Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 23, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 1-4879 | |
Entity Registrant Name | Diebold Nixdorf, Incorporated | |
Entity Incorporation, State or Country Code | OH | |
Entity Tax Identification Number | 34-0183970 | |
Entity Address, Address Line One | 5995 Mayfair Road, PO Box 3077, | |
Entity Address, City or Town | North Canton, | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 44720-8077 | |
City Area Code | 330 | |
Local Phone Number | 490-4000 | |
Title of 12(b) Security | Common shares, $1.25 par value per share | |
Trading Symbol | DBD | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 77,678,423 | |
Entity Central Index Key | 0000028823 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash, cash equivalents and restricted cash | $ 277.3 | $ 280.9 |
Short-term investments | 6.8 | 10 |
Receivables, Net, Current | 668.1 | 619.3 |
Inventories | 542.6 | 466.5 |
Prepaid expenses | 35.5 | 51.3 |
Current assets held for sale | 67.9 | 233.3 |
Other current assets | 242.8 | 230.7 |
Total current assets | 1,841 | 1,892 |
Securities and other investments | 9.2 | 21.4 |
Property, Plant and Equipment, Net | 198.3 | 231.5 |
Goodwill | 773.7 | 764 |
Deferred income taxes | 127.7 | 120.8 |
Intangible assets, net | 449.5 | 502.3 |
Other assets | 269.4 | 313.2 |
Total assets | 3,627.8 | 3,790.6 |
Current liabilities | ||
Notes payable | 18.3 | 32.5 |
Accounts payable | 504.4 | 471.5 |
Deferred revenue | 247.3 | 320.5 |
Payroll and other benefits liabilities | 198.2 | 224.7 |
Other current liabilities | 481.4 | 550.4 |
Total current liabilities | 1,449.6 | 1,599.6 |
Long-term debt | 2,427.9 | 2,108.7 |
Pensions, post-retirement and other benefits | 228.9 | 237.7 |
Deferred income taxes | 116.1 | 134.5 |
Other liabilities | 197.1 | 195.5 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 19.9 | 20.9 |
Diebold Nixdorf, Incorporated shareholders' equity | ||
Preferred shares, no par value, 1,000,000 authorized shares, none issued | 0 | 0 |
Common shares, $1.25 par value, 125,000,000 authorized shares, 93,524,415 and 92,208,247 issued shares, 77,672,179 and 76,813,013 outstanding shares, respectively | 116.9 | 115.3 |
Additional capital | 783.3 | 773.9 |
Accumulated deficit | (690.2) | (472.3) |
Treasury shares, at cost (15,852,236 and 15,395,234 shares, respectively) | (576.6) | (571.9) |
Accumulated other comprehensive loss | (440) | (375.3) |
Total Diebold Nixdorf, Incorporated shareholders' equity | (806.6) | (530.3) |
Noncontrolling interests | (5.1) | 24 |
Total equity | (811.7) | (506.3) |
Total liabilities, redeemable noncontrolling interests and equity | 3,627.8 | 3,790.6 |
Customer relationships [Member] | ||
Current assets | ||
Intangible assets, net | $ 408.5 | $ 447.7 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets | ||
Allowances for doubtful accounts | $ 43 | $ 42.2 |
Accumulated depreciation and amortization | $ 558.6 | $ 526.9 |
Diebold Nixdorf, Incorporated shareholders' equity | ||
Preferred Stock, No Par Value | $ 0 | $ 0 |
Preferred shares, shares authorized | 1,000,000 | 1,000,000 |
Preferred shares, shares issued | 0 | 0 |
Common shares, par value | $ 1.25 | $ 1.25 |
Common shares, shares authorized | 125,000,000 | 125,000,000 |
Common shares, shares issued | 93,524,415 | 92,208,247 |
Common shares, shares outstanding | 77,672,179 | 76,813,013 |
Treasury shares, at cost, shares | 15,852,236 | 15,395,234 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net sales | ||||
Net sales | $ 995.2 | $ 1,078.8 | $ 2,796.4 | $ 3,257.1 |
Cost of sales | ||||
Total cost of sales | 711.1 | 807.4 | 2,037.9 | 2,460.4 |
Gross profit | 284.1 | 271.4 | 758.5 | 796.7 |
Selling and administrative expense | 226 | 219.9 | 629.7 | 674.3 |
Research, development and engineering expense | 30.2 | 36.8 | 93.4 | 109.8 |
Asset Impairment Charges | 4.1 | 0 | 4.1 | 0 |
(Gain) loss on sale of assets, net | 0 | (8.5) | 13 | 6.6 |
Total operating expense | 260.3 | 248.2 | 740.2 | 790.7 |
Operating profit (loss) | 23.8 | 23.2 | 18.3 | 6 |
Other income (expense) | ||||
Interest income | 1.9 | 1.9 | 5.4 | 7 |
Interest expense | (144.3) | (52.5) | (240.6) | (153.3) |
Foreign exchange gain, net | (2.3) | (1.8) | (9.5) | (4.1) |
Miscellaneous, net | (1.5) | (1) | 4.1 | (2.8) |
Loss before taxes | (122.4) | (30.2) | (222.3) | (147.2) |
Income tax (benefit) expense | (21.5) | 5.2 | (4.9) | 74.8 |
Equity in earnings of unconsolidated subsidiaries | 0 | 0.6 | 0 | 0 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total | (100.9) | (34.8) | (217.4) | (222) |
Net (loss) income attributable to noncontrolling interests | 0.5 | 0.9 | 0.5 | (3.3) |
Net loss attributable to Diebold Nixdorf, Incorporated | $ (101.4) | $ (35.7) | $ (217.9) | $ (218.7) |
Weighted-average number of common shares used in basic and diluted loss per share (1) | 77.7 | 76.8 | 77.5 | 76.6 |
Earnings Per Share [Abstract] | ||||
Basic and diluted loss per share | $ (1.31) | $ (0.46) | $ (2.81) | $ (2.86) |
Service [Member] | ||||
Net sales | ||||
Net sales | $ 588.9 | $ 643 | $ 1,736.4 | $ 1,931 |
Cost of sales | ||||
Total cost of sales | 399.2 | 462.4 | 1,226.5 | 1,423.3 |
Product [Member] | ||||
Net sales | ||||
Net sales | 406.3 | 435.8 | 1,060 | 1,326.1 |
Cost of sales | ||||
Total cost of sales | 311.9 | 345 | 811.4 | 1,037.1 |
Retained Earnings [Member] | ||||
Other income (expense) | ||||
Net loss attributable to Diebold Nixdorf, Incorporated | $ (101.4) | $ (35.7) | $ (217.9) | $ (218.7) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net loss | $ (100.9) | $ (34.8) | $ (217.4) | $ (222) |
Other comprehensive income (loss), net of tax | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 3 | (3) | (19.1) | (8.7) |
Reclassification adjustment for amounts recognized in net income | (0.4) | 0.8 | 4.9 | 1.8 |
Total interest rate hedges | 2.6 | (2.2) | (14.2) | (6.9) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | 2.1 | 2.2 | 11.2 | 6 |
Other | 0 | 0 | (0.8) | 0.1 |
Other comprehensive loss, net of tax | (5.7) | (91.9) | (66.1) | (74.2) |
Comprehensive loss | (106.6) | (126.7) | (283.5) | (296.2) |
Less: comprehensive loss attributable to noncontrolling interests | 0.4 | (0.1) | (0.9) | (4.1) |
Comprehensive loss attributable to Diebold Nixdorf, Incorporated | (107) | (126.6) | (282.6) | (292.1) |
Translation adjustment | ||||
Other comprehensive income (loss), net of tax | ||||
Translation adjustment and foreign currency hedges | (10) | (91.7) | (64.1) | (73.3) |
Net Investment Hedging [Member] | ||||
Other comprehensive income (loss), net of tax | ||||
Translation adjustment and foreign currency hedges | (0.4) | (0.2) | 1.8 | (0.1) |
Foreign currency hedges, amount recognized in other comprehensive income, tax | (0.1) | 0 | 0.2 | 0 |
Interest rate swaps | ||||
Other comprehensive income (loss), net of tax | ||||
Interest rate hedges, net gain recognized in other comprehensive income, tax | (0.9) | 0.5 | 4 | 1.7 |
Pension and other post-retirement benefits | ||||
Other comprehensive income (loss), net of tax | ||||
Net actuarial loss amortization, tax | $ 0.6 | $ (0.4) | $ 2.4 | $ (1.2) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Loss) Parentheticals - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net Investment Hedging [Member] | ||||
Foreign currency hedges, amount recognized in other comprehensive income, tax | $ (0.1) | $ 0 | $ 0.2 | $ 0 |
Interest rate hedges | ||||
Interest rate hedges, net gain recognized in other comprehensive income, tax | (0.9) | 0.5 | 4 | 1.7 |
Pension and other post-retirement benefits | ||||
Net actuarial loss amortization, tax | $ 0.6 | $ (0.4) | $ 2.4 | $ (1.2) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flow from operating activities: | ||
Net loss | $ (217.4) | $ (222) |
Adjustments to reconcile net loss to cash flow used by operating activities: | ||
Depreciation and amortization | 75.1 | 83.2 |
Amortization of acquired intangible assets | 63.2 | 71.8 |
Amortization of Deferred Charges | 41.1 | 16.3 |
Share-based compensation | 11.1 | 19.4 |
Gain (Loss) on Extinguishment of Debt | 67.2 | 0 |
Loss (gain) on sale of assets, net | 13 | 6.6 |
Asset Impairment Charges | 4.1 | 0 |
Deferred income taxes | (36.4) | 3.2 |
Other | (7.1) | 0 |
Changes in certain assets and liabilities | ||
Trade receivables | (68.6) | 110.1 |
Inventories | (83.8) | (2.9) |
Accounts payable | 35.3 | (6.9) |
Deferred revenue | (69.6) | (50.3) |
Sales tax and net value added tax | (18) | (13.7) |
Income taxes | 1.5 | 60.5 |
Increase (Decrease) in Prepaid Expense | 16.1 | 9.8 |
Accrued salaries, wages and commissions | (22) | 14 |
Restructuring | (8.3) | (27.9) |
Warranty liability | (2.4) | (3.2) |
Liabilities held for sale | (22.3) | 12.5 |
Certain other assets and liabilities | 18.8 | (73.1) |
Net cash provided (used) by operating activities | (209.4) | 7.4 |
Cash flow from investing activities: | ||
Capital expenditures | (12.2) | (30.2) |
Proceeds from divestitures, net of cash divested | (47.9) | 29.8 |
Proceeds from Life Insurance Policy | 15.6 | 0 |
Proceeds from maturities of short-term investments | 154.3 | 185.9 |
Payments for purchases of short-term investments | (142.7) | (157.9) |
Increase in certain other assets | 7.8 | 17.4 |
Net cash provided (used) by investing activities | (40.7) | 10.2 |
Cash flow from financing activities: | ||
Debt issuance costs | (26.4) | (12.5) |
Payment for Debt Extinguishment or Debt Prepayment Cost | (67.2) | 0 |
Revolving credit facility borrowings (repayments), net | 192.1 | (125) |
Other debt borrowings | 1,107.8 | 395.3 |
Other debt repayments | (1,039.5) | (342.9) |
Distributions to noncontrolling interest holders | 0 | (98.1) |
Other | (6) | (1.7) |
Net cash provided (used) by financing activities | 160.8 | (184.9) |
Effect of exchange rate changes on cash and cash equivalents | (7.7) | (7.2) |
Change in cash, cash equivalents and restricted cash | (97) | (174.5) |
Add: Cash included in assets held for sale at beginning of period | 97.2 | 7.3 |
Less: Cash included in assets held for sale at end of period | 3.8 | 38.9 |
Cash, cash equivalents and restricted cash at the beginning of the period | 280.9 | 458.4 |
Cash, cash equivalents and restricted cash at the end of the period | 277.3 | 252.3 |
Proceeds from Lines of Credit | 653.1 | 703.4 |
Repayments of Lines of Credit | $ 461 | $ 828.4 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | Accumulated Other Comprehensive Income (Loss) The following table summarizes the changes in the Company’s accumulated other comprehensive income (AOCI), net of tax, by component for the three months ended September 30, 2020: Translation Foreign Currency Hedges Interest Rate Hedges Pension and Other Post-retirement Benefits Other Accumulated Other Comprehensive Income (Loss) Balance at June 30, 2020 $ (284.3) $ (0.4) $ (11.6) $ (137.5) $ (0.6) $ (434.4) Other comprehensive income (loss) before reclassifications (1) (9.9) (0.4) 3.0 — — (7.3) Amounts reclassified from AOCI — — (0.4) 2.1 — 1.7 Net current-period other comprehensive income (loss) (9.9) (0.4) 2.6 2.1 — (5.6) Balance at September 30, 2020 $ (294.2) $ (0.8) $ (9.0) $ (135.4) $ (0.6) $ (440.0) (1) Other comprehensive income (loss) before reclassifications within the translation component excludes $0.1 translation attributable to noncontrolling interests. The following table summarizes the changes in the Company’s AOCI, net of tax, by component for the three months ended September 30, 2019: Translation Foreign Currency Hedges Interest Rate Hedges Pension and Other Post-retirement Benefits Other Accumulated Other Comprehensive Income (Loss) Balance at June 30, 2019 $ (174.7) $ (1.8) $ 5.9 $ (117.2) $ 0.2 $ (287.6) Other comprehensive income (loss) before reclassifications (1) (90.7) (0.2) (3.0) — — (93.9) Amounts reclassified from AOCI — — 0.8 2.2 — 3.0 Net current-period other comprehensive income (loss) (90.7) (0.2) (2.2) 2.2 — (90.9) Balance at September 30, 2019 $ (265.4) $ (2.0) $ 3.7 $ (115.0) $ 0.2 $ (378.5) (1) Other comprehensive income (loss) before reclassifications within the translation component excludes $(1.0) of translation attributable to noncontrolling interests. The following table summarizes the changes in the Company’s AOCI, net of tax, by component for the nine months ended September 30, 2020: Translation Foreign Currency Hedges Interest Rate Hedges Pension and Other Post-retirement Benefits Other Accumulated Other Comprehensive Income (Loss) Balance at January 1, 2020 $ (231.5) $ (2.6) $ 5.2 $ (146.6) $ 0.2 $ (375.3) Other comprehensive income (loss) before reclassifications (1) (62.7) 1.8 (19.1) — (0.8) (80.8) Amounts reclassified from AOCI — — 4.9 11.2 — 16.1 Net current-period other comprehensive income (loss) (62.7) 1.8 (14.2) 11.2 (0.8) (64.7) Balance at September 30, 2020 $ (294.2) $ (0.8) $ (9.0) $ (135.4) $ (0.6) $ (440.0) (1) Other comprehensive income (loss) before reclassifications within the translation component excludes $1.4 of translation attributable to noncontrolling interests. The following table summarizes the changes in the Company’s AOCI, net of tax, by component for the nine months ended September 30, 2019: Translation Foreign Currency Hedges Interest Rate Hedges Pension and Other Post-retirement Benefits Other Accumulated Other Comprehensive Income (Loss) Balance at January 1, 2019 $ (192.1) $ (1.9) $ 10.6 $ (121.0) $ 0.1 $ (304.3) Other comprehensive income (loss) before reclassifications (1) (73.3) (0.1) (8.7) — 0.1 (82.0) Amounts reclassified from AOCI — — 1.8 6.0 — 7.8 Net current-period other comprehensive income (loss) (73.3) (0.1) (6.9) 6.0 0.1 (74.2) Balance at September 30, 2019 $ (265.4) $ (2.0) $ 3.7 $ (115.0) $ 0.2 $ (378.5) (1) Other comprehensive income (loss) before reclassifications within the translation component excludes nominal translation attributable to noncontrolling interests. The following table summarizes the details about the amounts reclassified from AOCI: Three Months Ended Nine Months Ended Affected Line Item in the Statement of Operations September 30, September 30, 2020 2019 2020 2019 Interest rate hedges $ (0.4) $ 0.8 $ 4.9 $ 1.8 Interest expense Pension and post-retirement benefits: Net actuarial gain (loss) amortization (net of tax of $0.6, $(1.9), $2.4 and $(1.2), respectively) 2.1 2.2 11.2 6.0 (1) Total reclassifications for the period $ 1.7 $ 3.0 $ 16.1 $ 7.8 (1) Pension and other post-retirement benefits AOCI components are included in the computation of net periodic benefit cost (refer to note 16). |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Diebold Nixdorf, Incorporated and its subsidiaries (collectively, the Company) have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States (U.S. GAAP); however, such information reflects all adjustments (consisting solely of normal recurring adjustments) that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in the Company’s annual report on Form 10-K for the year ended December 31, 2019. In addition, some of the Company’s statements in this quarterly report on Form 10-Q may involve risks and uncertainties that could significantly impact expected future results. The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of results to be expected for the full year. The Company has reclassified the presentation of certain prior-year information to conform to the current presentation. Recently Adopted Accounting Guidance Standards Adopted Description Effective ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement This Accounting Standard Update (ASU) is designed to improve the effectiveness of disclosures by removing, modifying and adding disclosures related to fair value measurements. The adoption of this ASU did not have a significant impact on the Company's condensed consolidated financial statements. January 1, 2020 ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 The amendments in this ASU provide guidance on whether certain transactions between collaborative arrangement participants should be accounted for under Topic 606. The adoption of this ASU did not have a significant impact on the Company's condensed consolidated financial statements. January 1, 2020 ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments The amendments in this ASU replace the incurred loss impairment methodology with the current expected credit loss methodology. This will change the measurement of credit losses on financial instruments and the timing of when such losses are recorded. The adoption of this ASU did not have a significant impact on the Company's condensed consolidated financial statements. January 1, 2020 ASU 2019-01, Leases (Topic 842): Codification Improvements This ASU is intended to clarify the Accounting Standard Codification (ASC) more generally and/or to correct unintended application of guidance. The amendments in this ASU include three Issues: Determining the fair value of the underlying asset by lessors that are not manufacturers or dealers (Issue 1) Presentation on the statement of cash flows—sales-type and direct financing leases (Issue 2) and Transition disclosures related to Topic 250, Accounting Changes and Error Corrections (Issue 3). The adoption of this ASU did not have a significant impact on the Company’s condensed consolidated financial statements. January 1, 2020 ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments This ASU is designed to clarify, correct, and improve various aspects of the guidance in the following ASUs related to financial instruments: ASU 2016-01 - Financial Instruments - Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Liabilities; ASU 2016-13 - Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments; and ASU 2017-12 - Derivatives and Hedging (Topic 815): Targeted Improvements for Hedging Activities. The adoption of this ASU did not have a significant impact on the Company's condensed consolidated financial statements. January 1, 2020 Securities and Exchange Commission (SEC) Release # 33-10762, Financial Disclosures about Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities On March 2, 2020, the SEC issued a final rule that amended the disclosure requirements related to certain registered securities under SEC Regulation S-X, Rule 3-10, which required separate financial statements for subsidiary issuers and guarantors of registered debt securities unless certain exceptions are met. The final rule replaces the previous requirement under Rule 3-10 to provide condensed consolidating financial information in the registrant’s financial statements with a requirement to provide alternative financial disclosures. As a result, we have excluded the footnote disclosures required under the previous Rule 3-10, and applied the final rule by including the summarized financial information and qualitative disclosures in Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations of this Quarterly Report on Form 10-Q and Exhibit 22.1, filed herewith. January 4, 2021 (early adopted for the period ended September 30, 2020) |
Leases (Notes)
Leases (Notes) | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Lessee, Operating and Financing Leases [Text Block] | Leases The Company utilizes lease agreements to meet its operating needs. These leases support global staff via the use of office space, warehouses, vehicles and information technology (IT) equipment. The Company utilizes both operating and finance leases in its portfolio of leased assets; however, the majority of these leases are classified as operating. A significant portion of the volume of the lease portfolio is in fleet vehicles and IT office equipment; however, real estate leases constitute a majority of the value of the right-of-use (ROU) assets. Lease agreements are utilized worldwide, with the largest location concentration in the United States, Germany and India. The Company's lease population has initial lease terms ranging from less than one year to approximately ten years. Some leases include one or more options to renew, with renewal terms that can extend the lease term from six months to 15 years. The following table summarizes the weighted-average remaining lease terms and discount rates related to the Company's lease population at: September 30, 2020 September 30, 2019 Weighted-average remaining lease terms (in years) Operating leases 4.2 4.8 Finance leases 3.8 2.4 Weighted-average discount rate Operating leases 11.5 % 12.2 % Finance leases 10.9 % 24.1 % The weighted-average discount rates used for operating and finance leases varies due to the jurisdictional composition. The Company has an immaterial amount of finance leases. In 2019, the Company's finance leases were primarily comprised of leases in Turkey, which have higher interest rates. The weighted-average discount rate for finance leases decreased in 2020 compared to 2019 due to an increase in finance leases globally that had rates lower than the rates for Turkish leases. Certain lease agreements include payments based on a variety of global indexes or rates. These payment amounts have been projected using the index or rate as of lease commencement or the transition date and measured in ROU assets and lease liabilities. Other leases contain variable payments that are based on actual usage of the underlying assets and, therefore, are not measured in assets or liabilities as the variable payments are not based on an index or a rate. For real estate leases, these payments are most often tied to non-committed maintenance or utilities charges, and for equipment leases, to actual output or hours in operation. These amounts typically become known when the invoice is received, which is when expense is recognized. In rare circumstances, the Company's lease agreements may contain residual value guarantees. The Company's lease agreements do not contain any restrictions or covenants, such as those relating to dividends or incurring additional financial obligations. As of September 30, 2020, the Company did not have any material leases that have not yet commenced but that create significant rights and obligations. The Company determines whether an arrangement is or includes a lease at contract inception. All contracts containing the right to use an underlying asset are reviewed to confirm that the contract meets the definition of a lease. ROU assets and liabilities are recognized at commencement date and initially measured based on the present value of lease payments over the defined lease term. As most leases do not provide an explicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. In order to apply the incremental borrowing rate, a rate table was developed to assign the appropriate rate to each lease based on lease term and currency of payments. For leases with large numbers of underlying assets, a portfolio approach with a collateralized rate was utilized. Assets were grouped based on similar lease terms and economic environments in a manner whereby the Company reasonably expects that the application does not differ materially from a lease-by-lease approach. The following table summarizes the components of lease expense: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Lease expense Operating lease expense $ 24.6 $ 23.2 $ 71.9 $ 65.3 Finance lease expense Amortization of ROU lease assets $ 0.4 $ 0.1 $ 1.1 $ 0.4 Interest on lease liabilities $ 0.1 $ 0.1 $ 0.4 $ 0.3 Variable lease expense $ 1.9 $ 3.2 $ 6.5 $ 11.4 The following table summarizes the maturities of lease liabilities: Operating Finance 2020 (excluding the nine months ended September 30, 2020) $ 25.5 $ 0.6 2021 55.1 2.0 2022 34.6 1.3 2023 21.4 0.6 2024 15.3 0.5 Thereafter 25.1 0.8 Total 177.0 5.8 Less: Present value discount (35.7) (0.9) Lease liability $ 141.3 $ 4.9 The following table summarizes the cash flow information related to leases: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Cash paid for amounts included in the measurement of lease liabilities Operating - operating cash flows $ 28.3 $ 22.3 $ 72.3 $ 63.6 Finance - financing cash flows $ 0.4 $ 0.1 $ 1.2 $ 0.3 Finance - operating cash flows $ 0.2 $ 0.2 $ 0.6 $ 0.4 ROU lease assets obtained in the exchange for lease liabilities Operating leases $ 9.9 $ 8.5 $ 17.6 $ 49.3 Finance leases $ 0.1 $ 0.2 $ 4.0 $ 2.3 The following table summarizes the balance sheet information related to leases: September 30, 2020 December 31, 2019 Assets Operating $ 139.6 $ 167.5 Finance 5.1 2.4 Total leased assets $ 144.7 $ 169.9 Current liabilities Operating $ 52.2 $ 62.8 Finance 1.7 0.9 Noncurrent liabilities Operating 89.1 106.4 Finance 3.2 1.4 Total lease liabilities $ 146.2 $ 171.5 |
