0000078814-20-000035 | 10-Q | XBRL Viewer

$ 837,492

$ 788,573

$ 1,633,760

$ 1,583,657

Selling, general and administrative

233,631

241,467

482,264

503,136

Research and development

7,467

13,572

19,583

26,149

Restructuring charges and asset impairments

4,922

5,899

8,739

9,599

Goodwill impairment

198,169

Interest expense, net

26,446

28,019

52,329

55,621

Other components of net pension and postretirement cost (income)

386

(1,618)

235

(2,256)

Other (income) expense

(17,375)

(27)

16,112

17,683

Total costs and expenses

820,773

755,539

1,845,618

1,545,346

Income (loss) from continuing operations before taxes

16,719

33,034

(211,858)

38,311

Provision for income taxes

17,016

3,724

6,986

11,544

(Loss) income from continuing operations

(297)

29,310

(218,844)

26,767

(Loss) income from discontinued operations, net of tax

(3,032)

(5,613)

7,032

(5,729)

Net (loss) income

$ (3,329)

$ 23,697

$ (211,812)

$ 21,038

Basic earnings (loss) per share:

^[1]

$ 0

$ 0.17

$ (1.28)

$ 0.15

^[1]

(0.02)

(0.03)

0.04

(0.03)

^[1]

(0.02)

0.13

(1.24)

0.12

Diluted earnings (loss) per share:

^[1]

0.16

(1.28)

0.15

^[1]

(0.02)

(0.03)

0.04

(0.03)

^[1]

$ (0.02)

$ 0.13

$ (1.24)

$ 0.12

Business services

$ 528,990

$ 417,963

$ 973,369

$ 824,508

528,990

417,963

973,369

824,508

454,311

337,918

828,976

664,964

Support services

113,786

127,705

235,801

256,304

113,786

127,705

235,801

256,304

36,725

40,520

76,485

82,367

Financing

85,462

92,419

174,540

189,462

11,939

11,043

24,428

22,407

Equipment sales

14,492

19,384

31,621

40,677

57,837

85,551

134,110

175,338

Cost of equipment sales

47,920

58,570

105,279

122,235

Supplies

32,773

46,490

78,482

97,443

32,773

46,490

78,482

97,443

8,379

11,758

20,619

25,308

Rentals

18,644

18,445

37,458

40,602

$ 6,022

$ 8,418

$ 12,400

$ 18,133

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

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (3,329)	$ 23,697	$ (211,812)	$ 21,038
Other comprehensive income, net of tax:
Foreign currency translation, net of tax of $1,105, $(1,347), $(1,712) and $(423), respectively	10,099	10	(17,636)	21,378
Net unrealized loss on cash flow hedges, net of tax of $(421), $(80), $(479) and $(24), respectively	(1,271)	(234)	(1,445)	(71)
Net unrealized gain on investment securities, net of tax of $467, $1,100, $900 and $2,064, respectively	1,407	3,213	2,715	6,029
Amortization of pension and postretirement costs, net of tax benefits of $3,502, $2,124, $6,152 and $4,773, respectively	11,377	7,311	20,247	13,947
Other comprehensive income, net of tax	21,612	10,300	3,881	41,283
Comprehensive income (loss)	$ 18,283	$ 33,997	$ (207,931)	$ 62,321

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

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Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Foreign currency translation, tax	$ 1,105	$ (1,347)	$ (1,712)	$ (423)
Net unrealized gain (loss) on cash flow hedges, tax	(421)	(80)	(479)	(24)
Net unrealized gain on investment securities, tax	467	1,100	900	2,064
Amortization of pension and postretirement costs, tax	$ 3,502	$ 2,124	$ 6,152	$ 4,773

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 862,897	$ 924,442
Short-term investments (includes $28,221 and $35,879, respectively, reported at fair value)	153,221	115,879
Accounts and other receivables (net of allowance of $32,474 and $17,830, respectively)	391,748	373,471
Short-term finance receivables (net of allowance of $20,999 and $12,556, respectively)	555,196	629,643
Inventories	73,653	68,251
Current income taxes	1,893	5,565
Other current assets and prepayments	121,924	101,601
Assets of discontinued operations	0	17,229
Total current assets	2,160,532	2,236,081
Property, plant and equipment, net	375,465	376,177
Rental property and equipment, net	40,875	41,225
Long-term finance receivables (net of allowance of $17,115 and $7,095 respectively)	583,839	625,487
Goodwill	1,132,785	1,324,179
Intangible assets, net	175,460	190,640
Operating lease assets	199,162	200,752
Noncurrent income taxes	68,449	71,903
Other assets (includes $264,500 and $230,442, respectively, reported at fair value)	379,611	400,456
Total assets	5,116,178	5,466,900
Current liabilities:
Accounts payable and accrued liabilities	732,048	793,690
Customer deposits at Pitney Bowes Bank	613,449	591,118
Current operating lease liabilities	35,432	36,060
Current portion of long-term debt	163,257	20,108
Advance billings	122,606	101,920
Current income taxes	11,723	17,083
Liabilities of discontinued operations	0	9,713
Total current liabilities	1,678,515	1,569,692
Long-term debt	2,553,490	2,719,614
Deferred taxes on income	270,376	274,435
Tax uncertainties and other income tax liabilities	35,928	38,834
Noncurrent operating lease liabilities	177,901	177,711
Other noncurrent liabilities	355,388	400,518
Total liabilities	5,071,598	5,180,804
Commitments and contingencies (See Note 14)
Stockholders’ equity:
Common stock, $1 par value (480,000,000 shares authorized; 323,337,912 shares issued)	323,338	323,338
Additional paid-in capital	68,498	98,748
Retained earnings	5,188,119	5,438,930
Accumulated other comprehensive loss	(836,262)	(840,143)
Treasury stock, at cost (151,737,399 and 152,888,969 shares, respectively)	(4,699,113)	(4,734,777)
Total stockholders’ equity	44,580	286,096
Total liabilities and stockholders’ equity	$ 5,116,178	$ 5,466,900

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Short term investments, fair value	$ 28,221	$ 35,879
Allowance for doubtful accounts	32,474	17,830
Short-term finance receivables allowance	20,999	12,556
Long-term finance receivables allowance	17,115	7,095
Other assets, fair value	$ 264,500	$ 230,442
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)	151,737,399	152,888,969

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net (loss) income	$ (211,812)	$ 21,038
(Income) loss from discontinued operations, net of tax	(7,032)	5,729
Restructuring payments	(11,365)	(13,005)
Adjustments to reconcile net loss to net cash provided by operating activities:
Restructuring charges and asset impairments	8,739	9,599
Loss on disposition of businesses	0	17,683
Gain on sale of equity investment	(11,908)	0
Loss on extinguishment of debt	36,987	0
Depreciation and amortization	81,787	77,977
Goodwill impairment	198,169	0
Stock-based compensation	6,950	9,165
Allowance for credit losses	27,941	14,707
Amortization of debt fees	5,054	4,924
Changes in operating assets and liabilities, net of acquisitions/divestitures:
(Increase) decrease in accounts receivable	(49,403)	18,565
Decrease in finance receivables	84,342	34,984
Increase in inventories	(6,306)	(10,881)
Increase in other current assets and prepayments	(24,067)	(33,476)
Decrease in accounts payable and accrued liabilities	(25,168)	(53,885)
Increase in current and noncurrent income taxes	29,959	663
Increase (decrease) in advance billings	21,402	(941)
Decrease in pension and retiree medical liabilities	(24,164)	(22,772)
Other, net	(4,873)	1,174
Net cash provided by operating activities - continuing operations	125,232	81,248
Net cash (used in) provided by operating activities - discontinued operations	(38,423)	5,534
Net cash provided by operating activities	86,809	86,782
Cash flows from investing activities:
Purchases of available-for-sale securities	(115,565)	(6,391)
Proceeds from sales/maturities of available-for-sale securities	94,425	54,964
Net activity from short-term and other investments	(44,035)	(1,608)
Capital expenditures	(59,954)	(59,187)
Acquisitions, net of cash acquired	(6,608)	(4,882)
Sale of other investments (See Note 8)	58,248	0
Increase (decrease) in customer deposits at Pitney Bowes Bank	22,331	(8,316)
Other investing activities	(885)	(8,591)
Net cash used in investing activities - continuing operations	(52,043)	(34,011)
Net cash used in investing activities - discontinued operations	(2,502)	(2,140)
Net cash used in investing activities - continuing operations	(54,545)	(36,151)
Cash flows from financing activities:
Increase in short-term borrowings	100,000	0
Proceeds from the issuance of long-term debt	816,544	0
Principal payments of long-term debt	(948,224)	(25,087)
Premiums and fees paid to extinguish debt	(32,645)	0
Dividends paid to stockholders	(17,099)	(18,346)
Common stock repurchases	0	(100,000)
Other financing activities	(3,174)	(3,337)
Net cash used in financing activities	(84,598)	(146,770)
Effect of exchange rate changes on cash and cash equivalents	(9,211)	(81)
Change in cash and cash equivalents	(61,545)	(96,220)
Cash and cash equivalents at beginning of period	924,442	867,262
Cash and cash equivalents at end of period	862,897	771,042
Cash interest paid	82,732	78,280
Cash income tax payments, net of refunds	$ 12,176	$ 17,348

Description of Business and Basis of Presentation

6 Months Ended

Jun. 30, 2020

Description of Business and Basis of Presentation

Description of Business

Pitney Bowes Inc. (we, us, our, or the company) is a global technology company providing commerce solutions that power billions of transactions. Clients around the world rely on the accuracy and precision delivered by our equipment, solutions, analytics, and application programming interface technology in the areas of ecommerce fulfillment, shipping and returns, cross-border ecommerce, office mailing and shipping, presort services and financing. Pitney Bowes Inc. was incorporated in the state of Delaware in 1920. For more information about us, our products, services and solutions, visit www.pitneybowes.com.

Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and the instructions to Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In addition, the December 31, 2019 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, 2020, particularly in light of the novel coronavirus pandemic (COVID-19) and its effects on domestic and global businesses and economies. These statements should be read in conjunction with the financial statements and notes thereto included in our Annual Report to Stockholders on Form 10-K for the year ended December 31, 2019 (2019 Annual Report). Certain prior year amounts have been reclassified to conform to the current year presentation.

In August 2019, we entered into a definitive agreement to sell our Software Solutions business and recast prior periods to reflect the operating results of the Software Solutions business as discontinued operations. The sale was completed in December 2019, with the exception of the software business in Australia, which closed in January 2020. See Note 4 for additional information.

Accounts and other receivables includes other receivables of $61 million at June 30, 2020 and $91 million at December 31, 2019. In January 2019, we sold the direct operations and moved to a dealer model in six smaller international markets within Sending Technology Solutions (SendTech Solutions). Other receivables includes gross receivables of $24 million related to these direct operations.

Risks and Uncertainties

The effects of COVID-19 on global economies and businesses continues to impact how we conduct business and our operating results, financial position and cash flows. There still remains uncertainty around the severity, duration and governments' responses to COVID-19, particularly in the United States as parts of the country are experiencing a resurgence in COVID-19 cases and taking actions to modify re-opening plans. Accordingly, we are not able to reasonably estimate the full extent of the impact of the pandemic on our operating results, financial position and liquidity for the remainder of the year. Actual results could differ significantly from our estimates and assumptions, possibly resulting in additional impairments or other charges in future reporting periods.

We assessed certain accounting matters that require the use of estimates, assumptions and consideration of forecasted financial information in context with the known and projected future impacts of COVID-19. The most significant impacts are included below.

The determination of our provision for credit losses is now impacted by changes in forecasted economic conditions (see Accounting Pronouncements Adopted in 2020 below). The impact of COVID-19 on global economies and businesses resulted in an increased probability of recessionary conditions, delinquency rates and business bankruptcy. As a result, our credit loss provision for the three and six months ended June 30, 2020 was $12 million and $28 million compared to $4 million and $15 million for the three and six months ended June 30, 2019.

At December 31, 2019, the fair value of our Global Ecommerce business exceeded its carrying value by less than 20%. The determination of fair value is based on a number of estimates and assumptions, including, but not limed to, projected revenue growth, profitability and cash flows. During the first quarter of 2020, our Global Ecommerce business experienced weaker than expected performance in part due to the macroeconomic conditions resulting from COVID-19. As a result, we evaluated the Global Ecommerce goodwill for impairment and recorded a non-cash, pre-tax goodwill impairment charge of $198 million in the first quarter of 2020 (see Note 8 for additional information).

Accounting Pronouncements Adopted in 2020

Effective January 1, 2020, we adopted Accounting Standards Update (ASU) 2016-13, Financial Instruments - Credit Losses. We adopted this standard using the modified retrospective transition approach with a cumulative effect adjustment to retained earnings. The adoption of the standard resulted in an increase in the opening reserve balance for Accounts and other receivables of $15 million and the opening reserve balance for finance receivables of $10 million and a net reduction to retained earnings of $22 million. The ASU applies to financial assets measured at amortized cost, including finance receivables, trade and other receivables and investments in debt securities classified as available-for-sale and held-to-maturity. The ASU replaces the current incurred loss impairment model that recognizes losses when a probable threshold is met with a requirement to recognize lifetime expected credit losses immediately when a financial asset is originated or purchased. The models to estimate credit losses are required to be based on historical loss experience, current conditions, reasonable and supportable forecasts and current economic outlook.

Activity in the allowance for credit losses for accounts and other receivables for the six months ended June 30, 2020 is presented below. See Note 7 for additional information pertaining to our finance receivables.



