | |
2019 (excluding the three months ended March 31, 2019) | $ 67.2 |
2020 | 58.1 |
2021 | 36.8 |
2022 | 23.0 |
2023 | 14.7 |
Thereafter | 25.3 |
Total | 225.1 |
Less: Present value discount | (53.0) |
Lease liability | 172.1 |
2019 (excluding the three months ended March 31, 2019) | 0.8 |
2020 | 1.0 |
2021 | 1.0 |
2022 | 0.0 |
2023 | 0.0 |
Thereafter | 0.0 |
Total | 2.8 |
Less: Present value discount | (0.7) |
Lease liability | $ 2.1 |
Supplemental Cash Flow Information Related to Leases (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
| |
Leases [Abstract] | |
Operating Lease, Payments | $ 21.9 |
Finance Lease, Principal Payments | 0.1 |
Finance Lease, Interest Payment on Liability | 0.1 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 14.7 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 2.0 |
Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Leases [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 173.3 | $ 0.0 |
Finance Lease, Right-of-Use Asset | 2.0 | |
Operating Lease, Liability, Current | 61.7 | 0.0 |
Finance Lease, Liability, Current | 0.6 | |
Operating Lease, Liability, Noncurrent | 110.4 | $ 0.0 |
Finance Lease, Liability, Noncurrent | $ 1.5 |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|||
Amounts attributable to Diebold Nixdorf, Incorporated | ||||
Net loss | $ (131.9) | $ (65.6) | ||
Net income attributable to noncontrolling interests | 0.8 | 7.6 | ||
Net loss attributable to Diebold Nixdorf, Incorporated | $ (132.7) | $ (73.2) | ||
Denominator (in millions) | ||||
Weighted-average number of common shares used in basic loss per share | 76.4 | 75.8 | ||
Weighted-average number of common shares used in diluted earnings (loss) per share (1) | [1] | 76.4 | 75.8 | |
Basic earnings (loss) per share | ||||
Basic earnings (loss) per share | $ (1.74) | $ (0.97) | ||
Diluted earnings (loss) per share | ||||
Diluted earnings (loss) per share | $ (1.74) | $ (0.97) | ||
Anti-dilutive shares (in milllions) | ||||
Anti-dilutive shares not used in calculating diluted weighted-average | 3.7 | 4.3 | ||
Incremental Shares Excluded From Dilutive Calculation Due To Resulting in Operating Loss | 1.2 | 0.9 | ||
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Share-Based Compensation - Stock Options (Details) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
$ / shares
shares
| |
Options outstanding and exercisable under the Company's 1991 Equity and Performance Incentive Plan and 2017 Equity and Performance Incentive Plan | |
Outstanding at January 1, 2019 | shares | 2.5 |
Outstanding at January 1, 2019 | $ / shares | $ 27.05 |
Expired or forfeited | shares | 0.1 |
Expired or forfeited | $ / shares | $ 29.76 |
Granted | shares | 1.1 |
Granted | $ / shares | $ 4.33 |
Outstanding at March 31, 2019 | shares | 3.5 |
Outstanding at March 31, 2019 | $ / shares | $ 19.83 |
Outstanding, weighted-average remaining contractual term | 6 years |
Outstanding, aggregate intrinsic value | $ | $ 12.1 |
Options exercisable at March 31, 2019 | shares | 1.9 |
Options exercisable at March 31, 2019 | $ / shares | $ 28.67 |
Options exercisable, weighted-average remaining contractual term | 9 years |
Options exercisable, aggregate intrinsic value | $ | $ 15.4 |
Options vested and expected to vest(2) at March 31, 2019 | shares | 3.5 |
Options vested and expected to vest(2) at March 31, 2019 | $ / shares | $ 19.83 |
Options vested and expected to vest, weighted-average remaining contractual term | 8 years |
Options vested and expected to vest, aggregate intrinsic value | $ | $ 27.5 |
Share-Based Compensation - Compensation Expense and Information on Non-Vested Shares (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Apr. 25, 2019 |
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Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based Compensation | $ 9.3 | $ 13.7 | |
Restricted Stock Units (RSUs) [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Non-vested at January 1, 2019 | 1.6 | ||
Non-vested at January 1, 2019 | $ 19.66 | ||
Vested | (0.6) | ||
Vested | $ 21.57 | ||
Granted | 1.2 | ||
Granted | $ 4.08 | ||
Non-vested at March 31, 2019 | 2.2 | ||
Non-vested at March 31, 2019 | $ 10.62 | ||
Performance Shares [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Non-vested at January 1, 2019 | 3.0 | ||
Non-vested at January 1, 2019 | $ 26.90 | ||
Forfeited | (0.5) | ||
Forfeited | $ 26.78 | ||
Vested | (0.2) | ||
Vested | $ 26.60 | ||
Non-vested at March 31, 2019 | 2.3 | ||
Non-vested at March 31, 2019 | $ 26.90 | ||
Deferred Compensation, Share-based Payments [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Non-employee director deferred shares, vested | 0.1 | ||
Subsequent Event [Member] | 2017 Equity and Performance Incentive Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common shares available for grant | 3.0 |
Income Taxes (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Income Tax Disclosure [Abstract] | ||
Effective tax rate on the net loss | (85.00%) | (40.40%) |
Inventories (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Major classes of inventories | ||
Finished goods | $ 261.4 | $ 211.2 |
Service parts | 222.2 | 221.6 |
Raw materials and work in process | 179.4 | 177.3 |
Total inventories | $ 663.0 | $ 610.1 |
Investments (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2019 |
Dec. 31, 2018 |
|
Assets held in rabbi trusts [Member] | ||
Long-term investments: | ||
Assets held in a rabbi trust | $ 6.1 | $ 6.5 |
Long-term investments, unrealized gain | 0.5 | (0.2) |
Certificates of deposit | ||
Short-term investments: | ||
Investments, Cost Basis | 31.5 | 33.5 |
Short-term investments, unrealized gain | 0.0 | 0.0 |
Short-term investments | Certificates of deposit | Fair Value, Measurements, Recurring [Member] | ||
Short-term investments: | ||
Fair value of assets held under trust | 31.5 | 33.5 |
Short-term investments | Certificates of deposit | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Short-term investments: | ||
Fair value of assets held under trust | 31.5 | 33.5 |
Other liabilities | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Assets held in rabbi trusts [Member] | ||
Long-term investments: | ||
Fair Value Of Assets Held Under Trust | 6.6 | $ 6.3 |
Kony, Inc. [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost Method Investments | $ 14.0 |
Investments (Textuals) (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
|
Related Party Transaction [Line Items] | |||
Accounts receivable with affiliates | $ 14.2 | ||
Accounts payable with affiliates | 9.8 | ||
Investments (Textuals) | |||
Realized gains and proceeds from the sale of securities | 0.0 | $ 0.0 | |
Cash surrender value of insurance contracts | 9.3 | $ 11.1 | |
Interest rate swap asset, carrying value and fair value | $ 2.8 | $ 4.8 | |
Inspur (Suzhou) Financial Technology Service Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Strategic alliance, ownership percentage | 40.00% | ||
Aisino-Wincor Retail And Banking Systems (Shanghai) Co.,Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Strategic alliance, ownership percentage | 43.60% |
Investments Allowance for Credit Losses - Summary of Allowance for Credit Losses (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Mar. 31, 2018 |
---|---|---|
Finance Leases Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Finance leases and notes receivable individually evaluated for impairment | $ 36.6 | $ 32.4 |
Notes Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Finance leases and notes receivable individually evaluated for impairment | $ 4.8 | $ 15.0 |
Investments Allowance for Credit Losses - Aging of Past-Due Receivables (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
| |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Recorded investment in impaired notes receivable, past due | $ 0.0 |
Minimum [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Period Required For Considering Financing Receivable As Non Accrual Status | 60 days |
Period for placing financing receivables on non-accrual status | 89 days |
Maximum [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Period Required For Considering Financing Receivable As Non Accrual Status | 89 day |
Goodwill and Other Assets (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2019 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Goodwill [Line Items] | |||||
Goodwill | $ 1,321.8 | $ 1,335.3 | $ 1,407.8 | ||
Accumulated impairment losses | (508.2) | (508.2) | (290.7) | ||
Beginning balance | 827.1 | 1,117.1 | |||
Transferred to assets held for sale | (47.0) | ||||
Currency translation adjustment | (10.5) | (25.5) | |||
Impairment | $ (134.4) | $ (83.1) | (217.5) | ||
Divestitures | (3.0) | ||||
Ending balance | 813.6 | 827.1 | |||
Eurasia Banking | |||||
Goodwill [Line Items] | |||||
Goodwill | 624.4 | 628.6 | 639.4 | ||
Accumulated impairment losses | (321.7) | (321.7) | (168.7) | ||
Beginning balance | 306.9 | 470.7 | |||
Transferred to assets held for sale | (0.8) | ||||
Currency translation adjustment | (4.2) | (10.0) | |||
Impairment | (153.0) | ||||
Divestitures | 0.0 | ||||
Ending balance | 302.7 | 306.9 | |||
Americas Banking | |||||
Goodwill [Line Items] | |||||
Goodwill | 450.8 | 454.3 | 462.9 | ||
Accumulated impairment losses | (122.0) | (122.0) | (122.0) | ||
Beginning balance | 332.3 | 340.9 | |||
Transferred to assets held for sale | (0.3) | ||||
Currency translation adjustment | (3.5) | (8.3) | |||
Impairment | 0.0 | ||||
Divestitures | 0.0 | ||||