Earning Per Share
Earning Per Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | Earnings (Loss) Per ShareBasic earnings (loss) per share is based on the weighted-average number of common shares outstanding. Diluted earnings (loss) per share includes the dilutive effect of potential common shares outstanding. Under the two-class method of computing earnings (loss) per share, non-vested share-based payment awards that contain rights to receive non-forfeitable dividends are considered participating securities. The Company’s participating securities include restricted stock units (RSUs), director deferred shares and shares that were vested but deferred by employees. The Company calculated basic and diluted earnings (loss) per share under both the treasury stock method and the two-class method. For the three and nine months ended September 30, 2020 and 2019, there were no differences in the earnings (loss) per share amounts calculated under the two methods. Accordingly, the treasury stock method is disclosed below; however, the weighted-average number of shares used in the computation of diluted earnings (loss) per share are excluded due to the Company's net loss. The following table represents amounts used in computing earnings (loss) per share and the effect on the weighted-average number of shares of dilutive potential common shares: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Numerator Income (loss) used in basic and diluted loss per share Net loss $ (100.9) $ (34.8) $ (217.4) $ (222.0) Net (income) loss attributable to noncontrolling interests 0.5 0.9 0.5 (3.3) Net loss attributable to Diebold Nixdorf, Incorporated $ (101.4) $ (35.7) $ (217.9) $ (218.7) Denominator Weighted-average number of common shares used in basic and diluted loss per share (1) 77.7 76.8 77.5 76.6 Net loss attributable to Diebold Nixdorf, Incorporated Basic and diluted loss per share $ (1.31) $ (0.46) $ (2.81) $ (2.86) Anti-dilutive shares Anti-dilutive shares not used in calculating diluted weighted-average shares 2.3 2.7 2.6 3.4 (1) Incremental shares of 1.2 and 2.2 for the three months ended September 30, 2020 and 2019, respectively, and 1.0 and 1.7 for the nine months ended September 30, 2020 and 2019, respectively, would have been included in the weighted-average number of shares used in the computation of diluted earnings (loss) per share because their effects are dilutive, but are excluded due to the Company's net loss. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION | Share-Based CompensationThe Company’s share-based compensation to employees is recognized based on grant-date fair values during the period in which the employee is required to provide services in exchange for the award. Share-based compensation is primarily recognized as a component of selling and administrative expense. Total share-based compensation expense was $3.5 and $5.2 for the three months ended September 30, 2020 and 2019, respectively, and $11.1 and $19.4 for the nine months ended September 30, 2020 and 2019, respectively. The decrease in share-based compensation of $8.3 for the nine months ended September 30, 2020 is primarily due to a reduction in shares granted. The Company has certain performance and restricted stock units that will be settled in cash and are accounted for as liabilities. The total compensation expense for these awards was $11.1 and $2.3 for the three months ended September 30, 2020 and 2019, respectively, and $17.5 and $7.2 for the nine months ended September 30, 2020 and 2019, respectively. These awards vest ratably over a three-year period. Options outstanding and exercisable as of September 30, 2020 are included under the Company’s 1991 Equity and Performance Incentive Plan (as Amended and Restated as of February 12, 2014) (the 1991 Plan) and the Company's 2017 Equity and Performance Incentive Plan (the 2017 Plan). Changes during the nine months ended September 30, 2020 were as follows: Number of Weighted-Average Weighted- Aggregate Intrinsic Value (1) (per share) (in years) Outstanding at January 1, 2020 2.4 $ 14.89 Expired or forfeited (0.1) $ 31.74 Granted 0.4 $ 12.54 Outstanding at September 30, 2020 2.7 $ 14.30 8 $ 2.5 Options exercisable September 30, 2020 1.4 $ 19.66 7 $ 1.2 Options vested and expected to vest (2) at September 30, 2020 2.7 $ 14.30 8 $ 2.5 (1) The aggregate intrinsic value (the difference between the closing price of the Company’s common shares on the last trading day of the third quarter of 2020 and the exercise price, multiplied by the number of “in-the-money” options) that would have been received by the option holders had all option holders exercised their options on September 30, 2020. The amount of aggregate intrinsic value will change based on the fair market value of the Company’s common shares. (2) The options expected to vest are the result of applying the pre-vesting forfeiture rate assumption to total outstanding non-vested options. The following table summarizes information on non-vested RSUs and performance shares relating to employees and non-employee directors for the nine months ended September 30, 2020: Number of Weighted-Average RSUs: Non-vested at January 1, 2020 2.2 $ 9.99 Forfeited (0.1) $ 13.11 Vested (1.0) $ 12.60 Granted 0.9 $ 10.64 Non-vested at September 30, 2020 2.0 $ 8.84 Performance Shares: Non-vested at January 1, 2020 2.4 $ 26.44 Forfeited (0.8) $ 34.49 Vested (0.3) $ 26.60 Non-vested at September 30, 2020 1.3 $ 21.73 Performance shares are granted to employees and vest based on the achievement of certain performance objectives, as determined by the board of directors each year. Each performance share earned entitles the holder to one common share of the Company. The Company's performance shares include performance objectives that are assessed after a three-year period as well as performance objectives that are assessed annually over a three-year period. No shares are vested unless certain performance threshold objectives are met. As of September 30, 2020, there were 0.1 non-employee director deferred shares vested and outstanding. On May 1, 2020, the Company's shareholders approved amendments to the 2017 Plan, which provide for an additional 1.9 common shares available for award. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | Income TaxesThe effective tax rate on the loss was 17.6 percent and 2.2 percent for the three and nine months ended September 30, 2020, respectively. The tax benefit for the three months ended September 30, 2020 was attributable to current quarter pre-tax losses. The tax benefit percentage for the three months ended September 30, 2020, is primarily attributable to the usage of previously unbenefited foreign tax credit carryovers, while the overall nine month lower income tax benefit percentage is primarily attributable to the second quarter discrete tax inclusion caused by the surrender of Company-owned life insurance (COLI) plans. The effective tax rate on the loss was (17.2) percent and (50.8) percent for the three and nine months ended September 30, 2019, respectively. The expense on the loss was primarily due to the tax impacts of the U.S. Tax Cuts and Jobs Act on the estimated projected tax rate, more specifically, the impacts related to global intangible low-taxed income and the base erosion and anti-abuse tax. In addition, during the first quarter the Company collapsed its Barbados structure to meet the covenant requirements under its credit agreement, which resulted in additional tax discrete expense partially offset by the valuation allowance release relating to the Company’s nondeductible interest expense that was carried forward from December 31, 2018. The above items noted as well as the Company’s jurisdictional income (loss) mix and varying statutory rates are the primary drivers of the estimated projected tax rate. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2020 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | Inventories Major classes of inventories are summarized as follows: September 30, 2020 December 31, 2019 Finished goods $ 233.2 $ 157.4 Service parts 167.6 175.4 Raw materials and work in process 141.8 133.7 Total inventories $ 542.6 $ 466.5 |
Investments
Investments | 9 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS | Investments The Company’s investments, primarily in Brazil, consist of certificates of deposit that are recorded at fair value based upon quoted market prices. Changes in fair value are recognized in investment income, determined using the specific identification method, and were minimal. There were no gains from the sale of securities or proceeds from the sale of securities for the three and nine months ended September 30, 2020 and 2019. The Company has deferred compensation plans that enable certain employees to defer receipt of a portion of their cash, 401(k) or share-based compensation and non-employee directors to defer receipt of director fees at the participants’ discretion. For deferred cash-based compensation, the Company established rabbi trusts (refer to note 18), which are recorded at fair value of the underlying securities within securities and other investments. The related deferred compensation liability is recorded at fair value within other long-term liabilities. Realized and unrealized gains and losses on marketable securities in the rabbi trusts are recognized in interest income. The Company’s investments subject to fair value measurement consist of the following: Cost Basis Unrealized Fair Value As of September 30, 2020 Short-term investments Certificates of deposit $ 6.8 $ — $ 6.8 Long-term investments Assets held in a rabbi trust $ 5.1 $ 0.9 $ 6.0 As of December 31, 2019 Short-term investments Certificates of deposit $ 10.0 $ — $ 10.0 Long-term investments Assets held in a rabbi trust $ 5.5 $ 0.7 $ 6.2 Securities and other investments also includes a cash surrender value of insurance contracts of $3.2 and $15.2 as of September 30, 2020 and December 31, 2019, respectively. During the second quarter of 2020, the Company implemented a plan to close and surrender several of its COLI plans. As a result, the Company received proceeds of $8.4 and $15.6 during the three and nine months ended September 30, 2020, respectively, from the closure of its plans. The Company recorded a gain of $7.2 during the nine months ended September 30, 2020, respectively, and recorded this to Miscellaneous, net within Other income (expense) on the Condensed Consolidated Statement of Operations. The Company has certain strategic alliances that are not consolidated. The Company tests these strategic alliances annually, individually and in the aggregate, to determine materiality. The Company owns 48.1 percent of Inspur (Suzhou) Financial Technology Service Co. Ltd. (Inspur JV), which increased from 40.0 percent as a result of the divestiture of the Company's operations in China (refer to note 15). Additionally, the Company owns 43.6 percent of Aisino-Wincor Retail & Banking Systems (Shanghai) Co., Ltd. (Aisino JV). The Company engages in transactions in the ordinary course of business with its strategic alliances. The Company's strategic alliances are not significant subsidiaries and are accounted for under the equity method of accounting. As of September 30, 2020, the Company had accounts receivable and accounts payable balances with these strategic alliances of $11.5 and $45.3, respectively, which are included in trade receivables, less allowances for doubtful accounts and accounts payable on the condensed consolidated balance sheets. The Company continues to assess these strategic alliances as part of the optimization of its portfolio of businesses, which may include the exit or restructuring of these businesses. The Company provides financing arrangements to customers purchasing its products. These financing arrangements are largely classified and accounted for as sales-type leases. The following table presents the components of finance lease receivables as of September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 Gross minimum lease receivables $ 40.1 $ 41.8 Allowance for credit losses (0.3) (0.3) Estimated unguaranteed residual values 0.2 0.2 40.0 41.7 Less: Unearned interest income (1.5) (2.8) Total $ 38.5 $ 38.9 Future minimum payments due from customers under finance lease receivables as of September 30, 2020 are as follows: 2020 11.9 2021 8.2 2022 7.2 2023 5.3 2024 4.6 Thereafter 2.9 $ 40.1 There were no significant changes in provision for credit losses, recoveries and write-offs during the nine months ended September 30, 2020 and 2019. As of September 30, 2020, finance leases and notes receivable individually evaluated for impairment were $39.7 and $3.3, respectively, with no provision recorded. As of September 30, 2019, finance leases and notes receivable individually evaluated for impairment were $36.3 and $4.8, respectively. There have been no material changes to the maturities on the finance lease receivables since December 31, 2019. The income related to the finance lease receivables was minimal for the three and nine months ended September 30, 2020. The Company records interest income and any fees or costs related to financing receivables using the effective interest method over the term of the lease. The Company reviews the aging of its financing receivables to determine past due and delinquent accounts. Credit quality is reviewed at inception and is re-evaluated as needed based on customer-specific circumstances. Receivable balances 60 days to 89 days past due are reviewed and may be placed on nonaccrual status based on customer-specific circumstances. Receivable balances are placed on nonaccrual status upon reaching greater than 89 days past due. Upon receipt of payment on nonaccrual financing receivables, interest income is recognized and accrual of interest is resumed once the account has been made current or the specific circumstances have been resolved. As a result of the disruption and uncertainty related to the COVID-19 pandemic, the Company continues to assess the impacts on its investments and credit losses. On March 11, 2020, the World Health Organization characterized the outbreak of COVID-19 as a global pandemic and recommended actions for containment and mitigation. The Company continues to actively monitor the impact of the COVID-19 pandemic, which will likely impact the global economy including our business and results of operations for the rest of 2020. The extent of the COVID-19 impact to our operations will depend largely on future developments, along with any new information that may emerge regarding the severity of the pandemic and the actions taken by government authorities to mitigate the spread of the virus, among other factors, all of which are highly uncertain and cannot be accurately predicted. |
Goodwill and Other Assets
Goodwill and Other Assets | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER ASSETS | Goodwill and Other Assets The Company’s three reportable operating segments are Eurasia Banking, Americas Banking and Retail. The Company has allocated goodwill to its Eurasia Banking, Americas Banking and Retail reportable operating segments. The changes in carrying amounts of goodwill within the Company's segments are summarized as follows: Eurasia Banking Americas Banking Retail Total Goodwill $ 598.6 $ 437.3 $ 233.2 $ 1,269.1 Accumulated impairment (291.7) (122.0) (57.2) (470.9) Balance at January 1, 2019 $ 306.9 $ 315.3 $ 176.0 $ 798.2 Transferred to assets held for sale (11.7) — — (11.7) Divestitures (0.4) — (3.9) (4.3) Currency translation adjustment (7.3) (6.0) (4.9) (18.2) Goodwill $ 579.2 $ 431.3 $ 224.4 $ 1,234.9 Accumulated impairment (291.7) (122.0) (57.2) (470.9) Balance at December 31, 2019 $ 287.5 $ 309.3 $ 167.2 $ 764.0 Transferred to assets held for sale (6.4) (2.4) — (8.8) Currency translation adjustment 7.3 6.1 5.1 18.5 Goodwill $ 580.1 $ 435.0 $ 229.5 $ 1,244.6 Accumulated impairment (291.7) (122.0) (57.2) (470.9) Balance at September 30, 2020 $ 288.4 $ 313.0 $ 172.3 $ 773.7 In accordance with the Company's accounting policy, goodwill is tested for impairment annually during the fourth quarter. The Company identified four reporting units, which are Eurasia Banking, Americas Banking, EMEA Retail and Rest of World Retail. The Company considered there to be a triggering event and as a result of analysis performed during the first quarter of 2020, the Eurasia Banking, Americas Banking and EMEA Retail reporting units had sufficient cushion of estimated fair value in excess of carrying value as of March 31, 2020. There have been no impairment indicators identified during the three months ended September 30, 2020. Rest of World Retail had no goodwill as of September 30, 2020 and December 31, 2019. Changes in certain assumptions or the Company's inability to execute on the current plan could have a significant impact to the estimated fair value of the reporting units. As a result of the uncertainty related to the COVID-19 pandemic, the Company could experience unfavorable impacts in the results of the reporting units and to the various assumptions used in the analysis of goodwill and will continue to assess potential triggering events. The following summarizes information on intangible assets by major category: September 30, 2020 December 31, 2019 Weighted-average remaining useful lives Gross Accumulated Net Gross Accumulated Net Customer relationships, net 5.4 years $ 727.0 $ (318.5) $ 408.5 $ 698.7 $ (251.0) $ 447.7 Internally-developed software 1.3 years 192.4 (155.3) 37.1 178.2 (132.2) 46.0 Development costs non-software 0.6 years 53.5 (53.2) 0.3 51.5 (47.5) 4.0 Other intangibles 2.3 years 77.2 (73.6) 3.6 79.3 (74.7) 4.6 Other intangible assets, net 323.1 (282.1) 41.0 309.0 (254.4) 54.6 Total $ 1,050.1 $ (600.6) $ 449.5 $ 1,007.7 $ (505.4) $ 502.3 Amortization expense on capitalized software of $5.3 and $8.2 was included in service and software cost of sales for the three months ended September 30, 2020 and 2019, respectively, and $19.8 and $25.1 for the nine months ended September 30, 2020 and September 30, 2019, respectively. The Company's total amortization expense, including deferred financing costs, was $56.2 and $35.9 for the three months ended September 30, 2020 and 2019, respectively, and $122.7 and $109.5 for the nine months ended September 30, 2020 and 2019, respectively. |
Guarantees and Product Warranti
Guarantees and Product Warranties | 9 Months Ended |
Sep. 30, 2020 | |
Guarantees and Product Warranties Disclosure [Abstract] | |
GUARANTEES AND PRODUCT WARRANTIES | Guarantees and Product Warranties The Company provides its global operations guarantees and standby letters of credit through various financial institutions for suppliers, customers, regulatory agencies and insurance providers. If the Company is not able to make payments or fulfill contractual obligations, the suppliers, customers, regulatory agencies and insurance providers may draw on the pertinent bank. At September 30, 2020, the maximum future payment obligations related to these various guarantees totaled $90.2, of which $26.6 represented standby letters of credit to insurance providers, and no associated liability was recorded. At December 31, 2019, the maximum future payment obligations relative to these various guarantees totaled $108.2, of which $25.2 represented standby letters of credit to insurance providers, and no associated liability was recorded. The Company provides its customers a manufacturer’s warranty, and at the time of the sale records an estimated liability for potential warranty costs. Estimated future obligations due to warranty claims are based upon historical factors such as labor rates, average repair time, travel time, number of service calls per machine and cost of replacement parts. Changes in the Company’s warranty liability balance are illustrated in the following table: September 30, 2020 September 30, 2019 Balance at January 1 $ 36.9 $ 40.1 Current period accruals 12.5 10.5 Current period settlements (14.8) (10.7) Currency translation adjustment (1.4) (3.9) Balance at September 30 $ 33.2 $ 36.0 |
Restructuring
Restructuring | 9 Months Ended |
