10-Q

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 March 31, 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: 1-03579

PITNEY BOWES INC.

(Exact name of registrant as specified in its charter)

State of incorporation: Delaware I.R.S. Employer Identification No. 06-0495050

Address of Principal Executive Offices:	3001 Summer Street,		Stamford,	Connecticut	06926
Telephone Number:	(203)	356-5000

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, $1 par value per share	PBI	New York Stock Exchange
6.7% Notes due 2043	PBI.PRB	New 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 þ No o

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 þ No o

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	þ	Non-accelerated filer	o
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. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No þ

As of April 30, 2021, 175,493,000 shares of common stock, par value $1 per share, of the registrant were outstanding.

PITNEY BOWES INC.

INDEX

		Page Number
Part I - Financial Information:
Item 1:	Financial Statements
	Condensed Consolidated Statements of Loss for the Three Months Ended March 31, 2021 and 2020	3
	Condensed Consolidated Statements of Comprehensive Loss for the Three Months Ended March 31, 2021 and 2020	4
	Condensed Consolidated Balance Sheets at March 31, 2021 and December 31, 2020	5
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2021 and 2020	6
	Notes to Condensed Consolidated Financial Statements	7
Item 2:	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
Item 3:	Quantitative and Qualitative Disclosures about Market Risk	35
Item 4:	Controls and Procedures	35
Part II - Other Information:
Item 1:	Legal Proceedings	36
Item 1A:	Risk Factors	36
Item 2:	Unregistered Sales of Equity Securities and Use of Proceeds	36
Item 6:	Exhibits	37
Signatures		38

2

PART I. FINANCIAL INFORMATION

Item 1: Financial Statements

PITNEY BOWES INC.

CONDENSED CONSOLIDATED STATEMENTS OF LOSS

(Unaudited; in thousands, except per share amounts)

	Three Months Ended March 31,
	2021		2020
Revenue:
Business services	$	570,454	$	444,379
Support services	118,697		122,015
Financing	77,812		89,078
Equipment sales	86,803		76,273
Supplies	42,224		45,709
Rentals	19,207		18,814
Total revenue	915,197		796,268
Costs and expenses:
Cost of business services	499,534		374,665
Cost of support services	36,717		39,760
Financing interest expense	11,886		12,489
Cost of equipment sales	61,840		57,359
Cost of supplies	11,211		12,240
Cost of rentals	6,447		6,378
Selling, general and administrative	238,102		248,633
Research and development	11,316		12,116
Restructuring charges	2,889		3,817
Goodwill impairment	—		198,169
Interest expense, net	25,158		25,883
Other components of net pension and postretirement expense (income)	350		(151)
Other expense, net	51,394		33,487
Total costs and expenses	956,844		1,024,845
Loss from continuing operations before taxes	(41,647)		(228,577)
Benefit for income taxes	(13,992)		(10,030)
Loss from continuing operations	(27,655)		(218,547)
(Loss) income from discontinued operations, net of tax	(3,886)		10,064
Net loss	$	(31,541)	$	(208,483)
Basic loss per share (1):
Continuing operations	$	(0.16)	$	(1.28)
Discontinued operations	(0.02)		0.06
Net loss	$	(0.18)	$	(1.22)
Diluted loss per share (1):
Continuing operations	$	(0.16)	$	(1.28)
Discontinued operations	(0.02)		0.06
Net loss	$	(0.18)	$	(1.22)

(1) The sum of the earnings per share amounts may not equal the totals due to rounding.

See Notes to Condensed Consolidated Financial Statements

3

PITNEY BOWES INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited; in thousands)

	Three Months Ended March 31,
	2021		2020
Net loss	$	(31,541)	$	(208,483)
Other comprehensive loss, net of tax:
Foreign currency translation, net of tax of $(13) and $(2,817), respectively	(14,258)		(27,735)
Net unrealized gain (loss) on cash flow hedges, net of tax of $1,601 and $(58), respectively	4,830		(174)
Net unrealized (loss) gain on investment securities, net of tax of $(2,956) and $434, respectively	(8,916)		1,308
Amortization of pension and postretirement costs, net of tax of $3,208 and $2,650, respectively	9,937		8,870
Other comprehensive loss, net of tax	(8,407)		(17,731)
Comprehensive loss	$	(39,948)	$	(226,214)

See Notes to Condensed Consolidated Financial Statements

4

PITNEY BOWES INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited; in thousands, except share and per share amounts)

	March 31, 2021		December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents	$	680,727	$	921,450
Short-term investments, reported at fair value	16,200		18,974
Accounts and other receivables (net of allowance of $20,480 and $18,899, respectively)	327,755		389,240
Short-term finance receivables (net of allowance of $17,866 and $18,012, respectively)	551,061		568,050
Inventories	63,680		65,845
Current income taxes	44,288		23,219
Other current assets and prepayments	124,394		120,145
Total current assets	1,808,105		2,106,923
Property, plant and equipment, net	405,226		391,280
Rental property and equipment, net	37,708		38,435
Long-term finance receivables (net of allowance of $17,608 and $17,857 respectively)	597,012		605,292
Goodwill	1,144,064		1,152,285
Intangible assets, net	152,265		159,839
Operating lease assets	196,843		201,916
Noncurrent income taxes	68,732		72,653
Other assets (includes $383,214 and $355,799, respectively, reported at fair value)	531,226		491,514
Total assets	$	4,941,181	$	5,220,137
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	820,286	$	880,616
Customer deposits at Pitney Bowes Bank	589,406		617,200
Current operating lease liabilities	39,587		39,182
Current portion of long-term debt	19,972		216,032
Advance billings	118,166		114,550
Current income taxes	6,839		2,880
Total current liabilities	1,594,256		1,870,460
Long-term debt	2,418,885		2,348,361
Deferred taxes on income	282,192		279,451
Tax uncertainties and other income tax liabilities	37,936		38,163
Noncurrent operating lease liabilities	174,798		180,292
Other noncurrent liabilities	413,951		437,015
Total liabilities	4,922,018		5,153,742
Commitments and contingencies (See Note 14)
Stockholders’ equity:
Common stock, $1 par value (480,000,000 shares authorized; 323,337,912 shares issued)	323,338		323,338
Additional paid-in capital	15,269		68,502
Retained earnings	5,161,029		5,201,195
Accumulated other comprehensive loss	(847,538)		(839,131)
Treasury stock, at cost (149,600,577 and 151,362,724 shares, respectively)	(4,632,935)		(4,687,509)
Total stockholders’ equity	19,163		66,395
Total liabilities and stockholders’ equity	$	4,941,181	$	5,220,137

See Notes to Condensed Consolidated Financial Statements

5

PITNEY BOWES INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited; in thousands)

	Three Months Ended March 31,
	2021		2020
Cash flows from operating activities:
Net loss	$	(31,541)	$	(208,483)
Loss (income) from discontinued operations, net of tax	3,886		(10,064)
Restructuring payments	(3,955)		(6,047)
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation and amortization	39,594		40,719
Allowance for credit losses	3,992		15,926
Stock-based compensation	5,221		1,521
Restructuring charges	2,889		3,817
Amortization of debt fees	2,644		2,300
Goodwill impairment	—		198,169
Loss on debt refinancing	51,394		36,987
Changes in operating assets and liabilities, net of acquisitions/divestitures:
Accounts and other receivables	57,642		7,182
Finance receivables	27,714		17,772
Inventories	1,900		(4,815)
Other current assets and prepayments	(7,153)		(7,969)
Accounts payable and accrued liabilities	(54,022)		(104,556)
Current and noncurrent income taxes	(17,291)		10,797
Advance billings	4,267		(4,148)
Pension and retiree medical liabilities	(24,775)		(28,961)
Other, net	3,518		10,303
Net cash from operating activities - continuing operations	65,924		(29,550)
Net cash from operating activities - discontinued operations	—		(37,805)
Net cash from operating activities	65,924		(67,355)
Cash flows from investing activities:
Capital expenditures	(43,328)		(25,778)
Purchases of investment securities	(64,473)		(107,312)
Proceeds from sales/maturities of investment securities	28,008		104,222
Net investment in loan receivables	(7,316)		1,071
Acquisitions, net of cash acquired	—		(1,281)
Other investing activities	—		8,081
Net cash from investing activities - continuing operations	(87,109)		(20,997)
Net cash from investing activities - discontinued operations	—		(2,502)
Net cash from investing activities	(87,109)		(23,499)
Cash flows from financing activities:
Proceeds from the issuance of debt, net of discount	1,195,500		816,544
Principal payments of debt	(1,327,315)		(932,600)
Premiums and fees paid to refinance debt	(44,418)		(32,645)
Dividends paid to stockholders	(8,625)		(8,523)
Decrease in customer deposits at Pitney Bowes Bank	(27,794)		(888)
Other financing activities	(5,648)		(2,372)
Net cash from financing activities	(218,300)		(160,484)
Effect of exchange rate changes on cash and cash equivalents	(1,238)		(10,032)
Change in cash and cash equivalents	(240,723)		(261,370)
Cash and cash equivalents at beginning of period	921,450		924,442
Cash and cash equivalents at end of period	$	680,727	$	663,072

See Notes to Condensed Consolidated Financial Statements

6

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

1. Description of Business and Basis of Presentation

Description of Business

Pitney Bowes Inc. (we, us, our, or the company) is a global technology company providing commerce solutions that power billions of transactions. Clients around the world rely on the accuracy and precision delivered by our equipment, solutions, analytics, and application programming interface technology in the areas of ecommerce fulfillment, shipping and returns, cross-border ecommerce, office mailing and shipping, presort services and financing. For more information about us, our products, services and solutions, visit www.pitneybowes.com.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and the instructions to Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In addition, the December 31, 2020 Condensed Consolidated Balance Sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. In management's opinion, all adjustments, consisting only of normal recurring adjustments, considered necessary to fairly state our financial position, results of operations and cash flows for the periods presented have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2021, particularly in light of the coronavirus pandemic (COVID-19) and its effect on global businesses and economies. These statements should be read in conjunction with the financial statements and notes thereto included in our Annual Report to Stockholders on Form 10-K for the year ended December 31, 2020 (2020 Annual Report).

In the fourth quarter 2020, we determined that based on their nature, certain cash flows from loan receivables classified as cash flows from operating activities should have been classified as investment in loans receivables within cash flows from investing activities. It was also determined that certain investment purchases and maturities that were previously reported on a net basis should have been reported on a gross basis. Finally, previously reported cash flows from investing activities resulting from changes in customer deposits at the Pitney Bowes Bank (the Bank) are now reported as cash flows from financing activities. These adjustments were not material to the previously issued 2020 interim financial statements; however, the cash flow statement for the period ended March 31, 2020 has been revised and the impact on our previously issued interim Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2020 is as follows:

	Three Months Ended March 31, 2020
(unaudited)	As Previously Reported		Adjustments		As Revised
Cash flows from operating activities
Changes in finance receivables	$	18,843	$	(1,071)	$	17,772
Net cash from operating activities: continuing operations	$	(28,479)	$	(1,071)	$	(29,550)
Net cash from operating activities	$	(66,284)	$	(1,071)	$	(67,355)
Cash flows from investing activities
Purchases of investment securities	$	(67,312)	$	(40,000)	$	(107,312)
Proceeds from sales/maturities of investment securities	$	24,102	$	80,120	$	104,222
Net change in short-term and other investing activities	$	48,431	$	(48,431)	$	—
Net investment in loan receivables	$	—	$	1,071	$	1,071
Customer deposits at the Bank	$	(888)	$	888	$	—
Other investing activities	$	(230)	$	8,311	$	8,081
Net cash from investing activities: continuing operations	$	(22,956)	$	1,959	$	(20,997)
Net cash from investing activities	$	(25,458)	$	1,959	$	(23,499)
Cash flows from financing activities
Customer deposits at the Bank	$	—	$	(888)	$	(888)
Net cash from financing activities	$	(159,596)	$	(888)	$	(160,484)

7

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

Risks and Uncertainties

The effects of COVID-19 on global economies and businesses continues to impact how we conduct business and our operating results, financial position and cash flows. Its impact on our business remains unpredictable and accordingly, we are not able to reasonably estimate the full extent of the impact of COVID-19 on our operating results, financial position and cash flows.

Accounting Pronouncements Adopted in 2021

In January 2021 we adopted ASU 2019-12, Simplifying the Accounting for Income Taxes. The ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles and also clarifies and amends existing guidance. The adoption of this standard did not have a material impact on our consolidated financial statements.

Accounting Pronouncements Not Yet Adopted

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The transition to new reference interest rates will require certain contracts to be modified and the ASU is intended to provide temporary optional expedients and exceptions to U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The accommodations provided by the ASU are effective through December 31, 2022 and may be applied at the beginning of any interim period within that time frame. We are currently assessing the impact this standard will have on our consolidated financial statements.

8

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

2. Revenue

Disaggregated Revenue

The following tables disaggregate our revenue by source and timing of recognition:

	Three Months Ended March 31, 2021
	Global Ecommerce		Presort Services		SendTech Solutions		Revenue from products and services		Revenue from leasing transactions and financing		Total consolidated revenue
Major products/service lines
Business services	$	413,086	$	143,126	$	14,242	$	570,454	$	—	$	570,454
Support services	—		—		118,697		118,697		—		118,697
Financing	—		—		—		—		77,812		77,812
Equipment sales	—		—		19,118		19,118		67,685		86,803
Supplies	—		—		42,224		42,224		—		42,224
Rentals	—		—		—		—		19,207		19,207
Subtotal	413,086		143,126		194,281		750,493		$	164,704	$	915,197
Revenue from leasing transactions and financing
Financing	—		—		77,812		77,812
Equipment sales	—		—		67,685		67,685
Rentals	—		—		19,207		19,207
Total revenue	$	413,086	$	143,126	$	358,985	$	915,197
Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	—	$	—	$	77,538	$	77,538
Products/services transferred over time	413,086		143,126		116,743		672,955
Total	$	413,086	$	143,126	$	194,281	$	750,493

	Three Months Ended March 31, 2020
	Global Ecommerce		Presort Services		SendTech Solutions		Revenue from products and services		Revenue from leasing transactions and financing		Total consolidated revenue
Major products/service lines
Business services	$	292,323	$	140,720	$	11,336	$	444,379	$	—	$	444,379
Support services	—		—		122,015		122,015		—		122,015
Financing	—		—		—		—		89,078		89,078
Equipment sales	—		—		17,130		17,130		59,143		76,273
Supplies	—		—		45,709		45,709		—		45,709
Rentals	—		—		—		—		18,814		18,814
Subtotal	292,323		140,720		196,190		629,233		$	167,035	$	796,268
Revenue from leasing transactions and financing
Financing	—		—		89,078		89,078
Equipment sales	—		—		59,143		59,143
Rentals	—		—		18,814		18,814
Total revenue	$	292,323	$	140,720	$	363,225	$	796,268
Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	—	$	—	$	78,374	$	78,374
Products/services transferred over time	292,323		140,720		117,816		550,859
Total	$	292,323	$	140,720	$	196,190	$	629,233

9

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

Our performance obligations for revenue from products and services are as follows:

Business services includes providing mail processing services, shipping subscription solutions, fulfillment, delivery and return services and cross-border solutions. Revenue for shipping subscription solutions is recognized ratably over the contract period as the client obtains equal benefit from these services through the period. Revenue for mail processing services, fulfillment, delivery and return services and cross-border solutions is recognized over time using an output method based on the number of parcels or mail pieces either processed or delivered, depending on the service type, since that measure best depicts the value of goods and services transferred to the client over the contract period. Contract terms for these services range from one to five years followed by annual renewal periods.

Support services includes providing maintenance, professional and subscription services for our mailing equipment and professional services for our digital delivery services. Contract terms range from one to five years, depending on the term of the lease contract for the related equipment. Revenue for maintenance and subscription services is recognized ratably over the contract period and revenue for professional services is recognized when services are provided.

Equipment sales, excluding sales-type leases, generally includes the sale of mailing and shipping equipment. We recognize revenue upon delivery for self-install equipment and upon acceptance or installation for other equipment. We provide a warranty that our equipment is free of defects and meets stated specifications. The warranty is not considered a separate performance obligation.

Supplies revenue is recognized upon delivery.

Revenue from leasing transactions and financing includes revenue from sales-type and operating leases, finance income, late fees and investment income, gains and losses at Pitney Bowes Bank.

Advance Billings from Contracts with Customers

	Balance sheet location	March 31, 2021		December 31, 2020		Increase/ (decrease)
Advance billings, current	Advance billings	$	110,786	$	106,498	$	4,288
Advance billings, noncurrent	Other noncurrent liabilities	$	1,341	$	1,277	$	64

Advance billings are recorded when cash payments are due in advance of our performance. Revenue is recognized ratably over the contract term. Items in advance billings primarily relate to support services on mailing equipment. Revenue recognized during the period includes $74 million of advance billings at the beginning of the period. Advance billings, current at March 31, 2021 and December 31, 2020 also includes $7 million and $8 million, respectively, from leasing transactions.

Future Performance Obligations

Future performance obligations include revenue streams bundled with our leasing contracts, primarily maintenance and subscription services. The transaction prices allocated to future performance obligations will be recognized as follows:

	Remainder of 2021		2022		2023-2026		Total
SendTech Solutions	$	215,628	$	227,979	$	272,008	$	715,615

The table above does not include revenue related to performance obligations for contracts with terms less than 12 months and expected consideration for those performance obligations where revenue is recognized based on the amount billable to the customer.

10

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

3. Segment Information

Our reportable segments are Global Ecommerce, Presort Services and Sending Technology Solutions (SendTech Solutions). The principal products and services of each reportable segment are as follows:

Global Ecommerce: Includes the revenue and related expenses from domestic parcel services, cross-border solutions and digital delivery services.

Presort Services: Includes revenue and related expenses from sortation services to qualify large volumes of First Class Mail, Marketing Mail, Marketing Mail Flats and Bound Printed Matter for postal worksharing discounts.

SendTech Solutions: Includes the revenue and related expenses from physical and digital mailing and shipping technology solutions, financing, services, supplies and other applications to help simplify and save on the sending, tracking and receiving of letters, parcels and flats.

Management measures segment profitability and performance using segment earnings before interest and taxes (EBIT). Segment EBIT is calculated by deducting from segment revenue the related costs and expenses attributable to the segment. Segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, asset impairment charges and other items not allocated to a particular business segment. Management believes that it provides investors a useful measure of operating performance and underlying trends of the business. Segment EBIT may not be indicative of our overall consolidated performance and therefore, should be read in conjunction with our consolidated results of operations. The following tables provide information about our reportable segments and reconciliation of segment EBIT to net loss.

	Revenue
	Three Months Ended March 31,
	2021		2020
Global Ecommerce	$	413,086	$	292,323
Presort Services	143,126		140,720
SendTech Solutions	358,985		363,225
Total revenue	$	915,197	$	796,268

	EBIT
	Three Months Ended March 31,
	2021		2020
Global Ecommerce	$	(26,376)	$	(29,475)
Presort Services	19,051		15,695
SendTech Solutions	114,470		106,562
Total segment EBIT	107,145		92,782
Reconciliation of Segment EBIT to net loss:
Unallocated corporate expenses	(57,465)		(43,722)
Restructuring charges	(2,889)		(3,817)
Interest expense, net	(37,044)		(38,372)
Goodwill impairment	—		(198,169)
Loss on debt refinancing	(51,394)		(36,987)
Transaction costs	—		(292)
Benefit for income taxes	13,992		10,030
Loss from continuing operations	(27,655)		(218,547)
(Loss) income from discontinued operations, net of tax	(3,886)		10,064
Net loss	$	(31,541)	$	(208,483)

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PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

4. Discontinued Operations

Discontinued operations for the quarter ended March 31, 2021 includes a tax charge related to the sale of our Production Mail business in 2018. Discontinued operations for the quarter ended March 31, 2020 primarily includes the gain on the sale of our software business in Australia.

5. Earnings per Share (EPS)

	Three Months Ended March 31,
	2021		2020
Numerator:
Loss from continuing operations	$	(27,655)	$	(218,547)
(Loss) income from discontinued operations, net of tax	(3,886)		10,064
Net loss	$	(31,541)	$	(208,483)
Denominator:
Weighted-average shares used in basic EPS	172,856		170,912
Dilutive effect of common stock equivalents (1)	—		—
Weighted-average shares used in diluted EPS	172,856		170,912
Basic loss per share (2):
Continuing operations	$	(0.16)	$	(1.28)
Discontinued operations	(0.02)		0.06
Net loss	$	(0.18)	$	(1.22)
Diluted loss per share (2):
Continuing operations	$	(0.16)	$	(1.28)
Discontinued operations	(0.02)		0.06
Net loss	$	(0.18)	$	(1.22)
Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive:	6,440		17,617

(1)     Due to the net loss for the three months ended March 31, 2021 and 2020, common stock equivalents of 5,804 and 1,554, respectively, were also excluded from the calculation of diluted earnings per share as the impact would have been anti-dilutive.

(2)     The sum of the earnings per share amounts may not equal the totals due to rounding.

6. Inventories

Inventories are stated at the lower of cost or market. Cost is determined on the last-in, first-out (LIFO) basis, the first-in, first-out (FIFO) basis or average cost. Inventories consisted of the following:

	March 31, 2021		December 31, 2020
Raw materials	$	17,879	$	16,570
Supplies and service parts	25,749		24,061
Finished products	25,687		30,849
Inventory at FIFO cost	69,315		71,480
Excess of FIFO cost over LIFO cost	(5,635)		(5,635)
Total inventory, net	$	63,680	$	65,845

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PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

7. Finance Assets and Lessor Operating Leases

Finance Assets

Finance receivables are comprised of sales-type lease receivables and unsecured revolving loan receivables. Sales-type lease receivables are generally due in installments over periods ranging from three to five years. Loan receivables arise primarily from financing services offered to our clients for postage and supplies and are generally due monthly; however, clients may rollover outstanding balances. Interest is recognized on loan receivables using the effective interest method. Annual fees are recognized ratably over the annual period covered and client acquisition costs are expensed as incurred.

Finance receivables consisted of the following:

	March 31, 2021						December 31, 2020
	North America		International		Total		North America		International		Total
Sales-type lease receivables
Gross finance receivables	$	975,272	$	192,273	$	1,167,545	$	994,985	$	211,944	$	1,206,929
Unguaranteed residual values	37,463		11,667		49,130		36,405		12,140		48,545
Unearned income	(265,497)		(60,413)		(325,910)		(275,359)		(61,686)		(337,045)
Allowance for credit losses	(22,998)		(5,606)		(28,604)		(22,917)		(6,006)		(28,923)
Net investment in sales-type lease receivables	724,240		137,921		862,161		733,114		156,392		889,506
Loan receivables
Loan receivables	269,797		22,985		292,782		268,690		22,092		290,782
Allowance for credit losses	(6,407)		(463)		(6,870)		(6,484)		(462)		(6,946)
Net investment in loan receivables	263,390		22,522		285,912		262,206		21,630		283,836
Net investment in finance receivables	$	987,630	$	160,443	$	1,148,073	$	995,320	$	178,022	$	1,173,342

Maturities of gross sales-type lease receivables and gross loan receivables at March 31, 2021 were as follows:

	Sales-type Lease Receivables						Loan Receivables
	North America		International		Total		North America		International		Total
Remaining for year ending December 31, 2021	$	297,596	$	47,488	$	345,084	$	219,009	$	22,985	$	241,994
Year ending December 31, 2022	308,902		65,636		374,538		16,057		—		16,057
Year ending December 31, 2023	204,090		42,223		246,313		10,325		—		10,325
Year ending December 31, 2024	110,774		22,887		133,661		12,722		—		12,722
Year ending December 31, 2025	46,934		10,250		57,184		9,470		—		9,470
Thereafter	6,976		3,789		10,765		2,214		—		2,214
Total	$	975,272	$	192,273	$	1,167,545	$	269,797	$	22,985	$	292,782

13

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

Aging of Receivables

The aging of gross finance receivables was as follows:

	March 31, 2021
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Past due amounts 0 - 90 days	$	956,358	$	191,298	$	265,004	$	22,812	$	1,435,472
Past due amounts > 90 days	18,914		975		4,793		173		24,855
Total	$	975,272	$	192,273	$	269,797	$	22,985	$	1,460,327
Past due amounts > 90 days
Still accruing interest	$	3,853	$	189	$	1,466	$	66	$	5,574
Not accruing interest	15,061		786		3,327		107		19,281
Total	$	18,914	$	975	$	4,793	$	173	$	24,855

	December 31, 2020
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Past due amounts 0 - 90 days	$	972,266	$	208,968	$	264,484	$	21,932	$	1,467,650
Past due amounts > 90 days	22,719		2,976		4,206		160		30,061
Total	$	994,985	$	211,944	$	268,690	$	22,092	$	1,497,711
Past due amounts > 90 days
Still accruing interest	$	5,128	$	463	$	1,797	$	59	$	7,447
Not accruing interest	17,591		2,513		2,409		101		22,614
Total	$	22,719	$	2,976	$	4,206	$	160	$	30,061

Allowance for Credit Losses

We estimate an allowance for credit losses based on historical loss experience, the nature of our portfolios, adverse situations that may affect a client's ability to pay, current conditions, management forecasts and independent economic forecasts. Credit losses are estimated at the portfolio level based on asset type and geographic market. Historical loss experience is based on actual loss rates over the average term of the asset of five years for sales-type lease receivables and three years for loan receivables (including accrued interest). The assumptions used in determining an estimate of credit losses are inherently subjective and actual results may differ significantly from estimated reserves.