Ending balance | 328.8 | 332.3 | |||
Retail | |||||
Goodwill [Line Items] | |||||
Goodwill | 246.6 | 252.4 | 305.5 | ||
Accumulated impairment losses | (64.5) | (64.5) | $ 0.0 | ||
Beginning balance | 187.9 | 305.5 | |||
Transferred to assets held for sale | (45.9) | ||||
Currency translation adjustment | (2.8) | (7.2) | |||
Impairment | (64.5) | ||||
Divestitures | (3.0) | ||||
Ending balance | $ 182.1 | $ 187.9 |
Goodwill and Other Assets Schedule of Intangible Assets (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Dec. 31, 2018 |
|
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 1,021.7 | $ 1,033.8 |
Accumulated amortization | (432.9) | (409.2) |
Net carrying amount | $ 588.8 | 624.6 |
Internally-developed software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 1 year 4 months | |
Gross carrying amount | $ 192.5 | 189.6 |
Accumulated amortization | (126.2) | (118.9) |
Net carrying amount | $ 66.3 | 70.7 |
Development costs non-software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 1 year 7 months | |
Gross carrying amount | $ 51.5 | 52.5 |
Accumulated amortization | (43.0) | (44.3) |
Net carrying amount | $ 8.5 | 8.2 |
Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years 5 months | |
Gross carrying amount | $ 698.8 | 712.2 |
Accumulated amortization | (194.2) | (179.1) |
Net carrying amount | $ 504.6 | 533.1 |
Other intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 months | |
Gross carrying amount | $ 78.9 | 79.5 |
Accumulated amortization | (69.5) | (66.9) |
Net carrying amount | 9.4 | 12.6 |
Other intangible asset, net [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 322.9 | 321.6 |
Accumulated amortization | (238.7) | (230.1) |
Net carrying amount | $ 84.2 | $ 91.5 |
Goodwill and Other Assets (Textuals) (Details) $ in Millions |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2019
USD ($)
|
Sep. 30, 2018
USD ($)
|
Jun. 30, 2018
USD ($)
|
Mar. 31, 2018
USD ($)
|
Dec. 31, 2018
USD ($)
|
|
Number of Reportable Segments | 3 | ||||
Goodwill, Impairment Loss | $ 134.4 | $ 83.1 | $ 217.5 | ||
Amortization of internally-developed software | $ 8.6 | $ 8.8 | |||
Amortization | $ 37.1 | $ 39.9 | |||
Retail | |||||
Goodwill, Impairment Loss | 64.5 | ||||
Eurasia Banking | |||||
Goodwill, Impairment Loss | 153.0 | ||||
Americas Banking | |||||
Goodwill, Impairment Loss | $ 0.0 | ||||
Americas Banking Reporting Unit [Member] | |||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 20.00% | ||||
EMEA Retail Reporting Unit [Member] | |||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 10.00% | ||||
Rest of World Retail Reporting Unit [Member] | |||||
Reporting Unit, Amount of Fair Value in Excess of Carrying Amount | $ 0.0 |
Guarantees and Product Warranties (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
|
Guarantees and Product Warranties (Textuals) | |||
Maximum future payment obligations | $ 220.3 | $ 135.2 | |
Standby letters of credit | 27.5 | $ 27.5 | |
Changes in warranty liability balance | |||
Beginning Balance | 40.1 | $ 76.7 | |
Current period accruals | 3.9 | 7.5 | |
Current period settlements | (6.0) | (19.0) | |
Currency translation adjustment | (0.3) | 1.5 | |
Ending Balance | $ 37.7 | $ 66.7 |
Restructuring - Restructuring Charges By Statement of Income Account (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Schedule of restructuring and related costs | ||
Restructuring Charges | $ 3.8 | $ 3.9 |
Cost of sales – services | ||
Schedule of restructuring and related costs | ||
Restructuring Charges | 1.5 | 2.0 |
Cost of sales – products | ||
Schedule of restructuring and related costs | ||
Restructuring Charges | 0.0 | 0.6 |
Selling and administrative expense | ||
Schedule of restructuring and related costs | ||
Restructuring Charges | 2.2 | 1.3 |
Research, development and engineering expense | ||
Schedule of restructuring and related costs | ||
Restructuring Charges | $ 0.1 | $ 0.0 |
Restructuring - Restructuring Charges By Segment (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Restructuring Cost and Reserve [Line Items] | ||
Document Period End Date | Mar. 31, 2019 | |
Restructuring Charges | $ 3.8 | $ 3.9 |
Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Cost Incurred to Date | 166.7 | |
Restructuring Charges | 3.8 | 3.9 |
Eurasia Banking | Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Cost Incurred to Date | 94.5 | |
Restructuring Charges | 1.5 | 2.5 |
Americas Banking | Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Cost Incurred to Date | 22.6 | |
Restructuring Charges | 0.4 | 0.1 |
Retail | Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Cost Incurred to Date | 28.9 | |
Restructuring Charges | 0.8 | 0.5 |
Corporate | Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Cost Incurred to Date | 20.7 | |
Restructuring Charges | 1.1 | $ 0.8 |
DN2020 Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 3.8 | |
DN2020 Plan [Member] | Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Cost Incurred to Date | 95.8 | |
DN2020 Plan [Member] | Eurasia Banking | Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Cost Incurred to Date | 51.5 | |
DN2020 Plan [Member] | Americas Banking | Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Cost Incurred to Date | 13.6 | |
DN2020 Plan [Member] | Retail | Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Cost Incurred to Date | 15.6 | |
DN2020 Plan [Member] | Corporate | Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Cost Incurred to Date | 15.1 | |
Strategic Alliance Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 0.1 | |
Strategic Alliance Plan [Member] | Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Cost Incurred to Date | 8.2 | |
Strategic Alliance Plan [Member] | Eurasia Banking | Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Cost Incurred to Date | 8.2 | |
Strategic Alliance Plan [Member] | Americas Banking | Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Cost Incurred to Date | 0.0 | |
Strategic Alliance Plan [Member] | Retail | Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Cost Incurred to Date | 0.0 | |
Strategic Alliance Plan [Member] | Corporate | Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Cost Incurred to Date | 0.0 | |
DN Now [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 3.8 | |
DN Now [Member] | Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Cost Incurred to Date | 62.7 | |
DN Now [Member] | Eurasia Banking | Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Cost Incurred to Date | 34.8 | |
DN Now [Member] | Americas Banking | Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Cost Incurred to Date | 9.0 | |
DN Now [Member] | Retail | Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Cost Incurred to Date | 13.3 | |
DN Now [Member] | Corporate | Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Cost Incurred to Date | $ 5.6 |
Restructuring Reserve Activity (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Restructuring and Related Activities [Abstract] | ||
Balance at January 1 | $ 56.9 | $ 54.0 |
Liabilities incurred | 3.8 | 3.9 |
Liabilities paid/settled | 22.1 | 10.2 |
Balance at March 31 | $ 38.6 | $ 47.7 |
Restructuring (Textuals) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2019 |
|
Unusual or Infrequent Item [Line Items] | |||
Restructuring Charges | $ 3.8 | $ 3.9 | |
DN Now Plan [Member] | Minimum [Member] | |||
Unusual or Infrequent Item [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 170.0 | ||
DN Now Plan [Member] | Maximum [Member] | |||
Unusual or Infrequent Item [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 200.0 | ||
DN Now [Member] | |||
Unusual or Infrequent Item [Line Items] | |||
Restructuring Charges | 3.8 | ||
Anticipated Annual Synergies | 130.0 | ||
DN2020 Plan [Member] | |||
Unusual or Infrequent Item [Line Items] | |||
Restructuring Charges | 3.8 | ||
Strategic Alliance Plan [Member] | |||
Unusual or Infrequent Item [Line Items] | |||
Restructuring Charges | 0.1 | ||
Segment Reconciling Items [Member] | |||
Unusual or Infrequent Item [Line Items] | |||
Restructuring Charges | 3.8 | 3.9 | |
Subsequent Event [Member] | DN Now Plan [Member] | |||
Unusual or Infrequent Item [Line Items] | |||
Anticipated Annual Synergies | $ 160.0 | ||
Severance | |||
Unusual or Infrequent Item [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 166.7 | ||
Restructuring Charges | 3.8 | 3.9 | |
Severance | DN Now [Member] | |||
Unusual or Infrequent Item [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 62.7 | ||
Severance | DN2020 Plan [Member] | |||
Unusual or Infrequent Item [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 95.8 | ||
Severance | Strategic Alliance Plan [Member] | |||
Unusual or Infrequent Item [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 8.2 | ||
Severance | Eurasia Banking | |||
Unusual or Infrequent Item [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 94.5 | ||
Restructuring Charges | 1.5 | 2.5 | |
Severance | Eurasia Banking | DN Now [Member] | |||
Unusual or Infrequent Item [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 34.8 | ||
Severance | Eurasia Banking | DN2020 Plan [Member] | |||
Unusual or Infrequent Item [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 51.5 | ||
Severance | Eurasia Banking | Strategic Alliance Plan [Member] | |||
Unusual or Infrequent Item [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 8.2 | ||
Severance | Americas Banking | |||
Unusual or Infrequent Item [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 22.6 | ||
