View Filing Data

$ 790,125

$ 760,281

$ 2,373,782

$ 2,354,108

Financing interest expense

11,026

10,849

33,433

33,107

Selling, general and administrative

254,092

241,350

757,228

759,469

Research and development

12,272

15,636

38,421

44,651

Restructuring charges and asset impairments, net

47,017

6,099

56,616

18,771

Interest expense, net

28,704

26,588

84,325

89,377

Other components of net pension and postretirement cost

(882)

(1,852)

(3,138)

(6,070)

Other expense

667

7,964

18,350

7,964

Total costs and expenses

809,675

715,093

2,355,021

2,204,320

(Loss) income from continuing operations before taxes

(19,550)

45,188

18,761

149,788

(Benefit) provision for income taxes

(24,895)

(2,468)

(13,351)

17,235

Income from continuing operations

5,345

47,656

32,112

132,553

(Loss) income from discontinued operations, net of tax

(8,470)

32,621

(14,199)

59,289

Net (loss) income

$ (3,125)

$ 80,277

$ 17,913

$ 191,842

Basic earnings (loss) per share:

^[1]

$ 0.03

$ 0.25

$ 0.18

$ 0.71

^[1]

(0.05)

0.17

(0.08)

0.32

^[1]

(0.02)

0.43

0.10

1.02

Diluted earnings (loss) per share:

^[1]

0.03

0.25

0.18

0.70

^[1]

(0.05)

0.17

(0.08)

0.32

^[1]

$ (0.02)

$ 0.43

$ 0.10

$ 1.02

Equipment sales

$ 19,062

$ 20,428

$ 59,739

$ 64,482

89,618

88,799

264,956

289,318

59,859

52,209

182,094

173,626

Supplies

44,818

50,403

142,261

165,853

44,818

50,403

142,261

165,853

12,225

13,967

37,533

46,652

Rentals

19,737

21,432

60,339

65,852

5,090

9,174

23,223

30,386

Financing

90,577

96,799

280,039

294,277

Support services

126,274

138,055

382,578

417,303

126,274

138,055

382,578

417,303

41,086

45,872

123,453

134,204

Business services

419,101

364,793

1,243,609

1,121,505

419,101

364,793

1,243,609

1,121,505

Revenue from Contract with Customer [Abstract]

$ 338,519

$ 287,237

$ 1,003,483

$ 872,183

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

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net loss	$ (3,125)	$ 80,277	$ 17,913	$ 191,842
Other comprehensive (loss) income, net of tax:
Foreign currency translation, net of tax of $(655), $(3,474), $(1,078) and $(3,474), respectively	(27,962)	(2,475)	(6,584)	(30,334)
Net unrealized gain on cash flow hedges, net of tax of $51, $174, $27 and $474, respectively	149	522	78	773
Net unrealized gain (loss) on investment securities, net of tax of $509, $(417), $2,573 and $(2,230), respectively	1,487	(1,218)	7,516	(6,514)
Amortization of pension and postretirement costs, net of tax benefits of $2,633, $2,399, $7,406 and $7,766, respectively	7,552	8,810	21,499	24,850
Other comprehensive (loss) income, net of tax	(18,774)	5,639	22,509	(11,225)
Comprehensive (loss) income	$ (21,899)	$ 85,916	$ 40,422	$ 180,617

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Foreign currency translation, tax	$ (655)	$ (3,474)	$ (1,078)	$ (3,474)
Net unrealized gain (loss) on cash flow hedges, tax	51	174	27	474
Net unrealized gain on investment securities, tax	509	(417)	2,573	(2,230)
Amortization of pension and postretirement costs, tax	$ 2,633	$ 2,399	$ 7,406	$ 7,766

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 514,851	$ 867,262
Short-term investments	137,032	59,391
Accounts and other receivables (net of allowance of $20,971 and $17,443, respectively)	365,522	371,797
Short-term finance receivables (net of allowance of $12,819 and $12,418, respectively)	617,178	653,236
Inventories	76,339	62,279
Current income taxes	25,598	5,947
Other current assets and prepayments	101,829	74,782
Assets of discontinued operations	568,413	602,823
Total current assets	2,406,762	2,697,517
Property, plant and equipment, net	371,666	398,501
Rental property and equipment, net	39,400	46,228
Long-term finance receivables (net of allowance of $7,305 and $7,804 respectively)	616,746	635,908
Goodwill	1,317,037	1,332,351
Intangible assets, net	199,715	213,200
Operating lease assets	172,617	152,554
Noncurrent income taxes	80,561	65,001
Other assets	392,720	397,159
Total assets	5,597,224	5,938,419
Current liabilities:
Accounts payable and accrued liabilities	1,337,214	1,348,127
Current operating lease liabilities	34,091	35,208
Current portion of long-term debt	501,728	199,535
Advance billings	106,968	116,862
Current income taxes	8,525	15,284
Liabilities of discontinued operations	157,034	174,798
Total current liabilities	2,145,560	1,889,814
Long-term debt	2,567,363	3,066,073
Deferred taxes on income	253,151	253,560
Tax uncertainties and other income tax liabilities	45,179	39,548
Noncurrent operating lease liabilities	148,125	125,294
Other noncurrent liabilities	412,434	462,288
Total liabilities	5,571,812	5,836,577
Commitments and contingencies (See Note 14)
Stockholders’ equity:
Cumulative preferred stock, $50 par value, 4% convertible	0	1
Cumulative preference stock, no par value, $2.12 convertible	0	396
Common stock, $1 par value (480,000,000 shares authorized; 323,337,912 shares issued)	323,338	323,338
Additional paid-in capital	101,651	121,475
Retained earnings	5,270,741	5,279,682
Accumulated other comprehensive loss	(926,452)	(948,961)
Treasury stock, at cost (153,182,446 and 135,662,830 shares, respectively)	(4,743,866)	(4,674,089)
Total stockholders’ equity	25,412	101,842
Total liabilities and stockholders’ equity	$ 5,597,224	$ 5,938,419

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 20,971	$ 17,443
Short-term finance receivables allowance	12,819	12,418
Long-term finance receivables allowance	$ 7,305	$ 7,804
Preferred stock par value (in dollars per share)	$ 50	$ 50
Preferred stock dividend rate	4.00%	4.00%
Preference stock, par value (in dollars per share)	$ 0	$ 0
Preference stock dividend rate (in dollars per share)	2.12	2.12
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	480,000,000	480,000,000
Common stock, shares issued (in shares)	323,337,912	323,337,912
Treasury stock (in shares)	153,182,446	135,662,830

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net loss	$ 17,913	$ 191,842
Loss (income) from discontinued operations, net of tax	14,199	(59,289)
Restructuring payments	(18,845)	(39,242)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	118,514	112,155
Stock-based compensation	15,867	15,771
Restructuring charges and asset impairments, net	56,616	18,771
Loss on disposition of businesses	17,683	0
Changes in operating assets and liabilities, net of acquisitions/divestitures:
Decrease in accounts receivable	12,509	1,655
Decrease in finance receivables	34,674	63,128
Increase in inventories	(14,559)	(1,889)
Increase in other current assets and prepayments	(30,546)	(10,585)
Decrease in accounts payable and accrued liabilities	(17,526)	(80,905)
(Decrease) increase in current and noncurrent income taxes	(30,401)	194
Decrease in advance billings	(3,802)	(12,403)
Other, net	(5,870)	(9,061)
Net cash provided by operating activities - continuing operations	166,426	190,142
Net cash provided by operating activities - discontinued operations	15,858	68,428
Net cash provided by operating activities	182,284	258,570
Cash flows from investing activities:
Purchases of available-for-sale securities	(45,178)	(74,270)
Proceeds from sales/maturities of available-for-sale securities	78,024	67,354
Net activity from short-term and other investments	(92,418)	8,479
Capital expenditures	(95,221)	(105,295)
Acquisitions, net of cash acquired	(22,100)	(2,407)
Change in reserve account deposits	3,125	6,864
Other investing activities	(9,341)	(2,500)
Net cash used in investing activities - continuing operations	(183,109)	(101,775)
Net cash (used in) provided by investing activities - discontinued operations	(18,572)	336,016
Net cash used in investing activities - continuing operations	(201,681)	234,241
Cash flows from financing activities:
Principal payments of long-term debt	(202,640)	(565,141)
Dividends paid to stockholders	(26,854)	(105,296)
Common stock repurchases	(105,000)	0
Other financing activities	7,302	(55,485)
Net cash used in financing activities	(327,192)	(725,922)
Effect of exchange rate changes on cash and cash equivalents	(5,822)	(15,653)
Change in cash and cash equivalents	(352,411)	(248,764)
Cash and cash equivalents at beginning of period	867,262	1,009,021
Cash and cash equivalents at end of period	514,851	760,257
Less: Cash and cash equivalents of discontinued operations	0	1,026
Cash and cash equivalents of continuing operations at end of period	514,851	759,231
Cash interest paid	110,943	127,624
Cash income tax payments, net of refunds	$ 25,527	$ 17,168

Description of Business and Basis of Presentation	9 Months Ended
Description of Business and Basis of Presentation	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Description of Business Pitney Bowes Inc. (we, us, our, or the company) is a global technology company providing innovative products and commerce solutions that power billions of transactions and help our clients navigate the complex world of commerce. We offer shipping, mailing, fulfillment, returns and cross-border ecommerce products and solutions that enable the sending of parcels and packages across the globe. Clients around the world rely on the accuracy and precision delivered by Pitney Bowes solutions. Pitney Bowes Inc. was incorporated in the state of Delaware in 1920. For more information about us, our products, services and solutions, visit www.pb.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, 2018 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, 2019. 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, 2018 (2018 Annual Report). In the quarter, we recast our segment reporting to combine North America Mailing and International Mailing into the Sending Technology Solutions (SendTech Solutions) segment to reflect how we manage these operations and the products and services provided to our clients. In August 2019, we entered into a definitive agreement to sell our Software Solutions business. Software Solutions offers customer information management, location intelligence and customer engagement products and solutions to help clients market to their customers. The Software Solutions business is now reported as a discontinued operation in our Condensed Consolidated Financial Statements and prior periods have been recast to conform to the current period presentation. See Note 4 for further details. In January 2019, we sold the direct operations and moved to a dealer model in six smaller markets within the SendTech Solutions segment (Market Exits) and recognized a pre-tax loss of $18 million in other expense. Accounts and other receivables includes other receivables of $102 million at September 30, 2019 and $75 million at December 31, 2018. Based on their nature, we determined that certain costs previously classified as research and development and cost of business services should be classified in other line items within costs and expenses. Accordingly, the income statement for the three months ended September 30, 2018 has been revised to correct the classification of these costs by reducing research and development expense and cost of business services by $8 million and $4 million, respectively, and increasing selling, general and administrative expense and cost of equipment sales by $9 million and $3 million, respectively. The income statement for the nine months ended September 30, 2018 has been revised to correct the classification of these costs by reducing research and development expense and cost of business services by $20 million and $10 million, respectively, and increasing selling, general and administrative expense and cost of equipment sales by $22 million and $8 million, respectively. The classification of certain prior year costs of revenue have been revised to correct and conform to the current year presentation. Accordingly, for the three months ended September 30, 2018, both cost of equipment sales and cost of rentals were reduced by $1 million and cost of support services was increased by $2 million. For the nine months ended September 30, 2018, cost of equipment sales and cost of rentals were reduced by $4 million and $3 million, respectively, and cost of support services increased by $7 million. The December 31, 2018 balance sheet has been revised to correct the classification of assets and liabilities by reducing short-term finance receivables and advance billings by $106 million and $6 million, respectively, and increasing long-term finance receivables by $100 million. New Accounting Pronouncements Accounting Pronouncements Adopted in 2019 On January 1, 2019, we adopted Accounting Standards Codification (ASC) 842, Leases (ASC 842), using the modified retrospective transition approach of applying the standard at the beginning of the earliest comparative period presented in the financial statements. We recognized a cumulative effect adjustment at January 1, 2017 to reduce retained earnings by $137 million and recast prior period financial statements. See Notes 7 and 15 for more information. From a lessor perspective, the standard simplifies the accounting for lease modifications and aligns accounting of lease contracts with revenue recognition guidance. We continue to classify leases as sales-type or operating, with the determination affecting both the pattern and classification of income recognition. There were changes in the timing and classification of revenue related to contract modifications. There were also changes related to the definition of a leased asset, which requires us to account for two lease components as a single lease component. Under prior guidance, one of the components was generally accounted for as a sales-type lease and the second as an operating lease. Under ASC 842, the two components are generally accounted for as sales-type leases and certain income and costs previously recognized over the life of the lease are now accelerated. From a lessee perspective, the standard requires us to recognize right-of-use assets and lease liabilities for real estate and equipment operating leases and to provide new disclosures about our leasing activities. We elected the short-term lease recognition exemption and did not recognize right-of-use assets or lease liabilities for leases with a term less than 12 months. We also elected the practical expedient to not separate lease and non-lease components for our lessee portfolio. Updates to significant accounting policies disclosed in our 2018 Annual Report due to the adoption of ASC 842 are discussed below. Equipment sales: We sell and lease equipment directly to customers and to distributors (re-sellers) throughout the world. The amount of revenue allocated to the equipment is based on a range of observable selling prices in standalone transactions. Revenue from the sale of equipment under sales-type leases is recognized as equipment sales revenue when control of the equipment transfers to the customer, which is upon shipment for self-installed products and upon installation or customer acceptance for other products. We do not typically offer any rights of return. Rentals: Rentals revenue includes revenue from mailing equipment that does not meet the criteria to be accounted for as a sales-type lease. We may invoice in advance for rentals according to the terms of the agreement. We initially defer these advanced billings and recognize rentals revenue on a straight-line basis over the rental period. Revenue generated from financing clients for the continued use of equipment subsequent to the expiration of the original lease is recognized as rentals revenue. Financing: We provide financing for our products primarily through sales-type leases. We also provide revolving lines of credit for the purchase of postage and supplies. We record financing income over the lease term using the effective interest method. Financing revenue also includes amounts related to sales-type leases that customers have extended or renewed for an additional term. Revenue for these contracts is recognized over the term of the modified lease using the effective interest method. We believe that our sales-type lease portfolio contains only normal collection risk. Equipment residual values are determined at the inception of the lease using estimates of fair value at the end of the lease term. Fair value estimates are based primarily on historical experience. We also consider forecasted supply and demand for products, product retirement and launch plans, client behavior, regulatory changes, remanufacturing strategies, used equipment markets, competition and technological changes. We evaluate residual values on an annual basis or sooner if circumstances warrant. Declines in estimated residual values considered "other-than-temporary" are recognized immediately. Estimated increases in future residual values are not recognized until the equipment is remarketed. Support services: Support services revenue includes revenue from equipment service contracts, subscriptions and meter services. Revenue is allocated to these services using selling prices charged in standalone replacement and renewal transactions. Since we have a stand-ready obligation to provide these services over the entire contract term, revenue is recognized on a straight-line basis over the term of the agreement. Business services: Business services revenue includes revenue from mail processing services and ecommerce solutions. These services represent a series of distinct services that are similar in nature and revenue is recognized as the services are provided. We review third party relationships and record revenue on a gross basis when we act as a principal in a transaction and on a net basis when we act as an agent between a client and vendor. In determining whether we are acting as principal or agent, we consider several factors such as whether we are the primary obligor to the client, have control over pricing or have inventory risk. On January 1, 2019, we also adopted Accounting Standards Update (ASU) 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities, which shortens the amortization period for certain callable debt securities held at a premium, requiring the premium to be amortized to the earliest call date. The adoption of this standard did not have a material impact on our consolidated financial statements. In July 2019, we prospectively adopted ASU 2018-15, Intangibles - Goodwill and Other-Internal-Use Software. The ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The early adoption of this standard did not have a material impact on our consolidated financial statements. Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses. The ASU sets forth a current expected credit loss model, which requires companies to measure expected credit losses for all financial instruments held at the reporting date based on historical experience, current conditions and reasonably supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. This standard is effective beginning January 1, 2020. We have completed the scoping of financial assets that will be impacted by the standard and are in the process of finalizing models to measure expected credit losses.