We establish credit approval limits based on the credit quality of the client and the type of equipment financed. Our policy is to discontinue revenue recognition for lease receivables that are more than 120 days past due and for loan receivables that are more than 90 days past due. We resume revenue recognition when the client's payments reduce the account aging to less than 60 days past due. Finance receivables deemed uncollectible are written off against the allowance after all collection efforts have been exhausted and management deems the account to be uncollectible. However, we believe that our finance receivable credit risk is low because of the geographic and industry diversification of our clients and small account balances for most of our clients.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

Activity in the allowance for credit losses for finance receivables was as follows:

	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Balance at January 1, 2021	$	22,917	$	6,006	$	6,484	$	462	$	35,869
Amounts charged to expense	154		61		763		4		982
Write-offs	(1,024)		(371)		(1,833)		(3)		(3,231)
Recoveries	935		29		991		—		1,955
Other	16		(119)		2		—		(101)
Balance at March 31, 2021	$	22,998	$	5,606	$	6,407	$	463	$	35,474
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Balance at December 31, 2019	$	10,920	$	2,085	$	5,906	$	740	$	19,651
Cumulative effect of accounting change	9,271		1,750		(1,116)		(402)		9,503
Amounts charged to expense	6,892		1,345		4,006		403		12,646
Write-offs	(1,618)		(248)		(2,058)		(104)		(4,028)
Recoveries	592		31		691		—		1,314
Other	(124)		(80)		(7)		(7)		(218)
Balance at March 31, 2020	$	25,933	$	4,883	$	7,422	$	630	$	38,868

Credit Quality

The extension of credit and management of credit lines to new and existing clients uses a combination of a client's credit score, where available, and a detailed manual review of their financial condition and payment history or an automated process for certain small dollar applications. Once credit is granted, the payment performance of the client is managed through automated collections processes and is supplemented with direct follow up should an account become delinquent. We have robust automated collections and extensive portfolio management processes to ensure that our global strategy is executed, collection resources are allocated appropriately and enhanced tools and processes are implemented as needed.

We use a third party to score the majority of the North America portfolio on a quarterly basis using a proprietary commercial credit score. The relative scores are determined based on a number of factors, including financial information, payment history, company type and ownership structure. We stratify the third party's credit scores of our clients into low, medium and high-risk accounts. Due to timing and other issues, our entire portfolio may not be scored at period end. We report these amounts as "Not Scored"; however, absence of a score is not indicative of the credit quality of the account. The third-party credit score is used to predict the payment behaviors of our clients and the probability that an account will become greater than 90 days past due during the subsequent 12-month period.

•Low risk accounts are companies with very good credit scores and a predicted delinquency rate of less than 5%.

•Medium risk accounts are companies with average to good credit scores and a predicted delinquency rate between 5% and 10%.

•High risk accounts are companies with poor credit scores, are delinquent or are at risk of becoming delinquent. The predicted delinquency rate would be greater than 10%.

15

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

The table below shows the gross sales-type lease receivable and loan receivable balances by relative risk class and year of origination based on the relative scores of the accounts within each class as of March 31, 2021 and December 30, 2020.

	Sales Type Lease Receivables												Loan Receivables		Total
	2021		2020		2019		2018		2017		Prior
Low	$	78,458	$	235,018	$	207,236	$	144,994	$	70,678	$	31,481	$	180,586	$	948,451
Medium	13,409		46,999		46,899		31,959		16,268		7,235		74,966		237,735
High	1,497		5,248		5,142		3,402		1,792		1,024		5,127		23,232
Not Scored	23,202		61,983		58,732		38,207		23,214		13,468		32,103		250,909
Total	$	116,566	$	349,248	$	318,009	$	218,562	$	111,952	$	53,208	$	292,782	$	1,460,327
	Sales Type Lease Receivables												Loan Receivables		Total
	2020		2019		2018		2017		2016		Prior
Low	$	256,573	$	228,344	$	165,244	$	87,346	$	30,518	$	12,249	$	192,971	$	973,245
Medium	50,785		49,946		37,168		21,388		6,470		2,375		61,625		229,757
High	6,182		5,396		3,782		1,974		1,051		143		4,518		23,046
Not Scored	80,854		77,362		48,704		24,291		7,813		971		31,668		271,663
Total	$	394,394	$	361,048	$	254,898	$	134,999	$	45,852	$	15,738	$	290,782	$	1,497,711

The majority of the Not Scored amounts above is within our International portfolio. We do not use a third party to score our International portfolio because the cost to do so is prohibitive as there is no single credit score model that covers all countries. Approximately 80% of credit applications are approved or denied through the automated review process. All other credit applications are manually reviewed by obtaining client financial information, credit reports and other available financial information.

Lease Income

Lease income from sales-type leases was as follows:

	Three Months Ended March 31,
	2021		2020
Profit recognized at commencement (1)	$	32,265	$	29,908
Interest income	48,496		53,806
Total lease income from sales-type leases	$	80,761	$	83,714

(1) Lease contracts do not include variable lease payments.

The disclosure of total lease income from sales-type leases for the three months ended March 31, 2020 has been revised from $63 million to $84 million. The revision did not have any impact on our Condensed Consolidated Statement of Loss.

Lessor Operating Leases

We also lease mailing equipment under operating leases with terms of one to five years. Maturities of these operating leases are as follows:

Remaining for year ending December 31, 2021	$	25,005
Year ending December 31, 2022	20,449
Year ending December 31, 2023	9,175
Year ending December 31, 2024	7,692
Year ending December 31, 2025	2,499
Thereafter	37
Total	$	64,857

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PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

8. Intangible Assets and Goodwill

Intangible Assets

Intangible assets consisted of the following:

	March 31, 2021						December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	268,199	$	(121,634)	$	146,565	$	268,199	$	(115,010)	$	153,189
Software & technology	19,000		(13,300)		5,700		19,000		(12,350)		6,650
Total intangible assets	$	287,199	$	(134,934)	$	152,265	$	287,199	$	(127,360)	$	159,839

Amortization expense for the three months ended March 31, 2021 and 2020 was $8 million and $9 million, respectively.

Future amortization expense as of March 31, 2021 is shown in the table below. Actual amortization expense may differ due to, among other things, fluctuations in foreign currency exchange rates, impairments, acquisitions and accelerated amortization.

Remaining for year ending December 31, 2021	$	22,721
Year ending December 31, 2022	29,315
Year ending December 31, 2023	26,465
Year ending December 31, 2024	26,465
Year ending December 31, 2025	19,805
Thereafter	27,494
Total	$	152,265

Goodwill

Changes in the carrying value of goodwill, by reporting segment, are shown in the table below.

	Gross value before accumulated impairment		Accumulated impairment		December 31, 2020		Currency impact		March 31, 2021
Global Ecommerce	$	609,431	$	(198,169)	$	411,262	$	—	$	411,262
Presort Services	220,992		—		220,992		—		220,992
SendTech Solutions	520,031		—		520,031		(8,221)		511,810
Total goodwill	$	1,350,454	$	(198,169)	$	1,152,285	$	(8,221)	$	1,144,064

17

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

9. Fair Value Measurements and Derivative Instruments

We measure certain financial assets and liabilities at fair value on a recurring basis. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. An entity is required to classify certain assets and liabilities measured at fair value based on the following fair value hierarchy that prioritizes the inputs used to measure fair value:

Level 1 –    Unadjusted quoted prices in active markets for identical assets and liabilities.

Level 2 –    Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 –    Unobservable inputs that are supported by little or no market activity, may be derived from internally developed methodologies based on management’s best estimate of fair value and that are significant to the fair value of the asset or liability.

Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect its placement within the fair value hierarchy. The following tables show, by level within the fair value hierarchy, our financial assets and liabilities that are accounted for at fair value on a recurring basis.

	March 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Investment securities
Money market funds	$	39,573	$	250,390	$	—	$	289,963
Equity securities	—		28,100		—		28,100
Commingled fixed income securities	1,698		19,027		—		20,725
Government and related securities	26,228		25,396		—		51,624
Corporate debt securities	—		65,950		—		65,950
Mortgage-backed / asset-backed securities	—		231,863		—		231,863
Derivatives
Interest rate swap	—		4,117		—		4,117
Foreign exchange contracts	—		1,117		—		1,117
Total assets	$	67,499	$	625,960	$	—	$	693,459
Liabilities:
Derivatives
Foreign exchange contracts	$	—	$	(786)	$	—	$	(786)
Total liabilities	$	—	$	(786)	$	—	$	(786)

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PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

	December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Investment securities
Money market funds	$	73,228	$	434,791	$	—	$	508,019
Equity securities	—		26,583		—		26,583
Commingled fixed income securities	1,722		19,669		—		21,391
Government and related securities	16,776		16,757		—		33,533
Corporate debt securities	—		71,433		—		71,433
Mortgage-backed / asset-backed securities	—		220,678		—		220,678
Derivatives
Foreign exchange contracts	—		3,776		—		3,776
Total assets	$	91,726	$	793,687	$	—	$	885,413
Liabilities:
Derivatives
Interest rate swap	$	—	$	(2,163)	$	—	$	(2,163)
Foreign exchange contracts	—		(1,960)		—		(1,960)
Total liabilities	$	—	$	(4,123)	$	—	$	(4,123)

Investment Securities

The valuation of investment securities is based on the market approach using inputs that are observable, or can be corroborated by observable data, in an active marketplace. The following information relates to our classification within the fair value hierarchy:

•Money Market Funds: Money market funds typically invest in government securities, certificates of deposit, commercial paper and other highly liquid, low risk securities. Money market funds are principally used for overnight deposits and are classified as Level 1 when unadjusted quoted prices in active markets are available and as Level 2 when they are not actively traded on an exchange.

•Equity Securities: Equity securities are comprised of mutual funds investing in U.S. and foreign stocks. These mutual funds are classified as Level 2.

•Commingled Fixed Income Securities: Commingled fixed income securities are comprised of mutual funds that invest in a variety of fixed income securities, including securities of the U.S. government and its agencies, corporate debt, mortgage-backed securities and asset-backed securities. Fair value is based on the value of the underlying investments owned by each fund, minus its liabilities, divided by the number of shares outstanding, as reported by the fund manager. These mutual funds are classified as Level 1 when unadjusted quoted prices in active markets are available and as Level 2 when they are not actively traded on an exchange.

•Government and Related Securities: Debt securities are classified as Level 1 where active, high volume trades for identical securities exist. Valuation adjustments are not applied to these securities. Debt securities are classified as Level 2 where fair value is determined using quoted market prices for similar securities or benchmarking model derived prices to quoted market prices and trade data for identical or comparable securities.

•Corporate Debt Securities: Corporate debt securities are valued using recently executed comparable transactions, market price quotations or bond spreads for the same maturity as the security. These securities are classified as Level 2.

•Mortgage-Backed Securities / Asset-Backed Securities: These securities are valued based on external pricing indices or external price/spread data. These securities are classified as Level 2.

Derivative Securities

•Foreign Exchange Contracts: The valuation of foreign exchange derivatives is based on the market approach using observable market inputs, such as foreign currency spot and forward rates and yield curves. We have not seen a material change in the creditworthiness of those banks acting as derivative counterparties. These securities are classified as Level 2.

•Interest Rate Swaps: The valuation of interest rate swaps is based on an income approach using inputs that are observable or that can be derived from, or corroborated by, observable market data. These securities are classified as Level 2.

19

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

Available-For-Sale Securities

Available-for-sale securities are predominantly held at the Pitney Bowes Bank. Investment securities classified as available-for-sale are recorded at fair value with changes in fair value due to market conditions (i.e., interest rates) recorded in accumulated other comprehensive loss (AOCL), and changes in fair value due to credit conditions recorded in earnings. There were no unrealized losses due to credit losses charged to earnings through the three months ended March 31, 2021.

Available-for-sale securities consisted of the following:

	March 31, 2021
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Government and related securities	$	51,411	$	42	$	(1,377)	$	50,076
Corporate debt securities	69,913		300		(4,263)		65,950
Commingled fixed income securities	1,712		—		(14)		1,698
Mortgage-backed / asset-backed securities	237,827		303		(6,267)		231,863
Total	$	360,863	$	645	$	(11,921)	$	349,587

	December 31, 2020
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Government and related securities	$	31,882	$	157	$	(78)	$	31,961
Corporate debt securities	71,174		614		(355)		71,433
Commingled fixed income securities	1,706		16		—		1,722
Mortgage-backed / asset-backed securities	220,659		734		(715)		220,678
Total	$	325,421	$	1,521	$	(1,148)	$	325,794

Investment securities in a loss position were as follows:

	March 31, 2021				December 31, 2020
	Fair Value		Gross unrealized losses		Fair Value		Gross unrealized losses
Less than 12 continuous months	$	312,002	$	11,850	$	132,267	$	1,072
Greater than 12 continuous months	2,294		71		2,369		76
Total	$	314,296	$	11,921	$	134,636	$	1,148

At March 31, 2021, 34% of the securities in the investment portfolio were in a loss position. We believe our allowance for credit losses on available-for-sale investment securities is adequate as our investments are primarily in highly liquid U.S. government and agency securities, high grade corporate bonds and municipal bonds. The majority of our mortgage-backed securities are either guaranteed or supported by the U.S. Government. We have not recognized an impairment on investment securities in an unrealized loss position because we have the ability and intent to hold these securities until recovery of the unrealized losses or we receive the stated principal and interest at maturity.

Scheduled maturities of available-for-sale securities at March 31, 2021 were as follows:

	Amortized cost		Estimated fair value
Within 1 year	$	14,398	$	14,401
After 1 year through 5 years	15,241		15,266
After 5 years through 10 years	66,618		63,185
After 10 years	264,606		256,735
Total	$	360,863	$	349,587

20

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

The scheduled maturities of mortgage-backed and asset-backed securities may not coincide with the actual payment, as borrowers have the right to prepay obligations.

Held-to-Maturity Securities

Held-to-maturity securities at March 31, 2021 and December 31, 2020, include $25 million and $75 million, respectively, of short-term, highly liquid time deposits. Due to the short-term nature of these securities, the carrying value approximates fair value.

Derivative Instruments

In the normal course of business, we are exposed to the impact of changes in foreign currency exchange rates and interest rates. We mitigate these exposures by following established risk management policies and procedures, including the use of derivatives. We use derivative instruments to limit the effects of exchange rate fluctuations on financial results and manage the cost of debt. We do not use derivatives for trading or speculative purposes. We record derivative instruments at fair value and the accounting for changes in the fair value depends on the intended use of the derivative, the resulting designation and the effectiveness of the instrument in offsetting the risk exposure it is designed to hedge.

Foreign Exchange Contracts

We enter into foreign exchange contracts to mitigate the currency risk associated with the anticipated purchase of inventory between affiliates and from third parties. These contracts are designated as cash flow hedges. The effective portion of the gain or loss on cash flow hedges is included in AOCL in the period that the change in fair value occurs and is reclassified to earnings in the period that the hedged item is recorded in earnings. No amount of ineffectiveness was recorded in earnings for these designated cash flow hedges. At March 31, 2021 and December 31, 2020, we had outstanding contracts associated with these anticipated transactions with notional amounts of $6 million and $8 million, respectively. Amounts included in AOCL at March 31, 2021 will be recognized in earnings within the next 12 months.

Interest Rate Swaps

We have interest rate swap agreements with an aggregate notional amount of $500 million that are designated as cash flow hedges. The fair value of the interest rate swaps is recorded as a derivative asset or liability at the end of each reporting period with the change in fair value reflected in AOCL.

The fair value of derivative instruments was as follows:

Designation of Derivatives	Balance Sheet Location	March 31, 2021		December 31, 2020
Derivatives designated as hedging instruments
Foreign exchange contracts	Other current assets and prepayments	$	214	$	96
	Accounts payable and accrued liabilities	(71)		(112)
Interest rate swaps	Other assets (Other noncurrent liabilities)	4,117		(2,163)
Derivatives not designated as hedging instruments
Foreign exchange contracts	Other current assets and prepayments	903		3,680
	Accounts payable and accrued liabilities	(715)		(1,848)
	Total derivative assets	$	5,234	$	3,776
	Total derivative liabilities	(786)		(4,123)
	Total net derivative asset (liability)	$	4,448	$	(347)

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PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

Results of cash flow hedging relationships were as follows:

	Three Months Ended March 31,
	Derivative Gain (Loss) Recognized in AOCL (Effective Portion)				Location of Gain (Loss) (Effective Portion)	Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion)
Derivative Instrument	2021		2020			2021		2020
Foreign exchange contracts	$	228	$	(160)	Revenue	$	126	$	61
					Cost of sales	(58)		10
Interest rate swap	6,280		—		Interest expense	—		—
	$	6,508	$	(160)		$	68	$	71

We enter into foreign exchange contracts to minimize the impact of exchange rate fluctuations on short-term intercompany loans and related interest that are denominated in a foreign currency. The revaluation of intercompany loans and interest and the corresponding mark-to-market adjustment on derivatives are recorded in earnings. All outstanding contracts at March 31, 2021 mature within 12 months.

The mark-to-market adjustments of non-designated derivative instruments were as follows:

		Three Months Ended March 31,
		Derivative Gain (Loss) Recognized in Earnings
Derivatives Instrument	Location of Derivative Gain (Loss)	2021		2020
Foreign exchange contracts	Selling, general and administrative expense	$	553	$	(4,867)

Fair Value of Financial Instruments

Financial instruments not reported at fair value on a recurring basis include cash and cash equivalents, accounts receivable, loan receivables, accounts payable and debt. The carrying value for cash and cash equivalents, accounts receivable, loans receivable and accounts payable approximate fair value. The fair value of debt is estimated based on recently executed transactions and market price quotations. The inputs used to determine the fair value of debt are classified as Level 2 in the fair value hierarchy. The carrying value and estimated fair value of debt was as follows:

	March 31, 2021		December 31, 2020
Carrying value	$	2,438,857	$	2,564,393
Fair value	$	2,426,062	$	2,479,895

10. Restructuring Charges

Activity in our restructuring reserves was as follows:

	Severance and other exit costs
Balance at January 1, 2021	$	10,063
Expenses, net	2,889
Cash payments	(3,955)
Noncash activity	(227)
Balance at March 31, 2021	$	8,770
Balance at January 1, 2020	$	12,006
Expenses, net	3,817
Cash payments	(6,047)
Noncash activity	(763)
Balance at March 31, 2020	$	9,013

The majority of the restructuring reserves are expected to be paid over the next 12 to 24 months.

22

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

11. Debt

Total debt consisted of the following:

	Interest rate	March 31, 2021		December 31, 2020
Notes due October 2021	4.875%	$	—	$	152,588
Notes due May 2022	5.375%	72,873		148,792
Notes due April 2023	5.95%	96,667		271,000
Notes due March 2024	4.625%	267,952		374,000
Notes due March 2027	6.875%	400,000		—
Notes due March 2029	7.25%	350,000		—
Notes due January 2037	5.25%	35,841		35,841
Notes due March 2043	6.70%	425,000		425,000
Term loan due March 2026	LIBOR + 1.75%	380,000		380,000
Term loan due January 2025	LIBOR + 5.5%	—		818,125
Term loan due March 2028	LIBOR + 4.0%	450,000		—
Other debt		4,598		4,900
Principal amount		2,482,931		2,610,246
Less: unamortized costs, net		44,074		45,853
Total debt		2,438,857		2,564,393
Less: current portion long-term debt		19,972		216,032
Long-term debt		$	2,418,885	$	2,348,361

During the first quarter of 2021, we issued a $400 million 6.875% unsecured note due March 2027 and a $350 million 7.25% unsecured note due March 2029. We also entered into a new seven-year $450 million secured term loan maturing March 2028.

We redeemed the remaining $153 million balance of the October 2021 notes and, under a tender offer, redeemed an aggregate $356 million of the May 2022 notes, April 2023 notes and March 2024 notes. We also repaid the remaining $818 million balance of our term loan that was scheduled to mature in January 2025.

We also amended our $500 million secured revolving credit facility and our March 2026 secured term loan to extend their maturities from November 2024 to March 2026. The credit agreement that governs the revolving credit facility and term loans contains financial and non-financial covenants. At March 31, 2021, we were in compliance with all covenants and there were no outstanding borrowings under the revolving credit facility.

A $51 million pre-tax loss was incurred on the refinancing of debt.

Interest rates on certain notes are subject to adjustment based on changes in our credit ratings. Due to a credit downgrade in February 2021, the interest rates on the May 2022 notes and the April 2023 notes will increase 0.25% in the second quarter of 2021.

At March 31, 2021, the interest rate of the 2028 Term Loan was 4.1% and the interest rate on the 2026 Term Loan was 1.9%.

23

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

12. Pensions and Other Benefit Programs

The components of net periodic benefit cost (income) were as follows:

	Defined Benefit Pension Plans								Nonpension Postretirement Benefit Plans
	United States				Foreign
	Three Months Ended				Three Months Ended				Three Months Ended
	March 31,				March 31,				March 31,
	2021		2020		2021		2020		2021		2020
Service cost	$	26	$	26	$	395	$	399	$	224	$	217
Interest cost	10,745		13,179		2,961		3,518		961		1,245
Expected return on plan assets	(19,478)		(21,304)		(7,984)		(8,208)		—		—
Amortization of transition credit	—		—		—		(1)		—		—
Amortization of prior service (credit) cost	(15)		(15)		67		61		32		93
Amortization of net actuarial loss	9,638		8,198		2,345		2,059		1,078		736
Settlement	—		389		—		—		—		—
Net periodic benefit cost (income)	$	916	$	473	$	(2,216)	$	(2,172)	$	2,295	$	2,291
Contributions to benefit plans	$	1,015	$	1,929	$	8,696	$	7,988	$	3,519	$	4,455

13. Income Taxes

The effective tax rate for the three months ended March 31, 2021 was a benefit of 33.6% and includes benefits of $3 million from an affiliate reorganization and $2 million from the vesting of restricted stock, partially offset by a charge of $1 million for the write-off of deferred tax assets associated with the expiration of out-of-the-money stock options.

The effective tax rate for the three months ended March 31, 2020 was a benefit of 4.4% and includes a benefit of $2 million on the $198 million goodwill impairment charge as the majority of this charge is nondeductible, a benefit of $2 million from the resolution of certain tax examinations and a charge of $3 million for the write-off of deferred tax assets associated with the expiration of out-of-the-money stock options and the vesting of restricted stock.

As is the case with other large corporations, our tax returns are examined by tax authorities in the U.S. and other global taxing jurisdictions in which we have operations. As a result, it is reasonably possible that the amount of unrecognized tax benefits will decrease in the next 12 months, and this decrease could be up to 10% of our unrecognized tax benefits.

The Internal Revenue Service examinations of our consolidated U.S. income tax returns for tax years prior to 2017 are closed to audit; however, various post-2014 U.S. state and local tax returns are still subject to examination, with some states in appeals from 2011. For our significant non-U.S. jurisdictions, Canada is closed to examination through 2014, France is closed through 2013, Germany is closed through 2016 and the U.K. is closed through 2018. We also have other less significant tax filings currently subject to examination.

24

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

14. Commitments and Contingencies

In the ordinary course of business, we are routinely defendants in, or party to, a number of pending and threatened legal actions. These may involve litigation by or against us relating to, among other things, contractual rights under vendor, insurance or other contracts; intellectual property or patent rights; equipment, service, payment or other disputes with clients; or disputes with employees. Some of these actions may be brought as a purported class action on behalf of a purported class of employees, customers or others. In management's opinion, as of March 31, 2021, the potential liability, if any, that may result from these actions, either individually or collectively, is not reasonably expected to have a material effect on our financial position, results of operations or cash flows. However, as litigation is inherently unpredictable, there can be no assurances in this regard.

At March 31, 2021, we have entered into leases with aggregate lease payments of approximately $41 million and terms ranging from three to eight years, that have not commenced.

15. Stockholders’ Equity

Changes in stockholders’ equity were as follows:

	Common stock		Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss		Treasury stock		Total equity
Balance at January 1, 2021	$	323,338	$	68,502	$	5,201,195	$	(839,131)	$	(4,687,509)	$	66,395
Net loss	—		—		(31,541)		—		—		(31,541)
Other comprehensive loss	—		—		—		(8,407)		—		(8,407)
Dividends paid ($0.05 per common share)	—		—		(8,625)		—		—		(8,625)
Issuance of common stock	—		(58,454)		—		—		54,574		(3,880)
Stock-based compensation expense	—		5,221		—		—		—		5,221
Balance at March 31, 2021	$	323,338	$	15,269	$	5,161,029	$	(847,538)	$	(4,632,935)	$	19,163

	Common stock		Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss		Treasury stock		Total equity
Balance at December 31, 2019	$	323,338	$	98,748	$	5,438,930	$	(840,143)	$	(4,734,777)	$	286,096
Cumulative effect of accounting change	—		—		(21,900)		—		—		(21,900)
Net loss	—		—		(208,483)		—		—		(208,483)
Other comprehensive loss	—		—		—		(17,731)		—		(17,731)
Dividends paid ($0.05 per common share)	—		—		(8,523)		—		—		(8,523)
Issuance of common stock	—		(30,716)		—		—		29,166		(1,550)
Stock-based compensation expense	—		1,521		—		—		—		1,521
Balance at March 31, 2020	$	323,338	$	69,553	$	5,200,024	$	(857,874)	$	(4,705,611)	$	29,430

25

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

16. Accumulated Other Comprehensive Loss

Reclassifications out of AOCL were as follows:

	Gain (Loss) Reclassified from AOCL
	Three Months Ended March 31,
	2021		2020
Cash flow hedges
Revenue	$	126	$	61
Cost of sales	(58)		10
Total before tax	68		71
Income tax provision	17		17
Net of tax	$	51	$	54
Available-for-sale securities
Financing revenue	$	(1)	$	284
Selling, general and administrative expense	42		—
Total before tax	41		284
Income tax provision	10		71
Net of tax	$	31	$	213
Pension and postretirement benefit plans
Transition credit	$	—	$	1
Prior service costs	(84)		(139)
Actuarial losses	(13,061)		(10,993)
Settlement	—		(389)
Total before tax	(13,145)		(11,520)
Income tax benefit	(3,208)		(2,650)
Net of tax	$	(9,937)	$	(8,870)

Changes in AOCL were as follows:

	Cash flow hedges		Available for sale securities		Pension and postretirement benefit plans		Foreign currency adjustments		Total
Balance at January 1, 2021	$	(1,411)	$	402	$	(851,063)	$	12,941	$	(839,131)
Other comprehensive income (loss) before reclassifications (1)	4,881		(8,885)		—		(14,258)		(18,262)
Reclassifications into earnings (1)	(51)		(31)		9,937		—		9,855
Net other comprehensive income (loss)	4,830		(8,916)		9,937		(14,258)		(8,407)
Balance at March 31, 2021	$	3,419	$	(8,514)	$	(841,126)	$	(1,317)	$	(847,538)

	Cash flow hedges		Available for sale securities		Pension and postretirement benefit plans		Foreign currency adjustments		Total
Balance at January 1, 2020	$	337	$	2,849	$	(819,018)	$	(24,311)	$	(840,143)
Other comprehensive (loss) income before reclassifications (1)	(120)		1,521		—		(27,735)		(26,334)
Reclassifications into earnings (1)	(54)		(213)		8,870		—		8,603
Net other comprehensive (loss) income	(174)		1,308		8,870		(27,735)		(17,731)
Balance at March 31, 2020	$	163	$	4,157	$	(810,148)	$	(52,046)	$	(857,874)

(1)     Amounts are net of tax.