Restructuring Charges | 0.4 | 0.1 | |
Severance | Americas Banking | DN Now [Member] | |||
Unusual or Infrequent Item [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 9.0 | ||
Severance | Americas Banking | DN2020 Plan [Member] | |||
Unusual or Infrequent Item [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 13.6 | ||
Severance | Americas Banking | Strategic Alliance Plan [Member] | |||
Unusual or Infrequent Item [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 0.0 | ||
Severance | Retail | |||
Unusual or Infrequent Item [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 28.9 | ||
Restructuring Charges | 0.8 | 0.5 | |
Severance | Retail | DN Now [Member] | |||
Unusual or Infrequent Item [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 13.3 | ||
Severance | Retail | DN2020 Plan [Member] | |||
Unusual or Infrequent Item [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 15.6 | ||
Severance | Retail | Strategic Alliance Plan [Member] | |||
Unusual or Infrequent Item [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 0.0 | ||
Severance | Corporate | |||
Unusual or Infrequent Item [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 20.7 | ||
Restructuring Charges | 1.1 | $ 0.8 | |
Severance | Corporate | DN Now [Member] | |||
Unusual or Infrequent Item [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 5.6 | ||
Severance | Corporate | DN2020 Plan [Member] | |||
Unusual or Infrequent Item [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 15.1 | ||
Severance | Corporate | Strategic Alliance Plan [Member] | |||
Unusual or Infrequent Item [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | $ 0.0 |
Debt (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
|
Notes Payable | |||
Uncommitted lines of credit | $ 18.4 | $ 20.9 | |
Other | 3.0 | 2.7 | |
Notes payable | 47.2 | 49.5 | |
Long-term Debt | |||
Revolving credit facility | 135.0 | 125.0 | |
Other | 2.6 | 2.4 | |
Long-term debt excluding debt issuance costs | 2,260.9 | 2,264.9 | |
Long-term deferred financing fees | (69.7) | (74.9) | |
Long-term debt | 2,191.2 | 2,190.0 | |
Revolving credit facility borrowings (repayments), net | 10.0 | $ (75.0) | |
Other debt borrowings | 5.0 | 26.0 | |
Other debt repayments | (16.8) | (31.7) | |
December 2015 Term Loan [Member] | |||
Long-term Debt | |||
Term Loan Facility | 126.3 | 126.3 | |
Other debt repayments | 0.0 | (5.8) | |
Delayed Draw Term Loan A Facility [Member] | |||
Long-term Debt | |||
Term Loan Facility | 160.5 | 160.5 | |
Other debt repayments | 0.0 | (3.1) | |
Term Loan A-1 Facility [Member] | |||
Notes Payable | |||
Term Loan Facility | 16.3 | 16.3 | |
Long-term Debt | |||
Term Loan Facility | 621.6 | 625.6 | |
Term Loan B USD [Member] | |||
Notes Payable | |||
Term Loan Facility | 4.8 | 4.8 | |
Long-term Debt | |||
Term Loan Facility | 412.0 | 413.2 | |
Other debt repayments | (1.2) | (1.2) | |
Term Loan B EUR [Member] | |||
Notes Payable | |||
Term Loan Facility | 4.7 | 4.8 | |
Long-term Debt | |||
Term Loan Facility | 402.9 | 411.9 | |
Other debt repayments | (1.2) | (1.3) | |
Senior Notes Due 2024 [Member] | |||
Long-term Debt | |||
Senior Notes | 400.0 | $ 400.0 | |
International Short-Term Uncommitted Line of Credit [Member] | |||
Long-term Debt | |||
Other debt borrowings | 5.0 | 26.0 | |
Other debt repayments | $ (10.4) | $ (20.3) | |
International Short-Term Uncommitted Line of Credit [Member] | |||
Short-term Debt [Line Items] | |||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 8.83% | 8.80% |
Debt (Textuals) (Details) $ in Millions |
3 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 30, 2018
USD ($)
|
Mar. 31, 2019
USD ($)
|
Mar. 31, 2018
USD ($)
|
Dec. 31, 2021 |
Jun. 30, 2021 |
Dec. 31, 2020 |
Jun. 30, 2020 |
Dec. 31, 2018
USD ($)
|
May 09, 2017
USD ($)
|
Apr. 30, 2016
USD ($)
|
||||||
Debt (Textuals) | |||||||||||||||
Standby Letters Of Credit | $ 27.5 | $ 27.5 | |||||||||||||
Debt Instrument, Covenant Compliance | the Company was in compliance with the financial and other covenants in its debt agreements | ||||||||||||||
Repayments of Other Debt | $ 16.8 | $ 31.7 | |||||||||||||
Repricing Premium Percentage | 1.00% | ||||||||||||||
Total Net Leverage Ratio | 2.5 | ||||||||||||||
Minimum [Member] | |||||||||||||||
Debt (Textuals) | |||||||||||||||
Adjusted EBITDA To Net Interest Expense Coverage Ratio | 1.38 | ||||||||||||||
Minimum [Member] | Subsequent Event [Member] | |||||||||||||||
Debt (Textuals) | |||||||||||||||
Adjusted EBITDA To Net Interest Expense Coverage Ratio | 1.63 | 1.50 | |||||||||||||
Maximum [Member] | |||||||||||||||
Debt (Textuals) | |||||||||||||||
Net Debt To EBITDA Leverage Ratio | 7.00 | ||||||||||||||
Maximum [Member] | Subsequent Event [Member] | |||||||||||||||
Debt (Textuals) | |||||||||||||||
Net Debt To EBITDA Leverage Ratio | 5.75 | 6.00 | 6.25 | 6.50 | |||||||||||
Term Loan A Facility [Member] | |||||||||||||||
Debt (Textuals) | |||||||||||||||
Repayments of Other Debt | $ 130.0 | ||||||||||||||
Delayed Draw Term Loan A Facility [Member] | |||||||||||||||
Debt (Textuals) | |||||||||||||||
Repayments of Other Debt | 0.0 | 3.1 | |||||||||||||
Term Loan B EUR [Member] | |||||||||||||||
Debt (Textuals) | |||||||||||||||
Repayments of Other Debt | 1.2 | $ 1.3 | |||||||||||||
Combined Term B Loans [Member] | |||||||||||||||
Debt (Textuals) | |||||||||||||||
Repayments of Other Debt | 100.0 | ||||||||||||||
Revolving Credit Facility [Member] | |||||||||||||||
Debt (Textuals) | |||||||||||||||
Amount available | $ 32.4 | ||||||||||||||
Weighted average interest rate on credit facility borrowings outstanding | 6.00% | 5.97% | |||||||||||||
Description of interest rate terms | LIBOR + 3.50% | ||||||||||||||
December 2015 Revolving Credit Facility [Member] | |||||||||||||||
Debt (Textuals) | |||||||||||||||
Current borrowing capacity | $ 500.0 | ||||||||||||||
December 2015 Term Loan [Member] | |||||||||||||||
Debt (Textuals) | |||||||||||||||
Description of interest rate terms | LIBOR + 3.50% | ||||||||||||||
Senior Notes Due 2024 [Member] | |||||||||||||||
Debt (Textuals) | |||||||||||||||
Unsecured Debt | $ 400.0 | ||||||||||||||
Delayed Draw Term Loan A [Member] | |||||||||||||||
Debt (Textuals) | |||||||||||||||
Description of interest rate terms | LIBOR + 3.50% | ||||||||||||||
Term Loan A-1 Facility [Member] | |||||||||||||||
Debt (Textuals) | |||||||||||||||
Description of interest rate terms | LIBOR + 9.25% | ||||||||||||||
Unsecured Debt | 650.0 | ||||||||||||||
Reduction in Revolving Credit Facility Borrowing Capacity [Member] | |||||||||||||||
Debt (Textuals) | |||||||||||||||
Current borrowing capacity | $ 0.0 | ||||||||||||||
2024 Senior Notes [Member] | |||||||||||||||
Debt (Textuals) | |||||||||||||||
Description of interest rate terms | 0.085 | ||||||||||||||
Term Loan B USD [Member] | |||||||||||||||
Debt (Textuals) | |||||||||||||||
Description of interest rate terms | [1] | LIBOR(i) + 2.75% | |||||||||||||
Unsecured Debt | $ 475.0 | $ 1,000.0 | |||||||||||||
Term Loan B USD [Member] | Minimum [Member] | |||||||||||||||
Debt (Textuals) | |||||||||||||||
Description of interest rate terms | LIBOR with a floor of 0.0% | ||||||||||||||
Delayed Draw Term Loan A Facility [Member] | |||||||||||||||
Debt (Textuals) | |||||||||||||||
Unsecured Debt | 250.0 | ||||||||||||||
Term Loan B EUR [Member] | |||||||||||||||
Debt (Textuals) | |||||||||||||||
Description of interest rate terms | [2] | EURIBOR(ii) + 3.00% | |||||||||||||
Unsecured Debt | $ 70.0 | ||||||||||||||
Term Loan B EUR [Member] | Minimum [Member] | |||||||||||||||
Debt (Textuals) | |||||||||||||||
Description of interest rate terms | EURIBOR with a floor of 0.0% | ||||||||||||||
International Short-Term Uncommitted Line of Credit [Member] | |||||||||||||||
Debt (Textuals) | |||||||||||||||
Borrowing limit of short term uncommitted line of credit | $ 50.8 | ||||||||||||||
Weighted average interest rate on outstanding borrowings | 8.83% | 8.80% | |||||||||||||
Amount available | $ 337.5 | ||||||||||||||
Maturity time of short term uncommitted lines | less than one year | ||||||||||||||
|
Redeemable Noncontrolling Interests (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Redeemable Noncontrolling Interest [Abstract] | ||
Balance at January 1 | $ 130.4 | $ 492.1 |
Other comprehensive income | (1.7) | 0.0 |
Redemption value adjustment | (18.6) | 17.5 |
Redemption of shares | (10.3) | 0.0 |
Balance at March 31 | $ 99.8 | $ 509.6 |
Redeemable Noncontrolling Interests Redeemable Noncontrolling Interests (Textuals) (Details) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2019
USD ($)
$ / shares
shares
|
Mar. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
Mar. 31, 2019
€ / shares
|
Dec. 31, 2018
USD ($)
|
|
Redeemable Noncontrolling Interests (Textuals) [Line Items] | |||||
Redeemable noncontrolling interests | $ 99.8 | $ 509.6 | $ 492.1 | $ 130.4 | |
Reclassification of noncontrolling interest | $ 0.0 | ||||
Payments for Repurchase of Redeemable Noncontrolling Interest | 10.3 | $ 0.0 | |||
Domination and Profit and Loss Transfer Agreement [Member] | Diebold Nixdorf AG [Member] | |||||
Redeemable Noncontrolling Interests (Textuals) [Line Items] | |||||
Redeemable noncontrolling interests | $ 87.4 | $ 99.1 | |||
Business Acquisition, Share Price | (per share) | $ 55.02 | € 55.02 | |||
Recurring Cash Compensation Per Share Net Of Tax | (per share) | $ 2.82 | € 2.82 | |||
Shares Repurchased Of Redeemable Noncontrolling Interest | shares | 0.2 | ||||
