0000078814-21-000025 | 10-Q | XBRL Viewer

$ 915,197

$ 796,268

Selling, general and administrative

238,102

248,633

Research and development

11,316

12,116

Restructuring charges

2,889

3,817

Goodwill impairment

198,169

Interest expense, net

25,158

25,883

Other components of net pension and postretirement expense (income)

350

(151)

Other expense, net

51,394

33,487

Total costs and expenses

956,844

1,024,845

Loss from continuing operations before taxes

(41,647)

(228,577)

Benefit for income taxes

(13,992)

(10,030)

Loss from continuing operations

(27,655)

(218,547)

(Loss) income from discontinued operations, net of tax

(3,886)

10,064

Net loss

$ (31,541)

$ (208,483)

Basic earnings (loss) per share:

$ (0.16)

$ (1.28)

(0.02)

0.06

(0.18)

^[1]

(1.22)

Diluted earnings (loss) per share:

(0.16)

(1.28)

(0.02)

0.06

$ (0.18)

$ (1.22)

Business services

$ 570,454

$ 444,379

570,454

444,379

499,534

374,665

Support services

118,697

122,015

118,697

122,015

36,717

39,760

Financing

77,812

89,078

11,886

12,489

Equipment sales

19,118

17,130

86,803

76,273

Cost of equipment sales

61,840

57,359

Supplies

42,224

45,709

42,224

45,709

11,211

12,240

Rentals

19,207

18,814

$ 6,447

$ 6,378

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

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669625-108580

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=121586364&loc=d3e3602-108585

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121326447&loc=SL5780133-109256

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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

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

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

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

Description of Business and Basis of Presentation

3 Months Ended

Mar. 31, 2021

Description of Business and Basis of Presentation

Description of Business

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

Basis of Presentation

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

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


	Three Months Ended March 31, 2020
(unaudited)	As Previously Reported		Adjustments		As Revised
Cash flows from operating activities
Changes in finance receivables	$	18,843	$	(1,071)	$	17,772
Net cash from operating activities: continuing operations	$	(28,479)	$	(1,071)	$	(29,550)
Net cash from operating activities	$	(66,284)	$	(1,071)	$	(67,355)

Cash flows from investing activities
Purchases of investment securities	$	(67,312)	$	(40,000)	$	(107,312)
Proceeds from sales/maturities of investment securities	$	24,102	$	80,120	$	104,222
Net change in short-term and other investing activities	$	48,431	$	(48,431)	$	—
Net investment in loan receivables	$	—	$	1,071	$	1,071
Customer deposits at the Bank	$	(888)	$	888	$	—
Other investing activities	$	(230)	$	8,311	$	8,081
Net cash from investing activities: continuing operations	$	(22,956)	$	1,959	$	(20,997)
Net cash from investing activities	$	(25,458)	$	1,959	$	(23,499)

Cash flows from financing activities
Customer deposits at the Bank	$	—	$	(888)	$	(888)
Net cash from financing activities	$	(159,596)	$	(888)	$	(160,484)

Risks and Uncertainties

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

Accounting Pronouncements Adopted in 2021

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

Accounting Pronouncements Not Yet Adopted

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

Revenue

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Disaggregated Revenue

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


	Three Months Ended March 31, 2021
	Global Ecommerce		Presort Services		SendTech Solutions		Revenue from products and services		Revenue from leasing transactions and financing		Total consolidated revenue
Major products/service lines
Business services	$	413,086	$	143,126	$	14,242	$	570,454	$	—	$	570,454
Support services	—		—		118,697		118,697		—		118,697
Financing	—		—		—		—		77,812		77,812
Equipment sales	—		—		19,118		19,118		67,685		86,803
Supplies	—		—		42,224		42,224		—		42,224
Rentals	—		—		—		—		19,207		19,207
Subtotal	413,086		143,126		194,281		750,493		$	164,704	$	915,197

Revenue from leasing transactions and financing
Financing	—		—		77,812		77,812
Equipment sales	—		—		67,685		67,685
Rentals	—		—		19,207		19,207
Total revenue	$	413,086	$	143,126	$	358,985	$	915,197

Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	—	$	—	$	77,538	$	77,538
Products/services transferred over time	413,086		143,126		116,743		672,955
Total	$	413,086	$	143,126	$	194,281	$	750,493


