State of incorporation: | I.R.S. Employer Identification No. |
Address of Principal Executive Offices: | ||||||||||||||||||||
Telephone Number: |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||||||||
þ | Accelerated filer | ☐ | Non-accelerated filer | o | |||||||||||||
Smaller reporting company | Emerging growth company |
Page Number | ||||||||
Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2023 and 2022 | ||||||||
Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2023 and 2022 | ||||||||
Condensed Consolidated Balance Sheets at September 30, 2023 and December 31, 2022 | ||||||||
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022 | ||||||||
Item 6: | Exhibits | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Business services | $ | $ | $ | $ | |||||||||||||||||||
Support services | |||||||||||||||||||||||
Financing | |||||||||||||||||||||||
Equipment sales | |||||||||||||||||||||||
Supplies | |||||||||||||||||||||||
Rentals | |||||||||||||||||||||||
Total revenue | |||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Cost of business services | |||||||||||||||||||||||
Cost of support services | |||||||||||||||||||||||
Financing interest expense | |||||||||||||||||||||||
Cost of equipment sales | |||||||||||||||||||||||
Cost of supplies | |||||||||||||||||||||||
Cost of rentals | |||||||||||||||||||||||
Selling, general and administrative | |||||||||||||||||||||||
Research and development | |||||||||||||||||||||||
Restructuring charges and asset impairments | |||||||||||||||||||||||
Goodwill impairment | |||||||||||||||||||||||
Interest expense, net | |||||||||||||||||||||||
Other components of net pension and postretirement (income) cost | ( | ( | |||||||||||||||||||||
Other income, net | ( | ( | ( | ||||||||||||||||||||
Total costs and expenses | |||||||||||||||||||||||
(Loss) income before taxes | ( | ( | |||||||||||||||||||||
(Benefit) provision for income taxes | ( | ( | |||||||||||||||||||||
Net (loss) income | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Basic net (loss) earnings per share | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Diluted net (loss) earnings per share | $ | ( | $ | $ | ( | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net (loss) income | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Other comprehensive loss, net of tax: | |||||||||||||||||||||||
Foreign currency translation, net of tax of $( | ( | ( | ( | ( | |||||||||||||||||||
Net unrealized (loss) gain on cash flow hedges, net of tax of $( | ( | ( | |||||||||||||||||||||
Net unrealized loss on investment securities, net of tax of $( | ( | ( | ( | ( | |||||||||||||||||||
Amortization of pension and postretirement costs, net of tax of $ | |||||||||||||||||||||||
Other comprehensive loss, net of tax | ( | ( | ( | ( | |||||||||||||||||||
Comprehensive loss | $ | ( | $ | ( | $ | ( | $ | ( |
September 30, 2023 | December 31, 2022 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Short-term investments (includes $ | |||||||||||
Accounts and other receivables (net of allowance of $ | |||||||||||
Short-term finance receivables (net of allowance of $ | |||||||||||
Inventories | |||||||||||
Current income taxes | |||||||||||
Other current assets and prepayments | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, net | |||||||||||
Rental property and equipment, net | |||||||||||
Long-term finance receivables (net of allowance of $ | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
Operating lease assets | |||||||||||
Noncurrent income taxes | |||||||||||
Other assets (includes $ | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable and accrued liabilities | $ | $ | |||||||||
Customer deposits at Pitney Bowes Bank | |||||||||||
Current operating lease liabilities | |||||||||||
Current portion of long-term debt | |||||||||||
Advance billings | |||||||||||
Current income taxes | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Deferred taxes on income | |||||||||||
Tax uncertainties and other income tax liabilities | |||||||||||
Noncurrent operating lease liabilities | |||||||||||
Other noncurrent liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (See Note 13) | |||||||||||
Stockholders’ (deficit) equity: | |||||||||||
Common stock, $ | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Treasury stock, at cost ( | ( | ( | |||||||||
Total stockholders’ (deficit) equity | ( | ||||||||||
Total liabilities and stockholders’ (deficit) equity | $ | $ |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net (loss) income | $ | ( | $ | ||||||||
Adjustments to reconcile net (loss) income to net cash from operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Allowance for credit losses | |||||||||||
Stock-based compensation | |||||||||||
Amortization of debt fees | |||||||||||
(Gain) loss on debt redemption/refinancing | ( | ||||||||||
Restructuring charges and asset impairments | |||||||||||
Restructuring payments | ( | ( | |||||||||
Pension contributions and retiree medical payments | ( | ( | |||||||||
Gain on sale of assets | ( | ||||||||||
Gain on sale of businesses | ( | ||||||||||
Goodwill impairment | |||||||||||
Changes in operating assets and liabilities, net of acquisitions/divestitures: | |||||||||||
Accounts and other receivables | |||||||||||
Finance receivables | ( | ||||||||||
Inventories | ( | ||||||||||
Other current assets and prepayments | ( | ||||||||||
Accounts payable and accrued liabilities | ( | ( | |||||||||
Current and noncurrent income taxes | ( | ( | |||||||||
Advance billings | ( | ( | |||||||||
Other, net | |||||||||||
Net cash from operating activities | ( | ||||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | ( | ( | |||||||||
Purchases of investment securities | ( | ( | |||||||||
Proceeds from sales/maturities of investment securities | |||||||||||
Net investment in loan receivables | ( | ( | |||||||||
Proceeds from asset sales | |||||||||||
Proceeds from sale of businesses | |||||||||||
Acquisitions | ( | ||||||||||
Settlement of derivative contracts | ( | ( | |||||||||
Other investing activities | |||||||||||
Net cash from investing activities | ( | ||||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from the issuance of debt, net of discount | |||||||||||
Repayments of debt | ( | ( | |||||||||
Premiums and fees paid to redeem/refinance debt | ( | ( | |||||||||
Dividends paid to stockholders | ( | ( | |||||||||
Customer deposits at Pitney Bowes Bank | |||||||||||
Common stock repurchases | ( | ||||||||||
Other financing activities | ( | ( | |||||||||
Net cash from financing activities | ( | ( | |||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | ( | |||||||||
Change in cash and cash equivalents | ( | ( | |||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | $ | $ | |||||||||
Three Months Ended September 30, 2023 | ||||||||||||||||||||
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 | $ | $ | $ | $ | $ | $ | ||||||||||||||
Support services | ||||||||||||||||||||
Financing | ||||||||||||||||||||
Equipment sales | ||||||||||||||||||||
Supplies | ||||||||||||||||||||
Rentals | ||||||||||||||||||||
Subtotal | $ | $ | ||||||||||||||||||
Revenue from leasing transactions and financing | ||||||||||||||||||||
Total revenue | $ | $ | $ | $ | ||||||||||||||||
Timing of revenue recognition from products and services | ||||||||||||||||||||
Products/services transferred at a point in time | $ | $ | $ | $ | ||||||||||||||||
Products/services transferred over time | ||||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended September 30, 2022 | ||||||||||||||||||||
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 | $ | $ | $ | $ | $ | $ | ||||||||||||||
Support services | ||||||||||||||||||||
Financing | ||||||||||||||||||||
Equipment sales | ||||||||||||||||||||
Supplies | ||||||||||||||||||||
Rentals | ||||||||||||||||||||
Subtotal | $ | $ | ||||||||||||||||||
Revenue from leasing transactions and financing | ||||||||||||||||||||
Total revenue | $ | $ | $ | $ | ||||||||||||||||
Timing of revenue recognition from products and services | ||||||||||||||||||||
Products/services transferred at a point in time | $ | $ | $ | $ | ||||||||||||||||
Products/services transferred over time | ||||||||||||||||||||
Total | $ | $ | $ | $ |
Nine Months Ended September 30, 2023 | ||||||||||||||||||||
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 | $ | $ | $ | $ | $ | $ | ||||||||||||||
Support services | ||||||||||||||||||||
Financing | ||||||||||||||||||||
Equipment sales | ||||||||||||||||||||
Supplies | ||||||||||||||||||||
Rentals | ||||||||||||||||||||
Subtotal | $ | $ | ||||||||||||||||||
Revenue from leasing transactions and financing | ||||||||||||||||||||
Total revenue | $ | $ | $ | $ | ||||||||||||||||
Timing of revenue recognition from products and services | ||||||||||||||||||||
Products/services transferred at a point in time | $ | $ | $ | $ | ||||||||||||||||
Products/services transferred over time | ||||||||||||||||||||
Total | $ | $ | $ | $ |
Nine Months Ended September 30, 2022 | ||||||||||||||||||||
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 | $ | $ | $ | $ | $ | $ | ||||||||||||||
Support services | ||||||||||||||||||||
Financing | ||||||||||||||||||||
Equipment sales | ||||||||||||||||||||
Supplies | ||||||||||||||||||||
Rentals | ||||||||||||||||||||
Subtotal | $ | $ | ||||||||||||||||||
Revenue from leasing transactions and financing | ||||||||||||||||||||
Total revenue | $ | $ | $ | $ | ||||||||||||||||
Timing of revenue recognition from products and services | ||||||||||||||||||||
Products/services transferred at a point in time | $ | $ | $ | $ | ||||||||||||||||
Products/services transferred over time | ||||||||||||||||||||
Total | $ | $ | $ | $ |
Balance sheet location | September 30, 2023 | December 31, 2022 | Increase/ (decrease) | ||||||||||||||||||||
Advance billings, current | Advance billings | $ | $ | $ | ( | ||||||||||||||||||
Advance billings, noncurrent | Other noncurrent liabilities | $ | $ | $ |
Remainder of 2023 | 2024 | 2025-2028 | Total | |||||||||||||||||||||||
SendTech Solutions | $ | $ | $ | $ |
Revenue | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Global Ecommerce | $ | $ | $ | $ | |||||||||||||||||||
Presort Services | |||||||||||||||||||||||
SendTech Solutions | |||||||||||||||||||||||
Total revenue | $ | $ | $ | $ |
Adjusted Segment EBIT | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Global Ecommerce | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Presort Services | |||||||||||||||||||||||
SendTech Solutions | |||||||||||||||||||||||
Total adjusted segment EBIT | |||||||||||||||||||||||
Reconciliation of adjusted segment EBIT to net (loss) income: | |||||||||||||||||||||||
Unallocated corporate expenses | ( | ( | ( | ( | |||||||||||||||||||
Restructuring charges and asset impairments | ( | ( | ( | ( | |||||||||||||||||||
Interest expense, net | ( | ( | ( | ( | |||||||||||||||||||
Proxy solicitation fees | ( | ||||||||||||||||||||||
Goodwill impairment | ( | ||||||||||||||||||||||
Gain (loss) on debt redemption/refinancing | ( | ||||||||||||||||||||||
Gain on sale of assets | |||||||||||||||||||||||
Gain on sale of businesses, including transaction costs | |||||||||||||||||||||||
Benefit (provision) for income taxes | ( | ( | |||||||||||||||||||||
Net (loss) income | $ | ( | $ | $ | ( | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net (loss) income | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted-average shares used in basic EPS | |||||||||||||||||||||||
Dilutive effect of common stock equivalents (1) | |||||||||||||||||||||||
Weighted-average shares used in diluted EPS | |||||||||||||||||||||||
Basic net (loss) earnings per share | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Diluted net (loss) earnings per share | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive: |
September 30, 2023 | December 31, 2022 | ||||||||||
Raw materials | $ | $ | |||||||||
Supplies and service parts | |||||||||||
Finished products | |||||||||||
Total inventory, net | $ | $ |
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||||||||||||
Sales-type lease receivables | |||||||||||||||||||||||||||||||||||
Gross finance receivables | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Unguaranteed residual values | |||||||||||||||||||||||||||||||||||
Unearned income | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Allowance for credit losses | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Net investment in sales-type lease receivables | |||||||||||||||||||||||||||||||||||
Loan receivables | |||||||||||||||||||||||||||||||||||
Loan receivables | |||||||||||||||||||||||||||||||||||
Allowance for credit losses | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Net investment in loan receivables | |||||||||||||||||||||||||||||||||||
Net investment in finance receivables | $ | $ | $ | $ | $ | $ |
Sales-type Lease Receivables | Loan Receivables | ||||||||||||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||||||||||||
Remainder 2023 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
2024 | |||||||||||||||||||||||||||||||||||
2025 | |||||||||||||||||||||||||||||||||||
2026 | |||||||||||||||||||||||||||||||||||
2027 | |||||||||||||||||||||||||||||||||||
Thereafter | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
September 30, 2023 | |||||||||||||||||||||||||||||
Sales-type Lease Receivables | Loan Receivables | ||||||||||||||||||||||||||||
North America | International | North America | International | Total | |||||||||||||||||||||||||
Past due amounts 0 - 90 days | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Past due amounts > 90 days | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||
Sales-type Lease Receivables | Loan Receivables | ||||||||||||||||||||||||||||
North America | International | North America | International | Total | |||||||||||||||||||||||||
Past due amounts 0 - 90 days | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Past due amounts > 90 days | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Sales-type Lease Receivables | Loan Receivables | ||||||||||||||||||||||||||||
North America | International | North America | International | Total | |||||||||||||||||||||||||
Balance at January 1, 2023 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Amounts charged to expense | |||||||||||||||||||||||||||||
Write-offs | ( | ( | ( | ( | ( | ||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||
Other | ( | ( | ( | ( | |||||||||||||||||||||||||
Balance at September 30, 2023 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Sales-type Lease Receivables | Loan Receivables | ||||||||||||||||||||||||||||
North America | International | North America | International | Total | |||||||||||||||||||||||||
Balance at January 1, 2022 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Amounts charged to expense | ( | ||||||||||||||||||||||||||||
Write-offs | ( | ( | ( | ( | ( | ||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||
Other | ( | ( | ( | ( | ( | ||||||||||||||||||||||||
Balance at September 30, 2022 | $ | $ | $ | $ | $ |
September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Sales Type Lease Receivables | Loan Receivables | Total | |||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | ||||||||||||||||||||||||||||||||||||||||||
Write-offs | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Sales Type Lease Receivables | Loan Receivables | Total | |||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | ||||||||||||||||||||||||||||||||||||||||||
Low | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Medium | |||||||||||||||||||||||||||||||||||||||||||||||
High | |||||||||||||||||||||||||||||||||||||||||||||||
Not Scored | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Sales Type Lease Receivables | Loan Receivables | Total | |||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | ||||||||||||||||||||||||||||||||||||||||||
Low | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Medium | |||||||||||||||||||||||||||||||||||||||||||||||
