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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
__________________________________________________
Form 10-Q
__________________________________________________ 
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 1-4879 
_________________________________________________
Diebold Nixdorf, Incorporated
(Exact name of registrant as specified in its charter)
_________________________________________________ 
Ohio 34-0183970
(State or other jurisdiction of
incorporation or organization)		 (IRS Employer
Identification Number)
5995 Mayfair Road, PO Box 3077,North Canton,Ohio 44720-8077
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (330) 490-4000
__________________________________________________ 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common shares, $1.25 par value per shareDBDNew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒     No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐
Smaller reporting company☐Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒
Number of shares of common stock outstanding as of July 27, 2021 was 78,353,807.


DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES
Form 10-Q

Index
 

Table of Contents
Part I – Financial Information
Item 1: Financial Statements

DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in millions, except share and per share amounts)
June 30, 2021December 31, 2020
 (Unaudited) 
ASSETS
Current assets
Cash and cash equivalents$224.3 $324.5 
Short-term investments8.1 37.2 
Trade receivables, less allowances for doubtful accounts of $35.7 and $37.5, respectively
638.6 646.9 
Inventories587.5 498.2 
Prepaid expenses48.9 58.8 
Current assets held for sale59.4 64.7 
Other current assets249.6 227.0 
Total current assets1,816.4 1,857.3 
Securities and other investments10.6 10.3 
Property, plant and equipment, net of accumulated depreciation and amortization of $548.1 and $536.1, respectively
154.3 177.5 
Goodwill779.1 800.4 
Deferred income taxes102.5 97.5 
Customer relationships, net355.8 407.9 
Other assets316.4 306.5 
Total assets$3,535.1 $3,657.4 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Current liabilities
Notes payable$32.9 $10.7 
Accounts payable561.5 499.9 
Deferred revenue299.3 346.8 
Payroll and other benefits liabilities211.7 226.6 
Current liabilities held for sale16.6 15.4 
Other current liabilities469.4 550.1 
Total current liabilities1,591.4 1,649.5 
Long-term debt2,318.7 2,335.7 
Pensions, post-retirement and other benefits218.6 228.7 
Deferred income taxes103.4 103.4 
Other liabilities145.6 152.6 
Redeemable noncontrolling interests— 19.2 
Equity
Diebold Nixdorf, Incorporated shareholders' equity
Preferred shares, no par value, 1,000,000 authorized shares, none issued
— — 
Common shares, $1.25 par value, 125,000,000 authorized shares, 94,593,267 and 93,534,866 issued shares, 78,348,114 and 77,678,984 outstanding shares, respectively
118.2 116.9 
Additional capital813.8 787.9 
Retained earnings (accumulated deficit)(780.7)(742.3)
Treasury shares, at cost (16,245,153 and 15,855,882 shares, respectively)
(582.1)(576.7)
Accumulated other comprehensive loss(420.5)(412.9)
Total Diebold Nixdorf, Incorporated shareholders' equity(851.3)(827.1)
Noncontrolling interests8.7 (4.6)
Total equity(842.6)(831.7)
Total liabilities, redeemable noncontrolling interests and equity$3,535.1 $3,657.4 
See accompanying notes to condensed consolidated financial statements.
3
Table of Contents

DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(unaudited)
(in millions, except per share amounts)
 Three Months EndedSix Months Ended
June 30,June 30,
 2021202020212020
Net sales
Services$586.7 $559.7 $1,160.3 $1,147.5 
Products356.8 330.8 727.1 653.7 
943.5 890.5 1,887.4 1,801.2 
Cost of sales
Services409.9 389.8 799.5 827.3 
Products281.7 253.1 562.8 499.5 
691.6 642.9 1,362.3 1,326.8 
Gross profit251.9 247.6 525.1 474.4 
Selling and administrative expense204.8 181.6 408.2 403.7 
Research, development and engineering expense35.6 30.7 69.7 63.2 
(Gain) loss on sale of assets, net(1.4)14.8 (1.9)13.0 
239.0 227.1 476.0 479.9 
Operating profit (loss)12.9 20.5 49.1 (5.5)
Other income (expense)
Interest income2.3 2.4 4.0 3.5 
Interest expense(49.7)(48.3)(98.4)(96.3)
Foreign exchange gain (loss), net(9.2)(7.6)(3.5)(7.2)
Miscellaneous, net2.7 6.5 2.0 5.6 
Loss before taxes(41.0)(26.5)(46.8)(99.9)
Income tax (benefit) expense(11.2)(3.4)(10.0)16.6 
Equity in loss of unconsolidated subsidiaries(0.5)— (1.6)— 
Net loss(30.3)(23.1)(38.4)(116.5)
Net (loss) income attributable to noncontrolling interests— 0.6 — — 
Net loss attributable to Diebold Nixdorf, Incorporated$(30.3)$(23.7)$(38.4)$(116.5)
Basic and diluted weighted-average shares outstanding78.3 77.6 78.2 77.4 
Net loss attributable to Diebold Nixdorf, Incorporated
Basic and diluted loss per share$(0.39)$(0.31)$(0.49)$(1.51)
See accompanying notes to condensed consolidated financial statements.
4
Table of Contents
DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (Loss)
(unaudited)
(in millions)
 Three Months EndedSix Months Ended
June 30,June 30,
 2021202020212020
Net loss$(30.3)$(23.1)$(38.4)$(116.5)
Other comprehensive income (loss), net of tax
Translation adjustment21.8 42.5 (13.5)(54.1)
Foreign currency hedges (net of tax of $0.0, $0.3, $0.0 and $0.5, respectively)
(1.3)1.5 0.3 2.2 
Interest rate hedges
Net income (loss) recognized in other comprehensive income (net of tax of $0.4, $(0.5), $0.8 and $(4.6) respectively)
2.0 (2.4)4.1 (22.1)
Reclassification adjustment for amounts recognized in net income(0.3)0.8 (0.8)5.3 
1.7 (1.6)3.3 (16.8)
Pension and other post-retirement benefits
Net actuarial loss amortized (net of tax of $0.4, $0.4, $0.9 and $1.8, respectively)
1.2 2.3 3.8 9.1 
Other— 0.4 (0.9)(0.8)
Other comprehensive loss, net of tax23.4 45.1 (7.0)(60.4)
Comprehensive loss(6.9)22.0 (45.4)(176.9)
Less: Comprehensive income (loss) attributable to noncontrolling interests0.1 0.6 0.6 (1.3)
Comprehensive loss attributable to Diebold Nixdorf, Incorporated$(7.0)$21.4 $(46.0)$(175.6)
See accompanying notes to condensed consolidated financial statements.
5
Table of Contents
DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(unaudited)
(in millions)
 Six Months Ended
June 30,
 20212020
Cash flow from operating activities
Net loss$(38.4)$(116.5)
Adjustments to reconcile net loss to cash flow used by operating activities:
Depreciation and amortization38.5 52.3 
Amortization of Wincor Nixdorf purchase accounting intangible assets39.8 42.8 
Amortization of deferred financing costs into interest expense8.7 11.4 
Share-based compensation8.0 7.6 
(Gain) loss on sale of assets, net(1.9)13.0 
Deferred income taxes(3.9)(55.8)
Changes in certain assets and liabilities
Trade receivables(2.3)7.4 
Inventories(96.0)(65.0)
Accounts payable70.4 21.5 
Deferred revenue(40.6)(9.7)
Sales tax and net value added tax(34.7)(23.0)
Income taxes(34.2)51.6 
Accrued salaries, wages and commissions(11.5)(57.1)
Restructuring accrual(10.1)(10.8)
Warranty liability(0.2)(5.4)
Liabilities held for sale— — 
Pension and post retirement benefits(2.7)4.9 
Certain other assets and liabilities(32.6)(37.1)
Net cash provided (used) by operating activities(143.7)(167.9)
Cash flow from investing activities
Capital expenditures(6.2)(8.8)
Capitalized software development(11.2)(8.9)
Proceeds from divestitures, net of cash divested5.8 (47.9)
Proceeds from maturities of investments177.3 104.1 
Payments for purchases of investments(150.3)(103.0)
Proceeds from sale of assets1.7 — 
Change in certain other assets— 7.4 
Net cash provided (used) by investing activities17.1 (57.1)
Cash flow from financing activities
Debt issuance costs— (3.8)
Revolving credit facility borrowings (repayments), net20.9 385.9 
Other debt borrowings7.4 20.0 
Other debt repayments(5.2)(90.5)
Contributions from noncontrolling interest holders12.7 — 
Other(6.3)(5.5)
Net cash provided (used) by financing activities29.5 306.1 
Effect of exchange rate changes on cash and cash equivalents(0.6)(10.8)
Change in cash and cash equivalents (97.7)70.3 
Add: Cash included in assets held for sale at beginning of period2.7 97.2 
Less: Cash included in assets held for sale at end of period5.2 2.0 
Cash and cash equivalents at the beginning of the period324.5 280.9 
Cash and cash equivalents at the end of the period$224.3 $446.4 
See accompanying notes to condensed consolidated financial statements.
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DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES
FORM 10-Q as of June 30, 2021
Notes to Condensed Consolidated Financial Statements
(unaudited)
(in millions, except per share amounts)

Note 1: 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 and six months ended June 30, 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.