Sep. 30, 2020 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING AND OTHER CHARGES | Restructuring The following table summarizes the impact of the Company’s restructuring charges on the condensed consolidated statements of operations: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Cost of sales – services $ 0.8 $ 2.0 $ 3.2 $ 6.1 Cost of sales – products 2.6 0.1 2.6 0.1 Selling and administrative expense 10.0 6.4 26.5 13.4 Research, development and engineering expense 0.4 0.1 3.0 0.1 Loss on sale of assets, net — — — 0.1 Total $ 13.8 $ 8.6 $ 35.3 $ 19.8 The following table summarizes the Company’s type of restructuring charges by reportable operating segment: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Severance Eurasia Banking $ 8.6 $ 1.3 $ 16.7 $ 4.1 Americas Banking 0.7 0.6 1.8 1.2 Retail 2.0 0.9 10.8 4.5 Corporate 2.5 5.8 6.0 9.9 Total severance $ 13.8 $ 8.6 $ 35.3 $ 19.7 Other - Americas Banking — — — 0.1 Total $ 13.8 $ 8.6 $ 35.3 $ 19.8 DN Now During the second quarter of 2018, the Company began implementing DN Now to deliver greater, more sustainable profitability. The gross annualized savings target for DN Now is approximately $500 through 2021, inclusive of the incremental and recurring savings, which the Company is executing in response to the COVID-19 pandemic. In order to achieve these savings, the Company has and will continue to restructure the workforce, integrate and optimize systems and processes, transition workloads to lower cost locations and consolidate real estate holdings. Additional near-term activities include continuation of the services modernization plan, rationalizing the Company's product portfolio and further reducing the Company's selling and administrative expense. The Company incurred restructuring charges of $13.8 and $8.6 for the three months ended September 30, 2020 and 2019, respectively, and $35.3 and $19.8 for the nine months ended September 30, 2020 and 2019, respectively, related to DN Now. The Company anticipates additional restructuring costs of approximately $20 to $40 through the completion of DN Now, primarily related to severance. The following table summarizes the Company's cumulative total restructuring costs by plan as of September 30, 2020: DN Now Severance Other Total Eurasia Banking $ 63.5 $ — $ 63.5 Americas Banking 12.2 0.1 12.3 Retail 33.0 — 33.0 Corporate 35.6 — 35.6 Total $ 144.3 $ 0.1 $ 144.4 The following table summarizes the Company’s restructuring accrual balances and related activity for the nine months ended September 30, 2020: 2020 2019 Balance at January 1 $ 42.6 $ 56.9 Liabilities incurred 35.3 19.8 Liabilities paid/settled (42.8) (49.2) Balance at September 30 $ 35.1 $ 27.5 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
DEBT | Debt Outstanding debt balances were as follows: September 30, 2020 December 31, 2019 Notes payable Uncommitted lines of credit $ 7.0 $ 5.0 Term Loan A-1 Facility — 16.3 Term Loan B Facility - USD 4.8 4.8 Term Loan B Facility - Euro 4.9 4.7 Other 1.6 1.7 $ 18.3 $ 32.5 Long-term debt Revolving Facility $ 192.1 $ — 2022 Term Loan A Facility — 370.3 Term Loan A-1 Facility — 602.6 Term Loan B Facility - USD 386.9 404.0 Term Loan B Facility - Euro 394.4 395.1 2024 Senior Notes 400.0 400.0 2025 Senior Secured Notes - USD 700.0 — 2025 Senior Secured Notes - EUR 409.8 — Other 3.4 1.3 2,486.6 2,173.3 Long-term deferred financing fees (58.7) (64.6) $ 2,427.9 $ 2,108.7 As of September 30, 2020, the Company had various international short-term uncommitted lines of credit with borrowing limits of $31.9. The weighted-average interest rate on outstanding borrowings on the short-term uncommitted lines of credit as of September 30, 2020 and December 31, 2019 was 7.36 percent and 9.03 percent, respectively, and primarily relate to higher interest rate, short-term uncommitted lines of credit in Turkey and Brazil. Short-term uncommitted lines mature in less than one year. The amount available under the short-term uncommitted lines at September 30, 2020 was $24.9. The cash flows related to debt borrowings and repayments were as follows: Nine Months Ended September 30, 2020 2019 Revolving credit facility borrowings $ 653.1 $ 703.4 Revolving credit facility repayments $ (461.0) $ (828.4) Other debt borrowings Proceeds from 2025 Senior Secured Notes - USD $ 693.2 $ — Proceeds from 2025 Senior Secured Notes - EUR 394.6 — Proceeds from 2022 Term Loan A Facility under the Credit Agreement — 374.3 International short-term uncommitted lines of credit borrowings 20.0 21.0 $ 1,107.8 $ 395.3 Other debt repayments Payments on Term Loan A Facility under the Credit Agreement $ — $ (126.3) Payments on 2022 and Delayed Draw Term Loan A Facility under the Credit Agreement (370.3) (160.5) Payments Term Loan A-1 Facility under the Credit Agreement (618.9) (12.2) Payments on Term Loan B Facility - USD under the Credit Agreement (17.1) (3.6) Payments on Term Loan B Facility - Euro under the Credit Agreement (16.4) (3.5) International short-term uncommitted lines of credit and other repayments (16.8) (36.8) $ (1,039.5) $ (342.9) As of September 30, 2020, the Company had a revolving and term loan credit agreement (the Credit Agreement) with a revolving facility of up to $368.9 (the Revolving Facility). The weighted-average interest rate on outstanding Revolving Facility borrowings as of September 30, 2020 and December 31, 2019 was 4.67 percent and 6.01 percent, respectively, which is variable based on the London Interbank Offered Rate (LIBOR). There was $150.2 available under the Revolving Facility as of September 30, 2020, after excluding $26.6 in letters of credit. On May 9, 2017, the Company entered into an incremental amendment to its Credit Agreement (the Incremental Amendment) which reduced the initial term loan B facility (the Term Loan B Facility) of a $1,000.0 U.S. dollar-denominated tranche to $475.0. The reduction was funded using the $250.0 proceeds drawn from the Delayed Draw Term Loan A Facility, a replacement of $70.0 with Term Loan B Facility - Euro and previous principal payments. The Incremental Amendment also renewed the repricing premium of 1.00 percent in relation to the Term Loan B Facility to the date that is six months after the Incremental Effective Date, removed the requirements to prepay the repriced Dollar Term Loan and the repriced Euro Term Loan upon any asset sale or casualty event if the Company is below a total net leverage ratio of 2.5:1.0 on a pro forma basis for such asset sale or casualty event and provides additional restricted payments and investment carveouts in regards to assets acquired in connection with the August 2016 acquisition of Diebold Nixdorf AG, formerly known as Wincor Nixdorf Aktiengesellschaft. All other material provisions under the Credit Agreement were unchanged. On August 30, 2018, the Company entered into a sixth amendment and incremental amendment (the Sixth Amendment) to its Credit Agreement. The Sixth Amendment amended the financial covenants and established a new senior secured incremental term A-1 facility in an aggregate principal amount of $650.0 (Term Loan A-1 Facility) and made certain other changes to the Credit Agreement. Following the execution of the Sixth Amendment, the Company has executed, and has caused certain of its subsidiaries to execute, certain foreign security and guaranty documents for the benefit of the secured parties under the Credit Agreement that provide for guarantees by, and additional security with respect to, the equity interests in and the stock of certain foreign subsidiaries. On August 7, 2019, the Company entered into a seventh amendment (the Seventh Amendment) to its Credit Agreement. The Seventh Amendment amended and extended certain of the Term A Loans, Revolving Credit Commitments and Revolving Credit Loans maturing on December 23, 2020 (collectively, the 2020 Facilities), to April 30, 2022, to be effected by an exchange of 2020 Term A Loans, 2020 Revolving Credit Commitments and 2020 Revolving Credit Loans for 2022 Term A Loans, 2022 Revolving Credit Commitments and 2022 Revolving Credit Loans, respectively. On February 27, 2020 the Company entered into the eighth amendment (the Eighth Amendment) to its Credit Agreement. The Eighth Amendment provided additional flexibility to refinance debt, including permitting the Company to raise different types of secured and unsecured debt as well as the option to tender for secured debt on favorable terms ahead of the maturity dates. On July 20, 2020, the Company entered into the ninth amendment to the Credit Agreement (the Ninth Amendment). The Ninth Amendment amended the Credit Agreement to, among other things, extend the maturity of $330.0 of revolving credit commitments from April 30, 2022 to July 20, 2023 and amend the financial covenants in the Credit Agreement in connection with the extension of such maturities (and, effective as of the date of the Ninth Amendment, the Company terminated its other revolving credit commitments under the Revolving Facility other than approximately $39.0 of revolving credit commitments that still mature April 30, 2022). The interest rates with respect to the 2022 Facilities and 2023 Revolving Loans are based on, at the Company’s option, adjusted LIBOR or an alternative base rate, in each case plus an applicable margin tied to the Company’s then applicable total net leverage ratio. Such applicable margins range from, for LIBOR-based 2022 Term A Loans, 1.25 percent to 4.75 percent, for LIBOR-based 2022 or 2023 Revolving Loans, 1.25 percent to 4.25 percent, and for base-rate 2022 Term A Loans and 2022 or 2023 Revolving Loans, 1.00 percent less than in the case of LIBOR-based loans. The Credit Agreement financial ratios at September 30, 2020 were as follows: • a maximum allowable total net debt to adjusted EBITDA leverage ratio of 6.50 to 1.00 as of September 30, 2020 (reducing to 6.25 on December 31, 2020, 6.00 on June 30, 2021, 5.75 on December 31, 2021, 5.50 on September 30, 2022 and 5.25 on December 31, 2022 and thereafter); and • a minimum adjusted EBITDA to net interest expense coverage ratio of not less than 1.375 to 1.00 as of September 30, 2020 (increasing to 1.50 on December 31, 2020, 1.625 on December 31, 2021 and 1.75 on December 31, 2022 and thereafter). As of September 30, 2020, the debt facilities under the Credit Agreement were secured by substantially all assets of Diebold Nixdorf, Incorporated and its domestic subsidiaries that are borrowers or guarantors under the Credit Agreement, subject to certain exceptions and permitted liens. On July 20, 2020, Diebold Nixdorf, Incorporated issued $700.0 aggregate principal amount of 9.375 percent Senior Secured Notes due 2025 (the 2025 Senior Secured Notes - USD) and its wholly-owned subsidiary, Diebold Nixdorf Dutch Holding B.V., issued €350.0 aggregate principal amount of 9.0 percent Senior Secured Notes due 2025 (the 2025 Senior Secured Notes - EUR and, together with the 2025 Senior Secured Notes - USD, the 2025 Senior Secured Notes) in private offerings exempt from registration under the Securities Act of 1933. The 2025 Senior Secured Notes - USD were issued at a price of 99.031 percent of their principal amount, and the 2025 Senior Secured Notes - EUR were issued at a price of 99.511 percent of their principal amount. The 2025 Senior Secured Notes are or will be, as applicable, guaranteed on a senior secured basis by (i) all of Diebold Nixdorf, Incorporated’s existing and future direct and indirect U.S. subsidiaries that guarantee the obligations under the Credit Agreement and (ii) all of Diebold Nixdorf, Incorporated’s existing and future direct and indirect U.S. subsidiaries (other than securitization subsidiaries, immaterial subsidiaries and certain other subsidiaries) that guarantee any of the Diebold Nixdorf Dutch Holding B.V.’s or Diebold Nixdorf, Incorporated’s or its subsidiary guarantors’ indebtedness for borrowed money (collectively, the U.S. subsidiary guarantors). Additionally, the 2025 Senior Secured Notes - USD and the 2025 Senior Secured Notes - EUR are guaranteed on a senior secured basis by Diebold Nixdorf Dutch Holdings B.V. and Diebold Nixdorf, Incorporated, respectively. The 2025 Senior Secured Notes are secured by first-priority liens on substantially all of the tangible and intangible assets of Diebold Nixdorf, Incorporated, Diebold Nixdorf Dutch Holding B.V. and the U.S. subsidiary guarantors, in each case subject to permitted liens and certain exceptions. The first-priority liens on the collateral securing the 2025 Senior Secured Notes - USD and the related guarantees and the 2025 Senior Secured Notes - EUR and the related guarantees are shared ratably among the 2025 Senior Secured Notes and the obligations under the Credit Agreement. The net proceeds from the offerings of the 2025 Senior Secured Notes, along with cash on hand, were used to repay a portion of the amounts outstanding under the Credit Agreement, including all amounts outstanding under the Term Loan A Facility and Term Loan A-1 Facility and $193.8 of revolving credit loans, including all of the revolving credit loans due in December 2020, and for the payment of all related fees and expenses. The Company also has $400.0 aggregate principal amount of 8.5% Senior Notes due 2024 (the 2024 Senior Notes). The 2024 Senior Notes were issued by Diebold Nixdorf, Incorporated and are guaranteed on a senior secured basis by the U.S. subsidiary guarantors and Diebold Nixdorf Dutch Holding B.V., and mature in April 2024. Below is a summary of financing and replacement facilities information: Financing and Replacement Facilities Interest Rate Maturity/Termination Dates Initial Term (Years) Credit Agreement facilities 2022 Revolving Facility (i) LIBOR + 4.25% April 2022 3.2 2023 Revolving Facility (ii) LIBOR + 4.25% July 2023 3.0 Term Loan B Facility - USD (i) LIBOR + 2.75% November 2023 7.5 Term Loan B Facility - Euro (iii) EURIBOR + 3.00% November 2023 7.5 2024 Senior Notes 8.5% April 2024 8 2025 Senior Secured Notes - USD 9.375% July 2025 5 2025 Senior Secured Notes - EUR 9.0% July 2025 5 (i) LIBOR with a floor of 0.0% (ii) LIBOR with a floor of 0.5% (iii) EURIBOR with a floor of 0.0% The Company's financing agreements contain various financial covenants, including net debt to capitalization, net debt to EBITDA and net interest coverage ratio, along with certain negative covenants that, among other things, limit dividends, acquisitions and the use of proceeds from divestitures. As of September 30, 2020, the Company was in compliance with the financial covenants in its debt agreements. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests | 9 Months Ended |
Sep. 30, 2020 | |
Redeemable Noncontrolling Interest [Abstract] | |
Noncontrolling Interest Disclosure [Text Block] | Redeemable Noncontrolling Interests Changes in the Company's redeemable noncontrolling interests balance are illustrated in the following table: 2020 2019 Balance at January 1 $ 20.9 $ 130.4 Other comprehensive income — (1.7) Redemption value adjustment (1.0) (18.6) Redemption of shares — (88.6) Balance at September 30 $ 19.9 $ 21.5 At December 31, 2018, the balance related to the redeemable noncontrolling interest related to the Diebold Nixdorf AG ordinary shares the Company did not acquire was $99.1. In May 2019, the Company announced that the merger/squeeze-out of Diebold Nixdorf AG was completed, streamlining and simplifying the Company's corporate structure. In the second quarter of 2019, the Company increased its ownership stake in Diebold Nixdorf AG to 29.8 ordinary shares, or 100.0 percent ownership. With the completion of the merger/squeeze-out, only Diebold Nixdorf, Incorporated remains publicly listed and no longer has subsidiary shares traded in Germany. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
EQUITY | Equity The following tables present changes in shareholders' equity attributable to Diebold Nixdorf, Incorporated and the noncontrolling interests: Accumulated Other Comprehensive Income (Loss) Total Diebold Nixdorf, Incorporated Shareholders' Equity Common Shares Additional Accumulated Deficit Treasury Non-controlling Total Balance, December 31, 2019 $ 115.3 $ 773.9 $ (472.3) $ (571.9) $ (375.3) $ (530.3) $ 24.0 $ (506.3) Net loss — — (92.8) — — (92.8) (0.6) $ (93.4) Other comprehensive loss — — — — (104.2) (104.2) (1.3) $ (105.5) Share-based compensation issued 1.4 (1.4) — — — — — $ — Share-based compensation expense — 4.0 — — — 4.0 — $ 4.0 Treasury shares — — — (4.6) — (4.6) — $ (4.6) Reclassification of guaranteed dividend to accrued liabilities — — — — — — — $ — Reclassifications of redeemable noncontrolling interest — — — — — — — $ — Divestitures, net — — — — — — (4.8) $ (4.8) Balance, March 31, 2020 $ 116.7 $ 776.5 $ (565.1) $ (576.5) $ (479.5) (727.9) $ 17.3 $ (710.6) Net loss — — (23.7) — — (23.7) 0.6 $ (23.1) Other comprehensive loss — — — — 45.1 45.1 — $ 45.1 Share-based compensation issued 0.2 (0.2) — — — — — $ — Share-based compensation expense — 3.6 — — — 3.6 — $ 3.6 Treasury shares — — — (0.1) — (0.1) — $ (0.1) Reclassification of guaranteed dividend to accrued liabilities — — — — — — — $ — Reclassifications of redeemable noncontrolling interest — — — — — — — $ — Divestitures, net — — — — — — (23.4) $ (23.4) Balance, June 30, 2020 $ 116.9 $ 779.9 $ (588.8) $ (576.6) $ (434.4) (703.0) $ (5.5) $ (708.5) Net loss — — (101.4) — — (101.4) 0.5 $ (100.9) Other comprehensive loss — — — — (5.6) (5.6) (0.1) $ (5.7) Share-based compensation issued — (0.1) — — — (0.1) — $ (0.1) Share-based compensation expense — 3.5 — — — 3.5 — $ 3.5 Treasury shares — — — — — — — $ — Reclassification of guaranteed dividend to accrued liabilities — — — — — — — $ — Reclassifications of redeemable noncontrolling interest — — — — — — — $ — Divestitures, net — — — — — — — $ — Balance, September 30, 2020 116.9 783.3 (690.2) (576.6) (440.0) (806.6) (5.1) (811.7) Accumulated Other Comprehensive Income (Loss) Total Diebold Nixdorf, Incorporated Shareholders' Equity Common Shares Additional Accumulated Deficit Treasury Non-controlling Total Balance, December 31, 2018 $ 114.2 $ 741.8 $ (131.0) $ (570.4) $ (304.3) $ (149.7) $ 26.8 $ (122.9) Net income (loss) — — (132.7) — — (132.7) 0.8 (131.9) Other comprehensive loss — — — — (1.9) (1.9) 2.7 0.8 Share-based compensation issued 0.7 (0.7) — — — — — — Share-based compensation expense — 9.3 — — — 9.3 — 9.3 Treasury shares — — — (1.1) — (1.1) — (1.1) Reclassification of guaranteed dividend to accrued liabilities — — — — — — (0.6) (0.6) Reclassifications of redeemable noncontrolling interest — 10.6 — — — 10.6 — 10.6 Divestitures, net — — — — — — (3.0) (3.0) Balance, March 31, 2019 $ 114.9 $ 761.0 $ (263.7) $ (571.5) $ (306.2) $ (265.5) $ 26.7 $ (238.8) Net income (loss) — — (50.3) — — (50.3) (5.0) (55.3) Other comprehensive loss — — — — 18.6 18.6 (2.5) 16.1 Share-based compensation issued 0.3 (0.3) — — — — — — Share-based compensation expense — 4.8 — — — 4.8 — 4.8 Treasury shares — — — (0.3) — (0.3) — (0.3) Reclassification of guaranteed dividend to accrued liabilities — — — — — — 5.6 5.6 Reclassifications of redeemable noncontrolling interest — (0.2) — — — (0.2) — (0.2) Divestitures, net — — — — — — — — Balance, June 30, 2019 $ 115.2 $ 765.3 $ (314.0) $ (571.8) $ (287.6) $ (292.9) $ 24.8 $ (268.1) Net income (loss) — — (35.7) — — (35.7) 0.9 (34.8) Other comprehensive loss — — — — (90.9) (90.9) (1.0) (91.9) Share-based compensation issued — — — — — — — — Share-based compensation expense — 5.3 — — — 5.3 — 5.3 Treasury shares — — — — — — — — Reclassification of guaranteed dividend to accrued liabilities — — — — — — — — Reclassifications of redeemable noncontrolling interest — 0.2 — — — 0.2 — 0.2 Divestitures, net — — — — — — — — Balance, September 30, 2019 $ 115.2 $ 770.8 $ (349.7) $ (571.8) $ (378.5) $ (414.0) $ 24.7 $ (389.3) |
Acquisitions & Divestitures
Acquisitions & Divestitures | 9 Months Ended |
Sep. 30, 2020 | |
Divestitures [Abstract] | |
Acquisitions and divestitures | Acquisitions and Divestitures Divestitures In 2020, the Company divested several non-core, non-accretive businesses, which resulted in a loss of $13.0 for the nine months ended September 30, 2020. The loss of $13.0 for the nine months ended September 30, 2020 included the losses on two transactions in the second quarter, as well as the gain on a transaction completed in the first quarter, all further discussed below. In the third quarter of 2020, the Company recorded impairment charges of $4.1 related to assets from a non-core business transferred to assets held for sale. In the first quarter of 2020, the Company divested Portavis GmbH, a non-core, Eurasia Banking consulting business, which resulted in a gain of $1.8 and cash consideration received of $10.1, excluding cash divested. In the second quarter of 2020, the Company deconsolidated a portion of its operations in China, which resulted in a loss of $8.6 and cash consideration received of $26.8 along with increased ownership in Inspur, from 40.0 percent to 48.1 percent. Additionally, the Company sold Cryptera A/S, a Danish subsidiary, which resulted in a loss of $5.9 during the three months ended June 30, 2020. In 2019, the Company exited and divested certain non-core, non-accretive businesses, which resulted in a gain of $8.5 and a loss of $6.6 for the three and nine months ended September 30, 2019, respectively. In the first quarter of 2019, the Company divested its interest in Projective NV, a program and project management services business for financial institutions included in Eurasia Banking operating segment, for $4.2 in cash consideration, net of cash transferred resulting in a loss of $2.8. During the first quarter of 2019, the Company also recorded a loss of $4.1 on the divestiture of its Venezuela business included in the Americas Banking operating segment and a gain of $3.5 related to the Company’s exit activities of certain entities in the Netherlands, included in the Retail operating segment. During the second quarter of 2019, the Company identified an immaterial error in the first quarter of 2019 for the loss (gain) on sale of assets, net related to this divestiture. Management determined this error was not material to the prior period and recorded the correction in the three months ended June 30, 2019 resulting in a $9.5 charge in the loss (gain) on the sale of assets, net. In the second quarter of 2019, the Company divested its remaining SecurCash B.V. entity included in the Eurasia Banking operating segment resulting in a loss of $1.1. In the third quarter of 2019, the Company divested a Eurasia banking business for cash consideration of $0.6 resulting in a loss of $0.1. Additionally during the third quarter of 2019, the Company's interest in Kony was sold for cash consideration of $21.3. The Company's carrying value in Kony was $14.0, resulting in a gain of $7.3. Acquisitions |
Benefit Plans
Benefit Plans | 9 Months Ended |
Sep. 30, 2020 | |
Retirement Benefits [Abstract] | |