Revenue

9 Months Ended

Sep. 30, 2019

Discontinued Operations and Disposal Groups [Abstract]

Disaggregated Revenue

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



	Three Months Ended September 30, 2019
	Global Ecommerce		Presort Services		SendTech Solutions		Revenue from products and services		Revenue from leasing transactions and financing		Total consolidated revenue
Major products/service lines
Equipment sales	$	—	$	—	$	19,062	$	19,062	$	70,556	$	89,618
Supplies	—		—		44,818		44,818		—		44,818
Rentals	—		—		—		—		19,737		19,737
Financing	—		—		—		—		90,577		90,577
Support services	—		—		126,274		126,274		—		126,274
Business services	278,995		131,483		8,623		419,101		—		419,101
Subtotal	278,995		131,483		198,777		609,255		$	180,870	$	790,125

Revenue from leasing transactions and financing
Equipment sales	—		—		70,556		70,556
Rentals	—		—		19,737		19,737
Financing	—		—		90,577		90,577
Total revenue	$	278,995	$	131,483	$	379,647	$	790,125

Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	—	$	—	$	63,880	$	63,880
Products/services transferred over time	278,995		131,483		134,897		545,375
Total	$	278,995	$	131,483	$	198,777	$	609,255



	Three Months Ended September 30, 2018
	Global Ecommerce		Presort Services		SendTech Solutions		Revenue from products and services		Revenue from leasing transactions and financing		Total consolidated revenue
Major products/service lines
Equipment sales	$	—	$	—	$	20,428	$	20,428	$	68,371	$	88,799
Supplies	—		—		50,403		50,403		—		50,403
Rentals	—		—		—		—		21,432		21,432
Financing	—		—		—		—		96,799		96,799
Support services	—		—		138,055		138,055		—		138,055
Business services	232,845		125,334		6,614		364,793		—		364,793
Subtotal	232,845		125,334		215,500		573,679		$	186,602	$	760,281

Revenue from leasing transactions and financing
Equipment sales	—		—		68,371		68,371
Rentals	—		—		21,432		21,432
Financing	—		—		96,799		96,799
Total revenue	$	232,845	$	125,334	$	402,102	$	760,281

Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	—	$	—	$	70,831	$	70,831
Products/services transferred over time	232,845		125,334		144,669		502,848
Total	$	232,845	$	125,334	$	215,500	$	573,679



	Nine Months Ended September 30, 2019
	Global Ecommerce		Presort Services		SendTech Solutions		Revenue from products and services		Revenue from leasing transactions and financing		Total consolidated revenue
Major products/service lines
Equipment sales	$	—	$	—	$	59,739	$	59,739	$	205,217	$	264,956
Supplies	—		—		142,261		142,261		—		142,261
Rentals	—		—		—		—		60,339		60,339
Financing	—		—		—		—		280,039		280,039
Support services	—		—		382,578		382,578		—		382,578
Business services	827,568		394,468		21,573		1,243,609		—		1,243,609
Subtotal	827,568		394,468		606,151		1,828,187		$	545,595	$	2,373,782

Revenue from leasing transactions and financing
Equipment sales	—		—		205,217		205,217
Rentals	—		—		60,339		60,339
Financing	—		—		280,039		280,039
Total revenue	$	827,568	$	394,468	$	1,151,746	$	2,373,782

Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	—	$	—	$	202,000	$	202,000
Products/services transferred over time	827,568		394,468		404,151		1,626,187
Total	$	827,568	$	394,468	$	606,151	$	1,828,187



	Nine Months Ended September 30, 2018
	Global Ecommerce		Presort Services		SendTech Solutions		Revenue from products and services		Revenue from leasing transactions and financing		Total consolidated revenue
Major products/service lines
Equipment sales	$	—	$	—	$	64,482	$	64,482	$	224,836	$	289,318
Supplies	—		—		165,853		165,853		—		165,853
Rentals	—		—		—		—		65,852		65,852
Financing	—		—		—		—		294,277		294,277
Support services	—		—		417,303		417,303		—		417,303
Business services	718,535		382,522		20,448		1,121,505		—		1,121,505
Subtotal	718,535		382,522		668,086		1,769,143		$	584,965	$	2,354,108

Revenue from leasing transactions and financing
Equipment sales	—		—		224,836		224,836
Rentals	—		—		65,852		65,852
Financing	—		—		294,277		294,277
Total revenue	$	718,535	$	382,522	$	1,253,051	$	2,354,108

Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	—	$	—	$	230,335	$	230,335
Products/services transferred over time	718,535		382,522		437,751		1,538,808
Total	$	718,535	$	382,522	$	668,086	$	1,769,143

Our performance obligations are as follows:

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

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

Business services: Performance obligations include providing mail processing services and ecommerce solutions. Revenue is recognized over time as the services are provided. The contract terms for these services vary, with the initial contracts in the range of one to five years, followed by annual renewal periods.

Revenue from leasing transactions and financing includes revenue from equipment accounted for as sales-type leases and operating leases, finance income and late fees.

Advance Billings from Contracts with Customers



	Balance sheet location	September 30, 2019		December 31, 2018		Increase (decrease)
Advance billings, current	Advance billings	$	97,666	$	111,829	$	(14,163	)
Advance billings, noncurrent	Other noncurrent liabilities	$	1,413	$	1,985	$	(572	)

Advance billings are recorded when cash payments are due in advance of our performance. Items in advance billings primarily relate to support services on equipment and subscription services. Revenue is recognized ratably over the contract term.

The net decrease in advance billings at September 30, 2019 is due to revenue recognized during the period in excess of advance billings. Revenue recognized during the period includes $114 million of advance billings at the beginning of the period, partially offset by advance billings in the quarter.

Future Performance Obligations

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



	Remainder of 2019		2020		2021-2024		Total
SendTech Solutions	$	77,171	$	272,621	$	421,746	$	771,538

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

Segment Information

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Segment Information

Our reportable segments are Global Ecommerce, Presort Services and SendTech Solutions. Global Ecommerce and Presort Services comprise the Commerce Services reporting group. The principal products and services of each reportable segment are as follows:

Global Ecommerce: Includes the revenue and related expenses from products and services that enable domestic and cross-border ecommerce transactions, including shipping, fulfillment and returns.

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

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

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

Revenue and EBIT by business segment is presented below:



	Revenue
	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Global Ecommerce	$	278,995	$	232,845	$	827,568	$	718,535
Presort Services	131,483		125,334		394,468		382,522
Commerce Services	410,478		358,179		1,222,036		1,101,057
SendTech Solutions	379,647		402,102		1,151,746		1,253,051
Total revenue	$	790,125	$	760,281	$	2,373,782	$	2,354,108



	EBIT
	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Global Ecommerce	$	(21,793	)	$	(14,330	)	$	(51,969	)	$	(28,034	)
Presort Services	17,687			17,435			48,215			57,026
Commerce Services	(4,106		)	3,105			(3,754		)	28,992
SendTech Solutions	130,954			134,607			378,095			412,427
Total segment EBIT	126,848			137,712			374,341			441,419
Reconciliation of Segment EBIT to net income:
Unallocated corporate expenses	(58,277		)	(40,988		)	(160,283		)	(141,321		)
Restructuring charges and asset impairments, net	(47,017		)	(6,099		)	(56,616		)	(18,771		)
Interest, net	(39,730		)	(37,437		)	(117,758		)	(122,484		)
Other expense	(667		)	(7,964		)	(18,350		)	(7,964		)
Transaction costs	(707		)	(36		)	(2,573		)	(1,091		)
Benefit (provision) for income taxes	24,895			2,468			13,351			(17,235		)
Income from continuing operations	5,345			47,656			32,112			132,553
(Loss) income from discontinued operations, net of tax	(8,470		)	32,621			(14,199		)	59,289
Net (loss) income	$	(3,125	)	$	80,277		$	17,913		$	191,842

Discontinued Operations

9 Months Ended

Sep. 30, 2019

Discontinued Operations

In August 2019, we entered into a definitive agreement to sell our Software Solutions business for $700 million, subject to certain adjustments. The transaction is subject to customary closing conditions, and we expect it to be completed by the end of 2019.

The operating results of the Software Solutions business are now reported as discontinued operations. Discontinued operations also includes our Document Messaging Technology production mail business and supporting software (Production Mail Business) that was sold in July 2018.

Selected financial information of discontinued operations is as follows:



	Three Months Ended September 30, 2019									Three Months Ended September 30, 2018
	Software Solutions			Production Mail			Total			Software Solutions		Production Mail			Total
Revenue	$	73,620		$	—		$	73,620		$	75,743	$	19,557		$	95,300

Earnings (loss) from discontinued operations	$	8,633		$	—		$	8,633		$	4,533	$	(1,316	)	$	3,217
(Loss) gain on sale (including transaction costs)	(12,447		)	(5,710		)	(18,157		)	—		86,640			86,640
(Loss) income from discontinued operations before taxes	$	(3,814	)	$	(5,710	)	(9,524		)	$	4,533	$	85,324		89,857
Tax (benefit) provision							(1,054		)						57,236
(Loss) income from discontinued operations, net of tax							$	(8,470	)						$	32,621



	Nine Months Ended September 30, 2019									Nine Months Ended September 30, 2018
	Software Solutions			Production Mail			Total			Software Solutions		Production Mail		Total
Revenue	$	219,144		$	—		$	219,144		$	243,738	$	211,000	$	454,738

Earnings (loss) from discontinued operations	$	13,334		$	(663	)	$	12,671		$	28,497	$	20,304	$	48,801
(Loss) gain on sale (including transaction costs)	(14,211		)	(14,967		)	(29,178		)	—		77,863		77,863
(Loss) income from discontinued operations before taxes	$	(877	)	$	(15,630	)	(16,507		)	$	28,497	$	98,167	126,664
Tax (benefit) provision							(2,308		)					67,375
(Loss) income from discontinued operations, net of tax							$	(14,199	)					$	59,289

The major categories of assets and liabilities included in assets of discontinued operations and liabilities of discontinued operations are as follows:



	September 30, 2019		December 31, 2018
Cash and cash equivalents	$	—	$	1,965
Accounts and other receivables, net	55,077		85,399
Inventories	—		855
Other current assets and prepayments	29,801		26,121
Property, plant and equipment, net	11,495		12,140
Rental property and equipment, net	—		179
Goodwill	430,995		434,160
Intangible assets	10,379		13,937
Operating lease asset	3,587		4,234
Other assets	27,079		23,833
Assets of discontinued operations	$	568,413	$	602,823

Accounts payable and accrued liabilities	$	38,163	$	42,896
Current operating lease liabilities	1,441		2,000
Advance billings	98,699		113,110
Other current liabilities	—		2,021
Noncurrent operating lease liabilities	1,823		1,943
Other noncurrent liabilities	16,908		12,828
Liabilities of discontinued operations	$	157,034	$	174,798

Earnings per Share (EPS)

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Earnings per Share (EPS)



	Three Months Ended September 30,					Nine Months Ended September 30,
	2019			2018		2019			2018
Numerator:
Income from continuing operations	$	5,345		$	47,656	$	32,112		$	132,553
(Loss) income from discontinued operations, net of tax	(8,470		)	32,621		(14,199		)	59,289
Net (loss) income (numerator for diluted EPS)	(3,125		)	80,277		17,913			191,842
Less: Preference stock dividend	—			8		8			24
(Loss) income attributable to common stockholders (numerator for basic EPS)	$	(3,125	)	$	80,269	$	17,905		$	191,818
Denominator:
Weighted-average shares used in basic EPS	170,326			187,470		178,048			187,167
Dilutive effect of common stock equivalents	875			945		1,048			1,023
Weighted-average shares used in diluted EPS	171,201			188,415		179,096			188,190
Basic earnings (loss) per share ⁽¹⁾:
Continuing operations	$	0.03		$	0.25	$	0.18		$	0.71
Discontinued operations	(0.05		)	0.17		(0.08		)	0.32
Net (loss) income	$	(0.02	)	$	0.43	$	0.10		$	1.02
Diluted earnings (loss) per share ⁽¹⁾:
Continuing operations	$	0.03		$	0.25	$	0.18		$	0.70
Discontinued operations	(0.05		)	0.17		(0.08		)	0.32
Net (loss) income	$	(0.02	)	$	0.43	$	0.10		$	1.02

Anti-dilutive options excluded from diluted earnings per share:	16,182			12,195		16,166			12,097

⁽¹⁾

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

Inventories

9 Months Ended

Sep. 30, 2019

Inventory Disclosure [Abstract]

Inventories

Inventories are stated at the lower of cost or net realizable value. Cost is determined on the last-in, first-out (LIFO) basis for most U.S. inventories and the first-in, first-out (FIFO) basis for most non-U.S. inventories. Inventories at September 30, 2019 and December 31, 2018 consisted of the following:



	September 30, 2019			December 31, 2018
Raw materials	$	18,683		$	8,229
Supplies and service parts	24,283			21,841
Finished products	37,856			36,692
Inventory at FIFO cost	80,822			66,762
Excess of FIFO cost over LIFO cost	(4,483		)	(4,483		)
Total inventory, net	$	76,339		$	62,279

Finance Assets and Lessor Operating Leases

9 Months Ended

Sep. 30, 2019

Receivables [Abstract]

Finance Assets and Lessor Operating Leases

Finance Assets

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

Finance receivables at September 30, 2019 and December 31, 2018 consisted of the following:



	September 30, 2019									December 31, 2018
	North America			International			Total			North America			International			Total
Sales-type lease receivables
Gross finance receivables	$	1,064,996		$	215,110		$	1,280,106		$	1,110,898		$	242,036		$	1,352,934
Unguaranteed residual values	43,621			11,264			54,885			52,637			12,772			65,409
Unearned income	(331,085		)	(63,121		)	(394,206		)	(383,453		)	(55,113		)	(438,566		)
Allowance for credit losses	(11,172		)	(2,217		)	(13,389		)	(10,252		)	(2,356		)	(12,608		)
Net investment in sales-type lease receivables	766,360			161,036			927,396			769,830			197,339			967,169
Loan receivables
Loan receivables	285,163			28,100			313,263			300,319			29,270			329,589
Allowance for credit losses	(6,016		)	(719		)	(6,735		)	(6,777		)	(837		)	(7,614		)
Net investment in loan receivables	279,147			27,381			306,528			293,542			28,433			321,975
Net investment in finance receivables	$	1,045,507		$	188,417		$	1,233,924		$	1,063,372		$	225,772		$	1,289,144

Maturities of gross loan receivables and gross sales-type lease receivables at September 30, 2019 were as follows:



	Sales-type Lease Receivables						Loan Receivables
	North America		International		Total		North America		International		Total
Remaining for year ending December 31, 2019	$	132,964	$	25,592	$	158,556	$	245,197	$	28,100	$	273,297
Year ending December 31, 2020	383,029		74,364		457,393		12,927		—		12,927
Year ending December 31, 2021	276,009		55,152		331,161		10,463		—		10,463
Year ending December 31, 2022	171,049		35,937		206,986		8,990		—		8,990
Year ending December 31, 2023	83,306		18,521		101,827		3,782		—		3,782
Thereafter	18,639		5,544		24,183		3,804		—		3,804
Total	$	1,064,996	$	215,110	$	1,280,106	$	285,163	$	28,100	$	313,263

Allowance for Credit Losses

We provide an allowance for probable credit losses based on historical loss experience, the nature and volume of our portfolios, adverse situations that may affect a client's ability to pay, prevailing economic conditions and our ability to manage the collateral. We continually evaluate the adequacy of the allowance for credit losses and make adjustments 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 establish credit approval limits based on the credit quality of the client and the type of equipment financed. Our policy is to discontinue revenue recognition for lease receivables that are more than 120 days past due and for loan receivables that are more than 90 days past due. We resume revenue recognition when the client's payments reduce the account aging to less than 60 days past due. Finance receivables deemed uncollectible are written off against the allowance after all collection efforts have been exhausted and management deems the account to be uncollectible. As of September 30, 2019, we believe that our finance receivable credit risk is low because of the geographic and industry diversification of our clients and small account balances for most of our clients.