	Balance at December 31, 2019		Cumulative effect of accounting change		Amounts charged to expense		Write-offs, recoveries and currency impact			Balance at June 30, 2020
Allowance for credit losses	$	17,830	$	15,336	$	12,692	$	(13,384	)	$	32,474

Accounts receivable greater than 365 days past due, subject to certain exceptions, are written off against the allowance, although collection efforts may continue.

Accounting Pronouncements Not Yet Adopted

In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes. The ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles and also clarifies and amends existing guidance. This standard is effective beginning January 1, 2021, with early adoption permitted. We do not expect this standard to have a material impact on our consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The ASU is intended to provide temporary optional expedients and exceptions to U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The transition to new reference interest rates will require certain contracts to be modified and the ASU is intended to mitigate the effects of this transition. The accommodations provided by the ASU are effective as of March 12, 2020 through December 31, 2022 and may be applied at the beginning of any interim period within that time frame. We are currently assessing the impact this standard will have on our consolidated financial statements.

Revenue

6 Months Ended

Jun. 30, 2020

Revenue from Contract with Customer [Abstract]

Disaggregated Revenue

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



	Three Months Ended June 30, 2020
	Global Ecommerce		Presort Services		SendTech Solutions		Revenue from products and services		Revenue from leasing transactions and financing		Total consolidated revenue
Major products/service lines
Business services	$	398,453	$	118,127	$	12,410	$	528,990	$	—	$	528,990
Support services	—		—		113,786		113,786		—		113,786
Financing	—		—		—		—		85,462		85,462
Equipment sales	—		—		14,492		14,492		43,345		57,837
Supplies	—		—		32,773		32,773		—		32,773
Rentals	—		—		—		—		18,644		18,644
Subtotal	398,453		118,127		173,461		690,041		$	147,451	$	837,492

Revenue from leasing transactions and financing
Financing	—		—		85,462		85,462
Equipment sales	—		—		43,345		43,345
Rentals	—		—		18,644		18,644
Total revenue	$	398,453	$	118,127	$	320,912	$	837,492

Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	—	$	—	$	58,750	$	58,750
Products/services transferred over time	398,453		118,127		114,711		631,291
Total	$	398,453	$	118,127	$	173,461	$	690,041



	Three Months Ended June 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
Business services	$	282,319	$	128,138	$	7,506	$	417,963	$	—	$	417,963
Support services	—		—		127,705		127,705		—		127,705
Financing	—		—		—		—		92,419		92,419
Equipment sales	—		—		19,384		19,384		66,167		85,551
Supplies	—		—		46,490		46,490		—		46,490
Rentals	—		—		—		—		18,445		18,445
Subtotal	282,319		128,138		201,085		611,542		$	177,031	$	788,573

Revenue from leasing transactions and financing
Financing	—		—		92,419		92,419
Equipment sales	—		—		66,167		66,167
Rentals	—		—		18,445		18,445
Total revenue	$	282,319	$	128,138	$	378,116	$	788,573

Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	—	$	—	$	82,790	$	82,790
Products/services transferred over time	282,319		128,138		118,295		528,752
Total	$	282,319	$	128,138	$	201,085	$	611,542



	Six Months Ended June 30, 2020
	Global Ecommerce		Presort Services		SendTech Solutions		Revenue from products and services		Revenue from leasing transactions and financing		Total consolidated revenue
Major products/service lines
Business services	$	690,776	$	258,847	$	23,746	$	973,369	$	—	$	973,369
Support services	—		—		235,801		235,801		—		235,801
Financing	—		—		—		—		174,540		174,540
Equipment sales	—		—		31,621		31,621		102,489		134,110
Supplies	—		—		78,482		78,482		—		78,482
Rentals	—		—		—		—		37,458		37,458
Subtotal	690,776		258,847		369,650		1,319,273		$	314,487	$	1,633,760

Revenue from leasing transactions and financing
Financing	—		—		174,540		174,540
Equipment sales	—		—		102,489		102,489
Rentals	—		—		37,458		37,458
Total revenue	$	690,776	$	258,847	$	684,137	$	1,633,760

Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	—	$	—	$	137,124	$	137,124
Products/services transferred over time	690,776		258,847		232,526		1,182,149
Total	$	690,776	$	258,847	$	369,650	$	1,319,273



	Six Months Ended June 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
Business services	$	548,573	$	262,985	$	12,950	$	824,508	$	—	$	824,508
Support services	—		—		256,304		256,304		—		256,304
Financing	—		—		—		—		189,462		189,462
Equipment sales	—		—		40,677		40,677		134,661		175,338
Supplies	—		—		97,443		97,443		—		97,443
Rentals	—		—		—		—		40,602		40,602
Subtotal	548,573		262,985		407,374		1,218,932		$	364,725	$	1,583,657

Revenue from leasing transactions and financing
Financing	—		—		189,462		189,462
Equipment sales	—		—		134,661		134,661
Rentals	—		—		40,602		40,602
Total revenue	$	548,573	$	262,985	$	772,099	$	1,583,657

Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	—	$	—	$	169,666	$	169,666
Products/services transferred over time	548,573		262,985		237,708		1,049,266
Total	$	548,573	$	262,985	$	407,374	$	1,218,932

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

Business services includes providing mail processing services, shipping subscription solutions, fulfillment, delivery and return services and cross-border solutions. Revenue for mail processing services, fulfillment, delivery and return services and cross-border solutions is recognized over time as the services are provided and revenue for shipping subscription solutions is recognized ratably over the contract period. Contract terms for these services range from one to five years followed by annual renewal periods.

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

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

Supplies revenue is recognized upon delivery.

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

Advance Billings from Contracts with Customers



	Balance sheet location	June 30, 2020		December 31, 2019		Increase/ (decrease)
Advance billings, current	Advance billings	$	113,799	$	92,464	$	21,335
Advance billings, noncurrent	Other noncurrent liabilities	$	1,102	$	1,245	$	(143	)

Advance billings are recorded when cash payments are due in advance of our performance. Revenue is recognized ratably over the contract term. Items in advance billings primarily relate to support services on mailing equipment. Advance billings at both June 30, 2020 and December 31, 2019 also includes $9 million from leasing transactions.

The net increase in advance billings at June 30, 2020 is due to new advance billings recognized during the period in excess of revenue recognized. Revenue recognized during the period includes $75 million of advance billings at the beginning of the period.

Future Performance Obligations

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



	Remainder of 2020		2021		2022-2025		Total
SendTech Solutions	$	146,357	$	252,289	$	346,874	$	745,520

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.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Segment Information

6 Months Ended

Jun. 30, 2020

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 facilitate domestic retail and ecommerce shipping solutions, including fulfillment and returns, and global cross-border ecommerce transactions.

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

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

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



	Revenue
	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Global Ecommerce	$	398,453	$	282,319	$	690,776	$	548,573
Presort Services	118,127		128,138		258,847		262,985
Commerce Services	516,580		410,457		949,623		811,558
SendTech Solutions	320,912		378,116		684,137		772,099
Total revenue	$	837,492	$	788,573	$	1,633,760	$	1,583,657



	EBIT
	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Global Ecommerce	$	(18,894	)	$	(15,576	)	$	(48,369	)	$	(30,176	)
Presort Services	12,582			15,462			28,277			30,528
Commerce Services	(6,312		)	(114		)	(20,092		)	352
SendTech Solutions	104,268			124,738			210,830			247,141
Total segment EBIT	97,956			124,624			190,738			247,493
Reconciliation of Segment EBIT to net (loss) income:
Unallocated corporate expenses	(49,489		)	(45,048		)	(93,211		)	(102,006		)
Restructuring charges and asset impairments	(4,922		)	(5,899		)	(8,739		)	(9,599		)
Interest expense, net	(38,385		)	(39,062		)	(76,757		)	(78,028		)
Gain on sale of equity investment	11,908			—			11,908			—
Goodwill impairment	—			—			(198,169		)	—
Loss on extinguishment of debt	—			—			(36,987		)	—
Loss on dispositions and transaction costs	(349		)	(1,581		)	(641		)	(19,549		)
Provision for income taxes	(17,016		)	(3,724		)	(6,986		)	(11,544		)
(Loss) income from continuing operations	(297		)	29,310			(218,844		)	26,767
(Loss) income from discontinued operations, net of tax	(3,032		)	(5,613		)	7,032			(5,729		)
Net (loss) income	$	(3,329	)	$	23,697		$	(211,812	)	$	21,038

During the three and six months ended June 30, 2020, we received insurance proceeds of $5 million and $9 million, respectively, related to the October 2019 malware attack, a portion of which has been allocated to the business segments.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

6 Months Ended

Jun. 30, 2020

Discontinued Operations

Discontinued operations includes the Software Solutions business, sold in December 2019, with the exception of the software business in Australia, which closed in January 2020, and the Production Mail business, sold in July 2018. Selected financial information of discontinued operations is as follows:



	Three Months Ended June 30, 2020								Three Months Ended June 30, 2019
	Software Solutions			Production Mail		Total			Software Solutions		Production Mail			Total
Revenue	$	—		$	—	$	—		$	72,206	$	—		$	72,206

Earnings from discontinued operations	$	—		$	—	$	—		$	1,342	$	—		$	1,342
(Loss) gain on sale	(3,416		)	245		(3,171		)	—		(8,589		)	(8,589		)
(Loss) income from discontinued operations before taxes	$	(3,416	)	$	245	(3,171		)	$	1,342	$	(8,589	)	(7,247		)
Tax benefit						(139		)						(1,634		)
Loss from discontinued operations, net of tax						$	(3,032	)						$	(5,613	)



	Six Months Ended June 30, 2020								Six Months Ended June 30, 2019
	Software Solutions		Production Mail			Total			Software Solutions		Production Mail			Total
Revenue	$	—	$	—		$	—		$	145,524	$	—		$	145,524

Earnings (loss) from discontinued operations	$	—	$	—		$	—		$	2,938	$	(663	)	$	2,275
Gain (loss) on sale	6,869		(167		)	6,702			—		(9,257		)	(9,257		)
Income (loss) from discontinued operations before taxes	$	6,869	$	(167	)	6,702			$	2,938	$	(9,920	)	(6,982		)
Tax benefit						(330		)						(1,253		)
Income (loss) from discontinued operations, net of tax						$	7,032							$	(5,729	)

Assets of discontinued operations and liabilities of discontinued operations at December 31, 2019 includes the assets and liabilities of the software business in Australia.

Earnings per Share (EPS)

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Earnings per Share (EPS)



	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Numerator:
(Loss) income from continuing operations	$	(297	)	$	29,310		$	(218,844	)	$	26,767
(Loss) income from discontinued operations, net of tax	(3,032		)	(5,613		)	7,032			(5,729		)
Net (loss) income (numerator for diluted EPS)	(3,329		)	23,697			(211,812		)	21,038
Less: Preference stock dividend	—			—			—			8
(Loss) income attributable to common stockholders (numerator for basic EPS)	$	(3,329	)	$	23,697		$	(211,812	)	$	21,030
Denominator:
Weighted-average shares used in basic EPS	171,478			177,192			171,167			181,446
Dilutive effect of common stock equivalents ⁽¹⁾	—			1,089			—			1,192
Weighted-average shares used in diluted EPS	171,478			178,281			171,167			182,638
Basic earnings (loss) per share ⁽²⁾:
Continuing operations	$	—		$	0.17		$	(1.28	)	$	0.15
Discontinued operations	(0.02		)	(0.03		)	0.04			(0.03		)
Net (loss) income	$	(0.02	)	$	0.13		$	(1.24	)	$	0.12
Diluted earnings (loss) per share ⁽²⁾:
Continuing operations	$	—		$	0.16		$	(1.28	)	$	0.15
Discontinued operations	(0.02		)	(0.03		)	0.04			(0.03		)
Net (loss) income	$	(0.02	)	$	0.13		$	(1.24	)	$	0.12

Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive:	19,963			16,297			18,297			16,077


⁽¹⁾	Dilutive effect of common stock equivalents for the three and six months ended June 30, 2020 was 1,019 and 1,190, respectively; however, is not included in the calculation of diluted earnings per share as the Company is reporting a net loss for both periods.

