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 September 30, 2021

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________________ to ________________

Commission file number: 1-03579

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 October 29, 2021, 176,064,604 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 Operations for the Three and Nine Months Ended September 30, 2021 and 2020	3
	Condensed Consolidated Statements of Comprehensive (Loss) Income for the Three and Nine Months Ended September 30, 2021 and 2020	4
	Condensed Consolidated Balance Sheets at September 30, 2021 and December 31, 2020	5
	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 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	31
Item 3:	Quantitative and Qualitative Disclosures about Market Risk	40
Item 4:	Controls and Procedures	40
Part II - Other Information:
Item 1:	Legal Proceedings	41
Item 1A:	Risk Factors	41
Item 2:	Unregistered Sales of Equity Securities and Use of Proceeds	41
Item 6:	Exhibits	42
Signatures		43

2

PART I. FINANCIAL INFORMATION

Item 1: Financial Statements

PITNEY BOWES INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited; in thousands, except per share amounts)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Revenue:
Business services	$	551,384	$	550,954	$	1,688,860	$	1,524,323
Support services	113,413		117,519		347,266		353,320
Financing	71,936		86,218		223,201		260,758
Equipment sales	83,234		79,572		256,304		213,682
Supplies	38,211		39,635		119,090		118,117
Rentals	17,271		18,000		55,128		55,458
Total revenue	875,449		891,898		2,689,849		2,525,658
Costs and expenses:
Cost of business services	472,216		482,965		1,454,564		1,311,941
Cost of support services	38,250		37,647		112,646		114,132
Financing interest expense	11,710		11,626		35,369		36,054
Cost of equipment sales	62,221		59,766		185,622		165,045
Cost of supplies	10,705		10,132		32,383		30,751
Cost of rentals	6,480		6,055		18,940		18,455
Selling, general and administrative	225,024		238,618		699,316		720,882
Research and development	10,621		9,255		32,996		28,838
Restructuring charges	3,701		3,766		11,434		12,505
Goodwill impairment	—		—		—		198,169
Interest expense, net	24,312		27,175		73,816		79,504
Other components of net pension and postretirement cost (income)	46		(109)		708		126
Other expense (income)	3,193		(6,325)		40,941		9,787
Total costs and expenses	868,479		880,571		2,698,735		2,726,189
Income (loss) from continuing operations before taxes	6,970		11,327		(8,886)		(200,531)
(Benefit) provision for income taxes	(1,525)		554		(10,602)		7,540
Income (loss) from continuing operations	8,495		10,773		1,716		(208,071)
Income (loss) from discontinued operations, net of tax	572		616		(4,334)		7,648
Net income (loss)	$	9,067	$	11,389	$	(2,618)	$	(200,423)
Basic earnings (loss) per share (1):
Continuing operations	$	0.05	$	0.06	$	0.01	$	(1.21)
Discontinued operations	—		—		(0.02)		0.04
Net income (loss)	$	0.05	$	0.07	$	(0.02)	$	(1.17)
Diluted earnings (loss) per share (1):
Continuing operations	$	0.05	$	0.06	$	0.01	$	(1.21)
Discontinued operations	—		—		(0.02)		0.04
Net income (loss)	$	0.05	$	0.07	$	(0.02)	$	(1.17)

(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) INCOME

(Unaudited; in thousands)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net income (loss)	$	9,067	$	11,389	$	(2,618)	$	(200,423)
Other comprehensive (loss) income, net of tax:
Foreign currency translation, net of tax of $(1,062), $1,621, $(765) and $(91), respectively	(18,175)		22,676		(28,924)		5,040
Net unrealized gain (loss) on cash flow hedges, net of tax of $17, $(317), $1,152 and $(796), respectively	50		(957)		3,474		(2,402)
Net unrealized loss on investment securities, net of tax of $(467), $(2,716), $(2,117) and $(1,816), respectively	(1,408)		(8,191)		(6,385)		(5,476)
Amortization of pension and postretirement costs, net of tax of $3,097, $2,875, $9,608 and $9,027, respectively	9,606		9,162		29,736		29,409
Other comprehensive (loss) income, net of tax	(9,927)		22,690		(2,099)		26,571
Comprehensive (loss) income	$	(860)	$	34,079	$	(4,717)	$	(173,852)

See Notes to Condensed Consolidated Financial Statements

4

PITNEY BOWES INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

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

	September 30, 2021		December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents	$	729,149	$	921,450
Short-term investments (includes $3,334 and $18,974, respectively, reported at fair value)	14,060		18,974
Accounts and other receivables (net of allowance of $11,807 and $18,899, respectively)	313,765		389,240
Short-term finance receivables (net of allowance of $14,078 and $18,012, respectively)	556,985		568,050
Inventories	69,496		65,845
Current income taxes	32,290		23,219
Other current assets and prepayments	127,513		120,145
Total current assets	1,843,258		2,106,923
Property, plant and equipment, net	467,396		391,280
Rental property and equipment, net	36,461		38,435
Long-term finance receivables (net of allowance of $15,829 and $17,857 respectively)	582,352		605,292
Goodwill	1,124,705		1,152,285
Intangible assets, net	137,118		159,839
Operating lease assets	212,028		201,916
Noncurrent income taxes	67,049		72,653
Other assets (includes $337,577 and $355,799, respectively, reported at fair value)	484,247		491,514
Total assets	$	4,954,614	$	5,220,137
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	871,798	$	880,616
Customer deposits at Pitney Bowes Bank	642,712		617,200
Current operating lease liabilities	41,347		39,182
Current portion of long-term debt	24,733		216,032
Advance billings	104,094		114,550
Current income taxes	4,078		2,880
Total current liabilities	1,688,762		1,870,460
Long-term debt	2,314,151		2,348,361
Deferred taxes on income	283,395		279,451
Tax uncertainties and other income tax liabilities	35,380		38,163
Noncurrent operating lease liabilities	193,861		180,292
Other noncurrent liabilities	390,402		437,015
Total liabilities	4,905,951		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	2,463		68,502
Retained earnings	5,172,527		5,201,195
Accumulated other comprehensive loss	(841,230)		(839,131)
Treasury stock, at cost (148,809,481 and 151,362,724 shares, respectively)	(4,608,435)		(4,687,509)
Total stockholders’ equity	48,663		66,395
Total liabilities and stockholders’ equity	$	4,954,614	$	5,220,137

See Notes to Condensed Consolidated Financial Statements

5

PITNEY BOWES INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited; in thousands)

	Nine Months Ended September 30,
	2021		2020
Cash flows from operating activities:
Net loss	$	(2,618)	$	(200,423)
Loss (income) from discontinued operations, net of tax	4,334		(7,648)
Restructuring payments	(14,847)		(15,869)
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation and amortization	121,225		120,403
Allowance for credit losses	6,382		35,400
Stock-based compensation	15,448		15,236
Restructuring charges	11,434		12,505
Amortization of debt fees	5,694		7,962
Goodwill impairment	—		198,169
Loss on debt refinancing	55,576		36,987
Gain on asset sales	(1,434)		(21,969)
Gain on sale of business	(10,201)		—
Changes in operating assets and liabilities, net of acquisitions/divestitures:
Accounts and other receivables	62,537		(8,064)
Finance receivables	31,893		86,135
Inventories	(4,304)		1,051
Other current assets and prepayments	(8,900)		(18,400)
Accounts payable	20,953		(14,486)
Accrued liabilities	(28,285)		13,439
Current and noncurrent income taxes	(14,294)		21,682
Advance billings	(9,402)		687
Pension and retiree medical liabilities	(58,287)		(60,442)
Other, net	33,270		27,234
Net cash from operating activities - continuing operations	216,174		229,589
Net cash from operating activities - discontinued operations	—		(38,423)
Net cash from operating activities	216,174		191,166
Cash flows from investing activities:
Capital expenditures	(140,907)		(80,787)
Purchases of investment securities	(70,896)		(591,304)
Proceeds from sales/maturities of investment securities	78,941		501,459
Net investment in loan receivables	(6,627)		(3,806)
Proceeds from asset sales	1,840		58,248
Acquisitions, net of cash acquired	—		(6,608)
Proceeds from sale of business, net of cash sold	27,573		—
Other investing activities	—		9,559
Net cash from investing activities - continuing operations	(110,076)		(113,239)
Net cash from investing activities - discontinued operations	(1,610)		(2,502)
Net cash from investing activities	(111,686)		(115,741)
Cash flows from financing activities:
Proceeds from the issuance of debt, net of discount	1,195,500		916,544
Principal payments of debt	(1,429,603)		(1,072,260)
Premiums and fees paid to refinance debt	(50,130)		(32,645)
Dividends paid to stockholders	(26,050)		(25,693)
Customer deposits at Pitney Bowes Bank	25,512		19,464
Other financing activities	(7,078)		(3,318)
Net cash from financing activities	(291,849)		(197,908)
Effect of exchange rate changes on cash and cash equivalents	(4,940)		(2,782)
Change in cash and cash equivalents	(192,301)		(125,265)
Cash and cash equivalents at beginning of period	921,450		924,442
Cash and cash equivalents at end of period	$	729,149	$	799,177

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 shipping and mailing company that provides technology, logistics, and financial services to more than 90 percent of the Fortune 500. Small business, retail, enterprise and government clients around the world rely on us to remove the complexity of sending mail and parcels. For additional information, visit www.pitneybowes.com.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and the instructions to Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In addition, the December 31, 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 September 30, 2020 has been revised and the impact on our previously issued interim Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 is as follows:

	Nine Months Ended September 30, 2020
(unaudited)	As Previously Reported		Adjustments		Reclass		As Revised and Reclassified
Cash flows from operating activities
Changes in finance receivables	$	85,593	$	542	$	—	$	86,135
Net cash from operating activities: continuing operations	$	229,047	$	542	$	—	$	229,589
Net cash from operating activities	$	190,624	$	542	$	—	$	191,166
Cash flows from investing activities
Purchases of investment securities	$	(392,427)	$	(198,877)	$	—	$	(591,304)
Proceeds from sales/maturities of investment securities	$	241,924	$	259,535	$	—	$	501,459
Net change in short-term and other investing activities	$	68,464	$	(68,464)	$	—	$	—
Net investment in loan receivables	$	—	$	(542)	$	(3,264)	$	(3,806)
Customer deposits at the Bank	$	19,464	$	(19,464)	$	—	$	—
Other investing activities	$	(1,511)	$	7,806	$	3,264	$	9,559
Net cash from investing activities: continuing operations	$	(93,233)	$	(20,006)	$	—	$	(113,239)
Net cash from investing activities	$	(95,735)	$	(20,006)	$	—	$	(115,741)
Cash flows from financing activities
Customer deposits at the Bank	$	—	$	19,464	$	—	$	19,464
Net cash from financing activities	$	(217,372)	$	19,464	$	—	$	(197,908)

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 have matched LIBOR-based debt with LIBOR based interest rate swaps and have elected to apply the practical expedient related to probability and the assessment of the effectiveness for future LIBOR-indexed cash flows, which assumes that the debt instrument will use the same index rate as its corresponding interest rate swap once a new reference rate is established to replace LIBOR. We may apply other expedients as additional reference rate changes occur. We continue to assess the impact of this standard on our consolidated financial statements.

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 September 30, 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	$	398,011	$	139,296	$	14,077	$	551,384	$	—	$	551,384
Support services	—		—		113,413		113,413		—		113,413
Financing	—		—		—		—		71,936		71,936
Equipment sales	—		—		25,089		25,089		58,145		83,234
Supplies	—		—		38,211		38,211		—		38,211
Rentals	—		—		—		—		17,271		17,271
Subtotal	398,011		139,296		190,790		728,097		$	147,352	$	875,449
Revenue from leasing transactions and financing
Financing	—		—		71,936		71,936
Equipment sales	—		—		58,145		58,145
Rentals	—		—		17,271		17,271
Total revenue	$	398,011	$	139,296	$	338,142	$	875,449
Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	—	$	—	$	81,205	$	81,205
Products/services transferred over time	398,011		139,296		109,585		646,892
Total	$	398,011	$	139,296	$	190,790	$	728,097

	Three Months Ended September 30, 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	$	409,981	$	127,705	$	13,268	$	550,954	$	—	$	550,954
Support services	—		—		117,519		117,519		—		117,519
Financing	—		—		—		—		86,218		86,218
Equipment sales	—		—		17,935		17,935		61,637		79,572
Supplies	—		—		39,635		39,635		—		39,635
Rentals	—		—		—		—		18,000		18,000
Subtotal	409,981		127,705		188,357		726,043		$	165,855	$	891,898
Revenue from leasing transactions and financing
Financing	—		—		86,218		86,218
Equipment sales	—		—		61,637		61,637
Rentals	—		—		18,000		18,000
Total revenue	$	409,981	$	127,705	$	354,212	$	891,898
Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	—	$	—	$	73,602	$	73,602
Products/services transferred over time	409,981		127,705		114,755		652,441
Total	$	409,981	$	127,705	$	188,357	$	726,043

9

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

	Nine Months Ended September 30, 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	$	1,229,526	$	417,041	$	42,293	$	1,688,860	$	—	$	1,688,860
Support services	—		—		347,266		347,266		—		347,266
Financing	—		—		—		—		223,201		223,201
Equipment sales	—		—		66,600		66,600		189,704		256,304
Supplies	—		—		119,090		119,090		—		119,090
Rentals	—		—		—		—		55,128		55,128
Subtotal	1,229,526		417,041		575,249		2,221,816		$	468,033	$	2,689,849
Revenue from leasing transactions and financing
Financing	—		—		223,201		223,201
Equipment sales	—		—		189,704		189,704
Rentals	—		—		55,128		55,128
Total revenue	$	1,229,526	$	417,041	$	1,043,282	$	2,689,849
Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	—	$	—	$	236,016	$	236,016
Products/services transferred over time	1,229,526		417,041		339,233		1,985,800
Total	$	1,229,526	$	417,041	$	575,249	$	2,221,816

	Nine Months Ended September 30, 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	$	1,100,757	$	386,552	$	37,014	$	1,524,323	$	—	$	1,524,323
Support services	—		—		353,320		353,320		—		353,320
Financing	—		—		—		—		260,758		260,758
Equipment sales	—		—		49,556		49,556		164,126		213,682
Supplies	—		—		118,117		118,117		—		118,117
Rentals	—		—		—		—		55,458		55,458
Subtotal	1,100,757		386,552		558,007		2,045,316		$	480,342	$	2,525,658
Revenue from leasing transactions and financing
Financing	—		—		260,758		260,758
Equipment sales	—		—		164,126		164,126
Rentals	—		—		55,458		55,458
Total revenue	$	1,100,757	$	386,552	$	1,038,349	$	2,525,658
Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	—	$	—	$	210,726	$	210,726
Products/services transferred over time	1,100,757		386,552		347,281		1,834,590
Total	$	1,100,757	$	386,552	$	558,007	$	2,045,316

10

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 equipment and digital mailing and shipping technology solutions. Contract terms range from one to five years, depending on the lease term of 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 the Bank.

Advance Billings from Contracts with Customers

	Balance sheet location	September 30, 2021		December 31, 2020		Increase/ (decrease)
Advance billings, current	Advance billings	$	96,851	$	106,498	$	(9,647)
Advance billings, noncurrent	Other noncurrent liabilities	$	1,187	$	1,277	$	(90)

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 for our equipment and digital mailing and shipping technology solutions. Revenue recognized during the period includes $93 million of advance billings at the beginning of the period. Advance billings above at September 30, 2021 and December 31, 2020 excludes $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	$	85,186	$	247,772	$	364,157	$	697,115

The amounts above exclude 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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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 income (loss).

	Revenue
	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Global Ecommerce	$	398,011	$	409,981	$	1,229,526	$	1,100,757
Presort Services	139,296		127,705		417,041		386,552
SendTech Solutions	338,142		354,212		1,043,282		1,038,349
Total revenue	$	875,449	$	891,898	$	2,689,849	$	2,525,658

	EBIT
	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Global Ecommerce	$	(20,950)	$	(19,757)	$	(58,157)	$	(68,126)
Presort Services	21,062		14,481		56,247		42,758
SendTech Solutions	98,950		112,599		320,541		323,429
Total segment EBIT	99,062		107,323		318,631		298,061
Reconciliation of Segment EBIT to net income (loss):
Unallocated corporate expenses	(49,176)		(53,429)		(162,957)		(146,640)
Restructuring charges	(3,701)		(3,766)		(11,434)		(12,505)
Interest expense, net	(36,022)		(38,801)		(109,185)		(115,558)
Gain on sale of assets	—		—		1,434		11,908
Goodwill impairment	—		—		—		(198,169)
Loss on debt refinancing	(3,193)		—		(55,576)		(36,987)
Gain on sale of business	—		—		10,201		—
Transaction costs	—		—		—		(641)
Benefit (provision) for income taxes	1,525		(554)		10,602		(7,540)
Income (loss) from continuing operations	8,495		10,773		1,716		(208,071)
Income (loss) from discontinued operations, net of tax	572		616		(4,334)		7,648
Net income (loss)	$	9,067	$	11,389	$	(2,618)	$	(200,423)

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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 three and nine months ended September 30, 2021 and 2020 include working capital adjustments, tax-related adjustments and other adjustments in connection with the sale of our Software Solutions business in 2019 and Production Mail business in 2018. Discontinued operations for the nine months ended September 30, 2021 also includes a tax charge related to the sale of the Production Mail business and discontinued operations for the nine months ended September 30, 2020 also includes the gain on the sale of our software business in Australia, which closed in January 2020.

5. Earnings per Share (EPS)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Numerator:
Income (loss) from continuing operations	$	8,495	$	10,773	$	1,716	$	(208,071)
Income (loss) from discontinued operations, net of tax	572		616		(4,334)		7,648
Net income (loss)	$	9,067	$	11,389	$	(2,618)	$	(200,423)
Denominator:
Weighted-average shares used in basic EPS	174,399		171,828		173,691		171,388
Dilutive effect of common stock equivalents (1)	5,010		2,876		5,258		—
Weighted-average shares used in diluted EPS	179,409		174,704		178,949		171,388
Basic earnings (loss) per share (2):
Continuing operations	$	0.05	$	0.06	$	0.01	$	(1.21)
Discontinued operations	—		—		(0.02)		0.04
Net income (loss)	$	0.05	$	0.07	$	(0.02)	$	(1.17)
Diluted earnings (loss) per share (2):
Continuing operations	$	0.05	$	0.06	$	0.01	$	(1.21)
Discontinued operations	—		—		(0.02)		0.04
Net income (loss)	$	0.05	$	0.07	$	(0.02)	$	(1.17)
Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive:	6,529		14,828		6,529		15,855

(1)     Due to the net loss for the nine months ended September 30, 2020, common stock equivalents of 1,604 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:

	September 30, 2021		December 31, 2020
Raw materials	$	19,289	$	16,570
Supplies and service parts	26,162		24,061
Finished products	29,680		30,849
Inventory at FIFO cost	75,131		71,480
Excess of FIFO cost over LIFO cost	(5,635)		(5,635)
Total inventory, net	$	69,496	$	65,845

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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:

	September 30, 2021						December 31, 2020
	North America		International		Total		North America		International		Total
Sales-type lease receivables
Gross finance receivables	$	960,290	$	186,979	$	1,147,269	$	994,985	$	211,944	$	1,206,929
Unguaranteed residual values	37,827		11,101		48,928		36,405		12,140		48,545
Unearned income	(251,451)		(57,565)		(309,016)		(275,359)		(61,686)		(337,045)
Allowance for credit losses	(22,321)		(3,977)		(26,298)		(22,917)		(6,006)		(28,923)
Net investment in sales-type lease receivables	724,345		136,538		860,883		733,114		156,392		889,506
Loan receivables
Loan receivables	259,653		22,410		282,063		268,690		22,092		290,782
Allowance for credit losses	(3,373)		(236)		(3,609)		(6,484)		(462)		(6,946)
Net investment in loan receivables	256,280		22,174		278,454		262,206		21,630		283,836
Net investment in finance receivables	$	980,625	$	158,712	$	1,139,337	$	995,320	$	178,022	$	1,173,342

Maturities of gross sales-type lease receivables and gross loan receivables at September 30, 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	$	104,087	$	16,956	$	121,043	$	205,035	$	22,410	$	227,445
Year ending December 31, 2022	353,220		70,368		423,588		20,692		—		20,692
Year ending December 31, 2023	253,168		48,930		302,098		14,616		—		14,616
Year ending December 31, 2024	154,417		29,172		183,589		11,998		—		11,998
Year ending December 31, 2025	76,001		15,305		91,306		6,429		—		6,429
Thereafter	19,397		6,248		25,645		883		—		883
Total	$	960,290	$	186,979	$	1,147,269	$	259,653	$	22,410	$	282,063

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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)

Aging of Receivables

The aging of gross finance receivables was as follows:

	September 30, 2021
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Past due amounts 0 - 90 days	$	955,731	$	184,616	$	255,365	$	22,311	$	1,418,023
Past due amounts > 90 days	4,559		2,363		4,288		99		11,309
Total	$	960,290	$	186,979	$	259,653	$	22,410	$	1,429,332
Past due amounts > 90 days
Still accruing interest	$	2,046	$	872	$	—	$	—	$	2,918
Not accruing interest	2,513		1,491		4,288		99		8,391
Total	$	4,559	$	2,363	$	4,288	$	99	$	11,309

	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 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	1,959		(1,019)		(979)		33		(6)
Write-offs	(4,816)		(773)		(4,748)		(251)		(10,588)
Recoveries	2,256		(16)		2,615		3		4,858
Other	5		(221)		1		(11)		(226)
Balance at September 30, 2021	$	22,321	$	3,977	$	3,373	$	236	$	29,907
	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	10,009		1,314		6,792		429		18,544
Write-offs	(5,950)		(548)		(7,370)		(343)		(14,211)
Recoveries	1,488		91		2,399		1		3,979
Other	148		210		181		63		602
Balance at September 30, 2020	$	25,886	$	4,902	$	6,792	$	488	$	38,068

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%.