26

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

17. Supplemental Financial Statement Information

Activity in the allowance for credit losses on accounts receivables for the three months ended March 31, 2021 and 2020 is presented below. See Note 7 for additional information pertaining to our finance receivables.

	Balance at beginning of year		Cumulative effect of accounting change		Amounts charged to expense		Write-offs, recoveries and other		Balance at end of period		Accounts and other receivables		Other assets
March 31, 2021	$	35,344	$	—	$	3,011	$	(1,314)	$	37,041	$	20,480	$	16,561
March 31, 2020	$	17,830	$	15,336	$	3,280	$	(7,002)	$	29,444	$	29,444	$	—

Other expense, net consisted of the following:

	Three Months Ended March 31,
	2021		2020
Loss on debt refinancing	$	51,394	$	36,987
Insurance proceeds	—		(3,500)
Other expense, net	$	51,394	$	33,487

Supplemental cash flow information is as follows:

	Three Months Ended March 31,
	2021		2020
Cash interest paid	$	39,658	$	44,891
Cash income tax payments, net of refunds	$	2,641	$	13,270
Finance leased assets obtained in exchange for new lease obligations	$	9,477	$	2,399

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Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

This Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) contains statements that are forward-looking. We want to caution readers that any forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (Securities Act) and Section 21E of the Securities Exchange Act of 1934 (Exchange Act) may change based on various factors. These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties, and actual results could differ materially. Words such as "estimate," "target," "project," "plan," "believe," "expect," "anticipate," "intend" and similar expressions may identify such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Forward-looking statements in this Form 10-Q speak only as of the date hereof, and forward-looking statements in documents attached that are incorporated by reference speak only as of the date of those documents.

Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties, such as those disclosed or incorporated by reference in our filings with the Securities and Exchange Commission. In particular, the uncertainty around the severity, magnitude and duration of the COVID-19 pandemic (COVID-19), including governments' responses to COVID-19, the efficacy and availability of vaccines, its continuing impact on our operations, employees, the availability and cost of labor and transportation, global supply chain and demand across our and our clients' businesses, as well as any deterioration or instability in global macroeconomic conditions, could cause our actual results to differ than those expressed in any forward-looking statement. Other factors which could cause future financial performance to differ materially from the expectations, and which may also be exacerbated by COVID-19 or a negative change in the economy, include, without limitation:

•declining physical mail volumes

•changes in postal regulations or operations, or the financial health of posts, in the U.S. or other major markets, or significant changes to the broader postal or shipping industry

•the loss of, or significant changes to, our contractual relationships with the United States Postal Service (USPS) or USPS' performance under those contracts

•our ability to continue to grow and manage volumes, gain additional economies of scale and improve profitability within our Global Ecommerce and Presort Services segments

•changes in labor and transportation availability and costs

•third-party suppliers' ability to provide products and services required by us and our clients

•competitive factors, including pricing pressures, technological developments and the introduction of new products and services by competitors

•the loss of some of our larger clients in our Global Ecommerce and Presort Services segments

•expenses and potential impacts resulting from a breach of security, including cyber-attacks or other comparable events

•our success at managing customer credit risk

•capital market disruptions or credit rating downgrades that adversely impact our ability to access capital markets at reasonable costs

•our success in developing and marketing new products and services and obtaining regulatory approvals, if required

•the continued availability and security of key information technology systems and the cost to comply with information security requirements and privacy laws

•changes in international trade policies, including the imposition or expansion of trade tariffs

•changes in tax laws, rulings or regulations, including the impact of potential U.S. tax reform

•our success at managing relationships and costs with outsource providers of certain functions and operations

•changes in banking regulations or the loss of our Industrial Bank charter or changes in foreign currency exchange rates and interest rates

•the United Kingdom's exit from the European Union

•intellectual property infringement claims

•the use of the postal system for transmitting harmful biological agents, illegal substances or other terrorist attacks

•impact of acts of nature on the services and solutions we offer

Further information about factors that could materially affect us, including our results of operations and financial condition, is contained in Item 1A. "Risk Factors" in our 2020 Annual Report, as supplemented by Part II, Item 1A in this Quarterly Report on Form 10-Q.

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Overview

Financial Results Summary - Three Months Ended March 31:

	Revenue
	Three Months Ended March 31,
	2021		2020		Actual % change		Constant Currency % Change
Business services	$	570,454	$	444,379	28	%	28	%
Support services	118,697		122,015		(3)	%	(4)	%
Financing	77,812		89,078		(13)	%	(14)	%
Equipment sales	86,803		76,273		14	%	12	%
Supplies	42,224		45,709		(8)	%	(10)	%
Rentals	19,207		18,814		2	%	—	%
Total revenue	$	915,197	$	796,268	15	%	14	%

	Revenue
	Three Months Ended March 31,
	2021		2020		Actual % change		Constant currency % change
Global Ecommerce	$	413,086	$	292,323	41	%	40	%
Presort Services	143,126		140,720		2	%	2	%
SendTech Solutions	358,985		363,225		(1)	%	(3)	%
Total	$	915,197	$	796,268	15	%	14	%

	EBIT
	Three Months Ended March 31,
	2021		2020		% change
Global Ecommerce	$	(26,376)	$	(29,475)	11	%
Presort Services	19,051		15,695		21	%
SendTech Solutions	114,470		106,562		7	%
Total Segment EBIT	$	107,145	$	92,782	15	%

Revenue increased 15% as reported and 14% at constant currency in the first quarter of 2021 compared to the prior year, primarily driven by higher business services revenue resulting from increased volumes in our Global Ecommerce segment. Within our business segments, Global Ecommerce revenue grew 41% as reported and 40% at constant currency due to increased volumes, Presort Services revenue increased 2% primarily due to higher Marketing Mail volumes and SendTech Solutions revenue declined 1% as reported and 3% at constant currency primarily due to lower financing, supplies and support services revenue, partially offset by higher equipment sales and business services revenue. Segment EBIT in the quarter increased 15%, primarily due to a prior year credit loss charge of $10 million in SendTech Solutions due to the then-current economic recessionary conditions caused by COVID-19, increased volumes in Global Ecommerce and lower operating expenses in Presort Services. Refer to Results of Operations section for further information.

During the quarter, we completed a series of transactions to refinance our debt portfolio to decrease our refinancing risk and create strategic flexibility. Refer to Liquidity and Capital Resources section for further information.

Impacts of COVID-19

Beginning in 2020, COVID-19 and the efforts to contain it adversely affected global economies and demand for a broad variety of goods and services and created disruptions and shortages in supply chains. We implemented measures in our facilities to protect the health and safety of our employees and contractors, including staggering shifts and breaks to enhance social distancing, providing personal protection equipment, conducting temperature checks and sanitizing equipment and facilities multiple times a day. Employees that have the ability to work remotely continue to do so and management continues to assess conditions to determine when, and how, these employees should return to their office locations. We continue to manage through supply chain shortages and disruptions and provide enhanced proactive measures in our facilities to protect the health and safety of our employees and contractors.

29

Beginning primarily in the second quarter of 2020, COVID-19 impacted our financial results in different ways in each of our businesses. Global Ecommerce experienced a significant increase in volumes and revenue due to the demand for ecommerce solutions; however, the increase in volumes resulted in higher postal costs driven by capacity constraints and higher labor and transportation costs as many companies competed for these resources. Presort Services experienced a decline in both First Class and Marketing Mail and higher labor costs. Global Ecommerce and Presort Services incurred additional costs and experienced lower productivity as a result of the health and safety measures implemented in their facilities.

In SendTech Solutions, the increase in the number of clients working remotely adversely impacted demand for and usage of our mailing equipment and supplies, and our ability to perform on-site service and installations, but we saw an improvement in our cloud-enabled shipping and mailing solutions.

Outlook

Given the continuing unpredictability of the severity, magnitude and duration of the COVID-19 pandemic, especially in light of the increasingly widespread outbreak in India, where a majority of our research and development activities are located, the impact of the pandemic on our business, operations and financial performance remains uncertain. The developing global semiconductor chip shortage may also adversely affect our needed supply for SendTech equipment for the remainder of 2021. The extent of that impact will depend upon the duration and severity of the shortage, as well as our success in mitigating against its impact. Accordingly, there are some unique factors not within our control that could affect our business and current outlook for 2021. However, we believe we are well positioned to manage through the current conditions and will continue to take proactive steps to manage our operations and related financial impacts.

Despite some of the ongoing uncertainty, we do not expect the global economy or our individual businesses to be affected to the same extent in 2021 as in 2020, which will result in an impact to the comparison of our results to the prior year. Within Global Ecommerce, we expect continued market growth in ecommerce and anticipate revenue growth in 2021, although not at the growth rates experienced throughout 2020. Although we expect margin and profit improvements in 2021 from pricing initiatives and operational improvements within our facilities and network designed to drive efficiencies and increased productivity, we also expect the continued growth of the overall market's needs for both transportation services and labor will create cost challenges. Within Presort Services, we expect the improving volume trends in the second half of 2020 to continue throughout 2021. We anticipate that Presort Services margins will improve in 2021 as a result of productivity initiatives, increased automation and facilities consolidation and optimization. Within SendTech Solutions, we expect revenue to continue to decline, but growth in our cloud-enabled shipping solutions and sales of our multi-purpose devices to partially offset these declines. On a consolidated basis, we expect modest revenue growth in 2021 compared to 2020.

30

RESULTS OF OPERATIONS

In our revenue discussion, we may refer to revenue growth on a constant currency basis. Constant currency measures exclude the impact of changes in currency exchange rates since the prior period under comparison. We believe that excluding the impacts of currency exchange rates provides investors with a better understanding of the underlying revenue performance. Constant currency change is calculated by converting the current period non-U.S. dollar denominated revenue using the prior year’s exchange rate. Where constant currency measures are not provided, the actual change and constant currency change are the same.  

Management measures segment profitability and performance using segment earnings before interest and taxes (EBIT). Segment EBIT is calculated by deducting from segment revenue the related costs and expenses attributable to the segment. Segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, asset impairment charges, goodwill impairment charges and other items not allocated to a particular business segment. Management believes that it provides investors a useful measure of operating performance and underlying trends of the business. Segment EBIT may not be indicative of our overall consolidated performance and therefore, should be read in conjunction with our consolidated results of operations.

REVENUE AND SEGMENT EBIT

Global Ecommerce

Global Ecommerce includes the revenue and related expenses from domestic parcel services, cross-border solutions and digital delivery services.

	Revenue								Cost of Revenue				Gross Margin
	Three Months Ended March 31,								Three Months Ended March 31,				Three Months Ended March 31,
	2021		2020		Actual % change		Constant Currency % change		2021		2020		2021		2020
Business services	$	413,086	$	292,323	41	%	40	%	$	384,308	$	265,221	7.0	%	9.3	%
	Segment EBIT
	Three Months Ended March 31,
	2021		2020		Actual % change
Segment EBIT	$	(26,376)	$	(29,475)	11	%

Global Ecommerce revenue increased 41% as reported and 40% at constant currency in the first quarter of 2021 compared to the prior year period due to the significant increase in volumes caused by the onset of COVID-19. Domestic parcel delivery volumes, cross-border volumes and digital delivery volumes contributed revenue growth of 22%, 15% and 4%, respectively.

Despite a decline in gross margin percentage, total gross margin increased $2 million compared to the prior year primarily due to the significant increase in revenue. The increased revenue more than offset higher transportation, postal and labor costs.

Segment EBIT for the first quarter of 2021 was a loss of $26 million compared to a loss of $29 million in the prior year period. This increase was driven by the increase in gross margin and from $1 million in lower operating expenses.

31

Presort Services

Presort Services includes revenue and related expenses from sortation services to qualify large volumes of First Class Mail, Marketing Mail, Marketing Mail Flats and Bound Printed Matter for postal worksharing discounts.

	Revenue								Cost of Revenue				Gross Margin
	Three Months Ended March 31,								Three Months Ended March 31,				Three Months Ended March 31,
	2021		2020		Actual % change		Constant Currency % change		2021		2020		2021		2020
Business services	$	143,126	$	140,720	2	%	2	%	$	108,998	$	105,238	23.8	%	25.2	%
	Segment EBIT
	Three Months Ended March 31,
	2021		2020		Actual % change
Segment EBIT	$	19,051	$	15,695	21	%

Presort Services revenue increased 2% in the first quarter of 2021 compared to the prior year period primarily due to increased volumes of Marketing Mail.

Gross margin decreased to 23.8% from 25.2% primarily due to higher labor costs driven by wage increases to address the increase in competition for labor resources, increased depreciation expense on new equipment and incremental costs associated with COVD-19.

Segment EBIT increased 21% in the first quarter of 2021, primarily due to a $4 million prior year charge for unrealized losses on certain investment securities and lower consulting fees of $1 million, partially offset by the decline in gross margin.

SendTech Solutions

SendTech Solutions includes the revenue and related expenses from physical and digital mailing and shipping technology solutions, financing, services, supplies and other applications to help simplify and save on the sending, tracking and receiving of letters, parcels and flats.

	Revenue								Cost of Revenue				Gross Margin
	Three Months Ended March 31,								Three Months Ended March 31,				Three Months Ended March 31,
	2021		2020		Actual % change		Constant Currency % change		2021		2020		2021		2020
Business services	$	14,242	$	11,336	26	%	26	%	$	6,069	$	4,185	57.4	%	63.1	%
Support services	118,697		122,015		(3)	%	(4)	%	36,228		39,628		69.5	%	67.5	%
Financing	77,812		89,078		(13)	%	(14)	%	11,886		12,489		84.7	%	86.0	%
Equipment sales	86,803		76,273		14	%	12	%	61,790		57,348		28.8	%	24.8	%
Supplies	42,224		45,709		(8)	%	(10)	%	11,211		12,240		73.4	%	73.2	%
Rentals	19,207		18,814		2	%	—	%	6,447		6,378		66.4	%	66.1	%
Total revenue	$	358,985	$	363,225	(1)	%	(3)	%	$	133,631	$	132,268	62.8	%	63.6	%
	Segment EBIT
	Three Months Ended March 31,
	2021		2020		Actual % change
Segment EBIT	$	114,470	$	106,562	7	%

SendTech Solutions revenue decreased 1% as reported and 3% at constant currency in the first quarter of 2021 compared to the prior year. Financing revenue decreased 13% as reported and 14% at constant currency primarily driven by a declining lease portfolio. Supplies revenue declined 8% as reported and 10% at constant currency driven by a declining meter population and reduced usage and demand. Support services revenue decreased 3% as reported and 4% at constant currency driven by a declining meter population.

32

These declines were partially offset by an increase in business services and equipment sales revenue. Business services revenue increased $3 million, or 26% at constant currency, primarily due to an increased use of our shipping products. Equipment sales increased 14% as reported and 12% at constant currency driven by a large government deal in the quarter.

Gross margin for the first quarter of 2021 decreased slightly to 62.8% from 63.6% compared to the prior year period. Business services gross margin decreased to 57.4% from 63.1% primarily driven by a shift to lower margin products. Equipment sales gross margin increased to 28.8% from 24.8% primarily due to lower engineering costs. Support services gross margin increased to 69.5% from 67.5% in the prior period primarily due to cost savings in the current year.

Segment EBIT increased 7% in the first quarter of 2021 compared to the prior year, primarily driven by a $10 million credit loss charge in the prior year due to economic recessionary conditions caused by COVID-19 and lower operating expense of $4 million, partially offset by a decline in gross margin of $6 million.

UNALLOCATED CORPORATE EXPENSES

The majority of our SG&A expense is recorded directly or allocated to our reportable segments. Those expenses not recorded directly or allocated to our reportable segments are reported as unallocated corporate expenses. Unallocated corporate expenses primarily represents corporate administrative functions such as finance, marketing, human resources, legal, information technology and innovation.

	Three Months Ended March 31,
	2021		2020		Actual % change
Unallocated corporate expenses	$	(57,465)	$	(43,722)	(31)	%

The increase in unallocated corporate expenses in the quarter compared to the prior year period was driven primarily by higher variable compensation-related expenses of $8 million and higher sales tax expense of $7 million, partially offset by lower professional fees of $3 million and lower travel expenses of $1 million.

CONSOLIDATED EXPENSES

Selling, general and administrative (SG&A)

SG&A expense of $238 million in the quarter decreased 4% compared to the prior period, primarily due to a lower provision for credit losses of $12 million driven by the $10 million prior year charge due to the then-current economic recessionary conditions and outlook caused by COVID-19, lower professional and outsourcing fees of $5 million and lower travel expenses of $4 million, partially offset by higher employee-related expenses of $11 million.

Research and development (R&D)

R&D expense decreased 7%, or $1 million in the first quarter of 2021 compared to the prior year period, primarily due to a shift in the mix of projects as well as the timing of project spending.

Restructuring charges

Restructuring charges primarily includes costs for employee severance and facility closures. See Note 10 to the Condensed Consolidated Financial Statements for further information.

Other expense, net

Other expense, net of $51 million in the three months ended March 31, 2021 relates to the loss on debt refinancing. See Note 11 to the Condensed Consolidated Financial Statements and Liquidity and Capital Resources below for further information.

INCOME TAXES AND DISCONTINUED OPERATIONS

Income taxes

The effective tax rate for the three months ended March 31, 2021 was a benefit of 33.6% and includes benefits of $3 million from an affiliate reorganization and $2 million from the vesting of restricted stock, partially offset by a charge of $1 million for the write-off of deferred tax assets associated with the expiration of out-of-the-money stock options.

Discontinued Operations

Discontinued operations for the quarter ended March 31, 2021 includes a tax charge related to the sale of our Production Mail business in 2018.

33

LIQUIDITY AND CAPITAL RESOURCES

At March 31, 2021, we had cash, cash equivalents and short-term investments of $697 million. This includes $227 million held at our foreign subsidiaries used to support the liquidity needs of those subsidiaries. Our ability to maintain adequate liquidity for our operations is dependent upon a number of factors, including our revenue and earnings, our clients ability to pay their balances on a timely basis, the length and severity of COVID-19 and its impact on macroeconomic conditions and our ability to take further cost savings and cash conservation measures if necessary. At this time, we believe that existing cash and investments, cash generated from operations and borrowing capacity under our $500 million revolving credit facility will be sufficient to fund our cash needs for the next 12 months.

Cash Flow Summary

Changes in cash and cash equivalents were as follows:

	2021		2020		Change
Net cash provided by (used in) operating activities	$	65,924	$	(67,355)	$	133,279
Net cash used in investing activities	(87,109)		(23,499)		(63,610)
Net cash used in financing activities	(218,300)		(160,484)		(57,816)
Effect of exchange rate changes on cash and cash equivalents	(1,238)		(10,032)		8,794
Change in cash and cash equivalents	$	(240,723)	$	(261,370)	$	20,647

Operating Activities

Cash provided by operating activities was $66 million in the first three months of 2021 compared to a use of $67 million in the prior year period. The increase of $133 million was primarily due to higher collections of accounts receivable, the timing of accounts payable and accrued liabilities and a $38 million cash payment in the prior year for taxes related to the gain on the sale of our Software Solutions business.

Investing Activities

Cash used in investing activities in the first three months of 2021 increased $64 million compared to the prior year period primarily driven by increased net purchases of investment securities of $42 million, higher capital expenditures of $18 million and increased investment in loan receivables.

Financing Activities

Cash used in financing activities in the first three months of 2021 increased $58 million compared to the prior year period primarily driven by an outflow in customer deposits at PB Bank of $27 million, higher net debt repayments of $16 million and higher fees associated with debt refinancing of $12 million. See Financings and Capitalization below for additional information.

Financings and Capitalization

During the first quarter of 2021, we issued a $400 million 6.875% unsecured note due March 2027 and a $350 million 7.25% unsecured note due March 2029. We also entered into a new seven-year $450 million secured term loan maturing March 2028.

We redeemed the remaining $153 million balance of the October 2021 notes and, under a tender offer, redeemed an aggregate $356 million of the May 2022 notes, April 2023 notes and March 2024 notes. We also repaid the remaining $818 million balance of our term loan that was scheduled to mature in January 2025. In April 2021, we redeemed under the tender offer, an additional $7 million of the May 2022 notes, April 2023 notes and March 2024 notes.

We also amended our $500 million secured revolving credit facility and our March 2026 secured term loan to extend their maturities from November 2024 to March 2026. The credit agreement that governs the revolving credit facility and term loans contains financial and non-financial covenants. At March 31, 2021, we were in compliance with all covenants and there were no outstanding borrowings under the revolving credit facility.

A $51 million pre-tax loss was incurred on the refinancing of debt.

Interest rates on certain notes are subject to adjustment based on changes in our credit ratings. Due to a credit downgrade in February 2021, the interest rates on the May 2022 notes and the April 2023 notes will increase 0.25% in the second quarter of 2021.

34

Each quarter, our Board of Directors considers whether to approve the payment, as well as the amount, of a dividend. There are no material restrictions on our ability to declare dividends. We expect to continue to pay a quarterly dividend; however, no assurances can be given.

Contractual Obligations and Off-Balance Sheet Arrangements

At March 31, 2021, we have entered into leases with aggregate lease payments of approximately $41 million and terms ranging from three to eight years, that have not commenced.

At March 31, 2021, we had no off-balance sheet arrangements that have, or are reasonably likely to have, a material effect on our financial condition, results of operations or liquidity.

Regulatory Matters

There have been no significant changes to the regulatory matters disclosed in our 2020 Annual Report.

Item 3: Quantitative and Qualitative Disclosures About Market Risk

There were no material changes to the disclosures made in our 2020 Annual Report.

Item 4: Controls and Procedures

Disclosure controls and procedures are designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures are also designed to reasonably ensure that such information is accumulated and communicated to management, including our Chief Executive Officer (CEO) and Chief Financial Officer (CFO), to allow timely decisions regarding disclosures.

With the participation of our CEO and CFO, management evaluated our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act) and internal controls over financial reporting as of the end of the period covered by this report. Our CEO and CFO concluded that, as of the end of the period covered by this report, such disclosure controls and procedures were effective to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the required time periods. In addition, no changes in internal control over financial reporting occurred during the quarter covered by this report that materially affected, or are reasonably likely to materially affect, such internal control over financial reporting. Further, we have not experienced any material impact to our internal controls over financial reporting given that most of our employees are working remotely due to COVID-19. We are continually monitoring and assessing the COVID-19 situation on our internal controls to minimize the impact to their design and operating effectiveness.

It should be noted that any system of controls is based in part upon certain assumptions designed to obtain reasonable (and not absolute) assurance as to its effectiveness, and there can be no assurance that any design will succeed in achieving its stated goals. Notwithstanding this caution, the CEO and CFO have reasonable assurance that the disclosure controls and procedures were effective as of March 31, 2021.

35

PART II. OTHER INFORMATION

Item 1: Legal Proceedings

See Note 14 to the Condensed Consolidated Financial Statements.

Item 1A: Risk Factors

There were no material changes to the risk factors identified in our 2020 Annual Report.

Item 2: Unregistered Sales of Equity Securities and Use of Proceeds

Repurchases of Equity Securities

We periodically repurchase shares of our common stock in the open market to manage the dilution created by shares issued under employee stock plans and for other purposes and currently have Board authorization to repurchase up to $16 million of our common stock. There were no repurchases of our common stock during the first three months of 2021.

36

Item 6: Exhibits

Exhibit Number	Description	Exhibit Number in this Form 10-Q
3(i)(a)	Amended and Restated Certificate of Incorporation of Pitney Bowes Inc. (incorporated by reference to Exhibit 3(i)(a) to the Form 8-K filed with the Commission on September 30, 2019)	3(i)(a)
3	Pitney Bowes Inc. Amended and Restated By-laws effective May 13, 2013 (incorporated by reference to Exhibit 3 to the Form 8-K filed with the Commission on May 15, 2013)	3
4.1	Indenture, dated March 19, 2021, among Pitney Bowes Inc., the guarantors party thereto and Truist Bank, as trustee, with respect to Pitney Bowes Inc.'s 6.875% Senior Notes due 2027. (incorporate by reference to Exhibit 4.1 to the Form 8-K filed with the Commission on March 23, 2021)	4.1
4.2	Indenture, dated March 19, 2021, among Pitney Bowes Inc., the guarantors party thereto and Truist Bank, as trustee, with respect to Pitney Bowes Inc.'s 7.250% Senior Notes due 2029. (incorporate by reference to Exhibit 4.1 to the Form 8-K filed with the Commission on March 23, 2021)	4.2
10.1	First Amendment, dated as of March 19, 2021, among Pitney Bowes Inc., the subsidiaries of Pitney Bowes Inc. party thereto, the lenders and issuing banks party thereto, and JPMorgan Chase Bank, N.A., as administrative agent (incorporated by reference to Exhibit 10.1 to the Form 8-K filed with the Commission on March 23, 2021)	10.1
10.2	First Refinancing Agreement, dated as of March 19, 2021, among Pitney Bowes Inc., the subsidiaries of Pitney Bowes Inc. party thereto and JPMorgan Chase Bank, N.A., as administrative agent and refinancing tranche B term lender. (incorporated by reference to Exhibit 10.2 to the Form 8-K filed with the Commission on March 23, 2021)	10.2
31.1	Certification of Chief Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended	31.1
31.2	Certification of Chief Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended	31.2
32.1	Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350	32.1
32.2	Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350	32.2
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Presentation Linkbase Document
104	The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, formatted in Inline XBRL. (included as Exhibit 101).