Activity in the allowance for credit losses for the nine months ended September 30, 2019 and 2018 was as follows:



	Sales-type Lease Receivables						Loan Receivables
	North America			International			North America			International			Total
Balance at January 1, 2019	$	10,252		$	2,356		$	6,777		$	837		$	20,222
Amounts charged to expense	4,587			801			3,547			440			9,375
Write-offs and other	(3,667		)	(940		)	(4,308		)	(558		)	(9,473		)
Balance at September 30, 2019	$	11,172		$	2,217		$	6,016		$	719		$	20,124

	Sales-type Lease Receivables						Loan Receivables
	North America			International			North America			International			Total
Balance at January 1, 2018	$	7,721		$	2,794		$	7,098		$	1,020		$	18,633
Amounts charged to expense	7,037			829			4,896			331			13,093
Write-offs and other	(3,979		)	(1,359		)	(5,282		)	(466		)	(11,086		)
Balance at September 30, 2018	$	10,779		$	2,264		$	6,712		$	885		$	20,640

Aging of Receivables

The aging of gross finance receivables at September 30, 2019 and December 31, 2018 was as follows:



	September 30, 2019
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
1 - 90 days	$	1,032,400	$	211,442	$	280,114	$	27,722	$	1,551,678
> 90 days	32,596		3,668		5,049		378		41,691
Total	$	1,064,996	$	215,110	$	285,163	$	28,100	$	1,593,369
Past due amounts > 90 days
Still accruing interest	$	4,751	$	1,074	$	1,797	$	53	$	7,675
Not accruing interest	27,845		2,594		3,252		325		34,016
Total	$	32,596	$	3,668	$	5,049	$	378	$	41,691



	December 31, 2018
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
1 - 90 days	$	1,069,290	$	238,114	$	294,126	$	29,079	$	1,630,609
> 90 days	41,608		3,922		6,193		191		51,914
Total	$	1,110,898	$	242,036	$	300,319	$	29,270	$	1,682,523
Past due amounts > 90 days
Still accruing interest	$	7,917	$	1,111	$	1,769	$	72	$	10,869
Not accruing interest	33,691		2,811		4,424		119		41,045
Total	$	41,608	$	3,922	$	6,193	$	191	$	51,914

Credit Quality

The extension of credit and management of credit lines to new and existing clients uses a combination of an automated credit score, where available, and a detailed manual review of the client's financial condition and, when applicable, payment history. 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. The portfolio management processes are in place to track that our global strategy is executed, collection resources are allocated appropriately and enhanced tools and processes are implemented as needed.

We use a third party to score the majority of the North America portfolio on a quarterly basis using a commercial credit score. We do not use a third party to score our International portfolio because the cost to do so is prohibitive, given that it is a localized process, and there is no single credit score model that covers all countries.

The table below shows the North America portfolio at September 30, 2019 and December 31, 2018 by relative risk class based on the relative scores of the accounts within each class. The relative scores are determined based on a number of factors, including the company type, ownership structure, payment history and financial information. A fourth class is shown for accounts that are not scored. Absence of a score is not indicative of the credit quality of the account. The degree of risk (low, medium, high), as defined by the third party, refers to the relative risk that an account may become delinquent in the next 12 months.


•	Low risk accounts are companies with very good credit scores and are considered to approximate the top 30% of all commercial borrowers.


•	Medium risk accounts are companies with average to good credit scores and are considered to approximate the middle 40% of all commercial borrowers.


•	High risk accounts are companies with poor credit scores, are delinquent or are at risk of becoming delinquent and are considered to approximate the bottom 30% of all commercial borrowers.



	September 30, 2019		December 31, 2018
Sales-type lease receivables
Low	$	853,156	$	922,414
Medium	160,969		131,650
High	22,315		22,110
Not Scored	28,556		34,724
Total	$	1,064,996	$	1,110,898
Loan receivables
Low	$	215,319	$	238,620
Medium	53,176		43,952
High	5,379		5,947
Not Scored	11,289		11,800
Total	$	285,163	$	300,319

Lease Income

Lease income from sales-type leases for the three and nine months ended September 30, 2019 and 2018 was as follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Profit recognized at commencement ⁽¹⁾	$	38,086	$	38,204	$	108,743	$	125,133
Interest income	56,522		60,653		174,045		183,340
Total lease income from sales-type leases	$	94,608	$	98,857	$	282,788	$	308,473

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

Lessor Operating Leases

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



Remaining for year ending December 31, 2019	$	9,092
Year ending December 31, 2020	30,986
Year ending December 31, 2021	15,600
Year ending December 31, 2022	6,886
Year ending December 31, 2023	3,154
Thereafter	412
Total	$	66,130

Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Intangible Assets

Intangible assets at September 30, 2019 and December 31, 2018 consisted of the following:



	September 30, 2019							December 31, 2018
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	347,515	$	(164,336	)	$	183,179	$	338,320	$	(149,539	)	$	188,781
Software & technology	52,309		(38,517		)	13,792		54,297		(35,325		)	18,972
Trademarks & other	21,365		(18,621		)	2,744		22,305		(16,858		)	5,447
Total intangible assets	$	421,189	$	(221,474	)	$	199,715	$	414,922	$	(201,722	)	$	213,200

Amortization expense was $9 million and $10 million for the three months ended September 30, 2019 and 2018, respectively, and $27 million and $29 million for the nine months ended September 30, 2019 and 2018, respectively.

Future amortization expense as of September 30, 2019 is shown in the table below. Actual amortization expense may differ due to, among other things, fluctuations in foreign currency exchange rates, impairments, acquisitions and accelerated amortization.



Remaining for year ending December 31, 2019	$	9,171
Year ending December 31, 2020	33,368
Year ending December 31, 2021	29,972
Year ending December 31, 2022	29,026
Year ending December 31, 2023	26,188
Thereafter	71,990
Total	$	199,715

Goodwill

Changes in the carrying value of goodwill, by reporting segment, for the nine months ended September 30, 2019 are shown in the table below.



	December 31, 2018		Acquisition/(divestiture)			Currency impact			September 30, 2019
Global Ecommerce	$	609,431	$	—		$	—		$	609,431
Presort Services	207,465		5,064			—			212,529
Commerce Services	816,896		5,064			—			821,960
SendTech Solutions	515,455		(10,490		)	(9,888		)	495,077
Total goodwill	$	1,332,351	$	(5,426	)	$	(9,888	)	$	1,317,037

In January 2019, we wrote off $10 million of goodwill associated with Market Exits.

Fair Value Measurements and Derivative Instruments

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

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 at September 30, 2019 and December 31, 2018.



	September 30, 2019
	Level 1		Level 2			Level 3		Total
Assets:
Investment securities
Money market funds / certificates of deposit	$	157,114	$	260,383		$	—	$	417,497
Equity securities	—		21,814			—		21,814
Commingled fixed income securities	1,655		20,819			—		22,474
Government and related securities	71,908		18,079			—		89,987
Corporate debt securities	—		73,332			—		73,332
Mortgage-backed / asset-backed securities	—		74,718			—		74,718
Derivatives
Foreign exchange contracts	—		729			—		729
Total assets	$	230,677	$	469,874		$	—	$	700,551
Liabilities:
Derivatives
Foreign exchange contracts	$	—	$	(5,454	)	$	—	$	(5,454	)
Total liabilities	$	—	$	(5,454	)	$	—	$	(5,454	)



	December 31, 2018
	Level 1		Level 2			Level 3		Total
Assets:
Investment securities
Money market funds / certificates of deposit	$	220,756	$	391,891		$	—	$	612,647
Equity securities	—		19,133			—		19,133
Commingled fixed income securities	1,570		20,141			—		21,711
Government and related securities	98,790		9,787			—		108,577
Corporate debt securities	—		56,938			—		56,938
Mortgage-backed / asset-backed securities	—		98,334			—		98,334
Derivatives
Foreign exchange contracts	—		2,031			—		2,031
Total assets	$	321,116	$	598,255		$	—	$	919,371
Liabilities:
Derivatives
Foreign exchange contracts	$	—	$	(735	)	$	—	$	(735	)
Total liabilities	$	—	$	(735	)	$	—	$	(735	)

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 into the fair value hierarchy:

•

Money Market Funds / Certificates of Deposit: 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. Certificates of deposit typically invest with financial institutions and have specific maturity dates and a fixed rate of return, and are classified as Level 2. Direct investments in commercial paper, classified as Level 2, comprised 3% of the December 2018 balance.


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

•

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

•

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


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


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

Available-For-Sale Securities

Investment securities classified as available-for-sale are recorded at fair value with unrealized holding gains and losses, net of tax, recorded in accumulated other comprehensive income (AOCI). Available-for-sale investment securities are predominantly held at the Pitney Bowes Bank, whose primary business is to provide financing solutions to clients that rent postage meters and purchase supplies.

Available-for-sale securities at September 30, 2019 and December 31, 2018 consisted of the following:



	September 30, 2019
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Estimated fair value
Government and related securities	$	88,050	$	1,946	$	(47	)	$	89,949
Corporate debt securities	71,763		1,907		(338		)	73,332
Commingled fixed income securities	1,666		—		(11		)	1,655
Mortgage-backed / asset-backed securities	73,777		1,269		(328		)	74,718
Total	$	235,256	$	5,122	$	(724	)	$	239,654



	December 31, 2018
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Estimated fair value
Government and related securities	$	109,776	$	47	$	(1,336	)	$	108,487
Corporate debt securities	58,714		4		(1,780		)	56,938
Commingled fixed income securities	1,637		—		(67		)	1,570
Mortgage-backed / asset-backed securities	100,186		167		(2,019		)	98,334
Total	$	270,313	$	218	$	(5,202	)	$	265,329

The aggregate unrealized holding losses of investment securities in a loss position at September 30, 2019 and December 31, 2018 were as follows:



	September 30, 2019				December 31, 2018
	Fair Value		Gross unrealized losses		Fair Value		Gross unrealized losses
Less than 12 continuous months	$	35,784	$	360	$	48,318	$	847
Greater than 12 continuous months	28,235		364		177,331		4,355
Total	$	64,019	$	724	$	225,649	$	5,202

We have not recognized an other-than-temporary impairment on any of the investment securities in an unrealized loss position because we have the ability and intent to hold these securities until recovery of the unrealized losses or expect to receive the stated principal and interest at maturity.

Scheduled maturities of available-for-sale securities at September 30, 2019 were as follows:



	Amortized cost		Estimated fair value
Within 1 year	$	39,047	$	39,133
After 1 year through 5 years	58,494		59,246
After 5 years through 10 years	69,077		70,267
After 10 years	68,638		71,008
Total	$	235,256	$	239,654

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

We have not experienced any significant write-offs in our investment portfolio. The majority of our mortgage-backed securities are either guaranteed or supported by the U.S. Government. We have no investments in inactive markets that would warrant a possible change in our pricing methods or classification within the fair value hierarchy.

Derivative Instruments

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

Foreign Exchange Contracts

We enter into foreign exchange contracts to mitigate the currency risk associated with the anticipated purchase of inventory between affiliates and from third parties. These contracts are designated as cash flow hedges. The effective portion of the gain or loss on cash flow hedges is included in AOCI in the period that the change in fair value occurs and is reclassified to earnings in the period that the hedged item is recorded in earnings. No amount of ineffectiveness was recorded in earnings for these designated cash flow hedges. At both September 30, 2019 and December 31, 2018, we had outstanding contracts associated with these anticipated transactions with notional amounts of $8 million.

The valuation of foreign exchange derivatives is based on the market approach using observable market inputs, such as foreign currency spot and forward rates and yield curves. We have not seen a material change in the creditworthiness of those banks acting as derivative counterparties in the three months ended September 30, 2019.

Interest Rate Swap

We had an interest rate swap with a notional amount of $300 million to mitigate the interest rate risk associated with $300 million of variable-rate term loans. This swap matured in September 2018. While outstanding, the swap was designated as a cash flow hedge and the effective portion of the gain or loss on the cash flow hedge was included in AOCI in the period that the change in fair value occurred and reclassified to earnings in the period that the hedged item was recorded in earnings.

The fair value of derivative instruments at September 30, 2019 and December 31, 2018 was as follows:



Designation of Derivatives	Balance Sheet Location	September 30, 2019			December 31, 2018
Derivatives designated as hedging instruments
Foreign exchange contracts	Other current assets and prepayments	$	113		$	61
	Accounts payable and accrued liabilities	(52		)	(104		)

Derivatives not designated as hedging instruments
Foreign exchange contracts	Other current assets and prepayments	616			1,970
	Accounts payable and accrued liabilities	(5,402		)	(631		)

	Total derivative assets	$	729		$	2,031
	Total derivative liabilities	(5,454		)	(735		)
	Total net derivative (liability) asset	$	(4,725	)	$	1,296

Amounts included in AOCI at September 30, 2019 related to derivative instruments will be recognized in earnings within the next 12 months.

The following represents the results of cash flow hedging relationships for the three and nine months ended September 30, 2019 and 2018:



	Three Months Ended September 30,
	Derivative Gain (Loss) Recognized in AOCI (Effective Portion)					Location of Gain (Loss) (Effective Portion)	Gain (Loss) Reclassified from AOCI to Earnings (Effective Portion)
Derivative Instrument	2019		2018			Location of Gain (Loss) (Effective Portion)	2019			2018
Foreign exchange contracts	$	156	$	(42	)	Revenue	$	(98	)	$	(38	)
						Cost of sales	54			52
Interest rate swap	—		(824		)	Interest Expense	—			—
	$	156	$	(866	)		$	(44	)	$	14

	Nine Months Ended September 30,
	Derivative Gain (Loss) Recognized in AOCI (Effective Portion)					Location of Gain (Loss) (Effective Portion)	Gain (Loss) Reclassified from AOCI to Earnings (Effective Portion)
Derivative Instrument	2019		2018			Location of Gain (Loss) (Effective Portion)	2019			2018
Foreign exchange contracts	$	181	$	111		Revenue	$	(23	)	$	38
						Cost of sales	99			(33		)
Interest rate swap	—		(1,776		)	Interest Expense	—			—
	$	181	$	(1,665	)		$	76		$	5

We enter into foreign exchange contracts to minimize the impact of exchange rate fluctuations on short-term intercompany loans and related interest that are denominated in a foreign currency. The revaluation of intercompany loans and interest and the corresponding mark-to-market adjustment on derivatives are recorded in earnings. The table below represents the mark-to-market adjustments of non-designated derivative instruments for the three and nine months ended September 30, 2019 and 2018. All outstanding contracts at September 30, 2019 mature within 12 months.



		Three Months Ended September 30,
		Derivative Gain (Loss) Recognized in Earnings
Derivatives Instrument	Location of Derivative Gain (Loss)	2019			2018
Foreign exchange contracts	Selling, general and administrative expense	$	(11,385	)	$	(1,948	)

		Nine Months Ended September 30,
		Derivative Gain (Loss) Recognized in Earnings
Derivatives Instrument	Location of Derivative Gain (Loss)	2019			2018
Foreign exchange contracts	Selling, general and administrative expense	$	(6,181	)	$	(20,344	)

Credit-Risk-Related Contingent Features

Certain derivative instruments contain credit-risk-related contingent features that require us to post collateral based on a combination of our long-term senior unsecured debt ratings and the net fair value of our derivatives. At September 30, 2019, we had no cash collateral posted.

Fair Value of Financial Instruments

Our financial instruments include cash and cash equivalents, investment securities, accounts receivable, loan receivables, derivative instruments, accounts payable and debt. The carrying value for cash and cash equivalents, accounts receivable, loans receivable and accounts payable approximate fair value because of the short maturity of these instruments.

The carrying value and estimated fair value of our debt at September 30, 2019 and December 31, 2018 were as follows:



	September 30, 2019		December 31, 2018
Carrying value	$	3,069,091	$	3,265,608
Fair value	$	2,953,853	$	3,003,678

Restructuring Charges and Asset Impairments

9 Months Ended

Sep. 30, 2019

Restructuring and Related Activities [Abstract]

Restructuring Charges and Asset Impairments

Restructuring Charges

Activity in our restructuring reserves for the nine months ended September 30, 2019 and 2018 was as follows:



	Severance and benefits costs			Other exit costs			Total
Balance at January 1, 2019	$	13,641		$	1,808		$	15,449
Expenses, net	12,498			845			13,343
Cash payments	(16,362		)	(2,483		)	(18,845		)
Balance at September 30, 2019	$	9,777		$	170		$	9,947

Balance at January 1, 2018	$	42,151		$	1,569		$	43,720
Expenses, net	13,637			5,134			18,771
Cash payments	(37,492		)	(1,750		)	(39,242		)
Balance at September 30, 2018	$	18,296		$	4,953		$	23,249

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

Asset Impairments

Asset impairment charges were $42 million for the nine months ended September 30, 2019 and primarily include the impairment of capitalized software costs related to the development of a new enterprise resource planning (ERP) system in our international markets.