⁽²⁾

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

Inventories

6 Months Ended

Jun. 30, 2020

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 consisted of the following:



	June 30, 2020			December 31, 2019
Raw materials	$	20,021		$	13,514
Supplies and service parts	22,787			21,840
Finished products	34,681			36,969
Inventory at FIFO cost	77,489			72,323
Excess of FIFO cost over LIFO cost	(3,836		)	(4,072		)
Total inventory, net	$	73,653		$	68,251

Finance Assets and Lessor Operating Leases

6 Months Ended

Jun. 30, 2020

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 consisted of the following:



	June 30, 2020									December 31, 2019
	North America			International			Total			North America			International			Total
Sales-type lease receivables
Gross finance receivables	$	998,450		$	196,767		$	1,195,217		$	1,055,852		$	224,202		$	1,280,054
Unguaranteed residual values	37,742			11,283			49,025			41,934			11,789			53,723
Unearned income	(282,027		)	(58,487		)	(340,514		)	(319,281		)	(65,888		)	(385,169		)
Allowance for credit losses	(26,603		)	(4,743		)	(31,346		)	(10,920		)	(2,085		)	(13,005		)
Net investment in sales-type lease receivables	727,562			144,820			872,382			767,585			168,018			935,603
Loan receivables
Loan receivables	254,786			18,635			273,421			298,247			27,926			326,173
Allowance for credit losses	(6,482		)	(286		)	(6,768		)	(5,906		)	(740		)	(6,646		)
Net investment in loan receivables	248,304			18,349			266,653			292,341			27,186			319,527
Net investment in finance receivables	$	975,866		$	163,169		$	1,139,035		$	1,059,926		$	195,204		$	1,255,130

Maturities of gross sales-type lease receivables and gross loan receivables at June 30, 2020 were as follows:



	Sales-type Lease Receivables						Loan Receivables
	North America		International		Total		North America		International		Total
Remaining for year ending December 31, 2020	$	220,405	$	41,451	$	261,856	$	216,777	$	18,635	$	235,412
Year ending December 31, 2021	336,863		68,465		405,328		12,032		—		12,032
Year ending December 31, 2022	234,552		47,971		282,523		10,414		—		10,414
Year ending December 31, 2023	138,308		26,324		164,632		5,582		—		5,582
Year ending December 31, 2024	58,803		10,403		69,206		6,807		—		6,807
Thereafter	9,519		2,153		11,672		3,174		—		3,174
Total	$	998,450	$	196,767	$	1,195,217	$	254,786	$	18,635	$	273,421

Aging of Receivables

The aging of gross finance receivables was as follows:



	June 30, 2020
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Past due amounts 0 - 90 days	$	974,864	$	194,055	$	246,491	$	18,288	$	1,433,698
Past due amounts > 90 days	23,586		2,712		8,295		347		34,940
Total	$	998,450	$	196,767	$	254,786	$	18,635	$	1,468,638
Past due amounts > 90 days
Still accruing interest	$	4,982	$	1,091	$	5,205	$	191	$	11,469
Not accruing interest	18,604		1,621		3,090		156		23,471
Total	$	23,586	$	2,712	$	8,295	$	347	$	34,940



	December 31, 2019
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Past due amounts 0 - 90 days	$	1,032,912	$	220,819	$	294,001	$	27,697	$	1,575,429
Past due amounts > 90 days	22,940		3,383		4,246		229		30,798
Total	$	1,055,852	$	224,202	$	298,247	$	27,926	$	1,606,227
Past due amounts > 90 days
Still accruing interest	$	4,835	$	1,081	$	2,094	$	121	$	8,131
Not accruing interest	18,105		2,302		2,152		108		22,667
Total	$	22,940	$	3,383	$	4,246	$	229	$	30,798

Allowance for Credit Losses

We estimate an allowance for credit losses based on historical loss experience, the nature of our portfolios, adverse situations that may affect a client's ability to pay, current conditions, reasonable and supportable forecasts and current economic outlook. Credit losses are estimated at the portfolio level based on asset type and geographic market. Historical loss experience was based on actual loss rates over the average term of the asset of five years for sales-type lease receivables and three years for loan receivables (including accrued interest). Additionally, we evaluate current conditions and review third-party economic forecasts on a quarterly basis to determine the impact on the allowance for credit losses. The assumptions used in determining an estimate of credit losses are inherently subjective and actual results may differ significantly from estimated reserves. The allowance for credit losses for the six months ended June 30, 2020 considers the current economic conditions and resulting impact on a client's future ability to pay amounts due.

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. We monitor delinquency rates and have experienced a slight increase in our delinquencies during this current economic situation. However, we believe that our finance receivable credit risk is low because of the geographic and industry diversification of our clients and small account balances for most of our clients.

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



	Sales-type Lease Receivables						Loan Receivables
	North America			International			North America			International			Total
Balance at December 31, 2019	$	10,920		$	2,085		$	5,906		$	740		$	19,651
Cumulative effect of accounting change	9,271			1,750			(1,116		)	(402		)	9,503
Amounts charged to expense	9,025			1,257			4,758			208			15,248
Write-offs	(3,536		)	(386		)	(4,542		)	(297		)	(8,761		)
Recoveries	946			44			1,386			1			2,377
Other	(23		)	(7		)	90			36			96
Balance at June 30, 2020	$	26,603		$	4,743		$	6,482		$	286		$	38,114

	Sales-type Lease Receivables						Loan Receivables
	North America			International			North America			International			Total
Balance at January 1, 2019	$	10,253		$	2,355		$	6,777		$	837		$	20,222
Amounts charged to expense	3,660			455			2,329			315			6,759
Write-offs	(3,452		)	(533		)	(4,649		)	(451		)	(9,085		)
Recoveries	813			167			1,909			4			2,893
Other	48			(182		)	8			54			(72		)
Balance at June 30, 2019	$	11,322		$	2,262		$	6,374		$	759		$	20,717

Credit Quality

The extension of credit and management of credit lines to new and existing clients uses a combination of a client's credit score, where available, and a detailed manual review of their financial condition and payment history or an automated process for certain small dollar applications. Once credit is granted, the payment performance of the client is managed through automated collections processes and is supplemented with direct follow up should an account become delinquent. We have robust automated collections and extensive portfolio management processes. The portfolio management processes in place 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. The relative scores are determined based on a number of factors, including financial information, payment history, company type and ownership structure. 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.

The table below shows the gross sales-type lease receivable and loan receivable balances by relative risk class and year of origination based on the relative scores of the accounts within each class.



	Sales Type Lease Receivables												Loan Receivables		Total
	2020		2019		2018		2017		2016		Prior		Loan Receivables		Total
Low	$	136,197	$	252,315	$	199,078	$	118,201	$	49,013	$	19,906	$	187,311	$	962,021
Medium	25,754		57,452		45,269		28,693		10,886		5,688		53,748		227,490
High	3,249		6,342		5,295		3,380		1,802		323		4,210		24,601
Not Scored	35,880		82,099		56,596		33,466		15,450		2,883		28,152		254,526
Total	$	201,080	$	398,208	$	306,238	$	183,740	$	77,151	$	28,800	$	273,421	$	1,468,638

The majority of the Not Scored amounts above is within our International portfolio. We do not use a third party to score our International portfolio because the cost to do so is prohibitive, given that it is a localized process, and there is no single credit score model that covers all countries. International credit applications below $50 thousand are subjected to an automated review process. All other credit applications are manually reviewed. A manual review includes obtaining client financial information, credit reports and other available financial information. Approximately 80% of credit applications are approved or denied through the automated review process.

Lease Income

Lease income from sales-type leases was as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Profit recognized at commencement ⁽¹⁾	$	21,271	$	36,508	$	51,166	$	73,112
Interest income	34,055		58,045		68,315		117,523
Total lease income from sales-type leases	$	55,326	$	94,553	$	119,481	$	190,635

⁽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, 2020	$	20,222
Year ending December 31, 2021	27,899
Year ending December 31, 2022	10,881
Year ending December 31, 2023	4,899
Year ending December 31, 2024	1,528
Thereafter	200
Total	$	65,629

Intangible Assets, Goodwill and Other Assets

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Goodwill and Other Assets

Intangible Assets

Intangible assets consisted of the following:



	June 30, 2020							December 31, 2019
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	268,178	$	(101,688	)	$	166,490	$	265,665	$	(88,550	)	$	177,115
Software & technology	31,600		(23,012		)	8,588		31,600		(19,999		)	11,601
Trademarks & other	13,324		(12,942		)	382		13,324		(11,400		)	1,924
Total intangible assets	$	313,102	$	(137,642	)	$	175,460	$	310,589	$	(119,949	)	$	190,640

Amortization expense was $9 million for both the three months ended June 30, 2020 and 2019, and $18 million for both the six months ended June 30, 2020 and 2019.

Future amortization expense as of June 30, 2020 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, 2020	$	15,699
Year ending December 31, 2021	30,227
Year ending December 31, 2022	29,281
Year ending December 31, 2023	26,443
Year ending December 31, 2024	26,443
Thereafter	47,367
Total	$	175,460

Goodwill

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



	December 31, 2019		Impairment			Acquisition		Currency impact			June 30, 2020
Global Ecommerce	$	609,431	$	(198,169	)	$	—	$	—		$	411,262
Presort Services	212,529		—			8,463		—			220,992
Commerce Services	821,960		(198,169		)	8,463		—			632,254
SendTech Solutions	502,219		—			—		(1,688		)	500,531
Total goodwill	$	1,324,179	$	(198,169	)	$	8,463	$	(1,688	)	$	1,132,785

During the first quarter of 2020, our Global Ecommerce reporting unit experienced weaker than expected performance, in part due to the macroeconomic conditions resulting from COVID-19. At December 31, 2019, the fair value of our Global Ecommerce business exceeded its carrying value by less than 20%, and the deteriorating macroeconomic conditions and uncertainty brought on by COVID-19 caused us to evaluate the Global Ecommerce goodwill for impairment.

To test the Global Ecommerce goodwill for impairment, we determined the fair value of the Global Ecommerce reporting unit and compared it to the reporting unit's carrying value, including goodwill. We engaged a third-party to assist in the determination of the fair value of the reporting unit. The determination of fair value, and the resulting impairment charge, relied on internal projections developed using numerous estimates and assumptions that are inherently subject to significant uncertainties. These estimates and assumptions included revenue growth, profitability, cash flows, capital spending and other available information. The determination of fair value also incorporated a risk-adjusted discount rate, terminal growth rates and other assumptions that market participants may use. Changes in any of these estimates or assumptions could materially affect the determination of fair value and the associated goodwill impairment charge and could result in an additional impairment charge in the future. These estimates and assumptions are considered Level 3 inputs under the fair value hierarchy.

We determined that the reporting unit's estimated fair value was less than its carrying value and recorded a non-cash, pre-tax goodwill impairment charge of $198 million in the first quarter to reduce the carrying value of the Global Ecommerce reporting unit to its estimated fair value.

Other Assets

During the second quarter of 2020, we surrendered certain company owned life insurance policies and received proceeds of $46 million. We did not record a gain or loss on the surrender; however, the surrender resulted in a tax expense of $12 million (see Note 13 for further information). Also, during the second quarter of 2020, we sold our interest in an equity investment for $12 million and recognized a gain of $12 million.

Fair Value Measurements and Derivative Instruments

6 Months Ended

Jun. 30, 2020

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.



	June 30, 2020
	Level 1		Level 2			Level 3		Total
Assets:
Investment securities
Money market funds	$	85,243	$	441,600		$	—	$	526,843
Equity securities	—		20,822			—		20,822
Commingled fixed income securities	1,713		19,376			—		21,089
Government and related securities	39,525		18,583			—		58,108
Corporate debt securities	—		75,557			—		75,557
Mortgage-backed / asset-backed securities	—		115,742			—		115,742
Derivatives
Foreign exchange contracts	—		308			—		308
Total assets	$	126,481	$	691,988		$	—	$	818,469
Liabilities:
Derivatives
Interest rate swaps	$	—	$	(1,605	)	$	—	$	(1,605	)
Foreign exchange contracts	—		(1,106		)	—		(1,106		)
Total liabilities	$	—	$	(2,711	)	$	—	$	(2,711	)



	December 31, 2019
	Level 1		Level 2			Level 3		Total
Assets:
Investment securities
Money market funds	$	161,441	$	240,364		$	—	$	401,805
Equity securities	—		21,979			—		21,979
Commingled fixed income securities	1,656		18,404			—		20,060
Government and related securities	64,572		17,478			—		82,050
Corporate debt securities	—		72,149			—		72,149
Mortgage-backed / asset-backed securities	—		66,339			—		66,339
Derivatives
Foreign exchange contracts	—		3,256			—		3,256
Total assets	$	227,669	$	439,969		$	—	$	667,638
Liabilities:
Derivatives
Foreign exchange contracts	$	—	$	(1,402	)	$	—	$	(1,402	)
Total liabilities	$	—	$	(1,402	)	$	—	$	(1,402	)

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


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

•

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

•

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


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


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

Derivative Securities


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


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

Available-For-Sale Securities

Available-for-sale securities are predominantly held at the Pitney Bowes Bank, whose primary business is to provide financing solutions to clients that rent postage meters and purchase supplies. Investment securities classified as available-for-sale are recorded at fair value with changes in fair value due to market conditions (i.e. interest rates) recorded in accumulated other comprehensive income (AOCI) and changes in fair value due to credit conditions recorded in earnings. Individual securities are considered impaired when the fair value declines below amortized cost. We use a discounted cash flow model to determine the amount of unrealized losses due to credit losses. Unrealized losses recorded during the period due to credit conditions were immaterial.

Available-for-sale securities consisted of the following:



	June 30, 2020
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Estimated fair value
Government and related securities	$	55,576	$	1,289	$	(338	)	$	56,527
Corporate debt securities	71,689		4,558		(690		)	75,557
Commingled fixed income securities	1,692		21		—			1,713
Mortgage-backed / asset-backed securities	113,497		2,520		(275		)	115,742
Total	$	242,454	$	8,388	$	(1,303	)	$	249,539



	December 31, 2019
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Estimated fair value
Government and related securities	$	80,732	$	1,358	$	(114	)	$	81,976
Corporate debt securities	70,426		2,009		(286		)	72,149
Commingled fixed income securities	1,675		—		(19		)	1,656
Mortgage-backed / asset-backed securities	65,679		960		(300		)	66,339
Total	$	218,512	$	4,327	$	(719	)	$	222,120

Investment securities in a loss position were as follows:



	June 30, 2020				December 31, 2019
	Fair Value		Gross unrealized losses		Fair Value		Gross unrealized losses
Less than 12 continuous months	$	46,650	$	1,192	$	52,521	$	583
Greater than 12 continuous months	4,441		111		9,227		136
Total	$	51,091	$	1,303	$	61,748	$	719

Our allowance for credit losses on available-for-sale investment securities was not significant at June 30, 2020. At June 30, 2020, approximately 10% of total securities in the investment portfolio were in a net loss position. We believe our allowance for credit losses on available-for-sale investment securities is adequate as the majority of our investments are in short-term, highly liquid investments, high grade corporate securities and U.S. government securities. We have not recognized an impairment on investment securities in an unrealized loss position because we have the ability and intent to hold these securities until recovery of the unrealized losses or expect to receive the stated principal and interest at maturity.