* Pursuant to Item 601(a)(5) of Regulation S-K, certain exhibits and schedules have been omitted. The registrant hereby agrees to furnish

supplementally a copy of any omitted attachment to the SEC upon request.

37

Signatures  

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		PITNEY BOWES INC.
Date:	May 6, 2021
		/s/ Ana Maria Chadwick
		Ana Maria Chadwick
		Executive Vice President and Chief Financial Officer
		(Duly Authorized Officer and Principal Financial Officer)
		/s/ Joseph R. Catapano
		Joseph R. Catapano
		Vice President and Chief Accounting Officer
		(Duly Authorized Officer and Principal Accounting Officer)

38

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Marc B. Lautenbach, certify that:

1.    I have reviewed this quarterly report on Form 10-Q of Pitney Bowes Inc.;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.    The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 6, 2021

/s/ Marc B. Lautenbach

Marc B. Lautenbach

President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Ana Maria Chadwick, certify that:

1.    I have reviewed this quarterly report on Form 10-Q of Pitney Bowes Inc.;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.    The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 6, 2021

/s/ Ana Maria Chadwick

Ana Maria Chadwick

Executive Vice President and Chief Financial Officer (Principal Financial Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Pitney Bowes Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Marc B. Lautenbach, President and Chief Executive Officer of the Company, certify, to the best of my knowledge, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Marc B. Lautenbach

Marc B. Lautenbach

President and Chief Executive Officer

Date:    May 6, 2021

The foregoing certification is being furnished solely to accompany this report pursuant to 18 U.S.C. §1350, and is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the Company.

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Pitney Bowes Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Ana Maria Chadwick, Executive Vice President, Chief Operating Officer and Chief Financial Officer of the Company, certify, to the best of my knowledge, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Ana Maria Chadwick

Ana Maria Chadwick

Executive Vice President and Chief Financial Officer (Principal Financial Officer)

Date:    May 6, 2021

The foregoing certification is being furnished solely to accompany this report pursuant to 18 U.S.C. §1350, and is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the Company.

XML

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	1-03579
Entity Registrant Name	PITNEY BOWES INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	06-0495050
Entity Address, Address Line One	3001 Summer Street,
Entity Address, City or Town	Stamford,
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06926
City Area Code	(203)
Local Phone Number	356-5000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		175,493,000
Entity Central Index Key	0000078814
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Common stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $1 par value per share
Trading Symbol	PBI
Security Exchange Name	NYSE
6.70% Notes due 2043
Entity Information [Line Items]
Title of 12(b) Security	6.7% Notes due 2043
Trading Symbol	PBI.PRB
Security Exchange Name	NYSE

XML

Condensed Consolidated Statements of Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021		Mar. 31, 2020
Revenue	$ 915,197		$ 796,268
Costs and expenses:
Selling, general and administrative	238,102		248,633
Research and development	11,316		12,116
Restructuring charges	2,889		3,817
Goodwill impairment	0		198,169
Interest expense, net	25,158		25,883
Other components of net pension and postretirement expense (income)	350		(151)
Other expense, net	51,394		33,487
Total costs and expenses	956,844		1,024,845
Loss from continuing operations before taxes	(41,647)		(228,577)
Benefit for income taxes	(13,992)		(10,030)
Loss from continuing operations	(27,655)		(218,547)
(Loss) income from discontinued operations, net of tax	(3,886)		10,064
Net loss	$ (31,541)		$ (208,483)
Basic earnings (loss) per share:
Continuing operations (in dollars per share)	$ (0.16)		$ (1.28)
Discontinued operations (in dollars per share)	(0.02)		0.06
Net (loss) income (in dollars per share)	(0.18)	[1]	(1.22)
Diluted earnings (loss) per share:
Continuing operations (in dollars per share)	(0.16)		(1.28)
Discontinued operations (in dollars per share)	(0.02)		0.06
Net (loss) income (in dollars per share)	$ (0.18)		$ (1.22)
Business services
Revenue from contracts with customers	$ 570,454		$ 444,379
Revenue	570,454		444,379
Costs and expenses:
Cost of products and sales	499,534		374,665
Support services
Revenue from contracts with customers	118,697		122,015
Revenue	118,697		122,015
Costs and expenses:
Cost of products and sales	36,717		39,760
Financing
Revenue from contracts with customers	0		0
Revenue	77,812		89,078
Costs and expenses:
Cost of products and sales	11,886		12,489
Equipment sales
Revenue from contracts with customers	19,118		17,130
Revenue	86,803		76,273
Costs and expenses:
Cost of equipment sales	61,840		57,359
Supplies
Revenue from contracts with customers	42,224		45,709
Revenue	42,224		45,709
Costs and expenses:
Cost of products and sales	11,211		12,240
Rentals
Revenue from contracts with customers	0		0
Revenue	19,207		18,814
Costs and expenses:
Cost of products and sales	$ 6,447		$ 6,378

[1] The sum of the earnings per share amounts may not equal the totals due to rounding.

XML

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (31,541)	$ (208,483)
Other comprehensive loss, net of tax:
Foreign currency translation, net of tax of $(13) and $(2,817), respectively	(14,258)	(27,735)
Net unrealized gain (loss) on cash flow hedges, net of tax of $1,601 and $(58), respectively	4,830	(174)
Net unrealized (loss) gain on investment securities, net of tax of $(2,956) and $434, respectively	(8,916)	1,308
Amortization of pension and postretirement costs, net of tax of $3,208 and $2,650, respectively	9,937	8,870
Other comprehensive loss, net of tax	(8,407)	(17,731)
Comprehensive loss	$ (39,948)	$ (226,214)

XML

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Foreign currency translation, tax	$ (13)	$ (2,817)
Net unrealized gain (loss) on cash flow hedges, tax	1,601	(58)
Net unrealized gain on investment securities, tax	(2,956)	434
Amortization of pension and postretirement costs, tax	$ 3,208	$ 2,650

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 680,727	$ 921,450
Short-term investments, reported at fair value	16,200	18,974
Accounts and other receivables (net of allowance of $20,480 and $18,899, respectively)	327,755	389,240
Short-term finance receivables (net of allowance of $17,866 and $18,012, respectively)	551,061	568,050
Inventories	63,680	65,845
Current income taxes	44,288	23,219
Other current assets and prepayments	124,394	120,145
Total current assets	1,808,105	2,106,923
Property, plant and equipment, net	405,226	391,280
Rental property and equipment, net	37,708	38,435
Long-term finance receivables (net of allowance of $17,608 and $17,857 respectively)	597,012	605,292
Goodwill	1,144,064	1,152,285
Intangible assets, net	152,265	159,839
Operating lease assets	196,843	201,916
Noncurrent income taxes	68,732	72,653
Other assets (includes $383,214 and $355,799, respectively, reported at fair value)	531,226	491,514
Total assets	4,941,181	5,220,137
Current liabilities:
Accounts payable and accrued liabilities	820,286	880,616
Customer deposits at Pitney Bowes Bank	589,406	617,200
Current operating lease liabilities	39,587	39,182
Current portion of long-term debt	19,972	216,032
Advance billings	118,166	114,550
Current income taxes	6,839	2,880
Total current liabilities	1,594,256	1,870,460
Long-term debt	2,418,885	2,348,361
Deferred taxes on income	282,192	279,451
Tax uncertainties and other income tax liabilities	37,936	38,163
Noncurrent operating lease liabilities	174,798	180,292
Other noncurrent liabilities	413,951	437,015
Total liabilities	4,922,018	5,153,742
Commitments and contingencies (See Note 14)
Stockholders’ equity:
Common stock, $1 par value (480,000,000 shares authorized; 323,337,912 shares issued)	323,338	323,338
Additional paid-in capital	15,269	68,502
Retained earnings	5,161,029	5,201,195
Accumulated other comprehensive loss	(847,538)	(839,131)
Treasury stock, at cost (149,600,577 and 151,362,724 shares, respectively)	(4,632,935)	(4,687,509)
Total stockholders’ equity	19,163	66,395
Total liabilities and stockholders’ equity	$ 4,941,181	$ 5,220,137

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Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 20,480	$ 18,899
Short-term finance receivables allowance	17,866	18,012
Long-term finance receivables allowance	17,608	17,857
Other assets, fair value	$ 383,214	$ 355,799
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	480,000,000	480,000,000
Common stock, shares issued (in shares)	323,337,912	323,337,912
Treasury stock (in shares)	149,600,577	151,362,724

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net loss	$ (31,541)	$ (208,483)
Loss (income) from discontinued operations, net of tax	3,886	(10,064)
Restructuring payments	(3,955)	(6,047)
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation and amortization	39,594	40,719
Allowance for credit losses	3,992	15,926
Stock-based compensation	5,221	1,521
Restructuring charges	2,889	3,817
Amortization of debt fees	2,644	2,300
Goodwill impairment	0	198,169
Loss on debt refinancing	51,394	36,987
Changes in operating assets and liabilities, net of acquisitions/divestitures:
Accounts and other receivables	57,642	7,182
Finance receivables	27,714	17,772
Inventories	1,900	(4,815)
Other current assets and prepayments	(7,153)	(7,969)
Accounts payable and accrued liabilities	(54,022)	(104,556)
Current and noncurrent income taxes	(17,291)	10,797
Advance billings	4,267	(4,148)
Pension and retiree medical liabilities	(24,775)	(28,961)
Other, net	3,518	10,303
Net cash from operating activities - continuing operations	65,924	(29,550)
Net cash from operating activities - discontinued operations	0	(37,805)
Net cash from operating activities	65,924	(67,355)
Cash flows from investing activities:
Capital expenditures	(43,328)	(25,778)
Purchases of investment securities	(64,473)	(107,312)
Proceeds from sales/maturities of investment securities	28,008	104,222
Net investment in loan receivables	(7,316)	1,071
Acquisitions, net of cash acquired	0	(1,281)
Other investing activities	0	8,081
Net cash from investing activities - continuing operations	(87,109)	(20,997)
Net cash from investing activities - discontinued operations	0	(2,502)
Net cash from investing activities - continuing operations	(87,109)	(23,499)
Cash flows from financing activities:
Proceeds from the issuance of debt, net of discount	1,195,500	816,544
Principal payments of debt	(1,327,315)	(932,600)
Premiums and fees paid to refinance debt	(44,418)	(32,645)
Dividends paid to stockholders	(8,625)	(8,523)
Decrease in customer deposits at Pitney Bowes Bank	(27,794)	(888)
Other financing activities	(5,648)	(2,372)
Net cash from financing activities	(218,300)	(160,484)
Effect of exchange rate changes on cash and cash equivalents	(1,238)	(10,032)
Change in cash and cash equivalents	(240,723)	(261,370)
Cash and cash equivalents at beginning of period	921,450	924,442
Cash and cash equivalents at end of period	$ 680,727	$ 663,072

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Description of Business and Basis of Presentation

3 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business and Basis of Presentation

Description of Business and Basis of Presentation

Description of Business

Pitney Bowes Inc. (we, us, our, or the company) is a global technology company providing commerce solutions that power billions of transactions. Clients around the world rely on the accuracy and precision delivered by our equipment, solutions, analytics, and application programming interface technology in the areas of ecommerce fulfillment, shipping and returns, cross-border ecommerce, office mailing and shipping, presort services and financing. For more information about us, our products, services and solutions, visit www.pitneybowes.com.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and the instructions to Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In addition, the December 31, 2020 Condensed Consolidated Balance Sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. In management's opinion, all adjustments, consisting only of normal recurring adjustments, considered necessary to fairly state our financial position, results of operations and cash flows for the periods presented have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2021, particularly in light of the coronavirus pandemic (COVID-19) and its effect on global businesses and economies. These statements should be read in conjunction with the financial statements and notes thereto included in our Annual Report to Stockholders on Form 10-K for the year ended December 31, 2020 (2020 Annual Report).

In the fourth quarter 2020, we determined that based on their nature, certain cash flows from loan receivables classified as cash flows from operating activities should have been classified as investment in loans receivables within cash flows from investing activities. It was also determined that certain investment purchases and maturities that were previously reported on a net basis should have been reported on a gross basis. Finally, previously reported cash flows from investing activities resulting from changes in customer deposits at the Pitney Bowes Bank (the Bank) are now reported as cash flows from financing activities. These adjustments were not material to the previously issued 2020 interim financial statements; however, the cash flow statement for the period ended March 31, 2020 has been revised and the impact on our previously issued interim Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2020 is as follows:

	Three Months Ended March 31, 2020
(unaudited)	As Previously Reported		Adjustments		As Revised
Cash flows from operating activities
Changes in finance receivables	$	18,843	$	(1,071)	$	17,772
Net cash from operating activities: continuing operations	$	(28,479)	$	(1,071)	$	(29,550)
Net cash from operating activities	$	(66,284)	$	(1,071)	$	(67,355)
Cash flows from investing activities
Purchases of investment securities	$	(67,312)	$	(40,000)	$	(107,312)
Proceeds from sales/maturities of investment securities	$	24,102	$	80,120	$	104,222
Net change in short-term and other investing activities	$	48,431	$	(48,431)	$	—
Net investment in loan receivables	$	—	$	1,071	$	1,071
Customer deposits at the Bank	$	(888)	$	888	$	—
Other investing activities	$	(230)	$	8,311	$	8,081
Net cash from investing activities: continuing operations	$	(22,956)	$	1,959	$	(20,997)
Net cash from investing activities	$	(25,458)	$	1,959	$	(23,499)
Cash flows from financing activities
Customer deposits at the Bank	$	—	$	(888)	$	(888)
Net cash from financing activities	$	(159,596)	$	(888)	$	(160,484)

Risks and Uncertainties

The effects of COVID-19 on global economies and businesses continues to impact how we conduct business and our operating results, financial position and cash flows. Its impact on our business remains unpredictable and accordingly, we are not able to reasonably estimate the full extent of the impact of COVID-19 on our operating results, financial position and cash flows.

Accounting Pronouncements Adopted in 2021

In January 2021 we adopted ASU 2019-12, Simplifying the Accounting for Income Taxes. The ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles and also clarifies and amends existing guidance. The adoption of this standard did not have a material impact on our consolidated financial statements.

Accounting Pronouncements Not Yet Adopted

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The transition to new reference interest rates will require certain contracts to be modified and the ASU is intended to provide temporary optional expedients and exceptions to U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The accommodations provided by the ASU are effective through December 31, 2022 and may be applied at the beginning of any interim period within that time frame. We are currently assessing the impact this standard will have on our consolidated financial statements.

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Revenue

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

Disaggregated Revenue

The following tables disaggregate our revenue by source and timing of recognition:

	Three Months Ended March 31, 2021
	Global Ecommerce		Presort Services		SendTech Solutions		Revenue from products and services		Revenue from leasing transactions and financing		Total consolidated revenue
Major products/service lines
Business services	$	413,086	$	143,126	$	14,242	$	570,454	$	—	$	570,454
Support services	—		—		118,697		118,697		—		118,697
Financing	—		—		—		—		77,812		77,812
Equipment sales	—		—		19,118		19,118		67,685		86,803
Supplies	—		—		42,224		42,224		—		42,224
Rentals	—		—		—		—		19,207		19,207
Subtotal	413,086		143,126		194,281		750,493		$	164,704	$	915,197
Revenue from leasing transactions and financing
Financing	—		—		77,812		77,812
Equipment sales	—		—		67,685		67,685
Rentals	—		—		19,207		19,207
Total revenue	$	413,086	$	143,126	$	358,985	$	915,197
Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	—	$	—	$	77,538	$	77,538
Products/services transferred over time	413,086		143,126		116,743		672,955
Total	$	413,086	$	143,126	$	194,281	$	750,493

	Three Months Ended March 31, 2020
	Global Ecommerce		Presort Services		SendTech Solutions		Revenue from products and services		Revenue from leasing transactions and financing		Total consolidated revenue
Major products/service lines
Business services	$	292,323	$	140,720	$	11,336	$	444,379	$	—	$	444,379
Support services	—		—		122,015		122,015		—		122,015
Financing	—		—		—		—		89,078		89,078
Equipment sales	—		—		17,130		17,130		59,143		76,273
Supplies	—		—		45,709		45,709		—		45,709
Rentals	—		—		—		—		18,814		18,814
Subtotal	292,323		140,720		196,190		629,233		$	167,035	$	796,268
Revenue from leasing transactions and financing
Financing	—		—		89,078		89,078
Equipment sales	—		—		59,143		59,143
Rentals	—		—		18,814		18,814
Total revenue	$	292,323	$	140,720	$	363,225	$	796,268
Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	—	$	—	$	78,374	$	78,374
Products/services transferred over time	292,323		140,720		117,816		550,859
Total	$	292,323	$	140,720	$	196,190	$	629,233

Our performance obligations for revenue from products and services are as follows:

Business services includes providing mail processing services, shipping subscription solutions, fulfillment, delivery and return services and cross-border solutions. Revenue for shipping subscription solutions is recognized ratably over the contract period as the client obtains equal benefit from these services through the period. Revenue for mail processing services, fulfillment, delivery and return services and cross-border solutions is recognized over time using an output method based on the number of parcels or mail pieces either processed or delivered, depending on the service type, since that measure best depicts the value of goods and services transferred to the client over the contract period. Contract terms for these services range from one to five years followed by annual renewal periods.

Support services includes providing maintenance, professional and subscription services for our mailing equipment and professional services for our digital delivery services. Contract terms range from one to five years, depending on the term of the lease contract for the related equipment. Revenue for maintenance and subscription services is recognized ratably over the contract period and revenue for professional services is recognized when services are provided.

Equipment sales, excluding sales-type leases, generally includes the sale of mailing and shipping equipment. We recognize revenue upon delivery for self-install equipment and upon acceptance or installation for other equipment. We provide a warranty that our equipment is free of defects and meets stated specifications. The warranty is not considered a separate performance obligation.

Supplies revenue is recognized upon delivery.

Revenue from leasing transactions and financing includes revenue from sales-type and operating leases, finance income, late fees and investment income, gains and losses at Pitney Bowes Bank.

Advance Billings from Contracts with Customers

	Balance sheet location	March 31, 2021		December 31, 2020		Increase/ (decrease)
Advance billings, current	Advance billings	$	110,786	$	106,498	$	4,288
Advance billings, noncurrent	Other noncurrent liabilities	$	1,341	$	1,277	$	64

Advance billings are recorded when cash payments are due in advance of our performance. Revenue is recognized ratably over the contract term. Items in advance billings primarily relate to support services on mailing equipment. Revenue recognized during the period includes $74 million of advance billings at the beginning of the period. Advance billings, current at March 31, 2021 and December 31, 2020 also includes $7 million and $8 million, respectively, from leasing transactions.

Future Performance Obligations

Future performance obligations include revenue streams bundled with our leasing contracts, primarily maintenance and subscription services. The transaction prices allocated to future performance obligations will be recognized as follows:

	Remainder of 2021		2022		2023-2026		Total
SendTech Solutions	$	215,628	$	227,979	$	272,008	$	715,615

The table above does not include revenue related to performance obligations for contracts with terms less than 12 months and expected consideration for those performance obligations where revenue is recognized based on the amount billable to the customer.

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Segment Information

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment Information

Segment Information

Our reportable segments are Global Ecommerce, Presort Services and Sending Technology Solutions (SendTech Solutions). The principal products and services of each reportable segment are as follows:

Global Ecommerce: Includes the revenue and related expenses from domestic parcel services, cross-border solutions and digital delivery services.

Presort Services: Includes revenue and related expenses from sortation services to qualify large volumes of First Class Mail, Marketing Mail, Marketing Mail Flats and Bound Printed Matter for postal worksharing discounts.

SendTech Solutions: Includes the revenue and related expenses from physical and digital mailing and shipping technology solutions, financing, services, supplies and other applications to help simplify and save on the sending, tracking and receiving of letters, parcels and flats.

Management measures segment profitability and performance using segment earnings before interest and taxes (EBIT). Segment EBIT is calculated by deducting from segment revenue the related costs and expenses attributable to the segment. Segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, asset impairment charges and other items not allocated to a particular business segment. Management believes that it provides investors a useful measure of operating performance and underlying trends of the business. Segment EBIT may not be indicative of our overall consolidated performance and therefore, should be read in conjunction with our consolidated results of operations. The following tables provide information about our reportable segments and reconciliation of segment EBIT to net loss.

	Revenue
	Three Months Ended March 31,
	2021		2020
Global Ecommerce	$	413,086	$	292,323
Presort Services	143,126		140,720
SendTech Solutions	358,985		363,225
Total revenue	$	915,197	$	796,268

	EBIT
	Three Months Ended March 31,
	2021		2020
Global Ecommerce	$	(26,376)	$	(29,475)
Presort Services	19,051		15,695
SendTech Solutions	114,470		106,562
Total segment EBIT	107,145		92,782
Reconciliation of Segment EBIT to net loss:
Unallocated corporate expenses	(57,465)		(43,722)
Restructuring charges	(2,889)		(3,817)
Interest expense, net	(37,044)		(38,372)
Goodwill impairment	—		(198,169)
Loss on debt refinancing	(51,394)		(36,987)
Transaction costs	—		(292)
Benefit for income taxes	13,992		10,030
Loss from continuing operations	(27,655)		(218,547)
(Loss) income from discontinued operations, net of tax	(3,886)		10,064
Net loss	$	(31,541)	$	(208,483)

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Discontinued Operations	3 Months Ended
	Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued OperationsDiscontinued operations for the quarter ended March 31, 2021 includes a tax charge related to the sale of our Production Mail business in 2018. Discontinued operations for the quarter ended March 31, 2020 primarily includes the gain on the sale of our software business in Australia.

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Earnings per Share (EPS)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Earnings per Share (EPS)

Earnings per Share (EPS)

	Three Months Ended March 31,
	2021		2020
Numerator:
Loss from continuing operations	$	(27,655)	$	(218,547)
(Loss) income from discontinued operations, net of tax	(3,886)		10,064
Net loss	$	(31,541)	$	(208,483)
Denominator:
Weighted-average shares used in basic EPS	172,856		170,912
Dilutive effect of common stock equivalents (1)	—		—
Weighted-average shares used in diluted EPS	172,856		170,912
Basic loss per share (2):
Continuing operations	$	(0.16)	$	(1.28)
Discontinued operations	(0.02)		0.06
Net loss	$	(0.18)	$	(1.22)
Diluted loss per share (2):
Continuing operations	$	(0.16)	$	(1.28)
Discontinued operations	(0.02)		0.06
Net loss	$	(0.18)	$	(1.22)
Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive:	6,440		17,617

(1)     Due to the net loss for the three months ended March 31, 2021 and 2020, common stock equivalents of 5,804 and 1,554, respectively, were also excluded from the calculation of diluted earnings per share as the impact would have been anti-dilutive.

(2)     The sum of the earnings per share amounts may not equal the totals due to rounding.

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Inventories

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories are stated at the lower of cost or market. Cost is determined on the last-in, first-out (LIFO) basis, the first-in, first-out (FIFO) basis or average cost. Inventories consisted of the following:

	March 31, 2021		December 31, 2020
Raw materials	$	17,879	$	16,570
Supplies and service parts	25,749		24,061
Finished products	25,687		30,849
Inventory at FIFO cost	69,315		71,480
Excess of FIFO cost over LIFO cost	(5,635)		(5,635)
Total inventory, net	$	63,680	$	65,845

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Finance Assets and Lessor Operating Leases

3 Months Ended

Mar. 31, 2021

Receivables [Abstract]

Finance Assets and Lessor Operating Leases

Finance Assets and Lessor Operating Leases

Finance Assets

Finance receivables are comprised of sales-type lease receivables and unsecured revolving loan receivables. Sales-type lease receivables are generally due in installments over periods ranging from three to five years. Loan receivables arise primarily from financing services offered to our clients for postage and supplies and are generally due monthly; however, clients may rollover outstanding balances. Interest is recognized on loan receivables using the effective interest method. Annual fees are recognized ratably over the annual period covered and client acquisition costs are expensed as incurred.

Finance receivables consisted of the following:

	March 31, 2021						December 31, 2020
	North America		International		Total		North America		International		Total
Sales-type lease receivables
Gross finance receivables	$	975,272	$	192,273	$	1,167,545	$	994,985	$	211,944	$	1,206,929
Unguaranteed residual values	37,463		11,667		49,130		36,405		12,140		48,545
Unearned income	(265,497)		(60,413)		(325,910)		(275,359)		(61,686)		(337,045)
Allowance for credit losses	(22,998)		(5,606)		(28,604)		(22,917)		(6,006)		(28,923)
Net investment in sales-type lease receivables	724,240		137,921		862,161		733,114		156,392		889,506
Loan receivables
Loan receivables	269,797		22,985		292,782		268,690		22,092		290,782
Allowance for credit losses	(6,407)		(463)		(6,870)		(6,484)		(462)		(6,946)
Net investment in loan receivables	263,390		22,522		285,912		262,206		21,630		283,836
Net investment in finance receivables	$	987,630	$	160,443	$	1,148,073	$	995,320	$	178,022	$	1,173,342

Maturities of gross sales-type lease receivables and gross loan receivables at March 31, 2021 were as follows:

	Sales-type Lease Receivables						Loan Receivables
	North America		International		Total		North America		International		Total
Remaining for year ending December 31, 2021	$	297,596	$	47,488	$	345,084	$	219,009	$	22,985	$	241,994
Year ending December 31, 2022	308,902		65,636		374,538		16,057		—		16,057
Year ending December 31, 2023	204,090		42,223		246,313		10,325		—		10,325
Year ending December 31, 2024	110,774		22,887		133,661		12,722		—		12,722
Year ending December 31, 2025	46,934		10,250		57,184		9,470		—		9,470
Thereafter	6,976		3,789		10,765		2,214		—		2,214
Total	$	975,272	$	192,273	$	1,167,545	$	269,797	$	22,985	$	292,782

Aging of Receivables

The aging of gross finance receivables was as follows:

	March 31, 2021
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Past due amounts 0 - 90 days	$	956,358	$	191,298	$	265,004	$	22,812	$	1,435,472
Past due amounts > 90 days	18,914		975		4,793		173		24,855
Total	$	975,272	$	192,273	$	269,797	$	22,985	$	1,460,327
Past due amounts > 90 days
Still accruing interest	$	3,853	$	189	$	1,466	$	66	$	5,574
Not accruing interest	15,061		786		3,327		107		19,281
Total	$	18,914	$	975	$	4,793	$	173	$	24,855

	December 31, 2020
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Past due amounts 0 - 90 days	$	972,266	$	208,968	$	264,484	$	21,932	$	1,467,650
Past due amounts > 90 days	22,719		2,976		4,206		160		30,061
Total	$	994,985	$	211,944	$	268,690	$	22,092	$	1,497,711
Past due amounts > 90 days
Still accruing interest	$	5,128	$	463	$	1,797	$	59	$	7,447
Not accruing interest	17,591		2,513		2,409		101		22,614
Total	$	22,719	$	2,976	$	4,206	$	160	$	30,061

Allowance for Credit Losses

We estimate an allowance for credit losses based on historical loss experience, the nature of our portfolios, adverse situations that may affect a client's ability to pay, current conditions, management forecasts and independent economic forecasts. Credit losses are estimated at the portfolio level based on asset type and geographic market. Historical loss experience is based on actual loss rates over the average term of the asset of five years for sales-type lease receivables and three years for loan receivables (including accrued interest). The assumptions used in determining an estimate of credit losses are inherently subjective and actual results may differ significantly from estimated reserves.