Debt

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Debt

Total debt at September 30, 2019 and December 31, 2018 consisted of the following:



	Interest rate	September 30, 2019		December 31, 2018
Notes due September 2020	4.125%	$	300,000	$	300,000
Notes due October 2021	3.875%	600,000		600,000
Notes due May 2022	4.625%	400,000		400,000
Notes due April 2023	4.95%	400,000		400,000
Notes due March 2024	4.625%	500,000		500,000
Notes due January 2037	5.25%	35,841		35,841
Notes due March 2043	6.7%	425,000		425,000
Term loans	Variable	427,500		630,000
Other debt		5,158		5,297
Principal amount		3,093,499		3,296,138
Less: unamortized costs, net		24,408		30,530
Total debt		3,069,091		3,265,608
Less: current portion long-term debt		501,728		199,535
Long-term debt		$	2,567,363	$	3,066,073

Interest rates on certain notes are subject to adjustment based on changes in our credit ratings. In April 2019, Moody's lowered our corporate credit rating from Ba1 to Ba2. As a result, the interest rates on the May 2022 notes and September 2020 notes increased 0.25% since December 31, 2018, and the interest rates on the October 2021 notes and April 2023 increased 0.25% on October 1, 2019.

During 2019, we repaid $38 million of principal related to our term loans. In September 2019, we repaid the remaining $165 million of our $200 million term loan and recorded a loss of $1 million on the early redemption of debt.

In November 2019, we repaid the $150 million term loan due November 2019 and the remaining balance of the $300 million term loan due December 2020, secured a new five-year $400 million term loan and replaced our revolving credit facility scheduled to mature in January 2021 for $500 million.

Pensions and Other Benefit Programs

9 Months Ended

Sep. 30, 2019

Retirement Benefits [Abstract]

Pensions and Other Benefit Programs

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



	Defined Benefit Pension Plans												Nonpension Postretirement Benefit Plans
	United States						Foreign
	Three Months Ended						Three Months Ended						Three Months Ended
	September 30,						September 30,						September 30,
	2019			2018			2019			2018			2019		2018
Service cost	$	20		$	23		$	385		$	567		$	242	$	298
Interest cost	15,792			15,363			4,435			4,434			1,646		1,676
Expected return on plan assets	(23,182		)	(25,281		)	(8,340		)	(8,730		)	—		—
Amortization of transition credit	—			—			(2		)	(2		)	—		—
Amortization of prior service (credit) cost	(15		)	(15		)	58			(18		)	80		112
Amortization of net actuarial loss	6,537			7,851			1,543			1,807			507		338
Settlement	1,477			796			—			—			—		339
Net periodic benefit cost (income)	$	629		$	(1,263	)	$	(1,921	)	$	(1,942	)	$	2,475	$	2,763
Contributions to benefit plans	$	3,350		$	2,479		$	652		$	661		$	4,628	$	4,442

	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,
	2019			2018			2019			2018			2019		2018
Service cost	$	62		$	69		$	1,157		$	1,731		$	725	$	1,109
Interest cost	47,378			46,087			13,231			13,721			4,937		4,888
Expected return on plan assets	(69,545		)	(75,815		)	(25,609		)	(27,045		)	—		—
Amortization of transition credit	—			—			(5		)	(5		)	—		—
Amortization of prior service (credit) cost	(45		)	(45		)	181			(54		)	241		287
Amortization of net actuarial loss	19,610			23,555			4,727			5,590			1,521		2,153
Settlement ⁽¹⁾	2,278			796			397			—			—		339
Net periodic benefit (income) cost	$	(262	)	$	(5,353	)	$	(5,921	)	$	(6,062	)	$	7,424	$	8,776
Contributions to benefit plans	$	7,401		$	5,674		$	9,740		$	10,640		$	13,841	$	13,552

⁽¹⁾Approximately $1.4 million and $1.0 million of total settlement charges were recorded in restructuring charges and discontinued operations, respectively, for the nine months ended September 30, 2019.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rate for the three months ended September 30, 2019 and 2018 was 127.3% and (5.5)%, respectively. The effective tax rate for the three months ended September 30, 2019 includes a benefit of $23 million from the release of a foreign valuation allowance. The effective tax rate for the three months ended September 30, 2018 includes a benefit from the resolution of certain tax examinations of $7 million and a benefit of $8 million related to the re-measurement of deferred tax assets and liabilities and revisions of the U.S. tax on unremitted earnings of our foreign subsidiaries. The effective tax rate for the nine months ended September 30, 2019 and 2018 was (71.2)% and 11.5%, respectively. The effective tax rate for the nine months ended September 30, 2019 includes a benefit of $23 million from the release of a foreign valuation allowance as well as a $2 million tax on the $18 million book loss from Market Exits, primarily due to nondeductible basis differences. The effective tax rate for the nine months ended September 30, 2019 and 2018 includes a benefit of $6 million and $13 million, respectively, from the resolution of certain tax examinations. The effective tax rate for the nine months ended September 30, 2018 also includes a benefit of $17 million related to the re-measurement of deferred tax assets and liabilities and revisions of the U.S. tax on unremitted earnings of our foreign subsidiaries. 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 30% of our unrecognized tax benefits. The Internal Revenue Service (IRS) examinations of our consolidated U.S. income tax returns for tax years prior to 2017 are closed to audit; however, various post-2011 U.S. state and local tax returns are still subject to examination. In Canada, the examination of our tax filings prior to 2015 are closed to audit. Other significant jurisdictions include France (closed through 2014), Germany (closed through 2016) and the U.K. (except for an item under appeal, closed through 2016). We also have other less significant tax filings currently subject to examination.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In the ordinary course of business, we are routinely defendants in, or party to, a number of pending and threatened legal actions. These may involve litigation by or against us relating to, among other things, contractual rights under vendor, insurance or other contracts; intellectual property or patent rights; equipment, service, payment or other disputes with clients; or disputes with employees. Some of these actions may be brought as a purported class action on behalf of a purported class of employees, customers or others. In management's opinion, the potential liability, if any, that may result from these actions, either individually or collectively, is not reasonably expected to have a material effect on our financial position, results of operations or cash flows as of September 30, 2019. However, as litigation is inherently unpredictable, there can be no assurances in this regard. In August 2018, the Company, certain of its directors, officers and several banks who served as underwriters, were named as defendants in City of Livonia Retiree Health and Disability Benefits Plan v. Pitney Bowes Inc. et al., a putative class action lawsuit filed in Connecticut state court. The complaint asserts claims under the Securities Act of 1933, as amended, on behalf of those who purchased notes issued by the Company in connection with a September 13, 2017 offering, alleging, among other things, that the Company failed to make certain disclosures relating to components of its third quarter 2017 performance at the time of the notes offering. The complaint seeks compensatory damages and other relief. On October 24, 2019, the court granted the defendants' motions to strike the complaint for failure to state a claim. In addition, in December 2018 and then in February 2019, certain of the Company’s officers and directors were named as defendants in two virtually identical derivative actions purportedly brought on behalf of the Company, Clem v. Lautenbach et al. and Devolin v. Lautenbach et al. These two actions, both filed by the same counsel in Connecticut state court, allege, among other things, breaches of fiduciary duty relating to these same disclosures, and seek compensatory damages and other relief derivatively for the benefit of the Company. Although litigation outcomes are inherently unpredictable, we believe these matters are without merit and intend to defend them vigorously. A reasonable estimate of the amount of any possible loss or range of loss cannot be made at this time. Beginning on October 12, 2019, we were affected by a malware attack ("the attack") that encrypted information on some systems and disrupted client access to our services. Upon discovering the unauthorized access, we took immediate actions to contain and remediate the malware attack. We engaged third-party cybersecurity experts and informed various law enforcement agencies. We have identified the malware that affected our systems as the Ryuk virus, which specifically targets Microsoft Windows based operating systems. Our financial information is not stored on a Microsoft Windows operating system, and was therefore not affected. Additionally, the backup data storage systems for virtually all our client, employee and other business data was not impacted by the attack. Based on the work performed to date, we do not believe that any sensitive or confidential client or employee data has been improperly accessed or extracted from our network. We have made substantial progress in bringing critical systems back online, re-enabling client access to our services and restoring access to data that was encrypted. We maintain insurance coverage for these types of incidents and have been working with our carriers throughout the attack. It is not yet possible to reasonably estimate the impact on our financial results or the extent to which we will receive reimbursement from our insurers.

Leased Assets and Liabilities

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Leased Assets and Liabilities

We lease real estate and equipment under operating and finance lease agreements. Our leases have terms of up to 15 years, some of which include the option to extend the lease for up to 5 years. At lease commencement, a lease liability and corresponding right-of-use asset is recognized. Lease liabilities represent the present value of future lease payments over the expected lease term, which includes options to extend or terminate the lease when it is reasonably certain those options will be exercised. Lease payments include all fixed payments and variable payments tied to an index. Variable payments excluded from the right-of-use asset and lease liability primarily include common area maintenance charges, property taxes, insurance and mileage. The present value of our lease liability is determined using our incremental borrowing rate at lease inception. Information regarding our operating and financing leases are as follows:



Leases	Balance Sheet Location	September 30, 2019		December 31, 2018
Assets
Operating	Operating lease assets	$	172,617	$	152,554
Finance	Property, plant and equipment, net	11,250		10,683
Total leased assets		$	183,867	$	163,237

Liabilities
Operating	Current operating lease liabilities	$	34,091	$	35,208
	Noncurrent operating lease liabilities	148,125		125,294
Finance	Accounts payable and accrued liabilities	2,773		2,708
	Other noncurrent liabilities	7,589		7,054
Total lease liabilities		$	192,578	$	170,264



	Three Months Ended September 30,						Nine Months Ended September 30,
Lease Cost	2019			2018			2019			2018
Operating lease expense	$	12,347		$	12,395		$	34,750		$	33,835
Finance lease expense
Amortization of leased assets	838			692			2,529			1,934
Interest on lease liabilities	172			135			520			378
Variable lease expense	4,969			4,272			18,821			16,486
Sublease income	(381		)	(680		)	(1,726		)	(1,132		)
Total expense	$	17,945		$	16,814		$	54,894		$	51,501

Operating lease expense includes immaterial amounts related to leases with terms of 12 months or less.



Future Lease Payments	Operating Leases		Finance Leases		Total
Remaining for year ending December 31, 2019	$	11,233	$	907	$	12,140
Year ending December 31, 2020	42,292		3,242		45,534
Year ending December 31, 2021	35,970		2,850		38,820
Year ending December 31, 2022	27,799		2,278		30,077
Year ending December 31, 2023	21,392		1,626		23,018
Thereafter	88,779		983		89,762
Total	227,465		11,886		239,351
Less: present value discount	45,249		1,524		46,773
Lease liability	$	182,216	$	10,362	$	192,578

Operating leases exclude $28 million of minimum lease payments for leases signed but not yet commenced at September 30, 2019.



Lease Term and Discount Rate	September 30, 2019	December 31, 2018
Weighted-average remaining lease term
Operating leases	7.5 years	7.2 years
Finance leases	4.0 years	4.1 years
Weighted-average discount rate
Operating leases	5.9%	4.5%
Finance leases	6.7%	6.2%



	Three Months Ended September 30,				Nine Months Ended September 30,
Cash Flow Information	2019		2018		2019		2018
Operating cash outflows - operating leases	$	10,440	$	12,319	$	32,041	$	33,075
Operating cash outflows - finance leases	$	172	$	135	$	520	$	378
Financing cash outflows - finance leases	$	758	$	630	$	2,278	$	1,786

Leased assets obtained in exchange for new lease obligations
Operating leases	$	3,123	$	26,134	$	51,504	$	33,128
Finance leases	$	1,124	$	2,983	$	3,227	$	4,143

Leased Assets and Liabilities



Leases	Balance Sheet Location	September 30, 2019		December 31, 2018
Assets
Operating	Operating lease assets	$	172,617	$	152,554
Finance	Property, plant and equipment, net	11,250		10,683
Total leased assets		$	183,867	$	163,237

Liabilities
Operating	Current operating lease liabilities	$	34,091	$	35,208
	Noncurrent operating lease liabilities	148,125		125,294
Finance	Accounts payable and accrued liabilities	2,773		2,708
	Other noncurrent liabilities	7,589		7,054
Total lease liabilities		$	192,578	$	170,264



	Three Months Ended September 30,						Nine Months Ended September 30,
Lease Cost	2019			2018			2019			2018
Operating lease expense	$	12,347		$	12,395		$	34,750		$	33,835
Finance lease expense
Amortization of leased assets	838			692			2,529			1,934
Interest on lease liabilities	172			135			520			378
Variable lease expense	4,969			4,272			18,821			16,486
Sublease income	(381		)	(680		)	(1,726		)	(1,132		)
Total expense	$	17,945		$	16,814		$	54,894		$	51,501

Operating lease expense includes immaterial amounts related to leases with terms of 12 months or less.



Future Lease Payments	Operating Leases		Finance Leases		Total
Remaining for year ending December 31, 2019	$	11,233	$	907	$	12,140
Year ending December 31, 2020	42,292		3,242		45,534
Year ending December 31, 2021	35,970		2,850		38,820
Year ending December 31, 2022	27,799		2,278		30,077
Year ending December 31, 2023	21,392		1,626		23,018
Thereafter	88,779		983		89,762
Total	227,465		11,886		239,351
Less: present value discount	45,249		1,524		46,773
Lease liability	$	182,216	$	10,362	$	192,578

Operating leases exclude $28 million of minimum lease payments for leases signed but not yet commenced at September 30, 2019.



Lease Term and Discount Rate	September 30, 2019	December 31, 2018
Weighted-average remaining lease term
Operating leases	7.5 years	7.2 years
Finance leases	4.0 years	4.1 years
Weighted-average discount rate
Operating leases	5.9%	4.5%
Finance leases	6.7%	6.2%



	Three Months Ended September 30,				Nine Months Ended September 30,
Cash Flow Information	2019		2018		2019		2018
Operating cash outflows - operating leases	$	10,440	$	12,319	$	32,041	$	33,075
Operating cash outflows - finance leases	$	172	$	135	$	520	$	378
Financing cash outflows - finance leases	$	758	$	630	$	2,278	$	1,786

Leased assets obtained in exchange for new lease obligations
Operating leases	$	3,123	$	26,134	$	51,504	$	33,128
Finance leases	$	1,124	$	2,983	$	3,227	$	4,143

Stockholders’ Equity

9 Months Ended

Sep. 30, 2019

Stockholders' Equity Note [Abstract]

Stockholders’ Equity

Changes in stockholders’ equity for the three months ended September 30, 2019 and 2018 were as follows:



	Preferred stock		Preference stock		Common stock		Additional paid-in capital			Retained earnings			Accumulated other comprehensive loss			Treasury stock			Total equity
Balance at July 1, 2019	$	—	$	—	$	323,338	$	105,341		$	5,282,374		$	(907,678	)	$	(4,750,403	)	$	52,972
Net loss	—		—		—		—			(3,125		)	—			—			(3,125		)
Other comprehensive loss	—		—		—		—			—			(18,774		)	—			(18,774		)
Dividends paid ($0.05 per common share)	—		—		—		—			(8,508		)	—			—			(8,508		)
Issuance of common stock	—		—		—		(10,146		)	—			—			11,291			1,145
Conversion to common stock	—		—		—		(246		)	—			—			246			—
Stock-based compensation expense	—		—		—		6,702			—			—			—			6,702
Repurchase of common stock	—		—		—		—			—			—			(5,000		)	(5,000		)
Balance at September 30, 2019	$	—	$	—	$	323,338	$	101,651		$	5,270,741		$	(926,452	)	$	(4,743,866	)	$	25,412



	Preferred stock		Preference stock			Common stock		Additional paid-in capital			Retained earnings			Accumulated other comprehensive loss			Treasury stock			Total equity
Balance at July 1, 2018	$	1	$	415		$	323,338	$	122,732		$	5,103,588		$	(811,804	)	$	(4,689,309	)	$	48,961
Net income	—		—			—		—			80,277			—			—			80,277
Other comprehensive income	—		—			—		—			—			5,639			—			5,639
Dividends paid ($0.1875 per common share)	—		—			—		—			(35,183		)	—			—			(35,183		)
Issuance of common stock	—		—			—		(11,190		)	—			—			12,909			1,719
Conversion to common stock	—		(12		)	—		(242		)	—			—			254			—
Stock-based compensation expense	—		—			—		6,618			—			—			—			6,618
Balance at September 30, 2018	$	1	$	403		$	323,338	$	117,918		$	5,148,682		$	(806,165	)	$	(4,676,146	)	$	108,031

Changes in stockholders’ equity for the nine months ended September 30, 2019 and 2018 were as follows:



	Preferred stock			Preference stock			Common stock		Additional paid-in capital			Retained earnings			Accumulated other comprehensive loss			Treasury stock			Total equity
Balance at January 1, 2019	$	1		$	396		$	323,338	$	121,475		$	5,279,682		$	(948,961	)	$	(4,674,089	)	$	101,842
Net income	—			—			—		—			17,913			—			—			17,913
Other comprehensive income	—			—			—		—			—			22,509			—			22,509
Dividends paid ($0.15 per common share)	—			—			—		—			(26,854		)	—			—			(26,854		)
Issuance of common stock	—			—			—		(32,877		)	—			—			32,289			(588		)
Conversion to common stock	—			(130		)	—		(2,804		)	—			—			2,934			—
Redemption of preferred/preference stock	(1		)	(266		)	—		(10		)	—			—			—			(277		)
Stock-based compensation expense	—			—			—		15,867			—			—			—			15,867
Repurchase of common stock	—			—			—		—			—			—			(105,000		)	(105,000		)
Balance at September 30, 2019	$	—		$	—		$	323,338	$	101,651		$	5,270,741		$	(926,452	)	$	(4,743,866	)	$	25,412



	Preferred stock		Preference stock			Common stock		Additional paid-in capital			Retained earnings			Accumulated other comprehensive loss			Treasury stock			Total equity
Balance at January 1, 2018	$	1	$	441		$	323,338	$	138,367		$	5,074,343		$	(794,940	)	$	(4,710,997	)	$	30,553
Cumulative effect of accounting change	—		—			—		—			(12,207		)	—			—			(12,207		)
Net income	—		—			—		—			191,842			—			—			191,842
Other comprehensive loss	—		—			—		—			—			(11,225		)	—			(11,225		)
Dividends paid ($0.5625 per common share)	—		—			—		—			(105,296		)	—			—			(105,296		)
Issuance of common stock	—		—			—		(35,457		)	—			—			34,050			(1,407		)
Conversion to common stock	—		(38		)	—		(763		)	—			—			801			—
Stock-based compensation expense	—		—			—		15,771			—			—			—			15,771
Balance at September 30, 2018	$	1	$	403		$	323,338	$	117,918		$	5,148,682		$	(806,165	)	$	(4,676,146	)	$	108,031

Accumulated Other Comprehensive Income

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Accumulated Other Comprehensive Income

Reclassifications out of AOCI for the three and nine months ended September 30, 2019 and 2018 were as follows:



	Amount Reclassified from AOCI⁽¹⁾
	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
(Losses) gains on cash flow hedges
Revenue	$	(98	)	$	(38	)	$	(23	)	$	38
Cost of sales	54			52			99			(33		)
Interest expense, net	—			(825		)	—			(1,839		)
Total before tax	(44		)	(811		)	76			(1,834		)
Income tax benefit (provision)	11			206			(19		)	468
Net of tax	$	(33	)	$	(605	)	$	57		$	(1,366	)

Gains (losses) on available for sale securities
Interest expense, net	$	146		$	(40	)	$	42		$	150
Income tax (provision) benefit	(37		)	10			(11		)	(38		)
Net of tax	$	109		$	(30	)	$	31		$	112

Pension and Postretirement Benefit Plans ⁽²⁾
Transition credit	$	2		$	2		$	5		$	5
Prior service costs	(123		)	(79		)	(377		)	(188		)
Actuarial losses	(8,587		)	(9,996		)	(25,858		)	(31,298		)
Settlements	(1,477		)	(1,135		)	(2,675		)	(1,135		)
Total before tax	(10,185		)	(11,208		)	(28,905		)	(32,616		)
Income tax benefit	2,633			2,399			7,406			7,766
Net of tax	$	(7,552	)	$	(8,809	)	$	(21,499	)	$	(24,850	)


⁽¹⁾	Amounts in parentheses indicate reductions to income and increases to other comprehensive income.


⁽²⁾	Reclassified from AOCI into other components of net pension and postretirement cost (see Note 12 for additional details).

Changes in AOCI for the nine months ended September 30, 2019 and 2018 were as follows:



	Cash flow hedges			Available for sale securities			Pension and postretirement benefit plans			Foreign currency adjustments			Total
Balance at January 1, 2019	$	191		$	(3,061	)	$	(846,461	)	$	(99,630	)	$	(948,961	)
Other comprehensive income (loss) before reclassifications ⁽¹⁾	135			7,547			—			(6,584		)	1,098
Reclassifications into earnings ^{(1), (2)}	(57		)	(31		)	21,499			—			21,411
Net other comprehensive income (loss)	78			7,516			21,499			(6,584		)	22,509
Balance at September 30, 2019	$	269		$	4,455		$	(824,962	)	$	(106,214	)	$	(926,452	)



	Cash flow hedges			Available for sale securities			Pension and postretirement benefit plans			Foreign currency adjustments			Total
Balance at January 1, 2018	$	(406	)	$	1,597		$	(748,800	)	$	(47,331	)	$	(794,940	)
Other comprehensive loss before reclassifications ⁽¹⁾	(593		)	(6,402		)	—			(30,334		)	(37,329		)
Reclassifications into earnings ^{(1), (2)}	1,366			(112		)	24,850			—			26,104
Net other comprehensive income (loss)	773			(6,514		)	24,850			(30,334		)	(11,225		)
Balance at September 30, 2018	$	367		$	(4,917	)	$	(723,950	)	$	(77,665	)	$	(806,165	)

⁽¹⁾ Amounts are net of tax. Amounts in parentheses indicate debits to AOCI.

⁽²⁾ See table above for additional details of these reclassifications.

Description of Business and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Accounting Pronouncements Adopted in 2019 On January 1, 2019, we adopted Accounting Standards Codification (ASC) 842, Leases (ASC 842), using the modified retrospective transition approach of applying the standard at the beginning of the earliest comparative period presented in the financial statements. We recognized a cumulative effect adjustment at January 1, 2017 to reduce retained earnings by $137 million and recast prior period financial statements. See Notes 7 and 15 for more information. From a lessor perspective, the standard simplifies the accounting for lease modifications and aligns accounting of lease contracts with revenue recognition guidance. We continue to classify leases as sales-type or operating, with the determination affecting both the pattern and classification of income recognition. There were changes in the timing and classification of revenue related to contract modifications. There were also changes related to the definition of a leased asset, which requires us to account for two lease components as a single lease component. Under prior guidance, one of the components was generally accounted for as a sales-type lease and the second as an operating lease. Under ASC 842, the two components are generally accounted for as sales-type leases and certain income and costs previously recognized over the life of the lease are now accelerated. From a lessee perspective, the standard requires us to recognize right-of-use assets and lease liabilities for real estate and equipment operating leases and to provide new disclosures about our leasing activities. We elected the short-term lease recognition exemption and did not recognize right-of-use assets or lease liabilities for leases with a term less than 12 months. We also elected the practical expedient to not separate lease and non-lease components for our lessee portfolio. Updates to significant accounting policies disclosed in our 2018 Annual Report due to the adoption of ASC 842 are discussed below. Equipment sales: We sell and lease equipment directly to customers and to distributors (re-sellers) throughout the world. The amount of revenue allocated to the equipment is based on a range of observable selling prices in standalone transactions. Revenue from the sale of equipment under sales-type leases is recognized as equipment sales revenue when control of the equipment transfers to the customer, which is upon shipment for self-installed products and upon installation or customer acceptance for other products. We do not typically offer any rights of return. Rentals: Rentals revenue includes revenue from mailing equipment that does not meet the criteria to be accounted for as a sales-type lease. We may invoice in advance for rentals according to the terms of the agreement. We initially defer these advanced billings and recognize rentals revenue on a straight-line basis over the rental period. Revenue generated from financing clients for the continued use of equipment subsequent to the expiration of the original lease is recognized as rentals revenue. Financing: We provide financing for our products primarily through sales-type leases. We also provide revolving lines of credit for the purchase of postage and supplies. We record financing income over the lease term using the effective interest method. Financing revenue also includes amounts related to sales-type leases that customers have extended or renewed for an additional term. Revenue for these contracts is recognized over the term of the modified lease using the effective interest method. We believe that our sales-type lease portfolio contains only normal collection risk. Equipment residual values are determined at the inception of the lease using estimates of fair value at the end of the lease term. Fair value estimates are based primarily on historical experience. We also consider forecasted supply and demand for products, product retirement and launch plans, client behavior, regulatory changes, remanufacturing strategies, used equipment markets, competition and technological changes. We evaluate residual values on an annual basis or sooner if circumstances warrant. Declines in estimated residual values considered "other-than-temporary" are recognized immediately. Estimated increases in future residual values are not recognized until the equipment is remarketed. Support services: Support services revenue includes revenue from equipment service contracts, subscriptions and meter services. Revenue is allocated to these services using selling prices charged in standalone replacement and renewal transactions. Since we have a stand-ready obligation to provide these services over the entire contract term, revenue is recognized on a straight-line basis over the term of the agreement. Business services: Business services revenue includes revenue from mail processing services and ecommerce solutions. These services represent a series of distinct services that are similar in nature and revenue is recognized as the services are provided. We review third party relationships and record revenue on a gross basis when we act as a principal in a transaction and on a net basis when we act as an agent between a client and vendor. In determining whether we are acting as principal or agent, we consider several factors such as whether we are the primary obligor to the client, have control over pricing or have inventory risk. On January 1, 2019, we also adopted Accounting Standards Update (ASU) 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities, which shortens the amortization period for certain callable debt securities held at a premium, requiring the premium to be amortized to the earliest call date. The adoption of this standard did not have a material impact on our consolidated financial statements. In July 2019, we prospectively adopted ASU 2018-15, Intangibles - Goodwill and Other-Internal-Use Software. The ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The early adoption of this standard did not have a material impact on our consolidated financial statements. Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses. The ASU sets forth a current expected credit loss model, which requires companies to measure expected credit losses for all financial instruments held at the reporting date based on historical experience, current conditions and reasonably supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. This standard is effective beginning January 1, 2020. We have completed the scoping of financial assets that will be impacted by the standard and are in the process of finalizing models to measure expected credit losses.

Revenue (Tables)

9 Months Ended

Sep. 30, 2019

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

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



	Three Months Ended September 30, 2019
	Global Ecommerce		Presort Services		SendTech Solutions		Revenue from products and services		Revenue from leasing transactions and financing		Total consolidated revenue
Major products/service lines
Equipment sales	$	—	$	—	$	19,062	$	19,062	$	70,556	$	89,618
Supplies	—		—		44,818		44,818		—		44,818
Rentals	—		—		—		—		19,737		19,737
Financing	—		—		—		—		90,577		90,577
Support services	—		—		126,274		126,274		—		126,274
Business services	278,995		131,483		8,623		419,101		—		419,101
Subtotal	278,995		131,483		198,777		609,255		$	180,870	$	790,125

Revenue from leasing transactions and financing
Equipment sales	—		—		70,556		70,556
Rentals	—		—		19,737		19,737
Financing	—		—		90,577		90,577
Total revenue	$	278,995	$	131,483	$	379,647	$	790,125

Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	—	$	—	$	63,880	$	63,880
Products/services transferred over time	278,995		131,483		134,897		545,375
Total	$	278,995	$	131,483	$	198,777	$	609,255



	Three Months Ended September 30, 2018
	Global Ecommerce		Presort Services		SendTech Solutions		Revenue from products and services		Revenue from leasing transactions and financing		Total consolidated revenue
Major products/service lines
Equipment sales	$	—	$	—	$	20,428	$	20,428	$	68,371	$	88,799
Supplies	—		—		50,403		50,403		—		50,403
Rentals	—		—		—		—		21,432		21,432
Financing	—		—		—		—		96,799		96,799
Support services	—		—		138,055		138,055		—		138,055
Business services	232,845		125,334		6,614		364,793		—		364,793
Subtotal	232,845		125,334		215,500		573,679		$	186,602	$	760,281

Revenue from leasing transactions and financing
Equipment sales	—		—		68,371		68,371
Rentals	—		—		21,432		21,432
Financing	—		—		96,799		96,799
Total revenue	$	232,845	$	125,334	$	402,102	$	760,281

Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	—	$	—	$	70,831	$	70,831
Products/services transferred over time	232,845		125,334		144,669		502,848
Total	$	232,845	$	125,334	$	215,500	$	573,679



	Nine Months Ended September 30, 2019
	Global Ecommerce		Presort Services		SendTech Solutions		Revenue from products and services		Revenue from leasing transactions and financing		Total consolidated revenue
Major products/service lines
Equipment sales	$	—	$	—	$	59,739	$	59,739	$	205,217	$	264,956
Supplies	—		—		142,261		142,261		—		142,261
Rentals	—		—		—		—		60,339		60,339
Financing	—		—		—		—		280,039		280,039
Support services	—		—		382,578		382,578		—		382,578
Business services	827,568		394,468		21,573		1,243,609		—		1,243,609
Subtotal	827,568		394,468		606,151		1,828,187		$	545,595	$	2,373,782

Revenue from leasing transactions and financing
Equipment sales	—		—		205,217		205,217
Rentals	—		—		60,339		60,339
Financing	—		—		280,039		280,039
Total revenue	$	827,568	$	394,468	$	1,151,746	$	2,373,782

Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	—	$	—	$	202,000	$	202,000
Products/services transferred over time	827,568		394,468		404,151		1,626,187
Total	$	827,568	$	394,468	$	606,151	$	1,828,187



	Nine Months Ended September 30, 2018
	Global Ecommerce		Presort Services		SendTech Solutions		Revenue from products and services		Revenue from leasing transactions and financing		Total consolidated revenue
Major products/service lines
Equipment sales	$	—	$	—	$	64,482	$	64,482	$	224,836	$	289,318
Supplies	—		—		165,853		165,853		—		165,853
Rentals	—		—		—		—		65,852		65,852
Financing	—		—		—		—		294,277		294,277
Support services	—		—		417,303		417,303		—		417,303
Business services	718,535		382,522		20,448		1,121,505		—		1,121,505
Subtotal	718,535		382,522		668,086		1,769,143		$	584,965	$	2,354,108

Revenue from leasing transactions and financing
Equipment sales	—		—		224,836		224,836
Rentals	—		—		65,852		65,852
Financing	—		—		294,277		294,277
Total revenue	$	718,535	$	382,522	$	1,253,051	$	2,354,108

Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	—	$	—	$	230,335	$	230,335
Products/services transferred over time	718,535		382,522		437,751		1,538,808
Total	$	718,535	$	382,522	$	668,086	$	1,769,143

Contract Assets and Advance Billings

Advance Billings from Contracts with Customers



	Balance sheet location	September 30, 2019		December 31, 2018		Increase (decrease)
Advance billings, current	Advance billings	$	97,666	$	111,829	$	(14,163	)
Advance billings, noncurrent	Other noncurrent liabilities	$	1,413	$	1,985	$	(572	)

Future Performance Obligations

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



	Remainder of 2019		2020		2021-2024		Total
SendTech Solutions	$	77,171	$	272,621	$	421,746	$	771,538

Segment Information (Tables)

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Reconciliation of Revenue from Segments to Consolidated Statements

Revenue and EBIT by business segment is presented below:



	Revenue
	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Global Ecommerce	$	278,995	$	232,845	$	827,568	$	718,535
Presort Services	131,483		125,334		394,468		382,522
Commerce Services	410,478		358,179		1,222,036		1,101,057
SendTech Solutions	379,647		402,102		1,151,746		1,253,051
Total revenue	$	790,125	$	760,281	$	2,373,782	$	2,354,108



	EBIT
	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Global Ecommerce	$	(21,793	)	$	(14,330	)	$	(51,969	)	$	(28,034	)
Presort Services	17,687			17,435			48,215			57,026
Commerce Services	(4,106		)	3,105			(3,754		)	28,992
SendTech Solutions	130,954			134,607			378,095			412,427
Total segment EBIT	126,848			137,712			374,341			441,419
Reconciliation of Segment EBIT to net income:
Unallocated corporate expenses	(58,277		)	(40,988		)	(160,283		)	(141,321		)
Restructuring charges and asset impairments, net	(47,017		)	(6,099		)	(56,616		)	(18,771		)
Interest, net	(39,730		)	(37,437		)	(117,758		)	(122,484		)
Other expense	(667		)	(7,964		)	(18,350		)	(7,964		)
Transaction costs	(707		)	(36		)	(2,573		)	(1,091		)
Benefit (provision) for income taxes	24,895			2,468			13,351			(17,235		)
Income from continuing operations	5,345			47,656			32,112			132,553
(Loss) income from discontinued operations, net of tax	(8,470		)	32,621			(14,199		)	59,289
Net (loss) income	$	(3,125	)	$	80,277		$	17,913		$	191,842

