QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification Number) | |||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | |||||||||||||
Smaller reporting company | Emerging growth company |
December 31, 2020 | ||||||||||||||
(Unaudited) | ||||||||||||||
ASSETS | ||||||||||||||
Current assets | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Short-term investments | ||||||||||||||
Trade receivables, less allowances for doubtful accounts of $ | ||||||||||||||
Inventories | ||||||||||||||
Prepaid expenses | ||||||||||||||
Current assets held for sale | ||||||||||||||
Other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Securities and other investments | ||||||||||||||
Property, plant and equipment, net of accumulated depreciation and amortization of $ | ||||||||||||||
Goodwill | ||||||||||||||
Deferred income taxes | ||||||||||||||
Customer relationships, net | ||||||||||||||
Other assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||||||||||||||
Current liabilities | ||||||||||||||
Notes payable | $ | $ | ||||||||||||
Accounts payable | ||||||||||||||
Deferred revenue | ||||||||||||||
Payroll and other benefits liabilities | ||||||||||||||
Current liabilities held for sale | ||||||||||||||
Other current liabilities | ||||||||||||||
Total current liabilities | ||||||||||||||
Long-term debt | ||||||||||||||
Pensions, post-retirement and other benefits | ||||||||||||||
Deferred income taxes | ||||||||||||||
Other liabilities | ||||||||||||||
Redeemable noncontrolling interests | ||||||||||||||
Equity | ||||||||||||||
Diebold Nixdorf, Incorporated shareholders' equity | ||||||||||||||
Preferred shares, | ||||||||||||||
Common shares, $ | ||||||||||||||
Additional capital | ||||||||||||||
Retained earnings (accumulated deficit) | ( | ( | ||||||||||||
Treasury shares, at cost ( | ( | ( | ||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||
Total Diebold Nixdorf, Incorporated shareholders' equity | ( | ( | ||||||||||||
Noncontrolling interests | ( | |||||||||||||
Total equity | ( | ( | ||||||||||||
Total liabilities, redeemable noncontrolling interests and equity | $ | $ |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2021 | 2020 | ||||||||||
Net sales | |||||||||||
Services | $ | $ | |||||||||
Products | |||||||||||
Cost of sales | |||||||||||
Services | |||||||||||
Products | |||||||||||
Gross profit | |||||||||||
Selling and administrative expense | |||||||||||
Research, development and engineering expense | |||||||||||
(Gain) loss on sale of assets, net | ( | ( | |||||||||
Operating profit (loss) | ( | ||||||||||
Other income (expense) | |||||||||||
Interest income | |||||||||||
Interest expense | ( | ( | |||||||||
Foreign exchange gain, net | |||||||||||
Miscellaneous, net | ( | ( | |||||||||
Loss before taxes | ( | ( | |||||||||
Income tax expense | |||||||||||
Equity in (loss) earnings of unconsolidated subsidiaries | ( | ||||||||||
Net loss | ( | ( | |||||||||
Net (loss) income attributable to noncontrolling interests | ( | ||||||||||
Net loss attributable to Diebold Nixdorf, Incorporated | $ | ( | $ | ( | |||||||
Basic and diluted weighted-average shares outstanding | |||||||||||
Net loss attributable to Diebold Nixdorf, Incorporated | |||||||||||
Basic and diluted loss per share | $ | ( | $ | ( | |||||||
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Net loss | $ | ( | $ | ( | ||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||
Translation adjustment | ( | ( | ||||||||||||
Foreign currency hedges (net of tax of $ | ||||||||||||||
Interest rate hedges | ||||||||||||||
Net income (loss) recognized in other comprehensive income (net of tax of $ | ( | |||||||||||||
Reclassification adjustment for amounts recognized in net income | ( | |||||||||||||
( | ||||||||||||||
Pension and other post-retirement benefits | ||||||||||||||
Net actuarial loss amortized (net of tax of $ | ||||||||||||||
Other | ( | ( | ||||||||||||
Other comprehensive loss, net of tax | ( | ( | ||||||||||||
Comprehensive loss | ( | ( | ||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | ( | |||||||||||||
Comprehensive loss attributable to Diebold Nixdorf, Incorporated | $ | ( | $ | ( |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Cash flow from operating activities | ||||||||||||||
Net loss | $ | ( | $ | ( | ||||||||||
Adjustments to reconcile net loss to cash flow used by operating activities: | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Amortization of Wincor Nixdorf purchase accounting intangible assets | ||||||||||||||
Amortization of deferred financing costs into interest expense | ||||||||||||||
Share-based compensation | ||||||||||||||
(Gain) loss on sale of assets, net | ( | ( | ||||||||||||
Deferred income taxes | ( | |||||||||||||
Changes in certain assets and liabilities | ||||||||||||||
Trade receivables | ( | ( | ||||||||||||
Inventories | ( | ( | ||||||||||||
Accounts payable | ||||||||||||||
Deferred revenue | ||||||||||||||
Sales tax and net value added tax | ( | ( | ||||||||||||
Income taxes | ( | |||||||||||||
Accrued salaries, wages and commissions | ( | ( | ||||||||||||
Restructuring | ( | ( | ||||||||||||
Warranty liability | ( | ( | ||||||||||||
Liabilities held for sale | ( | |||||||||||||
Pension and post retirement benefits | ( | ( | ||||||||||||
Certain other assets and liabilities | ( | ( | ||||||||||||
Net cash provided (used) by operating activities | ( | ( | ||||||||||||
Cash flow from investing activities | ||||||||||||||
Capital expenditures | ( | ( | ||||||||||||
Capitalized software development | ( | ( | ||||||||||||
Proceeds from divestitures, net of cash divested | ( | |||||||||||||
Proceeds from maturities of investments | ||||||||||||||
Payments for purchases of investments | ( | ( | ||||||||||||
Net cash provided (used) by investing activities | ( | |||||||||||||
Cash flow from financing activities | ||||||||||||||
Debt issuance costs | ( | |||||||||||||
Revolving credit facility borrowings (repayments), net | ( | |||||||||||||
Other debt borrowings | ||||||||||||||
Other debt repayments | ( | ( | ||||||||||||
Contributions from noncontrolling interest holders | ||||||||||||||
Other | ( | ( | ||||||||||||
Net cash provided (used) by financing activities | ( | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | ( | ||||||||||||
Change in cash and cash equivalents | ( | |||||||||||||
Add: Cash included in assets held for sale at beginning of period | ||||||||||||||
Less: Cash included in assets held for sale at end of period | ||||||||||||||
Cash and cash equivalents at the beginning of the period | ||||||||||||||
Cash and cash equivalents at the end of the period | $ | $ |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Numerator | ||||||||||||||
Income (loss) used in basic and diluted loss per share | ||||||||||||||
Net loss | $ | ( | $ | ( | ||||||||||
Net (income) loss attributable to noncontrolling interests | ( | |||||||||||||
Net loss attributable to Diebold Nixdorf, Incorporated | $ | ( | $ | ( | ||||||||||
Denominator | ||||||||||||||
Weighted-average number of common shares used in basic and diluted loss per share (1) | ||||||||||||||
Net loss attributable to Diebold Nixdorf, Incorporated | ||||||||||||||
Basic and diluted loss per share | $ | ( | $ | ( | ||||||||||
December 31, 2020 | ||||||||||||||
Finished goods | $ | $ | ||||||||||||
Service parts | ||||||||||||||
Raw materials and work in process | ||||||||||||||
Total inventories | $ | $ |
Cost Basis | Unrealized Gain / (Loss) | Fair Value | ||||||||||||||||||
As of March 31, 2021 | ||||||||||||||||||||
Short-term investments | ||||||||||||||||||||
Certificates of deposit | $ | $ | $ | |||||||||||||||||
Long-term investments | ||||||||||||||||||||
Assets held in a rabbi trust | $ | $ | $ | |||||||||||||||||
As of December 31, 2020 | ||||||||||||||||||||
Short-term investments | ||||||||||||||||||||
Certificates of deposit | $ | $ | $ | |||||||||||||||||
Long-term investments | ||||||||||||||||||||
Assets held in a rabbi trust | $ | $ | $ |
December 31, 2020 | |||||||||||
Gross minimum lease receivables | $ | $ | |||||||||
Allowance for credit losses | ( | ( | |||||||||
Estimated unguaranteed residual values | |||||||||||
Less: | |||||||||||
Unearned interest income | ( | ( | |||||||||
Total | $ | $ |
2021 | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
Thereafter | |||||
$ |
Eurasia Banking | Americas Banking | Retail | Total | ||||||||||||||||||||
Goodwill | $ | $ | $ | $ | |||||||||||||||||||
Accumulated impairment | ( | ( | ( | ( | |||||||||||||||||||
Balance at January 1, 2020 | $ | $ | $ | $ | |||||||||||||||||||
Transferred to assets held for sale | ( | ( | |||||||||||||||||||||
Divestitures | ( | ( | ( | ( | |||||||||||||||||||
Currency translation adjustment | |||||||||||||||||||||||
Goodwill | $ | $ | $ | $ | |||||||||||||||||||
Accumulated impairment | ( | ( | ( | ( | |||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | $ | |||||||||||||||||||
Transferred to assets held for sale | |||||||||||||||||||||||
Divestitures | ( | ( | |||||||||||||||||||||
Currency translation adjustment | ( | ( | ( | ( | |||||||||||||||||||
Goodwill | $ | $ | $ | $ | |||||||||||||||||||
Accumulated impairment | ( | ( | ( | ( | |||||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | $ |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Weighted-average remaining useful lives | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||||||||
Customer relationships, net | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||
Internally-developed software | ( | ( | ||||||||||||||||||||||||||||||||||||
Development costs non-software | ( | ( | ||||||||||||||||||||||||||||||||||||
Other intangibles | ( | ( | ||||||||||||||||||||||||||||||||||||
Other intangible assets, net | ( | ( | ||||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | $ | ( | $ |
2021 | 2020 | ||||||||||
Beginning balance as of January 1 | $ | $ | |||||||||
Capitalization | |||||||||||
Amortization | ( | ( | |||||||||
Transferred to held for sale | ( | ( | |||||||||
Currency translation adjustment | |||||||||||
Ending balance as of March 31 | $ | $ |
2021 | 2020 | |||||||||||||
Beginning balance as of January 1 | $ | $ | ||||||||||||
Current period accruals | ||||||||||||||
Current period settlements | ( | ( | ||||||||||||
Currency translation adjustment | ( | ( | ||||||||||||
Balance at March 31 | $ | $ |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Cost of sales – services | $ | $ | ||||||||||||
Cost of sales – products | ||||||||||||||
Selling and administrative expense | ||||||||||||||
Research, development and engineering expense | ||||||||||||||
Total | $ | $ |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Severance | ||||||||||||||
Eurasia Banking | $ | $ | ||||||||||||
Americas Banking | ||||||||||||||