High | |||||||||||||||||||||||||||||||||||||||||||||||
Not Scored | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Profit recognized at commencement | $ | $ | $ | $ | |||||||||||||||||||
Interest income | |||||||||||||||||||||||
Total lease income from sales-type leases | $ | $ | $ | $ |
Remainder 2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total | $ |
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||||||
Customer relationships | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Software & technology | ( | ( | |||||||||||||||||||||||||||||||||
Total intangible assets | $ | $ | ( | $ | $ | $ | ( | $ |
Remainder 2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total | $ |
December 31, 2022 | Impairment | Currency impact | September 30, 2023 | ||||||||||||||||||||
Global Ecommerce | $ | $ | ( | $ | $ | ||||||||||||||||||
Presort Services | |||||||||||||||||||||||
SendTech Solutions | ( | ||||||||||||||||||||||
Total goodwill | $ | $ | ( | $ | ( | $ |
September 30, 2023 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Investment securities | |||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||||||||||
Equity securities | |||||||||||||||||||||||
Commingled fixed income securities | |||||||||||||||||||||||
Government and related securities | |||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||
Mortgage-backed / asset-backed securities | |||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||
Interest rate swap | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||
Foreign exchange contracts | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Total liabilities | $ | $ | ( | $ | $ | ( |
December 31, 2022 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Investment securities | |||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||||||||||
Equity securities | |||||||||||||||||||||||
Commingled fixed income securities | |||||||||||||||||||||||
Government and related securities | |||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||
Mortgage-backed / asset-backed securities | |||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||
Interest rate swap | |||||||||||||||||||||||
Foreign exchange contracts | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||
Foreign exchange contracts | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Total liabilities | $ | $ | ( | $ | $ | ( |
September 30, 2023 | |||||||||||||||||
Amortized cost | Gross unrealized losses | Estimated fair value | |||||||||||||||
Government and related securities | $ | $ | ( | $ | |||||||||||||
Corporate debt securities | ( | ||||||||||||||||
Commingled fixed income securities | ( | ||||||||||||||||
Mortgage-backed / asset-backed securities | ( | ||||||||||||||||
Total | $ | $ | ( | $ |
December 31, 2022 | |||||||||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | ||||||||||||||||||||
Government and related securities | $ | $ | $ | ( | $ | ||||||||||||||||||
Corporate debt securities | ( | ||||||||||||||||||||||
Commingled fixed income securities | ( | ||||||||||||||||||||||
Mortgage-backed / asset-backed securities | ( | ||||||||||||||||||||||
Total | $ | $ | $ | ( | $ |
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Fair Value | Gross unrealized losses | Fair Value | Gross unrealized losses | ||||||||||||||||||||
Greater than 12 continuous months | |||||||||||||||||||||||
Government and related securities | $ | $ | $ | $ | |||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||
Mortgage-backed / asset-backed securities | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Less than 12 continuous months | |||||||||||||||||||||||
Government and related securities | $ | $ | $ | $ | |||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||
Commingled fixed income securities | |||||||||||||||||||||||
Mortgage-backed / asset-backed securities | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Amortized cost | Estimated fair value | ||||||||||
Within 1 year | $ | $ | |||||||||
After 1 year through 5 years | |||||||||||
After 5 years through 10 years | |||||||||||
After 10 years | |||||||||||
Total | $ | $ |
Designation of Derivatives | Balance Sheet Location | September 30, 2023 | December 31, 2022 | |||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||
Foreign exchange contracts | Other current assets and prepayments | $ | $ | |||||||||||||||||
Accounts payable and accrued liabilities | ( | |||||||||||||||||||
Interest rate swaps | Other assets | |||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||
Foreign exchange contracts | Other current assets and prepayments | |||||||||||||||||||
Accounts payable and accrued liabilities | ( | ( | ||||||||||||||||||
Total derivative assets | $ | $ | ||||||||||||||||||
Total derivative liabilities | ( | ( | ||||||||||||||||||
Total net derivative asset | $ | $ |
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 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||
Foreign exchange contracts | $ | $ | Cost of sales | $ | $ | |||||||||||||||||||||||||||
Interest rate swap | ( | Interest expense | ||||||||||||||||||||||||||||||
$ | ( | $ | $ | $ | ||||||||||||||||||||||||||||
Nine 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 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||
Foreign exchange contracts | $ | ( | $ | Cost of sales | $ | ( | $ | |||||||||||||||||||||||||
Interest rate swap | ( | Interest expense | ||||||||||||||||||||||||||||||
$ | ( | $ | $ | $ |
Three Months Ended September 30, | ||||||||||||||||||||
Derivative Gain (Loss) Recognized in Earnings | ||||||||||||||||||||
Derivatives Instrument | Location of Derivative Gain (Loss) | 2023 | 2022 | |||||||||||||||||
Foreign exchange contracts | Selling, general and administrative expense | $ | ( | $ | ( | |||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||
Derivative Gain (Loss) Recognized in Earnings | ||||||||||||||||||||
Derivatives Instrument | Location of Derivative Gain (Loss) | 2023 | 2022 | |||||||||||||||||
Foreign exchange contracts | Selling, general and administrative expense | $ | ( | $ | ( |
September 30, 2023 | December 31, 2022 | ||||||||||
Carrying value | $ | $ | |||||||||
Fair value | $ | $ |
2023 Plan | Prior Plan | Total | |||||||||||||||
Balance at January 1, 2023 | $ | $ | $ | ||||||||||||||
Amounts charged to expense | |||||||||||||||||
Cash payments | ( | ( | ( | ||||||||||||||
Noncash activity | ( | ( | |||||||||||||||
Balance at September 30, 2023 | $ | $ | $ | ||||||||||||||
Balance at January 1, 2022 | $ | $ | $ | ||||||||||||||
Amounts charged to expense | |||||||||||||||||
Cash payments | ( | ( | |||||||||||||||
Noncash activity | ( | ( | |||||||||||||||
Balance at September 30, 2022 | $ | $ | $ |
Three Months Ended September 30, 2023 | Three Months Ended September 30, 2022 | ||||||||||||||||||||||
2023 Plan | Prior Plan | Total | Prior Plan | ||||||||||||||||||||
Severance | $ | $ | $ | $ | |||||||||||||||||||
Facilities and other | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2022 | ||||||||||||||||||||||
2023 Plan | Prior Plan | Total | Prior Plan | ||||||||||||||||||||
Severance | $ | $ | $ | $ | |||||||||||||||||||
Facilities and other | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Interest rate | September 30, 2023 | December 31, 2022 | |||||||||||||||
Notes due March 2024 | $ | $ | |||||||||||||||
Term loan due March 2026 | SOFR + | ||||||||||||||||
Notes due March 2027 | |||||||||||||||||
Notes due March 2028 | SOFR + | ||||||||||||||||
Term loan due March 2028 | SOFR + | ||||||||||||||||
Notes due March 2029 | |||||||||||||||||
Notes due January 2037 | |||||||||||||||||
Notes due March 2043 | |||||||||||||||||
Other debt | |||||||||||||||||
Principal amount | |||||||||||||||||
Less: unamortized costs, net | |||||||||||||||||
Total debt | |||||||||||||||||
Less: current portion long-term debt | |||||||||||||||||
Long-term debt | $ | $ |
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, | |||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Amortization of prior service (credit) cost | ( | ( | |||||||||||||||||||||||||||||||||
Amortization of net actuarial loss (gain) | ( | ( | |||||||||||||||||||||||||||||||||
Settlement | |||||||||||||||||||||||||||||||||||
Net periodic benefit (income) cost | $ | ( | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||
Contributions to benefit plans | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
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, | |||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Amortization of prior service (credit) cost | ( | ( | |||||||||||||||||||||||||||||||||
Amortization of net actuarial loss (gain) | ( | ||||||||||||||||||||||||||||||||||
Settlement | |||||||||||||||||||||||||||||||||||
Net periodic benefit (income) cost | $ | ( | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||
Contributions to benefit plans | $ | $ | $ | $ | $ | $ |
Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Treasury stock | Total (deficit) equity | ||||||||||||||||||||||||||||||
Balance at July 1, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||
Net loss | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Dividends paid ($ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Issuance of common stock | — | ( | ( | — | |||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
Balance at September 30, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | ( |
Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Treasury stock | Total (deficit) equity | ||||||||||||||||||||||||||||||
Balance at July 1, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Dividends paid ($ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Issuance of common stock | — | ( | ( | — | |||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
Balance at September 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | ( |
Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Treasury stock | Total (deficit) equity | ||||||||||||||||||||||||||||||
Balance at January 1, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Net loss | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Dividends paid ($ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Issuance of common stock | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
Balance at September 30, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | ( |
Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Treasury stock | Total (deficit) equity | ||||||||||||||||||||||||||||||
Balance at January 1, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Dividends paid ($ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Issuance of common stock | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
Repurchase of common stock | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance at September 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | ( |
Gain (Loss) Reclassified from AOCL | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||
Cost of sales | $ | ( | $ | ||||||||||||||||||||
Interest expense, net | |||||||||||||||||||||||
Total before tax | |||||||||||||||||||||||
Income tax provision | |||||||||||||||||||||||
Net of tax | $ | $ | $ | $ | |||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||
Financing revenue | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Selling, general and administrative expense | |||||||||||||||||||||||
Total before tax | ( | ( | |||||||||||||||||||||
Income tax (benefit) provision | ( | ( | |||||||||||||||||||||
Net of tax | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Pension and postretirement benefit plans | |||||||||||||||||||||||
Prior service costs | ( | ( | $ | ( | $ | ( | |||||||||||||||||
Actuarial losses | ( | ( | ( | ( | |||||||||||||||||||
Settlement | ( | ( | ( | ( | |||||||||||||||||||
Total before tax | ( | ( | ( | ( | |||||||||||||||||||
Income tax benefit | ( | ( | ( | ( | |||||||||||||||||||
Net of tax | $ | ( | $ | ( | $ | ( | $ | ( |
Cash flow hedges | Available for sale securities | Pension and postretirement benefit plans | Foreign currency adjustments | Total | |||||||||||||||||||||||||
Balance at January 1, 2023 | $ | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||
Other comprehensive loss before reclassifications | ( | ( | ( | ( | |||||||||||||||||||||||||
Reclassifications into earnings | ( | ||||||||||||||||||||||||||||
Net other comprehensive (loss) income | ( | ( | ( | ( | |||||||||||||||||||||||||
Balance at September 30, 2023 | $ | $ | ( | $ | ( | $ | ( | $ | ( |
Cash flow hedges | Available for sale securities | Pension and postretirement benefit plans | Foreign currency adjustments | Total | |||||||||||||||||||||||||
Balance at January 1, 2022 | $ | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | ( | ||||||||||||||||||||||||||
Reclassifications into earnings | ( | ( | |||||||||||||||||||||||||||
Net other comprehensive income (loss) | ( | ( | ( | ||||||||||||||||||||||||||
Balance at September 30, 2022 | $ | $ | ( | $ | ( | $ | ( | $ | ( |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Balance at beginning of year | $ | $ | |||||||||
Amounts charged to expense | |||||||||||
Write-offs, recoveries and other | ( | ( | |||||||||
Balance at end of period | $ | $ | |||||||||
Accounts and other receivables | $ | $ | |||||||||
Other assets | |||||||||||
Total | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2022 | 2023 | 2022 | |||||||||||||||
(Gain) loss on debt redemption/refinancing | $ | $ | ( | $ | |||||||||||||
Gain on sale of assets | ( | ||||||||||||||||
Gain on sale of businesses | ( | ( | |||||||||||||||
Other income, net | $ | ( | $ | ( | $ | ( |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash interest paid | $ | $ | |||||||||
Cash income tax payments, net of refunds | $ | $ | |||||||||
Noncash activity | |||||||||||
Capital assets obtained under capital lease obligations | $ | $ | |||||||||
Three Months Ended September 30, | |||||||||||||||||||||||
Favorable/(Unfavorable) | |||||||||||||||||||||||
2023 | 2022 | Actual % Change | Constant Currency % change | ||||||||||||||||||||
Total revenue | $ | 783,751 | $ | 830,914 | (6) | % | (6) | % | |||||||||||||||
Total costs and expenses | 800,455 | 820,785 | 2 | % | |||||||||||||||||||
(Loss) income before taxes | (16,704) | 10,129 | >(100%) | ||||||||||||||||||||
(Benefit) provision for income taxes | (4,185) | 4,642 | >(100%) | ||||||||||||||||||||
Net (loss) income | $ | (12,519) | $ | 5,487 | >(100%) |
Nine Months Ended September 30, | |||||||||||||||||||||||
Favorable/(Unfavorable) | |||||||||||||||||||||||
2023 | 2022 | Actual % Change | Constant Currency % change | ||||||||||||||||||||
Total revenue | $ | 2,394,770 | $ | 2,629,351 | (9) | % | (9) | % | |||||||||||||||
Total costs and expenses | 2,573,411 | 2,596,888 | 1 | % | |||||||||||||||||||
(Loss) income before taxes | (178,641) | 32,463 | >(100%) | ||||||||||||||||||||
(Benefit) provision for income taxes | (16,850) | 1,819 | >100% | ||||||||||||||||||||
Net (loss) income | $ | (161,791) | $ | 30,644 | >(100%) |
Three Months Ended September 30, | |||||||||||||||||||||||
Favorable/(Unfavorable) | |||||||||||||||||||||||
2023 | 2022 | Actual % Change | Constant Currency % change | ||||||||||||||||||||
Business Services Revenue | $ | 313,161 | $ | 354,326 | (12) | % | (12) | % | |||||||||||||||
Cost of Business Services | 309,240 | 333,964 | 7 | % | |||||||||||||||||||
Gross Margin | 3,921 | 20,362 | (81) | % | |||||||||||||||||||
Gross Margin % | 1.3 | % | 5.7 | % | |||||||||||||||||||
Selling, general and administrative | 42,893 | 53,562 | 20 | % | |||||||||||||||||||
Research and development | 2,740 | 1,681 | (63) | % | |||||||||||||||||||
Adjusted segment EBIT | $ | (41,712) | $ | (34,881) | (20) | % |
Nine Months Ended September 30, | |||||||||||||||||||||||
Favorable/(Unfavorable) | |||||||||||||||||||||||
2023 | 2022 | Actual % Change | Constant Currency % change | ||||||||||||||||||||