Business Acquisition, Number Of Ordinary Shares Tendered | shares | 28.4 | ||||
Business Acquisition, Percentage Tendered Of Ordinary Shares Issued | 95.30% |
Equity (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (274.7) | $ 436.4 | $ (159.6) | $ 482.3 |
Net Income (Loss) | (131.9) | (65.6) | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (1.1) | (9.2) | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 0.0 | |||
Other Comprehensive Income Loss, Net Of Tax And Noncontrolling Interest Adjustment | 1.6 | (9.2) | ||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 0.0 | 0.0 | ||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 9.3 | 13.7 | ||
Dividends, Common Stock, Cash | (7.7) | |||
Adoption of accounting standard | 33.6 | |||
Treasury shares | (1.1) | (2.5) | ||
Reclassification Of Temporary Equity To Liability | (0.6) | (4.4) | ||
Distributions to noncontrolling interest holders | (0.5) | |||
Reclassification From Noncontrolling Interests To Redeemable Noncontrolling Interests | 10.6 | |||
Noncontrolling Interest, Decrease from Deconsolidation | (3.0) | (3.3) | ||
Common Stock [Member] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 114.9 | 113.8 | 114.2 | 113.2 |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 0.7 | 0.6 | ||
Additional Paid-in Capital [Member] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 761.0 | 734.6 | 741.8 | 721.5 |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | (0.7) | (0.6) | ||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 9.3 | 13.7 | ||
Reclassification From Noncontrolling Interests To Redeemable Noncontrolling Interests | 10.6 | |||
Retained Earnings [Member] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (301.0) | 327.2 | (168.3) | 374.5 |
Net Income (Loss) | (132.7) | (73.2) | ||
Dividends, Common Stock, Cash | (7.7) | |||
Treasury Stock [Member] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (571.5) | (569.9) | (570.4) | (567.4) |
Treasury shares | (1.1) | (2.5) | ||
AOCI Attributable to Parent | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (304.8) | (205.5) | (303.7) | (196.3) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (1.1) | (9.2) | ||
Parent [Member] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (301.4) | 400.2 | (186.4) | 445.5 |
Net Income (Loss) | (132.7) | (73.2) | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (1.1) | (9.2) | ||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 0.0 | 0.0 | ||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 9.3 | 13.7 | ||
Dividends, Common Stock, Cash | (7.7) | |||
Treasury shares | (1.1) | (2.5) | ||
Reclassification Of Temporary Equity To Liability | 0.0 | 0.0 | ||
Distributions to noncontrolling interest holders | 0.0 | |||
Reclassification From Noncontrolling Interests To Redeemable Noncontrolling Interests | 10.6 | |||
Noncontrolling Interest, Decrease from Deconsolidation | 0.0 | 0.0 | ||
Noncontrolling Interest [Member] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 26.7 | 36.2 | $ 26.8 | $ 36.8 |
Net Income (Loss) | 0.8 | 7.6 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 2.7 | |||
Reclassification Of Temporary Equity To Liability | (0.6) | (4.4) | ||
Distributions to noncontrolling interest holders | (0.5) | |||
Reclassification From Noncontrolling Interests To Redeemable Noncontrolling Interests | 0.0 | |||
Noncontrolling Interest, Decrease from Deconsolidation | (3.0) | (3.3) | ||
Accounting Standards Update 2018-02 | AOCI Attributable to Parent | ||||
Adoption of accounting standard | $ 0.0 | $ (29.0) |
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
||||
Beginning Balance | $ (303.7) | $ (196.3) | |||
Adoption of accounting standard | 33.6 | ||||
Other comprehensive (loss) income before reclassifications (1) | (1.1) | 17.6 | |||
Amounts reclassified from AOCI | 0.0 | 2.2 | |||
Net current-period other comprehensive (loss) income | (1.1) | (9.2) | |||
Balance at March 31 | (304.8) | $ (205.5) | |||
Accounting Standards Update 2018-02 | |||||
New Accounting Pronouncement or Change in Accounting Principle, Indirect Effects | -29 | ||||
Translation adjustment | |||||
Beginning Balance | (191.5) | $ (116.8) | |||
Other comprehensive (loss) income before reclassifications (1) | 1.7 | [1] | 18.2 | ||
Amounts reclassified from AOCI | 0.0 | 0.0 | |||
Net current-period other comprehensive (loss) income | 1.7 | 9.1 | |||
Balance at March 31 | (189.8) | $ (107.7) | |||
Translation adjustment | Accounting Standards Update 2018-02 | |||||
New Accounting Pronouncement or Change in Accounting Principle, Indirect Effects | -9.1 | ||||
Foreign Currency Hedges | |||||
Beginning Balance | (1.9) | $ (5.1) | |||
Other comprehensive (loss) income before reclassifications (1) | (0.6) | (2.8) | |||
Amounts reclassified from AOCI | 0.0 | 0.0 | |||
Net current-period other comprehensive (loss) income | (0.6) | (3.8) | |||
Balance at March 31 | (2.5) | $ (8.9) | |||
Foreign Currency Hedges | Accounting Standards Update 2018-02 | |||||
New Accounting Pronouncement or Change in Accounting Principle, Indirect Effects | -1.0 | ||||
Interest Rate Hedges | |||||
Beginning Balance | 10.6 | $ 8.1 | |||
Other comprehensive (loss) income before reclassifications (1) | (2.3) | 2.2 | |||
Amounts reclassified from AOCI | 0.5 | 0.4 | |||
Net current-period other comprehensive (loss) income | (1.8) | 3.9 | |||
Balance at March 31 | 8.8 | 12.0 | |||
Pension and Other Post-retirement Benefits | |||||
Beginning Balance | (121.0) | (82.6) | |||
Other comprehensive (loss) income before reclassifications (1) | 0.0 | 0.0 | |||
Amounts reclassified from AOCI | (0.5) | 1.8 | |||
Net current-period other comprehensive (loss) income | (0.5) | (18.4) | |||
Balance at March 31 | (121.5) | $ (101.0) | |||
Pension and Other Post-retirement Benefits | Accounting Standards Update 2018-02 | |||||
New Accounting Pronouncement or Change in Accounting Principle, Indirect Effects | -20.2 | ||||
Other | |||||
Beginning Balance | 0.1 | $ 0.1 | |||
Other comprehensive (loss) income before reclassifications (1) | 0.1 | 0.0 | |||
Amounts reclassified from AOCI | 0.0 | 0.0 | |||
Net current-period other comprehensive (loss) income | 0.1 | 0.0 | |||
Balance at March 31 | 0.2 | $ 0.1 | |||
Other | Accounting Standards Update 2018-02 | |||||
New Accounting Pronouncement or Change in Accounting Principle, Indirect Effects | 0 | ||||
AOCI Attributable to Parent | |||||
Net current-period other comprehensive (loss) income | (1.1) | $ (9.2) | |||
AOCI Attributable to Parent | Accounting Standards Update 2018-02 | |||||
Adoption of accounting standard | 0.0 | $ (29.0) | |||
Accumulated Net Gain (Loss) from Interest Rate Hedge [Member] | Accounting Standards Update 2018-02 | |||||
New Accounting Pronouncement or Change in Accounting Principle, Indirect Effects | 1.3 | ||||
Translation adjustment | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | $ 2.7 | ||||
|
Accumulated Other Comprehensive Income (Loss) Reclassification Adjustments (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|||
Interest expense | $ (50.9) | $ (26.0) | ||
Investment Income, Nonoperating | 2.9 | 3.5 | ||
Total reclassifications for the period | 0.0 | 2.2 | ||
Interest Rate Hedges | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Interest expense | 0.5 | 0.4 | ||
Net actuarial loss amortization | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Net periodic benefit cost | [1] | (0.5) | 1.8 | |
Net actuarial loss amortization, tax | (0.3) | (0.4) | ||
Pension and Other Post-retirement Benefits | ||||
Total reclassifications for the period | $ (0.5) | $ 1.8 | ||
|
Acquisitions & Divestitures (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Payments to Acquire Businesses, Net of Cash Acquired | $ 0.0 | $ 5.8 |
SecurCash B.V. Netherlands [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Gain (Loss) on Disposition of Assets | 3.5 | |
Projective N.V. [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Gain (Loss) on Disposition of Assets | (2.8) | |
Venezuela Business [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Gain (Loss) on Disposition of Assets | (4.1) | |
Projective N.V. [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Proceeds from divestiture | $ 4.2 |
Benefit Plans (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Components of net periodic benefit cost | ||
Contributions to qualified and non qualified pension plans | $ 11.9 | $ 22.6 |
Defined Benefits Plan, Expected Future Reimbursement from CTA, Net Fiscal Year | 13.0 | 13.8 |
Other Postretirement Benefits Plan [Member] | ||
Components of net periodic benefit cost | ||
Service cost | 0.0 | 0.0 |
Interest cost | 0.1 | 0.1 |
Expected return on plan assets | 0.0 | 0.0 |
Recognized net actuarial loss | 0.0 | 0.0 |
Net periodic pension benefit cost | 0.1 | 0.1 |
Domestic Plan [Member] | Pension Plan [Member] | ||
Components of net periodic benefit cost | ||
Service cost | 0.9 | 1.0 |
Interest cost | 5.5 | 5.2 |
Expected return on plan assets | (6.2) | (6.2) |
Recognized net actuarial loss | 1.3 | 1.6 |
Net periodic pension benefit cost | 1.5 | 1.6 |
Foreign Plan [Member] | Pension Plan [Member] | ||
Components of net periodic benefit cost | ||
Service cost | 2.5 | 2.8 |
Interest cost | 1.6 | 1.6 |
Expected return on plan assets | (3.1) | (2.7) |
Recognized net actuarial loss | (0.4) | (0.2) |
Net periodic pension benefit cost | $ 0.6 | $ 1.5 |
Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Derivative Instruments Gain (Loss) [Line Items] | ||