	Three Months Ended March 31, 2020
	Global Ecommerce		Presort Services		SendTech Solutions		Revenue from products and services		Revenue from leasing transactions and financing		Total consolidated revenue
Major products/service lines
Business services	$	292,323	$	140,720	$	11,336	$	444,379	$	—	$	444,379
Support services	—		—		122,015		122,015		—		122,015
Financing	—		—		—		—		89,078		89,078
Equipment sales	—		—		17,130		17,130		59,143		76,273
Supplies	—		—		45,709		45,709		—		45,709
Rentals	—		—		—		—		18,814		18,814
Subtotal	292,323		140,720		196,190		629,233		$	167,035	$	796,268

Revenue from leasing transactions and financing
Financing	—		—		89,078		89,078
Equipment sales	—		—		59,143		59,143
Rentals	—		—		18,814		18,814
Total revenue	$	292,323	$	140,720	$	363,225	$	796,268

Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	—	$	—	$	78,374	$	78,374
Products/services transferred over time	292,323		140,720		117,816		550,859
Total	$	292,323	$	140,720	$	196,190	$	629,233

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

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

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

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

Supplies revenue is recognized upon delivery.

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

Advance Billings from Contracts with Customers


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

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

Future Performance Obligations

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


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

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

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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Segment Information

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment Information

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

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

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

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

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


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


		EBIT
	Three Months Ended March 31,
		2021		2020
Global Ecommerce		$	(26,376)	$	(29,475)
Presort Services		19,051		15,695
SendTech Solutions		114,470		106,562
Total segment EBIT		107,145		92,782
Reconciliation of Segment EBIT to net loss:
Unallocated corporate expenses		(57,465)		(43,722)
Restructuring charges		(2,889)		(3,817)
Interest expense, net		(37,044)		(38,372)

Goodwill impairment		—		(198,169)
Loss on debt refinancing		(51,394)		(36,987)

Transaction costs		—		(292)
Benefit for income taxes		13,992		10,030
Loss from continuing operations		(27,655)		(218,547)
(Loss) income from discontinued operations, net of tax		(3,886)		10,064
Net loss		$	(31,541)	$	(208,483)

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

Finance Assets and Lessor Operating Leases

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

Earnings per Share (EPS)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Earnings per Share (EPS)


	Three Months Ended March 31,
		2021		2020
Numerator:
Loss from continuing operations		$	(27,655)	$	(218,547)
(Loss) income from discontinued operations, net of tax		(3,886)		10,064


Net loss		$	(31,541)	$	(208,483)
Denominator:
Weighted-average shares used in basic EPS		172,856		170,912
Dilutive effect of common stock equivalents (1)		—		—
Weighted-average shares used in diluted EPS		172,856		170,912
Basic loss per share (2):
Continuing operations		$	(0.16)	$	(1.28)
Discontinued operations		(0.02)		0.06
Net loss		$	(0.18)	$	(1.22)
Diluted loss per share (2):
Continuing operations		$	(0.16)	$	(1.28)
Discontinued operations		(0.02)		0.06
Net loss		$	(0.18)	$	(1.22)

Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive:		6,440		17,617

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

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

Inventories

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

Inventories

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


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

Finance Assets and Lessor Operating Leases

3 Months Ended

Mar. 31, 2021

Receivables [Abstract]

Finance Assets

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

Finance receivables consisted of the following:


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

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


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

Aging of Receivables

The aging of gross finance receivables was as follows:


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


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

Allowance for Credit Losses

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

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

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


	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Balance at January 1, 2021	$	22,917	$	6,006	$	6,484	$	462	$	35,869

Amounts charged to expense	154		61		763		4		982
Write-offs	(1,024)		(371)		(1,833)		(3)		(3,231)
Recoveries	935		29		991		—		1,955
Other	16		(119)		2		—		(101)
Balance at March 31, 2021	$	22,998	$	5,606	$	6,407	$	463	$	35,474

	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Balance at December 31, 2019	$	10,920	$	2,085	$	5,906	$	740	$	19,651
Cumulative effect of accounting change	9,271		1,750		(1,116)		(402)		9,503
Amounts charged to expense	6,892		1,345		4,006		403		12,646
Write-offs	(1,618)		(248)		(2,058)		(104)		(4,028)
Recoveries	592		31		691		—		1,314
Other	(124)		(80)		(7)		(7)		(218)
Balance at March 31, 2020	$	25,933	$	4,883	$	7,422	$	630	$	38,868