Business Services Revenue | $ | 974,306 | $ | 1,166,623 | (16) | % | (16) | % | |||||||||||||||
Cost of Business Services | 935,058 | 1,058,457 | 12 | % | |||||||||||||||||||
Gross Margin | 39,248 | 108,166 | (64) | % | |||||||||||||||||||
Gross Margin % | 4.0 | % | 9.3 | % | |||||||||||||||||||
Selling, general and administrative | 144,781 | 177,700 | 19 | % | |||||||||||||||||||
Research and development | 8,500 | 7,868 | (8) | % | |||||||||||||||||||
Adjusted segment EBIT | $ | (114,033) | $ | (77,402) | (47) | % |
Three Months Ended September 30, | |||||||||||||||||||||||
Favorable/(Unfavorable) | |||||||||||||||||||||||
2023 | 2022 | Actual % Change | Constant Currency % change | ||||||||||||||||||||
Business Services Revenue | $ | 152,451 | $ | 144,824 | 5 | % | 5 | % | |||||||||||||||
Cost of Business Services | 104,685 | 107,789 | 3 | % | |||||||||||||||||||
Gross Margin | 47,766 | 37,035 | 29 | % | |||||||||||||||||||
Gross Margin % | 31.3 | % | 25.6 | % | |||||||||||||||||||
Selling, general and administrative | 18,582 | 16,438 | (13) | % | |||||||||||||||||||
Other components of net pension and postretirement costs | 60 | 36 | (67) | % | |||||||||||||||||||
Adjusted segment EBIT | $ | 29,124 | $ | 20,561 | 42 | % |
Nine Months Ended September 30, | |||||||||||||||||||||||
Favorable/(Unfavorable) | |||||||||||||||||||||||
2023 | 2022 | Actual % Change | Constant Currency % change | ||||||||||||||||||||
Business Services Revenue | $ | 454,460 | $ | 444,302 | 2 | % | 2 | % | |||||||||||||||
Cost of Business Services | 321,249 | 343,745 | 7 | % | |||||||||||||||||||
Gross Margin | 133,211 | 100,557 | 32 | % | |||||||||||||||||||
Gross Margin % | 29.3 | % | 22.6 | % | |||||||||||||||||||
Selling, general and administrative | 56,582 | 47,380 | (19) | % | |||||||||||||||||||
Other components of net pension and postretirement costs | 171 | 133 | (29) | % | |||||||||||||||||||
Adjusted segment EBIT | $ | 76,458 | $ | 53,044 | 44 | % |
Three Months Ended September 30, | |||||||||||||||||||||||
Favorable/(Unfavorable) | |||||||||||||||||||||||
2023 | 2022 | Actual % change | Constant Currency % change | ||||||||||||||||||||
Business services | $ | 18,375 | $ | 19,255 | (5) | % | (5) | % | |||||||||||||||
Support services | 101,855 | 107,642 | (5) | % | (6) | % | |||||||||||||||||
Financing | 68,572 | 67,757 | 1 | % | 1 | % | |||||||||||||||||
Equipment sales | 76,705 | 83,528 | (8) | % | (8) | % | |||||||||||||||||
Supplies | 35,695 | 37,455 | (5) | % | (6) | % | |||||||||||||||||
Rentals | 16,937 | 16,127 | 5 | % | 3 | % | |||||||||||||||||
Total revenue | 318,139 | 331,764 | (4) | % | (5) | % | |||||||||||||||||
Cost of business services | 8,106 | 10,668 | 24 | % | |||||||||||||||||||
Cost of support services | 33,136 | 36,357 | 9 | % | |||||||||||||||||||
Cost of equipment sales | 52,745 | 60,125 | 12 | % | |||||||||||||||||||
Cost of supplies | 10,469 | 10,470 | — | % | |||||||||||||||||||
Cost of rentals | 4,259 | 6,211 | 31 | % | |||||||||||||||||||
Total costs of revenue | 108,715 | 123,831 | 12 | % | |||||||||||||||||||
Gross margin | 209,424 | 207,933 | 1 | % | |||||||||||||||||||
Gross margin % | 65.8 | % | 62.7 | % | |||||||||||||||||||
Selling, general and administrative | 106,906 | 107,372 | — | % | |||||||||||||||||||
Research and development | 5,322 | 5,410 | 2 | % | |||||||||||||||||||
Other components of pension and post retirement costs | (565) | (83) | >(100%) | ||||||||||||||||||||
Adjusted Segment EBIT | $ | 97,761 | $ | 95,234 | 3 | % |
Nine Months Ended September 30, | |||||||||||||||||||||||
Favorable/(Unfavorable) | |||||||||||||||||||||||
2023 | 2022 | Actual % change | Constant Currency % change | ||||||||||||||||||||
Business services | $ | 52,209 | $ | 56,342 | (7) | % | (7) | % | |||||||||||||||
Support services | 310,454 | 325,619 | (5) | % | (4) | % | |||||||||||||||||
Financing | 202,323 | 207,084 | (2) | % | (2) | % | |||||||||||||||||
Equipment sales | 238,766 | 262,810 | (9) | % | (9) | % | |||||||||||||||||
Supplies | 111,035 | 116,761 | (5) | % | (5) | % | |||||||||||||||||
Rentals | 51,217 | 49,810 | 3 | % | 3 | % | |||||||||||||||||
Total revenue | 966,004 | 1,018,426 | (5) | % | (5) | % | |||||||||||||||||
Cost of business services | 21,922 | 30,408 | 28 | % | |||||||||||||||||||
Cost of support services | 104,466 | 110,658 | 6 | % | |||||||||||||||||||
Cost of equipment sales | 165,211 | 186,798 | 12 | % | |||||||||||||||||||
Cost of supplies | 32,451 | 32,901 | 1 | % | |||||||||||||||||||
Cost of rentals | 14,703 | 18,879 | 22 | % | |||||||||||||||||||
Total costs of revenue | 338,753 | 379,644 | 11 | % | |||||||||||||||||||
Gross margin | 627,251 | 638,782 | (2) | % | |||||||||||||||||||
Gross margin % | 64.9 | % | 62.7 | % | |||||||||||||||||||
Selling, general and administrative | 322,027 | 327,230 | 2 | % | |||||||||||||||||||
Research and development | 15,000 | 16,430 | 9 | % | |||||||||||||||||||
Other components of pension and post retirement costs | (1,688) | (252) | >(100%) | ||||||||||||||||||||
Adjusted Segment EBIT | $ | 291,912 | $ | 295,374 | (1) | % |
Three Months Ended September 30, | |||||||||||||||||
Favorable/(Unfavorable) | |||||||||||||||||
2023 | 2022 | Actual % change | |||||||||||||||
Unallocated corporate expenses | $ | 41,704 | $ | 42,908 | 3 | % |
Nine Months Ended September 30, | |||||||||||||||||
Favorable/(Unfavorable) | |||||||||||||||||
2023 | 2022 | Actual % change | |||||||||||||||
Unallocated corporate expenses | $ | 145,762 | $ | 141,537 | (3) | % |
2023 | 2022 | Change | |||||||||||||||
Net cash from operating activities | $ | (14,453) | $ | 9,229 | $ | (23,682) | |||||||||||
Net cash from investing activities | (95,436) | 16,391 | (111,827) | ||||||||||||||
Net cash from financing activities | (2,059) | (136,180) | 134,121 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (337) | (25,273) | 24,936 | ||||||||||||||
Change in cash and cash equivalents | $ | (112,285) | $ | (135,833) | $ | 23,548 |
Exhibit Number | Description | Exhibit Number in this Form 10-Q | |||||||||
3(i)(a) | 3(i)(a) | ||||||||||
3 | 3 | ||||||||||
10.1 | 10.1 | ||||||||||
10.2 | 10.2 | ||||||||||
10.3 | 10.3 | ||||||||||
10.4 | Sixth Amendment, dated as of July 31, 2023, among Pitney Bowes Inc., the subsidiaries of Pitney Bowes Inc. party thereto, the lenders and issuing banks party thereto, and JP Morgan Chase Bank, N.A., as administrative agent (incorporated by reference to Exhibit 10.2 to the Form 8-K filed with the Commission on July 31, 2023) | 10.4 | |||||||||
10.5 | 10.5 | ||||||||||
10.6 | 10.6 | ||||||||||
10.7 | 10.7 | ||||||||||
10.8 | 10.8 | ||||||||||
10.9 | 10.9 | ||||||||||
10.10 | 10.10 | ||||||||||
10.11 | 10.11 | ||||||||||
10.12 | 10.12 | ||||||||||
31.1 | 31.1 | ||||||||||
31.2 | 31.2 | ||||||||||
32.1 | 32.1 | ||||||||||
32.2 | 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, 2023, formatted in Inline XBRL. (included as Exhibit 101). |
PITNEY BOWES INC. | ||||||||
Date: | November 2, 2023 | |||||||
/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) |
2.1 | Account. Account means a bookkeeping account maintained by the Committee to record the payment obligation of the Company to a Participant as determined under the terms of the Plan. The Committee may maintain an Account to record the total obligation to a Participant and component Accounts to reflect amounts payable at different times and in different forms. The Account will be adjusted for hypothetical gains, earnings, dividends, losses, distributions, withdrawals and other similar activity. Reference to an Account means any such Account established by the Committee, as the context requires. Accounts are intended to constitute unfunded obligations within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA. | ||||
2.2 | Account Balance. Account Balance means, with respect to any Account, the total payment obligation owed to a Participant from such Account as of the most recent Valuation Date. | ||||
2.3 | Beneficiary. Beneficiary means a natural person, estate, or trust designated by a Participant to receive payments to which a Beneficiary is entitled in accordance with provisions of the Plan. The Participant’s spouse, if living, otherwise the Participant’s estate, shall be the Beneficiary if: (i) the Participant has failed to properly designate a Beneficiary, or (ii) all designated Beneficiaries have predeceased the Participant. | ||||
A former spouse shall have no interest under the Plan, as Beneficiary or otherwise, unless the Participant designates such person as a Beneficiary after dissolution of the marriage, except to the extent provided under the terms of a domestic relations order as described in Code Section 414(p)(1)(B). | |||||
2.4 | Board. Board means the Board of Directors of Pitney Bowes Inc. | ||||
2.5 | Business Day. A Business Day is each day on which the New York Stock Exchange is open for business. | ||||
2.6 | Change of Control. Change of Control shall be deemed to have occurred if the definition for Change of Control under the Pitney Bowes Senior Executive Severance Policy has been met, as that definition is amended from time to time. | ||||
At the time of the Plan Restatement, the definition of Change of Control under the Pitney Bowes Senior Executive Severance Policy is as follows: | |||||
“Change of Control” shall be deemed to have occurred if: | |||||
(i) there is an acquisition, in any one transaction or a series of transactions, other than from Pitney Bowes Inc., by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), of beneficial ownership (within the meaning of Rule 13(d)(3) promulgated under the Exchange Act) of 20% or more of either the then outstanding shares of Common Stock or the combined voting power of the then outstanding voting securities of Pitney Bowes Inc. entitled to vote generally in the election of directors, but excluding, for this purpose, any such acquisition by Pitney Bowes Inc. or any of its subsidiaries, or any employee benefit plan (or related trust) of Pitney Bowes Inc. or its subsidiaries, or any corporation with respect to which, following such acquisition, more than 50% of the then outstanding shares of common stock of such corporation and the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors is then beneficially owned, directly or indirectly, by the individuals and entities who were the beneficial owners, respectively, of the Common Stock and voting securities of Pitney Bowes Inc. immediately prior to such acquisition in substantially the same proportion as their ownership, immediately prior to such acquisition, of the then outstanding shares of Common Stock or the combined voting power of the then outstanding voting securities of Pitney Bowes Inc. entitled to vote generally in the election of directors, as the case may be; or | |||||
(ii) during any period of 12 consecutive calendar months, individuals who, as the first day of such period constitute the Board (as of such date, the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board, provided that any individual becoming a director subsequent to the first day of such period, whose appointment, election, or nomination for election by Pitney Bowes’ shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office is in connection with an actual or threatened election contest relating to the election of the directors until such time (if ever) as such individual is approved by a majority of the directors then comprising the Incumbent Board; or | |||||
(iii) there occurs either (A) the consummation of a reorganization, merger, consolidation, or sale or other disposition of all or substantially all of the assets of the Company, in each case, with respect to which the individuals and entities who were the respective beneficial owners of the Common Stock and voting securities of Pitney Bowes Inc. immediately prior to such reorganization, merger, consolidation or sale or other disposition do not, following such reorganization, merger, consolidation, or sale or other disposition beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such reorganization, merger, consolidation, or sale or other disposition or (B) an approval by the shareholders of Pitney Bowes Inc. of a complete liquidation or dissolution of Pitney Bowes Inc. or of the sale or other disposition of all or substantially all of the assets of Pitney Bowes Inc. | |||||
The determination as to the occurrence of a Change of Control shall be based on objective facts and in accordance with the requirements of Code Section 409A. | |||||
2.7 | Code. Code means the Internal Revenue Code of 1986, as amended from time to time. | ||||
2.8 | Code Section 409A. Code Section 409A means section 409A of the Code, and regulations and other guidance issued by the Treasury Department and Internal Revenue Service thereunder. | ||||
2.9 | Committee. Committee means the Governance Committee of the Board of Directors. Any action authorized hereunder to be taken by the Committee is also authorized to be taken by the Board. | ||||
2.10 | Company. Company means Pitney Bowes Inc., its successors, and any organization into which or with which Pitney Bowes Inc. may merge or consolidate or to which all or substantially all of its assets may be transferred. | ||||
2.11 | Compensation. Compensation means any cash remuneration payable by the Company to a Participant for service on the Board or any Committee thereof. Compensation shall not include any compensation that has been previously deferred under this Plan or any other arrangement subject to Code Section 409A. The Committee may determine what components of Compensation are eligible for deferral. | ||||
2.12 | Compensation Deferral Agreement. Compensation Deferral Agreement means an agreement between a Participant and the Company that specifies (i) the amount of each component of Compensation that the Participant has elected to defer to the Plan in accordance with the provisions of Article IV, and (ii) the Payment Schedule applicable to one or more Accounts. In its sole discretion, the Committee may establish administrative rules from time to time regarding different deferral amounts for each component of Compensation, a minimum or maximum deferral amount for each such component, minimum Deferral period, investment selections or other rules deemed by the Committee to be necessary for the orderly and efficient administration of this Plan. A Compensation Deferral Agreement may also specify the investment allocation described in Section 7.4. |
2.13 | Death Benefit. Death Benefit means the benefit payable under the Plan to a Participant’s Beneficiary(ies) upon the Participant’s death as provided in Section 5.1 of the Plan. | ||||
2.14 | Deferral. Deferral means a credit to a Participant’s Account(s) that records that portion of the Participant’s Compensation that the Participant has elected to defer to the Plan in accordance with the provisions of Article IV. Unless the context of the Plan clearly indicates otherwise, a reference to Deferrals includes Earnings attributable to such Deferrals. | ||||
2.15 | Disability Benefit. Disability Benefit means the benefit payable under the Plan to a Participant in the event such Participant is determined to be Disabled. | ||||
2.16 | Disabled. Disabled means that a Participant is, by reason of any medically-determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, unable to engage in any substantial gainful activity. The Committee shall determine whether a Participant is Disabled in accordance with Code Section 409A, provided, however, that a Participant shall be deemed to be Disabled if determined to be totally disabled by the Social Security Administration or the Railroad Retirement Board. | ||||
2.17 | Earnings. Earnings means an adjustment to the value of an Account in accordance with Article VII. | ||||
2.18 | Effective Date. Effective Date means September 11, 2023. | ||||
2.19 | ERISA. ERISA means the Employee Retirement Income Security Act of 1974, as amended from time to time. | ||||