BENEFIT PLANS | Benefit Plans Qualified Retirement Benefits. The Company has qualified retirement plans covering certain U.S. employees that have been closed to new participants since 2003 and frozen since December 2013. Plans that cover salaried employees provide retirement benefits based on the employee’s compensation during the ten years before the date of the plan freeze or the date of their actual separation from service, if earlier. The Company’s funding policy for salaried plans is to contribute annually based on actuarial projections and applicable regulations. Plans covering hourly employees generally provide benefits of stated amounts for each year of service. The Company’s funding policy for hourly plans is to make at least the minimum annual contributions required by applicable regulations. The Company's non-U.S. plans cover eligible employees located predominately in Germany, Switzerland, Belgium, the U.K. and France. Benefits for these plans are based primarily on each employee's final salary, with annual adjustments for inflation. The obligations in Germany consist of employer funded pension plans and deferred compensation plans. The employer funded pension plans are based upon direct performance-related commitments in terms of defined contribution plans. Each beneficiary receives, depending on individual pay-scale grouping, contractual classification, or income level, different yearly contributions. The contribution is multiplied by an age factor appropriate to the respective pension plan and credited to the individual retirement account of the employee. The retirement accounts may be used up at retirement by either a one-time lump-sum payout or payments of up to ten years. In Switzerland, the post-employment benefit plan is required due to statutory provisions. The employees receive their pension payments as a function of contributions paid, a fixed interest rate and annuity factors. Insured events for these plans are primarily disability, death and reaching of retirement age. The Company has other defined benefit plans outside the U.S., which have not been mentioned here due to their insignificance. Supplemental Executive Retirement Benefits. The Company has non-qualified pension plans in the U.S. to provide supplemental retirement benefits to certain officers, which were also frozen since December 2013. Benefits are payable at retirement based upon a percentage of the participant’s compensation, as defined. Other Benefits. In addition to providing retirement benefits, the Company provides post-retirement healthcare and life insurance benefits (referred to as other benefits) for certain retired employees. Retired eligible employees in the U.S. may be entitled to these benefits based upon years of service with the Company, age at retirement and collective bargaining agreements. There are no plan assets and the Company funds the benefits as the claims are paid. The post-retirement benefit obligation was determined by application of the terms of medical and life insurance plans together with relevant actuarial assumptions and healthcare cost trend rates. The following table sets forth the net periodic benefit cost for the Company’s defined benefit pension plans and other benefits for the three months ended September 30: Pension Benefits U.S.Plans Non-U.S. Plans Other Benefits 2020 2019 2020 2019 2020 2019 Components of net periodic benefit cost Service cost $ 1.0 $ 0.9 $ 2.5 $ 2.5 $ — $ — Interest cost 4.7 5.5 1.1 1.6 — 0.2 Expected return on plan assets (6.3) (6.2) (3.3) (3.1) — — Recognized net actuarial loss 1.9 1.3 (0.2) (0.4) — 0.1 Recognition establishment of Germany benefit obligation — — — 6.6 — — Other — — 0.1 — — — Net periodic pension benefit cost $ 1.3 $ 1.5 $ 0.2 $ 7.2 $ — $ 0.3 The following table sets forth the net periodic benefit cost for the Company’s defined benefit pension plans and other benefits for the nine months ended September 30: Pension Benefits U.S.Plans Non-U.S. Plans Other Benefits 2020 2019 2020 2019 2020 2019 Components of net periodic benefit cost Service cost $ 2.9 $ 2.7 $ 7.6 $ 7.4 $ — $ — Interest cost 14.2 16.5 3.1 4.9 0.1 0.7 Expected return on plan assets (19.1) (18.6) (9.8) (9.4) — — Recognized net actuarial loss 5.8 3.9 (0.5) (1.2) (0.1) 0.3 Recognition establishment of Germany benefit obligation — — — 6.6 — — Other — — 0.2 — — — Net periodic pension benefit cost $ 3.8 $ 4.5 $ 0.6 $ 8.3 $ — $ 1.0 Contributions There have been no significant changes to the expected 2020 plan year contribution amounts previously disclosed. For the nine months ended September 30, 2020 and September 30, 2019, contributions of $22.0 and $30.9, respectively, were made to the qualified and non-qualified pension plans. The Company received a reimbursement of $13.5 for certain benefits paid from its non-U.S. plan trustee in June 2020. In May 2019, the Company received a reimbursement of $12.9 for certain benefits paid from its non-U.S. plan trustee. The Company expects that pension benefit costs and financial position will fluctuate year-over-year, along with contribution requirements, due to the performance of plan assets and changes in interest rates, among others. As a result, the Company may not be able to reasonably estimate impact due to the uncertainty and extent of the COVID-19 pandemic and related macroeconomic implications along with actions taken by government authorities. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | Derivative Instruments and Hedging Activities The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate and foreign exchange rate risk, through the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business or financing activities. The Company’s foreign currency derivative instruments are used to manage differences in the amount of the Company’s known or expected cash receipts and cash payments principally related to the Company’s non-functional currency assets and liabilities. The Company's interest rate derivatives are used to manage exposures to changes in interest rates on its variable-rate borrowings. The Company uses derivatives to mitigate the economic consequences associated with fluctuations in currencies and interest rates. The following table summarizes the gain (loss) recognized on derivative instruments: Derivative instrument Classification on condensed consolidated statements of operations Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Interest rate swaps and non-designated hedges Interest expense $ (5.3) $ (1.0) $ (10.2) $ (2.5) Foreign exchange forward contracts and cash flow hedges Net sales 0.4 0.2 0.9 (0.3) Foreign exchange forward contracts and cash flow hedges Foreign exchange gain (loss), net (25.0) — (32.2) 0.7 Total $ (29.9) $ (0.8) $ (41.5) $ (2.1) Foreign Exchange Non-Designated Hedges A substantial portion of the Company’s operations and revenues are international. As a result, changes in foreign exchange rates can create substantial foreign exchange gains and losses from the revaluation of non-functional currency monetary assets and liabilities. The Company's policy allows the use of foreign exchange forward contracts with maturities of up to 24 months to mitigate the impact of currency fluctuations on those foreign currency asset and liability balances. The Company elected not to apply hedge accounting to certain of its foreign exchange forward contracts. Thus, spot-based gains/losses offset revaluation gains/losses within foreign exchange loss, net and forward-based gains/losses represent interest expense or income. The fair value of the Company’s non-designated foreign exchange forward contracts was $0.3 and $(0.4) as of September 30, 2020 and December 31, 2019, respectively. Cash Flow Hedges The Company is exposed to fluctuations in various foreign currencies against its functional currency. At the Company, both sales and purchases are transacted in foreign currencies. Currency risks in the aggregate are identified, quantified, and controlled. The Diebold Nixdorf AG subsidiaries are primarily exposed to the British pound sterling (GBP) as the euro (EUR) is its functional currency. This risk is considerably reduced by natural hedging (i.e. management of sales and purchases by choice location and suppliers). For the remainder of the risk that is not naturally hedged, foreign currency forwards are used to manage the exposure between EUR-GBP. Procomp Amazonia Industria Electronica S.A. is a Brazil real (BRL) functional-currency subsidiary of Diebold Nixdorf, Incorporated that, on a routine basis and in the normal course of business, makes inventory purchases that are denominated in United States dollar (USD). Upon the completion of customs clearance, accounts payable and inventory are recorded using the daily spot USD-BRL exchange rate, and released to cost of goods sold as inventory is sold. Such expenses expose the Company to exchange rate fluctuations between BRL and USD until the accounts payable and inventory is recorded. To hedge this risk, the Company enters into and designates certain foreign currency forward contracts to sell BRL and buy USD as cash flow hedges of the Company’s USD-denominated inventory purchases. Derivative instruments are recorded on the balance sheet at fair value. For transactions designated as cash flow hedges, the effective portion of changes in the fair value are recorded in AOCI and are subsequently reclassified into earnings in the period that the hedged forecasted transactions impact earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. As of September 30, 2020, the Company had no outstanding foreign currency derivatives that were used to hedge its foreign exchange risks. Interest Rate Cash Flow Hedges The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. In March 2020 and September 2019, the Company entered into multiple pay-fixed receive-variable interest rate swaps with aggregate notional amounts of $250.0 and $500.0, respectively. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in AOCI and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. In November 2016, the Company entered into multiple pay-fixed receive-variable interest rate swaps with an aggregate notional amount of $400.0. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in AOCI and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. The Company has an interest rate swap for a nominal sum of €50.0, which was entered into in May 2010, with a ten-year term from October 1, 2010 until September 30, 2020. This interest rate swap mitigated the interest rate risk associated with the European Investment Bank debt, which was paid in full during 2017. For this interest swap, the three-month Euro Interbank Offer Rate (EURIBOR) is received and a fixed interest rate of 2.97 percent is paid. The interest rate swap is not designated and changes in the fair value of non-designated interest rate swap agreements are recognized in Miscellaneous, net in the condensed consolidated statements of operations. The Company recognized $1.4 and $0.5 of expense relating to the interest rate swap for the three months ended September 30, 2020 and 2019, respectively. The Company recognized $2.6 and $1.5 of expense relating to the interest rate swap for the nine months ended September 30, 2020 and 2019, respectively. As a result of the Company's refinancing activities in July 2020 (refer to note 11), the Company terminated $625.0 of interest rate hedges for a termination payout of $6.2. The Company also had $100.0 of non-designated interest rate swaps that will mature or terminate by December 2020. Other than as noted above, the Company does not use derivatives for trading or speculative purposes and currently does not have any additional derivatives that are not designated as hedges. |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF ASSETS AND LIABILITIES | Fair Value of Assets and Liabilities Assets and Liabilities Recorded at Fair Value As a result of the disruption and uncertainty related to the COVID-19 pandemic, fair values may experience volatile movements that cannot be reasonably estimated. Assets and liabilities subject to fair value measurement are as follows: September 30, 2020 December 31, 2019 Fair Value Measurements Using Fair Value Measurements Using Classification on condensed consolidated Balance Sheets Fair Value Level 1 Level 2 Fair Value Level 1 Level 2 Assets Short-term investments Certificates of deposit Short-term investments $ 6.8 $ 6.8 $ — $ 10.0 $ 10.0 $ — Assets held in rabbi trusts Securities and other investments 6.0 6.0 — 6.2 6.2 — Foreign exchange forward contracts Other current assets 3.1 — 3.1 2.9 — 2.9 Interest rate swaps Other current assets — — — 1.7 — 1.7 Interest rate swaps Securities and other investments — — — 0.1 — 0.1 Total $ 15.9 $ 12.8 $ 3.1 $ 20.9 $ 16.2 $ 4.7 Liabilities Foreign exchange forward contracts Other current liabilities $ 4.1 $ — $ 4.1 $ 2.9 $ — $ 2.9 Interest rate swaps Other liabilities 6.0 — 6.0 2.3 — 2.3 Deferred compensation Other liabilities 6.0 6.0 — 6.2 6.2 — Total $ 16.1 $ 6.0 $ 10.1 $ 11.4 $ 6.2 $ 5.2 The Company uses the end of period when determining the timing of transfers between levels. During each of the nine months ended September 30, 2020 and 2019, there were no transfers between levels. The carrying amount of the Company's debt instruments approximates fair value except for the 2024 Senior Notes and 2025 Senior Secured Notes. The fair value and carrying value of the 2024 Senior Notes and 2025 Senior Secured Notes are summarized as follows: September 30, 2020 December 31, 2019 Fair Value Carrying Fair Value Carrying 2024 Senior Notes $ 363.2 $ 400.0 $ 387.0 $ 400.0 2025 Senior Secured Notes - USD $ 735.9 $ 700.0 $ — $ — 2025 Senior Secured Notes - EUR $ 421.4 $ 409.8 $ — $ — Refer to note 11 for further details surrounding the Company's long-term debt as of September 30, 2020 compared to December 31, 2019. Additionally, the Company remeasures certain assets to fair value, using Level 3 measurements, as a result of the occurrence of triggering events. There were no significant assets or liabilities that were remeasured at fair value on a non-recurring basis during the periods presented. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | Commitments and Contingencies Indirect Tax Contingencies The Company accrues non-income-tax liabilities for indirect tax matters when management believes that a loss is probable and the amounts can be reasonably estimated, while contingent gains are recognized only when realized. In the event any losses are sustained in excess of accruals, they are charged against income. In evaluating indirect tax matters, management takes into consideration factors such as historical experience with matters of similar nature, specific facts and circumstances and the likelihood of prevailing. Management evaluates and updates accruals as matters progress over time. It is reasonably possible that some of the matters for which accruals have not been established could be decided unfavorably to the Company and could require recognizing future expenditures. Also, statutes of limitations could expire without the Company paying the taxes for matters for which accruals have been established, which could result in the recognition of future gains upon reversal of these accruals at that time. At September 30, 2020, the Company was a party to several routine indirect tax claims from various taxing authorities globally that were incurred in the normal course of business, which neither individually nor in the aggregate are considered material by management in relation to the Company’s financial position or results of operations. In management’s opinion, the condensed consolidated financial statements would not be materially affected by the outcome of these indirect tax claims and/or proceedings or asserted claims. In addition to these routine indirect tax matters, the Company was party to the proceedings described below: The Company has challenged multiple customs rulings in Thailand seeking to retroactively collect customs duties on previous imports of automated teller machines (ATMs). In August 2017, March 2019, August 2019 and May 2020, the Supreme Court of Thailand ruled in the Company's favor, finding each time that Customs' attempt to collect duties for importation of ATMs was improper. The surviving matters are immaterial and accordingly, the Company believes a loss is not probable and, accordingly, does not have any amount accrued for this contingency. A loss contingency is reasonably possible if it has a more than remote but less than probable chance of occurring. Although management believes the Company has valid defenses with respect to its indirect tax positions, it is reasonably possible that a loss could occur in excess of the estimated accrual. The Company estimated the aggregate risk at September 30, 2020 to be up to $68.0 for its material indirect tax matters. The aggregate risk related to indirect taxes is adjusted as the applicable statutes of limitations expire. Legal Contingencies At September 30, 2020, the Company was a party to several lawsuits that were incurred in the normal course of business, which neither individually nor in the aggregate were considered material by management in relation to the Company’s financial position or results of operations. In management’s opinion, the Company's condensed consolidated financial statements would not be materially affected by the outcome of these legal proceedings, commitments or asserted claims. In addition to these normal course of business litigation matters, the Company is a party to the proceedings described below: Diebold Nixdorf Holding Germany GmbH, formerly Diebold Nixdorf Holding Germany Inc. & Co. KGaA (Diebold KGaA) is a party to two separate appraisal proceedings (Spruchverfahren) in connection with the purchase of all shares in its former listed subsidiary, Diebold Nixdorf AG. Both proceedings are pending at the same Chamber for Commercial Matters (Kammer für Handelssachen) at the District Court (Landgericht) of Dortmund (Germany). The first appraisal proceeding relates to the DPLTA. The DPLTA appraisal proceeding was filed by minority shareholders of Diebold Nixdorf AG challenging the adequacy of both the cash exit compensation of €55.02 per Diebold Nixdorf AG share (of which 6.9 shares were then outstanding) and the annual recurring compensation of €2.82 per Diebold Nixdorf AG share offered in connection with the DPLTA. The second appraisal proceeding relates to the cash merger squeeze-out of minority shareholders of Diebold Nixdorf AG in 2019. The squeeze-out appraisal proceeding was filed by minority shareholders of Diebold Nixdorf AG challenging the adequacy of the cash exit compensation of €54.80 per Diebold Nixdorf AG share (of which 1.4 shares were then outstanding) in connection with the merger squeeze-out. In both appraisal proceedings, a court ruling would apply to all Diebold Nixdorf AG shares outstanding at the time when the DPLTA or the merger squeeze-out, respectively, became effective. Any cash compensation received by former Diebold Nixdorf AG shareholders in connection with the merger squeeze-out would be netted with any higher cash compensation such shareholder may still claim in connection with the DPLTA appraisal proceeding. While the Company believes that the compensation offered in connection with the DPLTA and the merger squeeze-out was in both cases fair, it notes that German courts often adjudicate increases of the cash compensation to plaintiffs in varying amounts in connection with German appraisal proceedings. Therefore, the Company cannot rule out that the first instance court or an appellate court may increase the cash compensation also in these appraisal proceedings. The Company, however, is convinced that its defense in both appraisal proceedings, which are still at preliminary stages, is supported by strong sets of facts and the Company will continue to vigorously defend itself in these matters. In July and August 2019, shareholders filed putative class action lawsuits alleging violations of federal securities laws in the United States District Court for the Southern District of New York and the Northern District of Ohio. The lawsuits collectively assert that the Company and three former officers made material misstatements regarding the Company’s business and operations, causing the Company’s common shares to be overvalued from February 14, 2017 to August 1, 2018. The lawsuits have been consolidated before a single judge in the United States District Court for the Southern District of New York and lead plaintiffs appointed. While management remains confident that it has valid defenses to these claims, as with any pending litigation, the Company is unable to predict the final outcome of this matter. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Segment and Revenue Information The Company's accounting policies result in segments that are the same as those the Chief Operating Decision Maker (CODM) regularly reviews and uses to make decisions, allocate resources and assess performance. The Company continually considers its operating structure and the information subject to regular review by its Chief Executive Officer, who is the CODM, to identify reportable operating segments. The Company’s operating structure is based on a number of factors that management uses to evaluate, view and run its business operations, which currently includes, but is not limited to, product, service and solution. The restructuring charges disclosed in note 10 are not included in our segment selling and administrative expense and segment research, development and engineering expense as disclosed herein. Those expenses are included in the "Restructuring and DN Now transformation expenses" reconciling item between total segment operating profit and consolidated operating profit (loss). We have excluded the restructuring charges and net non-routine expenses from segment operating profit (loss) as they are not included in the measure as used by the CODM to make decisions, allocate resources and assess performance. Segment operating profit (loss) as disclosed herein is consistent with the segment profit or loss measure used by the CODM and does not include restructuring charges or other unusual or infrequently occurring items related to the transformation initiative, as the CODM does not regularly review and use such financial measures to make decisions, allocate resources and assess performance. The Company's reportable operating segments are based on the following solutions: Eurasia Banking, Americas Banking and Retail. Segment revenue represents revenues from sales to external customers. Segment operating profit is defined as revenues less expenses direct and allocated to those segments. The Company does not allocate to its segments certain operating expenses, managed at the corporate level; that are not routinely used in the management of the segments, or information that is impractical to allocate. These unallocated costs include certain corporate costs and amortization of acquired intangible assets, restructuring charges, impairment charges, legal, indemnification and professional fees related to acquisition and divestiture expenses, along with other income (expenses). Segment operating profit reconciles to consolidated income (loss) before income taxes by deducting corporate costs and other income or expense items that are not attributed to the segments. Corporate charges not allocated to segments include headquarter-based costs associated with procurement, human resources, compensation and benefits, finance and accounting, global development/engineering, global strategy/mergers and acquisitions, global IT, tax, treasury and legal. Assets are not allocated to segments, and thus are not included in the assessment of segment performance, and consequently, we do not disclose total assets and depreciation and amortization expense by reportable operating segment. The following tables present information regarding the Company’s segment performance and provide a reconciliation between segment operating profit and the consolidated income (loss) before income taxes: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Net sales summary by segment Eurasia Banking $ 364.2 $ 405.2 $ 1,012.4 $ 1,218.0 Americas Banking 368.5 403.7 1,044.6 1,186.3 Retail 262.5 269.9 739.4 852.8 Total revenue $ 995.2 $ 1,078.8 $ 2,796.4 $ 3,257.1 Intersegment revenue Eurasia Banking $ 32.9 $ 35.4 $ 86.7 $ 137.4 Americas Banking 4.6 3.1 9.5 10.8 Total intersegment revenue $ 37.5 $ 38.5 $ 96.2 $ 148.2 Segment operating profit Eurasia Banking $ 49.9 $ 41.5 $ 119.9 $ 114.0 Americas Banking 43.4 28.8 153.0 79.8 Retail 22.9 13.5 49.7 37.2 Total segment operating profit 116.2 83.8 322.6 231.0 Corporate charges not allocated to segments (1) (26.7) (17.4) (71.9) (63.5) Impairment of assets (4.1) — (4.1) — Restructuring and DN Now transformation expenses (41.8) (20.6) (110.2) (64.2) Net non-routine expense (19.8) (22.6) (118.1) (97.3) (92.4) (60.6) (304.3) (225.0) Operating profit (loss) 23.8 23.2 18.3 6.0 Other income (expense) (146.2) (53.4) (240.6) (153.2) Loss before taxes $ (122.4) $ (30.2) $ (222.3) $ (147.2) (1) Corporate charges not allocated to segments include headquarter-based costs associated with procurement, human resources, compensation and benefits, finance and accounting, global development/engineering, global strategy/mergers and acquisitions, global IT, tax, treasury and legal. Net non-routine expense consists of items that the Company has determined are non-routine in nature and not allocated to the reportable operating segments as they are not included in the measure as used by the CODM to make decisions, allocate resources and assess performance. Net non-routine expense of $19.8 and $118.1 for the three and nine months ended September 30, 2020, respectively, primarily consisted of purchase accounting pre-tax charges for amortization of acquired intangibles of $20.4 and $63.2 for the three and nine months ended September 30, 2020, respectively, legal, consulting and deal expense, including gains/losses on divestitures, of $2.9 and $21.0 for the three and nine months ended September 30, 2020, respectively, charges from a loss-making contract related to a discontinued offering of $25.5 for the nine months ended September 30, 2020 and other matters of $(3.5) and $8.4 for the three and nine months ended September 30, 2020, respectively. Net non-routine expense of $22.6 and $97.3 for the three and nine months ended September 30, 2019, respectively, was primarily due to purchase accounting pre-tax charges for amortization of acquired intangibles of $22.8 and $71.8 for the three and nine months ended September 30, 2019, respectively, legal, consulting and deal expense, including gains/losses on divestitures, of $(5.8) and $21.7 for the three and nine months ended September 30, 2019, respectively, and other matters of $5.6 and $2.4 for the three and nine months ended September 30, 2019, respectively. The following table presents information regarding the Company’s segment net sales by service and product solution: Three Months Ended Nine Months Ended September 30, 2020 September 30, 2020 2020 2019 2020 2019 Segments Eurasia Banking Services $ 198.5 $ 241.8 $ 597.1 $ 740.0 Products 165.7 163.4 415.3 478.0 Total Eurasia Banking 364.2 405.2 1,012.4 1,218.0 Americas Banking Services 247.8 252.6 721.7 746.0 Products 120.7 151.1 322.9 440.3 Total Americas Banking 368.5 403.7 1,044.6 1,186.3 Retail Services 142.6 148.6 417.6 445.0 Products 119.9 121.3 321.8 407.8 Total Retail 262.5 269.9 739.4 852.8 Total net sales $ 995.2 $ 1,078.8 $ 2,796.4 $ 3,257.1 In the following table, revenue is disaggregated by timing of revenue recognition at September 30, 2020: Timing of revenue recognition 2020 2019 Products transferred at a point in time 38 % 41 % Products and services transferred over time 62 % 59 % Net sales 100 % 100 % Contract balances The following table provides 2020 information about receivables and deferred revenue, which represent contract liabilities from contracts with customers: Contract balance information Trade Receivables Contract liabilities Balance at December 31 $ 619.3 $ 320.5 Balance at September 30 $ 668.1 $ 247.3 Contract assets are minimal for the periods presented. The amount of revenue recognized during the nine months ended September 30, 2020 and 2019 from performance obligations satisfied (or partially satisfied) in previous periods, mainly due to the changes in the estimate of variable consideration and contract modifications was de minimis. There have been $6.8 and $8.6 during the nine months ended September 30, 2020 and 2019, respectively, of impairment losses recognized as bad debt related to receivables or contract assets arising from the Company's contracts with customers. As of December 31, 2019, the Company had $320.5 of unrecognized deferred revenue constituting the remaining performance obligations that are unsatisfied (or partially unsatisfied). During the nine months ended September 30, 2020, the Company recognized revenue of $248.3 related to the Company's deferred revenue balance at December 31, 2019. Contract assets are the rights to consideration in exchange for goods or services that the Company has transferred to a customer when that right is conditional on something other than the passage of time. Contract assets of the Company primarily relate to the Company's rights to consideration for goods shipped and services provided but not contractually billable at the reporting date. The contract assets are reclassified into the receivables balance when the rights to receive payment become unconditional. Contract liabilities are recorded for any services billed to customers and not yet recognizable if the contract period has commenced or for the amount collected from customers in advance of the contract period commencing. In addition, contract liabilities are recorded as advanced payments for products and other deliverables that are billed to and collected from customers prior to revenue being recognizable. Transaction price allocated to the remaining performance obligations |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The following table summarizes the weighted-average remaining lease terms and discount rates related to the Company's lease population at: September 30, 2020 September 30, 2019 Weighted-average remaining lease terms (in years) Operating leases 4.2 4.8 Finance leases 3.8 2.4 Weighted-average discount rate Operating leases 11.5 % 12.2 % Finance leases 10.9 % 24.1 % The following table summarizes the components of lease expense: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Lease expense Operating lease expense $ 24.6 $ 23.2 $ 71.9 $ 65.3 Finance lease expense Amortization of ROU lease assets $ 0.4 $ 0.1 $ 1.1 $ 0.4 Interest on lease liabilities $ 0.1 $ 0.1 $ 0.4 $ 0.3 Variable lease expense $ 1.9 $ 3.2 $ 6.5 $ 11.4 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The following table summarizes the maturities of lease liabilities: Operating Finance 2020 (excluding the nine months ended September 30, 2020) $ 25.5 $ 0.6 2021 55.1 2.0 2022 34.6 1.3 2023 21.4 0.6 2024 15.3 0.5 Thereafter 25.1 0.8 Total 177.0 5.8 Less: Present value discount (35.7) (0.9) Lease liability $ 141.3 $ 4.9 |
Schedule Of Supplemental Cash Flow Information Related To Leases [Table Text Block] | The following table summarizes the cash flow information related to leases: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Cash paid for amounts included in the measurement of lease liabilities Operating - operating cash flows $ 28.3 $ 22.3 $ 72.3 $ 63.6 Finance - financing cash flows $ 0.4 $ 0.1 $ 1.2 $ 0.3 Finance - operating cash flows $ 0.2 $ 0.2 $ 0.6 $ 0.4 ROU lease assets obtained in the exchange for lease liabilities Operating leases $ 9.9 $ 8.5 $ 17.6 $ 49.3 Finance leases $ 0.1 $ 0.2 $ 4.0 $ 2.3 |
Schedule Of Supplemental Balance Sheet Information Related To Leases [Table Text Block] | The following table summarizes the balance sheet information related to leases: September 30, 2020 December 31, 2019 Assets Operating $ 139.6 $ 167.5 Finance 5.1 2.4 Total leased assets $ 144.7 $ 169.9 Current liabilities Operating $ 52.2 $ 62.8 Finance 1.7 0.9 Noncurrent liabilities Operating 89.1 106.4 Finance 3.2 1.4 Total lease liabilities $ 146.2 $ 171.5 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Computation of earnings per share under the treasury stock method and the effect on the weighted-average number of shares of dilutive potential common stock: | The following table represents amounts used in computing earnings (loss) per share and the effect on the weighted-average number of shares of dilutive potential common shares: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Numerator Income (loss) used in basic and diluted loss per share Net loss $ (100.9) $ (34.8) $ (217.4) $ (222.0) Net (income) loss attributable to noncontrolling interests 0.5 0.9 0.5 (3.3) Net loss attributable to Diebold Nixdorf, Incorporated $ (101.4) $ (35.7) $ (217.9) $ (218.7) Denominator Weighted-average number of common shares used in basic and diluted loss per share (1) 77.7 76.8 77.5 76.6 Net loss attributable to Diebold Nixdorf, Incorporated Basic and diluted loss per share $ (1.31) $ (0.46) $ (2.81) $ (2.86) Anti-dilutive shares Anti-dilutive shares not used in calculating diluted weighted-average shares 2.3 2.7 2.6 3.4 (1) Incremental shares of 1.2 and 2.2 for the three months ended September 30, 2020 and 2019, respectively, and 1.0 and 1.7 for the nine months ended September 30, 2020 and 2019, respectively, would have been included in the weighted-average number of shares used in the computation of diluted earnings (loss) per share because their effects are dilutive, but are excluded due to the Company's net loss. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Options outstanding and exercisable under the Company's 1991 Equity and Performance Incentive Plan | Options outstanding and exercisable as of September 30, 2020 are included under the Company’s 1991 Equity and Performance Incentive Plan (as Amended and Restated as of February 12, 2014) (the 1991 Plan) and the Company's 2017 Equity and Performance Incentive Plan (the 2017 Plan). Changes during the nine months ended September 30, 2020 were as follows: Number of Weighted-Average Weighted- Aggregate Intrinsic Value (1) (per share) (in years) Outstanding at January 1, 2020 2.4 $ 14.89 Expired or forfeited (0.1) $ 31.74 Granted 0.4 $ 12.54 Outstanding at September 30, 2020 2.7 $ 14.30 8 $ 2.5 Options exercisable September 30, 2020 1.4 $ 19.66 7 $ 1.2 Options vested and expected to vest (2) at September 30, 2020 2.7 $ 14.30 8 $ 2.5 (1) The aggregate intrinsic value (the difference between the closing price of the Company’s common shares on the last trading day of the third quarter of 2020 and the exercise price, multiplied by the number of “in-the-money” options) that would have been received by the option holders had all option holders exercised their options on September 30, 2020. The amount of aggregate intrinsic value will change based on the fair market value of the Company’s common shares. (2) The options expected to vest are the result of applying the pre-vesting forfeiture rate assumption to total outstanding non-vested options. |
Summarized information on unvested restricted stock units (RSUs), performance shares and deferred shares | The following table summarizes information on non-vested RSUs and performance shares relating to employees and non-employee directors for the nine months ended September 30, 2020: Number of Weighted-Average RSUs: Non-vested at January 1, 2020 2.2 $ 9.99 Forfeited (0.1) $ 13.11 Vested (1.0) $ 12.60 Granted 0.9 $ 10.64 Non-vested at September 30, 2020 2.0 $ 8.84 Performance Shares: Non-vested at January 1, 2020 2.4 $ 26.44 Forfeited (0.8) $ 34.49 Vested (0.3) $ 26.60 Non-vested at September 30, 2020 1.3 $ 21.73 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Major classes of inventories | Major classes of inventories are summarized as follows: September 30, 2020 December 31, 2019 Finished goods $ 233.2 $ 157.4 Service parts 167.6 175.4 Raw materials and work in process 141.8 133.7 Total inventories $ 542.6 $ 466.5 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | The Company’s investments subject to fair value measurement consist of the following: Cost Basis Unrealized Fair Value As of September 30, 2020 Short-term investments Certificates of deposit $ 6.8 $ — $ 6.8 Long-term investments Assets held in a rabbi trust $ 5.1 $ 0.9 $ 6.0 As of December 31, 2019 Short-term investments Certificates of deposit $ 10.0 $ — $ 10.0 Long-term investments Assets held in a rabbi trust $ 5.5 $ 0.7 $ 6.2 |
Schedule of Financing Receivables, Minimum Payments [Table Text Block] | Future minimum payments due from customers under finance lease receivables as of September 30, 2020 are as follows: 2020 11.9 2021 8.2 2022 7.2 2023 5.3 2024 4.6 Thereafter 2.9 $ 40.1 |
Schedule Of Components For Finance Lease Receivables [Table Text Block] | The following table presents the components of finance lease receivables as of September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 Gross minimum lease receivables $ 40.1 $ 41.8 Allowance for credit losses (0.3) (0.3) Estimated unguaranteed residual values 0.2 0.2 40.0 41.7 Less: Unearned interest income (1.5) (2.8) Total $ 38.5 $ 38.9 |
Goodwill and Other Assets (Tabl
Goodwill and Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | The changes in carrying amounts of goodwill within the Company's segments are summarized as follows: Eurasia Banking Americas Banking Retail Total Goodwill $ 598.6 $ 437.3 $ 233.2 $ 1,269.1 Accumulated impairment (291.7) (122.0) (57.2) (470.9) Balance at January 1, 2019 $ 306.9 $ 315.3 $ 176.0 $ 798.2 Transferred to assets held for sale (11.7) — — (11.7) Divestitures (0.4) — (3.9) (4.3) Currency translation adjustment (7.3) (6.0) (4.9) (18.2) Goodwill $ 579.2 $ 431.3 $ 224.4 $ 1,234.9 Accumulated impairment (291.7) (122.0) (57.2) (470.9) Balance at December 31, 2019 $ 287.5 $ 309.3 $ 167.2 $ 764.0 Transferred to assets held for sale (6.4) (2.4) — (8.8) Currency translation adjustment 7.3 6.1 5.1 18.5 Goodwill $ 580.1 $ 435.0 $ 229.5 $ 1,244.6 Accumulated impairment (291.7) (122.0) (57.2) (470.9) Balance at September 30, 2020 $ 288.4 $ 313.0 $ 172.3 $ 773.7 |
Schedule Of Intangible Assets [Table Text Block] | The following summarizes information on intangible assets by major category: September 30, 2020 December 31, 2019 Weighted-average remaining useful lives Gross Accumulated Net Gross Accumulated Net Customer relationships, net 5.4 years $ 727.0 $ (318.5) $ 408.5 $ 698.7 $ (251.0) $ 447.7 Internally-developed software 1.3 years 192.4 (155.3) 37.1 178.2 (132.2) 46.0 Development costs non-software 0.6 years 53.5 (53.2) 0.3 51.5 (47.5) 4.0 Other intangibles 2.3 years 77.2 (73.6) 3.6 79.3 (74.7) 4.6 Other intangible assets, net 323.1 (282.1) 41.0 309.0 (254.4) 54.6 Total $ 1,050.1 $ (600.6) $ 449.5 $ 1,007.7 $ (505.4) $ 502.3 |
Guarantees and Product Warran_2
Guarantees and Product Warranties (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Guarantees and Product Warranties Disclosure [Abstract] | |
Changes in warranty liability balance | Changes in the Company’s warranty liability balance are illustrated in the following table: September 30, 2020 September 30, 2019 Balance at January 1 $ 36.9 $ 40.1 Current period accruals 12.5 10.5 Current period settlements (14.8) (10.7) Currency translation adjustment (1.4) (3.9) Balance at September 30 $ 33.2 $ 36.0 |
Restructuring (Tables)
Restructuring (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs | The following table summarizes the impact of the Company’s restructuring charges on the condensed consolidated statements of operations: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Cost of sales – services $ 0.8 $ 2.0 $ 3.2 $ 6.1 Cost of sales – products 2.6 0.1 2.6 0.1 Selling and administrative expense 10.0 6.4 26.5 13.4 Research, development and engineering expense 0.4 0.1 3.0 0.1 Loss on sale of assets, net — — — 0.1 Total $ 13.8 $ 8.6 $ 35.3 $ 19.8 |
Restructuring charges (accrual adjustments) within continuing operations by reporting segments | The following table summarizes the Company’s type of restructuring charges by reportable operating segment: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Severance Eurasia Banking $ 8.6 $ 1.3 $ 16.7 $ 4.1 Americas Banking 0.7 0.6 1.8 1.2 Retail 2.0 0.9 10.8 4.5 Corporate 2.5 5.8 6.0 9.9 Total severance $ 13.8 $ 8.6 $ 35.3 $ 19.7 Other - Americas Banking — — — 0.1 Total $ 13.8 $ 8.6 $ 35.3 $ 19.8 |
Cumulative total restructuring costs [Table Text Block] | The following table summarizes the Company's cumulative total restructuring costs by plan as of September 30, 2020: DN Now Severance Other Total Eurasia Banking $ 63.5 $ — $ 63.5 Americas Banking 12.2 0.1 12.3 Retail 33.0 — 33.0 Corporate 35.6 — 35.6 Total $ 144.3 $ 0.1 $ 144.4 |
Restructuring accrual balances and related activity | The following table summarizes the Company’s restructuring accrual balances and related activity for the nine months ended September 30, 2020: 2020 2019 Balance at January 1 $ 42.6 $ 56.9 Liabilities incurred 35.3 19.8 Liabilities paid/settled (42.8) (49.2) Balance at September 30 $ 35.1 $ 27.5 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Outstanding Debt Balances | Outstanding debt balances were as follows: September 30, 2020 December 31, 2019 Notes payable Uncommitted lines of credit $ 7.0 $ 5.0 Term Loan A-1 Facility — 16.3 Term Loan B Facility - USD 4.8 4.8 Term Loan B Facility - Euro 4.9 4.7 Other 1.6 1.7 $ 18.3 $ 32.5 Long-term debt Revolving Facility $ 192.1 $ — 2022 Term Loan A Facility — 370.3 Term Loan A-1 Facility — 602.6 Term Loan B Facility - USD 386.9 404.0 Term Loan B Facility - Euro 394.4 395.1 2024 Senior Notes 400.0 400.0 2025 Senior Secured Notes - USD 700.0 — 2025 Senior Secured Notes - EUR 409.8 — Other 3.4 1.3 2,486.6 2,173.3 Long-term deferred financing fees (58.7) (64.6) $ 2,427.9 $ 2,108.7 |
Schedule Of Cash Flows Related To Debt Borrowings And Repayments [Table Text Block] | The cash flows related to debt borrowings and repayments were as follows: Nine Months Ended September 30, 2020 2019 Revolving credit facility borrowings $ 653.1 $ 703.4 Revolving credit facility repayments $ (461.0) $ (828.4) Other debt borrowings Proceeds from 2025 Senior Secured Notes - USD $ 693.2 $ — Proceeds from 2025 Senior Secured Notes - EUR 394.6 — Proceeds from 2022 Term Loan A Facility under the Credit Agreement — 374.3 International short-term uncommitted lines of credit borrowings 20.0 21.0 $ 1,107.8 $ 395.3 Other debt repayments Payments on Term Loan A Facility under the Credit Agreement $ — $ (126.3) Payments on 2022 and Delayed Draw Term Loan A Facility under the Credit Agreement (370.3) (160.5) Payments Term Loan A-1 Facility under the Credit Agreement (618.9) (12.2) Payments on Term Loan B Facility - USD under the Credit Agreement (17.1) (3.6) Payments on Term Loan B Facility - Euro under the Credit Agreement (16.4) (3.5) International short-term uncommitted lines of credit and other repayments (16.8) (36.8) $ (1,039.5) $ (342.9) |