Retail | ||||||||||||||
Corporate | ||||||||||||||
Total severance | $ | $ | ||||||||||||
Other | ||||||||||||||
Eurasia Banking | $ | $ | ||||||||||||
Americas Banking | ||||||||||||||
Retail | ||||||||||||||
Corporate | ||||||||||||||
Total Other | ||||||||||||||
Total | $ | $ |
DN Now | |||||||||||
Severance | Other | ||||||||||
Eurasia Banking | $ | $ | |||||||||
Americas Banking | |||||||||||
Retail | |||||||||||
Corporate | |||||||||||
Total | $ | $ |
2021 | 2020 | |||||||||||||
Beginning balance as of January 1 | $ | $ | ||||||||||||
Severance charges | ||||||||||||||
Payouts | ( | ( | ||||||||||||
Other | ( | |||||||||||||
Ending balance as of March 31 | $ | $ |
December 31, 2020 | ||||||||||||||
Notes payable | ||||||||||||||
Uncommitted lines of credit | $ | $ | ||||||||||||
Term Loan B Facility - USD | ||||||||||||||
Term Loan B Facility - Euro | ||||||||||||||
Other | ||||||||||||||
$ | $ | |||||||||||||
Long-term debt | ||||||||||||||
Revolving Facility | $ | $ | ||||||||||||
Term Loan B Facility - USD | ||||||||||||||
Term Loan B Facility - Euro | ||||||||||||||
2024 Senior Notes | ||||||||||||||
2025 Senior Secured Notes - USD | ||||||||||||||
2025 Senior Secured Notes - EUR | ||||||||||||||
Other | ||||||||||||||
Long-term deferred financing fees | ( | ( | ||||||||||||
$ | $ |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Revolving credit facility borrowings | $ | $ | ||||||||||||
Revolving credit facility repayments | $ | ( | $ | ( | ||||||||||
Other debt borrowings | ||||||||||||||
International short-term uncommitted lines of credit borrowings | $ | $ | ||||||||||||
Other debt repayments | ||||||||||||||
Payments on 2022 Term Loan A Facility under the Credit Agreement | $ | $ | ( | |||||||||||
Payments Term Loan A-1 Facility under the Credit Agreement | ( | |||||||||||||
Payments on Term Loan B Facility - USD under the Credit Agreement | ( | ( | ||||||||||||
Payments on Term Loan B Facility - Euro under the Credit Agreement | ( | ( | ||||||||||||
International short-term uncommitted lines of credit and other repayments | ( | |||||||||||||
$ | ( | $ | ( |
Financing and Replacement Facilities | Interest Rate Index and Margin | Maturity/Termination Dates | Initial Term (Years) | |||||||||||||||||
Credit Agreement facilities | ||||||||||||||||||||
2022 Revolving Facility(i) | April 2022 | |||||||||||||||||||
2023 Revolving Facility(ii) | July 2023 | |||||||||||||||||||
Term Loan B Facility - USD(i) | November 2023 | |||||||||||||||||||
Term Loan B Facility - Euro(iii) | November 2023 | |||||||||||||||||||
2024 Senior Notes | April 2024 | |||||||||||||||||||
2025 Senior Secured Notes - USD | July 2025 | |||||||||||||||||||
2025 Senior Secured Notes - EUR | July 2025 |
2021 | 2020 | |||||||||||||
Beginning balance as of January 1 | $ | $ | ||||||||||||
Other comprehensive income | ||||||||||||||
Redemption value adjustment | ( | |||||||||||||
Termination of put option | ( | |||||||||||||
Ending balance as of March 31 | $ | $ |
Accumulated Other Comprehensive Income (Loss) | Total Diebold Nixdorf, Incorporated Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||
Common Shares | Additional Capital | Accumulated Deficit | Treasury Shares | Non-controlling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||||||
Net loss | — | — | ( | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Share-based compensation issued | ( | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Treasury shares | — | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interest adjustments | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Total Diebold Nixdorf, Incorporated Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||
Common Shares | Additional Capital | Accumulated Deficit | Treasury Shares | Non-controlling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | ( | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Share-based compensation issued | ( | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Treasury shares | — | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Divestitures, net | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2020 | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||||||
Translation | Foreign Currency Hedges | Interest Rate Hedges | Pension and Other Post-retirement Benefits | Other | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications (1) | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI | ( | |||||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income (loss) | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( |
Translation | Foreign Currency Hedges | Interest Rate Hedges | Pension and Other Post-retirement Benefits | Other | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | $ | ( | $ | ( | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications (1) | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI | ||||||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income (loss) | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended | Affected Line Item on the Statement of Operations | |||||||||||||||||||
March 31, | ||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Interest rate hedge gain/(loss) | $ | ( | $ | Interest expense | ||||||||||||||||
Pension and post-retirement benefits: | ||||||||||||||||||||
Net actuarial loss amortized (net of tax of $0.5 and $3.5, respectively) | Miscellaneous, net | |||||||||||||||||||
Total reclassifications for the period | $ | $ |
Pension Benefits | ||||||||||||||||||||||||||||||||||||||
U.S.Plans | Non-U.S. Plans | Other Benefits | ||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||
Components of net periodic benefit cost | ||||||||||||||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Interest cost | ||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Recognized net actuarial loss | ( | |||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||
Net periodic pension benefit cost | $ | $ | $ | $ | $ | $ |
Derivative instrument | Classification on condensed consolidated statements of operations | Three Months Ended | ||||||||||||||||||
March 31, | ||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Foreign exchange forward contracts and cash flow hedges | Foreign exchange gain (loss), net | $ | ( | $ | ( | |||||||||||||||
Interest rate swaps and non-designated hedges | Interest expense | ( | ( | |||||||||||||||||
Foreign exchange forward contracts and cash flow hedges | Net sales | |||||||||||||||||||
Total | $ | ( | $ | ( |
Foreign Currency Derivative | Number of Instruments | Notional Sold | Notional Purchased | |||||||||||||||||||||||
Currency forward agreements (USD-BRL) | BRL | USD | ||||||||||||||||||||||||
Currency forward agreements (GBP-EUR) | GBP | EUR | ||||||||||||||||||||||||
Currency forward agreements (USD-EUR) | EUR | USD |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
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 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Assets held in rabbi trusts | Securities and other investments | |||||||||||||||||||||||||||||||||||||||||||
Foreign exchange forward contracts | Other current assets | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange forward contracts | Other current liabilities | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Interest rate swaps | Other liabilities | |||||||||||||||||||||||||||||||||||||||||||
Deferred compensation | Other liabilities | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
December 31, 2020 | ||||||||||||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | |||||||||||||||||||||||
2024 Senior Notes | $ | $ | $ | $ | ||||||||||||||||||||||
2025 Senior Secured Notes - USD | $ | $ | $ | $ | ||||||||||||||||||||||
2025 Senior Secured Notes - EUR | $ | $ | $ | $ |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
Timing of revenue recognition | 2021 | 2020 | ||||||||||||
Products transferred at a point in time | % | % | ||||||||||||
Products and services transferred over time | % | % | ||||||||||||
Net sales | % | % |
Contract balance information | Trade Receivables | Contract liabilities | ||||||||||||
Balance at December 31 | $ | $ | ||||||||||||
Balance at March 31 | $ | $ |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Net sales summary by segment | ||||||||||||||
Eurasia Banking | $ | $ | ||||||||||||
Americas Banking | ||||||||||||||
Retail | ||||||||||||||
Total revenue | $ | $ | ||||||||||||
Intersegment revenue | ||||||||||||||
Eurasia Banking | $ | $ | ||||||||||||
Americas Banking | ||||||||||||||
Total intersegment revenue | $ | $ | ||||||||||||
Segment operating profit | ||||||||||||||
Eurasia Banking | $ | $ | ||||||||||||
Americas Banking | ||||||||||||||
Retail | ||||||||||||||
Total segment operating profit | ||||||||||||||
Corporate charges not allocated to segments (1) | ( | ( | ||||||||||||
Restructuring and DN Now transformation expenses | ( | ( | ||||||||||||
Net non-routine expense | ( | ( | ||||||||||||
( | ( | |||||||||||||
Operating profit (loss) | ( | |||||||||||||
Other income (expense) | ( | ( | ||||||||||||
Loss before taxes | $ | ( | $ | ( |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Segments | ||||||||||||||
Eurasia Banking | ||||||||||||||
Services | $ | $ | ||||||||||||
Products | ||||||||||||||
Total Eurasia Banking | ||||||||||||||
Americas Banking | ||||||||||||||
Services | ||||||||||||||
Products | ||||||||||||||
Total Americas Banking | ||||||||||||||
Retail | ||||||||||||||
Services | ||||||||||||||
Products | ||||||||||||||
Total Retail | ||||||||||||||
Total net sales | $ | $ |
Three Months Ended | Percent of Total Net Sales for the Three Months Ended | |||||||||||||||||||||||||||||||||||||
March 31, | March 31, | |||||||||||||||||||||||||||||||||||||
2021 | 2020 | % Change | % Change in CC (1) | 2021 | 2020 | |||||||||||||||||||||||||||||||||
Segments | ||||||||||||||||||||||||||||||||||||||
Eurasia Banking | ||||||||||||||||||||||||||||||||||||||
Services | $ | 189.6 | $ | 206.0 | (8.0) | (13.9) | 20.1 | 22.6 | ||||||||||||||||||||||||||||||
Products | 138.2 | 104.5 | 32.2 | 24.2 | 14.6 | 11.5 | ||||||||||||||||||||||||||||||||
Total Eurasia Banking | 327.8 | 310.5 | 5.6 | (1.1) | 34.7 | 34.1 | ||||||||||||||||||||||||||||||||
Americas Banking | ||||||||||||||||||||||||||||||||||||||
Services | 227.7 | 239.5 | (4.9) | (3.5) | 24.1 | 26.3 | ||||||||||||||||||||||||||||||||
Products | 84.0 | 105.2 | (20.2) | (18.2) | 8.9 | 11.6 | ||||||||||||||||||||||||||||||||
Total Americas Banking | 311.7 | 344.7 | (9.6) | (8.0) | 33.0 | 37.9 | ||||||||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||||||||
Services | 156.3 | 142.3 | 9.8 | 1.5 | 16.6 | 15.6 | ||||||||||||||||||||||||||||||||
Products | 148.1 | 113.2 | 30.8 | 22.8 | 15.7 | 12.4 | ||||||||||||||||||||||||||||||||