We do not use a third party to score our International portfolio because the cost to do so is prohibitive as there is no single credit score model that covers all countries. Accordingly, the entire International portfolio is reported in the Not Scored category. 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.

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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 September 30, 2021 and December 31, 2020.

	September 30, 2021
	Sales Type Lease Receivables												Loan Receivables		Total
	2021		2020		2019		2018		2017		Prior
Low	$	211,706	$	206,401	$	174,389	$	111,650	$	44,059	$	17,317	$	194,859	$	960,381
Medium	35,526		38,343		36,921		22,257		10,355		5,551		49,385		198,338
High	4,169		5,335		4,744		3,013		1,050		830		5,265		24,406
Not Scored	65,099		56,985		51,426		27,735		10,079		2,329		32,554		246,207
Total	$	316,500	$	307,064	$	267,480	$	164,655	$	65,543	$	26,027	$	282,063	$	1,429,332
	December 31, 2020
	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

Lease Income

Lease income from sales-type leases was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Profit recognized at commencement (1)	$	28,394	$	29,169	$	92,756	$	80,348
Interest income	45,806		50,961		142,072		157,044
Total lease income from sales-type leases	$	74,200	$	80,130	$	234,828	$	237,392

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

The disclosure of total lease income from sales-type leases for the three and nine months ended September 30, 2020 has been revised from $63 million to $80 million and from $182 million to $237 million, respectively. The revision did not have any impact on our Condensed Consolidated Statements of Operations.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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	$	10,624
Year ending December 31, 2022	28,138
Year ending December 31, 2023	21,658
Year ending December 31, 2024	6,395
Year ending December 31, 2025	2,221
Thereafter	320
Total	$	69,356

8. Intangible Assets and Goodwill

Intangible Assets

Intangible assets consisted of the following:

	September 30, 2021						December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	268,189	$	(134,871)	$	133,318	$	268,199	$	(115,010)	$	153,189
Software & technology	19,000		(15,200)		3,800		19,000		(12,350)		6,650
Total intangible assets	$	287,189	$	(150,071)	$	137,118	$	287,199	$	(127,360)	$	159,839

Amortization expense for both the three months ended September 30, 2021 and 2020 was $8 million. Amortization expense for the nine months ended September 30, 2021 and 2020 was $23 million and $26 million, respectively.

Future amortization expense as of September 30, 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	$	7,573
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	27,495
Total	$	137,118

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		Disposition		Currency impact		September 30, 2021
Global Ecommerce	$	609,431	$	(198,169)	$	411,262	$	(16,200)	$	—	$	395,062
Presort Services	220,992		—		220,992		—		—		220,992
SendTech Solutions	520,031		—		520,031		—		(11,380)		508,651
Total goodwill	$	1,350,454	$	(198,169)	$	1,152,285	$	(16,200)	$	(11,380)	$	1,124,705

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

During the second quarter, we sold a U.K. based software consultancy business ("Tacit") acquired as part of our 2017 acquisition of Newgistics. We received net proceeds of $28 million and recognized a pre-tax gain of $10 million (after-tax gain of $4 million), which included a goodwill allocation of $16 million attributable to Tacit.

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.

	September 30, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Investment securities
Money market funds	$	84,772	$	250,877	$	—	$	335,649
Equity securities	—		29,898		—		29,898
Commingled fixed income securities	1,704		19,277		—		20,981
Government and related securities	9,847		25,179		—		35,026
Corporate debt securities	—		66,433		—		66,433
Mortgage-backed / asset-backed securities	—		187,435		—		187,435
Derivatives
Interest rate swap	—		631		—		631
Foreign exchange contracts	—		723		—		723
Total assets	$	96,323	$	580,453	$	—	$	676,776
Liabilities:
Derivatives
Foreign exchange contracts	$	—	$	(2,853)	$	—	$	(2,853)
Total liabilities	$	—	$	(2,853)	$	—	$	(2,853)

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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.

20

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 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 nine months ended September 30, 2021.

Available-for-sale securities consisted of the following:

	September 30, 2021
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Government and related securities	$	36,282	$	74	$	(1,330)	$	35,026
Corporate debt securities	68,720		313		(2,600)		66,433
Commingled fixed income securities	1,721		—		(17)		1,704
Mortgage-backed / asset-backed securities	191,769		215		(4,549)		187,435
Total	$	298,492	$	602	$	(8,496)	$	290,598

	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:

	September 30, 2021				December 31, 2020
	Fair Value		Gross unrealized losses		Fair Value		Gross unrealized losses
Less than 12 continuous months	$	181,105	$	4,695	$	132,267	$	1,072
Greater than 12 continuous months	93,587		3,801		2,369		76
Total	$	274,692	$	8,496	$	134,636	$	1,148

At September 30, 2021, 35% 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.

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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)

Scheduled maturities of available-for-sale securities at September 30, 2021 were as follows:

	Amortized cost		Estimated fair value
Within 1 year	$	3,090	$	3,082
After 1 year through 5 years	15,198		15,102
After 5 years through 10 years	73,743		71,325
After 10 years	206,461		201,089
Total	$	298,492	$	290,598

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

At September 30, 2021, certain investments classified as available-for-sale are now classified as held-to-maturity as management determined that the intent is to now hold these securities until maturity. The reclassification of these securities did not have a material impact on our financial statements. Held-to-maturity securities at September 30, 2021 and December 31, 2020 totaled $19 million and $75 million, respectively, of short-term, highly liquid investments.

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 September 30, 2021 and December 31, 2020, we had outstanding contracts associated with these anticipated transactions with notional amounts of $2 million and $8 million, respectively. Amounts included in AOCL at September 30, 2021 will be recognized in earnings within the next 12 months.

Interest Rate Swaps

In May 2021, we terminated our $500 million aggregate notional amount of interest rate swap agreements. We received $2 million that was recorded in AOCL and will be recognized ratably in income through 2024. We concurrently entered into new interest rate swap agreements with an aggregate notional amount of $200 million and designated these instruments 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.

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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)

The fair value of derivative instruments was as follows:

Designation of Derivatives	Balance Sheet Location	September 30, 2021		December 31, 2020
Derivatives designated as hedging instruments
Foreign exchange contracts	Other current assets and prepayments	$	42	$	96
	Accounts payable and accrued liabilities	(6)		(112)
Interest rate swaps	Other assets (Other noncurrent liabilities)	631		(2,163)
Derivatives not designated as hedging instruments
Foreign exchange contracts	Other current assets and prepayments	681		3,680
	Accounts payable and accrued liabilities	(2,847)		(1,848)
	Total derivative assets	$	1,354	$	3,776
	Total derivative liabilities	(2,853)		(4,123)
	Total net derivative liability	$	(1,499)	$	(347)

Results of cash flow hedging relationships were as follows:

	Three Months Ended September 30,
	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	$	41	$	(80)	Revenue	$	45	$	(104)
					Cost of sales	(21)		(6)
Interest rate swap	186		(1,303)		Interest expense	—		—
	$	227	$	(1,383)		$	24	$	(110)
	Nine Months Ended September 30,
	Derivative Gain (Loss) Recognized in AOCI (Effective Portion)				Location of Gain (Loss) (Effective Portion)	Gain (Loss) Reclassified from AOCI to Earnings (Effective Portion)
Derivative Instrument	2021		2020			2021		2020
Foreign exchange contracts	$	215	$	(361)	Revenue	$	289	$	(107)
					Cost of sales	(126)		36
Interest rate swap	2,794		(2,908)		Interest expense	—		—
	$	3,009	$	(3,269)		$	163	$	(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 September 30, 2021 mature within 12 months.

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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)

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

		Three Months Ended September 30,
		Derivative Gain (Loss) Recognized in Earnings
Derivatives Instrument	Location of Derivative Gain (Loss)	2021		2020
Foreign exchange contracts	Selling, general and administrative expense	$	(5,592)	$	891
		Nine Months Ended September 30,
		Derivative Gain (Loss) Recognized in Earnings
Derivatives Instrument	Location of Derivative Gain (Loss)	2021		2020
Foreign exchange contracts	Selling, general and administrative expense	$	(4,524)	$	(2,776)

Fair Value of Financial Instruments

Financial instruments not reported at fair value on a recurring basis include cash and cash equivalents, held-to-maturity investment securities, accounts receivable, loan receivables, accounts payable and debt. The carrying value for cash and cash equivalents, held-to-maturity investment securities, 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:

	September 30, 2021		December 31, 2020
Carrying value	$	2,338,884	$	2,564,393
Fair value	$	2,396,064	$	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	11,434
Cash payments	(14,847)
Noncash activity	(541)
Balance at September 30, 2021	$	6,109
Balance at January 1, 2020	$	12,006
Expenses, net	12,505
Cash payments	(15,869)
Noncash activity	(2,649)
Balance at September 30, 2020	$	5,993

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

24

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	September 30, 2021		December 31, 2020
Notes due October 2021	4.875%	$	—	$	152,588
Notes due May 2022	5.625%	—		148,792
Notes due April 2023	6.20%	91,766		271,000
Notes due March 2024	4.625%	251,046		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%	375,250		380,000
Term loan due January 2025	LIBOR + 5.5%	—		818,125
Term loan due March 2028	LIBOR + 4.0%	447,750		—
Other debt		3,991		4,900
Principal amount		2,380,644		2,610,246
Less: unamortized costs, net		41,760		45,853
Total debt		2,338,884		2,564,393
Less: current portion long-term debt		24,733		216,032
Long-term debt		$	2,314,151	$	2,348,361

In 2021, we issued a $400 million 6.875% unsecured note due March 2027, a $350 million 7.25% unsecured note due March 2029 and entered into a new seven-year $450 million secured term loan maturing March 2028. We redeemed all the outstanding October 2021 notes and an aggregate $363 million of the May 2022 notes, April 2023 notes and March 2024 notes under a tender offer, the remaining balance of the May 2022 notes and repaid the remaining balance of our January 2025 term loan. A $56 million pre-tax loss was incurred on the refinancing of debt.

We also amended our $500 million secured revolving credit facility and our $380 million 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 September 30, 2021, we were in compliance with all covenants and there were no outstanding borrowings under the revolving credit facility.

We also terminated our existing $500 million interest rate swap agreements and entered into new interest rate swap agreements with an aggregate notional amount of $200 million. Under the terms of the new swap agreements, we pay fixed-rate interest of 0.56% and receive variable-rate interest based on one-month LIBOR. The variable interest rate under the term loans and the swaps reset monthly.

At September 30, 2021, the interest rate of the 2028 Term Loan was 4.1% and the interest rate on the 2026 Term Loan was 1.8%.

25

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
	September 30,				September 30,				September 30,
	2021		2020		2021		2020		2021		2020
Service cost	$	64	$	16	$	346	$	422	$	232	$	229
Interest cost	10,353		12,719		2,961		3,548		891		1,255
Expected return on plan assets	(18,883)		(20,932)		(7,979)		(8,297)		—		—
Amortization of transition credit	—		—		—		(1)		—		—
Amortization of prior service (credit) cost	(15)		(15)		67		62		32		93
Amortization of net actuarial loss	9,366		7,972		2,340		2,092		913		926
Settlement	—		75		—		833		—		—
Net periodic benefit cost (income)	$	885	$	(165)	$	(2,265)	$	(1,341)	$	2,068	$	2,503
Contributions to benefit plans	$	1,161	$	2,061	$	355	$	445	$	2,642	$	2,422
	Defined Benefit Pension Plans								Nonpension Postretirement Benefit Plans
	United States				Foreign
	Nine Months Ended				Nine Months Ended				Nine Months Ended
	September 30,				September 30,				September 30,
	2021		2020		2021		2020		2021		2020
Service cost	$	195	$	69	$	1,055	$	1,220	$	682	$	663
Interest cost	31,842		39,077		8,929		10,473		2,816		3,742
Expected return on plan assets	(57,839)		(63,539)		(24,070)		(24,474)		—		—
Amortization of transition credit	—		—		—		(3)		—		—
Amortization of prior service (credit) cost	(45)		(45)		202		182		97		280
Amortization of net actuarial loss	28,643		24,367		7,065		6,156		3,068		2,400
Settlement	314		1,076		—		4,023		—		—
Net periodic benefit cost (income)	$	3,110	$	1,005	$	(6,819)	$	(2,423)	$	6,663	$	7,085
Contributions to benefit plans	$	4,020	$	5,959	$	9,379	$	9,013	$	9,542	$	10,493

26

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

13. Income Taxes

The effective tax rate for the three and nine months ended September 30, 2021 was (21.9)% and 119.3%, respectively, and includes a net tax benefit of $3 million from the resolution of tax matters partially offset by a charge from the filing of state income tax returns. The effective tax rate for the nine months ended September 30, 2021 also includes benefits of $5 million due to tax legislation in the U.K., a tax charge of $6 million on the pre-tax gain of $10 million from the sale of Tacit as the tax basis was lower than the book basis, a benefit 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 and nine months ended September 30, 2020 was 4.9% and (3.8)%, respectively, and includes a $3 million benefit, which is primarily due to regulations enacted into law during the quarter. The effective tax rate for the nine months ended September 30, 2020 also includes a $12 million charge for the surrender of company owned life insurance policies, a benefit of $2 million on the $198 million goodwill impairment charge as the majority of this charge was nondeductible, a benefit of $1 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 2016 except for a specific issue arising in earlier years, France is closed through 2019, Germany is closed through 2016 and the U.K. is closed through 2018. We also have other less significant tax filings currently subject to examination.

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 September 30, 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.

As of September 30, 2021, we have entered into leases that have not commenced. These leases have terms ranging from seven to ten years and aggregate payments of $20 million.

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 July 1, 2021	$	323,338	$	5,903	$	5,172,185	$	(831,303)	$	(4,616,753)	$	53,370
Net income	—		—		9,067		—		—		9,067
Other comprehensive loss	—		—		—		(9,927)		—		(9,927)
Dividends paid ($0.05 per common share)	—		—		(8,725)		—		—		(8,725)
Issuance of common stock	—		(6,610)		—		—		8,318		1,708
Stock-based compensation expense	—		3,170		—		—		—		3,170
Balance at September 30, 2021	$	323,338	$	2,463	$	5,172,527	$	(841,230)	$	(4,608,435)	$	48,663

27

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

	Common stock		Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss		Treasury stock		Total equity
Balance at July 1, 2020	$	323,338	$	68,498	$	5,188,119	$	(836,262)	$	(4,699,113)	$	44,580
Net income	—		—		11,389		—		—		11,389
Other comprehensive income	—		—		—		22,690		—		22,690
Dividends paid ($0.05 per common share)	—		—		(8,594)		—		—		(8,594)
Issuance of common stock	—		(9,272)		—		—		10,046		774
Stock-based compensation expense	—		8,286		—		—		—		8,286
Balance at September 30, 2020	$	323,338	$	67,512	$	5,190,914	$	(813,572)	$	(4,689,067)	$	79,125

	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	—		—		(2,618)		—		—		(2,618)
Other comprehensive loss	—		—		—		(2,099)		—		(2,099)
Dividends paid ($0.15 per common share)	—		—		(26,050)		—		—		(26,050)
Issuance of common stock	—		(81,487)		—		—		79,074		(2,413)
Stock-based compensation expense	—		15,448		—		—		—		15,448
Balance at September 30, 2021	$	323,338	$	2,463	$	5,172,527	$	(841,230)	$	(4,608,435)	$	48,663

	Common stock		Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss		Treasury stock		Total equity
Balance at January 1, 2020	$	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	—		—		(200,423)		—		—		(200,423)
Other comprehensive income	—		—		—		26,571		—		26,571
Dividends paid ($0.15 per common share)	—		—		(25,693)		—		—		(25,693)
Issuance of common stock	—		(46,472)		—		—		45,710		(762)
Stock-based compensation expense	—		15,236		—		—		—		15,236
Balance at September 30, 2020	$	323,338	$	67,512	$	5,190,914	$	(813,572)	$	(4,689,067)	$	79,125

28

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 September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Cash flow hedges
Revenue	$	45	$	(104)	$	289	$	(107)
Cost of sales	(21)		(6)		(126)		36
Interest expense, net	(133)		—		(229)		—
Total before tax	(109)		(110)		(66)		(71)
Income tax benefit	(28)		(27)		(17)		(18)
Net of tax	$	(81)	$	(83)	$	(49)	$	(53)
Available-for-sale securities
Financing revenue	$	(2)	$	6,490	$	(2)	$	10,060
Selling, general and administrative expense	(183)		263		76		210
Total before tax	(185)		6,753		74		10,270
Income tax (benefit) provision	(45)		1,681		19		2,557
Net of tax	$	(140)	$	5,072	$	55	$	7,713
Pension and postretirement benefit plans
Transition credit	$	—	$	1	$	—	$	3
Prior service costs	(84)		(140)		(254)		(417)
Actuarial losses	(12,619)		(10,990)		(38,776)		(32,923)
Settlement	—		(908)		(314)		(5,099)
Total before tax	(12,703)		(12,037)		(39,344)		(38,436)
Income tax benefit	(3,097)		(2,875)		(9,608)		(9,027)
Net of tax	$	(9,606)	$	(9,162)	$	(29,736)	$	(29,409)

Changes in AOCL, net of tax 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	3,425		(6,330)		—		(28,924)		(31,829)
Reclassifications into earnings	49		(55)		29,736		—		29,730
Net other comprehensive income (loss)	3,474		(6,385)		29,736		(28,924)		(2,099)
Balance at September 30, 2021	$	2,063	$	(5,983)	$	(821,327)	$	(15,983)	$	(841,230)

	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	(2,455)		2,237		—		5,040		4,822
Reclassifications into earnings	53		(7,713)		29,409		—		21,749
Net other comprehensive (loss) income	(2,402)		(5,476)		29,409		5,040		26,571
Balance at September 30, 2020	$	(2,065)	$	(2,627)	$	(789,609)	$	(19,271)	$	(813,572)

29

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 nine months ended September 30, 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
September 30, 2021	$	35,344	$	—	$	6,388	$	(11,677)	$	30,055	$	11,807	$	18,248
September 30, 2020	$	17,830	$	15,336	$	16,856	$	(20,353)	$	29,669	$	29,669	$	—

Other expense (income) consisted of the following:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Loss on debt refinancing	$	3,193	$	—	$	55,576	$	36,987
Insurance proceeds	—		(6,325)		(3,000)		(15,292)
Gain on sale of assets	—		—		(1,434)		(11,908)
Gain on sale of business	—		—		(10,201)		—
Other expense (income)	$	3,193	$	(6,325)	$	40,941	$	9,787

Supplemental cash flow information is as follows:

	Nine Months Ended September 30,
	2021		2020
Cash interest paid	$	106,942	$	115,143
Cash income tax payments, net of refunds	$	2,451	$	19,861
Finance leased assets obtained in exchange for new lease obligations	$	25,882	$	3,614

18. Subsequent Event

In November 2021, we entered into an agreement to sell our Shelton, Connecticut facility for approximately $50 million and simultaneously entered into a ten year lease agreement. This transaction is expected to close before the end of 2021 and we anticipate recognizing a pre-tax gain from the sale of approximately $15 million.

In November 2021, we also acquired CrescoData for $15 million in cash plus potential additional payments of up to $7 million based on the achievement of revenue targets during the periods 2022-2024. CrescoData is a Singapore based, Platform-as-a-Service business that enables mapping and automating of product, stock and order data between platforms and will be reported in our SendTech Solutions segment.

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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 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. Forward-looking statements are based on current expectations and assumptions, which we believe are reasonable; however, such statements are subject to risks and uncertainties, and actual results could differ materially from those projected or assumed in any of our forward-looking statements. 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 that are incorporated by reference speak only as of the date of those documents.

Our results of operations, financial condition and 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, we continue to navigate the impacts of the COVID-19 pandemic (COVID-19), including its effects on the cost and availability of labor and transportation and global supply chains. 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 the operations and financial health of posts in the U.S. or other major markets, or changes to the broader postal or shipping markets

•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

•changes in foreign currency exchange rates and interest rates

•increased environmental and climate change requirements or other developments in these areas

•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 and Nine Months Ended September 30:

	Revenue
	Three Months Ended September 30,								Nine Months Ended September 30,
	2021		2020		Actual % change		Constant Currency % Change		2021		2020		Actual % change		Constant Currency % change
Business services	$	551,384	$	550,954	—	%	(1)	%	$	1,688,860	$	1,524,323	11	%	10	%
Support services	113,413		117,519		(3)	%	(4)	%	347,266		353,320		(2)	%	(3)	%
Financing	71,936		86,218		(17)	%	(17)	%	223,201		260,758		(14)	%	(16)	%
Equipment sales	83,234		79,572		5	%	4	%	256,304		213,682		20	%	18	%
Supplies	38,211		39,635		(4)	%	(4)	%	119,090		118,117		1	%	(1)	%
Rentals	17,271		18,000		(4)	%	(5)	%	55,128		55,458		(1)	%	(2)	%
Total revenue	$	875,449	$	891,898	(2)	%	(2)	%	$	2,689,849	$	2,525,658	7	%	5	%

	Revenue
	Three Months Ended September 30,								Nine Months Ended September 30,
	2021		2020		Actual % change		Constant currency % change		2021		2020		Actual % change		Constant currency % change
Global Ecommerce	$	398,011	$	409,981	(3)	%	(4)	%	$	1,229,526	$	1,100,757	12	%	11	%
Presort Services	139,296		127,705		9	%	9	%	417,041		386,552		8	%	8	%
SendTech Solutions	338,142		354,212		(5)	%	(5)	%	1,043,282		1,038,349		—	%	(1)	%
Total	$	875,449	$	891,898	(2)	%	(2)	%	$	2,689,849	$	2,525,658	7	%	5	%

	EBIT
	Three Months Ended September 30,						Nine Months Ended September 30,
	2021		2020		% change		2021		2020		% change
Global Ecommerce	$	(20,950)	$	(19,757)	(6)	%	$	(58,157)	$	(68,126)	15	%
Presort Services	21,062		14,481		45	%	56,247		42,758		32	%
SendTech Solutions	98,950		112,599		(12)	%	320,541		323,429		(1)	%
Total Segment EBIT	$	99,062	$	107,323	(8)	%	$	318,631	$	298,061	7	%

Revenue decreased 2% in the third quarter of 2021 compared to the prior year. Business services revenue, which includes revenue from Presort Services and Global Ecommerce, was flat as reported and declined 1% at constant currency compared to the prior year. Presort Services revenue increased 9% primarily due to higher mail volumes, a shift in the mix of mail volumes and investments made in the network and technology to enable a higher level of five-digit sortation services. Presort Services revenue also benefited in part, from the impacts of COVID-19 that adversely affected mail volumes in the prior year quarter. This increase was offset by a 3% decrease as reported (4% at constant currency) in Global Ecommerce revenue, primarily due to lower domestic parcel delivery volumes. The decline in Global Ecommerce revenue was also driven in part, by the impacts of COVID-19 that favorably affected parcel volumes in the prior year quarter. SendTech Solutions revenue declined 5% primarily due to lower financing income and support services revenue, partially offset by higher equipment sales. Financing revenue declined 17% primarily due to a prior year gain from the sale of investment securities, lower lease extensions and lower fee income. Support services revenue declined 3% (4% at constant currency) driven by a declining meter population and a shift to cloud-enabled products. Equipment sales increased 5% (4% at constant currency) due in part to the adverse impact on demand and our inability to perform on-site service and installations in the prior year quarter due to COVID-19.