2.20 | Grandfathered Account. Grandfathered Account means amounts deferred under the Grandfathered Plan prior to January 1, 2005 that were vested as of December 31, 2004. | ||||
2.21 | Participant. Participant means a non-employee member of the Company’s Board of Directors who is eligible to participate in the Plan and who elects to participate by filing a Compensation Deferral Agreement pursuant to Section 3.1. A Participant’s continued participation in the Plan shall be governed by Section 3.2 of the Plan. Every member of the Company’s Board of Directors is eligible to participate in the Plan. | ||||
2.22 | Payment Schedule. Payment Schedule means the date as of which payment of an Account under the Plan will commence and the form in which payment of such Account will be made. | ||||
2.23 | Plan. Generally, the term Plan means the “Pitney Bowes Inc. Deferred Incentive Savings Plan” (sometimes referred to the DISP) as documented herein and as may be amended from time to time hereafter. However, to the extent permitted or required under Code Section 409A, the term Plan may in the appropriate context also mean a portion of the Plan that is treated as a single plan under Treas. Reg. Section 1.409A-1(c), or the Plan or portion of the Plan and any other nonqualified deferred compensation plan or portion thereof that is treated as a single plan under such section. | ||||
2.24 | Plan Year. Plan Year means January 1 through December 31. | ||||
2.25 | Specified Date Account. A Specified Date Account means an Account established pursuant to Section 4.3 that will be paid (or that will commence to be paid) at a future date as specified in the Participant’s Compensation Deferral Agreement. The Committee may limit the number of Specified Date Accounts. A Specified Date Account may be identified also as an “In-Service Account”. | ||||
2.26 | Specified Date Benefit. Specified Date Benefit means the benefit payable to a Participant under the Plan in accordance with Section 5.1(b). | ||||
2.27 | Substantial Risk of Forfeiture. Substantial Risk of Forfeiture shall have the meaning specified in Treas. Reg. Section 1.409A-1(d). | ||||
2.28 | Termination Account. Termination Account means an Account established by the Committee to record the amounts payable to a Participant that have not been allocated to a Specified Date Account and is payable upon Termination of Service. Unless the Participant has established a Specified Date Account, all Deferrals shall be allocated to a Termination Account on behalf of the Participant. |
2.29 | Termination of Service. Termination of Service means the cessation of a Participant’s service as a director of the Company for any reason. Whether a Termination from Service has occurred shall be determined by the Committee in accordance with Code Section 409A. | ||||
2.30 | Termination of Service Benefit or Termination Benefit. Termination of Service Benefit or Termination Benefit means the benefit payable to a Participant under the Plan in accordance with Section 5.1(a). | ||||
2.31 | Valuation Date. Valuation Date shall mean each Business Day or such other date as the Committee in its sole discretion may determine. |
3.1 | Eligibility and Participation. Eligibility in the plan shall be limited to members of the Board who are not employees of the Company or meet such eligibility criteria as the Committee shall establish from time to time. An eligible member of the Board becomes a Participant in this Plan by filing a timely Compensation Deferral Agreement. A Compensation Deferral Agreement must be filed in accordance with Article IV. | ||||
3.2 | Duration. A Participant shall be eligible to defer Compensation, subject to the terms of the Plan, for as long as such Participant remains a director of the Company. On and after a Termination of Service, a Participant shall remain a Participant as long as his or her Account Balance is greater than zero and during such time may continue to make allocation elections as provided in Section 7.4. An individual shall cease being a Participant in the Plan when all benefits under the Plan to which he or she is entitled have been paid. |
4.1 | Deferral Elections, Generally. | |||||||
(a) | A Participant may defer eligible Compensation as determined by the Committee by submitting a Compensation Deferral Agreement during the enrollment periods as established by the Committee and in the manner specified by the Committee, but in any event, in accordance with Section 4.2. A Compensation Deferral Agreement that is not timely filed with respect to a service period or component of Compensation shall be considered void and shall have no effect with respect to such service period or Compensation. | |||||||
(b) | Subject to rules established by the Committee during the applicable enrollment period, the Participant shall specify on his or her Compensation Deferral Agreement whether to allocate Deferrals to a Termination Account or to a Specified Date Account. If no designation is made, all Deferrals shall be allocated to the Termination Account. A Participant may also specify in his or her Compensation Deferral Agreement the Payment Schedule applicable to his or her Plan Accounts. If the Payment Schedule is not specified in a Compensation Deferral Agreement, the Participant’s Accounts shall be paid in a lump sum upon either the Participant’s Termination or on the Specified Date as the case may be. | |||||||
4.2 | Timing Requirements for Compensation Deferral Agreements. | |||||||
(a) | First Year of Eligibility. In the case of the first year in which a Participant becomes eligible to participate in the Plan, he or she has up to 30 days following his initial eligibility to submit a Compensation Deferral Agreement with respect to Compensation to be earned during such year. The Compensation Deferral Agreement described in this paragraph becomes irrevocable upon the end of such 30-day period and will apply only to Compensation earned after the date the Compensation Deferral Agreement becomes irrevocable. The determination of whether a Participant may file a Compensation Deferral Agreement under this paragraph shall be determined in accordance with the rules of Code Section 409A, including the provisions of Treas. Reg. Section 1.409A-2(a)(7). | |||||||
(b) | Prior Year Election. Except as otherwise provided in this Section 4.2, Participants may defer Compensation by filing a Compensation Deferral Agreement no later than December 31 of the year prior to the year in which the Compensation to be deferred is earned. A Compensation Deferral Agreement described in this paragraph shall become irrevocable with respect to such Compensation as of January 1 of the year in which such Compensation is earned. |
(c) | Short-Term Deferrals. Subject to Committee approval, Compensation that meets the definition of a “short-term deferral” described in Treas. Reg. Section 1.409A-1(b)(4) may be deferred in accordance with the rules of Article VI, applied as if the date the Substantial Risk of Forfeiture lapses is the date payments were originally scheduled to commence, provided, however, that the provisions of Section 6.3 shall not apply to payments attributable to a change of control (as determined in Treas. Reg. Section 1.409A-3(i)(5)). | |||||||
(d) | “Evergreen” Deferral Elections. The Committee, in its discretion, may specifically provide in the Compensation Deferral Agreement that such Compensation Deferral Agreement will continue in effect for each subsequent year or performance period. Such “evergreen” Compensation Deferral Agreements will become effective with respect to an item of Compensation on the date such election becomes irrevocable under this Section 4.2. An evergreen Compensation Deferral Agreement may be terminated or modified prospectively with respect to Compensation for which such election remains revocable under this Section 4.2. A Participant whose Compensation Deferral Agreement is cancelled in accordance with Section 4.5 will be required to file a new Compensation Deferral Agreement under this Article IV in order to recommence Deferrals under the Plan. | |||||||
4.3 | Allocation of Deferrals. A Compensation Deferral Agreement may allocate Deferrals to one or more Specified Date Accounts and/or to the Termination Account subject to rules determined by the Committee. The Committee may, in its discretion, establish a minimum deferral period for Specified Date Accounts (for example, the third Plan Year following the year Compensation subject to the Compensation Deferral Agreement is earned). The Committee shall determine whether a deferral may be allocated to more than one Specified Date Account or to a Specified Date Account and the Participant’s Termination Account. | |||||||
4.4 | Vesting. Participant Deferrals shall be 100% vested at all times. | |||||||
4.5 | Cancellation of Deferrals. In the event a Participant receives a voluntary withdrawal from a Grandfathered Account, the Participant shall not be permitted to make Deferrals to the Plan in the Plan Year following the Plan Year in which the withdrawal is made. |
5.1 | Benefits, Generally. A Participant shall be entitled to the following benefits under the Plan: | |||||||
(a) | Termination of Service Benefit/ Termination Benefit. Upon the Participant’s Termination of Service, the Participant shall be entitled his or her Termination Account and any Specified Date Accounts that are not yet in pay status. The value of the Participant’s Account shall be determined as of the end of the month in which Termination of Service occurs. Payment of the Participant’s Termination Benefit will be made or begin in the month following the month in which Termination of Service occurs. If the Termination Benefit is to be paid in the form of installments, any subsequent installment payments will be paid on the anniversary of the date the initial installment was made. | |||||||
(b) | Specified Date Benefit. If the Participant has established one or more Specified Date Accounts, the Participant shall be entitled to a Specified Date Benefit with respect to each such Specified Date Account, based on the value of that Account as of the end of the month designated by the Participant at the time the Account was established. Payment of the Specified Date Benefit will be made or begin in the month following the designated month. The Committee may designate that all Specified Date benefit be payable in one month of any Plan Year. | |||||||
(c) | Disability Benefit. Upon a determination by the Committee that a Participant is Disabled, he or she shall be entitled to a Disability Benefit equal to the Participant’s Termination Account and any unpaid balances in any Specified Date Accounts. The Disability Benefit shall be based on the value of the Accounts as of the last day of the month in which Disability occurs and will be paid in the following month. | |||||||
(d) | Death Benefit. In the event of the Participant’s death, his or her designated Beneficiary(ies) shall be entitled to a Death Benefit equal to the vested portion of the Participant’s Termination Account and any unpaid balances in any Specified Date Accounts. The Death Benefit shall be based on the value of the Accounts as of the end of the month in which death occurred, with payment made in the following month. |
5.2 | Form of Payment. | |||||||
(a) | Termination of Service Benefit/Termination Benefit. A Participant who is entitled to receive a Termination Benefit shall receive payment of such benefit in a single lump sum, unless the Participant elects on his or her initial or to the extent allowed, his or her subsequent Compensation Deferral Agreement to have such benefit paid in one of the following alternative forms of payment (i) substantially equal annual installments over a period of five (5) or ten (10) years, as elected by the Participant; or (ii) to the extent allowed by the Committee a lump sum payment of a percentage of the balance in the Termination Account, with the balance paid in substantially equal annual installments over a period of five (5) or ten (10) years, as elected by the Participant. | |||||||
(b) | Specified Date Benefit. The Specified Date Benefit shall be paid in a single lump sum, unless the Committee allows and the Participant elects on the Compensation Deferral Agreement with which the account was established to have the Specified Date Account paid in substantially equal annual installments over a period of five (5) or ten (10) years. | |||||||
Notwithstanding any election of a form of payment by the Participant, upon a Separation from Service the unpaid balance of a Specified Date Account with respect to which payments have not commenced shall be paid in accordance with the form of payment applicable to the Termination Benefit. | ||||||||
(c) | Disability Benefit. A Participant who is entitled to receive a Disability Benefit shall receive payment of such benefit in a single lump sum. | |||||||
(d) | Death Benefit. A designated Beneficiary who is entitled to receive a Death Benefit shall receive payment of such benefit in a single lump sum. | |||||||
(e) | Change of Control. If the Change of Control meets the requirements of Section 409A under the Code (“Qualifying Change of Control”), the following applies. A Participant will receive a single lump sum payment equal to the unpaid balance of all of his or her Accounts upon a Separation from Service within 24 months following a Qualifying Change of Control. Accounts will be valued as of the last day of the month in which the Separation from Service occurs and payment will be made within 45 days of such Separation from Service. In addition to the foregoing, upon a Qualifying Change of Control, a Participant who has incurred a Separation from Service prior to the Qualifying Change of Control, and any Beneficiary of such Participant who is receiving or is scheduled to receive payments, will receive the balance of all unpaid Accounts in a single lump sum. Accounts will be valued as of the last day of the month following the Qualifying Change of Control and will be paid within 45 days of said Qualifying Change of Control. | |||||||
(f) | Small Account Balances. Notwithstanding any prior Participant distribution elections, if, on the date the Termination of Service, the aggregate of all Participant Accounts are equal to or less than $50,000 (deemed to be “Small Account Balances”), the balance in all Participant Accounts shall be distributed in a lump sum upon the Participant’s Termination of Service. | |||||||
(g) | Rules Applicable to Installment Payments. If a Payment Schedule specifies installment payments, annual payments will be made beginning as of the payment commencement date for such installments and shall continue on each anniversary thereof until the number of installment payments specified in the Payment Schedule has been paid. The amount of each installment payment shall be determined by dividing (a) by (b), where (a) equals the Account Balance as of the Valuation Date and (b) equals the remaining number of installment payments. | |||||||
For purposes of Article VI, installment payments will be treated as a single form of payment. If a lump sum equal to less than 100% of the Termination Account is paid, the payment commencement date for the installment form of payment will be the first anniversary of the payment of the lump sum. | ||||||||
5.3 | Acceleration of or Delay in Payments. The Committee, in its sole and absolute discretion, may accelerate or delay the time of payment to the Participant hereunder, only to the extent the acceleration or delay is permitted under Treas. Reg. Section 1.409A-3(j)(4) or Section 1.409A-2(b)(7). If the Plan receives a domestic relations order (within the meaning of Code Section 414(p)(1)(B)) directing that all or a portion of a Participant’s Accounts be paid to an “alternate payee,” any amounts to be paid to the alternate payee(s) shall be paid in a single lump sum. |