Note 2: Earnings (Loss) Per Share

Basic earnings (loss) per share is based on the weighted-average number of common shares outstanding. Diluted earnings (loss) per share includes the dilutive effect of potential common shares outstanding. Under the two-class method of computing earnings (loss) per share, non-vested share-based payment awards that contain rights to receive non-forfeitable dividends are considered participating securities. The Company’s participating securities include restricted stock units (RSUs), director deferred shares and shares that were vested but deferred by employees. The Company calculated basic and diluted earnings (loss) per share under both the treasury stock method and the two-class method. For the three and six months ended June 30, 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 0.5 for the three months ended June 30, 2021 and 2020, respectively, and 1.3 and 1.0 for the six months ended June 30, 2021 and 2020, respectively, are excluded from the shares used in the computation of diluted earnings (loss) per share.

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DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES
FORM 10-Q as of June 30, 2021
Notes to Condensed Consolidated Financial Statements (continued)
(unaudited)
(in millions, except per share amounts)

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:
Three Months EndedSix Months Ended
June 30,June 30,
2021202020212020
Numerator
Income (loss) used in basic and diluted loss per share
Net loss$(30.3)$(23.1)$(38.4)$(116.5)
Net (income) loss attributable to noncontrolling interests— 0.6 — — 
Net loss attributable to Diebold Nixdorf, Incorporated$(30.3)$(23.7)$(38.4)$(116.5)
Denominator
Weighted-average number of common shares used in basic and diluted loss per share (1)
78.3 77.6 78.2 77.4 
Net loss attributable to Diebold Nixdorf, Incorporated
Basic and diluted loss per share$(0.39)$(0.31)$(0.49)$(1.51)
(1)Shares of 1.6 and 3.7 for the three months ended June 30, 2021 and 2020, respectively, and 1.6 and 2.7 for the six months ended June 30, 2021 and 2020, respectively, are excluded from the computation of diluted earnings per share because the effects are anti-dilutive, irrespective of the net loss position.

Note 3: Income Taxes

The effective tax rate on the loss from continuing operations was 27.0 percent and 20.7 percent for the three and six months ended June 30, 2021, respectively. The tax benefit for the three months ended June 30, 2021 was attributable to current quarter pre-tax losses. The tax benefit for the six months ended June 30, 2021 was primarily attributable to the jurisdictional mix of income and loss, valuation allowance on certain interest expense carryforwards, partially offset by discrete tax adjustments for uncertain tax positions, tax return to provision differences and expired stock compensation.

The effective tax rate on the loss from continuing operations was 12.8 percent and (16.6) percent for the three and six months ended June 30, 2020, respectively. The tax benefit for the three months ended June 30, 2020 was attributable to then current quarter pre-tax losses. The tax expense for the six months ended June 30, 2020 was primarily attributable to gain recognized for tax purposes on the surrender of Company-owned life insurance (COLI) plans, partially offset by release of valuation allowance against U.S. foreign tax credits expected to be utilized against current year income tax.

Note 4: Inventories

Major classes of inventories are summarized as follows:
June 30, 2021December 31, 2020
Finished goods$239.8 $204.7 
Service parts176.2 169.0 
Raw materials and work in process171.5 124.5 
Total inventories$587.5 $498.2 

Note 5: 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 and six months ended June 30, 2021 and 2020.



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DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES
FORM 10-Q as of June 30, 2021
Notes to Condensed Consolidated Financial Statements (continued)
(unaudited)
(in millions, except per share amounts)

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:
Cost BasisUnrealized
Gain / (Loss)		Fair Value
As of June 30, 2021
Short-term investments
Certificates of deposit$8.1 $— $8.1 
Long-term investments
Assets held in a rabbi trust$5.1 $1.8 $6.9 
As of December 31, 2020
Short-term investments
Certificates of deposit$37.2 $— $37.2 
Long-term investments
Assets held in a rabbi trust$5.2 $1.4 $6.6 
Securities and other investments also includes cash surrender value of insurance contracts of $3.7 as of June 30, 2021 and December 31, 2020. During the second quarter of 2020, the Company surrendered several of its COLI plans. As a result, the Company received proceeds of $7.7 million during the six months ended June 30, 2020 and $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 six months ended June 30, 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 49.0 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 June 30, 2021, the Company had accounts receivable and accounts payable balances with these joint ventures of $6.1 and $33.5, respectively, which are included in trade receivables, less allowances for doubtful accounts and accounts payable on the condensed consolidated balance sheets.