Segment EBIT in the quarter decreased 8% over the prior year. Global Ecommerce EBIT declined 6% primarily due to an $8 million charge reflecting the estimated cost of a price assessment and SendTech Solutions EBIT decreased 12% primarily driven by the decline in revenue. Partially offsetting these declines, Presort Services EBIT increased 45% over the prior year quarter primarily due to higher revenue and improved productivity from investments made in the network and technology. Refer to Results of Operations section for further information.

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Outlook

The impacts of COVID-19 on our business, operations and financial performance remain uncertain. Supply chain issues continue to pose challenges and could impact us for the remainder of the year and into 2022. Additionally, supply chain issues could also impact our clients' ability to meet their customers' demand, especially as we enter the peak holiday season, and could impact our shipping and delivery volumes. The duration and severity of these supply chain issues is unknown and unpredictable. We believe we are well positioned to navigate the current conditions and will continue to take proactive steps to manage our operations and related financial impacts; however, there are some unique factors not within our control that could affect our business.

Despite some of these ongoing uncertainties, we do not expect the global economy or our individual businesses to be affected to the same extent in 2021 as in 2020. Within Global Ecommerce, we anticipate revenue growth in 2021, although not at the growth rates experienced in 2020. We expect margin and profit improvements from pricing initiatives and operational improvements within our facilities and network designed to drive efficiencies and increase productivity; however, we also expect continued growth of the market's need for transportation services and labor to generate increased costs. Within Presort Services, we expect revenue growth for 2021 and margin and profit improvements as productivity initiatives, increased automation and facilities consolidation and optimization will more than offset expected higher labor and transportation costs. Within SendTech Solutions, we expect overall revenue to decline, but growth in our cloud-enabled shipping solutions from new clients and existing clients migrating to these solutions. Margins are expected to remain relatively consistent. On a consolidated basis, we expect revenue growth in the low to mid-single digit range in 2021 compared to 2020.

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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) which 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 Segment EBIT provides investors a useful measure of operating performance and underlying trends of the business. Segment EBIT may not be indicative of our overall consolidated performance and therefore, should be read in conjunction with our consolidated results of operations.

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 September 30,								Three Months Ended September 30,				Three Months Ended September 30,
	2021		2020		Actual % change		Constant Currency % change		2021		2020		2021		2020
Business services	$	398,011	$	409,981	(3)	%	(4)	%	$	364,375	$	379,409	8.5	%	7.5	%
	Segment EBIT
	Three Months Ended September 30,
	2021		2020		Actual % change
Segment EBIT	$	(20,950)	$	(19,757)	(6)	%

Global Ecommerce revenue decreased 3% as reported and 4% at constant currency in the third quarter of 2021 compared to the prior year period due to lower revenue contribution of domestic parcel delivery volumes of 9%, partially offset by higher volumes in cross-border contributing revenue growth of 5%.

Total gross margin increased $3 million and gross margin percentage increased to 8.5% from 7.5% compared to the prior year primarily due to margin improvements in domestic parcel delivery, cross-border and fulfillment services, partially offset by an $8 million charge reflecting the estimated cost of a price assessment.

Segment EBIT for the third quarter of 2021 was a loss of $21 million compared to a loss of $20 million in the prior year period. The slight increase in EBIT loss was primarily driven by insurance proceeds received in the prior year of $3 million, offset by the increase in gross margin of $3 million.

	Revenue								Cost of Revenue				Gross Margin
	Nine Months Ended September 30,								Nine Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		Actual % change		Constant Currency % change		2021		2020		2021		2020
Business services	$	1,229,526	$	1,100,757	12	%	11	%	$	1,122,031	$	1,000,490	8.7	%	9.1	%
	Segment EBIT
	Nine Months Ended September 30,
	2021		2020		Actual % change
Segment EBIT	$	(58,157)	$	(68,126)	15	%

34

Global Ecommerce revenue increased 12% as reported and 11% at constant currency in the first nine months of 2021 compared to the prior year period due to revenue growth from cross-border volumes and domestic parcel delivery volumes.

Total gross margin increased $7 million due to higher revenue, but the gross margin percentage declined to 8.7% from 9.1% primarily due to higher transportation, postal and labor costs as well as an $8 million charge reflecting the estimated cost of a price assessment recorded in the third quarter.

Segment EBIT for the first nine months of 2021 was a loss of $58 million compared to a loss of $68 million in the prior year period. The EBIT improvement was driven by the increase in gross margin and $3 million in lower operating expenses.

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 September 30,								Three Months Ended September 30,				Three Months Ended September 30,
	2021		2020		Actual % change		Constant Currency % change		2021		2020		2021		2020
Business services	$	139,296	$	127,705	9	%	9	%	$	103,194	$	97,810	25.9	%	23.4	%
	Segment EBIT
	Three Months Ended September 30,
	2021		2020		Actual % change
Segment EBIT	$	21,062	$	14,481	45	%

Presort Services revenue increased 9% in the third quarter of 2021 compared to the prior year period. Marketing Mail volumes and First Class Mail volumes contributed revenue growth of 5% and 4%, respectively, primarily due to a shift in the mix of mail volumes, the impact of pricing actions, improvements in five-digit sortation and the effects of COVID-19 on the prior year period.

Gross margin increased to 25.9% from 23.4% primarily due to the increase in revenue. We continue to experience significantly higher transportation and labor costs due to increased competition and demand for these resources. However, investments we have made to increase productivity and optimize our network have helped offset the impact of these increased costs.

Segment EBIT increased $7 million or 45% in the third quarter of 2021, due to a $6 million increase in gross margin and $1 million decrease in operating expenses.

	Revenue								Cost of Revenue				Gross Margin
	Nine Months Ended September 30,								Nine Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		Actual % change		Constant Currency % change		2021		2020		2021		2020
Business services	$	417,041	$	386,552	8	%	8	%	$	315,368	$	296,591	24.4	%	23.3	%
	Segment EBIT
	Nine Months Ended September 30,
	2021		2020		Actual % change
Segment EBIT	$	56,247	$	42,758	32	%

Presort Services revenue increased 8% in the first nine months of 2021 compared to the prior year period. Marketing Mail volumes and First Class Mail volumes each contributed revenue growth of 4% primarily due to a shift in the mix of mail volumes, the impact of pricing actions, improvements in five-digit sortation and the effects of COVID-19 on the prior year period.

Gross margin increased $12 million and gross margin percentage increased to 24.4% from 23.3% primarily due to the increase in revenue.

35

Segment EBIT increased $13 million or 32% in the first nine months of 2021, primarily due to the increase in gross margin of $12 million and lower operating expenses of $1 million.

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 September 30,								Three Months Ended September 30,				Three Months Ended September 30,
	2021		2020		Actual % change		Constant Currency % change		2021		2020		2021		2020
Business services	$	14,077	$	13,268	6	%	6	%	$	4,610	$	5,666	67.3	%	57.3	%
Support services	113,413		117,519		(3)	%	(4)	%	37,849		36,832		66.6	%	68.7	%
Financing	71,936		86,218		(17)	%	(17)	%	11,710		11,626		83.7	%	86.5	%
Equipment sales	83,234		79,572		5	%	4	%	62,182		59,685		25.3	%	25.0	%
Supplies	38,211		39,635		(4)	%	(4)	%	10,704		10,132		72.0	%	74.4	%
Rentals	17,271		18,000		(4)	%	(5)	%	6,480		6,055		62.5	%	66.4	%
Total revenue	$	338,142	$	354,212	(5)	%	(5)	%	$	133,535	$	129,996	60.5	%	63.3	%
	Segment EBIT
	Three Months Ended September 30,
	2021		2020		Actual % change
Segment EBIT	$	98,950	$	112,599	(12)	%

SendTech Solutions revenue decreased 5% in the third quarter of 2021 compared to the prior year. Financing revenue declined 17% primarily due to a prior year gain of $6 million from the sale of investment securities, lower lease extensions of $5 million driven by new product offerings and lower fee income of $3 million. Supplies revenue declined 4%, or $1 million, primarily due to decreased usage. Support services revenue declined 3% as reported and 4% at constant currency primarily due to the declining meter population and shift to cloud-enabled products. Partially offsetting these decreases, equipment sales increased 5% as reported (4% at constant currency), primarily due to the effect on the prior year from COVID-19 that impacted our ability to contact and service clients and perform on-site installations. Business services revenue increased 6%, or $1 million, primarily due to an increased use of our shipping products.

Gross margin for the third quarter of 2021 decreased to 60.5% from 63.3% in the prior year period. Financing gross margin decreased to 83.7% from 86.5% due to rising interest rates and the prior year gain from the sale of investment securities. Support services gross margin decreased to 66.6% from 68.7% and supplies gross margin decreased to 72.0% from 74.4% primarily due to the decline in revenue. Rentals gross margin decreased to 62.5% from 66.4% primarily driven by higher meter scrap costs.

Segment EBIT decreased $14 million, or 12% in the third quarter of 2021 compared to the prior year, primarily driven by the decline in gross margin of $20 million, partially offset by lower credit loss provision of $6 million.

36

	Revenue								Cost of Revenue				Gross Margin
	Nine Months Ended September 30,								Nine Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		Actual % change		Constant Currency % change		2021		2020		2021		2020
Business services	$	42,293	$	37,014	14	%	14	%	$	16,925	$	14,708	60.0	%	60.3	%
Support services	347,266		353,320		(2)	%	(3)	%	111,172		112,656		68.0	%	68.1	%
Financing	223,201		260,758		(14)	%	(16)	%	35,369		36,054		84.2	%	86.2	%
Equipment sales	256,304		213,682		20	%	18	%	185,474		164,899		27.6	%	22.8	%
Supplies	119,090		118,117		1	%	(1)	%	32,383		30,751		72.8	%	74.0	%
Rentals	55,128		55,458		(1)	%	(2)	%	18,940		18,455		65.6	%	66.7	%
Total revenue	$	1,043,282	$	1,038,349	—	%	(1)	%	$	400,263	$	377,523	61.6	%	63.6	%
	Segment EBIT
	Nine Months Ended September 30,
	2021		2020		Actual % change
Segment EBIT	$	320,541	$	323,429	(1)	%

SendTech Solutions revenue was flat as reported and declined 1% at constant currency in the first nine months of 2021 compared to the prior year. Equipment sales increased 20% as reported and 18% at constant currency primarily due to the effect on the prior year from COVID-19 that impacted our ability to contact and service clients and perform on-site installations. Business services revenue increased 14% primarily due to an increased use of our shipping products. These increases were partially offset by declines in financing income and support services revenues. Financing revenue decreased 14% as reported and 16% at constant currency primarily driven by a prior year gain of $10 million from the sale of investment securities, lower lease extensions of $13 million driven by new product offerings and lower fee income of $8 million. Support services revenue decreased 2% as reported and 3% at constant currency primarily due to the declining meter population and shift to cloud-enabled products.

Gross margin for the first nine months of 2021 decreased to 61.6% from 63.6% compared to the prior year period. Financing gross margin decreased to 84.2% from 86.2% due to rising interest rates and the prior year gain from the sale of investment securities. Equipment sales gross margin increased to 27.6% from 22.8% primarily due the increase in revenue and lower engineering costs.

Segment EBIT decreased $3 million or 1% in the first nine months of 2021 compared to the prior year, primarily driven by a decline in gross margin of $18 million and higher operating expenses of $3 million, partially offset by lower credit loss provision of $18 million driven in part by a $10 million charge in the prior year associated with COVID-19.

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 September 30,						Nine Months Ended September 30,
	2021		2020		Actual % change		2021		2020		Actual % change
Unallocated corporate expenses	$	49,176	$	53,429	(8)	%	$	162,957	$	146,640	11	%

The decrease in unallocated corporate expenses in the quarter compared to the prior year period was driven primarily by lower variable-compensation expense of $3 million. The increase in unallocated corporate expenses for the first nine months of 2021 compared to the prior year was primarily due to higher employee-related expenses of $14 million.

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CONSOLIDATED EXPENSES

Selling, general and administrative (SG&A)

SG&A expense of $225 million in the quarter decreased $14 million, or 6% compared to the prior period, primarily due to lower credit loss provision of $6 million and lower professional fees of $3 million. SG&A expense of $699 million for the first nine months of 2021 decreased $22 million, or 3% compared to the prior year period, primarily due to lower credit loss provision of $29 million and professional fees of $18 million, partially offset by higher employee-related expenses of $28 million.

Research and development (R&D)

R&D expense increased 15%, or $1 million in the third quarter of 2021 and increased 14%, or $4 million in the first nine months of 2021 compared to the prior year period.

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 (income)

Other expense of $3 million in the third quarter of 2021 represents a loss on the refinancing of debt. Other expense for the first nine months of 2021 includes a $56 million loss on the refinancing of debt, $10 million gain from the sale of Tacit, $3 million of insurance proceeds and a $1 million gain from an asset sale. See Note 17 to the Condensed Consolidated Financial Statements for further information.

INCOME TAXES AND DISCONTINUED OPERATIONS

Income taxes

The effective tax rate for the three and nine months ended September 30, 2021 was (21.9)% and 119.3%, respectively. See Note 13 to the Condensed Consolidated Financial Statements for further information.

Discontinued Operations

Discontinued operations for the three and nine months ended September 30, 2021 includes adjustments related to the sale of our Software Solutions business in 2019 and Production Mail business in 2018. See Note 4 to the Condensed Consolidated Financial Statements for further information.

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LIQUIDITY AND CAPITAL RESOURCES

At September 30, 2021, we had cash, cash equivalents and short-term investments of $743 million. This includes $230 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 operating activities	$	216,174	$	191,166	$	25,008
Net cash used in investing activities	(111,686)		(115,741)		4,055
Net cash used in financing activities	(291,849)		(197,908)		(93,941)
Effect of exchange rate changes on cash and cash equivalents	(4,940)		(2,782)		(2,158)
Change in cash and cash equivalents	$	(192,301)	$	(125,265)	$	(67,036)

Operating Activities

Cash provided by operating activities was $216 million for the nine months ended September 30, 2021 compared to $191 million in the prior year period. The increase of $25 million is primarily due to higher income and higher collections of receivables.

Investing Activities

Cash used in investing activities for the nine months ended September 30, 2021 improved $4 million compared to the prior year period. Net cash from investing activities benefited $95 million from the timing of purchases and maturities of investment securities but was partially offset by higher capital expenditures of $60 million and lower proceeds from the sale of assets and businesses of $29 million.

Capital expenditures were higher in 2021 compared to 2020 as we prioritized and limited our capital expenditures in 2020 in connection with COVID-19 and are investing in Global Ecommerce and Presort Services. Proceeds from the sale of assets and businesses in 2021 includes $28 million from the sale of Tacit and $2 million for the sale of other assets, while proceeds in 2020 included $46 million from the surrender of company-owned life insurance policies and $12 million from the sale of an equity investment.

Financing Activities

Cash used in financing activities for the nine months ended September 30, 2021 increased $94 million to $292 million compared to $198 million in the prior year period primarily due to higher net repayments of debt of $78 million and higher premiums and fees to extinguish debt of $17 million.

Financings and Capitalization

In 2021, we issued a $400 million 6.875% unsecured note due March 2027, a $350 million 7.25% unsecured note due March 2029 and entered into a new seven-year $450 million secured term loan maturing March 2028. We redeemed all the outstanding October 2021 notes and an aggregate $363 million of the May 2022 notes, April 2023 notes and March 2024 notes under a tender offer, the remaining balance of the May 2022 notes and repaid the remaining balance of our January 2025 term loan. A $56 million pre-tax loss was incurred on the refinancing of debt.

We also amended our $500 million secured revolving credit facility and our $380 million 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 September 30, 2021, we were in compliance with all covenants and there were no outstanding borrowings under the revolving credit facility.

In May 2021, we terminated our existing $500 million interest rate swap agreements and entered into new interest rate swap agreements with an aggregate notional amount of $200 million. Under the terms of the swap agreements, we pay fixed-rate interest of

39

0.56% and receive variable-rate interest based on one-month LIBOR. The variable interest rate under the term loans and the swaps reset monthly.

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

As of September 30, 2021, we have entered into leases that have not commenced. These leases have terms ranging from seven to ten years and aggregate payments of $20 million.

At September 30, 2021, there are 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 September 30, 2021.

40

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 have been no repurchases of our common stock during 2021.

41

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
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 September 30, 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.

42

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:	November 5, 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)

43

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: November 5, 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: November 5, 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 September 30, 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:    November 5, 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 September 30, 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:    November 5, 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	9 Months Ended
	Sep. 30, 2021	Oct. 29, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		176,064,604
Entity Central Index Key	0000078814
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
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 Operations - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue		$ 875,449	$ 891,898	$ 2,689,849	$ 2,525,658
Costs and expenses:
Selling, general and administrative		225,024	238,618	699,316	720,882
Research and development		10,621	9,255	32,996	28,838
Restructuring charges		3,701	3,766	11,434	12,505
Goodwill impairment		0	0	0	198,169
Interest expense, net		24,312	27,175	73,816	79,504
Other components of net pension and postretirement cost (income)		46	(109)	708	126
Other expense (income)		3,193	(6,325)	40,941	9,787
Total costs and expenses		868,479	880,571	2,698,735	2,726,189
Income (loss) from continuing operations before taxes		6,970	11,327	(8,886)	(200,531)
(Benefit) provision for income taxes		(1,525)	554	(10,602)	7,540
Income (loss) from continuing operations		8,495	10,773	1,716	(208,071)
Income (loss) from discontinued operations, net of tax		572	616	(4,334)	7,648
Net income (loss)		$ 9,067	$ 11,389	$ (2,618)	$ (200,423)
Basic earnings (loss) per share:
Continuing operations (in dollars per share)	[1]	$ 0.05	$ 0.06	$ 0.01	$ (1.21)
Discontinued operations (in dollars per share)	[1]	0	0	(0.02)	0.04
Net (loss) income (in dollars per share)	[1]	0.05	0.07	(0.02)	(1.17)
Diluted earnings (loss) per share:
Continuing operations (in dollars per share)	[1]	0.05	0.06	0.01	(1.21)
Discontinued operations (in dollars per share)	[1]	0	0	(0.02)	0.04
Net (loss) income (in dollars per share)	[1]	$ 0.05	$ 0.07	$ (0.02)	$ (1.17)
Business services
Revenue		$ 551,384	$ 550,954	$ 1,688,860	$ 1,524,323
Costs and expenses:
Cost of products and sales		472,216	482,965	1,454,564	1,311,941
Support services
Revenue		113,413	117,519	347,266	353,320
Costs and expenses:
Cost of products and sales		38,250	37,647	112,646	114,132
Financing
Revenue		71,936	86,218	223,201	260,758
Costs and expenses:
Cost of products and sales		11,710	11,626	35,369	36,054
Equipment sales
Revenue		83,234	79,572	256,304	213,682
Costs and expenses:
Cost of equipment sales		62,221	59,766	185,622	165,045
Supplies
Revenue		38,211	39,635	119,090	118,117
Costs and expenses:
Cost of products and sales		10,705	10,132	32,383	30,751
Rentals
Revenue		17,271	18,000	55,128	55,458
Costs and expenses:
Cost of products and sales		$ 6,480	$ 6,055	$ 18,940	$ 18,455

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

XML

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 9,067	$ 11,389	$ (2,618)	$ (200,423)
Other comprehensive (loss) income, net of tax:
Foreign currency translation, net of tax of $(1,062), $1,621, $(765) and $(91), respectively	(18,175)	22,676	(28,924)	5,040
Net unrealized gain (loss) on cash flow hedges, net of tax of $17, $(317), $1,152 and $(796), respectively	50	(957)	3,474	(2,402)
Net unrealized loss on investment securities, net of tax of $(467), $(2,716), $(2,117) and $(1,816), respectively	(1,408)	(8,191)	(6,385)	(5,476)
Amortization of pension and postretirement costs, net of tax of $3,097, $2,875, $9,608 and $9,027, respectively	9,606	9,162	29,736	29,409
Other comprehensive (loss) income, net of tax	(9,927)	22,690	(2,099)	26,571
Comprehensive (loss) income	$ (860)	$ 34,079	$ (4,717)	$ (173,852)

XML

Condensed Consolidated Statements of Comprehensive (Loss) Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Foreign currency translation, tax	$ (1,062)	$ 1,621	$ (765)	$ (91)
Net unrealized gain (loss) on cash flow hedges, tax	17	(317)	1,152	(796)
Net unrealized gain on investment securities, tax	(467)	(2,716)	(2,117)	(1,816)
Amortization of pension and postretirement costs, tax	$ 3,097	$ 2,875	$ 9,608	$ 9,027