6.1 | Participant’s Right to Modify. A Participant may modify any or all of the alternative Payment Schedules with respect to an Account, consistent with the permissible Payment Schedules available under the Plan, provided such modification complies with the requirements of this Article VI. The Committee may impose limitations on the number of allowable modifications. | ||||
6.2 | Time of Election. The date on which a modification election is submitted to the Committee must be at least twelve months prior to the date on which payment is scheduled to commence under the Payment Schedule in effect prior to the modification. | ||||
6.3 | Date of Payment under Modified Payment Schedule. Except with respect to modifications that relate to the payment of a Death Benefit or a Disability Benefit, the date payments are to commence under the modified Payment Schedule must be no earlier than five years after the date payment would have commenced under the original Payment Schedule. Under no circumstances may a modification election result in an acceleration of payments in violation of Code Section 409A. | ||||
6.4 | Effective Date. A modification election submitted in accordance with this Article VI is irrevocable upon receipt by the Committee and becomes effective 12 months after such date. | ||||
6.5 | Effect on Accounts. An election to modify a Payment Schedule is specific to the Account or payment event to which it applies, and shall not be construed to affect the Payment Schedules of any other Accounts. | ||||
ARTICLE VII | |||||
Valuation of Account Balances; Investments | |||||
7.1 | Valuation. Deferrals shall be credited to appropriate Accounts on the date such Compensation would have been paid to the Participant absent the Compensation Deferral Agreement. Valuation of Accounts shall be performed under procedures approved by the Committee. | ||||
7.2 | Earnings Credit. Each Account will be credited with Earnings on each Business Day, based upon the Participant’s investment allocation among a menu of investment options selected in advance by the Committee, in accordance with the provisions of this Article VII (“investment allocation”). | ||||
7.3 | Investment Options. Investment options will be determined by the Committee. The Committee, in its sole discretion, shall be permitted to add or remove investment options from the Plan menu from time to time, even if this would require Participants to redesignate their investment allocations. Any such additions or removals of investment options shall not be effective with respect to any period prior to the effective date of such change. | ||||
7.4 | Investment Allocations. A Participant’s investment allocation constitutes a deemed, not actual, investment among the investment options comprising the investment menu. At no time shall a Participant have any real or beneficial ownership in any investment option included in the investment menu, nor shall the Company or any trustee acting on its behalf have any obligation to purchase actual securities as a result of a Participant’s investment allocation. A Participant’s investment allocation shall be used solely for purposes of adjusting the value of a Participant’s Account Balances. | ||||
A Participant shall specify an investment allocation for each of his Accounts in accordance with procedures established by the Committee. Allocation among the investment options must be designated in increments of 1%. The Participant’s investment allocation will become effective on the same Business Day or, in the case of investment allocations received after a time specified by the Committee, the next Business Day. | |||||
A Participant may change an investment allocation on any Business Day, both with respect to future credits to the Plan and with respect to existing Account Balances, in accordance with procedures adopted by the Committee. Changes shall become effective on the same Business Day or, in the case of investment allocations received after a time specified by the Committee, the next Business Day, and shall be applied prospectively. | |||||
7.5 | Unallocated Deferrals and Accounts. If the Participant fails to make an investment allocation with respect to an Account, such Account shall be invested in an investment option, the primary objective of which is the preservation of capital, as determined by the Committee. |
8.1 | Plan Administration. This Plan shall be administered by the Committee which shall have discretionary authority to make, amend, interpret and enforce all appropriate rules and regulations for the administration of this Plan and to utilize its discretion to decide or resolve any and all questions, including but not limited to eligibility for benefits and interpretations of this Plan and its terms, as may arise in connection with the Plan. Claims for benefits shall be filed with the Committee. A majority of the members of the Committee shall constitute a quorum for the transaction of business. All resolutions or other action taken by the Committee shall be by vote of a majority of its members present at any meeting or, without a meeting, by an instrument in writing signed by all its members. Members of the Committee may participate in a meeting of such Committee by means of a conference telephone or similar communications equipment that enables all persons participating in the meeting to hear each other, and such participation in a meeting shall constitute presence in person at the meeting. | ||||
8.2 | Indemnification. No member of the Board nor any member of the Committee shall be liable for any act or action hereunder, whether of omission or commission, by any other member or employee or by any agent to whom duties in connection with the administration of this Plan have been delegated or for anything done or omitted to be done in connection with this Plan. The Committee shall keep records of all of its proceedings and shall keep records of all payments made to Participants or Beneficiaries and payments made for expenses or otherwise. The Company shall, to the fullest extent permitted by law, indemnify each director, officer or employee of the Company (including the heirs, executors, administrators and other personal representatives of such person) and each member of the Committee against expenses (including attorney’s fees), judgments, fines, amounts paid in settlement, actually and reasonably incurred by such person in connection with any threatened, pending or actual suit, action or proceeding (whether civil, criminal, administrative or investigative in nature or otherwise) in which such person may be involved by reason of the fact that he or she is or was serving this Plan in any capacity at the request of the Company. Any expense incurred by the Company or the Committee relative to the administration of this Plan shall be paid by the Company. | ||||
8.3 | Delegation of Authority. In the administration of this Plan, the Committee may, from time to time, employ agents and delegate to them such administrative and ministerial duties as it sees fit, including without limitation, issues related to eligibility, investment choices, distribution of Deferred Amounts, determination of account balances, crediting hypothetical earnings and of Deferred Amounts and debiting of hypothetical losses and of distributions, in-service withdrawals, deferral elections and any other duties concerning day-to-day operation of the Plan. The Committee has delegated day-to-day administrative responsibility of this Plan to the Corporate Secretary or any Assistant Secretary. The Committee may from time to time consult with legal counsel who shall be legal counsel to the Company. | ||||
8.4 | Binding Decisions or Actions. All rules, interpretations and decisions of the Committee shall be conclusive and binding on the Company, Participants and Beneficiaries. The decision or action of the Committee in respect of any question arising out of or in connection with the administration, interpretation and application of the Plan and the rules and regulations thereunder shall be final and conclusive and binding upon all persons having any interest in the Plan. | ||||
ARTICLE IX | |||||
Amendment and Termination | |||||
9.1 | Amendment. The Board of Directors or the Committee may at any time and from time to time amend the Plan in whole or in part and for any reason, provided that no amendment shall be effective to decrease the balance in any Account as accrued at the time of such amendment, nor shall any amendment otherwise have a retroactive effect. | ||||
9.2 | Termination. The Board of Directors or the Committee, may terminate the Plan and pay Participants and Beneficiaries their Account Balances in a single lump sum at any time, to the extent and in accordance with Treas. Reg. Section 1.409A-3(j)(4)(ix). | ||||
9.3 | Accounts Taxable Under Code Section 409A. This Plan is intended to comply with Code Section 409A and shall in all respects be administered in accordance with Code Section 409A. Notwithstanding anything in the Plan to the contrary, distributions may only be made under the Plan upon an event and in a manner permitted by Code Section 409A. All payments to be made upon Termination of Service under this Plan may only be made upon “separation from service” under Code Section 409A. In no event may a Participant, directly or indirectly, designate the calendar year of a payment, except pursuant to payment elections permitted under section Code Section 409A. |
10.1 | General Assets. Obligations established under the terms of the Plan may be satisfied from the general funds of the Company, or a trust described in this Article X. No Participant, spouse or Beneficiary shall have any right, title or interest whatever in assets of the Participating Employers. Nothing contained in this Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or a fiduciary relationship, between the Company and any Participant or Beneficiary. To the extent that any person acquires a right to receive payments hereunder, such rights are no greater than the right of an unsecured general creditor of the Company. | ||||
10.2 | Rabbi Trust. The Company may, in its sole discretion, establish a grantor trust, commonly known as a rabbi trust, as a vehicle for accumulating assets to pay benefits under the Plan. Payments under the Plan may be paid from the general assets of the Company or from the assets of any such rabbi trust. Payment from any such source shall reduce the obligation owed to the Participant or Beneficiary under the Plan. | ||||
ARTICLE XI | |||||
General Provisions | |||||
11.1 | Anti-assignment Rule. No interest of any Participant, spouse or Beneficiary under this Plan and no benefit payable hereunder shall be assigned as security for a loan, and any such purported assignment shall be null, void and of no effect, nor shall any such interest or any such benefit be subject in any manner, either voluntarily or involuntarily, to anticipation, sale, transfer, assignment or encumbrance by or through any Participant, spouse or Beneficiary. Notwithstanding anything to the contrary herein, however, the Committee has the discretion to make payments to an alternate payee in accordance with the terms of a domestic relations order (as defined in Code Section 414(p)(1)(B)). | ||||
11.2 | No Legal or Equitable Rights or Interest. No Participant or other person shall have any legal or equitable rights or interest in this Plan that are not expressly granted in this Plan. Participation in this Plan does not constitute a contract of employment or impose on the Participant or the Company any obligation for the Participant to remain director of the Company or change the policies of the Company and its affiliates regarding termination of service as a director. The Company makes no representations or warranties as to the tax consequences to a Participant or a Participant’s Beneficiaries resulting from a deferral of income pursuant to the Plan. | ||||
11.3 | Tax Withholding. To the extent that the Company is required to withhold any taxes or other amounts from a Participant’s Deferrals pursuant to Federal, state or any other applicable local law or regulation, The Committee may determine at its sole discretion whether the withholding is imposed on the Deferral or on other compensation paid the Participant which is not deferred. | ||||
11.4 | Notice. Any notice or filing required or permitted to be delivered to the Committee under this Plan shall be delivered in writing, unless otherwise established by the Committee. Notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of 5 calendar days after the date shown on the postmark on the receipt for registration or certification. Written transmission shall be sent by certified mail to: |
Any notice or filing required or permitted to be given to a Participant under this Plan shall be sufficient if in writing or hand-delivered, or sent by mail to the last known address of the Participant. | |||||
11.5 | Headings. The headings of Sections are included solely for convenience of reference, and if there is any conflict between such headings and the text of this Plan, the text shall control. | ||||
11.6 | Invalid or Unenforceable Provisions. If any provision of this Plan shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof and the Committee may elect in its sole discretion to construe such invalid or unenforceable provisions in a manner that conforms to applicable law or as if such provisions, to the extent invalid or unenforceable, had not been included. The invalidity or unenforceability of any provision of this Plan shall not affect the validity or enforceability of any other provision of this Plan, which shall remain in full force and effect, and any prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. |
11.7 | Lost Participants or Beneficiaries. Any Participant or Beneficiary who is entitled to a benefit from the Plan has the duty to keep the Committee advised of his or her current mailing address. If benefit payments are returned to the Plan or are not presented for payment after a reasonable amount of time, the Committee shall presume that the payee is missing. The Committee, after making such efforts as in its discretion it deems reasonable and appropriate to locate the payee, shall stop payment on any uncashed checks and may discontinue making future payments until contact with the payee is restored. | ||||
11.8 | Facility of Payment to a Minor. If a distribution is to be made to a minor, or to a person who is otherwise incompetent, then the Committee may, in its discretion, make such distribution (i) to the legal guardian, or if none, to a parent of a minor payee with whom the payee maintains his or her residence, or (ii) to the conservator or committee or, if none, to the person having custody of an incompetent payee. Any such distribution shall fully discharge the Committee, the Company, and the Plan from further liability on account thereof. | ||||
11.9 | Governing Law. To the extent not preempted by ERISA, the laws of the State of Connecticut shall govern the construction and administration of the Plan. |
/s/ Jason C. Dies | ||||||||||||||
Jason C. Dies | ||||||||||||||
Interim Chief Executive Officer |
/s/ Ana Maria Chadwick | |||||||||||
Ana Maria Chadwick | |||||||||||
Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
/s/ Jason C. Dies | |||||||||||
Jason C. Dies | |||||||||||
Interim Chief Executive Officer |
/s/ Ana Maria Chadwick | |||||||||||
Ana Maria Chadwick | |||||||||||
Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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Revenue: | ||||
Total revenue | $ 783,751 | $ 830,914 | $ 2,394,770 | $ 2,629,351 |
Costs and expenses: | ||||
Selling, general and administrative | 209,416 | 209,576 | 674,085 | 678,999 |
Research and development | 10,362 | 9,812 | 31,129 | 32,400 |
Restructuring charges and asset impairments | 16,578 | 4,264 | 42,620 | 12,672 |
Goodwill impairment | 0 | 0 | 118,599 | 0 |
Interest expense, net | 26,782 | 23,685 | 72,044 | 66,816 |