Credit Quality

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

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

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

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

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

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


	Sales Type Lease Receivables												Loan Receivables		Total
	2021		2020		2019		2018		2017		Prior
Low	$	78,458	$	235,018	$	207,236	$	144,994	$	70,678	$	31,481	$	180,586	$	948,451
Medium	13,409		46,999		46,899		31,959		16,268		7,235		74,966		237,735
High	1,497		5,248		5,142		3,402		1,792		1,024		5,127		23,232
Not Scored	23,202		61,983		58,732		38,207		23,214		13,468		32,103		250,909
Total	$	116,566	$	349,248	$	318,009	$	218,562	$	111,952	$	53,208	$	292,782	$	1,460,327

	Sales Type Lease Receivables												Loan Receivables		Total
	2020		2019		2018		2017		2016		Prior
Low	$	256,573	$	228,344	$	165,244	$	87,346	$	30,518	$	12,249	$	192,971	$	973,245
Medium	50,785		49,946		37,168		21,388		6,470		2,375		61,625		229,757
High	6,182		5,396		3,782		1,974		1,051		143		4,518		23,046
Not Scored	80,854		77,362		48,704		24,291		7,813		971		31,668		271,663
Total	$	394,394	$	361,048	$	254,898	$	134,999	$	45,852	$	15,738	$	290,782	$	1,497,711

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

Lease Income

Lease income from sales-type leases was as follows:


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

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

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

Lessor Operating Leases

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


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

Intangible Assets and Goodwill

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Intangible Assets

Intangible assets consisted of the following:


	March 31, 2021						December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	268,199	$	(121,634)	$	146,565	$	268,199	$	(115,010)	$	153,189
Software & technology	19,000		(13,300)		5,700		19,000		(12,350)		6,650

Total intangible assets	$	287,199	$	(134,934)	$	152,265	$	287,199	$	(127,360)	$	159,839

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

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


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

Goodwill

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


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

Fair Value Measurements and Derivative Instruments

3 Months Ended

Mar. 31, 2021

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.


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

Foreign exchange contracts	$	—	$	(786)	$	—	$	(786)
Total liabilities	$	—	$	(786)	$	—	$	(786)


	December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Investment securities
Money market funds	$	73,228	$	434,791	$	—	$	508,019
Equity securities	—		26,583		—		26,583
Commingled fixed income securities	1,722		19,669		—		21,391
Government and related securities	16,776		16,757		—		33,533
Corporate debt securities	—		71,433		—		71,433
Mortgage-backed / asset-backed securities	—		220,678		—		220,678
Derivatives

Foreign exchange contracts	—		3,776		—		3,776
Total assets	$	91,726	$	793,687	$	—	$	885,413
Liabilities:
Derivatives
Interest rate swap	$	—	$	(2,163)	$	—	$	(2,163)
Foreign exchange contracts	—		(1,960)		—		(1,960)
Total liabilities	$	—	$	(4,123)	$	—	$	(4,123)

Investment Securities

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

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

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

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

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

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

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

Derivative Securities

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

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

Available-For-Sale Securities

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

Available-for-sale securities consisted of the following:


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


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

Investment securities in a loss position were as follows:


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

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

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


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

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

Held-to-Maturity Securities

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

Derivative Instruments

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

Foreign Exchange Contracts

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

Interest Rate Swaps

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

The fair value of derivative instruments was as follows:


Designation of Derivatives	Balance Sheet Location	March 31, 2021		December 31, 2020
Derivatives designated as hedging instruments
Foreign exchange contracts	Other current assets and prepayments	$	214	$	96
	Accounts payable and accrued liabilities	(71)		(112)

Interest rate swaps	Other assets (Other noncurrent liabilities)	4,117		(2,163)

Derivatives not designated as hedging instruments
Foreign exchange contracts	Other current assets and prepayments	903		3,680
	Accounts payable and accrued liabilities	(715)		(1,848)

	Total derivative assets	$	5,234	$	3,776
	Total derivative liabilities	(786)		(4,123)
	Total net derivative asset (liability)	$	4,448	$	(347)