Schedule of Long-term Debt Instruments [Table Text Block] | Below is a summary of financing and replacement facilities information: Financing and Replacement Facilities Interest Rate Maturity/Termination Dates Initial Term (Years) Credit Agreement facilities 2022 Revolving Facility (i) LIBOR + 4.25% April 2022 3.2 2023 Revolving Facility (ii) LIBOR + 4.25% July 2023 3.0 Term Loan B Facility - USD (i) LIBOR + 2.75% November 2023 7.5 Term Loan B Facility - Euro (iii) EURIBOR + 3.00% November 2023 7.5 2024 Senior Notes 8.5% April 2024 8 2025 Senior Secured Notes - USD 9.375% July 2025 5 2025 Senior Secured Notes - EUR 9.0% July 2025 5 (i) LIBOR with a floor of 0.0% (ii) LIBOR with a floor of 0.5% (iii) EURIBOR with a floor of 0.0% |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interests (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Redeemable Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interest [Table Text Block] | Changes in the Company's redeemable noncontrolling interests balance are illustrated in the following table: 2020 2019 Balance at January 1 $ 20.9 $ 130.4 Other comprehensive income — (1.7) Redemption value adjustment (1.0) (18.6) Redemption of shares — (88.6) Balance at September 30 $ 19.9 $ 21.5 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Changes in shareholders' equity attributable to Diebold, Incorporated and the noncontrolling interests | The following tables present changes in shareholders' equity attributable to Diebold Nixdorf, Incorporated and the noncontrolling interests: Accumulated Other Comprehensive Income (Loss) Total Diebold Nixdorf, Incorporated Shareholders' Equity Common Shares Additional Accumulated Deficit Treasury Non-controlling Total Balance, December 31, 2019 $ 115.3 $ 773.9 $ (472.3) $ (571.9) $ (375.3) $ (530.3) $ 24.0 $ (506.3) Net loss — — (92.8) — — (92.8) (0.6) $ (93.4) Other comprehensive loss — — — — (104.2) (104.2) (1.3) $ (105.5) Share-based compensation issued 1.4 (1.4) — — — — — $ — Share-based compensation expense — 4.0 — — — 4.0 — $ 4.0 Treasury shares — — — (4.6) — (4.6) — $ (4.6) Reclassification of guaranteed dividend to accrued liabilities — — — — — — — $ — Reclassifications of redeemable noncontrolling interest — — — — — — — $ — Divestitures, net — — — — — — (4.8) $ (4.8) Balance, March 31, 2020 $ 116.7 $ 776.5 $ (565.1) $ (576.5) $ (479.5) (727.9) $ 17.3 $ (710.6) Net loss — — (23.7) — — (23.7) 0.6 $ (23.1) Other comprehensive loss — — — — 45.1 45.1 — $ 45.1 Share-based compensation issued 0.2 (0.2) — — — — — $ — Share-based compensation expense — 3.6 — — — 3.6 — $ 3.6 Treasury shares — — — (0.1) — (0.1) — $ (0.1) Reclassification of guaranteed dividend to accrued liabilities — — — — — — — $ — Reclassifications of redeemable noncontrolling interest — — — — — — — $ — Divestitures, net — — — — — — (23.4) $ (23.4) Balance, June 30, 2020 $ 116.9 $ 779.9 $ (588.8) $ (576.6) $ (434.4) (703.0) $ (5.5) $ (708.5) Net loss — — (101.4) — — (101.4) 0.5 $ (100.9) Other comprehensive loss — — — — (5.6) (5.6) (0.1) $ (5.7) Share-based compensation issued — (0.1) — — — (0.1) — $ (0.1) Share-based compensation expense — 3.5 — — — 3.5 — $ 3.5 Treasury shares — — — — — — — $ — Reclassification of guaranteed dividend to accrued liabilities — — — — — — — $ — Reclassifications of redeemable noncontrolling interest — — — — — — — $ — Divestitures, net — — — — — — — $ — Balance, September 30, 2020 116.9 783.3 (690.2) (576.6) (440.0) (806.6) (5.1) (811.7) Accumulated Other Comprehensive Income (Loss) Total Diebold Nixdorf, Incorporated Shareholders' Equity Common Shares Additional Accumulated Deficit Treasury Non-controlling Total Balance, December 31, 2018 $ 114.2 $ 741.8 $ (131.0) $ (570.4) $ (304.3) $ (149.7) $ 26.8 $ (122.9) Net income (loss) — — (132.7) — — (132.7) 0.8 (131.9) Other comprehensive loss — — — — (1.9) (1.9) 2.7 0.8 Share-based compensation issued 0.7 (0.7) — — — — — — Share-based compensation expense — 9.3 — — — 9.3 — 9.3 Treasury shares — — — (1.1) — (1.1) — (1.1) Reclassification of guaranteed dividend to accrued liabilities — — — — — — (0.6) (0.6) Reclassifications of redeemable noncontrolling interest — 10.6 — — — 10.6 — 10.6 Divestitures, net — — — — — — (3.0) (3.0) Balance, March 31, 2019 $ 114.9 $ 761.0 $ (263.7) $ (571.5) $ (306.2) $ (265.5) $ 26.7 $ (238.8) Net income (loss) — — (50.3) — — (50.3) (5.0) (55.3) Other comprehensive loss — — — — 18.6 18.6 (2.5) 16.1 Share-based compensation issued 0.3 (0.3) — — — — — — Share-based compensation expense — 4.8 — — — 4.8 — 4.8 Treasury shares — — — (0.3) — (0.3) — (0.3) Reclassification of guaranteed dividend to accrued liabilities — — — — — — 5.6 5.6 Reclassifications of redeemable noncontrolling interest — (0.2) — — — (0.2) — (0.2) Divestitures, net — — — — — — — — Balance, June 30, 2019 $ 115.2 $ 765.3 $ (314.0) $ (571.8) $ (287.6) $ (292.9) $ 24.8 $ (268.1) Net income (loss) — — (35.7) — — (35.7) 0.9 (34.8) Other comprehensive loss — — — — (90.9) (90.9) (1.0) (91.9) Share-based compensation issued — — — — — — — — Share-based compensation expense — 5.3 — — — 5.3 — 5.3 Treasury shares — — — — — — — — Reclassification of guaranteed dividend to accrued liabilities — — — — — — — — Reclassifications of redeemable noncontrolling interest — 0.2 — — — 0.2 — 0.2 Divestitures, net — — — — — — — — Balance, September 30, 2019 $ 115.2 $ 770.8 $ (349.7) $ (571.8) $ (378.5) $ (414.0) $ 24.7 $ (389.3) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in the Company’s accumulated other comprehensive income (AOCI), net of tax, by component for the three months ended September 30, 2020: Translation Foreign Currency Hedges Interest Rate Hedges Pension and Other Post-retirement Benefits Other Accumulated Other Comprehensive Income (Loss) Balance at June 30, 2020 $ (284.3) $ (0.4) $ (11.6) $ (137.5) $ (0.6) $ (434.4) Other comprehensive income (loss) before reclassifications (1) (9.9) (0.4) 3.0 — — (7.3) Amounts reclassified from AOCI — — (0.4) 2.1 — 1.7 Net current-period other comprehensive income (loss) (9.9) (0.4) 2.6 2.1 — (5.6) Balance at September 30, 2020 $ (294.2) $ (0.8) $ (9.0) $ (135.4) $ (0.6) $ (440.0) (1) Other comprehensive income (loss) before reclassifications within the translation component excludes $0.1 translation attributable to noncontrolling interests. The following table summarizes the changes in the Company’s AOCI, net of tax, by component for the three months ended September 30, 2019: Translation Foreign Currency Hedges Interest Rate Hedges Pension and Other Post-retirement Benefits Other Accumulated Other Comprehensive Income (Loss) Balance at June 30, 2019 $ (174.7) $ (1.8) $ 5.9 $ (117.2) $ 0.2 $ (287.6) Other comprehensive income (loss) before reclassifications (1) (90.7) (0.2) (3.0) — — (93.9) Amounts reclassified from AOCI — — 0.8 2.2 — 3.0 Net current-period other comprehensive income (loss) (90.7) (0.2) (2.2) 2.2 — (90.9) Balance at September 30, 2019 $ (265.4) $ (2.0) $ 3.7 $ (115.0) $ 0.2 $ (378.5) (1) Other comprehensive income (loss) before reclassifications within the translation component excludes $(1.0) of translation attributable to noncontrolling interests. The following table summarizes the changes in the Company’s AOCI, net of tax, by component for the nine months ended September 30, 2020: Translation Foreign Currency Hedges Interest Rate Hedges Pension and Other Post-retirement Benefits Other Accumulated Other Comprehensive Income (Loss) Balance at January 1, 2020 $ (231.5) $ (2.6) $ 5.2 $ (146.6) $ 0.2 $ (375.3) Other comprehensive income (loss) before reclassifications (1) (62.7) 1.8 (19.1) — (0.8) (80.8) Amounts reclassified from AOCI — — 4.9 11.2 — 16.1 Net current-period other comprehensive income (loss) (62.7) 1.8 (14.2) 11.2 (0.8) (64.7) Balance at September 30, 2020 $ (294.2) $ (0.8) $ (9.0) $ (135.4) $ (0.6) $ (440.0) (1) Other comprehensive income (loss) before reclassifications within the translation component excludes $1.4 of translation attributable to noncontrolling interests. The following table summarizes the changes in the Company’s AOCI, net of tax, by component for the nine months ended September 30, 2019: Translation Foreign Currency Hedges Interest Rate Hedges Pension and Other Post-retirement Benefits Other Accumulated Other Comprehensive Income (Loss) Balance at January 1, 2019 $ (192.1) $ (1.9) $ 10.6 $ (121.0) $ 0.1 $ (304.3) Other comprehensive income (loss) before reclassifications (1) (73.3) (0.1) (8.7) — 0.1 (82.0) Amounts reclassified from AOCI — — 1.8 6.0 — 7.8 Net current-period other comprehensive income (loss) (73.3) (0.1) (6.9) 6.0 0.1 (74.2) Balance at September 30, 2019 $ (265.4) $ (2.0) $ 3.7 $ (115.0) $ 0.2 $ (378.5) (1) Other comprehensive income (loss) before reclassifications within the translation component excludes nominal translation attributable to noncontrolling interests. The following table summarizes the details about the amounts reclassified from AOCI: |
Reclassification out of Accumulated Other Comprehensive Income | Three Months Ended Nine Months Ended Affected Line Item in the Statement of Operations September 30, September 30, 2020 2019 2020 2019 Interest rate hedges $ (0.4) $ 0.8 $ 4.9 $ 1.8 Interest expense Pension and post-retirement benefits: Net actuarial gain (loss) amortization (net of tax of $0.6, $(1.9), $2.4 and $(1.2), respectively) 2.1 2.2 11.2 6.0 (1) Total reclassifications for the period $ 1.7 $ 3.0 $ 16.1 $ 7.8 (1) Pension and other post-retirement benefits AOCI components are included in the computation of net periodic benefit cost (refer to note 16). |
Benefit Plans (Tables)
Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost | The following table sets forth the net periodic benefit cost for the Company’s defined benefit pension plans and other benefits for the three months ended September 30: Pension Benefits U.S.Plans Non-U.S. Plans Other Benefits 2020 2019 2020 2019 2020 2019 Components of net periodic benefit cost Service cost $ 1.0 $ 0.9 $ 2.5 $ 2.5 $ — $ — Interest cost 4.7 5.5 1.1 1.6 — 0.2 Expected return on plan assets (6.3) (6.2) (3.3) (3.1) — — Recognized net actuarial loss 1.9 1.3 (0.2) (0.4) — 0.1 Recognition establishment of Germany benefit obligation — — — 6.6 — — Other — — 0.1 — — — Net periodic pension benefit cost $ 1.3 $ 1.5 $ 0.2 $ 7.2 $ — $ 0.3 The following table sets forth the net periodic benefit cost for the Company’s defined benefit pension plans and other benefits for the nine months ended September 30: Pension Benefits U.S.Plans Non-U.S. Plans Other Benefits 2020 2019 2020 2019 2020 2019 Components of net periodic benefit cost Service cost $ 2.9 $ 2.7 $ 7.6 $ 7.4 $ — $ — Interest cost 14.2 16.5 3.1 4.9 0.1 0.7 Expected return on plan assets (19.1) (18.6) (9.8) (9.4) — — Recognized net actuarial loss 5.8 3.9 (0.5) (1.2) (0.1) 0.3 Recognition establishment of Germany benefit obligation — — — 6.6 — — Other — — 0.2 — — — Net periodic pension benefit cost $ 3.8 $ 4.5 $ 0.6 $ 8.3 $ — $ 1.0 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Gain (loss) recognized on non-designated derivative instruments | The following table summarizes the gain (loss) recognized on derivative instruments: Derivative instrument Classification on condensed consolidated statements of operations Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Interest rate swaps and non-designated hedges Interest expense $ (5.3) $ (1.0) $ (10.2) $ (2.5) Foreign exchange forward contracts and cash flow hedges Net sales 0.4 0.2 0.9 (0.3) Foreign exchange forward contracts and cash flow hedges Foreign exchange gain (loss), net (25.0) — (32.2) 0.7 Total $ (29.9) $ (0.8) $ (41.5) $ (2.1) |
Fair Value of Assets and Liab_2
Fair Value of Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Recorded at Fair Market Value | Assets and liabilities subject to fair value measurement are as follows: September 30, 2020 December 31, 2019 Fair Value Measurements Using Fair Value Measurements Using Classification on condensed consolidated Balance Sheets Fair Value Level 1 Level 2 Fair Value Level 1 Level 2 Assets Short-term investments Certificates of deposit Short-term investments $ 6.8 $ 6.8 $ — $ 10.0 $ 10.0 $ — Assets held in rabbi trusts Securities and other investments 6.0 6.0 — 6.2 6.2 — Foreign exchange forward contracts Other current assets 3.1 — 3.1 2.9 — 2.9 Interest rate swaps Other current assets — — — 1.7 — 1.7 Interest rate swaps Securities and other investments — — — 0.1 — 0.1 Total $ 15.9 $ 12.8 $ 3.1 $ 20.9 $ 16.2 $ 4.7 Liabilities Foreign exchange forward contracts Other current liabilities $ 4.1 $ — $ 4.1 $ 2.9 $ — $ 2.9 Interest rate swaps Other liabilities 6.0 — 6.0 2.3 — 2.3 Deferred compensation Other liabilities 6.0 6.0 — 6.2 6.2 — Total $ 16.1 $ 6.0 $ 10.1 $ 11.4 $ 6.2 $ 5.2 |
Fair value and carrying value of the Company's debt instruments | The carrying amount of the Company's debt instruments approximates fair value except for the 2024 Senior Notes and 2025 Senior Secured Notes. The fair value and carrying value of the 2024 Senior Notes and 2025 Senior Secured Notes are summarized as follows: September 30, 2020 December 31, 2019 Fair Value Carrying Fair Value Carrying 2024 Senior Notes $ 363.2 $ 400.0 $ 387.0 $ 400.0 2025 Senior Secured Notes - USD $ 735.9 $ 700.0 $ — $ — 2025 Senior Secured Notes - EUR $ 421.4 $ 409.8 $ — $ — |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Summary of Segment Information | The following tables present information regarding the Company’s segment performance and provide a reconciliation between segment operating profit and the consolidated income (loss) before income taxes: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Net sales summary by segment Eurasia Banking $ 364.2 $ 405.2 $ 1,012.4 $ 1,218.0 Americas Banking 368.5 403.7 1,044.6 1,186.3 Retail 262.5 269.9 739.4 852.8 Total revenue $ 995.2 $ 1,078.8 $ 2,796.4 $ 3,257.1 Intersegment revenue Eurasia Banking $ 32.9 $ 35.4 $ 86.7 $ 137.4 Americas Banking 4.6 3.1 9.5 10.8 Total intersegment revenue $ 37.5 $ 38.5 $ 96.2 $ 148.2 Segment operating profit Eurasia Banking $ 49.9 $ 41.5 $ 119.9 $ 114.0 Americas Banking 43.4 28.8 153.0 79.8 Retail 22.9 13.5 49.7 37.2 Total segment operating profit 116.2 83.8 322.6 231.0 Corporate charges not allocated to segments (1) (26.7) (17.4) (71.9) (63.5) Impairment of assets (4.1) — (4.1) — Restructuring and DN Now transformation expenses (41.8) (20.6) (110.2) (64.2) Net non-routine expense (19.8) (22.6) (118.1) (97.3) (92.4) (60.6) (304.3) (225.0) Operating profit (loss) 23.8 23.2 18.3 6.0 Other income (expense) (146.2) (53.4) (240.6) (153.2) Loss before taxes $ (122.4) $ (30.2) $ (222.3) $ (147.2) (1) Corporate charges not allocated to segments include headquarter-based costs associated with procurement, human resources, compensation and benefits, finance and accounting, global development/engineering, global strategy/mergers and acquisitions, global IT, tax, treasury and legal. |
Schedule Of Revenue From External Customers By Product And Service Solution | The following table presents information regarding the Company’s segment net sales by service and product solution: Three Months Ended Nine Months Ended September 30, 2020 September 30, 2020 2020 2019 2020 2019 Segments Eurasia Banking Services $ 198.5 $ 241.8 $ 597.1 $ 740.0 Products 165.7 163.4 415.3 478.0 Total Eurasia Banking 364.2 405.2 1,012.4 1,218.0 Americas Banking Services 247.8 252.6 721.7 746.0 Products 120.7 151.1 322.9 440.3 Total Americas Banking 368.5 403.7 1,044.6 1,186.3 Retail Services 142.6 148.6 417.6 445.0 Products 119.9 121.3 321.8 407.8 Total Retail 262.5 269.9 739.4 852.8 Total net sales $ 995.2 $ 1,078.8 $ 2,796.4 $ 3,257.1 |
Disaggregation of Revenue [Table Text Block] | In the following table, revenue is disaggregated by timing of revenue recognition at September 30, 2020: Timing of revenue recognition 2020 2019 Products transferred at a point in time 38 % 41 % Products and services transferred over time 62 % 59 % Net sales 100 % 100 % |
Contract with Customer, Asset and Liability [Table Text Block] | The following table provides 2020 information about receivables and deferred revenue, which represent contract liabilities from contracts with customers: Contract balance information Trade Receivables Contract liabilities Balance at December 31 $ 619.3 $ 320.5 Balance at September 30 $ 668.1 $ 247.3 |
Leases (Details)
Leases (Details) | Sep. 30, 2020 | Sep. 30, 2019 |
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Weighted Average Remaining Lease Term | 4 years 2 months 12 days | 4 years 9 months 18 days |
Finance Lease, Weighted Average Remaining Lease Term | 3 years 9 months 18 days | 2 years 4 months 24 days |
Operating Lease, Weighted Average Discount Rate, Percent | 11.50% | 12.20% |
Finance Lease, Weighted Average Discount Rate, Percent | 10.90% | 24.10% |
Minimum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, Finance Lease, Term of Contract | 1 year | |
Lessee, Operating Lease, Term of Contract | 1 year | |
Lessee, Finance Lease, Renewal Term | 6 months | |
Lessee, Operating Lease, Renewal Term | 6 months | |
Maximum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, Finance Lease, Term of Contract | 10 years | |
Lessee, Operating Lease, Term of Contract | 10 years | |
Lessee, Finance Lease, Renewal Term | 15 years | |
Lessee, Operating Lease, Renewal Term | 15 years |
Components of Lease Expense (De
Components of Lease Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Leases [Abstract] | ||||
Operating lease expense | $ 24.6 | $ 23.2 | $ 71.9 | $ 65.3 |
Amortization of Right-of-Use Assets | 0.4 | 0.1 | 1.1 | 0.4 |
Finance Lease, Interest Expense | 0.1 | 0.1 | 0.4 | 0.3 |
Variable lease expense | $ 1.9 | $ 3.2 | $ 6.5 | $ 11.4 |
Maturities of lease liabilities
Maturities of lease liabilities (Details) $ in Millions | Sep. 30, 2020USD ($) |
Leases [Abstract] | |
2020 (excluding the nine months ended September 30, 2020) | $ 25.5 |
2021 | 55.1 |
2022 | 34.6 |
2023 | 21.4 |
2024 | 15.3 |
Thereafter | 25.1 |
Total | 177 |
Less: Present value discount | (35.7) |
Lease liability | 141.3 |
2020 (excluding the nine months ended September 30, 2020) | 0.6 |
2021 | 2 |
2022 | 1.3 |
2023 | 0.6 |
2024 | 0.5 |
Thereafter | 0.8 |
Total | 5.8 |
Less: Present value discount | (0.9) |
Lease liability | $ 4.9 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Leases [Abstract] | ||||
Operating Lease, Payments | $ 28.3 | $ 22.3 | $ 72.3 | $ 63.6 |
Finance Lease, Principal Payments | 0.4 | 0.1 | 1.2 | 0.3 |
Finance Lease, Interest Payment on Liability | 0.2 | 0.2 | 0.6 | 0.4 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 9.9 | 8.5 | 17.6 | 49.3 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 0.1 | $ 0.2 | $ 4 | $ 2.3 |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Right-of-use operating lease assets | $ 139.6 | $ 167.5 |
Finance Lease, Right-of-Use Asset | 5.1 | 2.4 |
Lease, Right-Of-Use Asset | 144.7 | 169.9 |
Operating lease liabilities | 52.2 | 62.8 |
Finance Lease, Liability, Current | 1.7 | 0.9 |
Operating Lease, Liability, Noncurrent | 89.1 | 106.4 |
Finance Lease, Liability, Noncurrent | 3.2 | 1.4 |
Lease Liability | $ 146.2 | $ 171.5 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income (loss) used in basic and diluted loss per share | ||||||||
Net loss | $ (100.9) | $ (23.1) | $ (93.4) | $ (34.8) | $ (55.3) | $ (131.9) | $ (217.4) | $ (222) |
Net (income) loss attributable to noncontrolling interests | 0.5 | 0.9 | 0.5 | (3.3) | ||||
Net loss attributable to Diebold Nixdorf, Incorporated | $ (101.4) | $ (35.7) | $ (217.9) | $ (218.7) | ||||
Denominator | ||||||||
Weighted-average number of common shares used in basic and diluted loss per share (1) | 77.7 | 76.8 | 77.5 | 76.6 | ||||
Net loss attributable to Diebold Nixdorf, Incorporated | ||||||||
Basic and diluted loss per share | $ (1.31) | $ (0.46) | $ (2.81) | $ (2.86) | ||||
Anti-dilutive shares | ||||||||
Anti-dilutive shares not used in calculating diluted weighted-average shares | 2.3 | 2.7 | 2.6 | 3.4 | ||||
Incremental Shares Excluded From Dilutive Calculation Due To Resulting in Operating Loss | 1.2 | 2.2 | 1 | 1.7 |
Share-Based Compensation - Stoc
Share-Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Options outstanding and exercisable under the Company's 1991 Equity and Performance Incentive Plan and 2017 Equity and Performance Incentive Plan | ||||
Outstanding at January 1, 2020 | 2.4 | |||
Outstanding at January 1, 2020 | $ 14.89 | |||
Expired or forfeited | 0.1 | |||
Expired or forfeited | $ 31.74 | |||
Granted | 0.4 | |||
Granted | $ 12.54 | |||
Outstanding at September 30, 2020 | 2.7 | 2.7 | ||
Outstanding at September 30, 2020 | $ 14.30 | $ 14.30 | ||
Outstanding, weighted-average remaining contractual term | 8 years | |||
Outstanding, aggregate intrinsic value | $ 2.5 | $ 2.5 | ||
Options exercisable September 30, 2020 | 1.4 | 1.4 | ||
Options exercisable September 30, 2020 | $ 19.66 | $ 19.66 | ||
Options exercisable, weighted-average remaining contractual term | 7 years | |||
Options exercisable, aggregate intrinsic value | $ 1.2 | $ 1.2 | ||
Options vested and expected to vest(2) at September 30, 2020 | 2.7 | 2.7 | ||
Options vested and expected to vest(2) at September 30, 2020 | $ 14.30 | $ 14.30 | ||
Options vested and expected to vest, weighted-average remaining contractual term | 8 years | |||
Options vested and expected to vest, aggregate intrinsic value | $ 2.5 | $ 2.5 | ||
Share-based Compensation | $ 3.5 | $ 5.2 | $ 11.1 | $ 19.4 |
Share-Based Compensation - Comp
Share-Based Compensation - Compensation Expense and Information on Non-Vested Shares (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Apr. 25, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based Compensation | $ 3.5 | $ 5.2 | $ 11.1 | $ 19.4 | |
Share Based Compensation, Decrease | (8.3) | ||||
performance units and restricted stock units [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based Compensation | $ 11.1 | $ 2.3 | $ 17.5 | $ 7.2 | |
Restricted Stock Units (RSUs) [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Non-vested at January 1, 2020 | 2.2 | ||||
Non-vested at January 1, 2020 | $ 9.99 | ||||
Forfeited | (0.1) | ||||
Forfeited | $ 13.11 | ||||
Vested | (1) | ||||
Vested | $ 12.60 | ||||
Granted | 0.9 | ||||
Granted | $ 10.64 | ||||
Non-vested at September 30, 2020 | 2 | 2 | |||
Non-vested at September 30, 2020 | $ 8.84 | $ 8.84 | |||
Performance Shares [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Non-vested at January 1, 2020 | 2.4 | ||||
Non-vested at January 1, 2020 | $ 26.44 | ||||
Forfeited | (0.8) | ||||
Forfeited | $ 34.49 | ||||
Vested | (0.3) | ||||
Vested | $ 26.60 | ||||
Non-vested at September 30, 2020 | 1.3 | 1.3 | |||
Non-vested at September 30, 2020 | $ 21.73 | $ 21.73 | |||
Deferred Compensation, Share-based Payments [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Non-employee director deferred shares, vested | 0.1 | 0.1 | |||
2017 Equity and Performance Incentive Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common shares available for grant | 1.9 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate Reconciliation, Percent | 17.60% | (17.20%) | 2.20% | (50.80%) |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Major classes of inventories | ||
Finished goods | $ 233.2 | $ 157.4 |
Service parts | 167.6 | 175.4 |
Raw materials and work in process | 141.8 | 133.7 |
Total inventories | $ 542.6 | $ 466.5 |
Investments (Details)
Investments (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Assets held in rabbi trusts [Member] | |||
Long-term investments: | |||
Assets held in a rabbi trust | $ 5.1 | $ 5.5 | |
Long-term investments, unrealized gain | 0.9 | $ 0.7 | |
Certificates of deposit | |||
Short-term investments: | |||
Investments, Cost Basis | 6.8 | 10 | |
Short-term investments, unrealized gain | 0 | 0 | |
Short-term investments | Certificates of deposit | Fair Value, Measurements, Recurring [Member] | |||
Short-term investments: | |||
Fair value of assets held under trust | 6.8 | 10 | |
Short-term investments | Certificates of deposit | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Short-term investments: | |||
Fair value of assets held under trust | $ 6.8 | $ 10 |
Investments (Textuals) (Details
Investments (Textuals) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | |
Investments (Textuals) | ||||||
Cash surrender value of insurance contracts | $ 3.2 | $ 3.2 | $ 15.2 | |||
Proceeds from Life Insurance Policy | 8.4 | 15.6 | $ 0 | |||
Investments [Line Items] | ||||||
Other Nonoperating Income (Expense) | (1.5) | $ (1) | 4.1 | $ (2.8) | ||
Related Party Transaction [Line Items] | ||||||
Accounts receivable with affiliates | 11.5 | 11.5 | ||||
Accounts payable with affiliates | $ 45.3 | $ 45.3 | ||||
Inspur (Suzhou) Financial Technology Service Co Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Strategic alliance, ownership percentage | 48.10% | 48.10% | 40.00% | |||
Aisino-Wincor Retail And Banking Systems (Shanghai) Co.,Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Strategic alliance, ownership percentage | 43.60% | 43.60% | ||||
Company Owned Life Insurance Contract [Member] | ||||||
Investments [Line Items] | ||||||
Other Nonoperating Income (Expense) | $ 7.2 |