Total Retail | 304.4 | 255.5 | 19.1 | 10.9 | 32.3 | 28.0 | ||||||||||||||||||||||||||||||||
Total net sales | $ | 943.9 | $ | 910.7 | 3.6 | (0.1) | 100.0 | 100.0 |
Three Months Ended | |||||||||||||||||||||||
March 31, | |||||||||||||||||||||||
2021 | 2020 | % Change | |||||||||||||||||||||
Gross profit - services | $ | 184.0 | $ | 150.3 | 22.4 | ||||||||||||||||||
Gross profit - products | 89.2 | 76.5 | 16.6 | ||||||||||||||||||||
Total gross profit | $ | 273.2 | $ | 226.8 | 20.5 | ||||||||||||||||||
Gross margin - services | 32.1 | % | 25.6 | % | |||||||||||||||||||
Gross margin - products | 24.1 | % | 23.7 | % | |||||||||||||||||||
Total gross margin | 28.9 | % | 24.9 | % | |||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
March 31, | ||||||||||||||||||||
2021 | 2020 | % Change | ||||||||||||||||||
Selling and administrative expense | $ | 203.4 | $ | 222.1 | (8.4) | |||||||||||||||
Research, development and engineering expense | 34.1 | 32.5 | 4.9 | |||||||||||||||||
(Gain) loss on sale of assets, net | (0.5) | (1.8) | 72.2 | |||||||||||||||||
Total operating expenses | $ | 237.0 | $ | 252.8 | (6.3) | |||||||||||||||
Percent of net sales | 25.1 | % | 27.8 | % | ||||||||||||||||
Three Months Ended | ||||||||||||||||||||
March 31, | ||||||||||||||||||||
2021 | 2020 | % Change | ||||||||||||||||||
Operating profit (loss) | $ | 36.2 | $ | (26.0) | N/M | |||||||||||||||
Operating margin | 3.8 | % | (2.9) | % |
Three Months Ended | ||||||||||||||||||||
March 31, | ||||||||||||||||||||
2021 | 2020 | % Change | ||||||||||||||||||
Interest income | $ | 1.7 | $ | 1.1 | 54.5 | |||||||||||||||
Interest expense | (48.7) | (48.0) | (1.5) | |||||||||||||||||
Foreign exchange gain, net | 5.7 | 0.4 | N/M | |||||||||||||||||
Miscellaneous, net | (0.7) | (0.9) | 22.2 | |||||||||||||||||
Other income (expense), net | $ | (42.0) | $ | (47.4) | 11.4 |
Three Months Ended | ||||||||||||||||||||
March 31, | ||||||||||||||||||||
2021 | 2020 | % Change | ||||||||||||||||||
Net loss | $ | (8.1) | $ | (93.4) | 91.3 | |||||||||||||||
Percent of net sales | (0.9) | % | (10.3) | % | ||||||||||||||||
Effective tax rate | (17.4) | % | (27.2) | % |
Three Months Ended | ||||||||||||||||||||
March 31, | ||||||||||||||||||||
Eurasia Banking: | 2021 | 2020 | % Change | |||||||||||||||||
Net sales | $ | 327.8 | $ | 310.5 | 5.6 | |||||||||||||||
Segment operating profit | $ | 25.0 | $ | 22.8 | 9.6 | |||||||||||||||
Segment operating profit margin | 7.6 | % | 7.3 | % |
Three Months Ended | ||||||||||||||||||||
March 31, | ||||||||||||||||||||
Americas Banking: | 2021 | 2020 | % Change | |||||||||||||||||
Net sales | $ | 311.7 | $ | 344.7 | (9.6) | |||||||||||||||
Segment operating profit | $ | 40.2 | $ | 46.5 | (13.5) | |||||||||||||||
Segment operating profit margin | 12.9 | % | 13.5 | % |
Three Months Ended | ||||||||||||||||||||
March 31, | ||||||||||||||||||||
Retail: | 2021 | 2020 | % Change | |||||||||||||||||
Net sales | $ | 304.4 | $ | 255.5 | 19.1 | |||||||||||||||
Segment operating profit | $ | 27.1 | $ | 11.1 | 144.1 | |||||||||||||||
Segment operating profit margin | 8.9 | % | 4.3 | % |
March 31, 2021 | December 31, 2020 | |||||||||||||
Cash and cash equivalents | $ | 234.8 | $ | 324.5 | ||||||||||
Additional cash availability from: | ||||||||||||||
Uncommitted lines of credit | 33.7 | 41.1 | ||||||||||||
Revolving Facility | 313.0 | 283.1 | ||||||||||||
Short-term investments | 21.3 | 37.2 | ||||||||||||
Total cash and cash availability | $ | 602.8 | $ | 685.9 |
Summary of cash flows: | March 31, 2021 | March 31, 2020 | ||||||||||||
Net cash provided (used) by operating activities | $ | (65.2) | $ | (78.2) | ||||||||||
Net cash provided (used) by investing activities | 3.2 | (53.4) | ||||||||||||
Net cash provided (used) by financing activities | (24.9) | 314.0 | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (1.8) | (15.6) | ||||||||||||
Change in cash and cash equivalents | $ | (88.7) | $ | 166.8 |
Summarized Balance Sheets | ||||||||||||||
March 31, 2021 | December 31, 2020 | |||||||||||||
Total current assets | $ | 465.8 | $ | 449.9 | ||||||||||
Total non-current assets | $ | 1,942.1 | $ | 1,504.6 | ||||||||||
Total current liabilities | $ | 1,311.7 | $ | 1,252.5 | ||||||||||
Total non-current liabilities | $ | 2,034.9 | $ | 2,084.3 |
Summarized Statements of Operations | ||||||||||||||
Three Months Ended | Year Ended | |||||||||||||
March 31, 2021 | December 31, 2020 | |||||||||||||
Net sales | $ | 257.8 | $ | 1,097.4 | ||||||||||
Cost of sales | 178.5 | 784.3 | ||||||||||||
Selling and administrative expense | 99.0 | 446.4 | ||||||||||||
Research, development and engineering expense | 9.8 | 38.1 | ||||||||||||
Impairment of assets | — | 2.5 | ||||||||||||
Gain on sale of assets, net | — | (0.5) | ||||||||||||
Interest income | 0.2 | 1.1 | ||||||||||||
Interest expense | (33.4) | (267.8) | ||||||||||||
Foreign exchange gain (loss), net | 4.3 | (9.5) | ||||||||||||
Miscellaneous, net | 34.4 | 156.9 | ||||||||||||
Loss from continuing operations before taxes | $ | (24.0) | $ | (292.7) | ||||||||||
Net (loss) income | $ | (20.7) | $ | (269.1) | ||||||||||
Net (loss) income attributable to Diebold Nixdorf, Incorporated | $ | (20.7) | $ | (269.1) |
Summarized Balance Sheets | ||||||||||||||
March 31, 2021 | December 31, 2020 | |||||||||||||
Total current assets | $ | 176.9 | $ | 211.5 | ||||||||||
Total non-current assets | $ | 644.9 | $ | 867.5 |
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 | 1,747 | $ | 9.51 | — | 2,426,177 | |||||||||||||||||||||
February | 361,769 | $ | 13.91 | — | 2,426,177 | |||||||||||||||||||||
March | 10,107 | $ | 12.81 | — | 2,426,177 | |||||||||||||||||||||
Total | 373,623 | $ | 13.86 | — |
101.INS | Inline XBRL Instance Document | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document included in Exhibit 101) |
DIEBOLD NIXDORF, INCORPORATED | ||||||||||||||
Date: | May 10, 2021 | /s/ Gerrard B. Schmid | ||||||||||||
By: | Gerrard B. Schmid | |||||||||||||
President and Chief Executive Officer | ||||||||||||||
(Principal Executive Officer) | ||||||||||||||
Date: | May 10, 2021 | /s/ Jeffrey Rutherford | ||||||||||||
By: | Jeffrey Rutherford | |||||||||||||
Senior Vice President and Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) | ||||||||||||||
NAME OF SUBSIDIARY | PLACE OF INCORPORATION OR ORGANIZATION | |||||||
Diebold Global Finance Corporation | Delaware | |||||||
Diebold Holding Company, LLC | Delaware | |||||||
Diebold Self-Service Systems | Delaware | |||||||
Diebold SST Holding Company, LLC | Delaware | |||||||
Griffin Technology Incorporated | New York |
Date: | May 10, 2021 | /s/ Gerrard B. Schmid | |||||||||
Gerrard B. Schmid | |||||||||||
President and Chief Executive Officer (Principal Executive Officer) |
Date: | May 10, 2021 | /s/ Jeffrey Rutherford | |||||||||
Jeffrey Rutherford | |||||||||||
Senior Vice President and Chief Financial Officer (Principal Financial Officer) |
Date: | May 10, 2021 | /s/ Gerrard B. Schmid | ||||||||||||
Gerrard B. Schmid | ||||||||||||||
President and Chief Executive Officer (Principal Executive Officer) |
Date: | May 10, 2021 | /s/ Jeffrey Rutherford | ||||||||||||
Jeffrey Rutherford | ||||||||||||||
Senior Vice President and Chief Financial Officer (Principal Financial Officer) |
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Current assets | ||
Allowances for doubtful accounts | $ 35.1 | $ 37.5 |
Accumulated depreciation and amortization | $ 538.3 | $ 536.1 |
Diebold Nixdorf, Incorporated shareholders' equity | ||
Preferred Stock, No 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 | 94,438,989 | 93,534,866 |
Common shares, shares outstanding | 78,209,484 | 77,678,984 |
Treasury shares, at cost, shares | 16,229,505 | 15,855,882 |
Condensed Consolidated Statements of Comprehensive Income (Loss) Parentheticals - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Net Investment Hedging [Member] | ||
Foreign currency hedges, amount recognized in other comprehensive income, tax | $ 0.0 | $ 0.3 |
Interest rate hedges | ||
Interest rate hedges, net gain recognized in other comprehensive income, tax | 0.4 | (4.1) |
Pension and other post-retirement benefits | ||
Net actuarial loss amortization, tax | $ 0.5 | $ 3.5 |
Accumulated Other Comprehensive Income (Loss) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | Accumulated Other Comprehensive Income (Loss) The following table summarizes the changes in the Company’s accumulated other comprehensive income (AOCI), net of tax, by component for the three months ended March 31, 2021:
(1) Other comprehensive income (loss) before reclassifications within the translation component excludes a $0.5 translation gain 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, 2020:
(1) Other comprehensive income (loss) before reclassifications within the translation component excludes $1.3 of translation attributable to noncontrolling interests. The following table summarizes the details about the amounts reclassified from AOCI:
|
Basis of Presentation |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Diebold Nixdorf, Incorporated and its subsidiaries (collectively, the Company) have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States (U.S. GAAP); however, such information reflects all adjustments (consisting solely of normal recurring adjustments) that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. 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, 2020. 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, 2021 are not necessarily indicative of results to be expected for the full year. The Company has reclassified the presentation of certain prior-year information to conform to the current presentation. Recently Issued Accounting Guidance The Company considers the applicability and impact of all Accounting Standards Updates (ASUs) issued by the Financial Accounting Standards Board (FASB). In December 2019, the FASB issued ASU No. 2019-12, Income Taxes: Simplifying the Accounting for Income Taxes. The new guidance affects general principles within Topic 740, Income Taxes. The amendments of ASU 2019-12 are meant to simplify and reduce the cost of accounting for income taxes. The Company adopted the ASU during the first quarter of 2021 using a prospective approach. The adoption of the ASU did not have a material impact on the Company’s condensed consolidated financial statements. In March 2020, the FASB issued guidance that provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by the transition away from reference rates expected to be discontinued to alternative reference rates. The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into on or before December 31, 2022. The Company is currently evaluating the impact of this guidance on the Company’s condensed consolidated financial statements.