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 729,149	$ 921,450
Short-term investments (includes $3,334 and $18,974, respectively, reported at fair value)	14,060	18,974
Accounts and other receivables (net of allowance of $11,807 and $18,899, respectively)	313,765	389,240
Short-term finance receivables (net of allowance of $14,078 and $18,012, respectively)	556,985	568,050
Inventories	69,496	65,845
Current income taxes	32,290	23,219
Other current assets and prepayments	127,513	120,145
Total current assets	1,843,258	2,106,923
Property, plant and equipment, net	467,396	391,280
Rental property and equipment, net	36,461	38,435
Long-term finance receivables (net of allowance of $15,829 and $17,857 respectively)	582,352	605,292
Goodwill	1,124,705	1,152,285
Intangible assets, net	137,118	159,839
Operating lease assets	212,028	201,916
Noncurrent income taxes	67,049	72,653
Other assets (includes $337,577 and $355,799, respectively, reported at fair value)	484,247	491,514
Total assets	4,954,614	5,220,137
Current liabilities:
Accounts payable and accrued liabilities	871,798	880,616
Customer deposits at Pitney Bowes Bank	642,712	617,200
Current operating lease liabilities	41,347	39,182
Current portion of long-term debt	24,733	216,032
Advance billings	104,094	114,550
Current income taxes	4,078	2,880
Total current liabilities	1,688,762	1,870,460
Long-term debt	2,314,151	2,348,361
Deferred taxes on income	283,395	279,451
Tax uncertainties and other income tax liabilities	35,380	38,163
Noncurrent operating lease liabilities	193,861	180,292
Other noncurrent liabilities	390,402	437,015
Total liabilities	4,905,951	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	2,463	68,502
Retained earnings	5,172,527	5,201,195
Accumulated other comprehensive loss	(841,230)	(839,131)
Treasury stock, at cost (148,809,481 and 151,362,724 shares, respectively)	(4,608,435)	(4,687,509)
Total stockholders’ equity	48,663	66,395
Total liabilities and stockholders’ equity	$ 4,954,614	$ 5,220,137

XML

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Short-term investments	$ 3,334	$ 18,974
Allowance for doubtful accounts	11,807	18,899
Short-term finance receivables allowance	14,078	18,012
Long-term finance receivables allowance	15,829	17,857
Other assets, fair value	$ 337,577	$ 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)	148,809,481	151,362,724

XML

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income (loss)	$ (2,618)	$ (200,423)
Loss (income) from discontinued operations, net of tax	4,334	(7,648)
Restructuring payments	(14,847)	(15,869)
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation and amortization	121,225	120,403
Allowance for credit losses	6,382	35,400
Stock-based compensation	15,448	15,236
Restructuring charges	11,434	12,505
Amortization of debt fees	5,694	7,962
Goodwill impairment	0	198,169
Loss on debt refinancing	55,576	36,987
Gain on sale of assets	(1,434)	(21,969)
Gain on sale of business	(10,201)	0
Changes in operating assets and liabilities, net of acquisitions/divestitures:
Accounts and other receivables	62,537	(8,064)
Finance receivables	31,893	86,135
Inventories	(4,304)	1,051
Other current assets and prepayments	(8,900)	(18,400)
Accounts payable	20,953	(14,486)
Accrued liabilities	(28,285)	13,439
Current and noncurrent income taxes	(14,294)	21,682
Advance billings	(9,402)	687
Pension and retiree medical liabilities	(58,287)	(60,442)
Other, net	33,270	27,234
Net cash from operating activities - continuing operations	216,174	229,589
Net cash from operating activities - discontinued operations	0	(38,423)
Net cash from operating activities	216,174	191,166
Cash flows from investing activities:
Capital expenditures	(140,907)	(80,787)
Purchases of investment securities	(70,896)	(591,304)
Proceeds from sales/maturities of investment securities	78,941	501,459
Net investment in loan receivables	(6,627)	(3,806)
Proceeds from asset sales	1,840	58,248
Acquisitions, net of cash acquired	0	(6,608)
Proceeds from sale of business, net of cash sold	27,573	0
Other investing activities	0	9,559
Net cash from investing activities - continuing operations	(110,076)	(113,239)
Net cash from investing activities - discontinued operations	(1,610)	(2,502)
Net cash from investing activities	(111,686)	(115,741)
Cash flows from financing activities:
Proceeds from the issuance of debt, net of discount	1,195,500	916,544
Principal payments of debt	(1,429,603)	(1,072,260)
Premiums and fees paid to refinance debt	(50,130)	(32,645)
Dividends paid to stockholders	(26,050)	(25,693)
Customer deposits at Pitney Bowes Bank	25,512	19,464
Other financing activities	(7,078)	(3,318)
Net cash from financing activities	(291,849)	(197,908)
Effect of exchange rate changes on cash and cash equivalents	(4,940)	(2,782)
Change in cash and cash equivalents	(192,301)	(125,265)
Cash and cash equivalents at beginning of period	921,450	924,442
Cash and cash equivalents at end of period	$ 729,149	$ 799,177

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Description of Business and Basis of Presentation

9 Months Ended

Sep. 30, 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 shipping and mailing company that provides technology, logistics, and financial services to more than 90 percent of the Fortune 500. Small business, retail, enterprise and government clients around the world rely on us to remove the complexity of sending mail and parcels. For additional information, visit www.pitneybowes.com.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and the instructions to Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In addition, the December 31, 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 September 30, 2020 has been revised and the impact on our previously issued interim Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 is as follows:

	Nine Months Ended September 30, 2020
(unaudited)	As Previously Reported		Adjustments		Reclass		As Revised and Reclassified
Cash flows from operating activities
Changes in finance receivables	$	85,593	$	542	$	—	$	86,135
Net cash from operating activities: continuing operations	$	229,047	$	542	$	—	$	229,589
Net cash from operating activities	$	190,624	$	542	$	—	$	191,166
Cash flows from investing activities
Purchases of investment securities	$	(392,427)	$	(198,877)	$	—	$	(591,304)
Proceeds from sales/maturities of investment securities	$	241,924	$	259,535	$	—	$	501,459
Net change in short-term and other investing activities	$	68,464	$	(68,464)	$	—	$	—
Net investment in loan receivables	$	—	$	(542)	$	(3,264)	$	(3,806)
Customer deposits at the Bank	$	19,464	$	(19,464)	$	—	$	—
Other investing activities	$	(1,511)	$	7,806	$	3,264	$	9,559
Net cash from investing activities: continuing operations	$	(93,233)	$	(20,006)	$	—	$	(113,239)
Net cash from investing activities	$	(95,735)	$	(20,006)	$	—	$	(115,741)
Cash flows from financing activities
Customer deposits at the Bank	$	—	$	19,464	$	—	$	19,464
Net cash from financing activities	$	(217,372)	$	19,464	$	—	$	(197,908)

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 have matched LIBOR-based debt with LIBOR based interest rate swaps and have elected to apply the practical expedient related to probability and the assessment of the effectiveness for future LIBOR-indexed cash flows, which assumes that the debt instrument will use the same index rate as its corresponding interest rate swap once a new reference rate is established to replace LIBOR. We may apply other expedients as additional reference rate changes occur. We continue to assess the impact of this standard on our consolidated financial statements.

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Revenue

9 Months Ended

Sep. 30, 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 September 30, 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	$	398,011	$	139,296	$	14,077	$	551,384	$	—	$	551,384
Support services	—		—		113,413		113,413		—		113,413
Financing	—		—		—		—		71,936		71,936
Equipment sales	—		—		25,089		25,089		58,145		83,234
Supplies	—		—		38,211		38,211		—		38,211
Rentals	—		—		—		—		17,271		17,271
Subtotal	398,011		139,296		190,790		728,097		$	147,352	$	875,449
Revenue from leasing transactions and financing
Financing	—		—		71,936		71,936
Equipment sales	—		—		58,145		58,145
Rentals	—		—		17,271		17,271
Total revenue	$	398,011	$	139,296	$	338,142	$	875,449
Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	—	$	—	$	81,205	$	81,205
Products/services transferred over time	398,011		139,296		109,585		646,892
Total	$	398,011	$	139,296	$	190,790	$	728,097

	Three Months Ended September 30, 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	$	409,981	$	127,705	$	13,268	$	550,954	$	—	$	550,954
Support services	—		—		117,519		117,519		—		117,519
Financing	—		—		—		—		86,218		86,218
Equipment sales	—		—		17,935		17,935		61,637		79,572
Supplies	—		—		39,635		39,635		—		39,635
Rentals	—		—		—		—		18,000		18,000
Subtotal	409,981		127,705		188,357		726,043		$	165,855	$	891,898
Revenue from leasing transactions and financing
Financing	—		—		86,218		86,218
Equipment sales	—		—		61,637		61,637
Rentals	—		—		18,000		18,000
Total revenue	$	409,981	$	127,705	$	354,212	$	891,898
Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	—	$	—	$	73,602	$	73,602
Products/services transferred over time	409,981		127,705		114,755		652,441
Total	$	409,981	$	127,705	$	188,357	$	726,043

	Nine Months Ended September 30, 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	$	1,229,526	$	417,041	$	42,293	$	1,688,860	$	—	$	1,688,860
Support services	—		—		347,266		347,266		—		347,266
Financing	—		—		—		—		223,201		223,201
Equipment sales	—		—		66,600		66,600		189,704		256,304
Supplies	—		—		119,090		119,090		—		119,090
Rentals	—		—		—		—		55,128		55,128
Subtotal	1,229,526		417,041		575,249		2,221,816		$	468,033	$	2,689,849
Revenue from leasing transactions and financing
Financing	—		—		223,201		223,201
Equipment sales	—		—		189,704		189,704
Rentals	—		—		55,128		55,128
Total revenue	$	1,229,526	$	417,041	$	1,043,282	$	2,689,849
Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	—	$	—	$	236,016	$	236,016
Products/services transferred over time	1,229,526		417,041		339,233		1,985,800
Total	$	1,229,526	$	417,041	$	575,249	$	2,221,816

	Nine Months Ended September 30, 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	$	1,100,757	$	386,552	$	37,014	$	1,524,323	$	—	$	1,524,323
Support services	—		—		353,320		353,320		—		353,320
Financing	—		—		—		—		260,758		260,758
Equipment sales	—		—		49,556		49,556		164,126		213,682
Supplies	—		—		118,117		118,117		—		118,117
Rentals	—		—		—		—		55,458		55,458
Subtotal	1,100,757		386,552		558,007		2,045,316		$	480,342	$	2,525,658
Revenue from leasing transactions and financing
Financing	—		—		260,758		260,758
Equipment sales	—		—		164,126		164,126
Rentals	—		—		55,458		55,458
Total revenue	$	1,100,757	$	386,552	$	1,038,349	$	2,525,658
Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	—	$	—	$	210,726	$	210,726
Products/services transferred over time	1,100,757		386,552		347,281		1,834,590
Total	$	1,100,757	$	386,552	$	558,007	$	2,045,316

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 equipment and digital mailing and shipping technology solutions. Contract terms range from one to five years, depending on the lease term of 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 the Bank.

Advance Billings from Contracts with Customers

	Balance sheet location	September 30, 2021		December 31, 2020		Increase/ (decrease)
Advance billings, current	Advance billings	$	96,851	$	106,498	$	(9,647)
Advance billings, noncurrent	Other noncurrent liabilities	$	1,187	$	1,277	$	(90)

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 for our equipment and digital mailing and shipping technology solutions. Revenue recognized during the period includes $93 million of advance billings at the beginning of the period. Advance billings above at September 30, 2021 and December 31, 2020 excludes $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	$	85,186	$	247,772	$	364,157	$	697,115

The amounts above exclude 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

9 Months Ended

Sep. 30, 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 income (loss).

	Revenue
	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Global Ecommerce	$	398,011	$	409,981	$	1,229,526	$	1,100,757
Presort Services	139,296		127,705		417,041		386,552
SendTech Solutions	338,142		354,212		1,043,282		1,038,349
Total revenue	$	875,449	$	891,898	$	2,689,849	$	2,525,658

	EBIT
	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Global Ecommerce	$	(20,950)	$	(19,757)	$	(58,157)	$	(68,126)
Presort Services	21,062		14,481		56,247		42,758
SendTech Solutions	98,950		112,599		320,541		323,429
Total segment EBIT	99,062		107,323		318,631		298,061
Reconciliation of Segment EBIT to net income (loss):
Unallocated corporate expenses	(49,176)		(53,429)		(162,957)		(146,640)
Restructuring charges	(3,701)		(3,766)		(11,434)		(12,505)
Interest expense, net	(36,022)		(38,801)		(109,185)		(115,558)
Gain on sale of assets	—		—		1,434		11,908
Goodwill impairment	—		—		—		(198,169)
Loss on debt refinancing	(3,193)		—		(55,576)		(36,987)
Gain on sale of business	—		—		10,201		—
Transaction costs	—		—		—		(641)
Benefit (provision) for income taxes	1,525		(554)		10,602		(7,540)
Income (loss) from continuing operations	8,495		10,773		1,716		(208,071)
Income (loss) from discontinued operations, net of tax	572		616		(4,334)		7,648
Net income (loss)	$	9,067	$	11,389	$	(2,618)	$	(200,423)

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Discontinued Operations	9 Months Ended
	Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued OperationsDiscontinued operations for the three and nine months ended September 30, 2021 and 2020 include working capital adjustments, tax-related adjustments and other adjustments in connection with the sale of our Software Solutions business in 2019 and Production Mail business in 2018. Discontinued operations for the nine months ended September 30, 2021 also includes a tax charge related to the sale of the Production Mail business and discontinued operations for the nine months ended September 30, 2020 also includes the gain on the sale of our software business in Australia, which closed in January 2020.

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Earnings per Share (EPS)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Earnings per Share (EPS)

Earnings per Share (EPS)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Numerator:
Income (loss) from continuing operations	$	8,495	$	10,773	$	1,716	$	(208,071)
Income (loss) from discontinued operations, net of tax	572		616		(4,334)		7,648
Net income (loss)	$	9,067	$	11,389	$	(2,618)	$	(200,423)
Denominator:
Weighted-average shares used in basic EPS	174,399		171,828		173,691		171,388
Dilutive effect of common stock equivalents (1)	5,010		2,876		5,258		—
Weighted-average shares used in diluted EPS	179,409		174,704		178,949		171,388
Basic earnings (loss) per share (2):
Continuing operations	$	0.05	$	0.06	$	0.01	$	(1.21)
Discontinued operations	—		—		(0.02)		0.04
Net income (loss)	$	0.05	$	0.07	$	(0.02)	$	(1.17)
Diluted earnings (loss) per share (2):
Continuing operations	$	0.05	$	0.06	$	0.01	$	(1.21)
Discontinued operations	—		—		(0.02)		0.04
Net income (loss)	$	0.05	$	0.07	$	(0.02)	$	(1.17)
Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive:	6,529		14,828		6,529		15,855

(1)     Due to the net loss for the nine months ended September 30, 2020, common stock equivalents of 1,604 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

9 Months Ended

Sep. 30, 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:

	September 30, 2021		December 31, 2020
Raw materials	$	19,289	$	16,570
Supplies and service parts	26,162		24,061
Finished products	29,680		30,849
Inventory at FIFO cost	75,131		71,480
Excess of FIFO cost over LIFO cost	(5,635)		(5,635)
Total inventory, net	$	69,496	$	65,845

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Finance Assets and Lessor Operating Leases

9 Months Ended

Sep. 30, 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:

	September 30, 2021						December 31, 2020
	North America		International		Total		North America		International		Total
Sales-type lease receivables
Gross finance receivables	$	960,290	$	186,979	$	1,147,269	$	994,985	$	211,944	$	1,206,929
Unguaranteed residual values	37,827		11,101		48,928		36,405		12,140		48,545
Unearned income	(251,451)		(57,565)		(309,016)		(275,359)		(61,686)		(337,045)
Allowance for credit losses	(22,321)		(3,977)		(26,298)		(22,917)		(6,006)		(28,923)
Net investment in sales-type lease receivables	724,345		136,538		860,883		733,114		156,392		889,506
Loan receivables
Loan receivables	259,653		22,410		282,063		268,690		22,092		290,782
Allowance for credit losses	(3,373)		(236)		(3,609)		(6,484)		(462)		(6,946)
Net investment in loan receivables	256,280		22,174		278,454		262,206		21,630		283,836
Net investment in finance receivables	$	980,625	$	158,712	$	1,139,337	$	995,320	$	178,022	$	1,173,342

Maturities of gross sales-type lease receivables and gross loan receivables at September 30, 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	$	104,087	$	16,956	$	121,043	$	205,035	$	22,410	$	227,445
Year ending December 31, 2022	353,220		70,368		423,588		20,692		—		20,692
Year ending December 31, 2023	253,168		48,930		302,098		14,616		—		14,616
Year ending December 31, 2024	154,417		29,172		183,589		11,998		—		11,998
Year ending December 31, 2025	76,001		15,305		91,306		6,429		—		6,429
Thereafter	19,397		6,248		25,645		883		—		883
Total	$	960,290	$	186,979	$	1,147,269	$	259,653	$	22,410	$	282,063

Aging of Receivables

The aging of gross finance receivables was as follows:

	September 30, 2021
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Past due amounts 0 - 90 days	$	955,731	$	184,616	$	255,365	$	22,311	$	1,418,023
Past due amounts > 90 days	4,559		2,363		4,288		99		11,309
Total	$	960,290	$	186,979	$	259,653	$	22,410	$	1,429,332
Past due amounts > 90 days
Still accruing interest	$	2,046	$	872	$	—	$	—	$	2,918
Not accruing interest	2,513		1,491		4,288		99		8,391
Total	$	4,559	$	2,363	$	4,288	$	99	$	11,309

	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 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	1,959		(1,019)		(979)		33		(6)
Write-offs	(4,816)		(773)		(4,748)		(251)		(10,588)
Recoveries	2,256		(16)		2,615		3		4,858
Other	5		(221)		1		(11)		(226)
Balance at September 30, 2021	$	22,321	$	3,977	$	3,373	$	236	$	29,907
	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	10,009		1,314		6,792		429		18,544
Write-offs	(5,950)		(548)		(7,370)		(343)		(14,211)
Recoveries	1,488		91		2,399		1		3,979
Other	148		210		181		63		602
Balance at September 30, 2020	$	25,886	$	4,902	$	6,792	$	488	$	38,068

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%.

We do not use a third party to score our International portfolio because the cost to do so is prohibitive as there is no single credit score model that covers all countries. Accordingly, the entire International portfolio is reported in the Not Scored category. 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.

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 September 30, 2021 and December 31, 2020.

	September 30, 2021
	Sales Type Lease Receivables												Loan Receivables		Total
	2021		2020		2019		2018		2017		Prior
Low	$	211,706	$	206,401	$	174,389	$	111,650	$	44,059	$	17,317	$	194,859	$	960,381
Medium	35,526		38,343		36,921		22,257		10,355		5,551		49,385		198,338
High	4,169		5,335		4,744		3,013		1,050		830		5,265		24,406
Not Scored	65,099		56,985		51,426		27,735		10,079		2,329		32,554		246,207
Total	$	316,500	$	307,064	$	267,480	$	164,655	$	65,543	$	26,027	$	282,063	$	1,429,332
	December 31, 2020
	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

Lease Income

Lease income from sales-type leases was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Profit recognized at commencement (1)	$	28,394	$	29,169	$	92,756	$	80,348
Interest income	45,806		50,961		142,072		157,044
Total lease income from sales-type leases	$	74,200	$	80,130	$	234,828	$	237,392

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

The disclosure of total lease income from sales-type leases for the three and nine months ended September 30, 2020 has been revised from $63 million to $80 million and from $182 million to $237 million, respectively. The revision did not have any impact on our Condensed Consolidated Statements of Operations.

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	$	10,624
Year ending December 31, 2022	28,138
Year ending December 31, 2023	21,658
Year ending December 31, 2024	6,395
Year ending December 31, 2025	2,221
Thereafter	320
Total	$	69,356

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Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Intangible Assets and Goodwill

Intangible Assets

Intangible assets consisted of the following:

	September 30, 2021						December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	268,189	$	(134,871)	$	133,318	$	268,199	$	(115,010)	$	153,189
Software & technology	19,000		(15,200)		3,800		19,000		(12,350)		6,650
Total intangible assets	$	287,189	$	(150,071)	$	137,118	$	287,199	$	(127,360)	$	159,839

Amortization expense for both the three months ended September 30, 2021 and 2020 was $8 million. Amortization expense for the nine months ended September 30, 2021 and 2020 was $23 million and $26 million, respectively.

Future amortization expense as of September 30, 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	$	7,573
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	27,495
Total	$	137,118

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		Disposition		Currency impact		September 30, 2021
Global Ecommerce	$	609,431	$	(198,169)	$	411,262	$	(16,200)	$	—	$	395,062
Presort Services	220,992		—		220,992		—		—		220,992
SendTech Solutions	520,031		—		520,031		—		(11,380)		508,651
Total goodwill	$	1,350,454	$	(198,169)	$	1,152,285	$	(16,200)	$	(11,380)	$	1,124,705

During the second quarter, we sold a U.K. based software consultancy business ("Tacit") acquired as part of our 2017 acquisition of Newgistics. We received net proceeds of $28 million and recognized a pre-tax gain of $10 million (after-tax gain of $4 million), which included a goodwill allocation of $16 million attributable to Tacit.

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Fair Value Measurements and Derivative Instruments

9 Months Ended

Sep. 30, 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.

	September 30, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Investment securities
Money market funds	$	84,772	$	250,877	$	—	$	335,649
Equity securities	—		29,898		—		29,898
Commingled fixed income securities	1,704		19,277		—		20,981
Government and related securities	9,847		25,179		—		35,026
Corporate debt securities	—		66,433		—		66,433
Mortgage-backed / asset-backed securities	—		187,435		—		187,435
Derivatives
Interest rate swap	—		631		—		631
Foreign exchange contracts	—		723		—		723
Total assets	$	96,323	$	580,453	$	—	$	676,776
Liabilities:
Derivatives
Foreign exchange contracts	$	—	$	(2,853)	$	—	$	(2,853)
Total liabilities	$	—	$	(2,853)	$	—	$	(2,853)

	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 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 nine months ended September 30, 2021.