Interest expense | $ (50.9) | $ (26.0) |
Revenues | 1,028.1 | 1,064.2 |
Total cost of sales | 784.0 | 825.8 |
Miscellaneous, net | (1.4) | (0.1) |
Foreign exchange gain (loss), net | 2.8 | (1.4) |
Gain (loss) recognized on non-designated derivative instruments: | ||
Gain (loss) recognized on non-designated derivative instruments, total | 1.2 | 2.0 |
Interest rate swaps | ||
Derivative Instruments Gain (Loss) [Line Items] | ||
Interest expense | 1.1 | (0.3) |
Foreign exchange forward contracts | ||
Derivative Instruments Gain (Loss) [Line Items] | ||
Revenues | (0.1) | 2.6 |
Total cost of sales | 0.0 | 0.1 |
Foreign exchange gain (loss), net | $ 0.2 | $ (0.2) |
Derivative Instruments and Hedging Activities (Textuals) (Details) € in Millions, £ in Millions, $ in Millions |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Mar. 31, 2019
USD ($)
|
Mar. 31, 2018
USD ($)
|
Mar. 31, 2019
GBP (£)
|
Mar. 31, 2019
EUR (€)
|
Dec. 31, 2018
USD ($)
|
Nov. 30, 2016
USD ($)
|
Mar. 31, 2006
EUR (€)
|
|
Derivative Instruments and Hedging Activities (Textuals) | |||||||
Fair value of non-designated foreign exchange forward contracts | $ 1.0 | $ 0.5 | |||||
Interest Expense | $ 50.9 | $ 26.0 | |||||
Cash Flow Hedging [Member] | |||||||
Derivative Instruments and Hedging Activities (Textuals) | |||||||
Derivative, Number of Instruments Held | 12 | 12 | 12 | ||||
Notional amount of pay-fixed receive-variable interest rate swap | £ 27.5 | € 30.9 | |||||
Interest rate hedges | |||||||
Derivative Instruments and Hedging Activities (Textuals) | |||||||
Notional amount of pay-fixed receive-variable interest rate swap | $ 400.0 | € 50.0 | |||||
Interest Expense | $ (1.1) | 0.3 | |||||
Diebold Nixdorf AG [Member] | Interest rate hedges | |||||||
Derivative Instruments and Hedging Activities (Textuals) | |||||||
Interest Expense | 0.5 | ||||||
Accumulated Net Gain (Loss) from Interest Rate Hedge [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||
Derivative Instruments and Hedging Activities (Textuals) | |||||||
Interest Expense | $ (0.5) | $ (0.4) |
Fair Value of Assets and Liabilities - Fair Value Measurements (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Dec. 31, 2018 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Transfers Between Levels Amount | $ 0.0 | |
Fair Value, Measurements, Recurring [Member] | ||
Fair value assets measured on recurring basis | ||
Total | 47.2 | $ 53.3 |
Fair value liabilities measured on recurring basis | ||
Total | 15.5 | 13.0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value assets measured on recurring basis | ||
Total | 38.1 | 39.8 |
Fair value liabilities measured on recurring basis | ||
Total | 6.6 | 6.3 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair value assets measured on recurring basis | ||
Total | 9.1 | 13.5 |
Fair value liabilities measured on recurring basis | ||
Total | 8.9 | 6.7 |
Short-term investments | Certificates of deposit | Fair Value, Measurements, Recurring [Member] | ||
Fair value assets measured on recurring basis | ||
Fair value of investment assets | 31.5 | 33.5 |
Short-term investments | Certificates of deposit | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value assets measured on recurring basis | ||
Fair value of investment assets | 31.5 | 33.5 |
Short-term investments | Certificates of deposit | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair value assets measured on recurring basis | ||
Fair value of investment assets | 0.0 | 0.0 |
Securities and other investments | Interest rate swaps | Fair Value, Measurements, Recurring [Member] | ||
Fair value assets measured on recurring basis | ||
Derivative Asset | 2.8 | 4.8 |
Securities and other investments | Interest rate swaps | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value assets measured on recurring basis | ||
Derivative Asset | 0.0 | 0.0 |
Securities and other investments | Interest rate swaps | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair value assets measured on recurring basis | ||
Derivative Asset | 2.8 | 4.8 |
Securities and other investments | Assets held in rabbi trusts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair value assets measured on recurring basis | ||
Assets held in rabbi trusts | 6.6 | 6.3 |
Securities and other investments | Assets held in rabbi trusts [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair value assets measured on recurring basis | ||
Assets held in rabbi trusts | 0.0 | 0.0 |
Other current assets | Foreign exchange forward contracts | Fair Value, Measurements, Recurring [Member] | ||
Fair value assets measured on recurring basis | ||
Derivative Asset | 1.7 | 3.4 |
Other current assets | Foreign exchange forward contracts | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value assets measured on recurring basis | ||
Derivative Asset | 0.0 | 0.0 |
Other current assets | Foreign exchange forward contracts | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair value assets measured on recurring basis | ||
Derivative Asset | 1.7 | 3.4 |
Other current assets | Interest rate swaps | Fair Value, Measurements, Recurring [Member] | ||
Fair value assets measured on recurring basis | ||
Derivative Asset | 4.6 | 5.3 |
Other current assets | Interest rate swaps | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value assets measured on recurring basis | ||
Derivative Asset | 0.0 | 0.0 |
Other current assets | Interest rate swaps | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair value assets measured on recurring basis | ||
Derivative Asset | 4.6 | 5.3 |
Other current liabilities | Foreign exchange forward contracts | Fair Value, Measurements, Recurring [Member] | ||
Fair value liabilities measured on recurring basis | ||
Derivative Liability | 5.3 | 3.1 |
Other current liabilities | Foreign exchange forward contracts | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value liabilities measured on recurring basis | ||
Derivative Liability | 0.0 | 0.0 |
Other current liabilities | Foreign exchange forward contracts | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair value liabilities measured on recurring basis | ||
Derivative Liability | 5.3 | 3.1 |
Other current liabilities | Interest rate swaps | Fair Value, Measurements, Recurring [Member] | ||
Fair value liabilities measured on recurring basis | ||
Derivative Liability | 3.6 | 3.6 |
Other current liabilities | Interest rate swaps | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value liabilities measured on recurring basis | ||
Derivative Liability | 0.0 | 0.0 |
Other current liabilities | Interest rate swaps | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair value liabilities measured on recurring basis | ||
Derivative Liability | 3.6 | 3.6 |
Other liabilities | Fair Value, Measurements, Recurring [Member] | ||
Fair value liabilities measured on recurring basis | ||
Deferred compensation | 6.6 | 6.3 |
Other liabilities | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair value liabilities measured on recurring basis | ||
Deferred compensation | 0.0 | 0.0 |
Other liabilities | Assets held in rabbi trusts [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value assets measured on recurring basis | ||
Assets held in rabbi trusts | $ 6.6 | $ 6.3 |
Fair Value of Assets and Liabilities - Summary of Liabilities Recorded at Carrying Value (Details) - Senior Notes Due 2024 [Member] - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Debt Instrument [Line Items] | ||
Senior Notes | $ 400.0 | $ 400.0 |
Senior Notes Fair Value | $ 358.0 | $ 242.0 |
Commitments and Contingencies (Details) - Mar. 31, 2019 $ / shares in Units, $ in Millions |
USD ($)
$ / shares
|
€ / shares |
---|---|---|
Loss Contingencies [Line Items] | ||
Unrecorded Unconditional Purchase Obligation, Due in Next Twelve Months | $ 0.1 | |
Indirect Tax Liability [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | 118.7 | |
Thailand Customs Matter [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | $ 27.0 | |
Domination and Profit and Loss Transfer Agreement [Member] | Diebold Nixdorf AG [Member] | ||
Loss Contingencies [Line Items] | ||
Business Acquisition, Share Price | (per share) | $ 55.02 | € 55.02 |
Recurring Cash Compensation Per Share Net Of Tax | (per share) | $ 2.82 | € 2.82 |
Segment Information - (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|||
Summary of Segment Information | ||||
Intersegment revenues | $ 1,028.1 | $ 1,064.2 | ||
Segment operating profit (loss) | (24.5) | (23.5) | ||
Restructuring charges | (3.8) | (3.9) | ||
Other expense | (46.6) | (24.0) | ||
Income (loss) from continuing operations before taxes | (71.1) | (47.5) | ||
Eurasia Banking | ||||
Summary of Segment Information | ||||
Intersegment revenues | 382.6 | 435.1 | ||
Americas Banking | ||||
Summary of Segment Information | ||||
Intersegment revenues | 362.7 | 333.7 | ||
Retail | ||||
Summary of Segment Information | ||||
Intersegment revenues | 282.8 | 295.4 | ||
Operating Segments [Member] | ||||
Summary of Segment Information | ||||
Revenue from Related Parties | 57.4 | 36.5 | ||
Segment operating profit (loss) | 60.3 | 34.7 | ||
Operating Segments [Member] | Eurasia Banking | ||||
Summary of Segment Information | ||||
Intersegment revenues | 382.6 | 435.1 | ||
Revenue from Related Parties | 55.2 | 31.0 | ||
Segment operating profit (loss) | 33.7 | 19.5 | ||
Operating Segments [Member] | Americas Banking | ||||
Summary of Segment Information | ||||