Scheduled maturities of available-for-sale securities at June 30, 2020 were as follows:



	Amortized cost		Estimated fair value
Within 1 year	$	26,274	$	26,407
After 1 year through 5 years	56,027		58,709
After 5 years through 10 years	47,838		49,663
After 10 years	112,315		114,760
Total	$	242,454	$	249,539

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.

Held-to-Maturity Securities

Held-to-maturity securities at June 30, 2020 and December 31, 2019, include $257 million and $383 million, respectively, of short-term, highly liquid time deposits. Due to the short-term nature of these securities, the carrying value approximates fair value.

Derivative Instruments

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

Foreign Exchange Contracts

We enter into foreign exchange contracts to mitigate the currency risk associated with the anticipated purchase of inventory between affiliates and from third parties. These contracts are designated as cash flow hedges. The effective portion of the gain or loss on cash flow hedges is included in 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 June 30, 2020 and December 31, 2019, we had outstanding contracts associated with these anticipated transactions with notional amounts of $7 million. Amounts included in AOCI at June 30, 2020 will be recognized in earnings within the next 12 months.

Interest Rate Swaps

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

The fair value of derivative instruments was as follows:



Designation of Derivatives	Balance Sheet Location	June 30, 2020			December 31, 2019
Derivatives designated as hedging instruments
Foreign exchange contracts	Other current assets and prepayments	$	46		$	207
	Accounts payable and accrued liabilities	(214		)	(56		)

Interest rate swaps	Other noncurrent liabilities	(1,605		)	—

Derivatives not designated as hedging instruments
Foreign exchange contracts	Other current assets and prepayments	262			3,049
	Accounts payable and accrued liabilities	(892		)	(1,346		)

	Total derivative assets	$	308		$	3,256
	Total derivative liabilities	(2,711		)	(1,402		)
	Total net derivative (liability) asset	$	(2,403	)	$	1,854

Results of cash flow hedging relationships were as follows:



	Three Months Ended June 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	2020			2019			Location of Gain (Loss) (Effective Portion)	2020			2019
Foreign exchange contracts	$	(121	)	$	(320	)	Revenue	$	(64	)	$	(36	)
							Cost of sales	32			29
Interest rate swap	(1,605		)	—			Interest expense	—			—
	$	(1,726	)	$	(320	)		$	(32	)	$	(7	)

	Six Months Ended June 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	2020			2019			Location of Gain (Loss) (Effective Portion)	2020			2019
Foreign exchange contracts	$	(281	)	$	25		Revenue	$	(3	)	$	75
							Cost of sales	42			45
Interest rate swap	(1,605		)	—			Interest expense	—			—
	$	(1,886	)	$	25			$	39		$	120

We enter into foreign exchange contracts to minimize the impact of exchange rate fluctuations on short-term intercompany loans and related interest that are denominated in a foreign currency. The revaluation of intercompany loans and interest and the corresponding mark-to-market adjustment on derivatives are recorded in earnings. All outstanding contracts at June 30, 2020 mature within 12 months.

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



		Three Months Ended June 30,
		Derivative Gain (Loss) Recognized in Earnings
Derivatives Instrument	Location of Derivative Gain (Loss)	2020			2019
Foreign exchange contracts	Selling, general and administrative expense	$	1,200		$	(65	)

		Six Months Ended June 30,
		Derivative Gain (Loss) Recognized in Earnings
Derivatives Instrument	Location of Derivative Gain (Loss)	2020			2019
Foreign exchange contracts	Selling, general and administrative expense	$	(3,667	)	$	5,205

Fair Value of Financial Instruments

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



	June 30, 2020		December 31, 2019
Carrying value	$	2,716,747	$	2,739,722
Fair value	$	2,156,837	$	2,572,794

Restructuring Charges and Asset Impairments

6 Months Ended

Jun. 30, 2020

Restructuring and Related Activities [Abstract]

Restructuring Charges and Asset Impairments

Restructuring Charges

Activity in our restructuring reserves was as follows:



	Severance and benefits costs			Other exit costs			Total
Balance at January 1, 2020	$	11,937		$	69		$	12,006
Expenses, net	6,357			546			6,903
Cash payments	(10,772		)	(593		)	(11,365		)
Balance at June 30, 2020	$	7,522		$	22		$	7,544

Balance at January 1, 2019	$	13,641		$	1,808		$	15,449
Expenses, net	7,101			707			7,808
Cash payments	(10,786		)	(2,219		)	(13,005		)
Balance at June 30, 2019	$	9,956		$	296		$	10,252

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

Other Charges

Restructuring charges and asset impairments for the six months ended June 30, 2020 and 2019 also includes $2 million of non-cash charges related to asset impairments, pension settlements and facilities abandonment.

Debt

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Debt

Total debt consisted of the following:



	Interest rate	June 30, 2020		December 31, 2019
Notes due October 2021	4.625%	$	172,456	$	600,000
Notes due May 2022	5.375%	150,000		400,000
Notes due April 2023	5.70%	275,000		400,000
Notes due March 2024	4.625%	375,000		500,000
Notes due January 2037	5.25%	35,841		35,841
Notes due March 2043	6.70%	425,000		425,000
Term loan due November 2024	Variable	390,000		400,000
Term loan due January 2025	Variable	839,375		—
Credit Facility	Variable	100,000		—
Other debt		5,052		5,108
Principal amount		2,767,724		2,765,949
Less: unamortized costs, net		50,977		26,227
Total debt		2,716,747		2,739,722
Less: current portion long-term debt		163,257		20,108
Long-term debt		$	2,553,490	$	2,719,614

Interest rates on certain notes are subject to adjustment based on changes in our credit ratings. As a result of credit rating downgrades in November 2019 and May 2020, the interest rates on the October 2021 notes and April 2023 notes increased 0.50% and the interest rate on the May 2022 notes increased 0.75%. Further, the interest rates on the October 2021 notes and April 2023 notes will increase an additional 0.25% in the fourth quarter of 2020.

In February 2020, we secured a five-year $850 million term loan maturing January 2025 (the 2025 Term Loan). The 2025 Term Loan bears interest at LIBOR plus 5.5% and resets monthly. In May 2020, we entered into interest rate swap agreements with an aggregate notional amount of $500 million to mitigate the interest rate risk associated with $500 million of our variable-rate term loans. Under the terms of the swap agreements, we pay fixed-rate interest of 0.4443% and receive variable-rate interest based on one-month LIBOR. The variable interest rate under the term loans and the swaps reset monthly.

In March 2020, we purchased under a tender offer $428 million of the October 2021 notes, $250 million of the May 2022 notes, $125 million of the April 2023 notes and $125 million of the March 2024 notes. A $37 million loss was incurred on the early redemption of debt.

During the first half of 2020, we repaid $21 million of principal related to our term loans.

We have a $500 million secured revolving credit facility that expires in November 2024 and contains financial and non-financial covenants. In April 2020, in light of the current macroeconomic environment, we drew down $100 million under the credit facility as a precautionary measure. This borrowing is considered short-term as the amount is due and interest resets monthly. At June 30, 2020, we were in compliance with all covenants.

Pensions and Other Benefit Programs

6 Months Ended

Jun. 30, 2020

Retirement Benefits [Abstract]

Pensions and Other Benefit Programs

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



	Defined Benefit Pension Plans												Nonpension Postretirement Benefit Plans
	United States						Foreign
	Three Months Ended						Three Months Ended						Three Months Ended
	June 30,						June 30,						June 30,
	2020			2019			2020			2019			2020		2019
Service cost	$	27		$	21		$	399		$	388		$	217	$	228
Interest cost	13,179			15,708			3,407			4,308			1,242		1,637
Expected return on plan assets	(21,303		)	(23,184		)	(7,969		)	(8,505		)	—		—
Amortization of transition credit	—			—			(1		)	(1		)	—		—
Amortization of prior service (credit) cost	(15		)	(15		)	59			60			94		81
Amortization of net actuarial loss	8,197			6,037			2,005			1,572			738		503
Settlement ⁽¹⁾	612			801			3,190			397			—		—
Net periodic benefit cost (income)	$	697		$	(632	)	$	1,090		$	(1,781	)	$	2,291	$	2,449
Contributions to benefit plans	$	1,969		$	2,423		$	580		$	878		$	3,616	$	4,457

	Defined Benefit Pension Plans												Nonpension Postretirement Benefit Plans
	United States						Foreign
	Six Months Ended						Six Months Ended						Six Months Ended
	June 30,						June 30,						June 30,
	2020			2019			2020			2019			2020		2019
Service cost	$	53		$	42		$	798		$	772		$	434	$	483
Interest cost	26,358			31,586			6,925			8,796			2,487		3,291
Expected return on plan assets	(42,607		)	(46,363		)	(16,177		)	(17,269		)	—		—
Amortization of transition credit	—			—			(2		)	(3		)	—		—
Amortization of prior service (credit) cost	(30		)	(30		)	120			123			187		161
Amortization of net actuarial loss	16,395			13,073			4,064			3,184			1,474		1,014
Settlement ⁽¹⁾	1,001			801			3,190			397			—		—
Net periodic benefit cost (income)	$	1,170		$	(891	)	$	(1,082	)	$	(4,000	)	$	4,582	$	4,949
Contributions to benefit plans	$	3,898		$	4,051		$	8,568		$	9,088		$	8,071	$	9,213

(1) Approximately $2.6 million and $0.5 million of total settlement charges were recorded in discontinued operations and restructuring charges, respectively, for the three and six months ended June 30, 2020 and approximately $0.3 million and $0.7 million of total settlement charges were recorded in discontinued operations and restructuring charges, respectively, for the three and six months ended June 30, 2019.

The entire disclosure for retirement benefits.

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Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rate for the three and six months ended June 30, 2020 was 101.8% and (3.3)%, respectively and includes a $12 million charge for the surrender of company owned life insurance policies (see Note 8). The effective tax rate for the six months ended June 30, 2020 also includes a benefit of $2 million on the $198 million goodwill impairment charge as the majority of this charge is nondeductible, a benefit of $2 million from the resolution of certain tax examinations and a charge of $3 million for the write-off of deferred tax assets associated with the expiration of out-of-money vested stock options and the vesting of restricted stock. The effective tax rate for the three and six months ended June 30, 2019 was 11.3% and 30.1%, respectively, and includes benefits from the resolution of certain tax examinations of $3 million and $6 million, respectively. The effective tax rate for the six months ended June 30, 2019 also includes a $2 million tax on the $18 million book loss incurred from the disposition of operations in certain international markets, primarily due to nondeductible basis differences and a charge of $2 million for the write-off of deferred tax assets associated with the expiration of out-of-money vested stock options and the vesting of restricted stock. As is the case with other large corporations, our tax returns are examined by tax authorities in the U.S. and other global taxing jurisdictions in which we have operations. As a result, it is reasonably possible that the amount of unrecognized tax benefits will decrease in the next 12 months, and this decrease could be up to 10% of our unrecognized tax benefits. The Internal Revenue Service examinations of our consolidated U.S. income tax returns for tax years prior to 2017 are closed to audit; however, various post-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 2016), Germany (closed through 2016) and the U.K. (closed through 2017). We also have other less significant tax filings currently subject to examination.

Stockholders' Equity Note [Abstract]

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2020
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 June 30, 2020. However, as litigation is inherently unpredictable, there can be no assurances in this regard. 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. Both of these are derivative claims related to a prior action filed in Connecticut state court, City of Livonia Retiree Health and Disability Benefits Plan v. Pitney Bowes Inc. et al. (“Livonia”). On October 24, 2019, the court had granted the defendants’ motions to dismiss the Livonia case, and that judgment is now final. Given that the defendants prevailed in the Livonia action, the plaintiffs in the Clem and Devolin actions moved to withdraw their complaints, and on February 20, 2020 the court granted the motions. Both cases have now been dismissed. We have entered into three equipment leases for our Commerce Services operations that will commence in the fourth quarter with terms ranging from seven to nine years. Aggregate lease payments for the three leases will approximate $30 million.

