0000078814-24-000051 | 10-Q | XBRL Viewer

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Fair Value Measurements and Derivative Instruments (Cash Flow Hedging Relationships) (Details) - Interest rate swaps - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative [Line Items]
Derivative Gain (Loss) Recognized in AOCL (Effective Portion)	$ (2,098)	$ 586	$ (3,615)	$ (2,000)
Interest expense
Derivative [Line Items]
Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion)	$ 2,584	$ 138	$ 5,175	$ 275

Earnings per Share (EPS) (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Calculation of Numerator and Denominator in Earnings Per Share

The calculation of basic and diluted earnings per share is presented below. The sum of the earnings per share amounts may not equal the totals due to rounding.


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Numerator:




Net loss	$	(24,867)	$	(141,535)	$	(27,752)	$	(149,272)
Denominator:
Weighted-average shares used in basic EPS (1)	178,696		175,695		177,872		175,094





Basic net loss per share	$	(0.14)	$	(0.81)	$	(0.16)	$	(0.85)



Diluted net loss per share	$	(0.14)	$	(0.81)	$	(0.16)	$	(0.85)

Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive:	7,128		11,426		7,204		9,833

(1) Due to the net loss for the three months ended June 30, 2024 and 2023 and the six months ended June 30, 2024 and 2023, an additional 2.4 million, 3.7 million, 3.5 million and 4.1 million, respectively, of common stock equivalents were also excluded from the calculation of diluted earnings per share.

Earnings per Share (EPS)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings per Share (EPS)

The calculation of basic and diluted earnings per share is presented below. The sum of the earnings per share amounts may not equal the totals due to rounding.


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Numerator:




Net loss	$	(24,867)	$	(141,535)	$	(27,752)	$	(149,272)
Denominator:
Weighted-average shares used in basic EPS (1)	178,696		175,695		177,872		175,094





Basic net loss per share	$	(0.14)	$	(0.81)	$	(0.16)	$	(0.85)



Diluted net loss per share	$	(0.14)	$	(0.81)	$	(0.16)	$	(0.85)

Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive:	7,128		11,426		7,204		9,833

Fair Value Measurements and Derivative Instruments (Assets and Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	$ 183,871	$ 203,842
Commingled fixed income securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	1,580	1,581
Government and related securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	18,378	28,030
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	51,548	54,330
Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	191,667	201,850
Equity securities	16,644	15,341
Mortgage-backed / asset-backed securities	112,365	119,901
Total assets	404,394	437,657
Recurring basis \| Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	4,810	8,425
Recurring basis \| Commingled fixed income securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	5,960	7,322
Recurring basis \| Government and related securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	21,400	30,488
Recurring basis \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	51,548	54,330
Level 1 \| Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	44,687	13,366
Equity securities	0	0
Mortgage-backed / asset-backed securities	0	0
Total assets	54,392	26,436
Level 1 \| Recurring basis \| Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Level 1 \| Recurring basis \| Commingled fixed income securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	1,580	1,581
Level 1 \| Recurring basis \| Government and related securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	8,125	11,489
Level 1 \| Recurring basis \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Level 2 \| Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	146,980	188,484
Equity securities	16,644	15,341
Mortgage-backed / asset-backed securities	112,365	119,901
Total assets	350,002	411,221
Level 2 \| Recurring basis \| Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	4,810	8,425
Level 2 \| Recurring basis \| Commingled fixed income securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	4,380	5,741
Level 2 \| Recurring basis \| Government and related securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	13,275	18,999
Level 2 \| Recurring basis \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	51,548	54,330
Level 3 \| Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	0	0
Equity securities	0	0
Mortgage-backed / asset-backed securities	0	0
Total assets	0	0
Level 3 \| Recurring basis \| Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Level 3 \| Recurring basis \| Commingled fixed income securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Level 3 \| Recurring basis \| Government and related securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Level 3 \| Recurring basis \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	$ 0	$ 0

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Jul. 23, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	1-03579
Entity Registrant Name	PITNEY BOWES INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	06-0495050
Entity Address, Address Line One	3001 Summer Street,
Entity Address, City or Town	Stamford,
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06926
City Area Code	(203)
Local Phone Number	356-5000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		179,509,852
Entity Central Index Key	0000078814
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock, $1 par value per share
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $1 par value per share
Trading Symbol	PBI
Security Exchange Name	NYSE
6.7% Notes due 2043
Entity Information [Line Items]
Title of 12(b) Security	6.7% Notes due 2043
Trading Symbol	PBI.PRB
Security Exchange Name	NYSE

Revenue (Contract Assets and Advance Billings) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Advance billings, current	$ 78,471	$ 82,124
Advance billings, noncurrent	409	$ 507
Increase/ (decrease)
Advance billings, current	(3,653)
Advance billings, noncurrent	$ (98)

Intangible Assets and Goodwill (Goodwill) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill
Beginning balance	$ 734,409
Currency impact	(6,796)
Ending balance	727,613
SendTech Solutions
Goodwill
Beginning balance	510,646
Currency impact	(6,796)
Ending balance	503,850
Presort Services
Goodwill
Beginning balance	223,763
Currency impact	0
Ending balance	$ 223,763

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Fair Value Measurements and Derivative Instruments (Fair Value of Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 2,122,324	$ 2,146,032
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 1,941,153	$ 1,893,620

Revenue (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
Revenue (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Advanced billings, revenue recognized	$ 60
Lease transactions	$ 8	$ 7
Business services \| Minimum
Disaggregation of Revenue [Line Items]
Period of recognition	1 year
Business services \| Maximum
Disaggregation of Revenue [Line Items]
Period of recognition	5 years
Support services \| Minimum
Disaggregation of Revenue [Line Items]
Period of recognition	1 year
Support services \| Maximum
Disaggregation of Revenue [Line Items]
Period of recognition	5 years
SendTech Solutions
Disaggregation of Revenue [Line Items]
Expected timing of satisfaction period, not included (less then)	12 months

Restructuring Charges (Activity In Restructuring Charges) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Costs
Balance Beginning			$ 26,128	$ 7,647
Amounts charged to expense	$ 31,843	$ 22,443	36,158	26,042
Cash payments			(26,697)	(12,883)
Noncash activity			(875)	(1,478)
Balance Ending	34,714	19,328	34,714	19,328
2024 Plan
Restructuring Costs
Balance Beginning			0
Amounts charged to expense	25,537		25,537
Cash payments			0
Noncash activity			0
Balance Ending	25,537		25,537
2023 Plan
Restructuring Costs
Balance Beginning			26,128	0
Amounts charged to expense	6,306	22,443	10,621	22,443
Cash payments			(26,697)	(1,637)
Noncash activity			(875)	(1,478)
Balance Ending	$ 9,177	19,328	$ 9,177	19,328
Prior Plan
Restructuring Costs
Balance Beginning				7,647
Amounts charged to expense		0		3,599
Cash payments				(11,246)
Noncash activity				0
Balance Ending		$ 0		$ 0

Finance Assets and Lessor Operating Leases

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Finance Assets and Lessor Operating Leases

Finance Assets

Finance receivables are comprised of sales-type lease receivables, secured loans and unsecured loans. Sales-type leases and secured loans are financing options for the purchase or lease of Pitney Bowes equipment or other manufacturers' equipment and are generally due in installments over periods ranging from three to five years. Unsecured loans are revolving credit lines offered to our clients for postage, supplies and working capital purposes. Unsecured loans are generally due monthly; however, clients may rollover outstanding balances. Interest is recognized on finance receivables using the effective interest method. Annual fees are recognized ratably over the period covered and client acquisition costs are expensed as incurred. All finance receivables are in our SendTech Solutions segment and we segregate finance receivables into a North America portfolio and an International portfolio.

Finance receivables consisted of the following:


	June 30, 2024						December 31, 2023
	North America		International		Total		North America		International		Total
Sales-type lease receivables
Gross finance receivables	$	975,820	$	124,799	$	1,100,619	$	987,743	$	143,466	$	1,131,209
Unguaranteed residual values	37,395		6,566		43,961		38,059		7,211		45,270
Unearned income	(258,941)		(38,599)		(297,540)		(253,711)		(42,847)		(296,558)
Allowance for credit losses	(13,096)		(2,285)		(15,381)		(13,942)		(2,786)		(16,728)
Net investment in sales-type lease receivables	741,178		90,481		831,659		758,149		105,044		863,193
Loan receivables
Loan receivables	324,939		18,471		343,410		342,062		17,865		359,927
Allowance for credit losses	(7,221)		(157)		(7,378)		(6,346)		(153)		(6,499)
Net investment in loan receivables	317,718		18,314		336,032		335,716		17,712		353,428
Net investment in finance receivables	$	1,058,896	$	108,795	$	1,167,691	$	1,093,865	$	122,756	$	1,216,621

Maturities of gross finance receivables at June 30, 2024 were as follows:


	Sales-type Lease Receivables						Loan Receivables
	North America		International		Total		North America		International		Total
Remainder 2024	$	188,619	$	41,375	$	229,994	$	202,892	$	18,471	$	221,363
2025	317,823		39,138		356,961		44,977		—		44,977
2026	238,192		24,029		262,221		30,891		—		30,891
2027	149,506		13,319		162,825		24,404		—		24,404
2028	69,320		5,532		74,852		15,975		—		15,975
Thereafter	12,360		1,406		13,766		5,800		—		5,800
Total	$	975,820	$	124,799	$	1,100,619	$	324,939	$	18,471	$	343,410

Aging of Receivables

The aging of gross finance receivables was as follows:


	June 30, 2024
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Past due amounts 0 - 90 days	$	966,927	$	123,377	$	323,006	$	18,360	$	1,431,670
Past due amounts > 90 days	8,893		1,422		1,933		111		12,359
Total	$	975,820	$	124,799	$	324,939	$	18,471	$	1,444,029


	December 31, 2023
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Past due amounts 0 - 90 days	$	977,744	$	140,857	$	339,789	$	17,664	$	1,476,054
Past due amounts > 90 days	9,999		2,609		2,273		201		15,082
Total	$	987,743	$	143,466	$	342,062	$	17,865	$	1,491,136

Allowance for Credit Losses

We provide an allowance for credit losses based on historical loss experience, the nature of our portfolios, adverse situations that may affect a client's ability to pay and current economic conditions and outlook based on reasonable and supportable forecasts. We continually evaluate the adequacy of the allowance for credit losses and adjust as necessary. The assumptions used in determining an estimate of credit losses are inherently subjective and actual results may differ significantly from estimated reserves.

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

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


	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Balance at January 1, 2024	$	13,942	$	2,786	$	6,346	$	153	$	23,227

Amounts charged to expense	422		(81)		2,839		275		3,455
Write-offs	(2,134)		(402)		(2,836)		(268)		(5,640)
Recoveries	886		130		873		—		1,889
Other	(20)		(148)		(1)		(3)		(172)
Balance at June 30, 2024	$	13,096	$	2,285	$	7,221	$	157	$	22,759

	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Balance at January 1, 2023	$	14,131	$	2,893	$	4,787	$	139	$	21,950

Amounts charged to expense	1,035		250		2,067		160		3,512
Write-offs	(2,374)		(779)		(2,668)		(145)		(5,966)
Recoveries	1,460		134		1,061		—		2,655
Other	3		(64)		17		10		(34)
Balance at June 30, 2023	$	14,255	$	2,434	$	5,264	$	164	$	22,117

The table below shows write-offs of gross finance receivables by year of origination.


	June 30, 2024
	Sales Type Lease Receivables												Loan Receivables		Total
	2024		2023		2022		2021		2020		Prior
Write-offs	$	63	$	542	$	914	$	487	$	312	$	218	$	3,104	$	5,640


	June 30, 2023
	Sales Type Lease Receivables												Loan Receivables		Total
	2023		2022		2021		2020		2019		Prior
Write-offs	$	272	$	688	$	936	$	601	$	366	$	290	$	2,813	$	5,966

Credit Quality

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

Over 85% of our finance receivables are within the North American portfolio. We use a third-party to score the majority of this portfolio on a quarterly basis using a proprietary commercial credit score. The relative scores are determined based on a number of factors, including financial information, payment history, company type and ownership structure. We stratify the 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 credit score is used to predict the payment behaviors of our clients and the probability that an account will become greater than 90 days past due during the subsequent 12-month period.

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

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

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

We do not use a third-party to score our International portfolio because the cost to do so is prohibitive as there is no single credit score model that covers all countries. Accordingly, the entire International portfolio is reported in the Not Scored category. Most of the International credit applications are small dollar applications (i.e. below $50 thousand) and are subjected to an automated review process. Larger credit applications are manually reviewed, which includes obtaining client financial information, credit reports and other available financial information.

The table below shows gross finance receivables by relative risk class and year of origination based on the relative scores of the accounts within each class.


	June 30, 2024
	Sales Type Lease Receivables												Loan Receivables		Total
	2024		2023		2022		2021		2020		Prior
Low	$	104,885	$	237,572	$	196,386	$	126,665	$	78,574	$	58,928	$	252,945	$	1,055,955
Medium	17,798		37,847		30,010		22,380		14,097		14,132		47,644		183,908
High	1,967		4,628		3,750		3,177		2,086		1,165		12,637		29,410
Not Scored	37,484		45,477		30,921		19,722		7,868		3,100		30,184		174,756
Total	$	162,134	$	325,524	$	261,067	$	171,944	$	102,625	$	77,325	$	343,410	$	1,444,029

	December 31, 2023
	Sales Type Lease Receivables												Loan Receivables		Total
	2023		2022		2021		2020		2019		Prior
Low	$	261,583	$	222,947	$	155,193	$	96,986	$	46,635	$	27,164	$	264,232	$	1,074,740
Medium	46,208		35,891		24,483		16,027		10,503		8,041		62,910		204,063
High	4,455		4,217		2,554		1,853		740		862		7,487		22,168
Not Scored	59,335		49,839		33,494		15,944		5,089		1,166		25,298		190,165
Total	$	371,581	$	312,894	$	215,724	$	130,810	$	62,967	$	37,233	$	359,927	$	1,491,136

Lease Income

Lease income from sales-type leases, excluding variable lease payments, was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Profit recognized at commencement	$	27,245	$	30,839	$	54,206	$	62,661
Interest income	38,045		39,181		76,012		78,112
Total lease income from sales-type leases	$	65,290	$	70,020	$	130,218	$	140,773

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:


Remainder 2024	$	9,818
2025	17,411
2026	16,389
2027	8,950
2028	1,173
Thereafter	2,744
Total	$	56,485

Stockholders’ Deficit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Increase (Decrease) in Stockholders' Equity
Balances, beginning of period	$ (392,355)	$ (368,576)	$ 59,964	$ (368,576)	$ 60,653
Net loss	(24,867)		(141,535)	(27,752)	(149,272)
Other comprehensive (loss) income	(1,712)		11,985	(14,278)	27,571
Dividends paid	(8,953)		(8,800)	(17,785)	(17,525)
Issuance of common stock	(4,179)		69	(6,065)	(2,989)
Stock-based compensation expense	4,177		2,830	6,567	6,075
Balances, end of period	$ (427,889)	(392,355)	$ (75,487)	$ (427,889)	$ (75,487)
Dividends paid (in dollars per share)	$ 0.05		$ 0.05	$ 0.10	$ 0.10
Common stock
Increase (Decrease) in Stockholders' Equity
Balances, beginning of period	$ 270,338	270,338	$ 323,338	$ 270,338	$ 323,338
Balances, end of period	270,338	270,338	323,338	270,338	323,338
Retained earnings
Increase (Decrease) in Stockholders' Equity
Balances, beginning of period	3,027,030	3,077,988	5,060,852	3,077,988	5,125,677
Net loss	(24,867)		(141,535)	(27,752)	(149,272)
Dividends paid	(8,953)		(8,800)	(17,785)	(17,525)
Issuance of common stock	(48,428)		(4,706)	(90,059)	(56,314)
Stock-based compensation expense	4,177		2,830	6,567	6,075
Balances, end of period	2,948,959	3,027,030	4,908,641	2,948,959	4,908,641
Accumulated other comprehensive loss
Increase (Decrease) in Stockholders' Equity
Balances, beginning of period	(863,811)	(851,245)	(819,978)	(851,245)	(835,564)
Other comprehensive (loss) income	(1,712)		11,985	(14,278)	27,571
Balances, end of period	(865,523)	(863,811)	(807,993)	(865,523)	(807,993)
Treasury stock
Increase (Decrease) in Stockholders' Equity
Balances, beginning of period	(2,825,912)	(2,865,657)	(4,504,248)	(2,865,657)	(4,552,798)
Issuance of common stock	44,249		4,775	83,994	53,325
Balances, end of period	$ (2,781,663)	$ (2,825,912)	$ (4,499,473)	$ (2,781,663)	$ (4,499,473)

Restructuring Charges

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring Charges

2024 Plan

As part of our ongoing initiatives to accelerate value creation, at the end of the second quarter of 2024, we approved a worldwide cost reduction initiative (the "2024 Plan") to realize cost reductions and improve efficiencies. During the second quarter, we eliminated 367 positions and incurred pre-tax charges of $26 million and in July 2024, we eliminated an additional 184 positions and will record pre-tax charges of $8 million in connection with the 2024 Plan.