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Earning Per Share |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE | Earnings (Loss) Per ShareBasic 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, 2021 and 2020, there were no differences in the earnings (loss) per share amounts calculated using the two methods. Accordingly, the treasury stock method is disclosed below; however, because the Company is in a net loss position, dilutive shares of 1.3 and 3.1 for the three months ended March 31, 2021 and 2020, respectively, are excluded from the shares used in the computation of diluted earnings (loss) per share. 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:
(1)1.6 and 2.8 shares are excluded from the computation of diluted earnings per share because the effects are anti-dilutive, irrespective of the net loss position.
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Income Taxes |
3 Months Ended |
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Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | Income Taxes The effective tax rate on the loss from continuing operations was (17.4) percent for the three months ended March 31, 2021. The tax provision for the three months ended March 31, 2021 was primarily attributable to to the jurisdictional mix of income and loss, valuation allowance on certain interest expense carryforwards, as well as to discrete tax adjustments for uncertain tax positions and expired stock compensation. The effective tax rate on the loss from continuing operations was (27.2) percent for the three months ended March 31, 2020. The expense on the loss was primarily due to the tax impacts of the U.S. Tax Cuts and Jobs Act (Tax Act) on the estimated projected tax rate and, more specifically, the impacts related to global intangible low-taxed income (GILTI). In addition, a partial valuation allowance against interest expense carryforwards and the Company’s jurisdictional income and loss mix at varying statutory rates impacted the estimated projected tax rate. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was enacted providing $2.2 trillion of economic stimulus relief to address the market conditions due to the outbreak of the coronavirus (COVID-19). Among other things, the CARES Act provides a package of corporate tax provisions including the ability for companies to carry back to five preceding years net operating loss (NOL) carryforwards generated in tax years starting after December 31, 2017 and before January 1, 2021. Also, the 80 percent taxable income limitation was temporarily removed, increasing the amount of NOL carryforwards that can be deducted in 2018, 2019 and 2020, and the CARES Act increased the deduction limitation for business interest expense to 50 percent from 30 percent. The Company evaluated the impact of the CARES Act to its income tax provision and cash flow and did not believe the effects to be material.
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Inventories |
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORIES | Inventories Major classes of inventories are summarized as follows:
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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 recorded at fair value based upon quoted market prices. Changes in fair value are recognized in interest income, determined using the specific identification method, and were minimal. There were no gains from the sale of securities or proceeds from the sale of securities prior to the maturity date for the three months ended March 31, 2021 and 2020. 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 enable 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 15), 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 cash surrender value of insurance contracts of $3.7 as of March 31, 2021 and December 31, 2020. During the second quarter of 2020, the Company surrendered several of its company-owned life insurance (COLI) plans. As a result, the Company received proceeds of $15.6 during the year ended December 31, 2020 from the closure of the respective plans. The Company recorded a gain of $7.2 during the year ended December 31, 2020, and recorded this to Miscellaneous, net within Other income (expense) on the condensed consolidated statement of operations. The Company has certain non-consolidated joint ventures that are not significant subsidiaries and are accounted for under the equity method of accounting. The Company owns 48.1 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 the respective joint ventures. As of March 31, 2021, the Company had accounts receivable and accounts payable balances with these joint ventures of $3.8 and $26.1, respectively, which are included in trade receivables, less allowances for doubtful accounts and accounts payable on the condensed consolidated balance sheets. Under certain circumstances, the Company provides financing arrangements to customers that are largely classified and accounted for as sales-type leases. 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. The following table presents the components of finance lease receivables:
Future minimum payments due from customers under finance lease receivables as of March 31, 2021 are as follows:
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Goodwill and Other Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL AND OTHER ASSETS | Goodwill and Other Assets The changes in carrying amounts of goodwill within the Company's segments are summarized as follows:
In accordance with the Company's accounting policy, goodwill is tested for impairment annually during the fourth quarter or earlier if a triggering event is identified. The Company identified four reporting units, which are Eurasia Banking, Americas Banking, EMEA Retail and Rest of World Retail. A triggering event was identified in the first quarter of 2020 leading to the Company performing an impairment analysis which indicated the Eurasia Banking, Americas Banking and EMEA Retail reporting units each had sufficient cushion of estimated fair value in excess of carrying value as of March 31, 2020. There have been no impairment indicators identified during the three months ended March 31, 2021. Rest of World Retail had no goodwill as of March 31, 2021 and December 31, 2020. Changes in certain assumptions could have a significant impact to the estimated fair value of the reporting units. The following summarizes information on intangible assets by major category:
Costs incurred for the development of external-use software that will be sold, leased or otherwise marketed are capitalized when technological feasibility has been established. These costs are included within other assets and are amortized on a straight-line basis over the estimated useful lives ranging from three to five years. Amortization begins when the product is available for general release. Costs capitalized include direct labor and related overhead costs. Costs incurred prior to technological feasibility or after general release are expensed as incurred. The Company performs periodic reviews to ensure that unamortized program costs remain recoverable from future revenue. If future revenue does not support the unamortized program costs, the amount by which the unamortized capitalized cost of a software product exceeds the net realizable value is impaired. The following table identifies the activity relating to total capitalized software development:
The Company's total amortization expense, excluding that related to deferred financing costs, was $26.1 and $27.6 for the three months ended March 31, 2021 and 2020, respectively.
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Guarantees and Product Warranties |
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Guarantees and Product Warranties Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GUARANTEES AND PRODUCT WARRANTIES | Product Warranties The Company provides its customers a standard 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. 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 consolidated statements of operations:
The following table summarizes the Company’s restructuring charges by reporting segment:
DN Now During the second quarter of 2018, the Company began implementing DN Now to deliver greater, more sustainable profitability. The gross annualized savings target for DN Now is approximately $500 through 2021. In order to achieve these savings, the Company will complete its program to restructure the workforce, integrate and optimize systems and processes, transition workloads to lower cost locations and consolidate real estate holdings. Material incremental restructuring charges related to DN NOW are not expected. The Company incurred restructuring charges of $6.0 and $10.0 for the three months ended March 31, 2021 and 2020, respectively, related to DN Now. The charges incurred during the three months ended March 31, 2021 relate primarily to redundant personnel costs during the transition period. The following table summarizes the Company's cumulative total restructuring costs for DN Now as of March 31, 2021:
The following table summarizes the Company’s restructuring accrual balances and related activity:
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Debt |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT | Debt Outstanding debt balances were as follows:
Senior and Senior Secured Notes On July 20, 2020, Diebold Nixdorf, Incorporated issued $700.0 aggregate principal amount of 9.375 percent Senior Secured Notes due 2025 (the 2025 Senior Secured Notes - USD) and its wholly-owned subsidiary, Diebold Nixdorf Dutch Holding B.V., issued €350.0 aggregate principal amount of 9.0 percent Senior Secured Notes due 2025 (the 2025 Senior Secured Notes - EUR and, together with the 2025 Senior Secured Notes - USD, the 2025 Senior Secured Notes) in private offerings exempt from registration under the Securities Act of 1933. The 2025 Senior Secured Notes - USD were issued at a price of 99.031 percent of their principal amount, and the 2025 Senior Secured Notes - EUR were issued at a price of 99.511 percent of their principal amount. The 2025 Senior Secured Notes are or will be, as applicable, guaranteed on a senior secured basis by (i) all of Diebold Nixdorf, Incorporated’s existing and future direct and indirect U.S. subsidiaries that guarantee the obligations under the Credit Agreement and (ii) all of Diebold Nixdorf, Incorporated’s existing, future, direct and indirect U.S. subsidiaries (other than securitization subsidiaries, immaterial subsidiaries and certain other subsidiaries) that guarantee any of the Diebold Nixdorf Dutch Holding B.V.’s, Diebold Nixdorf, Incorporated’s or its subsidiary guarantors’ indebtedness for borrowed money (collectively, the U.S. subsidiary guarantors). Additionally, the 2025 Senior Secured Notes - USD and the 2025 Senior Secured Notes - EUR are guaranteed on a senior secured basis by Diebold Nixdorf Dutch Holdings B.V. and Diebold Nixdorf, Incorporated, respectively. The 2025 Senior Secured Notes are secured by first-priority liens on substantially all of the tangible and intangible assets of Diebold Nixdorf, Incorporated, Diebold Nixdorf Dutch Holding B.V. and the U.S. subsidiary guarantors, in each case subject to permitted liens and certain exceptions. The first-priority liens on the collateral securing the 2025 Senior Secured Notes - USD and the related guarantees and the 2025 Senior Secured Notes - EUR and the related guarantees are shared ratably among the 2025 Senior Secured Notes and the obligations under the Credit Agreement. The net proceeds from the offerings of the 2025 Senior Secured Notes, along with cash on hand, were used to repay a portion of the amounts outstanding under the Credit Agreement, including all amounts outstanding under the Term Loan A Facility and Term Loan A-1 Facility and $193.8 of revolving credit loans, including all of the revolving credit loans due in December 2020, and for the payment of all related fees and expenses. In addition to the 2025 Senior Secured Notes, the Company also has an outstanding $400.0 aggregate principal amount of 8.5% Senior Notes due 2024 (the 2024 Senior Notes). The 2024 Senior Notes were issued by Diebold Nixdorf, Incorporated and are guaranteed by the U.S. subsidiary, and mature in April 2024. Credit Agreement - Term Loan and Revolving Facilities On November 6, 2020, the Company entered into the tenth and most recent amendment to the Credit Agreement to amend the definition of “Interest Coverage Ratio” for certain time periods and Covenant Reset Triggers (as defined in the Credit Agreement). The Interest Coverage Ratio calculation now excludes specific make-whole premiums, write-offs and expenses paid by the Company in relation to the Term A Loans and Term A-1 Loans. On July 20, 2020, the Company entered into the ninth amendment to the Credit Agreement (the Ninth Amendment). The Ninth Amendment amended the Credit Agreement to, among other things, extend the maturity of $330.0 of revolving credit commitments from April 30, 2022 to July 20, 2023 and amend the financial covenants in the Credit Agreement in connection with the extension of such maturities (and, effective as of the date of the Ninth Amendment, the Company terminated its other revolving credit commitments under the Revolving Facility other than approximately $39.0 of revolving credit commitments that mature April 30, 2022). As of March 31, 2021, the Term Loan Facilities and Revolving Facility under the Credit Agreement were secured by substantially all assets of Diebold Nixdorf, Incorporated and its domestic subsidiaries that are borrowers or guarantors under the Credit Agreement, subject to certain exceptions and permitted liens. Bank Guarantees, Standby Letters of Credit, and Surety Bonds The Company provides its global operations guarantees, standby letters of credit, and surety bonds through various financial institutions to suppliers, customers, regulatory agencies and insurance providers. If the Company is not able to make payment, the suppliers, customers, regulatory agencies and insurance providers may draw on the pertinent bank. At March 31, 2021, the maximum future contractual obligations relative to these various guarantees totaled $163.5, of which $25.8 represented standby letters of credit to insurance providers, and no associated liability was recorded. At December 31, 2020, the maximum future payment obligations relative to these various guarantees totaled $177.3, of which $25.8 represented standby letters of credit to insurance providers, and no associated liability was recorded. Uncommitted Line of Credit As of March 31, 2021, the Company had various international short-term uncommitted lines of credit with borrowing limits aggregating to $35.0. The weighted-average interest rate on outstanding borrowings on the short-term uncommitted lines of credit as of March 31, 2021 and December 31, 2020 was 16.83 percent and 7.61 percent, respectively, and primarily relate to higher interest rate, short-term uncommitted lines of credit in Turkey. Short-term uncommitted lines mature in less than one year. The amount available under the short-term uncommitted lines at March 31, 2021 was $33.7. The cash flows related to debt borrowings and repayments were as follows:
The interest rates with respect to the Revolving Facility are based on, at the Company’s option, adjusted LIBOR or an alternative base rate, plus an applicable margin tied to the Company’s then applicable total net leverage ratio. Such applicable margins range from, LIBOR-based Revolving Loans, 1.25 percent to 4.25 percent, and for base-rate Revolving Loans, 1.00 percent less than in the case of LIBOR-based loans. Below is a summary of financing and replacement facilities information:
(i)LIBOR with a floor of 0.0% (ii)LIBOR with a floor of 0.5% (iii)EURIBOR with a floor of 0.0% The Company's financing agreements contain various financial covenants, including 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. The Credit Agreement financial ratios at March 31, 2021 were as follows: •a maximum allowable total net debt to adjusted EBITDA leverage ratio of 6.25 to 1.00 as of March 31, 2021 (reducing to 6.00 on June 30, 2021, 5.75 on December 31, 2021, 5.50 on September 30, 2022 and 5.25 on December 31, 2022 and thereafter); and •a minimum adjusted EBITDA to net interest expense coverage ratio of not less than 1.375 to 1.00 as of March 31, 2021 (increasing to 1.625 on December 31, 2021 and 1.75 on December 31, 2022 and thereafter). As of March 31, 2021, the Company was in compliance with the financial covenants in its debt agreements.