We establish credit approval limits based on the credit quality of the client and the type of equipment financed. Our policy is to discontinue revenue recognition for lease receivables that are more than 120 days past due and for loan receivables that are more than 90 days past due. We resume revenue recognition when the client's payments reduce the account aging to less than 60 days past due. Finance receivables deemed uncollectible are written off against the allowance after all collection efforts have been exhausted and management deems the account to be uncollectible. However, we believe that our finance receivable credit risk is low because of the geographic and industry diversification of our clients and small account balances for most of our clients.

Activity in the allowance for credit losses for finance receivables was as follows:

	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Balance at January 1, 2021	$	22,917	$	6,006	$	6,484	$	462	$	35,869
Amounts charged to expense	154		61		763		4		982
Write-offs	(1,024)		(371)		(1,833)		(3)		(3,231)
Recoveries	935		29		991		—		1,955
Other	16		(119)		2		—		(101)
Balance at March 31, 2021	$	22,998	$	5,606	$	6,407	$	463	$	35,474
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Balance at December 31, 2019	$	10,920	$	2,085	$	5,906	$	740	$	19,651
Cumulative effect of accounting change	9,271		1,750		(1,116)		(402)		9,503
Amounts charged to expense	6,892		1,345		4,006		403		12,646
Write-offs	(1,618)		(248)		(2,058)		(104)		(4,028)
Recoveries	592		31		691		—		1,314
Other	(124)		(80)		(7)		(7)		(218)
Balance at March 31, 2020	$	25,933	$	4,883	$	7,422	$	630	$	38,868

Credit Quality

The extension of credit and management of credit lines to new and existing clients uses a combination of a client's credit score, where available, and a detailed manual review of their financial condition and payment history or an automated process for certain small dollar applications. Once credit is granted, the payment performance of the client is managed through automated collections processes and is supplemented with direct follow up should an account become delinquent. We have robust automated collections and extensive portfolio management processes to ensure that our global strategy is executed, collection resources are allocated appropriately and enhanced tools and processes are implemented as needed.

We use a third party to score the majority of the North America portfolio on a quarterly basis using a proprietary commercial credit score. The relative scores are determined based on a number of factors, including financial information, payment history, company type and ownership structure. We stratify the third party's credit scores of our clients into low, medium and high-risk accounts. Due to timing and other issues, our entire portfolio may not be scored at period end. We report these amounts as "Not Scored"; however, absence of a score is not indicative of the credit quality of the account. The third-party credit score is used to predict the payment behaviors of our clients and the probability that an account will become greater than 90 days past due during the subsequent 12-month period.

•Low risk accounts are companies with very good credit scores and a predicted delinquency rate of less than 5%.

•Medium risk accounts are companies with average to good credit scores and a predicted delinquency rate between 5% and 10%.

•High risk accounts are companies with poor credit scores, are delinquent or are at risk of becoming delinquent. The predicted delinquency rate would be greater than 10%.

The table below shows the gross sales-type lease receivable and loan receivable balances by relative risk class and year of origination based on the relative scores of the accounts within each class as of March 31, 2021 and December 30, 2020.

	Sales Type Lease Receivables												Loan Receivables		Total
	2021		2020		2019		2018		2017		Prior
Low	$	78,458	$	235,018	$	207,236	$	144,994	$	70,678	$	31,481	$	180,586	$	948,451
Medium	13,409		46,999		46,899		31,959		16,268		7,235		74,966		237,735
High	1,497		5,248		5,142		3,402		1,792		1,024		5,127		23,232
Not Scored	23,202		61,983		58,732		38,207		23,214		13,468		32,103		250,909
Total	$	116,566	$	349,248	$	318,009	$	218,562	$	111,952	$	53,208	$	292,782	$	1,460,327
	Sales Type Lease Receivables												Loan Receivables		Total
	2020		2019		2018		2017		2016		Prior
Low	$	256,573	$	228,344	$	165,244	$	87,346	$	30,518	$	12,249	$	192,971	$	973,245
Medium	50,785		49,946		37,168		21,388		6,470		2,375		61,625		229,757
High	6,182		5,396		3,782		1,974		1,051		143		4,518		23,046
Not Scored	80,854		77,362		48,704		24,291		7,813		971		31,668		271,663
Total	$	394,394	$	361,048	$	254,898	$	134,999	$	45,852	$	15,738	$	290,782	$	1,497,711

The majority of the Not Scored amounts above is within our International portfolio. We do not use a third party to score our International portfolio because the cost to do so is prohibitive as there is no single credit score model that covers all countries. Approximately 80% of credit applications are approved or denied through the automated review process. All other credit applications are manually reviewed by obtaining client financial information, credit reports and other available financial information.

Lease Income

Lease income from sales-type leases was as follows:

	Three Months Ended March 31,
	2021		2020
Profit recognized at commencement (1)	$	32,265	$	29,908
Interest income	48,496		53,806
Total lease income from sales-type leases	$	80,761	$	83,714

(1) Lease contracts do not include variable lease payments.

The disclosure of total lease income from sales-type leases for the three months ended March 31, 2020 has been revised from $63 million to $84 million. The revision did not have any impact on our Condensed Consolidated Statement of Loss.

Lessor Operating Leases

We also lease mailing equipment under operating leases with terms of one to five years. Maturities of these operating leases are as follows:

Remaining for year ending December 31, 2021	$	25,005
Year ending December 31, 2022	20,449
Year ending December 31, 2023	9,175
Year ending December 31, 2024	7,692
Year ending December 31, 2025	2,499
Thereafter	37
Total	$	64,857

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Intangible Assets and Goodwill

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Intangible Assets and Goodwill

Intangible Assets

Intangible assets consisted of the following:

	March 31, 2021						December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	268,199	$	(121,634)	$	146,565	$	268,199	$	(115,010)	$	153,189
Software & technology	19,000		(13,300)		5,700		19,000		(12,350)		6,650
Total intangible assets	$	287,199	$	(134,934)	$	152,265	$	287,199	$	(127,360)	$	159,839

Amortization expense for the three months ended March 31, 2021 and 2020 was $8 million and $9 million, respectively.

Future amortization expense as of March 31, 2021 is shown in the table below. Actual amortization expense may differ due to, among other things, fluctuations in foreign currency exchange rates, impairments, acquisitions and accelerated amortization.

Remaining for year ending December 31, 2021	$	22,721
Year ending December 31, 2022	29,315
Year ending December 31, 2023	26,465
Year ending December 31, 2024	26,465
Year ending December 31, 2025	19,805
Thereafter	27,494
Total	$	152,265

Goodwill

Changes in the carrying value of goodwill, by reporting segment, are shown in the table below.

	Gross value before accumulated impairment		Accumulated impairment		December 31, 2020		Currency impact		March 31, 2021
Global Ecommerce	$	609,431	$	(198,169)	$	411,262	$	—	$	411,262
Presort Services	220,992		—		220,992		—		220,992
SendTech Solutions	520,031		—		520,031		(8,221)		511,810
Total goodwill	$	1,350,454	$	(198,169)	$	1,152,285	$	(8,221)	$	1,144,064

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Fair Value Measurements and Derivative Instruments

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements and Derivative Instruments

Fair Value Measurements and Derivative Instruments

We measure certain financial assets and liabilities at fair value on a recurring basis. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. An entity is required to classify certain assets and liabilities measured at fair value based on the following fair value hierarchy that prioritizes the inputs used to measure fair value:

Level 1 –    Unadjusted quoted prices in active markets for identical assets and liabilities.

Level 2 –    Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 –    Unobservable inputs that are supported by little or no market activity, may be derived from internally developed methodologies based on management’s best estimate of fair value and that are significant to the fair value of the asset or liability.

Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect its placement within the fair value hierarchy. The following tables show, by level within the fair value hierarchy, our financial assets and liabilities that are accounted for at fair value on a recurring basis.

	March 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Investment securities
Money market funds	$	39,573	$	250,390	$	—	$	289,963
Equity securities	—		28,100		—		28,100
Commingled fixed income securities	1,698		19,027		—		20,725
Government and related securities	26,228		25,396		—		51,624
Corporate debt securities	—		65,950		—		65,950
Mortgage-backed / asset-backed securities	—		231,863		—		231,863
Derivatives
Interest rate swap	—		4,117		—		4,117
Foreign exchange contracts	—		1,117		—		1,117
Total assets	$	67,499	$	625,960	$	—	$	693,459
Liabilities:
Derivatives
Foreign exchange contracts	$	—	$	(786)	$	—	$	(786)
Total liabilities	$	—	$	(786)	$	—	$	(786)

	December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Investment securities
Money market funds	$	73,228	$	434,791	$	—	$	508,019
Equity securities	—		26,583		—		26,583
Commingled fixed income securities	1,722		19,669		—		21,391
Government and related securities	16,776		16,757		—		33,533
Corporate debt securities	—		71,433		—		71,433
Mortgage-backed / asset-backed securities	—		220,678		—		220,678
Derivatives
Foreign exchange contracts	—		3,776		—		3,776
Total assets	$	91,726	$	793,687	$	—	$	885,413
Liabilities:
Derivatives
Interest rate swap	$	—	$	(2,163)	$	—	$	(2,163)
Foreign exchange contracts	—		(1,960)		—		(1,960)
Total liabilities	$	—	$	(4,123)	$	—	$	(4,123)

Investment Securities

The valuation of investment securities is based on the market approach using inputs that are observable, or can be corroborated by observable data, in an active marketplace. The following information relates to our classification within the fair value hierarchy:

•Money Market Funds: Money market funds typically invest in government securities, certificates of deposit, commercial paper and other highly liquid, low risk securities. Money market funds are principally used for overnight deposits and are classified as Level 1 when unadjusted quoted prices in active markets are available and as Level 2 when they are not actively traded on an exchange.

•Equity Securities: Equity securities are comprised of mutual funds investing in U.S. and foreign stocks. These mutual funds are classified as Level 2.

•Commingled Fixed Income Securities: Commingled fixed income securities are comprised of mutual funds that invest in a variety of fixed income securities, including securities of the U.S. government and its agencies, corporate debt, mortgage-backed securities and asset-backed securities. Fair value is based on the value of the underlying investments owned by each fund, minus its liabilities, divided by the number of shares outstanding, as reported by the fund manager. These mutual funds are classified as Level 1 when unadjusted quoted prices in active markets are available and as Level 2 when they are not actively traded on an exchange.

•Government and Related Securities: Debt securities are classified as Level 1 where active, high volume trades for identical securities exist. Valuation adjustments are not applied to these securities. Debt securities are classified as Level 2 where fair value is determined using quoted market prices for similar securities or benchmarking model derived prices to quoted market prices and trade data for identical or comparable securities.

•Corporate Debt Securities: Corporate debt securities are valued using recently executed comparable transactions, market price quotations or bond spreads for the same maturity as the security. These securities are classified as Level 2.

•Mortgage-Backed Securities / Asset-Backed Securities: These securities are valued based on external pricing indices or external price/spread data. These securities are classified as Level 2.

Derivative Securities

•Foreign Exchange Contracts: The valuation of foreign exchange derivatives is based on the market approach using observable market inputs, such as foreign currency spot and forward rates and yield curves. We have not seen a material change in the creditworthiness of those banks acting as derivative counterparties. These securities are classified as Level 2.

•Interest Rate Swaps: The valuation of interest rate swaps is based on an income approach using inputs that are observable or that can be derived from, or corroborated by, observable market data. These securities are classified as Level 2.

Available-For-Sale Securities

Available-for-sale securities are predominantly held at the Pitney Bowes Bank. Investment securities classified as available-for-sale are recorded at fair value with changes in fair value due to market conditions (i.e., interest rates) recorded in accumulated other comprehensive loss (AOCL), and changes in fair value due to credit conditions recorded in earnings. There were no unrealized losses due to credit losses charged to earnings through the three months ended March 31, 2021.

Available-for-sale securities consisted of the following:

	March 31, 2021
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Government and related securities	$	51,411	$	42	$	(1,377)	$	50,076
Corporate debt securities	69,913		300		(4,263)		65,950
Commingled fixed income securities	1,712		—		(14)		1,698
Mortgage-backed / asset-backed securities	237,827		303		(6,267)		231,863
Total	$	360,863	$	645	$	(11,921)	$	349,587

	December 31, 2020
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Government and related securities	$	31,882	$	157	$	(78)	$	31,961
Corporate debt securities	71,174		614		(355)		71,433
Commingled fixed income securities	1,706		16		—		1,722
Mortgage-backed / asset-backed securities	220,659		734		(715)		220,678
Total	$	325,421	$	1,521	$	(1,148)	$	325,794

Investment securities in a loss position were as follows:

	March 31, 2021				December 31, 2020
	Fair Value		Gross unrealized losses		Fair Value		Gross unrealized losses
Less than 12 continuous months	$	312,002	$	11,850	$	132,267	$	1,072
Greater than 12 continuous months	2,294		71		2,369		76
Total	$	314,296	$	11,921	$	134,636	$	1,148

At March 31, 2021, 34% of the securities in the investment portfolio were in a loss position. We believe our allowance for credit losses on available-for-sale investment securities is adequate as our investments are primarily in highly liquid U.S. government and agency securities, high grade corporate bonds and municipal bonds. The majority of our mortgage-backed securities are either guaranteed or supported by the U.S. Government. We have not recognized an impairment on investment securities in an unrealized loss position because we have the ability and intent to hold these securities until recovery of the unrealized losses or we receive the stated principal and interest at maturity.

Scheduled maturities of available-for-sale securities at March 31, 2021 were as follows:

	Amortized cost		Estimated fair value
Within 1 year	$	14,398	$	14,401
After 1 year through 5 years	15,241		15,266
After 5 years through 10 years	66,618		63,185
After 10 years	264,606		256,735
Total	$	360,863	$	349,587

The scheduled maturities of mortgage-backed and asset-backed securities may not coincide with the actual payment, as borrowers have the right to prepay obligations.

Held-to-Maturity Securities

Held-to-maturity securities at March 31, 2021 and December 31, 2020, include $25 million and $75 million, respectively, of short-term, highly liquid time deposits. Due to the short-term nature of these securities, the carrying value approximates fair value.

Derivative Instruments

In the normal course of business, we are exposed to the impact of changes in foreign currency exchange rates and interest rates. We mitigate these exposures by following established risk management policies and procedures, including the use of derivatives. We use derivative instruments to limit the effects of exchange rate fluctuations on financial results and manage the cost of debt. We do not use derivatives for trading or speculative purposes. We record derivative instruments at fair value and the accounting for changes in the fair value depends on the intended use of the derivative, the resulting designation and the effectiveness of the instrument in offsetting the risk exposure it is designed to hedge.

Foreign Exchange Contracts

We enter into foreign exchange contracts to mitigate the currency risk associated with the anticipated purchase of inventory between affiliates and from third parties. These contracts are designated as cash flow hedges. The effective portion of the gain or loss on cash flow hedges is included in AOCL in the period that the change in fair value occurs and is reclassified to earnings in the period that the hedged item is recorded in earnings. No amount of ineffectiveness was recorded in earnings for these designated cash flow hedges. At March 31, 2021 and December 31, 2020, we had outstanding contracts associated with these anticipated transactions with notional amounts of $6 million and $8 million, respectively. Amounts included in AOCL at March 31, 2021 will be recognized in earnings within the next 12 months.

Interest Rate Swaps

We have interest rate swap agreements with an aggregate notional amount of $500 million that are designated as cash flow hedges. The fair value of the interest rate swaps is recorded as a derivative asset or liability at the end of each reporting period with the change in fair value reflected in AOCL.

The fair value of derivative instruments was as follows:

Designation of Derivatives	Balance Sheet Location	March 31, 2021		December 31, 2020
Derivatives designated as hedging instruments
Foreign exchange contracts	Other current assets and prepayments	$	214	$	96
	Accounts payable and accrued liabilities	(71)		(112)
Interest rate swaps	Other assets (Other noncurrent liabilities)	4,117		(2,163)
Derivatives not designated as hedging instruments
Foreign exchange contracts	Other current assets and prepayments	903		3,680
	Accounts payable and accrued liabilities	(715)		(1,848)
	Total derivative assets	$	5,234	$	3,776
	Total derivative liabilities	(786)		(4,123)
	Total net derivative asset (liability)	$	4,448	$	(347)

Results of cash flow hedging relationships were as follows:

	Three Months Ended March 31,
	Derivative Gain (Loss) Recognized in AOCL (Effective Portion)				Location of Gain (Loss) (Effective Portion)	Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion)
Derivative Instrument	2021		2020			2021		2020
Foreign exchange contracts	$	228	$	(160)	Revenue	$	126	$	61
					Cost of sales	(58)		10
Interest rate swap	6,280		—		Interest expense	—		—
	$	6,508	$	(160)		$	68	$	71

We enter into foreign exchange contracts to minimize the impact of exchange rate fluctuations on short-term intercompany loans and related interest that are denominated in a foreign currency. The revaluation of intercompany loans and interest and the corresponding mark-to-market adjustment on derivatives are recorded in earnings. All outstanding contracts at March 31, 2021 mature within 12 months.

The mark-to-market adjustments of non-designated derivative instruments were as follows:

		Three Months Ended March 31,
		Derivative Gain (Loss) Recognized in Earnings
Derivatives Instrument	Location of Derivative Gain (Loss)	2021		2020
Foreign exchange contracts	Selling, general and administrative expense	$	553	$	(4,867)

Fair Value of Financial Instruments

Financial instruments not reported at fair value on a recurring basis include cash and cash equivalents, accounts receivable, loan receivables, accounts payable and debt. The carrying value for cash and cash equivalents, accounts receivable, loans receivable and accounts payable approximate fair value. The fair value of debt is estimated based on recently executed transactions and market price quotations. The inputs used to determine the fair value of debt are classified as Level 2 in the fair value hierarchy. The carrying value and estimated fair value of debt was as follows:

	March 31, 2021		December 31, 2020
Carrying value	$	2,438,857	$	2,564,393
Fair value	$	2,426,062	$	2,479,895

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Restructuring Charges

3 Months Ended

Mar. 31, 2021

Restructuring and Related Activities [Abstract]

Restructuring Charges

Restructuring Charges

Activity in our restructuring reserves was as follows:

	Severance and other exit costs
Balance at January 1, 2021	$	10,063
Expenses, net	2,889
Cash payments	(3,955)
Noncash activity	(227)
Balance at March 31, 2021	$	8,770
Balance at January 1, 2020	$	12,006
Expenses, net	3,817
Cash payments	(6,047)
Noncash activity	(763)
Balance at March 31, 2020	$	9,013

The majority of the restructuring reserves are expected to be paid over the next 12 to 24 months.

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Debt

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Debt

Debt

Total debt consisted of the following:

	Interest rate	March 31, 2021		December 31, 2020
Notes due October 2021	4.875%	$	—	$	152,588
Notes due May 2022	5.375%	72,873		148,792
Notes due April 2023	5.95%	96,667		271,000
Notes due March 2024	4.625%	267,952		374,000
Notes due March 2027	6.875%	400,000		—
Notes due March 2029	7.25%	350,000		—
Notes due January 2037	5.25%	35,841		35,841
Notes due March 2043	6.70%	425,000		425,000
Term loan due March 2026	LIBOR + 1.75%	380,000		380,000
Term loan due January 2025	LIBOR + 5.5%	—		818,125
Term loan due March 2028	LIBOR + 4.0%	450,000		—
Other debt		4,598		4,900
Principal amount		2,482,931		2,610,246
Less: unamortized costs, net		44,074		45,853
Total debt		2,438,857		2,564,393
Less: current portion long-term debt		19,972		216,032
Long-term debt		$	2,418,885	$	2,348,361

During the first quarter of 2021, we issued a $400 million 6.875% unsecured note due March 2027 and a $350 million 7.25% unsecured note due March 2029. We also entered into a new seven-year $450 million secured term loan maturing March 2028.

We redeemed the remaining $153 million balance of the October 2021 notes and, under a tender offer, redeemed an aggregate $356 million of the May 2022 notes, April 2023 notes and March 2024 notes. We also repaid the remaining $818 million balance of our term loan that was scheduled to mature in January 2025.

We also amended our $500 million secured revolving credit facility and our March 2026 secured term loan to extend their maturities from November 2024 to March 2026. The credit agreement that governs the revolving credit facility and term loans contains financial and non-financial covenants. At March 31, 2021, we were in compliance with all covenants and there were no outstanding borrowings under the revolving credit facility.

A $51 million pre-tax loss was incurred on the refinancing of debt.

Interest rates on certain notes are subject to adjustment based on changes in our credit ratings. Due to a credit downgrade in February 2021, the interest rates on the May 2022 notes and the April 2023 notes will increase 0.25% in the second quarter of 2021.

At March 31, 2021, the interest rate of the 2028 Term Loan was 4.1% and the interest rate on the 2026 Term Loan was 1.9%.

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Pensions and Other Benefit Programs

3 Months Ended

Mar. 31, 2021

Retirement Benefits [Abstract]

Pensions and Other Benefit Programs

Pensions and Other Benefit Programs

The components of net periodic benefit cost (income) were as follows:

	Defined Benefit Pension Plans								Nonpension Postretirement Benefit Plans
	United States				Foreign
	Three Months Ended				Three Months Ended				Three Months Ended
	March 31,				March 31,				March 31,
	2021		2020		2021		2020		2021		2020
Service cost	$	26	$	26	$	395	$	399	$	224	$	217
Interest cost	10,745		13,179		2,961		3,518		961		1,245
Expected return on plan assets	(19,478)		(21,304)		(7,984)		(8,208)		—		—
Amortization of transition credit	—		—		—		(1)		—		—
Amortization of prior service (credit) cost	(15)		(15)		67		61		32		93
Amortization of net actuarial loss	9,638		8,198		2,345		2,059		1,078		736
Settlement	—		389		—		—		—		—
Net periodic benefit cost (income)	$	916	$	473	$	(2,216)	$	(2,172)	$	2,295	$	2,291
Contributions to benefit plans	$	1,015	$	1,929	$	8,696	$	7,988	$	3,519	$	4,455

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Income Taxes

3 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The effective tax rate for the three months ended March 31, 2021 was a benefit of 33.6% and includes benefits of $3 million from an affiliate reorganization and $2 million from the vesting of restricted stock, partially offset by a charge of $1 million for the write-off of deferred tax assets associated with the expiration of out-of-the-money stock options.

The effective tax rate for the three months ended March 31, 2020 was a benefit of 4.4% and includes a benefit of $2 million on the $198 million goodwill impairment charge as the majority of this charge is nondeductible, a benefit of $2 million from the resolution of certain tax examinations and a charge of $3 million for the write-off of deferred tax assets associated with the expiration of out-of-the-money stock options and the vesting of restricted stock.

As is the case with other large corporations, our tax returns are examined by tax authorities in the U.S. and other global taxing jurisdictions in which we have operations. As a result, it is reasonably possible that the amount of unrecognized tax benefits will decrease in the next 12 months, and this decrease could be up to 10% of our unrecognized tax benefits.

The Internal Revenue Service examinations of our consolidated U.S. income tax returns for tax years prior to 2017 are closed to audit; however, various post-2014 U.S. state and local tax returns are still subject to examination, with some states in appeals from 2011. For our significant non-U.S. jurisdictions, Canada is closed to examination through 2014, France is closed through 2013, Germany is closed through 2016 and the U.K. is closed through 2018. We also have other less significant tax filings currently subject to examination.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

In the ordinary course of business, we are routinely defendants in, or party to, a number of pending and threatened legal actions. These may involve litigation by or against us relating to, among other things, contractual rights under vendor, insurance or other contracts; intellectual property or patent rights; equipment, service, payment or other disputes with clients; or disputes with employees. Some of these actions may be brought as a purported class action on behalf of a purported class of employees, customers or others. In management's opinion, as of March 31, 2021, the potential liability, if any, that may result from these actions, either individually or collectively, is not reasonably expected to have a material effect on our financial position, results of operations or cash flows. However, as litigation is inherently unpredictable, there can be no assurances in this regard.

At March 31, 2021, we have entered into leases with aggregate lease payments of approximately $41 million and terms ranging from three to eight years, that have not commenced.