We anticipate incurring additional charges in future periods related to further workforce reductions contemplated by the 2024 Plan. We expect to complete these actions by the end of the first half of 2025.

2023 Plan

We completed the remaining actions under the 2023 Plan in the second quarter. During the second quarter, we eliminated 34 positions and incurred pre-tax charges of $6 million. Under this plan, we eliminated 1,049 positions and cumulative charges were $69 million.

Activity in our restructuring reserves was as follows:


	2024 Plan		2023 Plan		Total
Balance at January 1, 2024	$	—	$	26,128	$	26,128
Amounts charged to expense	25,537		10,621		36,158
Cash payments	—		(26,697)		(26,697)
Noncash activity	—		(875)		(875)
Balance at June 30, 2024	$	25,537	$	9,177	$	34,714

	2023 Plan		Prior Plan		Total
Balance at January 1, 2023	$	—	$	7,647	$	7,647
Amounts charged to expense	22,443		3,599		26,042
Cash payments	(1,637)		(11,246)		(12,883)
Noncash activity	(1,478)		—		(1,478)
Balance at June 30, 2023	$	19,328	$	—	$	19,328

Components of restructuring expense were as follows:


	Three Months Ended June 30, 2024						Three Months Ended June 30, 2023
	2024 Plan		2023 Plan		Total		2023 Plan		Prior Plan		Total
Severance	$	25,537	$	6,020	$	31,557	$	20,965	$	—	$	20,965
Facilities and other	—		286		286		1,478		—		1,478
Total	$	25,537	$	6,306	$	31,843	$	22,443	$	—	$	22,443

	Six Months Ended June 30, 2024						Six Months Ended June 30, 2023
	2024 Plan		2023 Plan		Total		2023 Plan		Prior Plan		Total
Severance	$	25,537	$	9,398	$	34,935	$	20,965	$	3,057	$	24,022
Facilities and other	—		1,223		1,223		1,478		542		2,020
Total	$	25,537	$	10,621	$	36,158	$	22,443	$	3,599	$	26,042

Segment Information

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Information

Effective January 1, 2024, we moved the digital delivery services offering from the Global Ecommerce segment to the SendTech Solutions segment in order to leverage our technology and innovation capabilities to better serve our clients. Prior periods have been recast to conform to our current segment presentation.

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

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

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

Global Ecommerce: Includes the revenue and related expenses from consumer logistics services for domestic and cross-border delivery, returns and fulfillment.

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


	Revenue
	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
SendTech Solutions	$	320,155	$	328,325	$	647,592	$	663,320
Presort Services	146,858		143,107		316,665		302,009
Global Ecommerce	326,157		305,049		659,422		645,690
Total revenue	$	793,170	$	776,481	$	1,623,679	$	1,611,019


	Adjusted Segment EBIT
	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
SendTech Solutions	$	100,967	$	96,848	$	202,245	$	192,485
Presort Services	27,048		20,429		67,377		47,334
Global Ecommerce	(30,935)		(37,483)		(66,362)		(70,655)
Total adjusted segment EBIT	97,080		79,794		203,260		169,164
Reconciliation of adjusted segment EBIT to net income or loss:
Interest expense, net	(44,732)		(37,683)		(89,101)		(74,561)
Unallocated corporate expenses	(51,275)		(47,709)		(101,045)		(104,058)
Restructuring charges	(31,843)		(22,443)		(36,158)		(26,042)
Goodwill impairment	—		(118,599)		—		(118,599)
Proxy solicitation fees	—		(4,538)		—		(10,905)
Gain on debt redemption	—		228		—		3,064
Foreign currency gain on intercompany loans	712		—		5,350		—
CEO and Board transition costs	(2,631)		—		(2,631)		—

Strategic review costs	(5,975)		—		(8,665)		—
Benefit for income taxes	13,797		9,415		1,238		12,665


Net loss	$	(24,867)	$	(141,535)	$	(27,752)	$	(149,272)

- Definition

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

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+ Details

Supplemental Financial Statement Information

6 Months Ended

Jun. 30, 2024

Other Income and Expenses [Abstract]

Supplemental Financial Statement Information

Activity in the allowance for credit losses on accounts and other receivables is presented below. See Note 6 for information regarding the allowance for credit losses on finance receivables.


	Six Months Ended June 30,
	2024		2023
Balance at beginning of year	$	6,139	$	5,864

Amounts charged to expense	5,632		3,652
Write-offs, recoveries and other	(1,692)		(5,299)
Balance at end of period	$	10,079	$	4,217

Supplemental cash flow information is as follows:


	Six Months Ended June 30,
	2024		2023

Cash interest paid	$	85,539	$	75,425
Cash income tax (refunds) payments, net	$	31,323	$	15,100
Noncash activity
Capital assets obtained under capital lease obligations	$	14,579	$	1,495

Other, net within cash flows from operating activities includes $5 million of losses from the disposal of fixed assets for both the six months ended June 30, 2024 and 2023.

As of June 30, 2024, we have entered into equipment leases with aggregate payments of $5 million and terms ranging from three to seven years that have not commenced.

Finance Assets and Lessor Operating Leases (Lease Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Receivables [Abstract]
Profit recognized at commencement	$ 27,245	$ 30,839	$ 54,206	$ 62,661
Interest income	38,045	39,181	76,012	78,112
Total lease income from sales-type leases	$ 65,290	$ 70,020	$ 130,218	$ 140,773

Description of Business and Basis of Presentation (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Percent of fortune 500 companies serviced (more than)	90.00%			90.00%
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income	$ (24,867)		$ (141,535)	$ (27,752)	$ (149,272)
Revision of Prior Period, Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income		$ 5,000				$ 4,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

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

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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-Name Accounting Standards Codification
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+ Details

Fair Value Measurements and Derivative Instruments (Narrative) (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Derivative [Line Items]
Held-to-maturity securities		$ 285,000,000		$ 265,000,000
Interest rate swaps
Derivative [Line Items]
Derivative notional amount		$ 200,000,000
Fixed interest rate		0.585%
Basis spread on variable rate		0.10%
Foreign exchange contracts
Derivative [Line Items]
Non-designated derivative instruments, gain adjustment	$ 6,000,000		$ 7,000,000
Certificates of deposit
Derivative [Line Items]
Held-to-maturity securities, term (less than)		90 days
Government securities
Derivative [Line Items]
Held-to-maturity securities, term (less than)		2 years

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 590,147	$ 601,053
Short-term investments (includes $1,752 and $2,382, respectively, reported at fair value)	21,852	22,166
Accounts and other receivables (net of allowance of $10,079 and $6,139, respectively)	266,172	342,236
Short-term finance receivables (net of allowance of $14,418 and $14,347, respectively)	541,957	563,536
Inventories	76,500	70,053
Current income taxes	7,850	564
Other current assets and prepayments	101,263	92,309
Total current assets	1,605,741	1,691,917
Property, plant and equipment, net	359,452	383,628
Rental property and equipment, net	22,334	23,583
Long-term finance receivables (net of allowance of $8,341 and $8,880 respectively)	625,734	653,085
Goodwill	727,613	734,409
Intangible assets, net	54,339	62,250
Operating lease assets	297,638	309,958
Noncurrent income taxes	58,063	60,995
Other assets (includes $209,711 and $227,131, respectively, reported at fair value)	327,488	352,360
Total assets	4,078,402	4,272,185
Current liabilities:
Accounts payable and accrued liabilities	843,148	875,476
Customer deposits at Pitney Bowes Bank	628,711	640,323
Current operating lease liabilities	61,143	60,069
Current portion of long-term debt	57,290	58,931
Advance billings	86,339	89,087
Current income taxes	1,556	6,523
Total current liabilities	1,678,187	1,730,409
Long-term debt	2,065,034	2,087,101
Deferred taxes on income	193,835	211,477
Tax uncertainties and other income tax liabilities	14,538	19,091
Noncurrent operating lease liabilities	263,758	277,981
Other noncurrent liabilities	290,939	314,702
Total liabilities	4,506,291	4,640,761
Commitments and contingencies (See Note 13)
Stockholders’ deficit:
Common stock, $1 par value (480,000 shares authorized; 270,338 shares issued)	270,338	270,338
Retained earnings	2,948,959	3,077,988
Accumulated other comprehensive loss	(865,523)	(851,245)
Treasury stock, at cost (91,217 and 93,972 shares, respectively)	(2,781,663)	(2,865,657)
Total stockholders’ deficit	(427,889)	(368,576)
Total liabilities and stockholders’ deficit	$ 4,078,402	$ 4,272,185

Fair Value Measurements and Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

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

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


	June 30, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Investment securities
Money market funds	$	44,687	$	146,980	$	—	$	191,667
Equity securities	—		16,644		—		16,644
Commingled fixed income securities	1,580		4,380		—		5,960
Government and related securities	8,125		13,275		—		21,400
Corporate debt securities	—		51,548		—		51,548
Mortgage-backed / asset-backed securities	—		112,365		—		112,365
Derivatives
Interest rate swap	—		4,810		—		4,810

Total assets	$	54,392	$	350,002	$	—	$	404,394


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Investment securities
Money market funds	$	13,366	$	188,484	$	—	$	201,850
Equity securities	—		15,341		—		15,341
Commingled fixed income securities	1,581		5,741		—		7,322
Government and related securities	11,489		18,999		—		30,488
Corporate debt securities	—		54,330		—		54,330
Mortgage-backed / asset-backed securities	—		119,901		—		119,901
Derivatives
Interest rate swap	—		8,425		—		8,425

Total assets	$	26,436	$	411,221	$	—	$	437,657

Schedule of Available-for-sale Securities Reconciliation

Available-for-sale securities consisted of the following:


	June 30, 2024
	Amortized cost		Gross unrealized losses		Estimated fair value
Government and related securities	$	24,929	$	(6,551)	$	18,378
Corporate debt securities	62,572		(11,024)		51,548
Commingled fixed income securities	1,811		(231)		1,580
Mortgage-backed / asset-backed securities	139,887		(27,522)		112,365
Total	$	229,199	$	(45,328)	$	183,871


	December 31, 2023
	Amortized cost		Gross unrealized losses		Estimated fair value
Government and related securities	$	35,048	$	(7,018)	$	28,030
Corporate debt securities	65,008		(10,678)		54,330
Commingled fixed income securities	1,788		(207)		1,581
Mortgage-backed / asset-backed securities	146,022		(26,121)		119,901
Total	$	247,866	$	(44,024)	$	203,842

Schedule of Unrealized Holding Losses

Investment securities in a loss position were as follows:


	June 30, 2024				December 31, 2023
	Fair Value		Gross unrealized losses		Fair Value		Gross unrealized losses
Greater than 12 continuous months
Government and related securities	$	18,378	$	6,551	$	28,030	$	7,018
Corporate debt securities	51,376		11,022		51,948		10,466

Mortgage-backed / asset-backed securities	112,365		27,522		119,901		26,121
Total	$	182,119	$	45,095	$	199,879	$	43,605

Less than 12 continuous months

Corporate debt securities	$	172	$	2	$	2,382	$	212
Commingled fixed income securities	1,580		231		1,581		207

Total	$	1,752	$	233	$	3,963	$	419

Schedule of Available-for-sale Securities

Scheduled maturities of available-for-sale securities at June 30, 2024 were as follows:


	Amortized cost		Estimated fair value
Within 1 year	$	1,986	$	1,752
After 1 year through 5 years	6,739		6,186
After 5 years through 10 years	65,737		55,512
After 10 years	154,737		120,421
Total	$	229,199	$	183,871

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

These swaps are designated as cash flow hedges and are recorded at fair value at the end of each reporting period. Changes in fair value are reflected in AOCL. The impact of these interest rate swaps was as follows:


	Three Months Ended June 30,
	Derivative Gain (Loss) Recognized in AOCL (Effective Portion)				Location of Gain (Loss) (Effective Portion)	Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion)
Derivative Instrument	2024		2023			2024		2023


Interest rate swap	$	(2,098)	$	586	Interest expense	$	2,584	$	138


	Six Months Ended June 30,
	Derivative Gain (Loss) Recognized in AOCL (Effective Portion)				Location of Gain (Loss) (Effective Portion)	Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion)
Derivative Instrument	2024		2023			2024		2023


Interest rate swap	$	(3,615)	$	(2,000)	Interest expense	$	5,175	$	275

Schedule of Fair Value, by Balance Sheet Grouping

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


	June 30, 2024		December 31, 2023
Carrying value	$	2,122,324	$	2,146,032
Fair value	$	1,941,153	$	1,893,620