Other components of net pension and postretirement (income) cost | (2,683) | 1,427 | (6,144) | 3,229 |
Other income, net | 0 | (8,398) | (3,064) | (20,299) |
Total costs and expenses | 800,455 | 820,785 | 2,573,411 | 2,596,888 |
(Loss) income before taxes | (16,704) | 10,129 | (178,641) | 32,463 |
(Benefit) provision for income taxes | (4,185) | 4,642 | (16,850) | 1,819 |
Net (loss) income | $ (12,519) | $ 5,487 | $ (161,791) | $ 30,644 |
Basic net (loss) earnings per share (in dollars per share) | $ (0.07) | $ 0.03 | $ (0.92) | $ 0.18 |
Diluted net (loss) earnings per share (in dollars per share) | $ (0.07) | $ 0.03 | $ (0.92) | $ 0.17 |
Business services | ||||
Revenue: | ||||
Total revenue | $ 483,987 | $ 518,405 | $ 1,480,975 | $ 1,667,267 |
Costs and expenses: | ||||
Cost of products and sales | 419,859 | 452,715 | 1,276,814 | 1,433,474 |
Support services | ||||
Revenue: | ||||
Total revenue | 101,855 | 107,642 | 310,454 | 325,619 |
Costs and expenses: | ||||
Cost of products and sales | 35,589 | 36,618 | 107,447 | 111,463 |
Financing | ||||
Revenue: | ||||
Total revenue | 68,572 | 67,757 | 202,323 | 207,084 |
Costs and expenses: | ||||
Cost of equipment sales | 16,813 | 13,692 | 46,112 | 37,827 |
Equipment sales | ||||
Revenue: | ||||
Total revenue | 76,705 | 83,528 | 238,766 | 262,810 |
Costs and expenses: | ||||
Cost of products and sales | 52,952 | 60,595 | 166,303 | 188,181 |
Supplies | ||||
Revenue: | ||||
Total revenue | 35,695 | 37,455 | 111,035 | 116,761 |
Costs and expenses: | ||||
Cost of products and sales | 10,498 | 10,529 | 32,607 | 33,074 |
Rentals | ||||
Revenue: | ||||
Total revenue | 16,937 | 16,127 | 51,217 | 49,810 |
Costs and expenses: | ||||
Cost of products and sales | $ 4,289 | $ 6,270 | $ 14,859 | $ 19,052 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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Statement of Comprehensive Income [Abstract] | ||||
Foreign currency translation, tax | $ (262) | $ (2,393) | $ 314 | $ (5,466) |
Net unrealized (loss) gain on cash flow hedges, tax | (439) | 963 | (1,001) | 3,138 |
Net unrealized loss on investment securities, tax | (1,972) | (2,545) | (1,360) | (11,353) |
Amortization of pension and postretirement costs, tax | $ 1,032 | $ 2,461 | $ 3,397 | $ 6,792 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Short-term investments, fair value | $ 2,280 | $ 1,882 |
Accounts and other receivables allowance | 4,124 | 5,344 |
Short-term finance receivables allowance | 14,128 | 11,395 |
Long-term finance receivables allowance | 8,571 | 10,555 |
Other assets, fair value | $ 214,752 | $ 229,936 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, authorized (in shares) | 480,000 | 480,000 |
Common stock, issued (in shares) | 323,338 | 323,338 |
Treasury stock (in shares) | 147,011 | 149,307 |
Description of Business and Basis of Presentation |
9 Months Ended |
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Sep. 30, 2023 | |
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 small and medium sized businesses, large enterprises, including more than 90 percent of the Fortune 500, retailers and government clients around the world. These clients rely on us to remove the complexity and increase the efficiency in their sending of 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, 2022 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, 2023. 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, 2022 (2022 Annual Report). Factors Affecting Comparability Certain transactions and changes occurred during 2022 that impact the comparability to our 2023 financial results. These transactions and changes include: •the sale of our Borderfree cross-border ecommerce solutions business (Borderfree) in July 2022. Accordingly, revenue and costs for the nine months ended September 30, 2022 include revenue and costs for Borderfree through the sale date. Net income of Borderfree for the year-to-date 2022 period was not significant. •a change in the presentation of revenue for digital delivery services effective October 1, 2022, from a gross basis to a net basis. Throughout 2023, revenue and costs of revenue for certain digital delivery services are reported on a net basis as business services revenue; whereas in 2022, revenue and costs of revenue for these services were reported as business services revenue and cost of business services, respectively. The change primarily impacts our Global Ecommerce segment. Accounting Pronouncements Adopted in 2023 On January 1, 2023, we adopted ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which requires disclosure of gross write-offs of finance receivables by year of origination. The adoption of this standard did not have a material impact on our financial statement disclosures. 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, 2024, and may be applied at the beginning of any interim period within that time frame. We continue to assess the impact of this standard on our condensed consolidated financial statements.
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Revenue |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue Disaggregated Revenue The following tables disaggregate our revenue by source and timing of recognition:
Our performance obligations for revenue from products and services are as follows: Business services includes fulfillment, delivery and return services, cross-border solutions, mail processing services and shipping subscription solutions. Revenue for fulfillment, delivery and return services and cross-border solutions and mail processing services 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 initially range from to five years and contain annual renewal options. Revenue for shipping subscription solutions is recognized ratably over the contract period as the client obtains equal benefit from these services through the period. Support services includes providing maintenance, professional and subscription services for our equipment and digital mailing and shipping technology solutions. Contract terms range from to five years, depending on the term of the lease contract for the related equipment. Revenue for maintenance and subscription services is recognized ratably over the contract period and revenue for professional services is recognized when services are provided. Equipment sales generally includes the sale of mailing and shipping equipment, excluding sales-type leases. We recognize revenue upon delivery for self-install equipment and upon acceptance or installation for other equipment. We provide a warranty that the equipment is free of defects and meets stated specifications. The warranty is not considered a separate performance obligation. Supplies includes revenue from supplies for our mailing equipment and 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 Pitney Bowes Bank. Advance Billings from Contracts with Customers
Advance billings are recorded when cash payments are due in advance of our performance. Revenue is recognized ratably over the contract term. Items in advance billings primarily relate to support services on mailing equipment. Revenue recognized during the period includes $81 million of advance billings at the beginning of the period. Advance billings, current, at both September 30, 2023 and December 31, 2022 also includes $7 million, 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:
The amounts above do not include revenue for performance obligations under contracts with terms less than 12 months or revenue for performance obligations where revenue is recognized based on the amount billable to the customer.
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information Our reportable segments are Global Ecommerce, Presort Services and SendTech Solutions. The principal products and services of each reportable segment are as follows: Global Ecommerce: Includes the revenue and related expenses from business to consumer logistics services for domestic and cross-border delivery, returns and fulfillment. Presort Services: Includes revenue and related expenses from sortation services that enable clients to qualify for USPS workshare discounts in First Class Mail, Marketing Mail, Marketing Mail Flats and Bound Printed Matter. 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 clients simplify and save on the sending, tracking and receiving of letters, parcels and flats. Management measures segment profitability and performance using adjusted segment earnings before interest and taxes (EBIT). Adjusted segment EBIT is calculated by deducting from segment revenue the related costs and expenses attributable to the segment. Adjusted segment EBIT excludes interest, taxes, unallocated corporate expenses, restructuring charges and asset impairments, goodwill impairment, and other items not allocated to business segments. Costs related to shared assets are allocated to the relevant segments. Management believes that adjusted segment EBIT provides investors a useful measure of operating performance and underlying trends of the business. Adjusted 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 a reconciliation of adjusted segment EBIT to net (loss) income.
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Earnings per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share | Earnings per Share The calculation of basic and diluted earnings per share (EPS) is presented below.
(1) Due to the net loss for the three and nine months ended September 30, 2023, an additional 4.3 million and 4.2 million, respectively, of common stock equivalents were also excluded from the calculation of diluted earnings per share.
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Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories are stated at the lower of cost, determined on the first-in, first-out (FIFO) basis, or net realizable value. Inventories consisted of the following:
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Finance Assets and Lessor Operating Leases |
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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, secured loans and unsecured loans. Sales-type leases and secured loans are from financing options for the purchase or lease of Pitney Bowes equipment or other manufacturers' equipment and are generally due in installments over periods ranging from to five years. Unsecured loans comprise revolving credit lines offered to our clients for postage, supplies and working capital purposes. These revolving credit lines are generally due monthly; however, clients may rollover outstanding balances. Interest is recognized on finance receivables using the effective interest method. Annual fees are recognized ratably over the period covered and client acquisition costs are expensed as incurred. All finance receivables are in our SendTech Solutions segment and we segregate finance receivables into a North America portfolio and an International portfolio. Finance receivables consisted of the following:
Maturities of gross finance receivables at September 30, 2023 were as follows:
Aging of Receivables The aging of gross finance receivables was as follows:
Allowance for Credit Losses We provide 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 and current economic conditions and outlook based on reasonable and supportable forecasts. We continually evaluate the adequacy of the allowance for credit losses and adjust as necessary. The assumptions used in determining an estimate of credit losses are inherently subjective and actual results may differ significantly from estimated reserves. We established credit approval limits based on the credit quality of the client and the type of equipment financed. We cease financing revenue recognition for lease receivables and for unsecured loan receivables that are more than 90 days past due. Revenue recognition is resumed when the client's payments reduce the account aging to less than 60 days past due. Finance receivables are written off against the allowance after all collection efforts have been exhausted and management deems the account to be uncollectible. 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:
The table below shows write-offs of gross finance receivables by year of origination.
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, a detailed manual review of their financial condition and payment history, or an automated process. 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 and enhanced tools and processes are implemented as needed. Over 85% of our finance receivables are within the North American portfolio. We use a third-party to score the majority of this 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. This portfolio comprises less than 15% of total finance receivables. Most of the International credit applications are small dollar applications (i.e. below $50 thousand) and are subjected to an automated review process. Larger credit applications are manually reviewed, which includes obtaining client financial information, credit reports and other available financial information. The table below shows gross finance receivables by relative risk class and year of origination based on the relative scores of the accounts within each class.
Lease Income Lease income from sales-type leases, excluding variable lease payments, was as follows:
Lessor Operating Leases We also lease mailing equipment under operating leases with terms of to five years. Maturities of these operating leases are as follows:
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Intangible Assets and Goodwill |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets and Goodwill | Intangible Assets and Goodwill Intangible assets consisted of the following:
Amortization expense for the three months ended September 30, 2023 and 2022 was $4 million and $5 million, respectively and amortization expense for the nine months ended September 30, 2023 and 2022 was $12 million and $20 million, respectively. Future amortization expense as of September 30, 2023 is shown in the table below. Actual amortization expense may differ due to, among other things, fluctuations in foreign currency exchange rates, acquisitions, divestitures and impairment charges.
Goodwill Changes in the carrying value of goodwill by reporting segment are shown in the table below.
Global Ecommerce goodwill is net of accumulated goodwill impairment charges of $317 million and $198 million at September 30, 2023 and December 31, 2022, respectively. At the end of the second quarter of 2023, we determined that the performance of our Global Ecommerce reporting unit through June 30, 2023 and continuing changes in macroeconomic conditions, was a triggering event that caused us to evaluate the Global Ecommerce goodwill for impairment. To assess Global Ecommerce goodwill for impairment, we determined the fair value of the reporting unit and compared it to the unit's carrying value, including goodwill. We engaged a third-party to assist in the determination of the fair value of the reporting unit. The fair value was estimated using a discounted cash flow model based on management developed cash flow projections, which included judgements and assumptions related to revenue growth rates, operating margins, operating income, and a discount rate. We determined that the estimated fair value of the reporting unit was less than its carrying value and recorded a non-cash, pre-tax goodwill impairment charge of $119 million in the second quarter of 2023. Future changes in any of these judgements or assumptions could materially affect the determination of fair value and result in an additional impairment charge in the future. The estimates and assumptions are considered Level 3 inputs under the fair value hierarchy.
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Fair Value Measurements and Derivative Instruments |
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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.