Results of cash flow hedging relationships were as follows:


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

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

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


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

Fair Value of Financial Instruments

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


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

Restructuring Charges

3 Months Ended

Mar. 31, 2021

Restructuring and Related Activities [Abstract]

Restructuring Charges

Activity in our restructuring reserves was as follows:


	Severance and other exit costs
Balance at January 1, 2021	$	10,063
Expenses, net	2,889
Cash payments	(3,955)
Noncash activity	(227)
Balance at March 31, 2021	$	8,770

Balance at January 1, 2020	$	12,006
Expenses, net	3,817
Cash payments	(6,047)
Noncash activity	(763)
Balance at March 31, 2020	$	9,013

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

Debt

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Debt

Total debt consisted of the following:


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

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

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

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

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

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

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

Pensions and Other Benefit Programs

3 Months Ended

Mar. 31, 2021

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

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (o)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (p)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 70
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (q)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rate for the three months ended March 31, 2021 was a benefit of 33.6% and includes benefits of $3 million from an affiliate reorganization and $2 million from the vesting of restricted stock, partially offset by a charge of $1 million for the write-off of deferred tax assets associated with the expiration of out-of-the-money stock options. The effective tax rate for the three months ended March 31, 2020 was a benefit of 4.4% and includes a benefit of $2 million on the $198 million goodwill impairment charge as the majority of this charge is nondeductible, a benefit of $2 million from the resolution of certain tax examinations and a charge of $3 million for the write-off of deferred tax assets associated with the expiration of out-of-the-money stock options and the vesting of restricted stock. As is the case with other large corporations, our tax returns are examined by tax authorities in the U.S. and other global taxing jurisdictions in which we have operations. As a result, it is reasonably possible that the amount of unrecognized tax benefits will decrease in the next 12 months, and this decrease could be up to 10% of our unrecognized tax benefits. The Internal Revenue Service examinations of our consolidated U.S. income tax returns for tax years prior to 2017 are closed to audit; however, various post-2014 U.S. state and local tax returns are still subject to examination, with some states in appeals from 2011. For our significant non-U.S. jurisdictions, Canada is closed to examination through 2014, France is closed through 2013, Germany is closed through 2016 and the U.K. is closed through 2018. We also have other less significant tax filings currently subject to examination.

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	3 Months Ended
Commitments and Contingencies	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In the ordinary course of business, we are routinely defendants in, or party to, a number of pending and threatened legal actions. These may involve litigation by or against us relating to, among other things, contractual rights under vendor, insurance or other contracts; intellectual property or patent rights; equipment, service, payment or other disputes with clients; or disputes with employees. Some of these actions may be brought as a purported class action on behalf of a purported class of employees, customers or others. In management's opinion, as of March 31, 2021, the potential liability, if any, that may result from these actions, either individually or collectively, is not reasonably expected to have a material effect on our financial position, results of operations or cash flows. However, as litigation is inherently unpredictable, there can be no assurances in this regard. At March 31, 2021, we have entered into leases with aggregate lease payments of approximately $41 million and terms ranging from three to eight years, that have not commenced.

Stockholders’ Equity

3 Months Ended

Mar. 31, 2021

Stockholders’ Equity

Changes in stockholders’ equity were as follows:


	Common stock		Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss		Treasury stock		Total equity
Balance at January 1, 2021	$	323,338	$	68,502	$	5,201,195	$	(839,131)	$	(4,687,509)	$	66,395

Net loss	—		—		(31,541)		—		—		(31,541)
Other comprehensive loss	—		—		—		(8,407)		—		(8,407)
Dividends paid ($0.05 per common share)	—		—		(8,625)		—		—		(8,625)
Issuance of common stock	—		(58,454)		—		—		54,574		(3,880)


Stock-based compensation expense	—		5,221		—		—		—		5,221

Balance at March 31, 2021	$	323,338	$	15,269	$	5,161,029	$	(847,538)	$	(4,632,935)	$	19,163


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


Stock-based compensation expense	—		1,521		—		—		—		1,521

Balance at March 31, 2020	$	323,338	$	69,553	$	5,200,024	$	(857,874)	$	(4,705,611)	$	29,430

Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Accumulated Other Comprehensive Loss

Reclassifications out of AOCL were as follows:


		Gain (Loss) Reclassified from AOCL
	Three Months Ended March 31,
		2021		2020
Cash flow hedges
Revenue		$	126	$	61
Cost of sales		(58)		10

Total before tax		68		71
Income tax provision		17		17
Net of tax		$	51	$	54

Available-for-sale securities
Financing revenue		$	(1)	$	284
Selling, general and administrative expense		42		—
Total before tax		41		284
Income tax provision		10		71
Net of tax		$	31	$	213

Pension and postretirement benefit plans
Transition credit		$	—	$	1
Prior service costs		(84)		(139)
Actuarial losses		(13,061)		(10,993)
Settlement		—		(389)
Total before tax		(13,145)		(11,520)
Income tax benefit		(3,208)		(2,650)
Net of tax		$	(9,937)	$	(8,870)

Changes in AOCL were as follows:


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


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

(1) Amounts are net of tax.

Supplemental Financial Statement Information

3 Months Ended

Mar. 31, 2021

Other Income and Expenses [Abstract]

Supplemental Financial Statement Information

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


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

Other expense, net consisted of the following:


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


Other expense, net	$	51,394	$	33,487

Supplemental cash flow information is as follows:


	Three Months Ended March 31,
	2021		2020

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

Description of Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounting Pronouncements Adopted and Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Adopted in 2021 In January 2021 we adopted ASU 2019-12, Simplifying the Accounting for Income Taxes. The ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles and also clarifies and amends existing guidance. The adoption of this standard did not have a material impact on our consolidated financial statements. Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The transition to new reference interest rates will require certain contracts to be modified and the ASU is intended to provide temporary optional expedients and exceptions to U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The accommodations provided by the ASU are effective through December 31, 2022 and may be applied at the beginning of any interim period within that time frame. We are currently assessing the impact this standard will have on our consolidated financial statements.

Description of Business and Basis of Presentation (Tables)

3 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

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


	Three Months Ended March 31, 2020
(unaudited)	As Previously Reported		Adjustments		As Revised
Cash flows from operating activities
Changes in finance receivables	$	18,843	$	(1,071)	$	17,772
Net cash from operating activities: continuing operations	$	(28,479)	$	(1,071)	$	(29,550)
Net cash from operating activities	$	(66,284)	$	(1,071)	$	(67,355)

Cash flows from investing activities
Purchases of investment securities	$	(67,312)	$	(40,000)	$	(107,312)
Proceeds from sales/maturities of investment securities	$	24,102	$	80,120	$	104,222
Net change in short-term and other investing activities	$	48,431	$	(48,431)	$	—
Net investment in loan receivables	$	—	$	1,071	$	1,071
Customer deposits at the Bank	$	(888)	$	888	$	—
Other investing activities	$	(230)	$	8,311	$	8,081
Net cash from investing activities: continuing operations	$	(22,956)	$	1,959	$	(20,997)
Net cash from investing activities	$	(25,458)	$	1,959	$	(23,499)

Cash flows from financing activities
Customer deposits at the Bank	$	—	$	(888)	$	(888)
Net cash from financing activities	$	(159,596)	$	(888)	$	(160,484)

Revenue (Tables)

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

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


	Three Months Ended March 31, 2021
	Global Ecommerce		Presort Services		SendTech Solutions		Revenue from products and services		Revenue from leasing transactions and financing		Total consolidated revenue
Major products/service lines
Business services	$	413,086	$	143,126	$	14,242	$	570,454	$	—	$	570,454
Support services	—		—		118,697		118,697		—		118,697
Financing	—		—		—		—		77,812		77,812
Equipment sales	—		—		19,118		19,118		67,685		86,803
Supplies	—		—		42,224		42,224		—		42,224
Rentals	—		—		—		—		19,207		19,207
Subtotal	413,086		143,126		194,281		750,493		$	164,704	$	915,197

Revenue from leasing transactions and financing
Financing	—		—		77,812		77,812
Equipment sales	—		—		67,685		67,685
Rentals	—		—		19,207		19,207
Total revenue	$	413,086	$	143,126	$	358,985	$	915,197

Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	—	$	—	$	77,538	$	77,538
Products/services transferred over time	413,086		143,126		116,743		672,955
Total	$	413,086	$	143,126	$	194,281	$	750,493