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Revenue (Disaggregates of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total consolidated revenue	$ 793,170	$ 776,481	$ 1,623,679	$ 1,611,019
SendTech Solutions
Disaggregation of Revenue [Line Items]
Revenue from products and services	320,155	328,325	647,592	663,320
Total consolidated revenue	320,155	328,325	647,592	663,320
Presort Services
Disaggregation of Revenue [Line Items]
Revenue from products and services	146,858	143,107	316,665	302,009
Total consolidated revenue	146,858	143,107	316,665	302,009
Global Ecommerce
Disaggregation of Revenue [Line Items]
Revenue from products and services	326,157	305,049	659,422	645,690
Total consolidated revenue	326,157	305,049	659,422	645,690
Sales And Services
Disaggregation of Revenue [Line Items]
Revenue from products and services	657,119	632,377	1,350,503	1,319,982
Revenue from leasing transactions and financing	136,051	144,104	273,176	291,037
Total consolidated revenue	793,170	776,481	1,623,679	1,611,019
Sales And Services \| Products/services transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenue from products and services	71,694	73,495	148,159	150,559
Sales And Services \| Products/services transferred over time
Disaggregation of Revenue [Line Items]
Revenue from products and services	585,425	558,882	1,202,344	1,169,423
Sales And Services \| SendTech Solutions
Disaggregation of Revenue [Line Items]
Revenue from products and services	184,104	184,221	374,416	372,283
Sales And Services \| SendTech Solutions \| Products/services transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenue from products and services	71,694	73,495	148,159	150,559
Sales And Services \| SendTech Solutions \| Products/services transferred over time
Disaggregation of Revenue [Line Items]
Revenue from products and services	112,410	110,726	226,257	221,724
Sales And Services \| Presort Services
Disaggregation of Revenue [Line Items]
Revenue from products and services	146,858	143,107	316,665	302,009
Sales And Services \| Presort Services \| Products/services transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Sales And Services \| Presort Services \| Products/services transferred over time
Disaggregation of Revenue [Line Items]
Revenue from products and services	146,858	143,107	316,665	302,009
Sales And Services \| Global Ecommerce
Disaggregation of Revenue [Line Items]
Revenue from products and services	326,157	305,049	659,422	645,690
Sales And Services \| Global Ecommerce \| Products/services transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Sales And Services \| Global Ecommerce \| Products/services transferred over time
Disaggregation of Revenue [Line Items]
Revenue from products and services	326,157	305,049	659,422	645,690
Business services
Disaggregation of Revenue [Line Items]
Revenue from products and services	506,666	473,497	1,042,263	996,988
Revenue from leasing transactions and financing	0	0	0	0
Total consolidated revenue	506,666	473,497	1,042,263	996,988
Business services \| SendTech Solutions
Disaggregation of Revenue [Line Items]
Revenue from products and services	33,651	25,341	66,176	49,289
Business services \| Presort Services
Disaggregation of Revenue [Line Items]
Revenue from products and services	146,858	143,107	316,665	302,009
Business services \| Global Ecommerce
Disaggregation of Revenue [Line Items]
Revenue from products and services	326,157	305,049	659,422	645,690
Support services
Disaggregation of Revenue [Line Items]
Revenue from products and services	94,012	103,315	190,345	208,599
Revenue from leasing transactions and financing	0	0	0	0
Total consolidated revenue	94,012	103,315	190,345	208,599
Support services \| SendTech Solutions
Disaggregation of Revenue [Line Items]
Revenue from products and services	94,012	103,315	190,345	208,599
Support services \| Presort Services
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Support services \| Global Ecommerce
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Financing
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Revenue from leasing transactions and financing	67,539	66,702	135,202	133,751
Total consolidated revenue	67,539	66,702	135,202	133,751
Financing \| SendTech Solutions
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Financing \| Presort Services
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Financing \| Global Ecommerce
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Equipment sales
Disaggregation of Revenue [Line Items]
Revenue from products and services	20,932	19,060	45,665	39,055
Revenue from leasing transactions and financing	51,821	60,391	104,491	123,006
Total consolidated revenue	72,753	79,451	150,156	162,061
Equipment sales \| SendTech Solutions
Disaggregation of Revenue [Line Items]
Revenue from products and services	20,932	19,060	45,665	39,055
Equipment sales \| Presort Services
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Equipment sales \| Global Ecommerce
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Supplies
Disaggregation of Revenue [Line Items]
Revenue from products and services	35,509	36,505	72,230	75,340
Revenue from leasing transactions and financing	0	0	0	0
Total consolidated revenue	35,509	36,505	72,230	75,340
Supplies \| SendTech Solutions
Disaggregation of Revenue [Line Items]
Revenue from products and services	35,509	36,505	72,230	75,340
Supplies \| Presort Services
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Supplies \| Global Ecommerce
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Rentals
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Revenue from leasing transactions and financing	16,691	17,011	33,483	34,280
Total consolidated revenue	16,691	17,011	33,483	34,280
Rentals \| SendTech Solutions
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Rentals \| Presort Services
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Rentals \| Global Ecommerce
Disaggregation of Revenue [Line Items]
Revenue from products and services	0	0	0	0
Revenue from leasing transactions and financing
Disaggregation of Revenue [Line Items]
Revenue from leasing transactions and financing	136,051	144,104	273,176	291,037
Revenue from leasing transactions and financing \| SendTech Solutions
Disaggregation of Revenue [Line Items]
Revenue from leasing transactions and financing	136,051	144,104	273,176	291,037
Revenue from leasing transactions and financing \| Presort Services
Disaggregation of Revenue [Line Items]
Revenue from leasing transactions and financing	0	0	0	0
Revenue from leasing transactions and financing \| Global Ecommerce
Disaggregation of Revenue [Line Items]
Revenue from leasing transactions and financing	$ 0	$ 0	$ 0	$ 0

Supplemental Financial Statement Information (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Other Income and Expenses [Abstract]
Cash interest paid	$ 85,539	$ 75,425
Cash income tax (refunds) payments, net	31,323	15,100
Capital assets obtained under capital lease obligations	$ 14,579	$ 1,495

Finance Assets and Lessor Operating Leases (Narrative) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Revenue recognition resume period (less than)	60 days
Portfolio small dollar applications below thousand	$ 50
Low
Financing Receivable, Allowance for Credit Loss [Line Items]
Approximate percentage of portfolio	5.00%
High
Financing Receivable, Allowance for Credit Loss [Line Items]
Approximate percentage of portfolio	10.00%
Financing Receivable \| Geographic Concentration Risk \| North America
Financing Receivable, Allowance for Credit Loss [Line Items]
Concentration risk, percentage	85.00%
Loan receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Revenue recognition discontinuation period (greater than)	90 days
Minimum
Financing Receivable, Allowance for Credit Loss [Line Items]
Lease period	3 years
Minimum \| Mailing Equipment
Financing Receivable, Allowance for Credit Loss [Line Items]
Term of operating leases	1 year
Minimum \| Medium
Financing Receivable, Allowance for Credit Loss [Line Items]
Approximate percentage of portfolio	5.00%
Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Lease period	5 years
Maximum \| Mailing Equipment
Financing Receivable, Allowance for Credit Loss [Line Items]
Term of operating leases	5 years
Maximum \| Medium
Financing Receivable, Allowance for Credit Loss [Line Items]
Approximate percentage of portfolio	10.00%

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	35.70%	6.20%	4.30%	7.80%
Benefit from goodwill impairment		$ 1,000		$ 1,000
Goodwill impairment	$ 0	$ 118,599	$ 0	$ 118,599
Percent decrease in unrecognized benefits, reasonably possible (up to)	10.00%		10.00%

Description of Business and Basis of Presentation	6 Months Ended
Description of Business and Basis of Presentation	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Description of Business Pitney Bowes Inc. (we, us, our, or the company) is a global shipping and mailing company that provides technology, logistics, and financial services to small and medium sized businesses, large enterprises, including more than 90 percent of the Fortune 500, retailers and government clients around the world. These clients rely on us to remove the complexity and increase the efficiency in their sending of mail and parcels. 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, 2023 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, 2024. 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, 2023 (2023 Annual Report). During the first quarter of 2024, the Company identified an error and recorded an out of period adjustment of $5 million to correct the understatement of revenue in prior periods, of which $4 million originated in 2020 and prior. The impact of the adjustment is not material to the consolidated financial statements for any interim or annual periods prior to 2024 and is not expected to be material to the 2024 annual period. Accounting Pronouncements Adopted in 2024 Effective January 1, 2024, we adopted 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 required certain contracts to be modified. The adoption of this standard did not have an impact on our consolidated financial statements. Accounting Pronouncements Not Yet Adopted In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires additional transparency for income tax disclosures, including the rate reconciliation table and cash taxes paid. This standard is effective for annual periods beginning after December 15, 2024. We are currently assessing the impact this standard will have on our disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires enhanced disclosures about significant segment expenses and information used to assess segment performance. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently assessing the impact this standard will have on our disclosures.

Finance Assets and Lessor Operating Leases (Credit Quality) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 1,444,029	$ 1,491,136
Low
Financing Receivable, Credit Quality Indicator [Line Items]
Total	1,055,955	1,074,740
Medium
Financing Receivable, Credit Quality Indicator [Line Items]
Total	183,908	204,063
High
Financing Receivable, Credit Quality Indicator [Line Items]
Total	29,410	22,168
Not Scored
Financing Receivable, Credit Quality Indicator [Line Items]
Total	174,756	190,165
Sales-type lease receivables
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	162,134	371,581
Year two	325,524	312,894
Year three	261,067	215,724
Year four	171,944	130,810
Year five	102,625	62,967
Prior	77,325	37,233
Sales-type lease receivables \| Low
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	104,885	261,583
Year two	237,572	222,947
Year three	196,386	155,193
Year four	126,665	96,986
Year five	78,574	46,635
Prior	58,928	27,164
Sales-type lease receivables \| Medium
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	17,798	46,208
Year two	37,847	35,891
Year three	30,010	24,483
Year four	22,380	16,027
Year five	14,097	10,503
Prior	14,132	8,041
Sales-type lease receivables \| High
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	1,967	4,455
Year two	4,628	4,217
Year three	3,750	2,554
Year four	3,177	1,853
Year five	2,086	740
Prior	1,165	862
Sales-type lease receivables \| Not Scored
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	37,484	59,335
Year two	45,477	49,839
Year three	30,921	33,494
Year four	19,722	15,944
Year five	7,868	5,089
Prior	3,100	1,166
Loan receivables
Financing Receivable, Credit Quality Indicator [Line Items]
Total	343,410	359,927
Loan receivables \| Low
Financing Receivable, Credit Quality Indicator [Line Items]
Total	252,945	264,232
Loan receivables \| Medium
Financing Receivable, Credit Quality Indicator [Line Items]
Total	47,644	62,910
Loan receivables \| High
Financing Receivable, Credit Quality Indicator [Line Items]
Total	12,637	7,487
Loan receivables \| Not Scored
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 30,184	$ 25,298

Pensions and Other Benefit Programs

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Pensions and Other Benefit Programs

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


	Defined Benefit Pension Plans								Nonpension Postretirement Benefit Plans
	United States				Foreign
	Three Months Ended				Three Months Ended				Three Months Ended
	June 30,				June 30,				June 30,
	2024		2023		2024		2023		2024		2023
Service cost	$	12	$	10	$	184	$	194	$	93	$	88
Interest cost	14,966		16,089		5,167		5,334		1,135		1,306
Expected return on plan assets	(21,909)		(21,613)		(6,402)		(7,515)		—		—

Amortization of prior service (credit) cost	(5)		(5)		73		72		—		—
Amortization of net actuarial loss (gain)	4,972		4,416		1,913		522		(292)		(357)
Settlement	—		314		—		—		—		—
Net periodic benefit (income) cost	$	(1,964)	$	(789)	$	935	$	(1,393)	$	936	$	1,037
Contributions to benefit plans	$	1,252	$	1,908	$	380	$	512	$	3,901	$	2,838

	Defined Benefit Pension Plans								Nonpension Postretirement Benefit Plans
	United States				Foreign
	Six Months Ended				Six Months Ended				Six Months Ended
	June 30,				June 30,				June 30,
	2024		2023		2024		2023		2024		2023
Service cost	$	24	$	20	$	372	$	388	$	185	$	177
Interest cost	29,932		32,178		10,368		10,556		2,271		2,611
Expected return on plan assets	(43,818)		(43,226)		(12,852)		(14,859)		—		—

Amortization of prior service (credit) cost	(10)		(10)		147		142		—		—
Amortization of net actuarial loss (gain)	9,944		8,833		3,836		1,027		(587)		(713)
Settlement	—		314		—		—		—		—
Net periodic benefit (income) cost	$	(3,928)	$	(1,891)	$	1,871	$	(2,746)	$	1,869	$	2,075
Contributions to benefit plans	$	2,321	$	3,035	$	7,378	$	15,545	$	7,601	$	6,616

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Foreign currency translation, tax	$ (158)	$ 403	$ (654)	$ 576
Net unrealized loss on cash flow hedges, tax	(559)	125	(972)	(562)
Net unrealized (loss) gain on investment securities, tax	(8)	(415)	(312)	612
Amortization of pension and postretirement costs, tax	$ 1,654	$ 1,223	$ 3,282	$ 2,365

Pensions and Other Benefit Programs (Tables)

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Schedule of Costs of Retirement Plans

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


	Defined Benefit Pension Plans								Nonpension Postretirement Benefit Plans
	United States				Foreign
	Three Months Ended				Three Months Ended				Three Months Ended
	June 30,				June 30,				June 30,
	2024		2023		2024		2023		2024		2023
Service cost	$	12	$	10	$	184	$	194	$	93	$	88
Interest cost	14,966		16,089		5,167		5,334		1,135		1,306
Expected return on plan assets	(21,909)		(21,613)		(6,402)		(7,515)		—		—

Amortization of prior service (credit) cost	(5)		(5)		73		72		—		—
Amortization of net actuarial loss (gain)	4,972		4,416		1,913		522		(292)		(357)
Settlement	—		314		—		—		—		—
Net periodic benefit (income) cost	$	(1,964)	$	(789)	$	935	$	(1,393)	$	936	$	1,037
Contributions to benefit plans	$	1,252	$	1,908	$	380	$	512	$	3,901	$	2,838

	Defined Benefit Pension Plans								Nonpension Postretirement Benefit Plans
	United States				Foreign
	Six Months Ended				Six Months Ended				Six Months Ended
	June 30,				June 30,				June 30,
	2024		2023		2024		2023		2024		2023
Service cost	$	24	$	20	$	372	$	388	$	185	$	177
Interest cost	29,932		32,178		10,368		10,556		2,271		2,611
Expected return on plan assets	(43,818)		(43,226)		(12,852)		(14,859)		—		—

Amortization of prior service (credit) cost	(10)		(10)		147		142		—		—
Amortization of net actuarial loss (gain)	9,944		8,833		3,836		1,027		(587)		(713)
Settlement	—		314		—		—		—		—
Net periodic benefit (income) cost	$	(3,928)	$	(1,891)	$	1,871	$	(2,746)	$	1,869	$	2,075
Contributions to benefit plans	$	2,321	$	3,035	$	7,378	$	15,545	$	7,601	$	6,616

Intangible Assets and Goodwill

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Intangible Assets

Intangible assets consisted of the following:


	June 30, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	155,169	$	(102,477)	$	52,692	$	155,712	$	(95,409)	$	60,303
Software & technology	2,965		(1,318)		1,647		3,047		(1,100)		1,947

Total intangible assets	$	158,134	$	(103,795)	$	54,339	$	158,759	$	(96,509)	$	62,250

Amortization expense for both the three months ended June 30, 2024 and 2023 was $4 million and amortization expense for both the six months ended June 30, 2024 and 2023 was $8 million.

Future amortization expense as of June 30, 2024 is shown in the table below. Actual amortization expense may differ due to, among other things, fluctuations in foreign currency exchange rates, acquisitions, divestitures and impairment charges.


Remainder 2024	$	7,859
2025	15,514
2026	14,524
2027	11,470
2028	2,438
Thereafter	2,534
Total	$	54,339

Goodwill

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


	December 31, 2023		Currency impact		June 30, 2024

SendTech Solutions	$	510,646	$	(6,796)	$	503,850
Presort Services	223,763		—		223,763
Total goodwill	$	734,409	$	(6,796)	$	727,613

Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

Total debt consisted of the following:


	Interest rate	June 30, 2024		December 31, 2023

Term loan due March 2026	SOFR + 2.25%	$	261,500	$	285,500
Notes due March 2027	6.875%	380,000		380,000
Notes due March 2028	SOFR + 6.9%	272,938		274,313
Term loan due March 2028	SOFR + 4.0%	435,375		437,625
Notes due March 2029	7.25%	350,000		350,000
Notes due January 2037	5.25%	35,841		35,841
Notes due March 2043	6.70%	425,000		425,000

Other debt		540		1,181
Principal amount		2,161,194		2,189,460
Less: unamortized costs, net		38,870		43,428
Total debt		2,122,324		2,146,032
Less: current portion long-term debt		57,290		58,931
Long-term debt		$	2,065,034	$	2,087,101

At June 30, 2024, the interest rate on the 2026 Term Loan was 7.7%, the interest rate on the 2028 Term Loan was 9.5% and the interest rate on the March 2028 notes was 12.2%.