Investments Investments Finance
Investments Investments Finance Lease Receivables (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross minimum lease receivables | $ 40.1 | $ 41.8 |
Allowance for credit losses | (0.3) | (0.3) |
Estimated unguaranteed residual values | 0.2 | 0.2 |
Capital Leases Net Investment In Sales Type Leases Minimum Payments To Be Received And Unguaranteed Residual Values | 40 | 41.7 |
Unearned interest income | (1.5) | (2.8) |
Total | $ 38.5 | $ 38.9 |
Investments Finance Lease Recei
Investments Finance Lease Receivables - Minimum Lease Receivables Schedule (Details) $ in Millions | Sep. 30, 2020USD ($) |
Finance Lease Receivables - Minimum Lease Receivables Schedule [Abstract] | |
2020 | $ 11.9 |
2021 | 8.2 |
2022 | 7.2 |
2023 | 5.3 |
2024 | 4.6 |
Thereafter | 2.9 |
Capital Leases, Future Minimum Payments Receivable | $ 40.1 |
Investments Allowance for Credi
Investments Allowance for Credit Losses - Summary of Allowance for Credit Losses (Textuals) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Sep. 30, 2019 |
Finance Leases Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Finance leases and notes receivable individually evaluated for impairment | $ 39.7 | $ 36.3 |
Notes Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Finance leases and notes receivable individually evaluated for impairment | $ 3.3 | $ 4.8 |
Goodwill and Other Assets (Deta
Goodwill and Other Assets (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | |||
Goodwill | $ 1,244.6 | $ 1,234.9 | $ 1,269.1 |
Accumulated impairment losses | (470.9) | (470.9) | (470.9) |
Beginning balance | 764 | 798.2 | |
Transferred to assets held for sale | (8.8) | (11.7) | |
Divestitures | (4.3) | ||
Currency translation adjustment | 18.5 | (18.2) | |
Ending balance | 773.7 | 764 | |
Eurasia Banking | |||
Goodwill [Line Items] | |||
Goodwill | 580.1 | 579.2 | 598.6 |
Accumulated impairment losses | (291.7) | (291.7) | (291.7) |
Beginning balance | 287.5 | 306.9 | |
Transferred to assets held for sale | (6.4) | (11.7) | |
Divestitures | (0.4) | ||
Currency translation adjustment | 7.3 | (7.3) | |
Ending balance | 288.4 | 287.5 | |
Americas Banking | |||
Goodwill [Line Items] | |||
Goodwill | 435 | 431.3 | 437.3 |
Accumulated impairment losses | (122) | (122) | (122) |
Beginning balance | 309.3 | 315.3 | |
Transferred to assets held for sale | (2.4) | 0 | |
Divestitures | 0 | ||
Currency translation adjustment | 6.1 | (6) | |
Ending balance | 313 | 309.3 | |
Retail | |||
Goodwill [Line Items] | |||
Goodwill | 229.5 | 224.4 | 233.2 |
Accumulated impairment losses | (57.2) | (57.2) | $ (57.2) |
Beginning balance | 167.2 | 176 | |
Transferred to assets held for sale | 0 | 0 | |
Divestitures | (3.9) | ||
Currency translation adjustment | 5.1 | (4.9) | |
Ending balance | $ 172.3 | $ 167.2 |
Goodwill and Other Assets Sched
Goodwill and Other Assets Schedule of Intangible Assets (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 1,050.1 | $ 1,007.7 |
Accumulated amortization | (600.6) | (505.4) |
Net carrying amount | $ 449.5 | 502.3 |
Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years 4 months 24 days | |
Gross carrying amount | $ 727 | 698.7 |
Accumulated amortization | (318.5) | (251) |
Net carrying amount | $ 408.5 | 447.7 |
Internally-developed software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 1 year 3 months 18 days | |
Gross carrying amount | $ 192.4 | 178.2 |
Accumulated amortization | (155.3) | (132.2) |
Net carrying amount | $ 37.1 | 46 |
Development costs non-software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 months 6 days | |
Gross carrying amount | $ 53.5 | 51.5 |
Accumulated amortization | (53.2) | (47.5) |
Net carrying amount | $ 0.3 | 4 |
Other intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years 3 months 18 days | |
Gross carrying amount | $ 77.2 | 79.3 |
Accumulated amortization | (73.6) | (74.7) |
Net carrying amount | 3.6 | 4.6 |
Other intangible asset, net [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 323.1 | 309 |
Accumulated amortization | (282.1) | (254.4) |
Net carrying amount | $ 41 | $ 54.6 |
Goodwill and Other Assets (Text
Goodwill and Other Assets (Textuals) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Number of Reportable Segments | 3 | ||||
Amortization of internally-developed software | $ 5.3 | $ 8.2 | $ 19.8 | $ 25.1 | |
Amortization | 56.2 | $ 35.9 | 122.7 | $ 109.5 | |
Rest of World Retail Reporting Unit [Member] | |||||
Reporting Unit, Amount of Fair Value in Excess of Carrying Amount | $ 0 | $ 0 | $ 0 |
Guarantees and Product Warran_3
Guarantees and Product Warranties (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Guarantor Obligations [Line Items] | |||
Maximum future payment obligations | $ 90.2 | $ 108.2 | |
Changes in warranty liability balance | |||
Beginning Balance | 36.9 | $ 40.1 | |
Current period accruals | 12.5 | 10.5 | |
Current period settlements | (14.8) | (10.7) | |
Currency translation adjustment | (1.4) | (3.9) | |
Ending Balance | 33.2 | $ 36 | |
Financial Standby Letter of Credit [Member] | |||
Guarantor Obligations [Line Items] | |||
Maximum future payment obligations | $ 26.6 | $ 25.2 |
Restructuring - Restructuring C
Restructuring - Restructuring Charges By Statement of Income Account (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Schedule of restructuring and related costs | ||||
Restructuring Charges | $ 13.8 | $ 8.6 | $ 35.3 | $ 19.8 |
Cost of sales – services | ||||
Schedule of restructuring and related costs | ||||
Restructuring Charges | 0.8 | 2 | 3.2 | 6.1 |
Cost of Sales Products | ||||
Schedule of restructuring and related costs | ||||
Restructuring Charges | 2.6 | 0.1 | 2.6 | 0.1 |
Selling and administrative expense | ||||
Schedule of restructuring and related costs | ||||
Restructuring Charges | 10 | 6.4 | 26.5 | 13.4 |
Research, development and engineering expense | ||||
Schedule of restructuring and related costs | ||||
Restructuring Charges | 0.4 | 0.1 | 3 | 0.1 |
Sale of Subsidiary Gain (Loss) | ||||
Schedule of restructuring and related costs | ||||
Restructuring Charges | $ 0 | $ 0 | $ 0 | $ 0.1 |
Restructuring - Restructuring_2
Restructuring - Restructuring Charges By Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | $ 13.8 | $ 8.6 | $ 35.3 | $ 19.8 |
Restructuring and Related Cost, Cost Incurred to Date | 144.4 | 144.4 | ||
Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 13.8 | 8.6 | 35.3 | 19.7 |
Eurasia Banking | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 63.5 | 63.5 | ||
Eurasia Banking | Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 8.6 | 1.3 | 16.7 | 4.1 |
Americas Banking | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 12.3 | 12.3 | ||
Americas Banking | Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 0.7 | 0.6 | 1.8 | 1.2 |
Americas Banking | Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 0 | 0 | 0 | 0.1 |
Retail | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 33 | 33 | ||
Retail | Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 2 | 0.9 | 10.8 | 4.5 |
Corporate | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 35.6 | 35.6 | ||
Corporate | Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 2.5 | $ 5.8 | 6 | $ 9.9 |
DN Now [Member] | Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 144.3 | 144.3 | ||
DN Now [Member] | Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 0.1 | 0.1 | ||
DN Now [Member] | Eurasia Banking | Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 63.5 | 63.5 | ||
DN Now [Member] | Eurasia Banking | Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 0 | 0 | ||
DN Now [Member] | Americas Banking | Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 12.2 | 12.2 | ||
DN Now [Member] | Americas Banking | Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 0.1 | 0.1 | ||
DN Now [Member] | Retail | Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 33 | 33 | ||
DN Now [Member] | Retail | Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 0 | 0 | ||
DN Now [Member] | Corporate | Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 35.6 | 35.6 | ||
DN Now [Member] | Corporate | Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | $ 0 | $ 0 |
Restructuring Reserve Activity
Restructuring Reserve Activity (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Restructuring and Related Activities [Abstract] | ||||
Balance at January 1 | $ 42.6 | $ 56.9 | ||
Liabilities incurred | $ 13.8 | $ 8.6 | 35.3 | 19.8 |
Liabilities paid/settled | 42.8 | 49.2 | ||
Balance at September 30 | $ 35.1 | $ 27.5 | $ 35.1 | $ 27.5 |
Restructuring (Textuals) (Detai
Restructuring (Textuals) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 36 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2021 | |
Unusual or Infrequent Item [Line Items] | |||||
Restructuring Charges | $ 13.8 | $ 8.6 | $ 35.3 | $ 19.8 | |
DN Now Plan [Member] | Minimum [Member] | |||||
Unusual or Infrequent Item [Line Items] | |||||
Restructuring and Related Cost, Expected Cost | 20 | 20 | |||
DN Now Plan [Member] | Maximum [Member] | |||||
Unusual or Infrequent Item [Line Items] | |||||
Restructuring and Related Cost, Expected Cost | $ 40 | $ 40 | |||
Subsequent Event [Member] | DN Now Plan [Member] | |||||
Unusual or Infrequent Item [Line Items] | |||||
Anticipated Annual Synergies | $ 500 |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Notes Payable | |||
Uncommitted lines of credit | $ 7 | $ 5 | |
Other | 1.6 | 1.7 | |
Notes payable | 18.3 | 32.5 | |
Long-term Debt | |||
Revolving credit facility | 192.1 | 0 | |
Other | 3.4 | 1.3 | |
Long-term debt excluding debt issuance costs | 2,486.6 | 2,173.3 | |
Long-term deferred financing fees | (58.7) | (64.6) | |
Long-term debt | 2,427.9 | 2,108.7 | |
Revolving credit facility borrowings (repayments), net | 192.1 | $ (125) | |
Other debt borrowings | 1,107.8 | 395.3 | |
Other debt repayments | (1,039.5) | (342.9) | |
Proceeds from Lines of Credit | 653.1 | 703.4 | |
Repayments of Lines of Credit | (461) | (828.4) | |
2022 Term Loan A Facility [Member] | |||
Long-term Debt | |||
Term Loan Facility | 0 | 370.3 | |
Other debt borrowings | 0 | 374.3 | |
Term Loan A-1 Facility [Member] | |||
Notes Payable | |||
Term Loan Facility | 0 | 16.3 | |
Long-term Debt | |||
Term Loan Facility | 0 | 602.6 | |
Other debt repayments | (618.9) | (12.2) | |
Term Loan B USD [Member] | |||
Notes Payable | |||
Term Loan Facility | 4.8 | 4.8 | |
Long-term Debt | |||
Term Loan Facility | 386.9 | 404 | |
Other debt repayments | (17.1) | (3.6) | |
Term Loan B EUR [Member] | |||
Notes Payable | |||
Term Loan Facility | 4.9 | 4.7 | |
Long-term Debt | |||
Term Loan Facility | 394.4 | 395.1 | |
Other debt repayments | (16.4) | (3.5) | |
Senior Notes Due 2024 [Member] | |||
Long-term Debt | |||
Senior Notes | 400 | 400 | |
International Short-Term Uncommitted Line of Credit [Member] | |||
Long-term Debt | |||
Other debt borrowings | 20 | 21 | |
Other debt repayments | (16.8) | (36.8) | |
Senior Notes Due 2025 [Member] | |||
Long-term Debt | |||
Senior Notes | 700 | 0 | |
Other debt borrowings | 693.2 | 0 | |
Senior Notes Due 2025 EURO [Member] | |||
Long-term Debt | |||
Senior Notes | 409.8 | $ 0 | |
Other debt borrowings | 394.6 | 0 | |
Term Loan A Facility | |||
Long-term Debt | |||
Other debt repayments | 0 | (126.3) | |
2022 Term Loan A Facility and Delayed Draw Term Loan A Facility | |||
Long-term Debt | |||
Other debt repayments | $ (370.3) | $ (160.5) | |
International Short-Term Uncommitted Line of Credit [Member] | |||
Short-term Debt [Line Items] | |||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 7.36% | 9.03% |
Debt (Textuals) (Details)
Debt (Textuals) (Details) $ in Millions | Aug. 30, 2018USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Jul. 20, 2020USD ($) | Dec. 31, 2019 | May 09, 2017USD ($) | Apr. 30, 2016USD ($) | |
Debt (Textuals) | |||||||||||||
Amount available | $ 150.2 | ||||||||||||
Debt Instrument, Covenant Compliance | the Company was in compliance with the financial covenants in its debt agreements | ||||||||||||
Proceeds from Other Debt | $ 1,107.8 | $ 395.3 | |||||||||||
Proceeds from Lines of Credit | 653.1 | 703.4 | |||||||||||
Repayments of Other Debt | $ 1,039.5 | 342.9 | |||||||||||
Repricing Premium Percentage | 1.00% | ||||||||||||
Total Net Leverage Ratio | 2.5 | ||||||||||||
Anticipated repayments of term loan A and term loan A-1 under the senior credit facility | $ 193.8 | ||||||||||||
Minimum [Member] | |||||||||||||
Debt (Textuals) | |||||||||||||
Adjusted EBITDA To Net Interest Expense Coverage Ratio | 1.375 | ||||||||||||
Minimum [Member] | Subsequent Event [Member] | |||||||||||||
Debt (Textuals) | |||||||||||||
Adjusted EBITDA To Net Interest Expense Coverage Ratio | 1.75 | 1.625 | 1.50 | ||||||||||
Maximum [Member] | |||||||||||||
Debt (Textuals) | |||||||||||||
Net Debt To EBITDA Leverage Ratio | 6.50 | ||||||||||||
Maximum [Member] | Subsequent Event [Member] | |||||||||||||
Debt (Textuals) | |||||||||||||
Net Debt To EBITDA Leverage Ratio | 5.25 | 5.50 | 5.75 | 6 | 6.25 | ||||||||
2022 Term Loan A Facility [Member] | |||||||||||||
Debt (Textuals) | |||||||||||||
Description of interest rate terms | [1] | LIBOR + 4.25% | |||||||||||
Debt Instrument, Term | 3 years | ||||||||||||
Proceeds from Other Debt | $ 0 | 374.3 | |||||||||||
2022 Term Loan A Facility [Member] | Minimum [Member] | |||||||||||||
Debt (Textuals) | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||||||||||
2022 Term Loan A Facility [Member] | Maximum [Member] | |||||||||||||
Debt (Textuals) | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.75% | ||||||||||||
Term Loan B EUR [Member] | |||||||||||||
Debt (Textuals) | |||||||||||||
Repayments of Other Debt | $ 16.4 | 3.5 | |||||||||||
Senior Notes Due 2025 [Member] | |||||||||||||
Debt (Textuals) | |||||||||||||
Description of interest rate terms | 9.375% | ||||||||||||
Proceeds from Other Debt | 693.2 | 0 | |||||||||||
Secured Long-term Debt, Noncurrent | $ 700 | ||||||||||||
Senior Secured Notes, Percentage Issuance of Principal Amount | 99.031% | ||||||||||||
Senior Notes Due 2025 EURO [Member] | |||||||||||||
Debt (Textuals) | |||||||||||||
Description of interest rate terms | 9.00% | ||||||||||||
Proceeds from Other Debt | 394.6 | $ 0 | |||||||||||
Secured Long-term Debt, Noncurrent | $ 350 | ||||||||||||
Senior Secured Notes, Percentage Issuance of Principal Amount | 99.511% | ||||||||||||
Revolving Credit Facility [Member] | |||||||||||||
Debt (Textuals) | |||||||||||||
Standby Letters Of Credit | $ 26.6 | ||||||||||||
Weighted average interest rate on credit facility borrowings outstanding | 4.67% | 6.01% | |||||||||||
2022 Revolving Credit Facility [Member] | |||||||||||||
Debt (Textuals) | |||||||||||||
Description of interest rate terms | [2] | LIBOR + 4.25% | |||||||||||
Debt Instrument, Term | 3 years 2 months 12 days | ||||||||||||
2022 Revolving Credit Facility [Member] | Minimum [Member] | |||||||||||||
Debt (Textuals) | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.25% | ||||||||||||
2022 Revolving Credit Facility [Member] | Maximum [Member] | |||||||||||||
Debt (Textuals) | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||||||||||
June 2015 Revolving Credit Facility [Member] | |||||||||||||
Debt (Textuals) | |||||||||||||
Current borrowing capacity | $ 368.9 | ||||||||||||
Senior Notes Due 2024 [Member] | |||||||||||||
Debt (Textuals) | |||||||||||||
Debt Instrument, Term | 8 years | ||||||||||||
Description of interest rate terms | 8.50% | ||||||||||||
Unsecured Debt | $ 400 | ||||||||||||
Term Loan A-1 Facility [Member] | |||||||||||||
Debt (Textuals) | |||||||||||||
Proceeds from Other Debt | $ 650 | ||||||||||||
Term Loan B USD [Member] | |||||||||||||
Debt (Textuals) | |||||||||||||
Description of interest rate terms | [2] | LIBOR + 2.75% | |||||||||||
Debt Instrument, Term | 7 years 6 months | ||||||||||||
Unsecured Debt | $ 475 | $ 1,000 | |||||||||||
Delayed Draw Term Loan A Facility [Member] | |||||||||||||
Debt (Textuals) | |||||||||||||
Unsecured Debt | 250 | ||||||||||||
Term Loan B EUR [Member] | |||||||||||||
Debt (Textuals) | |||||||||||||
Description of interest rate terms | [3] | EURIBOR + 3.00% | |||||||||||
Debt Instrument, Term | 7 years 6 months | ||||||||||||
Unsecured Debt | $ 70 | ||||||||||||
Term Loan B EUR [Member] | Minimum [Member] | |||||||||||||
Debt (Textuals) | |||||||||||||
Debt Instrument, Description of Variable Rate Basis | EURIBOR with a floor of 0.0% | ||||||||||||
Revolving Credit Facility Due 2023 [Member] | Minimum [Member] | |||||||||||||
Debt (Textuals) | |||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR with a floor of 0.5% | ||||||||||||
Senior Notes Due 2025 [Member] | |||||||||||||
Debt (Textuals) | |||||||||||||
Debt Instrument, Term | 5 years | ||||||||||||
Senior Notes Due 2025 EURO [Member] | |||||||||||||
Debt (Textuals) | |||||||||||||
Debt Instrument, Term | 5 years | ||||||||||||
2022 Revolving Facility and Term Loan B Facility USD [Member] | Minimum [Member] | |||||||||||||
Debt (Textuals) | |||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR with a floor of 0.0% | ||||||||||||
International Short-Term Uncommitted Line of Credit [Member] | |||||||||||||
Debt (Textuals) | |||||||||||||
Borrowing limit of short term uncommitted line of credit | $ 31.9 | ||||||||||||
Weighted average interest rate on outstanding borrowings | 7.36% | 9.03% | |||||||||||
Amount available | $ 24.9 | ||||||||||||
Maturity time of short term uncommitted lines | less than one year | ||||||||||||
Base Rate [Member] | 2022 Term Loan A Facility [Member] | |||||||||||||
Debt (Textuals) | |||||||||||||
Description of interest rate terms | 1.00 percent less than in the case of LIBOR-based loans | ||||||||||||
[1] | LIBOR with a floor of 0.5% | ||||||||||||
[2] | LIBOR with a floor of 0.0% | ||||||||||||
[3] | EURIBOR with a floor of 0.0% |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interests (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Redeemable Noncontrolling Interest [Abstract] | ||
Balance at January 1 | $ 20.9 | $ 130.4 |
Other comprehensive income | 0 | (1.7) |
Redemption value adjustment | (1) | (18.6) |
Redemption of shares | 0 | (88.6) |
Balance at September 30 | $ 19.9 | $ 21.5 |
Redeemable Noncontrolling Int_4
Redeemable Noncontrolling Interests Redeemable Noncontrolling Interests (Textuals) (Details) - USD ($) shares in Millions, $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Redeemable Noncontrolling Interests (Textuals) [Line Items] | ||||
Redeemable noncontrolling interests | $ 19.9 | $ 20.9 | $ 21.5 | $ 130.4 |
Domination and Profit and Loss Transfer Agreement [Member] | Diebold Nixdorf AG [Member] | ||||
Redeemable Noncontrolling Interests (Textuals) [Line Items] | ||||
Redeemable noncontrolling interests | $ 99.1 | |||
Business Acquisition, Number Of Ordinary Shares Tendered | 29.8 | |||
Business Acquisition, Percentage Tendered Of Ordinary Shares Issued | 100.00% |
Equity (Details)
Equity (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Balance | $ (811.7) | $ (708.5) | $ (710.6) | $ (389.3) | $ (268.1) | $ (238.8) | $ (811.7) | $ (389.3) |
Net loss attributable to Diebold Nixdorf, Incorporated | (101.4) | (35.7) | (217.9) | (218.7) | ||||
Net loss | (100.9) | (23.1) | (93.4) | (34.8) | (55.3) | (131.9) | (217.4) | (222) |
Other comprehensive loss | (5.7) | 45.1 | (105.5) | (91.9) | 16.1 | 0.8 | (66.1) | (74.2) |
Share-based compensation issued | (0.1) | 0 | 0 | 0 | 0 | 0 | ||
Share-based compensation expense | 3.5 | 3.6 | 4 | 5.3 | 4.8 | 9.3 | ||
Treasury shares | 0 | (0.1) | (4.6) | 0 | (0.3) | (1.1) | ||
Reclassification of guaranteed dividend to accrued liabilities | 0 | 0 | 0 | 0 | 5.6 | (0.6) | ||
Reclassifications of redeemable noncontrolling interest | 0 | 0 | 0 | 0.2 | (0.2) | 10.6 | ||
Divestitures, net | 0 | (23.4) | (4.8) | 0 | 0 | (3) | ||
Balance | (708.5) | (710.6) | (506.3) | (268.1) | (238.8) | (122.9) | (506.3) | (122.9) |
Common Stock [Member] | ||||||||
Balance | 116.9 | 116.9 | 116.7 | 115.2 | 115.2 | 114.9 | 116.9 | 115.2 |
Share-based compensation issued | 0 | 0.2 | 1.4 | 0 | 0.3 | 0.7 | ||
Balance | 116.9 | 116.7 | 115.3 | 115.2 | 114.9 | 114.2 | 115.3 | 114.2 |
Additional Paid-in Capital [Member] | ||||||||
Balance | 783.3 | 779.9 | 776.5 | 770.8 | 765.3 | 761 | 783.3 | 770.8 |
Share-based compensation issued | (0.1) | (0.2) | (1.4) | 0 | (0.3) | (0.7) | ||
Share-based compensation expense | 3.5 | 3.6 | 4 | 5.3 | 4.8 | 9.3 | ||
Reclassifications of redeemable noncontrolling interest | 0.2 | (0.2) | 10.6 | |||||
Balance | 779.9 | 776.5 | 773.9 | 765.3 | 761 | 741.8 | 773.9 | 741.8 |
Retained Earnings [Member] | ||||||||
Balance | (690.2) | (588.8) | (565.1) | (349.7) | (314) | (263.7) | (690.2) | (349.7) |
Net loss attributable to Diebold Nixdorf, Incorporated | (101.4) | (23.7) | (92.8) | (35.7) | (50.3) | (132.7) | (217.9) | (218.7) |
Balance | (588.8) | (565.1) | (472.3) | (314) | (263.7) | (131) | (472.3) | (131) |
Treasury Stock [Member] | ||||||||
Balance | (576.6) | (576.6) | (576.5) | (571.8) | (571.8) | (571.5) | (576.6) | (571.8) |
Treasury shares | 0 | (0.1) | (4.6) | 0 | (0.3) | (1.1) | ||
Balance | (576.6) | (576.5) | (571.9) | (571.8) | (571.5) | (570.4) | (571.9) | (570.4) |
AOCI Attributable to Parent | ||||||||
Balance | (440) | (434.4) | (479.5) | (378.5) | (287.6) | (306.2) | (440) | (378.5) |
Other comprehensive loss | (5.6) | 45.1 | (104.2) | (90.9) | 18.6 | (1.9) | ||
Balance | (434.4) | (479.5) | (375.3) | (287.6) | (306.2) | (304.3) | (375.3) | (304.3) |
Parent [Member] | ||||||||
Balance | (806.6) | (703) | (727.9) | (414) | (292.9) | (265.5) | (806.6) | (414) |
Net loss attributable to Diebold Nixdorf, Incorporated | (101.4) | (23.7) | (92.8) | (35.7) | (50.3) | (132.7) | ||
Other comprehensive loss | (5.6) | 45.1 | (104.2) | (90.9) | 18.6 | (1.9) | ||
Share-based compensation issued | (0.1) | 0 | 0 | 0 | ||||
Share-based compensation expense | 3.5 | 3.6 | 4 | 5.3 | 4.8 | 9.3 | ||
Treasury shares | 0 | (0.1) | (4.6) | 0 | (0.3) | (1.1) | ||
Reclassification of guaranteed dividend to accrued liabilities | 0 | 0 | 0 | |||||
Reclassifications of redeemable noncontrolling interest | 0.2 | (0.2) | 10.6 | |||||
Divestitures, net | 0 | 0 | 0 | |||||
Balance | (703) | (727.9) | (530.3) | (292.9) | (265.5) | (149.7) | (530.3) | (149.7) |
Noncontrolling Interest [Member] | ||||||||
Balance | (5.1) | (5.5) | 17.3 | 24.7 | 24.8 | 26.7 | (5.1) | 24.7 |
Net loss | 0.5 | 0.6 | (0.6) | 0.9 | (5) | 0.8 | ||
Other comprehensive loss | (0.1) | 0 | (1.3) | (1) | (2.5) | 2.7 | ||
Reclassification of guaranteed dividend to accrued liabilities | 0 | 5.6 | (0.6) | |||||
Reclassifications of redeemable noncontrolling interest | 0 | 0 | 0 | |||||