Reconciliation of EBIT from Segments to Consolidated



	EBIT
	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Global Ecommerce	$	(21,793	)	$	(14,330	)	$	(51,969	)	$	(28,034	)
Presort Services	17,687			17,435			48,215			57,026
Commerce Services	(4,106		)	3,105			(3,754		)	28,992
SendTech Solutions	130,954			134,607			378,095			412,427
Total segment EBIT	126,848			137,712			374,341			441,419
Reconciliation of Segment EBIT to net income:
Unallocated corporate expenses	(58,277		)	(40,988		)	(160,283		)	(141,321		)
Restructuring charges and asset impairments, net	(47,017		)	(6,099		)	(56,616		)	(18,771		)
Interest, net	(39,730		)	(37,437		)	(117,758		)	(122,484		)
Other expense	(667		)	(7,964		)	(18,350		)	(7,964		)
Transaction costs	(707		)	(36		)	(2,573		)	(1,091		)
Benefit (provision) for income taxes	24,895			2,468			13,351			(17,235		)
Income from continuing operations	5,345			47,656			32,112			132,553
(Loss) income from discontinued operations, net of tax	(8,470		)	32,621			(14,199		)	59,289
Net (loss) income	$	(3,125	)	$	80,277		$	17,913		$	191,842

Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2019

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Financial information and Assets and Liabilities

Selected financial information of discontinued operations is as follows:



	Three Months Ended September 30, 2019									Three Months Ended September 30, 2018
	Software Solutions			Production Mail			Total			Software Solutions		Production Mail			Total
Revenue	$	73,620		$	—		$	73,620		$	75,743	$	19,557		$	95,300

Earnings (loss) from discontinued operations	$	8,633		$	—		$	8,633		$	4,533	$	(1,316	)	$	3,217
(Loss) gain on sale (including transaction costs)	(12,447		)	(5,710		)	(18,157		)	—		86,640			86,640
(Loss) income from discontinued operations before taxes	$	(3,814	)	$	(5,710	)	(9,524		)	$	4,533	$	85,324		89,857
Tax (benefit) provision							(1,054		)						57,236
(Loss) income from discontinued operations, net of tax							$	(8,470	)						$	32,621



	Nine Months Ended September 30, 2019									Nine Months Ended September 30, 2018
	Software Solutions			Production Mail			Total			Software Solutions		Production Mail		Total
Revenue	$	219,144		$	—		$	219,144		$	243,738	$	211,000	$	454,738

Earnings (loss) from discontinued operations	$	13,334		$	(663	)	$	12,671		$	28,497	$	20,304	$	48,801
(Loss) gain on sale (including transaction costs)	(14,211		)	(14,967		)	(29,178		)	—		77,863		77,863
(Loss) income from discontinued operations before taxes	$	(877	)	$	(15,630	)	(16,507		)	$	28,497	$	98,167	126,664
Tax (benefit) provision							(2,308		)					67,375
(Loss) income from discontinued operations, net of tax							$	(14,199	)					$	59,289

The major categories of assets and liabilities included in assets of discontinued operations and liabilities of discontinued operations are as follows:



	September 30, 2019		December 31, 2018
Cash and cash equivalents	$	—	$	1,965
Accounts and other receivables, net	55,077		85,399
Inventories	—		855
Other current assets and prepayments	29,801		26,121
Property, plant and equipment, net	11,495		12,140
Rental property and equipment, net	—		179
Goodwill	430,995		434,160
Intangible assets	10,379		13,937
Operating lease asset	3,587		4,234
Other assets	27,079		23,833
Assets of discontinued operations	$	568,413	$	602,823

Accounts payable and accrued liabilities	$	38,163	$	42,896
Current operating lease liabilities	1,441		2,000
Advance billings	98,699		113,110
Other current liabilities	—		2,021
Noncurrent operating lease liabilities	1,823		1,943
Other noncurrent liabilities	16,908		12,828
Liabilities of discontinued operations	$	157,034	$	174,798

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

Earnings per Share (EPS) (Tables)

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Schedule of Calculation of Numerator and Denominator in Earnings Per Share



	Three Months Ended September 30,					Nine Months Ended September 30,
	2019			2018		2019			2018
Numerator:
Income from continuing operations	$	5,345		$	47,656	$	32,112		$	132,553
(Loss) income from discontinued operations, net of tax	(8,470		)	32,621		(14,199		)	59,289
Net (loss) income (numerator for diluted EPS)	(3,125		)	80,277		17,913			191,842
Less: Preference stock dividend	—			8		8			24
(Loss) income attributable to common stockholders (numerator for basic EPS)	$	(3,125	)	$	80,269	$	17,905		$	191,818
Denominator:
Weighted-average shares used in basic EPS	170,326			187,470		178,048			187,167
Dilutive effect of common stock equivalents	875			945		1,048			1,023
Weighted-average shares used in diluted EPS	171,201			188,415		179,096			188,190
Basic earnings (loss) per share ⁽¹⁾:
Continuing operations	$	0.03		$	0.25	$	0.18		$	0.71
Discontinued operations	(0.05		)	0.17		(0.08		)	0.32
Net (loss) income	$	(0.02	)	$	0.43	$	0.10		$	1.02
Diluted earnings (loss) per share ⁽¹⁾:
Continuing operations	$	0.03		$	0.25	$	0.18		$	0.70
Discontinued operations	(0.05		)	0.17		(0.08		)	0.32
Net (loss) income	$	(0.02	)	$	0.43	$	0.10		$	1.02

Anti-dilutive options excluded from diluted earnings per share:	16,182			12,195		16,166			12,097

⁽¹⁾

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

Inventories (Tables)

9 Months Ended

Sep. 30, 2019

Inventory Disclosure [Abstract]

Inventory Components

Inventories at September 30, 2019 and December 31, 2018 consisted of the following:



	September 30, 2019			December 31, 2018
Raw materials	$	18,683		$	8,229
Supplies and service parts	24,283			21,841
Finished products	37,856			36,692
Inventory at FIFO cost	80,822			66,762
Excess of FIFO cost over LIFO cost	(4,483		)	(4,483		)
Total inventory, net	$	76,339		$	62,279

Finance Assets and Lessor Operating Leases (Tables)

9 Months Ended

Sep. 30, 2019

Receivables [Abstract]

Financing Receivables

Finance receivables at September 30, 2019 and December 31, 2018 consisted of the following:



	September 30, 2019									December 31, 2018
	North America			International			Total			North America			International			Total
Sales-type lease receivables
Gross finance receivables	$	1,064,996		$	215,110		$	1,280,106		$	1,110,898		$	242,036		$	1,352,934
Unguaranteed residual values	43,621			11,264			54,885			52,637			12,772			65,409
Unearned income	(331,085		)	(63,121		)	(394,206		)	(383,453		)	(55,113		)	(438,566		)
Allowance for credit losses	(11,172		)	(2,217		)	(13,389		)	(10,252		)	(2,356		)	(12,608		)
Net investment in sales-type lease receivables	766,360			161,036			927,396			769,830			197,339			967,169
Loan receivables
Loan receivables	285,163			28,100			313,263			300,319			29,270			329,589
Allowance for credit losses	(6,016		)	(719		)	(6,735		)	(6,777		)	(837		)	(7,614		)
Net investment in loan receivables	279,147			27,381			306,528			293,542			28,433			321,975
Net investment in finance receivables	$	1,045,507		$	188,417		$	1,233,924		$	1,063,372		$	225,772		$	1,289,144

Sales-type Lease Maturity

Maturities of gross loan receivables and gross sales-type lease receivables at September 30, 2019 were as follows:



	Sales-type Lease Receivables						Loan Receivables
	North America		International		Total		North America		International		Total
Remaining for year ending December 31, 2019	$	132,964	$	25,592	$	158,556	$	245,197	$	28,100	$	273,297
Year ending December 31, 2020	383,029		74,364		457,393		12,927		—		12,927
Year ending December 31, 2021	276,009		55,152		331,161		10,463		—		10,463
Year ending December 31, 2022	171,049		35,937		206,986		8,990		—		8,990
Year ending December 31, 2023	83,306		18,521		101,827		3,782		—		3,782
Thereafter	18,639		5,544		24,183		3,804		—		3,804
Total	$	1,064,996	$	215,110	$	1,280,106	$	285,163	$	28,100	$	313,263

Loan Receivable Maturity

Maturities of gross loan receivables and gross sales-type lease receivables at September 30, 2019 were as follows:



	Sales-type Lease Receivables						Loan Receivables
	North America		International		Total		North America		International		Total
Remaining for year ending December 31, 2019	$	132,964	$	25,592	$	158,556	$	245,197	$	28,100	$	273,297
Year ending December 31, 2020	383,029		74,364		457,393		12,927		—		12,927
Year ending December 31, 2021	276,009		55,152		331,161		10,463		—		10,463
Year ending December 31, 2022	171,049		35,937		206,986		8,990		—		8,990
Year ending December 31, 2023	83,306		18,521		101,827		3,782		—		3,782
Thereafter	18,639		5,544		24,183		3,804		—		3,804
Total	$	1,064,996	$	215,110	$	1,280,106	$	285,163	$	28,100	$	313,263

Allowance for Credit Losses on Financing Receivables

Activity in the allowance for credit losses for the nine months ended September 30, 2019 and 2018 was as follows:



	Sales-type Lease Receivables						Loan Receivables
	North America			International			North America			International			Total
Balance at January 1, 2019	$	10,252		$	2,356		$	6,777		$	837		$	20,222
Amounts charged to expense	4,587			801			3,547			440			9,375
Write-offs and other	(3,667		)	(940		)	(4,308		)	(558		)	(9,473		)
Balance at September 30, 2019	$	11,172		$	2,217		$	6,016		$	719		$	20,124

	Sales-type Lease Receivables						Loan Receivables
	North America			International			North America			International			Total
Balance at January 1, 2018	$	7,721		$	2,794		$	7,098		$	1,020		$	18,633
Amounts charged to expense	7,037			829			4,896			331			13,093
Write-offs and other	(3,979		)	(1,359		)	(5,282		)	(466		)	(11,086		)
Balance at September 30, 2018	$	10,779		$	2,264		$	6,712		$	885		$	20,640

Past Due Financing Receivables

The aging of gross finance receivables at September 30, 2019 and December 31, 2018 was as follows:



	September 30, 2019
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
1 - 90 days	$	1,032,400	$	211,442	$	280,114	$	27,722	$	1,551,678
> 90 days	32,596		3,668		5,049		378		41,691
Total	$	1,064,996	$	215,110	$	285,163	$	28,100	$	1,593,369
Past due amounts > 90 days
Still accruing interest	$	4,751	$	1,074	$	1,797	$	53	$	7,675
Not accruing interest	27,845		2,594		3,252		325		34,016
Total	$	32,596	$	3,668	$	5,049	$	378	$	41,691



	December 31, 2018
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
1 - 90 days	$	1,069,290	$	238,114	$	294,126	$	29,079	$	1,630,609
> 90 days	41,608		3,922		6,193		191		51,914
Total	$	1,110,898	$	242,036	$	300,319	$	29,270	$	1,682,523
Past due amounts > 90 days
Still accruing interest	$	7,917	$	1,111	$	1,769	$	72	$	10,869
Not accruing interest	33,691		2,811		4,424		119		41,045
Total	$	41,608	$	3,922	$	6,193	$	191	$	51,914

Financing Receivable Credit Quality Indicators



	September 30, 2019		December 31, 2018
Sales-type lease receivables
Low	$	853,156	$	922,414
Medium	160,969		131,650
High	22,315		22,110
Not Scored	28,556		34,724
Total	$	1,064,996	$	1,110,898
Loan receivables
Low	$	215,319	$	238,620
Medium	53,176		43,952
High	5,379		5,947
Not Scored	11,289		11,800
Total	$	285,163	$	300,319

Sales-type Lease, Lease Income

Lease income from sales-type leases for the three and nine months ended September 30, 2019 and 2018 was as follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Profit recognized at commencement ⁽¹⁾	$	38,086	$	38,204	$	108,743	$	125,133
Interest income	56,522		60,653		174,045		183,340
Total lease income from sales-type leases	$	94,608	$	98,857	$	282,788	$	308,473

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

Lessor, Payments to be Received

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



Remaining for year ending December 31, 2019	$	9,092
Year ending December 31, 2020	30,986
Year ending December 31, 2021	15,600
Year ending December 31, 2022	6,886
Year ending December 31, 2023	3,154
Thereafter	412
Total	$	66,130

Intangible Assets and Goodwill (Tables)

9 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible assets at September 30, 2019 and December 31, 2018 consisted of the following:



	September 30, 2019							December 31, 2018
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	347,515	$	(164,336	)	$	183,179	$	338,320	$	(149,539	)	$	188,781
Software & technology	52,309		(38,517		)	13,792		54,297		(35,325		)	18,972
Trademarks & other	21,365		(18,621		)	2,744		22,305		(16,858		)	5,447
Total intangible assets	$	421,189	$	(221,474	)	$	199,715	$	414,922	$	(201,722	)	$	213,200

Amortization Expense In Future Periods



Remaining for year ending December 31, 2019	$	9,171
Year ending December 31, 2020	33,368
Year ending December 31, 2021	29,972
Year ending December 31, 2022	29,026
Year ending December 31, 2023	26,188
Thereafter	71,990
Total	$	199,715

Schedule of Goodwill

Changes in the carrying value of goodwill, by reporting segment, for the nine months ended September 30, 2019 are shown in the table below.



	December 31, 2018		Acquisition/(divestiture)			Currency impact			September 30, 2019
Global Ecommerce	$	609,431	$	—		$	—		$	609,431
Presort Services	207,465		5,064			—			212,529
Commerce Services	816,896		5,064			—			821,960
SendTech Solutions	515,455		(10,490		)	(9,888		)	495,077
Total goodwill	$	1,332,351	$	(5,426	)	$	(9,888	)	$	1,317,037

Fair Value Measurements and Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2019

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 at September 30, 2019 and December 31, 2018.



	September 30, 2019
	Level 1		Level 2			Level 3		Total
Assets:
Investment securities
Money market funds / certificates of deposit	$	157,114	$	260,383		$	—	$	417,497
Equity securities	—		21,814			—		21,814
Commingled fixed income securities	1,655		20,819			—		22,474
Government and related securities	71,908		18,079			—		89,987
Corporate debt securities	—		73,332			—		73,332
Mortgage-backed / asset-backed securities	—		74,718			—		74,718
Derivatives
Foreign exchange contracts	—		729			—		729
Total assets	$	230,677	$	469,874		$	—	$	700,551
Liabilities:
Derivatives
Foreign exchange contracts	$	—	$	(5,454	)	$	—	$	(5,454	)
Total liabilities	$	—	$	(5,454	)	$	—	$	(5,454	)



	December 31, 2018
	Level 1		Level 2			Level 3		Total
Assets:
Investment securities
Money market funds / certificates of deposit	$	220,756	$	391,891		$	—	$	612,647
Equity securities	—		19,133			—		19,133
Commingled fixed income securities	1,570		20,141			—		21,711
Government and related securities	98,790		9,787			—		108,577
Corporate debt securities	—		56,938			—		56,938
Mortgage-backed / asset-backed securities	—		98,334			—		98,334
Derivatives
Foreign exchange contracts	—		2,031			—		2,031
Total assets	$	321,116	$	598,255		$	—	$	919,371
Liabilities:
Derivatives
Foreign exchange contracts	$	—	$	(735	)	$	—	$	(735	)
Total liabilities	$	—	$	(735	)	$	—	$	(735	)

Schedule of Available-for-sale Securities Reconciliation

Available-for-sale securities at September 30, 2019 and December 31, 2018 consisted of the following:



	September 30, 2019
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Estimated fair value
Government and related securities	$	88,050	$	1,946	$	(47	)	$	89,949
Corporate debt securities	71,763		1,907		(338		)	73,332
Commingled fixed income securities	1,666		—		(11		)	1,655
Mortgage-backed / asset-backed securities	73,777		1,269		(328		)	74,718
Total	$	235,256	$	5,122	$	(724	)	$	239,654



	December 31, 2018
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Estimated fair value
Government and related securities	$	109,776	$	47	$	(1,336	)	$	108,487
Corporate debt securities	58,714		4		(1,780		)	56,938
Commingled fixed income securities	1,637		—		(67		)	1,570
Mortgage-backed / asset-backed securities	100,186		167		(2,019		)	98,334
Total	$	270,313	$	218	$	(5,202	)	$	265,329