Available-for-sale securities consisted of the following:

	September 30, 2021
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Government and related securities	$	36,282	$	74	$	(1,330)	$	35,026
Corporate debt securities	68,720		313		(2,600)		66,433
Commingled fixed income securities	1,721		—		(17)		1,704
Mortgage-backed / asset-backed securities	191,769		215		(4,549)		187,435
Total	$	298,492	$	602	$	(8,496)	$	290,598

	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:

	September 30, 2021				December 31, 2020
	Fair Value		Gross unrealized losses		Fair Value		Gross unrealized losses
Less than 12 continuous months	$	181,105	$	4,695	$	132,267	$	1,072
Greater than 12 continuous months	93,587		3,801		2,369		76
Total	$	274,692	$	8,496	$	134,636	$	1,148

At September 30, 2021, 35% 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 September 30, 2021 were as follows:

	Amortized cost		Estimated fair value
Within 1 year	$	3,090	$	3,082
After 1 year through 5 years	15,198		15,102
After 5 years through 10 years	73,743		71,325
After 10 years	206,461		201,089
Total	$	298,492	$	290,598

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

At September 30, 2021, certain investments classified as available-for-sale are now classified as held-to-maturity as management determined that the intent is to now hold these securities until maturity. The reclassification of these securities did not have a material impact on our financial statements. Held-to-maturity securities at September 30, 2021 and December 31, 2020 totaled $19 million and $75 million, respectively, of short-term, highly liquid investments.

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 September 30, 2021 and December 31, 2020, we had outstanding contracts associated with these anticipated transactions with notional amounts of $2 million and $8 million, respectively. Amounts included in AOCL at September 30, 2021 will be recognized in earnings within the next 12 months.

Interest Rate Swaps

In May 2021, we terminated our $500 million aggregate notional amount of interest rate swap agreements. We received $2 million that was recorded in AOCL and will be recognized ratably in income through 2024. We concurrently entered into new interest rate swap agreements with an aggregate notional amount of $200 million and designated these instruments 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	September 30, 2021		December 31, 2020
Derivatives designated as hedging instruments
Foreign exchange contracts	Other current assets and prepayments	$	42	$	96
	Accounts payable and accrued liabilities	(6)		(112)
Interest rate swaps	Other assets (Other noncurrent liabilities)	631		(2,163)
Derivatives not designated as hedging instruments
Foreign exchange contracts	Other current assets and prepayments	681		3,680
	Accounts payable and accrued liabilities	(2,847)		(1,848)
	Total derivative assets	$	1,354	$	3,776
	Total derivative liabilities	(2,853)		(4,123)
	Total net derivative liability	$	(1,499)	$	(347)

Results of cash flow hedging relationships were as follows:

	Three Months Ended September 30,
	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	$	41	$	(80)	Revenue	$	45	$	(104)
					Cost of sales	(21)		(6)
Interest rate swap	186		(1,303)		Interest expense	—		—
	$	227	$	(1,383)		$	24	$	(110)
	Nine Months Ended September 30,
	Derivative Gain (Loss) Recognized in AOCI (Effective Portion)				Location of Gain (Loss) (Effective Portion)	Gain (Loss) Reclassified from AOCI to Earnings (Effective Portion)
Derivative Instrument	2021		2020			2021		2020
Foreign exchange contracts	$	215	$	(361)	Revenue	$	289	$	(107)
					Cost of sales	(126)		36
Interest rate swap	2,794		(2,908)		Interest expense	—		—
	$	3,009	$	(3,269)		$	163	$	(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 September 30, 2021 mature within 12 months.

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

		Three Months Ended September 30,
		Derivative Gain (Loss) Recognized in Earnings
Derivatives Instrument	Location of Derivative Gain (Loss)	2021		2020
Foreign exchange contracts	Selling, general and administrative expense	$	(5,592)	$	891
		Nine Months Ended September 30,
		Derivative Gain (Loss) Recognized in Earnings
Derivatives Instrument	Location of Derivative Gain (Loss)	2021		2020
Foreign exchange contracts	Selling, general and administrative expense	$	(4,524)	$	(2,776)

Fair Value of Financial Instruments

Financial instruments not reported at fair value on a recurring basis include cash and cash equivalents, held-to-maturity investment securities, accounts receivable, loan receivables, accounts payable and debt. The carrying value for cash and cash equivalents, held-to-maturity investment securities, 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:

	September 30, 2021		December 31, 2020
Carrying value	$	2,338,884	$	2,564,393
Fair value	$	2,396,064	$	2,479,895

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Restructuring Charges

9 Months Ended

Sep. 30, 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	11,434
Cash payments	(14,847)
Noncash activity	(541)
Balance at September 30, 2021	$	6,109
Balance at January 1, 2020	$	12,006
Expenses, net	12,505
Cash payments	(15,869)
Noncash activity	(2,649)
Balance at September 30, 2020	$	5,993

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

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Debt

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Debt

Debt

Total debt consisted of the following:

	Interest rate	September 30, 2021		December 31, 2020
Notes due October 2021	4.875%	$	—	$	152,588
Notes due May 2022	5.625%	—		148,792
Notes due April 2023	6.20%	91,766		271,000
Notes due March 2024	4.625%	251,046		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%	375,250		380,000
Term loan due January 2025	LIBOR + 5.5%	—		818,125
Term loan due March 2028	LIBOR + 4.0%	447,750		—
Other debt		3,991		4,900
Principal amount		2,380,644		2,610,246
Less: unamortized costs, net		41,760		45,853
Total debt		2,338,884		2,564,393
Less: current portion long-term debt		24,733		216,032
Long-term debt		$	2,314,151	$	2,348,361

In 2021, we issued a $400 million 6.875% unsecured note due March 2027, a $350 million 7.25% unsecured note due March 2029 and entered into a new seven-year $450 million secured term loan maturing March 2028. We redeemed all the outstanding October 2021 notes and an aggregate $363 million of the May 2022 notes, April 2023 notes and March 2024 notes under a tender offer, the remaining balance of the May 2022 notes and repaid the remaining balance of our January 2025 term loan. A $56 million pre-tax loss was incurred on the refinancing of debt.

We also amended our $500 million secured revolving credit facility and our $380 million 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 September 30, 2021, we were in compliance with all covenants and there were no outstanding borrowings under the revolving credit facility.

We also terminated our existing $500 million interest rate swap agreements and entered into new interest rate swap agreements with an aggregate notional amount of $200 million. Under the terms of the new swap agreements, we pay fixed-rate interest of 0.56% and receive variable-rate interest based on one-month LIBOR. The variable interest rate under the term loans and the swaps reset monthly.

At September 30, 2021, the interest rate of the 2028 Term Loan was 4.1% and the interest rate on the 2026 Term Loan was 1.8%.

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Pensions and Other Benefit Programs

9 Months Ended

Sep. 30, 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
	September 30,				September 30,				September 30,
	2021		2020		2021		2020		2021		2020
Service cost	$	64	$	16	$	346	$	422	$	232	$	229
Interest cost	10,353		12,719		2,961		3,548		891		1,255
Expected return on plan assets	(18,883)		(20,932)		(7,979)		(8,297)		—		—
Amortization of transition credit	—		—		—		(1)		—		—
Amortization of prior service (credit) cost	(15)		(15)		67		62		32		93
Amortization of net actuarial loss	9,366		7,972		2,340		2,092		913		926
Settlement	—		75		—		833		—		—
Net periodic benefit cost (income)	$	885	$	(165)	$	(2,265)	$	(1,341)	$	2,068	$	2,503
Contributions to benefit plans	$	1,161	$	2,061	$	355	$	445	$	2,642	$	2,422
	Defined Benefit Pension Plans								Nonpension Postretirement Benefit Plans
	United States				Foreign
	Nine Months Ended				Nine Months Ended				Nine Months Ended
	September 30,				September 30,				September 30,
	2021		2020		2021		2020		2021		2020
Service cost	$	195	$	69	$	1,055	$	1,220	$	682	$	663
Interest cost	31,842		39,077		8,929		10,473		2,816		3,742
Expected return on plan assets	(57,839)		(63,539)		(24,070)		(24,474)		—		—
Amortization of transition credit	—		—		—		(3)		—		—
Amortization of prior service (credit) cost	(45)		(45)		202		182		97		280
Amortization of net actuarial loss	28,643		24,367		7,065		6,156		3,068		2,400
Settlement	314		1,076		—		4,023		—		—
Net periodic benefit cost (income)	$	3,110	$	1,005	$	(6,819)	$	(2,423)	$	6,663	$	7,085
Contributions to benefit plans	$	4,020	$	5,959	$	9,379	$	9,013	$	9,542	$	10,493

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Income Taxes

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The effective tax rate for the three and nine months ended September 30, 2021 was (21.9)% and 119.3%, respectively, and includes a net tax benefit of $3 million from the resolution of tax matters partially offset by a charge from the filing of state income tax returns. The effective tax rate for the nine months ended September 30, 2021 also includes benefits of $5 million due to tax legislation in the U.K., a tax charge of $6 million on the pre-tax gain of $10 million from the sale of Tacit as the tax basis was lower than the book basis, a benefit 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 and nine months ended September 30, 2020 was 4.9% and (3.8)%, respectively, and includes a $3 million benefit, which is primarily due to regulations enacted into law during the quarter. The effective tax rate for the nine months ended September 30, 2020 also includes a $12 million charge for the surrender of company owned life insurance policies, a benefit of $2 million on the $198 million goodwill impairment charge as the majority of this charge was nondeductible, a benefit of $1 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 2016 except for a specific issue arising in earlier years, France is closed through 2019, Germany is closed through 2016 and the U.K. is closed through 2018. We also have other less significant tax filings currently subject to examination.

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Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesIn the ordinary course of business, we are routinely defendants in, or party to, a number of pending and threatened legal actions. These may involve litigation by or against us relating to, among other things, contractual rights under vendor, insurance or other contracts; intellectual property or patent rights; equipment, service, payment or other disputes with clients; or disputes with employees. Some of these actions may be brought as a purported class action on behalf of a purported class of employees, customers or others. In management's opinion, as of September 30, 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. As of September 30, 2021, we have entered into leases that have not commenced. These leases have terms ranging from seven to ten years and aggregate payments of $20 million.

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Stockholders’ Equity

9 Months Ended

Sep. 30, 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 July 1, 2021	$	323,338	$	5,903	$	5,172,185	$	(831,303)	$	(4,616,753)	$	53,370
Net income	—		—		9,067		—		—		9,067
Other comprehensive loss	—		—		—		(9,927)		—		(9,927)
Dividends paid ($0.05 per common share)	—		—		(8,725)		—		—		(8,725)
Issuance of common stock	—		(6,610)		—		—		8,318		1,708
Stock-based compensation expense	—		3,170		—		—		—		3,170
Balance at September 30, 2021	$	323,338	$	2,463	$	5,172,527	$	(841,230)	$	(4,608,435)	$	48,663

	Common stock		Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss		Treasury stock		Total equity
Balance at July 1, 2020	$	323,338	$	68,498	$	5,188,119	$	(836,262)	$	(4,699,113)	$	44,580
Net income	—		—		11,389		—		—		11,389
Other comprehensive income	—		—		—		22,690		—		22,690
Dividends paid ($0.05 per common share)	—		—		(8,594)		—		—		(8,594)
Issuance of common stock	—		(9,272)		—		—		10,046		774
Stock-based compensation expense	—		8,286		—		—		—		8,286
Balance at September 30, 2020	$	323,338	$	67,512	$	5,190,914	$	(813,572)	$	(4,689,067)	$	79,125

	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	—		—		(2,618)		—		—		(2,618)
Other comprehensive loss	—		—		—		(2,099)		—		(2,099)
Dividends paid ($0.15 per common share)	—		—		(26,050)		—		—		(26,050)
Issuance of common stock	—		(81,487)		—		—		79,074		(2,413)
Stock-based compensation expense	—		15,448		—		—		—		15,448
Balance at September 30, 2021	$	323,338	$	2,463	$	5,172,527	$	(841,230)	$	(4,608,435)	$	48,663

	Common stock		Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss		Treasury stock		Total equity
Balance at January 1, 2020	$	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	—		—		(200,423)		—		—		(200,423)
Other comprehensive income	—		—		—		26,571		—		26,571
Dividends paid ($0.15 per common share)	—		—		(25,693)		—		—		(25,693)
Issuance of common stock	—		(46,472)		—		—		45,710		(762)
Stock-based compensation expense	—		15,236		—		—		—		15,236
Balance at September 30, 2020	$	323,338	$	67,512	$	5,190,914	$	(813,572)	$	(4,689,067)	$	79,125

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Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Cash flow hedges
Revenue	$	45	$	(104)	$	289	$	(107)
Cost of sales	(21)		(6)		(126)		36
Interest expense, net	(133)		—		(229)		—
Total before tax	(109)		(110)		(66)		(71)
Income tax benefit	(28)		(27)		(17)		(18)
Net of tax	$	(81)	$	(83)	$	(49)	$	(53)
Available-for-sale securities
Financing revenue	$	(2)	$	6,490	$	(2)	$	10,060
Selling, general and administrative expense	(183)		263		76		210
Total before tax	(185)		6,753		74		10,270
Income tax (benefit) provision	(45)		1,681		19		2,557
Net of tax	$	(140)	$	5,072	$	55	$	7,713
Pension and postretirement benefit plans
Transition credit	$	—	$	1	$	—	$	3
Prior service costs	(84)		(140)		(254)		(417)
Actuarial losses	(12,619)		(10,990)		(38,776)		(32,923)
Settlement	—		(908)		(314)		(5,099)
Total before tax	(12,703)		(12,037)		(39,344)		(38,436)
Income tax benefit	(3,097)		(2,875)		(9,608)		(9,027)
Net of tax	$	(9,606)	$	(9,162)	$	(29,736)	$	(29,409)

Changes in AOCL, net of tax 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	3,425		(6,330)		—		(28,924)		(31,829)
Reclassifications into earnings	49		(55)		29,736		—		29,730
Net other comprehensive income (loss)	3,474		(6,385)		29,736		(28,924)		(2,099)
Balance at September 30, 2021	$	2,063	$	(5,983)	$	(821,327)	$	(15,983)	$	(841,230)

	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	(2,455)		2,237		—		5,040		4,822
Reclassifications into earnings	53		(7,713)		29,409		—		21,749
Net other comprehensive (loss) income	(2,402)		(5,476)		29,409		5,040		26,571
Balance at September 30, 2020	$	(2,065)	$	(2,627)	$	(789,609)	$	(19,271)	$	(813,572)

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Supplemental Financial Statement Information

9 Months Ended

Sep. 30, 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 nine months ended September 30, 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
September 30, 2021	$	35,344	$	—	$	6,388	$	(11,677)	$	30,055	$	11,807	$	18,248
September 30, 2020	$	17,830	$	15,336	$	16,856	$	(20,353)	$	29,669	$	29,669	$	—

Other expense (income) consisted of the following:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Loss on debt refinancing	$	3,193	$	—	$	55,576	$	36,987
Insurance proceeds	—		(6,325)		(3,000)		(15,292)
Gain on sale of assets	—		—		(1,434)		(11,908)
Gain on sale of business	—		—		(10,201)		—
Other expense (income)	$	3,193	$	(6,325)	$	40,941	$	9,787

Supplemental cash flow information is as follows:

	Nine Months Ended September 30,
	2021		2020
Cash interest paid	$	106,942	$	115,143
Cash income tax payments, net of refunds	$	2,451	$	19,861
Finance leased assets obtained in exchange for new lease obligations	$	25,882	$	3,614

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Subsequent Event	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventIn November 2021, we entered into an agreement to sell our Shelton, Connecticut facility for approximately $50 million and simultaneously entered into a ten year lease agreement. This transaction is expected to close before the end of 2021 and we anticipate recognizing a pre-tax gain from the sale of approximately $15 million. In November 2021, we also acquired CrescoData for $15 million in cash plus potential additional payments of up to $7 million based on the achievement of revenue targets during the periods 2022-2024. CrescoData is a Singapore based, Platform-as-a-Service business that enables mapping and automating of product, stock and order data between platforms and will be reported in our SendTech Solutions segment.

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Description of Business and Basis of Presentation (Policies)

9 Months Ended

Sep. 30, 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 have matched LIBOR-based debt with LIBOR based interest rate swaps and have elected to apply the practical expedient related to probability and the assessment of the effectiveness for future LIBOR-indexed cash flows, which assumes that the debt instrument will use the same index rate as its corresponding interest rate swap once a new reference rate is established to replace LIBOR. We may apply other expedients as additional reference rate changes occur. We continue to assess the impact of this standard on our consolidated financial statements.

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Description of Business and Basis of Presentation (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2020 has been revised and the impact on our previously issued interim Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 is as follows:

	Nine Months Ended September 30, 2020
(unaudited)	As Previously Reported		Adjustments		Reclass		As Revised and Reclassified
Cash flows from operating activities
Changes in finance receivables	$	85,593	$	542	$	—	$	86,135
Net cash from operating activities: continuing operations	$	229,047	$	542	$	—	$	229,589
Net cash from operating activities	$	190,624	$	542	$	—	$	191,166
Cash flows from investing activities
Purchases of investment securities	$	(392,427)	$	(198,877)	$	—	$	(591,304)
Proceeds from sales/maturities of investment securities	$	241,924	$	259,535	$	—	$	501,459
Net change in short-term and other investing activities	$	68,464	$	(68,464)	$	—	$	—
Net investment in loan receivables	$	—	$	(542)	$	(3,264)	$	(3,806)
Customer deposits at the Bank	$	19,464	$	(19,464)	$	—	$	—
Other investing activities	$	(1,511)	$	7,806	$	3,264	$	9,559
Net cash from investing activities: continuing operations	$	(93,233)	$	(20,006)	$	—	$	(113,239)
Net cash from investing activities	$	(95,735)	$	(20,006)	$	—	$	(115,741)
Cash flows from financing activities
Customer deposits at the Bank	$	—	$	19,464	$	—	$	19,464
Net cash from financing activities	$	(217,372)	$	19,464	$	—	$	(197,908)

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Revenue (Tables)

9 Months Ended

Sep. 30, 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 September 30, 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	$	398,011	$	139,296	$	14,077	$	551,384	$	—	$	551,384
Support services	—		—		113,413		113,413		—		113,413
Financing	—		—		—		—		71,936		71,936
Equipment sales	—		—		25,089		25,089		58,145		83,234
Supplies	—		—		38,211		38,211		—		38,211
Rentals	—		—		—		—		17,271		17,271
Subtotal	398,011		139,296		190,790		728,097		$	147,352	$	875,449
Revenue from leasing transactions and financing
Financing	—		—		71,936		71,936
Equipment sales	—		—		58,145		58,145
Rentals	—		—		17,271		17,271
Total revenue	$	398,011	$	139,296	$	338,142	$	875,449
Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	—	$	—	$	81,205	$	81,205
Products/services transferred over time	398,011		139,296		109,585		646,892
Total	$	398,011	$	139,296	$	190,790	$	728,097

	Three Months Ended September 30, 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	$	409,981	$	127,705	$	13,268	$	550,954	$	—	$	550,954
Support services	—		—		117,519		117,519		—		117,519
Financing	—		—		—		—		86,218		86,218
Equipment sales	—		—		17,935		17,935		61,637		79,572
Supplies	—		—		39,635		39,635		—		39,635
Rentals	—		—		—		—		18,000		18,000
Subtotal	409,981		127,705		188,357		726,043		$	165,855	$	891,898
Revenue from leasing transactions and financing
Financing	—		—		86,218		86,218
Equipment sales	—		—		61,637		61,637
Rentals	—		—		18,000		18,000
Total revenue	$	409,981	$	127,705	$	354,212	$	891,898
Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	—	$	—	$	73,602	$	73,602
Products/services transferred over time	409,981		127,705		114,755		652,441
Total	$	409,981	$	127,705	$	188,357	$	726,043

	Nine Months Ended September 30, 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	$	1,229,526	$	417,041	$	42,293	$	1,688,860	$	—	$	1,688,860
Support services	—		—		347,266		347,266		—		347,266
Financing	—		—		—		—		223,201		223,201
Equipment sales	—		—		66,600		66,600		189,704		256,304
Supplies	—		—		119,090		119,090		—		119,090
Rentals	—		—		—		—		55,128		55,128
Subtotal	1,229,526		417,041		575,249		2,221,816		$	468,033	$	2,689,849
Revenue from leasing transactions and financing
Financing	—		—		223,201		223,201
Equipment sales	—		—		189,704		189,704
Rentals	—		—		55,128		55,128
Total revenue	$	1,229,526	$	417,041	$	1,043,282	$	2,689,849
Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	—	$	—	$	236,016	$	236,016
Products/services transferred over time	1,229,526		417,041		339,233		1,985,800
Total	$	1,229,526	$	417,041	$	575,249	$	2,221,816

	Nine Months Ended September 30, 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	$	1,100,757	$	386,552	$	37,014	$	1,524,323	$	—	$	1,524,323
Support services	—		—		353,320		353,320		—		353,320
Financing	—		—		—		—		260,758		260,758
Equipment sales	—		—		49,556		49,556		164,126		213,682
Supplies	—		—		118,117		118,117		—		118,117
Rentals	—		—		—		—		55,458		55,458
Subtotal	1,100,757		386,552		558,007		2,045,316		$	480,342	$	2,525,658
Revenue from leasing transactions and financing
Financing	—		—		260,758		260,758
Equipment sales	—		—		164,126		164,126
Rentals	—		—		55,458		55,458
Total revenue	$	1,100,757	$	386,552	$	1,038,349	$	2,525,658
Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	—	$	—	$	210,726	$	210,726
Products/services transferred over time	1,100,757		386,552		347,281		1,834,590
Total	$	1,100,757	$	386,552	$	558,007	$	2,045,316

Contract Assets and Advance Billings

Advance Billings from Contracts with Customers

	Balance sheet location	September 30, 2021		December 31, 2020		Increase/ (decrease)
Advance billings, current	Advance billings	$	96,851	$	106,498	$	(9,647)
Advance billings, noncurrent	Other noncurrent liabilities	$	1,187	$	1,277	$	(90)

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	$	85,186	$	247,772	$	364,157	$	697,115

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Segment Information (Tables)

9 Months Ended

Sep. 30, 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 income (loss).