Stockholders’ Equity

6 Months Ended

Jun. 30, 2020

Stockholders’ Equity

Changes in stockholders’ equity were as follows:



	Common stock		Additional paid-in capital			Retained earnings			Accumulated other comprehensive loss			Treasury stock			Total equity
Balance at April 1, 2020	$	323,338	$	69,553		$	5,200,024		$	(857,874	)	$	(4,705,611	)	$	29,430
Net loss	—		—			(3,329		)	—			—			(3,329		)
Other comprehensive income	—		—			—			21,612			—			21,612
Dividends paid ($0.05 per common share)	—		—			(8,576		)	—			—			(8,576		)
Issuance of common stock	—		(6,484		)	—			—			6,498			14
Stock-based compensation expense	—		5,429			—			—			—			5,429
Balance at June 30, 2020	$	323,338	$	68,498		$	5,188,119		$	(836,262	)	$	(4,699,113	)	$	44,580



	Preferred stock			Preference stock			Common stock		Additional paid-in capital			Retained earnings			Accumulated other comprehensive loss			Treasury stock			Total equity
Balance at April 1, 2019	$	1		$	388		$	323,338	$	109,166		$	5,267,615		$	(917,978	)	$	(4,696,080	)	$	86,450
Net income	—			—			—		—			23,697			—			—			23,697
Other comprehensive income	—			—			—		—			—			10,300			—			10,300
Dividends paid ($0.05 per common share)	—			—			—		—			(8,938		)	—			—			(8,938		)
Issuance of common stock	—			—			—		(3,807		)	—			—			4,024			217
Conversion to common stock	—			(122		)	—		(2,389		)	—			—			2,511			—
Redemption of preferred/preference stock	(1		)	(266		)	—		(10		)	—			—			—			(277		)
Stock-based compensation expense	—			—			—		2,381			—			—			—			2,381
Repurchase of common stock	—			—			—		—			—			—			(60,858		)	(60,858		)
Balance at June 30, 2019	$	—		$	—		$	323,338	$	105,341		$	5,282,374		$	(907,678	)	$	(4,750,403	)	$	52,972



	Common stock		Additional paid-in capital			Retained earnings			Accumulated other comprehensive loss			Treasury stock			Total equity
Balance at January 1, 2020	$	323,338	$	98,748		$	5,438,930		$	(840,143	)	$	(4,734,777	)	$	286,096
Cumulative effect of accounting changes	—		—			(21,900		)	—			—			(21,900		)
Net loss	—		—			(211,812		)	—			—			(211,812		)
Other comprehensive income	—		—			—			3,881			—			3,881
Dividends paid ($0.10 per common share)	—		—			(17,099		)	—			—			(17,099		)
Issuance of common stock	—		(37,200		)	—			—			35,664			(1,536		)
Stock-based compensation expense	—		6,950			—			—			—			6,950
Balance at June 30, 2020	$	323,338	$	68,498		$	5,188,119		$	(836,262	)	$	(4,699,113	)	$	44,580



	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	—			—			—		—			21,038			—			—			21,038
Other comprehensive income	—			—			—		—			—			41,283			—			41,283
Dividends paid ($0.10 per common share)	—			—			—		—			(18,346		)	—			—			(18,346		)
Issuance of common stock	—			—			—		(22,731		)	—			—			20,998			(1,733		)
Conversion to common stock	—			(130		)	—		(2,558		)	—			—			2,688			—
Redemption of preferred/preference stock	(1		)	(266		)	—		(10		)	—			—			—			(277		)
Stock-based compensation expense	—			—			—		9,165			—			—			—			9,165
Repurchase of common stock	—			—			—		—			—			—			(100,000		)	(100,000		)
Balance at June 30, 2019	$	—		$	—		$	323,338	$	105,341		$	5,282,374		$	(907,678	)	$	(4,750,403	)	$	52,972

Accumulated Other Comprehensive Loss (AOCL)

6 Months Ended

Jun. 30, 2020

Equity [Abstract]

Accumulated Other Comprehensive Loss (AOCL)

Reclassifications out of AOCL were as follows:



	Gain (Loss) Reclassified from AOCL
	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Cash flow hedges
Revenue	$	(64	)	$	(36	)	$	(3	)	$	75
Cost of sales	32			29			42			45
Total before tax	(32		)	(7		)	39			120
Income tax (benefit) provision	(8		)	(1		)	10			31
Net of tax	$	(24	)	$	(6	)	$	29		$	89

Available-for-sale securities
Interest expense, net	$	3,233		$	(81	)	$	3,517		$	(104	)
Income tax provision (benefit)	805			(21		)	876			(27		)
Net of tax	$	2,428		$	(60	)	$	2,641		$	(77	)

Pension and postretirement benefit plans
Transition credit	$	1		$	1		$	2		$	3
Prior service costs	(138		)	(126		)	(277		)	(254		)
Actuarial losses	(10,940		)	(8,112		)	(21,933		)	(17,271		)
Settlement	(3,802		)	(1,198		)	(4,191		)	(1,198		)
Total before tax	(14,879		)	(9,435		)	(26,399		)	(18,720		)
Income tax benefit	(3,502		)	(2,124		)	(6,152		)	(4,773		)
Net of tax	$	(11,377	)	$	(7,311	)	$	(20,247	)	$	(13,947	)

Changes in AOCL were as follows:



	Cash flow hedges			Available for sale securities			Pension and postretirement benefit plans			Foreign currency adjustments			Total
Balance at January 1, 2020	$	337		$	2,849		$	(819,018	)	$	(24,311	)	$	(840,143	)
Other comprehensive (loss) income before reclassifications ⁽¹⁾	(1,416		)	5,356			—			(17,636		)	(13,696		)
(Gain) loss reclassified into earnings ⁽¹⁾	(29		)	(2,641		)	20,247			—			17,577
Net other comprehensive (loss) income	(1,445		)	2,715			20,247			(17,636		)	3,881
Balance at June 30, 2020	$	(1,108	)	$	5,564		$	(798,771	)	$	(41,947	)	$	(836,262	)



	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 before reclassifications ⁽¹⁾	18			5,952			—			21,378			27,348
(Gain) loss reclassified into earnings ⁽¹⁾	(89		)	77			13,947			—			13,935
Net other comprehensive (loss) income	(71		)	6,029			13,947			21,378			41,283
Balance at June 30, 2019	$	120		$	2,968		$	(832,514	)	$	(78,252	)	$	(907,678	)

⁽¹⁾ Amounts are net of tax.

Description of Business and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounting Pronouncements and Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Adopted in 2020 Effective January 1, 2020, we adopted Accounting Standards Update (ASU) 2016-13, Financial Instruments - Credit Losses. We adopted this standard using the modified retrospective transition approach with a cumulative effect adjustment to retained earnings. The adoption of the standard resulted in an increase in the opening reserve balance for Accounts and other receivables of $15 million and the opening reserve balance for finance receivables of $10 million and a net reduction to retained earnings of $22 million. The ASU applies to financial assets measured at amortized cost, including finance receivables, trade and other receivables and investments in debt securities classified as available-for-sale and held-to-maturity. The ASU replaces the current incurred loss impairment model that recognizes losses when a probable threshold is met with a requirement to recognize lifetime expected credit losses immediately when a financial asset is originated or purchased. The models to estimate credit losses are required to be based on historical loss experience, current conditions, reasonable and supportable forecasts and current economic outlook. Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes. The ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles and also clarifies and amends existing guidance. This standard is effective beginning January 1, 2021, with early adoption permitted. We do not expect this standard to have a material impact on our consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The ASU is intended to provide temporary optional expedients and exceptions to U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The transition to new reference interest rates will require certain contracts to be modified and the ASU is intended to mitigate the effects of this transition. The accommodations provided by the ASU are effective as of March 12, 2020 through December 31, 2022 and may be applied at the beginning of any interim period within that time frame. We are currently assessing the impact this standard will have on our consolidated financial statements.

Description of Business and Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounting Standards Update



	Balance at December 31, 2019		Cumulative effect of accounting change		Amounts charged to expense		Write-offs, recoveries and currency impact			Balance at June 30, 2020
Allowance for credit losses	$	17,830	$	15,336	$	12,692	$	(13,384	)	$	32,474

Revenue (Tables)

6 Months Ended

Jun. 30, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

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



	Three Months Ended June 30, 2020
	Global Ecommerce		Presort Services		SendTech Solutions		Revenue from products and services		Revenue from leasing transactions and financing		Total consolidated revenue
Major products/service lines
Business services	$	398,453	$	118,127	$	12,410	$	528,990	$	—	$	528,990
Support services	—		—		113,786		113,786		—		113,786
Financing	—		—		—		—		85,462		85,462
Equipment sales	—		—		14,492		14,492		43,345		57,837
Supplies	—		—		32,773		32,773		—		32,773
Rentals	—		—		—		—		18,644		18,644
Subtotal	398,453		118,127		173,461		690,041		$	147,451	$	837,492

Revenue from leasing transactions and financing
Financing	—		—		85,462		85,462
Equipment sales	—		—		43,345		43,345
Rentals	—		—		18,644		18,644
Total revenue	$	398,453	$	118,127	$	320,912	$	837,492

Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	—	$	—	$	58,750	$	58,750
Products/services transferred over time	398,453		118,127		114,711		631,291
Total	$	398,453	$	118,127	$	173,461	$	690,041



	Three Months Ended June 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
Business services	$	282,319	$	128,138	$	7,506	$	417,963	$	—	$	417,963
Support services	—		—		127,705		127,705		—		127,705
Financing	—		—		—		—		92,419		92,419
Equipment sales	—		—		19,384		19,384		66,167		85,551
Supplies	—		—		46,490		46,490		—		46,490
Rentals	—		—		—		—		18,445		18,445
Subtotal	282,319		128,138		201,085		611,542		$	177,031	$	788,573

Revenue from leasing transactions and financing
Financing	—		—		92,419		92,419
Equipment sales	—		—		66,167		66,167
Rentals	—		—		18,445		18,445
Total revenue	$	282,319	$	128,138	$	378,116	$	788,573

Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	—	$	—	$	82,790	$	82,790
Products/services transferred over time	282,319		128,138		118,295		528,752
Total	$	282,319	$	128,138	$	201,085	$	611,542



	Six Months Ended June 30, 2020
	Global Ecommerce		Presort Services		SendTech Solutions		Revenue from products and services		Revenue from leasing transactions and financing		Total consolidated revenue
Major products/service lines
Business services	$	690,776	$	258,847	$	23,746	$	973,369	$	—	$	973,369
Support services	—		—		235,801		235,801		—		235,801
Financing	—		—		—		—		174,540		174,540
Equipment sales	—		—		31,621		31,621		102,489		134,110
Supplies	—		—		78,482		78,482		—		78,482
Rentals	—		—		—		—		37,458		37,458
Subtotal	690,776		258,847		369,650		1,319,273		$	314,487	$	1,633,760

Revenue from leasing transactions and financing
Financing	—		—		174,540		174,540
Equipment sales	—		—		102,489		102,489
Rentals	—		—		37,458		37,458
Total revenue	$	690,776	$	258,847	$	684,137	$	1,633,760

Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	—	$	—	$	137,124	$	137,124
Products/services transferred over time	690,776		258,847		232,526		1,182,149
Total	$	690,776	$	258,847	$	369,650	$	1,319,273



	Six Months Ended June 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
Business services	$	548,573	$	262,985	$	12,950	$	824,508	$	—	$	824,508
Support services	—		—		256,304		256,304		—		256,304
Financing	—		—		—		—		189,462		189,462
Equipment sales	—		—		40,677		40,677		134,661		175,338
Supplies	—		—		97,443		97,443		—		97,443
Rentals	—		—		—		—		40,602		40,602
Subtotal	548,573		262,985		407,374		1,218,932		$	364,725	$	1,583,657

Revenue from leasing transactions and financing
Financing	—		—		189,462		189,462
Equipment sales	—		—		134,661		134,661
Rentals	—		—		40,602		40,602
Total revenue	$	548,573	$	262,985	$	772,099	$	1,583,657

Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	—	$	—	$	169,666	$	169,666
Products/services transferred over time	548,573		262,985		237,708		1,049,266
Total	$	548,573	$	262,985	$	407,374	$	1,218,932

Contract Assets and Advance Billings

Advance Billings from Contracts with Customers



	Balance sheet location	June 30, 2020		December 31, 2019		Increase/ (decrease)
Advance billings, current	Advance billings	$	113,799	$	92,464	$	21,335
Advance billings, noncurrent	Other noncurrent liabilities	$	1,102	$	1,245	$	(143	)

Future Performance Obligations

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



	Remainder of 2020		2021		2022-2025		Total
SendTech Solutions	$	146,357	$	252,289	$	346,874	$	745,520

Segment Information (Tables)

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Reconciliation of Revenue from Segments to Consolidated Statements

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



	Revenue
	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Global Ecommerce	$	398,453	$	282,319	$	690,776	$	548,573
Presort Services	118,127		128,138		258,847		262,985
Commerce Services	516,580		410,457		949,623		811,558
SendTech Solutions	320,912		378,116		684,137		772,099
Total revenue	$	837,492	$	788,573	$	1,633,760	$	1,583,657

Reconciliation of EBIT from Segments to Consolidated



	EBIT
	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Global Ecommerce	$	(18,894	)	$	(15,576	)	$	(48,369	)	$	(30,176	)
Presort Services	12,582			15,462			28,277			30,528
Commerce Services	(6,312		)	(114		)	(20,092		)	352
SendTech Solutions	104,268			124,738			210,830			247,141
Total segment EBIT	97,956			124,624			190,738			247,493
Reconciliation of Segment EBIT to net (loss) income:
Unallocated corporate expenses	(49,489		)	(45,048		)	(93,211		)	(102,006		)
Restructuring charges and asset impairments	(4,922		)	(5,899		)	(8,739		)	(9,599		)
Interest expense, net	(38,385		)	(39,062		)	(76,757		)	(78,028		)
Gain on sale of equity investment	11,908			—			11,908			—
Goodwill impairment	—			—			(198,169		)	—
Loss on extinguishment of debt	—			—			(36,987		)	—
Loss on dispositions and transaction costs	(349		)	(1,581		)	(641		)	(19,549		)
Provision for income taxes	(17,016		)	(3,724		)	(6,986		)	(11,544		)
(Loss) income from continuing operations	(297		)	29,310			(218,844		)	26,767
(Loss) income from discontinued operations, net of tax	(3,032		)	(5,613		)	7,032			(5,729		)
Net (loss) income	$	(3,329	)	$	23,697		$	(211,812	)	$	21,038

Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2020

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 June 30, 2020								Three Months Ended June 30, 2019
	Software Solutions			Production Mail		Total			Software Solutions		Production Mail			Total
Revenue	$	—		$	—	$	—		$	72,206	$	—		$	72,206

Earnings from discontinued operations	$	—		$	—	$	—		$	1,342	$	—		$	1,342
(Loss) gain on sale	(3,416		)	245		(3,171		)	—		(8,589		)	(8,589		)
(Loss) income from discontinued operations before taxes	$	(3,416	)	$	245	(3,171		)	$	1,342	$	(8,589	)	(7,247		)
Tax benefit						(139		)						(1,634		)
Loss from discontinued operations, net of tax						$	(3,032	)						$	(5,613	)



	Six Months Ended June 30, 2020								Six Months Ended June 30, 2019
	Software Solutions		Production Mail			Total			Software Solutions		Production Mail			Total
Revenue	$	—	$	—		$	—		$	145,524	$	—		$	145,524

Earnings (loss) from discontinued operations	$	—	$	—		$	—		$	2,938	$	(663	)	$	2,275
Gain (loss) on sale	6,869		(167		)	6,702			—		(9,257		)	(9,257		)
Income (loss) from discontinued operations before taxes	$	6,869	$	(167	)	6,702			$	2,938	$	(9,920	)	(6,982		)
Tax benefit						(330		)						(1,253		)
Income (loss) from discontinued operations, net of tax						$	7,032							$	(5,729	)

Assets of discontinued operations and liabilities of discontinued operations at December 31, 2019 includes the assets and liabilities of the software business in Australia.