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 when unadjusted quoted prices in active markets are available. 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. 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 Investment securities classified as available-for-sale are recorded at fair value with changes in fair value due to market conditions 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 in the nine months ended September 30, 2023. Available-for-sale securities consisted of the following:
Investment securities in a loss position were as follows:
At September 30, 2023, all securities in the investment portfolio were in an unrealized loss position. However, we have the ability and intent to hold these securities until recovery of the unrealized losses or expect to receive the stated principal and interest at maturity. Accordingly, we have not recognized an impairment loss and our allowance for credit losses on these investment securities is not significant. Scheduled maturities of available-for-sale securities at September 30, 2023 were as follows:
Actual maturities may not coincide with scheduled maturities as certain securities contain early redemption features and/or allow for the prepayment of obligations. Held-to-Maturity Securities Held-to-maturity securities at September 30, 2023 and December 31, 2022 totaled $25 million and $22 million, respectively. Held-to-maturity securities primarily consist of highly-liquid government securities with maturities less than two years. 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 limit these risks by following established risk management policies and procedures, including the use of derivatives. We use derivative instruments to limit the effects of currency exchange rate fluctuations on financial results and manage the cost of debt. We do not use derivatives for trading or speculative purposes. Derivative instruments are recorded at fair value and the accounting for changes in 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 may enter into foreign exchange contracts to mitigate the currency risk associated with anticipated inventory purchases 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. There were no outstanding contracts associated with these anticipated transactions at September 30, 2023. At December 31, 2022, outstanding contracts associated with these anticipated transactions had a notional value of $1 million. Interest Rate Swaps We have interest rate swap agreements with an aggregate notional value of $200 million that are designated as cash flow hedges. The fair value of the interest rate swaps is recorded as a derivative asset or liability at the end of each reporting period with the change in fair value reflected in AOCL. The fair value of derivative instruments was as follows:
Results of cash flow hedging relationships were as follows:
Nondesignated Derivative Instruments We also enter into foreign exchange contracts to minimize the impact on earnings from the revaluation of short-term intercompany loans and related interest denominated in a foreign currency. These foreign exchange contracts are not designated as hedging instruments. Accordingly, the revaluation of intercompany loans and interest and the change in fair value of these derivatives are recorded in earnings. All outstanding contracts at September 30, 2023 mature within three months. The impact on earnings from the change in fair value of these foreign exchange contracts, exclusive of the corresponding impact on earnings from the revaluation of the intercompany loans and related interest, was as follows:
Fair Value of Financial Instruments Our financial instruments include cash and cash equivalents, available-for-sale and held-to-maturity investment securities, accounts receivable, loan receivables, derivative instruments, accounts payable and debt. The carrying value of cash and cash equivalents, held-to-maturity investment securities, accounts receivable, loans receivable, and accounts payable approximate fair value. The fair value of available-for-sale investment securities and derivative instruments are presented above. 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 were classified as Level 2 in the fair value hierarchy. The carrying value and estimated fair value of debt was as follows:
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Restructuring Charges and Asset Impairments |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Charges and Asset Impairments | Restructuring Charges and Asset Impairments In May 2023, we approved a worldwide restructuring plan (the 2023 Plan) designed to improve profitability and cash flow by reducing complexity, streamlining processes, and driving further operational efficiencies. This will be achieved through the elimination of 850-950 positions worldwide in part through further centralization and standardization of processes, including the expansion of our shared services activities, increased automation, and the consolidation or closure of select facilities in North America. Total charges are expected to be $60 million-$70 million, consisting of employee severance and facility consolidation costs. We expect to substantially complete these actions by the end of the first half of 2024. Activity in our restructuring reserves was as follows:
Components of restructuring expense were as follows:
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Total debt consisted of the following:
During the quarter, we issued an aggregate $275 million of senior secured notes. The notes mature in March 2028 and bear interest of SOFR plus 6.9%, payable quarterly. The notes were issued with original issue discount of 3%, and the net proceeds were used to redeem the March 2024 notes and repay $30 million of the term loan due March 2026. Through September 30, 2023, we purchased an aggregate $39 million of the March 2024 notes and March 2027 notes and recognized a gain of $3 million. Additionally, we made scheduled principal repayments of $27 million on our term loans. At September 30, 2023, the interest rate on the 2026 Term Loan was 7.7%, the interest rate on the 2028 Term Loan was 9.4% and the interest rate on the March 2028 notes was 12.3%. The credit agreement that governs our $500 million secured revolving credit facility and term loans contains financial and non-financial covenants. In June 2023, we amended this credit agreement to provide additional flexibility in managing our capital structure. At September 30, 2023, we were in compliance with all covenants and there were no outstanding borrowings under the revolving credit facility. Borrowings under the revolving credit facility, term loans and March 2028 notes are secured by assets of the company. We have outstanding interest rate swaps that effectively convert $200 million of our variable rate debt to fixed rates. In January 2023, the reference rate of the interest rate swaps was amended to align with the secured revolving credit facility. Under the terms of the interest rate swaps, we pay fixed-rate interest of 0.585% and receive variable-rate interest based on one-month SOFR plus 0.1%. The variable interest rates under the term loans and the swaps reset monthly. The Pitney Bowes Bank (the Bank), a wholly owned subsidiary, is a member of the Federal Home Loan Bank of Des Moines and has access to certain credit products as a funding source known as "advances." As of September 30, 2023, the Bank had yet to apply for any advances.
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Pensions and Other Benefit Programs |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pensions and Other Benefit Programs | Pensions and Other Benefit Programs The components of net periodic benefit (income) cost were as follows:
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Income Taxes |
9 Months Ended |
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Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rate for the three months ended September 30, 2023 was 25.1%. The effective tax rate for the nine months ended September 30, 2023 was 9.4% and includes a benefit of $1 million on the $119 million goodwill impairment charge as the majority of this charge is nondeductible. The effective tax rate for the three and nine months ended September 30, 2022, was 45.8% and 5.6%, respectively, and includes a charge of $2 million due to state tax legislation offset by a benefit of $1 million as a result of the finalization and filing of state income tax returns. The effective tax rate for the nine months ended September 30, 2022 also includes a tax benefit of $4 million on the pre-tax gain of $4 million from the sale of Borderfree as the tax basis was higher than book basis and a $1 million benefit associated with the 2019 sale of a business. 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 15% of our unrecognized tax benefits. With regard to U.S Federal income tax, the Internal Revenue Service examination of our consolidated U.S. income tax returns for tax years prior to 2019 are closed to audit, but for review of the Tax Cuts and Jobs Act Sec. 965 transition tax. On a state and local level, the company is closed through 2017 in most jurisdictions. For our significant non-U.S. jurisdictions, Canada is closed to examination through 2018 except for a specific issue under current exam. For France, Germany and the U.K., the company is closed through 2019, 2016, and 2020 respectively. We also have other less significant tax filings currently subject to examination.
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Commitments and Contingencies |
9 Months Ended |
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Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and ContingenciesFrom time to time, in the ordinary course of business, we are involved in litigation pertaining 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 customers, employees, or others. Due to uncertainties inherent in litigation, any actions could have an adverse effect on our financial position, results of operations or cash flows; however, in management's opinion, the final outcome of outstanding matters will not have a material adverse effect on our business. As of September 30, 2023, we have entered into real estate and equipment leases with aggregate payments of $18 million and terms ranging from | to seven years that have not commenced.
Stockholders’ (Deficit) Equity |
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Stockholders’ (Deficit) Equity | Stockholders’ (Deficit) Equity Changes in stockholders’ (deficit) equity were as follows:
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Accumulated Other Comprehensive Loss |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Reclassifications out of AOCL were as follows:
Changes in AOCL, net of tax were as follows:
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Supplemental Financial Statement Information |
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Financial Statement Information | Supplemental Financial Statement Information Activity in the allowance for credit losses on accounts and other receivables and other assets is presented below. See Note 7 for information regarding the allowance for credit losses on finance receivables.
Other income, net consisted of the following:
Supplemental cash flow information is as follows:
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Description of Business and Basis of Presentation (Policies) |
9 Months Ended |
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Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of PresentationThe 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, 2022 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, 2023. 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, 2022 (2022 Annual Report). |
Accounting Pronouncements Adopted in 2023 and Accounting Pronouncements Not Yet Adopted | Accounting Pronouncements Adopted in 2023 On January 1, 2023, we adopted ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which requires disclosure of gross write-offs of finance receivables by year of origination. The adoption of this standard did not have a material impact on our financial statement disclosures. 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, 2024, and may be applied at the beginning of any interim period within that time frame. We continue to assess the impact of this standard on our condensed consolidated financial statements.
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Revenue (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregation of Revenue | The following tables disaggregate our revenue by source and timing of recognition:
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Schedule of Contract Assets and Advance Billings | Advance Billings from Contracts with Customers
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Schedule of Future Performance Obligations | The transaction prices allocated to future performance obligations will be recognized as follows:
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Segment Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Reconciliation of Revenue from Segments to Consolidated Statements | The following tables provide information about our reportable segments and a reconciliation of adjusted segment EBIT to net (loss) income.
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Schedule of Reconciliation of EBIT From Segments to Consolidated Statements |
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Earnings per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | The calculation of basic and diluted earnings per share (EPS) is presented below.
(1) Due to the net loss for the three and nine months ended September 30, 2023, an additional 4.3 million and 4.2 million, respectively, of common stock equivalents were also excluded from the calculation of diluted earnings per share.
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Inventories (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory Components | Inventories consisted of the following:
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Finance Assets and Lessor Operating Leases (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financing Receivables | Finance receivables consisted of the following:
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Schedule of Sales-type Lease Maturity | Maturities of gross finance receivables at September 30, 2023 were as follows:
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Schedule of Loan Receivable Maturity | Maturities of gross finance receivables at September 30, 2023 were as follows:
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Schedule of Past Due Financing Receivables | The aging of gross finance receivables was as follows:
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Schedule of Allowance for Credit Losses and Write-offs on Financing Receivables | Activity in the allowance for credit losses for finance receivables was as follows:
The table below shows write-offs of gross finance receivables by year of origination.
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Schedule of Financing Receivable Credit Quality Indicators | The table below shows gross finance receivables by relative risk class and year of origination based on the relative scores of the accounts within each class.
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Schedule of Sales-type Lease, Lease Income | Lease income from sales-type leases, excluding variable lease payments, was as follows:
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Schedule of Lessor, Payments to be Received | Maturities of these operating leases are as follows:
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Intangible Assets and Goodwill (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets | Intangible assets consisted of the following:
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Schedule of Amortization Expense In Future Periods | Future amortization expense as of September 30, 2023 is shown in the table below. Actual amortization expense may differ due to, among other things, fluctuations in foreign currency exchange rates, acquisitions, divestitures and impairment charges.
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Schedule of Goodwill | Changes in the carrying value of goodwill by reporting segment are shown in the table below.
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Fair Value Measurements and Derivative Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
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Schedule of Available-for-sale Securities Reconciliation | Available-for-sale securities consisted of the following:
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Schedule of Unrealized Holding Losses | Investment securities in a loss position were as follows:
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Schedule of Available-for-sale Securities | Scheduled maturities of available-for-sale securities at September 30, 2023 were as follows:
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Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The fair value of derivative instruments was as follows:
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Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | Results of cash flow hedging relationships were as follows:
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Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The impact on earnings from the change in fair value of these foreign exchange contracts, exclusive of the corresponding impact on earnings from the revaluation of the intercompany loans and related interest, was as follows:
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Schedule of Fair Value, by Balance Sheet Grouping | The carrying value and estimated fair value of debt was as follows:
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Restructuring Charges and Asset Impairments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost | Activity in our restructuring reserves was as follows:
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Schedule of Restructuring Expense | Components of restructuring expense were as follows:
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Debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | Total debt consisted of the following:
|
Pensions and Other Benefit Programs (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Costs of Retirement Plans | The components of net periodic benefit (income) cost were as follows:
|
Stockholders’ (Deficit) Equity (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stockholders’ (Deficit) Equity | Changes in stockholders’ (deficit) equity were as follows:
|
Accumulated Other Comprehensive Loss (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Reclassification out of Accumulated Other Comprehensive Loss | Reclassifications out of AOCL were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Loss | Changes in AOCL, net of tax were as follows:
|
Supplemental Financial Statement Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts Receivable and Other Assets, Allowance for Credit Loss | Activity in the allowance for credit losses on accounts and other receivables and other assets is presented below. See Note 7 for information regarding the allowance for credit losses on finance receivables.