	Revenue
	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Global Ecommerce	$	398,011	$	409,981	$	1,229,526	$	1,100,757
Presort Services	139,296		127,705		417,041		386,552
SendTech Solutions	338,142		354,212		1,043,282		1,038,349
Total revenue	$	875,449	$	891,898	$	2,689,849	$	2,525,658

Reconciliation of EBIT from Segments to Consolidated

	EBIT
	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Global Ecommerce	$	(20,950)	$	(19,757)	$	(58,157)	$	(68,126)
Presort Services	21,062		14,481		56,247		42,758
SendTech Solutions	98,950		112,599		320,541		323,429
Total segment EBIT	99,062		107,323		318,631		298,061
Reconciliation of Segment EBIT to net income (loss):
Unallocated corporate expenses	(49,176)		(53,429)		(162,957)		(146,640)
Restructuring charges	(3,701)		(3,766)		(11,434)		(12,505)
Interest expense, net	(36,022)		(38,801)		(109,185)		(115,558)
Gain on sale of assets	—		—		1,434		11,908
Goodwill impairment	—		—		—		(198,169)
Loss on debt refinancing	(3,193)		—		(55,576)		(36,987)
Gain on sale of business	—		—		10,201		—
Transaction costs	—		—		—		(641)
Benefit (provision) for income taxes	1,525		(554)		10,602		(7,540)
Income (loss) from continuing operations	8,495		10,773		1,716		(208,071)
Income (loss) from discontinued operations, net of tax	572		616		(4,334)		7,648
Net income (loss)	$	9,067	$	11,389	$	(2,618)	$	(200,423)

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Earnings per Share (EPS) (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Schedule of Calculation of Numerator and Denominator in Earnings Per Share

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Numerator:
Income (loss) from continuing operations	$	8,495	$	10,773	$	1,716	$	(208,071)
Income (loss) from discontinued operations, net of tax	572		616		(4,334)		7,648
Net income (loss)	$	9,067	$	11,389	$	(2,618)	$	(200,423)
Denominator:
Weighted-average shares used in basic EPS	174,399		171,828		173,691		171,388
Dilutive effect of common stock equivalents (1)	5,010		2,876		5,258		—
Weighted-average shares used in diluted EPS	179,409		174,704		178,949		171,388
Basic earnings (loss) per share (2):
Continuing operations	$	0.05	$	0.06	$	0.01	$	(1.21)
Discontinued operations	—		—		(0.02)		0.04
Net income (loss)	$	0.05	$	0.07	$	(0.02)	$	(1.17)
Diluted earnings (loss) per share (2):
Continuing operations	$	0.05	$	0.06	$	0.01	$	(1.21)
Discontinued operations	—		—		(0.02)		0.04
Net income (loss)	$	0.05	$	0.07	$	(0.02)	$	(1.17)
Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive:	6,529		14,828		6,529		15,855

(1)     Due to the net loss for the nine months ended September 30, 2020, common stock equivalents of 1,604 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)

9 Months Ended

Sep. 30, 2021

Inventory Disclosure [Abstract]

Inventory Components

Inventories consisted of the following:

	September 30, 2021		December 31, 2020
Raw materials	$	19,289	$	16,570
Supplies and service parts	26,162		24,061
Finished products	29,680		30,849
Inventory at FIFO cost	75,131		71,480
Excess of FIFO cost over LIFO cost	(5,635)		(5,635)
Total inventory, net	$	69,496	$	65,845

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Finance Assets and Lessor Operating Leases (Tables)

9 Months Ended

Sep. 30, 2021

Receivables [Abstract]

Financing Receivables

Finance receivables consisted of the following:

	September 30, 2021						December 31, 2020
	North America		International		Total		North America		International		Total
Sales-type lease receivables
Gross finance receivables	$	960,290	$	186,979	$	1,147,269	$	994,985	$	211,944	$	1,206,929
Unguaranteed residual values	37,827		11,101		48,928		36,405		12,140		48,545
Unearned income	(251,451)		(57,565)		(309,016)		(275,359)		(61,686)		(337,045)
Allowance for credit losses	(22,321)		(3,977)		(26,298)		(22,917)		(6,006)		(28,923)
Net investment in sales-type lease receivables	724,345		136,538		860,883		733,114		156,392		889,506
Loan receivables
Loan receivables	259,653		22,410		282,063		268,690		22,092		290,782
Allowance for credit losses	(3,373)		(236)		(3,609)		(6,484)		(462)		(6,946)
Net investment in loan receivables	256,280		22,174		278,454		262,206		21,630		283,836
Net investment in finance receivables	$	980,625	$	158,712	$	1,139,337	$	995,320	$	178,022	$	1,173,342

Sales-type Lease Maturity

Maturities of gross sales-type lease receivables and gross loan receivables at September 30, 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	$	104,087	$	16,956	$	121,043	$	205,035	$	22,410	$	227,445
Year ending December 31, 2022	353,220		70,368		423,588		20,692		—		20,692
Year ending December 31, 2023	253,168		48,930		302,098		14,616		—		14,616
Year ending December 31, 2024	154,417		29,172		183,589		11,998		—		11,998
Year ending December 31, 2025	76,001		15,305		91,306		6,429		—		6,429
Thereafter	19,397		6,248		25,645		883		—		883
Total	$	960,290	$	186,979	$	1,147,269	$	259,653	$	22,410	$	282,063

Loan Receivable Maturity

Maturities of gross sales-type lease receivables and gross loan receivables at September 30, 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	$	104,087	$	16,956	$	121,043	$	205,035	$	22,410	$	227,445
Year ending December 31, 2022	353,220		70,368		423,588		20,692		—		20,692
Year ending December 31, 2023	253,168		48,930		302,098		14,616		—		14,616
Year ending December 31, 2024	154,417		29,172		183,589		11,998		—		11,998
Year ending December 31, 2025	76,001		15,305		91,306		6,429		—		6,429
Thereafter	19,397		6,248		25,645		883		—		883
Total	$	960,290	$	186,979	$	1,147,269	$	259,653	$	22,410	$	282,063

Past Due Financing Receivables

The aging of gross finance receivables was as follows:

	September 30, 2021
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Past due amounts 0 - 90 days	$	955,731	$	184,616	$	255,365	$	22,311	$	1,418,023
Past due amounts > 90 days	4,559		2,363		4,288		99		11,309
Total	$	960,290	$	186,979	$	259,653	$	22,410	$	1,429,332
Past due amounts > 90 days
Still accruing interest	$	2,046	$	872	$	—	$	—	$	2,918
Not accruing interest	2,513		1,491		4,288		99		8,391
Total	$	4,559	$	2,363	$	4,288	$	99	$	11,309

	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	1,959		(1,019)		(979)		33		(6)
Write-offs	(4,816)		(773)		(4,748)		(251)		(10,588)
Recoveries	2,256		(16)		2,615		3		4,858
Other	5		(221)		1		(11)		(226)
Balance at September 30, 2021	$	22,321	$	3,977	$	3,373	$	236	$	29,907
	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	10,009		1,314		6,792		429		18,544
Write-offs	(5,950)		(548)		(7,370)		(343)		(14,211)
Recoveries	1,488		91		2,399		1		3,979
Other	148		210		181		63		602
Balance at September 30, 2020	$	25,886	$	4,902	$	6,792	$	488	$	38,068

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 September 30, 2021 and December 31, 2020.

	September 30, 2021
	Sales Type Lease Receivables												Loan Receivables		Total
	2021		2020		2019		2018		2017		Prior
Low	$	211,706	$	206,401	$	174,389	$	111,650	$	44,059	$	17,317	$	194,859	$	960,381
Medium	35,526		38,343		36,921		22,257		10,355		5,551		49,385		198,338
High	4,169		5,335		4,744		3,013		1,050		830		5,265		24,406
Not Scored	65,099		56,985		51,426		27,735		10,079		2,329		32,554		246,207
Total	$	316,500	$	307,064	$	267,480	$	164,655	$	65,543	$	26,027	$	282,063	$	1,429,332
	December 31, 2020
	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 September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Profit recognized at commencement (1)	$	28,394	$	29,169	$	92,756	$	80,348
Interest income	45,806		50,961		142,072		157,044
Total lease income from sales-type leases	$	74,200	$	80,130	$	234,828	$	237,392

(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	$	10,624
Year ending December 31, 2022	28,138
Year ending December 31, 2023	21,658
Year ending December 31, 2024	6,395
Year ending December 31, 2025	2,221
Thereafter	320
Total	$	69,356

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Intangible Assets and Goodwill (Tables)

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible assets consisted of the following:

	September 30, 2021						December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	268,189	$	(134,871)	$	133,318	$	268,199	$	(115,010)	$	153,189
Software & technology	19,000		(15,200)		3,800		19,000		(12,350)		6,650
Total intangible assets	$	287,189	$	(150,071)	$	137,118	$	287,199	$	(127,360)	$	159,839

Amortization Expense In Future Periods

Future amortization expense as of September 30, 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	$	7,573
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	27,495
Total	$	137,118

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		Disposition		Currency impact		September 30, 2021
Global Ecommerce	$	609,431	$	(198,169)	$	411,262	$	(16,200)	$	—	$	395,062
Presort Services	220,992		—		220,992		—		—		220,992
SendTech Solutions	520,031		—		520,031		—		(11,380)		508,651
Total goodwill	$	1,350,454	$	(198,169)	$	1,152,285	$	(16,200)	$	(11,380)	$	1,124,705

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Fair Value Measurements and Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 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.

	September 30, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Investment securities
Money market funds	$	84,772	$	250,877	$	—	$	335,649
Equity securities	—		29,898		—		29,898
Commingled fixed income securities	1,704		19,277		—		20,981
Government and related securities	9,847		25,179		—		35,026
Corporate debt securities	—		66,433		—		66,433
Mortgage-backed / asset-backed securities	—		187,435		—		187,435
Derivatives
Interest rate swap	—		631		—		631
Foreign exchange contracts	—		723		—		723
Total assets	$	96,323	$	580,453	$	—	$	676,776
Liabilities:
Derivatives
Foreign exchange contracts	$	—	$	(2,853)	$	—	$	(2,853)
Total liabilities	$	—	$	(2,853)	$	—	$	(2,853)

	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:

	September 30, 2021
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Government and related securities	$	36,282	$	74	$	(1,330)	$	35,026
Corporate debt securities	68,720		313		(2,600)		66,433
Commingled fixed income securities	1,721		—		(17)		1,704
Mortgage-backed / asset-backed securities	191,769		215		(4,549)		187,435
Total	$	298,492	$	602	$	(8,496)	$	290,598

	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:

	September 30, 2021				December 31, 2020
	Fair Value		Gross unrealized losses		Fair Value		Gross unrealized losses
Less than 12 continuous months	$	181,105	$	4,695	$	132,267	$	1,072
Greater than 12 continuous months	93,587		3,801		2,369		76
Total	$	274,692	$	8,496	$	134,636	$	1,148

Available-for-sale Securities

Scheduled maturities of available-for-sale securities at September 30, 2021 were as follows:

	Amortized cost		Estimated fair value
Within 1 year	$	3,090	$	3,082
After 1 year through 5 years	15,198		15,102
After 5 years through 10 years	73,743		71,325
After 10 years	206,461		201,089
Total	$	298,492	$	290,598

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	September 30, 2021		December 31, 2020
Derivatives designated as hedging instruments
Foreign exchange contracts	Other current assets and prepayments	$	42	$	96
	Accounts payable and accrued liabilities	(6)		(112)
Interest rate swaps	Other assets (Other noncurrent liabilities)	631		(2,163)
Derivatives not designated as hedging instruments
Foreign exchange contracts	Other current assets and prepayments	681		3,680
	Accounts payable and accrued liabilities	(2,847)		(1,848)
	Total derivative assets	$	1,354	$	3,776
	Total derivative liabilities	(2,853)		(4,123)
	Total net derivative liability	$	(1,499)	$	(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 September 30,
	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	$	41	$	(80)	Revenue	$	45	$	(104)
					Cost of sales	(21)		(6)
Interest rate swap	186		(1,303)		Interest expense	—		—
	$	227	$	(1,383)		$	24	$	(110)
	Nine Months Ended September 30,
	Derivative Gain (Loss) Recognized in AOCI (Effective Portion)				Location of Gain (Loss) (Effective Portion)	Gain (Loss) Reclassified from AOCI to Earnings (Effective Portion)
Derivative Instrument	2021		2020			2021		2020
Foreign exchange contracts	$	215	$	(361)	Revenue	$	289	$	(107)
					Cost of sales	(126)		36
Interest rate swap	2,794		(2,908)		Interest expense	—		—
	$	3,009	$	(3,269)		$	163	$	(71)

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

All outstanding contracts at September 30, 2021 mature within 12 months.

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

		Three Months Ended September 30,
		Derivative Gain (Loss) Recognized in Earnings
Derivatives Instrument	Location of Derivative Gain (Loss)	2021		2020
Foreign exchange contracts	Selling, general and administrative expense	$	(5,592)	$	891
		Nine Months Ended September 30,
		Derivative Gain (Loss) Recognized in Earnings
Derivatives Instrument	Location of Derivative Gain (Loss)	2021		2020
Foreign exchange contracts	Selling, general and administrative expense	$	(4,524)	$	(2,776)

Fair Value, by Balance Sheet Grouping

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

	September 30, 2021		December 31, 2020
Carrying value	$	2,338,884	$	2,564,393
Fair value	$	2,396,064	$	2,479,895

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Restructuring Charges (Tables)

9 Months Ended

Sep. 30, 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	11,434
Cash payments	(14,847)
Noncash activity	(541)
Balance at September 30, 2021	$	6,109
Balance at January 1, 2020	$	12,006
Expenses, net	12,505
Cash payments	(15,869)
Noncash activity	(2,649)
Balance at September 30, 2020	$	5,993

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Debt (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of Debt

Total debt consisted of the following:

	Interest rate	September 30, 2021		December 31, 2020
Notes due October 2021	4.875%	$	—	$	152,588
Notes due May 2022	5.625%	—		148,792
Notes due April 2023	6.20%	91,766		271,000
Notes due March 2024	4.625%	251,046		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%	375,250		380,000
Term loan due January 2025	LIBOR + 5.5%	—		818,125
Term loan due March 2028	LIBOR + 4.0%	447,750		—
Other debt		3,991		4,900
Principal amount		2,380,644		2,610,246
Less: unamortized costs, net		41,760		45,853
Total debt		2,338,884		2,564,393
Less: current portion long-term debt		24,733		216,032
Long-term debt		$	2,314,151	$	2,348,361

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Pensions and Other Benefit Programs (Tables)

9 Months Ended

Sep. 30, 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
	September 30,				September 30,				September 30,
	2021		2020		2021		2020		2021		2020
Service cost	$	64	$	16	$	346	$	422	$	232	$	229
Interest cost	10,353		12,719		2,961		3,548		891		1,255
Expected return on plan assets	(18,883)		(20,932)		(7,979)		(8,297)		—		—
Amortization of transition credit	—		—		—		(1)		—		—
Amortization of prior service (credit) cost	(15)		(15)		67		62		32		93
Amortization of net actuarial loss	9,366		7,972		2,340		2,092		913		926
Settlement	—		75		—		833		—		—
Net periodic benefit cost (income)	$	885	$	(165)	$	(2,265)	$	(1,341)	$	2,068	$	2,503
Contributions to benefit plans	$	1,161	$	2,061	$	355	$	445	$	2,642	$	2,422
	Defined Benefit Pension Plans								Nonpension Postretirement Benefit Plans
	United States				Foreign
	Nine Months Ended				Nine Months Ended				Nine Months Ended
	September 30,				September 30,				September 30,
	2021		2020		2021		2020		2021		2020
Service cost	$	195	$	69	$	1,055	$	1,220	$	682	$	663
Interest cost	31,842		39,077		8,929		10,473		2,816		3,742
Expected return on plan assets	(57,839)		(63,539)		(24,070)		(24,474)		—		—
Amortization of transition credit	—		—		—		(3)		—		—
Amortization of prior service (credit) cost	(45)		(45)		202		182		97		280
Amortization of net actuarial loss	28,643		24,367		7,065		6,156		3,068		2,400
Settlement	314		1,076		—		4,023		—		—
Net periodic benefit cost (income)	$	3,110	$	1,005	$	(6,819)	$	(2,423)	$	6,663	$	7,085
Contributions to benefit plans	$	4,020	$	5,959	$	9,379	$	9,013	$	9,542	$	10,493

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Stockholders’ Equity (Tables)

9 Months Ended

Sep. 30, 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 July 1, 2021	$	323,338	$	5,903	$	5,172,185	$	(831,303)	$	(4,616,753)	$	53,370
Net income	—		—		9,067		—		—		9,067
Other comprehensive loss	—		—		—		(9,927)		—		(9,927)
Dividends paid ($0.05 per common share)	—		—		(8,725)		—		—		(8,725)
Issuance of common stock	—		(6,610)		—		—		8,318		1,708
Stock-based compensation expense	—		3,170		—		—		—		3,170
Balance at September 30, 2021	$	323,338	$	2,463	$	5,172,527	$	(841,230)	$	(4,608,435)	$	48,663

	Common stock		Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss		Treasury stock		Total equity
Balance at July 1, 2020	$	323,338	$	68,498	$	5,188,119	$	(836,262)	$	(4,699,113)	$	44,580
Net income	—		—		11,389		—		—		11,389
Other comprehensive income	—		—		—		22,690		—		22,690
Dividends paid ($0.05 per common share)	—		—		(8,594)		—		—		(8,594)
Issuance of common stock	—		(9,272)		—		—		10,046		774
Stock-based compensation expense	—		8,286		—		—		—		8,286
Balance at September 30, 2020	$	323,338	$	67,512	$	5,190,914	$	(813,572)	$	(4,689,067)	$	79,125

	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	—		—		(2,618)		—		—		(2,618)
Other comprehensive loss	—		—		—		(2,099)		—		(2,099)
Dividends paid ($0.15 per common share)	—		—		(26,050)		—		—		(26,050)
Issuance of common stock	—		(81,487)		—		—		79,074		(2,413)
Stock-based compensation expense	—		15,448		—		—		—		15,448
Balance at September 30, 2021	$	323,338	$	2,463	$	5,172,527	$	(841,230)	$	(4,608,435)	$	48,663

	Common stock		Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss		Treasury stock		Total equity
Balance at January 1, 2020	$	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	—		—		(200,423)		—		—		(200,423)
Other comprehensive income	—		—		—		26,571		—		26,571
Dividends paid ($0.15 per common share)	—		—		(25,693)		—		—		(25,693)
Issuance of common stock	—		(46,472)		—		—		45,710		(762)
Stock-based compensation expense	—		15,236		—		—		—		15,236
Balance at September 30, 2020	$	323,338	$	67,512	$	5,190,914	$	(813,572)	$	(4,689,067)	$	79,125

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Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Cash flow hedges
Revenue	$	45	$	(104)	$	289	$	(107)
Cost of sales	(21)		(6)		(126)		36
Interest expense, net	(133)		—		(229)		—
Total before tax	(109)		(110)		(66)		(71)
Income tax benefit	(28)		(27)		(17)		(18)
Net of tax	$	(81)	$	(83)	$	(49)	$	(53)
Available-for-sale securities
Financing revenue	$	(2)	$	6,490	$	(2)	$	10,060
Selling, general and administrative expense	(183)		263		76		210
Total before tax	(185)		6,753		74		10,270
Income tax (benefit) provision	(45)		1,681		19		2,557
Net of tax	$	(140)	$	5,072	$	55	$	7,713
Pension and postretirement benefit plans
Transition credit	$	—	$	1	$	—	$	3
Prior service costs	(84)		(140)		(254)		(417)
Actuarial losses	(12,619)		(10,990)		(38,776)		(32,923)
Settlement	—		(908)		(314)		(5,099)
Total before tax	(12,703)		(12,037)		(39,344)		(38,436)
Income tax benefit	(3,097)		(2,875)		(9,608)		(9,027)
Net of tax	$	(9,606)	$	(9,162)	$	(29,736)	$	(29,409)

Schedule of Accumulated Other Comprehensive Income (Loss)

Changes in AOCL, net of tax 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	3,425		(6,330)		—		(28,924)		(31,829)
Reclassifications into earnings	49		(55)		29,736		—		29,730
Net other comprehensive income (loss)	3,474		(6,385)		29,736		(28,924)		(2,099)
Balance at September 30, 2021	$	2,063	$	(5,983)	$	(821,327)	$	(15,983)	$	(841,230)

	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	(2,455)		2,237		—		5,040		4,822
Reclassifications into earnings	53		(7,713)		29,409		—		21,749
Net other comprehensive (loss) income	(2,402)		(5,476)		29,409		5,040		26,571
Balance at September 30, 2020	$	(2,065)	$	(2,627)	$	(789,609)	$	(19,271)	$	(813,572)

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Supplemental Financial Statement Information (Tables)

9 Months Ended

Sep. 30, 2021

Other Income and Expenses [Abstract]

Accounting Standards Update

Activity in the allowance for credit losses on accounts receivables for the nine months ended September 30, 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
September 30, 2021	$	35,344	$	—	$	6,388	$	(11,677)	$	30,055	$	11,807	$	18,248
September 30, 2020	$	17,830	$	15,336	$	16,856	$	(20,353)	$	29,669	$	29,669	$	—