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Redeemable Noncontrolling Interests |
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Noncontrolling Interest Disclosure [Text Block] | Redeemable Noncontrolling Interests Changes in redeemable noncontrolling interests were as follows:
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Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EQUITY | Equity The following tables present changes in shareholders' equity attributable to Diebold Nixdorf, Incorporated and the noncontrolling interests:
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Benefit Plans |
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Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BENEFIT PLANS | Benefit Plans Qualified Retirement Benefits. 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 the employee’s compensation during the ten years before the date of the plan freeze or the date of their 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 a number of non-U.S. defined benefit plans covering eligible employees located predominately in Europe, the most significant of which are German plans. Benefits for these plans are based primarily on each employee's final salary, with annual adjustments for inflation. The obligations in Germany consist of employer funded pension plans and deferred compensation 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 recurring payments. The Company has other defined benefit plans outside the U.S., which have not been disclosed due to materiality. Supplemental Executive Retirement Benefits. The Company has non-qualified pension plans in the U.S. to provide supplemental retirement benefits to certain officers, which were also frozen since December 2013. Benefits are payable at retirement based upon a percentage of the participant’s compensation, as defined. Other Benefits. In addition to providing retirement benefits, the Company provides post-retirement healthcare and life insurance benefits (referred to as other benefits) for certain retired employees. Retired eligible employees in the U.S. may be entitled to these benefits based upon years of service with the Company, age at retirement and collective bargaining agreements. There are no plan assets and the Company funds the benefits as the claims are paid. The post-retirement benefit obligation was determined by application of the terms of medical and life insurance plans together with relevant actuarial assumptions and healthcare cost trend rates. The 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, 2021 and March 31, 2020:
Contributions For the three months ended March 31, 2021 and March 31, 2020, contributions of $16.1 and $13.7, respectively, were made to the qualified and non-qualified pension plans. The Company anticipates reimbursement of approximately $16 for certain benefits paid from its non-U.S. plan trustee in 2021. In June 2020, the Company received a reimbursement of $13.5 for certain benefits paid from its German plan trustee.
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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 and manages certain economic risks, including interest rate and foreign exchange rate risk, through the use of derivative financial instruments. 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 monetary assets and liabilities. The Company's interest rate derivatives are used to manage interest expense on variable interest rate borrowings. 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’s policy allows the use of foreign exchange forward contracts with maturities of up to 24 months to mitigate the impact of currency fluctuations on those foreign currency asset and liability balances. The Company elected not to apply hedge accounting to its foreign exchange forward contracts. Thus, spot-based gains/losses offset revaluation gains/losses within foreign exchange loss, net and forward-based gains/losses represent interest expense or income. Cash Flow Hedges The Company is exposed to fluctuations in various foreign currencies against its functional currency. In many instances, both sales and purchases are transacted in foreign currencies. Diebold Nixdorf Systems GmbH a EUR-functional currency subsidiary of Wincor Nixdorf International GmbH (WNI) is exposed to FX risk due to purchase of raw materials that are denominated in USD. Such purchases expose the Company to exchange rate fluctuations between EUR and USD. To hedge this risk, the Company enters into and designates certain foreign currency forward contracts to sell EUR and buy USD as cash flow hedges of the Company’s USD-denominated raw material purchases. WNI, a EUR-functional-currency, is exposed to FX risk due to sales that are denominated in GBP. To hedge this risk, the Company enters into and designates certain foreign currency forward contracts to sell GBP and buy EUR as cash flow hedges of the Company’s GBP-denominated intercompany sales. Procomp Amazonia Industria Electronica S.A. is a Brazilian real (BRL) functional-currency subsidiary of Diebold Nixdorf, Incorporated that, on a routine basis and in the normal course of business, makes inventory purchases that are denominated in USD. Upon the completion of customs clearance, accounts payable and inventory are recorded using the daily spot USD-BRL exchange rate, and released to cost of goods sold as inventory is sold. Such expenses expose the Company to exchange rate fluctuations between BRL and USD until the accounts payable and inventory is recorded. To hedge this risk, the Company enters into and designates certain foreign currency forward contracts to sell BRL and buy USD as cash flow hedges of the Company’s USD denominated inventory purchases. Derivative instruments are recorded on the balance sheet at fair value. For instruments designated as cash flow hedges, the effective portion of changes in the fair value is recorded in AOCI and subsequently reclassified into earnings in the period that the hedged forecasted transactions impact earnings. The ineffective portion of the changes in fair value of the derivatives is recognized directly in earnings. As of March 31, 2021, 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 March 2020 and September 2019, the Company entered into multiple pay-fixed receive-variable interest rate swaps with aggregate notional amounts of $250.0 and $500.0, respectively. 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 changes in fair value of the derivatives is recognized directly in earnings. As a result of the Company's refinancing activities in July 2020 (refer to note 9), the Company terminated $625.0 of interest rate hedges resulting in a termination payout of $6.2. 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.
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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 by fair value level and recorded 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, 2021 and 2020, there were no transfers between levels. The carrying amount of the Company's debt instruments approximates fair value except for the 2024 Senior Notes and 2025 Senior Secured Notes. The fair value and carrying value of the 2024 Senior Notes and 2025 Senior Secured Notes are summarized as follows:
Refer to note 9 for further details surrounding the Company's long-term debt as of March 31, 2021 compared to December 31, 2020. Additionally, the Company remeasures certain assets to fair value, using Level 3 measurements, as a result of the occurrence of triggering events.
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Commitments and Contingencies |
3 Months Ended |
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Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | Commitments and Contingencies Indirect Tax Contingencies The Company accrues 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 accruals at that time. At March 31, 2021, 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 condensed consolidated financial statements would not be materially affected by the outcome of these indirect tax claims and/or proceedings or asserted claims. 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 liabilities. The Company estimated the aggregate risk at March 31, 2021 to be up to $74.0 for its material indirect tax matters. The aggregate risk related to indirect taxes is adjusted as the applicable statutes of limitations expire. Legal Contingencies At March 31, 2021, 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 condensed consolidated financial statements would not be materially affected by the outcome of these legal proceedings or asserted claims. In addition to these normal course of business litigation matters, the Company is a party to the proceedings described below: In July and August 2019, shareholders filed putative class action lawsuits alleging violations of federal securities laws in the United States District Court for the Southern District of New York and the Northern District of Ohio. The lawsuits collectively assert that the Company and three former officers (collectively, Defendants) made material misstatements regarding the Company’s business and operations, causing the Company’s common stock to be overvalued from February 14, 2017 to August 1, 2018. The lawsuits were consolidated before a single judge in the United States District Court for the Southern District of New York and lead plaintiff appointed. In March 2021, the judge granted Defendants’ motion to dismiss and in April 2021 judgment was rendered in the Defendants’ favor. Plaintiff can appeal but has not done so at this time. Given the Company’s success in the litigation thus far, management remains confident that it has valid defenses to these claims. As with any pending litigation, the Company is unable to predict the final outcome of this matter. In January 2020, the Company’s Board of Directors received a demand letter from alleged shareholders to investigate and pursue claims for breach of fiduciary duty against certain current and former directors and officers based on the Company’s statements regarding its business and operations, which are substantially similar to those challenged in the federal securities litigation. The Board has determined to defer consideration of the demand while the federal securities litigation remains pending. Diebold Nixdorf Holding Germany GmbH, formerly Diebold Nixdorf Holding Germany Inc. & Co. KGaA (Diebold KGaA), is a party to two separate appraisal proceedings (Spruchverfahren) in connection with the purchase of all shares in its former listed subsidiary, Diebold Nixdorf AG. Both proceedings are pending at the same Chamber for Commercial Matters (Kammer für Handelssachen) at the District Court (Landgericht) of Dortmund (Germany). The first appraisal proceeding relates to the Domination and Profit Transfer Loss Agreement (DPLTA) entered into by Diebold KGaA and former Diebold Nixdorf AG, which became effective on February 17, 2017. The DPLTA appraisal proceeding was 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 (of which 6.9 million shares were then outstanding) and the annual recurring compensation of €2.82 per Diebold Nixdorf AG share offered in connection with the DPLTA. The second appraisal proceeding relates to the cash merger squeeze-out of minority shareholders of Diebold Nixdorf AG in 2019. The squeeze-out appraisal proceeding was filed by minority shareholders of Diebold Nixdorf AG challenging the adequacy of the cash exit compensation of €54.80 per Diebold Nixdorf AG share (of which 1.4 million shares were then outstanding) in connection with the merger squeeze-out. In both appraisal proceedings, a court ruling would apply to all Diebold Nixdorf AG shares outstanding at the time when the DPLTA or the merger squeeze-out, respectively, became effective. Any cash compensation received by former Diebold Nixdorf AG shareholders in connection with the merger squeeze-out would be netted with any higher cash compensation such shareholder may still claim in connection with the DPLTA appraisal proceeding. While the Company believes that the compensation offered in connection with the DPLTA and the merger squeeze-out was in both cases fair, it notes that German courts often adjudicate increases of the cash compensation to plaintiffs in varying amounts in connection with German appraisal proceedings. Therefore, the Company cannot rule out that the first instance court or an appellate court may increase the cash compensation also in these appraisal proceedings. The Company, however, is convinced that its defense in both appraisal proceedings, which are still at preliminary stages, is supported by strong sets of facts and the Company will continue to vigorously defend itself in these matters.