	Three Months Ended March 31, 2020
	Global Ecommerce		Presort Services		SendTech Solutions		Revenue from products and services		Revenue from leasing transactions and financing		Total consolidated revenue
Major products/service lines
Business services	$	292,323	$	140,720	$	11,336	$	444,379	$	—	$	444,379
Support services	—		—		122,015		122,015		—		122,015
Financing	—		—		—		—		89,078		89,078
Equipment sales	—		—		17,130		17,130		59,143		76,273
Supplies	—		—		45,709		45,709		—		45,709
Rentals	—		—		—		—		18,814		18,814
Subtotal	292,323		140,720		196,190		629,233		$	167,035	$	796,268

Revenue from leasing transactions and financing
Financing	—		—		89,078		89,078
Equipment sales	—		—		59,143		59,143
Rentals	—		—		18,814		18,814
Total revenue	$	292,323	$	140,720	$	363,225	$	796,268

Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	—	$	—	$	78,374	$	78,374
Products/services transferred over time	292,323		140,720		117,816		550,859
Total	$	292,323	$	140,720	$	196,190	$	629,233

Contract Assets and Advance Billings

Advance Billings from Contracts with Customers


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

Future Performance Obligations

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


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

Segment Information (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Reconciliation of Revenue from Segments to Consolidated Statements

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


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

Reconciliation of EBIT from Segments to Consolidated


		EBIT
	Three Months Ended March 31,
		2021		2020
Global Ecommerce		$	(26,376)	$	(29,475)
Presort Services		19,051		15,695
SendTech Solutions		114,470		106,562
Total segment EBIT		107,145		92,782
Reconciliation of Segment EBIT to net loss:
Unallocated corporate expenses		(57,465)		(43,722)
Restructuring charges		(2,889)		(3,817)
Interest expense, net		(37,044)		(38,372)

Goodwill impairment		—		(198,169)
Loss on debt refinancing		(51,394)		(36,987)

Transaction costs		—		(292)
Benefit for income taxes		13,992		10,030
Loss from continuing operations		(27,655)		(218,547)
(Loss) income from discontinued operations, net of tax		(3,886)		10,064
Net loss		$	(31,541)	$	(208,483)

Earnings per Share (EPS) (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Schedule of Calculation of Numerator and Denominator in Earnings Per Share


	Three Months Ended March 31,
		2021		2020
Numerator:
Loss from continuing operations		$	(27,655)	$	(218,547)
(Loss) income from discontinued operations, net of tax		(3,886)		10,064


Net loss		$	(31,541)	$	(208,483)
Denominator:
Weighted-average shares used in basic EPS		172,856		170,912
Dilutive effect of common stock equivalents (1)		—		—
Weighted-average shares used in diluted EPS		172,856		170,912
Basic loss per share (2):
Continuing operations		$	(0.16)	$	(1.28)
Discontinued operations		(0.02)		0.06
Net loss		$	(0.18)	$	(1.22)
Diluted loss per share (2):
Continuing operations		$	(0.16)	$	(1.28)
Discontinued operations		(0.02)		0.06
Net loss		$	(0.18)	$	(1.22)

Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive:		6,440		17,617

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

Inventories (Tables)

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

Inventory Components

Inventories consisted of the following:


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

Finance Assets and Lessor Operating Leases (Tables)

3 Months Ended

Mar. 31, 2021

Receivables [Abstract]

Financing Receivables

Finance receivables consisted of the following:


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

Sales-type Lease Maturity

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


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

Loan Receivable Maturity

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


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

Past Due Financing Receivables

The aging of gross finance receivables was as follows:


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


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

Allowance for Credit Losses on Financing Receivables

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


	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Balance at January 1, 2021	$	22,917	$	6,006	$	6,484	$	462	$	35,869

Amounts charged to expense	154		61		763		4		982
Write-offs	(1,024)		(371)		(1,833)		(3)		(3,231)
Recoveries	935		29		991		—		1,955
Other	16		(119)		2		—		(101)
Balance at March 31, 2021	$	22,998	$	5,606	$	6,407	$	463	$	35,474