Schedule of Other (Income) Expense

Other expense (income) consisted of the following:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Loss on debt refinancing	$	3,193	$	—	$	55,576	$	36,987
Insurance proceeds	—		(6,325)		(3,000)		(15,292)
Gain on sale of assets	—		—		(1,434)		(11,908)
Gain on sale of business	—		—		(10,201)		—
Other expense (income)	$	3,193	$	(6,325)	$	40,941	$	9,787

Schedule of Cash Flow Supplemental Information

Supplemental cash flow information is as follows:

	Nine Months Ended September 30,
	2021		2020
Cash interest paid	$	106,942	$	115,143
Cash income tax payments, net of refunds	$	2,451	$	19,861
Finance leased assets obtained in exchange for new lease obligations	$	25,882	$	3,614

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Description of Business and Basis of Presentation (Error Correction) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Percent of Fortune 500 Companies Serviced	90.00%
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Changes in finance receivables	$ 31,893	$ 86,135
Net cash from operating activities: continuing operations	216,174	229,589
Net cash from operating activities	216,174	191,166
Purchases of investment securities	(70,896)	(591,304)
Proceeds from sales/maturities of investment securities	78,941	501,459
Net change in short-term and other investing activities	(6,627)	(3,806)
Net investment in loan receivables		(3,806)
Other investing activities	0	9,559
Net cash from investing activities: continuing operations	(110,076)	(113,239)
Net cash from investing activities	(111,686)	(115,741)
Customer deposits at the Bank		19,464
Net cash from financing activities	$ (291,849)	(197,908)
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Changes in finance receivables		85,593
Net cash from operating activities: continuing operations		229,047
Net cash from operating activities		190,624
Purchases of investment securities		(392,427)
Proceeds from sales/maturities of investment securities		241,924
Net change in short-term and other investing activities		68,464
Customer deposits at the Bank		19,464
Other investing activities		(1,511)
Net cash from investing activities: continuing operations		(93,233)
Net cash from investing activities		(95,735)
Net cash from financing activities		(217,372)
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Changes in finance receivables		542
Net cash from operating activities: continuing operations		542
Net cash from operating activities		542
Purchases of investment securities		(198,877)
Proceeds from sales/maturities of investment securities		259,535
Net change in short-term and other investing activities		(68,464)
Net investment in loan receivables		(542)
Customer deposits at the Bank		(19,464)
Other investing activities		7,806
Net cash from investing activities: continuing operations		(20,006)
Net cash from investing activities		(20,006)
Customer deposits at the Bank		19,464
Net cash from financing activities		19,464
Reclass
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net investment in loan receivables		(3,264)
Customer deposits at the Bank		0
Other investing activities		$ 3,264

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Revenue (Disaggregates of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue from leasing transactions and financing	$ 875,449	$ 891,898	$ 2,689,849	$ 2,525,658
Total consolidated revenue	875,449	891,898	2,689,849	2,525,658
ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	728,097	726,043	2,221,816	2,045,316
Products/services transferred at a point in time | ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	81,205	73,602	236,016	210,726
Products/services transferred over time | ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	646,892	652,441	1,985,800	1,834,590
Sales And Services
Disaggregation of Revenue [Line Items]
Revenue from products and services	728,097	726,043	2,221,816	2,045,316
Revenue from leasing transactions and financing	147,352	165,855	468,033	480,342
Total consolidated revenue	875,449	891,898	2,689,849	2,525,658
Business services
Disaggregation of Revenue [Line Items]
Revenue from products and services	551,384	550,954	1,688,860	1,524,323
Revenue from leasing transactions and financing	0	0	0	0
Total consolidated revenue	551,384	550,954	1,688,860	1,524,323
Support services
Disaggregation of Revenue [Line Items]
Revenue from products and services	113,413	117,519	347,266	353,320
Revenue from leasing transactions and financing	0	0	0	0
Total consolidated revenue	113,413	117,519	347,266	353,320
Financing
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Revenue from leasing transactions and financing	71,936	86,218	223,201	260,758
Total consolidated revenue	71,936	86,218	223,201	260,758
Equipment sales
Disaggregation of Revenue [Line Items]
Revenue from products and services	25,089	17,935	66,600	49,556
Revenue from leasing transactions and financing	58,145	61,637	189,704	164,126
Total consolidated revenue	83,234	79,572	256,304	213,682
Supplies
Disaggregation of Revenue [Line Items]
Revenue from products and services	38,211	39,635	119,090	118,117
Revenue from leasing transactions and financing	0	0	0	0
Total consolidated revenue	38,211	39,635	119,090	118,117
Rentals
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Revenue from leasing transactions and financing	17,271	18,000	55,128	55,458
Total consolidated revenue	17,271	18,000	55,128	55,458
Global Ecommerce
Disaggregation of Revenue [Line Items]
Revenue from leasing transactions and financing	398,011	409,981	1,229,526	1,100,757
Global Ecommerce | ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	398,011	409,981	1,229,526	1,100,757
Global Ecommerce | Products/services transferred at a point in time | ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Global Ecommerce | Products/services transferred over time | ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	398,011	409,981	1,229,526	1,100,757
Global Ecommerce | Sales And Services
Disaggregation of Revenue [Line Items]
Revenue from products and services	398,011	409,981	1,229,526	1,100,757
Global Ecommerce | Business services
Disaggregation of Revenue [Line Items]
Revenue from products and services	398,011	409,981	1,229,526	1,100,757
Global Ecommerce | Support services
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Global Ecommerce | Financing
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Revenue from leasing transactions and financing	0	0	0	0
Global Ecommerce | Equipment sales
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Revenue from leasing transactions and financing	0	0	0	0
Global Ecommerce | Supplies
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Global Ecommerce | Rentals
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Revenue from leasing transactions and financing	0	0	0	0
Presort Services
Disaggregation of Revenue [Line Items]
Revenue from leasing transactions and financing	139,296	127,705	417,041	386,552
Presort Services | ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	139,296	127,705	417,041	386,552
Presort Services | Products/services transferred at a point in time | ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Presort Services | Products/services transferred over time | ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	139,296	127,705	417,041	386,552
Presort Services | Sales And Services
Disaggregation of Revenue [Line Items]
Revenue from products and services	139,296	127,705	417,041	386,552
Presort Services | Business services
Disaggregation of Revenue [Line Items]
Revenue from products and services	139,296	127,705	417,041	386,552
Presort Services | Support services
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Presort Services | Financing
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Revenue from leasing transactions and financing	0	0	0	0
Presort Services | Equipment sales
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Revenue from leasing transactions and financing	0	0	0	0
Presort Services | Supplies
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Presort Services | Rentals
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Revenue from leasing transactions and financing	0	0	0	0
SendTech Solutions
Disaggregation of Revenue [Line Items]
Revenue from leasing transactions and financing	338,142	354,212	1,043,282	1,038,349
SendTech Solutions | ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	190,790	188,357	575,249	558,007
SendTech Solutions | Products/services transferred at a point in time | ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	81,205	73,602	236,016	210,726
SendTech Solutions | Products/services transferred over time | ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	109,585	114,755	339,233	347,281
SendTech Solutions | Sales And Services
Disaggregation of Revenue [Line Items]
Revenue from products and services	190,790	188,357	575,249	558,007
SendTech Solutions | Business services
Disaggregation of Revenue [Line Items]
Revenue from products and services	14,077	13,268	42,293	37,014
SendTech Solutions | Support services
Disaggregation of Revenue [Line Items]
Revenue from products and services	113,413	117,519	347,266	353,320
SendTech Solutions | Financing
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Revenue from leasing transactions and financing	71,936	86,218	223,201	260,758
SendTech Solutions | Equipment sales
Disaggregation of Revenue [Line Items]
Revenue from products and services	25,089	17,935	66,600	49,556
Revenue from leasing transactions and financing	58,145	61,637	189,704	164,126
SendTech Solutions | Supplies
Disaggregation of Revenue [Line Items]
Revenue from products and services	38,211	39,635	119,090	118,117
SendTech Solutions | Rentals
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Revenue from leasing transactions and financing	$ 17,271	$ 18,000	$ 55,128	$ 55,458

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Revenue (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Advanced billings, revenue recognized	$ 93
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
Support services | Minimum
Disaggregation of Revenue [Line Items]
Period of recognition	1 year
Support services | Maximum
Disaggregation of Revenue [Line Items]
Period of recognition	5 years

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Revenue (Contract Assets and Advance Billings) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Advance billings, current	$ 96,851	$ 106,498
Advance billings, noncurrent	1,187	$ 1,277
Increase/ (decrease)
Advance billings, current	(9,647)
Advance billings, noncurrent	$ (90)

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Revenue (Future Performance Obligations) (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Revenue from Contract with Customer [Abstract]
Future performance obligations	$ 697,115
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01
Revenue from Contract with Customer [Abstract]
Future performance obligations	$ 85,186
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue from Contract with Customer [Abstract]
Future performance obligations	$ 247,772
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	$ 364,157
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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment reporting information profit (loss)
Revenue	$ 875,449	$ 891,898	$ 2,689,849	$ 2,525,658
Reconciliation of Segment EBIT to net income (loss):
Restructuring charges			(11,434)	(12,505)
Interest expense, net	(24,312)	(27,175)	(73,816)	(79,504)
Gain on sale of assets			1,434	21,969
Goodwill impairment	0	0	0	(198,169)
Loss on debt refinancing	(3,193)	0	(55,576)	(36,987)
Gain on sale of business	0	0	10,201	0
Benefit (provision) for income taxes	1,525	(554)	10,602	(7,540)
Income (loss) from continuing operations	8,495	10,773	1,716	(208,071)
Income (loss) from discontinued operations, net of tax	572	616	(4,334)	7,648
Net income (loss)	9,067	11,389	(2,618)	(200,423)
Operating Segments
Segment reporting information profit (loss)
EBIT	99,062	107,323	318,631	298,061
Segment Reconciling Items
Reconciliation of Segment EBIT to net income (loss):
Unallocated corporate expenses	(49,176)	(53,429)	(162,957)	(146,640)
Restructuring charges	(3,701)	(3,766)	(11,434)	(12,505)
Interest expense, net	(36,022)	(38,801)	(109,185)	(115,558)
Gain on sale of assets	0	0	1,434	11,908
Goodwill impairment	0	0	0	(198,169)
Loss on debt refinancing	(3,193)	0	(55,576)	(36,987)
Gain on sale of business	0	0	10,201	0
Transaction costs	0	0	0	(641)
Benefit (provision) for income taxes	1,525	(554)	10,602	(7,540)
Digital Commerce Solutions | Global Ecommerce
Segment reporting information profit (loss)
Revenue from contracts with customers	398,011	409,981	1,229,526	1,100,757
EBIT	(20,950)	(19,757)	(58,157)	(68,126)
Reconciliation of Segment EBIT to net income (loss):
Goodwill impairment				(198,169)
Digital Commerce Solutions | Presort Services
Segment reporting information profit (loss)
Revenue from contracts with customers	139,296	127,705	417,041	386,552
EBIT	21,062	14,481	56,247	42,758
Reconciliation of Segment EBIT to net income (loss):
Goodwill impairment				0
SendTech Solutions
Segment reporting information profit (loss)
Revenue from contracts with customers	338,142	354,212	1,043,282	1,038,349
Reconciliation of Segment EBIT to net income (loss):
Goodwill impairment				0
SendTech Solutions | Operating Segments
Segment reporting information profit (loss)
EBIT	$ 98,950	$ 112,599	$ 320,541	$ 323,429

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Earnings per Share (EPS) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Income (loss) from continuing operations		$ 8,495	$ 10,773	$ 1,716	$ (208,071)
Income (loss) from discontinued operations, net of tax		572	616	(4,334)	7,648
Net income (loss)		$ 9,067	$ 11,389	$ (2,618)	$ (200,423)
Denominator:
Weighted-average shares used in basic EPS (in shares)		174,399,000	171,828,000	173,691,000	171,388,000
Dilutive effect of common stock equivalents (in shares)		5,010,000	2,876,000	5,258,000	0
Weighted-average shares used in diluted EPS (in shares)		179,409,000	174,704,000	178,949,000	171,388,000
Basic earnings (loss) per share:
Continuing operations (in dollars per share)	[1]	$ 0.05	$ 0.06	$ 0.01	$ (1.21)
Discontinued operations (in dollars per share)	[1]	0	0	(0.02)	0.04
Net (loss) income (in dollars per share)	[1]	0.05	0.07	(0.02)	(1.17)
Diluted earnings (loss) per share:
Continuing operations (in dollars per share)	[1]	0.05	0.06	0.01	(1.21)
Discontinued operations (in dollars per share)	[1]	0	0	(0.02)	0.04
Net (loss) income (in dollars per share)	[1]	$ 0.05	$ 0.07	$ (0.02)	$ (1.17)
Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive (in shares)		6,529,000	14,828,000	6,529,000	15,855,000
Dilutive effect of common stock equivalents					1,604,000

[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	Sep. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 19,289	$ 16,570
Supplies and service parts	26,162	24,061
Finished products	29,680	30,849
Inventory at FIFO cost	75,131	71,480
Excess of FIFO cost over LIFO cost	(5,635)	(5,635)
Total inventory, net	$ 69,496	$ 65,845

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Finance Assets and Lessor Operating Leases (Finance Receivables) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	$ (29,907)	$ (35,869)	$ (38,068)	$ (19,651)
Net investment in receivables	1,139,337	1,173,342
North America
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net investment in receivables	980,625	995,320
International
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net investment in receivables	158,712	178,022
Sales-type lease receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	1,147,269	1,206,929
Unguaranteed residual values	48,928	48,545
Unearned income	(309,016)	(337,045)
Allowance for credit losses	(26,298)	(28,923)
Net investment in receivables	860,883	889,506
Sales-type lease receivables | North America
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	960,290	994,985
Unguaranteed residual values	37,827	36,405
Unearned income	(251,451)	(275,359)
Allowance for credit losses	(22,321)	(22,917)	(25,886)	(10,920)
Net investment in receivables	724,345	733,114
Sales-type lease receivables | International
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	186,979	211,944
Unguaranteed residual values	11,101	12,140
Unearned income	(57,565)	(61,686)
Allowance for credit losses	(3,977)	(6,006)	(4,902)	(2,085)
Net investment in receivables	136,538	156,392
Loan receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	282,063	290,782
Allowance for credit losses	(3,609)	(6,946)
Net investment in receivables	278,454	283,836
Loan receivables | North America
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	259,653	268,690
Allowance for credit losses	(3,373)	(6,484)	(6,792)	(5,906)
Net investment in receivables	256,280	262,206
Loan receivables | International
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	22,410	22,092
Allowance for credit losses	(236)	(462)	$ (488)	$ (740)
Net investment in receivables	$ 22,174	$ 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

XML

Finance Assets and Lessor Operating Leases (Sales-type Lease and Loan Receivables) (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Sales-type Lease Receivables
Remaining for year ending December 31, 2021	$ 121,043
Year ending December 31, 2022	423,588
Year ending December 31, 2023	302,098
Year ending December 31, 2024	183,589
Year ending December 31, 2025	91,306
Thereafter	25,645
Total	1,147,269
Loan Receivables
Remaining for year ending December 31, 2021	227,445
Year ending December 31, 2022	20,692
Year ending December 31, 2023	14,616
Year ending December 31, 2024	11,998
Year ending December 31, 2025	6,429
Thereafter	883
Total	282,063
North America
Sales-type Lease Receivables
Remaining for year ending December 31, 2021	104,087
Year ending December 31, 2022	353,220
Year ending December 31, 2023	253,168
Year ending December 31, 2024	154,417
Year ending December 31, 2025	76,001
Thereafter	19,397
Total	960,290
Loan Receivables
Remaining for year ending December 31, 2021	205,035
Year ending December 31, 2022	20,692
Year ending December 31, 2023	14,616
Year ending December 31, 2024	11,998
Year ending December 31, 2025	6,429
Thereafter	883
Total	259,653
International
Sales-type Lease Receivables
Remaining for year ending December 31, 2021	16,956
Year ending December 31, 2022	70,368
Year ending December 31, 2023	48,930
Year ending December 31, 2024	29,172
Year ending December 31, 2025	15,305
Thereafter	6,248
Total	186,979
Loan Receivables
Remaining for year ending December 31, 2021	22,410
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	$ 22,410

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Finance Assets and Lessor Operating Leases (Aging of Receivables) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Total	$ 1,429,332	$ 1,497,711
Still accruing interest	2,918	7,447
Not accruing interest	8,391	22,614
Total	11,309	30,061
1 - 90 days
Financing Receivable, Past Due [Line Items]
Total	1,418,023	1,467,650
Greater than 90 days
Financing Receivable, Past Due [Line Items]
Total	11,309	30,061
Sales-type lease receivables | North America
Financing Receivable, Past Due [Line Items]
Total	960,290	994,985
Still accruing interest	2,046	5,128
Not accruing interest	2,513	17,591
Total	4,559	22,719
Sales-type lease receivables | North America | 1 - 90 days
Financing Receivable, Past Due [Line Items]
Total	955,731	972,266
Sales-type lease receivables | North America | Greater than 90 days
Financing Receivable, Past Due [Line Items]
Total	4,559	22,719
Sales-type lease receivables | International
Financing Receivable, Past Due [Line Items]
Total	186,979	211,944
Still accruing interest	872	463
Not accruing interest	1,491	2,513
Total	2,363	2,976
Sales-type lease receivables | International | 1 - 90 days
Financing Receivable, Past Due [Line Items]
Total	184,616	208,968
Sales-type lease receivables | International | Greater than 90 days
Financing Receivable, Past Due [Line Items]
Total	2,363	2,976
Loan receivables
Financing Receivable, Past Due [Line Items]
Total	282,063	290,782
Loan receivables | North America
Financing Receivable, Past Due [Line Items]
Total	259,653	268,690
Still accruing interest	0	1,797
Not accruing interest	4,288	2,409
Total	4,288	4,206
Loan receivables | North America | 1 - 90 days
Financing Receivable, Past Due [Line Items]
Total	255,365	264,484
Loan receivables | North America | Greater than 90 days
Financing Receivable, Past Due [Line Items]
Total	4,288	4,206
Loan receivables | International
Financing Receivable, Past Due [Line Items]
Total	22,410	22,092
Still accruing interest	0	59
Not accruing interest	99	101
Total	99	160
Loan receivables | International | 1 - 90 days
Financing Receivable, Past Due [Line Items]
Total	22,311	21,932
Loan receivables | International | Greater than 90 days
Financing Receivable, Past Due [Line Items]
Total	$ 99	$ 160

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Finance Assets and Lessor Operating Leases (Allowance for Credit Losses) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 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	(6)	18,544
Write-offs	(10,588)	(14,211)
Recoveries	4,858	3,979
Other	(226)	602
Ending Balance	$ 29,907	38,068
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	26,298
Sales-type lease receivables | North America
Allowance for Credit Losses
Beginning Balance	22,917	10,920
Amounts charged to expense	1,959	10,009
Write-offs	(4,816)	(5,950)
Recoveries	2,256	1,488
Other	5	148
Ending Balance	22,321	25,886
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	(1,019)	1,314
Write-offs	(773)	(548)
Recoveries	(16)	91
Other	(221)	210
Ending Balance	$ 3,977	4,902
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	3,609
Loan receivables | North America
Allowance for Credit Losses
Beginning Balance	6,484	5,906
Amounts charged to expense	(979)	6,792
Write-offs	(4,748)	(7,370)
Recoveries	2,615	2,399
Other	1	181
Ending Balance	3,373	6,792
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	33	429
Write-offs	(251)	(343)
Recoveries	3	1
Other	(11)	63
Ending Balance	$ 236	488
Loan receivables | International | Cumulative Effect
Allowance for Credit Losses
Beginning Balance		$ (402)

XML

Finance Assets and Lessor Operating Leases (Credit Quality) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 1,429,332	$ 1,497,711
Low
Financing Receivable, Credit Quality Indicator [Line Items]
Approximate percentage of portfolio	5.00%
Total	$ 960,381	973,245
Medium
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 198,338	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	$ 24,406	23,046
Not Scored
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 246,207	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	$ 316,500	394,394
2020	307,064	361,048
2019	267,480	254,898
2018	164,655	134,999
2017	65,543	45,852
Prior	26,027	15,738
Sales-type lease receivables | Low
Financing Receivable, Credit Quality Indicator [Line Items]
2021	211,706	256,573
2020	206,401	228,344
2019	174,389	165,244
2018	111,650	87,346
2017	44,059	30,518
Prior	17,317	12,249
Sales-type lease receivables | Medium
Financing Receivable, Credit Quality Indicator [Line Items]
2021	35,526	50,785
2020	38,343	49,946
2019	36,921	37,168
2018	22,257	21,388
2017	10,355	6,470
Prior	5,551	2,375
Sales-type lease receivables | High
Financing Receivable, Credit Quality Indicator [Line Items]
2021	4,169	6,182
2020	5,335	5,396
2019	4,744	3,782
2018	3,013	1,974
2017	1,050	1,051
Prior	830	143
Sales-type lease receivables | Not Scored
Financing Receivable, Credit Quality Indicator [Line Items]
2021	65,099	80,854
2020	56,985	77,362
2019	51,426	48,704
2018	27,735	24,291
2017	10,079	7,813
Prior	2,329	971
Sales-type lease receivables | International
Financing Receivable, Credit Quality Indicator [Line Items]
Total	186,979	211,944
Loan receivables
Financing Receivable, Credit Quality Indicator [Line Items]
Total	282,063	290,782
Loan receivables | Low
Financing Receivable, Credit Quality Indicator [Line Items]
Total	194,859	192,971
Loan receivables | Medium
Financing Receivable, Credit Quality Indicator [Line Items]
Total	49,385	61,625
Loan receivables | High
Financing Receivable, Credit Quality Indicator [Line Items]
Total	5,265	4,518
Loan receivables | Not Scored
Financing Receivable, Credit Quality Indicator [Line Items]
Total	32,554	31,668
Loan receivables | International
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 22,410	$ 22,092