The credit agreement that governs our secured revolving credit facility and the term loan due March 2026 (the "Credit Agreement") contains certain financial covenants. These covenants require us to maintain, on a quarterly basis, a maximum leverage ratio and a minimum interest coverage ratio, both of which are defined and calculated in accordance with the credit agreement. The maximum leverage ratio was 4.0x as of June 30, 2024 and the minimum interest coverage ratio was 1.75x as of June 30, 2024 and increases to 2.0x as of March 31, 2025. At June 30, 2024, we were in compliance with these financial covenants.

In August 2024, we amended the Credit Agreement and the note purchase agreement that governs our $275 million notes due March 2028. The amendments, among other things, allow for relief under our covenants for expenses incurred pursuant to the Ecommerce Restructuring (as discussed in Note 17 Subsequent Events).

Management expects that we will remain in compliance with these amended financial covenants over the next twelve months. However, events and circumstances could occur, some beyond our control, that could adversely impact our compliance with these covenants and require us to obtain a waiver from our lenders, modify our existing covenants or refinance certain debt to cure the noncompliance. If we are unable to cure the noncompliance, amounts due under our revolving credit facility and term loan due March 2026 could be called by our lenders. At June 30, 2024, there were no outstanding borrowings under the revolving credit facility. Borrowings under our secured debt are secured by assets of the company.

Finance Assets and Lessor Operating Leases (Tables)

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Schedule of Financing Receivables

Finance receivables consisted of the following:


	June 30, 2024						December 31, 2023
	North America		International		Total		North America		International		Total
Sales-type lease receivables
Gross finance receivables	$	975,820	$	124,799	$	1,100,619	$	987,743	$	143,466	$	1,131,209
Unguaranteed residual values	37,395		6,566		43,961		38,059		7,211		45,270
Unearned income	(258,941)		(38,599)		(297,540)		(253,711)		(42,847)		(296,558)
Allowance for credit losses	(13,096)		(2,285)		(15,381)		(13,942)		(2,786)		(16,728)
Net investment in sales-type lease receivables	741,178		90,481		831,659		758,149		105,044		863,193
Loan receivables
Loan receivables	324,939		18,471		343,410		342,062		17,865		359,927
Allowance for credit losses	(7,221)		(157)		(7,378)		(6,346)		(153)		(6,499)
Net investment in loan receivables	317,718		18,314		336,032		335,716		17,712		353,428
Net investment in finance receivables	$	1,058,896	$	108,795	$	1,167,691	$	1,093,865	$	122,756	$	1,216,621

Schedule of Sales-type Lease Maturity

Maturities of gross finance receivables at June 30, 2024 were as follows:


	Sales-type Lease Receivables						Loan Receivables
	North America		International		Total		North America		International		Total
Remainder 2024	$	188,619	$	41,375	$	229,994	$	202,892	$	18,471	$	221,363
2025	317,823		39,138		356,961		44,977		—		44,977
2026	238,192		24,029		262,221		30,891		—		30,891
2027	149,506		13,319		162,825		24,404		—		24,404
2028	69,320		5,532		74,852		15,975		—		15,975
Thereafter	12,360		1,406		13,766		5,800		—		5,800
Total	$	975,820	$	124,799	$	1,100,619	$	324,939	$	18,471	$	343,410

Schedule of Loan Receivable Maturity

Maturities of gross finance receivables at June 30, 2024 were as follows:


	Sales-type Lease Receivables						Loan Receivables
	North America		International		Total		North America		International		Total
Remainder 2024	$	188,619	$	41,375	$	229,994	$	202,892	$	18,471	$	221,363
2025	317,823		39,138		356,961		44,977		—		44,977
2026	238,192		24,029		262,221		30,891		—		30,891
2027	149,506		13,319		162,825		24,404		—		24,404
2028	69,320		5,532		74,852		15,975		—		15,975
Thereafter	12,360		1,406		13,766		5,800		—		5,800
Total	$	975,820	$	124,799	$	1,100,619	$	324,939	$	18,471	$	343,410

Schedule of Past Due Financing Receivables

The aging of gross finance receivables was as follows:


	June 30, 2024
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Past due amounts 0 - 90 days	$	966,927	$	123,377	$	323,006	$	18,360	$	1,431,670
Past due amounts > 90 days	8,893		1,422		1,933		111		12,359
Total	$	975,820	$	124,799	$	324,939	$	18,471	$	1,444,029


	December 31, 2023
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Past due amounts 0 - 90 days	$	977,744	$	140,857	$	339,789	$	17,664	$	1,476,054
Past due amounts > 90 days	9,999		2,609		2,273		201		15,082
Total	$	987,743	$	143,466	$	342,062	$	17,865	$	1,491,136

Schedule of Allowance for Credit Losses and Write-offs on Financing Receivables

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


	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Balance at January 1, 2024	$	13,942	$	2,786	$	6,346	$	153	$	23,227

Amounts charged to expense	422		(81)		2,839		275		3,455
Write-offs	(2,134)		(402)		(2,836)		(268)		(5,640)
Recoveries	886		130		873		—		1,889
Other	(20)		(148)		(1)		(3)		(172)
Balance at June 30, 2024	$	13,096	$	2,285	$	7,221	$	157	$	22,759

	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Balance at January 1, 2023	$	14,131	$	2,893	$	4,787	$	139	$	21,950

Amounts charged to expense	1,035		250		2,067		160		3,512
Write-offs	(2,374)		(779)		(2,668)		(145)		(5,966)
Recoveries	1,460		134		1,061		—		2,655
Other	3		(64)		17		10		(34)
Balance at June 30, 2023	$	14,255	$	2,434	$	5,264	$	164	$	22,117

The table below shows write-offs of gross finance receivables by year of origination.


	June 30, 2024
	Sales Type Lease Receivables												Loan Receivables		Total
	2024		2023		2022		2021		2020		Prior
Write-offs	$	63	$	542	$	914	$	487	$	312	$	218	$	3,104	$	5,640


	June 30, 2023
	Sales Type Lease Receivables												Loan Receivables		Total
	2023		2022		2021		2020		2019		Prior
Write-offs	$	272	$	688	$	936	$	601	$	366	$	290	$	2,813	$	5,966

Schedule of Financing Receivable Credit Quality Indicators

The table below shows gross finance receivables by relative risk class and year of origination based on the relative scores of the accounts within each class.


	June 30, 2024
	Sales Type Lease Receivables												Loan Receivables		Total
	2024		2023		2022		2021		2020		Prior
Low	$	104,885	$	237,572	$	196,386	$	126,665	$	78,574	$	58,928	$	252,945	$	1,055,955
Medium	17,798		37,847		30,010		22,380		14,097		14,132		47,644		183,908
High	1,967		4,628		3,750		3,177		2,086		1,165		12,637		29,410
Not Scored	37,484		45,477		30,921		19,722		7,868		3,100		30,184		174,756
Total	$	162,134	$	325,524	$	261,067	$	171,944	$	102,625	$	77,325	$	343,410	$	1,444,029

	December 31, 2023
	Sales Type Lease Receivables												Loan Receivables		Total
	2023		2022		2021		2020		2019		Prior
Low	$	261,583	$	222,947	$	155,193	$	96,986	$	46,635	$	27,164	$	264,232	$	1,074,740
Medium	46,208		35,891		24,483		16,027		10,503		8,041		62,910		204,063
High	4,455		4,217		2,554		1,853		740		862		7,487		22,168
Not Scored	59,335		49,839		33,494		15,944		5,089		1,166		25,298		190,165
Total	$	371,581	$	312,894	$	215,724	$	130,810	$	62,967	$	37,233	$	359,927	$	1,491,136

Schedule of Sales-type Lease, Lease Income

Lease income from sales-type leases, excluding variable lease payments, was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Profit recognized at commencement	$	27,245	$	30,839	$	54,206	$	62,661
Interest income	38,045		39,181		76,012		78,112
Total lease income from sales-type leases	$	65,290	$	70,020	$	130,218	$	140,773

Schedule of Lessor, Payments to be Received

Maturities of these operating leases are as follows:


Remainder 2024	$	9,818
2025	17,411
2026	16,389
2027	8,950
2028	1,173
Thereafter	2,744
Total	$	56,485

Subsequent Events (Details) - Subsequent Event - USD ($)	Aug. 08, 2024	Aug. 07, 2024	Aug. 05, 2024
Line of credit \| Revolving credit facility
Subsequent Event [Line Items]
Maximum borrowing capacity	$ 400,000,000	$ 500,000,000
Notes due March 2028 \| Note due
Subsequent Event [Line Items]
Face amount	$ 275,000,000		$ 275,000,000
Discontinued Operations, Disposed of by Sale \| Ecommerce Debtors
Subsequent Event [Line Items]
Percentage of ownership sold	81.00%
Percentage of ownership retained	19.00%
Percentage of economic interest	100.00%
Loss on sale	$ 200,000,000
Discontinued Operations, Disposed of by Sale \| Ecommerce Debtors \| DIP Facility \| Note due
Subsequent Event [Line Items]
Financing, amount arranged	$ 47,000,000

Description of Business and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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, 2023 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, 2024. 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, 2023 (2023 Annual Report).
Accounting Pronouncements Adopted in 2024 and Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Adopted in 2024 Effective January 1, 2024, we adopted 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 required certain contracts to be modified. The adoption of this standard did not have an impact on our consolidated financial statements. Accounting Pronouncements Not Yet Adopted In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires additional transparency for income tax disclosures, including the rate reconciliation table and cash taxes paid. This standard is effective for annual periods beginning after December 15, 2024. We are currently assessing the impact this standard will have on our disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires enhanced disclosures about significant segment expenses and information used to assess segment performance. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently assessing the impact this standard will have on our disclosures.

Finance Assets and Lessor Operating Leases (Allowance for Credit Losses) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Allowance for Credit Losses
Beginning Balance	$ 23,227	$ 21,950
Amounts charged to expense	3,455	3,512
Write-offs	(5,640)	(5,966)
Recoveries	1,889	2,655
Other	(172)	(34)
Ending Balance	22,759	22,117
Sales-type lease receivables
Allowance for Credit Losses
Beginning Balance	16,728
Ending Balance	15,381
Sales-type lease receivables \| North America
Allowance for Credit Losses
Beginning Balance	13,942	14,131
Amounts charged to expense	422	1,035
Write-offs	(2,134)	(2,374)
Recoveries	886	1,460
Other	(20)	3
Ending Balance	13,096	14,255
Sales-type lease receivables \| International
Allowance for Credit Losses
Beginning Balance	2,786	2,893
Amounts charged to expense	(81)	250
Write-offs	(402)	(779)
Recoveries	130	134
Other	(148)	(64)
Ending Balance	2,285	2,434
Loan receivables
Allowance for Credit Losses
Beginning Balance	6,499
Write-offs	(3,104)	(2,813)
Ending Balance	7,378
Loan receivables \| North America
Allowance for Credit Losses
Beginning Balance	6,346	4,787
Amounts charged to expense	2,839	2,067
Write-offs	(2,836)	(2,668)
Recoveries	873	1,061
Other	(1)	17
Ending Balance	7,221	5,264
Loan receivables \| International
Allowance for Credit Losses
Beginning Balance	153	139
Amounts charged to expense	275	160
Write-offs	(268)	(145)
Recoveries	0	0
Other	(3)	10
Ending Balance	$ 157	$ 164

Revenue (Future Performance Obligations) (Details) - SendTech Solutions $ in Thousands	Jun. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Future performance obligations	$ 700,824
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Future performance obligations	$ 127,844
Expected timing of satisfaction period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Future performance obligations	$ 222,057
Expected timing of satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Future performance obligations	$ 350,923
Expected timing of satisfaction period	4 years

Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Reclassification out of Accumulated Other Comprehensive Loss

Reclassifications out of AOCL were as follows:


	Gain (Loss) Reclassified from AOCL
	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cash flow hedges

Cost of sales	$	—	$	(34)	$	—	$	(33)
Interest expense, net	2,584		138		5,175		275
Total before tax	2,584		104		5,175		242
Income tax provision	646		26		1,294		61
Net of tax	$	1,938	$	78	$	3,881	$	181

Available-for-sale securities
Financing revenue	$	(487)	$	(1)	$	(1,135)	$	9


Income tax (benefit) provision	(122)		—		(284)		2
Net of tax	$	(365)	$	(1)	$	(851)	$	7

Pension and postretirement benefit plans

Prior service costs	$	(68)	$	(67)	$	(137)	$	(132)
Actuarial losses	(6,593)		(4,581)		(13,193)		(9,147)
Settlement	—		(314)		—		(314)
Total before tax	(6,661)		(4,962)		(13,330)		(9,593)
Income tax benefit	(1,654)		(1,223)		(3,282)		(2,365)
Net of tax	$	(5,007)	$	(3,739)	$	(10,048)	$	(7,228)

Schedule of Accumulated Other Comprehensive Loss

Changes in AOCL, net of tax were as follows:


	Cash flow hedges		Available for sale securities		Pension and postretirement benefit plans		Foreign currency adjustments		Total
Balance at January 1, 2024	$	6,962	$	(33,463)	$	(757,452)	$	(67,292)	$	(851,245)
Other comprehensive income (loss) before reclassifications	964		(1,843)		—		(20,417)		(21,296)
Reclassifications into earnings	(3,881)		851		10,048		—		7,018
Net other comprehensive (loss) income	(2,917)		(992)		10,048		(20,417)		(14,278)
Balance at June 30, 2024	$	4,045	$	(34,455)	$	(747,404)	$	(87,709)	$	(865,523)


	Cash flow hedges		Available for sale securities		Pension and postretirement benefit plans		Foreign currency adjustments		Total
Balance at January 1, 2023	$	12,503	$	(39,440)	$	(716,056)	$	(92,571)	$	(835,564)
Other comprehensive (loss) income before reclassifications	(1,506)		1,957		—		20,080		20,531
Reclassifications into earnings	(181)		(7)		7,228		—		7,040
Net other comprehensive (loss) income	(1,687)		1,950		7,228		20,080		27,571
Balance at June 30, 2023	$	10,816	$	(37,490)	$	(708,828)	$	(72,491)	$	(807,993)

Finance Assets and Lessor Operating Leases (Aging of Receivables) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Total	$ 1,444,029	$ 1,491,136
Past due amounts 0 - 90 days
Financing Receivable, Past Due [Line Items]
Total	1,431,670	1,476,054
Past due amounts >90 days
Financing Receivable, Past Due [Line Items]
Total	12,359	15,082
Sales-type lease receivables \| North America
Financing Receivable, Past Due [Line Items]
Total	975,820	987,743
Sales-type lease receivables \| International
Financing Receivable, Past Due [Line Items]
Total	124,799	143,466
Sales-type lease receivables \| Past due amounts 0 - 90 days \| North America
Financing Receivable, Past Due [Line Items]
Total	966,927	977,744
Sales-type lease receivables \| Past due amounts 0 - 90 days \| International
Financing Receivable, Past Due [Line Items]
Total	123,377	140,857
Sales-type lease receivables \| Past due amounts >90 days \| North America
Financing Receivable, Past Due [Line Items]
Total	8,893	9,999
Sales-type lease receivables \| Past due amounts >90 days \| International
Financing Receivable, Past Due [Line Items]
Total	1,422	2,609
Loan receivables
Financing Receivable, Past Due [Line Items]
Total	343,410	359,927
Loan receivables \| North America
Financing Receivable, Past Due [Line Items]
Total	324,939	342,062
Loan receivables \| International
Financing Receivable, Past Due [Line Items]
Total	18,471	17,865
Loan receivables \| Past due amounts 0 - 90 days \| North America
Financing Receivable, Past Due [Line Items]
Total	323,006	339,789
Loan receivables \| Past due amounts 0 - 90 days \| International
Financing Receivable, Past Due [Line Items]
Total	18,360	17,664
Loan receivables \| Past due amounts >90 days \| North America
Financing Receivable, Past Due [Line Items]
Total	1,933	2,273
Loan receivables \| Past due amounts >90 days \| International
Financing Receivable, Past Due [Line Items]
Total	$ 111	$ 201