	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Balance at December 31, 2019	$	10,920	$	2,085	$	5,906	$	740	$	19,651
Cumulative effect of accounting change	9,271		1,750		(1,116)		(402)		9,503
Amounts charged to expense	6,892		1,345		4,006		403		12,646
Write-offs	(1,618)		(248)		(2,058)		(104)		(4,028)
Recoveries	592		31		691		—		1,314
Other	(124)		(80)		(7)		(7)		(218)
Balance at March 31, 2020	$	25,933	$	4,883	$	7,422	$	630	$	38,868

Financing Receivable Credit Quality Indicators


	Sales Type Lease Receivables												Loan Receivables		Total
	2021		2020		2019		2018		2017		Prior
Low	$	78,458	$	235,018	$	207,236	$	144,994	$	70,678	$	31,481	$	180,586	$	948,451
Medium	13,409		46,999		46,899		31,959		16,268		7,235		74,966		237,735
High	1,497		5,248		5,142		3,402		1,792		1,024		5,127		23,232
Not Scored	23,202		61,983		58,732		38,207		23,214		13,468		32,103		250,909
Total	$	116,566	$	349,248	$	318,009	$	218,562	$	111,952	$	53,208	$	292,782	$	1,460,327

	Sales Type Lease Receivables												Loan Receivables		Total
	2020		2019		2018		2017		2016		Prior
Low	$	256,573	$	228,344	$	165,244	$	87,346	$	30,518	$	12,249	$	192,971	$	973,245
Medium	50,785		49,946		37,168		21,388		6,470		2,375		61,625		229,757
High	6,182		5,396		3,782		1,974		1,051		143		4,518		23,046
Not Scored	80,854		77,362		48,704		24,291		7,813		971		31,668		271,663
Total	$	394,394	$	361,048	$	254,898	$	134,999	$	45,852	$	15,738	$	290,782	$	1,497,711

Sales-type Lease, Lease Income

Lease income from sales-type leases was as follows:


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

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

Lessor, Payments to be Received

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


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

Intangible Assets and Goodwill (Tables)

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible assets consisted of the following:


	March 31, 2021						December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	268,199	$	(121,634)	$	146,565	$	268,199	$	(115,010)	$	153,189
Software & technology	19,000		(13,300)		5,700		19,000		(12,350)		6,650

Total intangible assets	$	287,199	$	(134,934)	$	152,265	$	287,199	$	(127,360)	$	159,839

Amortization Expense In Future Periods


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

Schedule of Goodwill

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


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

Fair Value Measurements and Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

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

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


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

Foreign exchange contracts	$	—	$	(786)	$	—	$	(786)
Total liabilities	$	—	$	(786)	$	—	$	(786)


	December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Investment securities
Money market funds	$	73,228	$	434,791	$	—	$	508,019
Equity securities	—		26,583		—		26,583
Commingled fixed income securities	1,722		19,669		—		21,391
Government and related securities	16,776		16,757		—		33,533
Corporate debt securities	—		71,433		—		71,433
Mortgage-backed / asset-backed securities	—		220,678		—		220,678
Derivatives

Foreign exchange contracts	—		3,776		—		3,776
Total assets	$	91,726	$	793,687	$	—	$	885,413
Liabilities:
Derivatives
Interest rate swap	$	—	$	(2,163)	$	—	$	(2,163)
Foreign exchange contracts	—		(1,960)		—		(1,960)
Total liabilities	$	—	$	(4,123)	$	—	$	(4,123)

Schedule of Available-for-sale Securities Reconciliation

Available-for-sale securities consisted of the following:


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


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

Schedule of Unrealized Holding Losses

Investment securities in a loss position were as follows:


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

Available-for-sale Securities

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


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

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

The fair value of derivative instruments was as follows:


Designation of Derivatives	Balance Sheet Location	March 31, 2021		December 31, 2020
Derivatives designated as hedging instruments
Foreign exchange contracts	Other current assets and prepayments	$	214	$	96
	Accounts payable and accrued liabilities	(71)		(112)

Interest rate swaps	Other assets (Other noncurrent liabilities)	4,117		(2,163)

Derivatives not designated as hedging instruments
Foreign exchange contracts	Other current assets and prepayments	903		3,680
	Accounts payable and accrued liabilities	(715)		(1,848)

	Total derivative assets	$	5,234	$	3,776
	Total derivative liabilities	(786)		(4,123)
	Total net derivative asset (liability)	$	4,448	$	(347)