Divestitures, net | 0 | (23.4) | (4.8) | 0 | 0 | (3) | ||
Balance | $ (5.5) | $ 17.3 | $ 24 | $ 24.8 | $ 26.7 | $ 26.8 | $ 24 | $ 26.8 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Beginning Balance | $ (434.4) | $ (287.6) | $ (375.3) | $ (304.3) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (7.3) | (93.9) | (80.8) | (82) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1.7 | 3 | 16.1 | 7.8 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 0.4 | (0.8) | (4.9) | (1.8) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (5.6) | (90.9) | (64.7) | (74.2) |
Ending Balance | (440) | (378.5) | (440) | (378.5) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | (1) | 1.4 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | 2.1 | 2.2 | 11.2 | 6 |
Translation adjustment | ||||
Beginning Balance | (284.3) | (174.7) | (231.5) | (192.1) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (9.9) | (90.7) | (62.7) | (73.3) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (9.9) | (90.7) | (62.7) | (73.3) |
Ending Balance | (294.2) | (265.4) | (294.2) | (265.4) |
Foreign Currency Hedges | ||||
Beginning Balance | (0.4) | (1.8) | (2.6) | (1.9) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (0.4) | (0.2) | 1.8 | (0.1) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (0.4) | (0.2) | 1.8 | (0.1) |
Ending Balance | (0.8) | (2) | (0.8) | (2) |
Interest Rate Hedges | ||||
Beginning Balance | (11.6) | 5.9 | 5.2 | 10.6 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 3 | (3) | (19.1) | (8.7) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (0.4) | 0.8 | 4.9 | 1.8 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 2.6 | (2.2) | (14.2) | (6.9) |
Ending Balance | (9) | 3.7 | (9) | 3.7 |
Pension and Other Post-retirement Benefits | ||||
Beginning Balance | (137.5) | (117.2) | (146.6) | (121) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | 0 | 0 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (2.1) | (2.2) | 11.2 | 6 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 2.1 | 2.2 | 11.2 | 6 |
Ending Balance | (135.4) | (115) | (135.4) | (115) |
Other | ||||
Beginning Balance | (0.6) | 0.2 | 0.2 | 0.1 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | (0.8) | 0.1 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0 | 0 | (0.8) | 0.1 |
Ending Balance | $ (0.6) | $ 0.2 | $ (0.6) | $ 0.2 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) Reclassification Adjustments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Interest Expense | $ 144.3 | $ 52.5 | $ 240.6 | $ 153.3 |
Total reclassifications for the period | 1.7 | 3 | 16.1 | 7.8 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 2.1 | 2.2 | 11.2 | 6 |
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | 0.6 | (1.9) | 2.4 | (1.2) |
Accumulated Net Gain (Loss) from Interest Rate Hedge [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Interest Expense | $ 0.4 | $ (0.8) | $ (4.9) | $ (1.8) |
Acquisitions & Divestitures (De
Acquisitions & Divestitures (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gain (Loss) on Disposition of Assets | $ 0 | $ (8.5) | $ 13 | $ 6.6 | |||||
Payments for Repurchase of Redeemable Noncontrolling Interest | $ 0 | 88.6 | |||||||
Portavis GmbH [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gain (Loss) on Disposition of Assets | $ 1.8 | ||||||||
Proceeds from divestiture | $ 10.1 | ||||||||
Projective N.V. [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gain (Loss) on Disposition of Assets | $ 2.8 | ||||||||
Proceeds from divestiture | 4.2 | ||||||||
Venezuela Business [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gain (Loss) on Disposition of Assets | 4.1 | ||||||||
Netherlands Entities [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gain (Loss) on Disposition of Assets | $ (9.5) | $ (3.5) | |||||||
SecurCash B.V. [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gain (Loss) on Disposition of Assets | $ 1.1 | ||||||||
China Business [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gain (Loss) on Disposition of Assets | $ 8.6 | ||||||||
Proceeds from divestiture | 26.8 | ||||||||
Denmark Business [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gain (Loss) on Disposition of Assets | $ 5.9 | ||||||||
Eurasia Banking Entity [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gain (Loss) on Disposition of Assets | (0.1) | ||||||||
Proceeds from divestiture | 0.6 | ||||||||
Kony Inc [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gain (Loss) on Disposition of Assets | (7.3) | ||||||||
Proceeds from divestiture | 21.3 | ||||||||
Cost Method Investments | $ 14 | $ 14 | |||||||
Diebold Nixdorf AG China Subsidiaries [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Payments for Repurchase of Redeemable Noncontrolling Interest | $ 97.5 |
Benefit Plans (Details)
Benefit Plans (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2020 | May 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Components of net periodic benefit cost | ||||||
Contributions to qualified and non qualified pension plans | $ 22 | $ 30.9 | ||||
Pension Plan [Member] | ||||||
Components of net periodic benefit cost | ||||||
Benefit Plan, Plan Assets, Reimbursement from CTA | $ 13.5 | $ 12.9 | ||||
Other Postretirement Benefits Plan [Member] | ||||||
Components of net periodic benefit cost | ||||||
Service cost | $ 0 | $ 0 | 0 | 0 | ||
Interest cost | 0 | (0.2) | (0.1) | (0.7) | ||
Expected return on plan assets | 0 | 0 | 0 | 0 | ||
Recognized net actuarial loss | 0 | 0.1 | (0.1) | 0.3 | ||
Recognition establishment of Germany benefit obligation | 0 | 0 | 0 | 0 | ||
Other | 0 | 0 | 0 | 0 | ||
Net periodic pension benefit cost | 0 | 0.3 | 0 | 1 | ||
Domestic Plan [Member] | Pension Plan [Member] | ||||||
Components of net periodic benefit cost | ||||||
Service cost | 1 | 0.9 | 2.9 | 2.7 | ||
Interest cost | (4.7) | (5.5) | (14.2) | (16.5) | ||
Expected return on plan assets | (6.3) | (6.2) | (19.1) | (18.6) | ||
Recognized net actuarial loss | 1.9 | 1.3 | 5.8 | 3.9 | ||
Recognition establishment of Germany benefit obligation | 0 | 0 | 0 | 0 | ||
Other | 0 | 0 | 0 | 0 | ||
Net periodic pension benefit cost | 1.3 | 1.5 | 3.8 | 4.5 | ||
Foreign Plan [Member] | Pension Plan [Member] | ||||||
Components of net periodic benefit cost | ||||||
Service cost | 2.5 | 2.5 | 7.6 | 7.4 | ||
Interest cost | (1.1) | (1.6) | (3.1) | (4.9) | ||
Expected return on plan assets | (3.3) | (3.1) | (9.8) | (9.4) | ||
Recognized net actuarial loss | (0.2) | (0.4) | (0.5) | (1.2) | ||
Recognition establishment of Germany benefit obligation | 0 | 6.6 | 0 | 6.6 | ||
Other | 0.1 | 0 | 0.2 | 0 | ||
Net periodic pension benefit cost | $ 0.2 | $ 7.2 | $ 0.6 | $ 8.3 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivative Instruments Gain (Loss) [Line Items] | ||||
Gain (loss) recognized on derivative instruments | $ (29.9) | $ (0.8) | $ (41.5) | $ (2.1) |
Interest Expense [Member] | Interest rate swaps | ||||
Derivative Instruments Gain (Loss) [Line Items] | ||||
Gain (loss) recognized on derivative instruments | (5.3) | (1) | (10.2) | (2.5) |
Sales [Member] | Foreign exchange forward contracts | ||||
Derivative Instruments Gain (Loss) [Line Items] | ||||
Gain (loss) recognized on derivative instruments | 0.4 | 0.2 | 0.9 | (0.3) |
Asset Management Income [Member] | Foreign exchange forward contracts | ||||
Derivative Instruments Gain (Loss) [Line Items] | ||||
Gain (loss) recognized on derivative instruments | $ (25) | $ 0 | $ (32.2) | $ 0.7 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Textuals) (Details) € in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Jul. 20, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Nov. 30, 2016USD ($) | May 31, 2010EUR (€) | |
Derivative Instruments and Hedging Activities (Textuals) | |||||||||
Fair value of non-designated foreign exchange forward contracts | $ 0.3 | $ 0.3 | $ (0.4) | ||||||
Interest Expense | 144.3 | $ 52.5 | 240.6 | $ 153.3 | |||||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net | 100 | 100 | |||||||
Payment for Termination of Interest Rate Derivative Instruments | 6.2 | ||||||||
Notional Amount of Derivatives Early Terminated | $ 625 | ||||||||
Interest rate hedges | |||||||||
Derivative Instruments and Hedging Activities (Textuals) | |||||||||
Notional amount of pay-fixed receive-variable interest rate swap | 500 | 500 | $ 250 | $ 400 | € 50 | ||||
Interest Expense | $ 1.4 | $ 0.5 | $ 2.6 | $ 1.5 | |||||
Derivative, Fixed Interest Rate | 2.97% |
Fair Value of Assets and Liab_3
Fair Value of Assets and Liabilities - Fair Value Measurements (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Transfers Between Levels Amount | $ 0 | $ 0 | |
Fair Value, Measurements, Recurring [Member] | |||
Fair value assets measured on recurring basis | |||
Total | 15.9 | $ 20.9 | |
Fair value liabilities measured on recurring basis | |||
Total | 16.1 | 11.4 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value assets measured on recurring basis | |||
Total | 12.8 | 16.2 | |
Fair value liabilities measured on recurring basis | |||
Total | 6 | 6.2 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | |||
Fair value assets measured on recurring basis | |||
Total | 3.1 | 4.7 | |
Fair value liabilities measured on recurring basis | |||
Total | 10.1 | 5.2 | |
Short-term investments | Certificates of deposit | Fair Value, Measurements, Recurring [Member] | |||
Fair value assets measured on recurring basis | |||
Fair value of investment assets | 6.8 | 10 | |
Short-term investments | Certificates of deposit | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value assets measured on recurring basis | |||
Fair value of investment assets | 6.8 | 10 | |
Short-term investments | Certificates of deposit | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | |||
Fair value assets measured on recurring basis | |||
Fair value of investment assets | 0 | 0 | |
Securities and other investments | Interest rate swaps | Fair Value, Measurements, Recurring [Member] | |||
Fair value assets measured on recurring basis | |||
Derivative Asset | 0 | 0.1 | |
Securities and other investments | Interest rate swaps | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value assets measured on recurring basis | |||
Derivative Asset | 0 | 0 | |
Securities and other investments | Interest rate swaps | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | |||
Fair value assets measured on recurring basis | |||
Derivative Asset | 0 | 0.1 | |
Securities and other investments | Assets held in rabbi trusts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair value assets measured on recurring basis | |||
Assets held in rabbi trusts | 6 | 6.2 | |
Securities and other investments | Assets held in rabbi trusts [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value assets measured on recurring basis | |||
Assets held in rabbi trusts | 6 | 6.2 | |
Securities and other investments | Assets held in rabbi trusts [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | |||
Fair value assets measured on recurring basis | |||
Assets held in rabbi trusts | 0 | 0 | |
Other current assets | Foreign exchange forward contracts | Fair Value, Measurements, Recurring [Member] | |||
Fair value assets measured on recurring basis | |||
Derivative Asset | 3.1 | 2.9 | |
Other current assets | Foreign exchange forward contracts | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value assets measured on recurring basis | |||
Derivative Asset | 0 | 0 | |
Other current assets | Foreign exchange forward contracts | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | |||
Fair value assets measured on recurring basis | |||
Derivative Asset | 3.1 | 2.9 | |
Other current assets | Interest rate swaps | Fair Value, Measurements, Recurring [Member] | |||
Fair value assets measured on recurring basis | |||
Derivative Asset | 0 | 1.7 | |
Other current assets | Interest rate swaps | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value assets measured on recurring basis | |||
Derivative Asset | 0 | 0 | |
Other current assets | Interest rate swaps | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | |||
Fair value assets measured on recurring basis | |||
Derivative Asset | 0 | 1.7 | |
Other current liabilities | Foreign exchange forward contracts | Fair Value, Measurements, Recurring [Member] | |||
Fair value liabilities measured on recurring basis | |||
Derivative Liability | 4.1 | 2.9 | |
Other current liabilities | Foreign exchange forward contracts | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value liabilities measured on recurring basis | |||
Derivative Liability | 0 | 0 | |
Other current liabilities | Foreign exchange forward contracts | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | |||
Fair value liabilities measured on recurring basis | |||
Derivative Liability | 4.1 | 2.9 | |
Other liabilities | Fair Value, Measurements, Recurring [Member] | |||
Fair value liabilities measured on recurring basis | |||
Deferred compensation | 6 | 6.2 | |
Other liabilities | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value liabilities measured on recurring basis | |||
Deferred compensation | 6 | 6.2 | |
Other liabilities | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | |||
Fair value liabilities measured on recurring basis | |||
Deferred compensation | 0 | 0 | |
Other liabilities | Interest rate swaps | Fair Value, Measurements, Recurring [Member] | |||
Fair value liabilities measured on recurring basis | |||
Derivative Liability | 6 | 2.3 | |
Other liabilities | Interest rate swaps | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value liabilities measured on recurring basis | |||
Derivative Liability | 0 | 0 | |
Other liabilities | Interest rate swaps | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | |||
Fair value liabilities measured on recurring basis | |||
Derivative Liability | $ 6 | $ 2.3 |
Fair Value of Assets and Liab_4
Fair Value of Assets and Liabilities - Summary of Liabilities Recorded at Carrying Value (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Senior Notes Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 400 | $ 400 |
Senior Notes Fair Value | 363.2 | 387 |
Senior Notes Due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | 700 | 0 |
Senior Notes Fair Value | 735.9 | 0 |
Senior Notes Due 2025 EURO [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | 409.8 | 0 |
Senior Notes Fair Value | $ 421.4 | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) shares in Millions, $ in Millions | May 13, 2019€ / sharesshares | Feb. 17, 2017€ / sharesshares | Sep. 30, 2020USD ($) |
Loss Contingencies [Line Items] | |||
Shares Repurchased Of Redeemable Noncontrolling Interest | shares | 1.4 | 6.9 | |
Indirect Tax Liability [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | $ | $ 68 | ||
Domination and Profit and Loss Transfer Agreement [Member] | Diebold Nixdorf AG [Member] | |||
Loss Contingencies [Line Items] | |||
Business Acquisition, Share Price | € 54.80 | € 55.02 | |
Recurring Cash Compensation Per Share Net Of Tax | € 2.82 |
Segment Information - (Details)
Segment Information - (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |||
Summary of Segment Information | ||||||
Total revenue | $ 995.2 | $ 1,078.8 | $ 2,796.4 | $ 3,257.1 | ||
Segment gross profit | 284.1 | 271.4 | 758.5 | 796.7 | ||
Segment selling and administrative expense | 226 | 219.9 | 629.7 | 674.3 | ||
Segment research, development and engineering expense | 30.2 | 36.8 | 93.4 | 109.8 | ||
Operating income (loss) / Segment operating profit | 23.8 | 23.2 | 18.3 | 6 | ||
Asset Impairment Charges | (4.1) | 0 | (4.1) | 0 | ||
Restructuring and DN Now transformation expenses | (13.8) | (8.6) | (35.3) | (19.8) | ||
Other income (expense) | (146.2) | (53.4) | (240.6) | (153.2) | ||
Income (loss) from continuing operations before taxes | (122.4) | (30.2) | (222.3) | (147.2) | ||
Eurasia Banking | ||||||
Summary of Segment Information | ||||||
Total revenue | 364.2 | 405.2 | 1,012.4 | 1,218 | ||
Americas Banking | ||||||
Summary of Segment Information | ||||||
Total revenue | 368.5 | 403.7 | 1,044.6 | 1,186.3 | ||
Retail | ||||||
Summary of Segment Information | ||||||
Total revenue | 262.5 | 269.9 | 739.4 | 852.8 | ||
Operating Segments [Member] | ||||||
Summary of Segment Information | ||||||
Intersegment revenue | 37.5 | 38.5 | 96.2 | 148.2 | ||
Operating income (loss) / Segment operating profit | 116.2 | 83.8 | 322.6 | 231 | ||
Operating Segments [Member] | Eurasia Banking | ||||||
Summary of Segment Information | ||||||
Total revenue | 364.2 | 405.2 | 1,012.4 | 1,218 | ||
Intersegment revenue | 32.9 | 35.4 | 86.7 | 137.4 | ||
Operating income (loss) / Segment operating profit | 49.9 | 41.5 | 119.9 | 114 | ||
Operating Segments [Member] | Americas Banking | ||||||
Summary of Segment Information | ||||||
Total revenue | 368.5 | 403.7 | 1,044.6 | 1,186.3 | ||
Intersegment revenue | 4.6 | 3.1 | 9.5 | 10.8 | ||
Operating income (loss) / Segment operating profit | 43.4 | 28.8 | 153 | 79.8 | ||
Operating Segments [Member] | Retail | ||||||
Summary of Segment Information | ||||||
Total revenue | 262.5 | 269.9 | 739.4 | 852.8 | ||
Operating income (loss) / Segment operating profit | 22.9 | 13.5 | 49.7 | 37.2 | ||
Corporate and Reconciling Items [Member] | ||||||
Summary of Segment Information | ||||||
Reconciliation Of Operating Profit Loss From Segments To Consolidated, Amount | (92.4) | (60.6) | (304.3) | (225) | ||
Corporate | ||||||
Summary of Segment Information | ||||||
Operating income (loss) / Segment operating profit | (26.7) | (17.4) | (71.9) | [1] | (63.5) | [1] |
Segment Reconciling Items [Member] | ||||||
Summary of Segment Information | ||||||
Restructuring and DN Now transformation expenses | (41.8) | (20.6) | (110.2) | (64.2) | ||
Net non-routine expense | $ (19.8) | $ (22.6) | $ (118.1) | $ (97.3) | ||
[1] | Corporate charges not allocated to segments include headquarter-based costs associated with procurement, human resources, compensation and benefits, finance and accounting, global development/engineering, global strategy/mergers and acquisitions, global IT, tax, treasury and legal. |
Segment Information Segment Inf
Segment Information Segment Information By Revenue Type (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ (995.2) | $ (1,078.8) | $ (2,796.4) | $ (3,257.1) |
Eurasia Banking Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (364.2) | (405.2) | (1,012.4) | (1,218) |
Americas Banking Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (368.5) | (403.7) | (1,044.6) | (1,186.3) |
Retail Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (262.5) | (269.9) | (739.4) | (852.8) |
Service [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (588.9) | (643) | (1,736.4) | (1,931) |
Service [Member] | Eurasia Banking Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (198.5) | (241.8) | (597.1) | (740) |
Service [Member] | Americas Banking Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (247.8) | (252.6) | (721.7) | (746) |
Service [Member] | Retail Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (142.6) | (148.6) | (417.6) | (445) |
Product [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (406.3) | (435.8) | (1,060) | (1,326.1) |
Product [Member] | Eurasia Banking Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (165.7) | (163.4) | (415.3) | (478) |
Product [Member] | Americas Banking Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (120.7) | (151.1) | (322.9) | (440.3) |
Product [Member] | Retail Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ (119.9) | $ (121.3) | $ (321.8) | $ (407.8) |
Segment Information - Revenue b
Segment Information - Revenue by Service/Product Solution (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue from External Customer [Line Items] | ||||
Net Sales | 100.00% | 100.00% | ||
Net sales | $ 995.2 | $ 1,078.8 | $ 2,796.4 | $ 3,257.1 |
Eurasia Banking | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 364.2 | 405.2 | 1,012.4 | 1,218 |
Americas Banking Segment [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 368.5 | 403.7 | 1,044.6 | 1,186.3 |
Retail | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 262.5 | 269.9 | 739.4 | 852.8 |
Service [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 588.9 | 643 | 1,736.4 | 1,931 |
Service [Member] | Eurasia Banking | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 198.5 | 241.8 | 597.1 | 740 |
Service [Member] | Americas Banking Segment [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 247.8 | 252.6 | 721.7 | 746 |
Service [Member] | Retail | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 142.6 | 148.6 | 417.6 | 445 |
Product [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 406.3 | 435.8 | 1,060 | 1,326.1 |
Product [Member] | Eurasia Banking | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 165.7 | 163.4 | 415.3 | 478 |
Product [Member] | Americas Banking Segment [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | 120.7 | 151.1 | 322.9 | 440.3 |
Product [Member] | Retail | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | $ 119.9 | $ 121.3 | $ 321.8 | $ 407.8 |
Transferred at Point in Time [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net Sales | 38.00% | 41.00% | ||
Transferred over Time [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net Sales | 62.00% | 59.00% |
Segment Information (Textuals)
Segment Information (Textuals) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||
Trade receivables, net | $ 668.1 | $ 668.1 | $ 619.3 | ||
Deferred revenue | 247.3 | 247.3 | $ 320.5 | ||
Contract with Customer, Asset, Credit Loss Expense | 6.8 | $ 8.6 | |||
Deferred Revenue, Revenue Recognized | 248.3 | ||||
Revenue, Remaining Performance Obligation, Amount | 1,200 | 1,200 | |||
Segment Reconciling Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net non-routine expense | (19.8) | $ (22.6) | (118.1) | (97.3) | |
Segment Reconciling Items [Member] | Purchase Accounting Pre-tax Charges for Amortization of Acquired Intangibles [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net non-routine expense | 20.4 | 22.8 | 63.2 | 71.8 | |
Segment Reconciling Items [Member] | Legal, Consulting and Deal Expense, Including Gains and Loss on Divestitures [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net non-routine expense | 2.9 | (5.8) | 21 | 21.7 | |
Segment Reconciling Items [Member] | Other Matters [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net non-routine expense | $ (3.5) | $ 5.6 | 8.4 | $ 2.4 | |
Segment Reconciling Items [Member] | Charges from a Loss-Making Contract Related to a Discontinued Offering [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net non-routine expense | $ 25.5 |