Schedule of Unrealized Holding Losses

The aggregate unrealized holding losses of investment securities in a loss position at September 30, 2019 and December 31, 2018 were as follows:



	September 30, 2019				December 31, 2018
	Fair Value		Gross unrealized losses		Fair Value		Gross unrealized losses
Less than 12 continuous months	$	35,784	$	360	$	48,318	$	847
Greater than 12 continuous months	28,235		364		177,331		4,355
Total	$	64,019	$	724	$	225,649	$	5,202

Available-for-sale Securities

Scheduled maturities of available-for-sale securities at September 30, 2019 were as follows:



	Amortized cost		Estimated fair value
Within 1 year	$	39,047	$	39,133
After 1 year through 5 years	58,494		59,246
After 5 years through 10 years	69,077		70,267
After 10 years	68,638		71,008
Total	$	235,256	$	239,654

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

The fair value of derivative instruments at September 30, 2019 and December 31, 2018 was as follows:



Designation of Derivatives	Balance Sheet Location	September 30, 2019			December 31, 2018
Derivatives designated as hedging instruments
Foreign exchange contracts	Other current assets and prepayments	$	113		$	61
	Accounts payable and accrued liabilities	(52		)	(104		)

Derivatives not designated as hedging instruments
Foreign exchange contracts	Other current assets and prepayments	616			1,970
	Accounts payable and accrued liabilities	(5,402		)	(631		)

	Total derivative assets	$	729		$	2,031
	Total derivative liabilities	(5,454		)	(735		)
	Total net derivative (liability) asset	$	(4,725	)	$	1,296

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

The following represents the results of cash flow hedging relationships for the three and nine months ended September 30, 2019 and 2018:



	Three Months Ended September 30,
	Derivative Gain (Loss) Recognized in AOCI (Effective Portion)					Location of Gain (Loss) (Effective Portion)	Gain (Loss) Reclassified from AOCI to Earnings (Effective Portion)
Derivative Instrument	2019		2018			Location of Gain (Loss) (Effective Portion)	2019			2018
Foreign exchange contracts	$	156	$	(42	)	Revenue	$	(98	)	$	(38	)
						Cost of sales	54			52
Interest rate swap	—		(824		)	Interest Expense	—			—
	$	156	$	(866	)		$	(44	)	$	14

	Nine Months Ended September 30,
	Derivative Gain (Loss) Recognized in AOCI (Effective Portion)					Location of Gain (Loss) (Effective Portion)	Gain (Loss) Reclassified from AOCI to Earnings (Effective Portion)
Derivative Instrument	2019		2018			Location of Gain (Loss) (Effective Portion)	2019			2018
Foreign exchange contracts	$	181	$	111		Revenue	$	(23	)	$	38
						Cost of sales	99			(33		)
Interest rate swap	—		(1,776		)	Interest Expense	—			—
	$	181	$	(1,665	)		$	76		$	5

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

The table below represents the mark-to-market adjustments of non-designated derivative instruments for the three and nine months ended September 30, 2019 and 2018. All outstanding contracts at September 30, 2019 mature within 12 months.



		Three Months Ended September 30,
		Derivative Gain (Loss) Recognized in Earnings
Derivatives Instrument	Location of Derivative Gain (Loss)	2019			2018
Foreign exchange contracts	Selling, general and administrative expense	$	(11,385	)	$	(1,948	)

		Nine Months Ended September 30,
		Derivative Gain (Loss) Recognized in Earnings
Derivatives Instrument	Location of Derivative Gain (Loss)	2019			2018
Foreign exchange contracts	Selling, general and administrative expense	$	(6,181	)	$	(20,344	)

Fair Value, by Balance Sheet Grouping

The carrying value and estimated fair value of our debt at September 30, 2019 and December 31, 2018 were as follows:



	September 30, 2019		December 31, 2018
Carrying value	$	3,069,091	$	3,265,608
Fair value	$	2,953,853	$	3,003,678

Restructuring Charges and Asset Impairments (Tables)

9 Months Ended

Sep. 30, 2019

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Reserve by Type of Cost

Activity in our restructuring reserves for the nine months ended September 30, 2019 and 2018 was as follows:



	Severance and benefits costs			Other exit costs			Total
Balance at January 1, 2019	$	13,641		$	1,808		$	15,449
Expenses, net	12,498			845			13,343
Cash payments	(16,362		)	(2,483		)	(18,845		)
Balance at September 30, 2019	$	9,777		$	170		$	9,947

Balance at January 1, 2018	$	42,151		$	1,569		$	43,720
Expenses, net	13,637			5,134			18,771
Cash payments	(37,492		)	(1,750		)	(39,242		)
Balance at September 30, 2018	$	18,296		$	4,953		$	23,249

Debt (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Schedule of Debt

Total debt at September 30, 2019 and December 31, 2018 consisted of the following:



	Interest rate	September 30, 2019		December 31, 2018
Notes due September 2020	4.125%	$	300,000	$	300,000
Notes due October 2021	3.875%	600,000		600,000
Notes due May 2022	4.625%	400,000		400,000
Notes due April 2023	4.95%	400,000		400,000
Notes due March 2024	4.625%	500,000		500,000
Notes due January 2037	5.25%	35,841		35,841
Notes due March 2043	6.7%	425,000		425,000
Term loans	Variable	427,500		630,000
Other debt		5,158		5,297
Principal amount		3,093,499		3,296,138
Less: unamortized costs, net		24,408		30,530
Total debt		3,069,091		3,265,608
Less: current portion long-term debt		501,728		199,535
Long-term debt		$	2,567,363	$	3,066,073

Pensions and Other Benefit Programs (Tables)

9 Months Ended

Sep. 30, 2019

Retirement Benefits [Abstract]

Schedule of Defined Benefit Plans Disclosures

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



	Defined Benefit Pension Plans												Nonpension Postretirement Benefit Plans
	United States						Foreign
	Three Months Ended						Three Months Ended						Three Months Ended
	September 30,						September 30,						September 30,
	2019			2018			2019			2018			2019		2018
Service cost	$	20		$	23		$	385		$	567		$	242	$	298
Interest cost	15,792			15,363			4,435			4,434			1,646		1,676
Expected return on plan assets	(23,182		)	(25,281		)	(8,340		)	(8,730		)	—		—
Amortization of transition credit	—			—			(2		)	(2		)	—		—
Amortization of prior service (credit) cost	(15		)	(15		)	58			(18		)	80		112
Amortization of net actuarial loss	6,537			7,851			1,543			1,807			507		338
Settlement	1,477			796			—			—			—		339
Net periodic benefit cost (income)	$	629		$	(1,263	)	$	(1,921	)	$	(1,942	)	$	2,475	$	2,763
Contributions to benefit plans	$	3,350		$	2,479		$	652		$	661		$	4,628	$	4,442

	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,
	2019			2018			2019			2018			2019		2018
Service cost	$	62		$	69		$	1,157		$	1,731		$	725	$	1,109
Interest cost	47,378			46,087			13,231			13,721			4,937		4,888
Expected return on plan assets	(69,545		)	(75,815		)	(25,609		)	(27,045		)	—		—
Amortization of transition credit	—			—			(5		)	(5		)	—		—
Amortization of prior service (credit) cost	(45		)	(45		)	181			(54		)	241		287
Amortization of net actuarial loss	19,610			23,555			4,727			5,590			1,521		2,153
Settlement ⁽¹⁾	2,278			796			397			—			—		339
Net periodic benefit (income) cost	$	(262	)	$	(5,353	)	$	(5,921	)	$	(6,062	)	$	7,424	$	8,776
Contributions to benefit plans	$	7,401		$	5,674		$	9,740		$	10,640		$	13,841	$	13,552

Leased Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Schedule of operating and finance lease assets and liabilities



Leases	Balance Sheet Location	September 30, 2019		December 31, 2018
Assets
Operating	Operating lease assets	$	172,617	$	152,554
Finance	Property, plant and equipment, net	11,250		10,683
Total leased assets		$	183,867	$	163,237

Liabilities
Operating	Current operating lease liabilities	$	34,091	$	35,208
	Noncurrent operating lease liabilities	148,125		125,294
Finance	Accounts payable and accrued liabilities	2,773		2,708
	Other noncurrent liabilities	7,589		7,054
Total lease liabilities		$	192,578	$	170,264

Schedule of components of lease expense



	Three Months Ended September 30,						Nine Months Ended September 30,
Lease Cost	2019			2018			2019			2018
Operating lease expense	$	12,347		$	12,395		$	34,750		$	33,835
Finance lease expense
Amortization of leased assets	838			692			2,529			1,934
Interest on lease liabilities	172			135			520			378
Variable lease expense	4,969			4,272			18,821			16,486
Sublease income	(381		)	(680		)	(1,726		)	(1,132		)
Total expense	$	17,945		$	16,814		$	54,894		$	51,501

Schedule of future payments of finance lease liabilities



Future Lease Payments	Operating Leases		Finance Leases		Total
Remaining for year ending December 31, 2019	$	11,233	$	907	$	12,140
Year ending December 31, 2020	42,292		3,242		45,534
Year ending December 31, 2021	35,970		2,850		38,820
Year ending December 31, 2022	27,799		2,278		30,077
Year ending December 31, 2023	21,392		1,626		23,018
Thereafter	88,779		983		89,762
Total	227,465		11,886		239,351
Less: present value discount	45,249		1,524		46,773
Lease liability	$	182,216	$	10,362	$	192,578

Schedule of future payments of operating lease liabilities



Future Lease Payments	Operating Leases		Finance Leases		Total
Remaining for year ending December 31, 2019	$	11,233	$	907	$	12,140
Year ending December 31, 2020	42,292		3,242		45,534
Year ending December 31, 2021	35,970		2,850		38,820
Year ending December 31, 2022	27,799		2,278		30,077
Year ending December 31, 2023	21,392		1,626		23,018
Thereafter	88,779		983		89,762
Total	227,465		11,886		239,351
Less: present value discount	45,249		1,524		46,773
Lease liability	$	182,216	$	10,362	$	192,578

Schedule of weighted-average remaining lease terms and weighted-average discount rates



Lease Term and Discount Rate	September 30, 2019	December 31, 2018
Weighted-average remaining lease term
Operating leases	7.5 years	7.2 years
Finance leases	4.0 years	4.1 years
Weighted-average discount rate
Operating leases	5.9%	4.5%
Finance leases	6.7%	6.2%

Schedule of supplemental cash flow information



	Three Months Ended September 30,				Nine Months Ended September 30,
Cash Flow Information	2019		2018		2019		2018
Operating cash outflows - operating leases	$	10,440	$	12,319	$	32,041	$	33,075
Operating cash outflows - finance leases	$	172	$	135	$	520	$	378
Financing cash outflows - finance leases	$	758	$	630	$	2,278	$	1,786

Leased assets obtained in exchange for new lease obligations
Operating leases	$	3,123	$	26,134	$	51,504	$	33,128
Finance leases	$	1,124	$	2,983	$	3,227	$	4,143

Stockholders’ Equity (Tables)

9 Months Ended

Sep. 30, 2019

Stockholders' Equity Note [Abstract]

Schedule of Stockholders Equity

Changes in stockholders’ equity for the three months ended September 30, 2019 and 2018 were as follows:



	Preferred stock		Preference stock		Common stock		Additional paid-in capital			Retained earnings			Accumulated other comprehensive loss			Treasury stock			Total equity
Balance at July 1, 2019	$	—	$	—	$	323,338	$	105,341		$	5,282,374		$	(907,678	)	$	(4,750,403	)	$	52,972
Net loss	—		—		—		—			(3,125		)	—			—			(3,125		)
Other comprehensive loss	—		—		—		—			—			(18,774		)	—			(18,774		)
Dividends paid ($0.05 per common share)	—		—		—		—			(8,508		)	—			—			(8,508		)
Issuance of common stock	—		—		—		(10,146		)	—			—			11,291			1,145
Conversion to common stock	—		—		—		(246		)	—			—			246			—
Stock-based compensation expense	—		—		—		6,702			—			—			—			6,702
Repurchase of common stock	—		—		—		—			—			—			(5,000		)	(5,000		)
Balance at September 30, 2019	$	—	$	—	$	323,338	$	101,651		$	5,270,741		$	(926,452	)	$	(4,743,866	)	$	25,412



	Preferred stock		Preference stock			Common stock		Additional paid-in capital			Retained earnings			Accumulated other comprehensive loss			Treasury stock			Total equity
Balance at July 1, 2018	$	1	$	415		$	323,338	$	122,732		$	5,103,588		$	(811,804	)	$	(4,689,309	)	$	48,961
Net income	—		—			—		—			80,277			—			—			80,277
Other comprehensive income	—		—			—		—			—			5,639			—			5,639
Dividends paid ($0.1875 per common share)	—		—			—		—			(35,183		)	—			—			(35,183		)
Issuance of common stock	—		—			—		(11,190		)	—			—			12,909			1,719
Conversion to common stock	—		(12		)	—		(242		)	—			—			254			—
Stock-based compensation expense	—		—			—		6,618			—			—			—			6,618
Balance at September 30, 2018	$	1	$	403		$	323,338	$	117,918		$	5,148,682		$	(806,165	)	$	(4,676,146	)	$	108,031

Changes in stockholders’ equity for the nine months ended September 30, 2019 and 2018 were as follows:



	Preferred stock			Preference stock			Common stock		Additional paid-in capital			Retained earnings			Accumulated other comprehensive loss			Treasury stock			Total equity
Balance at January 1, 2019	$	1		$	396		$	323,338	$	121,475		$	5,279,682		$	(948,961	)	$	(4,674,089	)	$	101,842
Net income	—			—			—		—			17,913			—			—			17,913
Other comprehensive income	—			—			—		—			—			22,509			—			22,509
Dividends paid ($0.15 per common share)	—			—			—		—			(26,854		)	—			—			(26,854		)
Issuance of common stock	—			—			—		(32,877		)	—			—			32,289			(588		)
Conversion to common stock	—			(130		)	—		(2,804		)	—			—			2,934			—
Redemption of preferred/preference stock	(1		)	(266		)	—		(10		)	—			—			—			(277		)
Stock-based compensation expense	—			—			—		15,867			—			—			—			15,867
Repurchase of common stock	—			—			—		—			—			—			(105,000		)	(105,000		)
Balance at September 30, 2019	$	—		$	—		$	323,338	$	101,651		$	5,270,741		$	(926,452	)	$	(4,743,866	)	$	25,412



	Preferred stock		Preference stock			Common stock		Additional paid-in capital			Retained earnings			Accumulated other comprehensive loss			Treasury stock			Total equity
Balance at January 1, 2018	$	1	$	441		$	323,338	$	138,367		$	5,074,343		$	(794,940	)	$	(4,710,997	)	$	30,553
Cumulative effect of accounting change	—		—			—		—			(12,207		)	—			—			(12,207		)
Net income	—		—			—		—			191,842			—			—			191,842
Other comprehensive loss	—		—			—		—			—			(11,225		)	—			(11,225		)
Dividends paid ($0.5625 per common share)	—		—			—		—			(105,296		)	—			—			(105,296		)
Issuance of common stock	—		—			—		(35,457		)	—			—			34,050			(1,407		)
Conversion to common stock	—		(38		)	—		(763		)	—			—			801			—
Stock-based compensation expense	—		—			—		15,771			—			—			—			15,771
Balance at September 30, 2018	$	1	$	403		$	323,338	$	117,918		$	5,148,682		$	(806,165	)	$	(4,676,146	)	$	108,031

Accumulated Other Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Reclassification out of Accumulated Other Comprehensive Income

Reclassifications out of AOCI for the three and nine months ended September 30, 2019 and 2018 were as follows:



	Amount Reclassified from AOCI⁽¹⁾
	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
(Losses) gains on cash flow hedges
Revenue	$	(98	)	$	(38	)	$	(23	)	$	38
Cost of sales	54			52			99			(33		)
Interest expense, net	—			(825		)	—			(1,839		)
Total before tax	(44		)	(811		)	76			(1,834		)
Income tax benefit (provision)	11			206			(19		)	468
Net of tax	$	(33	)	$	(605	)	$	57		$	(1,366	)

Gains (losses) on available for sale securities
Interest expense, net	$	146		$	(40	)	$	42		$	150
Income tax (provision) benefit	(37		)	10			(11		)	(38		)
Net of tax	$	109		$	(30	)	$	31		$	112

Pension and Postretirement Benefit Plans ⁽²⁾
Transition credit	$	2		$	2		$	5		$	5
Prior service costs	(123		)	(79		)	(377		)	(188		)
Actuarial losses	(8,587		)	(9,996		)	(25,858		)	(31,298		)
Settlements	(1,477		)	(1,135		)	(2,675		)	(1,135		)
Total before tax	(10,185		)	(11,208		)	(28,905		)	(32,616		)
Income tax benefit	2,633			2,399			7,406			7,766
Net of tax	$	(7,552	)	$	(8,809	)	$	(21,499	)	$	(24,850	)


⁽¹⁾	Amounts in parentheses indicate reductions to income and increases to other comprehensive income.