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

Results of cash flow hedging relationships were as follows:


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

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

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

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


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

Fair Value, by Balance Sheet Grouping

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


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

Restructuring Charges (Tables)

3 Months Ended

Mar. 31, 2021

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Reserve by Type of Cost

Activity in our restructuring reserves was as follows:


	Severance and other exit costs
Balance at January 1, 2021	$	10,063
Expenses, net	2,889
Cash payments	(3,955)
Noncash activity	(227)
Balance at March 31, 2021	$	8,770

Balance at January 1, 2020	$	12,006
Expenses, net	3,817
Cash payments	(6,047)
Noncash activity	(763)
Balance at March 31, 2020	$	9,013

Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt

Total debt consisted of the following:


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

Pensions and Other Benefit Programs (Tables)

3 Months Ended

Mar. 31, 2021

Retirement Benefits [Abstract]

Schedule of Defined Benefit Plans Disclosures

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


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

Stockholders’ Equity (Tables)

3 Months Ended

Mar. 31, 2021

Stockholders' Equity Note [Abstract]

Schedule of Stockholders Equity

Changes in stockholders’ equity were as follows:


	Common stock		Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss		Treasury stock		Total equity
Balance at January 1, 2021	$	323,338	$	68,502	$	5,201,195	$	(839,131)	$	(4,687,509)	$	66,395

Net loss	—		—		(31,541)		—		—		(31,541)
Other comprehensive loss	—		—		—		(8,407)		—		(8,407)
Dividends paid ($0.05 per common share)	—		—		(8,625)		—		—		(8,625)
Issuance of common stock	—		(58,454)		—		—		54,574		(3,880)


Stock-based compensation expense	—		5,221		—		—		—		5,221

Balance at March 31, 2021	$	323,338	$	15,269	$	5,161,029	$	(847,538)	$	(4,632,935)	$	19,163


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


Stock-based compensation expense	—		1,521		—		—		—		1,521

Balance at March 31, 2020	$	323,338	$	69,553	$	5,200,024	$	(857,874)	$	(4,705,611)	$	29,430

Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Reclassification out of Accumulated Other Comprehensive Income

Reclassifications out of AOCL were as follows:


		Gain (Loss) Reclassified from AOCL
	Three Months Ended March 31,
		2021		2020
Cash flow hedges
Revenue		$	126	$	61
Cost of sales		(58)		10

Total before tax		68		71
Income tax provision		17		17
Net of tax		$	51	$	54

Available-for-sale securities
Financing revenue		$	(1)	$	284
Selling, general and administrative expense		42		—
Total before tax		41		284
Income tax provision		10		71
Net of tax		$	31	$	213

Pension and postretirement benefit plans
Transition credit		$	—	$	1
Prior service costs		(84)		(139)
Actuarial losses		(13,061)		(10,993)
Settlement		—		(389)
Total before tax		(13,145)		(11,520)
Income tax benefit		(3,208)		(2,650)
Net of tax		$	(9,937)	$	(8,870)

Schedule of Accumulated Other Comprehensive Income (Loss)

Changes in AOCL were as follows:


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


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

(1) Amounts are net of tax.

Supplemental Financial Statement Information (Tables)

3 Months Ended

Mar. 31, 2021

Other Income and Expenses [Abstract]

Accounting Standards Update


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

Schedule of Other (Income) Expense

Other expense, net consisted of the following:


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


Other expense, net	$	51,394	$	33,487

Schedule of Cash Flow Supplemental Information

Supplemental cash flow information is as follows:


	Three Months Ended March 31,
	2021		2020

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

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

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

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

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

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

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

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

3 Months Ended

Mar. 31, 2021

Mar. 31, 2020

Earnings Per Share [Abstract]

Loss from continuing operations

$ (27,655)

$ (218,547)

Numerator:

(Loss) income from discontinued operations, net of tax

(3,886)

10,064

Net loss

$ (31,541)

$ (208,483)

Denominator:

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

172,856,000

170,912,000

Dilutive effect of common stock equivalents (in shares)

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

172,856,000

170,912,000

Basic earnings (loss) per share:

$ (0.16)

$ (1.28)

(0.02)

0.06

(0.18)

^[1]

(1.22)

Diluted earnings (loss) per share:

(0.16)

(1.28)

(0.02)

0.06