Intersegment revenues | 362.7 | 333.7 | ||
Revenue from Related Parties | 2.2 | 5.5 | ||
Segment operating profit (loss) | 18.5 | 5.0 | ||
Operating Segments [Member] | Retail | ||||
Summary of Segment Information | ||||
Intersegment revenues | 282.8 | 295.4 | ||
Segment operating profit (loss) | 8.1 | 10.2 | ||
Corporate and Reconciling Items [Member] | ||||
Summary of Segment Information | ||||
Segment operating profit (loss) | (84.8) | (58.2) | ||
Corporate | ||||
Summary of Segment Information | ||||
Segment operating profit (loss) | [1] | (33.2) | (17.1) | |
Segment Reconciling Items [Member] | ||||
Summary of Segment Information | ||||
Restructuring charges | (3.8) | (3.9) | ||
Net non-routine expense | $ (47.8) | $ (37.2) | ||
|
Segment Information - Revenue by Service/Product Solution (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Revenue from External Customer [Line Items] | ||
Net Sales | 100.00% | 100.00% |
Revenues | $ 1,028.1 | $ 1,064.2 |
Eurasia Banking | ||
Revenue from External Customer [Line Items] | ||
Revenues | 382.6 | 435.1 |
Americas Banking | ||
Revenue from External Customer [Line Items] | ||
Revenues | 362.7 | 333.7 |
Retail | ||
Revenue from External Customer [Line Items] | ||
Revenues | 282.8 | 295.4 |
Service [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenues | 628.7 | 690.3 |
Service [Member] | Eurasia Banking | ||
Revenue from External Customer [Line Items] | ||
Revenues | 247.0 | 279.2 |
Service [Member] | Americas Banking | ||
Revenue from External Customer [Line Items] | ||
Revenues | 240.8 | 251.2 |
Service [Member] | Retail | ||
Revenue from External Customer [Line Items] | ||
Revenues | 140.9 | 159.9 |
Product [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenues | 399.4 | 373.9 |
Product [Member] | Eurasia Banking | ||
Revenue from External Customer [Line Items] | ||
Revenues | 135.6 | 155.9 |
Product [Member] | Americas Banking | ||
Revenue from External Customer [Line Items] | ||
Revenues | 121.9 | 82.5 |
Product [Member] | Retail | ||
Revenue from External Customer [Line Items] | ||
Revenues | $ 141.9 | $ 135.5 |
Transferred at Point in Time [Member] | ||
Revenue from External Customer [Line Items] | ||
Net Sales | 39.00% | 35.00% |
Transferred over Time [Member] | ||
Revenue from External Customer [Line Items] | ||
Net Sales | 61.00% | 65.00% |
Segment Information (Textuals) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Segment Reporting Information [Line Items] | ||
Legal, Acquisition, and Divestiture Fees | $ 20.7 | $ 15.2 |
Segment Reconciling Items [Member] | ||
Segment Reporting Information [Line Items] | ||
Non Routine Expenses Net | 47.8 | 37.2 |
Diebold Nixdorf AG [Member] | ||
Segment Reporting Information [Line Items] | ||
Purchase accounting adjustment related to amortization of acquired intangible assets | $ (24.6) | $ (31.2) |
Supplemental Guarantor Information Supplemental Guarantor Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|---|---|
Cash and cash equivalents | $ 377.9 | $ 458.4 | ||
Short-term investments | 31.5 | 33.5 | ||
Trade receivables, net | 697.7 | 737.2 | ||
Intercompany receivables | 0.0 | 0.0 | ||
Inventories | 663.0 | 610.1 | ||
Prepaid expenses | 60.9 | 57.4 | ||
Prepaid, income taxes and other current assets | 367.2 | 364.2 | ||
Total current assets | 2,137.3 | 2,203.4 | ||
Securities and other investments | 18.7 | 22.4 | ||
Property, plant and equipment, net | 294.5 | 304.1 | ||
Goodwill | 813.6 | 827.1 | $ 1,117.1 | |
Deferred income taxes | 208.4 | 243.9 | ||
Intangible assets, net | 588.8 | 624.6 | ||
Investment in subsidiary | 0.0 | 0.0 | ||
Long-term intercompany receivables | 0.0 | |||
Other assets | 92.7 | 86.4 | ||
Other Long-Term Assets | 266.0 | |||
Assets | 4,327.3 | 4,311.9 | ||
Liabilities, Current [Abstract] | ||||
Notes payable | 47.2 | 49.5 | ||
Accounts payable | 491.8 | 509.5 | ||
Intercompany payable | 0.0 | 0.0 | ||
Deferred revenue | 443.2 | 378.2 | ||
Payroll and other benefits liabilities | 167.2 | 184.3 | ||
Other current liabilities | 505.1 | 446.9 | ||
Total current liabilities | 1,654.5 | 1,568.4 | ||
Long-term debt | 2,191.2 | 2,190.0 | ||
Long-term intercompany payable | 0.0 | |||
Other long-term liabilities | 656.5 | 582.7 | ||
Commitments and contingencies | ||||
Redeemable noncontrolling interests | 99.8 | 130.4 | $ 509.6 | $ 492.1 |
Total Diebold Nixdorf, Incorporated shareholders' equity | (301.4) | (186.4) | ||
Noncontrolling interests | 26.7 | 26.8 | ||
Total liabilities, redeemable noncontrolling interests and equity | 4,327.3 | 4,311.9 | ||
Reportable Legal Entities [Member] | Parent Company [Member] | ||||
Cash and cash equivalents | 14.1 | 17.3 | ||
Short-term investments | 0.0 | 0.0 | ||
Trade receivables, net | 117.2 | 105.7 | ||
Intercompany receivables | 660.3 | 205.3 | ||
Inventories | 161.7 | 164.8 | ||
Prepaid, income taxes and other current assets | 32.8 | 36.8 | ||
Total current assets | 986.1 | 529.9 | ||
Securities and other investments | 18.7 | 22.4 | ||
Property, plant and equipment, net | 75.5 | 76.9 | ||
Goodwill | 55.5 | 58.1 | ||
Deferred income taxes | 106.5 | 139.9 | ||
Intangible assets, net | 28.9 | 30.8 | ||
Investment in subsidiary | 1,738.7 | 2,702.1 | ||
Long-term intercompany receivables | 617.9 | |||
Other assets | 30.2 | |||
Other Long-Term Assets | 53.5 | |||
Assets | 3,681.3 | 3,590.3 | ||
Liabilities, Current [Abstract] | ||||
Notes payable | 26.9 | 25.7 | ||
Accounts payable | 79.6 | 88.1 | ||
Intercompany payable | 1,192.2 | 1,030.8 | ||
Deferred revenue | 124.6 | 116.6 | ||
Payroll and other benefits liabilities | 25.0 | 26.7 | ||
Other current liabilities | 151.6 | 114.2 | ||
Total current liabilities | 1,599.9 | 1,402.1 | ||
Long-term debt | 2,164.5 | 2,172.5 | ||
Long-term intercompany payable | 0.0 | |||
Other long-term liabilities | 218.3 | 202.1 | ||
Redeemable noncontrolling interests | 0.0 | 0.0 | ||
Total Diebold Nixdorf, Incorporated shareholders' equity | (301.4) | (186.4) | ||
Noncontrolling interests | 0.0 | 0.0 | ||
Total liabilities, redeemable noncontrolling interests and equity | 3,681.3 | 3,590.3 | ||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Cash and cash equivalents | 3.0 | 2.7 | ||
Short-term investments | 0.0 | 0.0 | ||
Trade receivables, net | 0.0 | 0.1 | ||
Intercompany receivables | 589.3 | 606.3 | ||
Inventories | 0.0 | 0.0 | ||
Prepaid, income taxes and other current assets | 12.6 | 12.7 | ||
Total current assets | 604.9 | 621.8 | ||
Securities and other investments | 0.0 | 0.0 | ||
Property, plant and equipment, net | 0.7 | 0.8 | ||
Goodwill | 0.0 | 0.0 | ||
Deferred income taxes | 6.2 | 6.2 | ||
Intangible assets, net | 0.0 | 0.0 | ||
Investment in subsidiary | (1.6) | (0.6) | ||
Long-term intercompany receivables | 0.0 | |||
Other assets | 0.4 | |||
Other Long-Term Assets | 0.3 | |||
Assets | 610.5 | 628.6 | ||
Liabilities, Current [Abstract] | ||||
Notes payable | 0.0 | 0.1 | ||
Accounts payable | 0.1 | 0.0 | ||
Intercompany payable | 59.8 | 60.8 | ||
Deferred revenue | 0.0 | 0.1 | ||
Payroll and other benefits liabilities | 0.5 | 1.3 | ||
Other current liabilities | 0.1 | 1.5 | ||
Total current liabilities | 60.5 | 63.8 | ||
Long-term debt | 0.0 | 0.0 | ||
Long-term intercompany payable | 0.0 | |||
Other long-term liabilities | 0.0 | 0.0 | ||
Redeemable noncontrolling interests | 0.0 | 0.0 | ||
Total Diebold Nixdorf, Incorporated shareholders' equity | 550.0 | 564.8 | ||
Noncontrolling interests | 0.0 | 0.0 | ||
Total liabilities, redeemable noncontrolling interests and equity | 610.5 | 628.6 | ||
Reportable Legal Entities [Member] | Foreign Guarantor Subsidiary [Member] | ||||
Cash and cash equivalents | 0.0 | 0.0 | ||
Short-term investments | 0.0 | 0.0 | ||
Trade receivables, net | 0.0 | 0.0 | ||
Intercompany receivables | 0.0 | 0.0 | ||
Inventories | 0.0 | 0.0 | ||
Prepaid, income taxes and other current assets | 0.0 | 0.0 | ||
Total current assets | 0.0 | 0.0 | ||
Securities and other investments | 0.0 | 0.0 | ||
Property, plant and equipment, net | 0.0 | 0.0 | ||
Goodwill | 0.0 | 0.0 | ||
Deferred income taxes | 0.0 | 0.0 | ||
Intangible assets, net | 0.0 | 0.0 | ||
Investment in subsidiary | 419.7 | 1,129.0 | ||
Long-term intercompany receivables | 0.0 | |||
Other assets | 0.0 | |||
Other Long-Term Assets | 0.0 | |||
Assets | 419.7 | 1,129.0 | ||
Liabilities, Current [Abstract] | ||||
Notes payable | 0.0 | 0.0 | ||
Accounts payable | 0.0 | 0.0 | ||
Intercompany payable | 122.5 | 120.1 | ||
Deferred revenue | 0.0 | 0.0 | ||
Payroll and other benefits liabilities | 0.0 | 0.0 | ||
Other current liabilities | 0.0 | 0.0 | ||
Total current liabilities | 122.5 | 120.1 | ||
Long-term debt | 0.0 | 0.0 | ||
Long-term intercompany payable | 0.0 | |||
Other long-term liabilities | 0.0 | 0.0 | ||
Redeemable noncontrolling interests | 0.0 | 0.0 | ||
Total Diebold Nixdorf, Incorporated shareholders' equity | 297.2 | 1,008.9 | ||
Noncontrolling interests | 0.0 | 0.0 | ||
Total liabilities, redeemable noncontrolling interests and equity | 419.7 | 1,129.0 | ||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Cash and cash equivalents | 360.8 | 438.4 | ||
Short-term investments | 31.5 | 33.5 | ||
Trade receivables, net | 580.5 | 631.4 | ||
Intercompany receivables | 724.4 | 536.5 | ||
Inventories | 505.4 | 447.5 | ||
Prepaid, income taxes and other current assets | 334.0 | 340.5 | ||
Total current assets | 2,536.6 | 2,427.8 | ||
Securities and other investments | 0.0 | 0.0 | ||
Property, plant and equipment, net | 218.3 | 226.4 | ||