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Finance Assets and Lessor Operating Leases (Lease Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Lessor, Lease, Description [Line Items]
Profit recognized at commencement	$ 28,394	$ 29,169	$ 92,756	$ 80,348
Interest income	45,806	50,961	142,072	157,044
Total lease income from sales-type leases	$ 74,200	80,130	$ 234,828	237,392
As Previously Reported
Lessor, Lease, Description [Line Items]
Total lease income from sales-type leases		$ 63,000		$ 182,000

XML

Finance Assets and Lessor Operating Leases (Operating Leases) (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Lessor, Lease, Description [Line Items]
Remaining for year ending December 31, 2021	$ 10,624
Year ending December 31, 2022	28,138
Year ending December 31, 2023	21,658
Year ending December 31, 2024	6,395
Year ending December 31, 2025	2,221
Thereafter	320
Total	$ 69,356
Mailing Equipment | Minimum
Lessor, Lease, Description [Line Items]
Term	1 year
Mailing Equipment | Maximum
Lessor, Lease, Description [Line Items]
Term	5 years

XML

Intangible Assets and Goodwill (Intangible Assets) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Finite lived intangible assets
Gross Carrying Amount		$ 287,189		$ 287,199
Accumulated Amortization		(150,071)		(127,360)
Net Carrying Amount		137,118		159,839
Amortization expense	$ 8,000	23,000	$ 26,000
Customer relationships
Finite lived intangible assets
Gross Carrying Amount		268,189		268,199
Accumulated Amortization		(134,871)		(115,010)
Net Carrying Amount		133,318		153,189
Software & technology
Finite lived intangible assets
Gross Carrying Amount		19,000		19,000
Accumulated Amortization		(15,200)		(12,350)
Net Carrying Amount		$ 3,800		$ 6,650

XML

Intangible Assets and Goodwill (Future Amortization Expense) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Finite lived intangible assets future amortization expense
Remaining for year ending December 31, 2021	$ 7,573
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	27,495
Net Carrying Amount	$ 137,118	$ 159,839

XML

Intangible Assets and Goodwill (Goodwill) (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Goodwill
Gross value before accumulated impairment					$ 1,350,454
Accumulated impairment	$ 0		$ 0	$ 0	(198,169)
Beginning balance				1,152,285
Disposition				(16,200)
Currency impact				(11,380)
Ending balance	1,124,705			1,124,705
Gain on sale of business	0		$ 0	10,201	0
Goodwill	1,124,705			1,124,705
Tacit
Goodwill
Beginning balance	16,000
Ending balance		$ 16,000
Net proceeds		28,000
Pre-tax gain		10,000
Gain on sale of business		4,000
Goodwill		$ 16,000
Digital Commerce Solutions | Global Ecommerce
Goodwill
Gross value before accumulated impairment					609,431
Accumulated impairment					(198,169)
Beginning balance				411,262
Disposition				(16,200)
Currency impact				0
Ending balance	395,062			395,062
Goodwill	395,062			395,062
Digital Commerce Solutions | Presort Services
Goodwill
Gross value before accumulated impairment					220,992
Accumulated impairment					0
Beginning balance				220,992
Disposition				0
Currency impact				0
Ending balance	220,992			220,992
Goodwill	220,992			220,992
SendTech Solutions
Goodwill
Gross value before accumulated impairment					520,031
Accumulated impairment					$ 0
Beginning balance				520,031
Disposition				0
Currency impact				(11,380)
Ending balance	508,651			508,651
Goodwill	$ 508,651			$ 508,651

XML

Fair Value Measurements and Derivative Instruments (Assets and Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	$ 290,598	$ 325,794
Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	335,649	508,019
Equity securities	29,898	26,583
Mortgage-backed / asset-backed securities	187,435	220,678
Total assets	676,776	885,413
Liabilities	(2,853)	(4,123)
Level 1 | Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	84,772	73,228
Equity securities	0	0
Mortgage-backed / asset-backed securities	0	0
Total assets	96,323	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	250,877	434,791
Equity securities	29,898	26,583
Mortgage-backed / asset-backed securities	187,435	220,678
Total assets	580,453	793,687
Liabilities	(2,853)	(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	631
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	631
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	723	3,776
Derivative liabilities	(2,853)	(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	723	3,776
Derivative liabilities	(2,853)	(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	1,704	1,722
Commingled fixed income securities | Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	20,981	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	1,704	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	19,277	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	35,026	31,961
Government and related securities | Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	35,026	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	9,847	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	25,179	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	66,433	71,433
Corporate debt securities | Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	66,433	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	66,433	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	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost	$ 298,492	$ 325,421
Gross unrealized gains	602	1,521
Gross unrealized losses	(8,496)	(1,148)
Estimated fair value	290,598	325,794
Government and related securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost	36,282	31,882
Gross unrealized gains	74	157
Gross unrealized losses	(1,330)	(78)
Estimated fair value	35,026	31,961
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost	68,720	71,174
Gross unrealized gains	313	614
Gross unrealized losses	(2,600)	(355)
Estimated fair value	66,433	71,433
Commingled fixed income securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost	1,721	1,706
Gross unrealized gains	0	16
Gross unrealized losses	(17)	0
Estimated fair value	1,704	1,722
Mortgage-backed / asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost	191,769	220,659
Gross unrealized gains	215	734
Gross unrealized losses	(4,549)	(715)
Estimated fair value	$ 187,435	$ 220,678

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Fair Value Measurements and Derivative Instruments (Unrealized Holding Losses) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Less than 12 continuous months	$ 181,105	$ 132,267
Greater than 12 continuous months	93,587	2,369
Total	274,692	134,636
Gross unrealized losses
Less than 12 continuous months	4,695	1,072
Greater than 12 continuous months	3,801	76
Total	$ 8,496	$ 1,148

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Fair Value Measurements and Derivative Instruments (Narrative) (Details) - USD ($)	1 Months Ended
	May 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Percentage of securities in loss position		35.00%
Held-to-maturity securities		$ 19,000,000	$ 75,000,000
Foreign exchange contracts
Derivative [Line Items]
Derivative notional amount		2,000,000	$ 8,000,000
Interest rate swaps
Derivative [Line Items]
Derivative notional amount	$ 500,000,000	$ 200,000,000
Gain (loss) on sale of derivatives	$ 2,000,000

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Fair Value Measurements and Derivative Instruments (Available-for-sale Securities Maturities) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Amortized cost
Within 1 year	$ 3,090
After 1 year through 5 years	15,198
After 5 years through 10 years	73,743
After 10 years	206,461
Amortized cost	298,492	$ 325,421
Estimated fair value
Within 1 year	3,082
After 1 year through 5 years	15,102
After 5 years through 10 years	71,325
After 10 years	201,089
Total	$ 290,598	$ 325,794

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Fair Value Measurements and Derivative Instruments (Derivative Instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Total net derivative liability	$ (1,499)	$ (347)
Total derivative assets
Derivative [Line Items]
Total net derivative liability	1,354	3,776
Total derivative liabilities
Derivative [Line Items]
Total net derivative liability	(2,853)	(4,123)
Foreign exchange contracts | Derivatives designated as hedging instruments | Other current assets and prepayments
Derivative [Line Items]
Total net derivative liability	42	96
Foreign exchange contracts | Derivatives designated as hedging instruments | Accounts payable and accrued liabilities
Derivative [Line Items]
Total net derivative liability	(6)	(112)
Foreign exchange contracts | Derivatives not designated as hedging instruments | Other current assets and prepayments
Derivative [Line Items]
Total net derivative liability	681	3,680
Foreign exchange contracts | Derivatives not designated as hedging instruments | Accounts payable and accrued liabilities
Derivative [Line Items]
Total net derivative liability	(2,847)	(1,848)
Interest rate swaps | Derivatives designated as hedging instruments | Other assets (Other noncurrent liabilities)
Derivative [Line Items]
Total net derivative liability	$ 631	$ (2,163)

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Fair Value Measurements and Derivative Instruments (Cash Flow Hedging Relationships) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative [Line Items]
Derivative Gain (Loss) Recognized in AOCI (Effective Portion)	$ 227	$ (1,383)	$ 3,009	$ (3,269)
Gain (Loss) Reclassified from AOCI to Earnings (Effective Portion)	24	(110)	163	(71)
Foreign exchange contracts
Derivative [Line Items]
Derivative Gain (Loss) Recognized in AOCI (Effective Portion)	41	(80)	215	(361)
Foreign exchange contracts | Revenue
Derivative [Line Items]
Gain (Loss) Reclassified from AOCI to Earnings (Effective Portion)	45	(104)	289	(107)
Foreign exchange contracts | Cost of sales
Derivative [Line Items]
Gain (Loss) Reclassified from AOCI to Earnings (Effective Portion)	(21)	(6)	(126)	36
Foreign exchange contracts | Selling, general and administrative expense
Derivative [Line Items]
Derivative Gain (Loss) Recognized in Earnings	(5,592)	891	(4,524)	(2,776)
Interest rate swaps
Derivative [Line Items]
Derivative Gain (Loss) Recognized in AOCI (Effective Portion)	186	(1,303)	2,794	(2,908)
Interest rate swaps | Interest expense
Derivative [Line Items]
Gain (Loss) Reclassified from AOCI to Earnings (Effective Portion)	$ 0	$ 0	$ 0	$ 0

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Fair Value Measurements and Derivative Instruments (Fair Value of Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 2,338,884	$ 2,564,393
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 2,396,064	$ 2,479,895

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Restructuring Charges (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Restructuring Costs
Expenses, net	$ 11,434	$ 12,505
Cash payments	$ (14,847)	(15,869)
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	11,434	12,505
Cash payments	(14,847)	(15,869)
Noncash activity	(541)	(2,649)
Balance Ending	$ 6,109	$ 5,993

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Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Principal amount	$ 2,380,644	$ 2,610,246
Less: unamortized costs, net	41,760	45,853
Total debt	2,338,884	2,564,393
Less: current portion long-term debt	24,733	216,032
Long-term debt	$ 2,314,151	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	5.625%
Principal amount	$ 0	148,792
Notes due | Notes due April 2023
Debt Instrument [Line Items]
Interest rate	6.20%
Principal amount	$ 91,766	271,000
Notes due | Notes due March 2024
Debt Instrument [Line Items]
Interest rate	4.625%
Principal amount	$ 251,046	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	1.80%
Principal amount	$ 375,250	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	$ 447,750	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	$ 3,991	$ 4,900

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Debt (Narrative) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	May 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Principal amount	$ 2,380,644,000		$ 2,610,246,000
Interest rate swaps
Debt Instrument [Line Items]
Derivative notional amount	200,000,000	$ 500,000,000
Fixed interest rate		0.56%
Notes due
Debt Instrument [Line Items]
Pre-tax gain	56,000,000
Line of credit | Revolving credit facility
Debt Instrument [Line Items]
Principal amount	380,000,000
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	$ 447,750,000		0
Interest rate	4.10%
Debt term	7 years
Loan amount	$ 450,000,000
Notes due May 2022 | Notes due
Debt Instrument [Line Items]
Principal amount	$ 0		148,792,000
Interest rate	5.625%
Debt redeemed	$ 363,000,000
Notes due April 2023 | Notes due
Debt Instrument [Line Items]
Principal amount	$ 91,766,000		271,000,000
Interest rate	6.20%
Debt redeemed	$ 363,000,000
Notes due March 2024 | Notes due
Debt Instrument [Line Items]
Principal amount	$ 251,046,000		374,000,000
Interest rate	4.625%
Debt redeemed	$ 363,000,000
Term loan due March 2026 | Notes due
Debt Instrument [Line Items]
Principal amount	$ 375,250,000		$ 380,000,000
Interest rate	1.80%

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Pensions and Other Benefit Programs (Components of Net Periodic Benefit Cost (Income)) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Defined Benefit Pension Plans | United States
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 64	$ 16	$ 195	$ 69
Interest cost	10,353	12,719	31,842	39,077
Expected return on plan assets	(18,883)	(20,932)	(57,839)	(63,539)
Amortization of transition credit	0	0	0	0
Amortization of prior service (credit) cost	(15)	(15)	(45)	(45)
Amortization of net actuarial loss	9,366	7,972	28,643	24,367
Settlement	0	75	314	1,076
Net periodic benefit cost (income)	885	(165)	3,110	1,005
Contributions to benefit plans	1,161	2,061	4,020	5,959
Defined Benefit Pension Plans | Foreign
Defined Benefit Plan Disclosure [Line Items]
Service cost	346	422	1,055	1,220
Interest cost	2,961	3,548	8,929	10,473
Expected return on plan assets	(7,979)	(8,297)	(24,070)	(24,474)
Amortization of transition credit	0	(1)	0	(3)
Amortization of prior service (credit) cost	67	62	202	182
Amortization of net actuarial loss	2,340	2,092	7,065	6,156
Settlement	0	833	0	4,023
Net periodic benefit cost (income)	(2,265)	(1,341)	(6,819)	(2,423)
Contributions to benefit plans	355	445	9,379	9,013
Nonpension Postretirement Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	232	229	682	663
Interest cost	891	1,255	2,816	3,742
Expected return on plan assets	0	0	0	0
Amortization of transition credit	0	0	0	0
Amortization of prior service (credit) cost	32	93	97	280
Amortization of net actuarial loss	913	926	3,068	2,400
Settlement	0	0	0	0
Net periodic benefit cost (income)	2,068	2,503	6,663	7,085
Contributions to benefit plans	$ 2,642	$ 2,422	$ 9,542	$ 10,493

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Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Effective tax rate (percent)	(21.90%)	4.90%	119.30%	(3.80%)
Resolution of tax matters			$ 3,000
Tax legislation			5,000	$ 3,000
Income tax charge			6,000
Pre-tax gain	$ 0	$ 0	10,201	0
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
Income tax expense from surrender of life insurance policy				12,000
Benefit from goodwill impairment				2,000
Goodwill impairment	$ 0	$ 0	$ 0	198,169
Tax benefit from resolution of settlement				$ 1,000
Percent decrease in unrecognized benefits, reasonably possible (up to)	10.00%		10.00%

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Commitments and Contingencies Disclosure (Details) - Equipment - Digital Commerce Solutions $ in Millions	Sep. 30, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Lease payments	$ 20
Minimum
Lessee, Lease, Description [Line Items]
Term of contract	7 years
Maximum
Lessee, Lease, Description [Line Items]
Term of contract	10 years

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Stockholders’ Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Increase (Decrease) in Stockholders' Equity
Balances, beginning of period	$ 53,370	$ 44,580	$ 66,395	$ 286,096
Net income (loss)	9,067	11,389	(2,618)	(200,423)
Other comprehensive income	(9,927)	22,690	(2,099)	26,571
Dividends paid	(8,725)	(8,594)	(26,050)	(25,693)
Issuance of common stock	1,708	774	(2,413)	(762)
Stock-based compensation expense	3,170	8,286	15,448	15,236
Balances, end of period	$ 48,663	$ 79,125	$ 48,663	$ 79,125
Dividends paid (USD per share)	$ 0.05	$ 0.05	$ 0.15	$ 0.15
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	$ 323,338	323,338
Balances, end of period	323,338	323,338	323,338	323,338
Additional paid-in capital
Increase (Decrease) in Stockholders' Equity
Balances, beginning of period	5,903	68,498	68,502	98,748
Issuance of common stock	(6,610)	(9,272)	(81,487)	(46,472)
Stock-based compensation expense	3,170	8,286	15,448	15,236
Balances, end of period	2,463	67,512	2,463	67,512
Retained earnings
Increase (Decrease) in Stockholders' Equity
Balances, beginning of period	5,172,185	5,188,119	5,201,195	5,438,930
Net income (loss)	9,067	11,389	(2,618)	(200,423)
Dividends paid	(8,725)	(8,594)	(26,050)	(25,693)
Balances, end of period	5,172,527	5,190,914	5,172,527	5,190,914
Retained earnings | Cumulative Effect
Increase (Decrease) in Stockholders' Equity
Balances, beginning of period				(21,900)
Accumulated other comprehensive loss
Increase (Decrease) in Stockholders' Equity
Balances, beginning of period	(831,303)	(836,262)	(839,131)	(840,143)
Other comprehensive income	(9,927)	22,690	(2,099)	26,571
Balances, end of period	(841,230)	(813,572)	(841,230)	(813,572)
Treasury stock
Increase (Decrease) in Stockholders' Equity
Balances, beginning of period	(4,616,753)	(4,699,113)	(4,687,509)	(4,734,777)
Issuance of common stock	8,318	10,046	79,074	45,710
Balances, end of period	$ (4,608,435)	$ (4,689,067)	$ (4,608,435)	$ (4,689,067)

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Accumulated Other Comprehensive Loss (Reclassifications) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenue	$ 875,449	$ 891,898	$ 2,689,849	$ 2,525,658
Interest expense, net	(24,312)	(27,175)	(73,816)	(79,504)
Selling, general and administrative expense	(225,024)	(238,618)	(699,316)	(720,882)
Total before tax	6,970	11,327	(8,886)	(200,531)
Income tax (benefit) provision	(1,525)	554	(10,602)	7,540
Net of tax	9,067	11,389	(2,618)	(200,423)
Reclassification out of Accumulated Other Comprehensive Loss | Cash flow hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenue	45	(104)	289	(107)
Cost of sales	(21)	(6)	(126)	36
Interest expense, net	(133)	0	(229)	0
Total before tax	(109)	(110)	(66)	(71)
Income tax (benefit) provision	(28)	(27)	(17)	(18)
Net of tax	(81)	(83)	(49)	(53)
Reclassification out of Accumulated Other Comprehensive Loss | Available for sale securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenue	(2)	6,490	(2)	10,060
Selling, general and administrative expense	(183)	263	76	210
Total before tax	(185)	6,753	74	10,270
Income tax (benefit) provision	(45)	1,681	19	2,557
Net of tax	(140)	5,072	55	7,713
Reclassification out of Accumulated Other Comprehensive Loss | Pension and postretirement benefit plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before tax	(12,703)	(12,037)	(39,344)	(38,436)
Income tax (benefit) provision	(3,097)	(2,875)	(9,608)	(9,027)
Net of tax	(9,606)	(9,162)	(29,736)	(29,409)
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	0	3
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)	(140)	(254)	(417)
Reclassification out of Accumulated Other Comprehensive Loss | Actuarial losses
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Pension and postretirement benefit plans	(12,619)	(10,990)	(38,776)	(32,923)
Reclassification out of Accumulated Other Comprehensive Loss | Settlement
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Pension and postretirement benefit plans	$ 0	$ (908)	$ (314)	$ (5,099)

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Accumulated Other Comprehensive Loss (Changes) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax
Balances, beginning of period	$ 53,370	$ 44,580	$ 66,395	$ 286,096
Other comprehensive income (loss) before reclassifications			(31,829)	4,822
Reclassifications into earnings			29,730	21,749
Other comprehensive (loss) income, net of tax	(9,927)	22,690	(2,099)	26,571
Balances, end of period	48,663	79,125	48,663	79,125
Cash flow hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax
Balances, beginning of period			(1,411)	337
Other comprehensive income (loss) before reclassifications			3,425	(2,455)
Reclassifications into earnings			49	53
Other comprehensive (loss) income, net of tax			3,474	(2,402)
Balances, end of period	2,063	(2,065)	2,063	(2,065)
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			(6,330)	2,237
Reclassifications into earnings			(55)	(7,713)
Other comprehensive (loss) income, net of tax			(6,385)	(5,476)
Balances, end of period	(5,983)	(2,627)	(5,983)	(2,627)
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			29,736	29,409
Other comprehensive (loss) income, net of tax			29,736	29,409
Balances, end of period	(821,327)	(789,609)	(821,327)	(789,609)
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			(28,924)	5,040
Reclassifications into earnings			0	0
Other comprehensive (loss) income, net of tax			(28,924)	5,040
Balances, end of period	(15,983)	(19,271)	(15,983)	(19,271)
Total
Accumulated Other Comprehensive Income (Loss), Net of Tax
Balances, beginning of period	(831,303)	(836,262)	(839,131)	(840,143)
Other comprehensive (loss) income, net of tax	(9,927)	22,690	(2,099)	26,571
Balances, end of period	$ (841,230)	$ (813,572)	$ (841,230)	$ (813,572)

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Supplemental Financial Statement Information (Allowance for Credit on Losses for Accounts and Other Receivables) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	$ 18,899
Allowance for credit losses	6,382	$ 35,400
Balance at end of period	11,807
Accounts and other receivables
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at end of period	11,807	29,669
Other assets
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at end of period	18,248	0
ASU 2016-13
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	35,344	17,830
Allowance for credit losses	6,388	16,856
Write-offs, recoveries and other	(11,677)	(20,353)
Balance at end of period	30,055	29,669
ASU 2016-13 | Cumulative Effect
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at end of period	$ 0	$ 15,336

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Supplemental Financial Statement Information (Other Expense, Net) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Other Income and Expenses [Abstract]
Loss on debt refinancing	$ 3,193	$ 0	$ 55,576	$ 36,987
Insurance proceeds	0	(6,325)	(3,000)	(15,292)
Gain on sale of assets	0	0	(1,434)	(11,908)
Gain on sale of business	0	0	(10,201)	0
Other expense (income)	$ 3,193	$ (6,325)	$ 40,941	$ 9,787

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Supplemental Financial Statement Information (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Other Income and Expenses [Abstract]
Cash interest paid	$ 106,942	$ 115,143
Cash income tax payments, net of refunds	2,451	19,861
Finance leased assets obtained in exchange for new lease obligations	$ 25,882	$ 3,614

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Subsequent Event (Details) - Subsequent Event $ in Millions	1 Months Ended
	Nov. 30, 2021 USD ($)
Subsequent Event [Line Items]
Proceeds from sale of facility	$ 50
Term of contract	10 years
Gain on sale of facility	$ 15
CrescoData
Subsequent Event [Line Items]
Business combination, consideration transferred	15
Contingent consideration	$ 7