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
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-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
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-URI https://asc.fasb.org/1943274/2147481962/310-10-50-7A

Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147481962/310-10-50-29

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph a
-Subparagraph (1)
-Publisher SEC

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph a
-Subparagraph (2)
-Publisher SEC

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1404
-Paragraph a
-Publisher SEC

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 80
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-80

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 79
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-79

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479344/326-20-45-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-14

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-5

+ Details

Revenue (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

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


	Three Months Ended June 30, 2024
	SendTech Solutions		Presort Services		Global Ecommerce		Revenue from products and services		Revenue from leasing transactions and financing		Total consolidated revenue
Major products/service lines
Business services	$	33,651	$	146,858	$	326,157	$	506,666	$	—	$	506,666
Support services	94,012		—		—		94,012		—		94,012
Financing	—		—		—		—		67,539		67,539
Equipment sales	20,932		—		—		20,932		51,821		72,753
Supplies	35,509		—		—		35,509		—		35,509
Rentals	—		—		—		—		16,691		16,691
Subtotal	184,104		146,858		326,157		657,119		$	136,051	$	793,170

Revenue from leasing transactions and financing	136,051		—		—		136,051


Total revenue	$	320,155	$	146,858	$	326,157	$	793,170

Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	71,694	$	—	$	—	$	71,694
Products/services transferred over time	112,410		146,858		326,157		585,425
Total	$	184,104	$	146,858	$	326,157	$	657,119


	Three Months Ended June 30, 2023
	SendTech Solutions		Presort Services		Global Ecommerce		Revenue from products and services		Revenue from leasing transactions and financing		Total consolidated revenue
Major products/service lines
Business services	$	25,341	$	143,107	$	305,049	$	473,497	$	—	$	473,497
Support services	103,315		—		—		103,315		—		103,315
Financing	—		—		—		—		66,702		66,702
Equipment sales	19,060		—		—		19,060		60,391		79,451
Supplies	36,505		—		—		36,505		—		36,505
Rentals	—		—		—		—		17,011		17,011
Subtotal	184,221		143,107		305,049		632,377		$	144,104	$	776,481

Revenue from leasing transactions and financing	144,104		—		—		144,104


Total revenue	$	328,325	$	143,107	$	305,049	$	776,481

Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	73,495	$	—	$	—	$	73,495
Products/services transferred over time	110,726		143,107		305,049		558,882
Total	$	184,221	$	143,107	$	305,049	$	632,377



	Six Months Ended June 30, 2024
	SendTech Solutions		Presort Services		Global Ecommerce		Revenue from products and services		Revenue from leasing transactions and financing		Total consolidated revenue
Major products/service lines
Business services	$	66,176	$	316,665	$	659,422	$	1,042,263	$	—	$	1,042,263
Support services	190,345		—		—		190,345		—		190,345
Financing	—		—		—		—		135,202		135,202
Equipment sales	45,665		—		—		45,665		104,491		150,156
Supplies	72,230		—		—		72,230		—		72,230
Rentals	—		—		—		—		33,483		33,483
Subtotal	374,416		316,665		659,422		1,350,503		$	273,176	$	1,623,679


Revenue from leasing transactions and financing	273,176		—		—		273,176


Total revenue	$	647,592	$	316,665	$	659,422	$	1,623,679

Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	148,159	$	—	$	—	$	148,159
Products/services transferred over time	226,257		316,665		659,422		1,202,344
Total	$	374,416	$	316,665	$	659,422	$	1,350,503



	Six Months Ended June 30, 2023
	SendTech Solutions		Presort Services		Global Ecommerce		Revenue from products and services		Revenue from leasing transactions and financing		Total consolidated revenue
Major products/service lines
Business services	$	49,289	$	302,009	$	645,690	$	996,988	$	—	$	996,988
Support services	208,599		—		—		208,599		—		208,599
Financing	—		—		—		—		133,751		133,751
Equipment sales	39,055		—		—		39,055		123,006		162,061
Supplies	75,340		—		—		75,340		—		75,340
Rentals	—		—		—		—		34,280		34,280
Subtotal	372,283		302,009		645,690		1,319,982		$	291,037	$	1,611,019


Revenue from leasing transactions and financing	291,037		—		—		291,037


Total revenue	$	663,320	$	302,009	$	645,690	$	1,611,019

Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	150,559	$	—	$	—	$	150,559
Products/services transferred over time	221,724		302,009		645,690		1,169,423
Total	$	372,283	$	302,009	$	645,690	$	1,319,982

Schedule of Contract Assets and Advance Billings

Advance Billings from Contracts with Customers


	Balance sheet location	June 30, 2024		December 31, 2023		Increase/ (decrease)
Advance billings, current	Advance billings	$	78,471	$	82,124	$	(3,653)
Advance billings, noncurrent	Other noncurrent liabilities	$	409	$	507	$	(98)

Schedule of Future Performance Obligations

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


	Remainder of 2024		2025		2026-2029		Total
SendTech Solutions	$	127,844	$	222,057	$	350,923	$	700,824

Finance Assets and Lessor Operating Leases (Finance Receivables) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	$ (22,759)	$ (23,227)	$ (22,117)	$ (21,950)
Net investment in receivables	1,167,691	1,216,621
North America
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net investment in receivables	1,058,896	1,093,865
International
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net investment in receivables	108,795	122,756
Sales-type lease receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	1,100,619	1,131,209
Unguaranteed residual values	43,961	45,270
Unearned income	(297,540)	(296,558)
Allowance for credit losses	(15,381)	(16,728)
Net investment in receivables	831,659	863,193
Sales-type lease receivables \| North America
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	975,820	987,743
Unguaranteed residual values	37,395	38,059
Unearned income	(258,941)	(253,711)
Allowance for credit losses	(13,096)	(13,942)	(14,255)	(14,131)
Net investment in receivables	741,178	758,149
Sales-type lease receivables \| International
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	124,799	143,466
Unguaranteed residual values	6,566	7,211
Unearned income	(38,599)	(42,847)
Allowance for credit losses	(2,285)	(2,786)	(2,434)	(2,893)
Net investment in receivables	90,481	105,044
Loan receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	343,410	359,927
Allowance for credit losses	(7,378)	(6,499)
Net investment in receivables	336,032	353,428
Loan receivables \| North America
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	324,939	342,062
Allowance for credit losses	(7,221)	(6,346)	(5,264)	(4,787)
Net investment in receivables	317,718	335,716
Loan receivables \| International
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	18,471	17,865
Allowance for credit losses	(157)	(153)	$ (164)	$ (139)
Net investment in receivables	$ 18,314	$ 17,712

Supplemental Financial Statement Information (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Lessee, Lease, Description [Line Items]
Losses from the disposal of fixed assets	$ 5	$ 5
Leases signed but not yet commenced	$ 5
Minimum
Lessee, Lease, Description [Line Items]
Leases signed but not yet commenced, term of contract	3 years
Maximum
Lessee, Lease, Description [Line Items]
Leases signed but not yet commenced, term of contract	7 years

Inventories (Tables)

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory Components

Inventories consisted of the following:


	June 30, 2024		December 31, 2023
Raw materials	$	22,565	$	21,201
Supplies and service parts	27,491		25,522
Finished products	26,444		23,330


Total inventories	$	76,500	$	70,053

Fair Value Measurements and Derivative Instruments (Available-for-sale Securities Maturities) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Amortized cost
Within 1 year	$ 1,986
After 1 year through 5 years	6,739
After 5 years through 10 years	65,737
After 10 years	154,737
Amortized cost	229,199	$ 247,866
Estimated fair value
Within 1 year	1,752
After 1 year through 5 years	6,186
After 5 years through 10 years	55,512
After 10 years	120,421
Total	$ 183,871	$ 203,842

Restructuring Charges (Tables)

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Reserve by Type of Cost

Activity in our restructuring reserves was as follows:


	2024 Plan		2023 Plan		Total
Balance at January 1, 2024	$	—	$	26,128	$	26,128
Amounts charged to expense	25,537		10,621		36,158
Cash payments	—		(26,697)		(26,697)
Noncash activity	—		(875)		(875)
Balance at June 30, 2024	$	25,537	$	9,177	$	34,714

	2023 Plan		Prior Plan		Total
Balance at January 1, 2023	$	—	$	7,647	$	7,647
Amounts charged to expense	22,443		3,599		26,042
Cash payments	(1,637)		(11,246)		(12,883)
Noncash activity	(1,478)		—		(1,478)
Balance at June 30, 2023	$	19,328	$	—	$	19,328

Schedule of Restructuring Expense

Components of restructuring expense were as follows:


	Three Months Ended June 30, 2024						Three Months Ended June 30, 2023
	2024 Plan		2023 Plan		Total		2023 Plan		Prior Plan		Total
Severance	$	25,537	$	6,020	$	31,557	$	20,965	$	—	$	20,965
Facilities and other	—		286		286		1,478		—		1,478
Total	$	25,537	$	6,306	$	31,843	$	22,443	$	—	$	22,443

	Six Months Ended June 30, 2024						Six Months Ended June 30, 2023
	2024 Plan		2023 Plan		Total		2023 Plan		Prior Plan		Total
Severance	$	25,537	$	9,398	$	34,935	$	20,965	$	3,057	$	24,022
Facilities and other	—		1,223		1,223		1,478		542		2,020
Total	$	25,537	$	10,621	$	36,158	$	22,443	$	3,599	$	26,042

Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Reconciliation of Revenue from Segments to Consolidated Statements

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


	Revenue
	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
SendTech Solutions	$	320,155	$	328,325	$	647,592	$	663,320
Presort Services	146,858		143,107		316,665		302,009
Global Ecommerce	326,157		305,049		659,422		645,690
Total revenue	$	793,170	$	776,481	$	1,623,679	$	1,611,019

Schedule of Reconciliation of EBIT From Segments to Consolidated Statements


	Adjusted Segment EBIT
	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
SendTech Solutions	$	100,967	$	96,848	$	202,245	$	192,485
Presort Services	27,048		20,429		67,377		47,334
Global Ecommerce	(30,935)		(37,483)		(66,362)		(70,655)
Total adjusted segment EBIT	97,080		79,794		203,260		169,164
Reconciliation of adjusted segment EBIT to net income or loss:
Interest expense, net	(44,732)		(37,683)		(89,101)		(74,561)
Unallocated corporate expenses	(51,275)		(47,709)		(101,045)		(104,058)
Restructuring charges	(31,843)		(22,443)		(36,158)		(26,042)
Goodwill impairment	—		(118,599)		—		(118,599)
Proxy solicitation fees	—		(4,538)		—		(10,905)
Gain on debt redemption	—		228		—		3,064
Foreign currency gain on intercompany loans	712		—		5,350		—
CEO and Board transition costs	(2,631)		—		(2,631)		—

Strategic review costs	(5,975)		—		(8,665)		—
Benefit for income taxes	13,797		9,415		1,238		12,665


Net loss	$	(24,867)	$	(141,535)	$	(27,752)	$	(149,272)

Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Accumulated Other Comprehensive Loss

Reclassifications out of AOCL were as follows:


	Gain (Loss) Reclassified from AOCL
	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cash flow hedges

Cost of sales	$	—	$	(34)	$	—	$	(33)
Interest expense, net	2,584		138		5,175		275
Total before tax	2,584		104		5,175		242
Income tax provision	646		26		1,294		61
Net of tax	$	1,938	$	78	$	3,881	$	181

Available-for-sale securities
Financing revenue	$	(487)	$	(1)	$	(1,135)	$	9


Income tax (benefit) provision	(122)		—		(284)		2
Net of tax	$	(365)	$	(1)	$	(851)	$	7

Pension and postretirement benefit plans

Prior service costs	$	(68)	$	(67)	$	(137)	$	(132)
Actuarial losses	(6,593)		(4,581)		(13,193)		(9,147)
Settlement	—		(314)		—		(314)
Total before tax	(6,661)		(4,962)		(13,330)		(9,593)
Income tax benefit	(1,654)		(1,223)		(3,282)		(2,365)
Net of tax	$	(5,007)	$	(3,739)	$	(10,048)	$	(7,228)

Changes in AOCL, net of tax were as follows:


	Cash flow hedges		Available for sale securities		Pension and postretirement benefit plans		Foreign currency adjustments		Total
Balance at January 1, 2024	$	6,962	$	(33,463)	$	(757,452)	$	(67,292)	$	(851,245)
Other comprehensive income (loss) before reclassifications	964		(1,843)		—		(20,417)		(21,296)
Reclassifications into earnings	(3,881)		851		10,048		—		7,018
Net other comprehensive (loss) income	(2,917)		(992)		10,048		(20,417)		(14,278)
Balance at June 30, 2024	$	4,045	$	(34,455)	$	(747,404)	$	(87,709)	$	(865,523)


	Cash flow hedges		Available for sale securities		Pension and postretirement benefit plans		Foreign currency adjustments		Total
Balance at January 1, 2023	$	12,503	$	(39,440)	$	(716,056)	$	(92,571)	$	(835,564)
Other comprehensive (loss) income before reclassifications	(1,506)		1,957		—		20,080		20,531
Reclassifications into earnings	(181)		(7)		7,228		—		7,040
Net other comprehensive (loss) income	(1,687)		1,950		7,228		20,080		27,571
Balance at June 30, 2023	$	10,816	$	(37,490)	$	(708,828)	$	(72,491)	$	(807,993)

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On August 8, 2024, we entered into a series of transactions designed to facilitate an orderly wind-down of a majority of the Company’s Global Ecommerce reporting segment. In connection with the wind-down, an affiliate of Hilco Commercial Industrial, LLC (“Hilco”) subscribed for 81% of the voting interests in the subsidiary, DRF Logistics, LLC owning a majority of the Global Ecommerce segment’s net assets and operations (DRF Logistics, LLC and its subsidiary, DRF LLC, the “Ecommerce Debtors”) for de minimis consideration (the “GEC Sale”), with a subsidiary of Pitney Bowes retaining 19% of the voting interests and 100% of the economic interests. Subsequent to the GEC Sale, the Ecommerce Debtors, at the direction of their own governing bodies, filed petitions to commence Chapter 11 bankruptcy cases and conduct an orderly wind-down of the Ecommerce Debtors (the “GEC Chapter 11 Cases”). We refer to the GEC Sale, the GEC Chapter 11 Cases and any associated transactions as the “Ecommerce Restructuring”. As a result of the Ecommerce Restructuring, we expect to recognize a pre-tax loss currently estimated to be approximately $200 million, which we expect will be partially offset by the benefit of tax losses. Both the pre-tax loss and the historical financial results of the Ecommerce Debtors are expected to be reported as discontinued operations. In connection with the contemplated GEC Chapter 11 Cases, we entered into a Restructuring Support Agreement (the “RSA”) with the Ecommerce Debtors. The RSA provides, among other things, an orderly wind-down of the Ecommerce Debtors, shared services between the Company and the Ecommerce Debtors for a period of time, a global settlement between the Company and the Ecommerce Debtors and a senior secured, super-priority debtor-in-possession term loan (the “DIP Facility”) in an aggregate principal amount of up to $47 million. The Company and the Ecommerce Debtors have entered into a master settlement agreement (the “Settlement Agreement”), which attaches the RSA and the DIP Facility and which contemplates the separation of the relationship and transactions among the Company and its subsidiaries and the Ecommerce Debtors, including the settlement and release of claims the Ecommerce Debtors may have against the Company. The Settlement Agreement is subject to the approval of the Bankruptcy Court and there is no assurance that such approval will be granted. To facilitate the GEC Sale, on August 8, 2024, we amended the Credit Agreement and the note purchase agreement that governs our $275 million notes due March 2028. The amendments, among other things, permit the Ecommerce Restructuring, funding under the DIP Facility, amend certain covenants, including relief for expenses incurred pursuant to the Ecommerce Restructuring, release the guarantees provided by the Ecommerce Debtors and the liens on the assets of the Ecommerce Debtors and reduce the total aggregate amount of permitted borrowings under the revolving credit facility from $500 million to $400 million.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Short-term investments, fair value	$ 1,752	$ 2,382
Accounts and other receivables, allowance	10,079	6,139
Short-term finance receivables, allowance	14,418	14,347
Long-term finance receivables, allowance	8,341	8,880
Other assets, fair value	$ 209,711	$ 227,131
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, authorized (in shares)	480,000	480,000
Common stock, issued (in shares)	270,338	270,338
Treasury stock (in shares)	91,217	93,972