Goodwill | 758.1 | 769.0 | ||
Deferred income taxes | 95.7 | 97.8 | ||
Intangible assets, net | 559.9 | 593.8 | ||
Investment in subsidiary | 0.0 | 0.0 | ||
Long-term intercompany receivables | 0.0 | |||
Other assets | 69.3 | |||
Other Long-Term Assets | 212.2 | |||
Assets | 4,380.8 | 4,184.1 | ||
Liabilities, Current [Abstract] | ||||
Notes payable | 20.3 | 23.7 | ||
Accounts payable | 412.1 | 421.4 | ||
Intercompany payable | 599.5 | 136.4 | ||
Deferred revenue | 318.6 | 261.5 | ||
Payroll and other benefits liabilities | 141.7 | 156.3 | ||
Other current liabilities | 365.6 | 352.4 | ||
Total current liabilities | 1,857.8 | 1,351.7 | ||
Long-term debt | 26.7 | 17.5 | ||
Long-term intercompany payable | 617.9 | |||
Other long-term liabilities | 438.2 | 398.6 | ||
Redeemable noncontrolling interests | 99.8 | 130.4 | ||
Total Diebold Nixdorf, Incorporated shareholders' equity | 1,313.7 | 2,259.1 | ||
Noncontrolling interests | 26.7 | 26.8 | ||
Total liabilities, redeemable noncontrolling interests and equity | 4,380.8 | 4,184.1 | ||
Consolidation, Eliminations [Member] | ||||
Cash and cash equivalents | 0.0 | 0.0 | ||
Short-term investments | 0.0 | 0.0 | ||
Trade receivables, net | 0.0 | 0.0 | ||
Intercompany receivables | (1,974.0) | (1,348.1) | ||
Inventories | (4.1) | (2.2) | ||
Prepaid, income taxes and other current assets | (12.2) | (25.8) | ||
Total current assets | (1,990.3) | (1,376.1) | ||
Securities and other investments | 0.0 | 0.0 | ||
Property, plant and equipment, net | 0.0 | 0.0 | ||
Goodwill | 0.0 | 0.0 | ||
Deferred income taxes | 0.0 | 0.0 | ||
Intangible assets, net | 0.0 | 0.0 | ||
Investment in subsidiary | (2,156.8) | (3,830.5) | ||
Long-term intercompany receivables | (617.9) | |||
Other assets | (13.5) | |||
Other Long-Term Assets | 0.0 | |||
Assets | (4,765.0) | (5,220.1) | ||
Liabilities, Current [Abstract] | ||||
Notes payable | 0.0 | 0.0 | ||
Accounts payable | 0.0 | 0.0 | ||
Intercompany payable | (1,974.0) | (1,348.1) | ||
Deferred revenue | 0.0 | 0.0 | ||
Payroll and other benefits liabilities | 0.0 | 0.0 | ||
Other current liabilities | (12.2) | (21.2) | ||
Total current liabilities | (1,986.2) | (1,369.3) | ||
Long-term debt | 0.0 | 0.0 | ||
Long-term intercompany payable | (617.9) | |||
Other long-term liabilities | 0.0 | (18.0) | ||
Redeemable noncontrolling interests | 0.0 | 0.0 | ||
Total Diebold Nixdorf, Incorporated shareholders' equity | (2,160.9) | (3,832.8) | ||
Noncontrolling interests | 0.0 | 0.0 | ||
Total liabilities, redeemable noncontrolling interests and equity | $ (4,765.0) | $ (5,220.1) |
Supplemental Guarantor Information Supplemental Guarantor Information (Condensed Consolidating Statements of Operations and Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Revenues | $ 1,028.1 | $ 1,064.2 |
Total cost of sales | 784.0 | 825.8 |
Gross profit | 244.1 | 238.4 |
Selling and administrative expense | 228.3 | 227.9 |
Research, development and engineering expense | 36.9 | 41.7 |
Loss (gain) on sale of assets, net | 3.4 | (7.7) |
Operating expense | 268.6 | 261.9 |
Operating profit (loss) | (24.5) | (23.5) |
Other income (expense) | ||
Interest income | 2.9 | 3.5 |
Interest expense | (50.9) | (26.0) |
Foreign exchange gain (loss), net | 2.8 | (1.4) |
Miscellaneous, net | (1.4) | (0.1) |
Income (loss) from continuing operations before taxes | (71.1) | (47.5) |
Income tax expense | 60.4 | 19.2 |
Equity in earnings of investees | (0.4) | 1.1 |
Net loss | (131.9) | (65.6) |
Net income attributable to noncontrolling interests | 0.8 | 7.6 |
Net loss attributable to Diebold Nixdorf, Incorporated | (132.7) | (73.2) |
Comprehensive income (loss) | (130.3) | (74.8) |
Less: comprehensive income attributable to noncontrolling interests | 3.5 | 7.6 |
Comprehensive loss attributable to Diebold Nixdorf, Incorporated | (133.8) | (82.4) |
Reportable Legal Entities [Member] | Parent Company [Member] | ||
Revenues | 295.5 | 252.5 |
Total cost of sales | 243.0 | 208.9 |
Gross profit | 52.5 | 43.6 |
Selling and administrative expense | 84.0 | 75.7 |
Research, development and engineering expense | 1.2 | 0.7 |
Loss (gain) on sale of assets, net | 0.0 | (4.4) |
Operating expense | 85.2 | 72.0 |
Operating profit (loss) | (32.7) | (28.4) |
Other income (expense) | ||
Interest income | 0.9 | 0.2 |
Interest expense | (47.5) | (24.8) |
Foreign exchange gain (loss), net | (1.4) | (3.0) |
Miscellaneous, net | 12.6 | (1.3) |
Income (loss) from continuing operations before taxes | (68.1) | (57.3) |
Income tax expense | 41.0 | (28.6) |
Equity in earnings of investees | (23.6) | (44.5) |
Net loss | (132.7) | (73.2) |
Net income attributable to noncontrolling interests | 0.0 | 0.0 |
Net loss attributable to Diebold Nixdorf, Incorporated | (132.7) | (73.2) |
Comprehensive income (loss) | (133.8) | (82.4) |
Less: comprehensive income attributable to noncontrolling interests | 0.0 | 0.0 |
Comprehensive loss attributable to Diebold Nixdorf, Incorporated | (133.8) | (82.4) |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||
Revenues | 0.1 | 0.2 |
Total cost of sales | 0.2 | 0.4 |
Gross profit | (0.1) | (0.2) |
Selling and administrative expense | 1.1 | 1.2 |
Research, development and engineering expense | 8.8 | 11.3 |
Loss (gain) on sale of assets, net | 0.0 | 0.0 |
Operating expense | 9.9 | 12.5 |
Operating profit (loss) | (10.0) | (12.7) |
Other income (expense) | ||
Interest income | 0.0 | 0.0 |
Interest expense | 0.0 | 0.0 |
Foreign exchange gain (loss), net | 0.0 | 0.0 |
Miscellaneous, net | 0.3 | 1.5 |
Income (loss) from continuing operations before taxes | (9.7) | (11.2) |
Income tax expense | (6.4) | (20.6) |
Equity in earnings of investees | (1.0) | 0.0 |
Net loss | (4.3) | 9.4 |
Net income attributable to noncontrolling interests | 0.0 | 0.0 |
Net loss attributable to Diebold Nixdorf, Incorporated | (4.3) | 9.4 |
Comprehensive income (loss) | (4.3) | 9.4 |
Less: comprehensive income attributable to noncontrolling interests | 0.0 | 0.0 |
Comprehensive loss attributable to Diebold Nixdorf, Incorporated | (4.3) | 9.4 |
Reportable Legal Entities [Member] | Foreign Guarantor Subsidiary [Member] | ||
Revenues | 0.0 | 0.0 |
Total cost of sales | 0.0 | 0.0 |
Gross profit | 0.0 | |
Selling and administrative expense | 0.0 | 0.2 |
Research, development and engineering expense | 0.0 | 0.0 |
Loss (gain) on sale of assets, net | 0.0 | 0.0 |
Operating expense | 0.0 | 0.2 |
Operating profit (loss) | 0.0 | (0.2) |
Other income (expense) | ||
Interest income | 0.0 | 0.0 |
Interest expense | 0.0 | 0.0 |
Foreign exchange gain (loss), net | 0.0 | 0.0 |
Miscellaneous, net | (1.7) | (0.9) |
Income (loss) from continuing operations before taxes | (1.7) | (1.1) |
Income tax expense | 0.7 | 1.9 |
Equity in earnings of investees | 19.8 | 8.7 |
Net loss | 17.4 | 5.7 |
Net income attributable to noncontrolling interests | 0.0 | 0.0 |
Net loss attributable to Diebold Nixdorf, Incorporated | 17.4 | 5.7 |
Comprehensive income (loss) | 19.5 | 5.7 |
Less: comprehensive income attributable to noncontrolling interests | 0.0 | 0.0 |
Comprehensive loss attributable to Diebold Nixdorf, Incorporated | 19.5 | 5.7 |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||
Revenues | 851.3 | 864.6 |
Total cost of sales | 650.9 | 658.4 |
Gross profit | 200.4 | 206.2 |
Selling and administrative expense | 143.2 | 150.8 |
Research, development and engineering expense | 31.5 | 35.3 |
Loss (gain) on sale of assets, net | 3.4 | (3.3) |
Operating expense | 178.1 | 182.8 |
Operating profit (loss) | 22.3 | 23.4 |
Other income (expense) | ||
Interest income | 2.0 | 3.3 |
Interest expense | (3.4) | (1.2) |
Foreign exchange gain (loss), net | 4.2 | 1.6 |
Miscellaneous, net | (9.8) | 0.6 |
Income (loss) from continuing operations before taxes | 15.3 | 27.7 |
Income tax expense | 25.1 | 66.5 |
Equity in earnings of investees | (0.4) | 1.1 |
Net loss | (10.2) | (37.7) |
Net income attributable to noncontrolling interests | 0.8 | 7.6 |
Net loss attributable to Diebold Nixdorf, Incorporated | (11.0) | (45.3) |
Comprehensive income (loss) | (40.6) | (7.6) |
Less: comprehensive income attributable to noncontrolling interests | 3.5 | 7.6 |
Comprehensive loss attributable to Diebold Nixdorf, Incorporated | (44.1) | (15.2) |
Consolidation, Eliminations [Member] | ||
Revenues | (118.8) | (53.1) |
Total cost of sales | (110.1) | (41.9) |
Gross profit | (8.7) | (11.2) |
Selling and administrative expense | 0.0 | 0.0 |
Research, development and engineering expense | (4.6) | (5.6) |
Loss (gain) on sale of assets, net | 0.0 | 0.0 |
Operating expense | (4.6) | (5.6) |
Operating profit (loss) | (4.1) | (5.6) |
Other income (expense) | ||
Interest income | 0.0 | 0.0 |
Interest expense | 0.0 | 0.0 |
Foreign exchange gain (loss), net | 0.0 | 0.0 |
Miscellaneous, net | (2.8) | 0.0 |
Income (loss) from continuing operations before taxes | (6.9) | (5.6) |
Income tax expense | 0.0 | 0.0 |
Equity in earnings of investees | 4.8 | 35.8 |
Net loss | (2.1) | 30.2 |
Net income attributable to noncontrolling interests | 0.0 | 0.0 |
Net loss attributable to Diebold Nixdorf, Incorporated | (2.1) | 30.2 |
Comprehensive income (loss) | 28.9 | 0.1 |
Less: comprehensive income attributable to noncontrolling interests | 0.0 | 0.0 |
Comprehensive loss attributable to Diebold Nixdorf, Incorporated | $ 28.9 | $ 0.1 |
Supplemental Guarantor Information Supplemental Guarantor Information (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Net cash used by operating activities | $ (57.1) | $ (142.3) |