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Revenue from Contract with Customer |
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Revenue from Contract with Customer | Revenue Recognition A performance obligation is a contractual promise to transfer a distinct good or service to the customer. A contract's transaction price is allocated to each distinct performance obligation and is recognized as revenue when (point in time) or as (over time) the performance obligation is satisfied. The following table represents the percentage of revenue recognized either at a point in time or over time:
Contract balances The following table provides 2021 information about receivables and deferred revenue, which represent contract liabilities from contracts with customers:
Contract assets are minimal for the periods presented. There have been $5.9 and $4.8 during the three months ended March 31, 2021 and 2020, respectively, of impairment losses recognized as bad debt related to receivables or contract assets arising from the Company's contracts with customers. As of December 31, 2020, the Company had $346.8 of unrecognized deferred revenue constituting the remaining performance obligations that are unsatisfied (or partially unsatisfied). During the three months ended March 31, 2021, the Company recognized revenue of $109.2 related to the Company's deferred revenue balance at December 31, 2020. Contract assets are the rights to consideration in exchange for goods or services that the Company has transferred to a customer when that right is conditional on something other than the passage of time. Contract assets of the Company primarily relate to the Company's rights to consideration for goods shipped and services provided but not contractually billable at the reporting date. The contract assets are reclassified into the receivables balance when the rights to receive payment become unconditional. Contract liabilities are recorded for any services billed to customers and not yet recognizable if the contract period has commenced or for the amount collected from customers in advance of the contract period commencing. In addition, contract liabilities are recorded as advanced payments for products and other deliverables that are billed to and collected from customers prior to revenue being recognizable. Transaction price allocated to the remaining performance obligations As of March 31, 2021, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $1,200. The Company generally expects to recognize revenue on the remaining performance obligations over the next twelve months. The Company enters into service agreements with cancellable terms after a certain period without penalty. Unsatisfied obligations reflect only the obligation during the initial term. The Company applies the practical expedient in ASC paragraph 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less.
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Segment Information |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | Segment Information The Company's accounting policies result in segments 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 restructuring charges disclosed in note 8 are not included in our segment selling and administrative expense and segment research, development and engineering expense as disclosed herein. Those expenses are included in the "Restructuring and DN Now transformation expenses" reconciling item between total segment operating profit and consolidated operating profit (loss). We have excluded the restructuring charges and net non-routine expenses from segment operating profit (loss) as they are not included in the measure as used by the CODM to make decisions, allocate resources and assess performance. Segment operating profit (loss) as disclosed herein is consistent with the segment profit or loss measure used by the CODM and does not include restructuring charges or other unusual or infrequently occurring items related to the transformation initiative, as the CODM does not regularly review and use such financial measures to make decisions, allocate resources and assess performance. 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 direct and allocated 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 and amortization of acquired intangible assets, 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 present information regarding the Company’s segment performance and provide a reconciliation between segment operating profit and the consolidated income (loss) before income taxes:
(1) Corporate charges not allocated to segments include headquarter-based costs associated with human resources, compensation and benefits, finance and accounting, global development/engineering, global strategy/mergers and acquisitions, global IT, tax, treasury and legal. 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 as they are not included in the measure as used by the CODM to make decisions, allocate resources and assess performance. Net non-routine expense of $19.7 for the three months ended March 31, 2021, primarily consisted of purchase accounting pre-tax charges for amortization of acquired intangibles of $19.9. Net non-routine expense of $47.4 for the three months ended March 31, 2020, was primarily due to purchase accounting pre-tax charges for amortization of acquired intangibles, legal consulting and deal expense and a provisions for a loss making contract. The following table presents information regarding the Company’s segment net sales by service and product solution:
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Earnings Per Share (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of earnings per share under the treasury stock method and the effect on the weighted-average number of shares of dilutive potential common stock: | The following table represents amounts used in computing earnings (loss) per share and the effect on the weighted-average number of shares of dilutive potential common shares:
(1)1.6 and 2.8 shares are excluded from the computation of diluted earnings per share because the effects are anti-dilutive, irrespective of the net loss position.
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Inventories (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Major classes of inventories | Major classes of inventories are summarized as follows:
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Investments (Tables) |
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | The Company’s investments subject to fair value measurement consist of the following:
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Schedule of Financing Receivables, Minimum Payments [Table Text Block] | Future minimum payments due from customers under finance lease receivables as of March 31, 2021 are as follows:
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Schedule Of Components For Finance Lease Receivables [Table Text Block] | The following table presents the components of finance lease receivables:
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Goodwill and Other Assets (Tables) |
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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Schedule Of Capitalized Software Development | The following table identifies the activity relating to total capitalized software development:
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Guarantees and Product Warranties (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 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 restructuring charges by reporting segment:
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Cumulative total restructuring costs [Table Text Block] | The following table summarizes the Company's cumulative total restructuring costs for DN Now as of March 31, 2021:
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Restructuring accrual balances and related activity | The following table summarizes the Company’s restructuring accrual balances and related activity:
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Debt (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
(i)LIBOR with a floor of 0.0% (ii)LIBOR with a floor of 0.5% (iii)EURIBOR with a floor of 0.0%
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Redeemable Noncontrolling Interests (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interest [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interest [Table Text Block] | Changes in redeemable noncontrolling interests were as follows:
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Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in shareholders' equity attributable to Diebold, Incorporated and the noncontrolling interests | The following tables present 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, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in the Company’s accumulated other comprehensive income (AOCI), net of tax, by component for the three months ended March 31, 2021:
(1) Other comprehensive income (loss) before reclassifications within the translation component excludes a $0.5 translation gain 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, 2020:
(1) Other comprehensive income (loss) before reclassifications within the translation component excludes $1.3 of translation attributable to noncontrolling interests. The following table summarizes the details about the amounts reclassified from AOCI:
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Reclassification out of Accumulated Other Comprehensive Income |
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Benefit Plans (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2021 and March 31, 2020:
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Derivative Instruments and Hedging Activities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2021, 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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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Assets and Liabilities Recorded at Fair Market Value | Assets and liabilities subject to fair value measurement by fair value level and recorded 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 and 2025 Senior Secured Notes. The fair value and carrying value of the 2024 Senior Notes and 2025 Senior Secured Notes are summarized as follows:
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Revenue from Contract with Customer (Tables) |
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Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Table Text Block] | The following table represents the percentage of revenue recognized either at a point in time or over time:
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Contract with Customer, Asset and Liability [Table Text Block] | The following table provides 2021 information about receivables and deferred revenue, which represent contract liabilities from contracts with customers:
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Segment Information (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Segment Information | The following tables present information regarding the Company’s segment performance and provide a reconciliation between segment operating profit and the consolidated income (loss) before income taxes:
(1) Corporate charges not allocated to segments include headquarter-based costs associated with human resources, compensation and benefits, finance and accounting, global development/engineering, global strategy/mergers and acquisitions, global IT, tax, treasury and legal.
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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] | The following table represents the percentage of revenue recognized either at a point in time or over time:
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Contract with Customer, Asset and Liability [Table Text Block] | The following table provides 2021 information about receivables and deferred revenue, which represent contract liabilities from contracts with customers:
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Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
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Income (loss) used in basic and diluted loss per share | ||
Net loss | $ (8.1) | $ (93.4) |
Net (income) loss attributable to noncontrolling interests | 0.0 | (0.6) |
Net loss attributable to Diebold Nixdorf, Incorporated | $ (8.1) | $ (92.8) |
Denominator | ||
Weighted-average number of common shares used in basic and diluted loss per share (1) | 78.0 | 77.2 |
Net loss attributable to Diebold Nixdorf, Incorporated | ||