⁽²⁾

Reclassified from AOCI into other components of net pension and postretirement cost (see Note 12 for additional details).

Schedule of Accumulated Other Comprehensive Income (Loss)

Changes in AOCI for the nine months ended September 30, 2019 and 2018 were as follows:



	Cash flow hedges			Available for sale securities			Pension and postretirement benefit plans			Foreign currency adjustments			Total
Balance at January 1, 2019	$	191		$	(3,061	)	$	(846,461	)	$	(99,630	)	$	(948,961	)
Other comprehensive income (loss) before reclassifications ⁽¹⁾	135			7,547			—			(6,584		)	1,098
Reclassifications into earnings ^{(1), (2)}	(57		)	(31		)	21,499			—			21,411
Net other comprehensive income (loss)	78			7,516			21,499			(6,584		)	22,509
Balance at September 30, 2019	$	269		$	4,455		$	(824,962	)	$	(106,214	)	$	(926,452	)



	Cash flow hedges			Available for sale securities			Pension and postretirement benefit plans			Foreign currency adjustments			Total
Balance at January 1, 2018	$	(406	)	$	1,597		$	(748,800	)	$	(47,331	)	$	(794,940	)
Other comprehensive loss before reclassifications ⁽¹⁾	(593		)	(6,402		)	—			(30,334		)	(37,329		)
Reclassifications into earnings ^{(1), (2)}	1,366			(112		)	24,850			—			26,104
Net other comprehensive income (loss)	773			(6,514		)	24,850			(30,334		)	(11,225		)
Balance at September 30, 2018	$	367		$	(4,917	)	$	(723,950	)	$	(77,665	)	$	(806,165	)

⁽¹⁾ Amounts are net of tax. Amounts in parentheses indicate debits to AOCI.

⁽²⁾ See table above for additional details of these reclassifications.

Description of Business and Basis of Presentation (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 31, 2019 USD ($) market	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Dec. 31, 2018 USD ($)	Jan. 01, 2017 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other receivables		$ 102,000		$ 102,000		$ 75,000
Decrease to research and development		(12,272)	$ (15,636)	(38,421)	$ (44,651)
Increase to selling, general and administrative		254,092	241,350	757,228	759,469
Decrease in short-term finance receivables		(617,178)		(617,178)		(653,236)
Decrease in advance billings		(106,968)		(106,968)		(116,862)
Increase in long-term finance receivables		616,746		616,746		635,908
Retained earnings		(5,270,741)		(5,270,741)		(5,279,682)
ASU 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings							$ 137,000
Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease to research and development			8,000		20,000
Increase to selling, general and administrative			9,000		22,000
Decrease in short-term finance receivables						106,000
Decrease in advance billings						6,000
Increase in long-term finance receivables						$ 100,000
Business services
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase (decrease) to cost of products and sales		338,519	287,237	1,003,483	872,183
Business services \| Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase (decrease) to cost of products and sales			(4,000)		(10,000)
Equipment sales
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase (decrease) to cost of products and sales		59,859	52,209	182,094	173,626
Equipment sales \| Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase (decrease) to cost of products and sales			3,000		8,000
Equipment sales \| Income Statement Adjustment \| Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase (decrease) to cost of products and sales			(1,000)		(4,000)
Rentals
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase (decrease) to cost of products and sales		5,090	9,174	23,223	30,386
Rentals \| Income Statement Adjustment \| Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase (decrease) to cost of products and sales					(3,000)
Support services
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase (decrease) to cost of products and sales		41,086	45,872	123,453	134,204
Support services \| Income Statement Adjustment \| Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase (decrease) to cost of products and sales			2,000		7,000
Disposed of by Sale
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of smaller markets sold \| market	6
Loss on sale	$ (18,000)	$ 18,157	$ (86,640)	$ 29,178	$ (77,863)

Revenue (Disaggregates of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Revenue from leasing transactions and financing	$ 790,125	$ 760,281	$ 2,373,782	$ 2,354,108
Total consolidated revenue	790,125	760,281	2,373,782	2,354,108
ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	609,255	573,679	1,828,187	1,769,143
Products/services transferred at a point in time \| ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	63,880	70,831	202,000	230,335
Products/services transferred over time \| ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	545,375	502,848	1,626,187	1,538,808
Sales And Services
Disaggregation of Revenue [Line Items]
Revenue from products and services	609,255	573,679	1,828,187	1,769,143
Revenue from leasing transactions and financing	180,870	186,602	545,595	584,965
Total consolidated revenue	790,125	760,281	2,373,782	2,354,108
Equipment sales
Disaggregation of Revenue [Line Items]
Revenue from products and services	19,062	20,428	59,739	64,482
Revenue from leasing transactions and financing	70,556	68,371	205,217	224,836
Total consolidated revenue	89,618	88,799	264,956	289,318
Supplies
Disaggregation of Revenue [Line Items]
Revenue from products and services	44,818	50,403	142,261	165,853
Revenue from leasing transactions and financing	0	0	0	0
Total consolidated revenue	44,818	50,403	142,261	165,853
Rentals
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Revenue from leasing transactions and financing	19,737	21,432	60,339	65,852
Total consolidated revenue	19,737	21,432	60,339	65,852
Financing
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Revenue from leasing transactions and financing	90,577	96,799	280,039	294,277
Total consolidated revenue	90,577	96,799	280,039	294,277
Support services
Disaggregation of Revenue [Line Items]
Revenue from products and services	126,274	138,055	382,578	417,303
Revenue from leasing transactions and financing	0	0	0	0
Total consolidated revenue	126,274	138,055	382,578	417,303
Business services
Disaggregation of Revenue [Line Items]
Revenue from products and services	419,101	364,793	1,243,609	1,121,505
Revenue from leasing transactions and financing	0	0	0	0
Total consolidated revenue	419,101	364,793	1,243,609	1,121,505
Global Ecommerce
Disaggregation of Revenue [Line Items]
Revenue from leasing transactions and financing	278,995	232,845	827,568	718,535
Global Ecommerce \| ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	278,995	232,845	827,568	718,535
Global Ecommerce \| Products/services transferred at a point in time \| ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Global Ecommerce \| Products/services transferred over time \| ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	278,995	232,845	827,568	718,535
Global Ecommerce \| Sales And Services
Disaggregation of Revenue [Line Items]
Revenue from products and services	278,995	232,845	827,568	718,535
Global Ecommerce \| Equipment sales
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Revenue from leasing transactions and financing	0	0	0	0
Global Ecommerce \| Supplies
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Global Ecommerce \| Rentals
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Revenue from leasing transactions and financing	0	0	0	0
Global Ecommerce \| Financing
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Revenue from leasing transactions and financing	0	0	0	0
Global Ecommerce \| Support services
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Global Ecommerce \| Business services
Disaggregation of Revenue [Line Items]
Revenue from products and services	278,995	232,845	827,568	718,535
Presort Services
Disaggregation of Revenue [Line Items]
Revenue from leasing transactions and financing	131,483	125,334	394,468	382,522
Presort Services \| ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	131,483	125,334	394,468	382,522
Presort Services \| Products/services transferred at a point in time \| ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Presort Services \| Products/services transferred over time \| ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	131,483	125,334	394,468	382,522
Presort Services \| Sales And Services
Disaggregation of Revenue [Line Items]
Revenue from products and services	131,483	125,334	394,468	382,522
Presort Services \| Equipment sales
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Revenue from leasing transactions and financing	0	0	0	0
Presort Services \| Supplies
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Presort Services \| Rentals
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Revenue from leasing transactions and financing	0	0	0	0
Presort Services \| Financing
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Revenue from leasing transactions and financing	0	0	0	0
Presort Services \| Support services
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Presort Services \| Business services
Disaggregation of Revenue [Line Items]
Revenue from products and services	131,483	125,334	394,468	382,522
SendTech Solutions
Disaggregation of Revenue [Line Items]
Revenue from leasing transactions and financing	379,647	402,102	1,151,746	1,253,051
SendTech Solutions \| ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	198,777	215,500	606,151	668,086
SendTech Solutions \| Products/services transferred at a point in time \| ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	63,880	70,831	202,000	230,335
SendTech Solutions \| Products/services transferred over time \| ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	134,897	144,669	404,151	437,751
SendTech Solutions \| Sales And Services
Disaggregation of Revenue [Line Items]
Revenue from products and services	198,777	215,500	606,151	668,086
SendTech Solutions \| Equipment sales
Disaggregation of Revenue [Line Items]
Revenue from products and services	19,062	20,428	59,739	64,482
Revenue from leasing transactions and financing	70,556	68,371	205,217	224,836
SendTech Solutions \| Supplies
Disaggregation of Revenue [Line Items]
Revenue from products and services	44,818	50,403	142,261	165,853
SendTech Solutions \| Rentals
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Revenue from leasing transactions and financing	19,737	21,432	60,339	65,852
SendTech Solutions \| Financing
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Revenue from leasing transactions and financing	90,577	96,799	280,039	294,277
SendTech Solutions \| Support services
Disaggregation of Revenue [Line Items]
Revenue from products and services	126,274	138,055	382,578	417,303
SendTech Solutions \| Business services
Disaggregation of Revenue [Line Items]
Revenue from products and services	$ 8,623	$ 6,614	$ 21,573	$ 20,448

Revenue (Narrative) (Details) $ in Millions	3 Months Ended	9 Months Ended
Revenue (Narrative) (Details) $ in Millions	Sep. 30, 2019 USD ($)	Sep. 30, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Advanced billings, revenue recognized	$ 114
Expected timing of satisfaction period	12 months	12 months
Support services \| Minimum
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Period of recognition		1 year
Support services \| Maximum
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Period of recognition		5 years
Business services \| Minimum
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Period of recognition		1 year
Business services \| Maximum
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Period of recognition		5 years

Revenue (Contract Assets and Advance Billings) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Advance billings, current	$ 97,666	$ 111,829
Advance billings, noncurrent	1,413	$ 1,985
Increase (decrease)
Advance billings, current	(14,163)
Advance billings, noncurrent	$ (572)

Revenue (Future Performance Obligations) (Details) $ in Thousands	Sep. 30, 2019 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction period	12 months
SendTech Solutions \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Future performance obligations	$ 77,171
Expected timing of satisfaction period	3 months
SendTech Solutions \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Future performance obligations	$ 272,621
Expected timing of satisfaction period	1 year
SendTech Solutions \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Future performance obligations	$ 771,538
Expected timing of satisfaction period	3 years

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment reporting information profit (loss)
Revenue	$ 790,125	$ 760,281	$ 2,373,782	$ 2,354,108
Reconciliation of Segment EBIT to net income:
Restructuring charges and asset impairments, net	(47,017)	(6,099)	(56,616)	(18,771)
Interest, net	(28,704)	(26,588)	(84,325)	(89,377)
Other expense	(667)	(7,964)	(18,350)	(7,964)
Provision for income taxes	24,895	2,468	13,351	(17,235)
Income from continuing operations	5,345	47,656	32,112	132,553
(Loss) income from discontinued operations, net of tax	(8,470)	32,621	(14,199)	59,289
Net (loss) income	(3,125)	80,277	17,913	191,842
Operating Segments
Segment reporting information profit (loss)
EBIT	126,848	137,712	374,341	441,419
Segment Reconciling Items
Reconciliation of Segment EBIT to net income:
Unallocated corporate expenses	(58,277)	(40,988)	(160,283)	(141,321)
Restructuring charges and asset impairments, net	(47,017)	(6,099)	(56,616)	(18,771)
Interest, net	(39,730)	(37,437)	(117,758)	(122,484)
Other expense	(667)	(7,964)	(18,350)	(7,964)
Transaction costs	(707)	(36)	(2,573)	(1,091)
Commerce Services
Segment reporting information profit (loss)
Revenue from contracts with customers	410,478	358,179	1,222,036	1,101,057
Commerce Services \| Operating Segments
Segment reporting information profit (loss)
EBIT	(4,106)	3,105	(3,754)	28,992
Commerce Services \| Global Ecommerce
Segment reporting information profit (loss)
Revenue from contracts with customers	278,995	232,845	827,568	718,535
EBIT	(21,793)	(14,330)	(51,969)	(28,034)
Commerce Services \| Presort Services
Segment reporting information profit (loss)
Revenue from contracts with customers	131,483	125,334	394,468	382,522
EBIT	17,687	17,435	48,215	57,026
SendTech Solutions
Segment reporting information profit (loss)
Revenue from contracts with customers	379,647	402,102	1,151,746	1,253,051
SendTech Solutions \| Operating Segments
Segment reporting information profit (loss)
EBIT	$ 130,954	$ 134,607	$ 378,095	$ 412,427

Discontinued Operations (Financial Information) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 31, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Aug. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
(Loss) income from discontinued operations, net of tax		$ (8,470)	$ 32,621	$ (14,199)	$ 59,289
Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue		73,620	95,300	219,144	454,738
Earnings (loss) from discontinued operations		8,633	3,217	12,671	48,801
(Loss) gain on sale (including transaction costs)	$ 18,000	(18,157)	86,640	(29,178)	77,863
(Loss) income from discontinued operations before taxes		(9,524)	89,857	(16,507)	126,664
Tax (benefit) provision		(1,054)	57,236	(2,308)	67,375
(Loss) income from discontinued operations, net of tax		(8,470)	32,621	(14,199)	59,289
Software Solutions \| Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale of business						$ 700,000
Revenue		73,620	75,743	219,144	243,738
Earnings (loss) from discontinued operations		8,633	4,533	13,334	28,497
(Loss) gain on sale (including transaction costs)		(12,447)	0	(14,211)	0
(Loss) income from discontinued operations before taxes		(3,814)	4,533	(877)	28,497
Production Mail \| Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue		0	19,557	0	211,000
Earnings (loss) from discontinued operations		0	(1,316)	(663)	20,304
(Loss) gain on sale (including transaction costs)		(5,710)	86,640	(14,967)	77,863
(Loss) income from discontinued operations before taxes		$ (5,710)	$ 85,324	$ (15,630)	$ 98,167

Discontinued Operations (Assets and Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	$ 0		$ 1,026
Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	0	$ 1,965
Accounts and other receivables, net	55,077	85,399
Inventories	0	855
Other current assets and prepayments	29,801	26,121
Rental property and equipment, net	11,495	12,140
Rental property and equipment, net	0	179
Goodwill	430,995	434,160
Intangible assets	10,379	13,937
Operating lease asset	3,587	4,234
Other assets	27,079	23,833
Assets of discontinued operations	568,413	602,823
Accounts payable and accrued liabilities	38,163	42,896
Current operating lease liabilities	1,441	2,000
Advance billings	98,699	113,110
Other current liabilities	0	2,021
Noncurrent operating lease liabilities	1,823	1,943
Other noncurrent liabilities	16,908	12,828
Liabilities of discontinued operations	$ 157,034	$ 174,798

Earnings per Share (EPS) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Earnings Per Share [Abstract]

Income from continuing operations

$ 5,345

$ 47,656

$ 32,112

$ 132,553

Numerator:

(Loss) income from discontinued operations, net of tax

(8,470)

32,621

(14,199)

59,289

Net (loss) income

(3,125)

80,277

17,913

191,842

Less: Preference stock dividend

(Loss) income attributable to common stockholders (numerator for basic EPS)

$ (3,125)

$ 80,269

$ 17,905

$ 191,818

Denominator:

Weighted-average shares used in basic EPS (in shares)

170,326

187,470

178,048

187,167

Dilutive effect of common stock equivalents (in shares)

875

945

1,048

1,023

Weighted-average shares used in diluted EPS (in shares)

171,201

188,415

179,096

188,190

Basic earnings (loss) per share:

^[1]

$ 0.03

$ 0.25

$ 0.18

$ 0.71

^[1]

(0.05)

0.17

(0.08)

0.32

^[1]

(0.02)

0.43

0.10

1.02

Diluted earnings (loss) per share:

^[1]

0.03

0.25

0.18

0.70

^[1]

(0.05)

0.17

(0.08)

0.32