Restructuring Charges (Components of Restructuring Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Severance	$ 31,557	$ 20,965	$ 34,935	$ 24,022
Facilities and other	286	1,478	1,223	2,020
Total	31,843	22,443	36,158	26,042
2024 Plan
Restructuring Cost and Reserve [Line Items]
Severance	25,537		25,537
Facilities and other	0		0
Total	25,537		25,537
2023 Plan
Restructuring Cost and Reserve [Line Items]
Severance	6,020	20,965	9,398	20,965
Facilities and other	286	1,478	1,223	1,478
Total	$ 6,306	22,443	$ 10,621	22,443
Prior Plan
Restructuring Cost and Reserve [Line Items]
Severance		0		3,057
Facilities and other		0		542
Total		$ 0		$ 3,599

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (24,867)	$ (141,535)	$ (27,752)	$ (149,272)
Other comprehensive (loss) income, net of tax:
Foreign currency translation, net of tax of $(158), $403, $(654) and $576, respectively	(5,018)	9,193	(20,417)	20,080
Net unrealized (loss) gain on cash flow hedges, net of tax of $(559), $125, $(972) and $(562), respectively	(1,676)	375	(2,917)	(1,687)
Net unrealized (loss) gain on investment securities, net of tax of $(8), $(415), $(312) and $612, respectively	(25)	(1,322)	(992)	1,950
Amortization of pension and postretirement costs, net of tax of $1,654, $1,223, $3,282 and $2,365, respectively	5,007	3,739	10,048	7,228
Other comprehensive (loss) income, net of tax	(1,712)	11,985	(14,278)	27,571
Comprehensive loss	$ (26,579)	$ (129,550)	$ (42,030)	$ (121,701)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

+ Details

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rate for the three and six months ended June 30, 2024 was 35.7% and 4.3%, respectively. The effective tax rate for interim periods is determined using an annual effective tax rate, adjusted for discrete items. The forecasted annual income earned in foreign jurisdictions offset by U.S. losses will result in higher quarterly and annual effective rates for the remainder of the year. The effective tax rate for the three and six months ended June 30, 2023 was 6.2% and 7.8%, respectively, primarily due to a benefit of $1 million on the $119 million goodwill impairment charge as the majority of this charge was nondeductible. On a regular basis, we conclude tax return examinations, statutes of limitation expire, and court decisions interpret tax law. We regularly assess tax uncertainties in light of these developments; and 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 examination of our consolidated U.S. Federal income tax returns for tax years prior to 2020 are closed to audit, except for review of the Tax Cuts and Jobs Act Sec. 965 transition tax. On a state and local level, returns for most jurisdictions are closed through 2018. For our significant non-U.S. jurisdictions, the U.K., France and Germany are closed through 2021, 2019 and 2016, respectively. Canada is closed to examination through 2018 except for a specific issue under current exam and in Appeals. We also have other less significant tax filings currently subject to examination.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Fair Value Measurements and Derivative Instruments

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements and Derivative Instruments

We measure certain financial assets and liabilities at fair value on a recurring basis. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. An entity is required to classify certain assets and liabilities measured at fair value based on the following fair value hierarchy that prioritizes the inputs used to measure fair value:

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities.

Level 2 – Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3– Unobservable inputs that are supported by little or no market activity, may be derived from internally developed methodologies based on management’s best estimate of fair value and that are significant to the fair value of the asset or liability.

Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect its placement within the fair value hierarchy. The following tables show, by level within the fair value hierarchy, our financial assets and liabilities that are accounted for at fair value on a recurring basis.


	June 30, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Investment securities
Money market funds	$	44,687	$	146,980	$	—	$	191,667
Equity securities	—		16,644		—		16,644
Commingled fixed income securities	1,580		4,380		—		5,960
Government and related securities	8,125		13,275		—		21,400
Corporate debt securities	—		51,548		—		51,548
Mortgage-backed / asset-backed securities	—		112,365		—		112,365
Derivatives
Interest rate swap	—		4,810		—		4,810

Total assets	$	54,392	$	350,002	$	—	$	404,394


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Investment securities
Money market funds	$	13,366	$	188,484	$	—	$	201,850
Equity securities	—		15,341		—		15,341
Commingled fixed income securities	1,581		5,741		—		7,322
Government and related securities	11,489		18,999		—		30,488
Corporate debt securities	—		54,330		—		54,330
Mortgage-backed / asset-backed securities	—		119,901		—		119,901
Derivatives
Interest rate swap	—		8,425		—		8,425

Total assets	$	26,436	$	411,221	$	—	$	437,657

Investment Securities

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

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

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

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

•Government and Related Securities: Debt securities are classified as Level 1 when unadjusted quoted prices in active markets are available. Debt securities are classified as Level 2 where fair value is determined using quoted market prices for similar securities or benchmarking model derived prices to quoted market prices and trade data for identical or comparable securities.

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

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

Derivative Securities

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

Available-For-Sale Securities

Investment securities classified as available-for-sale are recorded at fair value with changes in fair value due to market conditions recorded in accumulated other comprehensive loss (AOCL), and changes in fair value due to credit conditions recorded in earnings. There were no unrealized losses charged to earnings in the six months ended June 30, 2024 and 2023.

Available-for-sale securities consisted of the following:


	June 30, 2024
	Amortized cost		Gross unrealized losses		Estimated fair value
Government and related securities	$	24,929	$	(6,551)	$	18,378
Corporate debt securities	62,572		(11,024)		51,548
Commingled fixed income securities	1,811		(231)		1,580
Mortgage-backed / asset-backed securities	139,887		(27,522)		112,365
Total	$	229,199	$	(45,328)	$	183,871


	December 31, 2023
	Amortized cost		Gross unrealized losses		Estimated fair value
Government and related securities	$	35,048	$	(7,018)	$	28,030
Corporate debt securities	65,008		(10,678)		54,330
Commingled fixed income securities	1,788		(207)		1,581
Mortgage-backed / asset-backed securities	146,022		(26,121)		119,901
Total	$	247,866	$	(44,024)	$	203,842

Investment securities in a loss position were as follows:


	June 30, 2024				December 31, 2023
	Fair Value		Gross unrealized losses		Fair Value		Gross unrealized losses
Greater than 12 continuous months
Government and related securities	$	18,378	$	6,551	$	28,030	$	7,018
Corporate debt securities	51,376		11,022		51,948		10,466

Mortgage-backed / asset-backed securities	112,365		27,522		119,901		26,121
Total	$	182,119	$	45,095	$	199,879	$	43,605

Less than 12 continuous months

Corporate debt securities	$	172	$	2	$	2,382	$	212
Commingled fixed income securities	1,580		231		1,581		207

Total	$	1,752	$	233	$	3,963	$	419

At June 30, 2024, all securities in the investment portfolio were in an unrealized loss position. However, we have the ability and intent to hold these securities until recovery of the unrealized losses or expect to receive the stated principal and interest at maturity. Accordingly, we have not recognized an impairment loss and our allowance for credit losses on these investment securities is not significant.

Scheduled maturities of available-for-sale securities at June 30, 2024 were as follows:


	Amortized cost		Estimated fair value
Within 1 year	$	1,986	$	1,752
After 1 year through 5 years	6,739		6,186
After 5 years through 10 years	65,737		55,512
After 10 years	154,737		120,421
Total	$	229,199	$	183,871

Actual maturities may not coincide with scheduled maturities as certain securities contain early redemption features and/or allow for the prepayment of obligations.

Held-to-Maturity Securities

Held-to-maturity securities at June 30, 2024 and December 31, 2023 totaled $285 million and $265 million, respectively. Held-to-maturity securities include certificates of deposits with maturities less than 90 days and highly-liquid government securities with maturities less than two years.

Derivative Instruments

We are exposed to the impact of changes in interest rates and foreign currency exchange rates. We may use derivative instruments to limit the effects on our financial results from changes in interest rates and currency exchange rates. We do not use derivatives for trading or speculative purposes.

Interest Rate Swaps

At June 30, 2024, we had outstanding interest rate swap agreements that effectively convert $200 million of variable rate debt to fixed rates. Under the terms of the interest rate swaps, we pay fixed-rate interest of 0.585% and receive variable-rate interest based on one-month SOFR plus 0.1%. The variable interest rates under the term loans and the swaps reset monthly.


	Three Months Ended June 30,
	Derivative Gain (Loss) Recognized in AOCL (Effective Portion)				Location of Gain (Loss) (Effective Portion)	Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion)
Derivative Instrument	2024		2023			2024		2023


Interest rate swap	$	(2,098)	$	586	Interest expense	$	2,584	$	138


	Six Months Ended June 30,
	Derivative Gain (Loss) Recognized in AOCL (Effective Portion)				Location of Gain (Loss) (Effective Portion)	Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion)
Derivative Instrument	2024		2023			2024		2023


Interest rate swap	$	(3,615)	$	(2,000)	Interest expense	$	5,175	$	275

Foreign Exchange Contracts

In the first half of 2023, we had outstanding foreign exchange contracts to minimize the impact on earnings from the revaluation of short-term interest-bearing intercompany loans denominated in a foreign currency. These foreign exchange contracts were not designated as hedging instruments and the revaluation of intercompany loans and the change in fair value of these derivatives were recorded in earnings. The mark-to-market adjustment on these foreign exchange contracts for the three and six months ended June 30, 2023, was a gain of $6 million and a gain of $7 million, respectively, and significantly offset the corresponding loss on the revaluation of intercompany loans.

Fair Value of Financial Instruments

Our financial instruments include cash and cash equivalents, available-for-sale and held-to-maturity investment securities, accounts receivable, loan receivables, derivative instruments, accounts payable and debt. The carrying value of cash and cash equivalents, held-to-maturity investment securities, accounts receivable, loans receivable, and accounts payable approximate fair value. The fair value of available-for-sale investment securities and derivative instruments are presented above. The fair value of debt is estimated based on recently executed transactions and market price quotations. The inputs used to determine the fair value of debt were classified as Level 2 in the fair value hierarchy. The carrying value and estimated fair value of debt was as follows:


	June 30, 2024		December 31, 2023
Carrying value	$	2,122,324	$	2,146,032
Fair value	$	1,941,153	$	1,893,620

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue:
Total revenue	$ 793,170	$ 776,481	$ 1,623,679	$ 1,611,019
Costs and expenses:
Selling, general and administrative	220,008	222,549	436,205	464,669
Research and development	9,108	10,274	18,589	20,767
Restructuring charges	31,843	22,443	36,158	26,042
Goodwill impairment	0	118,599	0	118,599
Interest expense, net	28,767	22,920	56,533	45,262
Other components of net pension and postretirement income	(382)	(1,751)	(769)	(3,461)
Other income	0	(228)	0	(3,064)
Total costs and expenses	831,834	927,431	1,652,669	1,772,956
Loss before taxes	(38,664)	(150,950)	(28,990)	(161,937)
Benefit for income taxes	(13,797)	(9,415)	(1,238)	(12,665)
Net loss	$ (24,867)	$ (141,535)	$ (27,752)	$ (149,272)
Basic net loss per share (in dollars per share)	$ (0.14)	$ (0.81)	$ (0.16)	$ (0.85)
Diluted net loss per share (in dollars per share)	$ (0.14)	$ (0.81)	$ (0.16)	$ (0.85)
Business services
Revenue:
Total revenue	$ 506,666	$ 473,497	$ 1,042,263	$ 996,988
Costs and expenses:
Cost of products and sales	429,756	410,638	876,123	856,955
Support services
Revenue:
Total revenue	94,012	103,315	190,345	208,599
Costs and expenses:
Cost of products and sales	31,664	35,018	64,719	71,858
Financing
Revenue:
Total revenue	67,539	66,702	135,202	133,751
Costs and expenses:
Financing interest expense	15,965	14,763	32,568	29,299
Equipment sales
Revenue:
Total revenue	72,753	79,451	150,156	162,061
Costs and expenses:
Cost of products and sales	50,314	56,180	102,873	113,351
Supplies
Revenue:
Total revenue	35,509	36,505	72,230	75,340
Costs and expenses:
Cost of products and sales	10,358	10,884	20,553	22,109
Rentals
Revenue:
Total revenue	16,691	17,011	33,483	34,280
Costs and expenses:
Cost of products and sales	$ 4,433	$ 5,142	$ 9,117	$ 10,570

Debt (Narrative) (Details)	Mar. 31, 2025	Aug. 08, 2024 USD ($)	Aug. 05, 2024 USD ($)	Jun. 30, 2024 USD ($)
Line of credit \| Revolving credit facility
Debt Instrument [Line Items]
Leverage ratio, maximum				4.0
Interest coverage ratio, minimum				1.75
Outstanding borrowings				$ 0
Line of credit \| Revolving credit facility \| Forecast
Debt Instrument [Line Items]
Interest coverage ratio, minimum	2.0
Term loan due March 2026 \| Notes/Term loan due
Debt Instrument [Line Items]
Interest rate				7.70%
Term loan due March 2028 \| Notes/Term loan due
Debt Instrument [Line Items]
Interest rate				9.50%
Notes due March 2028 \| Notes/Term loan due
Debt Instrument [Line Items]
Interest rate				12.20%
Notes due March 2028 \| Notes/Term loan due \| Subsequent Event
Debt Instrument [Line Items]
Face amount		$ 275,000,000	$ 275,000,000

Finance Assets and Lessor Operating Leases (Sales-type Lease and Loan Receivables) (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Sales-type Lease Receivables
Remainder 2024	$ 229,994
2025	356,961
2026	262,221
2027	162,825
2028	74,852
Thereafter	13,766
Total	1,100,619
Loan Receivables
Remainder 2024	221,363
2025	44,977
2026	30,891
2027	24,404
2028	15,975
Thereafter	5,800
Total	343,410
North America
Sales-type Lease Receivables
Remainder 2024	188,619
2025	317,823
2026	238,192
2027	149,506
2028	69,320
Thereafter	12,360
Total	975,820
Loan Receivables
Remainder 2024	202,892
2025	44,977
2026	30,891
2027	24,404
2028	15,975
Thereafter	5,800
Total	324,939
International
Sales-type Lease Receivables
Remainder 2024	41,375
2025	39,138
2026	24,029
2027	13,319
2028	5,532
Thereafter	1,406
Total	124,799
Loan Receivables
Remainder 2024	18,471
2025	0
2026	0
2027	0
2028	0
Thereafter	0
Total	$ 18,471

Finance Assets and Lessor Operating Leases (Operating Leases) (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Receivables [Abstract]
Remainder 2024	$ 9,818
2025	17,411
2026	16,389
2027	8,950
2028	1,173
Thereafter	2,744
Total	$ 56,485