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.

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Schedule of Calculation of Numerator and Denominator in Earnings Per Share

Earnings per Share (EPS) (Tables)

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]



	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Numerator:
(Loss) income from continuing operations	$	(297	)	$	29,310		$	(218,844	)	$	26,767
(Loss) income from discontinued operations, net of tax	(3,032		)	(5,613		)	7,032			(5,729		)
Net (loss) income (numerator for diluted EPS)	(3,329		)	23,697			(211,812		)	21,038
Less: Preference stock dividend	—			—			—			8
(Loss) income attributable to common stockholders (numerator for basic EPS)	$	(3,329	)	$	23,697		$	(211,812	)	$	21,030
Denominator:
Weighted-average shares used in basic EPS	171,478			177,192			171,167			181,446
Dilutive effect of common stock equivalents ⁽¹⁾	—			1,089			—			1,192
Weighted-average shares used in diluted EPS	171,478			178,281			171,167			182,638
Basic earnings (loss) per share ⁽²⁾:
Continuing operations	$	—		$	0.17		$	(1.28	)	$	0.15
Discontinued operations	(0.02		)	(0.03		)	0.04			(0.03		)
Net (loss) income	$	(0.02	)	$	0.13		$	(1.24	)	$	0.12
Diluted earnings (loss) per share ⁽²⁾:
Continuing operations	$	—		$	0.16		$	(1.28	)	$	0.15
Discontinued operations	(0.02		)	(0.03		)	0.04			(0.03		)
Net (loss) income	$	(0.02	)	$	0.13		$	(1.24	)	$	0.12

Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive:	19,963			16,297			18,297			16,077


⁽¹⁾	Dilutive effect of common stock equivalents for the three and six months ended June 30, 2020 was 1,019 and 1,190, respectively; however, is not included in the calculation of diluted earnings per share as the Company is reporting a net loss for both periods.

⁽²⁾

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

Inventories (Tables)

6 Months Ended

Jun. 30, 2020

Inventory Disclosure [Abstract]

Inventory Components

Inventories consisted of the following:



	June 30, 2020			December 31, 2019
Raw materials	$	20,021		$	13,514
Supplies and service parts	22,787			21,840
Finished products	34,681			36,969
Inventory at FIFO cost	77,489			72,323
Excess of FIFO cost over LIFO cost	(3,836		)	(4,072		)
Total inventory, net	$	73,653		$	68,251

Finance Assets and Lessor Operating Leases (Tables)

6 Months Ended

Jun. 30, 2020

Receivables [Abstract]

Financing Receivables

Finance receivables consisted of the following:



	June 30, 2020									December 31, 2019
	North America			International			Total			North America			International			Total
Sales-type lease receivables
Gross finance receivables	$	998,450		$	196,767		$	1,195,217		$	1,055,852		$	224,202		$	1,280,054
Unguaranteed residual values	37,742			11,283			49,025			41,934			11,789			53,723
Unearned income	(282,027		)	(58,487		)	(340,514		)	(319,281		)	(65,888		)	(385,169		)
Allowance for credit losses	(26,603		)	(4,743		)	(31,346		)	(10,920		)	(2,085		)	(13,005		)
Net investment in sales-type lease receivables	727,562			144,820			872,382			767,585			168,018			935,603
Loan receivables
Loan receivables	254,786			18,635			273,421			298,247			27,926			326,173
Allowance for credit losses	(6,482		)	(286		)	(6,768		)	(5,906		)	(740		)	(6,646		)
Net investment in loan receivables	248,304			18,349			266,653			292,341			27,186			319,527
Net investment in finance receivables	$	975,866		$	163,169		$	1,139,035		$	1,059,926		$	195,204		$	1,255,130

Sales-type Lease Maturity

Maturities of gross sales-type lease receivables and gross loan receivables at June 30, 2020 were as follows:



	Sales-type Lease Receivables						Loan Receivables
	North America		International		Total		North America		International		Total
Remaining for year ending December 31, 2020	$	220,405	$	41,451	$	261,856	$	216,777	$	18,635	$	235,412
Year ending December 31, 2021	336,863		68,465		405,328		12,032		—		12,032
Year ending December 31, 2022	234,552		47,971		282,523		10,414		—		10,414
Year ending December 31, 2023	138,308		26,324		164,632		5,582		—		5,582
Year ending December 31, 2024	58,803		10,403		69,206		6,807		—		6,807
Thereafter	9,519		2,153		11,672		3,174		—		3,174
Total	$	998,450	$	196,767	$	1,195,217	$	254,786	$	18,635	$	273,421

Loan Receivable Maturity

Maturities of gross sales-type lease receivables and gross loan receivables at June 30, 2020 were as follows:



	Sales-type Lease Receivables						Loan Receivables
	North America		International		Total		North America		International		Total
Remaining for year ending December 31, 2020	$	220,405	$	41,451	$	261,856	$	216,777	$	18,635	$	235,412
Year ending December 31, 2021	336,863		68,465		405,328		12,032		—		12,032
Year ending December 31, 2022	234,552		47,971		282,523		10,414		—		10,414
Year ending December 31, 2023	138,308		26,324		164,632		5,582		—		5,582
Year ending December 31, 2024	58,803		10,403		69,206		6,807		—		6,807
Thereafter	9,519		2,153		11,672		3,174		—		3,174
Total	$	998,450	$	196,767	$	1,195,217	$	254,786	$	18,635	$	273,421

Past Due Financing Receivables

The aging of gross finance receivables was as follows:



	June 30, 2020
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Past due amounts 0 - 90 days	$	974,864	$	194,055	$	246,491	$	18,288	$	1,433,698
Past due amounts > 90 days	23,586		2,712		8,295		347		34,940
Total	$	998,450	$	196,767	$	254,786	$	18,635	$	1,468,638
Past due amounts > 90 days
Still accruing interest	$	4,982	$	1,091	$	5,205	$	191	$	11,469
Not accruing interest	18,604		1,621		3,090		156		23,471
Total	$	23,586	$	2,712	$	8,295	$	347	$	34,940



	December 31, 2019
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Past due amounts 0 - 90 days	$	1,032,912	$	220,819	$	294,001	$	27,697	$	1,575,429
Past due amounts > 90 days	22,940		3,383		4,246		229		30,798
Total	$	1,055,852	$	224,202	$	298,247	$	27,926	$	1,606,227
Past due amounts > 90 days
Still accruing interest	$	4,835	$	1,081	$	2,094	$	121	$	8,131
Not accruing interest	18,105		2,302		2,152		108		22,667
Total	$	22,940	$	3,383	$	4,246	$	229	$	30,798

Allowance for Credit Losses on Financing Receivables

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



	Sales-type Lease Receivables						Loan Receivables
	North America			International			North America			International			Total
Balance at December 31, 2019	$	10,920		$	2,085		$	5,906		$	740		$	19,651
Cumulative effect of accounting change	9,271			1,750			(1,116		)	(402		)	9,503
Amounts charged to expense	9,025			1,257			4,758			208			15,248
Write-offs	(3,536		)	(386		)	(4,542		)	(297		)	(8,761		)
Recoveries	946			44			1,386			1			2,377
Other	(23		)	(7		)	90			36			96
Balance at June 30, 2020	$	26,603		$	4,743		$	6,482		$	286		$	38,114

	Sales-type Lease Receivables						Loan Receivables
	North America			International			North America			International			Total
Balance at January 1, 2019	$	10,253		$	2,355		$	6,777		$	837		$	20,222
Amounts charged to expense	3,660			455			2,329			315			6,759
Write-offs	(3,452		)	(533		)	(4,649		)	(451		)	(9,085		)
Recoveries	813			167			1,909			4			2,893
Other	48			(182		)	8			54			(72		)
Balance at June 30, 2019	$	11,322		$	2,262		$	6,374		$	759		$	20,717

Financing Receivable Credit Quality Indicators

The table below shows the gross sales-type lease receivable and loan receivable balances by relative risk class and year of origination based on the relative scores of the accounts within each class.



	Sales Type Lease Receivables												Loan Receivables		Total
	2020		2019		2018		2017		2016		Prior		Loan Receivables		Total
Low	$	136,197	$	252,315	$	199,078	$	118,201	$	49,013	$	19,906	$	187,311	$	962,021
Medium	25,754		57,452		45,269		28,693		10,886		5,688		53,748		227,490
High	3,249		6,342		5,295		3,380		1,802		323		4,210		24,601
Not Scored	35,880		82,099		56,596		33,466		15,450		2,883		28,152		254,526
Total	$	201,080	$	398,208	$	306,238	$	183,740	$	77,151	$	28,800	$	273,421	$	1,468,638

Sales-type Lease, Lease Income

Lease income from sales-type leases was as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Profit recognized at commencement ⁽¹⁾	$	21,271	$	36,508	$	51,166	$	73,112
Interest income	34,055		58,045		68,315		117,523
Total lease income from sales-type leases	$	55,326	$	94,553	$	119,481	$	190,635

⁽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, 2020	$	20,222
Year ending December 31, 2021	27,899
Year ending December 31, 2022	10,881
Year ending December 31, 2023	4,899
Year ending December 31, 2024	1,528
Thereafter	200
Total	$	65,629

Intangible Assets, Goodwill and Other Assets (Tables)

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible assets consisted of the following:



	June 30, 2020							December 31, 2019
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	268,178	$	(101,688	)	$	166,490	$	265,665	$	(88,550	)	$	177,115
Software & technology	31,600		(23,012		)	8,588		31,600		(19,999		)	11,601
Trademarks & other	13,324		(12,942		)	382		13,324		(11,400		)	1,924
Total intangible assets	$	313,102	$	(137,642	)	$	175,460	$	310,589	$	(119,949	)	$	190,640

Amortization Expense In Future Periods



Remaining for year ending December 31, 2020	$	15,699
Year ending December 31, 2021	30,227
Year ending December 31, 2022	29,281
Year ending December 31, 2023	26,443
Year ending December 31, 2024	26,443
Thereafter	47,367
Total	$	175,460

Schedule of Goodwill

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



	December 31, 2019		Impairment			Acquisition		Currency impact			June 30, 2020
Global Ecommerce	$	609,431	$	(198,169	)	$	—	$	—		$	411,262
Presort Services	212,529		—			8,463		—			220,992
Commerce Services	821,960		(198,169		)	8,463		—			632,254
SendTech Solutions	502,219		—			—		(1,688		)	500,531
Total goodwill	$	1,324,179	$	(198,169	)	$	8,463	$	(1,688	)	$	1,132,785

Fair Value Measurements and Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2020

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.



	June 30, 2020
	Level 1		Level 2			Level 3		Total
Assets:
Investment securities
Money market funds	$	85,243	$	441,600		$	—	$	526,843
Equity securities	—		20,822			—		20,822
Commingled fixed income securities	1,713		19,376			—		21,089
Government and related securities	39,525		18,583			—		58,108
Corporate debt securities	—		75,557			—		75,557
Mortgage-backed / asset-backed securities	—		115,742			—		115,742
Derivatives
Foreign exchange contracts	—		308			—		308
Total assets	$	126,481	$	691,988		$	—	$	818,469
Liabilities:
Derivatives
Interest rate swaps	$	—	$	(1,605	)	$	—	$	(1,605	)
Foreign exchange contracts	—		(1,106		)	—		(1,106		)
Total liabilities	$	—	$	(2,711	)	$	—	$	(2,711	)



	December 31, 2019
	Level 1		Level 2			Level 3		Total
Assets:
Investment securities
Money market funds	$	161,441	$	240,364		$	—	$	401,805
Equity securities	—		21,979			—		21,979
Commingled fixed income securities	1,656		18,404			—		20,060
Government and related securities	64,572		17,478			—		82,050
Corporate debt securities	—		72,149			—		72,149
Mortgage-backed / asset-backed securities	—		66,339			—		66,339
Derivatives
Foreign exchange contracts	—		3,256			—		3,256
Total assets	$	227,669	$	439,969		$	—	$	667,638
Liabilities:
Derivatives
Foreign exchange contracts	$	—	$	(1,402	)	$	—	$	(1,402	)
Total liabilities	$	—	$	(1,402	)	$	—	$	(1,402	)

Schedule of Available-for-sale Securities Reconciliation

Available-for-sale securities consisted of the following:



	June 30, 2020
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Estimated fair value
Government and related securities	$	55,576	$	1,289	$	(338	)	$	56,527
Corporate debt securities	71,689		4,558		(690		)	75,557
Commingled fixed income securities	1,692		21		—			1,713
Mortgage-backed / asset-backed securities	113,497		2,520		(275		)	115,742
Total	$	242,454	$	8,388	$	(1,303	)	$	249,539