Basic and diluted loss per share | $ (0.10) | $ (1.20) |
Anti-dilutive shares | ||
Incremental Shares Excluded From Dilutive Calculation Due To Resulting in Operating Loss | 1.3 | 3.1 |
Anti-dilutive Shares Not Used In Calculating Diluted Weighted Average Shares | 1.6 | 2.8 |
Income Taxes (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
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Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation, Percent | (17.40%) | (27.20%) |
Inventories (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
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Major classes of inventories | ||
Finished goods | $ 212.1 | $ 204.7 |
Service parts | 172.7 | 169.0 |
Raw materials and work in process | 153.9 | 124.5 |
Total inventories | $ 538.7 | $ 498.2 |
Investments (Details) - USD ($) $ in Millions |
3 Months Ended | ||
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Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
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Assets held in rabbi trusts [Member] | |||
Short-term investments: | |||
Fair value of assets held under trust | $ 6.7 | $ 6.6 | |
Long-term investments: | |||
Assets held in a rabbi trust | 5.3 | 5.2 | |
Long-term investments, unrealized gain | 1.4 | $ 1.4 | |
Certificates of deposit | |||
Short-term investments: | |||
Investments, Cost Basis | 21.3 | 37.2 | |
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 | 21.3 | 37.2 | |
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 | $ 21.3 | $ 37.2 |
Investments (Textuals) (Details) - USD ($) $ in Millions |
3 Months Ended | |
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Mar. 31, 2021 |
Mar. 31, 2020 |
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Investments (Textuals) | ||
Cash surrender value of insurance contracts | $ 3.7 | |
Proceeds from Life Insurance Policy | 15.6 | |
Investments [Line Items] | ||
Other Nonoperating Income (Expense) | (0.7) | $ (0.9) |
Related Party Transaction [Line Items] | ||
Accounts receivable with affiliates | 3.8 | |
Accounts payable with affiliates | $ 26.1 | |
Inspur (Suzhou) Financial Technology Service Co Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Strategic alliance, ownership percentage | 48.10% | |
Aisino-Wincor Retail And Banking Systems (Shanghai) Co.,Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Strategic alliance, ownership percentage | 43.60% | |
Company Owned Life Insurance Contract [Member] | ||
Investments [Line Items] | ||
Other Nonoperating Income (Expense) | $ 7.2 |
Investments Investments Finance Lease Receivables (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross minimum lease receivables | $ 46.7 | $ 44.0 |
Allowance for credit losses | (0.3) | (0.2) |
Estimated unguaranteed residual values | 0.2 | 0.2 |
Capital Leases Net Investment In Sales Type Leases Minimum Payments To Be Received And Unguaranteed Residual Values | 46.6 | 44.0 |
Unearned interest income | (1.4) | (1.5) |
Total | $ 45.2 | $ 42.5 |
Investments Finance Lease Receivables - Minimum Lease Receivables Schedule (Details) $ in Millions |
Mar. 31, 2021
USD ($)
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Finance Lease Receivables - Minimum Lease Receivables Schedule [Abstract] | |
2020 | $ 16.5 |
2021 | 8.7 |
2022 | 6.6 |
2023 | 6.0 |
Capital Leases, Future Minimum Payments Due in Five Years | 5.5 |
Thereafter | 3.4 |
Capital Leases, Future Minimum Payments Receivable | $ 46.7 |
Goodwill and Other Assets (Textuals) (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
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Goodwill [Line Items] | |||
Amortization | $ 26.1 | $ 27.6 | |
Rest of World Retail Reporting Unit [Member] | |||
Goodwill [Line Items] | |||
Reporting Unit, Amount of Fair Value in Excess of Carrying Amount | $ 0.0 | $ 0.0 |
Guarantees and Product Warranties (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
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Guarantor Obligations [Line Items] | |||
Maximum future payment obligations | $ 163.5 | $ 177.3 | |
Changes in warranty liability balance | |||
Beginning Balance | 38.6 | $ 36.9 | |
Current period accruals | 5.0 | 5.0 | |
Current period settlements | (5.3) | (8.6) | |
Currency translation adjustment | (2.1) | (2.0) | |
Ending Balance | 36.2 | $ 31.3 | |
Financial Standby Letter of Credit [Member] | |||
Guarantor Obligations [Line Items] | |||
Maximum future payment obligations | $ 25.8 | $ 25.8 |
Restructuring - Restructuring Charges By Statement of Income Account (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
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Schedule of restructuring and related costs | ||
Restructuring Charges | $ 6.0 | $ 10.0 |
Cost of sales – services | ||
Schedule of restructuring and related costs | ||
Restructuring Charges | 0.0 | 0.9 |
Cost of Sales Products | ||
Schedule of restructuring and related costs | ||
Restructuring Charges | 0.5 | 0.0 |
Selling and administrative expense | ||
Schedule of restructuring and related costs | ||
Restructuring Charges | 5.2 | 7.6 |
Research, development and engineering expense | ||
Schedule of restructuring and related costs | ||
Restructuring Charges | $ 0.3 | $ 1.5 |
Restructuring Reserve Activity (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
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Restructuring and Related Activities [Abstract] | ||
Beginning balance as of January 1 | $ 62.9 | $ 42.6 |
Payouts | 8.9 | 15.5 |
Restructuring Reserve, Translation and Other Adjustment | (3.1) | 0.0 |
Balance at March 31 | 50.9 | 37.1 |
Severance Costs | $ 0.0 | $ 10.0 |
Restructuring (Textuals) (Details) $ in Millions |
36 Months Ended |
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Dec. 31, 2021
USD ($)
| |
Subsequent Event [Member] | DN Now Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Anticipated Annual Synergies | $ 500 |
Redeemable Noncontrolling Interests (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
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Redeemable Noncontrolling Interest [Abstract] | ||
Beginning balance as of January 1 | $ 19.2 | $ 20.9 |
Other comprehensive income | 0.0 | 0.0 |
Redemption value adjustment | 0.0 | (0.3) |
Termination of put option | (19.2) | 0.0 |
Balance at March 31 | $ 0.0 | $ 20.6 |
Redeemable Noncontrolling Interests Redeemable Noncontrolling Interests (Textuals) (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
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Redeemable Noncontrolling Interests (Textuals) [Line Items] | ||||
Redeemable noncontrolling interests | $ 0.0 | $ 19.2 | $ 20.6 | $ 20.9 |
Capital Contributions From Noncontrolling Interests | $ 12.7 |
Equity (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Sep. 30, 2020 |
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Balance | $ (840.0) | $ (710.6) | |
Net loss attributable to Diebold Nixdorf, Incorporated | (8.1) | (92.8) | |
Net loss | (8.1) | (93.4) | |
Other comprehensive loss | (30.4) | (105.5) | |
Share-based compensation issued | 0.0 | 0.0 | |
Share-based compensation expense | 3.5 | 4.0 | |
Treasury shares | (5.2) | (4.6) | |
Reclassifications of redeemable noncontrolling interest | 31.9 | ||
Divestitures, net | (4.8) | ||
Balance | (831.7) | (506.3) | $ (506.3) |
Common Stock [Member] | |||
Balance | 118.0 | 116.7 | |
Share-based compensation issued | 1.1 | 1.4 | |
Balance | 116.9 | 115.3 | 115.3 |
Additional Paid-in Capital [Member] | |||
Balance | 809.5 | 776.5 | |
Share-based compensation issued | (1.1) | (1.4) | |
Share-based compensation expense | 3.5 | 4.0 | |
Reclassifications of redeemable noncontrolling interest | 19.2 | ||
Balance | 787.9 | 773.9 | 773.9 |
Retained Earnings [Member] | |||
Balance | (750.4) | (565.1) | |
Net loss attributable to Diebold Nixdorf, Incorporated | (8.1) | (92.8) | |
Balance | (742.3) | (472.3) | (472.3) |
Treasury Stock [Member] | |||
Balance | (581.9) | (576.5) | |
Treasury shares | (5.2) | (4.6) | |
Balance | (576.7) | (571.9) | (571.9) |
AOCI Attributable to Parent | |||
Balance | (443.8) | (479.5) | |
Other comprehensive loss | (30.9) | (104.2) | |
Balance | (412.9) | (375.3) | (375.3) |
Parent [Member] | |||
Balance | (848.6) | (727.9) | |
Net loss attributable to Diebold Nixdorf, Incorporated | (8.1) | (92.8) | |
Other comprehensive loss | (30.9) | (104.2) | |
Share-based compensation issued | 0.0 | ||
Share-based compensation expense | 3.5 | 4.0 | |
Treasury shares | (5.2) | (4.6) | |
Reclassifications of redeemable noncontrolling interest | 19.2 | ||
Divestitures, net | 0.0 | ||
Balance | (827.1) | (530.3) | (530.3) |
Noncontrolling Interest [Member] | |||
Balance | 8.6 | 17.3 | |
Net loss | 0.0 | (0.6) | |
Other comprehensive loss | 0.5 | (1.3) | |
Reclassifications of redeemable noncontrolling interest | 12.7 | ||
Divestitures, net | (4.8) | ||
Balance | $ (4.6) | $ 24.0 | $ 24.0 |
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Beginning Balance | $ (412.9) | $ (375.3) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (33.0) | (115.5) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 2.1 | 11.3 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 0.5 | (4.5) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (30.9) | (104.2) |
Ending Balance | (443.8) | (479.5) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | 1.3 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | 2.6 | 6.8 |
Translation adjustment | ||
Beginning Balance | (256.7) | (231.5) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (35.8) | (95.3) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.0 | 0.0 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (35.8) | (95.3) |
Ending Balance | (292.5) | (326.8) |
Foreign Currency Hedges | ||
Beginning Balance | (2.6) | (2.6) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 1.6 | 0.7 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.0 | 0.0 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 1.6 | 0.7 |
Ending Balance | (1.0) | (1.9) |
Interest Rate Hedges | ||
Beginning Balance | (6.1) | 5.2 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 2.1 | (19.7) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (0.5) | 4.5 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 1.6 | (15.2) |
Ending Balance | (4.5) | (10.0) |
Pension and Other Post-retirement Benefits | ||
Beginning Balance | (146.9) | (146.6) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0.0 | 0.0 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (2.6) | (6.8) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 2.6 | 6.8 |
Ending Balance | (144.3) | (139.8) |
Other | ||
Beginning Balance | (0.6) | 0.2 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (0.9) | (1.2) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.0 | 0.0 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (0.9) | (1.2) |
Ending Balance | $ (1.5) | $ (1.0) |
Accumulated Other Comprehensive Income (Loss) Reclassification Adjustments (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Interest Expense | $ 48.7 | $ 48.0 |
Total reclassifications for the period | 2.1 | 11.3 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 2.6 | 6.8 |
Accumulated Net Gain (Loss) from Interest Rate Hedge [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Interest Expense | $ 0.5 | $ (4.5) |
Benefit Plans (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
May 31, 2019 |
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Components of net periodic benefit cost | ||||
Contributions to qualified and non qualified pension plans | $ 16.1 | $ 13.7 | ||
Pension Plan [Member] | ||||
Components of net periodic benefit cost | ||||
Benefit Plan, Plan Assets, Reimbursement from CTA | $ 16.0 | $ 13.5 | ||
Other Postretirement Benefits Plan [Member] | ||||
Components of net periodic benefit cost | ||||
Service cost | 0.0 | 0.0 | ||
Interest cost | (0.2) | (0.1) | ||
Expected return on plan assets | 0.0 | 0.0 | ||
Recognized net actuarial loss | 0.1 | 0.0 | ||
Other | 0.0 | 0.0 | ||
Net periodic pension benefit cost | 0.3 | 0.1 | ||
Domestic Plan [Member] | Pension Plan [Member] | ||||
Components of net periodic benefit cost | ||||
Service cost | 0.8 | 1.0 | ||
Interest cost | (4.0) | (4.7) | ||
Expected return on plan assets | (6.4) | (6.3) | ||
Recognized net actuarial loss | 2.2 | 1.9 | ||
Other | 0.0 | 0.0 | ||
Net periodic pension benefit cost | 0.6 | 1.3 | ||
Foreign Plan [Member] | Pension Plan [Member] | ||||
Components of net periodic benefit cost | ||||
Service cost | 2.5 | 2.5 | ||
Interest cost | (0.8) | (1.0) | ||
Expected return on plan assets | (3.8) | (3.3) | ||
Recognized net actuarial loss | 0.8 | (0.1) | ||