Supplemental Financial Statement Information (Allowance for Credit on Losses for Accounts and Other Receivables) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	$ 6,139	$ 5,864
Amounts charged to expense	5,632	3,652
Write-offs, recoveries and other	(1,692)	(5,299)
Balance at end of period	$ 10,079	$ 4,217

Earnings per Share (EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net loss	$ (24,867)	$ (141,535)	$ (27,752)	$ (149,272)
Denominator:
Weighted-average shares used in basic EPS (in shares)	178,696	175,695	177,872	175,094
Basic net loss per share (in dollars per share)	$ (0.14)	$ (0.81)	$ (0.16)	$ (0.85)
Diluted net loss per share (in dollars per share)	$ (0.14)	$ (0.81)	$ (0.16)	$ (0.85)
Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive (in shares)	7,128	11,426	7,204	9,833
Dilutive effect of common stock equivalents (in shares)	2,400	3,700	3,500	4,100

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

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

+ References

+ Details

Inventories

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories are stated at the lower of cost, determined on the first-in, first-out (FIFO) basis, or net realizable value. Inventories consisted of the following:


	June 30, 2024		December 31, 2023
Raw materials	$	22,565	$	21,201
Supplies and service parts	27,491		25,522
Finished products	26,444		23,330


Total inventories	$	76,500	$	70,053

Revenue

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregated Revenue

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


	Three Months Ended June 30, 2024
	SendTech Solutions		Presort Services		Global Ecommerce		Revenue from products and services		Revenue from leasing transactions and financing		Total consolidated revenue
Major products/service lines
Business services	$	33,651	$	146,858	$	326,157	$	506,666	$	—	$	506,666
Support services	94,012		—		—		94,012		—		94,012
Financing	—		—		—		—		67,539		67,539
Equipment sales	20,932		—		—		20,932		51,821		72,753
Supplies	35,509		—		—		35,509		—		35,509
Rentals	—		—		—		—		16,691		16,691
Subtotal	184,104		146,858		326,157		657,119		$	136,051	$	793,170

Revenue from leasing transactions and financing	136,051		—		—		136,051


Total revenue	$	320,155	$	146,858	$	326,157	$	793,170

Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	71,694	$	—	$	—	$	71,694
Products/services transferred over time	112,410		146,858		326,157		585,425
Total	$	184,104	$	146,858	$	326,157	$	657,119


	Three Months Ended June 30, 2023
	SendTech Solutions		Presort Services		Global Ecommerce		Revenue from products and services		Revenue from leasing transactions and financing		Total consolidated revenue
Major products/service lines
Business services	$	25,341	$	143,107	$	305,049	$	473,497	$	—	$	473,497
Support services	103,315		—		—		103,315		—		103,315
Financing	—		—		—		—		66,702		66,702
Equipment sales	19,060		—		—		19,060		60,391		79,451
Supplies	36,505		—		—		36,505		—		36,505
Rentals	—		—		—		—		17,011		17,011
Subtotal	184,221		143,107		305,049		632,377		$	144,104	$	776,481

Revenue from leasing transactions and financing	144,104		—		—		144,104


Total revenue	$	328,325	$	143,107	$	305,049	$	776,481

Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	73,495	$	—	$	—	$	73,495
Products/services transferred over time	110,726		143,107		305,049		558,882
Total	$	184,221	$	143,107	$	305,049	$	632,377



	Six Months Ended June 30, 2024
	SendTech Solutions		Presort Services		Global Ecommerce		Revenue from products and services		Revenue from leasing transactions and financing		Total consolidated revenue
Major products/service lines
Business services	$	66,176	$	316,665	$	659,422	$	1,042,263	$	—	$	1,042,263
Support services	190,345		—		—		190,345		—		190,345
Financing	—		—		—		—		135,202		135,202
Equipment sales	45,665		—		—		45,665		104,491		150,156
Supplies	72,230		—		—		72,230		—		72,230
Rentals	—		—		—		—		33,483		33,483
Subtotal	374,416		316,665		659,422		1,350,503		$	273,176	$	1,623,679


Revenue from leasing transactions and financing	273,176		—		—		273,176


Total revenue	$	647,592	$	316,665	$	659,422	$	1,623,679

Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	148,159	$	—	$	—	$	148,159
Products/services transferred over time	226,257		316,665		659,422		1,202,344
Total	$	374,416	$	316,665	$	659,422	$	1,350,503



	Six Months Ended June 30, 2023
	SendTech Solutions		Presort Services		Global Ecommerce		Revenue from products and services		Revenue from leasing transactions and financing		Total consolidated revenue
Major products/service lines
Business services	$	49,289	$	302,009	$	645,690	$	996,988	$	—	$	996,988
Support services	208,599		—		—		208,599		—		208,599
Financing	—		—		—		—		133,751		133,751
Equipment sales	39,055		—		—		39,055		123,006		162,061
Supplies	75,340		—		—		75,340		—		75,340
Rentals	—		—		—		—		34,280		34,280
Subtotal	372,283		302,009		645,690		1,319,982		$	291,037	$	1,611,019


Revenue from leasing transactions and financing	291,037		—		—		291,037


Total revenue	$	663,320	$	302,009	$	645,690	$	1,611,019

Timing of revenue recognition from products and services
Products/services transferred at a point in time	$	150,559	$	—	$	—	$	150,559
Products/services transferred over time	221,724		302,009		645,690		1,169,423
Total	$	372,283	$	302,009	$	645,690	$	1,319,982

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

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

Support services includes providing maintenance, professional and subscription services for our equipment and digital mailing and shipping technology solutions. Contract terms range from one to five years. 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 includes the sale of mailing and shipping equipment, excluding sales-type leases. We recognize revenue upon delivery for self-install equipment and upon acceptance or installation for other equipment. We provide a warranty that the equipment is free of defects and meets stated specifications. The warranty is not considered a separate performance obligation.

Supplies includes revenue from the sale of supplies for our mailing equipment and is recognized upon delivery.

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

Advance Billings from Contracts with Customers


	Balance sheet location	June 30, 2024		December 31, 2023		Increase/ (decrease)
Advance billings, current	Advance billings	$	78,471	$	82,124	$	(3,653)
Advance billings, noncurrent	Other noncurrent liabilities	$	409	$	507	$	(98)

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 $60 million of advance billings at the beginning of the period. Current advance billings shown above at June 30, 2024 and December 31, 2023 does not include $8 million and $7 million, respectively, from leasing transactions.

Future Performance Obligations

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


	Remainder of 2024		2025		2026-2029		Total
SendTech Solutions	$	127,844	$	222,057	$	350,923	$	700,824

The amounts above do not include revenue for performance obligations under contracts with terms less than 12 months or revenue for performance obligations where revenue is recognized based on the amount billable to the customer.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Accumulated Other Comprehensive Loss (Changes) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax
Balances, beginning of period	$ (392,355)	$ 59,964	$ (368,576)	$ 60,653
Other comprehensive income (loss) before reclassifications			(21,296)	20,531
Reclassifications into earnings			7,018	7,040
Other comprehensive (loss) income, net of tax	(1,712)	11,985	(14,278)	27,571
Balances, end of period	(427,889)	(75,487)	(427,889)	(75,487)
Cash flow hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax
Balances, beginning of period			6,962	12,503
Other comprehensive income (loss) before reclassifications			964	(1,506)
Reclassifications into earnings			(3,881)	(181)
Other comprehensive (loss) income, net of tax			(2,917)	(1,687)
Balances, end of period	4,045	10,816	4,045	10,816
Available for sale securities
Accumulated Other Comprehensive Income (Loss), Net of Tax
Balances, beginning of period			(33,463)	(39,440)
Other comprehensive income (loss) before reclassifications			(1,843)	1,957
Reclassifications into earnings			851	(7)
Other comprehensive (loss) income, net of tax			(992)	1,950
Balances, end of period	(34,455)	(37,490)	(34,455)	(37,490)
Pension and postretirement benefit plans
Accumulated Other Comprehensive Income (Loss), Net of Tax
Balances, beginning of period			(757,452)	(716,056)
Other comprehensive income (loss) before reclassifications			0	0
Reclassifications into earnings			10,048	7,228
Other comprehensive (loss) income, net of tax			10,048	7,228
Balances, end of period	(747,404)	(708,828)	(747,404)	(708,828)
Foreign currency adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax
Balances, beginning of period			(67,292)	(92,571)
Other comprehensive income (loss) before reclassifications			(20,417)	20,080
Reclassifications into earnings			0	0
Other comprehensive (loss) income, net of tax			(20,417)	20,080
Balances, end of period	(87,709)	(72,491)	(87,709)	(72,491)
Total
Accumulated Other Comprehensive Income (Loss), Net of Tax
Balances, beginning of period	(863,811)	(819,978)	(851,245)	(835,564)
Other comprehensive (loss) income, net of tax	(1,712)	11,985	(14,278)	27,571
Balances, end of period	$ (865,523)	$ (807,993)	$ (865,523)	$ (807,993)

Stockholders’ Deficit

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

Stockholders’ Deficit

Changes in stockholders’ deficit were as follows:


	Common stock		Retained earnings		Accumulated other comprehensive loss		Treasury stock		Total deficit
Balance at April 1, 2024	$	270,338	$	3,027,030	$	(863,811)	$	(2,825,912)	$	(392,355)

Net loss	—		(24,867)		—		—		(24,867)
Other comprehensive loss	—		—		(1,712)		—		(1,712)
Dividends paid ($0.05 per common share)	—		(8,953)		—		—		(8,953)
Issuance of common stock	—		(48,428)		—		44,249		(4,179)


Stock-based compensation expense	—		4,177		—		—		4,177

Balance at June 30, 2024	$	270,338	$	2,948,959	$	(865,523)	$	(2,781,663)	$	(427,889)


	Common stock		Retained earnings		Accumulated other comprehensive loss		Treasury stock		Total deficit
Balance at April 1, 2023	$	323,338	$	5,060,852	$	(819,978)	$	(4,504,248)	$	59,964

Net loss	—		(141,535)		—		—		(141,535)
Other comprehensive income	—		—		11,985		—		11,985
Dividends paid ($0.05 per common share)	—		(8,800)		—		—		(8,800)
Issuance of common stock	—		(4,706)		—		4,775		69


Stock-based compensation expense	—		2,830		—		—		2,830

Balance at June 30, 2023	$	323,338	$	4,908,641	$	(807,993)	$	(4,499,473)	$	(75,487)



	Common stock		Retained earnings		Accumulated other comprehensive loss		Treasury stock		Total deficit
Balance at January 1, 2024	$	270,338	$	3,077,988	$	(851,245)	$	(2,865,657)	$	(368,576)

Net loss	—		(27,752)		—		—		(27,752)
Other comprehensive loss	—		—		(14,278)		—		(14,278)
Dividends paid ($0.10 per common share)	—		(17,785)		—		—		(17,785)
Issuance of common stock	—		(90,059)		—		83,994		(6,065)


Stock-based compensation expense	—		6,567		—		—		6,567

Balance at June 30, 2024	$	270,338	$	2,948,959	$	(865,523)	$	(2,781,663)	$	(427,889)



	Common stock		Retained earnings		Accumulated other comprehensive loss		Treasury stock		Total deficit
Balance at January 1, 2023	$	323,338	$	5,125,677	$	(835,564)	$	(4,552,798)	$	60,653

Net loss	—		(149,272)		—		—		(149,272)
Other comprehensive income	—		—		27,571		—		27,571
Dividends paid ($0.10 per common share)	—		(17,525)		—		—		(17,525)
Issuance of common stock	—		(56,314)		—		53,325		(2,989)


Stock-based compensation expense	—		6,075		—		—		6,075

Balance at June 30, 2023	$	323,338	$	4,908,641	$	(807,993)	$	(4,499,473)	$	(75,487)

- Definition

The entire disclosure for equity.

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+ Details

Segment Information (Revenues) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 793,170	$ 776,481	$ 1,623,679	$ 1,611,019
SendTech Solutions
Segment Reporting Information [Line Items]
Total from contracts with customers	320,155	328,325	647,592	663,320
Total revenue	320,155	328,325	647,592	663,320
Presort Services
Segment Reporting Information [Line Items]
Total from contracts with customers	146,858	143,107	316,665	302,009
Total revenue	146,858	143,107	316,665	302,009
Global Ecommerce
Segment Reporting Information [Line Items]
Total from contracts with customers	326,157	305,049	659,422	645,690
Total revenue	$ 326,157	$ 305,049	$ 659,422	$ 645,690

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

+ Details

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 22,565	$ 21,201
Supplies and service parts	27,491	25,522
Finished products	26,444	23,330
Total inventories	$ 76,500	$ 70,053

Pensions and Other Benefit Programs (Components of Net Periodic Benefit (Income) Cost) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Nonpension Postretirement Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 93	$ 88	$ 185	$ 177
Interest cost	1,135	1,306	2,271	2,611
Expected return on plan assets	0	0	0	0
Amortization of prior service (credit) cost	0	0	0	0
Amortization of net actuarial loss (gain)	(292)	(357)	(587)	(713)
Settlement	0	0	0	0
Net periodic benefit (income) cost	936	1,037	1,869	2,075
Contributions to benefit plans	3,901	2,838	7,601	6,616
United States \| Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	12	10	24	20
Interest cost	14,966	16,089	29,932	32,178
Expected return on plan assets	(21,909)	(21,613)	(43,818)	(43,226)
Amortization of prior service (credit) cost	(5)	(5)	(10)	(10)
Amortization of net actuarial loss (gain)	4,972	4,416	9,944	8,833
Settlement	0	314	0	314
Net periodic benefit (income) cost	(1,964)	(789)	(3,928)	(1,891)
Contributions to benefit plans	1,252	1,908	2,321	3,035
Foreign \| Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	184	194	372	388
Interest cost	5,167	5,334	10,368	10,556
Expected return on plan assets	(6,402)	(7,515)	(12,852)	(14,859)
Amortization of prior service (credit) cost	73	72	147	142
Amortization of net actuarial loss (gain)	1,913	522	3,836	1,027
Settlement	0	0	0	0
Net periodic benefit (income) cost	935	(1,393)	1,871	(2,746)
Contributions to benefit plans	$ 380	$ 512	$ 7,378	$ 15,545

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (27,752)	$ (149,272)
Adjustments to reconcile net income or loss to net cash from operating activities:
Depreciation and amortization	81,613	79,770
Allowance for credit losses	9,087	7,164
Stock-based compensation	6,567	6,075
Amortization of debt fees	6,167	4,413
Gain on debt redemption	0	(3,064)
Restructuring charges	36,158	26,042
Restructuring payments	(26,697)	(12,883)
Pension contributions and retiree medical payments	(17,300)	(25,196)
Goodwill impairment	0	118,599
Other, net	5,558	7,564
Changes in operating assets and liabilities, net of acquisitions/divestitures:
Accounts and other receivables	68,922	67,506
Finance receivables	42,412	3,837
Inventories	(7,068)	(9,065)
Other current assets and prepayments	(12,902)	(1,561)
Accounts payable and accrued liabilities	(49,336)	(108,836)
Current and noncurrent income taxes	(33,142)	(27,903)
Advance billings	(1,958)	(22,948)
Net cash from operating activities	80,329	(39,758)
Cash flows from investing activities:
Capital expenditures	(41,093)	(54,646)
Purchases of investment securities	(19,909)	(9,973)
Proceeds from sales/maturities of investment securities	36,377	12,088
Net investment in loan receivables	(3,892)	(14,835)
Settlement of derivative contracts	0	6,185
Other investing activities, net	804	485
Net cash from investing activities	(27,713)	(60,696)
Cash flows from financing activities:
Principal payments of debt	(28,266)	(53,803)
Premiums and fees paid to redeem debt	0	(4,464)
Dividends paid to stockholders	(17,785)	(17,525)
Customer deposits at Pitney Bowes Bank	(612)	52,348
Other financing activities, net	(14,144)	(9,109)
Net cash from financing activities	(60,807)	(32,553)
Effect of exchange rate changes on cash and cash equivalents	(2,714)	4,730
Change in cash and cash equivalents	(10,905)	(128,277)
Cash and cash equivalents at beginning of period	601,052	669,981
Cash and cash equivalents at end of period	$ 590,147	$ 541,704