	December 31, 2019
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Estimated fair value
Government and related securities	$	80,732	$	1,358	$	(114	)	$	81,976
Corporate debt securities	70,426		2,009		(286		)	72,149
Commingled fixed income securities	1,675		—		(19		)	1,656
Mortgage-backed / asset-backed securities	65,679		960		(300		)	66,339
Total	$	218,512	$	4,327	$	(719	)	$	222,120

Schedule of Unrealized Holding Losses

Investment securities in a loss position were as follows:



	June 30, 2020				December 31, 2019
	Fair Value		Gross unrealized losses		Fair Value		Gross unrealized losses
Less than 12 continuous months	$	46,650	$	1,192	$	52,521	$	583
Greater than 12 continuous months	4,441		111		9,227		136
Total	$	51,091	$	1,303	$	61,748	$	719

Available-for-sale Securities

Scheduled maturities of available-for-sale securities at June 30, 2020 were as follows:



	Amortized cost		Estimated fair value
Within 1 year	$	26,274	$	26,407
After 1 year through 5 years	56,027		58,709
After 5 years through 10 years	47,838		49,663
After 10 years	112,315		114,760
Total	$	242,454	$	249,539

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

The fair value of derivative instruments was as follows:



Designation of Derivatives	Balance Sheet Location	June 30, 2020			December 31, 2019
Derivatives designated as hedging instruments
Foreign exchange contracts	Other current assets and prepayments	$	46		$	207
	Accounts payable and accrued liabilities	(214		)	(56		)

Interest rate swaps	Other noncurrent liabilities	(1,605		)	—

Derivatives not designated as hedging instruments
Foreign exchange contracts	Other current assets and prepayments	262			3,049
	Accounts payable and accrued liabilities	(892		)	(1,346		)

	Total derivative assets	$	308		$	3,256
	Total derivative liabilities	(2,711		)	(1,402		)
	Total net derivative (liability) asset	$	(2,403	)	$	1,854

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

Results of cash flow hedging relationships were as follows:



	Three Months Ended June 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	2020			2019			Location of Gain (Loss) (Effective Portion)	2020			2019
Foreign exchange contracts	$	(121	)	$	(320	)	Revenue	$	(64	)	$	(36	)
							Cost of sales	32			29
Interest rate swap	(1,605		)	—			Interest expense	—			—
	$	(1,726	)	$	(320	)		$	(32	)	$	(7	)

	Six Months Ended June 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	2020			2019			Location of Gain (Loss) (Effective Portion)	2020			2019
Foreign exchange contracts	$	(281	)	$	25		Revenue	$	(3	)	$	75
							Cost of sales	42			45
Interest rate swap	(1,605		)	—			Interest expense	—			—
	$	(1,886	)	$	25			$	39		$	120

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

All outstanding contracts at June 30, 2020 mature within 12 months.

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



		Three Months Ended June 30,
		Derivative Gain (Loss) Recognized in Earnings
Derivatives Instrument	Location of Derivative Gain (Loss)	2020			2019
Foreign exchange contracts	Selling, general and administrative expense	$	1,200		$	(65	)

		Six Months Ended June 30,
		Derivative Gain (Loss) Recognized in Earnings
Derivatives Instrument	Location of Derivative Gain (Loss)	2020			2019
Foreign exchange contracts	Selling, general and administrative expense	$	(3,667	)	$	5,205

Fair Value, by Balance Sheet Grouping

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



	June 30, 2020		December 31, 2019
Carrying value	$	2,716,747	$	2,739,722
Fair value	$	2,156,837	$	2,572,794

Restructuring Charges and Asset Impairments (Tables)

6 Months Ended

Jun. 30, 2020

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Reserve by Type of Cost

Activity in our restructuring reserves was as follows:



	Severance and benefits costs			Other exit costs			Total
Balance at January 1, 2020	$	11,937		$	69		$	12,006
Expenses, net	6,357			546			6,903
Cash payments	(10,772		)	(593		)	(11,365		)
Balance at June 30, 2020	$	7,522		$	22		$	7,544

Balance at January 1, 2019	$	13,641		$	1,808		$	15,449
Expenses, net	7,101			707			7,808
Cash payments	(10,786		)	(2,219		)	(13,005		)
Balance at June 30, 2019	$	9,956		$	296		$	10,252

Debt (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Schedule of Debt

Total debt consisted of the following:



	Interest rate	June 30, 2020		December 31, 2019
Notes due October 2021	4.625%	$	172,456	$	600,000
Notes due May 2022	5.375%	150,000		400,000
Notes due April 2023	5.70%	275,000		400,000
Notes due March 2024	4.625%	375,000		500,000
Notes due January 2037	5.25%	35,841		35,841
Notes due March 2043	6.70%	425,000		425,000
Term loan due November 2024	Variable	390,000		400,000
Term loan due January 2025	Variable	839,375		—
Credit Facility	Variable	100,000		—
Other debt		5,052		5,108
Principal amount		2,767,724		2,765,949
Less: unamortized costs, net		50,977		26,227
Total debt		2,716,747		2,739,722
Less: current portion long-term debt		163,257		20,108
Long-term debt		$	2,553,490	$	2,719,614

Pensions and Other Benefit Programs (Tables)

6 Months Ended

Jun. 30, 2020

Retirement Benefits [Abstract]

Schedule of Defined Benefit Plans Disclosures

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



	Defined Benefit Pension Plans												Nonpension Postretirement Benefit Plans
	United States						Foreign
	Three Months Ended						Three Months Ended						Three Months Ended
	June 30,						June 30,						June 30,
	2020			2019			2020			2019			2020		2019
Service cost	$	27		$	21		$	399		$	388		$	217	$	228
Interest cost	13,179			15,708			3,407			4,308			1,242		1,637
Expected return on plan assets	(21,303		)	(23,184		)	(7,969		)	(8,505		)	—		—
Amortization of transition credit	—			—			(1		)	(1		)	—		—
Amortization of prior service (credit) cost	(15		)	(15		)	59			60			94		81
Amortization of net actuarial loss	8,197			6,037			2,005			1,572			738		503
Settlement ⁽¹⁾	612			801			3,190			397			—		—
Net periodic benefit cost (income)	$	697		$	(632	)	$	1,090		$	(1,781	)	$	2,291	$	2,449
Contributions to benefit plans	$	1,969		$	2,423		$	580		$	878		$	3,616	$	4,457

	Defined Benefit Pension Plans												Nonpension Postretirement Benefit Plans
	United States						Foreign
	Six Months Ended						Six Months Ended						Six Months Ended
	June 30,						June 30,						June 30,
	2020			2019			2020			2019			2020		2019
Service cost	$	53		$	42		$	798		$	772		$	434	$	483
Interest cost	26,358			31,586			6,925			8,796			2,487		3,291
Expected return on plan assets	(42,607		)	(46,363		)	(16,177		)	(17,269		)	—		—
Amortization of transition credit	—			—			(2		)	(3		)	—		—
Amortization of prior service (credit) cost	(30		)	(30		)	120			123			187		161
Amortization of net actuarial loss	16,395			13,073			4,064			3,184			1,474		1,014
Settlement ⁽¹⁾	1,001			801			3,190			397			—		—
Net periodic benefit cost (income)	$	1,170		$	(891	)	$	(1,082	)	$	(4,000	)	$	4,582	$	4,949
Contributions to benefit plans	$	3,898		$	4,051		$	8,568		$	9,088		$	8,071	$	9,213

Stockholders’ Equity (Tables)

6 Months Ended

Jun. 30, 2020

Stockholders' Equity Note [Abstract]

Schedule of Stockholders Equity

Changes in stockholders’ equity were as follows:



	Common stock		Additional paid-in capital			Retained earnings			Accumulated other comprehensive loss			Treasury stock			Total equity
Balance at April 1, 2020	$	323,338	$	69,553		$	5,200,024		$	(857,874	)	$	(4,705,611	)	$	29,430
Net loss	—		—			(3,329		)	—			—			(3,329		)
Other comprehensive income	—		—			—			21,612			—			21,612
Dividends paid ($0.05 per common share)	—		—			(8,576		)	—			—			(8,576		)
Issuance of common stock	—		(6,484		)	—			—			6,498			14
Stock-based compensation expense	—		5,429			—			—			—			5,429
Balance at June 30, 2020	$	323,338	$	68,498		$	5,188,119		$	(836,262	)	$	(4,699,113	)	$	44,580



	Preferred stock			Preference stock			Common stock		Additional paid-in capital			Retained earnings			Accumulated other comprehensive loss			Treasury stock			Total equity
Balance at April 1, 2019	$	1		$	388		$	323,338	$	109,166		$	5,267,615		$	(917,978	)	$	(4,696,080	)	$	86,450
Net income	—			—			—		—			23,697			—			—			23,697
Other comprehensive income	—			—			—		—			—			10,300			—			10,300
Dividends paid ($0.05 per common share)	—			—			—		—			(8,938		)	—			—			(8,938		)
Issuance of common stock	—			—			—		(3,807		)	—			—			4,024			217
Conversion to common stock	—			(122		)	—		(2,389		)	—			—			2,511			—
Redemption of preferred/preference stock	(1		)	(266		)	—		(10		)	—			—			—			(277		)
Stock-based compensation expense	—			—			—		2,381			—			—			—			2,381
Repurchase of common stock	—			—			—		—			—			—			(60,858		)	(60,858		)
Balance at June 30, 2019	$	—		$	—		$	323,338	$	105,341		$	5,282,374		$	(907,678	)	$	(4,750,403	)	$	52,972



	Common stock		Additional paid-in capital			Retained earnings			Accumulated other comprehensive loss			Treasury stock			Total equity
Balance at January 1, 2020	$	323,338	$	98,748		$	5,438,930		$	(840,143	)	$	(4,734,777	)	$	286,096
Cumulative effect of accounting changes	—		—			(21,900		)	—			—			(21,900		)
Net loss	—		—			(211,812		)	—			—			(211,812		)
Other comprehensive income	—		—			—			3,881			—			3,881
Dividends paid ($0.10 per common share)	—		—			(17,099		)	—			—			(17,099		)
Issuance of common stock	—		(37,200		)	—			—			35,664			(1,536		)
Stock-based compensation expense	—		6,950			—			—			—			6,950
Balance at June 30, 2020	$	323,338	$	68,498		$	5,188,119		$	(836,262	)	$	(4,699,113	)	$	44,580



	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	—			—			—		—			21,038			—			—			21,038
Other comprehensive income	—			—			—		—			—			41,283			—			41,283
Dividends paid ($0.10 per common share)	—			—			—		—			(18,346		)	—			—			(18,346		)
Issuance of common stock	—			—			—		(22,731		)	—			—			20,998			(1,733		)
Conversion to common stock	—			(130		)	—		(2,558		)	—			—			2,688			—
Redemption of preferred/preference stock	(1		)	(266		)	—		(10		)	—			—			—			(277		)
Stock-based compensation expense	—			—			—		9,165			—			—			—			9,165
Repurchase of common stock	—			—			—		—			—			—			(100,000		)	(100,000		)
Balance at June 30, 2019	$	—		$	—		$	323,338	$	105,341		$	5,282,374		$	(907,678	)	$	(4,750,403	)	$	52,972

Accumulated Other Comprehensive Loss (AOCL) (Tables)

6 Months Ended

Jun. 30, 2020

Equity [Abstract]

Reclassification out of Accumulated Other Comprehensive Income

Reclassifications out of AOCL were as follows:



	Gain (Loss) Reclassified from AOCL
	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Cash flow hedges
Revenue	$	(64	)	$	(36	)	$	(3	)	$	75
Cost of sales	32			29			42			45
Total before tax	(32		)	(7		)	39			120
Income tax (benefit) provision	(8		)	(1		)	10			31
Net of tax	$	(24	)	$	(6	)	$	29		$	89

Available-for-sale securities
Interest expense, net	$	3,233		$	(81	)	$	3,517		$	(104	)
Income tax provision (benefit)	805			(21		)	876			(27		)
Net of tax	$	2,428		$	(60	)	$	2,641		$	(77	)

Pension and postretirement benefit plans
Transition credit	$	1		$	1		$	2		$	3
Prior service costs	(138		)	(126		)	(277		)	(254		)
Actuarial losses	(10,940		)	(8,112		)	(21,933		)	(17,271		)
Settlement	(3,802		)	(1,198		)	(4,191		)	(1,198		)
Total before tax	(14,879		)	(9,435		)	(26,399		)	(18,720		)
Income tax benefit	(3,502		)	(2,124		)	(6,152		)	(4,773		)
Net of tax	$	(11,377	)	$	(7,311	)	$	(20,247	)	$	(13,947	)

Schedule of Accumulated Other Comprehensive Income (Loss)

Changes in AOCL were as follows:



	Cash flow hedges			Available for sale securities			Pension and postretirement benefit plans			Foreign currency adjustments			Total
Balance at January 1, 2020	$	337		$	2,849		$	(819,018	)	$	(24,311	)	$	(840,143	)
Other comprehensive (loss) income before reclassifications ⁽¹⁾	(1,416		)	5,356			—			(17,636		)	(13,696		)
(Gain) loss reclassified into earnings ⁽¹⁾	(29		)	(2,641		)	20,247			—			17,577
Net other comprehensive (loss) income	(1,445		)	2,715			20,247			(17,636		)	3,881
Balance at June 30, 2020	$	(1,108	)	$	5,564		$	(798,771	)	$	(41,947	)	$	(836,262	)



	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 before reclassifications ⁽¹⁾	18			5,952			—			21,378			27,348
(Gain) loss reclassified into earnings ⁽¹⁾	(89		)	77			13,947			—			13,935
Net other comprehensive (loss) income	(71		)	6,029			13,947			21,378			41,283
Balance at June 30, 2019	$	120		$	2,968		$	(832,514	)	$	(78,252	)	$	(907,678	)

⁽¹⁾ Amounts are net of tax.