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DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES
FORM 10-Q as of June 30, 2021
Notes to Condensed Consolidated Financial Statements (continued)
(unaudited)
(in millions, except per share amounts)

Note 6: Goodwill and Other Assets

The changes in carrying amounts of goodwill within the Company's segments are summarized as follows:
Eurasia BankingAmericas BankingRetailTotal
Goodwill$579.2 $431.3 $224.4 $1,234.9 
Accumulated impairment(291.7)(122.0)(57.2)(470.9)
Balance at January 1, 2020$287.5 $309.3 $167.2 $764.0 
Transferred to assets held for sale(1.4)— — (1.4)
Divestitures(6.4)(2.4)(1.2)(10.0)
Currency translation adjustment19.0 15.8 13.0 47.8 
Goodwill$590.4 $444.7 $236.2 $1,271.3 
Accumulated impairment(291.7)(122.0)(57.2)(470.9)
Balance at December 31, 2020$298.7 $322.7 $179.0 $800.4 
Divestitures— — (0.3)(0.3)
Currency translation adjustment(8.4)(6.9)(5.7)(21.0)
Goodwill$582.0 $437.8 $230.2 $1,250.0 
Accumulated impairment(291.7)(122.0)(57.2)(470.9)
Balance at June 30, 2021$290.3 $315.8 $173.0 $779.1 

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 has 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 six months ended June 30, 2021. Rest of World Retail had no goodwill as of June 30, 2021 and December 31, 2020. Changes in certain assumptions could have a significant impact to the estimated fair value of the reporting units.

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DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES
FORM 10-Q as of June 30, 2021
Notes to Condensed Consolidated Financial Statements (continued)
(unaudited)
(in millions, except per share amounts)

The following summarizes information on intangible assets by major category:
June 30, 2021December 31, 2020
Weighted-average remaining useful livesGross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying Amount		Accumulated
Amortization		Net
Carrying
Amount
Customer relationships, net4.7 years$737.9 $(382.1)$355.8 $762.0 $(354.1)$407.9 
Internally-developed software2.5 years205.1 (166.9)38.2 198.0 (160.0)38.0 
Development costs non-software1.5 years54.3 (54.2)0.1 56.1 (55.8)0.3 
Other intangibles6.1 years58.4 (56.4)2.0 69.8 (67.4)2.4 
Other intangible assets, net317.8 (277.5)40.3 323.9 (283.2)40.7 
Total$1,055.7 $(659.6)$396.1 $1,085.9 $(637.3)$448.6 

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:

20212020
Beginning balance as of January 1$38.0 $46.0 
Capitalization11.2 8.9 
Amortization(12.5)(14.5)
Other1.5 (0.1)
Ending balance as of June 30$38.2 $40.3 

The Company's total amortization expense, excluding that related to deferred financing costs, was $52.1 and $55.1 for the six months ended June 30, 2021 and 2020, respectively. The Company's total amortization expense, excluding that related to deferred financing costs, was $26.0 and $27.5 for the three months ended June 30, 2021 and 2020, respectively.

Note 7: 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:
20212020
Beginning balance as of January 1$38.6 $36.9 
Current period accruals11.0 11.8 
Current period settlements(11.4)(17.1)
Currency translation adjustment(0.6)(1.7)
Balance at June 30$37.6 $29.9 

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DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES
FORM 10-Q as of June 30, 2021
Notes to Condensed Consolidated Financial Statements (continued)
(unaudited)
(in millions, except per share amounts)

Note 8: Restructuring

The following table summarizes the impact of the Company’s restructuring charges on the consolidated statements of operations:
Three Months EndedSix Months Ended
June 30,June 30,
 2021202020212020
Cost of sales – services$10.1 $1.6 $10.1 $2.5 
Cost of sales – products1.1 — 1.6 — 
Selling and administrative expense6.5 8.9 11.7 16.5 
Research, development and engineering expense(0.6)1.0 (0.3)2.5 
Total$17.1 $11.5 $23.1 $21.5 

The following table summarizes the Company’s restructuring charges by reporting segment:
Three Months EndedSix Months Ended
June 30,June 30,
 2021202020212020
Severance
Eurasia Banking$8.8 $5.8 $8.8 $8.1 
Americas Banking0.3 0.7 0.3 1.1 
Retail1.2 3.4 1.2 8.8 
Corporate— 1.6 — 3.5 
Total severance$10.3 $11.5 $10.3 $21.5 
Other
Eurasia Banking$0.1 $— $0.6 — 
Retail1.6 — 1.6 — 
Corporate5.1 — 10.6 — 
Total Other6.8 — 12.8 — 
Total$17.1 $11.5 $23.1 $21.5 

DN Now

During the second quarter of 2018, the Company began implementing DN Now to deliver greater, more sustainable profitability, and the gross savings target remains approximately $500 through 2021. The Company is approaching completion of 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 DN Now restructuring charges of $17.1 and $23.1 for the three and six months ended June 30, 2021, respectively, compared to $11.5 and $21.5 for the three and six months ended June 30, 2020, respectively. The charges incurred during the six months ended June 30, 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 June 30, 2021:
DN Now
SeveranceOther
Eurasia Banking$87.7 $2.6 
Americas Banking13.2