Intangible Assets and Goodwill (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets consisted of the following:


	June 30, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	155,169	$	(102,477)	$	52,692	$	155,712	$	(95,409)	$	60,303
Software & technology	2,965		(1,318)		1,647		3,047		(1,100)		1,947

Total intangible assets	$	158,134	$	(103,795)	$	54,339	$	158,759	$	(96,509)	$	62,250

Schedule of Amortization Expense In Future Periods


Remainder 2024	$	7,859
2025	15,514
2026	14,524
2027	11,470
2028	2,438
Thereafter	2,534
Total	$	54,339

Schedule of Goodwill

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


	December 31, 2023		Currency impact		June 30, 2024

SendTech Solutions	$	510,646	$	(6,796)	$	503,850
Presort Services	223,763		—		223,763
Total goodwill	$	734,409	$	(6,796)	$	727,613

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Fair Value Measurements and Derivative Instruments (Available-for-sale Securities) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost	$ 229,199	$ 247,866
Gross unrealized losses	(45,328)	(44,024)
Estimated fair value	183,871	203,842
Government and related securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost	24,929	35,048
Gross unrealized losses	(6,551)	(7,018)
Estimated fair value	18,378	28,030
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost	62,572	65,008
Gross unrealized losses	(11,024)	(10,678)
Estimated fair value	51,548	54,330
Commingled fixed income securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost	1,811	1,788
Gross unrealized losses	(231)	(207)
Estimated fair value	1,580	1,581
Mortgage-backed / asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost	139,887	146,022
Gross unrealized losses	(27,522)	(26,121)
Estimated fair value	$ 112,365	$ 119,901

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

Intangible Assets and Goodwill (Future Amortization Expense) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite lived intangible assets future amortization expense
Remainder 2024	$ 7,859
2025	15,514
2026	14,524
2027	11,470
2028	2,438
Thereafter	2,534
Net Carrying Amount	$ 54,339	$ 62,250

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesFrom time to time, in the ordinary course of business, we are involved in litigation pertaining to, among other things, contractual rights under vendor, insurance or other contracts; intellectual property or patent rights; equipment, service, payment or other disputes with clients; or disputes with employees. Some of these actions may be brought as a purported class action on behalf of a purported class of customers, employees, or others. Due to uncertainties inherent in litigation, any actions could have an adverse effect on our financial position, results of operations or cash flows; however, in management's opinion, the final outcome of outstanding matters will not have a material adverse effect on our business.

Intangible Assets and Goodwill (Intangible Assets) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Finite lived intangible assets
Gross Carrying Amount	$ 158,134		$ 158,134		$ 158,759
Accumulated Amortization	(103,795)		(103,795)		(96,509)
Net Carrying Amount	54,339		54,339		62,250
Amortization expense	4,000	$ 4,000	8,000	$ 8,000
Customer relationships
Finite lived intangible assets
Gross Carrying Amount	155,169		155,169		155,712
Accumulated Amortization	(102,477)		(102,477)		(95,409)
Net Carrying Amount	52,692		52,692		60,303
Software & technology
Finite lived intangible assets
Gross Carrying Amount	2,965		2,965		3,047
Accumulated Amortization	(1,318)		(1,318)		(1,100)
Net Carrying Amount	$ 1,647		$ 1,647		$ 1,947

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Supplemental Financial Statement Information (Tables)

6 Months Ended

Jun. 30, 2024

Other Income and Expenses [Abstract]

Schedule of Accounts Receivable and Other Assets, Allowance for Credit Loss

Activity in the allowance for credit losses on accounts and other receivables is presented below. See Note 6 for information regarding the allowance for credit losses on finance receivables.


	Six Months Ended June 30,
	2024		2023
Balance at beginning of year	$	6,139	$	5,864

Amounts charged to expense	5,632		3,652
Write-offs, recoveries and other	(1,692)		(5,299)
Balance at end of period	$	10,079	$	4,217

Schedule of Cash Flow Supplemental Information

Supplemental cash flow information is as follows:


	Six Months Ended June 30,
	2024		2023

Cash interest paid	$	85,539	$	75,425
Cash income tax (refunds) payments, net	$	31,323	$	15,100
Noncash activity
Capital assets obtained under capital lease obligations	$	14,579	$	1,495

Fair Value Measurements and Derivative Instruments (Unrealized Holding Losses) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Greater than 12 continuous months, Fair Value	$ 182,119	$ 199,879
Greater than 12 continuous months, Gross unrealized losses	45,095	43,605
Less than 12 continuous months, Fair Value	1,752	3,963
Less than 12 continuous months, Gross unrealized losses	233	419
Government and related securities
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Greater than 12 continuous months, Fair Value	18,378	28,030
Greater than 12 continuous months, Gross unrealized losses	6,551	7,018
Corporate debt securities
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Greater than 12 continuous months, Fair Value	51,376	51,948
Greater than 12 continuous months, Gross unrealized losses	11,022	10,466
Less than 12 continuous months, Fair Value	172	2,382
Less than 12 continuous months, Gross unrealized losses	2	212
Commingled fixed income securities
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Less than 12 continuous months, Fair Value	1,580	1,581
Less than 12 continuous months, Gross unrealized losses	231	207
Mortgage-backed / asset-backed securities
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Greater than 12 continuous months, Fair Value	112,365	119,901
Greater than 12 continuous months, Gross unrealized losses	$ 27,522	$ 26,121

Restructuring Charges (Narrative) (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
Restructuring Charges (Narrative) (Details) $ in Thousands	Jul. 31, 2024 USD ($) position	Jun. 30, 2024 USD ($) position	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) position	Jun. 30, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost		$ 31,843	$ 22,443	$ 36,158	$ 26,042
The 2024 Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, number of positions eliminated during period \| position		367
Restructuring and related cost		$ 25,537		25,537
The 2024 Plan \| Subsequent Event
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, number of positions eliminated during period \| position	184
Restructuring and related cost	$ 8,000
The 2023 Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, number of positions eliminated during period \| position		34
Restructuring and related cost		$ 6,306	$ 22,443	$ 10,621	$ 22,443
Restructuring and related cost, number of positions eliminated to date \| position		1,049		1,049
Restructuring and related cost, cost incurred to date		$ 69,000		$ 69,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Stockholders’ Deficit (Tables)

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

Schedule of Stockholders’ Deficit

Changes in stockholders’ deficit were as follows:


	Common stock		Retained earnings		Accumulated other comprehensive loss		Treasury stock		Total deficit
Balance at April 1, 2024	$	270,338	$	3,027,030	$	(863,811)	$	(2,825,912)	$	(392,355)

Net loss	—		(24,867)		—		—		(24,867)
Other comprehensive loss	—		—		(1,712)		—		(1,712)
Dividends paid ($0.05 per common share)	—		(8,953)		—		—		(8,953)
Issuance of common stock	—		(48,428)		—		44,249		(4,179)


Stock-based compensation expense	—		4,177		—		—		4,177

Balance at June 30, 2024	$	270,338	$	2,948,959	$	(865,523)	$	(2,781,663)	$	(427,889)


	Common stock		Retained earnings		Accumulated other comprehensive loss		Treasury stock		Total deficit
Balance at April 1, 2023	$	323,338	$	5,060,852	$	(819,978)	$	(4,504,248)	$	59,964

Net loss	—		(141,535)		—		—		(141,535)
Other comprehensive income	—		—		11,985		—		11,985
Dividends paid ($0.05 per common share)	—		(8,800)		—		—		(8,800)
Issuance of common stock	—		(4,706)		—		4,775		69


Stock-based compensation expense	—		2,830		—		—		2,830

Balance at June 30, 2023	$	323,338	$	4,908,641	$	(807,993)	$	(4,499,473)	$	(75,487)



	Common stock		Retained earnings		Accumulated other comprehensive loss		Treasury stock		Total deficit
Balance at January 1, 2024	$	270,338	$	3,077,988	$	(851,245)	$	(2,865,657)	$	(368,576)

Net loss	—		(27,752)		—		—		(27,752)
Other comprehensive loss	—		—		(14,278)		—		(14,278)
Dividends paid ($0.10 per common share)	—		(17,785)		—		—		(17,785)
Issuance of common stock	—		(90,059)		—		83,994		(6,065)


Stock-based compensation expense	—		6,567		—		—		6,567

Balance at June 30, 2024	$	270,338	$	2,948,959	$	(865,523)	$	(2,781,663)	$	(427,889)



	Common stock		Retained earnings		Accumulated other comprehensive loss		Treasury stock		Total deficit
Balance at January 1, 2023	$	323,338	$	5,125,677	$	(835,564)	$	(4,552,798)	$	60,653

Net loss	—		(149,272)		—		—		(149,272)
Other comprehensive income	—		—		27,571		—		27,571
Dividends paid ($0.10 per common share)	—		(17,525)		—		—		(17,525)
Issuance of common stock	—		(56,314)		—		53,325		(2,989)


Stock-based compensation expense	—		6,075		—		—		6,075

Balance at June 30, 2023	$	323,338	$	4,908,641	$	(807,993)	$	(4,499,473)	$	(75,487)

Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands	6 Months Ended
Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal amount	$ 2,161,194	$ 2,189,460
Less: unamortized costs, net	38,870	43,428
Total debt	2,122,324	2,146,032
Less: current portion long-term debt	57,290	58,931
Long-term debt	2,065,034	2,087,101
Other debt
Debt Instrument [Line Items]
Principal amount	$ 540	1,181
Term loan due March 2026 \| Notes/Term loan due
Debt Instrument [Line Items]
Interest rate	7.70%
Interest rate	2.25%
Principal amount	$ 261,500	285,500
Notes due March 2027 \| Notes/Term loan due
Debt Instrument [Line Items]
Interest rate	6.875%
Principal amount	$ 380,000	380,000
Notes due March 2028 \| Notes/Term loan due
Debt Instrument [Line Items]
Interest rate	12.20%
Interest rate	6.90%
Principal amount	$ 272,938	274,313
Term loan due March 2028 \| Notes/Term loan due
Debt Instrument [Line Items]
Interest rate	9.50%
Interest rate	4.00%
Principal amount	$ 435,375	437,625
Notes due March 2029 \| Notes/Term loan due
Debt Instrument [Line Items]
Interest rate	7.25%
Principal amount	$ 350,000	350,000
Notes due January 2037 \| Notes/Term loan due
Debt Instrument [Line Items]
Interest rate	5.25%
Principal amount	$ 35,841	35,841
Notes due March 2043 \| Notes/Term loan due
Debt Instrument [Line Items]
Interest rate	6.70%
Principal amount	$ 425,000	$ 425,000

Accumulated Other Comprehensive Loss (Reclassifications) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense, net	$ (28,767)	$ (22,920)	$ (56,533)	$ (45,262)
Pension and postretirement benefit plans	(382)	(1,751)	(769)	(3,461)
Loss before taxes	(38,664)	(150,950)	(28,990)	(161,937)
Financing revenue	793,170	776,481	1,623,679	1,611,019
Income tax (benefit) provision	(13,797)	(9,415)	(1,238)	(12,665)
Net loss	(24,867)	(141,535)	(27,752)	(149,272)
Reclassification out of Accumulated Other Comprehensive Loss \| Cash flow hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of sales	0	(34)	0	(33)
Interest expense, net	2,584	138	5,175	275
Loss before taxes	2,584	104	5,175	242
Income tax (benefit) provision	646	26	1,294	61
Net loss	1,938	78	3,881	181
Reclassification out of Accumulated Other Comprehensive Loss \| Available for sale securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Financing revenue	(487)	(1)	(1,135)	9
Income tax (benefit) provision	(122)	0	(284)	2
Net loss	(365)	(1)	(851)	7
Reclassification out of Accumulated Other Comprehensive Loss \| Pension and postretirement benefit plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Loss before taxes	(6,661)	(4,962)	(13,330)	(9,593)
Income tax (benefit) provision	(1,654)	(1,223)	(3,282)	(2,365)
Net loss	(5,007)	(3,739)	(10,048)	(7,228)
Reclassification out of Accumulated Other Comprehensive Loss \| Prior service costs
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Pension and postretirement benefit plans	(68)	(67)	(137)	(132)
Reclassification out of Accumulated Other Comprehensive Loss \| Actuarial losses
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Pension and postretirement benefit plans	(6,593)	(4,581)	(13,193)	(9,147)
Reclassification out of Accumulated Other Comprehensive Loss \| Settlement
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Pension and postretirement benefit plans	$ 0	$ (314)	$ 0	$ (314)

Finance Assets and Lessor Operating Leases (Write Offs) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	$ 5,640	$ 5,966
Sales-type lease receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Year one	63	272
Year two	542	688
Year three	914	936
Year four	487	601
Year five	312	366
Prior	218	290
Loan receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	$ 3,104	$ 2,813

Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

Total debt consisted of the following:


	Interest rate	June 30, 2024		December 31, 2023

Term loan due March 2026	SOFR + 2.25%	$	261,500	$	285,500
Notes due March 2027	6.875%	380,000		380,000
Notes due March 2028	SOFR + 6.9%	272,938		274,313
Term loan due March 2028	SOFR + 4.0%	435,375		437,625
Notes due March 2029	7.25%	350,000		350,000
Notes due January 2037	5.25%	35,841		35,841
Notes due March 2043	6.70%	425,000		425,000

Other debt		540		1,181
Principal amount		2,161,194		2,189,460
Less: unamortized costs, net		38,870		43,428
Total debt		2,122,324		2,146,032
Less: current portion long-term debt		57,290		58,931
Long-term debt		$	2,065,034	$	2,087,101

Segment Information (Net Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Reconciliation of adjusted segment EBIT to net income or loss:
Interest expense, net	$ (28,767)	$ (22,920)	$ (56,533)	$ (45,262)
Restructuring charges	(31,843)	(22,443)	(36,158)	(26,042)
Goodwill impairment	0	(118,599)	0	(118,599)
Gain on debt redemption			0	3,064
Benefit for income taxes	13,797	9,415	1,238	12,665
Net loss	(24,867)	(141,535)	(27,752)	(149,272)
Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBIT	97,080	79,794	203,260	169,164
Segment Reconciling Items
Reconciliation of adjusted segment EBIT to net income or loss:
Interest expense, net	(44,732)	(37,683)	(89,101)	(74,561)
Unallocated corporate expenses	(51,275)	(47,709)	(101,045)	(104,058)
Restructuring charges	(31,843)	(22,443)	(36,158)	(26,042)
Goodwill impairment	0	(118,599)	0	(118,599)
Proxy solicitation fees	0	(4,538)	0	(10,905)
Gain on debt redemption	0	228	0	3,064
Foreign currency gain on intercompany loans	712	0	5,350	0
CEO and Board transition costs	(2,631)	0	(2,631)	0
Strategic review costs	(5,975)	0	(8,665)	0
Benefit for income taxes	13,797	9,415	1,238	12,665
SendTech Solutions
Segment Reporting Information [Line Items]
Adjusted EBIT	100,967	96,848	202,245	192,485
Presort Services
Segment Reporting Information [Line Items]
Adjusted EBIT	27,048	20,429	67,377	47,334
Global Ecommerce
Segment Reporting Information [Line Items]
Adjusted EBIT	$ (30,935)	$ (37,483)	$ (66,362)	$ (70,655)