Description of Business and Basis of Presentation (Details) $ in Thousands	1 Months Ended	3 Months Ended			6 Months Ended
	Jan. 31, 2020 USD ($) market	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other receivables		$ 61,000			$ 61,000		$ 91,000
Allowance for credit losses					27,941	$ 14,707
Goodwill impairment		0		$ 0	198,169	0
Allowance for credit losses		38,114		20,717	38,114	20,717	$ 19,651	$ 20,222
Commerce Services
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill impairment					198,169
Global Ecommerce \| Commerce Services
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Carrying value percentage							20.00%
Goodwill impairment			$ 198,000		198,169
COVID-19
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Allowance for credit losses		$ 12,000		$ 4,000	$ 28,000	$ 15,000
Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other receivables	$ 24,000
Number of smaller markets sold \| market	6

Description of Business and Basis of Presentation (Accounting Pronouncements) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jan. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts and other receivables	$ 391,748			$ 373,471
Allowance for credit losses	38,114	$ 20,717		19,651	$ 20,222
Retained earnings	(5,188,119)			(5,438,930)
Allowance for credit losses
Balance at December 31, 2019	17,830
Amounts charged to expense	27,941	$ 14,707
Balance at June 30, 2020	32,474
Cumulative Effect
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses				$ 9,503
ASU 2016-13
Allowance for credit losses
Balance at December 31, 2019	17,830
Amounts charged to expense	12,692
Write-offs, recoveries and currency impact	(13,384)
Balance at June 30, 2020	32,474
ASU 2016-13 \| Adjusted Balance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts and other receivables			$ 15,000
Allowance for credit losses			10,000
Retained earnings			$ 22,000
ASU 2016-13 \| Cumulative Effect
Allowance for credit losses
Balance at December 31, 2019	$ 15,336

Revenue (Disaggregates of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Revenue from leasing transactions and financing	$ 837,492	$ 788,573	$ 1,633,760	$ 1,583,657
Total consolidated revenue	837,492	788,573	1,633,760	1,583,657
ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	690,041	611,542	1,319,273	1,218,932
Products/services transferred at a point in time \| ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	58,750	82,790	137,124	169,666
Products/services transferred over time \| ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	631,291	528,752	1,182,149	1,049,266
Sales And Services
Disaggregation of Revenue [Line Items]
Revenue from products and services	690,041	611,542	1,319,273	1,218,932
Revenue from leasing transactions and financing	147,451	177,031	314,487	364,725
Total consolidated revenue	837,492	788,573	1,633,760	1,583,657
Business services
Disaggregation of Revenue [Line Items]
Revenue from products and services	528,990	417,963	973,369	824,508
Revenue from leasing transactions and financing	0	0	0	0
Total consolidated revenue	528,990	417,963	973,369	824,508
Support services
Disaggregation of Revenue [Line Items]
Revenue from products and services	113,786	127,705	235,801	256,304
Revenue from leasing transactions and financing	0	0	0	0
Total consolidated revenue	113,786	127,705	235,801	256,304
Financing
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Revenue from leasing transactions and financing	85,462	92,419	174,540	189,462
Total consolidated revenue	85,462	92,419	174,540	189,462
Equipment sales
Disaggregation of Revenue [Line Items]
Revenue from products and services	14,492	19,384	31,621	40,677
Revenue from leasing transactions and financing	43,345	66,167	102,489	134,661
Total consolidated revenue	57,837	85,551	134,110	175,338
Supplies
Disaggregation of Revenue [Line Items]
Revenue from products and services	32,773	46,490	78,482	97,443
Revenue from leasing transactions and financing	0	0	0	0
Total consolidated revenue	32,773	46,490	78,482	97,443
Rentals
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Revenue from leasing transactions and financing	18,644	18,445	37,458	40,602
Total consolidated revenue	18,644	18,445	37,458	40,602
Global Ecommerce
Disaggregation of Revenue [Line Items]
Revenue from leasing transactions and financing	398,453	282,319	690,776	548,573
Global Ecommerce \| ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	398,453	282,319	690,776	548,573
Global Ecommerce \| Products/services transferred at a point in time \| ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Global Ecommerce \| Products/services transferred over time \| ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	398,453	282,319	690,776	548,573
Global Ecommerce \| Sales And Services
Disaggregation of Revenue [Line Items]
Revenue from products and services	398,453	282,319	690,776	548,573
Global Ecommerce \| Business services
Disaggregation of Revenue [Line Items]
Revenue from products and services	398,453	282,319	690,776	548,573
Global Ecommerce \| Support services
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Global Ecommerce \| Financing
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Revenue from leasing transactions and financing	0	0	0	0
Global Ecommerce \| Equipment sales
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Revenue from leasing transactions and financing	0	0	0	0
Global Ecommerce \| Supplies
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Global Ecommerce \| Rentals
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Revenue from leasing transactions and financing	0	0	0	0
Presort Services
Disaggregation of Revenue [Line Items]
Revenue from leasing transactions and financing	118,127	128,138	258,847	262,985
Presort Services \| ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	118,127	128,138	258,847	262,985
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	118,127	128,138	258,847	262,985
Presort Services \| Sales And Services
Disaggregation of Revenue [Line Items]
Revenue from products and services	118,127	128,138	258,847	262,985
Presort Services \| Business services
Disaggregation of Revenue [Line Items]
Revenue from products and services	118,127	128,138	258,847	262,985
Presort Services \| Support services
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Presort Services \| Financing
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Revenue from leasing transactions and financing	0	0	0	0
Presort Services \| Equipment sales
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Revenue from leasing transactions and financing	0	0	0	0
Presort Services \| Supplies
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Presort Services \| Rentals
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Revenue from leasing transactions and financing	0	0	0	0
SendTech Solutions
Disaggregation of Revenue [Line Items]
Revenue from leasing transactions and financing	320,912	378,116	684,137	772,099
SendTech Solutions \| ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	173,461	201,085	369,650	407,374
SendTech Solutions \| Products/services transferred at a point in time \| ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	58,750	82,790	137,124	169,666
SendTech Solutions \| Products/services transferred over time \| ASC 606
Disaggregation of Revenue [Line Items]
Revenue from products and services	114,711	118,295	232,526	237,708
SendTech Solutions \| Sales And Services
Disaggregation of Revenue [Line Items]
Revenue from products and services	173,461	201,085	369,650	407,374
SendTech Solutions \| Business services
Disaggregation of Revenue [Line Items]
Revenue from products and services	12,410	7,506	23,746	12,950
SendTech Solutions \| Support services
Disaggregation of Revenue [Line Items]
Revenue from products and services	113,786	127,705	235,801	256,304
SendTech Solutions \| Financing
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Revenue from leasing transactions and financing	85,462	92,419	174,540	189,462
SendTech Solutions \| Equipment sales
Disaggregation of Revenue [Line Items]
Revenue from products and services	14,492	19,384	31,621	40,677
Revenue from leasing transactions and financing	43,345	66,167	102,489	134,661
SendTech Solutions \| Supplies
Disaggregation of Revenue [Line Items]
Revenue from products and services	32,773	46,490	78,482	97,443
SendTech Solutions \| Rentals
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Revenue from leasing transactions and financing	$ 18,644	$ 18,445	$ 37,458	$ 40,602

Revenue (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
Revenue (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Lease transactions	$ 9	$ 9	$ 9
Advanced billings, revenue recognized	$ 75
Expected timing of satisfaction period		12 months
Business services \| Minimum
Disaggregation of Revenue [Line Items]
Period of recognition		1 year
Business services \| Maximum
Disaggregation of Revenue [Line Items]
Period of recognition		5 years

Revenue (Contract Assets and Advance Billings) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Advance billings, current	$ 113,799	$ 92,464
Advance billings, noncurrent	1,102	$ 1,245
Increase/ (decrease)
Advance billings, current	21,335
Advance billings, noncurrent	$ (143)

Revenue (Future Performance Obligations) (Details) $ in Thousands	Jun. 30, 2020 USD ($)
Revenue from Contract with Customer [Abstract]
Future performance obligations	$ 745,520
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01
Revenue from Contract with Customer [Abstract]
Future performance obligations	$ 146,357
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue from Contract with Customer [Abstract]
Future performance obligations	$ 252,289
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue from Contract with Customer [Abstract]
Future performance obligations	$ 346,874
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction period	3 years

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment reporting information profit (loss)
Revenue	$ 837,492		$ 788,573		$ 1,633,760	$ 1,583,657
Reconciliation of Segment EBIT to net (loss) income:
Restructuring charges and asset impairments	(4,922)		(5,899)		(8,739)	(9,599)
Interest expense, net	(26,446)		(28,019)		(52,329)	(55,621)
Gain on sale of equity investment	12,000				11,908	0
Goodwill impairment	0		0		(198,169)	0
Loss on extinguishment of debt					(36,987)	0
Provision for income taxes	(17,016)		(3,724)		(6,986)	(11,544)
(Loss) income from continuing operations	(297)		29,310		(218,844)	26,767
(Loss) income from discontinued operations, net of tax	(3,032)		(5,613)		7,032	(5,729)
Net (loss) income	(3,329)		23,697		(211,812)	21,038
Operating Segments
Segment reporting information profit (loss)
EBIT	97,956		124,624		190,738	247,493
Segment Reconciling Items
Reconciliation of Segment EBIT to net (loss) income:
Unallocated corporate expenses	(49,489)		(45,048)		(93,211)	(102,006)
Restructuring charges and asset impairments	(4,922)		(5,899)		(8,739)	(9,599)
Interest expense, net	(38,385)		(39,062)		(76,757)	(78,028)
Gain on sale of equity investment		$ 11,908		$ 0
Goodwill impairment	0		0		(198,169)	0
Loss on extinguishment of debt	0		0		(36,987)	0
Loss on dispositions and transaction costs	(349)		(1,581)		(641)	(19,549)
Provision for income taxes	(17,016)		(3,724)		(6,986)	(11,544)
Insurance claim	5,000				9,000
Commerce Services
Segment reporting information profit (loss)
Revenue from contracts with customers	516,580		410,457		949,623	811,558
Reconciliation of Segment EBIT to net (loss) income:
Goodwill impairment					(198,169)
Commerce Services \| Operating Segments
Segment reporting information profit (loss)
EBIT	(6,312)		(114)		(20,092)	352
Commerce Services \| Global Ecommerce
Segment reporting information profit (loss)
Revenue from contracts with customers	398,453		282,319		690,776	548,573
EBIT	(18,894)		(15,576)		(48,369)	(30,176)
Reconciliation of Segment EBIT to net (loss) income:
Goodwill impairment		$ (198,000)			(198,169)
Commerce Services \| Presort Services
Segment reporting information profit (loss)
Revenue from contracts with customers	118,127		128,138		258,847	262,985
EBIT	12,582		15,462		28,277	30,528
Reconciliation of Segment EBIT to net (loss) income:
Goodwill impairment					0
SendTech Solutions
Segment reporting information profit (loss)
Revenue from contracts with customers	320,912		378,116		684,137	772,099
Reconciliation of Segment EBIT to net (loss) income:
Goodwill impairment					0
SendTech Solutions \| Operating Segments
Segment reporting information profit (loss)
EBIT	$ 104,268		$ 124,738		$ 210,830	$ 247,141

Discontinued Operations (Financial Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations, net of tax	$ (3,032)	$ (5,613)	$ 7,032	$ (5,729)
Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue	0	72,206	0	145,524
Earnings (loss) from discontinued operations	0	1,342	0	2,275
Gain (loss) on sale	(3,171)	(8,589)	6,702	(9,257)
Income (loss) from discontinued operations before taxes	(3,171)	(7,247)	6,702	(6,982)
Tax benefit	(139)	(1,634)	(330)	(1,253)
Income (loss) from discontinued operations, net of tax	(3,032)	(5,613)	7,032	(5,729)
Software Solutions \| Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue	0	72,206	0	145,524
Earnings (loss) from discontinued operations	0	1,342	0	2,938
Gain (loss) on sale	(3,416)	0	6,869	0
Income (loss) from discontinued operations before taxes	(3,416)	1,342	6,869	2,938
Production Mail \| Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue	0	0	0	0
Earnings (loss) from discontinued operations	0	0	0	(663)
Gain (loss) on sale	245	(8,589)	(167)	(9,257)
Income (loss) from discontinued operations before taxes	$ 245	$ (8,589)	$ (167)	$ (9,920)

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

3 Months Ended

6 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2020

Jun. 30, 2019

Earnings Per Share [Abstract]

(Loss) income from continuing operations

$ (297)

$ 29,310

$ (218,844)

$ 26,767

Numerator:

(Loss) income from discontinued operations, net of tax

(3,032)

(5,613)

7,032

(5,729)

Net (loss) income

(3,329)

23,697

(211,812)

21,038

Less: Preference stock dividend

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

$ (3,329)

$ 23,697

$ (211,812)

$ 21,030

Denominator:

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

171,478,000

177,192,000

171,167,000

181,446,000

Dilutive effect of common stock equivalents (in shares)

1,089,000

1,192,000

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

171,478,000

178,281,000

171,167,000

182,638,000

Basic earnings (loss) per share:

^[1]

$ 0

$ 0.17

$ (1.28)

$ 0.15

^[1]

(0.02)

(0.03)

0.04

(0.03)

^[1]

(0.02)

0.13

(1.24)

0.12

Diluted earnings (loss) per share:

^[1]

0.16

(1.28)

0.15

^[1]

(0.02)

(0.03)

0.04

(0.03)