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Stockholders’ Equity

3 Months Ended

Mar. 31, 2021

Stockholders' Equity Note [Abstract]

Stockholders’ Equity

Stockholders’ Equity

Changes in stockholders’ equity were as follows:

	Common stock		Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss		Treasury stock		Total equity
Balance at January 1, 2021	$	323,338	$	68,502	$	5,201,195	$	(839,131)	$	(4,687,509)	$	66,395
Net loss	—		—		(31,541)		—		—		(31,541)
Other comprehensive loss	—		—		—		(8,407)		—		(8,407)
Dividends paid ($0.05 per common share)	—		—		(8,625)		—		—		(8,625)
Issuance of common stock	—		(58,454)		—		—		54,574		(3,880)
Stock-based compensation expense	—		5,221		—		—		—		5,221
Balance at March 31, 2021	$	323,338	$	15,269	$	5,161,029	$	(847,538)	$	(4,632,935)	$	19,163

	Common stock		Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss		Treasury stock		Total equity
Balance at December 31, 2019	$	323,338	$	98,748	$	5,438,930	$	(840,143)	$	(4,734,777)	$	286,096
Cumulative effect of accounting change	—		—		(21,900)		—		—		(21,900)
Net loss	—		—		(208,483)		—		—		(208,483)
Other comprehensive loss	—		—		—		(17,731)		—		(17,731)
Dividends paid ($0.05 per common share)	—		—		(8,523)		—		—		(8,523)
Issuance of common stock	—		(30,716)		—		—		29,166		(1,550)
Stock-based compensation expense	—		1,521		—		—		—		1,521
Balance at March 31, 2020	$	323,338	$	69,553	$	5,200,024	$	(857,874)	$	(4,705,611)	$	29,430

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Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

Reclassifications out of AOCL were as follows:

	Gain (Loss) Reclassified from AOCL
	Three Months Ended March 31,
	2021		2020
Cash flow hedges
Revenue	$	126	$	61
Cost of sales	(58)		10
Total before tax	68		71
Income tax provision	17		17
Net of tax	$	51	$	54
Available-for-sale securities
Financing revenue	$	(1)	$	284
Selling, general and administrative expense	42		—
Total before tax	41		284
Income tax provision	10		71
Net of tax	$	31	$	213
Pension and postretirement benefit plans
Transition credit	$	—	$	1
Prior service costs	(84)		(139)
Actuarial losses	(13,061)		(10,993)
Settlement	—		(389)
Total before tax	(13,145)		(11,520)
Income tax benefit	(3,208)		(2,650)
Net of tax	$	(9,937)	$	(8,870)

Changes in AOCL were as follows:

	Cash flow hedges		Available for sale securities		Pension and postretirement benefit plans		Foreign currency adjustments		Total
Balance at January 1, 2021	$	(1,411)	$	402	$	(851,063)	$	12,941	$	(839,131)
Other comprehensive income (loss) before reclassifications (1)	4,881		(8,885)		—		(14,258)		(18,262)
Reclassifications into earnings (1)	(51)		(31)		9,937		—		9,855
Net other comprehensive income (loss)	4,830		(8,916)		9,937		(14,258)		(8,407)
Balance at March 31, 2021	$	3,419	$	(8,514)	$	(841,126)	$	(1,317)	$	(847,538)

	Cash flow hedges		Available for sale securities		Pension and postretirement benefit plans		Foreign currency adjustments		Total
Balance at January 1, 2020	$	337	$	2,849	$	(819,018)	$	(24,311)	$	(840,143)
Other comprehensive (loss) income before reclassifications (1)	(120)		1,521		—		(27,735)		(26,334)
Reclassifications into earnings (1)	(54)		(213)		8,870		—		8,603
Net other comprehensive (loss) income	(174)		1,308		8,870		(27,735)		(17,731)
Balance at March 31, 2020	$	163	$	4,157	$	(810,148)	$	(52,046)	$	(857,874)

(1)     Amounts are net of tax.

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Supplemental Financial Statement Information

3 Months Ended

Mar. 31, 2021

Other Income and Expenses [Abstract]

Supplemental Financial Statement Information

Supplemental Financial Statement Information

Activity in the allowance for credit losses on accounts receivables for the three months ended March 31, 2021 and 2020 is presented below. See Note 7 for additional information pertaining to our finance receivables.

	Balance at beginning of year		Cumulative effect of accounting change		Amounts charged to expense		Write-offs, recoveries and other		Balance at end of period		Accounts and other receivables		Other assets
March 31, 2021	$	35,344	$	—	$	3,011	$	(1,314)	$	37,041	$	20,480	$	16,561
March 31, 2020	$	17,830	$	15,336	$	3,280	$	(7,002)	$	29,444	$	29,444	$	—

Other expense, net consisted of the following:

	Three Months Ended March 31,
	2021		2020
Loss on debt refinancing	$	51,394	$	36,987
Insurance proceeds	—		(3,500)
Other expense, net	$	51,394	$	33,487

Supplemental cash flow information is as follows:

	Three Months Ended March 31,
	2021		2020
Cash interest paid	$	39,658	$	44,891
Cash income tax payments, net of refunds	$	2,641	$	13,270
Finance leased assets obtained in exchange for new lease obligations	$	9,477	$	2,399

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Description of Business and Basis of Presentation (Policies)

3 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounting Pronouncements Adopted and Accounting Pronouncements Not Yet Adopted

Accounting Pronouncements Adopted in 2021

In January 2021 we adopted ASU 2019-12, Simplifying the Accounting for Income Taxes. The ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles and also clarifies and amends existing guidance. The adoption of this standard did not have a material impact on our consolidated financial statements.

Accounting Pronouncements Not Yet Adopted

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The transition to new reference interest rates will require certain contracts to be modified and the ASU is intended to provide temporary optional expedients and exceptions to U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The accommodations provided by the ASU are effective through December 31, 2022 and may be applied at the beginning of any interim period within that time frame. We are currently assessing the impact this standard will have on our consolidated financial statements.

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Description of Business and Basis of Presentation (Tables)

3 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

These adjustments were not material to the previously issued 2020 interim financial statements; however, the cash flow statement for the period ended March 31, 2020 has been revised and the impact on our previously issued interim Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2020 is as follows:

	Three Months Ended March 31, 2020
(unaudited)	As Previously Reported		Adjustments		As Revised
Cash flows from operating activities
Changes in finance receivables	$	18,843	$	(1,071)	$	17,772
Net cash from operating activities: continuing operations	$	(28,479)	$	(1,071)	$	(29,550)
Net cash from operating activities	$	(66,284)	$	(1,071)	$	(67,355)
Cash flows from investing activities
Purchases of investment securities	$	(67,312)	$	(40,000)	$	(107,312)
Proceeds from sales/maturities of investment securities	$	24,102	$	80,120	$	104,222
Net change in short-term and other investing activities	$	48,431	$	(48,431)	$	—
Net investment in loan receivables	$	—	$	1,071	$	1,071
Customer deposits at the Bank	$	(888)	$	888	$	—
Other investing activities	$	(230)	$	8,311	$	8,081
Net cash from investing activities: continuing operations	$	(22,956)	$	1,959	$	(20,997)
Net cash from investing activities	$	(25,458)	$	1,959	$	(23,499)
Cash flows from financing activities
Customer deposits at the Bank	$	—	$	(888)	$	(888)
Net cash from financing activities	$	(159,596)	$	(888)	$	(160,484)

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Revenue (Tables)

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following tables disaggregate our revenue by source and timing of recognition:

	Three Months Ended March 31, 2021
	Global Ecommerce		Presort Services		SendTech Solutions		Revenue from products and services		Revenue from leasing transactions and financing		Total consolidated revenue
Major products/service lines
Business services	$	413,086	$	143,126	$	14,242	$	570,454	$	—	$	570,454
Support services	—		—		118,697		118,697		—		118,697
Financing	—		—		—		—		77,812		77,812
Equipment sales	—		—		19,118		19,118		67,685		86,803
Supplies	—		—		42,224		42,224		—		42,224
Rentals	—		—		—		—		19,207		19,207
Subtotal	413,086		143,126		194,281		750,493		$	164,704	$	915,197
Revenue from leasing transactions and financing
Financing	—		—		77,812		77,812
Equipment sales	—		—		67,685		67,685
Rentals	—		—		19,207		19,207
Total revenue	$	413,086	$	143,126	$	358,985	$	915,197
Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	—	$	—	$	77,538	$	77,538
Products/services transferred over time	413,086		143,126		116,743		672,955
Total	$	413,086	$	143,126	$	194,281	$	750,493

	Three Months Ended March 31, 2020
	Global Ecommerce		Presort Services		SendTech Solutions		Revenue from products and services		Revenue from leasing transactions and financing		Total consolidated revenue
Major products/service lines
Business services	$	292,323	$	140,720	$	11,336	$	444,379	$	—	$	444,379
Support services	—		—		122,015		122,015		—		122,015
Financing	—		—		—		—		89,078		89,078
Equipment sales	—		—		17,130		17,130		59,143		76,273
Supplies	—		—		45,709		45,709		—		45,709
Rentals	—		—		—		—		18,814		18,814
Subtotal	292,323		140,720		196,190		629,233		$	167,035	$	796,268
Revenue from leasing transactions and financing
Financing	—		—		89,078		89,078
Equipment sales	—		—		59,143		59,143
Rentals	—		—		18,814		18,814
Total revenue	$	292,323	$	140,720	$	363,225	$	796,268
Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	—	$	—	$	78,374	$	78,374
Products/services transferred over time	292,323		140,720		117,816		550,859
Total	$	292,323	$	140,720	$	196,190	$	629,233

Contract Assets and Advance Billings

Advance Billings from Contracts with Customers

	Balance sheet location	March 31, 2021		December 31, 2020		Increase/ (decrease)
Advance billings, current	Advance billings	$	110,786	$	106,498	$	4,288
Advance billings, noncurrent	Other noncurrent liabilities	$	1,341	$	1,277	$	64

Future Performance Obligations

The transaction prices allocated to future performance obligations will be recognized as follows:

	Remainder of 2021		2022		2023-2026		Total
SendTech Solutions	$	215,628	$	227,979	$	272,008	$	715,615

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Segment Information (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Reconciliation of Revenue from Segments to Consolidated Statements

The following tables provide information about our reportable segments and reconciliation of segment EBIT to net loss.

	Revenue
	Three Months Ended March 31,
	2021		2020
Global Ecommerce	$	413,086	$	292,323
Presort Services	143,126		140,720
SendTech Solutions	358,985		363,225
Total revenue	$	915,197	$	796,268

Reconciliation of EBIT from Segments to Consolidated

	EBIT
	Three Months Ended March 31,
	2021		2020
Global Ecommerce	$	(26,376)	$	(29,475)
Presort Services	19,051		15,695
SendTech Solutions	114,470		106,562
Total segment EBIT	107,145		92,782
Reconciliation of Segment EBIT to net loss:
Unallocated corporate expenses	(57,465)		(43,722)
Restructuring charges	(2,889)		(3,817)
Interest expense, net	(37,044)		(38,372)
Goodwill impairment	—		(198,169)
Loss on debt refinancing	(51,394)		(36,987)
Transaction costs	—		(292)
Benefit for income taxes	13,992		10,030
Loss from continuing operations	(27,655)		(218,547)
(Loss) income from discontinued operations, net of tax	(3,886)		10,064
Net loss	$	(31,541)	$	(208,483)

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Earnings per Share (EPS) (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Schedule of Calculation of Numerator and Denominator in Earnings Per Share

	Three Months Ended March 31,
	2021		2020
Numerator:
Loss from continuing operations	$	(27,655)	$	(218,547)
(Loss) income from discontinued operations, net of tax	(3,886)		10,064
Net loss	$	(31,541)	$	(208,483)
Denominator:
Weighted-average shares used in basic EPS	172,856		170,912
Dilutive effect of common stock equivalents (1)	—		—
Weighted-average shares used in diluted EPS	172,856		170,912
Basic loss per share (2):
Continuing operations	$	(0.16)	$	(1.28)
Discontinued operations	(0.02)		0.06
Net loss	$	(0.18)	$	(1.22)
Diluted loss per share (2):
Continuing operations	$	(0.16)	$	(1.28)
Discontinued operations	(0.02)		0.06
Net loss	$	(0.18)	$	(1.22)
Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive:	6,440		17,617

(1)     Due to the net loss for the three months ended March 31, 2021 and 2020, common stock equivalents of 5,804 and 1,554, respectively, were also excluded from the calculation of diluted earnings per share as the impact would have been anti-dilutive.

(2)     The sum of the earnings per share amounts may not equal the totals due to rounding.

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Inventories (Tables)

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

Inventory Components

Inventories consisted of the following:

	March 31, 2021		December 31, 2020
Raw materials	$	17,879	$	16,570
Supplies and service parts	25,749		24,061
Finished products	25,687		30,849
Inventory at FIFO cost	69,315		71,480
Excess of FIFO cost over LIFO cost	(5,635)		(5,635)
Total inventory, net	$	63,680	$	65,845

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Finance Assets and Lessor Operating Leases (Tables)

3 Months Ended

Mar. 31, 2021

Receivables [Abstract]

Financing Receivables

Finance receivables consisted of the following:

	March 31, 2021						December 31, 2020
	North America		International		Total		North America		International		Total
Sales-type lease receivables
Gross finance receivables	$	975,272	$	192,273	$	1,167,545	$	994,985	$	211,944	$	1,206,929
Unguaranteed residual values	37,463		11,667		49,130		36,405		12,140		48,545
Unearned income	(265,497)		(60,413)		(325,910)		(275,359)		(61,686)		(337,045)
Allowance for credit losses	(22,998)		(5,606)		(28,604)		(22,917)		(6,006)		(28,923)
Net investment in sales-type lease receivables	724,240		137,921		862,161		733,114		156,392		889,506
Loan receivables
Loan receivables	269,797		22,985		292,782		268,690		22,092		290,782
Allowance for credit losses	(6,407)		(463)		(6,870)		(6,484)		(462)		(6,946)
Net investment in loan receivables	263,390		22,522		285,912		262,206		21,630		283,836
Net investment in finance receivables	$	987,630	$	160,443	$	1,148,073	$	995,320	$	178,022	$	1,173,342

Sales-type Lease Maturity

Maturities of gross sales-type lease receivables and gross loan receivables at March 31, 2021 were as follows:

	Sales-type Lease Receivables						Loan Receivables
	North America		International		Total		North America		International		Total
Remaining for year ending December 31, 2021	$	297,596	$	47,488	$	345,084	$	219,009	$	22,985	$	241,994
Year ending December 31, 2022	308,902		65,636		374,538		16,057		—		16,057
Year ending December 31, 2023	204,090		42,223		246,313		10,325		—		10,325
Year ending December 31, 2024	110,774		22,887		133,661		12,722		—		12,722
Year ending December 31, 2025	46,934		10,250		57,184		9,470		—		9,470
Thereafter	6,976		3,789		10,765		2,214		—		2,214
Total	$	975,272	$	192,273	$	1,167,545	$	269,797	$	22,985	$	292,782

Loan Receivable Maturity

Maturities of gross sales-type lease receivables and gross loan receivables at March 31, 2021 were as follows:

	Sales-type Lease Receivables						Loan Receivables
	North America		International		Total		North America		International		Total
Remaining for year ending December 31, 2021	$	297,596	$	47,488	$	345,084	$	219,009	$	22,985	$	241,994
Year ending December 31, 2022	308,902		65,636		374,538		16,057		—		16,057
Year ending December 31, 2023	204,090		42,223		246,313		10,325		—		10,325
Year ending December 31, 2024	110,774		22,887		133,661		12,722		—		12,722
Year ending December 31, 2025	46,934		10,250		57,184		9,470		—		9,470
Thereafter	6,976		3,789		10,765		2,214		—		2,214
Total	$	975,272	$	192,273	$	1,167,545	$	269,797	$	22,985	$	292,782

Past Due Financing Receivables

The aging of gross finance receivables was as follows:

	March 31, 2021
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Past due amounts 0 - 90 days	$	956,358	$	191,298	$	265,004	$	22,812	$	1,435,472
Past due amounts > 90 days	18,914		975		4,793		173		24,855
Total	$	975,272	$	192,273	$	269,797	$	22,985	$	1,460,327
Past due amounts > 90 days
Still accruing interest	$	3,853	$	189	$	1,466	$	66	$	5,574
Not accruing interest	15,061		786		3,327		107		19,281
Total	$	18,914	$	975	$	4,793	$	173	$	24,855

	December 31, 2020
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Past due amounts 0 - 90 days	$	972,266	$	208,968	$	264,484	$	21,932	$	1,467,650
Past due amounts > 90 days	22,719		2,976		4,206		160		30,061
Total	$	994,985	$	211,944	$	268,690	$	22,092	$	1,497,711
Past due amounts > 90 days
Still accruing interest	$	5,128	$	463	$	1,797	$	59	$	7,447
Not accruing interest	17,591		2,513		2,409		101		22,614
Total	$	22,719	$	2,976	$	4,206	$	160	$	30,061

Allowance for Credit Losses on Financing Receivables

Activity in the allowance for credit losses for finance receivables was as follows:

	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Balance at January 1, 2021	$	22,917	$	6,006	$	6,484	$	462	$	35,869
Amounts charged to expense	154		61		763		4		982
Write-offs	(1,024)		(371)		(1,833)		(3)		(3,231)
Recoveries	935		29		991		—		1,955
Other	16		(119)		2		—		(101)
Balance at March 31, 2021	$	22,998	$	5,606	$	6,407	$	463	$	35,474
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Balance at December 31, 2019	$	10,920	$	2,085	$	5,906	$	740	$	19,651
Cumulative effect of accounting change	9,271		1,750		(1,116)		(402)		9,503
Amounts charged to expense	6,892		1,345		4,006		403		12,646
Write-offs	(1,618)		(248)		(2,058)		(104)		(4,028)
Recoveries	592		31		691		—		1,314
Other	(124)		(80)		(7)		(7)		(218)
Balance at March 31, 2020	$	25,933	$	4,883	$	7,422	$	630	$	38,868

Financing Receivable Credit Quality Indicators

The table below shows the gross sales-type lease receivable and loan receivable balances by relative risk class and year of origination based on the relative scores of the accounts within each class as of March 31, 2021 and December 30, 2020.

	Sales Type Lease Receivables												Loan Receivables		Total
	2021		2020		2019		2018		2017		Prior
Low	$	78,458	$	235,018	$	207,236	$	144,994	$	70,678	$	31,481	$	180,586	$	948,451
Medium	13,409		46,999		46,899		31,959		16,268		7,235		74,966		237,735
High	1,497		5,248		5,142		3,402		1,792		1,024		5,127		23,232
Not Scored	23,202		61,983		58,732		38,207		23,214		13,468		32,103		250,909
Total	$	116,566	$	349,248	$	318,009	$	218,562	$	111,952	$	53,208	$	292,782	$	1,460,327
	Sales Type Lease Receivables												Loan Receivables		Total
	2020		2019		2018		2017		2016		Prior
Low	$	256,573	$	228,344	$	165,244	$	87,346	$	30,518	$	12,249	$	192,971	$	973,245
Medium	50,785		49,946		37,168		21,388		6,470		2,375		61,625		229,757
High	6,182		5,396		3,782		1,974		1,051		143		4,518		23,046
Not Scored	80,854		77,362		48,704		24,291		7,813		971		31,668		271,663
Total	$	394,394	$	361,048	$	254,898	$	134,999	$	45,852	$	15,738	$	290,782	$	1,497,711

Sales-type Lease, Lease Income

Lease income from sales-type leases was as follows:

	Three Months Ended March 31,
	2021		2020
Profit recognized at commencement (1)	$	32,265	$	29,908
Interest income	48,496		53,806
Total lease income from sales-type leases	$	80,761	$	83,714

(1) Lease contracts do not include variable lease payments.

Lessor, Payments to be Received

We also lease mailing equipment under operating leases with terms of one to five years. Maturities of these operating leases are as follows:

Remaining for year ending December 31, 2021	$	25,005
Year ending December 31, 2022	20,449
Year ending December 31, 2023	9,175
Year ending December 31, 2024	7,692
Year ending December 31, 2025	2,499
Thereafter	37
Total	$	64,857

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Intangible Assets and Goodwill (Tables)

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible assets consisted of the following:

	March 31, 2021						December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	268,199	$	(121,634)	$	146,565	$	268,199	$	(115,010)	$	153,189
Software & technology	19,000		(13,300)		5,700		19,000		(12,350)		6,650
Total intangible assets	$	287,199	$	(134,934)	$	152,265	$	287,199	$	(127,360)	$	159,839

Amortization Expense In Future Periods

Future amortization expense as of March 31, 2021 is shown in the table below. Actual amortization expense may differ due to, among other things, fluctuations in foreign currency exchange rates, impairments, acquisitions and accelerated amortization.

Remaining for year ending December 31, 2021	$	22,721
Year ending December 31, 2022	29,315
Year ending December 31, 2023	26,465
Year ending December 31, 2024	26,465
Year ending December 31, 2025	19,805
Thereafter	27,494
Total	$	152,265

Schedule of Goodwill

Changes in the carrying value of goodwill, by reporting segment, are shown in the table below.

	Gross value before accumulated impairment		Accumulated impairment		December 31, 2020		Currency impact		March 31, 2021
Global Ecommerce	$	609,431	$	(198,169)	$	411,262	$	—	$	411,262
Presort Services	220,992		—		220,992		—		220,992
SendTech Solutions	520,031		—		520,031		(8,221)		511,810
Total goodwill	$	1,350,454	$	(198,169)	$	1,152,285	$	(8,221)	$	1,144,064

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Fair Value Measurements and Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables show, by level within the fair value hierarchy, our financial assets and liabilities that are accounted for at fair value on a recurring basis.

	March 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Investment securities
Money market funds	$	39,573	$	250,390	$	—	$	289,963
Equity securities	—		28,100		—		28,100
Commingled fixed income securities	1,698		19,027		—		20,725
Government and related securities	26,228		25,396		—		51,624
Corporate debt securities	—		65,950		—		65,950
Mortgage-backed / asset-backed securities	—		231,863		—		231,863
Derivatives
Interest rate swap	—		4,117		—		4,117
Foreign exchange contracts	—		1,117		—		1,117
Total assets	$	67,499	$	625,960	$	—	$	693,459
Liabilities:
Derivatives
Foreign exchange contracts	$	—	$	(786)	$	—	$	(786)
Total liabilities	$	—	$	(786)	$	—	$	(786)

	December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Investment securities
Money market funds	$	73,228	$	434,791	$	—	$	508,019
Equity securities	—		26,583		—		26,583
Commingled fixed income securities	1,722		19,669		—		21,391
Government and related securities	16,776		16,757		—		33,533
Corporate debt securities	—		71,433		—		71,433
Mortgage-backed / asset-backed securities	—		220,678		—		220,678
Derivatives
Foreign exchange contracts	—		3,776		—		3,776
Total assets	$	91,726	$	793,687	$	—	$	885,413
Liabilities:
Derivatives
Interest rate swap	$	—	$	(2,163)	$	—	$	(2,163)
Foreign exchange contracts	—		(1,960)		—		(1,960)
Total liabilities	$	—	$	(4,123)	$	—	$	(4,123)

Schedule of Available-for-sale Securities Reconciliation

Available-for-sale securities consisted of the following:

	March 31, 2021
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Government and related securities	$	51,411	$	42	$	(1,377)	$	50,076
Corporate debt securities	69,913		300		(4,263)		65,950
Commingled fixed income securities	1,712		—		(14)		1,698
Mortgage-backed / asset-backed securities	237,827		303		(6,267)		231,863
Total	$	360,863	$	645	$	(11,921)	$	349,587

	December 31, 2020
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Government and related securities	$	31,882	$	157	$	(78)	$	31,961
Corporate debt securities	71,174		614		(355)		71,433
Commingled fixed income securities	1,706		16		—		1,722
Mortgage-backed / asset-backed securities	220,659		734		(715)		220,678
Total	$	325,421	$	1,521	$	(1,148)	$	325,794

Schedule of Unrealized Holding Losses

Investment securities in a loss position were as follows:

	March 31, 2021				December 31, 2020
	Fair Value		Gross unrealized losses		Fair Value		Gross unrealized losses
Less than 12 continuous months	$	312,002	$	11,850	$	132,267	$	1,072
Greater than 12 continuous months	2,294		71		2,369		76
Total	$	314,296	$	11,921	$	134,636	$	1,148

Available-for-sale Securities

Scheduled maturities of available-for-sale securities at March 31, 2021 were as follows:

	Amortized cost		Estimated fair value
Within 1 year	$	14,398	$	14,401
After 1 year through 5 years	15,241		15,266
After 5 years through 10 years	66,618		63,185
After 10 years	264,606		256,735
Total	$	360,863	$	349,587

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The fair value of derivative instruments was as follows:

Designation of Derivatives	Balance Sheet Location	March 31, 2021		December 31, 2020
Derivatives designated as hedging instruments
Foreign exchange contracts	Other current assets and prepayments	$	214	$	96
	Accounts payable and accrued liabilities	(71)		(112)
Interest rate swaps	Other assets (Other noncurrent liabilities)	4,117		(2,163)
Derivatives not designated as hedging instruments
Foreign exchange contracts	Other current assets and prepayments	903		3,680
	Accounts payable and accrued liabilities	(715)		(1,848)
	Total derivative assets	$	5,234	$	3,776
	Total derivative liabilities	(786)		(4,123)
	Total net derivative asset (liability)	$	4,448	$	(347)

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location

Results of cash flow hedging relationships were as follows:

	Three Months Ended March 31,
	Derivative Gain (Loss) Recognized in AOCL (Effective Portion)				Location of Gain (Loss) (Effective Portion)	Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion)
Derivative Instrument	2021		2020			2021		2020
Foreign exchange contracts	$	228	$	(160)	Revenue	$	126	$	61
					Cost of sales	(58)		10
Interest rate swap	6,280		—		Interest expense	—		—
	$	6,508	$	(160)		$	68	$	71

Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location

All outstanding contracts at March 31, 2021 mature within 12 months.