Other | 0.0 | 0.1 | ||
Net periodic pension benefit cost | $ 0.3 | $ 0.2 |
Derivative Instruments and Hedging Activities (Details) € in Millions, £ in Millions, $ in Millions |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2021
USD ($)
|
Mar. 31, 2020
USD ($)
|
Mar. 31, 2021
GBP (£)
|
Mar. 31, 2021
EUR (€)
|
Sep. 30, 2020
USD ($)
|
|
Derivative Instruments Gain (Loss) [Line Items] | |||||
Gain (loss) recognized on derivative instruments | $ (6.1) | $ (14.8) | |||
Interest rate swaps | |||||
Derivative Instruments Gain (Loss) [Line Items] | |||||
Notional Amount of Derivatives | 500.0 | $ 250.0 | |||
Cash Flow Hedging [Member] | |||||
Derivative Instruments Gain (Loss) [Line Items] | |||||
Notional Amount of Derivatives | € | € 6.5 | ||||
Currency Forward Agreements USD to BRL | |||||
Derivative Instruments Gain (Loss) [Line Items] | |||||
Notional Amount of Derivatives | £ 54.9 | € 10.1 | |||
Derivative, Number of Instruments Held | 6 | 6 | 6 | ||
Currency Forward Agreements USD to EUR | |||||
Derivative Instruments Gain (Loss) [Line Items] | |||||
Notional Amount of Derivatives | $ 2.4 | € 2.8 | |||
Derivative, Number of Instruments Held | 4 | 4 | 4 | ||
Currency Forward Agreements GBP to EUR | |||||
Derivative Instruments Gain (Loss) [Line Items] | |||||
Notional Amount of Derivatives | £ | £ 5.6 | ||||
Derivative, Number of Instruments Held | 8 | 8 | 8 | ||
Interest Expense [Member] | Interest rate swaps | |||||
Derivative Instruments Gain (Loss) [Line Items] | |||||
Gain (loss) recognized on derivative instruments | $ (1.9) | (1.5) | |||
Sales [Member] | Foreign exchange forward contracts | |||||
Derivative Instruments Gain (Loss) [Line Items] | |||||
Gain (loss) recognized on derivative instruments | 0.0 | 0.3 | |||
Asset Management Income [Member] | Foreign exchange forward contracts | |||||
Derivative Instruments Gain (Loss) [Line Items] | |||||
Gain (loss) recognized on derivative instruments | $ (4.2) | $ (13.6) |
Derivative Instruments and Hedging Activities (Textuals) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Jul. 20, 2020 |
|
Derivative [Line Items] | ||
Notional Amount of Derivatives Early Terminated | $ 625.0 | |
Payment for Termination of Interest Rate Derivative Instruments | $ 6.2 | |
Inspur (Suzhou) Financial Technology Service Co Ltd [Member] | ||
Derivative [Line Items] | ||
Strategic alliance, ownership percentage | 48.10% |
Fair Value of Assets and Liabilities - Fair Value Measurements (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Transfers Between Levels Amount | $ 0.0 | $ 0.0 | |
Fair Value, Measurements, Recurring [Member] | |||
Fair value assets measured on recurring basis | |||
Total | 28.0 | $ 45.5 | |
Fair value liabilities measured on recurring basis | |||
Total | 8.5 | 12.3 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value assets measured on recurring basis | |||
Total | 28.0 | 43.8 | |
Fair value liabilities measured on recurring basis | |||
Total | 6.7 | 6.6 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | |||
Fair value assets measured on recurring basis | |||
Total | 0.0 | 1.7 | |
Fair value liabilities measured on recurring basis | |||
Total | 1.8 | 5.7 | |
Assets held in rabbi trusts [Member] | |||
Fair value assets measured on recurring basis | |||
Fair value of investment assets | 6.7 | 6.6 | |
Short-term investments | Certificates of deposit | Fair Value, Measurements, Recurring [Member] | |||
Fair value assets measured on recurring basis | |||
Fair value of investment assets | 21.3 | 37.2 | |
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 | 21.3 | 37.2 | |
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 | Assets held in rabbi trusts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair value assets measured on recurring basis | |||
Assets held in rabbi trusts | 6.7 | 6.6 | |
Securities and other investments | 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 | 6.7 | 6.6 | |
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 | 0.0 | 1.7 | |
Other current assets | Foreign exchange forward contracts | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value assets measured on recurring basis | |||
Derivative Asset | 0.0 | 0.0 | |
Other current assets | Foreign exchange forward contracts | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | |||
Fair value assets measured on recurring basis | |||
Derivative Asset | 0.0 | 1.7 | |
Other current liabilities | Foreign exchange forward contracts | Fair Value, Measurements, Recurring [Member] | |||
Fair value liabilities measured on recurring basis | |||
Derivative Liability | 0.0 | 2.7 | |
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 | 0.0 | 2.7 | |
Other liabilities | Fair Value, Measurements, Recurring [Member] | |||
Fair value liabilities measured on recurring basis | |||
Deferred compensation | 6.7 | 6.6 | |
Other liabilities | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value liabilities measured on recurring basis | |||
Deferred compensation | 6.7 | 6.6 | |
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 | Interest rate swaps | Fair Value, Measurements, Recurring [Member] | |||
Fair value liabilities measured on recurring basis | |||
Derivative Liability | 1.8 | 3.0 | |
Other 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 liabilities | Interest rate swaps | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | |||
Fair value liabilities measured on recurring basis | |||
Derivative Liability | $ 1.8 | $ 3.0 |
Fair Value of Assets and Liabilities - Summary of Liabilities Recorded at Carrying Value (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Senior Notes Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 400.0 | $ 400.0 |
Senior Notes Fair Value | 408.0 | 400.0 |
Senior Notes Due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | 700.0 | 700.0 |
Senior Notes Fair Value | 778.8 | 778.8 |
Senior Notes Due 2025 EURO [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | 410.4 | 429.5 |
Senior Notes Fair Value | $ 452.5 | $ 466.0 |
Commitments and Contingencies (Details) shares in Millions, $ in Millions |
May 13, 2019
€ / shares
shares
|
Feb. 17, 2017
€ / shares
shares
|
Mar. 31, 2021
USD ($)
|
---|---|---|---|
Loss Contingencies [Line Items] | |||
Shares Repurchased Of Redeemable Noncontrolling Interest | shares | 1.4 | 6.9 | |
Indirect Tax Liability [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | $ | $ 74.0 | ||
Domination and Profit and Loss Transfer Agreement [Member] | Diebold Nixdorf AG [Member] | |||
Loss Contingencies [Line Items] | |||
Business Acquisition, Share Price | € 54.80 | € 55.02 | |
Recurring Cash Compensation Per Share Net Of Tax | € 2.82 |
Revenue from Contract with Customer (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Disaggregation of Revenue [Line Items] | ||
Revenue From Contract With Customer Percentage | 100.00% | 100.00% |
Net Sales | 10920.00% | |
Transferred over Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue From Contract With Customer Percentage | 61.00% | 65.00% |
Transferred at Point in Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue From Contract With Customer Percentage | 39.00% | 35.00% |
Segment Information - (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Summary of Segment Information | ||
Total revenue | $ 943.9 | $ 910.7 |
Segment gross profit | 273.2 | 226.8 |
Segment selling and administrative expense | 203.4 | 222.1 |
Segment research, development and engineering expense | 34.1 | 32.5 |
Operating income (loss) / Segment operating profit | (36.2) | 26.0 |
Restructuring and DN Now transformation expenses | (6.0) | (10.0) |
Net non-routine expense | (19.9) | |
Other income (expense) | (42.0) | (47.4) |
Income (loss) from continuing operations before taxes | (5.8) | (73.4) |
Eurasia Banking | ||
Summary of Segment Information | ||
Total revenue | 327.8 | 310.5 |
Americas Banking | ||
Summary of Segment Information | ||
Total revenue | 311.7 | 344.7 |
Retail | ||
Summary of Segment Information | ||
Total revenue | 304.4 | 255.5 |
Operating Segments [Member] | ||
Summary of Segment Information | ||
Intersegment revenue | 30.7 | 22.7 |
Operating income (loss) / Segment operating profit | (92.3) | (80.4) |
Operating Segments [Member] | Eurasia Banking | ||
Summary of Segment Information | ||
Total revenue | 327.8 | 310.5 |
Intersegment revenue | 28.5 | 21.4 |
Operating income (loss) / Segment operating profit | (25.0) | (22.8) |
Operating Segments [Member] | Americas Banking | ||
Summary of Segment Information | ||
Total revenue | 311.7 | 344.7 |
Intersegment revenue | 2.2 | 1.3 |
Operating income (loss) / Segment operating profit | (40.2) | (46.5) |
Operating Segments [Member] | Retail | ||
Summary of Segment Information | ||
Total revenue | 304.4 | 255.5 |
Operating income (loss) / Segment operating profit | (27.1) | (11.1) |
Corporate and Reconciling Items [Member] | ||
Summary of Segment Information | ||
Reconciliation Of Operating Profit Loss From Segments To Consolidated, Amount | (56.1) | (106.4) |
Corporate | ||
Summary of Segment Information | ||
Operating income (loss) / Segment operating profit | (13.3) | (17.4) |
Segment Reconciling Items [Member] | ||
Summary of Segment Information | ||
Restructuring and DN Now transformation expenses | (23.1) | (41.6) |
Net non-routine expense | $ (19.7) | $ (47.4) |
Segment Information Segment Information By Revenue Type (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Segment Reporting Information [Line Items] | ||
Revenues | $ (943.9) | $ (910.7) |
Eurasia Banking Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | (327.8) | (310.5) |
Americas Banking Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | (311.7) | (344.7) |
Retail Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | (304.4) | (255.5) |
Service [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | (573.6) | (587.8) |
Service [Member] | Eurasia Banking Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | (189.6) | (206.0) |
Service [Member] | Americas Banking Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | (227.7) | (239.5) |
Service [Member] | Retail Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | (156.3) | (142.3) |
Product [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | (370.3) | (322.9) |
Product [Member] | Eurasia Banking Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | (138.2) | (104.5) |
Product [Member] | Americas Banking Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | (84.0) | (105.2) |
Product [Member] | Retail Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ (148.1) | $ (113.2) |
Segment Information - Revenue by Service/Product Solution (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Revenue from External Customer [Line Items] | ||
Net Sales | 10920.00% | |
Net sales | $ 943.9 | $ 910.7 |
Eurasia Banking | ||
Revenue from External Customer [Line Items] | ||
Net sales | 327.8 | 310.5 |
Americas Banking Segment [Member] | ||
Revenue from External Customer [Line Items] | ||
Net sales | 311.7 | 344.7 |
Retail | ||
Revenue from External Customer [Line Items] | ||
Net sales | 304.4 | 255.5 |
Service [Member] | ||
Revenue from External Customer [Line Items] | ||
Net sales | 573.6 | 587.8 |
Service [Member] | Eurasia Banking | ||
Revenue from External Customer [Line Items] | ||
Net sales | 189.6 | 206.0 |
Service [Member] | Americas Banking Segment [Member] | ||
Revenue from External Customer [Line Items] | ||
Net sales | 227.7 | 239.5 |
Service [Member] | Retail | ||
Revenue from External Customer [Line Items] | ||
Net sales | 156.3 | 142.3 |
Product [Member] | ||
Revenue from External Customer [Line Items] | ||
Net sales | 370.3 | 322.9 |
Product [Member] | Eurasia Banking | ||
Revenue from External Customer [Line Items] | ||
Net sales | 138.2 | 104.5 |
Product [Member] | Americas Banking Segment [Member] | ||
Revenue from External Customer [Line Items] | ||
Net sales | 84.0 | 105.2 |
Product [Member] | Retail | ||
Revenue from External Customer [Line Items] | ||
Net sales | $ 148.1 | $ 113.2 |
Segment Information (Textuals) (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Segment Reporting Information [Line Items] | |||
Trade receivables, net | $ 629.1 | $ 646.9 | |
Deferred revenue | 365.8 | $ 346.8 | |
Net non-routine expense | (19.9) | ||
Segment Reconciling Items [Member] | |||
Segment Reporting Information [Line Items] | |||
Net non-routine expense | (19.7) | $ (47.4) | |
Segment Reconciling Items [Member] | Purchase Accounting Pre-tax Charges for Amortization of Acquired Intangibles [Member] | |||
Segment Reporting Information [Line Items] | |||
Net non-routine expense | $ (19.9) |
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