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Schedule of Other Income | Other income, net consisted of the following:
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Schedule of Cash Flow Supplemental Information | Supplemental cash flow information is as follows:
|
Description of Business and Basis of Presentation (Narrative) (Details) |
Sep. 30, 2023 |
---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Percent of fortune 500 companies serviced | 90.00% |
Revenue (Narrative) (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
|
Disaggregation of Revenue [Line Items] | ||
Advanced billings, revenue recognized | $ 81 | |
Lease transactions | $ 7 | $ 7 |
SendTech Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Expected timing of satisfaction period, not included | 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 |
Revenue (Contract Assets and Advance Billings) (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
|
Revenue from Contract with Customer [Abstract] | ||
Advance billings, current | $ 80,405 | $ 97,904 |
Advance billings, noncurrent | 1,858 | $ 906 |
Increase/ (decrease) | ||
Advance billings, current | (17,499) | |
Advance billings, noncurrent | $ 952 |
Segment Information (Revenues) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 783,751 | $ 830,914 | $ 2,394,770 | $ 2,629,351 |
Global Ecommerce | ||||
Segment Reporting Information [Line Items] | ||||
Total from contracts with customers | 313,161 | 354,326 | 974,306 | 1,166,623 |
Presort Services | ||||
Segment Reporting Information [Line Items] | ||||
Total from contracts with customers | 152,451 | 144,824 | 454,460 | 444,302 |
SendTech Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Total from contracts with customers | $ 318,139 | $ 331,764 | $ 966,004 | $ 1,018,426 |
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Numerator: | ||||
Net (loss) income | $ (12,519) | $ 5,487 | $ (161,791) | $ 30,644 |
Denominator: | ||||
Weighted-average shares used in basic EPS (in shares) | 176,099 | 173,847 | 175,428 | 173,881 |
Dilutive effect of common stock equivalents (in shares) | 0 | 3,119 | 0 | 3,537 |
Weighted-average shares used in diluted EPS (in shares) | 176,099 | 176,966 | 175,428 | 177,418 |
Basic net (loss) earnings per share (in dollars per share) | $ (0.07) | $ 0.03 | $ (0.92) | $ 0.18 |
Diluted net (loss) earnings per share (in dollars per share) | $ (0.07) | $ 0.03 | $ (0.92) | $ 0.17 |
Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive (in shares) | 10,574 | 13,967 | 9,665 | 9,573 |
Dilutive effect of common stock equivalents (in shares) | 4,300 | 4,200 |
Inventories (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 25,494 | $ 25,539 |
Supplies and service parts | 28,775 | 27,573 |
Finished products | 29,512 | 30,608 |
Total inventory, net | $ 83,781 | $ 83,720 |
Finance Assets and Lessor Operating Leases (Sales-type Lease and Loan Receivables) (Details) $ in Thousands |
Sep. 30, 2023
USD ($)
|
---|---|
Sales-type Lease Receivables | |
Remainder 2023 | $ 142,809 |
2024 | 387,851 |
2025 | 283,533 |
2026 | 186,443 |
2027 | 98,581 |
Thereafter | 25,765 |
Total | 1,124,982 |
Loan Receivables | |
Remainder 2023 | 232,289 |
2024 | 35,617 |
2025 | 29,217 |
2026 | 20,025 |
2027 | 13,163 |
Thereafter | 4,382 |
Total | 334,693 |
North America | |
Sales-type Lease Receivables | |
Remainder 2023 | 103,877 |
2024 | 343,412 |
2025 | 255,720 |
2026 | 170,704 |
2027 | 91,804 |
Thereafter | 23,552 |
Total | 989,069 |
Loan Receivables | |
Remainder 2023 | 214,865 |
2024 | 35,617 |
2025 | 29,217 |
2026 | 20,025 |
2027 | 13,163 |
Thereafter | 4,382 |
Total | 317,269 |
International | |
Sales-type Lease Receivables | |
Remainder 2023 | 38,932 |
2024 | 44,439 |
2025 | 27,813 |
2026 | 15,739 |
2027 | 6,777 |
Thereafter | 2,213 |
Total | 135,913 |
Loan Receivables | |
Remainder 2023 | 17,424 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
Thereafter | 0 |
Total | $ 17,424 |
Finance Assets and Lessor Operating Leases (Write Offs) (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | $ 8,450 | $ 9,108 |
Sales-type lease receivables | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Year one | 833 | |
Year two | 912 | |
Year three | 1,141 | |
Year four | 748 | |
Year five | 447 | |
Prior | 355 | |
Loan receivables | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | $ 4,014 |
Finance Assets and Lessor Operating Leases (Lease Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Receivables [Abstract] | ||||
Profit recognized at commencement | $ 29,476 | $ 31,576 | $ 92,138 | $ 100,951 |
Interest income | 38,588 | 40,480 | 116,700 | 123,783 |
Total lease income from sales-type leases | $ 68,064 | $ 72,056 | $ 208,838 | $ 224,734 |
Finance Assets and Lessor Operating Leases (Operating Leases) (Details) $ in Thousands |
Sep. 30, 2023
USD ($)
|
---|---|
Receivables [Abstract] | |
Remainder 2023 | $ 7,096 |
2024 | 17,430 |
2025 | 19,044 |
2026 | 14,827 |
2027 | 3,449 |
Thereafter | 1,048 |
Total | $ 62,894 |
Intangible Assets and Goodwill (Intangible Assets) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Finite lived intangible assets | |||||
Gross Carrying Amount | $ 177,653 | $ 177,653 | $ 177,715 | ||
Accumulated Amortization | (111,542) | (111,542) | (99,771) | ||
Net Carrying Amount | 66,111 | 66,111 | 77,944 | ||
Amortization expense | 4,000 | $ 5,000 | 12,000 | $ 20,000 | |
Customer relationships | |||||
Finite lived intangible assets | |||||
Gross Carrying Amount | 155,712 | 155,712 | 155,715 | ||
Accumulated Amortization | (91,603) | (91,603) | (80,188) | ||
Net Carrying Amount | 64,109 | 64,109 | 75,527 | ||
Software & technology | |||||
Finite lived intangible assets | |||||
Gross Carrying Amount | 21,941 | 21,941 | 22,000 | ||
Accumulated Amortization | (19,939) | (19,939) | (19,583) | ||
Net Carrying Amount | $ 2,002 | $ 2,002 | $ 2,417 |
Intangible Assets and Goodwill (Future Amortization Expense) (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Finite lived intangible assets future amortization expense | ||
Remainder 2023 | $ 3,928 | |
2024 | 15,714 | |
2025 | 15,510 | |
2026 | 14,520 | |
2027 | 11,467 | |
Thereafter | 4,972 | |
Net Carrying Amount | $ 66,111 | $ 77,944 |
Intangible Assets and Goodwill (Goodwill) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023 |
Jun. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Goodwill | |||||
Beginning balance | $ 1,066,951 | ||||
Impairment | $ 0 | $ 0 | (118,599) | $ 0 | |
Currency impact | (2,934) | ||||
Ending balance | 945,418 | 945,418 | |||
Global Ecommerce | |||||
Goodwill | |||||
Beginning balance | 339,184 | ||||
Impairment | $ (119,000) | ||||
Currency impact | 0 | ||||
Ending balance | 220,585 | 220,585 | |||
Global Ecommerce | Operating Segments | |||||
Goodwill | |||||
Impairment | (118,599) | ||||
Presort Services | |||||
Goodwill | |||||
Beginning balance | 223,763 | ||||
Currency impact | 0 | ||||
Ending balance | 223,763 | 223,763 | |||
Presort Services | Operating Segments | |||||
Goodwill | |||||
Impairment | 0 | ||||
SendTech Solutions | |||||
Goodwill | |||||
Beginning balance | 504,004 | ||||
Currency impact | (2,934) | ||||
Ending balance | $ 501,070 | 501,070 | |||
SendTech Solutions | Operating Segments | |||||
Goodwill | |||||
Impairment | $ 0 |
Intangible Assets and Goodwill (Goodwill Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2023 |
Jun. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Goodwill [Line Items] | ||||||
Goodwill impairment | $ 0 | $ 0 | $ 118,599 | $ 0 | ||
Global Ecommerce | ||||||
Goodwill [Line Items] | ||||||
Goodwill accumulated impairment loss | $ 317,000 | $ 317,000 | $ 198,000 | |||
Goodwill impairment | $ 119,000 |
Fair Value Measurements and Derivative Instruments (Available-for-sale Securities Maturities) (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Amortized cost | ||
Within 1 year | $ 2,567 | |
After 1 year through 5 years | 15,107 | |
After 5 years through 10 years | 71,033 | |
After 10 years | 161,580 | |
Amortized cost | 250,287 | $ 260,145 |
Estimated fair value | ||
Within 1 year | 2,280 | |
After 1 year through 5 years | 13,669 | |
After 5 years through 10 years | 56,861 | |
After 10 years | 119,908 | |
Total | $ 192,718 | $ 208,266 |
Fair Value Measurements and Derivative Instruments (Narrative) (Details) - USD ($) |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
|
Derivative [Line Items] | ||
Held-to-maturity securities | $ 25,000,000 | $ 22,000,000 |
Held-to-maturity securities, term | 2 years | |
Foreign exchange contracts | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 0 | $ 1,000,000 |
Derivative, term of contract | 3 months | |
Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 200,000,000 |
Fair Value Measurements and Derivative Instruments (Fair Value of Debt) (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Carrying value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | $ 2,158,128 | $ 2,205,266 |
Fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | $ 1,804,017 | $ 1,856,878 |
Restructuring Charges and Asset Impairments (Narrative) (Details) - The 2023 Plan $ in Millions |
1 Months Ended |
---|---|
May 31, 2023
USD ($)
position
| |
Minimum | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and related cost, expected number of positions eliminated | position | 850 |
Restructuring and related cost, expected cost | $ | $ 60 |
Maximum | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and related cost, expected number of positions eliminated | position | 950 |
Restructuring and related cost, expected cost | $ | $ 70 |
Restructuring Charges and Asset Impairments (Activity In Restructuring Charges) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Restructuring Costs | ||||
Balance Beginning | $ 7,647 | $ 5,747 | ||
Amounts charged to expense | $ 16,578 | 42,620 | 12,672 | |
Cash payments | (25,152) | (11,761) | ||
Noncash activity | (8,049) | (1,378) | ||
Balance Ending | 17,066 | $ 5,280 | 17,066 | 5,280 |
2023 Plan | ||||
Restructuring Costs | ||||
Balance Beginning | 0 | 0 | ||
Amounts charged to expense | 16,578 | 39,021 | 0 | |
Cash payments | (13,906) | 0 | ||
Noncash activity | (8,049) | 0 | ||
Balance Ending | 17,066 | 0 | 17,066 | 0 |
Prior Plan | ||||
Restructuring Costs | ||||
Balance Beginning | 7,647 | 5,747 | ||
Amounts charged to expense | 0 | 4,264 | 3,599 | 12,672 |
Cash payments | (11,246) | (11,761) | ||
Noncash activity | 0 | (1,378) | ||
Balance Ending | $ 0 | $ 5,280 | $ 0 | $ 5,280 |
Restructuring Charges and Asset Impairments (Components of Restructuring Expense) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Severance | $ 10,007 | $ 34,029 | ||
Facilities and other | 6,571 | 8,591 | ||
Total | 16,578 | 42,620 | $ 12,672 | |
The 2023 Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance | 10,007 | 30,972 | ||
Facilities and other | 6,571 | 8,049 | ||
Total | 16,578 | 39,021 | 0 | |
Prior Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance | 0 | $ 2,846 | 3,057 | 9,223 |
Facilities and other | 0 | 1,418 | 542 | 3,449 |
Total | $ 0 | $ 4,264 | $ 3,599 | $ 12,672 |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Income Tax Contingency [Line Items] | ||||
Effective tax rate (percent) | 25.10% | 45.80% | 9.40% | 5.60% |
Tax charge (benefit) for legislation | $ (1,000) | $ 2,000 | ||
Goodwill impairment | $ 0 | $ 0 | 118,599 | 0 |
Tax benefit on state and local income taxes | 1,000 | |||
Tax benefit on sale of business | 4,000 | |||
Pre-tax gain | $ 8,398 | $ 0 | 10,920 | |
Percent decrease in unrecognized benefits, reasonably possible (up to) | 15.00% | 15.00% | ||
Held-for-sale | Borderfree Cross-border Ecommerce Solutions | ||||
Income Tax Contingency [Line Items] | ||||
Pre-tax gain | 4,000 | |||
Held-for-sale | 2019 Sale of Business | ||||
Income Tax Contingency [Line Items] | ||||
Tax benefit on sale of business | $ 1,000 |
Commitments and Contingencies (Details) - Equipment $ in Millions |
Sep. 30, 2023
USD ($)
|
---|---|
Lessee, Lease, Description [Line Items] | |
Lease payments | $ 18 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Term of contract | 3 years |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Term of contract | 7 years |
Stockholders’ (Deficit) Equity (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Increase (Decrease) in Stockholders' Equity | ||||
Balances, beginning of period | $ (75,487) | $ 44,154 | $ 60,653 | $ 112,632 |
Net (loss) income | (12,519) | 5,487 | (161,791) | 30,644 |
Other comprehensive loss | (30,078) | (55,400) | (2,507) | (125,141) |
Dividends paid | (8,805) | (8,700) | (26,330) | (26,013) |
Issuance of common stock | 574 | 812 | (2,415) | (2,189) |
Stock-based compensation expense | 1,206 | 5,371 | 7,281 | 15,237 |
Repurchase of common stock | (13,446) | |||
Balances, end of period | $ (125,109) | $ (8,276) | $ (125,109) | $ (8,276) |
Dividends paid (in dollars per share) | $ 0.05 | $ 0.05 | $ 0.15 | $ 0.15 |
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 | 0 | 0 | 0 | 2,485 |
Issuance of common stock | (1,206) | (5,371) | (7,281) | (17,722) |
Stock-based compensation expense | 1,206 | 5,371 | 7,281 | 15,237 |
Balances, end of period | 0 | 0 | 0 | 0 |
Retained earnings | ||||
Increase (Decrease) in Stockholders' Equity | ||||
Balances, beginning of period | 4,908,641 | 5,137,248 | 5,125,677 | 5,169,270 |
Net (loss) income | (12,519) | 5,487 | (161,791) | 30,644 |
Dividends paid | (8,805) | (8,700) | (26,330) | (26,013) |
Issuance of common stock | (14,878) | (6,005) | (65,117) | (45,871) |
Balances, end of period | 4,872,439 | 5,128,030 | 4,872,439 | 5,128,030 |
Accumulated other comprehensive loss | ||||
Increase (Decrease) in Stockholders' Equity | ||||
Balances, beginning of period | (807,993) | (850,053) | (835,564) | (780,312) |
Other comprehensive loss | (30,078) | (55,400) | (2,507) | (125,141) |
Balances, end of period | (838,071) | (905,453) | (838,071) | (905,453) |
Treasury stock | ||||
Increase (Decrease) in Stockholders' Equity | ||||
Balances, beginning of period | (4,499,473) | (4,566,379) | (4,552,798) | (4,602,149) |
Issuance of common stock | 16,658 | 12,188 | 69,983 | 61,404 |
Repurchase of common stock | (13,446) | |||
Balances, end of period | $ (4,482,815) | $ (4,554,191) | $ (4,482,815) | $ (4,554,191) |
Supplemental Financial Statement Information (Allowance for Credit on Losses for Accounts and Other Receivables) (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of year | $ 5,864 | $ 29,179 |
Amounts charged to expense | 5,703 | 5,361 |
Write-offs, recoveries and other | (7,443) | (28,110) |
Balance at end of period | 4,124 | 6,430 |
Allowance for doubtful accounts | 4,124 | 6,430 |
Accounts and other receivables | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at end of period | 4,124 | 5,910 |
Allowance for doubtful accounts | 4,124 | 5,910 |
Other assets | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at end of period | 0 | 520 |
Allowance for doubtful accounts | $ 0 | $ 520 |
Supplemental Financial Statement Information (Other Income, Net) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Other Income and Expenses [Abstract] | ||||
(Gain) loss on debt redemption/refinancing | $ 0 | $ (3,064) | $ 4,993 | |
Gain on sale of assets | 0 | 0 | (14,372) | |
Gain on sale of businesses | (8,398) | 0 | (10,920) | |
Other income, net | $ 0 | $ (8,398) | $ (3,064) | $ (20,299) |
Supplemental Financial Statement Information (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Other Income and Expenses [Abstract] | ||
Cash interest paid | $ 134,157 | $ 114,752 |
Cash income tax payments, net of refunds | 18,200 | 16,533 |
Capital assets obtained under capital lease obligations | $ 4,804 | $ 21,665 |
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