The mark-to-market adjustments of non-designated derivative instruments were as follows:

		Three Months Ended March 31,
		Derivative Gain (Loss) Recognized in Earnings
Derivatives Instrument	Location of Derivative Gain (Loss)	2021		2020
Foreign exchange contracts	Selling, general and administrative expense	$	553	$	(4,867)

Fair Value, by Balance Sheet Grouping

The carrying value and estimated fair value of debt was as follows:

	March 31, 2021		December 31, 2020
Carrying value	$	2,438,857	$	2,564,393
Fair value	$	2,426,062	$	2,479,895

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Restructuring Charges (Tables)

3 Months Ended

Mar. 31, 2021

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Reserve by Type of Cost

Activity in our restructuring reserves was as follows:

	Severance and other exit costs
Balance at January 1, 2021	$	10,063
Expenses, net	2,889
Cash payments	(3,955)
Noncash activity	(227)
Balance at March 31, 2021	$	8,770
Balance at January 1, 2020	$	12,006
Expenses, net	3,817
Cash payments	(6,047)
Noncash activity	(763)
Balance at March 31, 2020	$	9,013

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Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt

Total debt consisted of the following:

	Interest rate	March 31, 2021		December 31, 2020
Notes due October 2021	4.875%	$	—	$	152,588
Notes due May 2022	5.375%	72,873		148,792
Notes due April 2023	5.95%	96,667		271,000
Notes due March 2024	4.625%	267,952		374,000
Notes due March 2027	6.875%	400,000		—
Notes due March 2029	7.25%	350,000		—
Notes due January 2037	5.25%	35,841		35,841
Notes due March 2043	6.70%	425,000		425,000
Term loan due March 2026	LIBOR + 1.75%	380,000		380,000
Term loan due January 2025	LIBOR + 5.5%	—		818,125
Term loan due March 2028	LIBOR + 4.0%	450,000		—
Other debt		4,598		4,900
Principal amount		2,482,931		2,610,246
Less: unamortized costs, net		44,074		45,853
Total debt		2,438,857		2,564,393
Less: current portion long-term debt		19,972		216,032
Long-term debt		$	2,418,885	$	2,348,361

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Pensions and Other Benefit Programs (Tables)

3 Months Ended

Mar. 31, 2021

Retirement Benefits [Abstract]

Schedule of Defined Benefit Plans Disclosures

The components of net periodic benefit cost (income) were as follows:

	Defined Benefit Pension Plans								Nonpension Postretirement Benefit Plans
	United States				Foreign
	Three Months Ended				Three Months Ended				Three Months Ended
	March 31,				March 31,				March 31,
	2021		2020		2021		2020		2021		2020
Service cost	$	26	$	26	$	395	$	399	$	224	$	217
Interest cost	10,745		13,179		2,961		3,518		961		1,245
Expected return on plan assets	(19,478)		(21,304)		(7,984)		(8,208)		—		—
Amortization of transition credit	—		—		—		(1)		—		—
Amortization of prior service (credit) cost	(15)		(15)		67		61		32		93
Amortization of net actuarial loss	9,638		8,198		2,345		2,059		1,078		736
Settlement	—		389		—		—		—		—
Net periodic benefit cost (income)	$	916	$	473	$	(2,216)	$	(2,172)	$	2,295	$	2,291
Contributions to benefit plans	$	1,015	$	1,929	$	8,696	$	7,988	$	3,519	$	4,455

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Stockholders’ Equity (Tables)

3 Months Ended

Mar. 31, 2021

Stockholders' Equity Note [Abstract]

Schedule of Stockholders Equity

Changes in stockholders’ equity were as follows:

	Common stock		Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss		Treasury stock		Total equity
Balance at January 1, 2021	$	323,338	$	68,502	$	5,201,195	$	(839,131)	$	(4,687,509)	$	66,395
Net loss	—		—		(31,541)		—		—		(31,541)
Other comprehensive loss	—		—		—		(8,407)		—		(8,407)
Dividends paid ($0.05 per common share)	—		—		(8,625)		—		—		(8,625)
Issuance of common stock	—		(58,454)		—		—		54,574		(3,880)
Stock-based compensation expense	—		5,221		—		—		—		5,221
Balance at March 31, 2021	$	323,338	$	15,269	$	5,161,029	$	(847,538)	$	(4,632,935)	$	19,163

	Common stock		Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss		Treasury stock		Total equity
Balance at December 31, 2019	$	323,338	$	98,748	$	5,438,930	$	(840,143)	$	(4,734,777)	$	286,096
Cumulative effect of accounting change	—		—		(21,900)		—		—		(21,900)
Net loss	—		—		(208,483)		—		—		(208,483)
Other comprehensive loss	—		—		—		(17,731)		—		(17,731)
Dividends paid ($0.05 per common share)	—		—		(8,523)		—		—		(8,523)
Issuance of common stock	—		(30,716)		—		—		29,166		(1,550)
Stock-based compensation expense	—		1,521		—		—		—		1,521
Balance at March 31, 2020	$	323,338	$	69,553	$	5,200,024	$	(857,874)	$	(4,705,611)	$	29,430

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Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Reclassification out of Accumulated Other Comprehensive Income

Reclassifications out of AOCL were as follows:

	Gain (Loss) Reclassified from AOCL
	Three Months Ended March 31,
	2021		2020
Cash flow hedges
Revenue	$	126	$	61
Cost of sales	(58)		10
Total before tax	68		71
Income tax provision	17		17
Net of tax	$	51	$	54
Available-for-sale securities
Financing revenue	$	(1)	$	284
Selling, general and administrative expense	42		—
Total before tax	41		284
Income tax provision	10		71
Net of tax	$	31	$	213
Pension and postretirement benefit plans
Transition credit	$	—	$	1
Prior service costs	(84)		(139)
Actuarial losses	(13,061)		(10,993)
Settlement	—		(389)
Total before tax	(13,145)		(11,520)
Income tax benefit	(3,208)		(2,650)
Net of tax	$	(9,937)	$	(8,870)

Schedule of Accumulated Other Comprehensive Income (Loss)

Changes in AOCL were as follows:

	Cash flow hedges		Available for sale securities		Pension and postretirement benefit plans		Foreign currency adjustments		Total
Balance at January 1, 2021	$	(1,411)	$	402	$	(851,063)	$	12,941	$	(839,131)
Other comprehensive income (loss) before reclassifications (1)	4,881		(8,885)		—		(14,258)		(18,262)
Reclassifications into earnings (1)	(51)		(31)		9,937		—		9,855
Net other comprehensive income (loss)	4,830		(8,916)		9,937		(14,258)		(8,407)
Balance at March 31, 2021	$	3,419	$	(8,514)	$	(841,126)	$	(1,317)	$	(847,538)

	Cash flow hedges		Available for sale securities		Pension and postretirement benefit plans		Foreign currency adjustments		Total
Balance at January 1, 2020	$	337	$	2,849	$	(819,018)	$	(24,311)	$	(840,143)
Other comprehensive (loss) income before reclassifications (1)	(120)		1,521		—		(27,735)		(26,334)
Reclassifications into earnings (1)	(54)		(213)		8,870		—		8,603
Net other comprehensive (loss) income	(174)		1,308		8,870		(27,735)		(17,731)
Balance at March 31, 2020	$	163	$	4,157	$	(810,148)	$	(52,046)	$	(857,874)

(1)     Amounts are net of tax.

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Supplemental Financial Statement Information (Tables)

3 Months Ended

Mar. 31, 2021

Other Income and Expenses [Abstract]

Accounting Standards Update

Activity in the allowance for credit losses on accounts receivables for the three months ended March 31, 2021 and 2020 is presented below. See Note 7 for additional information pertaining to our finance receivables.

	Balance at beginning of year		Cumulative effect of accounting change		Amounts charged to expense		Write-offs, recoveries and other		Balance at end of period		Accounts and other receivables		Other assets
March 31, 2021	$	35,344	$	—	$	3,011	$	(1,314)	$	37,041	$	20,480	$	16,561
March 31, 2020	$	17,830	$	15,336	$	3,280	$	(7,002)	$	29,444	$	29,444	$	—

Schedule of Other (Income) Expense

Other expense, net consisted of the following:

	Three Months Ended March 31,
	2021		2020
Loss on debt refinancing	$	51,394	$	36,987
Insurance proceeds	—		(3,500)
Other expense, net	$	51,394	$	33,487

Schedule of Cash Flow Supplemental Information

Supplemental cash flow information is as follows:

	Three Months Ended March 31,
	2021		2020
Cash interest paid	$	39,658	$	44,891
Cash income tax payments, net of refunds	$	2,641	$	13,270
Finance leased assets obtained in exchange for new lease obligations	$	9,477	$	2,399

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Description of Business and Basis of Presentation (Error Correction) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Finance receivables	$ 27,714	$ 17,772
Net cash from operating activities - continuing operations	65,924	(29,550)
Net cash from operating activities	65,924	(67,355)
Purchases of investment securities	(64,473)	(107,312)
Proceeds from sales/maturities of investment securities	28,008	104,222
Net change in short-term and other investing activities	(7,316)	1,071
Net investment in loan receivables		1,071
Other investing activities	0	8,081
Net cash from investing activities - continuing operations	(87,109)	(20,997)
Net cash from investing activities	(87,109)	(23,499)
Customer deposits at the Bank		(888)
Net cash from financing activities	$ (218,300)	(160,484)
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Finance receivables		18,843
Net cash from operating activities - continuing operations		(28,479)
Net cash from operating activities		(66,284)
Purchases of investment securities		(67,312)
Proceeds from sales/maturities of investment securities		24,102
Net change in short-term and other investing activities		48,431
Customer deposits at the Bank		(888)
Other investing activities		(230)
Net cash from investing activities - continuing operations		(22,956)
Net cash from investing activities		(25,458)
Net cash from financing activities		(159,596)
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Finance receivables		(1,071)
Net cash from operating activities - continuing operations		(1,071)
Net cash from operating activities		(1,071)
Purchases of investment securities		(40,000)
Proceeds from sales/maturities of investment securities		80,120
Net change in short-term and other investing activities		(48,431)
Net investment in loan receivables		1,071
Customer deposits at the Bank		888
Other investing activities		8,311
Net cash from investing activities - continuing operations		1,959
Net cash from investing activities		1,959
Customer deposits at the Bank		(888)
Net cash from financing activities		$ (888)

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Revenue (Disaggregates of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue from leasing transactions and financing	$ 915,197	$ 796,268
Total consolidated revenue	915,197	796,268
ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	750,493	629,233
Products/services transferred at a point in time | ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	77,538	78,374
Products/services transferred over time | ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	672,955	550,859
Sales And Services
Disaggregation of Revenue [Line Items]
Revenue from products and services	750,493	629,233
Revenue from leasing transactions and financing	164,704	167,035
Total consolidated revenue	915,197	796,268
Business services
Disaggregation of Revenue [Line Items]
Revenue from products and services	570,454	444,379
Revenue from leasing transactions and financing	0	0
Total consolidated revenue	570,454	444,379
Support services
Disaggregation of Revenue [Line Items]
Revenue from products and services	118,697	122,015
Revenue from leasing transactions and financing	0	0
Total consolidated revenue	118,697	122,015
Financing
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0
Revenue from leasing transactions and financing	77,812	89,078
Total consolidated revenue	77,812	89,078
Equipment sales
Disaggregation of Revenue [Line Items]
Revenue from products and services	19,118	17,130
Revenue from leasing transactions and financing	67,685	59,143
Total consolidated revenue	86,803	76,273
Supplies
Disaggregation of Revenue [Line Items]
Revenue from products and services	42,224	45,709
Revenue from leasing transactions and financing	0	0
Total consolidated revenue	42,224	45,709
Rentals
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0
Revenue from leasing transactions and financing	19,207	18,814
Total consolidated revenue	19,207	18,814
Global Ecommerce
Disaggregation of Revenue [Line Items]
Revenue from leasing transactions and financing	413,086	292,323
Global Ecommerce | ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	413,086	292,323
Global Ecommerce | Products/services transferred at a point in time | ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0
Global Ecommerce | Products/services transferred over time | ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	413,086	292,323
Global Ecommerce | Sales And Services
Disaggregation of Revenue [Line Items]
Revenue from products and services	413,086	292,323
Global Ecommerce | Business services
Disaggregation of Revenue [Line Items]
Revenue from products and services	413,086	292,323
Global Ecommerce | Support services
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0
Global Ecommerce | Financing
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0
Revenue from leasing transactions and financing	0	0
Global Ecommerce | Equipment sales
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0
Revenue from leasing transactions and financing	0	0
Global Ecommerce | Supplies
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0
Global Ecommerce | Rentals
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0
Revenue from leasing transactions and financing	0	0
Presort Services
Disaggregation of Revenue [Line Items]
Revenue from leasing transactions and financing	143,126	140,720
Presort Services | ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	143,126	140,720
Presort Services | Products/services transferred at a point in time | ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0
Presort Services | Products/services transferred over time | ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	143,126	140,720
Presort Services | Sales And Services
Disaggregation of Revenue [Line Items]
Revenue from products and services	143,126	140,720
Presort Services | Business services
Disaggregation of Revenue [Line Items]
Revenue from products and services	143,126	140,720
Presort Services | Support services
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0
Presort Services | Financing
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0
Revenue from leasing transactions and financing	0	0
Presort Services | Equipment sales
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0
Revenue from leasing transactions and financing	0	0
Presort Services | Supplies
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0
Presort Services | Rentals
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0
Revenue from leasing transactions and financing	0	0
SendTech Solutions
Disaggregation of Revenue [Line Items]
Revenue from leasing transactions and financing	358,985	363,225
SendTech Solutions | ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	194,281	196,190
SendTech Solutions | Products/services transferred at a point in time | ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	77,538	78,374
SendTech Solutions | Products/services transferred over time | ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	116,743	117,816
SendTech Solutions | Sales And Services
Disaggregation of Revenue [Line Items]
Revenue from products and services	194,281	196,190
SendTech Solutions | Business services
Disaggregation of Revenue [Line Items]
Revenue from products and services	14,242	11,336
SendTech Solutions | Support services
Disaggregation of Revenue [Line Items]
Revenue from products and services	118,697	122,015
SendTech Solutions | Financing
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0
Revenue from leasing transactions and financing	77,812	89,078
SendTech Solutions | Equipment sales
Disaggregation of Revenue [Line Items]
Revenue from products and services	19,118	17,130
Revenue from leasing transactions and financing	67,685	59,143
SendTech Solutions | Supplies
Disaggregation of Revenue [Line Items]
Revenue from products and services	42,224	45,709
SendTech Solutions | Rentals
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0
Revenue from leasing transactions and financing	$ 19,207	$ 18,814

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Revenue (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Advanced billings, revenue recognized	$ 74
Lease transactions	$ 7	$ 8
Expected timing of satisfaction period	12 months
Business services | Minimum
Disaggregation of Revenue [Line Items]
Period of recognition	1 year
Business services | Maximum
Disaggregation of Revenue [Line Items]
Period of recognition	5 years

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Revenue (Contract Assets and Advance Billings) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Advance billings, current	$ 110,786	$ 106,498
Advance billings, noncurrent	1,341	$ 1,277
Increase/ (decrease)
Advance billings, current	4,288
Advance billings, noncurrent	$ 64

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Revenue (Future Performance Obligations) (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Revenue from Contract with Customer [Abstract]
Future performance obligations	$ 715,615
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Revenue from Contract with Customer [Abstract]
Future performance obligations	$ 215,628
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue from Contract with Customer [Abstract]
Future performance obligations	$ 227,979
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue from Contract with Customer [Abstract]
Future performance obligations	$ 272,008
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction period	3 years

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Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment reporting information profit (loss)
Revenue	$ 915,197	$ 796,268
Reconciliation of Segment EBIT to net loss:
Expenses, net	2,889	3,817
Restructuring charges	(2,889)	(3,817)
Interest expense, net	(25,158)	(25,883)
Goodwill impairment	0	(198,169)
Loss on debt refinancing	(51,394)	(36,987)
Benefit for income taxes	13,992	10,030
Loss from continuing operations	(27,655)	(218,547)
(Loss) income from discontinued operations, net of tax	(3,886)	10,064
Net loss	(31,541)	(208,483)
Operating Segments
Segment reporting information profit (loss)
EBIT	107,145	92,782
Segment Reconciling Items
Reconciliation of Segment EBIT to net loss:
Unallocated corporate expenses	(57,465)	(43,722)
Expenses, net	2,889	3,817
Restructuring charges	(2,889)	(3,817)
Interest expense, net	(37,044)	(38,372)
Goodwill impairment	0	(198,169)
Loss on debt refinancing	(51,394)	(36,987)
Transaction costs	0	(292)
Benefit for income taxes	13,992	10,030
Digital Commerce Solutions | Global Ecommerce
Segment reporting information profit (loss)
Revenue from contracts with customers	413,086	292,323
EBIT	(26,376)	(29,475)
Reconciliation of Segment EBIT to net loss:
Goodwill impairment		(198,169)
Digital Commerce Solutions | Presort Services
Segment reporting information profit (loss)
Revenue from contracts with customers	143,126	140,720
EBIT	19,051	15,695
Reconciliation of Segment EBIT to net loss:
Goodwill impairment		0
SendTech Solutions
Segment reporting information profit (loss)
Revenue from contracts with customers	358,985	363,225
Reconciliation of Segment EBIT to net loss:
Goodwill impairment		0
SendTech Solutions | Operating Segments
Segment reporting information profit (loss)
EBIT	$ 114,470	$ 106,562

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Earnings per Share (EPS) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021		Mar. 31, 2020
Earnings Per Share [Abstract]
Loss from continuing operations	$ (27,655)		$ (218,547)
Numerator:
(Loss) income from discontinued operations, net of tax	(3,886)		10,064
Net loss	$ (31,541)		$ (208,483)
Denominator:
Weighted-average shares used in basic EPS (in shares)	172,856,000		170,912,000
Dilutive effect of common stock equivalents (in shares)	0		0
Weighted-average shares used in diluted EPS (in shares)	172,856,000		170,912,000
Basic earnings (loss) per share:
Continuing operations (in dollars per share)	$ (0.16)		$ (1.28)
Discontinued operations (in dollars per share)	(0.02)		0.06
Net (loss) income (in dollars per share)	(0.18)	[1]	(1.22)
Diluted earnings (loss) per share:
Continuing operations (in dollars per share)	(0.16)		(1.28)
Discontinued operations (in dollars per share)	(0.02)		0.06
Net (loss) income (in dollars per share)	$ (0.18)		$ (1.22)
Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive (in shares)	6,440,000		17,617,000
Dilutive effect of common stock equivalents	5,804		1,554,000

[1] The sum of the earnings per share amounts may not equal the totals due to rounding.

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Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 17,879	$ 16,570
Supplies and service parts	25,749	24,061
Finished products	25,687	30,849
Inventory at FIFO cost	69,315	71,480
Excess of FIFO cost over LIFO cost	(5,635)	(5,635)
Total inventory, net	$ 63,680	$ 65,845

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Finance Assets and Lessor Operating Leases (Finance Receivables) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	$ (35,474)	$ (35,869)	$ (38,868)	$ (19,651)
Net investment in receivables	1,148,073	1,173,342
North America
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net investment in receivables	987,630	995,320
International
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net investment in receivables	160,443	178,022
Sales-type lease receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	1,167,545	1,206,929
Unguaranteed residual values	49,130	48,545
Unearned income	(325,910)	(337,045)
Allowance for credit losses	(28,604)	(28,923)
Net investment in receivables	862,161	889,506
Sales-type lease receivables | North America
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	975,272	994,985
Unguaranteed residual values	37,463	36,405
Unearned income	(265,497)	(275,359)
Allowance for credit losses	(22,998)	(22,917)	(25,933)	(10,920)
Net investment in receivables	724,240	733,114
Sales-type lease receivables | International
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	192,273	211,944
Unguaranteed residual values	11,667	12,140
Unearned income	(60,413)	(61,686)
Allowance for credit losses	(5,606)	(6,006)	(4,883)	(2,085)
Net investment in receivables	137,921	156,392
Loan receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	292,782	290,782
Allowance for credit losses	(6,870)	(6,946)
Net investment in receivables	285,912	283,836
Loan receivables | North America
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	269,797	268,690
Allowance for credit losses	(6,407)	(6,484)	(7,422)	(5,906)
Net investment in receivables	263,390	262,206
Loan receivables | International
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	22,985	22,092
Allowance for credit losses	(463)	(462)	$ (630)	$ (740)
Net investment in receivables	$ 22,522	$ 21,630
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Lease period	3 years
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Lease period	5 years

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Finance Assets and Lessor Operating Leases (Sales-type Lease and Loan Receivables) (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Sales-type Lease Receivables
Remaining for year ending December 31, 2021	$ 345,084
Year ending December 31, 2022	374,538
Year ending December 31, 2023	246,313
Year ending December 31, 2024	133,661
Year ending December 31, 2025	57,184
Thereafter	10,765
Total	1,167,545
Loan Receivables
Remaining for year ending December 31, 2021	241,994
Year ending December 31, 2022	16,057
Year ending December 31, 2023	10,325
Year ending December 31, 2024	12,722
Year ending December 31, 2025	9,470
Thereafter	2,214
Total	292,782
North America
Sales-type Lease Receivables
Remaining for year ending December 31, 2021	297,596
Year ending December 31, 2022	308,902
Year ending December 31, 2023	204,090
Year ending December 31, 2024	110,774
Year ending December 31, 2025	46,934
Thereafter	6,976
Total	975,272
Loan Receivables
Remaining for year ending December 31, 2021	219,009
Year ending December 31, 2022	16,057
Year ending December 31, 2023	10,325
Year ending December 31, 2024	12,722
Year ending December 31, 2025	9,470
Thereafter	2,214
Total	269,797
International
Sales-type Lease Receivables
Remaining for year ending December 31, 2021	47,488
Year ending December 31, 2022	65,636
Year ending December 31, 2023	42,223
Year ending December 31, 2024	22,887
Year ending December 31, 2025	10,250
Thereafter	3,789
Total	192,273
Loan Receivables
Remaining for year ending December 31, 2021	22,985
Year ending December 31, 2022	0
Year ending December 31, 2023	0
Year ending December 31, 2024	0
Year ending December 31, 2025	0
Thereafter	0
Total	$ 22,985

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Finance Assets and Lessor Operating Leases (Aging of Receivables) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Total	$ 1,460,327	$ 1,497,711
Still accruing interest	5,574	7,447
Not accruing interest	19,281	22,614
Total	24,855	30,061
1 - 90 days
Financing Receivable, Past Due [Line Items]
Past due	1,435,472	1,467,650
Greater than 90 days
Financing Receivable, Past Due [Line Items]
Past due	24,855	30,061
Sales-type lease receivables | North America
Financing Receivable, Past Due [Line Items]
Total	975,272	994,985
Still accruing interest	3,853	5,128
Not accruing interest	15,061	17,591
Total	18,914	22,719
Sales-type lease receivables | North America | 1 - 90 days
Financing Receivable, Past Due [Line Items]
Past due	956,358	972,266
Sales-type lease receivables | North America | Greater than 90 days
Financing Receivable, Past Due [Line Items]
Past due	18,914	22,719
Sales-type lease receivables | International
Financing Receivable, Past Due [Line Items]
Total	192,273	211,944
Still accruing interest	189	463
Not accruing interest	786	2,513
Total	975	2,976
Sales-type lease receivables | International | 1 - 90 days
Financing Receivable, Past Due [Line Items]
Past due	191,298	208,968
Sales-type lease receivables | International | Greater than 90 days
Financing Receivable, Past Due [Line Items]
Past due	975	2,976
Loan receivables
Financing Receivable, Past Due [Line Items]
Total	292,782	290,782
Loan receivables | North America
Financing Receivable, Past Due [Line Items]
Total	269,797	268,690
Still accruing interest	1,466	1,797
Not accruing interest	3,327	2,409
Total	4,793	4,206
Loan receivables | North America | 1 - 90 days
Financing Receivable, Past Due [Line Items]
Past due	265,004	264,484
Loan receivables | North America | Greater than 90 days
Financing Receivable, Past Due [Line Items]
Past due	4,793	4,206
Loan receivables | International
Financing Receivable, Past Due [Line Items]
Total	22,985	22,092
Still accruing interest	66	59
Not accruing interest	107	101
Total	173	160
Loan receivables | International | 1 - 90 days
Financing Receivable, Past Due [Line Items]
Past due	22,812	21,932
Loan receivables | International | Greater than 90 days
Financing Receivable, Past Due [Line Items]
Past due	$ 173	$ 160

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Finance Assets and Lessor Operating Leases (Allowance for Credit Losses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Financing Receivable, Allowance for Credit Loss [Line Items]
Revenue recognition resume period (less than)	60 days
Allowance for Credit Losses
Beginning Balance	$ 35,869	$ 19,651
Amounts charged to expense	982	12,646
Write-offs	(3,231)	(4,028)
Recoveries	1,955	1,314
Other	(101)	(218)
Ending Balance	$ 35,474	38,868
Cumulative Effect
Allowance for Credit Losses
Beginning Balance		9,503
Sales-type lease receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Average term	5 years
Revenue recognition discontinuation period (more than)	120 days
Allowance for Credit Losses
Beginning Balance	$ 28,923
Ending Balance	28,604
Sales-type lease receivables | North America
Allowance for Credit Losses
Beginning Balance	22,917	10,920
Amounts charged to expense	154	6,892
Write-offs	(1,024)	(1,618)
Recoveries	935	592
Other	16	(124)
Ending Balance	22,998	25,933
Sales-type lease receivables | North America | Cumulative Effect
Allowance for Credit Losses
Beginning Balance		9,271
Sales-type lease receivables | International
Allowance for Credit Losses
Beginning Balance	6,006	2,085
Amounts charged to expense	61	1,345
Write-offs	(371)	(248)
Recoveries	29	31
Other	(119)	(80)
Ending Balance	$ 5,606	4,883
Sales-type lease receivables | International | Cumulative Effect
Allowance for Credit Losses
Beginning Balance		1,750
Loan receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Average term	3 years
Revenue recognition discontinuation period (more than)	90 days
Allowance for Credit Losses
Beginning Balance	$ 6,946
Ending Balance	6,870
Loan receivables | North America
Allowance for Credit Losses
Beginning Balance	6,484	5,906
Amounts charged to expense	763	4,006
Write-offs	(1,833)	(2,058)
Recoveries	991	691
Other	2	(7)
Ending Balance	6,407	7,422
Loan receivables | North America | Cumulative Effect
Allowance for Credit Losses
Beginning Balance		(1,116)
Loan receivables | International
Allowance for Credit Losses
Beginning Balance	462	740
Amounts charged to expense	4	403
Write-offs	(3)	(104)
Recoveries	0	0
Other	0	(7)
Ending Balance	$ 463	630
Loan receivables | International | Cumulative Effect
Allowance for Credit Losses
Beginning Balance		$ (402)