Cash flow from investing activities: | ||
Capital expenditures | (14.7) | (20.2) |
Payments for acquisitions | 0.0 | (5.8) |
Proceeds from maturities of short-term investments | 52.7 | 104.6 |
Payments for purchases of short-term investments | (48.3) | (45.5) |
Proceeds from sale of assets | 4.2 | 9.2 |
Increase in certain other assets | (5.4) | (9.1) |
Capital contributions and loans paid | 0.0 | 0.0 |
Proceeds from intercompany loans | 0.0 | 0.0 |
Net cash used by investing activities | (11.5) | 33.2 |
Cash flow from financing activities: | ||
Dividends paid | 0.0 | (7.7) |
Revolving credit facility borrowings (repayments), net | 10.0 | (75.0) |
Other debt borrowings | 5.0 | 26.0 |
Other debt repayments | (16.8) | (31.7) |
Distributions and payments to noncontrolling interest holders | (11.0) | (0.5) |
Repurchase of common shares | (1.1) | (2.5) |
Capital contributions received and loans incurred | 0.0 | 0.0 |
Payments on intercompany loans | 0.0 | 0.0 |
Net cash provided by financing activities | (13.9) | (91.4) |
Effect of exchange rate changes on cash and cash equivalents | (0.5) | 21.5 |
Increase (decrease) in cash, cash equivalents and restricted cash | (83.0) | (179.0) |
Add: Cash included in assets held for sale at beginning of period | 7.3 | 0.0 |
Less: Cash included in assets held for sale at end of period | 4.8 | 0.0 |
Cash, cash equivalents and restricted cash at the beginning of the period | 458.4 | 543.2 |
Cash, cash equivalents and restricted cash at the end of the period | 377.9 | 364.2 |
Reportable Legal Entities [Member] | Parent Company [Member] | ||
Net cash used by operating activities | 15.3 | (31.8) |
Cash flow from investing activities: | ||
Capital expenditures | (1.1) | (2.3) |
Payments for acquisitions | 0.0 | |
Proceeds from maturities of short-term investments | 2.0 | 1.0 |
Payments for purchases of short-term investments | 0.0 | 0.0 |
Proceeds from sale of assets | 0.0 | 8.6 |
Increase in certain other assets | (1.6) | (2.5) |
Capital contributions and loans paid | (16.5) | (12.1) |
Proceeds from intercompany loans | 6.4 | 9.3 |
Net cash used by investing activities | (10.8) | 2.0 |
Cash flow from financing activities: | ||
Dividends paid | (7.7) | |
Revolving credit facility borrowings (repayments), net | 0.0 | 0.0 |
Other debt borrowings | 0.0 | 0.0 |
Other debt repayments | (6.6) | (11.3) |
Distributions and payments to noncontrolling interest holders | 0.0 | 0.0 |
Repurchase of common shares | (1.1) | (2.5) |
Capital contributions received and loans incurred | 0.0 | 0.0 |
Payments on intercompany loans | 0.0 | 0.0 |
Net cash provided by financing activities | (7.7) | (21.5) |
Effect of exchange rate changes on cash and cash equivalents | 0.0 | 0.0 |
Increase (decrease) in cash, cash equivalents and restricted cash | (3.2) | (51.3) |
Add: Cash included in assets held for sale at beginning of period | 0.0 | |
Less: Cash included in assets held for sale at end of period | 0.0 | |
Cash, cash equivalents and restricted cash at the beginning of the period | 17.3 | 58.5 |
Cash, cash equivalents and restricted cash at the end of the period | 14.1 | 7.2 |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||
Net cash used by operating activities | (12.5) | (3.0) |
Cash flow from investing activities: | ||
Capital expenditures | 0.0 | (0.1) |
Payments for acquisitions | 0.0 | |
Proceeds from maturities of short-term investments | 0.0 | 0.0 |
Payments for purchases of short-term investments | 0.0 | 0.0 |
Proceeds from sale of assets | 0.0 | 0.0 |
Increase in certain other assets | 0.0 | 0.8 |
Capital contributions and loans paid | 0.0 | 0.0 |
Proceeds from intercompany loans | 0.0 | 0.0 |
Net cash used by investing activities | 0.0 | 0.7 |
Cash flow from financing activities: | ||
Dividends paid | 0.0 | |
Revolving credit facility borrowings (repayments), net | 0.0 | 0.0 |
Other debt borrowings | 0.0 | 0.0 |
Other debt repayments | 0.0 | (0.1) |
Distributions and payments to noncontrolling interest holders | 0.0 | 0.0 |
Repurchase of common shares | 0.0 | 0.0 |
Capital contributions received and loans incurred | 16.1 | 12.1 |
Payments on intercompany loans | (3.3) | (9.3) |
Net cash provided by financing activities | 12.8 | 2.7 |
Effect of exchange rate changes on cash and cash equivalents | 0.0 | 0.0 |
Increase (decrease) in cash, cash equivalents and restricted cash | 0.3 | 0.4 |
Add: Cash included in assets held for sale at beginning of period | 0.0 | |
Less: Cash included in assets held for sale at end of period | 0.0 | |
Cash, cash equivalents and restricted cash at the beginning of the period | 2.7 | 2.3 |
Cash, cash equivalents and restricted cash at the end of the period | 3.0 | 2.7 |
Reportable Legal Entities [Member] | Foreign Guarantor Subsidiary [Member] | ||
Net cash used by operating activities | 0.0 | (0.2) |
Cash flow from investing activities: | ||
Capital expenditures | 0.0 | 0.0 |
Payments for acquisitions | 0.0 | |
Proceeds from maturities of short-term investments | 0.0 | 0.0 |
Payments for purchases of short-term investments | 0.0 | 0.0 |
Proceeds from sale of assets | 0.0 | 0.0 |
Increase in certain other assets | 0.0 | 0.0 |
Capital contributions and loans paid | 0.0 | 0.0 |
Proceeds from intercompany loans | 0.0 | 0.0 |
Net cash used by investing activities | 0.0 | 0.0 |
Cash flow from financing activities: | ||
Dividends paid | 0.0 | |
Revolving credit facility borrowings (repayments), net | 0.0 | 0.0 |
Other debt borrowings | 0.0 | 0.0 |
Other debt repayments | 0.0 | 0.0 |
Distributions and payments to noncontrolling interest holders | 0.0 | 0.0 |
Repurchase of common shares | 0.0 | 0.0 |
Capital contributions received and loans incurred | 0.0 | 0.0 |
Payments on intercompany loans | 0.0 | 0.0 |
Net cash provided by financing activities | 0.0 | 0.0 |
Effect of exchange rate changes on cash and cash equivalents | 0.0 | 0.0 |
Increase (decrease) in cash, cash equivalents and restricted cash | 0.0 | (0.2) |
Add: Cash included in assets held for sale at beginning of period | 0.0 | |
Less: Cash included in assets held for sale at end of period | 0.0 | |
Cash, cash equivalents and restricted cash at the beginning of the period | 0.0 | 0.2 |
Cash, cash equivalents and restricted cash at the end of the period | 0.0 | 0.0 |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||
Net cash used by operating activities | (59.9) | (107.3) |
Cash flow from investing activities: | ||
Capital expenditures | (13.6) | (17.8) |
Payments for acquisitions | (5.8) | |
Proceeds from maturities of short-term investments | 50.7 | 103.6 |
Payments for purchases of short-term investments | (48.3) | (45.5) |
Proceeds from sale of assets | 4.2 | 0.6 |
Increase in certain other assets | (3.8) | (7.4) |
Capital contributions and loans paid | 0.0 | 0.0 |
Proceeds from intercompany loans | 0.0 | 0.0 |
Net cash used by investing activities | (10.8) | 27.7 |
Cash flow from financing activities: | ||
Dividends paid | 0.0 | |
Revolving credit facility borrowings (repayments), net | 10.0 | (75.0) |
Other debt borrowings | 5.0 | 26.0 |
Other debt repayments | (10.2) | (20.3) |
Distributions and payments to noncontrolling interest holders | (11.0) | (0.5) |
Repurchase of common shares | 0.0 | 0.0 |
Capital contributions received and loans incurred | 0.4 | 0.0 |
Payments on intercompany loans | (3.1) | 0.0 |
Net cash provided by financing activities | (8.9) | (69.8) |
Effect of exchange rate changes on cash and cash equivalents | (0.5) | 21.5 |
Increase (decrease) in cash, cash equivalents and restricted cash | (80.1) | (127.9) |
Add: Cash included in assets held for sale at beginning of period | 7.3 | |
Less: Cash included in assets held for sale at end of period | 4.8 | |
Cash, cash equivalents and restricted cash at the beginning of the period | 438.4 | 482.2 |
Cash, cash equivalents and restricted cash at the end of the period | 360.8 | 354.3 |
Consolidation, Eliminations [Member] | ||
Net cash used by operating activities | 0.0 | 0.0 |
Cash flow from investing activities: | ||
Capital expenditures | 0.0 | 0.0 |
Payments for acquisitions | 0.0 | |
Proceeds from maturities of short-term investments | 0.0 | 0.0 |
Payments for purchases of short-term investments | 0.0 | 0.0 |
Proceeds from sale of assets | 0.0 | 0.0 |
Increase in certain other assets | 0.0 | 0.0 |
Capital contributions and loans paid | 16.5 | 12.1 |
Proceeds from intercompany loans | (6.4) | (9.3) |
Net cash used by investing activities | 10.1 | 2.8 |
Cash flow from financing activities: | ||
Dividends paid | 0.0 | |
Revolving credit facility borrowings (repayments), net | 0.0 | 0.0 |
Other debt borrowings | 0.0 | 0.0 |
Other debt repayments | 0.0 | 0.0 |
Distributions and payments to noncontrolling interest holders | 0.0 | 0.0 |
Repurchase of common shares | 0.0 | 0.0 |
Capital contributions received and loans incurred | (16.5) | (12.1) |
Payments on intercompany loans | 6.4 | 9.3 |
Net cash provided by financing activities | (10.1) | (2.8) |
Effect of exchange rate changes on cash and cash equivalents | 0.0 | 0.0 |
Increase (decrease) in cash, cash equivalents and restricted cash | 0.0 | 0.0 |
Add: Cash included in assets held for sale at beginning of period | 0.0 | |
Less: Cash included in assets held for sale at end of period | 0.0 | |
Cash, cash equivalents and restricted cash at the beginning of the period | 0.0 | 0.0 |
Cash, cash equivalents and restricted cash at the end of the period | $ 0.0 | $ 0.0 |
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