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Finance Assets and Lessor Operating Leases (Credit Quality) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 1,460,327	$ 1,497,711
Low
Financing Receivable, Credit Quality Indicator [Line Items]
Approximate percentage of portfolio	5.00%
Total	$ 948,451	973,245
Medium
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 237,735	229,757
Medium | Minimum
Financing Receivable, Credit Quality Indicator [Line Items]
Approximate percentage of portfolio	5.00%
Medium | Maximum
Financing Receivable, Credit Quality Indicator [Line Items]
Approximate percentage of portfolio	10.00%
High
Financing Receivable, Credit Quality Indicator [Line Items]
Approximate percentage of portfolio	10.00%
Total	$ 23,232	23,046
Not Scored
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 250,909	271,663
International
Financing Receivable, Credit Quality Indicator [Line Items]
Percent of applications approved or denied	80.00%
Sales-type lease receivables
Financing Receivable, Credit Quality Indicator [Line Items]
2021	$ 116,566	394,394
2020	349,248	361,048
2019	318,009	254,898
2018	218,562	134,999
2017	111,952	45,852
Prior	53,208	15,738
Sales-type lease receivables | Low
Financing Receivable, Credit Quality Indicator [Line Items]
2021	78,458	256,573
2020	235,018	228,344
2019	207,236	165,244
2018	144,994	87,346
2017	70,678	30,518
Prior	31,481	12,249
Sales-type lease receivables | Medium
Financing Receivable, Credit Quality Indicator [Line Items]
2021	13,409	50,785
2020	46,999	49,946
2019	46,899	37,168
2018	31,959	21,388
2017	16,268	6,470
Prior	7,235	2,375
Sales-type lease receivables | High
Financing Receivable, Credit Quality Indicator [Line Items]
2021	1,497	6,182
2020	5,248	5,396
2019	5,142	3,782
2018	3,402	1,974
2017	1,792	1,051
Prior	1,024	143
Sales-type lease receivables | Not Scored
Financing Receivable, Credit Quality Indicator [Line Items]
2021	23,202	80,854
2020	61,983	77,362
2019	58,732	48,704
2018	38,207	24,291
2017	23,214	7,813
Prior	13,468	971
Sales-type lease receivables | International
Financing Receivable, Credit Quality Indicator [Line Items]
Total	192,273	211,944
Loan receivables
Financing Receivable, Credit Quality Indicator [Line Items]
Total	292,782	290,782
Loan receivables | Low
Financing Receivable, Credit Quality Indicator [Line Items]
Total	180,586	192,971
Loan receivables | Medium
Financing Receivable, Credit Quality Indicator [Line Items]
Total	74,966	61,625
Loan receivables | High
Financing Receivable, Credit Quality Indicator [Line Items]
Total	5,127	4,518
Loan receivables | Not Scored
Financing Receivable, Credit Quality Indicator [Line Items]
Total	32,103	31,668
Loan receivables | International
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 22,985	$ 22,092

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Finance Assets and Lessor Operating Leases (Lease Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Lessor, Lease, Description [Line Items]
Profit recognized at commencement	$ 32,265	$ 29,908
Interest income	48,496	53,806
Total lease income from sales-type leases	$ 80,761	83,714
As Previously Reported
Lessor, Lease, Description [Line Items]
Total lease income from sales-type leases		$ 63,000

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Finance Assets and Lessor Operating Leases (Operating Leases) (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Lessor, Lease, Description [Line Items]
Remaining for year ending December 31, 2021	$ 25,005
Year ending December 31, 2022	20,449
Year ending December 31, 2023	9,175
Year ending December 31, 2024	7,692
Year ending December 31, 2025	2,499
Thereafter	37
Total	$ 64,857
Mailing Equipment | Minimum
Lessor, Lease, Description [Line Items]
Term	1 year
Mailing Equipment | Maximum
Lessor, Lease, Description [Line Items]
Term	5 years

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Intangible Assets and Goodwill (Intangible Assets) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Finite lived intangible assets
Gross Carrying Amount	$ 287,199		$ 287,199
Accumulated Amortization	(134,934)		(127,360)
Net Carrying Amount	152,265		159,839
Amortization expense	8,000	$ 9,000
Customer relationships
Finite lived intangible assets
Gross Carrying Amount	268,199		268,199
Accumulated Amortization	(121,634)		(115,010)
Net Carrying Amount	146,565		153,189
Software & technology
Finite lived intangible assets
Gross Carrying Amount	19,000		19,000
Accumulated Amortization	(13,300)		(12,350)
Net Carrying Amount	$ 5,700		$ 6,650

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Intangible Assets and Goodwill (Future Amortization Expense) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Finite lived intangible assets future amortization expense
Remaining for year ending December 31, 2021	$ 22,721
Year ending December 31, 2022	29,315
Year ending December 31, 2023	26,465
Year ending December 31, 2024	26,465
Year ending December 31, 2025	19,805
Thereafter	27,494
Net Carrying Amount	$ 152,265	$ 159,839

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Intangible Assets and Goodwill (Goodwill) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Goodwill
Gross value before accumulated impairment		$ 1,350,454
Accumulated impairment	$ 0	(198,169)
Beginning balance	1,152,285
Currency impact	(8,221)
Ending balance	1,144,064
Digital Commerce Solutions | Global Ecommerce
Goodwill
Gross value before accumulated impairment		609,431
Accumulated impairment		(198,169)
Beginning balance	411,262
Currency impact	0
Ending balance	411,262
Digital Commerce Solutions | Presort Services
Goodwill
Gross value before accumulated impairment		220,992
Accumulated impairment		0
Beginning balance	220,992
Currency impact	0
Ending balance	220,992
SendTech Solutions
Goodwill
Gross value before accumulated impairment		520,031
Accumulated impairment		$ 0
Beginning balance	520,031
Currency impact	(8,221)
Ending balance	$ 511,810

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Fair Value Measurements and Derivative Instruments (Assets and Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	$ 349,587	$ 325,794
Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	289,963	508,019
Equity securities	28,100	26,583
Mortgage-backed / asset-backed securities	231,863	220,678
Total assets	693,459	885,413
Liabilities	(786)	(4,123)
Level 1 | Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	39,573	73,228
Equity securities	0	0
Mortgage-backed / asset-backed securities	0	0
Total assets	67,499	91,726
Liabilities	0	0
Level 2 | Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	250,390	434,791
Equity securities	28,100	26,583
Mortgage-backed / asset-backed securities	231,863	220,678
Total assets	625,960	793,687
Liabilities	(786)	(4,123)
Level 3 | Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	0	0
Equity securities	0	0
Mortgage-backed / asset-backed securities	0	0
Total assets	0	0
Liabilities	0	0
Interest rate swaps | Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	4,117
Derivative liabilities		(2,163)
Interest rate swaps | Level 1 | Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0
Derivative liabilities		0
Interest rate swaps | Level 2 | Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	4,117
Derivative liabilities		(2,163)
Interest rate swaps | Level 3 | Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0
Derivative liabilities		0
Foreign exchange contracts | Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	1,117	3,776
Derivative liabilities	(786)	(1,960)
Foreign exchange contracts | Level 1 | Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Derivative liabilities	0	0
Foreign exchange contracts | Level 2 | Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	1,117	3,776
Derivative liabilities	(786)	(1,960)
Foreign exchange contracts | Level 3 | Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Derivative liabilities	0	0
Commingled fixed income securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	1,698	1,722
Commingled fixed income securities | Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	20,725	21,391
Commingled fixed income securities | Level 1 | Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	1,698	1,722
Commingled fixed income securities | Level 2 | Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	19,027	19,669
Commingled fixed income securities | Level 3 | Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Government and related securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	50,076	31,961
Government and related securities | Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	51,624	33,533
Government and related securities | Level 1 | Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	26,228	16,776
Government and related securities | Level 2 | Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	25,396	16,757
Government and related securities | Level 3 | Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	65,950	71,433
Corporate debt securities | Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	65,950	71,433
Corporate debt securities | Level 1 | Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Corporate debt securities | Level 2 | Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	65,950	71,433
Corporate debt securities | Level 3 | Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	$ 0	$ 0

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Fair Value Measurements and Derivative Instruments (Available-for-sale Securities) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost	$ 360,863	$ 325,421
Gross unrealized gains	645	1,521
Gross unrealized losses	(11,921)	(1,148)
Estimated fair value	349,587	325,794
Government and related securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost	51,411	31,882
Gross unrealized gains	42	157
Gross unrealized losses	(1,377)	(78)
Estimated fair value	50,076	31,961
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost	69,913	71,174
Gross unrealized gains	300	614
Gross unrealized losses	(4,263)	(355)
Estimated fair value	65,950	71,433
Commingled fixed income securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost	1,712	1,706
Gross unrealized gains	0	16
Gross unrealized losses	(14)	0
Estimated fair value	1,698	1,722
Mortgage-backed / asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost	237,827	220,659
Gross unrealized gains	303	734
Gross unrealized losses	(6,267)	(715)
Estimated fair value	$ 231,863	$ 220,678

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Fair Value Measurements and Derivative Instruments (Unrealized Holding Losses) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Less than 12 continuous months	$ 312,002	$ 132,267
Greater than 12 continuous months	2,294	2,369
Total	314,296	134,636
Gross unrealized losses
Less than 12 continuous months	11,850	1,072
Greater than 12 continuous months	71	76
Total	$ 11,921	$ 1,148

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Fair Value Measurements and Derivative Instruments (Narrative) (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Percentage of securities in loss position	34.00%
Time deposits	$ 25,000,000	$ 75,000,000
Foreign exchange contracts
Derivative [Line Items]
Derivative notional amount	6,000,000	$ 8,000,000
Interest rate swaps
Derivative [Line Items]
Derivative notional amount	$ 500,000,000

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Fair Value Measurements and Derivative Instruments (Available-for-sale Securities Maturities) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Amortized cost
Within 1 year	$ 14,398
After 1 year through 5 years	15,241
After 5 years through 10 years	66,618
After 10 years	264,606
Amortized cost	360,863	$ 325,421
Estimated fair value
Within 1 year	14,401
After 1 year through 5 years	15,266
After 5 years through 10 years	63,185
After 10 years	256,735
Total	$ 349,587	$ 325,794

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Fair Value Measurements and Derivative Instruments (Derivative Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Total net derivative asset (liability)	$ 4,448	$ (347)
Total derivative assets
Derivative [Line Items]
Total net derivative asset (liability)	5,234	3,776
Total derivative liabilities
Derivative [Line Items]
Total net derivative asset (liability)	(786)	(4,123)
Foreign exchange contracts | Derivatives designated as hedging instruments | Other current assets and prepayments
Derivative [Line Items]
Total net derivative asset (liability)	214	96
Foreign exchange contracts | Derivatives designated as hedging instruments | Accounts payable and accrued liabilities
Derivative [Line Items]
Total net derivative asset (liability)	(71)	(112)
Foreign exchange contracts | Derivatives not designated as hedging instruments | Other current assets and prepayments
Derivative [Line Items]
Total net derivative asset (liability)	903	3,680
Foreign exchange contracts | Derivatives not designated as hedging instruments | Accounts payable and accrued liabilities
Derivative [Line Items]
Total net derivative asset (liability)	(715)	(1,848)
Interest rate swaps | Derivatives designated as hedging instruments | Other assets (Other noncurrent liabilities)
Derivative [Line Items]
Total net derivative asset (liability)	$ 4,117	$ (2,163)

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Fair Value Measurements and Derivative Instruments (Cash Flow Hedging Relationships) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative [Line Items]
Derivative Gain (Loss) Recognized in AOCI (Effective Portion)	$ 6,508	$ (160)
Gain (Loss) Reclassified from AOCI to Earnings (Effective Portion)	68	71
Foreign exchange contracts
Derivative [Line Items]
Derivative Gain (Loss) Recognized in AOCI (Effective Portion)	228	(160)
Foreign exchange contracts | Revenue
Derivative [Line Items]
Gain (Loss) Reclassified from AOCI to Earnings (Effective Portion)	126	61
Foreign exchange contracts | Cost of sales
Derivative [Line Items]
Gain (Loss) Reclassified from AOCI to Earnings (Effective Portion)	(58)	10
Foreign exchange contracts | Selling, general and administrative expense
Derivative [Line Items]
Derivative Gain (Loss) Recognized in Earnings	553	(4,867)
Interest rate swaps
Derivative [Line Items]
Derivative Gain (Loss) Recognized in AOCI (Effective Portion)	6,280	0
Interest rate swaps | Interest expense
Derivative [Line Items]
Gain (Loss) Reclassified from AOCI to Earnings (Effective Portion)	$ 0	$ 0

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Fair Value Measurements and Derivative Instruments (Fair Value of Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 2,438,857	$ 2,564,393
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 2,426,062	$ 2,479,895

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Restructuring Charges (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restructuring Costs
Expenses, net	$ 2,889	$ 3,817
Cash payments	$ (3,955)	(6,047)
Minimum
Restructuring Costs
Restructuring reserve, expected payment period	12 months
Maximum
Restructuring Costs
Restructuring reserve, expected payment period	24 months
Severance and other exit costs
Restructuring Costs
Balance Beginning	$ 10,063	12,006
Expenses, net	2,889	3,817
Cash payments	(3,955)	(6,047)
Noncash activity	(227)	(763)
Balance Ending	$ 8,770	$ 9,013

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Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Principal amount	$ 2,482,931	$ 2,610,246
Less: unamortized costs, net	44,074	45,853
Total debt	2,438,857	2,564,393
Less: current portion long-term debt	19,972	216,032
Long-term debt	$ 2,418,885	2,348,361
Notes due | Notes due October 2021
Debt Instrument [Line Items]
Interest rate	4.875%
Principal amount	$ 0	152,588
Notes due | Notes due May 2022
Debt Instrument [Line Items]
Interest rate	5.375%
Principal amount	$ 72,873	148,792
Notes due | Notes due April 2023
Debt Instrument [Line Items]
Interest rate	5.95%
Principal amount	$ 96,667	271,000
Notes due | Notes due March 2024
Debt Instrument [Line Items]
Interest rate	4.625%
Principal amount	$ 267,952	374,000
Notes due | Notes due March 2027
Debt Instrument [Line Items]
Interest rate	6.875%
Principal amount	$ 400,000	0
Notes due | Notes due March 2029
Debt Instrument [Line Items]
Interest rate	7.25%
Principal amount	$ 350,000	0
Notes due | Notes due January 2037
Debt Instrument [Line Items]
Interest rate	5.25%
Principal amount	$ 35,841	35,841
Notes due | Notes due March 2043
Debt Instrument [Line Items]
Interest rate	6.70%
Principal amount	$ 425,000	425,000
Notes due | Term loan due March 2026
Debt Instrument [Line Items]
Interest rate	1.90%
Principal amount	$ 380,000	380,000
Notes due | Term loan due March 2026 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Notes due | Term loan due January 2025
Debt Instrument [Line Items]
Principal amount	$ 0	818,125
Notes due | Term loan due January 2025 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	5.50%
Notes due | Term loan due March 2028
Debt Instrument [Line Items]
Interest rate	4.10%
Principal amount	$ 450,000	0
Notes due | Term loan due March 2028 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	4.00%
Other debt
Debt Instrument [Line Items]
Principal amount	$ 4,598	$ 4,900

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Debt (Narrative) (Details) - USD ($)	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Principal amount		$ 2,482,931,000		$ 2,610,246,000
Loss on debt refinancing		51,394,000	$ 36,987,000
Notes due
Debt Instrument [Line Items]
Loss on debt refinancing		51,000,000
Line of credit | Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity		500,000,000
Outstanding borrowings			$ 0
Notes due March 2027 | Notes due
Debt Instrument [Line Items]
Principal amount		$ 400,000,000		0
Interest rate		6.875%
Notes due March 2029 | Notes due
Debt Instrument [Line Items]
Principal amount		$ 350,000,000		0
Interest rate		7.25%
Term loan due March 2028 | Notes due
Debt Instrument [Line Items]
Principal amount		$ 450,000,000		0
Interest rate		4.10%
Debt term		7 years
Notes due October 2021 | Notes due
Debt Instrument [Line Items]
Principal amount		$ 0		152,588,000
Interest rate		4.875%
Debt redeemed		$ 153,000,000
Notes due May 2022 | Notes due
Debt Instrument [Line Items]
Principal amount		$ 72,873,000		148,792,000
Interest rate		5.375%
Debt redeemed		$ 356,000,000
Notes due May 2022 | Notes due | Forecast
Debt Instrument [Line Items]
Increase in interest rate	0.25%
Notes due April 2023 | Notes due
Debt Instrument [Line Items]
Principal amount		$ 96,667,000		271,000,000
Interest rate		5.95%
Debt redeemed		$ 356,000,000
Notes due April 2023 | Notes due | Forecast
Debt Instrument [Line Items]
Increase in interest rate	0.25%
Notes due March 2024 | Notes due
Debt Instrument [Line Items]
Principal amount		$ 267,952,000		374,000,000
Interest rate		4.625%
Debt redeemed		$ 356,000,000
Term loan due March 2026 | Notes due
Debt Instrument [Line Items]
Principal amount		$ 380,000,000		380,000,000
Interest rate		1.90%
Term loan due January 2025 | Notes due
Debt Instrument [Line Items]
Principal amount		$ 0		$ 818,125,000
Repayments of debt		$ 818,000,000

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Pensions and Other Benefit Programs (Components of Net Periodic Benefit Cost (Income)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Defined Benefit Pension Plans | United States
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 26	$ 26
Interest cost	10,745	13,179
Expected return on plan assets	(19,478)	(21,304)
Amortization of transition credit	0	0
Amortization of prior service (credit) cost	(15)	(15)
Amortization of net actuarial loss	9,638	8,198
Settlement	0	389
Net periodic benefit cost (income)	916	473
Contributions to benefit plans	1,015	1,929
Defined Benefit Pension Plans | Foreign
Defined Benefit Plan Disclosure [Line Items]
Service cost	395	399
Interest cost	2,961	3,518
Expected return on plan assets	(7,984)	(8,208)
Amortization of transition credit	0	(1)
Amortization of prior service (credit) cost	67	61
Amortization of net actuarial loss	2,345	2,059
Settlement	0	0
Net periodic benefit cost (income)	(2,216)	(2,172)
Contributions to benefit plans	8,696	7,988
Nonpension Postretirement Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	224	217
Interest cost	961	1,245
Expected return on plan assets	0	0
Amortization of transition credit	0	0
Amortization of prior service (credit) cost	32	93
Amortization of net actuarial loss	1,078	736
Settlement	0	0
Net periodic benefit cost (income)	2,295	2,291
Contributions to benefit plans	$ 3,519	$ 4,455

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Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Effective tax rate (percent)	33.60%	4.40%
Benefit from reorganization	$ 3,000
Benefit from windfall associated with the vesting of restricted stock	2,000
Deferred tax assets associated with the expiration of out-of-money vested stock options and the vesting of restricted stock	1,000	$ 3,000
Benefit from goodwill impairment		2,000
Goodwill impairment	$ 0	198,169
Tax benefit from resolution of settlement		$ 2,000
Percent decrease in unrecognized benefits, reasonably possible (up to)	10.00%

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Commitments and Contingencies Disclosure (Details) - Equipment - Digital Commerce Solutions $ in Millions	Mar. 31, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Lease payments	$ 41
Minimum
Lessee, Lease, Description [Line Items]
Term of contract	3 years
Maximum
Lessee, Lease, Description [Line Items]
Term of contract	8 years

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Stockholders’ Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2020
Increase (Decrease) in Stockholders' Equity
Balances, beginning of period	$ 66,395	$ 286,096
Net loss	(31,541)	(208,483)
Other comprehensive income	(8,407)	(17,731)
Dividends paid	(8,625)	(8,523)
Issuance of common stock	(3,880)	(1,550)
Stock-based compensation expense	5,221	1,521
Balances, end of period	$ 19,163	29,430	$ 29,430
Dividends paid (USD per share)	$ 0.05		$ 0.05
Cumulative Effect
Increase (Decrease) in Stockholders' Equity
Balances, beginning of period		(21,900)
Common stock
Increase (Decrease) in Stockholders' Equity
Balances, beginning of period	$ 323,338	323,338
Balances, end of period	323,338	323,338	$ 323,338
Additional paid-in capital
Increase (Decrease) in Stockholders' Equity
Balances, beginning of period	68,502	98,748
Issuance of common stock	(58,454)	(30,716)
Stock-based compensation expense	5,221	1,521
Balances, end of period	15,269	69,553	69,553
Retained earnings
Increase (Decrease) in Stockholders' Equity
Balances, beginning of period	5,201,195	5,438,930
Net loss	(31,541)	(208,483)
Dividends paid	(8,625)	(8,523)
Balances, end of period	5,161,029	5,200,024	5,200,024
Accumulated other comprehensive loss
Increase (Decrease) in Stockholders' Equity
Balances, beginning of period	(839,131)	(840,143)
Other comprehensive income	(8,407)	(17,731)
Balances, end of period	(847,538)	(857,874)	(857,874)
Treasury stock
Increase (Decrease) in Stockholders' Equity
Balances, beginning of period	(4,687,509)	(4,734,777)
Issuance of common stock	54,574	29,166
Balances, end of period	$ (4,632,935)	$ (4,705,611)	$ (4,705,611)

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Accumulated Other Comprehensive Loss (Reclassifications) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenue	$ 915,197	$ 796,268
Selling, general and administrative	(238,102)	(248,633)
Loss from continuing operations before taxes	(41,647)	(228,577)
Income tax provision	13,992	10,030
Net loss	(31,541)	(208,483)
Reclassification out of Accumulated Other Comprehensive Loss | Cash flow hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenue	126	61
Cost of sales	(58)	10
Loss from continuing operations before taxes	68	71
Income tax provision	17	17
Net loss	51	54
Reclassification out of Accumulated Other Comprehensive Loss | Available for sale securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenue	(1)	284
Selling, general and administrative	42	0
Loss from continuing operations before taxes	41	284
Income tax provision	10	71
Net loss	31	213
Reclassification out of Accumulated Other Comprehensive Loss | Pension and postretirement benefit plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Loss from continuing operations before taxes	(13,145)	(11,520)
Income tax provision	(3,208)	(2,650)
Net loss	(9,937)	(8,870)
Reclassification out of Accumulated Other Comprehensive Loss | Transition credit
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Pension and postretirement benefit plans	0	1
Reclassification out of Accumulated Other Comprehensive Loss | Prior service costs
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Pension and postretirement benefit plans	(84)	(139)
Reclassification out of Accumulated Other Comprehensive Loss | Actuarial losses
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Pension and postretirement benefit plans	(13,061)	(10,993)
Reclassification out of Accumulated Other Comprehensive Loss | Settlements
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Pension and postretirement benefit plans	$ 0	$ (389)

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Accumulated Other Comprehensive Loss (Changes) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax
Balances, beginning of period	$ 66,395	$ 286,096
Other comprehensive income (loss) before reclassifications	(18,262)	(26,334)
Reclassifications into earnings	9,855	8,603
Other comprehensive loss, net of tax	(8,407)	(17,731)
Balances, end of period	19,163	29,430
Cash flow hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax
Balances, beginning of period	(1,411)	337
Other comprehensive income (loss) before reclassifications	4,881	(120)
Reclassifications into earnings	(51)	(54)
Other comprehensive loss, net of tax	4,830	(174)
Balances, end of period	3,419	163
Available for sale securities
Accumulated Other Comprehensive Income (Loss), Net of Tax
Balances, beginning of period	402	2,849
Other comprehensive income (loss) before reclassifications	(8,885)	1,521
Reclassifications into earnings	(31)	(213)
Other comprehensive loss, net of tax	(8,916)	1,308
Balances, end of period	(8,514)	4,157
Pension and postretirement benefit plans
Accumulated Other Comprehensive Income (Loss), Net of Tax
Balances, beginning of period	(851,063)	(819,018)
Other comprehensive income (loss) before reclassifications	0	0
Reclassifications into earnings	9,937	8,870
Other comprehensive loss, net of tax	9,937	8,870
Balances, end of period	(841,126)	(810,148)
Foreign currency adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax
Balances, beginning of period	12,941	(24,311)
Other comprehensive income (loss) before reclassifications	(14,258)	(27,735)
Reclassifications into earnings	0	0
Other comprehensive loss, net of tax	(14,258)	(27,735)
Balances, end of period	(1,317)	(52,046)
Total
Accumulated Other Comprehensive Income (Loss), Net of Tax
Balances, beginning of period	(839,131)	(840,143)
Other comprehensive loss, net of tax	(8,407)	(17,731)
Balances, end of period	$ (847,538)	$ (857,874)

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Supplemental Financial Statement Information (Allowance for Credit on Losses for Accounts and Other Reveivables) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for doubtful accounts	$ 20,480		$ 18,899
Allowance for credit losses	3,992	$ 15,926
Accounts and other receivables	20,480	29,444
Other assets	16,561	0
ASU 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for doubtful accounts	35,344	17,830	$ 37,041	$ 29,444
Allowance for credit losses	3,011	3,280
Write-offs, recoveries and other	(1,314)	(7,002)
ASU 2016-13 | Cumulative Effect
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for doubtful accounts	$ 0	$ 15,336

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Supplemental Financial Statement Information (Other Expense, Net) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Other Income and Expenses [Abstract]
Loss on debt refinancing	$ 51,394	$ 36,987
Insurance proceeds	0	(3,500)
Other expense, net	$ 51,394	$ 33,487

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Supplemental Financial Statement Information (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Other Income and Expenses [Abstract]
Cash interest paid	$ 39,658	$ 44,891
Cash income tax payments, net of refunds	2,641	13,270
Finance leased assets obtained in exchange for new lease obligations	$ 9,477	$ 2,399